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VOL. 126.
SATURDAY, MARCH 31 1928.
finantial Timmicit
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CHICAGO OFFICE—In Charge of Fred. H. Gray, Western Representative.
208 South La Salle Street. Telephone State 0613.
LONDON Orrice—Edwards & Smith. 1 Drapers' Gardens,
London, E. C.
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York
PublIsherevery Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert; Business Manager, William D. Riggs:
Tress.,,William Dana Seibert; Sec., Herbert D.Seibert. Addresses of all. Office of Co
The New York Clearing House Discontinues
Its Time Honored Weekly Summaries
of Condition.
Like a thunderbolt out of a clear sky comes the
announcement that the Saturday summary of the
condition of the New York Clearing House banks
and trust companies is to be discontinued, beginning
with to-day. The action is calculated to make men
who appreciate and understand what is involved in
such a step gasp for breath. No one except those
having knowledge of what was contemplated would
even in the most fanciful flight of the imagination
have deemed anything of the kind possible.
These Saturday summarized statements of the
condition of the New York Clearing House institutions have been a fixture for so long that the memory of man runneth not to the contrary. They date,
indeed, to the time when the Clearing House was organized nearly 75 years ago. From the first they
have been the means by which the public has been
kept informed as to the standing of these important
financial institutions at the chief financial center
of the Western hemisphere, and as to the policy pursued in their management—that is, whether conducted in accord with conservative banking principles or whether perchance a departure was taking
place from sound methods through excessive loaning
or by too closely encroaching upon reserves which
latter afford the true test of strength and of ultimate safety. In thus furnishing an insight with pe-
NO. 3275.
riodic regularity into the underlying facts relating
to the Clearing House banks and their operations,
these returns haveserved to createthatfeeling of confidence in their integrity and soundness on the part
of the public which is such an indispensable factor
in the growth and success of financial institutions
everywhere and especially at a financial center of
the prominence and dominance of New York City.
The loan item and the amount of the cash reserves and the relation which the latter bear to the
volume of the deposits are the essential factors in
judging and determining the status of banking institutions. Information as to all these items, excepting only the deposits, is now no longer to be forthcoming. The reserve position is henceforth not to
be shown,nor is the aggregateof theloans,not alone as
far as the general totals are concerned but not even
as far as the separate banks and trust companies are
concerned. That things should have come to ,such
a pass seems almost incredible and one is inclined
to rub his eyes to make sure that heis awake in order
to credit the statements to that effect, so difficult
are they to believe.
As knowledge regarding the step gradually
spreads, the whole financial community will be saying in astonishment: The Clearing House institutions no longer to furnish computations of reserves,
thereby indicating whether reserves of this important body of financial institutions are running
above or below legal requirements, is it possible!
That, unfortunately, is the situation that now confronts the community, and obviously an amazing situation it is. It behooves everyone to ponder well
the fact and to consider its momentous character.
The step appears to have been lightly entered upon,
but it is conceivable that it may have serious consequences, which, however, in all sincerity it is to be
hoped may not follow. Plainly, this is no time to
undermine confidence, but the undermining of confidence is precisely what is to be feared.
What could be more certainly calculated to disturb confidence than the intelligence that weekly
knowledge as to the condition of the New York Clearfig House banks is to be hereafter withheld;
that
in place of the frank and open methods in
dealing
with the public which have been pursued ever
since
the inception of the Clearing House,there is
hereafter to be concealment and suppression;
that, in
brief, there is to be no disclosure of the
loans or of
1876
FINANCIAL eintONICLE
[VoL. 126.
the reserve position of the New York City Clearing are averages and nothing else. A very large defiHouse institutions? In a few verbal remarks made ciency may exist on Friday, and yet not show at all
at the Clearing House we are informed that dis- in the averages because offset by surplus reserves
continuance of the weekly summary was decided the early part of the week. It thus happened that
upon because it was realized the returns had ceased so long as the Clearing House confined itself to reto serve any useful purpose—that the weekly state- porting the mere averages for the week, the weekly
ment was useful in former years as a reflection of returns possessed little or no utility.
So far out of line with the actual facts did the
the local banking situation, but that with the passage of the Federal Reserve Law compelling all mem- figures of averages prove, that public opinion bebers to keep their reserves with the central institu- came loud in demanding a change, and it was in retion, the Clearing House compilation became use- sponse to this demand that the Clearing House inless. Newspaper accounts add that it is the belief augurated a change, and began to give the actual
of the Clearing House Committee that ample data figures of condition, in addition to the averages.
regarding current banking conditions are afforded The averages were continued because the Clearing
in the weekly Federal Reserve statement, member House has never been willing to give the figures
bank reports and brokers' loans figures from the for the individual institutions in any other way than
Federal Reserve member banks and from the Stock on the basis• of averages; and with the figures for
the separate institutions still being set down in avExchange.
But all this is far from being true and also far erages, there seemed no good reason why the footalso be continued.
from being convincing. No such conclusibns as here ing of the averages should not
paid any attention to the
indicated are warranted. It is, of course, beyond dis- But for years no one has
They became completely
of
the
summary
averages.
pute that the Federal Reserve authorities furnish
which alone, as we
figures,
by
the
actual
quite extensive independent statistics, much of which displaced
the real
were previously unobtainable, but the New York have indicated, were serviceable in showing
To-day
of
banks.
House
the
condition
Clearing
Clearing House institutions nevertheless constitute an
opinpublic
that
have
quite
commentators
forgotten
important body of institutions all by themselves, and
actual
the
the banking situation at this centre still furnishes ion forced the Clearing House to furnish
conthe key to the banking situation of the entire coun- figures, since it insisted on knowing the true
itself
House
of
Clearing
the
dition
the
and
banks,
try. For a correct judgment of the banking situation as a whole it is still necessary to know whether appears also to have forgotten the fact, otherwise
emthe New York Clearing House institutions are carry- we cannot believe that it would so readily have
totals of
ing reserves in excess of requirements or below re- barked upon the course of dropping the
the
Under
alike.
figures
and
the
averages
actual
the
quirements. From the money market standpoint
individual
the
of
new
averages
arrangement the
deficient reserves are not fraught with the same sigare still to be continued, but even in this case
banks
the
establishbefore
possessed
nificance that they
will be shown.
ment of the Federal Reserve system, since the Re- neither the loans nor the reserves
be worthless
will
Thus
statement
the
emasculated,
serve banks with their inexhaustible reservoirs of
different
the
of
as
an
indication of the size
cash and credit are always available to the member except
respective debanks when they get in a tight fix and as sources of institutions as measured by their
posits.
supply with which to make good deficits in reserves
We fear the Clearing House authorities have alif they care to avail of them. But it is just as important as before to know whether the reserves are lowed themselves to be beguiled by the arguments
actually impaired or not. That is an item of in- of those who are promoting the gigantic speculation
formation not to be gained from the various Fed- on the Stock Exchange. The repeated deficits shown
eral Reserve statements and it is an item of the ut- of late by these Saturday weekly summaries of the
most importance. It is this item of information Clearing House banks have on more than one occawhich hereafter is to be withheld from the knowl- sion proved disconcerting to the speculators. They
edge of the community, leaving the question whether have accordingly been urging not the entire abolition of the weekly summaries, for even they did not
a deficit exists entirely a matter of conjecture.
condream that this was within their reach, but merely
House
Clearing
The verbal remarks at the
tained the further statement that it was confusing the figures of actual condition. The averages, beto have two sets of reserve calculations, actual and ing quite colorless, in the changes shown from week
average. There is no need of having two kinds of to week,they were quite willing should be continued.
calculations. The actual figures of condition at the The Clearing House has now gone them one better
end of the week would be quite sufficient for the and decided virtually to throw the weekly returns
purpose. The figures giving the averages for the completely aside. In the thirteen Saturdays, from
six days may correctly be termed useless and could the last Saturday in December to Saturday of last
be easily dispensed with. Actual figures alone week, it has happened no less than eight times that
possess importance and significance. Formerly it the Clearing House banks have shown impaired rewas the practice to report only the averages, but serves, often in a very large amount, the deficiency
these averages never reflect the true condition of on Saturday, Dec. 31, having been $51,651,040, and
the institutions at the end of the week. Averages that for Jan. 7 $62,374,630.
MAR. 311928.]
FINANCIAL CHRONICLE
It is this recurring of repeated deficits in reserves
that it is intended to conceal, and no argument, or
series of arguments, based on the alleged meaningless
nature of the returns, can persuade well informed
people to the contrary. The last two Saturdays the
Clearing House banks, aided by heavy United States
Government deposits against which no reserves are
required, have been able to show reserves in excess
of legal requirements, but with the extra borrowing
done the present week in preparation for the April 1
interest and dividend disbursements, which rank
among the heaviest of the year, it may well be that
another heavy deficit was in prospect for the coming
Saturday.
At all events, the Clearing House authorities have
become impressed, it would seem, with the idea that
it is their duty to suppress for the future all knowledge as to whether reserves are running in excess of
requirements or below requirements. But have they
reckoned the consequences should confidence become
disturbed as a result of the action—that is, should
a fear arise that the Clearing House was endeavoring to conceal the true situation of the banks. The
speculation on the Stock Exchange has now risen to
tremendous proportions, fluctuations are exceedingly violent, the downward dips being as notable as
the upward surges, and share transactions are now
approaching the 5,000,000 share a day mark and
even sales in the Curb Market are running in excess of a million shares a day, while brokers' loans
on the Stock Exchange still keep mounting. At
such a time, it behooves everyone to proceed with
the utmost caution lest the whole price structure
collapse, spreading general ruin.
Let the reader not be in doubt as to the lengths to
which the Clearing House has gone. The general
totals, showing the condition of the Clearing House
institutions as a whole are to be abolished altogether. No longer will the public be permitted to
gain a knowledge of the collective position of these
Clearing House banks and trust companies. And as
to the individual institutions, the only items to be
given are the deposits, the capital and the undivided
profits. Loans and discounts are to be omitted, as
also the holdings of cash and likewise the reserves.
Just think of the statement of a bank which appears minus the loan item and devoid of any figures
indicative of the cash and reserve position. Is not
the proceeding farcical and like giving the play of
Hamlet with the part of Hamlet left out.
In the last analysis, it must be apparent to everyone that in discontinuing the weekly summaries referred to and in endeavoring to keep the public in
the dark as the reserve condition of the Clearing
House institutions, the Clearing House authorities
have taken a step backward, towards the darkness of
the Middle Ages. And this is happening at the very
time when the Clearing House is about to celebrate
its Diamond Anniversary with a record of undeviating adherence to the strictest methods of publicity
for the whole 75 years.
1877
The Financial Situation.
Aside from the action of the Clearing House, referred to above, the conspicuous events of the week
have been the performances on the Stock Exchange
and the statement made by J.J. Raskob,Chairman of
of the Finance Committee of the General Motors
Corporation on Saturday last, before embarking for
Europe, which statement had a very important influence in shaping the course of stock speculation on
that day, and during the early part of the current
week. Mr Raskob sopke very enthusiastically of
the earnings of the General Motors Corporation and
of its bright prospects, saying that the corporation
would earn approximately $70,000,000 after all
charges and Federal taxes, in the first quarter of this
year, or equal to $4.00 a share on the common stock,
and should show around $9.00 a share for the first
half of the year. He went further and expressed the
opinion that Gen. Motors stock was not only well
worth the price it was commanding, but should sell
considerably higher. Both the leading news agencies quoted him as having made a statement to that
effect, and the "Wall Street Journal" reports him as
having said that General Motors shares, according to
the Dow, Jones & Co. averages should sell at 15 times
earning power, or in the neighborhood of $225 a
share, whereas at level of $180 they were selling at
approximately only 12 times current earnings.
The effect of this statement was startling. The
propriety of a declaration of this kind,having such an
intimate bearing on Stock Exchange speculation,
on the part of a man of the eminence and high
financial position of Mr. Raskob may well be questioned, but waving that point the declaration had
an electrical effect on the stock market. The stock
had closed at 1873j the previous day (Friday, Mar.
23) as against 169 at the close on Friday of the previous week. As a result of the statement referred
to, it sold still higher on Saturday, touching 192
and on Monday moved still higher, reaching 199 on
that day and closing at 198%. The rest of the week
the stock flucuated widely and wildly, with the
close yesterday at 192, against 1874 as already
stated on Friday of last week. The rise in General
Motors stimulated the whole list. All the motor
stocks were taken in hand and were rushed upward
while Radio Corp. of America and several other
stocks of the same calibre were whirled up with
great intensity.
Transactions were on an enormous scale and all
previous records for volume of business were
surpassed. Some of the daily papers had reported
sales last week and the week before in excess of
4 million shares a day, but actually the 4 million
share mark was not reached until Monday of the
present week when the sales for the day aggregated
4,202,820 shares. On Tuesday the volume of business further expanded, with sales for the day of
4,790,270 shares, establishing a new high record
total for a days' business far beyond anything previously recorded. And transactions continued to
run in excess of 4 million shares on every day thereafter except one. Wednesday's business reached
4,019,890 shares. On Thursday there was somewhat
of a letup with the total 3,759,334 shares,but on Friday
the total jumped again to 4,575,600 shares. All the
time the fluctuations continued violent in the
extreme all through the list.
1878
FINANCIAL CHRONICLE
After Monday the market did not show the same
sustained strength as before, and indeed it suffered
two or three severe setbacks. On Tuesday morning
for instance, when least expected, in view of the
sharp rise of the day before, the bottom seemed to
drop almost completely out of the market for a time
without apparent reason except that we were told
that technical weakness had developed as a result
of the long continued rise. Sharp rally from the
early weakness occurred Tuesday afternoon. On
Wednesday there was again a severe downward
movement, about the middle of the day, occasioned
by the advance in the call loan rate for money on
the stock exchange to 5%. On Thursday the market
was somewhat irregular but on Friday the upward
movement was resumed with increased vigor notwithstanding the farther expansion in brokers' loans
on the Stock Exchange shown in the Federal Reserve statement for the Member banks issued by the
Federal Reserve Bank after the close of business
on Thursday. Radio Corp. stock all through the
week has been dealt in to an enormous extent
and on Mar. 30 established a new high record for
the year at 195, with the close at the same figure,
against 151 on Friday of last week. General Electric
also reached a new high at 159 on Mar. 30 though
closing at 1573/2, which compares with 147% on
Friday of last week. U. S. Steel common moved
irregularly up and down day by day, and closed
yesterday at 1483/2 against 1473/i at the close the
previous Friday. Some of the independent steel
stocks, are also lower, and Bethlehem Steel having
closed yesterday at 58% against 59% the previous
Friday.
In the Copper group Greene-Cananea went through
its characteristic performances closing yesterday
at 138%, against 126% the previous week. Kennecott Copper closed yesterday at 86% against 84 on
the previous Friday, and Calumet & Arizona
/s, while Anaclosed yesterday at 1063/ against 1025
conda Copper closed at 62% against 563/i the previous
Friday. The rubber stocks were strong and U. S.
Rubber pfd. closed at 96% against 89 the previous
Friday, while the common closed at 52% against
45%; Goodyear Tire & Rubber closed at 583/2
against 55%, and B. F. Goodrich at 86 against 83.
Reference was made above to the strength and
activity of the motoistocks. Packard closed yesterday
at 693/ against 65; Hudson Motor closed at 943
against 92%; Hupp Motor at 54% against 49%;
2; and Chrysler at
Studebaker at 65% against 623/
71 against 63.
Several of the railroad stocks have also been
prominent in the upward movement, in part on
the better showing made by the railroads in their
comparative returns for February than in those for
the month of January, N. Y. Central, St. Louis,
San Francisco, Rock Island and Texas & Pacific
all established new high records for the year. The
dictum of Mr. Raskob that high grade industrials
should sell at 15 times the amount of their earnings
per share was not generally accepted and indeed
Mr. Raskob seems to have meant merely that inasmuch as some other high grade industrial issues
were selling on that basis and even higher, there
appeared no reason why General Motors should not
enjoy the same distinction. But, as was natural
under the circumstances, a rather wide application
was given to the remark. The use to which it was
put is indicated in the following which appeared in
[Vol,. 126.
the review of the market that appeared in the evening edition of the "Wall Street Journal" on
Monday evening:
What if the railroads had a Raskob to tell the
world that their stocks should be selling at 15 times
their earnings. If they were it would mean New
York Central at 210, without including "equities"
in earnings; Pennsylvania at 100, B. &. 0. at 141,
Atchison at 270, Great Northern at 150. Southern
Pacific at 130, Union Pacific at 230, Southern Railway at 210, Rock Island at 180, Nickel Plate at 331
and Louisville & Nashville at 207. Norfolk & Western and C. &. 0. would be well toward the top at
315 and 345 respectively. A comparative newcomer to the investment list like St. Louis-San Francisco would look well at 163 and New Haven, the
latest to join the dividend list, would be 90.
If Mr. Raskob's rule is fair for the industrials,
there appears to be no good reason why it should
not apply to the rails, earnings on which usually
fluctuate less widely than is the case with industrials.
Presumably Mr. Raskob meant that his measure
of value was applicable only to the well-managed
and successful industrials and the same condition,
of course, would need to be attached to its application to rails. There is no need to take the statement too literally,but it serves to bring out forcibly
the question whether the rails have not been lagging
much too far behind other classes of stocks.
It will be observed that the application of the
remark was extended even to the railroad properties and there can be no doubt that the revenues of
the railroads possess greater stability than the profits
of industrial corporations. At all events the railroads developed considerable strength. It appeared
that the Pennsylvania R. R. had arranged to issue
$62,500,000 of new stock and that shareholders
were to be given the right to purchase this new
stock at par. Pennsylvania R. R. stock closed
yesterday at 68% against 673/ on the previous
Friday. There have also been reports that N. Y.
Central shareholders were to be given rights to take
new shares at par, and this stock all through the
week has been one of the strongest on the list; it
closed yesterday at 176 against 172 on the previous
Friday. Texas & Pacific closed yesterday at 131
against 126%; St. Louis-San Francisco at 1203/i
against 1203/2; Wabash common at 71% against
71; Union Pacific at 1983/ against 1943/
2; Canadian
Pacific at 213% against 213; Chesapeake & Ohio at
193 against 194%; Atchison at 1901
%';,against 188%,
and Del. & Hudson at 1753's against 1663.
As was to be expected, in view of the unprecedented activity on the New York Stock Exchange
and also in the Curb Market, brokers' loans in the
statement of the Federal Reserve Board issued
Thursday evening showed a further large increase,
the addition for the week reaching $46,665,000. This
is the third successive week of increases and the
amount of these loans to brokers and dealers (secured by stocks and bonds) by the 47 reporting member banks in New York City at $3,825,379,000 March
28, compares with $3,695,709,000 March 3, being an
expansion for the three weeks of roughly $130,000,000. The aggregate now is almost back again to the
peak figure reached on Feb. 8, when the amount was
$3,835,020,000. It is worthy of note, too, that at
$3,825,379,000 March 28, 1928, comparison is with
only $2,803,312,000 on March 30, 1927, being an addition for the twelve months of considerably in excess of a full billion dollars.
MAR. 31 1928.]
FINANCIAL CHRONICLE
1879
Mexican Government. Announcements
• The Reserve Banks themselves in their own returns cials of the
the new regulations were given out by the
also show increases in all the different items. The regarding
ent in Washington and by AmbassaDepartm
discount holdings of the twelve Reserve institutions, State
Mexico City. These are detailed on
in
Morrow
representing direct borrowing by the member banks, dor
page.
ent
a
subsequ
$524,have increased from $476,978,000 March 21 to
In subsequent Washington dispatches it was indi096,000 March 28, the holdings of acceptances have
nt of the many problems that
risen from $332,728,000 to $346,103,000 and the hold- cated that settleme
the two Governments is being
ings of United States Government securities from yet remain between
Ambassador Morrow. The first and
$385,261,000 to $385,832,000. Thus total holdings undertaken by
of these was said to be the agrarian
of bills and securities are larger by $61,554,000 than most difficult
Prospects were also declared favora week ago, and it is important to note that consid- land dispute.
lishment of the General and Special
re-estab
erably more than the whole of this increase has oc- able for
Mixed Claims Commissions into
xican
n-Me
of
America
curred at this center, the Federal Reserve Bank
as to give Mexico an exact acso
n
operatio
active
holdings
New York reporting its bill and security
it will owe to foreigners.
up from $244,946,000 March 21 to $328,066,000 counting of what
March 28. For the twelve Reserve Banks combined,
The French position in regard to a multilateral
the total of the bill and security holdings now at
y of all war was again defined
$1,257,021,000 compares with only $1,049,034,000 at treaty for the outlawr
Foreign Minister of France,
the corresponding date a year ago, showing an in- by M. Aristide Briand,
to Washington Thursday.
ed
dispatch
crease for the year in the amount of Reserve credit in a new note
series of exchanges with
the
in
note
employed of $208,000,000 in round figures. During In this latest
ent which began last
Governm
States
the week member bank reserves with the twelve Re- the United
od to have agreed
understo
was
Briand
M.
r,
to
Decembe
serve institutions increased from $2,322,237,000
B. Kellogg's
Frank
State
of
y
Secretar
with
of
broadly
$2,357,143,000, deposits (made up almost entirely
renounce all war as an instrument of
these member bank reserves) rose from $2,359,704,- proposal to
In previous notes, M. Briand made
000 to $2,404,215,000, and the amount of Federal Re- national policy.
France was willing to conclude with
serve notes in circulation increased from $1,565,424,- it plain that
a sweeping bilateral pact of "per000 to $1,567,052,000, while gold reserves declined the United States
petUal friendship," but if, as proposed by Mr. Kelfrom $2,775,771,000 to $2,759,963,000.
logg, such a treaty were made multilateral, then
Covenant of the League
New regulations governing the application of the French obligations under the
renunciation of any
the
prohibit
would
of
Nations
Mexican oil laws were signed in Mexico City, Tueson the other
Kellogg,
Mr.
on."
aggressi
of
"wars
but
day, by President Calles, and were looked upon as
such a convention should
ending the controversy on this subject which for hand, maintained that
last message to M. Briand,
more than ten years has endangered peaceable rela- abolish all wars. In his
n Secretary of State
tions between Mexico and the United States. The dated February 27, the America
of the proposed declararegulations were designed, dispatches from the Mex- objected to the limitation
only. Such exceptions
on
ican capital said, to remove any retroactive or con- tion to wars of aggressi
very greatly weakwould
said,
he
fiscatory application of the laws to American oil and qualifications,
value of the
positive
the
destroy
y
rights acquired before May 1, 1917, the effective en and virtuall
pointed out,
He
peace.
of
y
guarant
date of the new Constitution. Confirmation of the treaty as a
a biconclude
to
free
ent
Governm
a
that
r,
titles is still required, but the new regulations speci- moreove
should
war,
to
resort
all
ing
renounc
treaty
lateral
fy that the confirmations, which must be applied for
conclude an identical multilateral
before January 11, 1929, shall be issued "without be no less able to
to be presumed that memtime limitation (as against the previous fifty-year treaty, "since it is hardly
are in a position to do
restriction) and shall operate as recognition of bers of the League of Nations
do together."
cannot
rights acquired, which shall continue in force." It separately something they
ed to Washforward
was
The French note which
was indicated in a dispatch to the North American
t the efrepresen
to
reported
was
\-ewspaper Alliance that this result.was reached by ington Thursday
legal
best
the
and
minds
ic
diplomat
President Calles and Ambassador Dwight W. Mor- fort of the best
was
France
it
In
ent.
Governm
French
row in negotiations covering a period of about four minds in the
the
of
ndent
correspo
Paris
James,
L.
by
Edwin
said
months. During this period an exhaustive and painsthat the French
taking re-examination of the whole question was New York "Times," to have stated
United States
the
with
join
to
ready
is
ent
Governm
ce
the
of
memwith
assistan
said to have been made
, Italy and Japan
bers of Ambassador Morrow's staff and of officials in proposing to England, Germany
s best embodies
of Minister of Labor Luis Morones's department. a formula which Mr. Kellogg consider
as an instruMexico City representatives of the foreign oil com- his idea for the condemnation of war
ions were,
reservat
panies were also consulted. The upshot was said to anent of national policy. Certain
was said
He
Briand.
M.
be that "the Mexican law and regulations have been however, again made by
nd
beforeha
agree
ton
Washing
amended in certain important respects and the de- to have insisted that
te
legitima
of
wars
First,
follows:
mands of the United States Government have in on three points, as
convend
propose
in
the
barred
be
to
certain important respects been modified." Both defense are not
by
Washington and Mexico City reports indicated that tion; second, in case of violation of the compact
imies
signator
other
the
all
ies,
signator
of
one
the
new
will
the
ons
that
regulati
there was little doubt
full liberty of action as rebe accepted by the United States Government as mediately regain their
treaty is to be uni"protecting every legitimate American right." The gards that nation; third, the
to the six great
confined
settlement of the controversy was credited almost versal in principle and not
as possible parlly
named
specifica
wholly to the efforts of Ambassador Morrow, whose powers heretofore
ion, that conreservat
French
first
patience, ability and understanding have been pub- ticipants. The
was
"
viewed by
defense,
ate
"legitim
of
cerning wars
licly celebrated on more than one occasion by offi-
1880
FINANCIAL CHRONICLE
press correspondents as but a slight variation of the
previous French desire to confine the exercise of
the proposed treaty to wars of aggression. "One
asks," said Leland Stowe, Paris correspondent of
the New York "Herald Tribune," "just what shades
of difference there may be between sanctioning legitimate defense and sanctioning wars of non-aggression." The Qua'.d'Orsay feels nevertheless, this correspondent reported, "that it has made marked concessions in an effort to approach Washington's views
and with the delivery of this latest note the question
ought at last to rest with the State Department as
to whether or not negotiations with the other powers
can be commenced."
[Vol... 126.
the transmission of speech across the Atlantic." Replying in French, M. Bokanowski thanked Mr. Gifford, adding that it was a pleasure to recall the great
place which the United States occupies in the history of telephony. "I am happy to think with you,"
he said, "that the progress accomplished since those
early experiments in Paris, to-day permitting the
opening of this public service, will contribute to
strengthen The ties of friendship which since the
birth of the great American Republic have united
it to the French Republic, and that this work, begun in the midst of war, will become one of the foundations for the maintenance of the world's peace."
Colorful ceremonies in all the principal Italian
The end of the French Chamber of Deputies on centers of population marked the celebrati
on, over
March 17 after a tenure of four eventful years was the last week-end, of the ninth annivers
ary of Fasfollowed last Sunday by the official opening of the cism. Premier Mussolini on March 23
inscribed his
electoral campaign. The French people will cast customary militant message to the Black
Shirts,
their ballots on April 22 and a second time on April calling on them to be "on guard." The
message had
29, and on June 1 a new Legislature will begin its particular reference to the Avanguar
disti—the
career. The chief question in the elections was said youths who move out of their own organization
on
to revolve around the debacle of the franc in 1926, these occasions into the party proper. "Today ocand as Premier Poincare is almost universally cred- curs the ninth anniversary of the creation of Italian
ited with having virtually stabilized French cur- Fascism of combat," he said. "You will
celebrate
rency, he will be the leading figure in the campaign. it with recollection and with action.
Eighty thouThe initial pronouncement, accordingly, was made sand sons of Italian people enter the potent
political
by M. Poincare in a speech at Bordeaux March 25. and military regime. . . . With
every passing
He spoke, according to a special cable to the New year the base of the pyramid
enlarges; the regime
York "Times," both as a representative and a leader coincides ever more with the
nation. The rising
of a Government in which all except the extreme waves of youth join themselves
still more vastly to
parties have combined with the "greatest loyalty, the other waves. Millions
of men constitute the
confidence and friendship," and he made it abun- armed defense of the Fascist revolutio
n. Hail with
dantly clear that whatever stone throwing may hap- loud voice the new generati
on of the Lictors' rods
pen during the elections among members of the par- with the cry of our watchful
Arditi and Squadristi—
ties represented in the Government, the Government 'On Guard'!" The eighty
thousand Avanguardisti
itself will continue to work together, confident that received the party
badge and militiaman's musket
it will obtain a new and even stronger majority which of the Fascisti last Sunday.
The party oath was
will permit it to complete the task it undertook in given to the new
members, each boy swearing "to
July' 1926. "However fragile this edifice which we execute the orders of
the Duce without discussion
have constructed may be," he was reported to have and serve with all my
force, if need be with my blood,
said, "my colleagues and I are determined that we the cause of the Fascist
revolution."
will not any one of us lend a hand to its destruction.
On the contrary, we are firmly resolved to remain
The resignation of the Spanish Government from
united for its consolidation. If the country thinks the League of Nations
which would have been efwe are on the wrong road, then it must disavow us. fective this year was
cancelled by Premier de RiIf not, it must select representatives who have vera on March 22
on the invitation of the League
pledged themselves to our support." France, M. Council. The Council,
at its last session, adopted a
Poincare added, is to-day only beginning its con- resolution warmly inviting
both Spain and Brazil.
valescence. "This new Chamber must see her res- to retain their membership in
the League. Spanish
toration to full health." On foreign affairs, the acceptance of this invitation was
foreshadowed sevPremier said only that his Government and any Gov- eral months ago when it became
apparent that the
ernment in France could have no option, even if it Tangier question would shortly
be settled. In a
wished, than to seek peace and pursue it.
letter to the President of the League Council, Premier de Rivera expressed gratification for the inviRadio telephone service between France and the tation of the Council and added
that his GovernUnited States was officially inaugurated Wednes- ment "is of the belief that there is
not and could
day morning, just twelve and one-half years after a not be any other reply than to accept
gratefully,
human voice was first heard across the Atlantic. without conditions or reservations,
the honorable
In New York the inaugural ceremonies were at- invitation." Senor de Rivera made
it plain, moretended by W. S. Gifford, President of the American over, that his Government is confiden
t that the
Telephone & Telegraph Co., and by other directors League Assembly will determine the form
and posiand officials of the company. In Paris, French tion to which Spain is entitled in order
that her parGovernment and telephone officials assembled in ticipation may be efficacious and useful
and in conthe salon of Maurice Bokinowski, Minister of Com- formity with her special situation
as a great neutral
merce and Industry, to witness the start of the new power during the late war. Brazil,
on the other
service. Mr. Gifford spoke first to M. Bokanowski, hand, appears to have decided to
stay out of the
recalling "the debt of gratitude which we owe the League and co-operate only in
purely technical acFrench Government for its part in making possible tivities. Brazil's distaste for
the League, according
MAR. 31 1928.]
FINANCIAL CHRONICLE
to a Rio de Janeiro dispatch of March 25 to the New
York "Herald Tribune," is due "to a belief that the
Locarno treaty powers dominated it, and that the
representatives of the American republics were there
as nothing more than provisional representatives
whose re-election to the Council 'always led to sad
rivalries prejudicial to the tranquil course of PanAmerican relations'."
1881
intimated that the Coolidge Administration is none
too friendly to the proposal. Nor, it was said, has
any official statement in regard to the plan ever
been received at the State Department.
An air of futility and even of farce is reported to
have characterized the closing sessions of the League
of Nations Disarmament Commission late last
week. Futility, indeed, appears to have been the
Plans for a gigantic financial operation which, dominant note of the conference from its very incepit is expected, may take reparations and interallied tion on March 15. Delegations from twenty-four
war debts out of politics and settlem them on a busi- member States, and observers from three non-memness basis appear to be taking shape as a result of ber States, assembled at Geneva for the deliberainformal conversations in Paris. These plans were tions. The agenda was a slim one, Hugh S. Gibson,
first broached early this year after S. Parker Gil- the American observer, being quoted in a dispatch
twenty
bert, Agent-General for Reparations Payments, of- to the New York "Times" as saying that
adjourn
and
up
it
clear
to
ficially urged that Germany be notified of the to- minutes should suffice
tal sum of her debt to the Allies. Interest in the the conference. After droning along for several days
matter became very widespread when, on Feb. 2, the proceedings became exceedingly lively when, on
M.Briand, the French Foreign Minister,asserted pub- March 18, the Russian observer, M. Litvinoff, aplicly that in his opinion the year 1928 will see a "gen- pealed to the delegates for immediate consideration
eral solution." He urged at the same time that Ger- of the drastic world-disarmament proposals previmany take prompt action on the "commercialization ously submitted to the League by his Government.
of the reparations obligations." In Washington it This action, having the support of the German and
was intimated at the time, however, that there had Turkish representatives, caused uncertainty and
been no change in the American attitude toward the embarrassment to the statesmen of the former allied
debts as trouble enough had been encountered in se- powers. Equilibrium was partly restored on the folcuring Congressional approval of the settlements lowing day by Lord Cushendun, the chief British
that had been made. Rumors that a general settle- delegate, who openly questioned the good faith of
ment would be attempted persisted nevertheless, and the Russians and icily reminded them of their many
in a Paris dispatch of March 23 to the New York attempts to foment civil strife in other lands. Sev"Times," it was declared that actual conversations enteen additional delegations subsequently followed
are in progress. "International bankers," this re- the British lead in denouncing more or less firmly
port said, "are now engaged in discussing the possi- the Russian proposals. M. Litvinoff replied to the
bilities of marketing a large amount of German charges on March 22, affirming that his Government
bonds as part of the scheme, which is due to came to had every intention of co-operating with the Comthe forefront after the European and American elec- mission in good faith and pleading again for some
tions scheduled for this year. It is realized that a sort of action on general disarmament.
The next sitting of the Commission, that of March
certain amount of American governmental co-operation will be needed to make the plan a success, and 23, developed into the stormiest and most acrimonifinancial leaders by no means appear to despair of ous ever held by this League body. "From a baffling
maze of incriminations, charges of bad faith and unobtaining this co-operation."
confusion rivaling a slapstick comedy,
precedented
so
far
in
as
it
plan
the
has
of
yet
The details
said Leland Stowe, correspondent
emerged,"
to
there
indicate
said
that
were
out
German
worked
been
reparations, instead of remaining at the theoretical of the New York "Herald Tribune," "more to distotal of 132,000,000,000 gold marks, would be set at credit the Commission than all its previous fruitless
32,000,000,000 gold marks, or some $7,600,000,000, months of discussion had contributed." Parliamenfor which German bonds would be issued. One-half tary order was practically abandoned by the meetthe sum, or 16,000,000,000 gold marks, would be ing, which was reported to have floundered despermade up of German railroad and industrial bonds, ately about in search of a course upon which it
while the other 16,000,000,000 marks would be taken might gracefully adjourn. The United States obcare of by the German budget. "Under the proposed server, Mr. Gibson, also entered the lists, "achievplan," the "Times" dispatch said, "the receipts from ing the rare distinction," the "Herald Tribune" corthe sale of the railroad and industrial bonds would respondent said, "of being the only delegate of the
be used largely to liquidate the allied debts to Amer- dozens actually out of order during the debate who
ica, while the other 16,000,000,000 marks, most of was ruled out of order by the Chair." This occurred
which would be paid in kind, as in the past, would when Mr. Gibson urged abandonment of a second
go to France and Belgium to recompense them for reading of the Commission's draft convention. He
was reported to have declared that the question of
the cost of reconstruction of war damage."
a
such
huge amount of disarmament can now be better solved by "outside
The problem of marketing
be
receiving
to
careful
said
study by discussions" such as Secretary Kellogg has been
securities was
the
conducting
are
who
discussions.
The conducting with France than in plenary sessions of
the bankers
of
the
sanction
the
securing
the League of Nations. The only ones who emerged
of
United
possibility
the melee with their faces saved, according to
a
was
scheme
from
such
for
also
said
Government
States
Russian and Gerto be being debated. A well defined feeling was de- Mr. Stowe's dispatch, were "the
charges of exflat
whose
clared prevalent that "if Europe shows itself willing man delegates, most of
regarding
Commission
the
against
to make all-around sacrifices to effect such a busi- treme indolence
replies."
g
unconvincin
with
met
ness arrangement the United States will not turn a disarmament were
the
around
centered
again
confusion
of
the
Much
deaf ear to requests for its co-operation." In Washthat
announcing
Litvinoff
M.
delegation,
Russian
it
24,
however,
was again
ington dispatches of March
1882
FINANCIAL CHRONICLE
[Vol.. 126.
since "the majority of the Commission does not in- Britain had proposed to the delegates of the powers
tend to accept the principle of complete disarma- signatory to the Washington Treaty a reduction in
ment," he intended to present another and less dras- the size of capital ships and calibre of guns and also
tic plan. The new draft, he said, would present a an extension of the age limits as provided for in that
scheme of partial disarmament and he requested the treaty. This action, a Geneva dispatch to the New
Commission to begin consideration of it before ad- York "Herald-Tribune" said, was regarded in League
journment was taken. The Russian politely informed circles as an attempt to offset the failuii of the
the members that he was among them only to aid Preparatory Commission to reach constructive deciin their work and he considered this the best pos- sions on disarmament. "The very fact," this dissible means. He added, moreover, that it would be patch added,"that the submission of Great Britain's
but a first step, Moscow reserving the right to make project was postponed to the final day of the confresh proposals for further reductions within two ference emphasizes its true significance." The
years from the time it was adopted. Chairman Lou- scheme relates to capital ships only and was said to
don, after considering the Russian plea for some be a re-statement of a proposal made by W. C.
time, finally agreed to allow M. Litvinoff to pre- Bridgeman, First Lord of the British Admiralty,
sent the new plan. But, he added, it could not come during the unsuccessful three-power conference for
up at the present session and would have to be post- a further limitation of naval armaments held in Geponed until the next in order to allow time for study neva last Summer. Doubt was expressed as to
by the various governments. Count von Bernstorff whether the plan will be found to possess utility,
immediately rushed to the aid of the Russian dele- but it was said to be certain that it will serve as a
gate, making a telling point when he said: "I have British talking point that London has taken the inibeen a member of this commission for more than two tiative toward further naval limitation. The conyears, and on no less than twenty occasions have I tents of the note were immediately cabled to Secreheard it asserted here that all our work would be tary Kellogg by Ambassador Hugh S. Gibson, the
futile because Russia was not represented; but now American observer at Geneva.
Russia is here and the commission decides to do nothThe chief points in Lord Cushendun's note to the
ing." M. Litvinoff also objected strenuously to the representatives of the United States, France, Italy
delay, flaying the Commission for what he was re- and Japan were said to be as follows:'The British
ported to have called its "hypocritical inactivity in government proposes first that future battleships
the cause of disarmament."
to be built be reduced in size from the present maxiCount von Bernstorff also made a determined mum treaty limit of 35,000 tops to less than 30,000
stand for the fixation of a date for a full disarma- tons; secondly, that the size of guns on battleships
ment conference. He presented, a resolution to this be reduced from the present limit of sixteen inches
effect and courteously requested the Commission to to thirteen and five-tenths inches, and, thirdly, that
remain in Geneva for another week in order that a the life of existing capital ships be extended from
suitable program might be arranged. This pro- twenty to twenty-six years—which involves a waiver
posal was bluntly dismissed by Lord Cushendun, of by the powers concerned of their full rights under
Great Britain, whereupon the German delegate made the replacement tables agreed upon at Washingsarcastic references to the activities of the Commis- ton." The note suggested further that these steps
sion and to the unfulfilled promises on disarmament be taken in order to become effective before 1931.
which he declared were made Germany at Ver- It was pointed out in dispatches, however, that adopsailles. This brought a sharp response from M. tion of the plan would mean the prolongation of the
Clausel, of France, and the German and French life of Great Britain's superdreadnoughts Rodney
representatives then indulged in a vitriolic exchange and Nelson for another six years, thereby giving her
concerning the question who has fulfilled the pledges that much additional time in which the most powerin the Treaty of Versailles and who has not. M. ful battleships in the world are at her disposal. The
Clausel, however, did inform the Commission that fact was mentioned, moreover, that if all future bathis Government was chiefly interested in the old tleships are to be of less than 30,000 tons displacedraft of the convention. France and England, he ment, it will make the superiority of the Rodney
said, were engaged in conversations concerning the and Nelson that much surer. As these were the expoints of difference and the ComImission, therefore, act points on which the American delegation refused
could not get on with the subject until they had to compromise during the tripartite conference,
finished. Lord Cushendun announced to "anyone American officials in Geneva were said to admit
interested" that he supported M. Clausel because frankly that they saw no great possibility of proghe, too, knew about these talks. No action of any ress being made on the basis of the British note.
kind was taken at this sitting. Nor was the final
sitting, last Saturday, any more productive of disThe Bank of Norway on Monday reduced its
armament results. After some additional but more discount rate from 6% to 532%. On Feb. 1 it
perfunctory wrangling, adjournment was taken Sat- may be recalled the rate had been raised from 5%
urday evening with the proviso that Chairman Lou- to 6%. Otherwise there have been no changes this
don may recall the Commission at his own pleas- week in discount rates by any of the central banks
ure when he considers the date to be "practically of Europe. Rates continue at 7% in Germany;
useful."
6% in Italy and Austria;5% in Denmark and Madrid;
432% in London, Belgium and Holland, and VA%
Coincident with the final session of the Prepara- in France, Switzerland and Sweden. In London
tory Disarmament Commission, Lord Cushendun of open market discounts are 4 1-16% for both short
Great Britain made an announcement of some sig- and long bills, against 4@4 1-16% for both on
nificance for the general problem of disarmament. Friday of last week. Money on call in London was
The announcement stated, according to Geneva dis- quoted at 37
4% on Tuesday, but closed yesterday
patches on March 24, that the Government of Great at 33/2%, against 33-1% on Friday of last week. A k'
MAR. 311928.]
FINANCIAL CHRONICLE
1883
Paris open market discounts remain at 334% but Other daily maturing obligations increased 3,138,in Switzerland there was a further advance from 000 marks while other liabilities decreased 2,912,000
marks. Om the asset side reserve in foreign currency
3 3-16% to 334%.
declined 35,302,000 marks, bills of exchange and
The latest statement of the Bank of England, checks 73,093,000 marks, advances 59,699,000 marks
dealing with the week ending March 28, shows an and investments 81,000 marks. Deposits abroad
increase in gold holdings of £477,165 and an increase remained unchanged at 85,626,000 marks. Gold
in notes in circulation of £1,018,000 thereby causing and bullion rose 20,847,000 marks, silver and other
a decline in the reserve of gold and notes in the coin 7,541,000 marks, notes on other German banks
banking department of £541,000. The bank now 3,526,000 marks and other assets 13,805,000 marks.
holds more gold than at any time since the beginning A comparison of the various items of the bank's
of the year. The ratio of reserve to liabilities is return for the past three years is given below:
now 37.96%, a slight gain over last weeks ratio of
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
37.17%, and comparing with 24.80% of the corMar.231928. Mar.231927. Mar.231926.
Week.
responding week in 1927. Both the deposit items Assets—
Retchsmarks. Retchsmarks. Reich:marks.
Retchsmarks.
Gold and bullion
Inc. 20,847,000 1.908,950.000 1.852,194,000 1,449,159,000
diminished, public deposits £506,000 and "other" Of
85,626,000 101,388,000 220.750.000
which depos.abed_ Unchanged
deposits, £3,326,000. Loans on government securi- Res've in for'n emir_ _ _Dec. 35,302,000 226,768.000 223,706,000 483,053,000
Bills ofexch.& checks.Dec. 73.093,000 1,927.592.000 1,454,547,000 1,094,465.000
ties dropped £2,055,000 and loans on other securi- Silver
99.100.000
77.119.000 145,061.000
and other coin.Jnc. 7,541.000
ties, £1,253,000. The Bank's gold holdings now Notes on oth.Ger.bks.Inc. 3,526,000 25,954,000 22,946,000 32.877.000
5.445.000
12,774,000
31,341,000
Advances
Dec. 59,699.000
total £158,130,454 against £150,548,247 last year Investments
92,924,000 240.558.000
94,158,000
81,000
Dec.
assets
Inc. 13.805,000 548,238.000 492,826,000 943,478,000
and £146,768,567 in 1926. Notes in circulation Other
itahlitttes—
122,687.000 3,763.096,000 3,003,380,000 2.513,728.000
circulation.
in
Notes
_Dec.
aggregate £135,410,000, which compares with £137,Oth.dallyrnatur.oblig.Inc. 3.138,000 495.195,000 740.254.000 963,202.000
952,555 and £142,761,930 in 1927 and 1926 respec- Other liabilities
Dec. 2.912.000 174,825,000 193.471.000 562,641,000
tively. The Bank's official discount rate remains at
4 ,6%. Below we furnish comparisons of the various
Firm conditions and advancing rates have marked
items of the Bank of England returns for five years. the course of the New York money market the past
week, reflecting the wide demand for funds occasioned
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1928.
1927.
1926.
1925.
1924.
the month end settlements and the increasing
by
Mar. 31.
Mar. 30.
Mar.28.
Apr, 2.
Apr 1.
commercial and speculative activities of the country.
b 135,410,000 137,952,555 142.761,930 121,310,410 126,354,71
Circulation
remained steady Monday and Tues13,635.000 32,981,148 35,441,335 17,762,415 16.410,558 Demand money
Public deposits
98,247,000 97,465.345 93.607,140 118.545,506 114,465.990 day at 43/2%, but was advanced to 5% Wednesday
Other deposits
Govern't securities_ 30,825,000 32.667.560 37,015.328 42.448.303 47.782,455
Other securities_ _ 56.878.000 83,724,394 86,509,835 84.982,010 79.851.030 when available funds became scarce after the banks
Reserve notes & coin 42,471,000 32,345.692 23,756,637 27,160,261 21,509,864
called some $25,000,000 in loans. The posting of
Coln and bullion_ _0158,130,454 150,548,247 146,768,567 128,720.671 128.114,579
Proportion of reserve
the higher figure brought out new supplies in con37.96%
18.41%
24.80%
to liabilities
1974%
1654%
5%
5%
5%
%
Bank rate
4% siderable volume and the rate again dropped, Thursa Includes, beginning with April 29 1925, £27.000,000 gold coin and bullion
4%. Further withdrawals yesterday
to 43
Previously held as security for currency notes Issued and which was transferred to the day,
Bank of England on the British Government's decision to return to the gold standard. again totaled approximately $25,000,000, causing
b Beginning with the statement for April 29 1925 includes £27.000.000 of Bank
of England notes holed in return for the same amount of gold coin and bullion a rebound in the rate to 5%. The firmness was
held up to that time in redemption account of currency note issue.
perhaps more apparent in the time money and commercial paper departments of the market. Rates
In its statement as of Mar. 28, the Bank of France
here were advanced Monday and remained relashowed an increase in note circulation of 24,668,000 tively firm all week. The entire financial comfrancs raising the total to 58,530,909,745 francs
munity again displayed the most intense interest in
in comparison with 52,385,096,040 francs in 1927
the figures of brokers loans against stock and bond
and 52,127,153,640 francs in 1926. Gold holdings collateral reported Thursday by the Federal Reserve
remained unchanged at 5,543,848,475 francs. Silver
Bank for the 47 reporting member banks. An indecreased 32,000 francs, trade advances 36,157,000
crease of $46,665,000 was noted in this report, placfrancs, treasury deposits 4,859,000 francs and divers
ing the total again near the peak figure reached on
assets 85,823,000 francs. On the other hand bills
Feb. 8. The unprecedented activity in the securities
discounted expanded 895,702,000 francs, general
markets would seem to indicate a continued absorpdeposits 682,733,000 francs and advances to the
tion of funds on this account, and as commercial
State 50,000,000 francs. A comparison of the
requirements are also expanding, money rates are
various items of the Bank's return for the past three
being carefully observed. The gold export moveyears is given below.
ment also is being followed with a degree of attention
DANK OF FRANCE'S COMPARATIVE STATEMENT.
is commensurate with its growing extent. Gold
that
Status as of
Changes
Mar.28 1928. Mar. 30 1927 Mar, 311926. exports from the port of New York for the week
for Week
Francs.
Francs.
Francs.
Ovid Holdings—Francs.
3,679.527,568 3,683,507,443 3,683.999,160 ending Wednesday were reported at $36,287,000
Unchanged
In France
462,771,478) 1,864.320.907 1,864,320,907
Unchanged
Abroad—avallabte
by the Federal Reserve Bank.
1,401,549,429
Abroad—non avail Unchanged
Dealing in detail with the rates from day to day,
5,543,848,475
5,547,828,350
Unchanged
5,548,320,067
Total
342.205,328
342,937.280
Dec.32,000
332,143.329 the call loan rate at the Stock Exchange on Monday
Silver
Inc. 895.702,009 2,345,023.903 3,398,226,127 4,174,389,181
Bills discounted
A%, this including reTrade advances___Dec. 36,157,000 1,710,807,676 1,853,511,675 2,418,004,875 and Tuesday ruled at 41
Note circulation._Ino. 24,668,000 58,530,909,745 52,385.096,040 52.127,153,640 newals.
On Wednesday there was an advance to
4.725.351
27,872,829
6,216,417
Treasury deposits_Dee. 4,859,000
8.386,697,026
3,808.705.525
682,733,000
3,039,150,657
deposits—Inc.
the
with
General
5%
'renewal rate 4%%. On Thusday all
Advances to State-Ino. 50,000,000 23,150,000,000 28,150.000.000 36.250,000,000
were
loans
4% including renewals:
negotiated at 43
Divers mew
Dec. 85,823,000 26,001,287,743 11,104,051,851 3,187,448,930
4%, but the
On Friday the renewal rate was still 43
of
week
third
the
March
for
.for
the
new
Rates for
rate
loans
rose
statement
again
5%.
to
In its
note
in
decrease
yesterday
a
time
showed
loans
and
advanced
around,
circulaall
Germany
Bank of
the
reducing
from 30
maturities
marks,
4%
money
to
total
loaned
at
all
for
122,687,000
tion of
3,763,096,000 marks, as against 3,003,380,000 marks days to six months. For commercial paper the
last year and 2,513,728,000 marks the year before. quotation for four to six months' names of choice
FINANCIAL CHRONICLE
1884
character continues at 434.70, with only an occasional rare transaction at 4%. For names less well
known the quotation is 43/2%. For New England
mill paper the quotation is 43j@43/2%.
In the market for banks' and bankers' acceptances the,posted rate of the American Acceptance
Council for call loans against acceptances was advanced yesterday from 33/2% to 4%. The posted
quotations of the Acceptance Council for prime
bankers' acceptances eligible for purchase by the
1 for all dates
Federal Reserve banks were raised %
on Thursday and an additional 43 on Friday for
bills running for 30, 60 and 90 days. Quotations
are now at 3/% bid and 332% asked for bills
5
asked for
running 30 days, 3%% bid and 3/%
bills running 60 days, 3%% bid and 3%% asked for
90 days and also for 120 days and 4% bid and 3%
asked for 150 and 180 days. Open market rates
are likewise higher as follows:
SPOT DELIVERY.
Prime eligible bills
Prime eligible bills
—180 Days— —150 Days— —12 Days—
Bid.
Asked.
Asked.
Bid.
Asked.
Bid.
4
314
314
4
31i
34
—90 Days— —60 Days-- —30 Days—
Bid.
Asked.
Bid.
Asked.
Bid.
Asked.
3%
3%
344
3%
3%
3%
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible nun-member banks
4 bld
4 bid
There have been no changes this week in Federal
Reserve Bank rates. 'The following is the schedule
of rates 110W in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Ban Francisco
Rate in E.!r.el
on Mar. 30.
Date
Established.
Preriow
Rate.
4
4
4
4
4
4
4
4
4
4
4
4
Feb. 8 1928
Feb. 3 1928
Feb. 10 1928
Mar. I 1928
Jan. 27 1928
Feb. 11 1928
Jan. 25 1928
Feb. 21 1928
Feb. 7 1928
Feb. 10 1928
Feb. 8 1928
Feb. 4 1928
3%
3%
3%
34
3%
3%
3%
3%
34
34
3%
34
Sterlir g exchange has been steady and comparatively dull, with quotations slightly easier than last
week. The fluctuations have been narrow, but on
the slightest signs of actual demand the rate displayed basic firmness. The range this week has been
from 4.87 11-16 to 4.87 15-16 for bankers sight,
compared with a rarge last week of 4.87 9-16 to
4.87 15-16. The range for cable transfers has been
from 4.881
% to 4.883I, as compared with 4.87 29-32
to 4.88 5-16 a week ago. The increased demand for
collateral money in New York, together with an
augmented demand for money at other American
centers, is considered the reason for the comparative
dullness and lack of demand for sterlirg the present
week. There seemed just enough transfers of funds
from New York to London to keep the sterling rate
from sagging noticeably. The market here continues bullish on sterling, especially as the Bank of
England rate remains at 43'2%, but a reduction in
the rate is looked for, which will probably not take
place until after a clear announcement of French
monetary policy. Meantime, bankers in New York
are expecting a reduction of the New York Federal
•Reserve Bank rate to 314% and regard it as probable
that changes in both bank rates will be closely timed.
If the Bank of England is to wait for a pronouncement
on the French stabilization program, a reduction in
its rate can hardly take place before early in May.
The continued large shipments of gold to Europe are
of course a factor in the situation. A more important
[voL. 126.
factor, however,is the large supply of dollar exchange
held in a great many countries, while there is a
relative scarcity of sterling bills, with the result that
the current quotations reflect rather the cheapness
of the dollar in foreign markets than the dearness of
sterling. Again, there is a flow of funds for investment in London-quoted issues which gains greatly
in volume as prices rise in Wall Street and yields
move down. The more industrial stocks are boomed
in Wall Street, the more a certain class of investors
tend to seek a comparatively higher yield in London,
where they feel that they incur a lower degree of
risk of capital depreciation. Money still continues
to go to London for investment in the short-term
markets, but the demand for exchange from this
source has lessened materially and transactions are
confined for the most part to routine business. Small
or temporary changes in spread in money rates
between New York and London cause only slight
adjustments. While the large gold shipments to
various countries tend to strengthen the sterling rate,
these gold movements are really not based on excharge rates, but are for the greater part special
transactions arising from the various stabilization
prcgrams of the different countries.
This week the Bank of England shows an increase
in its gold holdings of £477,165. On Monday the
Bank of England sold £7,000 in gold bars to an unstated designation. On Tuesday the Bank sold
£22,000 in gold bars to an unstated designation.
British customs returns for the week ended March
21st show that £3,011,978 in gold were exported to
France, making a total exported to France for a
four-week period of £13,573,831. The exports consisted entirely of gold previously earmarked. At the
Port of New York the gold movement for the week
March 22-28, as reported by the Federal Reserve
Bank of New York, consisted of imports of $45,000
chiefly from Latin America. Exports totaled $36,287,000, of which $11,971,000 was shipped to France,
$16,003,000 to Germany, $4,000,000 to Argentina,
$3,000,000 to Poland, and $1,020,000 to England.
This leaves $293,000 not itemized as to destination.
The shipment to France was from earmarked stock
in New York. The shipment to England and $2,400,000 of the shipment to Argentina was accounted for
here last week, as was also the shipment to France.
There was no Canadian movement of gold either to
or from the United States. Canadian exchange
continues at a premium. This week Montreal funds
ranged from a premium of 5-64 of 1% to 7-64 of 1%.
Canada is practically the only country that could '
draw gold from New York on a purely exchange basis.
Business is at a high level of prosperity in Canada
and the early mild spring weather is expected to
result in a return flow of gold from New York Co
Montreal within a few weeks.
Referring to day-to-day rates, sterling was firm
on Saturday last in a dull market. Bankers sight
was 4.87 27-32@4.87 15-16; cable transfers 4.88 3-16
@4.883.. On Monday the market was reactionary.
The range was 4.87 13-16@4.873/ for bankers sight
and 4.88 5-32@4.88 7-32 for cable transfers. On
Tuesday the range was 4.87%@4.87% for bankers
sight, and 4.88A@4.88 7-32 for cable transfers. On
Wednesday the market opened off, but closed
slightly firmer. Bankers sight was 4.878
%@4.87 15-16
and cable transfers, 4.88 5-32@4.88 7-32. On Thursday the market was steady. Bankers sight was
4.87%@4.87 15-16, and cable transfers 4.88 3-16@
MAR. 31 1928.]
FINANCIAL CHRONICLE
1885
debt agreement with France is expected shortly, to
be followed by an agreement with respect to the prewar debt. The war debt, after deductions for
Rumanian counter-claims, was fixed at 525,000,000
gold francs, but the 62 graded annuities which
Rumania has agreed to pay are calculated to represent the actual value on a 5% basis of 185,000,000
francs. The French Government's generosity is in
line with its general policy of sponsoring reconstruction in Rumania and Yugoslavia. According to well
The Continental exchanges have been firm. The informed sources, it is believed that in addition to
greatest interest centers, of course, on French ex- the stabilization credit to be arranged with banks of
change, owing to the large imports of gold by France issue, it is intended to raise an international loan of
from London and New York, representing for the between $60,000,000 and $80,000,000. Details of
most part withdrawals of earmarked stock in both the Greek stabilization plans are expected to be ancenters, though in addition new purchases have been nounced soon. A Bulgarian loan and stabilization
considerable. Mystery surrounds the French gold of the lev (now quoted by the Federal Reserve Bank
imports and the financial world may be said to be of New York at $.007204) are expected to be conwaitirg breathlessly for official announcement of the summated in April, according to London dispatches.
There is no news of importance respecting German
new French financial program. As stated above in
the account regardirg sterling exchange, French with- marks. The mark continues firm around 23.90 for
drawals of earmarked stock from London for four bankers sight, well above gold par of 23.82. Mark
weeks ended March 21st total £13,573,831. Gold exchange is comparatively active. Credit requirewithdrawn from New York totals approximately $61,- ments are so great in Germany and money rates so
000,000, and it is believed that a few disguised ship- high that there is a steady inflow of foreign capital,
ments would bring the total above $71,000,000. It especially from the United States, also from London
is probably an accurate estimate that France has im- and Amsterdam and from the surrounding smaller
ported from all quarters $120,000,000 gold since the markets. As noted in the discussion on sterlirg, gold
movement began. Despite these heavy imports of shipments to Germany from New York totaled $16,gold, the Bank of France weekly statement reveals 003,000 this week. The gold reserves of the Reichsonly trifling charges in gold holdings from week to bank show an increase of 20,847,000 marks. Antwerp
week. 'I he circulation statement shows an increase belgas have been a feature of the market this week.
%for cable transfers.
this week of 24,668,000 francs, the total being 58,520,- Belgas have sold as high as 13.961
909,745 francs. The circulation item held between The importance of the move lies in the fact that the
52,000,000,000 and 53,000,000,000 francs until last gold export point on belgas is only a few points above
August, when it started up and has continued to in- present levels. Last December small shipments of
crease ever since. This increase is due to the heavy gold went to Belgium, when the exchange was quoted
purchases of foreign excharge by the Bank of France at 14.00. Italian lire are steady and in greater deto keep the franc pegged. 1 he purchases have neces- mand than any of the other Continental currencies
sitated more bank notes. It is believed that more except German marks. There is no news of importhan 90% of the Bank of France "sundry assets," tance of financial character relating to Italy.. The
which now total 26,001,287,000 francs, are in foreig- demand for the Italian unit arises from the steady
balances. The item "sundry assets" in the bank state- flow of funds for investment in Italian securities and
ment dces not include foreign excharge loaned by from immigrant remittances. Exchange on Poland is
the Bank of France to French banks desirirg to invest stable. A shipment of $3,000,000 gold was made
in shcrt-term loans abroad. This loaned exchange is from New York to Poland this week.
estimated at around 7,000,000,000 francs.
The London check rate on Paris closed at 124.02
the
conrection
with
mystery
In
surrounding the on Friday of this week, against 124.02 on Friday of
French monetary program it is of irterest to note the last week. In New York sight bills on the French
stabilization programs under way for Rumania and centre finished at 3.93 7-16, against 3.9332 a week
3
Yugoslavia. It is believed that the recent visits of ago; cable transfers at 3.93 11-16, against 3.93%,
the French bank officials to London and New York and commercial sight bills at 3.933/s, against 3.933'.
were partly related to the nregram for effecti. g Antwerp belgas finished at 13.95 for checks and at
stabilization of these currencies. It is rumored the 13.96 for cable transfers, as against 13.933 and
three countries plan to adopt the same monetary 13.94 on Friday of last week. Final quotations
unit, thereby laying the foundation for a second for Berlin marks were 23.91 for checks and 23.92
Latin Monetary Union. It is known that the French for cable transfers, in comparison with 23.90 and
4
Government strongly desires to strengthen its 23.91 a week earlier. Italian lire closed at 5.281
transcable
in
influence
Rumania and Yugoslavia and especially for bankers' sight bills and at 5.28%i for
to arrarge the stabilization of the currencies of both fers, as against 5.283 and 5.28 last week. Austrian
countries under French auspices. Neither the schillings have not changed from 143/. Exchange on
Belgrade nor the Burcharest units are dealt in ex- Czechoslovakia finished at 2.963/8, against 2.963/s;
tensively in New York. It is nevertheless of interest on Bucharest at 0.62
8; on Poland
against 0.623/
to note that a recent Belgrade dispatch stated that at 11.20, against 11.20, and on Finland at 2.52,
the Yugoslavian plan for the stabilization of the against 2.52. Greek exchange closed at 1.32 for
dinar is practically complete and that its purchasir g checks and at 1.323/ for cable transfers, against
power will be strengthened by an increase in the geld 1.313/i and 1.313
% a week ago.
reserve of the National Bank of Yugoslavia. The
The exchanges of the countries neutral during the
dinar is currently quoted around $.0176. Paris
dispatches state that the signing of a Rumanian war war are steady, especially the Scandinavians, though
4.88 7-32. On Friday the range was 4.87 11-16@
8@4.88 7-32
4.87 13-16 for bankers sight, and 4.883/
for cable transfers. Closing quotations yesterday
were 4.87 13-16 for demand, and 4.88 3-16 for cable
transfers. Commercial sight billsfinished at4.87 11-16,
60-day bills at 4.84,90-day bills at 4.823', documents
for payment (60 days) at 4.84, and 7-day grain bills
at 4.87. Cotton and grain for payment closed at
4.87 11-16.
1886
FINANCIAL CHRONICLE
[VOL. 126.
all alike are exceptionally dull. Exchange on Amster- cable transfers on Tuesday, up 40 points on top of a
dam has been under pressure during the week in 40-point rise on Monday. A Toyko dispatch to Dow,
general, selling off a few points. The lower quota- Jones & Co. stated that the rise was.connected with
tions have been due partly to the slightly lower ster- the internal political situation. The Government
ling rate, but the Dutch rate has also been affected party which lacks a majority in the Diet, is dickering
by cfferings of guilder grain bills in an extremely dull with one of the minority parties for support, and the
market. Spanish pesetas have been slightly firmer latter insists upon adoption of policies leading to a
:throughout the week and have been active owing to removal of the gold export embargo. Although Chispeculative transactions originating chiefly abroad. nese speculators are believed to be long about 45,000,Norwegian krone have maintained the firmness at- 000 to 50,000,000 yen, yet they have avoided bearish
tained last week. The Norwegian bank rate has been operations for several weeks past. A factor which
reduced from 6% to 532%, effective March 27, and tends to give firmness to the quotations is that many
in line with this change the Norwegian joint-stock Japanese holders of foreign securities, who bought
savings banks have reduced interest on deposits M of when yen were lower are now selling the securities
1%. The Norwegian rate had been at 6% since and buying yen inasmuch as the yen rises the securities show an increasing loss in yen. The season apFeb. 22 1928.
finished
on
Friday proaches when Japan begins to show exports over
Bankers' sight on Amsterdam
last
Friday
of
week; imports, a circumstance also lending firmness to the
on
at 40.253/
2, against 40.27
40.29,
and
com- exchange. Most of the activity displayed in Japanese
against
cable transfers at 40.273/2,
mercial sight bills at 40.21, against 40.20. Swiss exchange arises from transactions connected with the
francs closed at 19.26 for bankers' sight bills and at London and Far Eastern markets. The Chinese silver
19.26 for cable transfers,in comparison with19.2614 units are steady, but dull, so far as the New York
and 19.27 a week earlier. Copenhagen checks finished market is concerned. Closing quotations for yen
2, against checks yesterday were 47.80@48, against 47.15@
at 26.793/2 and cable transfers at 26.803/
26.80 and 26.81. Checks on Sweden closed at 26.84 47 3-16 on Friday of last week; Hong Kong closed at
and cable transfers at 26.85, against 26.84 and 26.85, 49.85@50 1-16, against 49.80@50 1-16; Shanghai at
while checks on Norway finished at 26.693/2 and cable 63%@63/s, against 63/@63%; Manila at 49 9-16.,
transfers at 26.701
/
2, against 26.69 and 26.70. Spanish against 49 9-16; Singapore at 56/@56%t, against
pesetas closed at 16.833/2 for checks and at 16.84Y2 56N; Bombay at 36 11-16, against 36 11-16, and Calfor cable transfers, which compares with 16.80 and cutta at 36 11-16, against 36 11-16.
16.81 a week earlier.
Pursuant to the requirements of Section 522 of the
Tariff
Act of 1922, the Federal Reserve Bank is now
The South American exchanges have remained very
certifying
daily to the Secretary of the Treasury the
continues
to
leave
New
firm and gold
York for the
Latin centers. As noted above in the discussion on buying rate for cable transfers in the different counsterling, $4,000,000 has been shipped to Argentina tries of the world. We give below a record for the
the past week. Business and industry are expanding week just past:
EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
by great strides in all Latin American countries, and FOREIGN
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
MAR. 24 1928 TO MAR. 30 1928, INCLUSIVE.
especially is this true in the case of Argentina and
Brazil. Commenting on this development, Victor M.
Noon Buying Rate for Cable Transfers to New York,
Monetary
Value in United States Money.
Cuttet, President of the United Fruit Co., addressing Country and
Unit.
,Mar. 24 Mar. 26.Mar. 27.Mar. 28.Mar. 29.mar. 10,
the Bond Club of New York a few days ago, said:
EUROPE$
$
I $
$
$
$
"With law and order established and means of com- Austria,&chilling
8.140734 8.140662 8.140697 $.140719 8.1443600 8.140619
Belgium. belga
139388 .139438 .139484 .139527 .139565 .139535
munication at hand, the whole of Latin America is on Bulgaria. ley
.007234 .007243 .007218 .007203 .007212 .007208
Czechoslovakia, krone .029623 .029621 .029617 .029023 .029622 .029625
Denmark, krone
268012 .267967 .267973 .267969 .267947 .267928
the threshold of an economic development which will England,
pound litersterling
4.882130 4.881875 4.881590 4.881761 4.881732 4.881406
astound the world." The Argentine paper peso con- Finland.
markka
.C25180 .025171 .025172 .025183 .025169 .025168
franc
.039364 .039361 .039358 .039360 .039362 .039356
tinues to be quoted at the highest rate since 1919. France,
Germany. reichemark .239120 .239127 .239132 .239126 .239134 .239111
Greece. drachma
013246 .013239 .013236 .013239 .013245 .013250
Plentiful money in Argentina has had a tendency to Holland,
guilder
.402892 .402833 .402749 .402722 .402735 .402691
Hungary, pengo
174640 .174668 .174625 .174643 .174687 .174662
case the bank rate and to improve import trade. The Italy,
lira
052823 .052823 .052825 .052827 .052831 .052825
Norway. krone
267020 .766995 .266973 .266972 .266944 .266935
oui look is promising for a recovery of the economic Poland.
112038 .112035 .112035 .112235 .112085 .112038
zloty
040115 .040362 .040415 .041275 .041895 .041915
escudo
po lion of Brazil. An increase of 40% in investments Portugal.
Rumania,leu
.006217 .008204 .006207 .006215 .006217 .006233
Spain. peseta
.167980 .167857 .167754 .168617 .168284 .168397
of foreign countries in Brazil has followed the stabili- Sweden,
krona
. .268455 .268434 .268422 .268455 .268416 .268414
Switzerland. franc_ .192650 .192655 .192601 .192669 .192663 .192630
zation of the currency. Approximately 80% of this Yugoslavia, dinar.... .017599 .017595 .017596 .017600 .017596 .017598
ASIAincrease comes from the United States,according to Dr. .7..hinaChefoo tael
.646666 .646875 .645833 .650000 .647083 .647083
Lindolfo Coller, one of the five delegates from Brazil Hankow tael
.643750 .643125 .642500 .646666 .644583 .644583
Shanghai tael
.629821 .629196 .628928 .629464 .630992 .630535
tael
.683125 .661875 .661666 .665416 .663750 .662916
at the Pan-American conference in Havana. Argen- Tientsin
Hong Kong dollar. .497589 .497510 .497303 .497500 .498214 .497940
Mexican dollar__ .456250 .459125 .456250 .456500 .458500 .458250
tine paper pesos closed yesterday at 42.85 for checks, Tientsin
or Pelyang
dollar
.457916 .458958 .457100 .457500 .460000 .460000
as compared with 42.75 on Friday of last week, and Yuan
dollar
.455000 .455625 .454160 .454166 .456666 .456666
ndia, rupee
.1165358 .365341 .365421 .365300 .365421 .365250
at 42.90 for cable transfers, against 42.80. Brazilian .1rspan,
yen
472969 .476458 .479250 .478036 .477508 .478158
.562500 .563333 .563333 .563333 .561875 .563333
milreis finished at 12.04 for checks and at 12.05 for lingapore(S.13.)dollar
NORTH AMER.dollar
1.001041 1.000928 1.000933 1.001054 1.000933 1.001019
cable transfers, against 12.04 and 12.05. Chilean 1anada.
11uba, peso
1.000625 1.000437 1.000718 1.000687 1.000718 1.000656
dexico, peso
487500 .487416 .487500 .487.500 .487500 .487500
exchange closed at 12.19 for checks and at 12.20 for lewfoundland,dollar. .998875
.998781 .998750 .998781 .998750 .998781
SOUTH AMER.cable transfers, against 12.19 and 12.20, and Peru A rgentina, Peso (gold) .972760 .972590 .972523 .972538 .972567 .972592
milrels
.120255 ..120290 .120345 .120327 .120309 .120327
at 3.93 for checks and at 3.94 for cable transfers, lima
3iHe, peso
122139 .122137 .133145 .122146 .122146 .122143
fruguay. pevo
1.038910 1.037525 1.036618 1.036155 1.034873 1.034778
against 3.92 and 3.93.
1olombia. peso
981600 .981600 .981600 .9816C0 .981600 .981600
In the Far Eastern exchanges Japanese yen have
Owing to a marked disinclination on the part of two
maintained the firmness which became clearly evident or three leading institutions among the New York
last week. The unit was especially in demand in the Clearing House banks to keep up compiling the figures
early part of the week. The rate rose to 48.14 for for us, we find ourselves obliged to discontinue the
MAR. 31 1928.]
FINANCIAL CHRONICLE
1887
called, is less extensive than has been supposed. "In
the selected manufacturing industries for January
1928," Mr. Davis reported, "based upon 10,772 establishments with .2,907,700 employees, 79.8% were
working full time and 87.2% were working more
than 90% of full time, while less than 1% were
working half time or less." Taking the volume of
employment as a whole, Mr. Davis stated that the
trend was downward from April 1927 to and including January 1928, but that the February report, just
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
published, shows an upward trend.
AT CLEARING HOUSE.
With 1,874,050 or thereabouts unemployed in JanAggregate
Saturday, Monday, Tuesday. Wedneury. Thursday, Friday,
for Week.
uary last, a figure greatly in excess of the 1,000,000
Mar. 24. Mar. 28. Mar. 27. Mar. 28. Mar. 29. Mar. 30.
$
unemployed which Mr. Davis was quoted as saying,
$
96.000.000 96,000,000 93,000,000 122,000.000 106,000,000 91,000,000 Cr. 6u6.000.000
a few weeks ago, represented the normal volume of
Note—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of unemployment in the United States, one naturally
the Federal Reserve System's par collecticn scheme. These large credit balances.
Mr. Davis adhowever, leflect only a part of the Reserve Bank's operations with the Clearing asks why the number is so large.
House Institutions, as only the items peyable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of duces, as contributing causes, the floods in the MisNew York are not acccunted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve sissippi Valley and New England, the tornado in
Bank for collection for the account of the local Clearing House banks.
Florida, the temporary closing down of parts of the
The following table indicates the amount of bul- larger industrial plants, and the prolonged strike
in the bituminous coal fields. These conditions not
lion in the principal European banks:
only temporarily diminished the opportunities for
Mar. 31 1927.
Mar. 29 1928.
Banks of
in the regions or industries particularly
employment
Total.
Gold.
Silver. I
Total. I
Silver. I
Gold.
I
affected, but also had an adverse effect upon em£
I £
£
I £
[150418,247
158 130,454 150.548.247
England..158,130,454
ployment opportunities elsewhere. To these facFrance a__ 147.181.103 13,717,592160,898,695 147.340,268 13,680,000161,020.268
994.600 88,534,900
c994.600 92,160.800 87,540.300
Germany b 91,166.21
be added, according to Mr. Davis, the
Spain ____ 104,311.000 27.934,000132,245,000103,435,000 27.665.000131,100.000 tors are to
I 39 181,000 45,767,000 4,239,000 50,006.000
Italy
39.181.000
in 1927, from quota and non-quota
immigration
Nethlands 36,265,000 2,212,000 38.477,000 34.900,000 2,340,000 37.240,000
Nat.Belg._ 21,440,000 1,244,000 22,684.000, 18,021,000 1,143,000 19,164,000
252,000 persons, a "considerable perof
countries,
Switzlimd. 17,289,000 2,511.000 19,800,000 18.079,000 2,989.000 21,068,000
I 12,940,000, 12,356.000
12,356,000
Sweden... 12,940,000
were "prospective laborers," "the
whom
of
centage"
641,000
10.750,0004
11,202,000
12,1)36,000
10,109,000
834,000
Denmark
I 8,180,000 8,180,000
8.180,000
8.180,000
orway
annual average influx of 205,000 from the farm to
Total week 646,192,757 49,254.192695,446,949637,368,815 53,884,600691213,415
Prey. week 654,688,242 49,132,192 703,820,434636,916,971 53.790.600690,707,571 the cities," and the addition of some 2,000,000 anI a Gold holdings of the Bank of France are exclusive of gold held abroad, amount- nually to the working population in the form of
cog the present year to £74,572,866. b Gold holdings of the Bank of Germany are
exclusive of gold held abroad, the amount of which the present year is £4.281,300. boys and girls who attain working age. Mr. StewAs of Oct. 7 1924.
art, who computed the data for manufacturing and
of
railway occupations, pointed out that "it is not
Unemployment.
The Extent and Causes
The report submitted by Secretary of Labor Davis unreasonable to believe a considerable percentage
on Monday, in response to a Senate resolution of of the present shrinkage" is due to the use of imMarch 5 calling for a report on the extent of unem- proved machinery. "Inventive genius," he declared,
ployment, shows a situation which, although ap- "must devise new industries, commercial agencies
preciably less grave than various unofficial state- must create new wants, in order to create new ocments have claimed, is properly characterized by cupations for these people in so far as age permits
Mr. Davis as "nevertheless serious!' The basis of them to learn new occupations or adapt themselves
Mr. Davis's calculation—and his report is only a cal- to new industries."
On this question of change in the character of occulation, not an actual enumeration—is a computation made by Ethelbert Stewart, Commissioner of cupations, as affecting the ratio of unemployment,
Labor Statistics, of the changes in employment be- Dr. Julius Klein, Director of the United States Butween January 1925 and January 1928 among man- reau of Foreign and Domestic Commerce, has lately
ufacturing wage earners and railway employees. thrown some very interesting light. In a recent adThe number of manufacturing wage earners in the dress before the combined editorial staffs of the
period indicated declined from 8,383,781 to 7,739,- McGraw-Hill Publishing Company, Inc., of this city,
907, a loss of 643,874. The number of railway em- from a private summary of which we are courteousployees fell off during the same period from 1,752,- ly permitted to quote, Dr. Klein pointed out that
589 to 1,643,356, a loss of 109,233. The total shrink- in the automobile industry "each employee is now
age for the two groups was 753,107, or 7.43%. No turning out 11.5 units (cars, trucks, &c.) a year as
figures, Mr. Davis stated, are available for the against 7.2 in 1913. In other words, the need for lagroups of agriculture, mining, clerical workers, do- bor in that industry has decreased more than 50%
mestic servants and trade. Taking, however, the in ratio to the output. This development, plus the
estimated figure of 25,222,742 as the total of per- deflation of our war-time industrial abnormality,
sons who in January 1925 were working for wages has resulted in a net decrease in employees in our
or salaries (not including persons who were operat- factories of something like 917,000 since 1920. This
ing their own businesses or professions), and assum- substantial figure, if added to the 800,000 representing that the same rate of decline applied to this ed in the decline of employees in agriculture and
total as applied to the manufacturing and railway the 240,000 relieved from the railroads since the war,
groups, we have a total of 23,348,692 wage or sal- gives a formidable total of displaced labor of nearly
ary workers employed in January 1928, or a shrink- two millions."
If these figures were to stand alone, Dr. Klein
age between the two dates of 1,874,050.
on to say, they might indeed indicate that the
went
employment,
which
SecThe estimates of part-time
of the country was in "a grave situation."
report,
business
that
to
asked
indicate
retary Davis was also
that has been applied is to be found
The
corrective
is
it
as
sometimes
unemployment,"
"concealed
publication of the table we have been giving for so
many years showing the shipments and receipts of
currency to and from the interior.
As the Sub-Treasury was taken over by the Federal
Reserve Bank on Dec. 6 1920, it is also no longer
possible to show the effect of Government operations
on the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
1888
FINANCIAL CHRONICLE
in "the astonishing increase in non-manufacturing
pursuits. For example, since 1920 there has been an
increase in the number of workers in automobile servicing and distribution of nearly 760,000. There are
nearly 100,000 more insurance agents clamoring at
our doors to-day than.in 1919. Another 100,000 increase is estimated in the service employees of electric refrigeration, light and power, and oil heating
establishments. The management, servicing and
general direction of construction, accounts for an
Increase of another 100,000 in the same time. There
are 232,000 more teachers and professors required to
look after the flaming youth of the present day
than in 1919. The increase in motion-picture servitors, exclusive of production, accounts for another
125,000 added to the payrolls of that exuberant industry since the war. It is not hard to explain the
increase of 170,000 barbers and hairdre sers during
the same time. One of the most impressive figures is
that in the service branches of hotels and restaurants, the personnel has increased by 525,000; some
observers in the industry actually run this total up
to nearly one million. These are but fragmentary
data, many of them based upon decidedly rough estimates, but they are quite sufficient to indicate that
the net increase of employment in distribution and
servicing functions is sufficient to balance the decrease in the three groups of manufacturing, agriculture and railroads."
It is obvious that figures, whether eE timated or
computed, that give only the total volume of unemployment for the entire country afford only a partial view of the state of business or the condition of
labor. The wage-earners of the country are not a
definite mass of workers whose increased or diminished activity at any given time is a proper occasion
for elation or alarm. Seasonal demands, regional
conditions, weather and accidents, immigration or
emigration, changes in manufacturing or distributive processes, the disappearance of old wants and
the development of new ones, all operate to draw labor from one place to another or from one occupation to another, and to balance unusual demand at
certain points by slack demand at others. The members of Congress who have been solicitous about the
existing condition of unemployment might well consider the extent to which heavy taxation, Federal,
State and local, acts to discourage business expansion, particularly in the smaller businesses, and enforces economies which in turn operate to reduce
the volume of labor employed. When a merchant or
manufacturer must pay over from twenty to forty
per cent. of his income to government, and at the
same time meet the demands of a constantly rising
scale of wages, one of his first and most natural
steps is to reduce his labor force to a minimum, even
though he knows that by doing so he adds something
to the number of the unemployed.
The remedies for the situation, where the situation does not in due time remedy itself, are as various as the causes. No small part of the labor difficulty in the coal-mining industry, as Charles M.
Schwab recently averred, appears to be due to the
fact that there are too many miners, and that too
many of the miners prefer to suffer from idleness
rather than to seek other employment. Dr. Klein, in
the address to which we have referred, quotes Secretary Hoover as saying, in substance, that in the case
of the 1921-22 depression a delay of one-tenth, during the period of normal business, in the utilities
[VOL. 126.
and construction work carried on by the Government, would have "almost planed out the depression in unemployment." The 252,000 immigrants to
whom Secretary Davis referred in his report represent no permanent inflation of the country's labor
supply, since they are all consumers as well as workers, but immigration may nevertheless occasion a
temporary glut in the labor market if those who
come cannot readily be directed toward those quarters in which their labor is needed. The displacement of labor by machinery, which has been going
on increasingly for a hundred and fifty years, has
often been resisted by those who suffered from the
change, yet it is to the steady development of mechanical processes that we owe the multifarious industries which in turn, by creating new wants and
enlarging consuming power, draw upon labor for
their satisfaction. The whole process, in short, is
one of ebb and flow, of greater activity at one period matched by lessened demand at another. At
the moment, apparently, the volume of unemployment in the United States is exceptionally large, and
anything that can be done to distribute more evenly
the demand for labor is to be welcomed, but there
seems no reason to believe that the situation will
not in due course right itself, even though in some
industries, as in coal mining, a radical reorganization of the industry may be necessary before stability is reached.
Another Object Lesson in Mid-Wcst
Farming.
The following letter from William Brewster Taber
Jr„ a farmer in Edgar County, Ill., was written to
one of our subscribers, and the latter has now forwarded the same to us. In an accompanying note
this subscriber explains that Mr. Taber is a friend
of his and as this friend lives in Edgar County, he
thought he would be interested in the article in our
issue of Nov. 5 1927 entitled "An Object Lesson in
Mid-West Farming," in which we in turn commented
on an article published in "Scribner's" for October 1927, entitled "Where the Prairie Money Goes,"
by Allen D. Albert, and which relates to conditions
in Edgar County, Illinois as found by Mr. Albert.
The subscriber sent these articles to Mr. Taber and
asked him to comment upon them for the subscriber's personal benefit. Mr. Taber complied and the
subscriber has now obtained Mr. Taber's permission
to submit the latter's comment for publication by
us,"though it was naturally written with no thought
of this in view."
Kansae, Edgar County, Minot&
Nov, 23 1927.
Dear Friend:—We were much interested in your letter
and the enclosures and have read them carefully. How I
smile at the way the ell'ef men in the farm bureau will
curse when they read Albert's article and the use he made
of it. We are ardent "farm relief" people here in spite of
Albert's assertion to the contrary. We think we need it—
even more than that, that we have a right to it.
The article reads like propaganda and has certain earmarks which make me think it is. For instance, he speaks
of total income for the county and then divides it among
the total number of families without considering whether
the urban or rural families get more than their share. He
compares our incomes with those of laborers when we
have on the average about $30,000 per farm invested capital and put in our labor and skilled management besides.
He compares our incomes with those of store keepers whose
investments are nowhere near as great as ours, whose
managing ability is nowhere near as great as ours, whose
risks are not as great as ours, and who do not labor as
hard.
MAR. 31 1928.]
FINANCIAL CHRONICLE
Let's look at what some of his figures mean. He says
there are 675 square miles in the county. There are 640
acres to the square mile. That is 432,000 acres. Let's put
an average value of $130 per acre on it, which is way low.
We paid $200, and although land is not worth now what it
was then, it has not I am sure sunk to the $130 level.
The following table would give you our investments at
very low figures:
1889
Coles County adjoining Edgar County to the west. These
farms are better than the average farm for the whole
county.
Total investment
Total receipts less total expense
Figuring the farmer's salary at laborer's wages
Net income from investment
$44.817
2,521
668
$1,853 or 4.1%
Things. are not as lovely as Albert says.
As the above correspondence shows, several
months ago we endeavored to comment upon the figures and conclusions of a first-hand investigation
Total
270,272,000
into
farming conditions in a certain county in Illifarms
Average per 2.352
$29.900
See:ng that the farmer puts in his time, part at labor, nois, made by a Mr. Allen D. Albert, the results of
usually highly skilled, part at management of a kind that which were printed in an article in "Scribner's" entakes considerable intelligence, and for this plus a $30,000 titled "Where the Prairie Money Goes." The couninvestment gets only $2,500 a year, you can see either the
ty is Edgar County, destined, perhaps, in the great
farmer is poorly paid or else the Investment earns mighty
Mid-West country, to more notice than it deserves.
small dividends.
The University of Illinois by its department of Farm This comment of ours and especially the "Scribner's"
Economics put out some interesting figures which show that article coming to the eyes of Mr. Wm. Brewster
since 1919 the farmer in central eastern Illinois has in only
Taber Jr., of Edgar County, Illinois, does not please
one year made wages plus 5% on his investment and that
letter above.
year was 1924. The two horrible years of 1921 and 1922 him, and he says so in the unequivocal
Why he should thus favor the Chronicle with his
did not yield even interest on the investment.
When you consider that farming is the largest industry strictures rather than "Scribner's" we do not know.
of this country, larger than mining, manufacturing and Nor do we conceive it any part of our duty to act
transportation all put together, you can see that such a
as umpire between Mr. Albert and Mr. Taber, the
condition is far from healthy. Remember that we are by
far the most efficient and productive farmers of the world. two gentlemen in the spotlight. But since we are
Even with American industry we compare favorably. If always willing to accommodate, and since we are
we used such backward methods as the railroads and the sometimes, inadvertently we think, accused of exsteel manufacturers we would soon go out of business. tracting "joy" and "glee" from serious subjects, we
Just think, railroads are only just beginning to put roller
for further comment. Pestalozzi,
bearings on their cars and still use such inefficient power take a little space
Object
Lesson, it is said, could inthe
Father
of
the
plants as the locomotive! In the steel industry coke is still
made in bee-h've coke ovens to a large extent, where over terea his pupils profoundly in the class room upon
one-half its value Is wasted! As Baruch has aptly said, a topic as trivial as"A Hole in the Wall." We have
when It comes to efficient methods we farmers are the
no such power. But perhaps we may, neverthe"modern of the moderns."
less,
be able to extract some lesson from the letter
Albert says there Is no poverty in Edgar County. He Is
right. Farmers are good hearted and not close fisted. We of Mr. Taber.
help the needy when they need it, and although, as Albert
We have examined our files and re-read carefully
says, our income is not great, we will not tolerate condi- our article entitled "An Object Lesson in Mid-West
tions that are winked at by our wealthier brethren of tile
Farming." As the "Scribner's" article dealt specificities. Whatever approaches poverty is found in the towns.
Yes, we use cars a great deal and there is no better place cally with "Where the Prairie Money Goes," we were
to use them than where distances are great. However, as naturally most interested in that phase of the subwith the rest of his article, Albert does not compare com- ject. We took some pains in our remarks to say
parable items when he talks of the car of to-day and the that the single investigation while valuable in itself
"pleasure vehicle" of yesterday. Over half of the farmers'
must be followed by others; that the data offered
car use is on business. Then, too, the value of the dollar
were in ways insufficient for general conclusions,
changed
somewhat
since
buggies
were
has
in style.
The way we look at the McNary-Haugen bill is this: The and that while the county selected seemed to us
protective tariff is paid for by the unprotected people of typical of physical conditions of the Mid-West rethis country and we farmers are the majority of that class.
gion, it could not be taken otherwise as represenWe want something equivalent to the protection enjoyed by
the region as to conditions
most other industries. Most of our products are exported tative of a State or of
As a matter of fact, our infarming.
so in the main a tariff will not help us. We are not cer- of life and of
tain the McNary-Haugen bill will give us the desired relief, formation is to the effect that expenditures by means
but we want to try it. It looks like the best chance. Our of the automobile, one of the main points deduced
trouble is that we produce too much, glut the market and
by the Albert article, are pretty generally the same
as a result actually get a smaller total money return than
for
the entire section. Mr. Taber intimates that
for a small crop. Coolidge and Jardin suggest government
helped co-operatives. But our trouble is now, and to enable the "pleasure" vehicle is a thing of the past, and that
co-operatives to grow in an orderly safe way to such an to-day one-half of the use is for business purposes
enormous size as to control our huge outputs would take of the farm. We promptly agree with him that the
at least twenty years or more. The McNary-Haugen bill
former luxury is growing into a necessity, but are
seems to he the only way out. We are suspicious that the
expense
real reasons the industrial east does not favor that bill not the cars of a costlier type and is the
growing
less?
is because they are afraid it will work, and if we should
obtain the equivalent to tariff protection they know full
Mr. Taber offers some figures on investments and
well that the other industries would no longer have the returns. From some figures before us as to farm
advantage over us.
values for the State we are inclined to think he is
It was amusing to see with what joy and glee "The
on Acre values, and may be a little high on
low
Chronicle" jumped at Albert's evidence and swallowed it
whole. It's plain they will quote anything that is against Buildings and Improvements, though as he resides
a real farm relief plan and nothing for it. Just why, it Is in Edgar County, we accept his estimates. But is
pretty easy to guess.
there not something inherently wrong in "business
I am enclosing a couple of recent articles on farm relief management" when $500 in machinery suffices for
which tell our story rather completely. Read them both
a $30,000 investment, and also $500 for livestock for
carefully and you will know more about it.
a unit-farm properly equipped for the best returns?
WILLIAM BREWSTER TABER JR.
However, the main thing is that these are averages,
P. S. Here are some University of Illinois figures for the
tlo much on "av1925 for the average of 30 farms keeping accounts in and we warned against depending
Land, 432,000 acres at $130
Buildings and improvements at $5,000 Per farm
Machinery at 2500 per farm
Livestock at $500 per farm
year
$56.160.000
11.760.000
1.176.000
1,176.000
. 1890
FINANCIAL CHRONICLE
[Voi. 126.
erages." His estimate provides that every acre is to efficient methods, we farmers are the 'modern
worth $130 and it is not. His further estimate of of the moderns'." Now we do not even suggest comthe farmer's skill is that it applies equally to all parative statistics in elucidation of this tremendous
owners or tenants. This cannot be true. And as proposition—we simply leave it, bold and bare, for
we tried to suggest—the shiftless farmer pulls down the enlightedment of the wide, wide world; and for
the average returns; and unless we are mistaken, incorporation in any encyclopedias in the United
there are a number of these. Mr. Albert, as he States, now in the process of making. Yet we canasserts, and with the assistance of a local Farm not refrain from saying that there appears someBureau, deals in average returns, which he ascer- thing odd, if not positively ludicrous, in a farmer
tains by direct inquiry and by other investigation. accusing the steel industry, for instance, which is
In like manner do wages, profits, dollar invest- noted for its advanced methods, as lacking in progments, &c., differ.
ress in comparison with the farmer.
We have no doubt Mr. Taber makes more than
One more paragraph requires passing attention:
$2,500 a year on his farm. And he quotes an ad- "It was amusing to see with what joy and glee "The
joining county statistics prepared by the University Chronicle" jumped at Albert's evidence and swalof Illinois showing a net income of 4.1%. Suppose lowed it whole. It's plain they will quote anything
this to be true, and we are not disputing the claim, that is against a real farm relief plan and nothing
Class One railroads last year made only about 41/2% for it. Just why, it is pretty easy to guess." Evion the investment. And it is well established that dently Mr. Taber thinks he is a good guesser—to
mercantile and bank failures in 1927 were larger say nothing of his pride in his own opinions. It
than ever before. And in textile manufactures they so happens, notwithstanding (and the statement is
have in late years been having an exceedingly hard against approved journalistic custom), that the partime. But, to come to the main issue, is this any ticular member of the "Chronicle" staff who wrote
reason why a law should be enacted to bring all busi- the editorial "An Object Lesson in Mid-West Farmnesses to an average return? As to the MeNary-Hau- ing" lived for forty years among Mid-West farmers,
gen bill, whatever it may be now, it originally pro- in a State not far from Edgar County, Illinois. He
vided for a price-fixing revolving fund, this fund learned by contact to respect them highly for indeto be created by taking a certain percentage of price pendence, integrity, and good common sense, and has
from the mouth of every grain sack at the time of never failed to so express his respect and regard.
delivery to provide for future contingencies of loss Most of this time, however, was before the present
on "surplus." This we opposed, and do now, in our "relief" advocates were supplicating at the foot of
conception of the interest of the farmer himself., the throne of the "Little Father" form of GovernEvidently Mr. Taber has not been a constant reader ment. His memory runs back to the days of the
of "The Chronicle."
Grange and the Alliance, now resting in peace. He
Mr. Taber believes it will take probably twenty has many friends in that section now, and has not
years to render associated co-operatives effective. lost touch with them. Our advice to Mr. Taber thereWe believe this, and have our doubts of their ever fore is to "guess" again.
becoming so. He is not sure the remedy, the "relief,"
will come through a McNary-Haugen bill, but would
Disasters by Fire and Flood.
like to see it tried as the seemingly best "chance."
The recent flooding of the Santa Clara River ValBut since, as he says, the tariff on farm products ley, Calif., by the breaking of the St. Francis Reserwill not help the farmer—why not try taking the tar- voir dam, situate about 45 miles north of Los Aniff off of manufactures as a tentative means of even- geles, causing a loss of hundreds of lives and damage
ing things up—instead of meeting "high protection" to property estimated at $10,000,000, recalls many
by a subsidy paid to the unprotected farmer? That other great disasters of history—notably those of
would reduce the so-called "purchasing power" of Johnstown, Pa.; Galveston, Texas; Dayton, Ohio;
the "East," his best domestic customer. But these Mill River, Mass.; to which must be added many
suggestive questions only disclose the interminable river floods from overflow causing even greater damjungle of campaign arguments—and from that may age. Conflagrations have swept several of our large
the Good Lord spare us. And now we find our space cities, Chicago, Baltimore, San Francisco, and
running short. But with all due respect to Mr. others, destroying the accumulated toil of millions
Taber, there is a paragraph in his letter which we over long periods of time, causing intense suffering.
wish to emphasize by quoting it at this point. It though not so great a loss of life.
runs as follows, as will be seen by reference to the
The habitants of cities can flee from fire, but those
copy above:'When you consider that farming is the who live in valleys below reservoir dams have usuallargest industry of this country, larger than min- ly little warning and are hurled suddenly to their
ing, manufacturing and transportation all put to- deaths by the force of the onrush of the waters and
gether, you can see that such a condition [the low have scant chance for escape. The accounts tell us
return on investments] is far from healthy. Re- that the two sides of this St. Francis reservoir dam
member that we are by far the most efficient and gave way at the same time, at one o'clock at night,
productive farmers of the world. Even with Ameri- sending a wall of water down canyon and valley,
can industry we compare favorably. If we used variously estimated at from forty to seventy-five
such backward methods as the railroads and the feet in height, and over a territory fifty miles in
steel manufacturers we would soon go out of busi- length. Slumbering small towns were inundated,
ness. Just think, railroads are only just beginning ranches covered with debris, and bridges washed
to put roller bearings on their cars and still use such away.
inefficient power plants as the locomotive! In the
It is impossible to picture the havoc wrought by
steel industry coke is still made in bee-hive coke these sudden floods, and the stories told by survivovens to a large extent, where over one-half its value ors harrow the heart. Spontaneous sympathy comes
is wasted! As Baruch has aptly said, when it comes quickly to such relief as can be afforded; but the ter-
1
MAR. 31 1928.]
FINANCIAL CHRONICLE
rors of the night and the frantic struggles of the day
can never be told. And whether near to the scene or
far away, mankind can only mourn the desolation,
conscious that aid in money and service cannot recompense those who have lost loved ones unsuspecting in their security the fatal hour that thus claims
its human toll. It is difficult therefore to comment
on these tragedies and wring from their poignancy
any word that may serve as a warning to the future.
Investigations by our constituted authorities are always soon put under way—but it is difficult to fix
responsibility even where it is due to some neglect
or wrong-doing on the part of man himself. It
would almost seem that there is a fatalism that fol• lows endeavors to overcome the laws of nature—a
retribution for the presumption that the giving of dominion extends to the thwarting of nature's power.
Earth, Air, Fire and Water were man's original
gods, and while they may be invoked in his aid, they
refuse to abdicate at his proud and sometimes petty
will.
One of our first thoughts is that these tragedies
are one of the incidents attendant upon democracy.
As said, investigations are soon under way. In
the case cited we read that in a few days no less
than seven separate and independent efforts were
inaugurated in an attempt to fix the blame. These
will take time and for the present, of course, suggest no indisputable cause. And it is already suggested that an "earth movement" may in fact be
the cause; and for this no community, corporation
or governmental authority can be blamed. Some evidence is adduced, also, tending to show dynamiting.
If we look at the matter from a national standpoint,
taking the long view, may it not be asked whether
the rapid development of arid areas is not in a way
responsible? Yet the impounding of waters in the
hills is certainly a legitimate method of progress.
It cannot be imagined that the Federal Government, or, if you please, a free representative democracy, can control the migration of citizens into arid
lands, or the building of cities in deserts. On the
other hand, there are abandoned farms in our northeastern States that only await intensive cultivation
to bring rich returns under a natural rainfall. Almost before the debris is cleared away, one of the
devastated communities lays the charge at the door
of an alleged "selfish community," or city, of diverting. waters not naturally tributary to its use, suits
already being in the courts, and asks that damages
be paid thereby. Whatever may be the outcome of
such an issue, it in no way can solve the problem of
future prevention. (As to the charge of "selfishness," the alleged city promptly assumed the "moral"
task of rehabilitation, and immediately appropriated
a million dollars.)
While this aspect may be mentioned, it presents
a phase of the problem too large for any worth as
a solution. Again, the prior rights of valley communities against the threatened danger of impounding these head waters (this dam created a lake five
miles long and holding 12,000,000,000 gallons of water) as a reserve supply of a city not directly in the
path of the possible break, presents difficulties very
hard to measure. On the slopes of these western
mountains irrigation and water power are constant
objects of earnest desire. As to the phase of security
in construction, if already constituted governmental
supervision is insufficient, we can look to no relief
in this direction. If construction work be ultimately
1891
proven to be faulty, punishment, though inflicted,
cannot assure that the same condition will not be repeated.
Engineering problems involved cannot be settled
by States or communities or the people at large.
To be sure, there is an element of selfishness in all
communities—though it takes different forms—as
witness the present rivalry to secure central air
ports or landing fields. One might draw a parallel
from town-lot booms for city extensions. Additions
to all growing cities must be platted. To say that
selfishness is evidenced by undue advertising might
be true, but in what way can this be prevented, or
should it be? These things in a free democracy are
apparently beyond control. Growth of cities, improvements on a large scale, as in the matter of
water supplies, cannot be stopped. Irrigation of
waste lands will continue as long as communities
desire new opportunities for homes and settlements.
And attempts to follow this line of thought "get us
nowhere."
It follows that Progress, in a sense, is ruthless.
Projects of this kind and magnitude carry with them
possibilities of disaster. It is left to the individual
to build his home out of the line of danger—whether
it be below dams or on the banks of treacherous
streams. But always, we think, prior rights should
be jealously guarded by our courts. It is too late
after the lives are lost and the damage done. Yet
we are an earnest and venturesome people. One
thing, however, is certain. If constructive work is
found faulty, those responsible, when it can be determined, should pay the full penalty, be it that of the
overseer or the builder. It is useless to say to any
community, any people, "go slow and comprehend."
And yet, in our zeal and hurry, often we do not sufficiently "count the consequences." The largest
problem in engineering ever undertaken now lies before us—the Mississippi River flood prevention. No
makeshift work in this should be tolerated. Whatever is done should be made doubly sure—and possible breaks should be so forecast, that if they ever
do come, there will ensue no loss of life and a minimum of damage. There should be no cement construction that for unseen and unknown reasons
may sometime crumble. The lessons of these disasters, causes left undetermined, should teach us
that solid rock laid upon solid rock is none too ado-quate regardless of cost.
Drinkwater's Oliver Cromwell.
When so brilliant and successful a writer as John
Drinkwater goes back some 300 years to study anew
such a well-known character as Oliver Cromwell, it
must be because he sees in it something that bears
upon the problems of to-day. He describes his hero
as "the patriot without blemish, the subtlest and
most intelligent patriot, perhaps, by whom the action of English history has been dignified."
The world, we must admit, is looking rather half
heartedly for patriots. The eager effort that followed the war to establish a new world has after
ten years little to show that produces contentment.
We still stoutly aver that the world is new in all
relations, and there is much to confirm it; but the
old problems remain. To keep the peace, to secure
stability in government, to prevent or control vice
and rampant crime, to get rid of demagogues and
of crookedness in politics, and to induce men to do
right is as difficult as ever; and when a man who
1892
FINANCIAL CHRONICLE
gave the world a start in the new way of its ideal of
government of the people, by the people, and for the
people, can be adduced as an example and made to
furnish inspiration and to renew faith, it is well
worth while.
This is doubly true when the man is to the manner
born, of our own stock and speech and type of civilization. Cromwell lived in a day when force pre
veiled; he recognized it, fitted himself for his task,
and was successful; consequently, he has always
been a subject of controversy. He is largely buried
under the heap of diverse opinions, from those who
think of him as a fanatic and a regicide, and make
him the storm center of an unqualifiedly adverse criticism to those who hold, with Carlyle, for example,
and now with Drinkwater. The persistence of the
controversy bears testimony to the reality and the
permanence of his leadership. Even Clarendon, his
early and severe critic, admits that "No man could
ever have accomplished what he did without the
assistance of a great spirit, admirable circumspection and sagacity, and a most magnanimous resolution."
It is to be remembered that Cromwell was a scion
of a typical middle class family with a long inheritance of British ways and traditions. John Hampden was his cousin, and Milton, Pym, Fairfax, Sel•
den, Andrew Marvell, John Eliot, and men of like
ilk were his associates. His father died when he
was eighteen; he married three years after; and the
responsibilities of life fell upon him in troublous
times. What Drinkwater calls "the creative age of
Elizabethan England" had not yet spent its force,
and James I, the first of the Stuarts, who with the
aid of the corrupt Buckingham was venturing to
disregard it and to trample on the liberties of his
subjects, was soon to face it. The strength of Puritanism lay in the lesser gentry, the merchant class
and the thrifty yeomanry. When they drew together in distrust of the governing powers and the conviction of being betrayed and their liberties destroyed, trouble was inevitable. James in time gave
place to Charles I, with Buckingham still in power,
and in 1628 Cromwell was sent to Parliament. The
Bill of Rights was about to be introduced. The tide
of opposition was rising and the men of the new
class came to the front. The Petition of Rights was
sent to the King and he in reply prorogued Parliament. Cromwell, still under 30, was a listener and
returned to his farm to report to his neighbors what
had happened. When Parliament reassembled in
January he made his first speech. Passion was hot,
and Strafford, the King's favorite, was impeached
and executed. For ten years persecution was constant under the administration of Archbishop Laud;
many good men were thrown into prison for resisting injustice. Cromwell stood up in their defense
and said: "If here I may honor my God either by
doing or suffering I shall be most glad." He was
stopped from emigrating to America with John
Hampden when emigration was prohibited by the
King.
Things went from bad to worse. The Long Parliament met in 1640. Cromwell, though, as Clarendon
says, "little taken notice of," had developed, as well
as Puritanism, gaining readiness for the crisis.
When he came up to London the second time as member from Cambridge, his position was definitely
fixed. Capable as he was of prolonged thought and
intellectual reserve, he was always a man of action.
For- 126.
Tarrying for none, he turned recruiting officer,
using his own funds; he studied tactics, raised a
most efficient force of horse obedient to his command; fought as occasion offered with success, winning with his troop in one victorious field after another. Put to the most searching tests, he cared
nothing for himself or victories set to his credit. He
stood for ideals and ptinciples which he advocated
and advanced by his acts in Parliament, under arms,
in council, and finally in the State, as the vindication of his motives and his character. As our author
says, "He did on the whole more memorable and
benevolent things for his country than any other
Englishman who has proved his faith by his deeds,
and was better able to bear the burden of his not
inconsiderable trespasses."
In November,1641, the General Remonstrance was
laid before the House by a bare majority. If it had
failed, Cromwell "would have sold all and never
seen England more, as would many other honest
men," as he says. Charles defied the Remonstrance,
and the civil war began. The King fled and Parliament proceeded to organize its forces. Cromwell
was soon in action in Cambridge in command of a
troop of 60. He showed his mettle at Edgeh ill and
soon rose into command. With intense energy he
organized forces everywhere and worked incessantly
to make them invincible. In 1643 Hampden and
Pym died. Marston Moor and Naseby were won in
1644. Rupert spoke of him as "Ironsides," and his
men took the name for themselves, and they were
never defeated. At Naseby at the head of his horse
the war was ended.
In '45 he was back in the House. His army was
composed of the flower of the thinking youth and
manhood of the nation. They had taken up arms in
defense of liberty, and meant to see it established.
The King was a fugitive under arrest in Scotland.
When he was brought back, the majority in Parliament sought to compromise with him, but he plotted
an invasion from the North and when this was discovered, he slipped his guard and fled. A second
civil war followed in the North, which Cromwell
promptly crushed at Preston. Returning to London and finding Parliament ready to make terms
with the King. he drove out the recalcitrant members and brought the King to trial. The end is
known. Charles was executed in January, 1649.
The twenty years between 1629 and '49 were filled
with confused events, but were the turning point in
English history, and for that matter in the history
of the world. Cromwell was now 50 years of age and
his task was accomplished. It was a great creative
work. The nine years that followed for him gave
him eminence but much care. He revealed his great
capacity for statesmanship, and his absorbing devotion to the well-being of England did not cease. Ireland's long and bitter history was under way, characterized as so often with anguish and strife. Though
the Reformation was infinitely valuable to England, it did nothing for Ireland. Strife was rampant and there was no King. It was the age of
force as the ultimate arbiter: With CrOmwell as
Protector, the authority of the State rested in him,
and he acted with his customary vigor. He led a
body of his troops to Ireland and tried to be conciliatory, though his life was threatened. In a short
and sanguinary struggle, the contest ended, leaving
feelings of alienation and bitterness which three
centuries have not yet entirely dispelled.
MAR. 31 1928.]
FINANCIAL CHRONICLE
Cromwell returned to face new perplexities at
home. Sorrow came adding to a task that made dangerous draft upon his physical reserves. Ile realized
thpt his powers were failing and with the illness
and death of his beloved daughter his own end soon
followed. He died with pitiful words of prayer to
God on his lips for His people.
With his utter forgetfulness of self, his steadfast
1893
courage, his absolute sincerity, his singleness of pure, his readiness to accept responsibility and any
sacrifice and trial as a tribute to his faith and proof
of his love of his country and his devotion to its
service, are his contribution to modern life, in the
estimation of our author, and are an in: piration
and a challenge to our individual'thought and action
in these far more spacious and inviting days.
Indications of Business Activity 1
than those of this country and most of the export busiSTATE OF TRADE—COMMERCIAL EPITOME.
ness is In these kinds, but there is more or less demand for
Friday Night, March 30 1928.
of its attractive quality.
The weather is still an important element in the trade of United States wheat by reason
higher with some foreign demand
the country. There Is no doubt that retail business Is being Corn, oats and rye are all
prices rise. Europe may have to buy
eurbed by cold weather, rains or snows and bad roads. The for rye, as Berl'n
demand prevails for
Easter buying is on a smaller scale than it might other- American rye freely. A good cash
mill feeds Is helping the trade
the
of
price
high
corn.
The
In
West.
In
Central
were
the
rains
there
To-day
be.
wise
and the exports of lard
parts of the Southwest the weather has been abnormally In oats. Provisions have advanced
declined as Brazilian and some
cold for this time of the year. Unemployment also Is a are noteworthy. Coffee has
have dropped. The spot demand, morefactor in the lagging retail trade. It Is believed that the European markets
are hoping for lower prices.
Spring season will be rather late. Fair jobbing and whole- over, is small. Roasters
Victoria coffee are increasing. Sugar
and
Rio
of
Stocks
no
Is
there
there,
but
and
here
reported
Is
salt. business
50,000 tons sold by Cuba and the feelgeLeral improvement in the business of the country. The has advanced with
prices must rise further as the Spring
outin,t of automobiles is on a considerable scale and em- ing seems to be that
stocks here are up to a new
warehouse
though
advances,
about
Is
by
larger
at
Detroit
industry
ployment in this
or more than double the total
19,5(t) than a year ago. There is a steady gain at that high record of 257,000 tons,
declined Y4 to I/2c. net with
cent' r. The total employment there is now 245,700, an of a year ago. Rubber has
There is a slackening trade
times.
at
fluctuations
'them
is
total
Increase for the week of 2,300. It Is true, that the
Baldwin next
still 24,200 smaller than a year ago. In steel, the business pending a statement by Prime Minister
of exports. Cot,
restriction
of
question
the
on
Thursday
from
than
fair.
more
a
no
There
is
is
demand
rule
a
as
automobile, construction and railroad companies, but prices ton has declined slightly, owing to a lack of activity In cotsteady progress in
are more or less irregular. Competition is keen and now ton goods, ample supplies and reports of
and Central
Eastern
the
in
Rains
planting.
field
and
work
on
and then It seems that steel prices are quietly reduced
wort:awhile orders. Pig iron prices show something of a belts have prevented the net decline for the week from
dowr ward tendency. Foreign competition in that branch -eaching marked proportions, especially as Texas and Oklaof trade continues. Scrap iron is gradually declining. Coke homa do not get the needed rains, and frosts have latterly
prices, sem to be bound the same way. The soft coal dispute interrupted field work and planting in some parts of the
has :tot been settled. Spring declines in anthracite coal belt.
The stock market continued to be amazingly active with
are hnnounced. Woolens for the Spring season continue
on one day not very far below the 5,000,000
transactions
better
that
a
making
Is
than
business
showing
quiet; Fall
at
for Spring. Shoe manufacturing in New England is less :hare mark. Money has remained comparatively easy
the reports of
active, but elsewhere many factories are running at 100%. 'bout 4%%, though 5% to-day, and despite
backward trade, the net earnings of 50 railroads in FebruLeather prices are steady and hides firmer. •
Lumber production, shipments and orders in the week ary decreased less than 1%. Several actually gained sub&
endir.g March 24 exceeded al previous records for this year, 4tantially, including Canadian Pacific, Burlington Quincy,
according to the reports from 720 mills. The output in- Texas & Pacific and Michigan Central. Secretary of the
as
creased about 15,000,000 feet over the total of 311,000,000 Treasury Mellon is said to regard the exports of gold
of
American
viewpoint
the
from
significance
of
devoid
more
to
is
the
What
orders
week.
point,
previous
for the
reached the unparalleled total of close to 360,000,000 feet. -rade. To-day the sales were 4,575,600 shares and at times
Subszantial Increases are noticed in the soft wood group. the ticker was 30 minutes behind the trading. Radio rose
Hard wood units gained 10% in output and shipments and 241h% and ran ahead of General Motors, touching 195 and
16% in orders. Pacific Coast lumber news is better with closing at that figure as against 192 for General Motors,
a rising demand. Log prices in some cases are higher. Car which advanced 7%. London was steady with a brisk deloadings show a decline in total loadings for the third week mand, while Paris was quiet.
At Fall River it is said curtailment will be slightly inof March, both as compared with the preceeding week
next week in the print cloth group of mills. The
the
in
three
creased
previous years. All
and with the same week
classes of freight, aside from grain and livestock, make Shove Mills shut down Thursday night and will remain
the poorest showing in four years. In general, the auto- closed, it seems, until April 18. The Union Cotton Manumobile industry is in the van in American business at the facturing Co. will resume operations next week after havpresent time, followed by steel, with some increase in ing been idle this week. Increased production at Fall River
re-order demand for rails. The furniture manufacturing due to the re-opening of the Arkwright and Union Mills
trade is quiet. In cotton goods there is only a moderate was offset by a number of other mills shutting down looms,
business in most fabrics, although printed cottons have so that there has been no additional accumulation of goods.
sold very well and 'there is a fair demand for denims and Some reports say Fall River sales last week were variously
also for some descriptions of unfinished cotton cloths. estimated at 10,000 to 20,000 pieces. Production is said to
There is some increase in mill curtailment North and South. be around 20% of capacity. Two more mills have announced
Prices have been for the most part steady, though there they will shut down this week—the Union Cotton Manufacare hints now and then that there is some shading of prices. turing Company and the Wampanoag Mills. Stockholders
Taking the trade of the country as a whole, not a little of the Granite Mills voted last week to liquidate one unit,
stress is laid on unemployment. But this is partly due to from which machinery has recently been removed, and coninclement weather conditions which in the nature of things centrate in the remaining two units of the plant. It is rumust soon give way to the normal state of things and mored that one of the big units, formerly the Tecumseh mill,
then it seems not unreasonable to presume that unemploy- of the Doval mills, is to be liquidated. At Whittinsville,
ment estimated for the country at about 1,850,000 will be Mass., the wages of 400 operatives of the cotton mills have
been cut 10%. At Saco, Me., the York Manufacturing Co.
reduced.
Wheat advanced 3 to 5c., reaching the highest level since is obliged by increasing trade to add•240 additional looms
At
last fall, with at times a good export demand and grow- on rayon specialties and fancy and fine gingham.
on
to
operate
continue
Mills
Pepperell
the
Me.,
crop
Biddeford,
will
be
wheat
than
Winter
smaller
the
that
ing fears
several weeks ago. Some
the last one. Canadian and Argentine prices are lower a four-day week schedule adopted
1894
FINANCIAL CHRONICLE
departments of the company's mills at Lowell, Mass., are
running a night shift, but the entire plant at Lowell is not
at capacity. At Barre, Vt., the working schedule in the
Barre Knitting Mills has been reduced to three days a week
Georgia advices intimate that among the Georgia mills
a reduction of output is ahead. A change to 40 hours per
week is spreading among many of the plants; even three
days is the schedule at numerous plants. The Flint River
Cotton Mills at Albany are running, it seems, 40 hours; the
Geneva Mills, of Geneva, four days; Georgia-Kincaid Mills
ta Griffin, 40 hours; Perkins Cotton Mills, three days, and
the Eagle & Phoenix Mills, five days, both of Columbus;
Fairfax, Lanett, Riverview, Shawmont, Lanett Bleachery
and Langdale Mills, all of West Point, are running five days
per week. These are the more recent schedules curtailed.
The Couch Mills at College Park, formerly the DullwaterCandler Mills, are to begin operations, after having been
idle for a long period. The plant has been remodelled and
made ready to manufacture shirting materials. Chattanooga, Tenn., reported that hosiery mills were operating
at about capacity.
March 24th here was the warmest for that date on record, I. e., 68 at 6 p. m., the nearest to this being 67 In 1913.
On the 25th inst. the temperature was up to 69 degrees at
2 p. m., and 250,000 went to Long Island and New Jersesy
Summer resorts. The lowest temperature was 60 at 3 a. m.
In Boston it was 42 to 66; Philadelphia 68 to 74; Chicago 66
to 70, Cincinnati 66 to 68, Cleveland 62 to 64; Milwaukee
54; Kansas City 78 to 84 and Minneapolis 50 to 58. On the
27th inst. the temperature here fell 22 degrees with tho
wind 48 miles an hour, the reflex of a storm at the West.
The range of temperatures was 34 to 50 here. Chicago had
snow with a temperature of 30 to 32; Cincinnati, 36 to 40;
Boston 30 to 66; Montreal 18 to 36; Cincinnati 36 to 40.
Five rivers were over their banks on the 26th inst. in California and Nevada, flooding towns. In Chicago on the
26th it was raining and snowing. Three inches of snow
fell there and low temperatures prevailed after almost
Summer weather. The temperature in western New York
on the 26th inst. was 44 degrees above normal, a high record for March. In New York on the 26th inst. It was 43 to
60. in Boston 42 to 48; Montreal 38 to 52; Philadelphia 66
to 74; Portland,.Me., 38 to 42; Chicago 24 to 38; Cincinnati
42 to 74; Cleveland 60 to 704 Duluth 20 to 28; Milwaukee
22 to 32; Minneapolis 28 to 30.
Here on the 29th inst. it was 34 to 45 degrees. On the
night of the 29th, frost prevailed as far south as Texas
and the Eastern belt was rainy. Sleet and snow storms in
Ohio caused the wires to work poorly to-day. At Cleveland
it was 32 to 34 degrees, Chicago 34, Milwaukee 32, Duluth
26 to 36, Montreal 30 to 34. To-day it rained here all day
and all over Thursday night. The temperatures to-day were
37 to 40 degrees. The for&ast is for rain to-night and fair
and cold to-morrow. Within 24 hours Chicago has been
28 to 34 and St. Paul 22 to 40.
Federal Reserve Board's Summary of Business Conditions in the United States—Increase in Production
and Distribution.
"Production and distribution of commodities increased
further in February, while wholesale commodity prices remained practically unchanged," says the Federal Reserve
Board in its monthly summary of business conditions in
the United States, issued Mar. 27. The Board notes that
"Commercial loans of member banks showed a larger increase in February and the first half of March than at the
same season in other recent years," and goes on to say:
[VOL. 126.
chandise carried both by wholesale firms and by department stores showed
a seasonal increase in February.
Freight car loadings have shown somewhat more than the usual seasonal
increase since the beginning of the year, but have continued to be in smaller
volume than in the corresponding period of last year, owing to chiefly much
smaller shipments of coal. Loadings of merchandise in less-than-car-load
lots and of miscellaneous commodities have been less than in the corresponding period of the last two years, while loadings of livestock and grain products have been larger. '
Prices.
The general level of wholesale commodity prices, as indicated by the
Bureau of Labor Statistics Index,remained practically unchanged in February at approximately 96% of the 1926 average. There were decreases in
the prices of cotton, sugar, non-ferrous metals, chemicals and rubber, as
well as a seasonal decline in dairy products. Increases occurred in prices
of grains, metals, hides and leather products, and steel. In the first two
weeks in March, prices of grains, hogs, and cotton advanced, while those of
cattle and rubber showed further declines.
Bank Credit.
From the middle of February to the middle of March the loans and investments of member banks in leading cities increased by $200,000.000. reflecting a growth in the banks' commercial loans. The banks' loans on securities and investments showed little change for the period.
The volume of Reserve bank credit outstanding increased somewhat from
February to March, chiefly in consequence of increased borrowings by
member banks, which in part reflected further withdrawals of gold for export.
During the four weeks ending Mar. 21 conditions in the money market
were firmer; the rate on prime commercial paper increased from 4 to 43(%
and there were advances in time rates on security loans.
Employment and Manufacturing Activity on Increase
Since November, According to National Industrial
Conference Board, Inc.
Employment and activity in the manufacturing industry
of the United States have been on the increase since November 1927, it is indicated by the January 1928 returns
from about 2,000 manufacturing plants reporting monthly to
the National Industrial Conference Board, 247 Park Avenue, New York. These plants are located throughout the
various sections of the country, are of both large and small
size and represent 25 different divisions of manufacturing.
Inasmuch as mid-Winter is a quiet period in many industries, seasonal influences should show further improvement
In February and March employment when the data for
these months become available, in the view of the Board.
The statement of the latter, issued March 19, adds:
January figures show more than 1% increase over the number employed
last November which, according to the Conference Board's reports, was
the lowest ebb of employment for the year 1927 and the lowest since
the last quarter in 1924. However, not only has the number of employed in.
creased, but the total number of hours worked in these plants shows
an even greater increase, totaling 854% more than in November 1927. This,
the Conference Board points out, indicates not only more employees at
work but an increased number of working hours per employee, and thus
an increase in activity exceeding that indicated by the additional number
of men engaged. Average weekly earnings per worker during January
showed a proportionate increase.
The decline in employment in the manufacturing industry during the
year 1927, which came to a halt in December, amounted to only SIVA
for the entire year from January 1927 to January 1928. There was a
3r4 deerease in manufaeturinz employment in January 1928 as compared
With January 1926, when industrial activity was near the peak of the 19211927 period. The total number of hours worked, in January 1928, was
81
/
2% lower than in January 1926 and 4% lower than in January
1927.
It is pointed out as significant by the Board that despite the decrease
in employment the average weekly earnings per worker employed in
January 1928 were the same as in January 1927 and a trifle higher than
in January 1926. Average hourly earnings per worker, which reflect the
rate of pay for work performed to a greater degree than do weekly earnings, were in January 1928 more than 2% higher than in January 1926.
This indicates, the Conference Board emphasizes, that declining employment, in contrast to the experience of pre-war times, has not brought
with it any general wage reduction.
In the table following are given index figures for employment, number
of hours worked and hourly and weekly earnings for January 1928, November 1927, January 1927 and January 1926.
Employment
Index.*
Hours
Weekly
Hourly
Worked.* Earnings.** Earnings.**
January
1926
83.2
Production.
84.3
222
227
January 1927
82.1
80.3
231
222
Production of manufactures in February. as indicated by the Federal November 1927
78.2
74.4
216
232
Reserve Board's index, increased 3% over January and was 2% larger than January 1928
701
77 1
995
959
a year ago, while production of minerals declined slightly and continued to
*June 1920 equals 100. ** July 1914 equals 100.
be substantially smaller than last year. Factory employment and payWhile weekly and hourly earnings in the manufacturing industry have inrolls showed a seasonal increase in February but continued at a lower level creased during the 1926-1928 period, the
cost of living has declined by
than a year ago. Output of iron and steel, automobiles, and agricultural about 4%, correspondingly increasing
the purchasing power of the wage
machinery has increased considerably since the first of the year. Daily earners' income. Average "real" hourly earnings
in January 1926 were
average production of steel ingots in February was larger than in any other 33% higher than in July, 1914, but
those in January 1928 were 42%
month since last March, and current reports indicate that output was sus- higher. Average "real" "weekly" earnings
in January 1926 were 27%
tained in the first three weeks in March. Production of non-ferrous metals higher than in July, 1914, but those
in January 1928 were 33% higher.
also increased in February. Activity in the textile industries has shown The economic status of the wage
earners employed in January 1928
little change since the first of the year.
therefore was materially better than that prevailing two years
ago.
Production of bituminous coal and crude petroleum, which decreased in
Below are given the index numbers of the cost of living and of "real"
February, increased slightly in the first half of March. Building contracts hourly and "real" weekly
earnings for January 1926, January 1927, Noawarded were larger in February than in the corresponding month of any vember 1927 and January
1928.
previous year, reflecting chiefly a large volume of awards for residential
construction in the New York and Chicago districts. Contracts let in the
Cost of
Real Hourly Real Weekly
first two weeks of March were in approximately the same volume as in the
Living
Earnings
Earnings
corresponding period of last year.
Index.*
Index.'
Index.*
Trade.
January 1926
170.4
127
133
Sales of wholesale firms in leading lines increased in February and were January 1927
166.9
130
188
slightly larger than a year ago, while sales of department stores, after November 1927
164.2
130
142
January
1928_
183.1
142
133
allowance for the customary seasonal changes, were in about the same vol•January 1914 equals 100.
ume as in January and somewhat smaller than a year ago. Stocks of mer-
1895
FINANCIAL CHRONICLE
.\I .ti;. 31 1928.]
-----------
Prices in February on Level With Those
For January.
Practically no change in the general level of wholesale
prices from January to February is shown by information
collected in representative markets by the Bureau of Labor
Statistics of the U. S. Department of Labor. The Bureau's
weighted index number,computed on prices in the year 1926
as the base and including 550 commodities or price series,
stands at 96.4 for February compared with 96.3 for January,
an increase of one-tenth of 1%. Compared with February,
1927, with an index number of 95.9, an increase of one-half
of 1% is shown. In its statement covering February, made
public Manila 17, the Bureau also says:
Wholesale
lamb,canned salmon and coffee, less than five-tenths of 1%. The following
eighteen articles showed no change in the month: Fresh milk, evaporated
milk, oleomargarine, cheese, bread, flour, corn meal, rolled oats, cornflakes,
wheat cereal. macaroni rice, potatoes, canned corn, canned peas. sugar,
prunes and oranges.
Farm products as a group declined 14§% from the January level, due to
price decreases for beef steers, hogs, cotton, eggs, hay, and tobacco. Corn,
oats, rye, calves, limbs, potatoes, and wool, on the other hand, were higher
than in January.
Foods as a whole advanced slightly, while hides and leather products
again advanced sharply. Small price increases are shown for fuel and
lighting materials, metals, and metal products, and building materials,
while small decreases are shown for textile products, chemicals and drugs,
and housefurnishing goods. In the group of miscellaneous commod ties
pries reductions in crude rubber caused a decline of almost 2% in the group
level.
Of the 550 cenunodities or price series for which comparable information
for January and February was collected, increases were shown in 134
Instances and decreases in 139 instances. In 277 instances no change in
price was reported.
Comparing prices in February with those of a year ago, as measured by
changes in the index numbers, it is seen that farm products and hides and
leather products were considerably higher, while foods and textile products
were somewhat higher. Slight increases are shown for metals and metal
products and housefurnishing goods, while small decreases are shown for
building materials, chemicals and drugs, and miscellaneous commodities.
Fuel and lighting materials, owing to large decreases in bituminous coal.
coke,and petroleum products, were 1534% cheaper than in February, 1927.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES.
(1926=100.0.)
Groups and Bub-Groups.
1927
February.
1928
January.
1928
February.
Purchasing
Power of the
1926 Dollar
in February
(Cents).
95.9
95.4
95.3
99.4
92.6
95.9
107.1
89.6
95.7
100.2
101.5
99.7
99.8
101.2
94.6
92.6
90.9
98.9
97.9
95.8
98.9
101.5
96.1
99.0
90.9
98.0
97.7
93.6
99.4
99.9
99.5
96.2
96.0
98.0
96.5
99.6
94.5
96.6
97.6
08.2
90.2
99.6
100.0
97.9
97.8
98.9
90.6
115.8
92.9
78.3
78.7
100.3
96.3
106.1
104.7
100.2
110.7
98.5
108.6
91.6
99.0
121.0
151.4
123.8
108.4
108.4
96.7
102.3
83.7
99.0
90.4
80.8
94.8
94.9
86.0
95.9
65.6
98.1
93.9
91.7
98.8
104.3
98.2
90.8
88.5
92.4
96.5
91.9
88.0
92.7
96.3
102.4
72.6
94.8
97.0
98.6
98.2
98.8
89.0
133.1
90.9
82.2
69.7
98.8
96.4
104.5
108.4
100.1
106.1
98.7
106.4
97.8
96.2
124.1
158.7
129.3
109.2
108.4
96.6
101.4
84.8
99.9
88.2
81.2
95.3
94.7
84.4
103.7
95.7
92.3
99.9
94.3
101.3
94.0
102.2
104.0
80.6
63.0
77.3
91.6
92.3
103.5
98.6
117.9
100.1
113.4
123.2
104.9
105.6
118.5
66.6
98.3
94.9
90.5
98.8
104.3
97.9
91.0
88.9
92.5
98.5
94.5
85.9
93.2
95.8
102.1
71.7
94.0
96.5
98.4
98.0
98.7
87.3
139.1
90.9
64.7
69.8
15-0:9
101.7
105.4
110.5
101.2
95.9
102.1
109.9
112.5
108.1
103.6
105.8
116.4
107.3
104.4
97.9
139.6
106.4
103.6
101.6
102.0
101.3
114.5
71.9
110.0
154.6
143.3
no 9
1 nn a
All commodities
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese, and milk
Meats
Other foods
Hides and leather products_ _ _ _
Hides and skins
Leather
Boots and shoes
Other leather products
Textile products
Cotton goods
Silk and rayon
Wolien and worsted goods...
Other textile products
Fuel and lighting
Anthracite coal
Bituminous coal
, Coke
Manufactured gar
Petroleum products
Metals and metal products
Iron and steel
Non-ferrous metals
Agricultural Implements
Automobiles
Other metal products
Building materials
Lumber
Brick
Cement
•
Structural steel
Paint materials
Other building materials
Chemicals and drugs
Chemicals
Drugs and pharmaceuticals_
Fertilizer materials
Fertilizers
Housefurnishing goods
Furniture
Furnishings
Miscellaneous
Cattle feed
Paper and pulp
Rubber
Automobile tires
Other miscellaneous
..1 Data not yet available.
Decrease in Retail Food Prices in February.
The retail food index issued by the Bureau of Labor
Statistics of the United States Department of Labor shows
for February 15 1928, a decrease of a little over 2% since
January 15 1928; a decrease of a little more than 23
4%since
February 15 1927; and an increase of 56% since February
15 1913. The index number (1913-100.0) was 156.0 in
February 1927; 155.1 in January 1928; and 151.6 in February
1928. The Bureau's advices, March 19, further state:
During the month from January 15 1928 to February 15 1928, 11 articles
on which monthly prices were secured decreased as follows: Strictly fresh
eggs, 23%;storage eggs. 7%; pork chops,6%; butter and lard, 3%; bacon,
2%; ham, baked beans and raisins, 1%; and vegetable lard substitute and
tea, less than five-tenths of 1%. Fourteen articles increased: Cabbage,
7%; navy beans,6%; plate beef and onions, 2%;sirloin steak, round steak,
rib roast, chuck roast, hens, canned tomatoes and bananas, 1%; and leg of
Changes in Retail Prices of Food by Cities.
During the month from January 15 1928. to February 15 1928, there was
a decrease in the average cost of food in 50 of the 51 cities as follows: Houston,
5%;Dallas, Denver, Jacksonville and Savannah, 4%; Birmingham, Cincinnati. Columbus, Detroit, Indianapolis, Little Rock, Los Angeles, Memphis,
Mobile, New Orleans, Peoria, Pittsburgh, Portland, Ore., and Springfield,
III_ 3%; Atlanta, Baltimore, Boston, Bridgeport, Buffalo, Charleston,
S. C., Chicago, Cleveland, Fall River, Kansas City, Louisville, Milwaukee,
Newark, New York, Omaha, Philadelphia, Rochester, St. Louis, St. Paul,
Salt Lake City, San Francisco, Scranton, Seattle, and Washington, 2%;
and Butte, Manchester, Minneapolis, New Haven, Norfolk, Providence.
and Richmond, 1%. In Portland, Me., there was no change in the month.
For the year period February 15 1927 to February 15 1928, all cities
showed decreases: Jacksonville, 8%; Omaha and Peoria. 6%; Houston and
Springfield, Ill., 5%;Birmingham, Charleston, S. C., Cleveland, Columbus,
Detroit, Kansas City, Little Rock, Los Angeles, Pittsburgh, and Savannah,
4%; Atlanta, Buffalo, Butte, Chicago, Cincinnati. Denver, Indianapol s,
Milwaukee, Mobile, New Orleans, St. Louis, and St. Paul, 3%; Baltimore,
Manchester, Memphis, Minneapolis, Philadelphia, Richmond, Salt Lake
City, San Francisco, Seattle, and Washington, 2%; Boston, Bridgeport.
Dallas, Fall River, Louisville, Newark. New Haven. New York, Norfolk,
Portland, Ore., Providence and Scranton, 1%; and Portland, Me., and
"
Rochester, less than five-tenths of 1%.
As compared with the average cost in the year 1913, food on February 15
1928, was 62% higher in Chicago;61% in Scranton;60% In Richmond:.59%
In Washington; 58% in Baltimore and New York; 57% in Philadelphia:
56% in Birmingham, Buffalo, and Detroit; 55% in Atlanta, Boston, and
New Haven; 54% in Providence and St. Louis; 53% in Charleston, S. C.,
Fall River. and Pittsburgh; 52% in Cincinnati and Milwaukee:51% in Dallas and Manchester; 50% in Cleveland, Louisville, Minneapolis and New
Orleans; 49% in Newark; 47% in Kansas City and San Francisco; 45% in
Indianapolis; 44% in Omaha; 43% in Little Rock; 42% in Memphis and
Seattle; 41% in Jacksonville; 38% in Los Angeles and Portland. Oreg.; 35%
in Denver;and 29% in Salt Lake City. Prices were not obtained in Bridgeport, Butte, Columbus, Houston, Mobile, Norfolk, Peoria, Portland, Me.,
Rochester, St. Paul, Savannah. and Springfield, Ill., in 1913. hence no comparison for the 15-year period can be given for these cities.
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
ButYear and StrYn Bond Rib Ch's* Plate Pork BaMonth. Steak Steak Roast Roast Beef. Clips con. Ham.liens Milk. ter. Ch'se
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
81.4 87.2 85.3
83.0 89.6 85.5
88.5 91.3 90.1 ._..
93.8 94.6 93.8
91.0 95.5 87.9
93.5 97.4 97.7
........91.2
loom loolioo.o 1..1)loo0 mo.o 100.0 100.0 moo loom 166.0
102.0 105.8 103.0 104.4'104.1 104.6 101.8 101.7 102.3 100.5 94.4 103.6
101.1 103.0,101.4 100.6 1000 96.4 99.8 97.2 97.5 99.2 93.4 105.0
107.5 109.7'107.4 106.9 106.0 108.3 106.4 109.3 110.7 102.2 103.0 116.7
124.0 129.8 125.5 130.6 129.8 151.7 151.9 142.2 134.5 125.4 127.2 150.4
153.2 165.5 155.1 166.3 170.2 185.7 195.9 178.1 177.0 156.2 150.7 162.4
164.2 174.4 164.1 168.8 166.9 201.4 205.2 198.5 193.0 174.2 177.0 192.8
172.1 177.1 167.7 163.8 151.2 201.4 193.7 206.3 209.9 187.6 183.0 188.2
152.8 154.3 147.0 132.5 118.2 166.2 158.2 181.4 186.4 164.0 135.0 153.9
147.2 144.8 139.4 123.1 105.8 157.1 147.4 181.4 169.0 147.2 125.1 148.9
153.9 150.2 143.4 126.3 108.8 144.8 144.8 169.1 164.3 155.1 144.7 167 0
155.9 151.6 145.5 130.0 109.1 146.7 139.6 168.4 165.7 155.1 135.0 159.7
159.8 155.6 149.5 135.0 114.1 174.3 173.0 195.5 171.8 157.3 143.1 166.1
162.6 159.6 153.0 140.6 120.7 188.1 188.3 13.4 182.2 157.3 138.6 165.6
167.7 166.4 158.1 148.1 127.3 175.2 174.8 204.5 173.2 158.4 145.2 170.1
1927Jan ____
Feb
March__
April__
May
June
July__
Aug____
Sept__
Oct.__
Nov____
Dec____
160.6 158.3 153.0 141.9 124.0 174.3 181.1 211.2 180.8 158.4 152.5 170.1
161.0 158.7 153.5 141.9 123.1 171.0 179.6 210.8 180.8 158.4 153.5 170.1
161.8 159.6 153.5 142.5 123.1 174.3 179.3 210.0 181 7 158.4 164.6 168.8
164.8 163 2 156.1 145.6 125.6 175.7 178.2 210.8 1826 161.3 152.5 167.9
166.5 165.5 157.6 146.9 125.8 173.3 176.3 209.3 180.3 156.2 139.4 167.4
166.9 165.9 157.1 148.9 125.6 165.2 174.4;206.3 170.4 156.2 135.2 167.4
171.7 170.0 160.1 149.4 126.4 166.2 172.6 203.0 167.1 157.3 134.2 167.0
172.0 170.9 160.1 149.4 126.4 179.5 172.2201.9 166.2 158.4 134.2 167.4
172.4 170.9 160.1 150.0 128.1 193.8 172.2 200.0 166.2 158.4 139.4 170.6
172.0 170.0 181.1 151.9 130.6 197.6 172.6 199.3 167.6 150.6 145.4 173.3
171.3 169.5 161.1 153.1133.9 172.9 171.5 197.0 167.1 150.6 147.3 174.7
172.8 171.3 163.6 156.9 138.0 158.2 167.8 192.9 167.6 160.7 152.5 176.6
71.5
73.3
76.6
80.3
80.6
01.0
68.0
71.2
73.5
77.9
78.7
89.3
76.1
78.1
81.3
84.6
84.8
93.6
--------74.3
--------76.1
--------82.7
--------91.6
--------85.1
74.4
76.9
82.9
94.5
91.3
90.5
75.7
77.6
82.0
91.4
89.3
90.6
1928Jan ____ 174.8 173.1;165.2 158.8 142.1 149.0 165.2 192.3 172.8 160.7 150.9 177,4
Feb_ __ 176.4 174.41 167.2 160.6 144.8 140.5 161.9 190.3 174.6 160.7 147.0 177.4
Cof- Weighted
Pota- SuCorn
Year and
Month. Lard. Rggs. Bread Flour Meal Rice. toes. gar. Tea. fee. Food Index.
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1927Jan ___
Feb.__
March__
April__
May ___
June ___
July__
Aug____
Sept
Oct._ _ _
Nov.__
Dec
82.0
84.1 ____ 95.0 87.6 ____ 105.3 105.3 _._. ......_
86.1 ____ 101.5 92.2 ___ 111.2 107.7 --------84.3
88.7
92.6 ____ 109.4 93.9 -__ 112.3 106.8 ...... __._
93.0
97.7 ____ 103.2 94.9 ____ 101.0 109.3 ____ ____
92.0
93.5 ___ 101.6 94.3 ___ 130.5 111.4 ___ ___
97.6
132.1 115.1
_ 105.2 101.6
98.9
me.0 100.0 Ili)Ai woo 100.0 lipid 100.0 100.0 foiK6 foiio look
102.4
98.6 102.3 112.5 103.9 105.1 101.2 108.3 108.2 100.4 99.7
101.3
93.4 98.7 125.0 125.8 108.4 104.3 88.9 120.1 100.2 100.6
113.7
111.0 108.8 130.4 134.6 112.6 104.6 158.8 146.4 100.4 100.3
146.4
174.9 139.4 164.3 211.2 192.2 119.0 252.7 169.3 106.9 101.4
168.3
210.8 164.9 175.0 203.0 226.7 148.3 188.2 176.4 119.1 102.4
185.9
233.5 182.0 178.6 218.2' . 173.6 223.5 205.5 128.9 145.3
203.4
186.7 197. 205.4 245.5'216.7 200.0 370.6 352.7 134.7 157.7
153.3
113.9 147.5 176.8 175.8 150.0 109.2 182.4 145.5 128.1 121.8
141.8
107.6 128.7 155.4 154.5 130.0 109.2 164.71132.7 125.2 121.1
146.2
112.0 134.8 155.4 142.4 136.7 109.2 170.6183.6 127.8 126.5
145.9
120.3 138.6 157.1 148.5 158.7 116.1 158.8 167.3 131.4 145.3
157.4
147.5 151.0 167.9 184.8 180.0 127.6 211.8 130.9 138.8 172.8
180.6
138.6 140.6 167.9 181.8 170.0 133.3288.2 125.5 141.0 171.1
155.4
122.2 131.0 180.1166.7 173.3 123.0 223.5 132.7 142.5 162.1
80.7
80.5
90.1
103.8
88.4
93.5
126.6 182.0 167.9 169.7 170.0 120.4 235.3 136.4 142.5 168.5
124.1 128.1 167.9 169.7 170.0 124.1 223.5 136.4 142.3 167.4
122.8 102.6 167.9 166.7 170.0 124.1 217.6 134.5 142.8 165.4
120.9 93.3 167.9 166.7 170.0 123.0 217.6 132.7 142.6 163.8
120.3 97.4 167.9 166.7 170.0 121.8 264.7 132.7 142.3 161.7
119.0 97.1 166.1 166.7 173.3 123.0 352.9 132.7 142.1 160.7
119.0 107.0 166.1 186.7 173.3 123.0 247.1 134.5 142.5 159.7
119.6 121.7 166.1 169.7 173.3 123.0 200.0 132.7 142.6 159.1
121.5 141.2 186.1 186.7 173.3 121.8 188.2 130.9 141.9 158.7
124.0 164.1 166.1 166.7 173.3 120.7 176.5 130.9 142.5 159.1
123.4 178.8 166.1 163.6 173.3 119.5 176.5 130.9 142.5 160.4
121.5 172.8 184.3 163.6 173.3 118.4 176.5 129.1 142.1 181.4
1928Jan ____ 119.6 162.0 164.3 160.6 173.3 117.2 176.5 129.1 142,3 162.
Feb_ - _ 115R 124 0 164.3 160 6 173.3 117.2 176.5 129.1 142.1 163.1
159.3
156.0
153.8
153.6
155.4
158.5
153.4
152.4
154.0
158.1
156.5
155.9
Is5.1
151.6
1896
FINANCIAL CHRONICLE
of Revenue Freight Continues Low for the
Time of Year.
Revenue freight loading for the week ended on Mar. 17
totaled 942,086 cars, the Car Service Division of the American Railway Association announced on Mar.27. Compared
with the preceding week this was a decrease of 9,467 cars with
decreases appearing in the loading of all commodities except
merchandise and less-than-carload lot freight, miscellaneous
freight and live stock, all of which reported increases. The
total for the week of Mar. 17 was a decrease of 59,846 cars
below the same week in 1927 and a decrease of 34,932 cars
compared with the corresponding week two years ago. The
details are given as follows:
Loading
Miscellaneous freight loading for the week totaled 361,284 cars, a decrease
of 10.013 cars under the corresponding week last year but 7,537 cars above
the same week in 1926.
Coal loading totaled 160,365 cars, a decrease of 45.854 cars below the
same week In 1927 and 22,840 cars below the same period two years ago.
Grain and grain products loading amounted to 44,418 cars, an increase
of 6,557 cars over the same week last year and 3,936 cars above the same
week in 1926. In the Western districts alone, grain and grain products
loading totaled 30,959 cars, an increase of 7,420 above the same week in
1927.
Live stock loading amounted to 29,218 cars, an increase of 2,247 cars
above the same week last year but 228 cars under the same week in 1926.
In the Western districts alone, live stock loading totaled 23,012 cars, an
Increase of 2.243 compared with the same week in 1927.
Loading of merchandise less than carload lot freight totaled 260,433 cars,
a decrease of 4,245 cars below the same week In 1927 and 5,205 cars under
the corresponding week two years ago.
Forest products loading amounted to 67,136 cars, 4,654 cars below the
same week last year and 12,104 cars under the same week in 1926.
Ore loading totaled 8,138 cars, 2.817 cars under the same week last year
and 2,803 cars below the same week two years ago.
Coke loading amounted to 11,094 cars, 1,067 cars below the same week
in 1927 and 3.225 below the corresponding week in 1926.
All districts except the Northwestern reported decreases in the total loading of all commodities as compared with the same week last year, while all
except Eastern, Allegheny and Southern reported increases compared with
two years ago.
Loading of revenue freight in 1928 compared with the two previous years
follows:
Four weeks in January
1928.
3,447.723
Four weeks in February
Week ended Mar. 3
Week ended Mar. 10
Week ended Mar. 17
3,589,694
959,537
951.553
942.086
Total
9,890,593
[VoL. 126.
ward increased slowness in the collection of trade debts.
"However, signs of improvement are appearing," the survey concludes, "and most of our correspondents have faith
that 1928 will be at least a fairly prosperous year."
The Central Union Trust Company received replies to its
questionnaire from 86 institutions. The more important
points developed in the survey may be summarized as follows:
The employment situation was not promising in
February, only
9 institutions reporting improvement as compared with a
year age
and 43 banks advising that more unemployment
existed than at that
time. Thirty-two stated conditions were the same.
Unemployment
was at its worst in the Middle Atlantic and East North Central
and the best section in this respect was the South Atlantic States
group.
Wages were somewhat lower than in 1927 and in 1926
but have
held up better than employment. The South Atlantic section
made
the least favorable showing in this respect and the
Mountain and
Pacific States reported the best wage situation due to improved
conditions in agriculture and mining. The prices of principal
products
were about the same as last year, 25 replies indicating higher
prices,
29
lower prices and 27 no change.
The worst price situation exists
in New England, the best in the Mountain and Pacific section.
The opinions received on business activities showed agriculture improving, manufacturing slightly unsatisfactory and merchandising poor.
The New England States returned the poorest reports on all three
divisions, due to depression in agriculture and textiles. The Mountain
and Pacific section led the rest of the country in manufacturing and
agriculture and the East and West South Central section gave the
most promising reports on merchandising.
Bank collections remained about the same as last year but trade
collections were reported as slower. The condition of collections was
worst in the Middle Atlantic and East North Central States and best
in the West North Central division. Installment buying was reported
as generally increasing, particularly in New England and the Mountain
and Pacific section.
Forty-eight correspondents reported signs of improving conditions in
business whereas 35 did not feel any improvement is evident as yet.
A majority of the replies indicate that the year 1928 will be a fair
to good business year and the great majority expressed the opinion
that the presidential campaign will not affect business to any extent.
No Idle in Rural Canada.
The "Evening Post" presents the following Associated
1926. Press dispatches from Montreal
March 27:
3,686.696
While unemployment
1927.
3.756.660
3.801.918
3.677,332
989,863
1,004,754
1,001,932
965,009
967.425
977,018
10.551,127
10,273,480
in the United States is receiving Government
attention, an opposite condition is found in rural Canada, Major Jack
Miller, in charge of the Canadian Pacific Land Department at Edmonton said here.
The number of signed orders for farm help from farmers In the
Edmonton district was twice as great as the supply, he said, and
added that signed orders did not represent the whole of the demand.
Central Trust Company of Illinois Finds
able Factors Are Holding Back What
Develop Into Period of Inflation.
a Few UnfavorWholesale Trade in New York Federal Reserve District
Otherwise Could
Gains in February this Year as Compared with
Same Month Year Ago-Additional Day Factor.
In its digest of trade conditions made public March 26,
The Federal Reserve Bank of New York, in its April 1
the Central Trust Company of Illinois at Chicago, says:
The wheels of commerce have been running much more smoothly "Monthly Review" states that "total February sales of
Alan their custom and there is more than a possibility that we may reporting wholesale houses in this district showed a small
get a wrong impression of business operations. The ease of money; the increase
over a year ago, but after allowance for the extra
plentiful supply of raw materials and labor; the lack of burdensome
inventories of consumer's goods; the rapid movement of merchandise by business day this year, the average daily volume of business
rail and water; and the general lack of congestion in business opera- appears to have been slightly smaller. The largest increase
tions seems to have led some to believe that the total volume of busi- over last
year again was in sales of machine tools, which in
ness has been running below normal. Quite the reverse is true, as
business volume is running high; factory output is nnly a few points the past two months have been the largest in several years."
The Bank adds:
below its high marks; merchandise sales into consui-ption are
but
little below the record in volume; and business operations, taken as a
unit, are not more than 5% below the highest record for the first
two months of any year.
It has taken some time for the automobile industry to get into full
production on new models; the coal mining situation is bad, and
likely to remain so for some time; there is a degree of unemployment,
largely traceable to the readjustment which is taking place between
raw materials prices, merchandise prices, and wages; there is an oversupply of some building materials, and of rubber; and these few unfavorable factors are holding back what otherwise could develop into a
period of inflation.
Continued Increase in Detroit Employment.
"Wall Street Journal" advices yesterday (March 30)
from Detroit stated:
Industrial employment in Detroit continued its upward trend with
increase for week ended March 27, 245,716, a gain of 2,300, and a
new high since May, 1926. This compares with 226,308 employed a
year ago and represents an aggregate gain for 13 consecutive weeks
this year of 58,200.
Moderate increases were reported also in sales of groceries, men's clothing,
cotton goods, drugs, and paper. Sales of women's clothing showed a
substantial seasonal increase over January, but remained smaller than
last year; sales of shoes and diamonds also were considerably smaller.
Silk goods. Jewelry and hardware sales were close to those of a year ago.
Shoe stocks, which had been running substantially larger than a year
previous, showed less than the usual seasonal increase In February,
and
at the end of the month were slightly smaller than a year ago
Grocery
stocks were considerably smaller than In Feb. 1027. but stocks held
by
cotton goods Jobbers were substantially arger.
Commodity.
Percentage
Change
February 1928
Compared with
January 1928.
Net
Sales.
Groceries
Men's clothing
Women's dresses
Women's coats and sults
Cotton goods, Jobbers_
Cotton goods,commission_
Silk goods
Shoes
Drugs
Hardware
Machine tools-a
stationery
Paper
Diamonds
Jewels)
,
Stock
End of
Mouth.
Percentage
Change
February 1928
Compared with
February 1927.
Net
Sales.
Stock
End of
Month.
-3.0
-0.7
+3.6
-8.1
+67.3
+3.9
+19.7
-11.2
+43.6
-5.2
+41.3
+2.1
+7.6 +15.0
+9.4
+3.9
+0.2 s-4.9
+0.9
+5.3
+6.4 -15.6
-2.8
-9.6
+0.3 +10.4
-2.0
+9.4
+6.9
+0.3
+2.9
-7.8
+40.4
+2.4
-3.2
-2.3
+9.9
-22.4 1 +1.1 -11.7 1 -1.8 1
+16.8 J
+1.0 f
Per cent of
Accounts
Outstanding
Jan. 31, Collected
in February.
1927.
1928.
68.5
45.1
71.3
39.2
30.4
31.5
Al
Questionnaire Addressed to Banks by Central Union Trust
47.3
48.T
36.3
35.0
Co. of New York Brings Replies Indicating That Im48.9
44.9
proved Business Conditions Are Seen-Employment
39.0
41.8
Situation Not So Promising.
77.2
74.5
70.6
66.0
Replies received by the Central Union Trust Company of
25.2 1 27.6
New York to a questionnaire addressed to banks in all imWeighted average
+17.9
+1.2
____
AO a
sea
portant centers throughout the country reveal that, genQuantity not value. Reported by the Silk Association of
erally speaking, business conditions are not so good as last by•the
America.
a Reported.
National Machine Tool Builders' Association.
year but there are encouraging features. One of these is
the improvement in agriculture in several sections and an- February Department Store Sales in New York Federal
other, the fact that prices are holding fairly well. The em-*
Reserve District 4% Greater than Year Ago.
ployment situation is characterized as troublesome and
According to the Federal Reserve Bank of New York
merchandising is not uniformly good, with a tendency to- February sales of leading department
stores in this district.
MAR. 311928.]
FINANCIAL CHRONICLE
1897
averaged 4.6% larger than a year ago, apparently due largely
to an extra selling day this year. The daily rate of sales
was approximately the same as in February 1927 whereas
January sales were 3% smaller than last year," says the
Bank which adds that "apparel store sales showed an unusually large increase, and mail order houses reported somewhat larger increases than in January." The Bank further
states:
numerous. Commodity prices remain firm. There has been no pronounced
movement since the rather sharp advance in the early part of February.
Iron and steel production has become stabilized for the time being at a
fairly high level, with a likelihood that the 'output for the first quarter will
com:)are favorably with that of the last few years. Building and engineering
construction remains very active.
The automobile industry, with the exception of the Ford plants, appears
to be operating at a higher rate than at this time last year. While it is
admitted that the Increase in sales of cars at retail has not kept pace with
the acceleration of output, the advent of spring weather is expected to
Increases in the rate of stock turnover and in the rate of collections, com- correct the situation. The problem of used cars continues to give trouble,
pared with Feb 1927, appear to have been due largely to the extra business complaints being frequently heard of high appraisals and over-allowances
on trade-ins.
day this year.
The textile industries are still in a very unfavorable position. In cotton
goods,the market continues to display the familiar signs of over-production,
Percentage
notwithstanding the curtailment of recent weeks. Woolen goods producers
Per Cent of
Change
Charge Accounts
are in a similar situation, with buyers extremely hesitant and price margins
February 1928
Outstanding
narrow. Silk cloth production continues at a very high rate, and stocks are
Compared with
Jan. 31. Collected
Locality.
smaller than 2 months ago, but a slackening of demand for some classes of
February 1927.
in February.
goods has resulted in renewed caution on the part of mills.
Stock on
The bituminous coal industry shows the effects of a mild winter comNa Salts. Hand End 1927.
1928.
bined with general curtailment of industrial operations. Added to these is
of Month.
the market dullness characteristic of this time of year. Although there has
New York
+5.2
-15
496
44.7
been some discussion of another suspension of operations in several of the
Buffalo
+1.2
49.3
+4.8
49.4
western fields on April 1, this possibility has had little effect on demand.
Rochester
-3.6
+3 1
40.2
37.3
Syracuse
It
is estimated that non-union mines are now producing more than three+2.8
+1.3
Newark
+6.5
+1.8
46.0
41.6 fourths of the total output, and that the amount produced by these mines
Bridgeport
-8.5
-6.6
could be materially increased if demand should warrant a higher rate of
Elsewhere
+5.1
If& operation.
30.7
-8.1
Northern New York State
+9.7
Central New York State
There has been no basic change in the petroleum situation. Current
+13.3
Eleuthera New York State
-2.3
output of crude oil is smaller than a year ago, but is well above the rate of
Hudson River Valley District
+7.3
consumption. There is a likelihood of larger supplies from new wells in
Capital District
+2.3
Texas and of increasing imports from South America. The growth of conWestchester District
+18.8
sumption in the next few months will probably effect a temporary reduction
All department stores
+4.6
-1.0
46.7
43.8
in stocks, but unless some entirely unforeseen development restricts the
production of crude oil, no important change is to be expected for some
Apparel stores
+14 6
+9.3
43.4
48.0
time.
Mall order houses
+74
Copper prices have weakened slightly in recent weeks, but remain conThe largest increases in department store sales, compared with last year, siderably above the level a year ago.
On the one hand,output has been held
were in books and stationery, sporting goods, shoes and toilet articles and in unusually close adjustment to
current requirements: while, on the other,
drugs. Sales of women's apparel, furniture, and home furnishings also both domestic and foreign demand
have failed to measure up to expectations.
showed moderate gains, but sales of men's wear and silk goods were slightly Although the price recession has
been disappointing to producers, it has
smaller than a year ago..
been much less severe than that which has appeared in the markets for other
non-ferrous metals. Prices of lead, tin and zinc have all declined to the
lowest levels reached in several years.
Net Sales
Stock on Hand
Percentage Change Percentage Change
February 1928 February 29 1928
Farm Outlook Encouraging.
Compared with
Compared with
As nearly as can be seen at this early date, most agricultural groups
February 1927. February 28 1027.
are reasonably well situated for the coming season. The current position of
Books and stationery
.
+16.1
farm products in general is fairly encouraging to producers. Stocks of
-2.2
Toys and sporting goods
''
+13.8
-1.2
wheat, corn and oats on the farms at the beginning of this month were
Shoes
+11.0
+4.9
smaller than a year earlier. It is estimated that the world has consumed
Toilet articles and drugs
+10.6
-1.7
Women's and misses' ready-to-wear
more American cotton so far this season than a year ago, and that a very
+7.4
-1.0
Cotton goods
+5.6
-22
moderate carry-over into the 1928-29 season is not unlikely.
Home furnishings
+5.3
+3.7
Prices of wheat, corn, cattle, cotton and wool are higher than a year
Men's furnishings
+4.9
+3.9
ago, and in most of these the gain is very marked. The outstanding excepHosiery
+3.7
+7.4
Furniture
tion is the price of hogs, which has declined nearly $3.50 a hundred pounds.
+3.2
+1.1
Women's ready-to-wear accessories
+2.1
The outlook for dairying and poultry-raising is also considered excellent.
Woolen goods
+2.0
-14.0
On the whole, it appears that the animal industries, with the exception of
Luggage and other leather goods
+1.9
-23.8
Silverware and jewelry
hog
producers, are now better situated than the growers of field crops.
+0.7
-1.1
Linens and handkerchiefs
-0.2
The general trend of prices for farm products during the past year is
+20
Men's and Boy's wear
-1.3
+8.2
shown
by the movement of the index of farm prices of 30 commodities comSilks and velvets
-3.2
-7 6
piled by the Department of Agriculture. This index stood last month at
Musical instruments and radio
-22.0
-36.4
Miscellaneous
-2 n
135% of the 5-year pre-war average, as against 127 a year ago, showing an
-43
advance of more than 6%. Since prices of non-agricultural products have
declined during the year, the increase in purchasing power of farm commodities has been even greater.
Course of Chain Stores Sales in New
York Federal
Reserve District During February.
Regarding chain store sales, the April 1 "Monthly Review" Improvement in Business at Beginning of Second
issued by the Federal Reserve Bank of New York, says:
Quarter of Year Seen by Franklin Fourth Street
No consistent change in chain store business Is Indicated by reports to
National Bank of Philadelphia.
this bank. Increases in total sales compared with last year were larger
The Franklin Fourth Street National Bank of PhilaIn February than in January in grocery, ten-cent store and drug chains,
and the decrease in tobacco sales was smaller, probably due in part to delphia in its April letter, Trade Trends, states that "the
the fact that there was one more selling day in February 1928 than in beginning
of the second quarter of 1928 finds business conFebruary 1927. Sales of shoe, variety and candy chains showed about
ditions generally improving. In some of the great basio
the same changes over last year as in January.
Sales per store in grocery chains showed a substantial increase over last lines recovery from the slump of last autumn has been
year, and smaller increases were reported by ten-cent and drug chains, but
complete and pronounced," says the bank, which adds:
other reporting lines of chain store business showed decreases.
In a number of industries and trades irregularities persist, and unemployment in come centres during the winter reached the highest level
Percentage Change
Feb. 1928 Compared with Feb. 1927, In five years. But with the advance of the season and the impetus from
/W.ai Mom%
more active lines, improvement is tending to spread.
Number
Total
Sales per
The unemployment situation has aroused much discussion, and some
Stores.
Sales.
Store.
of the higher estimates of the number out of work undoubtedly have been
Grocery*
-0.1
+25.3
+25.4
exaggerated.
Nevertheless, in some centres the number of jobless has
Ten Cent
+9.1
+10.6
+1.4
been large. This condition has been steadily improving recently with
Drug
+2.7
+6.1
+3.4
Tobacco
the expansion of industrial activities in some manufacturing districts
+0.6
-3.1
-3.7
Shoe
+9.9
+3.7
and the increase in out-of-door work. In Detroit alone, employment
-5.7
Variety
+23.3
+21.1
-1.9
in March was several thousand above the level of one year before.
Candy
+8.2
+0.7
-8.2
Industrial records in a number of instances are imposing. Steel output,
Total
automobile production, building construction, lumber production and
+3.7
+13.6
+9.5
•Beginning with Feb. 1928 the chain grocery figures reported by the Federal retail trade have increased. Freight movements have failed to measure
Reserve Bank of New York include business done in the Second Federal Reserve up to last year's records, largely owing to reduced coal shipments.
District only, whereas previous reports have covered business done in all parts of the
Because of the universal use of steel as a raw material in industry its
country.
enlarged output in response to wide demand is significant for business
in general. In February, the production of steel Ingots made a new high
for the second month of the year. Building construction, another
Guaranty Trust Co. Views Trade Movements As Seas- record
great support of industrial activity, also arose to a fresh February peak.
onal.-Moderate Increases in Trade Volumes.- In the manufacture of automobiles, large strides have been made, and
record outputs are being reported by a number of companies.
Farm Outlook Encouraging.
Underlying the business situation is the continuing ample supply of
The Guaranty Trust Co. of New York in the current issue credit. The recent advances of rediscount rates of a number of Federal
Reserve
had the effect of bringing some reduction of brokers' loans
of "The Guaranty Survey" published Mar. 26, summarizes althoughbanks,
by the middle of March renewed security market activity had
business conditions as follows:
caused another upward trend of these loans. The demand for commercial
Further moderate increases in trade volumes, probably due for the most credit is greater than it was one year ago, but it has not multiplied sufpart to purely seasonal factors, have been reported in the last few weeks. ficiently to put anything like a strain upon credit facilities.
The situation, however, remains highly irregular. Car loadings continue
Commodity prices are mixed, with some groups of products declining
to run consistently below last year's figures, There appears to be some while others are displaying strength. The drop in rubber has been the
improvement in the unemployment situation. Retail trade appears to be most spectacular downward price movement, with a decline of 40%
at about the same level as a year ago. Business failures are still rather since the first of the year before the market stabilized during March.
1898
FINANCIAL CHRONICLE
Report of New York State Industrial Survey Commission.—Industry In State Suffers From More
Severe and More Numerous Regulations Than
Obtains in Other States.
In its report, presented to the New York State Legislature
on March 9, the State Industrial Survey Commission makes
the statement that "New York State has made relatively
less progress industrially between 1914 and 1923 than its
chief competitive States, measured by the increase in
workers employed in its manufacturing industries or in the
value of their products in proportion to the increase that has
taken place in the local market through population growth.
These chief competing States, however," the report added
"cannot always continue as they are. The influence of
modern trends of legislation will eventually reach them,
even as it has become manifest in New York. The leveling
process of the future must, we believe, take the form of
raising the standards of those States, in behalf of their
industrial population, to a point approximating New York's,
rather than for us to consider any retrogression to the
standards of a decade ago".
[VOL. 126.
$469,000.000 in 1917 to $1,108,000,000 in 1925, an increase of 137%, with
a probability that the increase would continue. New York had also borrowed more heavily in recent years than the rest of the country, with the
result that its debt burden per capita is the third heaviest in the country.
State and local tax revenues were increased from $320,001,000 in 1917 to
1701,000.000 in 1925 partly through rate increases and partly through
the creation of new taxes and the growth of existing taxes. The trend.
it is said, made it inevitable that tax revenues would have to be expended
"In the near future beyond the normal increase of the tax basis."
"There are two prime considerations to be borne in nand in planning
this increase of tax revenues," the report continued. "The pressure
of the general property tax, which constitutes the whole of the farm tax
burden and a large part of the corporation tax burden, and of the special
taxes on mercantile and manufacturing corporations must not be isereased.
The farmers of the State are already overtaxed in cenierarison to other
economic groups in the community, while any increase of the tax burden
on incorporated industrial and mercantile establishments nay diseourage
their location in New York."
The report proposed reduction of the general property tax and the drawing
of increased revenues from other sources. It reconixseeeled the abolition
of the direct State tax, the imposition of a tax on gasoline already proposed
by Governor Smith, and that a material part of this tax go to the eountiee
for the construction and maintenance of highways. A one-sass tax on
gasoline, it was pointed out, would yield the State $11,000,0011. It suggested as other possible sources of taxes a filing fee with the personal income
return, a net profits tax on unincorporated business enterprises and a
retail sales tax.
Wages Here Some Higher.
Commission reported that the Conference Board
wages
the
to
regard
In
in
conclud"We do not view the future with misgivings," the report said
in a comparison of rates for similar occupations in Massachusetts, Coning with a warning to the Legislature that it must not enact further legis- necticut, New Jersey, Pennsylvania, Ohio, Michigan and Illinois, New
lation to handicap industry. "But we do direct attention to the need York occupied "in general a middle position." In 15 industries in five
for most careful, most thoughtful and yet most constructive statesmanship of those States the average weekly earnings of New York employes, it was
on the part of our Legislature and Government to the end that New York said, were greater during a period of twenty-two months than in the other
State may maintain its pre-eminence, not only in the financial sense but States.
likewise its pre-eminence in the recognition of human rights."
The Commission said that new industries must be developed to give
them the airplane industry being
We quote from the Albany accounts to the New York steady employment to workers, among
and the fostering of small industries now within the State.
"Times" which,further indicating asfollows the Commission's suggested,
"the necessity of an undersaid,
it
"We urge upon the Legislature,"
conclusions, said:
standing of industry's needs. By this we mean a constant, whole-hearted
the
conditions readiness in every way to lend the great power of the State, in all proper
The Commission was created in 1926 to investigate
under which the manufacturing and mercantile business of the State were respects,to industrial activity, and the keeping at work of our wage earners.'
and
Syracuse
York
City,
New
in
here,
held
conducted, and, in hearings
Open Shop in Building.
Buffalo, took testimony on labor and compensation laws, the building
industry, freight handling and food distribution, tax and educational
the discussion of the building industry the Commission said it had
In
conditions.
problems affecting industry and on agricultural
no recommendation to make at this time regarding it to the Legislature.
New York, it is reported, has the most liberal Workmen's Compensa- but it expressed a belief which was interpreted as a conviction that the open
total
and
the
rates
greatest
highest
the
with
States,
United
the
in
law
tion
shop should prevail in it.
cost, which was referred to as "a matter of pride, but it is well that we ap"It [the Commission( believes," the report said, "that the following
preciate what our superior system costs us, and what it means in our com- propositions are fttndamental: There exists an undoubted right on the Dart
petitive position."
of either an individual worker or an individual employer to join an associaThe Commission gave credit to the National Industrial Conference Board tion of other workers or other employers, and as a corollary there exists
for studies in New York's industrial position. New York, it said, made also an equal right to refrain from joining such an organization without
less progress relatively between the years 1914 and 1923 than the United penalty to him of any nature Unregulated monopoly can be, and has
States as a whole and its chief competitive States, "measured by the in- become, especially vicious in the building industry. It is harmful alike
crease in workers employed in its manufacturing industries or in the value to worker,
employer and public. Undoubtedly monopolistic tendencies.
of their products in proportion to the increase that has taken place in the for which both
employers' organizations and labor unions are partly re
local market through population growth."
sponsible, have unduly raised building costs."
The Commission then suggested that the New York Building Congress
State Lags in Workers.
might be able to regulate the industry, but it added:
proYork
in
New
in
The number of wage earners in manufacturing
"If the various interests themselves cannot settle their affairs on a basis
portion to population, it said, had declined during this period about I% of continuing fairness to both sides, and, above all, to the public interests
while for the United States as a whole the increase in the number of workers Involved.it may be necessary that the public make its will effective through
per establishment had been 16%. Increases of 10% to 90%, it said, has legislative action."
taken place in four competing States. Total wages, too, it continued, had
It suggested also the appointment of an impartial chairman as an arbifailed to show as great an increaee in New York as in the country as a whole trator in building industry disputes.
had
Production
increase
Massachusetts.
excepting
States,
or competing
The Commission said it was not satisfied with the bill introduced by
also lagged.
Senator Byrne to make unlawful the issuance of temporary injunctions in
"The Conference Board is not able to say conclusively to what extent the labor disputes without notice and to provide that no person shall be punlegislative environment in New York State has been a factor in this situa- ished for contempt of court in violating any such restraining order without
tion," said the report. "It is clear that though New York has been lagging a trial by jury.
behind in industrial growth. it has gone ahead rather more rapidly than other
Reforestation Is Urged.
industrial States in the standards of legislative regulation of industry.
The report urged a program of reforestation with tax exemption for
"Industry in New York State is subject to relatively more severe and more
the proposals for relief
numerous regulations than the average industrial State in such matters lauds thus treated until timber is cut as part of
acres of farm land
as hours of work for women, factory safety and sanitation, workmen's of the farmers up-State. It referred to the 4,000,000
past forty years, said
compensation, the regulation of canning and preserving establishments and which have been abandoned in New York in the
years, and that
five
past
the
of
each
had
it
averaged 260.000 acres during
attendance at continuation schools.
for 1927 than in any
"Under the new law in New York (effective Jan. 1 1928). which was it expected a greater abandonment to be reported
enacted as the result of this Commission's recommendation, permitting previous year.
Further, It said, the abandonment of farm land was expected to be
women to work 48 hours in a six-day week or 49li hours in a five and oneto continued because of difficulties in farming. New York now produced
half day week, and allowing overtime which may be so spread out as
will only one-seventeenth of the lumber it consumed, it said; the pulp industry
make a regular 51-hour week, industrial management in New York
predicted a wood famine
have a problem to meet in comparison with Pennsylvania. Illinois, New too, had declined, with its future uncertain, and it
which could be mitigated only by reforestation both by the State and by
Jersey and Michigan.
of $100,000
appropriation
private individuals. It proposed an immediate
Other Slates More Lenient.
for a survey of available lands, and recommended that such lands be ac"Illinois Imposes no weekly limit on hours of work for women, and does quired and reforested within the next thirty years.
Among the other recommendations of the Commission were liberalizanot even prohibit Sunday work. Pennsy vania. New Jersey and Michigan
compensation
allow 54 hours of work per week. On the other hand, Massachusetts has tions of the workmen's compensation law. They included
to
said
have
is
suffered
it
and
York,
for
those contracting occupational diseases, even though they did not
a more drastic 48 hour law than New
directly handle poisons, higher compensation insurance for those engaged
serious industrial depression
who received
"According to testimony before your Commission, as well as views in seasonal employments, and the compensation of persons
feel
amputations above the wrist and ankle on the basis of compensation for
gathered by the Conference Board, many New York manufacturers
inOD
the
burden
placed
of
the loss of a whole arm or a whole leg.
that the limit has been reached in the matter
policy of the State—
It also recommended the amendment of the compensation law to limit
dustry by reason of regulatory laws and by the fiscal
situation.
the
approximated
have
appeals
States
from referees to two periods of twenty days; to provide for keeping
competing
chief
our
at least until
continued cases before the same referee, and to permit filing of claims within
They view the future with hope rather than confidence.
of
advantages
industrial
two years.
"Their hope is based largely upon the great
and
The Cenunission also recommended that insurance companies doing
the State—its nearness to great markets and to world trade, its rich
educational
its
communities,
industrial
business outside New York be required to have on deposit within the State
its
to
adjacent
fertile farm lands,
native at least $200.000, the appointment of referees by the Appellate Division
facilities, its great and vast invested capital, and, above all, the
population, with their for ten-year terms, with an annual salary of $8,000; the abolition of
ability and self reliance of its teeming millions of
lump-sum payments exceeding $500 unless approved by a member of the
heritage of great industrial traditions.
concerns Industrial Board, and the creation of a medical advisory board.
"Their confidence is somewhat shaken when they see that
State. attracted by the
The Commission also made charges against three Brooklyn men of Irregalready established in New York have either left the
costs, or that ular practices in connection with compensation claims. They were: Alfred
hope of lower taxes, cheaper power and lessened production
other
in
They
States.
R. San Dominick, an attorney, whose actions were said to "call for action
they prefer to make their plans for future expansion
to the State on the part of the bar and the courts"; Dr. Paul G. Fled, a physician, and
feel that against such competition now industry is not coming
Frank J. Santucci°, a notary. Cases were cited in which Mr. San Dominick
as rapidly as might be expected."
all
appeared as counsel for the claimants and Dr. Flori as physician, while
catw
Debt.
Dr. Flori's certificates were attested by Mr. Santucci°. Dr. Finn's
State Has Heavy
was referred to the Medical Grievance Committee, while Mr. Santuccio:
New York's fiscal problem, the report said, has raised the issue of "an
as a notary.
control and supervision of expenditures," which increased from It said, should be deprived of his commission
inssilisent
MAR. 31 1928.]
FINANCIAL CHRONICLE
Seasonal Increase in Business Activity Reported by
Philadelphia Federal Reserve Bank.
According to the Federal Reserve Bank of Philadelphia,
"recent developments reflect a seasonal increase in business
activity in the Philadelphia Federal Reserve District, although some conflicting currents still exist in both the manufacture and distribution of commodities. The current volume
of business in the district, despite recent improvement, is
still substantially less than at this time last year," the bank
states in its April "Business Review." It adds:
Manufacturing industries as a rule have shown an app.eciable expansion
since the first of the year, and this betterment was more pronounced than
at the same time last year. Wage disbursements in Pennsylvania factories
reporting to this bank were over 8% larger in February than in January,
while in the same period of last year payrolls increased only above 4%•
Similarly, the number of wage earners employed rose nearly 2% as against
two-thirds of 1% in the like month last year. Industrial employment and
wage payments, however, were still about 9% smaller than in Feb.
1927. The demand for labor by Pennsylvania employers, which in September reached the lowest level since 1921,has turned upward recently, although
the ratio of open positions reported to the public employment officers to
the number of male applicants was about 17% smaller in February than in
the same month last year.
Conditions in the principal branches of the textile industry continue
diversified. The market for piece goods has been rather quiet, while the
demand for yarns and most fibers has moved forward at a moderate pace
during the past month. Business in full-fashioned hosiery is increasingly
active and plant operations show a further gain. The floor covering situation also has turned slightly for the better since the middle of last month.
The market for hides is strong and that for leather continues fairly brisk,
but the demand for shoes has declined a little.
Quickened largely by the seasonal demand, the output of iron and steel
products has increased further in the month. Daily production of pig
iron, though still materially below the volume of a year earlier, wag nearly
7% greater in February than in January. Operations of foundries increased
In February, but were still considerably lower than a year ago.
In the extractive industries, the demand for crude petroleum and refined
oils shows the most pronounced seasonal improvement, following marked
dulness that prevailed for some months past. The market for anthracite
also is fair but that for bituminous coal continues sluggish and the output
remains much under the volume in the same period last year.
Activity in the construction industry shows the enlargement which
usually comes with the spring. Chiefly in anticipation of stronger demand,
several lines making building materials report broadening of plant operations.
Distribution of merchandise, while indicating some betterment customary at this time, does not measure up to the average of recent years.
Retail trade during the first part of March was less than fair but since
then has improved somewhat. The dollar volume of retail business during
• February was more than 3% below that of a year before. A moderate rate
of activity prevails in most wholesale lines, with prices generally unchanged.
Wholesale sales were nearly 3% larger in February than a month and a
year before.
Total payments by check during the first three weeks of March exceeded
the amount for the corresponding period of last year by 8%. Nevertheless,
shipments of goods by rail In the Allegheny district, though increasing
somewhat in the latest four weeks, were about 10% less than at the same
time last year, the smaller movement of coal and ore being chiefly responsible for this decline.
Funds available for the accommodation of trade and industry are ample.
Money rates, which have fluctuated within a narrow range, have advanced
slightly during the past month. Borrowings by trade and Industry have
increased somewhat in recent weeks, although they remain smaller than a
year ago.
Report Presented to Senate By Secretary of Labor Davis
Places Number of Unemployed at 1,874,050—Slump
In Employment Viewed as Serious.
In response to the resolution of Senator Wagner, adopted
by the Senate on March 5, calling upon the Secretary of
Labor to inquire into unemployment conditions, Secretary
Davis laid before the Senate on March 26 a report compiled by Ethelbert Stewart, Commissioner of Labor Statistics, placing the number out of work at 1,874,050. Senator Wagner, in presenting his resolution, given in these
columns March 10, page 1425, stated that he had been informed that 4,000,000 was a conservative number of unemployed in the country. Secretary Davis in his advices
to the Senate notes that the report of Commissioner Stewart
"shows that the present slump in employment, while not
so extensive or grave as the estimates which have been
generally circulated, is nevertheless serious." Secretary
Davis adds:
The factors which have brought it about are many: among them, the
floods in the Mississippi Valley, in New England: the tornado which swept
Florida and its attendant losses, the temporary closing of a part of certain
major industrial plants, and a disturbance in the bituminous coal fields
which has lasted for many months.
Secretary Davis' reply to the Senate resolution follows:
DEPARTMENT OF LABOR
Office of the Secretary
Washington, March 24, 1928
Dawes,
lion. Charles O.
President of the Senate,
Washington, D. C.
Sir: On March 6 1928. the United States Senate, first session of the
Seventieth Congress, passed Senate Resolution 147, as follows:
"Resolved. That the Secretary of Labor is hereby directed (1)to investigate
and compute the extent of unemployment and part-time employment in
the United States and make report thereon to the Senate and together
therewith to report the methods and devices whereby the investigation
and computation shall have been made: (2) to investigate the method
1899
whereby frequent periodic report of the number of unemployed and parttime employed in the United States, and permanent statistics thereon may
hereafter be had and made available, and make report thereon to the
Senate."
In compliance with these requirements, I immediately directed the
United States Commissioner of Labor Statistics to make such report as
was possible from available records upon the subject named in the resolution. I herewith transmit the report which the Commissioner of Labor
Statistics has placed in my hands.
In reply to the clauses which introduce the resolution, I would call your
attention first to the fact that the volume of employment, as shown by
the reports of the Bureau of Labor Statistics, published monthly. has
tended downward from April. 1927. up to and including January, 1928.
The February report, just published, shows however, an upward trend
In employment. This fact the Department of Labor had done its utmost
to make widely public, and thus has already fulfilled, so far as it had
power to do so, the requirement of the Senate's resolution, namely, to
call attention "to the proper timing for the inauguration of public work
by the Federal Government and the encouragement of similar undertakings
by the States."
Bearing on this action by the Department of Labor, I would respectfully submit that having had personal experience of former periods of
unemployment, I do not recall an instance where there was "proper
timing for the inauguration of public works," or other governmental,
State, municipal, or county effort to take up shrinkage of employment
until after it was too late. In the present instance the Department of
Labor has sounded such warning in ample time.
In reply to another clause in the preamble to the Senate's resolution,
"that accurate and all-inclusive statistics of employment and unemployment be had at frequent intervals," I would call your attention to
the fact that the resolution carries no appropriation for this purpose.
I am informed by the Commissioner of Labor Statistics that to obtain
such information and keep it current would require a very large addition to the amount of money appropriated for the Department of Labor.
A statement of employment and unemployment that would be "accurate
and all inclusive" would involve an individual census of the United States,
a work physically impossible of peformance at frequent intervals and of
heavy expense.
There is every reason to believe, however, that with a moderate increase in the annual appropriations for the Bureau of Labor Statistics,
the bureau could materially extend its volume of employment and parttime employment information to include manufacturing establishments
of smaller size, where its information now Is obtained from the larger
establishments alone. The bureau could also extend its work to include
other industries than those now covered, and could tabulate its material
not only, as now, by geographical divisions, but by States and principal
cities instead. A very careful estimate submitted to me by Commissioner Stewart indicates that, for $100,000 additional, the division of
the bureau now handling this material could be increased to include a
fair proportion of establishments employing as few as 50 persons, and
that this material could be presented in detail by industries, States and
cities of 100,000 population.
In addition to this, $20,000 should be added to the present appropriation for the employment service of the Department of Labor to enable
it to extend its general nonstatistical reports of employment opportunities
by cities, to cover States not now included in its reports, and to increase
the facilities for placing jobless men, especially in its farm placement
activities.
I herewith transmit the report on employment conditions which the
Commissioner of Labor Statistics, with the facilities at hand, has submitted to me. It shows that the present slump in employment, while
not so extensive or grave as the estimates which have been generally ciculated, is nevertheless serious. The factors which have bourght it about
are many; among them the floods in the Mississippi Valley. in New England, the tornado which swept Florida and its attendant losses, the temporary closing of a part of certain major industrial plants and a disturbance in the bituminous coal fields which has lasted for many months.
All these temporarily decreased the opportunities for employment and
have adversely affected employment conditions in other lines of industry.
These, and the other influences which have operated in the same direction, I believe to be passing phases of our economic life. There are.
nevertheless. certain features of the problem which must be considered
if approach to constructive remedial measures is to be made with proper
intelligence. For example, in 1927 the total net immigration, both inside
and outside the quota countries, amounted to 252,023. A considerable
percentage of these were prospective laborers. In addition to these immigrants, admitted during a year when our own people were losing employment, there was the annual average influx of 205.000 from the farms
to the cities. We further have practically 2,000,000 boys and girls in our
own population who reach the working age each year.
I desire to call your attention also to a distinction which Commissioner
Stewart makes in his report, to the effect that 'employment as it exists
at present is composed of two entirely different elements, namely, those
temporarily out of work at their regular occupations, and, second, those
displaced by changes in industrial and commercial methods"; or, as one
might put it, those who are merely suspended and those permanently
released from their jobs.
Former labor depressions have been due almost wholio to ths first group
named, and if public work is not furnished quickly enough to relieve them.
they have no recourse but to wait until their own jobs are again available.
Prompt relief for these is due from the Government's elaborate building
program, from similar programs of States, municipalities, and counties,
and from private building and construction.
For the second class of unemployed, of whom Commissioner Stewart
says, "it Is not unreasonable to believe that a considerable Percentage
of the employment shrinkage shown in this report is due to new machines
and new mechanical devices, waiting for industrial developments is of
no avail. Their jobs are gone. Inventive genius must devise new industries, Commercial agencies must Create new wants, in order to create
new occupations for these people, in so far as age permits them to learn
new occupations or adapt themselves to new industries." This need
for new industries and new occupations daily becomes more pressing.
The Department of Labor is in constant receipt of reports of acute situations resulting from the introduction of new machines. It is believed
in many quarters, moreover, and with good reason, that this mechanical
development will probably proceed as rapidly in the immediate future as
It has in the immediate past.
With all these forces tending to cause unemployment, the number at
present unemployed has been found to constitute a very small percent.
age of those at work. The census of 1920 showed that 42,006.000 of our
people as wage earners or otherwise are gainfully employed. Of these
23,348,692 have been found to be at present employed on either a wage
or a salary basis. By the most careful computation methods available,
Commissioner Stewart finds that the actual number now out of work la
1.874,050.
1900
FINANCIAL CHRONICLE
The attached report, compiled by Mr. Ethelbert Stewart, United
States Commissioner of Labor Statistics, which contains these figures
and the methods by which they are obtained, Is the second such report
which I have been called upon to submit to your body. Commissioner
Stewart has been connected with the statistical work of the Bureau of
Labor Statistics and of the Government for a period of 41 years, having
been first appointed Commissioner of Labor Statistics by President Wilson
and continued In office by Presidents Harding and Coolidge. Mr. Stewart's
ability and conscientiousness in this work are thoroughly established and
recognized, and his former report, which I submitted in August, 1921.
showing 5.735.000 fewer persons on the pay rolls of the country, proved
to be accurate. I therefore submit this, his second report, with absolute
confidence in its essential accuracy.
You will find this report of the Commissioner of Labor Statistics on
Senate Resolution 147 accompanied by an appendix which gives the report of Dr. J. Knox Insley, Commissioner of Labor and Statistics of Maryland, dealing with the same subject and giving the details of a house-tohouse canvass in the city of Baltimore. The results of this independent
investigation are included as further confirming the accuracy of Commissioner Stewart's report.
Respectfully,
JAMES J. DAVIS,
Secretary of Labor.
[vol.. 126.
Reports on percentage of full-time employment were received from
but 9,095 of the 10,772 establishments reporting other facts to the bureau
in the pay period ending nearest January 15 1928. Of those 78.8%were
working full time. 20.2%were working part-time, and 1.1%were working
overtime.
Of the total number of employees reported, 1,876,367 employees (78.7%)
were working in establishments operating full time, 482.354 employees
(20.2) were employed in establishments working part time, and 25,598
employees (1.1%) were employed in establishments working above normal
full time.
In the establishments reporting part-time operation, the weighted
time worked by the 482,354 employees was 80.7% of full time. The
weighted average per cent of time worked by the 25,598 employees in those
plants operating in excess of normal full time was 111.3% of full time
American Federation of Labor Places Average Unemployment Among Trade Unions at 18% in
January and February.
The April issue of the American Federationist, of which
William Green, President of the American Federation of
Labor, is editor, it was announced on Mar. 26, will publish
Commissioner Stewart embodies in his report the following statistics collected by that organization which shows that
estimates as of January 1928, of railroad workers and those unemployment generally in 23 cities has remained stationary in January and February. We quote the foregoing
employed in manufacturing fields:
from a Washington dispatch to the New York "World";
Employed
Employed
Estimated
it added:
Jan. 1928
Jan. 1925
Shrinkage.
10,136,370
643.874
109,233
9,383,263
753,107
Mr. Stewart goes on to say:
"No figures are available for the groups-agriculture, mining, clerical
workers, domestic service and trade-and it can only be assumed that
they have been affected in a like degree.
"The change in manufacturing employment is determined from the
change in the Bureau of Labor Statistics' index of employment in manufacturing industries. The railroad figures are exact for class 1 railroads,
omitting general and division officials. The number of employes in 1925
is estimated from the population census taken as of January, 1920, as
recast in the July, 1923, issue of the Monthly Labor Review, and from the
percentage of change in employment as known for manufacturing and
railroads.
"The number of employes in 1925 used in this calculation,-that Is persons working for wages or salaries for others-is estimated at 25.222,742.
This figure does not include any persons operating their own business or
professions. The calculated number of employes as of January, 1928,
upon the same basis, was 23,348,692, leaving a shrinkage between the
two periods as indicated above of 1,874.050."
The report also states in part:
It is also Interesting to note that while the Bureau
of Labor Statistical
figures are based upon 10.772 establishments employing in January,
1928, 2.907.700 employees, or an average of slightly over 271 employees
each, the percentage of change from January, 1927. to January, 1928, corresponds exactly with the figures for the State of New York, which include
a much larger proportion and take in very many smaller establishments.
Pt-The Bureau of Labor Statistics is working cooperatively with a number of States In this matter of employment record. In the beginning
the bureau formed its own contacts with the original establishments and
necessarily picked the older and larger establishments so as to get a more
formidable number of employees for comparative purposes. Later on a
number of States began this work, but secured information from a vastly
larger number of establishments within each State. and the State bureaus
furnish to the United States Bureau schedules from such establishments
as are agreed upon.
The figures of percentage of change in employment show a great variation in geographical districts, which the Bureau of Labor Statistics
interprets to mean that unemployment is not universal nor in all places
or industries is it acute, but that it is spotted by geographical sections and
by industries, that in actual numbers it is not more than one-third of the
magnitude of the labor depression of 1921. which caused a shrinkage in the
number on the pay roll according to the estimates of this bureau of 5.735,000,
from the peak of 1920 to July 1921.
The spottedness of the unemployment situation is brought out by a
list shoing the percentage of change in employment between a given
month in 1928 and the same month in 1927, except in the case of WiltCowin. where December is used. These ranges in percentages are shown
n the following talbe:
Yearly changes in employment
State.
U.S. Bureau of Labor Statistics..
Oklahoma
Wisconsin (factory workers)
Illinois
California
New York
Maryland
Massachusetts
Period.
Per cent
of change
in employment.
January, 1927, to January, 1028.. --5.8
February, 1927, to February, 1928 --19.7
December, 1926,to December, 1927 --2.9
February, 1927, to February, 1928 -6.5
January, 1927, to January, 1928_
--7.8
do
--5.8
do
--7.8
February, 1927, to February, 1928 --9.7
As further indication of such spottedness, the employment report from
the State of California, indicates that the average of employment in all
industries carried was 7.8 per cent lower in January. 1928, than in January
1927. The details show the same spotted conditions there that have been
noted elsewhere. For instance, canning and packing of fish has dropped
off 67.8%, while other food products showed an increase of 19.3%. Men's
clothing dropped 11.3%while millinery advanced 11.6%. Iron foundries
and machine shops fell off 16.6%. Sugar fell off 21.6 per cent while glass
advanced 18.7%. Sugar fell off 21.6% while agricultural implements
advanced 30.1%•
Part-Time Employment.
In the pamphlet on employment in selected manufacturing industries
for January, 1928. percentage figures were given as to the number of
establishments operating full time or part-time and establishments idle.
Such figures were based on the reports of establishments without taking
into consideration the size of the several establishments.
These percentage figures have since been recomputed and weighed by
the number of employees. In other words, due weight has been given
to the size of the _establishment in computing the average per cent.
The average unemployment of the members of trade unions was 18%
In January and 18% in February.
The following table shows the percentage of union members unemployed
in the cities mentioned during the months mentioned out of the total
membership of the local unions reporting:
Jan. Feb.
Jan.
Feb•
Per Per
Per
Per
CitfesCent. Cent.
Cent. Cent'
Atlanta.
11 Milwaukee
10
10
Baltimore
43
41 Minneapolis
12
10
Birmingham
17
18 New York City
24
21
Boston
20
20 Omaha
40
28
Buffalo
27
18 Philadelphia
31
31
Chicago
8
12 Pittsburgh
17
18
Cincinnati
14 San Antonio
19
9
11
Cleveland.
34
38 San Francisco
14
14
Denver
21
19 St. Louis
11
13
Detroit
32
30 Seattle
11
13
Jersey City
22
21 Washington
11
13
Los Angeles
23
23
Metropolitan Zone Leads Country in BuildingsMarked Gains in Suburban Cities.
Although 560 cities throughout the United States, outside
New York City, showed a loss of 9% in building permits
issued in February compared with the same month last year,
a different situation exists throughout the Metropolitan
Zone, according to reports made public March 16 by S. W.
Straus & Co. The 60 leading cities and towns of the zone,
outside the five boroughs, reported building permits issued
or plans filed for the month amounting to $21,777,489 compared with $18,761,230 for February last year, a gain of
$3,016,259 or 16%. The Straus statement says:
In the entire Metropolitan Zone,including the Greater City,$144,226,512
in building permits were issued during the month, a gain over the same
month last year of $43,654,868 or 43%. While a certain proportion of
these unusual activities were due to pending legislation in Albany and may
not develop into actual construction work, there seems to be no doubt in the
opinion of S. W. Straus & Co. that operations in New York and immediate
vicinity are gaining ground.
Newark lead the zone for the month with permits amounting to $3,508,065
compared with $1,442,960 last February a gain of 143%. Yonkers was a
good second, reporting $2,694,779 compared with 51,299,741 in February
1927 a gain of 107%. Jersey City was third, the figures being $1,344,861
and $650.875 a gain of 107%. East Orange ran only a few dollars behind
Jersey City, the issue of permits being $1,334,720 against $945,092 last
Year, a gain of 41%. Spectacular gains also were shown in White Plains,
Freeport, Hackensack, Englewood, Stamford. Orange and Perth Amboy.
In the national monthly building survey issued by S. W. Straus & Co. for
February, Newark is ranked as the ninth building city in the United States
and Yonkers the eleventh, both places running well ahead of St. L01111.
Pittsburgh, San Francisco, Baltimore. Cincinnati and Milwaukee.
The 60 cities and towns in the Metropolitan Zone, based on building permits or plans filed in February, ranked as follows:
Feb. 1928. Feb. 1927.
Feb. 1928. Feb. 1927.
Newark
Yonkers
Jersey City
East Orange
White Plains
New Rochelle____
Irvington
Bronxville
Mt. Vernon
Rockville Center.
L.I
Garden City, L.L
Hackensack
Stamford
Greenwich
Freeport, L. I....._
Eastchester
Elizabeth
Scarsdale
Larchmont
Englewood
Peekskill
Orange
Bloomfield
Perth Amboy__ _.
Passaic
Montclair
Clifton
Norwalk
Teaneck
Harrison
Plainfield
, 0C,
,WWON0-4.P
0000000..4.0000,
000000N00 N00NNO.,,O,
Total
7,739.907
1.643,356
.....
totonzbawtabe,Dwa.&A.aor
woocowtoonInpwasomosomwo-J-w o...1.4wwWWInb.
4t.04100,4M0WMOMWM.
,
IWONNOJ toOJ®
ImID..11A,WooWn
.1..0Q0QOWN-41-40Q..ON..07.000
Manufacturing8,383.781
Railroads
1.752,589
$
1,698,715
1,299,741
6.50,875
945,092
448,875
630.098
6.56,215
1,100,000
961.375
310,200
292,165
90,628
122,268
237,910
86,300
122,000
1,104,170
166,800
127.400
55,674
74,300
74.812
571,700
72,688
176.924
269,922
209,800
122,695
152,350
68,000
276,557
Rye
Hillside
Tarrytown
Bayonne
Kearny
Long Beach, L. I.
Ridgewood
Millburn
Paterson
Westfield
West Orange
Mamaroneck Town
Belleville
New Brunswick._
Mamaroneck Virg
Tuckahoe
Pelham
Bellmore, L.I_ _ .. _
Floral Park, L. I_
Asbury Park
Portchester
Nutley
Amityville, L. I.
Kensington
Garfield
West New York..
Roslyn Estates,
L.I
Hoboken
Pompton Lakes__
Totals
8
a
177,000 209.500
58.725
173,605
81.000
151,000
381.900
149,420
140,750 1,654,210
294,600
135,590
95,750
127,045
82,870
126,305
924.181
123,162
163,145
115,625
110,932 213,315
129,700
105,000
252,225
101,600
27,400
93,725
86,000
81,007
87,188
76,812
108.500
76,000
60.000
85,000
93,550
68,000
55,325
65,500
280,100
58,795
54,260
55.775
None
51,500
30,000 No eport
35.700
27.900
100,200
20.017
20,000
11,610
10,600
None
25,047
30,700
21,777,489 18.761,230
MAR. 31 1928.]
FINANCIAL CHRONICLE
Gain in Wholesale and Retail Trade in Kansas City Federal
Reserve District-Marketings of Farm Products at
High Levels.
In the April 1 issue of its Monthly Review, the Federal
Reserve Bank of Kansas City thus summarizes conditions
in its district:
With the advance into the spring season industrial activity in the
Tenth District increased, wholesale and retail trade expanded, and
marketings of farm products and livestock were at high levels. Payments by check at banks in 29 important cities during the short month
of February were 7.2% less than in January but .2% greater than
in February 1927. Loans of Federal Reserve member banks increased, discount rates were firm and deposits in commercial banks
and in savings institutions were larger than one month earlier or
one year earlier.
Mild temperatures, accompanied by rains and snows during February and March, improved conditions and prospects for the year's
farm production.
Winter wheat made fine progress and with
abundant moisture for spring needs a good crop was in prospect at
the close of March, though depending on average conditions to
harvest time. Preparation of the soil and the planting of spring crops
advanced rapidly and, according to the Government's report of intended plantings, this year's acreage of most crops would be up to
those of last year. However, no figures on intended cotton acreage
are obtainable at this time. The abundant moisture was beneficial to
ranges and pastures and to livestock industry. A feature of the
situation in February was the heavy market supplies of corn, moderate supplies of wheat and other grains, the largest receipts of hogs
for any month since January 1925, and smaller receipts of cattle.
Activity at most of the industrial plants increased during February.
Slaughter of hogs was the largest monthly total eince January 1919.
There was an increase in the slaughter of sheep but a decrease in
the slaughter of cattle as compared with the preceding month and
the corresponding month last year. Flour output was smaller than
in either January or a year ago, reflecting the seasonal decline in the
wheat supply.
Petroleum industry reports reflected further curtailment in production during February in conformity to plans of operators to
prevent over-production and accumulation of stocks. The output for
the month was the smallest since January, 1927. The production of
of bituminous coal declined from both the preceding month and
the corresponding month last year. Flour output was smaller than
in either January or a year ago, reflecting the seasonal decline in
the wheat suply.
Petroleum industry reports reflected further curtailment in production during February in conformity to plans of operators to
prevent over-production and acumulation of stocks. The output for
the month was the smallest since aJnuary 1927. The production of
bituminous coal declined from both the preceding month and the
corresponding month last year. There were increases in shipments
of zinc and lead ores over those for January but decreases as compared
with a year ago.
Building activity increased and with an early start operations were
ahead of last year. Permits issued in leading cities during February
were substantially larger than in the preceding month and a year
ago, both in number and value. Contract awards in the District as a
whole showed a good increase over January, but were a little below
awards in February 1927.
Study by University of Denver of Value of Agricultural
Marketings in Colorado From 1920 to Date.
The School of Commerce, Accounts and Finance of the
University of Denver, at Deliver, Colorado, presents, under (late of Feb., 1928, a study of the value of agricultural
Marketings in Colorado from 1920 to date. It is based
upon a selected group of farm products from which agriculture in Colorado derives approximately four-fifths of its
total cash income. We quote in part therefrom as follows:
This study undertakes to arrive at a measure of agricultural cash income in Colorado by a calculation of the value of farm marketings. It
represents fourteen important farm products' of which the yearly sales
by the farmer aggregate approximately 150 million dollars, or roughly
four-fifths of the total farm cash income in this state.
1901
Increase in the value of cattle marketings was responsible for most of
the gain of 1927 over 1026, as shown above, although several minor
products, notably peaches, apples, butter and butter fat, corn, and lettuce registered large gains in 1927. On the other hand, potatoes, hogs,
and eggs declined considerably in the value of their marketings from the
1926 figures.
Wheat, sheep and lambs, and sugar beets show little change.
Since 1921 there has been a steady upward trend in the value of farm
marketings in this state, a growth considerably more rapid than that
shown by the value of farm marketings in the United States.° The table
above, however, represents this trend as being somewhat more regular
than it actually has been, since it does not take into account such depressions as that occurring in the last half of the crop year, 1926-1927.
2 Comparison of the curves shown on the opposite
page
those for
the United States shown in the December, 1927, issue ofwith
this Review
should take into account the difference in scale.
(2) The purchasing power of Colorado farm income (i.e., the exchange ratio existing between farm products and the commodities included in the price index of the Bureau of Labor Statistics) has
gained
rather consistently throughout this period, partly as a result of the
growth in the value of Colorado farm marketings and partly, since the
middle of 1925, as a result of the decline in the general level of prices.
The combined effect of these two factors produced a farm purchasing
power about one-fifth greater in 1927 than it had been in 1920.
Inspection of curves comparing farm purchasing power for Colorado
and for the United States indicates that Colorado has been gaining
relatively faster in this res'pect in recent years. Since both curves
have
been corrected for price changes by means of the same index, this
is
merely another aspect of a more rapid rate of growth in the value of
farm marketings in Colorado than in the country as a whole.
(3) The seasonal variation in the value of Colorado farm marketings
is quite pronounced. According to measurements of customary
variation
made in this study, it ranges from a low point in July, measured by an
index figure of 45 to a high point in October, measured by 250. In
terms of percentages, less than 4% of the farmers' income is received in
July, ranging upward to 20% in October. Comparable figures for the
United States are 6% of farm income received in April and 12% in
October, the high point.
Farm Prices.-Prices of Colorado farm products have fluctuated considerably since 1920. Although 1927 fell off from the 1926 level, the
decline was less than that in non-agricultural prices, and thus, the purchasing power of the farmer's dollar increased. In the following table a
comparison is made between the indexes of Colorado farm prices and
farm prices for the country as a whole, with a further comparison with
non-agricultural prices and with the purchasing power of Colorado and
United States farm products. The variations between the state and national indexes are not, of course, due to variations in the prices received
by farmers for the same commodity, but rather to differences in the
relative importance assigned to prices of the same commodity in each
index. For example, in the Colorado index, prices of beef cattle have
an importance twice as great as they have in the national index.
Index Numbers of Farm Prices and of Wholesale Prices of Non-Agricultural Commodities.
(1920-1927 Average = 100%.)
Wholesale
Non-agri- Relative Purchasing Power
Colorado United States cultural
of Farm Products
Year
Farm Prices Farm Prices Prices
Colorado United States
1920
137.8
145.4
99.1
139.0
104.6
1921
80.7
82.3
96.3
83.8
85.5
1922
85.7
87.9
96.9
88.4
90.7
192.3
90.3
95.7
98.6
91.6
97.1
1924
95.0
89.8
93.4
96.1
101.7
1925
105.8
104.3
95.2
111.1
109.6
1926
105.7
96.5
92.9
113.8
103.9
1927
104.1
92.9
87.7
118.7
105.9
It will be noted that Colorado farm prices were relatively lower during
the first five years of this period and higher during the last three. In
part this is the result of the large weight given to prices of beef cattle
in the state index and to prices of cotton in the index for the United
States. The relative purchasing power of farm products (i.e., the ratio
between farm prices and non-agricultural prices) has also become more
favorable to the Colorado agricultural industry during the late years of
this period than to the country as a whole.
Business Conditions in San Francisco Federal Reserve District-Industrial Expansion at Slower Pace Than in
I The products included are wheat, corn, potatoes, apples, cattle and
February, 1927.
calves, sheep and lambs, hogs, butter, eggs, sugar beets, beans, peaches,
Isaac B. Newton, Chairman of the Board and Federal
lettuce, hay.
These data afford a basis for certain inferences concerning farm in- Reserve Agent of the Federal Reserve
Bank of San Francome and the development of the agricultural industry in Colorado durcisco, under date of March 20, thus summarizes conditions
ing the past eight years. Although the monthly values of agricultural
marketings are not altogether identical with monthly farm income, these in the district:
series should agree closely. The data upon market movement used in
this study do not in all cases represnt sales at the farm but frequently
transactions of middlemen which lag somewhat in point of time behind
farm sales. On the average this lag is probably slight. On the other
hand the practice of cooperative marketing organizations in disbursing
only a part of the value of products to members upon receipt and remitting the balance when the pool is closed out has the effect of deferring
a small part of farm income to a later time than indicated by the monthly
value of marketings. The yearly values of farm marketings is less subject to such influences and should be almost identical with farm income.
(I) The value of farm marketings during the first half of the crop
year, July, 1927, through June, 1928, compares favorably with the same
period in 1926. The following table shows dollar estimates in the first
half of each crop year since 1920:
Value of marketings
Six months ending
fourteen farm products
December
(in thousands)
1920
$118941
1921
63576
1922
66329
1923
74659
1924
84900
1925
95906
1926
104557
1927
113434
In the agricultural areas of the Twelfth (San Francisco) Federal
Reserve District physical conditions during recent weeks have generally favored winter planted crops and have facilitated spring farming operations. A shortage of rainfall is reported, however, in California, Nevada, and Arizona.
Industrial activity during the past month, although showing seasonal
expansion, continued at a slower pace than in the corresponding month
of 1927. A full seasonal gain in building and construction activity
has been evidenced by marked increases in the value of building permits issued in principal cities and has been reflected in the growth of
output at lumber mills of the district. During February, flour mills
of the district produced a record volume of flour for that month, continuing the strong upward movement in production which began in
January. Increased industrial and agricultural activity has been accompanied by a decline in unemployment.
Seasonal increases in distribution and trade were reported during
February, 1928. Dollar value of sales at wholesale and at retail was
larger than in February, 1927. In wholesale trade gains in sales during the second month of the year were larger than usual but sales at
retail showed a slightly less than seasonal growth. Carloadings increased during February, principally because of heavier shipments of
lumber products. Figures of total carloadings in the district were
larger than a year ago.
The general level of commodity prices has changed little during
February, 1928. A slight advance in grain prices and small movements in prices of other commodities, important in this district, have
been noted.
1902
121i.
FINANCIAL CHRONICLE
Banking and credit-a moderate increase in commercial demand for
funds has accompanied seasonal expansion in trade and industry.
Commercial loans at reporting member banks, however, are still
smaller in amount than they were a year ago. Customers' demand
deposits have declined slightly and commercial loans have increased.
Concurrently, there has been an increase in discounts at the Federal
Reserve Bank of San Francisco, largely on behalf of city member
banks. Interest rates remained unchanged during the month at about
the levels of a year ago.
Ohio Farm Situation Shows Improvement.
The Ohio farm situation shows both favorable and unfavorable features at this time with indication of some degree of improvement when all sections of the State are
considered. This conclusion is expressed in the March
Monthly Report on Farm Financial Conditions issued by
the Ohio,Pennsylvania Joint Stock Land Bank of Cleveland and is based on the replies to a questionaire sent to
435 banks having country business. In indicating this the
Joint Stock Land Bank says:New borrowings by farmers at banks are apparently somewhat smaller
In volume than a year ago though a wheat failure might lead to heavier
calls for loans on the country banks in some sections, according to this
survey.
Renewal of notes by farmers probably does not differ greatly from last
Year with here and there a section where notes have been reduced and
deposits increased. Improvements are especially noticeable in the tobacco
counties of southern Ohio.
Interest rates are generally at 6 or 7% with more reports in the survey
of7% than of6%. In a few sections a rate of8% is reported. Occasional
reports indicate that rates vary and depend on the conditions of the loan.
A highly favorable indication from the figures submitted by the banks
is the apparent effort of farmers to adjust their business to the size of
their income as is evidenced by the small reduction in new borrowings.
An absence of a strong demand for money for loans in many sections shows
that Ohio farmers are trying to make their farms self sufficient wherever
possible. This is another phase of the undertone of adjustment which is
resulting in more efficient methods and a more effective use of capital In
operating farms in the opinion of Samuel L. McCune, President of The
Ohio, Pennsylvania Joint Stock Land Bank.
Wheat prospects for this summer are only average lot he most favored
sections and are very poor in the southern half of the State. The poor
outlook in the counties south and southwest of Columbus is causing uneasiness because wheat is the main source of income at a time when farm
expenses are heavy. Usually favorable weather might permit higher
wheat yields than now seem likely but the chances are small for anything
like an average yield in most sections of Ohio.
A wheat failure would be very inconvenient in the oats belt of northern
and western Ohio but not as serious as in southern Ohio because the ground
can be reseeded to oats. In southern Ohio oats is not a favored crop.
There will doubtless be a heavy acreage planted to barley and soy beans
in the southern half of the State and this may lead to borrowing for seed
in many instances.
The Burley tobacco counties of southern Ohio are in the best financial
condition of recent years as a result of high prices for the 1827 crop. There
is a general feeling of optimism throughout this section which may load to a
marked increase in acreage for 1928 if the weather permits.
A small increase in corn acreage is indicated at this time subject to
the condition of the weather this Spring. Low hog prices may tend to
hold down the acreage of corn and on the other hand high prices for corn
may cause the acreage to increase. The increase, if any, Is not likely
to be large.
There is much interest in potato growing this year, especially in the
northeastern counties which favor commercial production. It so happens
that many dairymen are discouraged in those counties because of the
heavy loss of cows from testing for tuberculosis-these dairymen will
tend to return to potatoes.
Perhaps the most unfavorable factor in the Ohio agricultural situation
Is the general exhaustion of the corn supply on farms. The numbers
of livestock have been normal and yet supplies of feed are very low. This
shortage of feed is a direct expense and loss for farmers because purchasing
corn at $1.10 a bushel to feed 8 cent hogs means a feeding loss. Many
hogs are being sacrificed rather than incur the expense of purchasing
high priced feed.
There probably will be about a normal number of spring pigs this year
and with good summer prospects for corn these pigs should be profitable.
Farmers generally are hopeful for the summer and fall hog market.
Dairy prospects are fairly good and the price for dairy cows continues
high. Testing for tuberculosis in northeastern Ohio Is unsettling the
dairy industry in that section.
ing period a year ago. The value of new building contracts awarded in
New England during February,although larger than during the corresponding month of 1927, declined 36% from the'January total of 835.976:100.
Increased activity in the building industry has been general throughout
the entire country during recent weeks. The metal and metal products
Industries have reported improved business over a year ago In Now England cities. A slight increase took place in the number of wage-earners
employed in identical manufacturing establishments in Massachusetts;
but the increase was not as largo as usually occurs between January and
February. Commercial failures in New England during both January and
February exceeded those reported during the months of the previous year.
both in number and in liabilities. Sales of New England reporting department stores in February were less than 1% ahead of February 1927,while
preliminary reports indicate that March sales are likely to be less than those
of the corresponding month a year ago. Sales of new automobiles have
been larger than In January and February 1927. Money rates have been
firmer during March than in Febuary.
Report on Wholesale and Retail Trade in Philadelphia
Federal Reserve District.
Statistics covering wholesale and retail trade in the
Philadelphia Federal Reserve District during February, as
compared with January this year and February a year ago,
are made available as follows by the Federal Reserve Bank
of Philadelphia:
PHILADELPHIA
ADVANCE REPORT ON WHOLESALE TRADE IN THE OF
FEB. 1928.
FEDERAL RESERVE DISTRICT FOR THE MONTH
Trade.
Boots and shoes_,. 87.5%
108.2
Drugs
51.8
Dry goods
Electrical supplies.. 64.9
89.8
Groceries
70.2
Hardware
50.0
Jewelry
95.3
Paper
87.8% +1.1% -21.3%
+1.4
-5.4
102.4
-3.8
+17.6
60.9
+29.1
+53.2
99.4
+8.2
+0.1
89.9
-4.2
-1.9
68.9
-14.1
+21.6
60.8
-2.3
+2.2
93.1
+11.4%
-0.6
-13.4
+0.6
+3.3
-0.4
-4.4
Accts.Outstanding at End of Mo. Collee. During Mo.
Compared Compared Ratio to Compared Compared
with
with
with
Net Sales
with
Same
During Previous
Same
Previous
Month
Month
Month
Month
Month
Last Year
Last Year
Boots and shoes
Drugs
Dry goods
Electrical supplies
Groceries
Hardware
Jewelry
Paper
-4.1% +5.5%
-3.8
+0.1
+0.1
-3.3
+4.4
+6.5.9
+5.7
-1.6
+3.8
+0.1
+3.0
-4.6
-4.7
-0.8
600.0%
216.4
307.0
169.6
131.6
249.3
551.1
145.6
-34.3%
-12.2
-18.0
-2.6
-0.1
-75.2
+3.9
-10.5%
-12.2
+31.7
+2.8
-7.4
-6.8
+0.5
.Revised.
PHILADELPHIA FEDADVANCE REPORT ON RETAIL TRADE IN THE OF
FEBRUARY 1928.
ERAL RESERVE DISTRICT FOR THE MONTH
Net Sales.
Index
Numbers
of Sales Feb.1928.
(% of '23 Compared Jas. 1Feb. 29
with
Monthly
1928
Average). Fob. 1927
77.4
74.2
All reporting stores
Department stores
In Philadelphia
Outside Philadelphia
Apparel stores
Men's apparel stores
In Philadelphia.
Outside Philadelphia
Women's apparel stores
In Philadelphia
Outside Philadelphia
Shoe stores
Credit stores
Stores in:
Philadelphia
Allentown. Bethlehem and Easton
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre
Williamsport
Wilmington
Improvement
Federal Reserve Bank of Boston Reports
All other cities
in Industrial Situation in New England.
Stocks as Stoats at
End of
End of
In its April 1 "Monthly Review" the Federal Reserve
Mo. Com- Mo. Cornpared with pared with
Bank of Boston states that "during recent weeks the general
Mo. Apo. Year Ago.
industrial situation in New England has continued to im-2.2
.5.9
All reporting stores_ 1
prove, and the index of New England Business activity Department
-1.8
stores_ +5.7
to
January
level
from
a
%%
1
In
about
-2.3
Philadelphia._ +6.0
advanced in February
Outside Phila.._ _ +5.0
-0.7
slightly below that which prevailed between March and Apparel stores
-1.1
+15.9
-4.4
Men's
app'l
stores
+16.6
the
to
has
following
also
say:
Bank
The
October 1927."
In Philadelphia +29.4
-3.6
-5.4
Outside Phila.. +0.2
The Index for both January and February this year was higher than for
Women's app'l st. +16.3
+1.8
the corresponding months a year ago. A distinct improvement was reported
In
-0.5
+15.3
Philadelphia
in the business activity of the entire country In February, principally due
Outside Phila._ +14.9 +18.4
to increases in the production of iron and steel and automobiles. Prac- Shoe stores
-1.8
+2.4
-1.8 -12.2
tically no change has taken place in the general level of wholesale com- Credit stores
In:
Stores
and
hides
leather
group
the
modity prices since last September, although
Philadelphia
-3.0
+6.6
has shown considerable strength since the latter part of last year. New
Allentown. Bethlehem & Easton
0.0 +10.3
England cotton mills consumed more cotton during February than in
Altoona
+3.0
+6.9
January,'although the volume was considerably less than In January or
Harrisburg
-8.5
+10.3
February a year ago. Production of fine cotton goods was in about the
Johnstown
-12.4
-0.3
same volume as in February, 1927. There was an increase of about 8%
Lancaster
+14.3
+9.6
Reading
+4.1
+2.6
in the amount of raw wool consumed by New England mills in February
Scranton
-6.0
-2.2
as compared with February a year ago. Activity in the Boston market,
Trenton
-2.7
+3.8
have
continued
however, has been only moderate,while raw wool prices
Wilkes-Barre
+5.5
--4.7
to rise. The production of boots and shoes in New England increased in
___
Williamsport _ -- _
-2.0
Wilm Ington
4-2-.0
February, as compared with January, and during the first two months of
-4.8
All other cities__ _ +6.5
the year production was more than 10% greater than during the correspond-
Stocks at End of Mo.
Net Sales During Month.
Compared Compared Compared Compared
Index Numbers
with
with
with
with
(P. C. of 1923-1925
Same
Previous
Same
Monthly Average) Previous
Month. Month. Month. Month
Last Year.
Last Year.
*Jan.'28. Feb.1928.
94.2
74.5
103.9
•
96.7
92.3
75.3
91.5
67.5
74.9
77.7
78.1
74.5
60.2
79.6
69.4
83.3
101.8
____
-3.4
-3.7
-5.0
-0.5
-0.2
+1.5
+0.0
+4.7
-0.9
-1.5
+5.2
+4.6
-11.9
-4.5
+0.8
-6.8
+2.7
-8.2
4-9.8
+1.6
-4.4
+5.2
-0.7
+11.1
+3.1
-4.8
-5.3
-6.4
-2.7
-2.1
-6.3
-7.9
-3.3
-0.2
-0.6
+3.3
+8.4
-12.2
-5.6
-1.4
-5.0
-1.8
-10.8
+2.8
+0.5
-4.0
+0.6
-0.4
-3.1
0.0
-17.2
-4.9
Illj
Ill
Stocks Accounts Collection
Stocks
Turnover Turnover Rosie. at Duey Mo.
Jan. 1- lndefMo. Compared
Jan. 1
with
Feb. 29 Feb. 20 Can. with
1927. Year Ago, Year Ago.
1928.
-1.8
+10.7
+6.4
+37.4
-0.5
+4.3
+2.8
+4.5
+2.7
+10.5
-2.8
__
-2.8
+12.9
+16.0
-3.1
+3.0
+2.1
"
+14.7
I, III
+10.0
+10.5
1E-0.1
+iii.a
-3.3
+5.6
-7.5
-1-0:4
-3.9
0.0
-5.6
+if.f/
+-1-6-.5
0.47
0.49
0.42
0.73
0.45
0.51
0.39
0.94
0.99
0.49
0.48
0.50
0.43
0.72
0.46
0.50
0.41
0.93
0.97
+4.4
+7.8
+4.2
+7.8
+15.1
+9.8
-1---0-.a
+16.5
+17.5
0.61
0.42
0.65
0.38
+13.0
+5.0
0.48
0.40
0.52
0.30
0.38
0.43
0.43
0.39
0.43
0.41
0.52
0.40
- -.:I0
0
0.32
0.41
0.52
0.45
0.42
0.39
0.43
0.53
0.45
0.41
0.50
0.39
- -.:40
0
0.34
-3.9
--
-1.4
MAR. 31 1928.]
FINANCIAL CHRONICLE
Industrial Conditions in Illinois During February—
Analysis Ey Cities of Employment Conditions.
As indicated in these columns last week (page 1733), the
course of employment in Illinois during February was upward. In an analysis of the industrial situation by cities,
Sidney W. Wilcox, Chief of the Bureau of Labor Statistics,
Illinois Department of Labor, says:
With the single exception of.one city, manufacturers in all centers reported more workers than in the preceding month. Unemployment conditions have also been mitigated, according to the reports of the thirteen
free employment offices. In eleven of the thirteen cities the placing of
workers has been easier than in the preceding month.
The industrial changes which have resulted in the general improvement
appear to be principally in the metal industry, although decided gains
appear in payroll records of meat packers and clothing manufacturers.
Weather conditions have hampered outdoor activities which, with the
coming of Spring, will offer employment to considerable numbers of
workers. It should be borne in mind, however, that Quincy is the only
center to report that its local labor supply is not adequate to fill all
demands.
Aueora.—Employment reports from 19 Aurora firms indicate that conditions have improved in that city. While increased payrolls are noted
in all lines, the greatest gains have been scored by metal establishments
and clothing products factories in which additions of no less than 70
names have been added. Improvement is also reflected in the free
employment office figures which indicate a decline in the ratio of
applicants per 100 jobs from 205 in January to 196 in February.
Moomington.—The employment outlook shows a decided improvement
In Bloomington, especially during the last two weeks, during which a general industrial pick-up is reported by the press and is indicated in the
free employment office statement which shows that the ratio of applicants per 100 jobs has declined from 138 to 134 during February. The
difference between this information and that gathered in the reports of
12 manufacturers whose reports indicate a 2.5% decline may be explained
by the difference in the period covered by the respective reports. Manufacturers are asked to report on conditions preceding the 15th of the
month, whereas the free employment. and press summaries cover the entire 29 days. In the case of Bloomington several firms shifted from a
part-time to a full time basis, so that the improvement is largely an improvement for the employed worker and has no immediate significance
for the job-seeker.
Chicago.—Eneployment conditions in Chicago have improved during
February. Reports from leading manufacturers indicate a gain of 1.9%
In the total volume of employment which is due to gains in all major
lines, including iron and steel, meat packing and clothing. A decline
In the printing industry is a single exception and is a reversal of the
usual February experience. The free employment office ratio also indicates an improvement due to a decline in the number of job-seekers apply.
;lig at the office. While fewer jobs have also been offered than in the
prceding month, a greater percentage of applicants was placed than in
the preceding month.
Cicero—With a single exception, each of the eight reporting Cicero
Manufacturers showed improvement over January. The additions in most
instances have been small ones, ranging from 28 workers in a stove foundry
to three in a chemical establishment, so that the actual amount of relief
which has been experienced by the job-seeker is not as great as might be
Implied. Jobs have been easier to obtain than they were in January, however. The free employment office reports that 231 workers applied for
every 100 jobs in comparison with 255 in January.
Dancille.—All available information indicates that employment conditions have improved very decidedly during February. Two building products concerns added 100 workers to their payrolls, and 110 more names
than in January appear on the payroll of an iron foundry. A large textile products concern also reports an increase over last month. Additional
confirmation of better conditions is obtained from free employment office
reports which indicate a decline in the ratio of applicants per 100 jobs from
163 in January to 150 in February.
Decatur—Employment conditions in Decatur have been very unsettled
during February. Although manufacturers followed their usual policy
of adding workers to their payroll, the free employment office ratio
of .296 applicants per 100 jots indicates that it has been mere difficult
to place applicants than was the case in January, when 50 more jobs
were available. The apparent difference in the experience of the manufacturers and the free employment office is due to unfavorable weather
conditions which have resulted in a decreased demand for outside workers,
but which have had no influence on general factory conditions.
East St. LOItiI.—Nineteen East St. Louis manufacturers report a gain
of 0.4% in the number of workers on their payroll, which also showed
that they paid 6.3% more money in wages than in January. The gain
is due largely to a single representative of the meat packing industry. In
the metals groups, reductions have been the rule, although they have been
very slight in all instances. Additional evidence of improved conditions
comes from the free employment office which reports that the ratio of
applicants per 100 jobs has cieelined from 144 in January to 123 in February. This improvement is greater than the figures actually indicate
because a large plant hiring over 700 workers has recently been dismantled
and its employees have been placed on the employment market. The implied ability of East St. Louis industry to absorb the unusual supply
points to active industrial conditions.
steel Industry reports improvement for the 'second sucJo
cessive month. In one establishment 75 more names appear on the
in
a second instance, an addition of 50 workers is reported.
payroll ; and,
The building products industry is also offering employment to more
workers than in January. The free employment office reports also indicate an improvement. Last month 243 workers applied for every 100
jots, and in February the ratio declined to 192 workers.
Peoria.—A slight upward movement of 0.7% in the volume of employment in 34 Peoria factories has been reported. The free employment office
also reports that conditions have become better, the ratio for February
standing at 321 in comparison with 345 in January. The present upturn
in the volume of employment is due largely to small increases on the
part of several groups, notably food and metals. With the return of
Spring, outside industries are also expected to become very active according to the free employment office which reports that they have
already been slaking inquiries for help.
Quincy.—Every line of industrial activity in Quincy showed improvement over a month ago. The free employment office superintendent reports
that, if weather conditions permit, the increase in building and industrial
activity will nesessitate the importation of workers from outside sources.
1903
Large road construction projects are now being planned in addition to
the seasonal improvement in industry to which Quincy may look forward.
According to the Quincy building inspector, the estimated value of buildings to be constructed is higher than it has been for any time for which
figures are obtainable.
Rockford.—The industrial improvement which has characterized Illinois
during February received considerable support in Rockford, especially in
the metal lines, in which some noteworthy employment gains have been
reported. In a machine products establishment, 25 more names appear
on the payroll than in January; and in another instance, 46 more workers
are reported. An agricultural implements factory reports 47 additional
names. Reports from the free employment office are in agreement with
the manufacturers' report. During February 191 more placements were
made than in January. The ratio of applicants per 100 jobs has declined
from 134 of a month ago to 119 for February.
Rock Island-Motiae.—Continued improvement in the iron and steel
industry, especially farrn implements, has carried the volume of employment above its January level. One automobile plant reports that it has
added 30 workers to its payrolls; and in a farm implement factory, 65 additional names are noted. There are a number of other instances when
as many as forty people have been placed on the working staffs of individual firms. Again, it is interesting that the free employment office
report fails to reflect this general improvement. The difference is due
largely to outside weather conditions which have tied up construction and
farming activities.
Springfield.—The course of employment in Springfield has been slightly
upward according to the reports 'of 8 Springfield manufacturers whose
payrolls show that 0.1% more workers have been employed than in January. The free employment office reports also indicate improvement, the
ratio for February being 125 in comparison with 196 in January. The
gain in employment is due entirely to the farm implement industry and
cannot be ascribed to all lines, most of which report small reductions. According to the free employment office superintendent's summary, an abundance of clerical help is to be found in Springfield, in addition to the
usual surplus of common labor.
Sterling-Rock Palls.—For the third successive month, manufacturers hi
the Sterling-Rock Falls communities report additional workers on their
payrolls. Since the beginning of the year, employment increased in this
locality have shown the greatest per cent, of gain in any district in
Illinois for which data are obtainable. The pick-up has been due largely
to a continued upward movement in the volume of production in the industries supplying fanners with steel and iron equipment.
Favorable Business Conditions In South and Southwest Seen By D. H. Cook, of American Surety
Co. Who Returns From Visit to That Section.
General business conditions in the South, Southwest
and Middlewest are either actually favorable st the moment
or on the upturn, according to D. H. Cook, Vice-President
of the American Surety Company, who has just returned
from visiting offices of the corporation in Altanta, New
Orleans, Dallas, St. Louis, Cleveland, Chicago, and other
important cities. Henry Ford's delay in getting his new
model into quantity production, and the advantage this
delay has given General Motors and other manufacturers,
of low-priced cars was the subject of much discussion in
business centers, according to Mr. Cook. Since the automobile producers require materials from many different
lines, activity and prosperity in the trade has far reaching
ramifications and for this reason widespread interest is
being shown in what is occurring in motordom. Mr. Cook
also reports that employment in the centers visited seemed
to be on the up grade, after a slump in some quarters.
The resumption of the Ford plants has been a major in fluence in this respect and the action of a number of large
public utilities in beginning extension work a little earlier
than usual has also improved the labor situation.
According to Mr. Cook's survey in the South, the higher
level of cotton and tobacco prices this season has encouraged
planters and augumented purchases of all kinds of merchandise. Many of the cotton spinners have been suffering from overproduction and would like to see lower quotations for their raw materials. Increased acreage for the
new cotton crop points to greater demand for fertilizers
and implements. He states that Texas ranchers have
profited heavily by the higher prices for cattle, and farmers,
too, have become more prosperous by reason of favorable
weather and crop diversification. The Federal Land Bank
at Houston reported that of $8,500,000 due the institution
during 1927 from Texas farmers, all but $15,000 paid, the
delinquency amounting to less than one fi th of one percent of the total. The farmers of Tennessee, Missouri and
Ohio are likewise meeting their obligations with apparent
ease. Soil conditions are good as a whole, although more
rain is desired in some areas. Apparently merchants still
remember their troubles during the deflation period following the war and as a consequence have been buying on a
conservative scale. While this does not please all manu
facturers and wholesalers, it prevents inflation of prices
for commodities and makes for a stability that is highly
beneficial in the long run. In no districts did there appear
to be any money stringency, ample funds being available
to take care of projected enterprises of promise.
1904
FINANCIAL CHRONICLE
Course of Building Construction in Illinois Downward
During February.
The course of building construction in Illinois during
February has been downward according to permits issued in
28 leading Illinois cities. The total volume of construction
for the first 2 months is also less than in the comparable
period in 1927. The monthly survey notes that the decline
has been felt principally by residential builders, and says:
The present movement is due largely to declines in Chicago which reports
a $4,245,000 drop from Jan. 1927. It is interesting to note in this connection that the permit for the new 320.000.000 opera house has not yet
been issued, although contracts have been awarded for its construction.
The inclusion of this total in building contract statistics, and its omission
from building permit totals has resulted in an interesting difference in the
February movement.
The survey issued March 17 by Sidney W. Wilcox, Chief
of the Bureau of Labor Statistics of the Illinois Department
of Labor, further states:
Among other cities to report losses in the metropolitan area, Evanston
stands foremost with a loss of $748,400. Winnetka and Highland Park also
report that permits indicate a decline in building construction.
Inclusive of the entire metropolitan area, Oak Park shows the most
favorable gain with an increase of $576,000 in the volume of permits issued.
Cicero comes second with a $275,181 gain. Among the construction activities which account for the gain in Oak Park building is the erection of a
$200,000 office building and 2 mercantile establishments whose construction
will cost $237,000. In Cicero a new public utility office costing $90,000 is
being planned, and a permit for a $35.000 garage has been issued.
The course of building in the outside metropolitan area as indicated by
building permits has been generally upward. A gain of $522,656 has been
reported by Quincy in which permits for the erection of 2 hospitals costing
5300.000 has been issued. The contemplated construction of a $50,000 fire
proof warehouse also helped swell the total. A gain of $73,610 in Peoria
building permits helped the general down-state gain which also received
support from Freeport which reports a $312.550 gain due largely to the
erection of a large office building costing $300,000. Other down-state
cities to report large gains are Aurora and Joliet. In Decatur, East St.
Louis, Elgin. Rockford, Springfield and Waukegan the estimated cost of
buildings to be constructed is less than in January.
Details are furnished in the following tables:
NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY
PERMITS ISSUED IN ILLINOIS CITIES IN FEBRUARY 1928 BY
CITIES, ACCORDING TO KIND OF BUILDING.
Total.
Cities.
February, 1928.
No.
Bldga.
Whole State
Metropolitan AreaChicago
Berwyn
Blue Island
Cicero
Evanston
Glen Ellyn
Highland Park
Maywood*
Oak Park
Wilmette
Winnetka
Non-MetropolitanAurora
Bloomington
Canton
Danville
Decatur
East St. Louis
Elgin
Freeport
Joliet
Moline
Murphysboro
Peoria
Quincy
Rockford
Rock Island
Springfield
Waukegan
Estimated
Cost.'
January. 1928
Feb. 1027
No. Estimated
Bides.
Cost.
Estimated
Cost.
2.223
528,756,385 1,760 332,349,036 $41,941,141
1.345
79
22
26
66
25
17
23
70
14
12
23,371.100 1,012 27,516,645 36,267.155
585,100
52
631,700
829.700
15
42.345
52,650
66,678
317,856
9
42,675
279.808
613,500
1,361,900 1,260,100
54
133,003
16
253.400
85,200
13
78.850
130,425
153,511
98,575
20
53,675
151,725
1,038,302
38
462.660
251,315
171,975
6
6-.600
163,075
11
75,300
242,700
137.430
28
7
150,429
20.500
18
6
74,025
20,000
138,965
23.500
12
56
63
47
7
26
31
22,750
165,300
134,960
126,220
318,300
223,650
34,895
7
68
39
94
3
16
25
19,878
174,100
144,291
164,250
5.750
37,150
38,689
85,000
201,800
742,750
112,025
28,400
97,450
42.928
75
30
40
30
43
29
219,810
544,506
110,815
7,300
77,704
93.250
50
10
49
25
58
48
146,200
21,850
148,903
44,190
127.630
272.100
121,935
53,905
180,250
97,531
262,530
86.475
Residential
Buildings.
February 1928
Cities.
No. Estimated
Cost.
Bides.
Non-residential
Buildings.
Add.. Alts., Repairs, Install.
February 1928.
February 1928
Families
Provided
for
House- No. Estimated
keeping Bldg*.
Cost.
Divalinos.
No. Estimated
Cost.
Whole State
923 316,795,705 2,982
636 $10709837 641 $1,152,268
Metropolitan Area
Chicago
324 8,621,250 381
660 14,050,300 2,536
699,550
Berwyn
42
126,300
32
437,000
75
5
1,800
Blue Island
4
10
33,000
5,535
6
8
3,810
Cicero
187,000
49
16
129.856
2
1.000
Evanston
65
92,500 25
25
471,000
16
50.000
Glen Ellyn
2,403
127,600
14
14
1
10
3,000
Highland Park__
3
15,200 .
33,500
3
8
30.150
Maywood*
•
•
•
Oak Park
534,405
491,097 11
35
64
24
12,800
Wilmette
52.475
119,500
9
5
9
WInnetka
1
9,800
60.000
5
6
5
5,500
Non-Metropolitan
Aurora
82,500 16
4
37,400
8
30,529
5,500
Bloomington
1
3
14,000
3
3
1,000
Canton
la
Danville
2
5,200
2
17.550
98,350
9
Decatur
34
59,400
13
13
7,550
East St. Louis
50,850
9
32
78,800
23
22
5,310
Elgin
45,365 21
17
54,500
12
9
26,355
306.800
2
Freeport
4
1
8.500
3,000
Joliet
131,950 13
5
82,000
9
8
9,700
Moline
3.736 20
17.000
3
3
14.159
Murphysboro
Peoria
25,900 37
20
135,300
25
18
58,610
Quincy
379,785
8
13
38,300
9
9
126,421
Rockford
13.750 19
8
84,000
23
13
13,065
Rock Island
275 28
2
7,025
Springileld
11,160 15
19
9
9
51,000
15,634
Waukegan
7,500 11
6
12
77.000
16
8,750
*Complete total f sure exceed detail Igures by 23 buildings and $98,575 estimated
cost, since classified figures are not available for Maywood.
[VOL. 126.
NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY
PERMITS ISSUED IN 28 ILLINOIS CITIES FROM JANUARY
THROUGH FEBRUARY 1928, BY CITIES, ACCORDING TO
KIND OF BUILDING.
Total.
Cities
January-February 1928 Jan.-Feb. 1927.
No.
Bides.
Whole State
Metropolitan AreaChicago
Berwyn
Blue Island
Cicero
Evanston
Glen Ellyn
Highland Park
Maywood*
Oak Park
Wilmette
Winnetka
Non-Metropolitan AreaAurora
Bloomington
Canton
Danville
Decatur
East St. Louis
Elgin
Freeport
Joliet
Moline
Murphysboro
Peoria
Quincy
Rockford
Rock Island
Springfield
Waukegan
Residential
Buildings.
Jan.-Feb. 1928.
Estimated
Cost.*
Estimated
Cost.
3,983
461,105,421
2,357
131
37
35
120
41
30
43
108
20
23
50.987,745
1,196,800
94,995
360,531
1,975,400
386.403
209.275
152,250
1,500,962
233,575
318,000
59,116.440
1,054,100
101,818
442,278
2,092,850
97,000
305,311
263,325
438,100
212,175
261,080
46
13
224,454
40.500
223.060
36,500
19
124
102
141
10
42
56
42,628
339.400
279.251
290.470
324.050
260,800
73,584
125
40
89
55
101
75
366.010
566,356
259,718
51,490
205,424
365,350
103,000
335,750
798,786
157,125
184,100
250,350
64,429
3.500
211.760
76,173
337,985
212,221
364,020
236.850
$67,980,086
Non-residential
Bu.ldings.
Add., Mts., Repairs, Install.
Jan.-Feb. 1928.
Jan.-Feb. 1928.
Families
Provided
for
No. Estimated House- No. Estimated No. Estimated
Mits.
Cost.
keeping Bldgs.
Cost.
Cost.
&rigs.
Meetlingo.
Whole State
1,719 $38.106,133 6,226
1,046 320430984 1,176 $2,416,054
Metropolitan Area
Chicago
1,186 32,348.600 5,289
517 17,044,695 654 1,594,450
Berwyn
71 1,056,000
186
53
136,000
4,800
7
Blue Island
10
71,300
12
16
18.835
4,860
11
Cicero
22
221,000
10
55
137.131
2,400
3
Evanston
38
965.000
86
44
925,100
85,300
38
Glen Ellyn
26
253.400
26
13
128,003
5,000
2
Highland Park_
_
10
152,500
10
10
16,325
40,450
10
M aywood•
•
•
•
•
•
Oak Park
38
940,905
139
49
524,782
21
35,275
Wilmette
13
180.500
13
7
53,075
Winnetka
10
240,500
11
30
71,700
5,800
2
Non-Metropolitan
Aurora
18
95,460
83,875
7
18
21
45.179
Bloomington
5
24,000
4
5
4
6,500
10,000
Canton
Danville
15,678
6
13
26.950
Decatur
37
180,300
21
136,500
66
37
22,600
East St. Louis
37
157,250
50
108,031
18
47
13.970
Elgin
22
117,100
122,805
50,565
31
28
88
Freeport
1
8.500
1
2
7
3,000
312,550
Joliet
13
115,000
23
14
13,250
132,550
Moline
11
48.500
15
11
19,585
30
5,519
Murphyaboro
Peoria
it)
226,300
43
43,450
62
27
96,260
Quincy
13
48.100
13
128,121
390.135
11
16
Rockford
28
152,500
56.653
34
27
46
50,565
Rock Island
5
19,t00
4
32,015
46
475
Springfield
27
142.800
27
44
31,935
30
30,689
Waukegan
36
326.000
15
76
24
22,750
16,600
* Total figure exceeds details by 3152,250, since detailed figures are not available
for Maywood.
Cuban Sugar Cut 11% by Decree-American Owned
Mills Get Favored Treatment.
From the "Sun" we take the following Associated Press
advices from Havana, Mar. 28:
American-owned sugar mills received by far the beat treatment from
President Machado's sugar decree, allocating to each mill a maximum
amount of sugar that it may produce this year. The general reduction
of the crop amounts to a fraction more than 11% as compared with 1927.
The reduction allotted to 42 mills, belonging to the five largest American
companies, and which produce more than one-third of the entire Cuban
crop, amounts to about 8%. The differential enjoyed by the Americanowned mills amounts to 103.000.000 pounds of sugar.
Of the 188 mills operating in Cuba this year, all but 17 had their quota
cut. Porvenir mill, in Matanzas, suffered .the greatest cut, amounting
to 84%. On the other hand, Jaronu, in Camaguey Province, owned by
the influential Mendoza family, has its quota increased 22% and will be
allowed to produce 92,300 tons of sugar this season.
The following tabulation shows the allotments in bags of sugar to ten of
the principal sugar producing companice, as compared with actual production in the preceding year.
1928.
1927.
Quota.
Artual.
Decrease. Per Ct.
Cuba Cane
3,200,585
3,411,376
210,791
6.2
General Sugar
1,676,455
1,911,800
253,345
12.3
Cuban American
1,619,345
1,851,649
232,304
12.5
Punta Alegre
1,111,642
1,203.945
92,303
7.7
American Sugar
1,098.716
1,069,958
*28,758
2.7
United Fruit
969,456
968,397
*1,059
0.1
Oriente
751.484
842,927
91,443
10.8
Cuba Co
669,472
752,210
82,738
11.0
Mannti
662,462
655,475
1.1
*6,987
Antilla
439,486
509,222
69,736
13.7
* Increase.
Report on Manufacturing Employment in Ohio During
February-For First Time Since March 1927 Gain
is Shown over Preceding Month.
In a report for February on employment conditions in
manufacturing industries in Ohio and Ohio cities, the Bu-
MAR. 311928.]
FINANCIAL CHRONICLE
reau of Business Research of the Ohio State University
says:
February employment in the State of Ohio showed a substantial increase over the previous month for the first time since March, 1927. This
is the first time since May, 1927, that employment was greater than during
the same month of the previous year. Employment during February was
5% greater than January, and slightly greater than February, 1927.
Employment during the first two months of 1928 was 1% less than
during the same period of 1927. The increase from January was shared
by 282 of the 450 reporting concerns; 140 of the concerns showed declines and 28 of the concerns showed no change from January.
February employment was greater than January in all of the groups
of industries excepting the chemical and rubber products groups. The
decline in both of these groups was less than 1%. The greatest increase
from January of 13% was in the vehicle group.
February employment was greater than February, 1927, in the food
products, metals other than iron and steel, rubber products, stone, clay
and glass, and vehicle groups of industries. Employment in February
was less than February, 1927, in the chemical, iron and steel, lumber,
machinery, paper and printing, and textile groups of industries.
MANUFACTURING EMPLOYMENT IN OHIO.
an each series average month 1923 equals 100.1
Industry.
Number
Indexes.
of
Reporting Jan. Feb.
Firms. 1928. 1928.
15
34
42
11
148
16
31
22
4.1
26
44
19
111
101
89
82
94
93
117
128
98
96
77
97
111
105
97
83
99
99
117
127
104
100
87
101
-1%
+4
+9
+1
+5
+6
+1
-1
+6
+4
+13
+4
-5%
+9
0
-10
-8
+14
-2
+8
+3
-2
+10
0
450
96
101
+5
n
C., 001 CO Co CI
Total
Change Average
from Jan.-Feb.
Feb.
Change
1927. from '27.
t—tt.
Chemicals
Food products
iron and steel
Lumber
Machinery
Metal other than iron & steel
Paper and printing
Rubber products
Stone, clay and glass
Textiles
Vehicles
Miscellaneous
Change
from
Jan.
1928.
-1
MANUFACTURING EMPLOYMENT IN OHIO CITIES.
lin each series average month 1923 equals 100.1
City and Industry.
Number
Indexes.
Change
of
from
Reporting Jan. Feb.
Jan.
1928. 11928.! 1928.
Akron:
Rubber products
Others
Total
Cincinnati:
Chemicals
Machinery
Paper and printing
Textiles
Vehicles
Miscellaneous
Total
Cleveland:
Food products
Iron and steel
Machinery
Paper and printing
Textiles
Vehicles
Miscellaneous
Total
Columbus:
Machinery
Miscellaneous
Total
Dayton
Machinery
Miscellaneous
Total
Toledo:
Machinery
Miscellaneous
Total
Youngstown:
Machinery
Miscellaneous
Total
Stark County:
Iron and steel
Machinery
9
Change Average
from Jan.-Feb.
F.b.
Change
1927. from '27.
136
84
122
135
86
122
-1%
-2
-I
+10%
-15
+4
+12%
-14
+6
22
7
7
5
9
60
138
99
116
86
45
94
97
135
109
116
92
50
94
101
-2
+10
-2
+36
0
+25
+7
+11
0
+3
-10
-23
-2
+3
-12
-27
-6
0
8
9
39
6
7
23
13
109
107
90
87
128
114
74
90
93
111
96
92
131
118
80
92
97
+4
+6
+5
+3
+3
+8
+3
+5
+10
-2
-8
-8
+1
-13
-3
-5
+10
-3
-7
-8
+1
-13
-4
-4
8
19
25
76
105
98
85
107
102
+11
+3
+4
-28
+9
-1
-25
+10
+1
10
7
21
156
62
101
155
67
104
0
+8
+3
--4
+8
+1
--4
+6
0
9
18
27
57
90
84
60
104
95
+5
+14
+13
-25
+1
-3
-28
+3
-2
5
6
11
84
112
110
89
115
113
+6
+3
+3
-15
+3
+2
-20
+5
+3
5
5
83
52
98
54
'a
+17
+5
'71
St0
+5
-11
-1- 10
7
-16
6
15
6
o
+1
_1_ A
+2
Akron.-February employment in Akron was one-half of 1% leas than
January and 4% greater than February, 1927. Employment during
the
first two months of 1928 was 6% greater than during the san e period
of 1927. Eight of the fifteen reporting concerns showed increases from
January, and seven showed decreases.
The decline from January was caused by a decrease of 1% in the
rubber products industry. Employment in this industry during February
was 10% greater than during February, 1927. The decrease from January was shared by 5 of the 9 reporting concerns.
Cincinnati.-February employment in Cincinnati was 3% greater than
January, and 3% greater than February, 1927. The increase
from
January was shared by 33 of the 60 reporting concerns.
All of the groups of industries except chemicals and miscellaneous
showed increases of February employment over January. The greatest
increases of over 11% were in the vehicles and machinery groups.
February increases over February 1927 were shown in the food products,
machinery, and printing and publishing groups, while declines during the
same period were shown in the chemicals, textiles, vehicles, and miscellaneous groups.
Clevelaiut.-February employment in Cleveland was 5% greater than
January, and 5% less than February, 1927. The increase from January
was shared by 76 of the 109 reporting concerns, 29 showed decreases,
and 4 showed no change from January. All of the groups of industries
showed increaser) of February from January; but the food and textile
groups were the only ones to show increases from February, 1927.
Cotumbus.-Seventeen of the twenty-five concerns reporting February
employment showed increases from January. February employment was
4% greater than January and 1% less than February, 1927.
February employment in the machinery group was 3% greater than
January and 28% less than February, 1927. The increase front January
was shared by all of the six reporting concerns.
Dayton -February employment in Dayton was 3% greater than Janu-
1905
ary and 1% greater than February, 1927. Thirteen of the 21 reporting
concerns shared in the increase from January.
While only three of the ten concerns in the machinery group showed
increases during February over January, the employment in this group
was practically the same as January. February employment was 4%
less than February, 1927.
Toledo-February employment in Toledo was 13% greater than January, and 3% less than February, 1927. The increase from January was
shared by 19 of the 27 reporting concerns. In the machinery group, February employment was 5% greater than January and 25% less than February, 1927.
Youngstown.-Five of the eleven reporting concerns in this showed increases of February over January, five showed decreases, and one showed
no change from January. February employment was 3% greater than
January, and 2% greater than February, 1927.
Stark County.-February employment in Stark County was 12% greater
than January and 4% greater than February, 1927. Thirteen of the 18
reporting concerns showed increases of February over January, three
showed declines and two showed no change from January. Both the
machinery and iron and steel groups showed increases of February over
January, although the iron and steel group was the only one to show an
increase over February, 1927.
Lumber Has Biggest Week in 1928.
Lumber production, shipments and orders during the week
ended March 24 surpassed all previous records for this year,
according to telegraphic reports received by the National
Lumber Manufacturers Association from 720 leading soft-.
wood and hardwood mills of the country. Production
increased approximately 15,000,000 ft. over the preceding
week to 311,000,000 ft., while orders reached the unprecedented total of 359,689,000 ft., as compared with
340,850,000 ft. reported for the week before from 715 mills.
Gains in the softwood group were substantial despite the
fact that 346 mills reported for the week under review while
361 filed reports for the preceding week. Compared with
the correspoding period of last year, the currently reporting
softwood mills recorded an increase of 38% in orders, 32%
in production and slightly less than 20% in shipments.
The 374 hardwood units included in the analysis showed
comparatively large gains all along the line as against the
figures for the 354 units reporting for the preceding week.
Production and shipments each increased approximately
10%, while orders advanced more than 16%. In this group,
because of the larger number of currently reporting units,
the figures are not comparable with those of last year. The
Association's report further states:
The unfilled orders of 216 Southern Pine and West Coast mills at the
end of last week amounted 10 715.072,708 ft., as against 678.914,395 ft. for
213 mills the previous week. The 102 identical Southern Pine mills in the
group showed unfilled orders of 240,151,652 ft. last week, as against 235.
940.276 ft. for the week before. For the 114 West Coast mills the unfilled
orders were 474,921,056 ft., as against 442,974,119 ft. for 111 mills a week
earlier.
Altogether the 346 reporting softwood mills had shipments 103%. and
orders 118%, of actual production. For the Southern Pine mills these
percentages were respectively 109 and 115; and for the West Coast mills
96 and 118.
Of the reporting reins, the 346 with an established normal production
for the week of 244.505.854 ft., gave actual production 104%, shipments
108% and orders 123% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of eight softwood, and two hardwood, regional associations,
for the three weeks indicated:
Fast Week.
Corresponding
Week 1927.
Softwood. Hardwood. Softwood. Hardwood
Preceding Aeek 1928
(Revised).
Softwood. Hardwood.
Mills
346
374
332
143
361
354
Production_ 254,843.000 56,176.000 192,567,000 20,279,000 246,208,000 50,421.000
Shipments _ 263,642.000 56,867,000 218,768,000 22,949.000 261.578,000 51.585.000
Orders
300,055,000 59,634,000 217,408,000 25,577,000 289,565.000 51,285.000
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 114 mills reporting for the week ended March 24, was 18%
above production, and shipments were 4% below production, which was
127,858,388 feet, as compared with a normal production for the week of
110.458,042. Of all new business taken during the week, 52% was for
future water delivery, amounting to 78,519,113 feet, of which 53,320,729
feet was for domestic cargo delivery. and 25,198.384 feet export New
business by rail amounted to 67,521.841 feet, or 45% of the week's new
business. Forty-five per cent of the week's shipments moved by water,
amounting to 55,569,747 feet, of which 38,043,618 feet moved coastwise
and intercoastal, and 17.526,129 feet export. Rail shipments totaled
62.437,579 feet. or 51% of the week's shipments, and local deliveries
5,032.811 feet. Unshipped domestic cargo orders totaled 174.178.100 feet,
foreign 126.130,150 feet and rail trade 174.612,806 feet.
Southern Pine Resorts.
The Southall Pine Association reports from New Orleans that for 102
mills reporting, shipments were 8.83% above production and orders were
15.28% above production and 5.93% above shipments. New business
taken during the week amounted to 75,247,380 feet (previous week 74,979,008); shipments 71,036,004 (previous week 67,340.728); and production
65,275.353 feet (previous week 65.206.425). The normal production (threeyear average) of these mills is 67,837,122 feet
Of the 101 mills reporting
running time, 71 operated full time, 8 of the latter overtime, and the
rest
operated from one to six days.
The Western Pine Manufacturers Association of Portland. Ore.,
reports
production from 33 mills as 28.496,000 feet, as compared with a
normal
production for the week of 27,800,000. Thirty-one mills the previous
week
reported production as 25,140,000 feet. Shipments and new
business were
slightly above the week earlier.
1
The California White and Sugar Pine Manufacturers Association of San
Francisco, reports production from 15 mills as 8,834,000 feet (43% of the
total cut of the Califoriala•pine region) as compared with a normal figure
for the week of 8,257.000. Twenty-one mills the week before reported
production as 11,810,000 feet. There was a considerable decrease in shipments this week, and new business was slightly below the week before.
The California Redwood Association of San Francisco reports production
from 15 mills as 8,708,000 feet, compared with a normal figure of 8,349,000.
and the preceding week 9,047,000. Shipments and new business show notable increases.
The North Carolina Pine Association of Norfolk. Va., reports production
from 43 mills as 7.827.609 feet, against a normal production for the week of
10,628,000. Forty-five mills the previous week reported production as
5,521,183 feet. Shipments were slightly larger and orders slightly below
the week earlier.
The Northern Pine Manufacturers' Association of Minneapolis, Minn.,
reports production from 7 mills as 5,621,000 feet, as compared with a normal figure for the week of 6,910.700. Eight mills the preceding week reported production as 5,346,000. There was a small decrease in shipments
this week and a good gain in new business.
The Northern Hemlock and Hardwood Manufacturers' Association of
Oshkosh, Wisc. (in its softwood production), reports production from 17
mills as 2,223,000, as compared with a normal production for the week of
3.996.000, and for the week before 2,464,000. Shipments were about the
same this week with new business nearly doubled.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers' Association of
Oshkosh, Wisc., reports production from 17 mills as 4,804,000 feet, as compared with a normal figure for the week of 6,212,000, and for the preceding
week 5,109,000. There were noticeable decreases in shipments and new
business this week.
The Hardwood Manufacturers' Institute of Memphis, Tenn., reports
production from 357 units (a unit is 35,000 feet of daily production capacity)
as 51,372,000 feet, as against a normal production for the week of 75.056.000. Three hundred and thirty-seven units the previous week reported
production as 45,312,000 feet. Shipments show a substantial increase this
week and orders an increase of approximately 25%.
West Coast Lumbermen's Association Weekly Report.
One hundred eleven mills reporting to the West Coast
Lumbermen's Association for the week ended Mar. 17 1928
manufactured 117,537,069 feet, sold 138,481,242 feet, and
shipped 116,312,798 feet. New business was 20,944,173 feet
more than production and shipments 1,224,271 feet less
than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW
SHIPMENTS AND UNFILLED ORDERS.
Mar. 3.
Mar. 10.
Mar. 17.
Wee* Ended114
114
Ill
Number of mills reporting- 117,537,069 123,921,349 119,693,233
Production mom
138,481,242 126.080,027 114,040,203
New business (feet)
116,312,798 115,902,552 117,666.878
Shipments (test)
Unshipped Business167,560,679 165,769.301 167,273,932
Rail (feet)
155,661,550 144.545,303 142,683.494
Domestic cargo (feet)
119.751,890 121,991,852 112,753,134
Export (feet)
Total (feet)
First II Weeks of
Average number of mills
Production (feet)
New business (feet)
Shipments (feet)
BUSINESS,
Feb. 25.
112
118,068.519
125,205,371
105,257,130
442,974,119 432.303,456 422,720,560 424,143,705
1926.
1927.
1928.
1925.
113
102
118
81
1.202,645,137 823.379,128 976,876,442 1.059,354.969
1 282,549.591 869,216,564 1.089,128.5111,012,441.710
1,156,078.267 795,913,519 1.026,550,544 1,063,729,506
COMPARATIVE REPORT OF PAPER OPERATIONS IN IDENTICAL MILLS
FOR THE MONTH OF JANUARY 1928.
Practical
ProdutNo.
lion
of
Mills. Capacity.
NewsPrinl-71
January 1928
71
December 1927
Book64
January 1928
December 1927_ _ - - 64
Paperboard118
January 1928
118
December 1927
Wrapping74
January 1929
74
December 1927
Bag21
January 1928
21
December I927..
Fine74
January 1928
74
December i927..
Tissue44
January 1928
44
December 1927
!lancing13
January 1928
13
December 1927
Felts & Building:
13
January 1928
13
December 1927..
Other GradesJanuary 1028
58
December 1927_
58
Total-All Grades
January 1928
December 1927_ _.
--
Shiprunts.
Stocks on
Nand
End of
Month.
Froduclion.
% of
Capacity.
142.500
119.525
119,312
83.8
_
114.211
123,883
25,905
20,877
100,950
90,376
87,338
89.5
___
91,666
89,487
47,202
50,680
261,750
191.281
176.119
73.0
189,265
173,623
42,717
44.829
59,650
54,492
50,652
91.3
___
53.002
48.599
50,402
48,402
14,510
13,174
13,493
93.0
- --
13,001
12,197
10,392
10,219
41,908
40,835'
32,075
29,937
30,509
93.3
---
28.470
29,812
15,075
12,862
12,443
85.3
12,632
12,592
11,355
11,945
9,550
6,793
6.764
71.1
- --
6.877
7,254
3.785
3,869
12,150
8,888
9,310
73.1
-
8,738
10.135
2,109
1.959
28,125
24,361
21,507
86.6
---
24.295
21,415
17.254
16,696
675.975
551.689
527.447
81.6
,_ _
542.157
528.997
253,029
250,311
--
COMPARATIVE REPORT OF WOOD PULP OPERATIONS IN IDENTICAL
MILLS FOR THE MONTH OF JANUARY 1928.
Practical
No. Produo- Producof
lion
lion.
Mills. Capacity.
Grade,
Ground Wood Put p-'
83 112,800 91,751
Jan. 1928
83
Dec. 1927
86,962
Staphfle News (Jr ade45,650 36,567
35
Jan. 1928
35
38,589
Dec. 1927
Sulphite Bleached 22
26,800 24,030
Jan. 1928
22
23,536
Dec. 1927
Stdphite Easy Ble aching:
7
3,688
5,925
Jan. 1928
3,484
7
Dec. 1927
Sulphite Mitscher ich6
7,018
7,425
Jan. 1928
6
7,378
Dec. 1927
,
Sulphate Pull
14
24,850 24,235
Jan. 1928
14
22,177
Dec. 1927
Soda Pulp25,125 22,408
16
Jan. 1928
16
22,688
Dec. 1927
putp--Other Grad es25
2
67
Jan. 1928
2
45
Dec. 1927
Total-All Grades248,600 209,764
Jan. 1928
204,859
Dee. 1927
On
Used Shipped Hand
% of
opacity. During During End of
Month. Month. Month.
90.7
___
86,769
84,183
4,098 103,221
3,978 101,967
80.1
___
34,756
35,383
2,354
2,508
10,660
11,203
89.6
___
21,680
21,348
2,276
1,945
2,812
2,738
62.2
___
3,468
3,107
130
285
2.026
1,936
94.5
___
5,817
5,868
871
1,263
985
655
97.5
___
19,134
18,014
5,110
4,162
5,289
5,298
89.1
___
14,523
15,641
7,815
6,275
3,866
3,796
2.7
36
54
42
142
165
84.3
___
186.183
183,544
22,708 129,001
20,458 127,758
PAPER REVIEW FOR ONE MONTH IN 1928 AND 1927.
No. of Production
Mills. Net Tons.
Grade.
71
71
64
64
118
118
74
74
21
21
74
74
44
44
13
13
13
13
58
58
Newsprint, 1928
Newsprint, 1927
Book, 1928
Book, 1927
Paperboard, 1928
Paperboard, 1927
Wrapping, 1928
Wrapping, 1927
Bag, 1928
Bag, 1927
Fine, 1928
Fine, 1927
Tissue, 1928
Tissue. 1927
Hanging, 1928
Hanging, 1927
Felts and Building. 1028
Felts and Building, 1927
Other Grades, 1928
Other Grades, 1927
Total-All Grades, 1928
Total-All Grades, 1927
Shipments
Net Tons.
Stocks on
Hand End
Month.
Net Tons.
114,211
130.973
91,666
93,121
189,265
189,947
53,002
51,968
13,001
13,307
28,470
28,347
12,632
13,304
6.877
7,095
8,738
8,673
24,295
22,359
542,187
539,994
25,905
15,968
47,202
45,980
42,717
52,309
50,402
38,371
10,392
7,285
41,908
42,784
11,355
14,579
3.785
1,051
2,109
2,744
17,254
16.006
253,029
237,077
119,525
135,395
90,376
95,014
191,281
168,833
54,492
52,841
13,174
12,834
29,937
28,433
12,862
13,730
6,793
7,973
8,888
9,286
24,361
22,694
551,689
547,033
WOOD PULP REVIEW FOR ONE MONTH IN 1928 AND 1927.
Used.
Shipped.
91,751
97,825
36,587
46,225
24,030
23,554
3,688
4,232
7,018
6,576
24,235
18,453
22,408
22,789
67
77
209,764
86,769
106,237
34,756
42,713
21,680
21,785
3,468
3,803
5,817
5,549
19,134
16,131
14.523
15,167
36
4,098
2,886
2.354
3,028
2.276
1,715
130
777
871
1,192
5,110
2,433
7,815
7,434
54
186,183
910 721
911 424
22,708
111 455
No.of ProdueMills. lion.
Grade.
170,010,434
139.856,291
114,276.980
Increase in Pulp and Paper Production in January.
The total production of paper for the month of January,
for all identical mills reporting to the American Paper and
Pulp Association, was 551,689 tons as compared with 527,447
tons for December, an increase of 4.5%. Total identical
mill production of all grades of pulp for January totaled
209,764, a 2.3% increase over the production of 204,859 tons
in December. The following statistics are furnished by the
Association under date of March 6:
Grade,
[VoL. 126.
FINANCIAL CHRONICLE
1906
Ground wood pulp, 1928
Ground wood pulp. 1927
Sulphite news grade, 1928
Sulphite news grade, 1927
Sulphite bleached, 1928
Sulphite bleached, 1927
Sulphite easy bleached, 1928_.
Sulphite easy bleached. 1927_ _
Sulphite Mitscherlich, 1928
Sulphite Mitscherlich, 1927
Sulphate pulp, 1928
Sulphate pulp, 1927
Soda pulp, 1928
Soda pulp, 1927
Pulp-Other grades, 1928
Pulp-Other grades, 1927
Total-All grades, 1928
83
83
35
35
22
22
7
7
6
6
14
14
16
16
2
2
Teltft1.--Allowidas 1097
On Hand
End of
Month.
103,221
130.151
10,660
10,327
2,812
3.029
2,026
670
985
631
5,289
4,885
3.866
4,168
142
40
129,001
153.601
Canadian Newsprint Statistics for February-Increase
in Exports.
The report of the Canadian Pulp and Paper Association
shows that exports of pulp and paper from Canada in
February were valued at $15,771,788 which was an increase
of $1,983,746 over the previous month and of $2,794,823
over Feb. 1927. We quote the foregoing from the March
26 issue of the Montreal "Gazette," which says:
Exports of woodpulp for the month were valued at $3,403,212 and exports of paper at 312,368,576,as compared with $3,071,447 and $10,716,595.
respectively in January.
Quantities and values for the various grades of pulp and paper are as
follows:
Feb. 1927.
Feb. 1928.
Tons.
PulpTons.
385,80(1
13.545
374.921
Mechanical
14.371
1.304.609
17,043
1.339.896
Sulphite, bleached
18.064
828.042
15.036
759.701
Sulphite, unbleached_ - 14,845
721.310
11,840
893,046
Sulphate
15,084
35.648
Screenings
1,939
PaperNewsprint
Wrapping
Book (cwts)
Writing (cwts)
All other
64.303
3,403,212
57,464
3,239.761
183.414
1,736
3.924
184
11,822,383
187,309
32,824
1.483
324,577
141,199
1,210
3,547
689
9,277,781
134,706
33,913
5.115
285.689
9,737.204
12,368,576
For the first two months of the year the total value of wood-pulp and
paper exported from Canada amounted to 829,559,830. as compared with
$26,425,982 in the corresponding months of 1927, an increase for this year
of $3.133,848.
Wood-pulp exports for the two months were valued at $6,474,659 and
paper exports at $23,085.171, as compared with $6,904,816 and $19,521.166.
espoctively in the two months of 1927.
MAR. 31 19281
FINANCIAL CHRONICLE
Figures for the various grades are as follows:
-Two Months 1928.- -Two Months 1927.Tons.
PulpTons.
Mechanical
25,148
650,801
26,115
734,855
Sulphite, bleached
33,722
2,958,521
2,542.759
38.667
Sulphite, unbleached__ _ _
32,245
1.647.684
1.782.035
32,147
Sulphate
26,417
1,429,405
1,567.504
23.410
Screenings
3,420
65,911
120,952
PaperNewsprint
Wrapping
Book (ewts)
Writing (cwts)
All other
6,474,659
340,880 22,063,053
3.097
340,061
8,314
67,480
1.197
11.743
602,834
120,339
6,904,816
283,528
2.749
6,008
. 1,824
18,572.455
312.822
56,517
14,585
564.787
23.085,171
19,521,166
Exports of pulpwood in the first two months of the year amounted to
286,838 cords, valued at $2,590.613,compared with 291.272 cords, valued at
$2.708,686 exported in the first two months of 1927
Crude Oil Production Shows Slight Decline.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended March 24 1928 was 2,387,000 barrels
as compared with 2,388,600 barrels for the preceding week,
a decrease of 1,600 barrels. The daily average production
east of California was 1,769,000 barrels, as compared with
1,779,100 barrels, a decrease of 10,100 barrels. The following are estimates of daily average gross production by districts for the weeks ended March 24 and Mach 17 1928,
and March 26 1927.
DAILY AVERAGE PRODUCTION.
(In Barrels.)
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
Total
Mar.24 '28. Mar.17 '28. Mar.10 '28. Mar.26 '27.
644,100
651,650
653,400
711,600
111,450
110,300
113,100
115,700
71,400
71,300
72,750
124,150
67,550
67,800
91,300
67,900
55,250
54,800
88,900
53,600
342,050
341,250
92.000
304,150
23,450
23.600
22,900
42,250
23,950
23,600
23,e50
37,700
44,000
44,750
51,100
44,900
8.5,300
85,900
86.350
124.000
101,000
103,800
102,750
137,000
17,750
17,700
16,500
16,050
101,250
101,750
102,250
103,000
58,850
58,300
56.550
60,700
11.950
11.950
14,600
10,950
7,450
8,150
7.450
7,650
2,250
2,500
2,350
4,9.50
618,000
609,500
614,200
638,700
2,387.000
2.388,600
2,355,700
2,461,950
1907
reported their totals only: therefore, the column headed "Total" does
not always represent the total of the subdivisions, but is a correct total
for the district.
(2) Owing to the changing character of business and the necessary
changes in equipment at various finishing plants, it is impracticable to
give average percentage of capacity operated in respect to white goods
as distinguished from dyed goods. Many of the machines used in a finishing
plant are available for both conversions, therefore, the percentage of
capacity operated and the work ahead is shown for white goods and dyed
goods combined.
PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS,
Dyed
Goods.
White
Goods.
Printed
Goods.
Taal.
January 1928.
Total finished yards billed during
month:
(L522,913 14,177,621 8.517.270 34,075,228
District 1
4,147,520
641.032 3,032.197 14.919.547
2
6,269,196 4,147.174
3
10,416.370
5,222,895 1,317,409
5
6,540.304
2,785,810
8
2.785,810
24,948,334 20,283,236 11,549.567 68,737,2.59
Total
Total grey yardage of finished orders
received:
8,310.777 15,791.997 10,670,242 38,550,108
District 1
6,280,638 4,963.307 2,695.202 17,320,537
2
6.867,217 4,188,191
3
11,055,408
6.337,868 1,456,456
5
7.794.324
2,944.221
2,944,221
8
30,740,721 26,399,951 13,365,444 75,664.598
Total
Number of cases oifinished goods ship
tied to customers:
3,734
5,109
District 1
2.583
20,996
3.459
846
2
11,767
4,3.53
2,721
3
7,074
1,419
3.558
1,180
1,180
Total
Number of cases of finished goods held
In storage at end of month:
District 1
2
3
5
8
Total
Total average % of capacity operated:
Distairt 1
2
3
5
8
Average for all districts
Total average work ahead at end of
month expressed In days:
District 1
2
3
5
8
14,145
8.676
2.563
44,673
3.477
5,269
893
158
468
3,751
1,426
2.563
17,590
14,243
5.545
2.905
458
10,265
5,177
Mate & Dtwd
Combined.
57
53
70
65
104
2.563
40.751
80
2.8
3.4
3,3
3.7
16.0
79
82
59
Go
as
70
80
15.3
22.2
104
_
62
4.8
5.0
3.3
3.7
16.0
The estimated daily average gross production of the Mid-Continent field
including Oklahoma, Kansas, Panhandle North, West Central, West
Average for all districts
3.4
16.3
4.7
Texas, East Central and Southwest Texas, North Louisiana and Arkansas,
February 1928.
for the week ended March 24 was 1.468,500 barrels, as compared with Total
finished yards billed during
1,474,950 barrels for the preceding week, a decrease of 6,450 barrels. The
month:
8,366,494 16,033,666 12,109,757 40,676,820
Mid-Continent production excluding Smackover, Arkansas heavy oil was
District 1
4,951,562
2
819.087 3,328,700 17,193,025
1,403,050 barrels as compared with 1.409,150 barrels, a decrease of 6,100
7.081,177 4,204.171
3
11,285,348
barrels.
5,892,199 1,255,491
7,147.690
The production figures of certain pools in the various districts for the
2,483,694
2,483,694
current week compared with the previous week follow (figures in barrels
28,775,126 22,312.415 15,438,457 78.186.377
Total
of 42 gallons):
Total grey yardage of finished orders
-Week Ended-Wee* Endedreceived:
Mar.24 Mar.17
OklahomaNorth LouisianaMar.24 Mar.17
District 1
9,239.213 17,131.990 12.281.996 41,203,604
2,850
North Braman
2,8.50 Flaynesville
6,250 6,300
6,859,311 5,366.320 1,800.682 17,456,584
2
1,800 Urania
1,850
South Braman
7,800
7.850
3
7,848,527 3,362,588
11,211,115
Tonkawa
14,800 14,800
5,478,120 1,764,856
5
7,242.976
Garber
9,950
9,8.50
Arkansas-.
8
2.069,725
2,069,725
41,950 44,150 Smackover,light _
Burbank
8,300 8,400
24,700 24.800 Smackover.heavy_
Bristow Met
65,450 65,800
Total
31,294.896 27,625,754 14,082,67 79,184.004
10,200 10,150
Cromwell.
Number of cases of finished goods
7,800
Wewoks
7,850
Coastal resatshipped to customers:
55,800 56,000 Weal Columbia
Seminole
8,000 8,750
District 1
5,429
4,232
3,153
22.905
82,550 84,850 Blue Ridge
Bowlegs
7,000 6,800
2
1,045
3,496
13.448
17,750 18,150 Pierce Junction
Searight
9,000 9,050
4,464
3
2,769
7,233
40,100 40,500 Hull
Little River
11,600 11,700
2.005
4,248
97,800 101,050 SpledletoP
Earlsboro
35.700 37,900
1.211
1,211
Panhandle TexasOrange County
3,800
3,800
Hutchinson County.... 43,700 44,950
Total
9.243
15.408
3,153
49,035
6,800 6,900
Carson County
WyomingNumber
of
eases of finished goods held
19,800 18,350 Salt Creek
Gray County
41,050 39.850
in storage at end of month:
1,050
Wheeler County
1,050
District 1
2,789
3,453
15,967
2,277
West Central TexasMontana2
4,869
1,728
13,795
12,600 12,550 Sunburst
Brown County
10,000 10,000
3
1,072
5,804
Schackelford County.... 8,3.50 8,000
so
2,683
West TexasCal(fornfa449
8
449
19,500
County
Reagan
19,800 Banta Fe Springs
7 500 37,500
-45,000 46,200 Long Beach
Pecos County
123,500 119,500
Total
9,259
5,181
38,698
2,277
Crane Of Upton Counties 84,250 87,300 Huntington Beach
57,500 58,000 Total average % of capacity operated:
White & Dyed
180,100 175,000 Torrance
Winkler
19,000 19,000
Combined
Dom Inoue'
East Central 7Vms
12,500 12,500
District 1
62
67
106
11,750
Powell
11,850
Corsicana
Roseerans
7,000
7,000
2
66
71
88
1,200
1,2.50 Inglewood
Nigger Creek
29.500 28,800
3
73
73
Southwest TexasMidway-Sunset
81.000 80,500
64
at
13,750 13,800 Ventura Ave
Luling
47,500 45,000
108
108
6,600 6,700 Beal Beach
Laredo District
39,000 39,000
Average for all districts
6.5
69
Total average work ahead at end of
month expressed in days:
District 1
19.6
3.0
5.6
Report of Finishers of Cotton Fabrics-February Sur2
2.1
3.3
4.7
3
4.0
4.0
vey Made Public by Federal Reserve Board.
3.9
3.9
8
11.4
114
The National Association of Finishers of Cotton
Fabrics,
Average for all districts
3.4
at the request of the Federal Reserve Board, arranges for
19.Q
5.2
a monthly survey within the industry, and the results
of the inquiries for February are herewith presented in
tabular form. The Secretary of the Association makes Report on Hosiery Industry in Philadelphia Federal
Reserve District.
the following statement concerning the tabulation:
The following report, compiled by the Bureau of the
The figures mt the attached memorandum are compiled from the reports
of 28 Plante. most of which are representative plants, doing alvariety of Census, showing the activities of the
hosiery mills in the
work and we believe it is well within the facts to state that these figures
Philadelphia Federal Reserve District in January and a
represent a cross-section of the industry.
Notes.-(11 Many plants were unable to give details under the
re- comparison with those in December, is issued by the Federal
spective headings of white goods, dyed goods, and printedlgoods. and
Reserve Bank of Philadelphia.
1908
FINANCIAL CHRONICLE
Women's.
Men's.
Full-Fashioned.
In Dozen
Pairs,
Production_ _ _
Shipments
Stock,finished &
in the gray _ _
Orders booked._
Cancellarns ree.
Unfilled orders
end of month_
Seamless.
Full-Fashioned.
Seamless.
%
%
Change
Change
from
from
Dec.
Jan. Dec.
1927. 1928. 1927.
%
%
Change
Change
from
from
Jan.
Dec.
Jan,
Dec.
1928. 1927. 1928. 1927.
Jan.
1928.
22,820 +6.3 242,935 +4.7
19.666 -41.3 205,046 -14.6
661,862 +4.5 78,572 +11.1
570,861 -11.1 75,061 -1.1
20,912 -4.3 334,795 -3.1 901.099 +9.4 306,288 +1.4
21,996 -23.6 214,183 +25.8 670,249 -4.6 87,843 +25.0
15,790 -13.2 2,134 -73.3
424 -66.6 10,572 -18.5
35,679
+6.7 376,636
Boys' and
Misses.'
-.07 1,818,808
Children's and
Infants.'
%
Change
from
Jan. Dec. Jan.
1928. 1927. 1928.
%
Change
from
Dec.
1927.
+6.6 56,486 +22.8
Athletic and
Sport.
%
Change
from
Dec.
Jan.
1928. 1927.
Total.
Jan.
1928.
%
Change
from
Dec.
1927.
[VOL. 126.
A contract for laying a pipe line from Amarillo. Tex., to Kansas City.
Mo., has been awarded, but the steel, amounting to 100.000 tons, has not
Yet been placed.
Basic pig iron has been sold by a Pittsburgh district producer at more
than $1 a ton below the delivered price of Valley iron based on $17 at Valley
furnace. Buffalo foundry iron in the New England and New York markets
has declined to a base price of $16, furnace.
The composite price tables remain as follows:
Finished Steel.
Pig iron.
Mar. 27 1928. 2.3570. a Lb.
Mar. 27 1928, $17.67 a Gross Ton.
One week ago
2.364e, One week ago
$17.75
One month ago
2.364e. One month ago
17.75
One year ago
2.367c. One year ago
19.13
10-year pre-war average
1.689o. 10-year pre-war average
15.72
Based on steel bars, beams,tank Mates, Based on average of basic iron at Valley
plain wire, open-hearth rails, black pipe furnace and foundry irons at Chicago.
and black sheets,constituting 86% of the Philadelphia, Buffalo. Valley and BirUnited States output of finished steel.
mingham.
High.
Low.
High.
1928..2.364c. Feb. 14 2.314c. Jan. 3 1928._ 17.75 Feb. 14 17.54 Jan. 3
19272.453o. Jan. 4 2.293o. Oct. 25 1927._ 19.71 Jan. 4 17.54 Nov. 1
1926„2.4530. Jan, 5 2.403c. May 18 1926._ 21.54 Jan. 5 19.46 July 13
1925...2.5600. Jan, 6 2.396o. Aug. 18 1925._ 22.50 Jan. 13 18.96 July 7
19242.789o. Jan. 15 2.4600. Oct. 14 1924__ 22.88 Feb. 26 19.21 Nov. 3
1923__2.824o. Apr, 24 2.446e. Jan. 2 1923__ 30.86 Mar.20 20.77 Nov.20
Production_ _ _ _ 215,062 +25.2 113,080
+5.0 10,027 +107.6 1,344,358 +8.2
Shipments
209,738 +29.4 147,486 +98.0 7.142 +141.0 1,235,000 +.03
Stock,finished&
in the gray_ _ _ 487,099 +6.3 255.785 -13.9 11,576 +173.0 2,317,554 +2.9
Orders booked 142,418 +11.0 62,326 +12.8 4,731 +50.4 1,203,746 +3.9
40,898-14.3
851 +646.5
Cancellat'ns rec. 4,207 -36.5 6.920 +1116.2
Unfilled orders_
end of month 630,228 -9.4 281,465 -27.1 16,816 -10.0 3,196,118 -1.3
Finished steel remains steady through an ebb and flow
of specifications according to products and of operations
as to districts. A more spotted market situation seems in
the making but March leaves the industry about where
it found it-which is saying much for its inherent strengthand majority opinion over the immediate outlook is conProduction and Shipments of Slab Zinc in United fident, says the "Iron Trade Review" in giving its regular
States During First Half of March Below that weekly summary of events in the industry. The "Review"
Reported for the Last Half of the Previous Month further states:
The upward trend in prices on some products having been arrested,
-Stocks at March 15 Amount to 44,570 Short Tons, specifications
against expiring contracts are not quite so brisk as anticiDuring the first half of March 26,143 short tons of slab pated. Light products, especially sheets, tin plate and strip, have filled
zinc were produced and 22,863 short tons were shipped, the breach as heavy steel demand lags slightly. The price situation is
largely a matter of viewpoint, concessions from open market quotations
according to statistics released by the American Zinc In- often representing advances over first quarter contracts.
The automotive industry continues unquestonably the market leader
stitute, Inc. This compares with 26,234 short tons proif anything, is going stronger. Railroad equipment and line pipe
duced and 27,380 short tons shipped in the last half of the and,
buying has improved moderately, but building steel as for several weeks
month of February and 23,808 tons produced and 23,508 is better in the prospect than in actual awards. Tractor production la
tons shipped in the first half of that month. The "Insti- broadening at a time when tillage tool output is subsiding. Secondary
rail buying is opening up early.
tute" also reports:
Steelmaking is little changed at Chicago at 93% and at
Pittsburgh at 80.
Stocks of slab zinc on Mar. 15 totaled 44,570 short tons, compared Because sheet mills have crossed 90% the first time this year and most
with 41,290 short tons at the beginning of the month and 40,751 short tin plate makers are at capacity, production in the Mahoning valley is up.
tons at Jan. 1 of this year, an increase of 3,280 and 3,819 tons, respec- Steel corporation subsidiaries are averaging 90%, a gain of 11,6 points this
tively. Of the total shipments for the first half of March 21.123 tons went week, and the entire industry 83.
Pig iron has commanded more attention. At both Chicago and Cleveto domestic consumers and 1.740 tons were exported.
The amount of metal sold but not yet delivered at Mar. 15 was 28,986 land shipments continue heavy and April promises to register the fourth
tons; total retort capacity at that date amounted to 124,840 tons; total consecutive monthly increase. A Buffalo interest has sold iron for boat
number of idle retorts available within 60 days, 45,032; average number delivery at Chicago. Bessemer iron at Pittsburgh has rebounded to $17.50.
of retorts operating during the first 15 days of March, 67.745; number Valley, after being shaded 25 cents. The first quarter level of $16 has been
of retorts operating at Mar. 15 were 67,900.
reaffirmed by three makers at Birmingham for the second quarter. In an
active market at New York nearly 10.000 tons has been placed. New
barge rates are a factor in New England selling.
Eastern by-product cokemakers have underbid Connellsville beehive
Heavy Steel Output Being Maintained, but Trend interests
for the business of a gas producer taking 10,000 tons monthly.
in Prices no Longer Upward-Pig Iron Shipments Beehive furnace coke is in little demand, while production of the foundry
has been curtailed. On furnace coke the range now is $2.60 to $3 and on
Heavy.
foundry $3.75 to $4.75.
Heavy steel output is being maintained and, in some
Chicago district bar mills continue at capacity, but foresee specifications
districts, notably at Pittsburgh, is showing further gains, moderating next month while March shipments are digested. Orders
passed to bar mills at Pittsburgh are slightly heavier. General manubut the trend of prices is no longer upward and irregularities facturing
lines are taking plates satisfactorily at Chicago, but carbuilders
in quotations are more numerous, says the "Iron Age" specifications are thinning. Much barge work is in prospect at Pittsburgh
but
current
needs are light.
opportunity
to reduce costs
in its issue of Mar. 29. The
Moderate orders from important buyers at Detroit lend strength to
with a high rate of operations has, no doubt, influenced the 4.15c., Pittsburgh,
quotation on autobody sheets. The 2.90c, price on
mills to accept additions to contracts at lower than pre- black sheets holds in some districts and in others has been shaded up to $3.
Galvanized
at
3.75c.
is
firmer, large users in the East having contracted
vailing prices or to shade the market on spot business. The
at this price. Blue annealed is generally holding at 2.10c. Competition
"Age" adds:
is keen in the Southwest. Both Chicago, Pittsburgh and Youngstown
Prices of sheets, strips and wire nails are increasingly irregular. Under- sheet mills are operating heavier.
lying the finished steel market is an unpromising situation in the primary
Fifteen thousand tons of heavy steel will go to Chicago mills for 1.500
materials. The scrap and coke markets have a weak tone, and in some automobile car bodies ordered by the Chicago & North Western. In
sectors pig iron prices are commencing to give ground.
placing 200 ore cars the St. Paul has taken the first action on its inquiry
The Steel Corp. is again operating at a 90% rate after having dipped to for 4,600 freight cars. The New York Central is inquiring for 119 coaches.
A Milwaukee interest will supply 100.000 tons of welded pipe for a 40088%. Its subsidiary, the Carnegie Steel Co.. has lighted three blast
furnaces during the week, now having 34 of its 50 stacks active. For both mile line in Texas. Another Texas pipe line just placed takes 15.000 tons.
corporation and independent plants in the Greater Pittsburgh district, Other large projects are maturing.
steel ingot output now averages 85%, as against 80% two weeks ago.
Seasonal need for tin plate has expanded specifications to the point where
Contributing to improved output of raw steel has been a gain in tin plate operations of the American Sheet & Tin Plate Co. are up four points,
mill operations, the current average being 90% of capacity compared with to 92%, while some independents are at capacity.
Structural steel fabricators at San Francisco have agreed not to buy
85% last week.
New orders for finished steel are comparatively light, but, with some foreign steel in a move for greater market stability.
mills advising their trade that unspecified tonnage on contracts will be
Exports and imports of iron and steel in February, at 185,915 and 47,628
cancelled Mar. 31, specifying is in larger volume. However, there has tons respectively, declined moderately from January, due chiefly to the
been less of a rush to enter specifications than was expected; in the Cleve- short month, but the country's foreign trade position continues to improve.
land district, buyers whose plants are not busy are permitting their con- The excess of exports over imports this February was 148,287 tons, compared with 116,677 tons a year ago. For two months of 1928 exports have
tracts to lapse.
Nevertheless, much of the steel that will be shipped in April will be at totaled 391,681 tons, a slight increase over the 381,363 tons of last year,
first quarter contract prices, thereby deferring a severe test of recent ad- while Imports at 106,363 tons are under the 112,845 tons of a year ago.
With bessemer iron at Pittsburgh regaining the 25 cents it lost last week.
vances for several weeks more.
The automotive industry is expected to keep up its present high rate the "Iron Trade Review" composite of 14 leading iron and steel products
is
up
sight
operations
at
one cent this week to $35.71.
in
of production through April, with good
least through
May. There is a heavy demand for steel from motor car builders, but
they are ordering cautiously-as a rule only far enough ahead to assure a
Decreases Occur in Production of Bituminous Coal,
steady flow of materials from the mills.
Heavy backlogs in rails have been augmented by 18,000 tons placed by
Anthracite and Coke.
the Great Northern. The Gary mill took half of the tonnage, while the
The production of bituminous coal during the week of
Inland and Bethlehem companies booked 4,500 tons each. Another
Western road which placed a contract in the winter has ordered 4,000 tons March 17 is estimated by the United States Bureau of Mines
additional.
at 9,945,000 net tons, a decrease of 447,000 tons from the
Steel mills will furnish about 15,000 tons of steel for 1.000 car bodice
bought by the Chicago & North Western and 200 ore cars ordered by the output of 10,392,000 net tons in the week of March 10. In
Chicago, Milwaukee, St. Paul & Pacific. The latter road has still to buy comparison with the corresponding week of 1927, the cur4.650 freight cars. The New York Central is inquiring for 119 passenger
cars, and, according to an unconfirmed report. the Pennsylvania will enter rent output is 3,075,000 net tons less. Anthracite producthe market for 10,000 to 12,000 freight cars.
tion also shows a loss, the production for the week of March
MAR. 31 1928.]
FINANCIAL CHRONICLE
17 being 1,044,000 net tons against 1,486,000 net tons for
March 10, a difference of 442,000 net tons. Compared with
the corresponding week of the preceding year, current output shows a loss of 388,000 net tons. Further data from the
Bureau of Mines is given herewith:
BITUMINOUS COAL.
The total production of soft coal during the week ended Mar ch 11, in
eluding lignite and coal coked at the mines. is estimated at 9.945,000 net
tons. Compared with the revised estimate for the preceding week, this is
a decrease of 447.000 tons, or 4.3%. Production during the week in 1927
corresponding with that of March 17 amounted to 13,020,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons), Incl. Coal Coked.
1927-1928
1926-1927
Coal Year
Coal Year
Week.
to Date.
Week.
to Date.1
March 3
10,036.000 439,869,000
13,262.000 547,456,000
Daily average
1,673.000
1,546.000
1.924,000
2.210,000
March 10_b
10,392,000 450,261,000
13,778,000 551,234,000
Daily average
1,732,000
1,550,000
1,931.000
2,296,000
March 17_c
9.945,000 460,206.000
13.020,000 574,254.000
Daily average
1,658,000
1,552,003
1,936.000
2.170,000
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 soft coal produced during the present coal year to
March 17 (approximately 297 working days) amounts to 460,206,000 net
tons. Figures for corresponding periods in other recent years are given below:
1926-27
574.254,000 net tons 11923-24
543,170,000 net tons
1925-26
520,028.000 net tons11922-23
419.816,000 net tons
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended March 10 is
estimated at 10,392,000 net tons. This is an increase of 356.000 tons, or
3.5%, over the output in the preceding week.
The following table apportions the tonnage by States and gives comparable figures for other recent years.
Estimated Weekly Production of Coal by States (Net Tons).
Total Production for Week Ended
March
Mar. 10
Mar. 3
Mar. 12
Mar. 13
Average.
State1928.
1926.
1927.
1926.
1923.a
Alabama
344,000
339.000
479,000
423,000
391,000
Ark.. Ran., Mo. & Okla
192,000
224,000
251,000
221,000
199,000
Colorado
151,000
195,000
224,000
175,000
195,000
Illinois
1,627,000 1.468.000 2,087,000 1,352,000 1,684,000
Indiana
491,000
464,000
694,000
575,000
459,000
Iowa
85,000
83.000
147.000
88.000
122.000
Kentucky-Eastern
926,000
915,000
961.0.100
862,000
560.000
Western
381,000
368,000
427,000
215,000
296.000
Maryland
58,000
53,000
72,000
52,000
56,000
Michigan
17.000
16.000
13,000
20,000
32.090
Montana
68.000
69,000
59,000
11)
50,000
68.0
New Mexico
62,000
65.000
59,000
52,000
53,0
North Dakota
48.000
41,000
30,000
34,000
25.000
Ohio
190,000
183.000
784,000
740,000
559.000
Pennsylvania (Bit.)
2,526,000 2,395,000 3,505,000 2,929,000 3,249,000
Tennessee
120.000
115.000
133,000
118,000
118,000
Texas
18,000
17,000
24,000
17,000
19,000
Utah
86,000
93,000
83.000
64,000
65,000
Virginia
229,000
239,000
286.000
266,000
230,000
Washington
45,000
45,000
45,000
46,000
74,000
West Virginia-Southern b 1,882,000 1,870,000 2,230,000 1,787,000 1,203.000
Northern_c
715,000
650,000 1,025,000
660,000
686,000
Wyoming
129,000
126,000
159,000
122.000
136,000
Other States
2,000
2,000
2,000
5.000
7,000
Total bituminous
10,392.000 10,036,000 13,778,000 10,599,000 10,764,000
Pennsylvania anthracite
1,486,000 1,294.000 1,488.000 1,953,000 2,040,000
Total all coal
11,878,000 11,330,000 15,266,000 12,552,000 12.804,000
•Average rate maintained during the entire month. b Includes operations on
the N. & W.; C. & O.; Virginia: K. & M., and Charleston division of the B. & 0.
c Rest of State, including Panhandle.
ANTHRACITE.
The total production of anthracite during the week ended March 17 is
estimated at 1,044.000 net tons, a decrease, compared with the output in
the preceding week, of 442,000 tons, or 29.7%. Production
during the
week in 1927 corresponding with that of March
amounted to 1,432,000
net tons.
17
Estimated United States Production of Anthracite (Net Tons).
1927-1928-1926-1927----Coat Year
Coal Year
Week EndedWeek.
to Date.
Week.
to Date.a
March 3
1,294,000 73,975,000
1,211,000 86,603,000
March 10
1,486.000 75.461.000
1,488,600 88.091,000
March 17_b
1,044.000 7(1,505,000
1,432,000 89.523.000
a Minus one day's production first week In April to equalize number
of days in
the two coal years. b Subject to revision.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1928
1927
Mar. 17 Mar. 10 Mar. 19
to
to
1928.b
1928
1927.
Date,
Date.a
Pennsylvania & Ohio
72.000
71.000 164,000
708,000 1,650,000
West Virginia
14,000
14,000
18,000
152,000
186,000
Ala., Ky., Tenn. & Ga
4,000
6,000
5,000
51.000
66,000
Virginia
4,000
4,000
8,000
50.000
78.000
Colorado & New Mexico
3,000
3,000
4,000
28,000
45.000
Washington & Utah
2,000
2,000
6,000
24,000
46,000
United States total
99,000 100,000 205,000 1,013,000 2,071,000
Daily average
17,000
17,000
34,000
15.000
31,000
a Minus one day's production first week in January to equalize number of
day
In the two years. b Subject to revision.
Production of Bituminous Coal and Anthracite by
States During the Month of February.
Below are shown the first estimates of the production of
bituminous coal, by States, for the month of Feb. 1928 as
reported by the United States Bureau of Mines. The
distribution of the tonnage is based in part (except for certain
States which themselves supply authentic data) on figures
of loadings by railroad divisions, and in part on reports on
waterways shipments.
The total production of bituminous coal for the country as
a whole in February is estimated at 41,351,000 net tons, in
comparison with 44,208,000 tons in January. In Feb. 1927,
the output amounted to 52,904,000 net tons or 11,553,000
net tons more than current production. The average daily
rate of output in February was 1,661,000 tons, a decrease
1909
of 4.9% from the average daily rate of 1,747,000 tons for
January.
•
Anthracite production in the month of February amounted
to 5,582,000 net tons, as compared with an output of 5,690,000 tons in January and with 5,852,000 net tons in the month
of Feb. 1927. The average daily rate of output in February
was the same as that in January, 228,000 tons.
Estimated Production of Coal by States in February (Net Tons)a.
StateFeb. 1928. Jan. 1928. Feb. 1927. Feb. 1926. Feb. 1923.
Alabama
1,392,000 1,540,000 1,861.000 1,692,000 1,629,000
Arkansas
105,000
155,000
131.000
99,000
101.000
Colorado
848.000 1.000.000
940,000
754,000
921,000
Illinois
5,766.000 5.925.000 8,105.000 5,399,000 7,938,000
Indiana
1,634,000 1.580,000 2,610,000 1,759,000 2,439,000
Iowa
315,000
350,000509,000
375.000
542,000
Kansas
220,000
250,000
430,000
326,000
377,000
Kentucky-Eastern
3,731,000 3,994,000 3,960,000 3,614,000 2,216,000
Western
1,470,000 1,556,000 1,617,000 1,167,000
902,000
Maryland
240,000
270,000
260.000
267,000
202,000
Michigan
65,000
71,000
54.000
62.000
105,000
Missouri
356,000
404,000
273,000
225.000
316,000
Montana
261,000
330,000
270,000
226,000
317,000
New Mexico
253,000
335,000
250,000
215.000
233,000
North Dakota
104,000
220,000
138,000
115,000
147,000
Ohio
778.000
745.000 2,900,000 2,428.000 2,764,000
Oklahoma
208,000
290,000
234,000
212,000
245.000
Pennsylvania (Bit.)
10,256,000 10,800,000 13,239,000 13,537,000 12,300,000
Tennessee
484,000
500,000
520,000
490.000
505,000
Texas
75,000
90,000
90,000
70,000
93,000
Utah
370,000
560,000
380,000
302,000
382.000
Virginia
987.000 1,030.000 1,110,000 1,131.000
846.000
Washington
174,000
205,000
200,000
204,000
307,000
West Virginia-Southern b 7,655,000 8,015,000 8,493,000 7.825.000 4,644,000
Northern_c
2,975.000 3,237.000 3.607,000 3,175,000 2,526,000
Wyoming
715.000
532,000
620,000
492,000
621,000
Other States_d
7,000
11,000
13.000
19.000
27,000
Total bituminous
Pennsylvania anthracite
41.351,000 44.208.000 52,904,000 46,180,000 43,645,000
5,582.000 5.690.000 5,852,000 2,069,000 7,602,000
Total all coal
45.933,000 49,898,000 58.756,000 48.249,000 51,247,000
a Figures for 1926 and 1923 only am final. b Includes operation on the N.& W.,
C. Is 0., Virginian, K. & M., B. C. & G.. and Charleston division of the
B. & 0.
C Rest of State. including Panhandle. d This group Is not strictly comparable
in
the several years.
World Production of Coal in 1927.
The world production of coal of all grades in 1927, according to preliminary figures compiled by the United States
Bureau of Mines, was 1,475,000,000 tons. This was an
advance of 110,000,000 tons over the output in 1926 and of
103,000,000 tons over 1925, according to the Bureau's statistics, which appears in detail below. Of the current output,
approximately 197,000,000 tons was lignite, and 1,278,000,000 tons was bituminous coal and anthracite. The lignite
production was much the largest on record and showed an
increase of 53% over 1913. The production of anthracite
and bituminous coal also set a new record, but the increase
over 1913 was small, amounting to only 5%. World demand in 1927 was stimulated by purchases to rebuild stocks
after the 7-months strike of the British miners in 1926.
The following table of production by countries is based
upon such official sources as are at present available, supplemented by trade information. The figures are subject to
revision.
COAL PRODUCED IN THE PRINCIPAL COUNTRIES OF THE WORLD IN
TIIE CALENDAR YEARS 1925, 1926 AND 1927, IN METRIC TONS.a
Country.
North America:
Canada-Coal
Lignite
United States-Anthracite
Bituminous and lignite
Other countries
South America
Europe:
Belgium
Czechoslovakia-Coal
Lignite
France-Coal
Lignite
Germany-Coal
Lignite
Saar_d
Hungary-Coal
Lignite
Netherlands-Coal
Lignite
Poland-Coal
Lignite
Russia-Coal
Lignite
Spain-Coal
Lignite
United Kingdom-Great Britain
Ireland
Other countries
Asia:
China
India. British
Japan (incl. Taiwan and Karafuto):
Coal
Lignite
Other countries
Africa:
Rhodesia, Southern
Union of South Africa
Other countries
Oceania:
Australia-New South Wales
Other States
New Zealand-Coal
Lignite
1925.
8,627,519
3.288,262
56,079.281
471,781.446
(b)
2,011,000
1926.
1927.
11,687.032
3,261,599
76,599,968
520.147,061
(b)
2,095,000
12,329,539
3,465,830
73,164.000
471,556.000
(b)
(b)
23,097.040
25,259.600
27,573,550
12,558,992 , 14,176,998 c14,582.000
18,604,678
18,515,666 c19,769,000
47.047,630
51,421,772
51,779,300
1,007.270
1,056,200
1,067.400
132,622,125 145,295,724 153,597,600
139.724,614 139,150,557 150,805,711
12,989,850
13.680,874
13,595.824
805,019
826,906
784.154
5,520.760
5,822.299
6,243,384
7,116,970
8,842.687
c9.225,000
207,623
211,194 j
29,081.327
35,765,931 c37.980,000
65.675
76.026
c77,000
e13,354,011 e20,614,717 lef31,000.000
e983,020
el.605,327 j
6,117,342
6,536,087
c6,023,000
402,690
399,830
c412,000
247,079,210 128.305,291 259,516,600
(b)
(b)
(b)
(b)
(b)
(b)
1
24,255.000
21,239,892
(b)
21,336,204
33,363.381
169,426
(b)
33,496,879
161,134
(b)
689,201
12,321,728
(b)
874,140
12,949,950
(b)
908,744
12,500,000
(b)
11,579,108
3,156,914
1.044,726
1,070,269
11,060,483
3,400.894
1.215.590
1,060,361
10,700,000
(b)
(b)
(b)
(b)
c21,000.000
(b)
(b)
(b)
Total
1.372.000.000 1.365.000.000 1.475.000 ono
One metric ton equivalent to 2204 6 pounds. b Estimate included in total.
c Estimated from monthly figures as tot owe: Czechoslovakia, Netherlands,
Poland
(coal). Spain, 11 months; Poland (lignite), India, 10 months. d Mines
French control. e Data for year ended Sept. 30. f Includes production of under
Russia
n Asia which in 1926 amounted to 2,875.741 tons of coal and 687.648 tons of
lignite.
[VoL. 126.
FINANCIAL CHRONICLE
1910
Domestic Exports of Grain and Grain Products.
The Department of Commerce at Washington gave out on
Mar. 22 its monthly report on the exports of the principal
grains and grain products for February and the eight months
ending with February, as compared with the corresponding
periods a year ago. Total values of these exports were
smaller in February 1928 than in February 1927,$16,854,000
being the value of the exports in February 1928 and $18,987,000 the value in February 1927. Exports of barley in
February 1928 were only 879,000 bushels as against 1,257,000
bushels in February 1927; exports of rye, 429,000 bushels
against 588,000 bushels, exports of wheat but 2,276,000
bushels against 4,889,000 bushels and exports of rice, 23,843,000 pounds as against 41,408,000 pounds. Exports of
corn malt, oats and wheat flour, however, went out in
larger quantities in February of this year than in February
last year. The details are as follows:
DOMESTIC EXPORTS OF PRINCIPAL GRAINS AND GRAIN PRODUCTS.
Month of February.
1927.
Barley, bushels
Value
Malt, bushels
Corn, bushels
Value
Kaffir and mllo, bushels
Corn meal, barrels
Hominy and grits, pounds
Oats, bushels
Value
Oatmeal, pounds
Rice, pounds
Value
Rice (broken). pounds
Value
Rye, bushels
Value
Wheat, bushels
Value
Wheat flour, barrels
Value
Biscuits (unsweetened), pounds_
Biscuits (sweetened. pounds
Macaroni, pounds
Total value, dollars
1928.
8 Mos. Ended February.
1927.
I
1928.
879,000 11,217,000 32,484,000
1,257,000
81,023,000 $959,000 $8,616,000 $31,406,000
135,000
139,000 1.861,000 1,863,000
1,899,000 4,034,000 11,610,000 9,453,000
31,475,000 83,966,000 $9,367,000 89,039,000
208,000
31.000
16,000
432,000
173,000
1,772.000
771,000 23,089.000 8,504,000
167,000
329,000 3,330,000 4,688,000
389,000 8205,000 81,619,000 32,530,000
2,962,000 3,251.000 85,978.000 48,905.000
41,408,000 23,843.000 123,310,000 123,592,000
$1,524,000 $917,000 $5,162,000 84.658.000
9.481,000 8,364.000 40.277,000 50,464.000
3263,000 3228,000 81,222,000 31,364,000
588,000
429.000 6,905.
20,768,000
$669,000 8510.000 87,264,000 821,813,000
4.889,000 2,276,000 123,274,000 130.663,000
$7,138,000 $3,146.000 $177732000 8182016000
874,000
947,000 9,5313,000 9,277,000
$5,857,000 $6,024,000 $65,128,000 $61.150,000
861.000
563,000 5,2713,000 4,029,000
475,000
267,000 4,252,000 2,724,000
884,000
770,000 5,851,000 5,885.000
18,987.000 16,854,000 287.857,000 323.752.000
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on March 28, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Reserve banks combined, shows increases of $47,100,000 in holdings of discounted bills, $13,400,000 in bills bought
in open market, $600,000 in U. S. securities, $34,900,000 in
member bank reserve deposits and $1,600,000 in Federal
Reserve note circulation, while cash reserves declined $15,300,000. Total bills and securities were $61,600,000 above
the amount held on March 21. After noting these facts, the
Federal Reserve Board proceeds as follows:
The principal changes in holdings of discounted bills during the week
by Federal Reserve banks were increases of 871,600,000 and $12,600,000
at New York and Boston. respectively, and decreases of $14,500.000 at
San Francisco. $9,800,000 at Chicago. 84.900,000 at St. Louis and $3,900,000 at Cleveland. The System's holdings of bills bought in open market
increased $13,400,000 and of certificates of indebtedness $10,400,000, while
holdings of United States bonds were $1,600.000 and of Treasury notes
$8.200.000 below the previous week's totals.
Federal Reserve note circulation was 81.600.000 larger than a week
ago, the principal changes being increases of 12,900,000 reported by the
Cleveland bank, $2,100.000 by Philadelphia and $1,900.000 by Chicago
and decreases of $1,400,000 reported by New York and $1,100,000 each
by Kansas City and Dallas.
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 1942 to 1943.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
March 28 1928, is as follows:
Increase (+1 Or Decrease (—)
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
During
ltreek.
Year.
—815,300,000 —3252,200,000
—15,800,000 —261,900,000
+61,600.000
+47.100,000
+36,700,000
+10,500,000
+208,000,000
+68,100,000
+62,900,000
+5,100,000
Bills bought in open market
+13,400,000
+108.700,000
U. S. Government securities, total'
Bonds
Treasury notes
Certificates of indebtedness
+600,000
—1,600.000
—8,200,000
+10,400.000
+32,700,000
—12,500,000
+75,200,000
—30,000,000
Federal reserve notes In circulation
Total deposits
Members' reserve deposits
Government deposits
+1,600,000 —144,300.000
+44,500,000
+34.900,000
+9,900,000
+76,700.000
+82,700,000
—7,100,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 last, the Federal
Reserve Board also began to give out the figures of the
member hanks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks—now 648—
cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of tho reporting member banks, which this week again
showed an increase, this time of $46,665,000, the grand
aggregate of these loans on March 28 being $3,825,379,000,
which figure is only $9,641,000 under the record total established on Feb. 8, of $3,835,020,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York-47 Banks.
Mar.28 1928. Mar.211928. Mar.30 1927
Loans and Investments—total
7,230,740,000 7,110,373,000 6,392,560,000
Loans and discounts—total
5,251,137,000 5,109,998,000 4.553,930,000
Secured by U. 8. Govt. obligations_ 63,299,000
40,842,000
50,929,000
Secured by stocks and bonds
2 440,215,000 2,334,625,000 2,095.037,000
All other loans and discounts
2 747,623,000 2,734,531,000 2,407,964,000
Investments—total
1,979,603,000 2,000,375,000 1,838,630,000
U. S. Government securities
1 067,028,000 1,085,326,000
Other bonds, stocks and securities_ _ _ 912,575,000 915,049.000
Eteeerve with Federal Reserve Bank
Cash in vault
757,352,000
50,182,000
717,451,000
49,955,000
904,099,000
934,531,000
755,084,000
58,615,000
Net demand deposits
Time deposits
Government deposits
5,451,253,000 5,358,918,000 5,109,408,000
1,114,310,000 1,084,050,000 942,547,000
84,855,000
84,855,000
87,208.000
Due from banks
Due to banks
120,342,000 120,797,000
96,117,000
1 303,108,000 1,283,237,000 1,105,661,000
Borrowings from F. R. Bank—total____ 108,079,000
Secured by U. S. Govt. obligations_
Al. other
78,755,000
29,324,000
44,300,000
83,780,000
27,450.000
16,850,000
69,650,000
14,130,000
Loans to brokers and dealers (secured by
stocks and bonds):
For own account
1,120,864.000 1.027,394,000 941.742.000
For account of out-of-town banks....1,426,739,000 1.466.586,000 1,045.707,000
For account of others
1 277,776,000 1.284,734,000 815,863,000
Total
3 825,379,000 3,778,714,000 2,803.312,000
On demand
On time
Loans and investments—total
2,925.448,000 2,884,254,000 2,144,101,000
899.931,000 894,460,000 059,211,000
Chica6o-43 Banks.
1,978,838,000 1,992,329,000 1,830,966,000
Loans and discounts—total
Secured by U. 8. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
Investments—total
I 481,765,000 1,482,574,000 1,384,282,000
18,869,000
757,352,000
707,744,000
17,862,000
751,912.000
712,800,000
13,808,000
674,251,000
696.205,000
497,073,000
509,755,000
446,704000
211,774,000
285,299,000
228,857,000
281,098,000
185,835,000
261,089,000
Reserve with Federal Reserve Dank__ 177,031,000
Cash In vault
18.391,000
177,505,000
16,771,000
152,324,000
20.460,000
U. S. Government securities
Other bonds, stocks and securities
Net demand deposits
lime deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. Bank—total_
Secured by U. S. Govt. obligations_
All other
1 245,713,000 1,242,045,000 1,173,283,000
658,125,000 668,659,000 553,580,000
21,934,000
21,934,000
18,873,000'
150,327,000
369,080,000
152.123,000
366,556,000
142,879.000
357,602,000
27,825,000
37,965,000
33.436.000
25,020,000
2,805,000
36,233,000
1,732,000
19,965,000
13,471,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
648, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
311928.1
FINANCIAL CHRONICLE
M.
reporting member banks of the Federal Reserve System for
the week ending with the close of business March 21:
The Federal Reserve Board's condition statement of648 reporting member
banks in leading cities as of Mar. 21 shows a decrease for the week of $55,000.000 in loans and discounts, an increase of $116,000,000 in investments,
a decline of $345,000.000 in net demand deposits, an increase of 250,000,000
In time deposits, and an increase of $271,000,000 in Government deposits.
Loans on stocks and bonds. Including United States Government obligations, were $69,000.000 below the March 14 total at all reporting banks.
decreases of $78.000,000 and $8,000.000, respectively, in the New York
and San Francisco districts being partly offset by increases of 59.000.000
and $7.000,000 in the Chicago and Boston districts. "All other" loans and
discounts increased 214,000,000 at all reporting banks and $31,000.000 in
the New York district, and declined 510,000.000 in the Chicago district
and $6,000,000 in the San Francisco district.
The principal increases by districts in United States security holdings,
which at all reporting banks were $105,000,000 above the March 14 total,
were: Chicago, $21,000.000; Boston, $19,000,000; San Francisco. 517.000.000. and Cleveland, 514.000.000. Holdings of other bonds, stocks and securities declined $18.000,000 in the New York district and increased $16,000.000 in the Cleveland district and $11,000,000 at all reporting banks.
Net demand deposits declined $345,000,000 at all reporting banks, all
districts showing decreases except Philadelphia, which showed an increase
of 523,000.000, the principal declines by districts being: New York, $224,000,000; Chicago, 554,000,000; San Francisco, 522,000.000: St. Louis,
116.000.000. and Atlanta, $15.000,000. Time deposits increased 550.000.000 at all reporting banks, $29,000,000 in the New York district, 514.000.000 in the Cleveland district and 59.000,000 in the Chicago district, and
declined $9,000,000 in the San Francisco district. Government deposits,
in connection with the Treasury's quarterly financial operations, increased
$271.000.000, all districts participating in the increase.
The principal changes in borrowings from the Federal Reserve banks comprise a decline of $28.000,000 in the New York district and an increase of
534.000.000 in the Chicago district, all reporting banks showing a net increase of 51.000.000.
A summary of the principal assets and liabilities of 648 reporting member
banks, together with changes during the week and the year ending March
21 1928. follows:
Increase (+) or Decrease (—)
March 21
During
1928.
Week.
Year.
$
8
$
21,924.748.000
Loans and Investments, total
+60.734.000 +1.1544.480.000
Loans and discounts, total
15,270,210,000
—55.491,000
+883,288,000
Secured by U. S. Govt. obliga'ns 122,235.000
Secured by stocks and bonds._ - 8,334.274,000
All other loans and discounts.._ 8.813.701,000
—21,395,000
—48.414,000
+14,318.000
—28,848,000
+701,843.000
+190,291.000
Investments, total
5.854,538.000
+116,225,000
+881,192.000
+105,091,000
+11,134,000
+428,231,000
+254,961,000
1911
In the increase. Imports for the month reached the value of 197.600.000
rupees as compared with 180.250,000 rupees for February. 1927. and
exports increased from 260.120.000 in the earlier month to 291.400,000
rupees for February of this year. Nothing new has developed in connection with the activities of the Statutory Commission.
BRITISH MALAYA.
Low rubber prices and uncertainty regarding the future are apparently
not effecting sales of merchandise in stock. Merchants, however, exercise great caution in placing forward orders.
CANADA.
The approach of spring is stimulating all lines of manufacturing, and
most Industrial plants are operating at a comparatively high rate of production. Steel mills are reported to be more active than at the same
date last year. automobile production has been gaining, and farm implement manufacturers expect a continuance of the heavy demand for machinery which was enjoyed during 1927. Canada's production of steel ingots
and castings during February, 98,820 tons, was 17% higher than during
January and 78% more than In February of 1927. Pig iron production,
64.691 long tons was slightly below January output but was 28% above
that for February, 1927. Automobile production shows an increase of
47% over January. Trial shipments of Alberta coal to Ontario at a freight
rate of $6.75 per ton are authorized by an Order-in-Council issued during
the past week. The rate Is to be effective for not less than three months
in each of the next three years and a federal appropriation will cover the
deficit incurred by the railways in carrying the trial shipments. The
Dominion Government will experiment with pulverized coal on freight
steamers and in public buildings in British Columbia to determine its
suitability as a commercial fuel.
DOMINICAN REPUBLIC.
Business continues to be seasonally dull in the Dominican Republic
with retail trade sluggish and both exports and imports below normal
according to a cable from Consul James J. Murphy, Santo Domingo,
made public by the Department of Commerce. Merchants are resorting to bargain sales to expedite clearance of surplus stocks and it is believed
that the market is now overstocked, particularly in the dry goods trade.
Credit conditions are fenerally fair but overdue accounts appear to be
Increasing and some difficulty is experienced in meeting commitments.
The crop situation is satisfactory but if the drought persists it should
cause some damage to all crops. The sugar campaign has produced
more sugar then during the same period of last year and the estimates
for the cacao and tobacco crops have been placed ar 44.000.000 and 50.000.000 pounds, respectively. Unless necessary rains occur shortly,
damage to the crops may cause a serious setback to business generally.
Both private and public construction was active and considerable progress
is being made on the water and sewage systems of Santo Domingo and
on the highway projects of the Republic.
GERMANY.
Although the German-Russian trade increased in 1927, it resulted in
an unfavorable balance for Germany of 103.200.000 marks as compared
Reserve with F. R. banks
1,707.748.000
—28,205.000
—3,618,000 with 36.800,000 in 1926. Exports from Germany to Russia totaled 329.Cash In vault
242,281,000
—5,854,000
—19,586.000 600,000 marks, a gain of 25% over 1926. Exports of machinery increased
Net demand deposits
13,448,1383.000 —.344.829.000 +352.933,000 from 60.100,000 marks in 1926 to 117.700.000 marks in 1927. Important
8,750,524,000
Time deposits
+49,940,000 +893.758,000 gains were also made in the export of iron and steel, hardware, cutlery,
281,446.000 +271,103,000
Government deposits
—31,478,000 and electro-technical articles while exports of chemical pharmaceutical
products declined considerably. Imports from Russia amounted to
1,171,857,000
Due from banks
—22.263.000
+33.734,000
3,435,444,000 —180,102,000 +212.255.000 432,800,000 marks, an increase of 44% as compared with 1928.
Due to banks
JAPAN.
Borrowings from F.R.banks,total 353.201,000
+1,308.000
+43.962,000
A slight improvement of tone Is noted in Japan's business circles. Rates
Secured by U.S. Govt. Miens. 224.817,000
—5,159.000
+17,988.000 for call money are stiffening somewhat. Foreign trade for the ten-day
128.384,000
All other
+6,485,000
+25,994,000 period. March 10 to 20, discloses contractions in both exports and imports,
• March 14 figures revised.
developing a smaller unfavorable balance than in the same period last
year. It is reported that the Imperial Japanese Railways have decided
Conditions
in World's Market According to to hereafter purchase only domestic rails.
Summary of
U.S. Government securities__ __ 3,018,681,000
Other bonds, stocks & securities- 3,837,855.000
Cablegrams and Other Reports to the Department
of Commerce.
The Department of Commerce at Washington releases
for publication to-day (March 31), the following summary
of conditions abroad, based on advices by cable and other
means of communication:
ANGLO-EGYPTIAN SUDAN.
Data on foreign trade for 1927 show a larger turnover than in 1926
and an increase in the adverse trade balance. Imports in 1927 totaled
£6,155,310 and exports and re-exports £5,229,240, as against E5.574.400
and £5,190,500, respectively, for 1920. The transit trade amounted
to £247,180 as against £238.000 in 1926. The largest increases In imports were among automobiles and accessories, metals and metalware.
Including railway trucks, timber and railway sleepers and cement, while
exports of Benne, hides and cotton seed exceeded those of 1926. Great
Britain and Egypt. as In 1926, were the most important countries of origin
and destination of the Sudan foreign trade. Imports from the United
States amounted to £120,160 as compared with £127,170 in 1926.
(E equals approximately $5.)
AUSTRALIA.
Due to favorable weather conditions the seasonal outlook continues
optimistic although business Is still slow and credit is tight. Prices of
wool at the close of the season are high, with active buying competition
at all sales. The present local estimate on dried fruit is 30.000 tons, or
about 50% below last year's. New South Wales reports the apple market
glutted. Imports into the Commonwealth from the United States in
January reached the value of £2,746,000 against £3,455.500 for the preceding January, but exports to the United States increased from £604.600
to £174.000. No new developments are reported In connection with
the Victorian financial moratorium.
AUSTRIA.
The industrial and trade developments in March. as well as the general outlook In Austria, reflect increased buying power and a generally
improving economic situation. The principal industries and banks report greater earnings for 1927, and many dividend increases are propcsed.
Cotton mills report some improvement but their outlook remains still
somewhat uncertain; other textile mills, however, are well occupied. Iron
and steel mills report a growing volume of orders and a favorable outlook. The prospects for Austrian tourist traffic this season are said to
be the best since the war. Savings deposits continue to increase and the
month of March witnessed a material decline in the number of unemployed.
BRITISH INDIA.
India's foreign trade in February was of considerably higher volume than
for the corresponding month in last year, both imports and exports sharing
NETHERLANDS.
General business in the Netherlands continues relatively satisfactory.
Total imports during February were valued at 218.000,000 florins, a
heavy increase over Imports in February, 1927; exports, valued at 152.000.000 florins, were also considerably higher.
NEW ZEALAND.
All sections of New Zealand are having favorable rains, and economic)
prospects are much improved. Automobile sales in the first two weeks
of March showed a decided improvement over those in January and February, and the current month's imports are expected to be larger. Keen
interest is displayed in the forthcoming release of new models expected
about April 1. Foreign trade, both import and export, was more active
in February than for the same month in 1927. Exports increased in
value from £5,015,000 to £7,843.000 and iniports from £3.292,600 to
,578,200.
PALESTINE.
The British gold sovereign, which was declared to be legal tender in
Palestine under a public notice dated February 1. 1921, will cease to be
legal tender after March 31, 1928. according to an announcement in the
Official Gazette of the Government of Palestine of March 1. 1928. This
supplements the recent order under which Egyptian currency ceases to
be legal tender on the same date, and represents another step in the transition of Palestine to a currency system of its own.
PHILIPPINE ISLANDS.
Philippine export markets show little change. Copra trade continues
firm and production during the past week was below expectations. Arrivals were sufficient to keep two oil mills operating. The provincial equivalent of resecado (dried copra) delivered at Manila is now 13.50 pesos Per
picul of 139 pounds; with the Hondagua price at 12% pesos. and Cebu.
13.50 pesos. (1 peso equals $0.50.) Weakness continues on the abaca
market, although more transactions were reported during the week and
stocks were slightly lowered. Production continues heavy and prices
of selected grades are low. Grade F Is quoted at 25 pesos per plcul, 1.22:
JIM, 21; RIK, 18; and L, 14.
SWEDEN.
Swedish industrial production decreased markedly during January,
the general index dropping to 83 from 120 in December (monthly average
1923-1924=100.) The pulp industry suffered the greatest reduction
from 144 In December to 34 in January; iron ore dropped from 209 to
134, and iron and steel from 109 to 101. With the labor conflict extended
the industrial production for Fevbruary will be even lower.
SWITZERLAND.
Business in Switzerland during March showed further improvement
and future prospects are satisfactory. Unemployment has been decreasing. Despite a poor beginning, the winter season has been one of
1912
FINANCIAL CHRONICLE
most prosperous in recent years for the hotels. The only weak feature
of the situation is the relatively unsatisfactory position of the farmers.
The value of merchand.se exported during the first two months of the
year was much higher than during the corresponding period of last year.
Building is active. Savings deposits have Increased, and indications
point to a higher purcahsing power generally. The bank rate is firm
at 334%. Stock exchange activity is lower. The grain monopoly question has been settled by Increasing the import customs service fee on grain
to 10 centimes per hundred kilos to secure a subsidy of 10,000,000 francs
for Swiss grain growers. The number of visitors at the Geneva motor
show during this month marks a large Increase. There are 107 exhibitors,
against 86 last year, w.th the United States leading with 42 exhibitors.
February Imports of American automobiles exceeded imports from all
other sources combined. It is announced that Parliament will investigate the feasibility of a transit tax on automobiles as a supplement to
the gasoline tax for the use of the road fund.
UNITED KINGDOM.
The South Wales coal marketing plan has been definitely approved by
the colliery companies and was to become effective immediately upon
the appointment on March 27 of an executive committee. The plan
has been reported previously as essentially a price fixing scheme, with
a levy of 3d. a ton on all coal produced within the arrangement and compensation from the fund thus provided to collieries for loss of trade because
of it. A penalty of 2d. a ton Is provided for selling below the agreed
minimum prices. It Is announced that in addition to taking over the
Great Western collieries in South Wales, the Powell Duffryn Steam Coal
Company (Ltd.) will acquire from the receivers the principal property
of the Lew.s Merthyr coil cries and also substantial interest in Cardiff
collieries, thus forming an amalgamation that will control the output
of nearly 10,000,000 tons of coal and 400,000 of coke annually.
YUGOSLAVIA.
The effect of the short agricultural crop of 1927 is reflected in the statistics of exports recently released. Exports during 1927 totaled 3.901.220
metric tons and 5,200,890 pieces, valued at 6.400,153.000 dinars (approximately 8112.858,000), as compared with 4,636.210 metric tons and 3,578,280 pieces, valued at 7,818.180,000 dinars (approximately $138,380.000). This sharp decrease in exports is expected to result in a adverse trade balance in contrast to a small favorable balance during 1926.
Corn shipments alone were 1,001.460.000 dinars less than in 1926, while
the value of wheat exports declined 650,571,000 dinars. Livestock exports
increased by 200.597.000 dinars, and forestry products 196,265,000 dinars.
Italy was again the leading country of destination, followed by Austria.
Czechoslovakia, Germany. Greece. and Hungary. Exports to the United
States were valued at 48.078,000 dinars ($843,500) as against 49,697.000
dinars (5871.800) in 1926.
Issuance by President Calles of Regulations Governing
Mexican Oil Law Regarded as Final Step in Adjustment of Controversy With U. S.—Statement by Ambassador Morrow.
The signing on March 27 by President Canes of new
regulations governing the Mexican oil law was announced
in Mexico City advice on that day, and at the same time
the State Department at Washington issued the following
statement:
The petroleum regulations just promulgated by President Canes
constiute executive action which completes the process beginning with
the decision made by the judicial branch of the Mexican Government
on Nov. 17, 1927, and followed by the enactment of the new petroleum
law by the legislative branch on Dec. 26 last.
Together, these steps, voluntarily taken by the Mexican Government,
would appear to bring to a practical conclusion the discussions which
began ten years ago with reference to the effect of the Mexican
Constitution and laws upon foreign oil companies.
The Department feels, as does Ambassador Morrow, that such questions, if any, as may hereafter arise can be settled through the due
operation of the Mexican administrative departments and the Mexican
courts.
[VOL. 126.
ernment This decision declared unconstitutional Article 14 of the
regulating law regarding new concessions of rights acquired prior to
1917, and Article 15 regarding the manner of the confirmation of
previous rights. Thereupon President Calles, acting upon the Supreme
Court's finding, issued further regulations from which undoubtedly
the basis of today's official publication was able to take root.
From the same paper we take the following statement issued by Ambassador Morrow:
The petroleum regulations issued today by the Mexican Government
give evidence of the determination of the Mexican Government to
recognize the rights held by foreigners in oil properties prior to the
adoption of the Constitution of 1917.
These regulations, when taken with the decision handed down Nov.
17, 1927, the legislation passed by the Mexican Congress Dec. 26,
1927, and the letter Minister of Industry, Commerce and Labor Louis.
Morones issued Jan. 10, 1928, show that the judicial, executive, legislative and administrative departments of the Mexican Government
recognize these rights.
The Supreme Court decision declared that the cutting down of the
oil companies' rights to a fifty-year period was unconstitutional. In
that connection the decision of the Court said that the confirmation
of a right is an express recognition of the same; to limit it is to
modify that right instead of confirming it.
Following that decision, President Calles asked Congress to modify
the law of 1925 to conform with the Constitution as interpreted by the
Court. A committee of the Congres, reporting upon this law, said:
"To confirm a right is to recognize it expressly in its whole extent
and with all conditions inherent therein in such way that no restriction whatever can be established with regard to the extent or the
conditions of the right confirmed."
Progress Since Legislation.
"After the legislation had been passed, certain oil companies still
had doubt as to whether those who took confirmatory concessions under
the new law would get new grants or have their old rights confirmed.
Because of those doubts, Minister Morones, head of the Department
of Industry, Commerce and Labor, wrote a letter answering an inquiry
from an oil company stating that such confirmatory concessions would
operate 'as the recognition of rights which will continue in force
subject only to police regulations.'
"President Calles, on the advice of Minister Morones, has now
issued new regulations modifying the old regulations in accordance
with the decision of the Supreme Court and the new act of Congress.
The new regulations !hake clear what Minister Morones had already
made clear in his letter—that those taking confirmatory concessions
under the amended law get confirmation of their old rights rather
than a grant of new rights. The form of the confirmatory concession,
as set out in the new regulations, expressly declares that it is to operate as a recognition of acquired rights which continue in force.
"There remains, of course, the determination of what rights the oil
companies held on May 1, 1917 (the date the Constitution became
effective). While there may well be honest differences on this point,
satisfactorily
there is no reason why any such differences cannot be
departsettled through due operations of the Mexican governmental
ments and the Mexican courts.
"These changes in the Mexican laws and regulations have been
inmade by the voluntary act of the Republic of Mexico. In the
Morones and
formal conversations which have taken place, Minister
the disposition
his official staff have approached the whole matter with
essential points.
to frame the regulations in such a way as to meet
provisions."
that are susceptible of adjustment by general
oil law
The enactment of the bill amending the Mexican3564;
a
was noted in these columns Dec. 31, 1927, page Jan. 14,
further reference thereto appeared in our issue of
page 188.
Bonds of Argentine Government Drawn for Redemption.
J. P. Morgan dz Co. and The National City Bank of New
York, as fiscal agents, have notified holders of Government
of the Argentine Nation external sinking fund 6% gold
amount of
Noting that the law is designed ,to remove any retro- bonds, due May 1, 1960, that $106,500 principal
1 next
May
on
retirement
for
drawn
bonds
have been
active or confiscatory; application to American oil rights these
for redemption
drawn
Bonds
interest.
accrued
and
par
at
date
of
effective
new
the
the
acquired before May 1, 1917,
coupons maturing on and
Constitution, and declaring in effect that such titles stand should be presented with interest
J. P. Morgan &
In perpetuity the New York "Times" in copyright advices after May 1, 1928, at either the office of
office of The
head
the
at
or
York,
New
Street,
Wall
23
Co.,
from Mexico City March 27 said:
where
Street,
Wall
55
York,
New
of
Bank
City
National
Confirmation of the titles is still required, but the new regulations
specify that the confirmations, which must be applied for before Jan. payment will be made out of moneys in the sinking fund.
11, 1929, shall be "issued without time limitation (as against the
Interest on all bonds drawn for retirement will cease on
previous fifty-year restriction) and shall operate as recognition of
rights acquired, which shall continue in force."
Ambassador Dwight W. Morrow, to whose efforts is credited the
virtual settlement of the ten-year controversy between the two Governments, said that "these changes in. the Mexican laws and regulations have been made by the voluntary act of the Republic of Mexico."
The new regulations, which were issued from the Ministry of
Industry and Commerce and will go on formal record, were the result
of a long series of conferences between Ambassador Morrow and
Minister of Industry Luis Morones. Local representatives of all the
important foreign companies operating in Mexico and legal experts of
both sides assisted. That the regulations will be accepted by the
United States Department is taken here for granted.
Court Decision Laid Basis.
Article 27 of the Mexican Constitution of 1917, which governs the
oil holdings by foreigners, and the consequent first regulations caused
diplomatic exchanges between Washington and Mexico City totally
close to 40,000 words. The situation became most acute when Washington closed down the correspondence and an absolute deadlock appeared to have been reached.
The attitude of the Mexican Government was that if the oil legislation as it stood on the publication of the original regulations under
Article 27 could be proved retroactive and confiscatory or detrimental
to foreign property rights, then the Calles Administration wouldsee
that suitable remedies were applied after recourse to the Mexican
Supreme Court. In other words, "Squeal after you are hurt, but
not before."
Nov. 17, 1927, was bailed as a red letter day by the foreign oil
companies. On that day the Mexican Supreme Court rendered its
decision favoring the Mexican Petroleum Company against the Gov-
May 1.
Reported Movement to Put War Debts On Business Basis
—Plan of International Bankers Would Replace Dawes
Plan—Theoretical Indebtedness of 132 Billion Marks
Would be Cut to Definite 32 Billion.
A cablegram from its Paris correspondent, Edwin L.
James, under date of March 23 is published as follows by
the New York "Times" (copyright):
A gigantic financial operation for taking reparations and interallied
war debts out of politics and for settling all this international indebtedness on a business basis is gradually taking more definite shape. International bankers, including, of course, American bankers, are now
engaged in discussing the possibilities of marketing a large amount of
German bonds as part of the scheme, which is due to come to the forefront after the European and American elections scheduled for this
year. It is realized that a certain amount of American governmental
co-operation will be needed to make the plan a success, and financial
leaders by no means appear to despair of obtaining this co-operation.
For the past two years bankers who have looked upon international
indebtedness left by the war as an economic, rather than a political affair, have been studying elements which might make possible a better
settlement, and in their minds the Dawes plan is but a step toward final
and satisfactory arrangement. Their plans have hitherto come up
against the nationalistic spirit in European countries and the disinclination of the American authorities to admit that there is any connection
between reparations and Europe's war debt to the United States. It
MAR. 31 1928.]
FINANCIAL CHRONICLE
is evident that the bankers believe that the public opinion of all countries is coming to see the wisdom of making a different settlement from
that binding the countries to make budget payments over half a century or more.
Plan Proposed by Experts.
After the various phases through which the plan has passed, the experts at work on it have now come to approximately the following
scheme:
Instead of reparations remaining at a theoretic total of 132,000,000,000
gold marks, the total would be set at 32,000,000,000 gold marks, or some
$7,600,000,000. Replacing the Dawes plan as it stands at present, with
a transfer of the guarantee, this German debt would be covered by the
issuance of German bonds in this amount. One-half the sum, or 16,000,000,000 marks, would be made up of 11,000,000,000 marks in German railroad bonds and 5,000,000,000 marks in industrial mortgage
bonds, as provided under the Dawes plan. These bonds, bearing 5%
interest and 1% amortization, would be, as in the past working of the
Dawes plan, cared for by the earnings of the railroads and German
industry. They would form perhaps the best possible German investment for foreign capital.
The other 16,000,000,000 marks in bonds would be taken care of by
the German budget. It can be seen that of the burden laid by the
Dawes plan on the German budget this would mean a reduction of
40%.
Bond Proceeds to America.
Now, under the proposed plan, the receipts from the sale of the railroad and industrial bonds would be used largely to liquidate the allied
debts to America, while the other 16,000,000,000 marks, most of which
would be paid in kind, as in the past, would go to France and Belgium
to recompense "them for the cost of reconstruction of war damage.
Of course, no such amount on securities could be dumped on the investment market in one bunch. There would be needed a comprehensive
and careful schedule for marketing these securities. And that is what
the bankers are now studying.
As for the railroad and industrial bonds, it is quite apparent that,
bearing only 5% interest, they could not be sold at par. It is figured
that they might be sold around about 80. This, then, if the sale should
be found practicable, would bring in something more than $3,000,000,000. Under the calculation of the present value to America of the
various debt settlements, it has been popularly figured that America
stands to get about $4,000,000,000.
There has been some study as to whether it would be best to appeal
to the Americans to strike a bargain in accepting a lesser sum for the
sake of a cash settlement, which would probably be to American advantage, both politically and commercially. Now, however, the idea is
put forward that America might be asked to discount her claims at the
rate of the corresponding figure at which the bonds could be sold. In
other words, if bonds bearing 5% were sold on a 7% basis, then
America would discount her claims on the Allies at the same rate.
The $4,000,000,000 result is reached by a 5% calrulation and it is
apparent that if the 7% basis were used the present value of the total
would be somewhat less.
1913
present strong tendency of French securities continues, no expectation
is entertained of a wide movement of French capital for investment
abroad. Under the present circumstances, only the private banks are
taking advantage of the opportunity, and in their case the investr-ent of
an of
funds abroad is merely a temporary expedient whereby the
foreign exchange by the Bank of France is utilized. As a result of
of
movement
capital
is
international
the
these particular operations,
at present balanced, and the Bank of France buys only a small
quantity of exchange on the market for actual cash.
General impressions in Paris financial circles regarding the political
situation are favorable. The prevailing opinion is that the elections
will result in a majority for the National Coalition Cabinet with
Poincare as leader. The prediction of the bankers is that, in such
event, Poincare will abandon the Finance Ministry, while still remaining Prime Minister, and will not oppose measures for legal stabilization.
Attitude of American Government.
In printing the above the "Times" said:
While of course the American Government has taken no part in the
discussions, there seems to be a well-defined feeling that, if Europe
shows itself willing to make all-around sacrifices to effect such a business arrangement the United States will not turn a deaf ear to requests for its co-operation.
It is understood that there is small chance of getting this plan close
to operation this year, but there is hope that next year will see great
progress toward a settlement along these lines or similar lines.
No one better than the bankers know the difficulty of marketing
$4,000,000,000 worth of German bonds, but the fact that the bankers
are taking the plan seriously shows that they believe it possible. The
other $4,000,000,000 worth, intended for reconstruction payments, need
not be marketed in the near future. Germany could continue its 6%
payments by deliveries in kind.
It is believed that the conferences which have been held indicate that
the European Governments would in the long run accept the proposed
plan.
French Gold Deposits $112,000,000—London Places American and British Consignments at That Figure—French
Banks Estimate $100,000,000 More Will be Taken From
U.S.
With reference to the gold shipments thus far the current year to France, a cablegram from London March 24
(copyright) to the New York "Times" stated:
Custom House returns for the week ending last Wednesday show
that £3,011,978 more gold was exported in that period from London
to Paris. This makes the aggregate shipments from here to the French
market during the past four weeks £13,573,831. If the £10,000,000
of gold taken from New York for the Bank of France during the
year to date is added to the London withdrawals, the total quantity of
gold repatriated by France in 1928 to date will run beyond £23,000,000.
This considerably exceeds the amount released by the Bank of
England from gold pledged against the French war loan when that
indebtedness was paid off to the Bank of England last Spring. Gold
receipts by the Bank of England in the last calendar week were
£1,000,000, in the form of sovereigns released from earmarking on
account of the South African Reserve Bank. Withdrawals were £108,000, made up of bars sold for unstated destinations.
The following further reference to the gold movement
was contained in Associated Press advices from Paris
March 25:
The administration of Premier Poincare and officials of the Bank
of France are determined to increase greatly the bank's gold stock far
beyond the consignments recently arrived from New York, and it is
believed that the present movement of gold to France has just begun.
The aim of the Government is to transform into gold a considerable
part of its thousand million dollars abroad in credits and exchange
and have the coin and ingots actually in the vaults of the Bank of
France. The ultimate purpose of all this, of course, is stabilization of
the franc on a gold basis, but whether stabilization will be undertaken
sooner or later than early summer is not known at present. French
credit, in and outside of the country, will be effectively strengthened
by the actual presence in the Bank of France cellars of the mass of
gold rather than bookkeeping entries in five or six foreign money
centers.
The Bank of France, operating for the Treasury, has upward of a
thousand tnillion dollars in exchange for credits abroad. Of this
amount $700,000,000 is in New York; £60,000,000 in London and
lesser amounts in Amsterdam and Zurich.
The French note circulation of 58,000,000,000 francs could be 75%
covered by the 3,600,000,00 francs gold now in the Bank of France
and the five or six billion francs gold or equivalent abroad. The
purpose of the Government, it is explained authoritatively, is not to
bring back the total amounts now abroad but to increase its gold stock
in Paris enough to approximate 50% of the note circulation.
Unlike ordinary citizens of other countries, one of the characteristics of the French peasant is that he wants gold for part of his
money just to know he can get it and keep it if he wants to. Govconernment experts have concluded that the peasant would not be
tent when the franc is finally stabilized to receive other pieces of paper
can get
which he was told represented gold, but must know that he
the gold also.
home
gold
of
stocks
Before launching the program to bring huge
was told
the Bank of France sounded out the Bank of England and
spare much
that the English gold stocks were not sufficiently large to
for internaor any for French account and it would be far better
alone and
tional finance for France to leave her balances in England
draw from New York.
York
New
the
that
here
Pursuing this suggestion, it is understood
to withdraw any
bankers gave sympathetic reception to the proposition
belief prevails
amount of gold the Bank of France desires, but the
whether or not
that the New York bankers have grave doubts as to circulation once
into
go
France should allow the gold coin to actually
pointed out, that when
the franc is stabilized, the danger being, it is
into private bands it is
the gold one has been released from the bank
either as a circulating
likely to be hoarded and become of no use
The gold ought,
medium or as giving stability to gold certificates. more as a symbol
bank
according to bankers, to be retained in the
than anything else.
Opposed by
Creation of Gold Franc of Reduced Value
Academy of Sciences.
appeared
The following United Press advices from Paris
in the "Wall Street Journal" of March 20:
upset the metirc
Creation of a gold franc of reduced value would
perpetrated on all credsystem and would "be an inexcusable fraud
communique. The academy
itors," the Academy of Sciences said in a
its value in gold,
proposes to exchange paper money for one-fifth
with the gold value of
marking down debts of all kinds to correspond
contracted.
the franc at the time the debts were
SigSecretary Mellon Says Gold Movement Is Without
nificance—U. S. Still Holds Half World's Gold Supply.
the
The view that the large movement of gold out of
United States during the last nine months has had no material effect on the domestic money market is held by Secretary Mellon, according to Associated Press dispatches
from Washington March 29, which added:
exports of gold
It was said to-day at the Treasury that although the
about one-half
reached $90,000,000 in March, this country still holds
movement can
of the world's monetary gold" supply and the outward
continue for some time without affecting the local market.
The "Journal of Commerce" in stating through its Washington correspondent March 29 that no alarm is felt by
Secretary Mellon as to the continued and striking outward
flow of gold from the United States went on to say:
Although supplies on the Paris money market continue abundant,
that the present gold movement could continue for some
In its issue of March 26 the same paper, in a Paris copyright message March 23 had the following to say regarding
further shipments of the metal to Prance:
a temporary tightening of rates is expected for the end of the quarter.
No official information is available regarding the amount of gold which
the Bank of France will probably import from abroad in addition to
York.
that already drawn from London and New
The banking estimate, however, is that another $100,000,000 will be
by the Bank of France,
taken from America. The official declaration
already earmarked, and that
that all gold drawn from New York was
market supplies, was
American
reduce
not
do
the shipments therefore
comments published concerning the
elicited by inexact and misleading
gold shipments from America.
capitalists are selling French securities
At the moment, sonic home
proceeds in foreign stocks. But so long as the
the
reinvesting
and
Mellon feels
other economic
time without affecting American domestic credit and
the United States,
conditions. From the standpoint of the business of
view.
Mellon's
in
significance,
the gold movement is without
Coincident with American gold export, France, according to Treasfinancial position preparaury advices, is gradually strengthening its
currency, an accomplishment,
tory to going on the gold standard of
Mellon until after the
Secretary
by
however, which is not anticipated
French elections.
be natural for France to
While Treasury officials said that it would
seek large credits from the American Federal Reserve banks and other
attaining the gold standbanks of issue, as have other nations before
1914
FINANCIAL CHICONICLE
ard, there is a possibility that the Paris Government may not need to
take this step.
Mellon was represented as feeling that French finances are particularly strong and that possibly that government has sufficient resources
to move toward a gold standard without outside assistance.
Great Britain, Poland, Italy and Belgium obtained credits in this
country for stabilization purposes. However, in these cases none of
the governments which obtained credits has "drawn down" any actual
money. The credits, however, are of material psychological effect and
form a powerful advertisement of security, a reason which may lead
France to follow a similar course.
Mexican Gold Peso Valuation.
From the "Wall Street Journal" of March 29, we take
the following Mexico City advices:
President CaIles, through extraordinary powers granted him to
legislate on financial matters, has issued a decree through the Treasury
Department, stating the value of the Mexican gold peso in relation to
foreign money will be fixed four times a year, March, June, September and December. This affects foreign money which can be exchanged for national gold in payment of federal duties.
Another decree allows banks, banking establishments and money exchanges to import foreign coin and bills in limited quantities to be
exchanged for Mexican money. A check is placed upon excess importation, which allows the Treasury, upon decision of the National
Banking Commission, to restrain further importing whenever it is
deemed knadvisable for "national economy."
Gold Basis for Norway.
A Central News cablegram to the New York News Bureau from Oslo, March, 29, stated:
The Norwegian Premier announces that as soon as possible the
krone will be placed on a gold basis. He declared that the government would resign if shown that a majority of the Stoning favored
writing down the exchange value of the krone.
On March 20, London advices to the "Wall Street Journal" stated:
The unconfirmed report htat Norway intends to return to the gold
standard April I is linked with the recent visit of a representative of
Hambros Bank, who has been negotiating with Norwegian Government
over possibility of granting credits for reconstruction of Andresens
og Bergen! Kreditbank and Centralbanken for Norge. If an agreement is reached, an international banking group will take a block of
sabres of the reconstructed banks and grant credit, but the transaction is dependent upon Norway's return to the gold standard.
[VOL. 126.
Details regarding the appreciation in value in Italian
dollar loans sold in New York are presented in the subjoined table:
ITALIAN LOANS IN THE UNITED STATES.
Issue.
A—Govt. and Municipalities—
Italian 75 1951
Italian Credit Cons. is. I937
Italian Credit Cons. 78. 1947
Milan 61.1*, 1952
Rome 610, 1952
Total
13—Public Utilities—
Adriatic Elec. 7s, 1952
Inter. Ppwer 63is, 1955
Inter. Power 7s, 1936
Inter. Power is. 1957
Inter. Power 7s, 1952
Isareo 75, 1952
Italian Pub. Ut11 7s, 1952
Italian Superpower 65. 1963
Lombard Elec. 75, 1952
Merldionale Elec. 7e, 1957
Ternl Elec. 654*. 1953
United Elec. 75, 1956
Total
C—Industria/s—
Flat 78, 1946
Isotta Freschinl 7s, 1942
Lloyd Sahaudo 75. 1930-41
Montecatinl 75, 1937
Pirelli 7s, 1952
Venetian Mortgage 78, 1912
Par Value.
Value at
Price
of Issue.
Value at
Recent
Price.
Appreelation
per
$1,000
Bond.
$100,000.000 $94.500,000 $98,000,000 $35.00
4.500.000
4,342,500
4,348,125
1.25
7,500,000
7.162,500
7,200,000
5.00
30,000,000 27,300,000 28,012,500 10.00
30.000,000 27,600,000 27,900,000 23.75
$172,000,000 $160,905,000 $165,460,625 $26.50
5,000,000
10,000,000
5,000,000
10,000,000
6,000.000
5,000,000
20,000,000
20,250.000
6,000,000
11,625,500
12,000,000
4.800.000
9,375,000
5,000.000
9,637,500
5,730,000
4,675.060
18,600,000
20,250,000
5,640,000
11,103,300
10,830,000
5,550,000
4,925,000
9,375.000
4,950,000
9,950,000
5,880.000
4,687.500
19,450,000
20,655,000
5,872,500
11,393,970
10,920.000
8,000,000
6.375.000
$116,875,500 $111,190,800 $114,433,970
10,000,000
9,300,000 10,500,000
1.500,000
1,432,500
1,464,375
2,400,000
2,352,200
2,364.500
10,000.000
9,650,000 10.675,000
4,000.000
3,820,000
4,235,000
5,000,000
4.750,000
4,731.250
25.00
---*10.00
31.25
25.00
2.50
42.50
20.00
38.75
25.00
7,50
137.50
$27.75
120.00
21.25
5.00
102.50
78.50
*3.75
Total
$32,900,000 $31,304,700 233,970,125 981.00
Grand total
5321.775.500 5303 400 500 5313.004.500 532.50
* Denotes depreciation per bond.
Improvement in Unemployment Conditions in Italy.
Under date of March 28, Associated Press cablegrams
from Rome stated:
Unemployment in Italy is on the decrease, Premier Mussolini
told
the Council of Ministers to-day.
The Premier said that 26,000 persons had been absorbed
in the various trades since the end of January, when the number
of unemployed
in Italy was about 439,000. With the resumption of building
and alri.
cultural activities he felt certain that the employment
would greatly
increase.
There have been no disorders and no attempts to disturb the public
peace, the Premier reported.
Improvement in Italian Treasury Situation—Budget
Shows Surplus of 104 Million Lire.
Romolo Angelone, Commercial Attache of the Royal Ital- Spain Makes Known
Decision to Remain With League
ian Embassy, in advices to us under date of March 26,
of Nations.
says:
The decision of Spain to remain with the League of NaI am just in receipt of a cable communication from Count Volpi, the
Italian Minister of Finance, dealing with the Italian Treasury situation tions was made known on March 22, when the Spanish
at the end of February 1928. On that date the Italian budget showed a Government made public its reply to Francisco Jose Urreal surplus of 104 million lire, resulting from the difference between rutia, President of the
League Council, accepting the inreceipts amounting to 12,720 million lire and expenses for 12,616 milvitation to re-enter the League. The reply, which is signed
Bons.
The account kept by the Treasury with the Banca d'Italia for fiscal by Premier de Rivera, says, according to Associated Press
operations showed, at the end of that month, a credit of 352 millions in advices from Madrid
March 22:
favor of the Treasury.
Mr. President:
The total Italian internal debt at the end of February 1928 amounted
I have the honor to inform you that I have received your
to 86,511 millions. At the end of February paper circulation reached
17,270 million lire, as against 17,380 millions at the end of January
last. The circulation of Treasury notes of small denomination was reduced, during the month of February, by 102 million lire.
Study by Max Winkler of Investment in Italian Bonds—
Market Appreciation Averages $32.50 per Bond.
According to a compilation prepared by Max Winkler of
Bertron, Griscom & Co., Inc., the aggregate par value of
Italian loans which have thus far been publicly offered in
this market, is $321,775,500. Of the total, $172,000,000 or
about 54% represent government and municipal issues;
6110,875,500 or 36.5% constitute public utility loans, and the
remainder. or 9.5%, industrial obligations. It is stated
that the aggregate value of these bonds, computed on the
basis of the price of issue to the American investor, was
$303,400,500, of which $160,905,000 represented the value of
government and municipal loans, $111,190,800 that of public utility loans, and $31,304,700. the value of industrial
bonds. On the basis of recent quotations, the value of all
Italian loans totaled $313,864,500, an advance of $10,464,000 over the value on the basis of original issue price. In
other words, if the American investor had purchased one
$1,000 bond of each Italian loan offered here and had remained a holder of such bonds, he would, in addition to
receiving a very liberal return on his original investment,
aggregating well over 7%, also have a material appreciation
in his principal, amounting to $32.50 per bond. The appreciation is most marked in the industrial group, composed
largely of issues with stock purchase warrants, amounting
to i>"81 per bond of $1,000 par value. The public utility group
follows with an average profit of $27.75 per bond. The
enhancement in the Government and Municipal group averages $26.50 per bond.
kind letter of March 9, which contains in the name
of the Council and of the
League of Nations, and in agreement with
the desires expressed by
all its members, a resolution adopted by
that body in session that day
for consideration of the Government of
his Majesty.
The affectionate terms in which the letter
is written, eliminating all
references which might give any indication of not
desiring to see Spain
separated from the League of Nations, in order
that she may continue to collaborate in the great disinterested
work, could not fail to
make an impression on the Government over which
I preside and
which met in special session for the purpose of studying
such an
important document.
Spain, which has not failed to cooperate during these years in
the
noble and inspiring aims of the League of Nations,
proposing and
negotiating with various countries in treaties of conciliation and arbitration, is very sensible to the invitation which your Excellency has
trnasmitted to his Majesty's Government, and is of the belief that
there is not and could not be any other reply than to accept gratefully, without conditions or reservations, the honorable invitation.
The Government trusts that the Assembly will determine the form
and position to which Spain is entitled in order that her participatoin
may be efficacious and useful and in conformity with her special situation as a great neutral power during the late war and her ancient
position of creator of civilized nations.
This is all I can say, expressing to you the most sincere gratitude
for all these representatives of the nations who have voiced respect
and love for the old and glorious Spanish nation.
In indicating that the Spanish Cabinet at a meeting
Marrh 20 had approved the return of Spain to the League,
a copyright cablegram on that date to the New York
"Times" stated:
Spain gave two years' notification of her intention to leave the
League nearly two years ago and without tonight's action she would
have been out of the organization in June. Spain has just received
concessions in Tangier from England and France and this probably
had to do with her decision to return to Geneva.
I was also noted in the same cablegram that the action
of the Spanish Government is in reply to the appeal made
during the recent session of the Council of the League
when a similar appeal was addressed to Brazil and Costa
Rica. According to a cablegram March 25 from Rio de
Janeiro to the "Herald-Tribune" says:
MAR. 311928.]
FINANCIAL CHRONICLE
1915
Brazil will not return to the League of Nations at present despite
Government expenditures during the year rose from 1841 million zlotys
the example set by Spain and the friendly, if non-commital, interim in 1926
to 2407 million. Administrative expenses increased 24%, while
reply sent to the League Council after its appeal for Brazil's renewed the
Government spent 21% more for pensions and allowances and 18%
membership, it was learned on high authority today.
more for the reduction of the public debt. There were no expenditures
It is understood that Brazil will continue to collaborate with League for state enterprises
in either year.
members for defense of the principles under which the League was
As provided
Stablization Plan, there was no increase in Treasury
created. But it is unlikely, it is said, that Brazil ever will resume notes, and the in the
sound condition of the finances made it possible to retire
full activity so long as the situation continues as it was when she 138 million zlotys of Treasury
notes outstanding.
withdrew in 1926.
President Luiz opposes any change in policy during his administration. His own policy was inherited from that of President Bernardes. Increase in Investment of Foreign Countries in Brazil
Bernardes was in office when Brazil withdrew and announced she
Following Stabilization of Currency.
would not return until the League's character became universal instead
of sectional.
Increase of 40% in the investment of foreign countries in
Brazil will continue, as heretofore, to co-operate in purely technical Brazil in 1927 has followed
the stabilization of that country's
activities, as does the United States.
It was said semi-officially today that Brazil's distaste for the League currency, and of this amount approximately 80% comes
was due to a belief that the Lovarno treaty powers dominated it, and from the United States, according to a statement made
that the representatives of the American republics were there as noth- public
March 24, by Dr. Lind°lfo Color upon his departure
ing more than provisional representatives whose re-election to the
Council "always led to sad rivalries preujdicial to the tranquil course from this country for Eu ope. Dr. Collor was one of the
of Pan-American relations."
five delegates from Brazil at the Pan-American Conference
Brazil announced her withdrawal from the League in in Havana and is a member of the Brazilian Legislature.
June, 1926. Neither its withdrawal nor that of Spain He is quoted as saying:
We have known for a number of years that stabilization of the currency
could become effective until two years after notice was
was necessary. We already are gratified to feel the effects of this stagiven of withdrawal.
bilization.
With the exchange stabilized we observe a great increase of American
capital coming into Brazil. We do not have at hand exact statistical
data, but all business men who know Brazilian conditions know that
the imports from the United States and the exports to the United States
will reach heretofore unknown amounts.
On March 25 the election of General Carmona as PresiParticularly In 1927 in comparison with other years, there was an
dent of the Portuguese Republic brought out such a large unusually large amount of American capital invested in Brazil's hydrovote that it is held to Justify the Government's claim to electric projects.
It is easy to understand this
have wide popular approval according to copyright advices Brazil stabilized the exchange, increase in American interest. Before
foreigners realized that their investments
from Lisbon March 26 to the New York "Times,"
from in Brazil were at best uncertain. Proof that this skepticism is rapidly
diminishing and is almost entirely gone is indicated in the increase of
which we also quote the following:
foreign capital in the last year. Roughly, I would estimate this increase
The election was entirely peaceful. In Lisbon 37,000
at more than 40% over 1926. I believe I am safe in saying that of all
persons
voted,
as did 55,000 in Oporto. It is estimated that the
ballots throughout foreign capital at present invested in Brazilian enterprises, 80% comes
the country will run up to 500,000.
from the United States.
This election puts the Government, established in
1926 by a coup
In my opinion the fact that has opposed the more rapid development
d'etat, on a legal footing and in some ways
counteracts
the
effects
bad
of American investments in Brazil is the marked difference between the
of the refusal of the League of Nations to
extend a loan of $60,000,000 commercial laws of the United States and Brazil. particularly as they
without control. That action has been the subject
of
in the Lisbon press. It is recalled that Portugal foughtbitter criticism affect the operations of large corporations. We cannot say that Brazilian
side in the World War and lost several thousand menon the allied laws are at fault: it is rather that American law in its technique and In
for League Its accurate and concise application has advanced far beyond the laws
ideals, and now the League is accused of seeking to
treat her on the of any other country. Taking into consideration the fact that by far
same footing as the ruined countries of Central Europe,
although the greatest percentage of our trade is with the United States,and always
Portugal is still the fourth colonial empire of the world.
will be, it is to us a matter of the greatest concern that we adapt our
law.
There is a widespread belief that the loan still will be
raised pri- to those of the United States. Toward this end we are bending every effort.
vately and, if not on same advantageous terms as the League
and I sincerely hope that the results of these efforts will be felt within the
would
have given, at least without the indignity of outside
control. In an next few years.
interview
Election of Gen. Carmona as Portuguese President Leads to
Talk of Foreign Loan Without League Supervision.
in the newspaper Secolo, General Sinel de Cordes, Minister
of Finance, says there are groups of foreign bankers ready
to negotiate the loan independently of the League, but that a foreign
loan
will be made only after an internal loan can be floated for reduction
of the internal floating debt.
Yugoslav Budget Passed by Skuptchina—Opposition Abstains From Voting—Dinar Stabilization Planned.
From the New York "Times" we take the following
copyright advices from Belgrade March 26:
The Skuptchina today passed the 1928 budget by a
vote of 191
against 1L The present provisional government was
formed to pass
the budget and therefore has succeeded in carrying out
its program,
although opposition was of the bitterest kind and
resulted in the expulsion of M. Raditch, the Opposition leader, from
Parliament
and the
withdrawal of more than 100 Deputies from important
sessions.
Before the vote M. Raditch read a declaration that his
fused to participate in the voting and would not accept faction reresponsibility
for the budget.
The Government will shortly have to call elections, as
agreed before
it assumed office, but it will first attempt to pass a bill
Dr. Caller has been in this country for several weeks and
is now on his way to Paris to attend the International Inters
Parliamentary Conference of Commerce.
Annual Report of Agricultural Credit Bank of
Santiago, Chile.
The first annual report of the Caja de Credito Agr ario
Santiago (Agricultural Credit Bank) demostrates the benefit
which the country is receiving from this institution. The
February bulletin of the Banco Central de Chile, Santiago
.just received by its New York correspondent the Nations
Bank of Commerce in New York, points out that for many
years the agriculturalists in Chile could obtain long term
mortgage credits from the mortgage banks and short credit
from the commercial banks, but they lacked the medium
term credit necessary for the growth and fattening of cattle,
purchase of farm machinery, etc. This need is being filled
by the Caja de Credit() Agrario, it is stated. It is added:
the
dinar, which is a preliminary condition of the proposedstabilizing
loan to
State by Anglo-American bankers. The dinar will be stabilized the
about the rate of present exchange. The Government also wishes at
The work of this institution was made possible by the passage of the
to
settle the war debt with France and agree to pay a debt of 1,500,000
Fronde Agraria law which became effective July 29 1926, and which was
dinars to the State bank.
modified in 1927. This law substantially changed the previous legal
If the Government succeeds in passing the necessary legislation, practice by permitting mortgages on agricultural products,cattle and timber
Finance Minister Markovitch will go to London to sign the loan agree- and agricutural mchinery, while the property pledged remained in posment and arrange for the first payment, which the Government hopes session of the owners.
As a result of this law the organization of the Caja de Credito Agrario
will be made during next month and will amount to about $15,000,000.
was authorized and the Caja de Credit() Hipotecario was authorized to
finance its operations. The Caja de Credito Agrario was organized with
a capital of two million pesos, which was almost entirely supplied by the
Caja de Credito Hlpotecario, and began operations in Feb. 1927.
During 1927 this institution made loans amounting to $41,768.825. of
which almost 27 million pesos were cattle loans. The number of loans has
been constantly increasing and the average amount of each loan has been
decreasing. Thus in March 24 loans were made averaging $84.000 each as
compared with 197 loans in December with an average of less than $34.000
each. On January 31 1928 the amount of outstanding loans was $43,830,728.
Revenues of Polish Government in 1927 Exceeded Expenditures ky Nearly 400 Million Zlotys.
The American Polish Chamber of Commerce and Industry in the United States, Inc., with offices at 953 Third
Avenue, this city, reports under date of Mar. 20, the receipt
of cablegram advices from the Minister of Finance at
Warsaw, announcing that revenues of the Polish Government for the calendar year 1927 exceeded expenditures by Bolivian Government Awards Railroad Contract To
American Firm—Work to be Paid For Through
nearly 400 million zlotys. Total revenues for the year
Loan Placed in U. S. In 1927.
amounted to 2797 million zlotys as compared with 1930
According to information received in New York and
million zlotys in 1926. The zloty is now stablized at a
value of 11.22 cents. The statement issued by the chamber made public March 19, the Bolivian Government has approved the award of an important railroad construction
says:
Almost every source of revenue yielded a larger amount this year than contract to a firm of American engineers, Kennedy & Carey
last. Revenues from budgetary sources increased from 1895 million zlotys of 44 Wall Street, New York. For several years the
Bolivian
to 2545 million. Of these, administrative revenues increased 17%, income Governmen
t has been planning the construction of a railroad
from public taxes 38%,from monopolies 27%, and from public enterprises
80%. Incomefrom extraordinary source uch as State loans increased from from Cochabamba to Santa Cruz. The completion of this
17 million to 152 million zlotys.
line will link up the high plateau region of Bolivia with the
"111.
1916
FINANCIAL CHRONICLE
fertile Amazon Valley district. The total extent of the
railroad when completed will be approximately 300 miles,
and will represent an investment by the Government in the
neighborhood of $35,000,000. At the present time it is
stated there is no communication between these two sections
of the country other than by dirt .roads which make the
passage of freight traffic slow and umbersome. Kennedy
& Carey have been awarded a contract for the construction
of the first section of the new railroad from Cochamba to
Aiquille, a distance of approximately 100 miles. This
section will bring the railroad from the plateau section to
the beginning of the Amazon plain. It is expected that
construction will be initiated immediately. The government is paying for the work from the proceeds of a loan
placed in the United States in 1927.
[VOL. 126.
ian taxes, present or future. Hallgarten & Co. and Kissel,
Kinnicutt & Co. are fiscal agents; the National Bank of
Commerce in New York is registrar. American investments in Colombia are estimated at approximately $220,000,000. The ordinary revenues of the Republic are given
as $60,639,694 in 1927, and the ordinary expenditures as
$48,923,664. Dr. Esteban Jaramillo, Minister of Finance
and Public Credit of the Republic of Colombia in advices
to the syndicate says in part:
In the period 1922 to 1926 the Republic also received treaty payments from the United States in the total amount of $25,000,000.
During the same period the Republic, in addition to ordinary expenditures, decreased its national debt by more than $23,500,000, invested
$6,000,000 initial capital in the Bank of the Republic and the Agricultural Mortgage Bank, and spent over $57,000,000 upon railroad
construction and other public works.
While, as above shown, there was in 1927 a balance of ordinary
revenues over ordinary expenditures, the outlay in that year for
railroads and other public works was over $32,000.000, and exceeded
by approximately $3,000,000 such balance of ordinary revenues and
the proceeds of the $25,000,000 loan of 1927 applicable to such purposes during that year.
Bonds of Antioquia Highway-to-the-Sea Drawn For
Redemption.
The Minister of Finance also says:
nt of Antioquia Highway-to-the-Sea
Departme
Holders of
Obligation.—These Bonds will constitute the direct obligation of the
and
1
1926,
November
8% internal gold peso bonds dated
Republic of Colombia, secured by its full faith and credit. The Reany Bonds of the
due November 1 1946, have been notified that 9,000 pesos public agrees, among other things, that if while
are outstanding, it shall secure any loan by a lien or
loan
present
by
lot
drawn
been
have
bonds
principal amount of such
of this loan
charge upon any national income or revenues, the Bonds
for redemption and will be paid May 1 at their nominal shall be secured in like form, equally and ratably with such loan.
upon
external,
and
Debt.—Colombia's national debt, both internal
value in U. S. dollars at the office of the Central Union
financing will approximate $80,400,000. This is
this
of
completion
Interest
City.
York
the lowest for
Trust Company, 80 Broadway, New
equivalent to less than $11 per capita, which is among
with estimated figures
on the drawn bonds will cease after that date.
any of the countries of the world, and compares
Philippine National Bank Accumulates Surplus—
Returns Advances By Government.
The Philippine National Bank has accumulated a surplus
in excess of 50% of its capital stock, the War Department
announced on March 25, stating that the auditor's memorandum just received places the surplus at 5,058,138 pesos.
The Associated Press advices from Washington, from
which we quote, also said:
returnThe bank also has set up the reserve for its circulation notes,
ing to the Treasurer of the Islands the amount the Government advanced
for that purpose.
It also has paid the Government 99,414 pesos as the first payment on
account of deposits and capital surrendered to the bank under the rehabilitation act. Hereafter, under the act, three-fourths of the net profits
of the bank will be paid into the Treasury of the islands to refund the
amounts which the United States assumed in taking over the losses of
the bank.
International Syndicate Offers $35,000,000 6% Bond Issue
of Republic of Colombia—Books Closed.
An international syndicate headed by IIallgarten & Co.,
Kinnicutt & Co., Halsey, Stuart & Co., Inc., and
Lehman Brothers, and including Cassatt & Co., William R.
Compton Company, The Northern Trust Company, Chicago;
E. H. Rollins & Sons, The Equitable Trust Company of
New York, Graham, Parsons & Co., Illinois Merchants Company, and Ames, Emerich & Co., Inc., in the United States,
and Dominion Securities Corporation, Ltd., Nesbitt, Thomson & Company, Ltd., McLeod, Young, Weir & Co., Ltd.,
R. A. Daly & Co., Matthews & Co., Ltd., Royal Securities
Corporation, Ltd., Bell, Gouinlock & Co., Greenshields &
Co., and Hanson Bros., Inc., in Canada, offered on March
26, in this country, Canada and Europe $35,000,000 Republic of Colombia 6% external sinking fund gold bonds, dated
April 1, 1928, and due October 1, 1961, priced at 95 and
interest, to yield over 6.35% to maturity. The closing of
the subscription books was announced the same day by the
syndicate, a large over-subscription being reported. The
proceeds of the loan are to be used in further development
of railroad and highway construction in accordance with
a plan of the Republic formulated several years ago. The
bonds will be redeemable on any interest date at face
amount on not less than 20 days' notice. A cumulative
sinking fund of 1% per annum (calculated to retire the
whole issue at or before maturity) is provided for, to operate semi-annually through purchase of bonds at or below
face amount, or if not so obtainable then by call of bonds
by lot at face amount. The Republic reserves the right to
Increase the amount of any sinking fund payment, and to
tender bonds in lieu of cash. The bonds, in coupon form in
denominations of $1,000 and $500, will be registerable as to
principal only. Principal and interest (April 1 and October 1) )will be payable in New York City, at the office of
either of the Fiscal Agents, Hallgarten & Co. and Kissel,
Kinnicutt & Co., in United States gold coin of the present
standard of weight and fineness, or at the option of the
bolder, in London, at the head office of Westminster Bank
Limited, Sub-Fiscal Agent, in sterling at the exchange rate
of $4.8665 to the Pound, without deduction for any Colomb-
for Argentina of $109 and for Uruguay of $125. organized along the
Monetary System.—The Bank of the Republic,
bank of issue. On
lines of the Federal Reserve System, is the sole
its notes in circu.
March 1, 1928, its gold reserves were 106.95% of
of $.9733, is now
lation. The Colombian peso, with a gold parity
quoted at a slight premium.
Purchased
$3,000,000 Issue of Provincial Bank of Westfalia
Forbes
by International Acceptance Bank and Harris,
& Co.
Announcement was made March 28 that the InternaCo. have
tional Acceptance Bank and Harris, Forbes &
the Propurchased a $3,000,000 five-year 6% gold note of
provincial
oldest
the
of
one
Westfalia,
vincial Bank of
particibanks in Germany. Public offering will be made of
credit of
pation certificates secured by the note, and the
in 1832
the Province. The institution which was founded
of loans
aids agriculture development through the extension
of mortto farmers, and also home-building by the granting
developthe
for
ties
municipali
gages. It makes loans to
on of
ment of public utilities; finances the constructi
credits
banking
usual
the
furnishing
to
schools, in addition
of the
to commerce and industry. The primary purpose
out
bank is to assist Provincial authorities in carrying
owned
is
bank
The
policies.
economic
their financial and
On
by the Province and is under its direct supervision.
Dec. 31, 1927 capital, reserves and undivided profits
amounted to $2,917,434 and total resources to $49,318,745.
On this date the bank had outstanding obligations maturing in one year or over of $11,152,167. Since that date
Fl. 6,000,000 7% bonds due 1927 were issued in Holland.
Offering of $3,000,000 6 To Gold Notes of Nassau Land
Bank, Wiesbaden, Germany.
An issue of $3,000,000 Nassau Land Bank (Wiesbaden,
2% Sinking Fund
1
Germany) First Mortgage Collateral 6/
March 30 by
offered
was
1938
1,
March
due
Gold Notes
Halsey, Stuart & Co., Inc., and Colvin & Co. at 97.50 and
interest yielding 6.85%. The notes will be dated March 1,
1928. At the option of the bank, the notes will be redeemable on any interest date, other than for sinking fund, as
a whole or in part on and after March 1, 1934 at par and
2 of 1% for each six months' period
1
accrued interest plus /
from the redemption date to maturity. A sinking fund will
be provided sufficient to retire $600,000 principal amount
of notes on the 1st of March of each of the years from
1934 to 1937, inclusive, by purchase at or below par and
accrued interest or by redemption by lot at par and accrued interest. Principal, interest (March 1 and Sept. 1)
and redemption premium will be payable in United,States
gold coin of the standard of weight and fineness existing
on March 1, 1928, without deduction for any taxes or
charges levied by any taxing authority in Germany. The
notes will, in the opinion of counsel, be the direct and unconditional obligation of the Nassau Land Bank. Under
German law, the District Association of Wiesbaden guarantees the collection of principal and interest of these
notes, as well as all other obligations of the bank, and is
empowered to levy contributions upon its members to the
full extent required for this purpose. This bank is a pub-
MAR. 311928.1
FINANCIAL CHRONICLE
lie institution under the supervision of the District Association of Wiesbaden. It has no share capital and is not
operated for profit, but is owned and operated solely for
the account of the association. The primary purpose of
the bank is to grant loans secured by first mortgages on
productive agricultural and on improved city properties in
order to further agricultural development and provide for
housing accommodations.
As security for the notes, there will be pledged with the
German trustee gold-mark bonds of the bank in the ratio of
110% of the principal amount of this issue of dollar notes,
at the rate of 4.20 goldmarks to the dollar, and this ratio
will be maintained at all times. These gold mark bonds
together with all similar gold-mark bonds of the bank will
be secured by an equivalent amount of first mortgages. The
District Association of Wiesbaden comprises the Territory
of the Former Duchy of Nassau, and geographically is
most important, inasmuch as it borders on the Rhine and
Main Rivers and therefore forms a link in transportation
between the Western and Southern countries of Europe
and the German Republic.
1917
The following is the statement of loans of the Pacific
Coast Joint Stock Land Banks (as officially reported Feb.
29 1928):
San Francisco. Los Angeles. Salt Lake City.
Acres of real estate security loaned
106,662
121,707
upon
408,448
$14,363,700.00 $9,141,400.00 $4,914.600.00
Total amount loaned
Appraised value of real estate security 34,725.069.00 21,261.651.00 13.436,900.00
$85.01
$199.34
$110.40
Average appraised value per acre
35.16
85.70
40.38
Average amount loaned per acre
Percentage of loans to appraised
42.99%
41.36%
36.57%
value of security
We also give herewith the statement of assets and liabilities of the Pacific Coast Joivt Stock Land Banks as of
Jan. 31 1928:
San Francisco. Los Angeles. Salt Lake Mg.
Assets—
Net mortgage loans
$13.579,980.84 $8,339,308.34 $4.464,975.24
Interest accrued but not yet due on
190,978.79
118,981.28
78,685.24
mortgage loans
United States Government bonds
400,000.00
and securities
Interest accrued but not yet due on
30.70
2,537.38
bonds and securities
76,279.73
97,488.30
57,463.98
Cash on hand and in banks
5,446.32
7,799.11
1,155.34
Accounts receivable
Installments matured (in process of
14,256.67
6,691.69
39,045.58
collection)
3,843.41
1.00
400.00
Furniture and fixtures
Real estate sales contracts, purchase
30,942.12
8,000.00
10,000.00
mortgages, &c
Sheriffs certificates, judgments. &c.
25,470.57
27,925.60
(subject to redemption)
62,624.50
12,424.90
59.681.17
Real estate
100.00
2.253.23
1,142.00
Other assets
Offering of $1,600,000 First Mortgage of Municipal
$14,341,986.58 $8,654,341.52 84.729,585.43
Total assets
Gas & Electric Corp. of Brecklinghausen.
Liabilities—
$12,994,000.00 87,870,000.00 $4.050,000.00
bonds outstanding
E. H. Rollins & Sons and Foreign Trade Securities Co., Farm loan
Interest accrued but not yet due on
163,125.01
113,416.67
52,708.33
Ltd., the present week offered at 98 and accrued interest, farm loan bonds
175,000.00
80,000.00
Notes payable
to yield about 7.20%, a new issue of 81,500,000 first mort- Accounts
568.71
1,734.17
4,113.94
payable
840.28
Int, accrued but not yet due_
gage 20-year sinking fund 7% gold bonds of the Municipal Other
Due borrowers on uncompleted
4,000.00
97.95
loans
Gas & Electric Corp. of Recklinghausen, Germany. The
installments paid In
financing it is stated will enable the company which is owned Amortization
6,244.64
12,047.91
30.787.07
advance
loan bond coupons outstandand controlled by the City of Recklinghausen, situated in Farm
38,225.00
29,400.00
42,725.00
ing (not presented)
9,000.00
the industrial section of the "Ruhr," to make additions to Dividends declared but unpaid__
727.75
567.00
Other liabilities
500.000.00
800,000.00
300,000.00
its properties and to extend its system. After giving effect Capital stock paid in
25.01)0.00
25,000.00
25,000.00
Surplus paid in
to this financing the reproduction value of the presently Surplus earned
70,000.00
40,500.00
82,500.00
17.000.000
(legal)
owned properties, after depreciation on plants and equip- Reserve
23.959.46
14,019.52
7,542.51
Other net worth accounts
33,699.29
29,908.12
54,455.20
ment, as reported by independent American appraisers on Undivided profits
on Oct. 1 1927, plus the additions to be made, will be ap- Total liabilities and net worth $14,341,986.58 88.654,341.52 84.729,585.43
proximately $2,957,000. Shares pledged with the trustee
which are vlued at $318,000 give a total value of properties Bulgaria Will Accept Loan Terms of League of Naand securities of $3,275,000, equivalent to more than
tions—Parliment Gives Liapcheff Cabinet Vote
$2,183 per. $1,000 bond. Net earnings of the company
of Confidence.
before depreciation were $98,709 it is stated for the first
Under date of March 17, Sofia, Bulgaria advices to the
.9 months of operations in 1926, following the taking over
New York "Times" (Copyright) said:
of the business from the City of Recklinghausen on April 1
Bulgarian acceptance of a foreign loan on terms prescribed at the session
of that year. For the year 1927 the net earnings are re- of the League of Nations Council was assured to-day by Parliament in
vote which was rather a surprise to the country. Following an exposiported at $304,000, or over 2.89 times annual interest re- ation
by Finance Minister Moloff of the Government's financial policy,
quirements of this loan. Further data in connection with Parliament gave the Liapcheff Cabinet a vote of confidence by a large
the offering are given in our "Investment News Depart- majority.
Contrary to general expectation former Premier Tsankotf threw his
ment" on a subsequent page.
support to the Government, thus leaving the adherents of the so-called
Stambulisky party to fight a losing battle.
Offering of $1,500,000 5% Bonds of Pacific Coast Joint
Stock Land Banks.
An issue of $1,500,000 5% bonds of the Pacific Coast
Joint Stock Land Banks was offered on March 27 at 1024
and interest, to yield about 4.65% to the optional date
(1938) and 5% thereafter to redemption or maturity. The
offering was made by Harris, Forbes & Co., New York;
William R. Compton Co., New York; Halsey, Stuart & Co.,
Inc., New York; the American National Co., San Francisco;
the First Securities Co., Los Angeles, and the Security Co.,
Los Angeles. The bonds are the obligations of the following
banks of issue:
The proposed loan was referred to in our issue of March
17, page 1601.
Peruvian Bonds Drawn for Redemption.
J. & W. Seligman & Co., and the National City Bank of
New York, fiscal agents, have notified holders of Republic
of Peru, Peruvian National Loan, 6% external sinking fund
gold bonds, first series, dated Dec. 1 1927 and due Dec. 1
1960, that $250,000 principal amount of the bonds, in temporary form, have been drawn by lot for redemption and
will be paid June 1 at their principal amount and accrued
unpaid interest to that date. The bonds are payable either
$500.000 Pacific Coast Joint Stock Land Bank of San Francisco, operat- in New York at the offices of J. & W. Seligman & Co., and
ing in California and Nevada.
Bank of New York; in pounds sterling in
$500,000 Pacific Coast Joint Stock Land Bank of Los Angeles, operating the National City
London at the offices of Seligman Brothers and the National
in California and Arizona.
3500.000 Pacific Coast Joint Stock Land Bank of Salt Lake City, operat- City Bank of New York; in Dutch guilders in Amsterdam at
ing in Utah and Idaho.
the offices of Pierson & Co., Netherlands Trading Society
The bonds are issued under the Federal Farm Loan Act; and Mendelssohn & Co., or in Swiss francs in Zurich or
they will be dated March 1 1928, will become due March 1 Basle, Switzerland, at the principal offices of the Credit
1958, and will be redeemable at par and accrued interest on Suisse. Int. on the drawn bonds will cease after June 1.
any interest date after ten years from the date of issue.
Principal and semi-annual interest will be payable in New
Bonds of Greek Government Loan of 1924 Drawn for
York, Chicago, San Francisco, Los Angeles or Salt Lake
Redemption.
City. They are coupon bonds fully registerable and interannounce
that $40,000 bonds of the AmerSpeyer
&
Co.
changeable, in denomination of $1,000.
The Pacific Coast Joint Stock Land Banks are owned or ican portion of the Greek Government 7% Refugee Loan of
controlled by the stockholders of the following Pacific Coast 1924 have been drawn for redemption at par, on May 1
1928. Of this amount, $32,000 bonds were drawn for the
banks and trust companies:
regular semi-annual sinking fund and the balance of $8,000
Walker Brothers, Bankers,
Security Trust & Savings Bank,
bonds out of additional funds received from the sale of land
Los Angeles
Salt Lake City
The National Copper Bank,
Los Angeles-First National Trust &
to refugees.
Bank,
Savings
Los Angeles
'The First National Bank,
Portland
American Trust Co.,
Ban Francisco
Salt Lake City
The Utah State National Bank,
Salt Lake City
Deseret National Bank,
Salt Lake City
Kingdom of Belgium Bonds Called for Redemption.
J. P. Morgan & Co. and Guaranty Trust Co. of New York
have issued a notice to holders of Kingdom of Belgium
1918
FINANCIAL CHRONICLE
25-year external gold loan 734% sinking fund redeemable
bonds, issued under a loan contract dated May 28 1920, that
as sinking fund agents they have received $2,300,000 for the
redemption and payment of $2,000,000 principal amount
of these bonds on June 1 1928 at 115% of the principal sum.
A drawing has been held in accordance with the terms of the
contract and bonds drawn for redemption will be paid at
the offices of J. P. Morgan & Co., 23 Wall Street, or Guaranty Trust Co. of New York, 140 Broadway, upon presentation and surrender of the bonds with the Dec. 1 1928 and
subsequent coupons attached. Interest will cease on all
drawn bonds on and after Jime 1 next. Lists of the numbers of bonds drawn for redemption June 1st, which include
the numbers of bonds of previous drawings remaining
outstanding may be had at the offices of the agents.
London Quotations Run On Tickers Here—New Daily
Service by Western Union Before Stock Exchange
Opens—First Time Since the War.
For the first time since the war stock quotations on the
London market were printed on tickers throughout the
financial district in New York on March 26, the renewal
marking an augmented service which will be rendered daily
by the Western Union before the New York Stock Exchange opening. The foregoing is taken from the New
York "Times" of March 27, which stated:
Before the war the quotations published were those of American
securities exclusively, with the London price printed beside the New
York equivalent, in order to allow American traders to ascertain the
value placed on our own stocks and bonds by the then leading market
of the world.
The new service, however, is entirely a new development in the
sense that the stocks of purely British or British-controlled companies
are quoted, with one or two exceptions. There has never before existed
a like ticker service here, and except for the London opening price, all
the quotations from Lombard Street are printed very few minutes behind the market there, permitting New York brokers to transmit instructions for the purchase or sale of securities abroad with an accurate
knowledge of the prevailing trend.
The Western Union ticker service has arranged to give five daily
London quotations. The London opening was transmitted at about 8:50
A. M., Eastern Standard Time, yesterday, followed ten minutes later
by the London 1:45 P. M. price. The other London times selected
were the 2, 2:15 and 2:30 P. M. prices, the close corresponding to
9:30 A. M. here.
The new service is being furnished without additional cost to present
subscribers to the Western Union ticker service, and it is expected
that it will become permanent and even expanded if the public response is favorable.
The present list, selected because of a more widespread American
interest in these securities, comprises British Clanese, common and
preferred; Canadian Celanese and American Celanese, common and
prferred; Courtauld's, Columbia Graphophones, His Master's Voice
Gramophone, Creole Oil, United Electric ordinary shares, and Assodated Portland Cement ordinary; Margarine Union and Margarine
Unie, Imperial Chemical, Provincial Cinema ordinary and 72% preferred, Marconi, Canadian Marconi, London Tin Syndicate and Tin
Selection Trust.
A number of the above securities are at present traded in on the
New York Curb Exchange, so that arbitrage operations will be possible
to a limited extent, as the London market closes before trading here
begins.
Dr.
W.
H.
Steiner Says Investment Trusts
Profits to Investor.
Owe First
If an investment trust makes no money for its investors
it should forego management compensation, according to
the view of Dr. W. H. Steiner, Associate Professor of Economics in the College of the City of New York and SecretaryTreasurer of the Investing Corporation of America, as
expressed in an address before the Utica Chapter of the
American Institute of Banking and made public in New
York on March 15. He discussed investment trusts especially from the point of view of the banker who both advises
his customers with respect to their investments and who
passes upon investment trust securities tendered as loan
collateral. Dr. Steiner, said:
If the investment trust makes money for the investor it is entitled to
payment for its services; if it makes no money it should forego compensation for the management of the trust. Where the investor buys senior
securities such as bonds or preferred stock of a corporation, with a dash
of the common to make these senior securities attractive, the great bulk of
the profits on the common should not be reserved for the management.
In trusts where the investor buys a participation in a fund, the management should not take its return at the outset, before it has rendered any
service, in the shape of a spread between the value of the securities in the
fund and the price the investor pays, but instead the management should
take a return contingent upon the success of its operation.
[vol.. 126.
of the physical existence of the securities in which the investors money is
placed.
3. The method of making money should be clearly set forth. The
investor should know what investment policy is to be employed, and
should not buy into a blind pool. This means that the investor should be
furnished periodically with a list of the investments. These investments
should not be fixed or rigid but should be subject to change at the discretion of the management. Preferably certain restrictions should be found
with respect to the diversification among individual securities and individual
industries. Common stock investments well selected in high grade companies and purchased at prices that bear a proper relation to the underlying values should show substantial appreciation over the years and it is
desirable that trust portfolios concentrate their attention as far as practicable upon them instead of stressing solely bonds and creditor securities.
A trust should buy these securities with respect to long term enhancement
in value, rather than in expectation of rapid current turnover. The trust
should have investment as its objective, not speculation.
4. The results of operation should be divided fairly between the general
public that invests its funds and the organizers who manage the trust. The
initial expense for raising money for the trust should be reasonable. Where
the investor buys senior securities such as bonds or preferred stock of a
corporation, with a dash of the common to make these senior securities
attractive, the great bulk of the profits on the common should not be
reserved for the management. In trusts where the investor buys a participation in a fund, the management should not take its return at the outset.
before it has rendered any service, in the shape of a spread between the
value of the securities in the fund and the price the investor pays, but the
management should instead take a return contingent upon its success in
operation. If it makes money for the investors it is entitled to payment
for its services; if it makes no money it should forego management compensation.
5. The principal of the investment trust should be built up. Into it
should go realized capital gains as well as rights and stock dividends. Current dividends should be paid instead from the interest and the dividends
received on the securities. The trust in its reports should show clearly
the results of operations and should not mingle realized capital gains, unrealized profits on the securities held and current interests and dividends
into one grand total figure called "current income."
He added:
The banker no less than the investor should understand these features
in the case of each trust he considers. He should not merely take the
view that because a fixed list of securities is deposited with a trustee he
has satisfactory loan collateral but he should intelligently understand exactly what he is lending on. This requires publicity with respect to trust
operations but such publicity is not only the investors due, but Is also
highly to be desired from the point of view of the general public interested
in the development of sound investment trust practice.
British Gold Sovereign Ceases
in Palestine.
to be
Legal Tender
The weekly statement issued by the Department of Commerce at Washington (made public to-day, March 10) summarizing conditions in world markets has the following to
say:
The British gold sovereign, which was declared to be legal tender in
Palestine under a public notice dated Feb. 1, 1921, will cease to be
legal tender after March 31, 1928, according to an announcement in •
the Official Gazette of the Government of Palestine of March 1, 1928.
This supplements the recent order under which Egyptian currency
ceases to be legal tender on the same date, and represents another step
in the transition of Palestine to a currency system of its own.
in New York Curb Markets Rules for Delivery
Relating to Indorsements of Stock Certificates.
A change in the "Rules for Delivery" relative to endorsements of, and guarantees to, stock certificates was an-
Changes
nounced by the New York Curb Exchange on March 28.
The announcement in the matter states:
The old rule, known as No. 12 read:
"An endorsement by a member of his firm of (or the signature as
a witness by such a member of a signature to an Assignment or a
Power of Substitution, is a guarantee. Each Power of Substitution,
as well as the assignment, must be so guaranteed, or witnessed."
This has been superseded by a new rule which reads:
"!An endorsement of a certificate, or a guarantee of a signature to an
assignment thereof or to a power of substitution thereon, by a member or by his firm, is a guarantee both of the genuineness of such
certificate and of such signature, and is also a guarantee of the legal
capacity.and authority of the signer. Each assignment or power of
substitution must be thus endorsed or guaranteed."
The new rule was adopted because it was felt that old rule No. 12
in "Rules for Delivery" on its face was ambiguous and that members,
not appreciating the extent of their obligations, guaranteed signautres,
and that Transfer Agents were in doubt as to the force and effect
of the phraseology of the old rule.
Curb Ticker Service Inaugurated in Detroit.
The New York Curb Market announces that another
addition to the long chain of cities now receiving Curb Exchange quotations was made March 26 when Curb ticker
service was inaugurated in Detroit. This is the twentyfourth city in which Curb tickers are now recording sales.
San Francisco Stock Exchange Amends Constitution to
Provide for Increase in Membership.
The San
meeting
Francisco Stock Exchange, at a special
Dr. Steiner described as follows the essentials of sound of
Exchange members, held on March 20, voted to amend
investment practice:
the constitution of the Stock Exchange to provide for three
honest. The
1. The management must berboth capable and
ability and
Integrity of the management is fundamental and no trust deficient in these
respects should be approved.
2. The plan of operation should provide adequate safeguards for the
investor. It should be free from unreasonable technicality so that the
investor can understand his position. The holding of the funds of the
trust by a trust company or bank which serves as trustee affords assurance
additional individual memberships. The Exchange Governing Board was authorized to sell at Its discretion the
three seats at a sum of not less than $125,006 each. These
seats are being sold for the purpose of meeting the increased demand on the Exchange trading floor because of
MAR. 311928.]
FINANCIAL CHRONICLE
1919
the increased volume of business transacted. The action
taken increases the number of members in the Exchange
from 67 to 70, of which 54 are to be individual members, 9
associate members and 7 bank members. The three new
individual memberships do not include memberships in the
San Francisco Curb Exchange.
which was said probably to have averted a serious financial
cirisis here in 1921, were told in affidavits by Gates W.
McGarrah, Chairman of the Federal Reserve Bank, and
others, submitted to Supreme Court Justice Mahoney on
March 9 in opposing a stockholder's application to inspect
the books to determine the value of 4,000 shares of preferred stock. The "Times" from which we quote, supplies
Suit Against Leach & Co. Decided in Favor of Investhe further account:
tors—Involved Sale of Securities of Two ComThe fact that shares for which $400,000 was once paid were sold at auction
for $7 was also made known, together with the allegation that they are now
panies Now Defunct.
worthless.
The following is taken from the New York "Times"
After Justice Mahoney had heard argument by I. Gainsburg, trial counsel
of March 18:
for Elizabeth Larks, the suing stockholder, and by John W. Davis and
In the first case tried here involving the liability of A. B. Leach & Co.,
investment bankers, for alleged misrepresentations in the sale of securities of the Island Oil and Transport Corporation a jury, before Supreme
Court Justice Ford. gave a verdict for $32,222 after six days' trial. A
judgement for $32,408, filed yesterday, represented the verdict and costs.
The sum recovered represented $5,000 in bonds of Whitmer & Sons, Inc.,
Parsons Pulp and Lumber Company, a Southern lumber concern,
and
$19,500 of notes of the oil corporation, with interest since their purchase,
six years ago. Both corporations went into bankruptcy in 1922.
Jack Lewis Gratis 2d, trial attorney for the plaintiffs, John Q. Shunk,
Frank R. Shunk and Cathering Feckley, who own the Shunk Manufacturing Company of Bucyrus, Ohio, and make letter boxes for the United
States Government and other metal goods contended that alleged misrepresentations of the Leach company in selling securities in the two corporations were willful. The plaintiffs offered evidence that the defendant
had sold $5,000,000 of the oil company's notes and $3,780.000 of the
lumber bonds.
Concealment Alleged.
The attorney introduced testimony that while the oil company was
represented to have $12,000.000 in net assets, and property of a potential
value of twice that sum, it had no real assets, its business was diminishing, its wells were nearly exhausted, and several of its subsidiaries were
insolvent. He charged that the Leach company in selling the notes failed
to disclose that it was in control of the company.
Joseph L. Jonick, an accountant, testifying to an examination of
the
books of the oil and lumber companies, asserted that both were
insolvent
when the plaintiffs bought the 8% notes and 7% bonds. The jury
was
also told that A. J. Stevens, President of the two companies and
alleged
representative of the Leach investment house, got a salary
of $107,500
from these and other Leach enterprises.
Previous Cases Tried.
In previous suits against A. B. Leach & Co., tried here,
investors demanded reimbursement for money invested in the defunct National
Oil
Company, for which the Leach comapny put out a $5,000.000 issue
at
shout the same time that the Island Oil & Transportation
notes were sold.
Five of these cases have been heard as equity cases by
Judges, and in the
majority the decisions have held that misrepresentations
were made.
In live cases heard before juries verdicts have been returned
for the Leach
Company, but in one suit before Supreme Court Justice Strong
in Brooklyn
the verdict for the defendant was set aside and a new trk- was
ordered.
Harold H. Corbin of Hornblower, Miller & Garrison, counsel
for the
defendants will appeal from the Shunk judgment. Edward
B. Levy
was counsel of record for the plaintiffs in this case.
P. H. Davis on Efforts of Chicago Stock Exchange to
Maintain Highest Standards of Ethics.
Officials of the Chicago Stock Exchange are making constant efforts to maintain the highest standard of ethics
In the conduct of business of that institution, said Paul H.
Davis of Paul H. Davis & Co., and Vice-President of the
Exchange, in an address made before the Friday Forum of
the Central Department of the Young Men's Christian Association on March 9. This effort, said Mr. Davis, is reflected in the conduct of the business of member firms of
the exchange and indirectly reaches into the operation of
companies whose securities are listed on the Chicago Stock
Exchange through the rigid regulations imposed by that
body. Practically every rule enforced by the exchange,
stated Mr. Davis, is for the protection of the investor. Mr.
Davis said that the Chicago Stock Exchange is an important factor in the expansion of Chicago industries.
"By providing a market for securities it encourages
investors to furnish capital to Chicago concerns through
the
purchase of their stocks and bonds," said Mr. Davis.
"The
Chicago Stock Exchange also is an important factor in
keeping Chicago financially self-contained, for the Stock
Exchange, the banks and the investment banking houses
form a group which makes the capital liquid and readily
obtainable." Mr. Davis advised investors to choose with
care the investment firms with which they transact their
business. If investors are not acquainted with the investment firms, he suggested that they consult with their local
bankers from whom they can obtain the names of reliable
concerns. Mr. Davis also reviewed the history of the Chicago Stock Exchange and the manner in which it functions.
Suit Reveals Difficulties of Mercantile Bank of America
in 1921—G. W. McGarrah Tells of Financial Crisis
Averted—Testimony in Stockholders' Action Discloses Aid by Financiers With $35,000,000 Loan.
Details of the saving of the Mercantile Bank of the Americas of this city by the prompt action of leading bankers,
Theodore C. Kiendl, for the defendants in opposition, he reserved decision.
The application was based on the ground that as a stockholder the
Plaintiff had a right to know the value of her shares, and Robert F. Loree.
Vice-President and General Manager, and other officers of the Mercantile
Bank of the Americas had refused to give her details.
Attorney Gainsburg admitted allegations by the defendants that Elizabeth
Larks is the wife of Nathaniel J. Mass, and that Mass was in bankruptcy
when he bought the shares for $7 in December 1926, and also served three
months in the workhouse for making a false financial statement to obtain
credit, but denied that Mass was the real buyer and put the stock in his
wife's name to protect it. The lawyer insisted that she is the owner
Tells of "Desperate" Condition.
Mr. Davis, who had been counsel for a syndicate organized to save the
bank, told the Court that it was in a "desperate" condition in 1921 because
"the price of every commodity raised south of the Rio Grande, which the
bank and its branches and subsidiaries in South and Central America, Cuba
and other foreign countries held as collateral, crashed almost over night.
and failure was imminent." He told how "men in Wall Street, knowing
the shock to the financial system that would arise from a failure at that time,
came forward with additional loans to relieve the bank."
The affidavit of Mr. McGarrah, who in 1921 was Chairman of the board
of the Mechanics and Metals Bank,a large creditor of the Mercantile Bank
of the Americas, said that he and other New York bankers agreed that
"measures must be taken" to assist the latter, "lest its collapse might have a
harmful effect upon the general financial situation." A number of the
leading financial institutions in the country agreed to lend S35.000.000 to
help the bank weather its difficulties, and James S. Alexander of the National Bank of Commerce became Chairman of the Relief Committee, of
which Mr. McGarrah and William C. Potter of the Guaranty Trust Company were members.
Mr. McGarrah said that in the Summer of 1921, after the syndicate had
advanced *18.000.000. it was evident that more than 135.000,000 would be
needed,and the plan was enlarged and the syndicate increased to include the
late E. R. Stettinius of J. P. Morgan & Co., Walter E. Frew and Willard V.
King. The debt to the syndicate that Fall was more than $41.000,000.
exclusive of interest. It was then arranged that the assets would be sold to
the Royal Bank of Canada and the proceeds paid to the syndicate, he
said.
Accountants' Report Piled.
A report by Price, Waterhouse & Co., who spent six months examining
the books of the bank and its branches, at a cost of $80,000, was filed by the
attorneys for the defendants, which counsel contended gave sufficient information as to the value of the plaintiff's stock. This report giving the
condition of the Mercantile Bank of the Americas as of Sept. 30. 1921,
showed total assets of 142.998,957, which were only $25,172.350 after deducting preferred liabilities. The total liabilities were $68,641.198,
which left a deficit of $43,468,448.
Robert F. Lome, Vice-President and General Manager of the Mercantile,
who is also Vice-President of the Guaranty Trust Company, said that the
4.000 shares owned by the plaintiff were issued originally to Adolfo Stahl
of 44 Pine Street, who had wide experience in Central and South American
financing, and who was a director and member of the Executive Committee
for some years.
The fact that the sale of the stock for $7 meant a loss of $393,000 to Mr.
Stahl indicated, he believed, that it was ordered for tax purposes because
the transfer stamps cost the seller $160. The stock had no value then, and
never would have any, Mr. Loree said, and the plaintiff should have known
it. He said Mr. Stahl voted the same stock in ratifying all the acts of
the
directors as to the sale of the assets.
The present value of the assets is about t2.500,000, against which
there are liabilities of $20,000,000 exclusive of the stock, Mr. Loree said.
He owns 4.2% of the preferred and 2.45% of all the stock,and knows that
"no fraud was committed," he said.
Philip A. Benson on Changes in Law Governing Savings Bank Investments and Need of Modernizing
the Legal List.
Before the Eastern Regional Savings Conference, in New
York, under the auspices of the Savings Bank Division,
American Bankers Association, Philip A. Benson, Secretary
of the Dime Savings Bank of Brooklyn, Chairman of the
Committee on Investments, Savings Banks Association of
the State of New York, discussed the bills in the New York
Legislature widening the legal list of bonds for savings
bank investments.—The enactment of the measures was
referred to in our issue of March 24, pages 1863, 1866.
In his discussion of the subject Mr. Benson said:
The large increase in the deposits of savings banks in New York State
has made an extension of the legal list an imperative matter. While
deposits have doubled in the last ten nears, and in the year Just ended
have increased over $300,000.000, the available legal bond investments
have remained stationary. Furthermore, the funds in the hands of trustees, whose investments are limited to the legal list have steadily increased
and, as the public is educated to appoint banks and trust companies to
act under wills, will continue to increase. Trustees therefore have as
great a need of an extension of the legal list as have the savings banks,
Forutnately during the last ten years there has been a constant demand for mortgage loans. A tremendous increase in new buildings followed the war, and the values of real estate throughout the State increased
very largely, all of this real property affording a splendid outlet for
our
funds. We have taken advantage of the mortgage loan investment
to the
fullest extent but our limit has very nearly been reached. Many of
our
savings banks are up to the legal limit of seventy per cent., and nearly
1920
FINANCIAL CHRONICLE
all the others are very close to it. At present the situation seems to be
that good mortgages are hard to obtain, and that there are more funds
looking for this type of investment than ever before.
At the 1927 session of the legislature a joint commission was appointed
to study the question of savings bank investments. Representatives
of the savings banks went before the commission and requested that they
consider the following classes of securities as proper for inclusion in the
legal list: bonds of gas and electric companies; bonds of telephone companies; railroad equipment trust securities; railroad terminal bonds; railroad collateral trust bonds.
It was also suggested that the section of the law relating to investments
in municipal bonds be rewritten so as to enlarge the field, and a further
suggestion was made that the existing requirements governing investments
in railroad mortgage bonds be amended so that the railroads would not
have to pay dividends in order to keep their bonds legal. Representatives of trust companies, national banks, and others appeared before
the commission to stress the importance of enlarging the legal list, and
adding their endorsement as to the bonds and securities I have just mentioned.
The joint legislative compassion accepted practically all of the suggestions offered. Bills were drawn and introduced embodying these
suggestions and providing for the legalization of the bonds described.
Four bills included all of the suggestions and I will briefly explain the
provisions of each of them:
First as to railroad bonds,—the bill which extends our field of railroad
bond Investments embodies four things in one bill. That Is to say, it
adds three new types of bonds, namely,equipment trust securities, terminal
bonds, and collateral trust bonds. The previous requirements regarding
the mortgage bonds of railroads, providing that the road must pay dividends
on its capital stock at the rate of 4% per annum for a period of five years,
Is changed so that the law w.11 read that a road is required to earn an amount
equal to 4% on its outstanding capital stock, or to pay in dividends 4%
on its capital stock for its bonds to remain legal. This is an improvement
in the wording of the law and one that will tend to strengthen bonds rather
that otherwise, for, if a road earns 4% on its capital stock and keeps the
money In its treasury or invests it in betterments, the road is stronger
than if it paid the same amount in dividends, possibly depleting Its treasury
to do so.
Regarding railroad equipment trust obligations, they must be obligations of a road whose mortgage bonds are legal, the obligations may
not exceed 80% of the cost of the rolling stock and the entire Issue must
be retired in installments over a period not exceeding fifteen years. The
history of this type of security is excellent and the bill permits us only
to buy the best. As to railroad terminal bonds the bond must be secured by a first mortgage on a railroad terminal used by one or more railroads whose mortgage bonds are legal investments for us, and the bond
must be guaranteed by one or more of such railroads.
The provision as to collateral trust bonds is a very simple one. If
the collateral trust bond is secured by at least an equal amount of railroad mortgage bonds, which are legal investments for us, the collateral
trust bond becomes legal. The bonds pledged must of course have a
maturity not earlier than the bonds which they secure.
Second as to gas and electric company bonds, provision regarding the
bonds which wlli qualify under the bill providing for these Investments
is not at all complicated. It makes certa n provisions as to the corporation which issues the bonds and then as to the bonds themselves. The
corporation must be an American company subject to regulation by a
public service commission or similar body. It must have the necessary
franchises. It must have outstanding capital stock of at least two-thirds
of the debt secured by mortgage lien on all or any part of Its property.
It or its predecessor corporation must have been in existence at least eight
years. It shall have earned not less than twice Its interest charges for
five years and shall have earned or paid an amount equal to 4% on a sum
equivalent to two-thirds of its funded debt. The bonds themselves must
be either first mortgage bonds or first and refunding mortgage bonds of
an issue not loss than a million dollars and the aggregate principal of all
such bonds and underlying bonds shall not exceed 60% of the value of the
physical property of the corporation. The provisions as to the bonds
of telephone companies are very similar.
The third important bill is that extending our field of municipal bond
investments. All that will be necessary is to state the important changes
this bill makes in the old law. The law contains three subdivisions:
(1) Bonds of municipalities in New York State. The only change in
this part of the law is that five districts are added.
(2) Bonds of municipalities In adjoining states. There has previously
been no population limit as to the adjoining states. The new bill states
that only municipalities will qualify if they have a population of 10.000
inhabitants or over. A provision as to no default for 25 years has also
been added and "city" has been defined to include all incorporated municipalities. In order to save any investments prieviously made in municipalities of under 10.000 inhabitants, the law permits the owner to retain
them. •The debt limit provision has been taken out of this particular
Paragraph and put in a separate paragraph.
(3) As to municipalities in states other than adjoining states,—counties
and school districts are added provided they contain a city whose bonds
are legal. The population limits are reduced from 45.000 to 30,000,
provided the said school district or county has unlimited taxing power.
It will be noted that this reduction in the population requirements does
not bring in two or three states where there are constitutional limitations
on tax levies.
Several things have been done with regard to the debt limitation. In
the first place it has been changed from 7% of real and personal property
to 12% of real property. County debt is included only if it is in excess
of 5%. If there is no county wholly or in part within the city the city
may incur an additional 3% debt. Only a proportionate part of overlapping debt is to be included in the city debt. The debt limitation provision is entirely removed from cities which have taxable real property
of an assessed valuation in excess of $200,000.000 and a population of
150,000 inhabitants.
After 1938 no municipal obligations issued shall be authorized Investments for savings banks unless the municipality, county or district have
unlimited taxing powers. This gives the several states where the limitation exists about ten years to amend their constitutions.
Fourth: Loans on collateral. The law has previously provided that
savings banks may loan on collateral on demand, the collateral being
certain bonds. The new law changes this to read that loans may be made
for ninety days and that all bonds that are legal investments can be taken as
collateral.
The savings banks of New York are more carefully restricted by law
as to their investments than any other form of institution. In other
states the savings banks have wider power. Life insurance companies
In New York and elsewhere have a much wider field and can purchase
many securities that savings banks cannot own. State and national
banks, and trust companies accepting as they do many millions of dollars
in thrift or special interest deposits, are not restricted as to the manner
[VoL. 126.
in which such deposits must be invested. However, because of their
mutual character and the fact that they are organized and conducted
to promote thrift and savings for the average citizen, and managed by
a board of trustees, the legislature in its wisdom has seen fit to place savings banks in a special class and to prescribe for them investments of the
highest type. There is undoubtedly wisdom in this, especially when it
is considered that trustees of estates are limited to the same investments,
and trustees of estates are not always experienced bankers. While the
experienced are perhaps limited by the legal list, surely the inexperienced
trustee is protected by it.
It Is impossible to believe that the New York legal list has reached
its limits, or that there will be no additions to it in the next decade. Experience will show that there are still sound Investments that can properly
be made legal. What these will be I do not pretend to guess, but I do
believe that we should keep an open mind on the subject and when It
seems opportune that we should suggest to the legislature other things
that careful study show to be safe. Safety and marketability, and to
some extent yield, are still the essential features of a sound investment.
And it is to be hoped that there will be other investments that will qualify
to meet those tests.
New York Clearing House to Discontinue Weekly
Statement.
The decision of the New York Clearing House to drop
from its weekly statement, issued every Saturday,important
items heretofore embodied therein, was made known in the
following announcement issued March 28:
NEW YORK CLEARING HOUSE.
77-83 Cedar Street.
New York, Mardi 281,h, 1928.
Dear Sir:
Beginning Saturday, March 31st, 1928 ,the Clearing House Weekly
statement will show the following items only:
Capital.
Surplus and Undivided Profits.
Net Demand Deposits.
Time Deposits.
Accordingly, the weekly reports submitted by members as at the close
of business on Friday of each week will be confined to the above items.
Forms for this report are enclosed.
By order,
SEWARD PROSSER.
Chairman Clearing House Committee.
CLARENCE E. BACON, Manager.
Supplementing the above, it was verbally stated at the
Clearing House that the discontinuance of the weekly
summaries in the form heretofore gotten out by the Clearing
House had ben decided upon by the Clearing House Committee, of which Seward Prosser is Chairman, because it was
realized the statement had ceased to serve any useful purpose. It was added:
The statement was useful in former years as a reflection of the local
banking situation, but with the passage of the Federal Reserve law compelling all members to keep their reserves with the central institution,
the Clearing House compilation became useless. It was also confusing
to have two sets of reserve calculations, actual and average.
It was stated in the "Wall Street Journal" that it is the
belief of the Clearing House Committee that ample data
regarding current banking conditions are afforded in the
weekly Federal Reserve statement, member bank reports
and brokers' loan figure from the Federal Reserve member
banks and from the Stock Exchange. The Clearing House
will continue to issue the daily and weekly exchanges.
Among the items which will no longer appear in the weekly
statement are the following:
Loans, discount, investments, &c.
Cash in vault.
Reserve with legal depositories.
Bank circulation.
Survey of Outstanding Bankers' Acceptances—Volume
Still High.
In making public, on Mar. 17, the monthly survey of outstanding bankers' acceptances, Robert Bean, Executive
Secretary of the American Acceptance Council, says:
Positive indications of the upward trend in business is found in the
heavy volume of bankers acceptances now in circulation and expected in the
market within the next few weeks.
For the most part bankers acceptances represent only the actual movement of merchandise that has been sold and when the total roaches the
present figures it furnishes the best possible proof of the condition of commerce and industry.
The volume of bankers'acceptances outstanding on Feb.29 1928, according to the results of the survey announced to-day by the American Acceptance Council. shows a reduction of only $1,590,414 from tho total outstanding on Jan. 311928. This total, which now stands at $1,050,389,782. Is
S270,901,874 more than were outstanding on the same date in 1927.
This makes the fourth consecutive month that the dollar acceptances
have amounted to one billion dollars or over and shows the strong position
which this form of financing now holds. It is apparent that many new
credits are now in operation, the bills resulting therefrom coming into the
market to take the place of maturing acceptances which were issued in the
early winter. Therefore, the present high total, as compared with the
previous months is highly significant.
The acceptances for import purposes increased only slightly. Export
credits decreased about throe million dollars, which was not important, and
is in line with the decrease in foreign trade figures just reported by the Department of Commerce. The really important changes are in the reduction
of credits against domestic warehouse receipts which have dropped from
$196,784.066 on Dec. 31 to $167,631,110 at the end of last month, also in
the constant increase in the credits based on goods stored in or shipped
between foreign countries which have advanced in total from 43 million in
MAR. 31 1928.]
FINANCIAL CHRONICLE
1927 to 138 million on the-corresponding date this year, thus showing the
extent to which dollar credits are finding favor abroad.
The acceptance rates in the bill market have not changed at all in the last
thirty days.
The market has been generally quiet with the dealers portfolios at favorable normal totals.
The survey follows:
Total of Bankers Acceptances Outstanding for Entire Country by Federal
Reserve Districts.
Federal Reserve Dist.— Feb. 29 1928.
Jan. 31 1928.
Feb. 28 1927.
$85,865,912
$133.823,827
$137,106,362
1
583,842,928
2
782,085,521
778.146.878
10,675,732
15,391.45216,031,715
3
4
10,494,809
16,880.706
14.379.774
5
10,441.212
9,401,211
11,329.790
6
13,973,391
16,411.164
16.662.779
7
27,443,754
37,028,301
36,432,312
8
909.167
1,784,472
1,937,368
9
2,655,317
3,214.877
2,966.205
10
117.825
255.803
280,014
11
5,058,211
6,835,904
6,828,172
12
34,009.650
33.276,544
35,878.827
Grand Total
$1.056,389,782
$785,487,908
$1,057,980,196
Dec.$1,590.414 ine.$270,901,874
Nature of Credit.
Jan. 31 1928
Fob. 28 1927
$302,362,090
$318,253.115
275,230.152
385,806,927
24,903,676
21,035,092
Classified According to
Feb. 29 1928.
Imports
$319,739,963
Exports
382.713.778
Domestic shipments.__
19,053,097
Domestic warehouse
credits _
116,480,646
167,631,110
172,819,088
Dollar exchange
22,625,110
28,994,582
30,345,357
Based on goods stored in
or shipped between
foreign countries..__ _
43,886.234
138.257.252.
129.720,617
Average Market Quotations on Prime Bankers Acceptances.
Days.
Dealers Buying Rate.
Dealers Selling Rate.
30
..
60
3.50
3.375
90
3.625
3.50
120
3.75
3.625
150
3.875
3.75
180
3.875
3.75
Federal Reserve Board's Review of Volume of Bank
Credit Outstanding—Increase In Brokers' Loans
Said to Reflect Growth in Advances By Non-Bank
Lenders.
In the March issue of its Monthly Bulletin, the Federal
Reserve Board comments at length on the volume of brokers'
loans, and while noting the present high level, despite declines in recent weeks, states that loans to brokers made by
banks "are no larger than two years ago, the entire increase
reflecting a growth in loans made by non-bank lenders."
The Board notes that 90% of these loans are made on call,
and it adds that "at the present time brokers' loans by others
than banks represent more than one-fourth of the total of
these loans, as reported weekly by member banks in New
York City, and since a year ago this class of brokers' loans
has increased by about $340,000,000." "In addition," it
says, "funds of non-bank lenders reach the market through
channels other than the reporting member banks, and according to reports to the New York Stock Exchange, there has
been an increase of $150,000,000 in such funds, so that the
total increase during the year in the supply of funds from
this class of lenders has been close to $500,000,000." The
Board contends that "the direct use of funds in the market
by corporations and others has had the effect of making
member bank reserve requirements smaller than they would
otherwise have been. This," it states, "has had the further
effect of reducing the necessity for borrowing by member
banks at the Reserve banks and consequently has been an
influence toward easier conditions in the money market."
We give herewith the Board's review, omitting the charts
referred to:
Bank Credit Outstanding.
The volume of bank credit outstanding, after rapid growth
during the
later months of 1927, decreased in January and February. The
decline,
like the preceding advance, was mainly in the banks'loans on
stocks and
bonds, and particularly in their loans to brokers and dealers in
securities.
While, however, loans to brokers by banks declined, this
decrease was offset in largo part by a growth in loans of this character
made by other
lenders, so that the reduction in the total of street loans for the
two-month
period was relatively small. The banks' commercial loans,
after continuing
In January the decline which had begun in the autumn,
increased somewhat in February, as is usual at this season of the year, in
response to Increasing activity in industry and trade. Money rates in the
open market
continued to be relatively firm, owing partly to increased
indebtedness of
member banks to the reserve banks caused by an increase in
the
for currency and a further decline in the reserve banks' holdings demand
of United
States securities. There were also further withdrawals of gold
for export.
In general, the credit situation during recent weeks has been
characterized
by the release from the securities market of a large amount of bank
credit
a small part of which was absorbed by increased requirements for
credit by
commerce and industry, but most of which was reflected in a decrease
of the
total volume of bank credit outstanding.
1921
of-town banks, and the portion placed for account of lenders other than
banks. The chart shows that the total volume of brokers' loans, notwithstanding Its decline in recent weeks, has continued to be at a higher level
than at any previous time. Loans to brokers made by banks, however,
are no larger than two years ago, the entire Increase for the period reflecting a growth in loans made by non-bank lenders. Such loans are placed in
the market by investors and investment agencies, by corporations having
surplus cash, by foreign banking agencies, and by others: these loans represent temporarily idle funds whose owners wish to employ them in the Street
rather than to keep them on deposit with banks or to invest them in securities. Ninety per cent of these loans are made on call, and the current firmness of call loan rates has been a factor in attracting these funds. At the
present time brokers' loans by others than banks represent more than onefourth of the total of these loans, as reported weekly by member banks in
New York City, and since a year ago this class of brokers' loans has increased by about 8340,000,000. In addition, funds of non-bank lenders
reach the market through channels other than the reporting member banks,
and, according to reports to the New York Stock Exchange. there has been
an increase of $150,000,000 in such funds, so that the total increase during
the year in the supply of funds from this class of lenders has been close to
$500,000,000. This volume of funds, if left on deposit with banks to be
loaned by them instead of being placed for account of the owners, would
have made It necessary for the banks to carry about $50,000,000 additional
in their reserve accounts. The direct use of funds in the market by corporations and others has had the effect, therefore, of making member bank
reserve requirements smaller than they would otherwise have been. This
has had the further effect of reducing the necessity for borrowing by member
banks at the Reserve banks and consequently has been an influence toward
easier conditions in the money market.
Out-of-Town Banks.
The volume of bank credit employed by the Stock Exchange,as shown by
the foregoing chart, reached a peak early in January, reflecting both the
temporary withdrawal from the market of funds furnished by non-bank
lenders and the addition to the market of a large volume of funds from
out-of-town banks. These out-of-town banks, which include both member
and nonmember banks in all parts of the country, keep the larger part of
their New York funds either as balances with correspondents payable on
demand or in the form of loans on call or on time in the Stock Exchange
money market. The combined total of these two items, as shown by the
following chart, measures approximately the volume of bank credit furnished by out-of-town banks to the New York money market. These
New York funds of out-of-town banks, after a rapid growth since the middle
of last year, reached at the end or January the highest point on record,
about $2,950,000,000. and notwithstanding a decline of more than $100,000,000 in February.' emained at a higher level than in any earlier year.
The growth of out-of-town bank funds in New York during the past halfyear, taken as a whole, has reflected the abundance of funds at the disposal
of banks throughout the country In excess of the local demand for bank acaccommodation. For the greater part of the period covered by the chart
Street loans and balances of out-of-town banks have been in about equal
volume, but since the turn of this year balances have declined sharply,
while the loan account has remained practically unchanged. The recent
increase in the proportion of Street loans in the total of out-of-town bank
funds has been due to the firmer condition of open market rates, which has
increased the margin between the rate of interest paid on bank deposits by
the New York banks and the rate earned by Street loans. As a consequence
of the decline in correspondent balances, the reserve requirements of the
New York banks have declined somewhat and this has tended to ease conditions in the money market.
Bank Credit, 1922-1927.
From the point of view of the lending bank, loans to brokers are a part
of the open market portfolio, which also contains the bank's holdings of
investment securities and of paper purchased from dealers In acceptances and
In commercial paper. In the table below Is presented an estimate of the
composition of loans and investments of all banks in the United States in
midsummer of 1922 and 1927: the total is distributed between loans to customers, which represent largely the local employment of bank funds, and
the open-market portfolio with its various components, which represents
funds placed by banks outside the circle of their regular local customers.
A large part of the open market portfolio is generally considered by the banks
as constituting their secondary reserves.
APPROXIMATE DISTRIBUTION OF LOANS AND INVESTMENTS OF ALL
BANKS IN THE UNITED STATES ON JUNE 30 1922 AND JUNE 30 1927.
'Amounts In millions of dollars.]
Total loans and Investments
Loans to customers
Open-market portfolio, total
Investments
Loans to brokers in N.Y. City.
___
Acceptances purchased*
Onenry,•••1.11 IA.......w n••••11a a•ri •
Percentage DUtribut on of
Totat.
1922.
1927.
Increase
or Becrease.
(—)
40.105
25,228
14,877
12,525
*1,328
229
54,372
33,912
20,460
17.217
2,275
389
14,242
8,659
5,583
4.692
947
160
100
63
37
31
3
1
705
1no
62
38
32
4
1
570
—915
0
1
1922.
1927.
•Estimated.
The table indicates that the outstanding volume of bank credit increased
during the five-year period by about $14,250,000,000, and that of this total
about $8,650,000,000 represented the growth in loans to customers, which
increased by 34% during the period, and $5,600,000,000 the growth in openmarket holdings, which in the aggregate increased by 36%. The increase
was relatively largest in borrowing by brokers on the security of stocks and
bonds, while resort to the banks through the open bill market and the market for commercial paper decreased slightly, increased holdings of acceptances being somewhat more than offset by decreased holdings of commercial paper. It is to be observed that direct loans to customers constituted
at the end of the period, as at the beginning, close to two-thirds of the total
credit extended by the banks both in the form of loans and in the form of investments.
Bank Reserves.
Loans to Brokers.
During this five-year period. 1922 to 1927, covered by the table, deposits
Reduction of loans obtained by brokers and dealers In securities from
the of all banks in the United States increased by about $14,000.000.000 to
banks amounted during the last two months to about $300.000,000,
and the level of $51,600,000,000, of which about $20.375.000.000 was In nonreflected to the extent of $100.000,000 a decline in the requirements of member banks
and $31,225,000.000 in member banks. Analysis of deposits,
brokers accompanying the recent decline in security prices. The larger either
as to origin or as to use, is not possible on the basis of existing inforpart of the decline, however, was due to the addition of about $200,000.000 mation, but since total deposits necessarily approximate total
loans and
to the funds placed in the Street by lenders other than banks. This shift investments, It Is a fair assumption that deposits have arisen from
the variIn the source of Street loans is brought out by tho chart, which shows for ous operations of the banks in approximately the same proportions
as these
the last two years the total volume of brokers' loans placed by reporting operations bear to the total loans and investments Furthermore,
since
member banks in Now York City and the portion of these loans that was most of the reserwts of nonmember banks are held in the form
of deposit.,
placed for account of banks, including both New York City banks and out- with memeer banks, and all of the reserves Of member banks are
held with
1922
FINANCIAL CHRONICLE
the Reserve banks, the reserve balances carried by the Reserve banks for
their members may be taken as supporting the entire volume of bank deposits outstanding, and consequently all the loans and investments which
these deposits represent. Member bank reserve balances and changes In
these balances may, therefore, be analyzed roughly with reference to the
different classes of loans and investments represented by the country's bank
deposits. In this analysis cash carried in vault as till money by member
banks and as reserves of nonmember banks is left out of consideration,
since it would not materially change the general picture here presented.
According to this analysis the growth of about 114.000.000,000 of bank
deposits from 1922 to 1927 was based on an increase of but 1450.000,000 in
member bank reserve balances. The Increase in member bank reserves
made necessary by the growth in bank loans to customers was about $260,000.000 and that arising out of the increase in the banks' open market portfolio about 1190,000.800. It would also appear from this analysis that of
the total of $2,280,000,000 held by the Reserve banks in June 1927 as reserves against the country's bank deposits. about 4%, or 190.000,000. represented reserves against deposits arising out of loans to brokers and dealers in securities, an increase of about $35,000.000, or 70%, for the fiveyear period. During the same period reserves against deposits arising from
other operations of the banks increased by about 1410.000,000. or 23%.
Reserve Bank Credit.
The growth in member bank reserve balances from the middle of 1922 to
the middle of 1927 was not accompanied by any Increase during the period
In the total volume of reserve bank credit outstanding, or in member bank
borrowing at the Federal Reserve banks Total bills and securities held by
the Federal Reserve banks were. in fact smaller by $135,000,000 in June
1927 than in June 1922. This decline in Reserve bank credit for a period
during which member bank reserve balances and bank credit as a whole had
Increased by a large amount was duo primarily to the imports of gold from
abroad, which upon deposit with the Reserve banks provided member
banks with reserves without additional use of Reserve bank credit. While
for the five years as a whole gold imports account for the entire growth of
member bank reserves, during the last three years gold movements were
relatively small on balance,and the growth of the reserves of member banks
between the middle of 1924 and the middle of 1927 was accompanied by an
equivalent Increase in Reserve bank credit, which in the summer of 1924
was at the lowest point since early in 1917. During the latter part of 1927,
with a large outward movement of gold, the increasing reserve requirements
or member banks, which reflected the growth of their deposits, were an important factor in the growth of Reserve bank credit to the largest volume in
six years. Since the turn of the year deposits of member banks, and consequently their reserve balances, have declined, and this decline, together
with the large return flow of currency from circulation, has been reflected
in a reduction of more than $300,000,000 in the outstanding volume ot
Reserve bank credit.
[VoL. 126.
Newly Elected Vice-Presidents of Stable Money
Association.
It was announced on March 25 that John W. Davis,
Democratic Presidential nominee in 1924; Charles Evans
Hughes, former Secretary of State; Fred I. Bent, former
Vice-President of the Bankers Trust Company, New York;
and Henry M. Robinson, of Los Angeles, a member of the
Dawes Commission, have been elected Honorary Vice-Presidents of The Stable Money Association. The Stable Money
Association is a non-partisan body, organized to.promote
stabilization." It does not advocate any plan of stabilizaing understanding of "the serious evils attending wide
fluctuations in the general price level, the preventability
of such fluctuations and the various methods proposed for
tabilization". It does not advocate any plan of stabilization but encourages research and education on all problems
related to money and price levels. Prof. E. W. Kemmerer
of Princeton University, the well known "international
money doctor," is the President of the Association.
Secretary Mellon Recommends Extension of Life of
War Finance Corporation for Another Year.
In a letter to the House Banking and Currency Committee
on Mar. 26, Secretary of the Treasury Mellon recommended
the extension of the life of the War Finance Corporation
for another year to enable it to complete the liquidation of
its affairs. According to the "United States Daily" Mr.
Mellon's position was set forth in a letter to the Committee
in the course of consideration of the Strong bill (H. R.
12245) to amend the War Finance Corporation Act of 1918
so as to authorize operations to Apr. 5 1929. Managing
Director of the Corporation, Eugene Meyer, appeared in
support of the extension proposal, stating that the greater
part of the unpaid loans on the Corporation's books, amounting to 81,426,372.40, could be collected in the time specified.
New York Federal Reserve Bank on Gold Movements
March Outflow Exceeded That of Any Previous The Daily also stated:
Month.
With reference to the gold movement, the Federal Reserve
Bank of New York, in its Monthly Review April 1, says:
The outflow of gold during March exceeded that of any previous month
In the history of the country:slightly over $93,000.000 was exported through
the Port of New York alone. Of this amount, however, 135,800,000 was
gold previously earmarked and so the net loss of funds to the money market
from this cause was slightly over 156,600.000, which is substantially
less than the net loss in either November or December of last year. Exports
to Argentina continued during March; the movement to Brazil was renewed: a large transfer of earmarked gold was made to France: there was
a substantial flow of gold to Germany: and smaller shipments went to
Italy, Poland and England. The import movement at New York was
negligible, comprising chiefly miscellaneous small receipts from Latin
American countries.
Final reports for the entire country for February showed exports amounting to 125.776,000 and imports of 114,686.000. resulting in a net export
of 511,090.000. This amount was partly offset by the release of 13,000,000 of earmarked gold: so that the net loss for the month was 18,090,000.
as compared with a net loss of 18,270,000 in January.
Since the beginning of the export movement last September the United
States has lost $300,000,000 net of gold through export movements and
earmarkings. One-third of the exported metal. $113,000,000, has gone
to Argentina, in addition to substantial amounts shipped to that country
from London and South Africa. France and Brazil together have taken
one-half of the remainder. The Canadian movement during this period
has resulted in a net inflow of over 130,000.000.
The following table sets forth by countries the principal gold movements since Sept. 1 1927, together with the totals of earmarking transactions. Although the import of about $5,000,000 from Russia last
month is included in the report of gold movements, it has not been added
to the gold stock of the country through purchase by the Assay Office or
the Reserve Bank.
(/n rzousandf of dollars)
Source or Destine:ton.
United States
Sept. 1 1927 to
Feb. 29 1928.
Port of
New York.a
Mar. 1 to 28 1928.
Imports. Exports. Imports. Exports.
Argentina
Australia
Belgium
Brazil
British India
British Malaya
Canada
China and Hong /tong
Ecuador
Prance
Germany
Italy
Java and Madura
Mexico
Netherlands
Poland
Russia_
Sweden
United Kingdom
Uruguay
Venezuela
All other
Total
Earmarked account
93,140
56,797
1,646
36
5
616
2,674
5,200
32
11
4.200
44,810
4,301
1.286
25,348
5,018
8,504
25,000
315
1,431
3,405
12,055
5,000
130
3.000
72
445
410
80.553 248.118
847
93.091
238
3,552
1.020
b26,700 c100,701 b38.799
/0 AAR
b Gold released from earmark.
35,799
21,156
3,000
131
371
1,027
8,548
8,000
3,100
134
Cm
a Preliminary.
19,700
9,746
001
Discusses Cotton Loans.
"If Congress wishes to write off this amount, its action is not for the
Corporation to question. This proposal is merely one designed to give the
organization which has handled a business, aggregating nearly $700,000.000
to clean it up. The Department of the Treasury, of course, can take over
the work, but that would be more expensive to the Government than the
method proposed."
Mr. Meyer also stated that he wished to correct any impression that
members of the Committee might have that any cotton loans made by
the corporation in 1920 and 1921 were outstanding. All export loans he
said had been paid in full several years ago. The subject of cotton loans
was recently discussed in a Senate investigation of cotton exchanges.
"The War Finance Corporation," said Mr. Meyer, "did make a loan to
Anderson Clayton and Co., whose activities were mentioned in the Senate
Committee,but that loan. which,1 recall. was for something lathe neighborhood of 17,000,000. was repaid and every obligation met."
As a matter of fact, Mr. Meyer said, the War Finance Corporation at the
time were urged firms to take money to move the cotton which was clogging
the warehouses of the South. He explained that the cotton loan operation
was one of the most successful in the history of the corporation.
Outstanding loans, Mr. Meyer said, were largely on cattle and confined to
New Mexico and the Southwest and were, in the main, collectable in time.
Second Hearing Planned.
Several members of the Committee, explaining that they wanted more
detailed information if they were to face the House with a proposal for new
legislation to extend the life of the corporation, asked for another hearing,
and it was announced that Mr. Meyer would appear again Mar. 29.
In his letter to the Committee, Mr. Mellon said:
"The War Finance Corporation in accordance with the direction of
Congress. entered the period of liquidation on January 1 1025 and since
that date the only advances that have been made are those designated as
expense advances, that is, necessary for the care and preservation of the
Tote a
corporation's security incident to the orderly liquidation of its assets and
Sept. 1 1927 to
the winding up of its affairs altogether. The corporation since its organizaMar zs 1928.
tion in 1918. has made loans aggregating 1890,375,770.58.
"On Feb. 29 1928. there was carried on the corporation's books a total
Imports. Export*
of 11.428.372.40 (principal amount).
112,840
"It is believed by the corporation that these amounts can be collected,
9,746
4,200 and, of course, there is also a possibility of making some recoveries in con53,314 nection with the amounts that have been charged to profit and loss.
4,301
1,286
Charter Expires April 4.
56 797 25,348
"The corporation's charter under the existing law will expire on Apr. 4
5,018
1928.
1,646
Obviously it will not be possible to wind up the corporation's
36 60,799 affairs by that date and it is necessary, therefore, to determine what arrange21,471 ment
should
be made. I have given the matter careful consideration.
3,000
5
1,562 and I am convinced that the best course to pursue would be to extend the
616
2,804
3,776 corporation's charter for a period of one year so that the present organiza12,055 tion, which is thoroughly familiar with all phases and details of the corpora8,000
tion's business, can collect the remaining assets.
5.200
"Furthermore, unless the corporation is continued in the handling of
1,027
32
11
9,568 various legal proceedings now pending in the name of the corporation In
8,000 the different sections
of the country, the collection of the notes and other
310
3,510
134 securities payable to the corporation, and the handling and sale of the prop3,997
erty to which the corporation holds title in its name, would present compll81,200 339,209 Hons.
c3,000 b65,449 c103,701
05
Questioned by Representative Wingo (Dem.), of De Queen, Ark., who
stated that members of the Committee might have a difficult time in justifying another extension, Mr. Meyer said:
155500
AA0
win
c Additional gold earmarked
The bill authorizing the continuance of the life of the
corporation for another year was reported out by the House
Banking and Currency Committee Mar. 29.
MAR. 31 1928.]
FINANCIAL CHRONICLE
R. E. Olds to Resign as Under-Secretary of State.
Announcement was made on March 19 of the intention
of Robert E. Olds to resign as Under-Secretary of State.
Secretary of State Kellogg in making known Mr. Old's decision said:
Mr. Robert E. Olds, Under-Secretary of State, expects to
resign
some time during the present year, but the date has not been fixed
and it will not be immediately. Mr. Olds came to the Departmen
t
at my very earnest request. He came and has stayed at very great
sacrifice. He has direct charge of many matters which are of very
great importance and is of tremendous assistance to me. I want him
to say just as long as he can, but he is anxious to get away.
It was stated on March 19 that reports that Mr. Olds
was to take the place in the organization of J. P. Morgan
& Co. of New York, left vacant by the appointment of
Dwight W. Morrow as Ambassador to Mexico, were incorrect. Mr. Olds became Assistant Secretary of State on
Oct. 1, 1925, seven months atfer Mr. Kellogg became Secretary, and on May 19, 1927, was made Under-Secretary of
State. Previously he had been a law partner of Mr. Kellogg in St. Paul.
President Coolidge to Support Tax Program Expected to
be Recommended by Secretary Mellon Next Week—
Reports That Reduction May be Limited to $200,000,000.
The daily papers this week (March 26) carried reports
from Washington that the Treasury Department was inclined to view $200,000,000 as the limit of tax reduction
which the Treasury could safely consider, based on the income tax returns received as of March 15. Declaring that
the Treasury was "inconsistent" in its intimations that the
total cut must be limited to $200,000,000 or less, Senator
Simmons, ranking Democrat on the Senate Finance
Committee, called attention on March 29, to the fact
that the
government ended the last fiscal year with a
surplus of
more than $600,000,000. "If tax receipts as
indicated by
the first returns this year," he said, "are greater
than those
of a year ago we certainly are going to have
an abundant
margin on which to give relief for taxpayer
s in dire need
of assistance." The North Carolinian has said
that he believed a total cut of $300,000,000 or $400,000
,000 was possible. Stating that President Coolidge will
approve any
recommendations for tax reduction that may
be made by
the Secretary the "United States Daily"
of March 28
added:
1923
The rules of compensation are prescribed in the law to give to the claimand the fair value of the property to him. In the case of the ships, for
example, the Board of Survey appointed by the Secretary of the Navy
fixed an aggregate value of approximately $34,000,000 for all vessels.
In a suit against the United States the vessel owners claimed a valuation
of over $230,000,000.
The arbiter must pass on all of the claims. The same is true u to
compensation for patents and the radio station.
Notwithstanding the fact that the President affixed
his signature to the newly enacted bill, it was pointed
out on March 10 that he had previously indicate
d
that he did not regard the measure as satisfactory as one which was recommended by the Treasury. He did not like the proposal embodied in the bill
increasing the salaries of the drafting clerk of the Senate
and House and some Treasury officials. The bill had been
passed by the House on Dec. 20 last, by a vote of 223 to 26;
the Senate passed the bill on Feb. 20 without a roll call;
as a result of differences in the provisions of the House
and Senate bills the matter went to conference; the Senate
on Feb. 28 accepted the conference report without a record
vote, and similar action was taken by the House on Feb.
29. The bill makes provision for an appropriation
of
$100,000,000 for the settlement of clahn.s—$50,000,000 being
made immediately available for the purpose. The
payment of German claims against the United States for patents, radio and ships seized during the war is provided
for in the new legislation which also makes provision
for
the appointment by President Coolidge of an "arbiter
,"
whose duty it will be to hear the claims and determin
e the
"fair compensation." The creation in the Treasury
of a
German special account into which all of the funds involved in the transactions would be placed is
stipulated.
Against,this deposit account would be charged the
awards
of the German-American Mixed Claims Commission when
the awaKds favored the American claimants. Separate
Austrian and Hungarian deposit accounts would be set
up.
In Washington advices March 11 to the New York "Journal of Commerce" it was stated:
Immediately after notification of the signature of the Alien
bill by President Coolidge, the Treasury Department started Property
machinery
in motion to expedite payment of claims and to carry
out other adnanistrative features of the new law.
Under Secretary Ogden L. Mills announced that
initial payments
would be made shortly after certificates of awards to the
Treasury by
the mixed Claims Commission. An organization
virtually has been
perfected with Robert G. Hand, Commissioner of
Secretary Mellon has informed the President that
Accounts and Dethe calculation of posits, as chief disbursing officer, to expedite payment
tax returns will be ready by April 2 or 3, at
of the claimants.
which
A staff of accountants and legal experts will be
to be able to make an authoritative recommendation time be expects
as to how much Treasury to expedite payments. The awards must built up by the
of a tax reduction will be practicable.
be checked up at
the Treasury Department and interest computed before
the checks are
Tabulation First to be Completed.
mailed out.
At the Mixed Claims Commission it was learned that
President Coolidge's views are as follows:
the first certification
What decision the Secretary of the Treasury,
Andrew W. Mellon, ment of awards will be made to the Treasury via the State Departmay make regarding the amount of tax reduction
within
two
weeks.
Officials
there
thought
that
that will be prac85% of the
awards would be certified within the next sixty days.
ticable is not known to the President. The President
There are 150
stated last week claims
that, so far as he had any information at that time, he
over $100,000 that have not been adjudicated, but
then
these will
thought
not interfere with payment of the small claimants.
that a tax reduction of $225,000,000 would be possible;
but that was
After receiving awards it will require the Treasury
coupled with the statement that the tax returns due
about a week tn
15 had not prepare
been tabulated and studied, and that until that hadMarch
checks, meaning that the first payments will be made
ben done no deabout
cision could be reached.
the middle of April. Officials estimated that all American
claimants
Secretary Mellon has advised the President that
tax returns will holding awards for death or personal injury claims, and claims of
have been tabulated by April 2 or 3 at which time Secretary
under $100,000 would be paid off in full this year. Claimants
awarded
expects to be in a position to make an authoritative recommendMellon in excess of $100,000 before Jan. 1.
ation
regarding tax reduction. Before Secretary Mellon makes
Regulations to carry out the provisions of the law
that
have been comrecommendation, the President assumes that he will confer
with him and pleted and submitted to Under Secretary Mills for approval. It was
expected that the regulations would be made public
any decision he makes will have the President's approval.
this week. Provision had been made for blank forms upon which the
Confidence in Trea.sury.
submitted. The Mixed Claims Commission will send claims must be
the application
Judging from previous experience, the President has every
con- blanks to persons who have received awards.
fidence in the accuracy of reports and estimates of the Department of
Liquidation of the alien property probably will
require
Treasury
forty years,
the
and expects to give his approval to any recommenda- according to
Treasury experts. There are many perplexing
tions made by the Department. The President feels that of course tions
complicabetween the German and American Governments
that must be
the budget figures will have to be studied in this connection and that adjusted.
The
question
of
payment
of
awards for German ships, patno matter how large the Government's income may be, it will not be ents and radio
stations seized during the war must be
possible to have tax reduction, if arrangements are made to spend all arbiter
submitted to an
or board, and it is doubtful if any claims
on this account will
of the national income.
be made before next year.
About $50,000,000 will be paid out in awards
before
30, the
Alien Property Bill Signed by President Coolidge— end of the Government's fiscal year, according to experts.June
The Treaswill
ury
have
no
dealing
with
the
public
in negotiation of claims. Checks
Provides for Settlement of American Claims Against will
be sent out only where awards are
certified from the Mixed
Germany and Return of Property of German Claims Commissions.
Nationals Seized During War—Edwin B. Parker
Named as Arbiter.
On March 10 President Coolidge signed the Alien Property Bill which provides for the settlement of American
claims against Germany and the return of German property seized by the United States during the war. Edwin
B. Parker, who served as umpire of the Mixed Claims
Commission, was on March 21 nominated to be war claims
arbiter as provided for under the newly enacted alien
property law. It was noted in the New York "Journal of
Commerce" that:
The position of arbiter was created to afford an opportunity to German
nationals to present claims for the vessels, patents and radio stations
seized by the United States Government upon its entrance into the World
War. The arbiter is given power to appoint referees in order that his
decisions may be expedited.
The same account said:
When President Coolidge affixed his signature
to the alien property
return bill yesterday he paved the way for
the final settlement of the
claims of American citizens against Germany
growing out of the World
War, and for the return to former German
owners of the property stilt
in the hands of the Alien Property Custodian.
The claims of American citizens, with interest to
Jan. 1, last, amount
to more than $191,700,000; those of the United
States Government, including interest, to more than $62,000,000. All of
excess of $100,000 each and all claims in respect ofthe former not in
injury will now be paid in full, the remainder of thedeath or personal
American claims
to be paid in instalments. In the latter class are 178 claims,
aggregating $158,000,000 (including sixteen claims still to be
amount equal to 80% of all private awards-153,400,000 entered). An
—will be paid.
with interest, within six years.
Law Provides Time Extension.
Many American nationals did not present their claims
many or German nationals to the Mixed Claims Commissio against Gern within the
time limit fixed therefor; there are about 5,000 of such
claims.
The
1924
FINANCIAL CHRONICLE
law provides that the President shall enter into negotiations with Germany with a view to extending the time, so that claims may be filed
with the United States State Department before July 1, next.
Eighty per cent of the property now held by the Alien Property
Custodian is to be returned immediately. The so-called"unallocated
interest" fund—earnings and profits upon money deposited in the Treasury prior to March 4, 1923—will be returned but not until all other
claimants have been paid. This fund will not bear interest. All trusts
less than $2,000 will be returned in full without regard to the 80% provision applicable to other claims.
In the matter of ship claims, an arbiter is to be appointed who will
determine the awards to be entered, with a maximum limitation of
$100,000,000, inclusive of the amounts to be paid on account of patents
and the radio station also seized by the United States.Of this sum,
$50,000,000 is to be made available for early award, being a value of
$34,000,000 and interest, $16,000,000. A Treasury appropriation in
this amount will be required. Proof must be given that neither the
German Government or any member of the former ruling family had
any interest in the ships.
In the case of two ships said to be Danish, reimbursement is to be
made to claimants who, however, must make it clear that all of the
interest on the date the bill becomes a law—yesterday—are non-German,
whether or not the individuals now financially interested are the same
as those formerly having an interest.
Special Account to Be Set up.
There is to be set up a "special deposit account" composed of the
following amounts: (I) 2% of the German property temporarily retained by the Alien Property Custodian (estimated at $40,000,000);
(2) the German share of the unallocated interest fund (approximately
$25,000,000); (3) payments heretofore or hereafter received from
Germany under the Paris agreement in satisfaction of the awards of
the Mixed Claims Commission ($23,000,000 to Sept. 1, 1928, and
$10,700,000 annually thereafter); (4) a $50,000,000 appropriation for
the ships, patents and the radio stations. This makes a total of $138,000,000 soon to be available.
None of the payments from Germany on account of the costs of occupation are included in the above fund, for such payments are to be
covered into the United States Treasury to be available for the general
expense of the Government.
The property held by the Alien Property Custodian and belonging
to nationals of Austria and Hungary will be returned in full immediately upon the deposit by the governments of those countries of amounts
sufficient to pay the awards to American nationals against them. It is
estimated that the aggregate amount of awards against Austria will
not exceed $3,000,000 and that the aggregate awards against Hungary
will not exceed $1,000,000. Th Alien Property Custodian has slightly
more than $12,000,000 of property belonging to Austrian nationals and
less than $1,000,000 belonging to Hungarian nationals.
All property held by the Alien Property Custodian is to be considered
to be the property of the German Government if no claim is entered
thereon within one year from today. It is specifically provided that returns on account of ships are not to bt made on behalf of the former
Emperor of Germany, the Rings of Bavaria, Saxony and Wurttemberg,
their wives or children.
. Beneficiaries of this legislation, dissatisfied with the amount of the
fees to he exacted by their attorneys, may have these fees reviewed in
proceedings before the Mixed Claims Commission of Germany and the
United States or the Tripartite Claims Commission with respect to
claims in Austro-Hungarian cases.
No Provision for Mark Debts.
Provisions are made for the collection of taxes upon income accruing
to the aliens to whom the Alien Property Custodian is to make returns.
No provision is made in the law to deal with the question of mark
debts. It was held that the only recourse the creditor has is under German law, the German revaluation act, in the case of certain private
debts and the German redemption act, in the case of Government bonds.
Under previously existing law no patent could be returned which
had been sold, licensed, or otherwise disposed of or which was involved
in litigation, nor could the proceeds from the sale, license, or other disposition of any such patent be returned. Inasmuch as the Chemical
Foundation case has now been decided, it was held that there is nothing
to prevent the return of all patents, and such proceeds, still held by
the Alien Property Custodian.
The Alien Property Custodian some time ago instituted certain suits
as the "owner" of certain patents. In the event that it should ultimately be held that the suits were properly instituted any royalties paid
to him will be turned over to the former German owners.
Certain corporate interests were seized by the custodian without obtaining custody of the certificate evidencing those interests. As a result the certificate has been sold in Germany and is being dealt in daily
on the German exchanges. The new law provides for the recognition
of the various assignments and for payment to the present owner of
the certificate. A person entitled to a return under these conditions
may file claim and bring suit, and, in the event of his death, his legal
representative may do so.
In order to afford a remedy for American creditors of persons whose
property is held by the custodian, any money or other property returnable will be subject to attachment.
Insurance Provision.
There are many cases where the custodian has made demands upon
and upon persons holding their property
enemies
of
enemies and allies
for the delivery or payment to him of such property. Since it is
proposed to return 80% of all such property to former owners, it was
held by Congress to be an unnecessary burden to require payment under
These demands of the custodian. He only would have immediately to
return 80%. Thus he is to be authorized to waive or compromise these
demands on such terms and conditions as he may prescribe, all with the
approval of the Attorney General, if, as a result of the transaction,
there will remain in his hands 20% of the total amount of the money
or other property belonging to the alien and seized or subject to seizure
by the custodian.
The claims of American insurance companies are to be paid on the
same basis as claims of other American nationals and the properties of
German insurance companies are to be returned on the same basis as
the return of other German property to the nationals of that country
without regard to the clause of the former law that returns of this
character are to be prohibited until the companies paid claims filed
against them.
Congress declined to accede to the demands that came from California
That repayments to the German insurance companies be held up until
certain of their number paid obligations arising out of the fire and
earthquake that occurred in San Francisco.
[VoL. 126.
A. P. Giannini States That No Extra Dividend Will be
Paid This Year by Bancitaly Corporation.
An announcement to the effect that the Bancitaly Corporation of San Francisco will pay no extra special or
stock dividends and will not increase the present dividend
rate of $2.24 per annum during 1928 was made by A. P.
Giannini, President, on March 22. In his statement he
said:
Stockholders of the Bank of Italy and Bancitaly Corporation will
have an opportunity to buy stock of the Bank of America, probably
at a few dollars below the prevailing market price, on the basis of
one share for every twenty-four shares of either or both Bancitaly
and Bank of Italy. Formal announcement of this offer is to be made
to stockholders in due course. We feel, however, that this statement
should be made now in order that the public may understand the
situation and not be misled by any rumors.
We want to set at rest rumors circulated with respect to possibility
of our giving stockholders either extra, special or stock dividends or
increase in regular dividend rate. Directors empoivered me at last
meeting to decide this matter in whatever manner I felt would be to
best interests of Bancitaly Corporation. In fairness to present stockholders and public as well as to future investors I am making this
announcement, so that those contemplating purchase of our stock may
guide themselves accordingly. We can say definitely that decision
we have reached will be strictly adhered to during 1928. Those who
wish to buy our stock on basis of its present quarterly return of 56
cents a share should do so without expectation of receiving anything
additional.
The rights to buy Bank of America stock will be entirely and strictly
in the nature of an opportunity to Bancitaly and Bank of Italy stockholders individually or personally to subscribe for the shares, and is
not a negotiable or an assignable right or privilege given or granted
to any such stockholder.
At the time of the declaration of the regular dividends
earlier in the month, the San Francisco "Chronicle" of
March II stated:
Bancitaly declared its regular 56-cent quarterly dividend, payable
April 2 to stockholders of record March 15, as was predicted in The
Chronicle a week ago at a time when President A. P. Giannini uttered
a vehement warning to speculators and loan sharks that unless they
desisted in their undesirable practices he would not disburse any but
normal dividends in 1928.
Yesterday he reiterated his former remarks by saying:
"No extra dividend is to be paid at this time," said Giannini, "and
we may decide to continue this same policy throughout the balance of
the year. We are determined to force liquidation by making it difficult for the speculators to carry the stock on money borrowed at
usurious rates, because of the wide margin between the dividend received and the high rate of interest paid. The excessive rates the
people are being made to pay by a number of loan companies will not
permit them to carry the stock on the basis of the normal return. It is
refuse
this consideration that has prompted our board of directors to
to take action on any proposal for a special or extra dividend."
quarterly
regular
a
declared
Bank of Italy directors met and also
of record
dividend of $1.50 per share, payable April 2 to stockholders
member of
March 15, and at the same time elected G. W. Peltier a
and
Farmers
the board of directors. Peltier was president of the
over by
Mechanics Bank of Sacramento, which was recently taken
city.
Bank of Italy and merged with the existing branch in that
Tax On Bancitaly Profits Worked Out by Accountants.
The following is from the San Francisco "Chronicle" of
March 14:
purchase
Profits made by holders of Bancitaly Corporation through
about
and sale of the stock and rights offered during 1927 have brought
for
considerable confusion among those required to report their income
income tax reports which are due tomorrow.
The holder of Bancitaly Corporation stock during 1927 has received
two offerings of rights and two stock dividends. These could have
been bought or sold and each case presents a different method of computing the profit, or loss if any, made by hte purchaser.
An increase and complete compilation has been made by Haskins &
Sells, eertified public accountants, indicating the proper method of figuring the profit and accompanying tax in each particular case.
The compilation follows:
"Rights to subscribe at ratio of 1 to 16 at $85 attach to stockholders
of record Jan. 15; rights to subscribe at ratio of I to 5 at $100 attach
to stockholders of record March 15; stock dividends of 40% paid on
July 29 and 14 2/7% on Sept. 24.
"Assume that 'A' bought 100 shares of Bancitaly in December, 1926,
at $93; that in January, 1927, he sold at 60 cents his 100 rights; that
the market values of the stock ex-rights and the rights on Jan. 15 were
94h and 54 cents, respectively; that he exercised on June 30 the 100
rights (second issue) and shortly thereafter sold at $118 the twenty
shares thus purchased; that the market value at March 15 of the stock,
ex-rights, and the rights were $110 and $2 respectively; that in October
he sold sixty shares at $105.
"What is 'A's' taxable income and what is the value of the 100 shares
on hand at Dec. 31, 1927? The compilation under the 1926 revenue
act regulations is as follows:
$9,300.00
Cost of 150 shares December, 1926
Profit on sale first 100 rights issue:
Market value of stock
Market value of rights
$9,437.50
54.00
Total
Cost basis of rights, 540x9300
$9,491.50
$52.91
94915
$7.09
Sale price, $60—profit
$9,247.09
less $52.91
$9,300,
Cost of original 100 shares,
Following is the profit on the twenty shares bought under second issue of rights:
$11,000.00
Market value of 100 shares at $110
300.00
Market value of 100 rights at $3.00
$11,300.00
Total
$245.50
Cost basis of rights 3x9247.09
MAR. 31 1928.]
FINANCIAL CHRONICLE
113
Cost of 20 shares bought at $100.00
Total cost 20 shares
Sale price of 20 shares at 118
2,000.00
$2,245.50
2,360.00
Profit
$114.50
Value of 100 shares remaining is $9,247.09 less $245.50 or $9,001.59.
The stock dividends received July 29 and Sept. 24 increased holdings
to the shares at total cost of $9,001.59 or $56.26 average per share.
Sale of 60 shares Oct. 1, at 105
$6,300.00
Cost 60 shares at $56.26
3,375.60
Profit
$2,924.40
Value of 100 shares on hand Dec. 31, 1927, was $9,001.59 less
$3,375.60 or $5,625.99.
Total taxable income in 1927 was:
Profit on 100 rights sold
$7.09
Profit on 20 shares
114.50
Profit on 60 shares
2,924.40
$3,045.99
Where an individual bought and sold many different lots of stock and
cannot identify specific sales with specific purchases the stock sold is
considered to apply to the earliest purchases. If stock sold has been
held for two years or more, taxable gain may, if desired, be computed
as capital net gain subject to 12% tax limitation. Margined transactions are held to be the same as outright purchases and sales.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
New York Stock Exchange memberships made further
advances this week to new high record figures. The membership of DeWitt P. Rosenheim was reported posted for
transfer to Reoncas M. Durant for $350,000. That of
Waldo J. Sherman sold to Herbert T. Hedge for $340,000.
That of Hegeman Foster sold to Alford B. Stoddard for
$360,000. That of Louis Heineman sold to William F.
Gadd also for $360,000 and finally that of George A. Andrews sold to Curtis H. Hutton for $375,000 the highest
on record.
A New York Coffee & Sugar Exchange membership was
sold this week for $17,000 an advance of $500 over the
last preceding, sale.
The Rubber Exchange membership of Georges Schwab of
Paris was reported sold this week to William Stiles, for
another, for $9,000. The membership of Jacob Bleibtreu
was sold to Charles Slaughter of W. R. Craig & Co. for
$10,000 and J. Chester Cuppia of E. A. Pierce & Co. purchased the seat of Leonard Postnikoff of Harriss, Irby &
Vose for $11,000 this last being the highest price on record.
The New York Cotton Exchange membership of W. A.
Allston Flagg was reported sold to Paul Schwartz for another
for $26,000. The seat held by a receiver for J. Leon Wood
was sold to Eugene J. Schwabach for another, for $26,000.
Last preceding sale $25,000.
New York Produce Exchange memberships were again
active with sales reported as follows: one at $14,000, one at
$16,500, one at $23,000 a new high record, two at $15,000
each and three at from $12,500 to 813,000.
A Philadelphia Stock Exchange membership was reported
sold this week for $12,000. Last previous transaction
$11,500.
1925
Bowery and East River National Bank and the Commercial
Exchange National Bank was approved, subject to ratification by stockholders of the Bank at a meeting to be held
April 26.
The agreement provides that the capital funds of the Bank
of America National Association shall be increased to a total
of over $60,000,000,consisting of capital stock of $25,000,000;
surplus $35,000,000, and undivided profits of approximately
$2,000,000. The capital stock of the combined institutions
wili consist of 1,000,000 shares of $25 par value. The present
capital of the Bank of America is $6,500,000 in $100 shares.
The present shareholders of the Bank of America will receive
four shares of the new stock for each share they now hold.
Present shareholders of the Bowery and East River National
Bank will first receive a cash dividend of $8.23 per share on
their present stock and w.11 then exchange it at the rate of
7.2 shares of the new Bank of America $25 par value stock
for each share of the Bowery and East River National Bank
stock. Present shareholders of the Commercial Exchange
National Bank will first receive a cash dividend of $2.58 per
share and will then exchange their stock in the ratio of 4.8
shares of new Bank of America stock for each share they
now hold. The shareholders of the combined institution
will receive rights to subscribe for 372,000 shares of new $25
par value stock at $110 per share. Each shareholder of the
combined institution will have the right to subscribe for .6
of a share. Provision is made for employee ownership of a
block of the new bank stock by stipulation that 8,000 shares
are to be offered to the employees of the consolidated institution at $110 per share. An employees' stock purchasing
plan is being worked out by the officers and directors.
It has been arranged that a securities company be formed
with the same number (1,000,000) of shares of stock as the
Bank. As is customary in such cases the stock of the securities company will be included with the stock of the Bank so
that the shareholders will be identical. This company will
transact the securities business of the combined institution.
All the above will become effective immediately after the
shareholders meeting on April 26, so that the combined
institution and the new securities company will then begin
to do business at that time.
Stockholders of the Commercial Exchange Bank of New
York at a meeting on March 26 approved nationalization of
their institution and on March 27 with the approval of the
Comptroller of the Currency, the Commercial Exchange
National Bank in New York formally began business to
continue operations until its consolidation with the Bank of
America and the Bowery and East River National Bank of
New York under the name of "The Bank of America,
National Association." The Commercial Exchange Bank of
New York in 1926 succeeded Lionello Perera & Co., which
began business in 1865 and was the oldest private banking
institution in the State of New York. Operating under a
State charter, the combined institution maintained four
branches in addition to the head office at 63 Wall St. Three
branches are located in Brooklyn and one in Harlem.
Items regarding the proposed merger appeared in our
issues of March 3, page 1298; March 10, page 1458, and
March 17, page 1610.
New York Coca Exchange membership was reported sold
W. Randolph Burgess, Assistant Federal Reserve Agent
this week as follows: two at $4,250 and $4,400 respectively;
of the Federal Reserve Bank of New York sailed for Europe
one at $4,650, one at $5,000, one at $5,300, one at $5,600,
last night (Mar. 30) on the Majestic. He plans to be gone
this last being a new high record.
about five weeks and expects to visit a number of Central
Three memberships on the Chicago Stock Exchange were Banks.
reported sold this week at $24,500 each, an increase of
Seven hundred bankers and business men from all parts
$25,500 over the last preceding sale.
of the United States attended a dinner at the WaldorfAstoria Hotel last night (Mar. 30) which marked the formal
At a special meeting of the stockholders of the Bank of observance of the
25th anniversary of the Bankers Trust
America hold Mar. 26 at the offices of the Bank at 44 Wall Co. of New York.
Seward Prosser, Chairman of the Board
St., the conversion of the Bank of America into a national of Directors,
presided. Founded a quarter of a century
banking association under the name,"The Bank of America ago by the late
Henry P. Davison, a partner of J. P. MorNational Association," was approved. The Bank of Amer- gan & Co., with
an initial capital and surplus of $1,500,000,
ica, being the successor of the New York City branch of the the Bankers Trust Co.
has grown to be one of the country's
Bank of the United States—the first national bank organized largest banking
institutions. Capital and surplus as of
in this country, Feb. 25 1791—thus resumes business under Mar. 2 stood at a new high
record of $62,591,000, while
the Federal laws of the United States, after a lapse of 116 deposits at the end of last
year reached a record total of
years. The nationalization of the Bank of America is the $562,069,000. At the latest
meeting of the
first step in the plan to merge with the Bowery and East institution commemorated its anniversary directors, the
by increasing
River National Bank and the Commercial Exchange Bank its annual dividend from $20 to $30 a
share and by declaring
York.
The
New
combined
of
institutions will hereafter a special bonus to all employes of 5% of their annual
salaries.
operate under the name of "The Bank of America National A reception at the Union League Club
for many of the outAssociation." On Mar. 27, the directors of the Bank of of-town guests preceded
last night's dinner. While the
America approved the proposed consolidation with the main dinner was in progress, Mrs.
Henry P. Davison enter-
1926
FINANCIAL CHRONICLE
tamed the wives of the bank's officers at dinner at the
Waldorf-Astoria.
The 25th anniversary of the company has also been
marked by the issuance of a book worthy of preservation
not only for the history of the company which it furnishes,
but also for the record presented therein of outstanding
world happenings in the quarter of a century spanned by the
company. The book is of most attractive appearance,
and in addition to a portrait of Mr. Davison, drawings of
the company's various offices are included in its makeup.
In issuing the booklet President A. A. Tilney says "it is
gratefully dedicated to the thousands of individuals throughout the country to whose constant friendship and cooperation is due so much of the progress which it chronicles."
An extended account of incidents in the development of the
institution appeared in our issue of Mar. 10, page 1756.
[VOL. 126.
merging of public utilities were outlined by Frank M.
Hunter of Chester, former Deputy Attorney-General and
former chief counsel of the Pennsylvania Public Service
Commission, in an address before the Philadelphia Chapter
of the Pennsylvania Institute of Certified Public Accountants at the Manufacturers Club. Mr. Hunter brought
out a number of factors of law and public policy which
govern the utilities in these matters. He also illustrated
these points by indicating how the Public Service Commission investigates the transactions to assure the public,
the investor and banker that the refinancing and mergers
are sound and in accord with public policy. Walter L.
Morgan, C.P.A., lead the discussion following the address.
He pointed out the particular, problems which confrohted
the accountant in these developments and praised the work
and services of the accountant in bringing to light all facts
necessary to afair and impartial judgment of the transactions.
Frederic L. Kerr, formerly Assistant V.-President of the
American Exchan,e Irving Trust 'ompanv o Ne York,w s
The observance this week of the 88th birthday of George
'elected V.-President of the Interstate Trust Co. at a meet- F. Baker, Chairman of the Board of the First National
ing of the board of directors held this week. Mr. Kerr Bank of New York, was noted as follows in the "Wall
started his career in St. Louis, with the Merchants-Laclede Street News" of March 27:
National Bank in that city. In recent years, Mr. Kerr was
George F. Baker is quietly celebrating his 88th birthday to-day. He
head of the 49th St. Office of the American Exchange Irving was born March 27 1840. Following his usual custom in recent years,
the "Dean of Wall Street Bankers" has been spending several weeks at
Trust Co., having assumed that charge at the time of its the exclusive Jekyll Island Club off the coast of Georgia, where he will
merger with the Pacific National Bank. In the future Mr. remain the rest of this week. His son, George F. Baker Jr., left New
York last Saturday to be with his father to-day. E. E. Loomis, President
Kerr will have charge of the Hamilton Branch of the Inter- of
the Lehigh Valley RR., has been an unfailing companion of Mr. Baker
state Trust Co. at 130 West 42d St. Mr. Kerr's first busi- on these trip; for some years. Howard Elliott, Chairman
of the Northern
ness connection in New York City was with the Adams Pacific, in which Mr. Baker has played such a prominent part, and of
whose stock he has been such a large owner for a long time, is also at the
Express Co., holding the office of Treasurer of that organi- Jekyll Island Club and undoubtedly
will join with
Baker's other
zation. In 1918 he was appointed Assistant to the President numerous friends in whatever quiet observance of theMr.
birthday may be
of the Pacific National Bank, which was later merged with decided upon. This season the veteran banker has been fortunate in
that his health has been particularly good on his Southern trip. A year
the American Exchange Irving Trust Co. At the time of ago
he was correspondingly unfortunate in catching a severe cold, from
the merger he was appointed to an executive position of the which it took him some time to recover.
combined institution.
The proposed increase which is to be made in the capita
The trustees of the Chatham Phenix Corp., the securities of the National City Bank of New York and the National
company organized by the Chatham Phenix National Bank City Co. was referred to in these columns March 24, page
& Trust Co.of New York,elected directors for the new corpo- 1756. In his letter to the stockholders (under date of
ration at a meeting held on March 19. Immediately follow- March 24) President Mitchell states that the increase in
ing the trustees' meeting, the directors held a meeting at the capital of the bank is in line with the policy "of mainwhich the officers and executive committee of the corpora- taining a larger ratio of capital and surplus to deposits
tion were elected. The newly elected officers and directors than is dictated by general banking practice," and that
of the Chatham Phenix Corp. are as follows: President, Rollin "as regards the National City Co. the board are of the
C. Bortle; V.-President, Howard G. Keogh; Secretary, Fred- belief that these additional capital resources should be
erick L. Chapman; Treasurer, Alton F. Gillmore; Directors: provided to permit the company to acquire from time to
.JE• S. Bloom, President Western Electric Company; R. C. Bottle, time for short or long term investment account, bonds,
President Chatham Phenix Corporation; E. P. Earle, President Nipissing
stocks or other equity interests, the holding of which will
Mines Company; R. H. Higgins, Vice President Chatham Phenix National
facilitate the development of its regular business or generally
Bank and Trust Company;
W. B. Joyce, Chairman National Surety Company; L. G. Kaufman, inure to the benefit of the bank and the company."
ComPresident Chatham Phenix National Bank and Trust Company; Samuel
menting on this, the "Times" of March 24 said:
McRoberts, Chairman Chatham Phenix National Bank and Trust Company; J. F. Talcott, President James Talcott, Inc.; S. B. Thorne, President Thorne, Neale & Company, Inc.
This is taken to mean that the company will branch out into activities
in which it has heretofore been limited, and particularly in the purchase
of stocks. Last year the company sold more than $2,000.000.000 of
securities to its clients. In addition to enlarged activities along this line,
the company Is expected in the future to acquire equities in properties
that look advantageous and to arrange short-term financing for companies that consider the time inopportune for bond issues, and to engage
In other profitable enterprises that are closed to national banks and that
have hitherto been unfeasible for the company owing to its pre-occupation
with new security underwritings. The company is shortly to move into
Is own building, a new skyscraper in Wall Street across the street from
the National City Bank.
Bank's Capital Funds.
With its new capital of $90,000.000, and surplus of $50,000,000 and the
undivided profits of $21.418,689 reported In its statement of Feb. 28. the
National City Bank will have a total more than $161.000,000 of invested
capital funds. This is far in excess of any other bank in the United
States
and it also tops the largest of the banks in Europe, although a few of the
largest London institutions have somewhat larger total deposits than the
National City. In making this comparison, however, it is to be
remembered that nation-wide branch systems prevall in England, while all the
branches of the National City in this country are in New York City.
The National City Co. will have capital of $45,000,000 and surplus
of $50,000,000, which, added to the bank's funds, makes a total of more
than $256,000,000 of invested capital funds for the National City organization as a whole, which is far in excess of any other institution.
The executive committee includes R. H. Higgins, L. G.
Kaufman and Samuel McRoberts. Rollin C. Bortle, President of the Chatham Phenix Corp., is a graduate of the
University of Pennsylvania, class of 1905. He began his
business career with N. W. Halsey & Co. of Philadelphia,
continuing with that firm until 1916 when its business was
taken over by the National City Co. of New York, when he
became Assistant V.-President and Sales Mgr. of the latter
company. Mr. Bortle subsequently was made a partner of
Eastman, Dillon & Co., and in November 1926 was elected
V.-President of the Chatham Phenix National Bank & Trust
Co., in charge of its investment department. He will continue as V.-President of the Chatham Phenix National Bank
& Trust Co., supervising its investment accounts. Mr.
Bortle was President of the Bond Club in 1922-1923. The
Chatham Phenix Corp., like the securities corporations of
other large banks, is the logical outgrowth of the investment
department started by the Chatham Phenix National Bank
The stockholders are to meet April 24 to vote on the
& Trust Co. Certain statutory limitations are imposed upon
a national bank when its investment business reaches a sub- capital increases. The following is President Mitchell's
stantial volume, and through the organization of a securities letter: THE NATIONAL
CITY BANK OF NEW YORK.
company these limitations are overcome. As opportunities
New York, March 24 1928.
to handle desirable investments are frequently brought to To the Shareholders,
You will fined enclosed a formal notice of a special meeting of the sharethe attention of bank officials, there is every reason to beholders, to be held
April 24 1928 for the purpose of acting upon the
lieve, it is stated, that the Chatham Phenix Corporation will recommendation of on
your board of directors that the capital stock of the
be in a preferred position to rapidly develop an investment bank be increased from $75.000,000 to $90,000,000, the surplus
remaining
business of considerable proportions. Reference to the at $50,000,000, and that the capital stock of the National City Co. be
increased from $25,000,000 to $45,000,000, and its surplus from
$25,000.Chatham Phenix Corp. was made in these columns Feb. 4, 000 to $50,000,000.
It is proposed that each shareholder in the bank be given the right to
page 668 and March 16, page 1459.
The problems which confront the accountant, the lawyer
and the banker in connection with the refinancing and
subscribe for one additional share of stock of the bank for every five shares
registered in his name on the books of the bank at the close of business on
April 28 1928 upon the payment of $400 in respect of each share subscribed for, of which $100 shall be applied to increasing the capital stock
MAR. 31
1928.]
FINANCIAL CHRONICLE
of the bank, and $300 shall be applied to increasing the capital stock and
surplus of the National City Co., in the amounts mentioned.
As regards the bank, this increase of capital is in line with our traditional
policy, referred to on the occasion of the last previous increase, of maintaining a larger ratio of capital and surplus to deposits than is dictated
by general banking practice. As regards the National City Co., the
board are of the belief that these additional capital resources should be
provided to permit the company to acquire from time to time for short
or long-term investment account, bonds, stocks, or other equity interests,
the holding of which will facilitate the development of its regular business
or generally inure to the benefit of the bank and the company, and that
such resources can be thus profitably employed.
If the shareholders approve, it is proposed to issue transferable subscription warrants to all shareholders of record at the close of business on
April 28 1928 and to make all subscriptions payable in full at head office
in the City of New York, in New York funds, on or before May 31 1928.
Full instructions in regard to the subscription warrants will be given in a
further letter to the shareholders, which will be mailed with the warrants.
The stock certificates representing the additional stock will be in the
same form as those now outstanding, including the endorsement prescribed in the agreement of June 1 1911 as amended, evidencing the pro
Tata beneficial interests of the registered holders thereof in the capital stock
of the Nationl City Co. which is held by the trustees under said agreement.
No change in the present annual dividends of $20 per share is contemplated
at this time.
In order to adjust the dividends at the current rate on the old stock
and the new for the quarter April 1 1928 to July 1 1928, it is expected
that an interim dividend of $3.33 per share will be paid on the old stock
on June 1 1928 to the stockholders of record on or about May 19 1928
and that an interim dividend of $1.67 per share will be paid on both the
old and the new stock on July 2 1928 to stockholders of record on or about
June 16 1928.
There will probably be an active market for subscription rights. Shareholders should, therefore, be careful of their warrants. They may obtain
advice and assistance in regard thereto at head office, or at any of the
foreign branches of the bank, and at any of the domestic or foreign offices
of the National City Co.
A proxy to enable your shares to be voted at the meeting in favor of the
foregoing propositions is herewith enclosed. The bank now has about
16,000 shareholders and, as the vote of two-thirds in interest is required
by law, you are requested to sign and return the proxy as promptly as
possible, if you do not expect to attend the meeting in person.
Yours truly,
CHARLES E. MITCHELL, President.
A meeting of the stockholders of the Corn Exchange Bank
of New York will be held on April 9 to act on the merger
agreement, dated Feb. 29, between the Corn Exchange Bank
and the Stapleton National Bank of Stapleton, Staten
Island. An item to the effect that arrangements had been
completed for the purchase of the latter by interests connected with the Corn Exchange Bank appeared in our issue
of Feb. 4, page 669.
Nathan S. Jonas, President of the Manufacturers Trust
Co., of New York, announces that at a meeting of the
Directors on March 22, on his recommendation, Henry C.
Von Elm, formerly Vice-President, was elected Chairman of
the Executive Committee of the company, and James H.
Conroy was elected Executive Vice-President. Mr. Von
Elm has been connected with the Manufacturers Trust Co.
and the Manufacturers National Bank which was absorbed
by the former institution in 1914, for 25 years, while Mr.
Conroy has been connected with the Manufacturers Trust
Co. and its predecessor, the Citizens Trust Co., since the
inception of the company, in 1905.
—•__.
The application to convert the Bronx National Bank of this
city into a State institution was filed with the New York
State Superintendent of Banks on March 18. The bank has a
capital of $300,000 and a surplus of $300,000. The conversion of the bank into a State institution is a preliminary
step whereby it will be merged with the Bronx Borough
Bank. The acquisition of the Bronx National Bank by the
Bank of the Manhattan Co. was referred to in these columns
Aug. 6 1927, page 738.
Alfred Halsey Curtis, retired banker died on March 18 at
his home in Kingston, N. Y. Mr. Curtis was 73 years of age.
He was President of the old National Bank of North America
from 1905 to 1908. He was also Vice-President of the New
York State Bankers Association in 1905.
Executive officers of The Morris Plan Company of New
York announce that permission had been granted by the
State Banking Department for the removal of its main office,
now located at 469 Fifth Ave., to new quarters at 33 W.42d
St., about June 1. Three floors comprising about 30,000
square feet have been leased in the building formerly known
as Aeolian Hall, and will be fitted with the most modern
industrial banking equipment. The new offices will be
centrally situated between the 2 big subway hubs, Grand
Central Terminal on the east and Times Square on the
west, and will be accessible to the subway network through
the Fifth Ave. Library Station of the Queensboro subway,
making it possible for patrons of that company to reach the
main office by subway from any part of Greater New York.
The Morris Plan Co. of New York now operates 10 branch
1927
offices in addition to its main office. Its capital is $2,000,000
and its resources exceed $45,000,000. The company has
extended financial accommodation to salaried employees,
wage earners and small merchants in a sum aggregating
over $200,000,000, since the inception of this business in
1915. The confidence of the public in the institution is
further reflected in its 5% interest bearing investment
certificates outstanding and in the hands of the public now
aggregating over $27,000,000.
—•___
Bernard W. Trafford, formerly Senior Vice-President of
the First National Bank of Boston, on Wednesday of this
week, Mar. 28, was elected President of the institution by
the directors to fill the vacancy caused by the recent death
of Clifton H. Dwinnell. According to the Boston "Transcript" of Mar. 28, the new President joined the staff of the
First National Bank in 1912 and immediately was elected
a Vice-President. He has had special supervision of the
foreign branches of the bank and has been instrumental in
their development as well as that of the First National
Corporation. Mr. Trafford was born in Westport, Mass.
in 1871 and was graduated from Harvard in the Class of 1893.
Immediately upon leaving college he entered the employ of
the American Telephone & Telegraph Co. in Boston and
was identified with the telephone business in various sections
of the country until 1912. For several years he was on the
engineering staff of the Bell Telephone System and had
managerial responsibility for American Bell companies in
several States on the Atlantic seaboard. Later he became
senior operating Vice-President of the Bell System in the
MiddlelWest region,in charge of the five companies opefating
in Ohio, Illinois, Indiana, Michigan and Wisconsin with
headquarters in Chicago. In July 1912, Mr. Trafford resigned to become Vice-President of the First National Bank,
the position from which he has now been promoted to the
Presidency. When it was decided to erect a new home for
the First National Bank, Mr. Trafford was entrusted with
the responsibility in connection with the planning and later
with the construction of the new building. Mr. Trafford is
a director and a member of the executive committee New
England Telephone & Telegraph Co., a director of the First
National Corporation, and a trustee of Phillips-Exeter
Academy, as well as a director in a number of corporations.
During the war, Mr. Trafford spent a month at Fort Oglethorpe, Ga.in training and was active in Belgium and Polish
relief work. He was in charge of the Red Cross membership
campaign in New England in 1917 and the second Red
Cross war fund.
A dispatch from East Hampton, Conn., on March 20, to
he Hartford "Courant" stated that the directors of the
East Hampton Bank & Trust Co. at a meeting on that date
voted to organize a securities company with authorized
capital of $200,000 of which $50,000 will be issued at the
cutset. Stockholders of the East Hampton Bank & Trust
Co. of record April 1 may subscribe for the stock of the
new company in the ratio of four shares of the par value
of $25 a share for each share of bank stock held, the par
value of which is $100 a share. The stock will be payable
May 1. Officers selected for the new company are as
follows: Chauncey G. Bevin, Chairman of the Board; Ferdinand Richter, President; Clifford M. Watrous, Vice-President; Milo L. Carpenter, Secretary, and Clark W. Burnham,
Treasurer. Mr. Bevin is President of the East Hampton
Bank & Trust Co., while Mr. Richter is a partner in the
firm of Fuller, Richter, Aldrich & Co., investment bankers of Hartford. The dispatch furthermore stated that the
East Hampton Bank & Trust Co. was the first of the suburban banks in Connecticut to organize a securities company along the lines of similar organizations in the larger
cities.
At a meeting of the directors of the newly organized
Third National Bank & Trust Co. of Camden, N. J., held
at the Hotel Walt Whitman on the night of March 22, William McCully was elected President of the institution, according to the Philadelphia "Ledger" of March 23. Other
officers elected were: H. F. Stephenson and Louis Everly,
Vice-Presidents; and Joseph Carr, Solicitor. Mr. McCully
entertained the officers and directors at a dinner. The
new bank, reference to which was made in our issue of
Feb. 4, page 33, has a paid-in capital of $200,000 and surplus
of $50,000. It will be located at 27th Street and Westfield
Avenue where alterations are now being made in a building
to suit the needs of the institution. It will open for business on May 19, the paper mentioned said.
1928
FINANCIAL CHRONICLE
[VOL. 126.
According to a dispatch by the Associated Press from
The Comptroller of the Currency announces that on
Naylor,
Ga. on Mar. 24, appearing in the New York
Bank
of
Danbury,
National
March 24 the name of The City
Connecticut, was changed to the "City National Bank & "Times" of Mar. 25, J. R. Carter, President of the defunct
Farmers' Bank of Naylor, on that day with his private
Trust Company of Danbury."
funds began paying in full all the depositors of the instituAn application to organize the Chancellor-Union National tion because, he said, as President he felt a "personal moral
Bank of Irvington, N. J. was received by the Comptroller responsibility" to his former patrons. The bank was closed
of the Currency on March 14. The institution will have a on Mar. 19. Although he was not legally liable because of
the failure, Mr. Carter several days previously also recapital of $100,000, and surplus of $75,000.
deemed all outstanding shares of capital stock of the bank
The directors and officers of the National Newark & so that the shareholders would suffer no loss. The dispatch
Essex Banking Co. of Newark, N.J. have issued invitations went on to say:
His golden rule venture was said to have cost him approximately $40,000.
to the opening of the new building of the Ironbound Branch
four-fifths of which
to the depositors. The bank, which listed capital
at the corner of Ferry and Van ,Buren Sts. The building stock and surplus atgoes
$25,000, was closed Monday by the State Banking
will be open for inspection and business on Monday,Apr. 2, Department after it had made an audit at Carter's request and with hie
cooperation, which was said to have revealed a shrinkage in assets exfrom 9 a. m. until 8 p. m. The bank will be open each ceeding
capital stock and surplus.
Monday evening until 8 p. m.
Carter immediately bought up all stock which he did not hold and then
James L. Walsh of this city, a Vice-President and a
director of the McGraw-Hill Publishing Co., has been
elected a Vice-President and a director of the Guardian
Detroit Bank, Detroit, according to advices from that city
to the "Wall Street Journal" on Mar. 28.
0. W. Walker, President of the Shelby County State Bank,
Shelbyville, Ill., committed suicide by shooting himself in
his home on March 19. No reason was given for his act,
and the last report of the bank issued Feb. 28 showed the
Institution to be in good condition. Mr. Walker, who was
56 years of age, entered the Shelby County State Bank as
Cashier in 1895 and worked himself up to the Presidency of
the institution.
An application to organize the Belleville National Bank
of Belleville, Ill., was approved by the Comptroller of
the Currency on March 2. The institution will have a
capital of $100,000, and surplus of $30,000. The par value
of the stock is $100, and the sale price $130 per share. We
learn that the bank will probably begin business_May 15.
That the New First National Bank of Springfield, Mo.,
had voluntarily closed its doors on March 17, following a
slight run on the institution, was reported in a dispatch by
the Associated Press from Springfield, on March 17, printed in the St. Louis "Globe-Democrat" of March 18. J. C.
Peightel, the President, was reported as saying that all
depositors would be paid in full. At a meeting the previous night, it was stated, the directors and officials decided
to close the bank in order to protect the depositors. Continuing, the dispatch said:
The action was precipitated by a quiet run which began at 3 P. M.
yesterday, and continued until doors were closed at 4 P. 11., during
which approximately $5,000 was withdrawn. Depositors were withdrawing their entire balances, presaging a run 'which would result disastrously for the bank, according to officials.
The bank had been in operation since April, 1925.
forwarded to the Banking Department his personal check for $32,000 to
cover the accounts of all depositors.
Terming his action "remarkable" for an official of a defunct bank, the
department returned his check, appointed him a special agent and authorized him to reopen the bank temporarily to pay off his depositors.
Persons who had known Carter most of his life and been his neighbors for years in this little town of 300 population were included in those
who came to the bank at his summons to receive their funds. When all
have been paid, the President told friends, he intends to close the bank
permanently. He is a well-to-do property owner in Lowdnes County.
The State Superintendent of Banks for California on Mar.
23 granted permission to the Bank of Italy National Trust
& Savings Association to purchase the Smith River Bank of
Smith River, Del Norte County, Calif., according to the
San Francisco "Chronicle" of Mar. 24. The newly acquired
bank has a paid-in capital of $40,000 and surplus account
of 88,000.
Miss K. Dorothy Ferguson, Librarian of the Bank of
Italy, San Francisco, will talk at the annual meeting of the
California Libraries Association at the Mission Inn, Riverside, on April 4. Her subject will be "Special Libraries as a
Source of Contact for Public Libraries."
That control of the Oakland Bank, Oakland, Calif., one
of the oldest and largest of the Bay District financial institutions, virtually passed from local ownership to a group of
Eastern financiers with the granting of an option on a large
block of the bank's stock to these financiers at $600 a share,
was reported in the San Francisco "Chronicle" of Mar. 24.
The option,it was said, is understood to be open for a month.
The Oakland Bank was organized in 1867 and transacts a
commercial and savings bank business. It has an invested
capital, it was stated, of $6,000,000 and resources in excess
of $70,000,000. Coincident with the granting of the option
to purchase control of the bank, W. W, Garthwaite, the
President, issued the following statement (as printed in the
paper mentioned) to the bank's stockholders:
There has recently developed a noticeable interest in bank stocks as an
investment and owing to the plethora of money, large sums have been sent
from Eastern centers for investment here. A small• group of our large
stockholders recently had an inquiry for a substantial block of our stock
at an attractive figure.
It was decided that each stockholder should be given the privilege of
participating, if he so desired on exactly the same basis, but that each
stockholder must decide for himself whether or not the proposition looks
attractive, without recommendation on the part of the management.
Upon a satisfactory conclusion of these negotiations the bank will have
a powerful Eastern alliance which will strengthen its position and enable it
to conduct its affairs still more efficiently for the benefit of this community.
This does not contemplate a merger with, or an absorption by any other
bank. On the contrary this bank will continue its career as an independent bank under the present officers and directors.
Advices by the Associated Press from Little Rock, Ark.,
on March 26, printed in the New York "Times" of March
27, reported the closing of three small Arkansas State banks
located in adjoining counties on that day and the taking over
of their affairs by the State Banking Department. The banks
are the Ouachita Valley Bank at Camden, the Bank of
Smackover (which had its reserves in the Camden bank)
and the Louann State Bank. The dispatch furthermore
G. W. Schmitz, heretofore an Assistant Vice-President
stated that the directors of the Ouachita Valley Bank at
Camden said they expected to reopen under new manage- and Manager of the credit department of the Security Bank
& Trust Co. of San Francisco, has been made a Vicement.
President of the institution, according to an announcement
According to a press dispatch from Scooba, Miss., on on March 22 by Leon Bocqueraz, the bank's President, as
March 22, appearing.in the Memphis "Appeal", the Mer- reported in the San Francisco "Chronicle" of that date.
chants' & Farmers' Bank of that place went into voluntary Mr. Schmitz, it is stated, went to the Security Bank & Trust
liquidation on March 21 and its affairs taken over by the Co. from the Bank of Italy, and has directed the organizaBank of Kemper of the same place. Arrangements were tion of the credit department, which has grown rapidly to
made, it is said, for the payment of all depositors in full by keep pace with the Statewide expansion of the Security
system. It was also announced by Mr. Bocqueraz, that
the Bank of Kemper.
Walter E. Worman, formerly a note teller at the Fresno
A dispatch from Miami, Fla. on Mar. 26 to the "Wall branch of the bank, has been promoted to an Assistant
Street Journal" stated that a refinance plan recommended Cashier. L. M. Packer, who was also in the note departby a depositors' committee to reopen the Southern Bank & ment at Fresno, has been transferred to San Francisco and
Trust Co. of that city has been approved by the State Bank assigned to the bank's inspection department.
Comptroller. The plan will require the approval of 75%
Closing of the Pine Belt Baking Co. of Butte Falls, Ore.,
of the depositors before it can be put into effect, it was
stated. The Southern Bank & Trust Co.(capital $100,000) on March 20 as the result of the disappearance the previous
was one of three Miami banks which closed on Feb. 6 last, afternoon of George W. Barker, the President of the concern, was reported in a dispatch from Medford, Ore., on
as noted in the "Chronicle" of Feb. 11, page 822.
that date to the Portland "Oregonian." It appears from
MAR. 311928.]
FINANCIAL CHRONICLE
the advices that the regular examination of the bank by
Deputy State Examiner Boget was under way on March
19 when Mr. Barker left the bank at 1:30 o'clock ostensibly
to get his lunch. When he failed to return in an hour, the
bank examiner notified J. J. Simmerville, a merchant of
Butte Falls, one of the stockholders, and a search for the
missing President was instituted. Barker was seen driving
in his car in a northeasterly direction into the heavy timber
and later the car was found abandoned. Subsequently the
State Banking Department took over the institution's
affairs. Barker, it is said, had conducted the bank for
20 years.
THE CURB MARKET.
Prices continued to move upward this week in Curb Market trading, the broadest and heaviest on record. A buoyant
tone extended to all departments. Auburn Automobile
sold up from 130 to 143, reacted to 137 and moved upward
again, resting finally at 1387
%. Bancitaly Corp. after a loss
of about 5% points to 1853 jumped to-day to 1947
/g, the
close being at 192%. H. C. Bohack com. advanced from
270 to 3093/i and ends the week at 305. Deere & Co. corn.
was up from 295, to 309, easing off finally to 302. Adolf
Gobel corn. was conspicuous for an advance from 843s to
98%, the final figure to-day being 97. Melville Shoe corn.
rose from 177 to 185 and finished to-day at 182. Metro.politan Chain Stores was active and advanced from 553/2
to 61'%, reacting finally to 59%. Safeway Stores corn.
moved up from 457 to 496, but fell back finally to 465.
Sanitary Grocery after early loss of some three points to 232
ran up to 262, the closing figure to-day being 256. In
utilities Marconi Wireless of Canada continued active and
advanced from 61% to 83/2, the close to-day being at 8/
3.
United Gas Impt. sold down at first from 119% to 1175
/s,
then up to 1253/s, resting finally at 1251%. Oils were generally higher. Buckeye Pipe Line improved from 657
% to
71. Humble Oil & Refg. advanced 2% points to
653/2 and
closed to-day at 653
%. Northern Pipe Line rose from 111
to 125 and reacted finally to 1213
%. South Penn Oil moved
up from 383
% to 42 and ends the week at 4134. Standard
Oil (Indiana) moved down at first from 74/
5 s to 73%, but
recovered to 78. Gulf Oil rose from 1083 to 116, reacted
to 113 and finished to-day at 115%. Newmont Mining
was active and advanced from 159% to 174%, ex-right
and ex-dividend.
A complete record of Curb Market transactions for the
week will be found on page 1962.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Week Ended March 30
STOCKS (No. Shares)•
Ind diMisc
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
OU.
BONDS (Par Value).
Domestic. ilroreign Gooi
$2,366,000
$296,000
3,019,000
387,000
1,937,000
265,000
3,808,000
196,000
3,974,000
375,000
5,185,000
549,000
323,200
510,110
562,760
459,580
692,235
760,006
65,160
103,550
101,150
107,700
119,200
179,350
36,620
96,920
101,540
82,180
137,310
116,960
3,307,891
676,110
571,530 $20,287,000
$2,068,000
THE WEEK ON THE NEW YORK STOC:EXCHANG
E.
The stock market has continued its unprecedented
upward spurt during the present week and at times fairly
boiled
with excitement incident to the largest daily turnovers in
the history of the New York Stock Exchange. Radio Corporation maintained its remarkable upward spurt,
General Motors slipped back from its previous high but
level,
while United States Steel'common worked lower as the
week
advanced. The statement of brokers' loans showed
an increase of $46,665,000 the present week, which
carries these
loans close to the high point in all time established on
Spectacular buying of General Motors at new top Feb.8.
levefs was
again the feature of the two-hour session on Saturday.
Opening at 1873/2 the price quickly climbed upward to
192,
but yielded to 190 with a net gain of 23
% points on the day.
The strength in General Motors stimulated activity in
the
independent motor shares, particularly Hupp, which ran
up
about 4 points to a new high at 5434, also Packard
which
forward
over 3 points and crossed 68. Hudson Motors
shot
followed with a gain of 35% points and substantial
advances
were recorded by a number of the lesser lights of the group.
High-priced specialties fluctuated widely; for
instance.
United States Cast Iron Pipe & Foundry moved from a
low of 260 to a top price of 2693/2, reaching its peak for the
year with a net gain of 9% points. Du Pont advanced 10
points to 385, sold down to 379 and finally closed at 3833/2.
1929
Stocks reaching new high levels included, among others, International Harvester pref., American Smelting pref., Consolidated Gas pref., Sears-Roebuck and American Locomotive pref.
Motor stocks continued to monopolize speculative interest on Monday, General Motors bounding forward to a
new top at 199, followed by Hupp, Chrysler and Packard
all of which moved into new high ground. Hudson scored
a gain of 3 points at 99 and Studebaker sold as high as 661%.
Railroad shares were strong and New York Central crossed
175 and closed at 1743
4 with a net gain of 23
4 points and
Pennsylvania scored a net gain of 2 points at 70. Mercantile stocks were in strong demand, particularly SearsRoebuck which moved forward 12 points to a new high
at 110 and Montgomery Ward which registered a gain of
6 points as it reached 142%. Specialties continued in
demand at increasing prices, notably Radio Corporation
which gained 5 points for the day and American International which reached a new peak at 9438, making a
net gain of 7% points. As the day advanced copper stocks
moved up with the leaders, American Smelting standing
out conspicuously with a gain of 6 points. United States
Steel common opened at 149, with an overnight gain of
over a point, and had moved forward to 15134 at midsession, but closed at 150% with a net gain of 234 points.
On Tuesday the market experienced a violent break in the
early trading, but recovered part of its losses later in the
day. More than 4,700,000 shares were handled. The
avalanche of buying was so great that the tickers were
frequently from 20 to 30 minutes late in recording the
sales. Radio Corporation scored a net gain of 123
4 points
Railroad shares were in strong demand under the leadership of New York Central which scored a new high at 179.
Rock Island reached a new peak at 1153
/. General Motors
broke 19 points, followed by a rally of 10 points and closed
at 1903/2 with a net loss of 8% points. United States Steel
common followed General Motors and broke about 4 points
from its early high of 151 and ended the day at 14834.
Sharp recessions were also in evidence in such stocks as
Hudson Motors, Du Pont, United States Cast Iron Pipe &
Foundry and Sears-Roebuck.
Railroad shares moved to the front as the outstanding
feature of interest on Wednesday, New York Central
reached a new peak close to 180,followed by Texas & Pacific
which sold up to 1343
4, though closing at 132 with a net
gain of 734 points above its previous close. Radio had another spectacular advance and reached 174%. General
Motor., lost over 4 points for the day. Oil issues displayed
considerable improvement, particularly Pan-American "B"
which jumped about 4 points and Seaboard Oil which reached
a new top for the year at 12. Specialties also attracted
notable attention, Commercial Solvents moving up to 6
points to its best for the new stock and General Electric
reaching a new high for the present shares when it sold up
to 150. Irregularity characterized the movements of the
market in the early trading on Thursday. As the day
advanced, however, the list turned sharply upward, though
the spectacular activities of the previous days were lacking.
Radio Corporation had another of its sensational upward spurts and crossed 173 with a net gain of 6 points.
American Can was particularly prominent in the late trading
and again crossed 87, followed by Continental Can which
equalled its previous record high at 110. In the final hour
rubber shares suddenly moved upward and copper stocks
moved briskly forward to higher levels. One of the features
of the late trading was the interest manifested in General
Electric which was conspicuously strong and crossed 150
to a new top for the present capitalization.
Violent upward movements again characterized the trading on Friday, many of the recent favorites scoring gains
ranging from 5 to 16 points. Prices moved forward by
leaps and bounds and the pace was so terrific that
the ticker service was unable to_keep up with the rush of
business. Radio Corporation led the upward spurt and
raised its top to 187 with a gain of nearly 20 points over
the previous close. General Motors was again in strong
demand and advanced about 5 points. United States Steel
common displayed further improvement, though the independent stocks were not inclined to follow the leader. Independent motor shares made further progress upward and
local utility stocks,including Consolidated Gas and Brooklyn
Edison, were particularly noteworthy for their strength,
the former selling at the highest for the present shares and
the latter reaching its highest in history. Copper stocks
[Vor.. 126.
FINANCIAL CHRONICLE
we in strong demand at improving prices and both rubber
issues and many of the so-called specialties reached higher
levels. The final tone was strong.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Week Ended March 30
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1,989,550
a4,202,820
a4,790.270
4,019.890
3,759,334
4,575,600
State,
Municipal &
Foreign Bonds.
Railroad,
cle..
Bonds,
United
Stales
Bonds.
$2,176,000
3,231,000
2,380,000
3,238,000
3,986,000
3,454,000
84,597,000
8,099.600
8,536,000
10,484,250
13,019.000
12,839,000
$55,000
310,000
715,500
395,500
818,000
435,000
Total
23.337,464 $57,574,850 $18,465,000 $2,729,000
a New high record figures being the largest single day transaction in the history
it the Exchange up to this day.
Wed Ended March 30
gales as
New York Stock
Exchange.
1928.
Stocks-No. of shares_
Bonds.
Government bonds „State and foreign bonds
Railroad .34 misc. bonds
Total bonds
1927.
Jan. 1 to March 30
, 1928.
1927.
23,337,464
11,314,833
176,415,414
129,786.150
$2,729,000
18,465,000
57,574,850
$5,460,000
17,264,000
52,545,000
$49,119,250
228,424,125
556,447,550
$86,225,700
259,472,200
625,725,200
$78,768,850 $75,269,000
$833,990,925
$971,423,100
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
March 30 1928
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. BondSales. Shares. SosulSales.
•16,678
417,365
*43,543
*40,755
*42,313
22,235
$9,000
32,000
38,000
40,850
53,000
28,000
24,107
60,264
51,094
63,661
62,049
53,275
$17,000
14.300
41,600
29,000
21,800
34,000
202.889
$200,850
258.610
$156,100
19,562
$183,500
219.452
8131.100
234.079
5114.300
20.804
8235.600
2,854
836,200
HOLI DAY
3,868
37,500
5,091
21,900
4,029
53,900
3.799
34.000
Imports.
U. S. A
Other countries
£97,693
6,193
Exports.
Austria
Egypt
British India
Other zountries
£39,448
14,740
197,093
7,434
£103,886
£258,715
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees.)
Feb. 22.
Feb. 29.
Mar. 7.
Notes in circulation
18597
18578
18540
Silver coin and bullion in India
10589
10636
10598
Silver coin and bullion out of India
Gold coin and bullion In India
2976
29
2970
Gold coin and bullion out of India
Securities (Indian Government)
3789
'3;i8§
5g.5
Securities (British Government)
443
377
377
Bills of exchange
800
800
800
The stock of silver in Shanghai on the 10th inst. consisted of about
53,300.000 ounces in sycee, $82,400,000 and 2.600 silver bars, as compared
with about 52,800,000 ounces in sycee, $80,900,000 and 2,900 silver bars
on the 3d inst. Quotations during the week:
-Bar Silver per oz. std.- Bar Gold
Cash.
Two Mos.
per or. Fine.
Mar, 8
26 3-16d.
26%d.
84s. 11 d.
Mar. 9
263-164.
26 1-16d.
84s. 11 d.
Mar. 10
2634d.
264d.
84g. 11 d.
Mar. 12
26 5-16d.
264d.
84s. 11 4d.
Mar. 13
26 7-16d.
26%d.
84s. 1134d.
Mar. 14
263141.
26 3 16d.
84s. 11%ci.
Average
26.291d.
26 145d.
84s. 11.3d.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London, Week Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
End. Mar. 30 Mar. 24. Mar. 26. Mar. 27. Mar. 28. Mar. 29. Mar. 30.
Silver, p. oz-d. 2631
267-16
265-16
26 5-16
267-16
2611
Gold. p.fine oz_ 845.11gcl. 84s.11%d. 848.1131d. 848.1130. 84s.10gcl. 848.1131d.
Consols,2g %5534
5511
5534
5511
5534
British 5%__
10234
10234
10234
10234
10234
British 434%._.
9731
9734
9734
9734
9734
French Rentes
(in Paris)Jr.. -___
68.50
68.40
68.50
68.95
69.20
French War fin
(in Paris)_fr_ _-__
88.75
88.90
88.30
88.95
89
The price of silver in New York on the same days has been:
Silver in N. Y., per oz. (eta.):
Foreign
57g
573(
5734
5734
5734
5734
•In addition, sales of rights were: Saturday, 106; Monday, 286; Tuesday, 877:
Wednesday. 877; Thursday, 2,545.
COURSE OF BANK CLEARINGS.
Bank clearings this week will show a satisfactory increase
THE ENGLISH GOLD AND SILVER MARKETS.
over a year ago. Preliminary figures compiled by us, based
We reprint the following from the weekly circular of upon telegraphic advices from the chief cities of the country,
Samuel Montagu & Co. of London, written under date of indicate that for the week ending to-day (Saturday, Mar. 31),
Mar. 4 1928:
bank exchanges for all the cities of the United States from
GOLD.
which it is possible to obtain weekly returns will be 9.8%
The Bank of England gold reserve against notes amounted to £156,983,005 on the 7th inst. (as compared with £156,400,265 on the previous larger than for the corresponding week last year. The total
Wednesday), an Increase of £3.076.690 since April 29 1925-when an ef- stands at $11,795,222,011, against $10,743,324,913 for the
fective geld standard was resumed. Only £60,000 bar gold being available
same week in 1927. The improvement follows almost enyesterday in the open market, small purchases were made from the Bank
of England to meet the balance of the weekly demand for India and the tirely from the expansion at this centre, where there is a
home and continental trade. The following movements of gold to and gain for the five days of 26.1%. Our comparative summary
from the Bank of England have been announced:
for the week is as follows:
Mar. 8. Mar. 9. Mar. 10. Mar. 12. Mar.
13. Mar, 14.
Nil
Nil
Nil
Nil
Nil
Received
Nil
Nil
Nil
Nil
Nil £36,000 £37,000
Withdrawn
The above figures show an efflux of E73,000 during the week under
review. The £6,000 sovereigns withdrawn were destined for Spain. The
Transvaal gold output for the month of February last amounted to 816,133
fine ounces, as compared with 843,857 fine ounces for January 1928 and
779,339 fine ounces for February 1927. United Singdom imports and
exports of gold during the month of February 1928 are detailed below:
Imports.
Exports.
Austria
£76,675
£18,140
Russia
500
Germany
99.560
Netherlands
46,503
102
3,095,443
France
156,622
Switzerland
17
16,700
Spain and Canaries
56,900
Egypt
82,040
1,123
West Africa
1,936
Central America and West Indies
134
Various countries in South America
88,331
Rhodesia
2,482,712
Transvaal
299,950
British India
80,372
Straits Settlements
2,704
27,244
Other countries
£2,676,616 £3,957,092
Total
During the week ended the 13th inst. the following consignments of gold
were announced as shipped or engaged for shipments from New York:
$11,903,000 to France, $9,050,000 to Argentina, 87,134,000 to Brazil,
$5,000,000 to Bremen, $3,000,000 to Italy and $100,000 to Venezuela.
The following were the United Kingdom imports and exports of gold
registered in the week ended the 7th inst.:
Exports.
Imports.
£1,508,011
£1,094,708 France
British South Africa
25,500
2,535 Austria
Other countries
Egypt
17,000
British India
123,308
Straits Settlements
47,072
Other countries
13,380
£1.734,271
£1,097,243
SILVER.
steady
maintained
a
market
durin
sellers
has
Reluctance on the part of
the week. Both India and China have been buyers, but many orders
limited as to price became inoperative at the advancing quotations. America
has not been disposed to offer silver,indeed,she has shown rather a tendency
to support the market. The paucity of supplies led to an increase in the
premium on silver or cash delivery, the difference widening to Hd. on the
9th inst, and subsequently to 3-16d. on the 12th inst. The price fixed
to-day for cash delivery, namely, 26%d.,is %d. above, whilst two months'
delivery at 26 3-16d. is the same as quoted a week ago. A consignment of
332 bars was shipped by the SS. Ranchi last week from Marseilles to Bombay. The following were the United Kingdom imports and exports of
silver registered in the week ended the 7th inst.:
Clearings-Returns by Telegraph,
Week Ended Mar. 31.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore.
New Orleans
•
1928.
1927.
86,288,000,000
663,026,611
445,000.000
395,000,000
99,752,140
114.900,000
167,128,000
156,504,000
136.800,000
146.043,516
97,924.792
75,180,587
61,907,447
Per
Cent.
+26.1
+1.1
-6.5
-6.0
-14.2
-2.0
44.3
-8.7
+14.9
+12.1
-1.1
-22.3
+0.9
Thirteen cities,5 days
Other cities, 5 days
84,986.000,000
556.907,887
476 000,000
420.000.000
116,284,367
117.200,000
160,234,000
171,497,000
119,101,158
130,335.775
99,042,046
96,723.976
51,461,184
---$8.737,167,296 57,500,787,393
1.092.184,380
1,105,171,234
Total all cities, 5 days
All cities, 1 day
$9,829,351,676
1,965,870.335
$8,605.958,627
2,137,366,286
+14.2
-8.0
811.795.222.011 S10.743.324 AIR
4.05
Total all cities for week
+16.5
-1.2
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
results for the week previous-the week ended Mar. 24. For
that week there is an increase of 28.9%, the 1928 aggregate
of clearings for the whole country being $12,563,437,441,
against $9,750,391,556 in the same week of 1927. Outside
of this city the clearings show an increase of only 13.4%, the
bank exchanges at this centre recording a gain of 39.5%.
We group the cities now according to the Fderal 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 expansion of 38.8%, in the Boston Reserve
District of 43.3% and in the Philadelphia Reserve District
of 10.7%. In the Cleveland Reserve District the increase
is only 4.7%, in the Richmond Reserve District 5% and in
the Atlanta Reserve District of 2% the latter, however,
MAR. 31 1928.]
notwithstanding the falling off with Florida points, Miami
reporting a decrease of 48.1% and Jacksonville of 10.8%.
In the Chicago Reserve District the totals are larger by
24.2%, in the St. Louis Reserve District by only 1% and
in the Minneapolis Reserve District by 11.5%. The Kansas
City Reserve District shows a slight falling off, namely,
0.4%, and the Dallas Reserve District has suffered a decrease of 1.6%. The San Francisco Reserve District shows
a gain of 3.4%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Mar.24 1928.
1928.
Federal Reserve Discs.
1st Boston._ _ .12 cities
2nd New York _11 "
3rd Philadelphial0 "
4th Cleveland... 8 "
5th Richmond _ 6 "
6th Atlanta__ __13 "
7th Chicago. _ _20 "
8th St. Louis.- 8 "
9th Minneapolis 7 "
10th Kansas City12 "
11th Dallas
5 "
12th San Fran. 17 "
8
633,844,756
8,169 128,177
597,179,651
410.052,401
176.3041855
200,2,
6,625
1,124,520.237
213,102,076
114.939,199
242,336.379
73,557,310
600,221,795
21 ni•Ino
Inc.or
Dec.
1927.
129 cities 12,583,437,441
Total
Outside N.Y. City
4,511.964,551
,
1 1andaila
,ao.n••••nee
1926.
1925.
%
+43.3
+38.8
+10.7
+4.7
+5.0
+2.0
+24.2
+1.0
+11.5
-0.4
-1.6
+3.4
$
487,995,205
5,972,405,738
604,670,876
376,412,350
179.316,186
243,043,072
885.736,253
211,554,342
110,984,781
234,969,315
70,572.951
E416,195,083
3
412,588,420
4,837,829,958
581,170,347
355.821,868
180,488,023
221,322,831
900,541,651
202,552,069
112.500,076
224,296,140
77.370,467
435,889.481
9,750,391.556 +28.9
3,978,823,310 +13.4
9,883,856,152
4,033,208,750
8,552,977,331
3,817,330,644
one•Frff••cno _LoA.I
nen
nne n•I
„
nco•oln,MY
8
442,246.331
5,887,103.082
539,479,163
391,764,276
167,968,128
196,225.326
935,217,130
215.976,984
103,060,849
243,373,060
74,778,499
583,248,728
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended March 24.
Clearings at
1928.
1927.
3
8
First Federal Reserve Dist rict-Boston
589,547
679,139
Maine- Bangor.
3.247,723
Portland
3.081,584
Mass.-Boston _ _ 579.000.000 395,000.000
1,781.237
Fall River_ _ _ _
1,584,123
a
a
Holyoke
1.030.421
Lowell
1,045,328
a
a
Lynn
New Bedford_ _
1,083.848
945,313
5.100,868
Springfield. _ _
4,855,820
3,247.271
Worcester
3.388.552
15.227.947
Conn.-Hartford
12,247,441
8,217.152
7.110,517
New Haven_ _ 14,521.500
R.I.-Providence
11,728,600
736,442
579.914
N.H.-Manche'r
Total(12 cities)
633,844,756
Inc. or
Dec.
1926.
1925.
%
$
$
-13.2
+5.4
+46.6
+12.4
a
-1.4
a
+14.7
+6.3
+4.2
+14.4
+ 15.6
+23.7
+27.0
442.246,331 +43.3
561,679
3.047.103
440,000,000
1,652,049
a
795.152
a
1,039.908
4,867.831
2,963.880
14,601,262
6,212.828
11,742,800
510.713
626,675
2,812,279
367,000.000
2,355,596
a
983,911
a
1,474357
4.441.824
2,942.000
11,658.246
6,367.720
11,364,600
559,112
487.995,205
412,588,420
Second Feder al Reserve D [strict-New York6,112,573
6,425,583 -4.9
N. Y.-Albany..
4.405,087
6,914,824
907.100 +27.4
1.155.696
Binghamton...
786,800
805,500
48,514.213
46,323.453 +4.7
Buffalo
46.718.064
46,277,991
933.006
853.394 +9.3
Elmira
818,698
757,873
1.495,110 -13.2
1,297.581
Jamestown_ _ _
1,502,578
1,067,447
New York.._ 8.051.472.890 5,771,568,246 +39.5 5,860.647.402 4,735,641.687
11,914,252 +3.7
12,350,224
Rochester
10.318,023
10,370,683
5.034,700 +8.7
5.471,805
Syracuse
4,949.955
4,158,831
3,721,494 +4.0
c3,870.760
Conn.-Stamford
3,907,161
2,612.867
853.794
788.544 +8.3
N. J.-Montclal
486.596
550,920
37.095.635
38,071.206 -28.6
Northern N. J_
7.866,374
28,671,335
Total(11 cities) 8,169.128,177 5.887.103,082 +38.8 5.972,406,738 4.837.829,958
Third Federal Reserve Dist rict-Philad elphia Pa.-Altoona _
1,398.547
1,726.335 -19.0
1,450,660
Bethlehem _ _ _
4,225.601
4,501.914 -6.1
4,320,346
Chester
1.278,416
1,245.017 +2.7
1,260.437
Lancaster
1,906,751 +10.7
2,111,323
2,094.648
Philadelphia _ _ 566,000.000 510.000,000 +1.0 577.000.000
Reading
3,579,957
3.720,697 -3.8
3,369,588
Scranton
8,164,601
5.854,829 +39.5
5,691.900
Wilkes-Barre_ _
*3,700.000
3,739,126 -1.0
3,235,259
York
1,729,575
1,588.038 +8.9
1,678,528
N.J.-Trenton _
4,991,631
5,196,456 -3.9
4,569,510
Del.-WIlming'n
a
a
a
a
Total(10 cities
597,179,651
539,479,163 +10.7
1,192,266
3,680,467
1.142,557
3,100.098
554,000,000
3.408,997
5.616.161
3,339.105
1,698.381
4,592.315
a
604,670,876
581,770,347
Fourth Fede al Reserve D Istrict-Clev eland-Ohio-Akron._
5,411,000
5,136,000 +5.4
5,394,000
Canton
3,888,268
3.566,428 +9.0
4.883,882
Cincinnati...
74,552,731
73.515.717 +1.4
67,449,801
Cleveland
120,751,929 106,622,711 +12.7 104.393.960
Columbus_ _ _
15,466,300
14,838,700 +4.2
13,527,600
a
Dayton
a
a
a
a
Lima
a
a
a
Mansfield
d2,755,993
1,994,248 +38.2
2.175,522
a
Springfield_ _ _
a
a
a
a
a
Toledo
a
a
Youngstown - _
4,937,824
4.825,395 -2.3
4,951.839
a
a
Pa.-Erie
a
a
Pittsburgh_ _ _
182,288,356 181,265.077 +0.6 173,635,746
4.888,000
3,759,998
65.070,213
94,362.881
11,999,500
a
a
2,116.490
a
a
4,103,539
a
169,521.247
Total(8 cities)
410,052,401
+4.7
376,412,350
355.821,868
Fifth Federal Reserve Dist act-Richm ond
1.031,713
1.088,345 -5.2
W.Va.-Hunt'g' I
4,766,314
Va.-Norfolk _ _
4,353,803 +9.5
46.273.000
Richmond_
47,942,000 -3.5
*2.000.000
2,183,659 -8.4
S.C.-Chariesto 1
Md.-Baltimore .
94,262,392
86.935.092 +8.4
D.C.-Washing' 1
27.975,466
25,465,229 +9.9
1,412,036
7,593,805
49,733,000
2,401,426
94,500,716
23,675.203
1,408,723
7.233,720
50,459,000
3,090,087
93,212,662
25,083,831
+5.0
179,316,186
180.488,023
Sixth Federal Reserve Dist rict-Atlant a8,874,707
8.511.339 +4.3
Tenn.-Chatt'ga
Knoxville_ _ _ .
*3,000.000
2,742,961
+9.4
Nashville_
.
22,509.176
20.387.130 +10.4
Georgia- Atlant i,
51,615.966
46.410,178 +11.2
2,067,758
1,794,603 +15.2
Augusta
2.077.907
1,850,149 +12.3
Macon
a
Savannah_ _ _ _.
a
a
Fla.-Jack'nville.
19.125,853
24,139,614 -10.8
4,031,000
7.764.493 -48.1
Miami
24,124,549
23,564,315 +2.4
Ma.-Birming'm.
1.316.714
1,857,696 -29.1
Mobile
1,761,000 +20.8
.
2,128,000
Miss -Jackson.
259,963
298,53
+2.9
_
Vicksburg.
55.143,31
+7.2
59,115,032
La.-NewOrleana
8,411,911
2,830,638
9.1.806,171
69,505.248
2.063.861
1,535,427
a
37.431,755
16,010,202
27,487.214
2,213,711
1,578.000
352,148
51,816,741
7.263,052
2.778.346
20.553,625
62,695,388
1,806,167
1,414.244
a
24,807,724
15,393,531
25,553,729
1,785,029
1,111,006
256,389
55.904,631
243.043.072
221.322.831
Total(6 cities).
Total(13 oft! 1
1931
FINANCIAL CHRONICLE
176.308.885
200.246.625
391.764,276
167,968,128
196.225.326
+2.0
Week Ended March 24.
Clearings at1928.
1927.
Inc.or
Dec.
1926.
1925.
Seventh Feder at Reserve D 'strict-Chi casoMich.-Adrian_ _
246,817
240,162
230,537 +4.2
166,460
Ann Arbor _ _ _ _
889,883
694,394
1,197,088
1.039,128 -33.2
Detroit
186.737,936 148,437.549 +25.8 174.888.620 150,973.207
Grand Rapids.
7,059,376
8.059,752
7.586,438 +6.2
7.656,640
Lansing
3.124,291
2,174,000 +43.9
2,390,000
2.430,778
Ind.-Ft. Wayne
2,206,179
2,198,215
3.032.797
2,740,582 +10.7
Indianapolis_ _
19.311,000
18,357.000
13.029.000
19.443.000 -0.7
South Bend _ _ _
2.451.400
2,336,000
2,701,600
3,845,700 -29.7
Terre Haute...
4.917,293
5,011,900
5.131.382
5,907,604 -15.2
43,222,146
39.124.947
42.143.200
Wis.-Milwaukee
42.474,805 -7.9
Iowa-Ced, Rap_
2.368,031
3.083.280
2.512,830
2,506,801
+2.3
Des Moines_ _ _
9.825.536
8,874,379 +10.7
10,455.213
10,877,935
7.019.329
Sioux City-- - 7,286.645
7,735,856
6.592,881 +10.5
Waterloo
1.364,334
1,200,055
1,365,209
1,194,395 +14.2
Ill.-Bloomington
1,557,029
1.752.202
1,479,649 +18.4
1.424,360
Chicago
705,519.569 640,235,058 +10.2 595,237,638 638.683.379
a
a
a
a
Danville
a
1,232.926
1.325.932
116,604,794
1,274,299 +8.5
Decatur
4.396,197
4,345.023
Peoria
5.503,404
4,236,641 +30.0
2,959.533
2,689.517
3,043,715
Rockford
3,345,670
2,577,534
2,426,694
2,492,979
2,597,499 -4.0
Springfield_ _ _
Total(20 cities) 1,124,520,237 905,217,130 +24.2
Eighth Federa Reserve Dis trict-St. Lo uisInd.-Evansville
5,289,071 -2.3
5,166.036
Mo.-St. Louis.. 140,400,000 138,800.000 +1.1
Ky.-Louisville_
35,401.914
35,856.550 -1.3
346,034 -16.2
289.725
Owensbcro_ _ Tenn.-Memphis
20.988.708
20.257,000 +3.6
Ark.-Little Rock
13,345,128 +4.3
13,924,648
328.042
315,486 -4.0
Ill.-Jacksonville
1,717.715 -6.7
Quincy
1,603.003
885.736.253
900,544,651
4,896,762
141.10(000
30,180,590
343.871
20.471.068
12,561,860
407.648
1,592,543
5.713,619
131,600,000
31,382,692
407,55e
19.203,018
12.213,397
414.140
1,617,653
Total(8 cities)- 218,102.076 215,926,984 +1.0
Ninth Federal Reserve Dis trict-Minne apolis5.365,371 +19.4
Minn.-Duluth_ _
d6,405.483
71.018,731
65,200,365 +8.9
Minneapolis_ .._
St. Paul
30,424,208
26,784,163 +13.6
No. Dak.-Fargo
1,749,100
1,606,282 +8.9
S. D.-Aberdeen.
1,422.221
1,084,447 +31.2
464,221 +39.9
Mont.-Billings _
649.396
3,270.000
2,556,000 +27.9
Helena
211,554.342
202,552,069
6.128,849
70.655.262
27.705.460
1.730,126
1,528 537
489.774
2,653,773
6,386.427
72,493.086
27.582.728
1.719,278
1,321,389
465,312
2.531.856
Total(7 cities). 114.939.199 103,060,849 +11.5
Tenth Federal Reserve Dis trict-Kansa s City402,942
Neb.-Fremont_ _
388,373
Hastings
391,767 +50.7
590,221
Lincoln
4,620,007
4,104,820 +12.6
Omaha
37.195.150 +20.4
44.787,066
Kim -Topeka.._
3.781,056
2,649,286 +42.7
Wichita
8.060.390
7.485,376 +7.7
Mo.-Kan. City. 123,222,989 131.614,267 -4.6
St. Joseph_ _ _ _
5,955,799 +14.1
d6,798,391
a
Okla.-Muskogee
a
a
32,803,924 -12.3
Oklahoma City
28,781,579
a
a
Tulsa
a
Colo.-Col. Spgs.
1.118,329
1,203,498
18.448,931
Denver
+3.0
*19,000,000
1,117,300 +6.3
Pueblo
1,187,928
110.984.781
112.500.076
375,314
489.642
4,111.430
41,512,810
2.637,206
7.373.010
126.384.182
7,264,722
a
25,511,420
a
1,137.684
17,254,482
916.413
443.874
598,524
3,996.224
39,561,481
3.003,215
6,954,396
126.073.031
7.392,620
a
25.652,923
a
1,009,436
18.452,578
1,157.838
Total(12 cities) 242,336,329 243,373,060 -0.4
Eleventh Fade ral Reserve District-Da lasTex.-Austin.
1,707.559
1,548,195
Dallas
48,347,418 +5.8
51.131,207
Fort Worth_ _ _
11,197.850
11,383,720 -1.7
Galveston
8.602,000 -48.9
4,397.000
a
a
Houston
a
La.-Shreveport.
5,283,058
4,737,802 +11.5
234,968.315
234,296,140
1,391.388
45,087,249
12,385.000
6.447,000
a
5,262,314
1,931,798
48.870,373
10.387,672
12,014,228
a
4,166.398
70,572,951
Francl 8C0-43,266,982
+27.8
9,683.000
+19.0
a
a
1.273,939
+16.2
36,395,750
+3.0
15,293,335
+15.1
a
a
a
a
2,957,514
+4.6
7,357,458
+6.5
-18.8 166.587,000
19,441,814
+10.8
6.324,924
+3.0
7.374,945
-33.6
+4.8
5.334.363
+26.7 176,215.000
2,305,710
+20.4
1,499,801
+26.0
2.115.548
+3.1
+9.2
2,768,000
77.370.467
Total(5 cities).
74,778,499
73.557,310
Twelfth Feder at Reserve D !strict-San
Wash -Seattle..
58,434,926
45.740,587
Spokane
13,089,000
10,999,000
a
Tacoma
a
Yakima
1,373,535
1.182,252
Ore -Portland..
34,016,196
33,022,665
Utah-S.L.City.
14,904,205
17.150.746
a
a
Nev.-Reno _
a
a
Ariz.-Phoenix..
3,101.530
Calif.-Fresno_ _ _
3.242,660
7,340,165
Long Beach_ _ _
7,814,168
Los Angeles- -- 200,950.000 247.396,000
17,354,564
19.231,999
Oakland
6.736.214
6,539.273
Pasadena
Sacramento..5,126.384
7,722,816
4,727,314
San Diego_ _ _ _
4.956,410
San Francisco_ 222,541,493 175,649.000
San Jose
1,977,517
2.379,986
1,139,834
Santa Barbara_
1,436,091
Santa Monica_
2,010,287
1,949,706
2,502,300
Stockton
c2.731,700
38.314,500
9,121,000
a
1,257,618
32,142,000
13,384,852
a
a
2,391.934
6.403.199
136,182.000
18,371,965
5.485,860
6.115,205
4.470,493
154.905,986
2,174,308
1,018,292
1.778,969
2.371.300
Total(17 cities) 603.221.795 583,248,728 +3.4 506.195.083 435.889.481
Grand total (129
cities)
12563,437,441 9,750,391.556 +28.9 9.883,856.152 8,552,972.331
Outside NewYork 4,511,964,551 3,978,823,310 +13.4 4.023,208,750 3.817,330,644
Week Ended March 22.
Clearings at1928.
1927.
Inc. or
Dec.
Canada$
$
%
Montreal
142,337,624 100,603,098 +41.5
Toronto
142,701,334 107,500,159 +32.7
Winnipeg
44,764,156 +23.6
55,344,610
Vancouver
21,530.292
16.580,153 +29.9
Ottawa
5,895.364 +27.1
8,220.670
Quebec
5,362,214
5,587,133 +19.6
Halifax
3,323.994
2,515,706 +32.1
Hamilton
5,749,096
5,090,246 +12.9
14,794.069
7,954,927 +86.0
Calgary
St. John
2.487.625
2,381,119 +4.5
Victoria
2,550.532
1,882.523 +36.6
London
2,816,341
2,778,505 +1.4
Edmonton
6,110,483
4,303,352 +42.0
5,068,108
Regina
3,608.550 +40.4
Brandon
568,044
475,210 +19.5
868.582
529,530 +64.0
Lethbridge
Saskatoon
2.269,781
1,532.225 +48.1
Moose Jaw
1,232,061
1,033,819 +18.8
Brantford
1,292,901
944,857 +36.8
Fort William....
838,907
793,481
+5.7
915,051
692,221 +32.2
New Westminster
465,160
282,738 +64.5
Medicine Hat.._
737.252
742,857 -1.8
Peterborough...
967,566
878.313 +10.2
Sherbrooke
977,302 +10.1
1.075,691
Kitchener
5.201,524
Windsor
4,791.102 +8.6
392,040
377.04
+3.8
Prince Albert._ _ _
787,280
748,418 +5.2
Moncton
734,741
486,49 +51.7
Kingston
882,206
828.82
+0.6
Chatham
+2.3
621,938
608,01
Sarnia
1926.
$
79,188,778
85,703.127
45,864,377
20,403.238
5,134,957
7,609.126
2,497,391
4,125,574
8,706,462
2,365,647
1,971.829
2,312,899
4.329.907
3,326,382
489.520
496,050
1,692,518
972.158
921,738
564,819
796.825
268.037
763,681
724.143
773.408
3,700,226
360.962
758,716
472.721
1925.
$
72.510.812
88,019,408
49,135,937
13,628,582
4,528,163
4,746,641
2,214,641
3.759.162
6,447,080
2,232,903
1,353,337
2,069,234
3,693,244
2,450.883
535.003
448,600
1,241,391
933,716
807,159
547.170
518,601
238,081
786.181
192,486
832,172
2,539.135
247,486
639,819
513,268
438,247.766 326,730,598 +34.1 287,21'5,214 261,310,215
a No longer report clearings. b Do not respond to requests for figures. c Week
ended March 21. d Week ceded March 22. c Week ended March 23. • Estimated
Total(31 cities)
1932
FINANCIAL CHRONICLE
Gommercial andAlisceliancousglents
San Francisco Stock Exchange.-Record of transactions at San Francisco Stock Exchange, Mar.24 to Mar.30,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sacs
Last Week's Range for
Sac
of Prices.
Week.
Par. Price. Low. High. Shares.
American Co
Anglo & London P N'i Bk.
Atlas Im Diesel En A
Bancltaly Corp
Bank of California, N A.__
Bank of Italy N T & S A.
Calamba Sugar corn
Preferred
California Copper
Calif Cotton Mills cons _ _ _ _
California Ink
Calif Oregon Pow prat
California Packing CorP
California Petroleum corn,.
Caterpillar Tractor
Coast Co Gas& El 1st pref.
Crocker First Nat'l Bank
Dairy Dale "A"
137
230
49
19234
335
29134
9734
3.25
133%
4134
11134
74%
26
70
100
400
2734
2534
9634
East Bay Water A pref
Emporium Corp The
Fageol Motors, corn
5
Preferred
8
Federal Brandes
32
Fireman's Fund Insurance- 12234
Foster & Kleiser corn
15%
Gt West Pr ser A 6% pref_ 101%
Preferred
10534
Haiku Fruit & Packing pref
Haiku Fruit & Pack
1634
Hawaiian Com'i dr BIM Ltd 5234
Hale Bros Stores. Inc
29
Hawaiian Pineapple
4534
Home Fire dc Marine Ins
46
Honolulu Cons Oil
3934
Humboldt Bank
Hunt Bros Pack "A" corn,. 23
Hutchinson Bug Plantation 14
Illinois Pacific Clams "A"__
Langendorf Baking "A"-- 1534
L A Gas dr Elea prof
11134
Magnavox Co
1.10
Magnin Icons
2434
Nor Am Investment com
109
Preferred
North American 011
3934
Pacific Gas & Elec com
4634
let preferred
29
Pacific Lighting Corp corn_ 83
6% Preferred
104%
Pacific Tel & Tel Com_
Preferred
Paraffine Co's, Inc com___ 103
Plggly Wiggly West Sts A. 25
Pig'n Whistle pref
Richfield 011
3534
Roos Bros, corn
36
Preferred
10134
El J Lt & Pr prior pref
6% prior pref
B F Schleeinger A eom
28
is Preferred
98
Shell Union 011 corn
2634
Sherman and Clay prior pf
Sierra Pacific Electric pref. 9534
Southern Pacific
Sperry Flour Co corn
67
Preferred
Spring Valley Water
108
Standard 011 of Calif
5634
Teleph Investment Corp_ - ......
Traung Label & Litho Co
26
Union Oil Associates
5034
Union Oil of California_ _._ 5034
Union Sugar corn
Preferred
Wells Fargo Bk & Un'n Tr_
Weat Amer Finance pref.__
6
Yellow & Checker Cab____
Zellerbach Corp
52
6%,1928140
13634 143
22734 235
3834 49
18534 193
315 335
285 29434
120 125
97
98
2.00 3.25
132 14334
3834 42
111% 11134
7434 7534
2534 26
6534 7034
100 10034
400 400
2731 28
2534 2734
9634 98
33
3334
4
6%
634 8
3134 3334
122 124
15% 16
10134 101%
10434 106
26% 28
16
1634
5234 5234
2834 29
4534 4634
4534 47
3634 40
520 523
23
2334
14
14
4734 4934
1534
15
109 11134
1.00 1.35
2434 2534
10834 109
10034 10234
3834 40
4834 48
2834 29
8134 85
10434 105
150 151
120 125
101 10434
25
2634
1434 15
3134 3534
35
3734
10134 102
11634 116%
10334 10334
26
2634
98
9834
25
2634
9834 9835
9534 9534
1213412134
6434 67
10034 10134
10534 106
5534 5674
30% 3034
2434 26
47
51
473.4 5034
834 834
2334 2334
305 305
534 6
11% 12
50% 5234
135 140
3.068
401
22,825
56,629
410
22,127
165
82
4.840
5.900
6,150
5
2,524
120
86,466
76
10
3,530
9,395
510
260
27,495
2,230
50,581
185
1,603
140
353
230
480
25
455
780
150
10,595
30
660
25
2.179
1,590
135
35,980
2,310
290
335
4,470
7,837
5,034
32,686
355
55
165
14,025
1,540
110
71.862
7,735
110
40
20
2,330
140
6,575
15
20
30
805
55
175
19,855
25
20
14.370
29.632
180
10
50
390
3,805
4,728
1,650
-
Range Since Jan. 1.
Low,
130
225
31
133%
26934
260
97
9134
2
75
30
108%
71
2334
53
98
365
23
1734
9534
32
2
5
26%
110
14
9834
10334
23
934
51%
27
41
42
35
430
23
13
4534
1234
10534
.30
22
105
99
3631
44
2634
7234
10034
148
11334
8434
2334
1434
2334
31
98
11334
100
2134
92
24
9531
95
11834
6034
9934
105
53
30
2434
4134
4234
731
23
295
534
834
43
117
--
High.
Jan 143
Feb
Mar 256
Jan
Jan 49
Mar
Jan 19834 Mar
Feb 350
Mar
Jan 29734 Max
Jan 125
Man
Jan 98
Mat
Mar 3.25 Max
Jan 143% Mar
Jan 42
Max
Jan 112% Max
Mar 78
Jan
Feb 27% Jan
Jan 7034 Max
Jan 102
Jar
Feb 450
Max
Jan 29
Mat
Jan 2934 Max
Jan 98
Jan
Feb 3434 Jar
Jan
634 Mal
Jan
8
Mai
Jan 3334 Ma:
Feb127
Jar
Jan 19
Jan
Jan 10234 Ma
Jan 106% M0,1
Jan 2834 Mai
Jan 1634 Mal
Jan 5334 Jar
Feb 31
Jar
Jan 4634 Ma
Feb 4934 Jar
Feb 40
Ma
Feb 525
Ma
Mar 25
Jar
Jan 1534 Ma
Feb 5334 Fel
Jan 1634 Ma
Jan 11134 Ma
Jan 1.4735 Ma
Jan 2534 Ma
Jan 109
Ma
Jan 10234 Ma
Jan 42
Ma
Feb 4934 Fel
Jan 29
Ma
Feb 85
Ma
Jan 10634 Fel
Mar 157
Jar
Jan 125
Ma
Jan 105% Ma
Jan 3134 Fel
Mar 16
Jai
Feb 3534 Ma
Feb 3734 Ma
Jan 103
Ma
Jan 118
Fel
Jan 105
Fel
Jan 2734 Ma
Jan 9834 Ma
Feb 2634 Jar
Jan 99
Ma
Jan 9634 Ma
Feb 12334 Jar
Mar 6834 Fel
Jan 10434 Ma
Jan 10734 Jar
Feb 5634 Ma
Feb 31
Fel
Jan 2734 jar
Feb 51
Ma
Feb 51
Ma
Mar 13
Jim
Feb 24
Jar
Feb 340
Ma
Mar
8
Fel
Jan 12
Ma
Jan 5434 Fe
Jan
145
Fe
....
_
144
February 28 1928.
Official notice has been given the San Francisco Curb Exchange that the United
Bank & Trust Co. has been succeeded by the Security Bank & Trust Co., into which
it was recently merged. Effective Thursday, March 1 1928, United Bank & Trust
Co. stock was removed from trading on this Exchange and succeeded by stock of the
Security Bank & Trust Co. Stock in the United Bank & Trust Co. will be good
delivery against sales of Security Bank & Trust Co. stock on a share-for-share basis.
The ticker symbol for Security Bank & Trust Co. stock will be "S."
Breadstuffs figures brought from page 2034.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
[VoL. 126.
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, March 24, follow:
Receipts al-
Flour. I Wheat. I
Barley. I Rye.
Corn. I
Oats,
Barrels. I Bushels.
Bushels. I Bushels.
Bushels. I Bushels.
New York_._
275,000,
683,000
18.00
47,000
89.000
248,000
Portland, Me_
2,000
148,000
13,0001
Philadelphia _
32,000
114,000
48,000'26,000
2,000
Baltimore__ _
16,000:
34,000
28,000:
4,000
41,000
1,000
Newport New
2,000
1,000
New Orleans.
63,000,
66,000
83.000,
12,000
Galveston _
60,000
136,000'
Montreal _
14,000
66,000,
11,000
106,000
8.000
St. John, N.B.
52,000 1.158.000
20,000
1
Boston
30,000,
126.000
1,000
16,000 470,000
2,000
1
Tot. wk.'28
486,000 2,455.0001
326,000
52,000
432,000 621.000
Since Jan.1'28 5,674,000 30.039.000 58,885.000 4.927,000 6,954,000 3,184,000
Week 1927_,,396,000 2,650.0001
248,000
Since Jan.1'27 5.272.000 53,602,000 28,882,000
440.000 273,000 288,000
4,243,000 9,905,000 3,120,000
• Receipts do not include grain passing through New Orleans for foreign porta
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Maech 24 1927, are shown in the annexed
statement:
Exports from-
Wheat.
Corn.
Flour.
Rye,
Oats.
Barley.
New York
Portland. Me
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
St. John, N.B
Houston
Halifax
Bushels. Bushels, Barrels. Bushels. Bushels. Bushels.
1,142,430 169,474 127,288 100,132
192,506
152,000
20.000
13.000
102,000
24,000
324,000
69,000
1,000
70,000
132,000
1,000
18.000
1,000
2,000
40.000 186,000
9,000
12,000
146,000
13,000
17,000
36,000
1,158 000
52.000
20,000
4,000
50,000
144,000
30,000
252,000
3,000
Total week 1928_ _
RArn w svoialr 1097
3,194,430
n SAS sin
522,474
inn 909
234,288
ion lea
153,132
150 450
357,000
5.50.625
271,506
520.030
The destination of these exports for the week and since
July 1 1927 is as below:
Flour.
Exports for Week
and Since
Week
Since
July 1 toMar.24 July 1
1928.
1927.
Wheat.
Week
Mar. 24
1928.
Since
July 1
1927.
Corn.
Week
Mar, 24
1928.
Since
July 1
1927.
Barrels. Barrels.
Bushels.
Bushels, Bushels. Bushels.
United Kingdom_ 74,270 3,002,989 1,027,912 63,163,040 138,000 1,754,895
Continent
131,678 4,426.214 1,980,518 128,588,655 309,474 4,445,250
Bo & Cent Amer_ 2,000
228,000
320,555
265.000
5.000
12.000
West Indies
8,000
373,000
660.000
70,000
31,000
Other countries... 18,340
174,000 1,232,003
562,285
Total 1928
Total 1927
234,288 8.685,043 3,194.430 193,279,698
190.155 9.439.817 3.388.815 227.351.604
522.474 7.088.145
109.292 4.157,126
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, March 24, were as follows:
United States-New York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Buffalo
"
afloat
Toledo
..
afloat
Detroit
Chicago
afloat
Milwaukee
"
afloat
Duluth
"
afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St.Joseph,Mo
Peoria
Indianapolis
Omaha
On Canal and River
GRAIN STOCKS.
Rye,
Wheat,
Corn,
Oats,
bush.
bush,
bush,
bush
211,000
68,000
1.000
280,000
3,000
5,000
176,000
197,000
91,000
9,000
154,000
49,000
6,000
477,000
205,000
382.000
83,000
465.000
641,000
786,000
12,000
122,000
1.672.000
244.000
6,000
926.000
737,000
3,037,000
211,000
1,088,000
151,000
1,652,000
86,000
6,000
235,000
48,000
245,000
17,000
59,000
3,019,000 16,118.000 5,238,000
577,000
252,000
18,000 3,229,000 1,073,000
47,000
592,000
20,374,000
399,000 3,202.000
323,000
20,666,000 2,178.000 6.192.000
397,000
234,000
267,000
278.000
413,000
1,063,000 2,040,000
3,000
7.717,000 9,318,000
184,000
104,000
2,454,000
403,000
637,000 1,142,000
12,000
227,000
3,000
185,000
302,000 1.589,000
98,000'
1,516,000 4,329,000 1,254,000
21,000
176,000
Barley,
bush.
127,000
11,000
3,000
197,000
30,000
279,000
6,060
18,000
174,000
99,000
526,000
871,000
89,000
132,000
55,000
20,000
Total Mar.24 i92&_..68,660.000 44,153.000 18.979,000 4,894.000 2,637,000
Total Mar. 17 1928_ _ _ _69,297,000 45,542,000 17,659,000 4,664,000 2,196,000
Total Mar.26 1927_ _ _ _50,321,000 48,330,000 38,968,000 14,363,000 3.240,000
Note.-Bonded grain not included above: Oats-New York, 112,000 bushels;
Boston, 6,000; Baltimore, 29.000; total, 147,000 bushels, against 48,000 bushels in
1927. Barley-New York, 237,000 bushels; Boston, 56,000; Baltimore. 184,000;
Buffalo, 122,000; Duluth. 88,000; Canal, 135,000: on Lakes. 395,000; total, 122,700
bushels, against 028,000 bushels in 1927. Wheat-New York, 1,780,000 bushels
Receipts alBoston, 730,000; Philadelphia, 1,361,000: Baltimore, 1,876,000; Buffalo, 6,287,000
Wheat.
Flour.
Corn. I
Oats.
Barley.
Rye.
Buffalo afloat, 231,000; Duluth. 342,000; on Lakes, 1,813,000; Canal. 209,000
bbls.1961bs.bush.60 lbs. bush.58 lbsibush.32 lbs. bush.481bs.bush.513lbs. total, 14,627,000 bushels, against 7,204,000 bushels In 1927.
422,1 I i 1,957,011
Chicago
238.000
870,000
153,000
26.000
Canadian1,885,o t I
226,1 i 1
MhineapolLs
470,000 377.000
83,000 Montreal
3,973,000
211,000
676,000
417,000
Duluth
939,111
18,000 253,
279,000 Ft. William & Pt. Arthur_65,579.000
1,776.000 2,590,000 3,029,000
271:::1
Milwaukee _ 105,000 i76,000
37,'''
14,000
afloat_
7,261,000
Toledo26,000
30.000
Other Canadian
140.000
430,000
446,000
98.000
1
Detroit
1 1::::
22,000
26,000
326,000
166,000
67,000
Indianapolis_
Total Mar.24 1928_ _._76,931,000
2,550,000 3,247,000 3,878,000
448,111
St. Louts ____
131,111
981,0015
558,000
20,000
Total Mar. 17 1028._.76,931,000
2,585,000 3.229,000 3.820,000
Peoria
378,000
252
79,
34.000
69.000i
Total Mar.26 1927.___55,737,000
7,098.000 2.833,000 7,104,000
Kansas City
497,0001
666,0001
58,
SummaryOmaha
232,1 I I
773,000,
340
American
68,660,000 44.153,000 18,979,000 4,894,000 2,637,000
St. Joseph
191,00a,
26,
150
Canadian
76,931,000
2.550.000 3.247,000 3,876,000
Wichita
146,111
23.000
4.000
Sioux City__
I
I
I
307
114,
12 i 1 0
Total Mar.24 1928
145,591,000 44,153,000 19,529,000 8.141.000 6.513,000
Total Mar,17 1928._ _146,228,000 45,542,000 20,244,000 7.893,000 6.016,000
Tot. wk.'28 488
1,071,
6,165 • i I 2,927,
5,068.
402,000
Total Mar,26 1927
106,058,000 48,330,000 46,066,000 17,196.000 10,344,000
Same week '27 484
429,
3,586,
2,973,III 1,874,
305,000
Same week '26 402 III 3,498,III 4,212.000 2,648,000 802,
229,000
The world's
furnished
Since Aug.1- •
1927
16,314,000364,095,000224,772.000 120,327,00024,857,00032,183,000
1926
16,073,000267.553,0001164.972,000 105,312,000114,341,00023,019.000
1925
15.398.000269.984,000172,096.000 170,411,00060,501,000 19,239.000
by
shipments of wheat and corn, as
Broomhall to the New York Produce Exchange,for the week
ending Friday, March 23, and since July 1 1927 and 1926,
are shown in the following:
1927-28.
West
Mar. 23.
Since
July 1.
By R. L. Day & Co., Boston:
Corn.
Wheat.
Ezports.
1926-27.
Since
July 1.
1927-28.
Went
Mar. 23.
Since
July 1.
1926-27.
Since
July 1.
Bushels.
Bushels. Bushels.
Bushels.
Bushels. Bushels.
357,851.000374.402,000 652.000 10,449.000 3,702,000
North Amer_ 7,858.
26,144,000
16,048,000
604,000
39,196,000
9.320,000
,
8
Black Sea-59,000210,818,000 184.012,000
,35'5,ISI 72,814,000
Argentine- 6,788.
57,984,000
47,703,
2,004,
AustraBa
4.416,000
8,240,
India
416.00 24.920.005 18,865,000 1,666.000 20.651.000 2,620,000
0th. countr'
Total _
1933
FINANCIAL CHRONICLE
MAR. 31 1928.]
17,134.000 570,403,000567.677,000 2,981,000 257,966.000216,478,000
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
$25,000
Mar. 21-The First Wational Bank of Sabula, Iowa
Correspondent, A. D. Barker. Sabula Iowa.
50,000
The First National Bank of Trenton, Mich
Correspondent, Roy T.Petrie,50 South Riverside Drive,
Trenton, Mich.
300.000
Mar. 24-The East Side National Bank of Buffalo, N. Y
Correspondent, Robert W. H. Campbell, 236 Main St.,
Buffalo, N. Y.
25.000
The First National Bank of Cushing, Texas
Correspondent, A. J. Canker, Cushing, Texas.
APPLICATION TO ORGANIZE APPROVED.
25,000
Mar. 24-The First National Bank of Altoona, Kan
Correspondent, S. E. Wilson. Altoona, Kan.
CHARTERS ISSUED.
$50.000
Mar. 16-The Leola National Bank, Leola, Pa
President: Raymond E. DeWalt. Cashier: Warren G.
Carson.
Mar. 17-The National Bank for Savings in Los Angeles, Calif_ _3300,000
President: J. B. McCook. Cashier: W. C. Evans.
Mar. 17-Buchanan County National Bank of Independence,
$125,000
Iowa
President: A. G. Shellito.
50,000
Mar. 21-The Wallace National Bank of Exeter, Neb
Conversion of Wallace & Co., bankers, Exeter, Neb,
President, Win. P. Wallace; Cashier, L. T. Blouch.
25.000
The Steele County National Bank of Finley, N. Dak
President, E. H. Gilbertson; Cashier, J. F. Vadnie.
25,000
The Lorena National Bank, Lorena, Texas
President, Oxsheer Smith; Cashier. 0. O. Stanford.
50,000
Mar. 24-The Tillamook National Bank, Tillamook. Ore
President, H. H. Rosenberg; Cashier, Henry Heistl.
CHANGES OF TITLES.
Mar. 24-The City National Bank of Danbury, Conn., to "City National
Bank & Trust Co. of Danbury."
The Manufacturers National Bank of Rockford, Illinois, Rockford, Ill., to "The Manufacturers National Bank & Trust Co.
of Rockford, Ill."
CONSOLIDATIONS.
25,000
Mar. 21-The First National Bank of Ashdown, Ark
25,000
Bank of Ashdown, Ashdown, Ark
Consolidated under the Act of Nov. 7 1918, as amended
Feb. 25 1927, under the charter and title of"The First
National Bank of Ashdown," No. 10486. with capital
stock of $50,000.
50,000
Mar.24-The First National Bank of Arcanum, Ohio
50,000
The Farmers National Bank of Arcanum, Ohio
Consolidated under the Act of Nov. 7 1918, under the
charter of the First National Bank of Arcanum (No.
4839), and under the corporate title of "The FirstFarmers National Bank of Arcanum, with capital
stock of $100,000.
$ per oh.
Shares. Stocks.
430
2 Merchants Nat. Bank
299 ex-div.
10 Atlantic Nat. Bank
270
6 Federal Nat. Bank
35 First Nat. Bank_ _ _ _450-45035 ex-dIv.
5 Webster dr Atlas Nat. Bank,
1883.4 ex-dIv.
6 Masassolt-Pocasset Nat, Bank,
148
Fall River
21
15 Hamilton Woolen Co
196
8 Ludlow Mfg.Assoclatea
10534
18 Pepperell Mfg. Co
11034
14 Bates Mfg.Co
6
10 Great Falls Mfg.Co
545
2 Lowell Hosiery Co
30 Nat. Fabric & Finishing Co.,
32
Common
6Shaw Stocking Co
20
7 Lancaster Mills, prat
140 ex-div.
10 Farr Alpaca Co
7045
50 Androscoggin Mills
8634
7 Newmarket Mfg. Co
13 Naumkeag Steam Cotton Co 16435
15
5 Connecticut Mills, 1st pref
1053.(
4 Pepperell Mfg. Co
5 Boston & Chelsea Ry. Co., par
48
$50
1 Prov.dr Walsh.Ins. Co., par 550_ _810
3 Heywood Wakefield Co., 1st pref. 85
10 Boston Woven Hose de Rubber
90
Co., common
9
15 Saco Lowell Shope, 2d pref
25 Eastern Util. Associates, com4445
mon, w.I
128i5
32 Providence Gas Co., par $50
Per .
19 units First Peoples Trust. 55 ex-dlv.
50 Quincy Mkt.Cold Stor. dr Ware72
house Co., pref
32 Forbes & Wallace Inc., class A 48
24 Amer. Founders Trust 6% pref.
4735
1st pref. ser. D. par $.50
10 Thomson Elec. Welding Co., par
34)4
$20
9945
6 Central Gas dr Elec. Co., pref._
20 Sou. Colo. Pow. Co., common,
25
Class A, par $25
250
5 Nicholson File Co
100 Merrimac Hat Corp., pref., par
49
$50
100 Carr Fastner Co.,com., par $20 3334
6 units First Peoples Trust_ _ _55 ex-div.
10 Penobscot Chemical Fibre Co_ - 75
28 Old Colony Gas Co., pref_53-5334
8 Colonial Finance Corp.,6% pref.;
4 Colonial Finance Corp. com2 on pref.
mon
15 Shawrnut Investment Trust.- ssys
795
1 Boston Athenaem, par $300
9
3 Saco Lowell Shops. 2d wet
per Right.
Rights734
75 Worcester County Nat.Bank_
10 U. S. Envelope Co., com_741,5-75)4
Per Cent.
Bonds$1,000 New River Co.5s, July 1934 95
$9,000 Nat. Dock Trust 43-is, Dec.
70
1940
$1,000 Middle States Oil Co. 7s.
Nov. 1926; coup. Aug. 1924 and
32 flat
subsequent on
By Adrian H. Muller & Sons, New York:
$ per eh.
Shares. Stocks.
$20 lot
51 Margrave Estates,Inc
500.
35 Blograph Co
700 Tonopah Eaten. Mln. Co.
31e.
prof., no par
$1 lot
50 Eastern Steel Co., 1st Prof
25 Horace L. Day Co., Inc., pref.;
75 Horace L.Day Co.,Inc.,corn$3 lot
mon, no par
$ per sh.
Shares. Sloths.
10,000 12 East 86th Street Corp.,
kit
$64,900
par
no
Per Cent.
Bonds$1,000 Charms Co.10-yr.cony.deb.
(is, Apr. 2 1933; June 1928 coup.
50
attached
$500 NUMMI Producing Corp.1st M.
651 lot
85, reg
By A. J. Wright & Co., Buffalo:
Shares.
$ Per sh.
Shares. Stocks.
2 Buff. Mag. & East. Power, no
38
par
100 New Sutherland Divide. par $10.
$2 lot
500 Gold Reef Mines, Par $1---135c.
$ per sh.
Stocks.
50 Western States 011 dr Land Co..
$33.50 lot
$1
Par
2 Buff. Mag.& East. Power, pref.,
2645
par $25
61,
1,000 Apex Mines, Par $1
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
134 June 1 Holders of rec. Apr. 14a
Baltimore & Ohio, corn.(quar.)
June 1 Holders of rec. Apr. 14a
1
Preferred (guar.)
Apr. 2 *Holders of rec. Mar.30
Boston Revere Beach & Lynn (quar.)... •1
Apr. 20 *Holders of rec. Apr. 7
Delware Lackawanna & Western (qu.)_. *51.50
May 19 *Holders of rec. Apr .30
Norfolk & Western, ad). pref. (guar.).- •1
Mar.31 *Holders of rec. Mar.28
Pennsylvania Company (guar.)
234 Apr. 10 Apr. 1 to Apr. 11
Philadelphia & Trenton (quar.)
Public Utilities.
145 May 1 Holders of rec. Apr. 10
Bangor Hydro-Electric.. corn. (quar.)
Mar. 31 'Holders of rec. Mar.31
*2
Bell Telep. of Pa., corn.(guar.)
'50c. May 1 *Holders of rec. Mar.31
Auction Sales.-Among other securities, the following, Central Hud. Gas & Elec., corn.
'234 Apr. 14 *Holders of rec. Mar- 31
corn. (guru%)
Ill.,
Elec.
Cleveland
not actually dealt in at the Stock Exchange, were sold at auction
•145 June 1 *Holders of rec. May 15
Preferred (guar.)
Mar. 31 'Holders of rec. Mar.31
•2
Diamond State Telep. (guar.)
In New York, Boston, Philadelphia and Buffalo on Wednes- Electric
Power & Light, corn.(No. 1) . 25c. May. 1 Holders of rec. Apr. 14
Mar. 31 Holders of rec. Mar. 17a
3
corn,
RR.,
(qura.)..
&
L.
Water,
Elmira
day of this week:
$1.50 May 1 Holders of rec. Apr. 9
General Pub.Serv.,$6 pref.(guar.)
By Barnes & Lofland, Philadelphia:
• 1.3734 May 1 Holders of rec. Apr. 9
$5.50 preferred (guar.)(No. 1)
$1.75 May 1 Holders of rec. Apr. 9
Convertible pref.(quar.)
Shares. Stocks.
$ per sh.
$ per oh. Shares. Stock.
Massachusetts Gas Cos., corn. (guar.).- "51.25 May 1 'Holders of rec. Apr. 16
7 Union Transfer Co.. par $25
25
2-6 Real Estate Land Title dr Trust
$1.75 Apr. 16 Holders of rec. Mar.31
lien
pr.
Serv.,
E.
&
G.
Missouri
705 200 Tacony-Palmyra Ferry Co..
Co
234 Apr. 14 Holders of rec. Apr. 12
par $50
2.515 Montreal Tramways (guar.)
5-6 Real Estate Land Title dr Trust
45c. May 1 *Holders of rec. Apr. 20
.
corn.
Pow.,
Electric
(Wlar.)National
RR
Pa.
North
38
705
92
Co
corn.
(q11.)- 500. Apr. 16 Holders of rec. Mar.31
30 North Pa. RR
148
5 Queen Lane Nat, Bank
9235 New England Power Assoc.,
Ohio Public fiery., 1st pref. 6% (m'thl.v) 50c. Apr. 1 Holders of rec. Mar. 15
350 20 North Pa. RR
10 Union Bank & Trust Co
91
•51.25 Apr. 10 'Holders of rec. Mar.30
Phila. & Camden Ferry (guar.)
350 5 Phila. Suburb. mute. Guarantee
8 Unlon Bank & Trust Co
Pub. Serv. Corp. N. J.. 6% pt. (m'thly) *50e. Apr. 30 'Holders of rec. Apr. 8
Co
350
145
50 Union Bank dr Trust Co
134 Apr. 14 Holders of rec. Mar.31
Prof.
Cons.
(W)
Diego
&
Gas
El..
San
Land
10
Title
Bldg.
&
Title
par
Corp..
Allegheny
Tr. Co.. Par
350-225
ttO
May 15 Holders of rec. Apr. 30
Southern Canada Power. corn.(WO - - 1
66
3 Sixty-Third St. Title & Trust...- 38
00
*334 Apr. 2 *Holders et rec. Mar.30
U.S. Mtge. & Trust (quar.)
250
30 Integrity Trust Co., par $50._ 694 28 Aldine Trust Co
Apr. 16 'Holders of rec. Apr. 6
"75c
(guar.)
common
Railways,
York
12 Colonial Trust Co., par 150--320
*Holders of rec. Apr. 20
Rightsper Right
623.4c Apr.
'
Preferred (guar.)
601
15 Ninth Bank & Trust Co
Manayunk-Quaker
City
Nat.
10
Banks.
911
17 Fidelity-Phila. Trust Co
Holders of rec. Mar.23
2
Apr.
23-4
Bank
155
(guar.)
(Brooklyn)
First National
10 Finance Co. of Pa., lot Orel---666 5 Nat. Bank of Germantown
Apr. 2 Mar.21 to Apr. 1 •
1
354
Harlem Bank of Commerce (guar.)
668
10 Finance Co.of Pa., 2d prat
of
Bank
_
Nat.
Holders of rec. Mar.20
Germantown_
31
Mar.
_355
1
1-3
National
Jamaica
(guar.)
58 Guarantee Trust & Sate Dep.
1-3 Nat. Bank of Germantown_ _ _355
qe -014
Miscellaneous
465
Co
of
Bank
Nat.
Holders of rec. Apr. 10
Germantown...
20
Apr.
$1
1-3
_350
corn.
&
Power
Abitibi
Paper,
(guar.)
51
15 Mfrs.' Title dr Tr., par $50
5 Guarantee Tr. dr Safe Deposit_ _235
134 Apr. 20 Holders of rec. Apr. 10
6% preferred (guar.)
51
5 Mfrs.' Title & Tr., par $50
2 Guarantee Tr. & Safe Deposit.- _251
Allied Chem.& Dye Corp., corn.(qu.) $1.50 May 1 Holders of rec. Apr. 3
17 Susquehanna Title & Tr.. par 550 60
1
Apr, 2 Holders of rec. Mar.29
5-10 Guarantee Tr.& Safe Deposit-200
Amer.Bond & Share Corp.. corn.(qu.)
2 Market Bt. Title & Tr. Co., par
Apr. 2 Holders of rec. Mar.29
Common (payable in common stock).- fl
BondsPer Cent.
501
$50
May 15 Holders of rec. Apr. 300
50c.
Can,
American
common
(guar.)
Charles
St.
Hotel
AtlanCo.,
$3,000
136
Co
1 Swedesboro (N. J.) Tr.
May 1 *Apr. 11 to May 1
'$1
(guar.)
Coal
American
tic City, let 6355, 1945
92
2 Broadway-Merchants Tr. Co..
May 1 Holders of rec. Apr. 17
2
American Glue, pref. (guar.)
$1,000 Benedict Stone Corp. 1st 7s,
375
Camden,N.J
Apr. 25 Holders of rec. Apr. 11
50c.
American
common
Ice,
(guar.)
1934
86
3 Merchantville(N. J.) Tr. Co_ _ -187
134 Apr. 25 Holders of rec. Mo. 11
Preferred (guar.)
8134 51,000 Ban Jacinto Hotel Co.(Hous9 Germantown Pass. Ry. Co
Amer. Rolling Mill, common (quar.)_.... *50c Apr. 1 *Holders of rec. Mar. 31
ton, Texas) let 7s, 1933 (ctt. of
608.B.& B.W.Fleisher, Inc...52,000 lot
May 1 Holders of rec. Apr. 14
2
dep. Nat. Bank of Com.)
100
$85 lot Amer. Shipbuilding, common (quar.)
10 William Mann Co
144 May 1 Holders of rec. Apr. 14
Preferred (quar.)
Apr. 16 *Holders of rec. Apr. 5
*50c
Prod.,
Vitrified
Amer.
corn.
(quar.)
Boston:
Arnold,
By Wise, Hobbs &
•154 May 1 *Holders of rec. Apr. 20
Preferred (guar.)
$ per sh. Shares. Stocks.
Shares. Stocks.
S Per oh. Anaconda Copper 'Mining (quar.)
75c May 21 Holders of rec. Apr. 14
23 Boston Woven Hose & Rubber__ 89
265
3 Fed. Nat Bank, v. t. e
"75c May 1 *Holders of rec. Apr. 20
Archer-Daniels-Midland. corn. (guar.)
25 Web. & Atlas Nat. Bk__18634 ex-div. 25 Rockland L.& P.cony, pt. v.t.c- 88
•144 May 1 *Holders of rec. Apr. 20
Preferred (guar.)
4185 15 Quincy Market C.S. dr W.Co__ 38
15 Old Colony Trust Co
155 June 1 Holders of rec. May 154
(guar.)
prof.
Copr.,
Artloom
4544-46 10 Boston Woven Hose & Rub., pf_1045i Atlas Portland Cement. pref. (guar.) _• 66 2-3c Apr. 2 *Hclders of rec. Mar.23
14 Arlington Mills
15 Wiggin Termina,s, Ins., Prat-- 29
144 May 1 Holders of rec. Apr. 200
27 West Boyl. hns. Co., pref..... 35
prof.
Powder,
(guar.)
Atlas
6
3`haumkeag St. Cotton Co_ _162 ex-div. 100 Royal Tiger Mines
144 Apr. 2 Holders of rec. Mar.24
Baer, Sternberg dr Cohen. 1st pt.((PO
300. 3 Bangor Hydro-Electric Co
157
310 Hamilton Mfg. Co
Apr, 2 Holders of rec. Mar.24
2
(guar.)
Second
preferred
198
Utll
Mass
100
V.
Invest.
Tr. t. c__ 11)4 Baldwin Company
'37 3-ic Apr. 14 *Holders of rec. Mar.31
7 Ludlow Mfg. Assoc
(guar.)
23v 15 State Theatre Co.. Borneo. p1. _90-93 Bancroft (Joseph) & Sens. prof.(qu.)..- 144 Apr. 30 Holders of rec. Apr. 16
6 Ipswich Mills
New
Bedford
25
Gas
&
Edison
10634
8 Pepperell Mfg. Co_
Corp.-Dividend passed.
Light
114-11434 ex-div. Panasdall
82
•500. May 1 *Holders of rec. Apr. 20
26 Great Northern Paper Co
dr Hedges, cony. pref.(No. 1)
6934 Benson
6934 41 Edison F.I. of Brockton
75c. May 1 Holders et rec. Apr. 20
9 Gorton Pew Fisheries. Ltd
Blaw-Knox
Co. (guar.)
pref
Mfg.,
Eastern
50
39). Blyn Shoes,
Apr. 2 *Holders of roe. Mar.24
40W. Boston Gas Co. V. I. c35.4-3545
'334
prof
Inc..
145 Apr. 2 Holders of rec. Mar. 154
47 Fall River Elect,le Light Co_ -- _ 6334 47 Hood Rubber 735% pref _____93-93 ci Burt(F. N.) Co., Ltd., pref. (quar.)_
•154 May 1 *Holders of rec. Apr. 14
Bonds.
900 Eastern Utilities AIISOCIANOIM
Per Cent. Byers (A. M.) Co., pref. (quer.)
1445-1434 $2,000 Wickwire Spencer Steel 7s,
38c Apr, 16 Holders of rec. Mar. 31
cony, shares, W. 1
Canadian Indus. Alcohol (guar.)
500
'114 Apr. 25 *Holders of rec. Apr. 14
Feb. 1930
5 Holyoke Water Power Co
2445 Chicago Pneumatic Tool (guar.)
8515
•30.3 May 16 *Holders of rec. May 1
20 Towle Mfg Co
(guar.)
Co.
&
Brown
Christie.
Rights.
1.01
$ Per Right. Columbia Finance Corp., pref.(qu.)_ _ _ $1.75 Apr. 2 Holders of rec. Mar. 20a
23 Sub. El. Secut ities, 2 pref
.$4
54 First National Bank
3745 Columbia Phonograph Co.(No. 1)
Apr. 25 *Holders of roe. Apr. 10
36 First Peoples Trust units.
74-74 X Congoleum-Nairn, Inc., pref. (quar.)
5534-5734 ex-div. 20 U. S. Envelope Co
*154 June 1 *Holders of rec. May 15
Gas
I.ynn
173
Co
El
&
_81-81
17
.
pref
Co..
)5-18
Rnight
81 Craton dr
)5
1934
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Cloud
Days Inclusive.
Name of Company.
[VoL. 126.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive:
Miscellaneous (Concluded).
Railroads (Steam)(Concluded).
Conley Tank Car, pref. (quar.)
.112
Mar. 31 *Holders of rec. Mar. 22
Chic. R. I. da Pacific, corn.(guar.)
1% Mar. 31 Holders of rec. Mar. 16a
Continental Motors Corp.(quar.)
.20c. Apr. 30 *Holders of rec. Apr. 14
Cleve., Cin., Chic.& St. L.,com.(qu.) - 2
Apr. 20 Holders of rec. Mar. 300
Cuneo Press. pref. (guar.)
•1% June 15 *Holders of rec. June 1
Preferred (guar.)
1% Apr. 20 Holders of rec. Mar. 30a
*1% Sept. 15 *Holders of rec. Sept. 1
Preferred (quar.)
Consolidated Rita. of Cuba. pref. (qu.)
1% Apr. 2 Holders of rec. Mar. 100
Curtiss Aeropl. Exp. Corp., pref.(No. 1) 134 Apr. 15 *Holders of rec. Mar. 31
Georgia RR.& Banking (quar.)
2% Apr. 15 Apr. 1 to Apr. 14
Curtiss Publishing, corn. (monthly)__.... *50c. Apr. 2 *Holders of rec. Mar. 20
Gulf Mobile dr Northern, pref. (guar.) - 1% Apr. 2 Holders of roe. Mar. 154
Common (extra)
*50e. Apr. 2 *Holders of rec. Mar.20
Hocking Valley (guar.)
234 Mar. 31 Holders of rec. Mar. 80
•1%, Apr. 1 *Holders of rec. Mar. 28
Preferred (quar.)
Joliet & Chicago (quar.)
134 Apr. 2 Holders of rec. Mar. 220
Davega, Inc. (quar.)
*25c. Apr. 16 *Holders of rec. Mar. 1
Kansas City Southern, Prof. (quar.)___
1
Apr. 16 Holders of rec. Mar. 310
Dominion Rubber, pref. (guar.)
1% Mar. 31 Holders of rec. Mar. 27
Lehigh Valley, common (quar.)
8734c Apr. 2 Holders of tee. Mar. 170
Eastern Bankers Corp., pref. (quar.)___
1% May 1 Holders of rec. Mar. 31
Preferred (quar.)
$1.25 Apr. 2 Holders of rec. Mar. 170
1% Aug. 1 Holders of rec. June 30
Preferred (guar.)
Mahoning Coal RR.,common (quar.)
$12.50 May 1 Apr. 12 to May 2
1% Nov. 1 Holders of rec. Sept. 30
Preferred (quar.)
Maine Central, corn.(quar.)
1
Apr. 2 Holders of rec. Mar. 15
1% Feb 1'29 Holders of rec. Dec. 31
Preferred (quar.)
Midland Valley, corn
51.25 Apr. 14 Holders of rec. Mar. 31a
Elder Manufacturing. corn. (quar.)---25c. Apr. 2 Holders of rec. Mar. 22
Minn., St. P.& B. S. M. leased Lines
2
Apr. 1 Holders of rec. Mar. 200
2
First preferred (quar.)
Apr. 2 Holders of rec. Mar. 22
Missouri-Kansas-Texas, pref. A (quar.)_
1% Mar. 31 Holders of rec. Mar. 150
134 Apr. 2 Holders of rec. Mar. 22
"A" stock (quar.)
New York Central RR.(quar.)
2
May 1 'folders of lee. Mar. 304
*(32Sic May 1 *Holoers of rec. Apr. 14
Elgin National Watch (quar.)
N. Y., Chic. dit St. L., corn. pf. (qu.)
1% Apr. 2 Hoiders of rec. Feb. 150
Erupcion Mining (quar.)
'734c. Apr. 00
New York Lackawanna & West (guar.) 1% Apr. 2 Holders of rec. Mar 146
Eureka Pipe Line (quar.)
$1 May 1 Holders of rec. Apr. 16
N.Y. N. H.& Hartford, corn.(Vela') -- 1
Apr. 10 Headers of rec. Mar. 90
Fodder Mfg., class A (quar.)
•50c. Apr. 1 *Holders of rec. Mar. 21
Preferred (quar.)
1% Apr. 2 Holders of rec. Feb. 290
*334 Apr. 2 *Mar. 22 to Apr. 2
French (Fred F.) Co., pref
Northern Pacific (quar.)
1% May 1 March 14 to Apr. 10
*61 Apr. 2 *Holders of rec. Mar.26
Frink Corp., $7 pref
Northern RR. of N. H.(quar.)
1% Apr. 2 Holders of rec. Mar. 12
*75c. Apr. 1 *Holders of rec. Mar. 26
Gemmer Mfg., class A (quar.)
Old Colony (quar.)
1% Apr. 2 Holders of rec. Mar. 100
40e. Apr. 12 Holders of rec. Mar. 29
General Laundry Machinery (quar.)
Pere Marquette. common (quar.)
1% Apr. 2 Holders of rec. Mar. I60
General Outdoor Advertising, corn.(qu.) *50c. Apr. 16 *Holders of rec. Apr. 5
Common (extra)
2
Apr. 2 Holders of rec. Mar. 166
Gibson Art Co., pref.((Man)
1% Mar. 31 Holders of rec. Mar.206
Prior preference (quar.)
134 May 1 Holders of rec. Apr. 130
*75c. Apr. 30 *Holders of rec. Apr. 16
Gilchrist Co. (quar.)
Preferred (quar.)
134 May 1 Holders of rec. Apr. 13a
$12.25 May 1 Holders of rec. Apr. 16
Gorham Mfg., 1st pref
Pittsburgh Bessemer & Lake Erie. corn_
750. Apr. 2 Holders of rec. Mar. 156
Grace Securities Corp., common
234 Apr. 2 Holders of rec. Mar. 20
Pittsburgh Ft. Wayne & Chic., corn (au)
1% Apr. 1 Holders of rec. Mar. 106
1% Apr. 2 'folders of rec. Mar. 20
Preferred (quar.)
Preferred (Ouar.)
1% Apr. 3 Holders of rec. Mar. 100
May 1 *Holders of rec. Apr. 13
Granby Cons. M.Sm.& Pr.(quar.)
*61
Providence & Worcester (quar.)
234 Mar. 31 Holders of rec. Mar. 14
Greif (L.) & Bros., Inc., common A____ 8755c. Apr. 1 Holders of rec. Mar. 21a Reading Company, corn. (quar.)
$1
May 10 Holders of rec. Apr. 120
10e. Apr. 21 Holders of rec. Apr. 4
Hollinger Cons. Gold Mines (monthlY)
Second preferred (quar.)
50c. Apr. 12 Holders of rec. Mar. 220
Hub Financial Corp.. class A (quar.)___ *75c. Apr. 2 *Holders of rec. Mar. 24
Louis-San
St.
Fran.. corn.(quar.)
1% Apr. 2 Holders of rec. Mar. 160
*35c. May 1 *Holders of rec. Apr. 14
Hupp Motor Car Corp. (quar.)
Common (extra)
25e. Apr. 2 Holders of rec. Mar. 166
*23i May I *Holders of rec. Apr. 14
Stock dividend
Preferred (quar.)
134 My 1 Holders 01 rec. Mar. 16a
Huyler's of Delaware, pref. (quar.)____ *1% Apr. 1 *Holders of rec. Mar. 20
Preferred (quar.)
I% May 1 Holders of rec. Apr. 70
Independent Oil & Gas (quar.)
*25c. May 7 *Holders of rec. Apr. 23
Preferred (guar.)
1% Aug. I Holders of rec. July 140
60c. May 15 Holders of rec. May 1
Internat. Paper, common (quar.)
Preferred (quar.)
1% Nov. 1 Holders of rec. Oct. 156
Keystone Watch Case Corp., pref. (qu.) 1% May 1 Holders of rec. Apr. 18a St. Louis Southwestern, pref. (quar.)
1% Mar. 31 Holders of rec. Mar. 126
Laclede-Christy Clay Prod.. pf. (qU.)-- 134 Apr. 2 Holders of rec. Mar. 28
Southern Pacific Co.(quar.)
1% Apr. 2 Holders of rec. Feb. 24a
Landers, Frary & Clark (quar.)
*75c. Mar. 31 *Holders of rec. Mar. 22
Southern Ry.. common ((Mar.)
2
May 1 Holders of rec. Apr. 2a
Lefcourt Realty Corp., pref. (guar.)---75c. Apr. 16 Holders of rec. Apr. 5
Preferred (quar.)
I% Apr. 16 Holders of rec. Mar. 20a
Lehigh Portland Cement, pref. (quar.)__ 4,14 Apr. 2 Holders of rec. Mar. 15
Mobile & Ohio stock trust ctfs
2
Apr. 2 Holders of rec. Mar. 15a
Leonard, Fitzpatrick dr Mueller Stores
Union Pacific, common (quar.)
2% Apr. 2 Hinders of rec. Mar. la
Apr. 1 Holders of rec. Mar. 220
2
Preferred Mar.)
Preferred
2
Apr. 2 'folders of rec. Mar. la
*Sc Mar. 31 *Holders of rec. Mar. 30
LessIngs, Inc. (quar.)
Vermont & Massachusetts
3
Apr. 7 Holders of rec. Mar. 6
Maple Leaf Milling, pref. (quar.)
134 Apr. 18 Holders of rec. Apr. 3
Vicksburg. Shreveport & Pac., corn
2% Apr. 1 Holders of rec. Mar. 80
$1.50 Apr. 16 Holders of rec. Mar. 31
McCall-Frontenac 011, pref.(No. 1)
Preferred
2% Apr. 1 Holders of rec. Mar. 84
Merchants & Mfrs. Sec., prior pref.(qu.) $1.75 Apr. 16 Holders of rec. Apr. 2
West Jersey & Seashore
$1.25 Apr. 2 Holders of rec. Mar. 156
l‘fehawk Rubber, pref. (In pref. stk.)___ f$10.50 Apr. 1 Holders of rec. Mar. 29
Nat. Associated Investors, el. A (No.1)_ .50c. Apr. 15
Public Utilities.
*1% Apr. 15
6Si% preferred (quar.)
Alabama Power $7 pref.(quar.)
$1.75 Apr. 2 Holders of rec. Mar. 14
1% June 30 Holders of rec. June 15a
National Casket. pref. (quar.)
$6 preferred (quar.)
$1.50 Apr. 2 Holders of rec. Mar. 14
Apr. 2 Holders of rec. Mar. 28
National Shirt Shops, pref. (quar.)
2
Amer. Dist. Teleg.of N.J.,corn. (qu.)
$1
Apr. 14 holders of rec. Mar. 156
*12Sic Apr. 16 *Holders of rec. Mar. 31
New Bedford 011 (quar.)
Preferred (quar.)
1% Apr, 14 Holders of rec. Mar. 156
*2
May 10 *Holders of rec. Apr. 20
New Jersey Zinc (quar.)
Amer.& Foreign Power, pref.(quar.)___ $1.75 Apr. 2 Holders of rec. Mar. 16a
.25c. Apr. 16 *Holders of rec. Mar. 31
National Fuel Gas(guar.)
Allot. ctfs. 35% paid (quar.)
61%c. Apr. 2 Holders of rec. Mar. 16
Northwest Engineering, com.(guar.)--- •50c. May 1 *Holders of rec. Apr. 15
Amer. Gas & F.lec., corn.(quar.)
250. Apr. 2 Holders of rec. Mar. 10
$1.25 Apr. 15 Holders of rec. Mar. 30
Ohio Brass, class 13 (quar.)
Preferred (quar.)
$1.50 May 1 Holders of rec. Apr. 9
Preferred (guar.)
134 Apr. 15 Holders of rec. Mar. 30
American Gas Co., N. J. (quar.)
2
Apr. 13 Holders of rec. Mar. 31a
$1.75 May 1 Holders of rec. Apr. 12
Oil Well Supply, pref.(quar.)
Power
& Light, pref. (quar.)____ *13i Apr. 2 *Holders of rec. Mar. 12
Amer,
1% July 16 Holders of rec. June 30a Amer. Public Service, pref.(quar.)
Otis Elevator, pref.(quar.)
Apr.
2 Holders of rec. Mar. 15
1%
Preferred (quar.)
134 Oct. 15 Holders of rec. Sept. 296 Amer. Public Utilities, prior pref. (qu.)_ $1.75 Apr. 2 Holders of rec. Mar. 154
Pedigo-Weber Shoe (quar.)
6254c. Apr. 2 Holders of rec. Mar. 26
Participating preferred (guar.)
Holders of rec. Mar. 15a
2
$1.75
Apt.
Pittsburgh Screw & Bolt (guar.)
•75c. Apr. 5 *Holders of rec. Mar. 27
Amer.Superpower Corp., corn. A&B(qu) 30e. Apr. 2 Holders of rec. Mar. 15
Prudence Co., Inc., pref. (per 1926)....
334 May 1 Holders of rec. Apr. 20
First preferred (quar.)
$1.50 Apr. 2 Holders of rec. Mar. 15
Public Indust. Corp., pref. A (quar.)_ *87Sic
Holders of rec. Mar. 28
American Telep. & Teleg.(guar.)
234 Apr. 16 Holders of rec. Mar. 160
Preferred 13 (quar.)
Holders of rec. Mar. 28
•$1.75
Amer Wat. Wks. dr Elec., 1st pf.(a) 61.50 Apr. 2 Holders of rec. Mar. 120
Public Indust. Corp., pref. A (quar.)___ *87Sic Mar. 28
Arkansas Natural Gas (quar.)
12c. Mar. 31 Feb. 24 to Mar. 6
Preferred B (quar.)
*$1.75 Mar. 28
Associated Gas & Elec., class A (quar.)__ 150c. May
fielders of rec. Mar. 31
Preferred (quar.)
134 JanI5'29 Holders of rec. Dec. 310
Original preferred (quar.)
1101ders of rec. Feb. 29
£87 .4e Apr.
Realty Associates. common
$2.50 Apr. 15
17 preferred (quar.)
Holders of rec. Feb. 29
1E1.75
Apr.
1% Apr. 1 Holders of rec. Mar. 21a Associated Public Util. $7 pref. (quar.)_
Seagrove Corp., pref. (quar.)
Holders
of rec. Mar. 16
$1.75
Apr.
Securities Management Corp.. el. A(qu.) 134 Apr. 16 Holders of rec. Apr. 2
Associated Telep. Utilities, $6 pref.(qu.) $1.50 Apr.
Holders of roe. Feb. 29
Sharon Steel Hoop, pref. (guar.)
*2
Apr. 2 *Holders of rec. Mar. 24
$7 preferred (quar.)
rec. Feb. 29
Holders
Apr.
of
$1.75
Southern Stores Corp., pan. class A____ •50c. Apr. 1 *Holders of rec. Mar. 20
Bangor Hydro-Electric 6% pref.(qu.).
Holders of rec. Mar. 10
1% Apr.
Spanish River Pulp & P., com.&pf.(qu.) 1% Apr. 20 Holders fo rec. Apr. 10
Seven per cent pref. (quar.)
rec.
Holders
Mar. 10
of
1%
Apr.
Stanley Co. of Amer., pref. (quar.)
1% Apr. 1 Holders of rec. Mar. 31
Barcelona Tr. L. dr Pow., pref.(quar.)_. 1% hlar. 3 Holders of rec. Mar. 21a
States Oil Co
•25c Mar. 31 *Holders of rec. Mar. 30
Bell Telephone of Canada (quar.)
Mar. 23
of
1
rec.
2
Holders
Apr.
Steel dr Tubes, common (quar.)
•75c. Apr. 30 *Holders of rec. Apr. 18
Bell Telep. of Pa.. pref. (quar.)
1% Apr. 1
Holders of rec. Mar. 204
Thayer-Foss Co., pref.(quar.)
$1.75 Apr. 1 Holders of rec. Mar. 21
Binghamton L. H. dr Pow.,$6 pf.(qu.).. $1.50 Apr.
holders of rec. Mar. 15
Towle Mtg. (quar.)
Apr. 2 *Holders of rec. Mar. 29
.61
Birmingham Elec. Co.. $7 pref. (quar.)_ $1.75 Apr.
of rec. Mar. 12
Holders
Tonopah Mining
*734c Apr. 21 *Holders of rec. Mar. 31
$13 preferred (quar.)
$1.50 Apr.
Holders of rec. Mar. 12
Tooke Bros.. Ltd. pref. (auar.)
1% Apr. 16 Holders of rec. Mar. 31
Boston Elevated, corn.(quar.)
1% Apr.
Holders of rec. Mar. 10
Troy Sunshade, corn.(quar.)
*50e Apr. 1
Second preferred
Holders of rec. Mar. 10
33,4 Apr.
Common (extra)
*50c Apr. 1
Brazilian Tr., Lt. & Pr., pref. (quar.)-1% Apr.
Holders of rec. Mar. 15
*1% Apr. 1
Preferred (quar.)
Brooklyn Borough Gas, corn. (quar.)
$1.50
Apr.
1
Holders of roe. Mar. 316
United Elec. Coal (quar.)
•75c Apr. 20 *Holders of rec. Apr. 10
Participating pref. (quar.)
Holders of rec. Mar.d20a
8134e. Apr.
United Verde Extension Mining (quar.)_
50c May 1 Holders of rec. Apr. 60 Brooklyn-Manhatt. Transit, corn.
Apr. 1 'folders of rec. Mar. 31
(qu.)- $1
U.S. Printing & Lithograph, corn.(au.). 134 Apr. 1 Mar. 22 to
mar. 31
Preferred series A (quar.)
$1.50 Apr. 1 Ili.Iders of rec. Apr. la
Second preferred (quar.)
134 Apr. 1 Mar. 22 to Mar. 31
Brooklyn Union Gas (quar.)
$1.25 Apr.
Holders of rec. Mar. 70
Second preferred (quar.)
1% July 1 June 21 to June 30
Buff. Niag. & East Pow. corn. (quar.)-- 300. Apr.
holders of rec. Mar. 150
Second preferred (quar.)
134 Oct. 1 Sept. 21 to Sept. 30
Class A (guar.)
30c. Apr.
Holders
of tee. Mar. 15a
1% Jan 1'29 Dec. 22 to Doe. 31
Second preferred (quar.)
Preferred Mari
40e. Apr.
'folders of rec. Mar. 150
U.S. Smelt., Rehr. & Min.. corn. (qu.) 87SiC Apr. 14 Holders of rec. Apr. 5
Byliesby (H.h1.) & Co.. cont. A (qu.)
Mar.
3
50e.
rec. Mar. 20
'folders
of
Preferred (quar.)
87Sic Apr. 14 Holders of rec. Apr. 5
Preferred (guar.)
50c. Mar.3 Holders of rec. Mar. 20
Waltham Watch, prier pref. (quar.)____ *1% Apr. 2 *Holders of rec. Mar. 20
Calgary Power, Ltd. (quar.)
134
Apr.
Holders
Mar. 15
of
rec.
Waukesha Motor, common (quar.)
'6234c Apr. 1 *Holders of rec. Mar. 15
California-Ore. Power, corn. (quar.)---- 1% Apr. 1
Holders of rec. Mar. 31
Warner (Charles) Co., common (quar.)_ •50c Apr. 10 *Holders of rec. Mar. 31
7% Prof.(for 234 mos.end. Mar.31) _
1.46 Apt. 1
Holders of roc. Mar. 31
Western Air Express, common
Apr. 1
412
6%pref.(for 2% mos.end. hfar.31)- 134 Apr. 1
Hotders of rec. Mar. 31
Worthington Ball, class A (quar.)
•50c Apr. 16 *Holders of rec. Mar. 31
Canada Northern Power, pref. (quar.) - 1% Apr. 1
Holders of rec. Mar. 31
Wrigley (Wm.) Jr. Co.(monthly)
25c May 1 Holders of rec. Apr. 20
Capital Tract., Wash., D. C.(guar.) -- 1% Apr.
Holders of rec. Mar. 14
Monthly
25c June 1 Holders of rec. May 20
Carolina Power & Light, $7 pr. (qu.)___ $1.75 Apr.
Holders of rec. Mar. 17
Monthly
25e. July 2 Holders of rec. June 20
$6 preferred (guar.)
$1.50 Apr.
Holders of rec. Mar. 17
Monthly
25c Aug.
Holders of rec. July 20
Central Ills. Light Co.,6% pf. (qu.)_ - - 134 Apr. ' holders of rec. Mar. 15
Young (L. A.) Spring & Wire (quar.)..
•50c. Apr.
*Holders of rec. Mar. 28
7% pref. (quar.)
154 Apr.
Holders of rec. Mar. 15
Preferred (quar.) (No. 1)
*Holders of rec. Mar. 28
'6234c Apr.
Central III. Pub.sem, pref. (quar.) --- $1.50 Apr. 1
Holders of rec. Mar. 310
Central Maine Power,7% pref.(quar.)_.. 1% Apr.
Holders of rec. Mar. 100
Below we give the dividends announced in previous weeks
Six per cent preferred (quan)
134 Apr.
Holders of rec. Mar. 100
$6 preferred (quar.)
$1.50 Apr.
Holders of rec. Mar. lea
and not yet paid This list does not include dividends an- Central
& S. W.UM.,common (quar.)
75e APr. 1
Holders of rec. Mar. 31
Central
States Elec. Corp.. corn. (qu.)
25c Mar. 3 Holders of rec. Mar. 10
nounced this week, these being giver in the preceding table.
1% Mar. 3 Holders of rec. Mar. 10
Preferred (guar.)
Central States Pow.& Lt. $7 pf.(guar.). $1.75 Apr.
Holders of rec. Mar. 106
Per
When
Books Closed
Chic. No. Shore & Milw., prior lien (qu.)
134 Apr.
Holders of rec. Mar. 150
Cent. Payable.
Name of Company.
Days Incltuire.
Preferred (quar.)
Holders of rec. Mar. 156
134 Apr.
Chic. Rapid Transit, pref. A (monthly)....
65c Apr.
Holders of rec. Mar. 200
Railroads (Steam).
Priorpreferred A (monthly)
65c May
Holders of rec. Apr. 176
3
Apr. 1 Holders of rec. Mar. 8a
Alabama & Vicksburg
Prior preferred A (monthly)
65c June
Holders of rec. May 150
July
Savannah
5
234
Holders
Augusta &
of rec. June 160
Prior preferred B (monthly)
60c Apr.
Holders of tee. Mar. 200
Extra
q July 5 Holders of rec. June 15a
Prior preferred B (monthly)
60c May
Holders of rec. Apr. 170
88c. Apr. 1 Holders of rec. Feb. 296
Bangor dr Aroostook, corn (quar.)
Prior preferred B (monthly)
60c June
Holders of rec. May 156
134 Apr. 1 Holders of rec. Feb. 29a Cincinnati Car Co.. corn. (Ouar.)
Preferred (quar.)
35c Apr.
holders of roc. Mar. 206
Si Apr. 2 Holdero of rec. Mar. 15
Beech Creek (guar.)
Ctn. dr Suburban Bell Telep. (quar.)
$1.13 Apr.
Mar.d21 to Apr. I
Mar. 31 Holders of rec. Feb. 29
2
Boston dr Albany (quar.)
Citizens Pass. fly. (quar.)
083.50 Apr.
ar. 21 to Apr. 1
134 Apr. 2 Mar. 17 to Apr. 11
Boston & Maine, prior pref. (quar.)____
Cleveland Ry., com.(quar.)
1% Apr.
Holders of rec. Mar. 10a
134 Apr. 2 Mar. 17 to Apr. 11
1st preferred class A (guar.)
Columbus Elec. & Pow., corn. (quar.)
50e. Apr.
Holders of rec. Mar. 124
Apr. 2 Mar. 17 to Apr. 11
2
1st preferred class B (quar.)
Second preferred (quar.)
1% Apr.
Holders of rec. Mar. 120
134 Apr. 2 Mar. 17 to Apr. 11
1st preferred class C (quar.)
Preferred series B (quar.)
15,4 Apr.
Holders of rec. Mar. 120
234 Apr. 2 Mar. 17 to Apr. 11
1st preferred class D (guar.)
Preferred series C (quar.)
1% Apr.
'folders of rec. Mar. 120
134 Apr. 2 Mar. 17 to Apr. 11
1st preferred class E (quar.)
Commonwealth Power, coin. (quar.)___ 62%c May
Holders of rec. Apr. Ila
Boston & Providence (quar.)
234 Apr. 2 Holders of rec. Mar. 20
Common (extra)
50c. May
Holders of rec. Apr. 110
Canadian Pacific, common (guar.)
234 Mar. 31 Holders of roe. Mar. la
Preferred (guar.)
Holders of rec. Apr. 11
134 May
Mar. 31 Holders of rec. Mar. 1
Preference.
2
Connecticut Elec. leery. cony. pf. (qu.)_ $1
Holders of rec. Mar. 150r
Apr.
Apr. 10 Holders of rec. Mar. 31a Consumers Power Co. pref.(quar.)
1
Caro Clinch & Ohio, corn. (quar.)
134 Apr.
Holders of rec. Mar. 15
Stamped certificates (quar.)
6.6% preferred (guar.)
134 Apr. 10 Holders of rec. Mar. 31a
1.65 Apr.
Holders of rec. Mar. 15
Chesapeake Corp. (quar.)
750. Apr. 1 Holders of rec. Mar. Ra
7% preferred (quar.)
I% Apr.
Holders of rec. Mar. 15
Chesapeake & Ohio, corn. (quar.)
234 Apr. 1 Holders of rec. Mar. 80
6% preferred (monthly)
50c. Apr.
Holders of rec. Mar. 15
Preferred A
334 July 1 Holders of rec. June 80
6.6% preferred (monthly)
55c. Apr.
Holders of rec. Mar. 15
Per
When
Cent. Payable.
Name of Company.
Books Closed
Days Inclusive.
Public Utilities (Continued).
75e. Apr. 2 Holders of rec. Mar. 15
Consol. Gas,E.L.& P., Balt.,com.(qu.)
Six per cent pref., series D (guar.)... 114 Apr. 2 Holders of rec. Mar. 15
Apr. 2 Holders of rec. Mar. 15
514% preferred, series E (guar.)
Consolidated Gas (N.Y.) pref. (guar.).- $1.25 May 1 Holders of rec. Mar. 300
Apr.
1 Holders of rec. Mar. 12
Continental Gas & El. Corp.. cOrn.(3U.)- $1.10
1 ji Apr. 1 Holders of rec. Mar. 12
Prior preference (guar.)
Apr. 1 Holders of rec. Mar. 12
2
Participating pref. (guar.)
75c. Apr. 1 Holders of rec. Mar. 150
Denver Tramway Corp., pref.(guar.)._
Apr. 16 Holders of rec. Mar. 20a
2
Detroit Edison Co.(guar.)
Apr. 1 Holders of rec. Mar. 21a
(guar.)
$1.75
Dixie Gas .3, Utilities, pref.
1
Apr. 2 Holders of rec. Mar. 15
Duke Power, corn. (guar.).
1% Apr. 2 Holders of rec. Mar. 15
Preferred (guar.)
1
Apr. 2 Holders of rec. Mar. 120
Duluth-Superior Trac., pref. (guar.) ___
Holders of roe. Mar. 150
(z)
Duquesne Light, 1st pref., series A
1%
1% Apr. 16 Holders of rec. Star. 31
Duquesne Light, 1st pref. (guar.)
East Bay Water Co., pref. A & B (guar.) *13.4 Apr. 16 *Holders of rec. Mar. 31
214 Apr. 2 Holders of rec. Mar. 15
Eastern Mass. St. Ry.. adj. stock
144 Apr. 2 Holders of rec. Mar. 15
Eastern N. J. Power Co..6H% PL(:111.)
1%, Apr. 2 Holders of rec. Mar. 15
7% pref. (guar.)
2
Apr. 2 Holders of rec. Mar. 15
(guar.)
8% pref.
Eastern States Power Corp., pf. (qu.)._ $1.75 May 1 Holders of rec. Apr. 15
1% Apr. 2 Holders of rec. Mar. 5a
Eastern Texas Elec. Co.. pref. (guar.) _
3
May 1 Holders of rec. Apr. 10
Edison Elec. Iii.. Boston (guar.)
114 May 1 Holders of rec. Apr. 16
Electric Bond & Share, pref. (quar.)
25c. Apr. 16 Holders of rec. Mar. 19
Electric Bond & Share See. (guar.)
Electric Light dr Power Co.of
500. Apr. 2 Holders of rec. Mar. 15a
Abington & Rockland (guar.)
Electric Power & LightApr. 2 Holders of rec. Mar. 120
Prof. & pref. allot. etfe.(quar.)
Electric Public Serv.. pref.(guar.)
134 Apr. 1 Holders of rec. Mar. 12
Electric Public CUL, pref. (guar)
$1.75 Apr. 1 Holders of rec. Mar. 12
Elmira Water, Lt. ar RR., 1st pf.(qu.). 1% Mar. 31 Holders of rec. Mar. 17a
Second preferred (guar.)
134 Mar. 31 Holders of rec. Mar. 17a
11.1 Apr. 16 Holders of rec. Apr. 2a
El Paso Electric Co.. pref. A (guar.) _ _ _
Empire Gas & Fuel, 7% pref.(mthly.)__ 58 1-3c Apr. 2 Holders of rec. Mar. 15
662-3c Apr. 2 Holders of rec. Mar. 15
8% preferred (mthly.)
Empire Power Corp.. $6 pf. (guar.).- $1.50 Apr. 1 Holders of rec. Mar. 16
Engineers Pub. Serv. Co., 57 pf. (qu.) - $1.75 Apr. 2 Holders of rec. Mar. 50
500. Apr. 2 Holders of rec. Mar. 20a
Fall River Elec. Light (guar.)
20c. Apr. 2 Holders of roe. Mar. 130
Federal Light & Tract.. corn. (qu.) ---15e. Apr. 2 Holders of rec. Mar. 130
Corn. (payable in corn. stock)
$1.75 Apr. 2 Holders of rec. Mar. 14
Florida Power & Light, pf. (quar.)
134 Apr. 1 Holders of rec. Mar. 15
Florida Public Serv., pref. (guar.)
Frankfort & Southwark Pass. Ry.(gu.)_ $4.50 Apr. 1 Mar. 2 to Apr. 1
General Gas & Elec., corn. el. A (qu.) -- m3714e Apr. 1 Holders of rec. Mar. I20
Apr. 1 Holders of rec. Mar. 120
$2
$8 class A pref. (guar.)
$7 class A & class B pref. (quar.)..... $1.75 Apr. 1 Holders of roe. Mar. 120
$1.75 Apr. 2 Holders of rec. Mar. 15
General Pub. UHL, $7 Pt. (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 15
Georgia Power $6 pref.(guar.)
$1.31 Apr. 3 Mar. 13 to Apr. 2
Germantown Pass. Ry. (guar.)
Apr. 2 Holders of rec. Mar. 316
Gold & Stock Teleg. (guar.)
4334e Mar. 31 Holders of rec. Mar. 14s
Hackensack Water. pref. A (guar.)
Mar. 31 Holders of rec. Mar. 19
Harrisburg Light & Power, pref.( guar.).
56c. Apr. 2 Holders of rec. Mar. 220
Haverhill Gas Light (ouar.)
1% Mar. 31 Holders of rec. Mar. 21
Houston Gas & Fuel, prof. Mar.)
2 Mar. 31 Holders of rec. Mar. 300
Illinois Bell Telep. (quar.)
114 may 1 Holders of rec. Apr. 140
Illinois Nor. URI.,6% pf. (quar.)
Junior pref. (guar.)
"51.75 May 1 *Holders of rec. Apr. 14
Apr. 2 Holders of rec. Mar. 15
Illinois Power. 6% Pref. (guar.)
1% Apr. 2 Holders of rec. Mar. 15
Seven per cent preferred (guar.)
Apr. 2 Holders of rec. Mar. 100
Illinois Power & Light, 7% pref. (qu.)__
6% preferred (guar.)
154 Apr. 2 Holders of rec. Mar. 1130
114 Apr. 2 Holders of rec. Mar. 10a
6% partielpating pref. (guar.)
Indianapolis Pow.& Lt., pref.(guar.).- 5 1.6214 Apr. 2 Holders of rec. Mar. 5
114 Mar. 31 Holders of rec. Mar. 100
lndianapolis Water, pref. (guar.)
Internat. Power, Ltd., 1st pt. (guar.)
154 Apr. 2 Holders of rec. Mar. 15
Internat. Telep.& Teleg.(guar.)
154 Apr. 16 Holders of ree. Mar. 230
International Utilities, $7 pref. (quar.)__ $1.75 May 1 Holders of rec. Apr. 200
Class A (quer.)
8734e Apr. 16 Holders of rec. Mar. 300
Interstate power Co., $7 pref. (guar.)._ $1.75 Apr. 2 Holders of rec. Mar. 70
134 Apr. 2 Holders of rec. Mar. 16
Jamaica Public Serv., pf. (guar.)
Jersey Cent.Power & Light.7% PL (qu.) *1% Apr. 1 *Holders of rec. Mar. 17
uKansas City Pow. & Lt. pf. A (guar.) $1.75 Apr. 1 Holders of rec. Mar. 146
$1.50 Apr. 1 Holders of rec. Mar. 140
First preferred, aeries B (guar.)
Kansas City Public Serv., pref. A (qu.).._ $1.75 Apr. 2 Holders of rec. Mar. 150
1% Apr. 2 Holders of rec. Mar. 15
Kansas Gas & Elec.. pref. (guar.)
I% Apr. 2 Holders of rec. Mar. 200
Kentucky Securities, corn. (guar.)
114 Apr, 16 Holders of rec. Mar. 200
Preferred (guar.)
Laurentide Power Co. (guar.)
134 Apr. 16 Holders of rec. Mar. 31
Long Island Lighting, pref. B (guar.)... 114 Apr. 1 Holders of rec. Mar. 16
131 Apr. 2 Holders of rec. Mar. 30
Mackay Companies, corn. (guar.)
1
Apr. 2 Holders of rec. Mar. 3a
Preferred (guar.)
134 Apr. 2 Holders of rec. Mar. 20
Manhattan Ry., guar. (guar.)
Massachusetts Lighting Cos., corn.(qu.) *75e Mar. 31 *Holders of rec. Mar.20
•114 Apr. 15 *Holders of rec. Mar.26
6% preferred (quar.)
*2
Apr. 15 *Holders of rec. Mar. 26
8% preferred (guar.)
Mass. URI. Investment Trust.813'4e Apr. 15 Holders of rec. Mar. 27
Preferred (guar.)
Memphis Power & Light, $7 pfd. (qu.) - $1.7 Apr. 2 Holders of rec. Mar. 17
$1.50 Apr. 2 Holders of rec. Mar. 17
$6 preferred (guar.)
Metropolitan Edison $7 pref. (quar.)___ $1.7 Apr. 1 Holders of rec. Mar. 15a
$6 preferred (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 156
*2
Mar. 31 *Holders of rec. Mar. 1
Michigan Bell Telephone (guar.)
13.4 Apr. 1 Holders of re°. mar. is
Michigan Elec. Pow., 7% pf. (guar.)
114 Apr. 1 Holders of rec. Mar. 15
6% pref. (guar.)
2
Middle West Utilities. pref. (quar.)____
Apr. 16 Holders of rec. Mar. 31
$O preferred (guar.)
$1.50 Apr. 16 Holders of rec. Mar. 31
13.4 Apr. 2 Holders of rec. Mar."15
Minnesota Power & Light. 7% pf.(qu.)_
$1.50 Apr, 2 Holders of rec. Mar. 15
$6 preferred (guar.)
Midland Utilities. 7% prior lien (guar.). 13.( Apr. 6 Holders of rec. Star. 22
114 Apr. 6 Holders of rec. Mar. 22
6% prior lien (guar.)
7% pref. class A (guar.)
154 Apr. 6 Holders of rec. Mar. 22
114 Apr. 6 'folders of rec. Mar. 22
6% pref class A (guar.)
Milwaukee Elec. Ry.& Light, pref.(qu.) 114 Apr. 30 Holders of rec. Apr. 200
Missouri Power & Light, pref. (guar.).151 Apr. 2 holders of rec. Mar. 200
50c. Apr. 2 Holders of rec. Mar. 200
Mohawk Valley Co. (Ouar.)
MonongahelaW.Penn Pub.Ser..pf.(qu.). 4351 Apr. 2 Holden of rec. Mar. 15
Montana Power, cool. (guar.)
151 Apr. 2 Holders of rec. Mar. 130
Montreal L., It. & Pr. Cons., tom.(qu.)
50c Apr. 30 Holders of ree Mar. 31
2
Apr. 16 Holders of rec. Star. 31
Montreal Telegraph (guar.)
13.1 Apr. 20 Holders of rec. Mar. 31
Mountain States Pow. pref. (quar.)...._
50e. Apr. 1 Holders of rec. Mar. 15
Municipal Service, pref. (guar.)
National Elec. Power pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 20
National Power & Light, cont. (guar.) _ *25e. June 1
Preferred (guar.)
$1.75 Apr. 2 Holders of rec. Mar. 14
Nevada Calif. Elec. Corp.. Prof. ,guar.). 154 May I Holders of rec. Mar. 30
New England Gas & Elec., $5.50 pf.(qU.) 51.3714 Apr. 2 Holders of rec. Star. 20
51.50 Apr. 2 Holders of rec. Mar.20
$6 preferred (quar.)
New England Pow. Assoc.. Pref.(guar.). 81.50 API% 2 Holders of rec. Mar. 17
$1.50 Apr. 2 Holders of rec. Mar. 170
New Eng.Power Co., pref.(guar.)
450. Mar. 31 Holders of rec. Mar. 150
New England Public Serv., corn.(qu.)._
$1.75 Apr. 15 'folders of rec. Mar. 31a
$7 preferred (guar.)
Adjustment preferred (guar.)
$1.62 Apr.dI5 Holders of rec. Mar. 31a
$1.50 AprIl15 Holders of rec. Mar. 3Ia
$6 Preferred (guar.)
Mar. 31 Holders of roe. Mar. 10
2
New England Telep.& Teleg (quay.)
New Jersey Power & Light, $6 pf.(gu.). $1.50 Apr. 1 Holders of rec. Mar. 15
New Orleans Public Serv., pref. (quar.). 134 Apr. 2 Holders of rec. Mar. 19
New York Cent, Flog, Corp., pref,(qu.) 13.4 Apr. 1 Holders of rec. Mar. 16
New York Steam Corp. 57 pfd.(guar.).- $1.75 Apr. 2 holders of rec. Mar 15a
$1.50 Apr. 2 Holders of rec. Mar. 15a
$6 preferred (guar.)
1)4 Apr. 16 Holders of rec. Mar. 20a
New York Telephone pref. (guar.)
43340. Apr. 15 Holders of roe. Mar. 31s
Niagara Falls Power pref. (guar.)
/234 Apr. 2 Holders of rec. Star. 5a
North American Co., corn, iguar.)
114 Apr. 2 Holders of rec Mar. 5a
Preferred (guar.)
North Amer. Light & Pow., pref.(guar.) $1.50 Apr. 2 Holders of rec. Star. 20a
15e Apr. 1 Holders of rec. Mar. 15
Northeastern Power Corp.,corn. (qu.)_.
$1.50 Apr. 1 Holders of rec. Star. 15
Class A (guar.)
Northern Ind. Pub. Serv.,7% pt. Nu.). 154 Apr, 14 Holders of rec. Mar. 31
114 Apr. 14 Holders of rec. Mar. 31
6% pref.(guar.)
1
Apr. 2 Holders of rec. Mar. 15
North. Mex.Pow.& Bevel., Cora.(on.) ..
lid Anr.
Holders nt on,.. 1.1sr 15
v.-4...-a (no*r N
1935
FINANCIAL CHRONICLE
MAR. 31 1928.]
134
MO-
134
114
114
114
134
Name of Company
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Apr. 2 R.../ders of rec. Mar. 15
Northern Ohio P. & L.. 6% pf. (guar.).
1% Apr. 2 Holders of rec. Mar. 15
7% Preferred (guar.)
May 1 Holders of rec. Mar.31
Northern States Power. corn. A.(on.) _ 2
1% Apr. 20 Holders of rec. Mar.31
7% preferred (guar.)
114 Apr. 20 Holders of rec. Mar.31
6% preferred (guar.)
1.14 Apr. 1 Holders of rec. Mar. 16
Northport Water Works, pref. (Ouar.)._
Northwestern Bell Telep., Pref. (guar.). 1% Apr. 16 Holders of rec. mar. 20a
Northwest Utilities, prior lien pf. (qu.). 1% Apr. 2 Holders of rec. Mar. 154
1% Apr. 1 Holders of ree. Mar.200
Ohio Bell Telep., pref. (quar.)
114 June 1 Holders of ree. May 15
Ohio Edison Co.,6% pref. 'guar.)
1.65 June 1 Holders of rec. May 15
6.6% preferred (guar.)
1% June 1 Holders of rec. May 15
7% preferred (guar.)
13( June 1 Holders of rec. May 15
5% preferred (guar.)
50c. Apr. 2 Holders of rec. Mar. 15
6% preferred (monthly)
50e. May 1 Holders of rec. Apr. 16
6% preferred (monthly)
50c. June 1 Holders of rec. May 15
6% preferred (monthly)
55c. Apr. 2 Holders of rec. Mar. 15
6.6% preferred (monthly)
55e. May 1 Holders of rec. Apr. 16
6.6% preferred (monthly)
55e. June 1 Holders of rec. May 15
6.6% Prefened (monthly)
1% Apr. 1 Holders of rec. Mar.20
Ohio Electric Power. 7% pf. (guar.) ___
Ohio Public Serv., 1st pref. A.(mthly.). 58 1-3c Apr. 1 Holders of rec. Mar. 15
1% Apr. 2 Holders of ree. Mar. 15
Ohio River Edison, 7% pf. (guar.)
Ohio Telephone Serv., pref. (guar.). _ _ _ •1% Apr. 1 *Holders of rec. Mar.23
(guar.)
__
114 Mar. 31 Holders of rec. Mar. 15
corn.
Ottawa L. H. & Power.
1% Apr. I Holders of rec. Mar. 15
Preferred (guar.)
Ottawa Traction-Apr. 2 div. cancelled by dire eters.
50c. Apr. 16 Mar. 31 to Apr. 10
Pacific Gas & Elec.. corn. (guar.)
Pacific Lighting Corp., pref.(guar.).- 134 Apr. 15 Holders of rec. Mar.316
Mar. 31 Holders of rec. Mar. 200
(guar.)
-Teleg.,
corn.
Pacific Telep. &
114 Apr. 16 Holders of rec. Mar. 31a
Preferred (guar.)
1% Apr. 2 Holders of rec. Mar. 15
Panama Power & Light. pref. (guar.) __
Penn. Central L. & Pow.. pref.(MO -- $1.25 Apr. 1 Holders of rec. Mar. 15a
Apr. 1 Mar. 21 to Mar.31
Pennsylvania Gas& Elec. Co..torn.(qu.) 2
134 Apr. 1 Mar. 21 to Mar.31
Preferred (guar.)
Pennsylvania G.& El. Corp.. $7 pf.(q11.) $1.75 Apr. 1 Mar. 21 to Mar. 31
l'i Apr. 1 Mar. 21 to Mar. 31
Seven per cent preferred (guar.)
Pennsylvania-Ohio Pow.& L.56 pf.(qu.) $1.50 May 1 Holders of rec. Apr. 20
1% May 1 Holders of roe. Apr. 20
7% pref. (quar.)
60e. Apr. 2 Holders of rec. Mar.20
7.2% pref.(monthly)
60e. May 1 Holders of rec. Apr. 20
7.2% pref. (monthly)
55c. Apr. 2 Holders of rec. Mar.20
6.6% pref.(monthly)
55e. May 1 Holders of rec. Apr. 20
6.6% pref.(monthly)
Pennsylvania Pr. & Lt.. $7 pref. (guar.) $1.75 Apr. 2 Holders of rec. Mar. 16
Apr. 2 Holders of ree. Mar. 16
$1.50
preferred
$6
(guar.)
6214 c. Apr. 2 Holders of rec. Mar. 76
Pennsylvania Water & Power (guar.)
Apr. 17 Holders of rec. Apr. 36
2
Peoples Gas Light & Coke (guar.)
Apr. 30 Holders of rec. Apr. 2a
$1
Philadelphia Co., corn. ((Mar.)
$1.50 May 1 Holders of ree. Apr. la
6% preferred
Apr. 30 Holders of rec. Apr. 16a
Philadelphia Rap. Tran., corn.(guar.).- $1
$1.75 May 1 Holders of rec. Apr. 2a
Preferred
Apr. 1 Holders of rec. Mar. 10a
$2
Philadelphia Traction
Philadelphia & Western, pref.(guar.).- 6234c Apr. 14 Holders of rec. Mar. 31a
1% Apr. 2 Holders of rec. mar. 15a
Ponce Electric Co.. prof. (gear.)
1)4 Apr. 2 Holders of rec. mar. 15
Portland Elec. Power, 1st pref.(guar.).Apr. 2 Holders of rec. Mar. 15
Prior prference (quar.)
80c. Apr. 2 Holders of rec. Mar. 10
Serfond preferred
pref.
stk.)
Apr. 2 Holders of rec. Mar. 10
2nd
--510
(pay.
in
Stock city.
Apr. 2 Holders of rec. Mar. 15
Porto Rico Rya., pref. (quar.)
114 Apr. 16 Holders of rec. Mar.31
Power Corp. of Canada. pref. (guar.) -$1
Apr. 2 Holders of rec. Mar. 15
Providence Gas (guar.)
50e. Mar. 31 Holders of rec. Mar. Sc
Public Ser. Corp. of N. J.. corn. (qu.)
Mar. 31 Holder* of rec. Mar. 8a
7% preferred (guar.)
Mar. 31 Holders of roe. Mar. Sc
2
8% Preferred (guar.)
Mar. 31 Holders of roe. Mar. Sc
500.
(monthly)
Preferred
6%
Apr. 1 Mar. 25 to Apr. 1
Public Service Co. of Okla., corn.(qua. 2
Apr. 1 Mar. 25 to Apr. 1
7% prior lien (guar.)
114 Apr. I Mar. 25 to Apr. 1
6% prior den (guar.)
Public Service Elec. & Gas,6% pf.(qu.) 154 Mar. 31 Holders of ree. Mar. 8
Mar. 31 Holders of rec. Mar. 8
Seven per cent pref. (guar.)
114 Apr. 16 Holders of rec. Mar. 16
Puget Sound Pow. & L., pref. (guar.).Prior preferred (guar.)
134 Apr. 16 Holders of rec. Mar. 16
50e. Apr. 16 Holders of rec. Mar. 31
Quebec Power, common (guar.)
Radio Corp. of Amer. Prof. A (guar.).- 87 He. Apr. 1 Holders of roe. Mar. lc
$1.75 Apr. 1 Holders of rec. Mar. 20
St. Louis Public Service, pref. A
2
Apr. 2 Holders of roe. Mar. 6c
Savannah Elec. & Pow. deb. A (gual.)
134 Apr. 2 Holders of rec. Mar. fk
Debenture B (guar.)
Apr.
3
2 Holders of rec. Mar. 64
Preferred
Apr. 1 Mar. 2 to Apr. 1
24 & 3d Ste. Pass. Ry., Phila.(guar.).- $3
50e. Apr. 10 Holders of rec. Mar.26
Shawinigan Water & Power (guar.).25e. Apr. 20 Holders of rec. Mar.31
Southeastern Pow.& Lt., corn.(guar.).$1.75 Apr. 2 Holders of rec. Mar. 15
$7 preferred (guar.)
$1.50
Apr. 2 Holders of rec. Mar. 15
(quar.)
preferred
$6
Apr. 2 Holders of rec. Mar. 15
$1
Participating pref. (guar.)
50e. Apr, 15 Holders of rec. Mar.20
Southern Calif. Edison, orig. pref.(qu.).
3414e. Apr, 15 Holders of rec. Mar. 20
Preferred series C (guar.)
Southern Calif. Gas, Pf• & pf. A (qu.)__ 3714e Apr. 14 Holders of rec. Mar. 311
Southern Canada Power, pref. (guar.).- 114 Apr. 16 Holders of rec. Mar.24
134 Apr. 2 Holders of rec Mar.24
Sou. Indiana G.& El., 7% pf. (quar.)._
114 Apr, 2 Holders of rec. Mar.24
Six per cent preferred (quar.)
1.65 Apr. 2 Holders of rec. Mar.24
6.6% preferred (quar.)
Apr. 16 H lders of rec. Mar. 31,
Southern New England Telep. (guar.).- 2
South Pittsburgh Water,7% Pref.(WI.). 134 Apr. 16 Holders of rec. Apr. 2
134 Apr. 1 Holders of rec. Mar. 20
Southwestern Bell Telep., pref.(guar.)._
134 Apr. 2 Holders of rec. Mar. 15
southwestern Gas & Elec. 7% Pr. WILL
2
Apr, 2 Holders of roe. Mar. 15
Eight per cent pref.(guar.)
31.50 Apr. 2 Holders of me. Mar. 15
Southwestern L. dr Pow., pref. Mari
Springfield (Mo.) G.& E.. pf. A WO-- $1.75 Apr. 2 Holders of rec. Mar. 15
Apr. 1
d154 Mar. 31 Mar. 16 to
Spring Valley Water (guar.)
Standard Gas & Elec., corn. (guar.).- 8734e. Apr. 25 Holders of rec. Mar. 31
Prior preference (guar.)
134 Apr. 25 Holders of rec. Mar. 31
Superior Water, L.& Pow.. pref.(q11.)-- $1.75 Apr, 2 Holders of ree. Mar. 15
Tennessee Electric Pow.6% 1st pf.(qu.) 114 Apr. 2 Holders of rec. Mar. 15
134 Apr. 2 Holders of rec. Mar. 15
7% let preferred (guar.)
1.80 Apr. 2 Holders of rec. Mar. 15
7.2% first preferred (guar.)
50e Apr. 2 Holders of ree. Mar. lb
6% first preferred (monthly)
60c Apr, 2 Holders of rec. Mar. 15
7.2% first preferred (monthly)
Toledo Edison Co.. 7% pref. A.(mthly.) 550c Apr. 1 *Holders of rec. Star. 15
"58 1-3cApr. 1 *Holders of rec. Mar. 15
Six per cent pref. (monthly)
Apr. 2 Holders of rec. Mar. 12a
Twin City Rap.Tr., Minneap., com.(qu) 51
134 Apr. 2 Holders of rec. mar. 12a
Preferred (guar.)
*$1
Mar. 31 *Holders of rec. Mar. 24
Union Traction, Phila. (quan)
United Gas & Elec. Corp, prof.(aM.).- 1% Apr. 1 Holders of rec. mar. 16
United Gas Improvement (guar.)
$1
Apr. 14 Holders of rec. Mar. 15
12e. May 1 Holders of rec. Apr. 16
United Light & Pow.. corn. A (guar.)...
12c. May 1 Holders of rec. Apr. le
Common class B (guar.)
$1.63 Apr. 1 Holders of rec. Mar. 15
Preferred class A new (guar.)
Apr. 1 Holders of rec. Mar. If
Preferred class B, new (guar.)
$1
60e. May 1 Holders of rec. Apr. 16
United Lt. & Pr. old tom. A & B (qu.)__
United Public Service, $7 pref. (guar.)._ 51.75 Apr. I Holders of rec. Mar. 15
154 Apr. 2 Holders of rec. Mar. 21
United Utilities, Co., pref. (guar.)
Utah Gas & Coke, pref. & part. Pf. RM.) $1.75 Apr. 2 Holders of rec. Mar. 11
Utah Power & Light, $7 pref.(guar.)... $1.75 Apr. 1 Holders of rec. Mar. I
$1.50 Apr. 2 Holders of rec. Mar. f
$6 preferred (guar.)
Utilities Power& Light, clam A (guar.)._ s5()c. Apr. 2 Holders of rec. Mar. 9
s25c. Apr. 2 Holders of ree. Mar. c
Class B (guar.)
134 Apr. 2 Holders of rec. Mar. 4
Preferred (guar.)
Apr. 15 Holders of rec. Star. 24
Wash. Water, Pr., Spokane, corn. (on.). 2
50c Mar. 31 Holders of rec. Star. 11
Western Massachusetts Co.(guar.).119 Apr: 16 Holders of rec. Mar. 31
Western Pow. Corp., pref. (guar.)
2
Apr. 16 Holders of rec. Star. 2:
Western Union Teleg. (Ouar.)
West Kootenay Pow. & L., p1. (Oust.). 1% Apr. 2 Holders of rec. Mar. 21
West Penn Power Co.,7% prof.(quar.). 134 May 1 Holders of rec. Apr. I
154 May 1 Holders of ree. Apr. I
6% preferred (quar.)
134 Apr. 1 Holders of roe. Mar. I
Winnipeg Electric Co., pref.(quar.)__
114
134
134
134
134
134
134
Banks.
America (Bank of) (guar.)
Bowery & East River Nat.(guar.)
Chase National (guar.)
Phase Reenrirlesi (romr.)
3
Apr. 2 Holders of rec. Mar. 2'
4
Mar. 31 Star. 27 to Apr.
314 Apr. 2 Holders of rec. Mar. 1
81
Am_ 2 Holder., nt on,. Mar 1
1936
Name of Cornpany.
When
Per
Cent. Payable
Books Closed
Days Inclusive.
Banks (Concluded).
Chatham & Phenix Nat. Bk.& Tr.(qu.) 4
Chelsea Exchange (guar.)
2
Colonial (guar.)
3
Commerce, Nat. Bank of(guar.)
4%
Commercial Exchange (guar.)
2%
Fifth Avenue (guar.)
6
First National (guar.)
5
First Security Co.(guar.)
20
Garfield National (guar.)
3
Hanover National
6
4
Manhattan Co.(Bank of the) (guar.).
Old stock (850 par). quar.)
52
3
Mechanics Brooklyn (guar.)
Municipal (Brooklyn) (guar.)
234
Nassau National (Bklyn.). (quar.)
3
4
National City (guar.)
National City Company (quar.)
3
6
Park. National(guar.)
3
Peoples National (Bklyn), (guar.)
e20
Public Nat. Bank & Trust. stock tire
4
Public Nat. Bank & Trust Co.(quar.)
4
Seaboard National (guar.)
Seventh National (guar.).(No. 1)
1%
United Capitol Nat. Bk. dr Tr.(guar.).-- 1.3(
3%
United States(Bank of)(guar.)
Apr. 2
Apr. 2
Apr. 2
Apr. 2
Mar. 31
Apr. 2
Apr. 2
Apr. 2
Mar. 31
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.31
Apr. 2
Apr.
Apr.
Apr.
Apr.
Mar. 16 to Apr. 1
Holders of rec. Mar.23a
Mar. 21 to Apr. 1
Holders of rec. Mar. 160
Holders of rec. Mar. 15
Holders of rec. Mar. 316
Holders of rec. Mar. 310
Holders of rec. Mar.310
Mar.25 to Mar. 31
Mar. 21 to Apr. 1
Holders of rec. Mar. 20a
Holders of rec. Mar. 20a
Holders of rec. Mar. 17a
Mar. 21 to Mar. 31
Holders of rec. Mar. 26a
Holders of rec. Mar. 17
Holders of rec. Mar. 17
Holders of rec. Mar. 160
Holders of rec. Mar. 13a
Holders of rec. Mar. 1
Holders of rec. Mar. 20
Holders of rec. Mar.23
Holders of rec. Mar. 26
Holders of rec. Mar.24
Holders of rec. Mar. 20a
Trust Companies.
American (guar.)
Amer. Exchange-Irving Trust (quar.).
Banca Commerciale Italians Tr.(qu.)
Bankers (guar.)
Bank of Europe Trust (guar.)
Bank of N.Y.& Trust Co.(guar.)
Brooklyn (guar.)
Central Union (guar.)
Equitable (guar.)
Federation Bank & Trust (guar.)
Fidelity (guar.)
Fulton (guar.)
Guaranty (guar.)
Lawyers (guar.)
Manufacturers(guar.)
New York (guar.)
State Bank & Trust Co.(guar.)
Title Guarantee dr Trust (guar.)
Title Guar.& Trust (extra)
United States (quar.)
1%
334
2%
7%
2)4
4%
6
8
3
2
234
234
4
134
b
5
4
4
5
15
Mar. 31
Apr.
Apr.
Mar.31
Apr.
Apr. 2
Apr. 2
Apr. 2
Mar.31
Mar. 31
Mar. 31
Apr. 2
Mar. 31
Mar.31
Apr. 2
Mar. 31
Apr. 2
Mar. 31
Mar. 31
Apr. 2
Holders of rec. Mar. 21a
Holders of rec. Mar. 16
Holders of rec. Mar. lba
Holders of rec. Mar. 23
Holders of rec. Mar. 20
Holders of rec. Mar. 23a
Holders of roe. Mar. 24
Holders of rec. Mar. 23
Holders of rec. Mar. 16a
Holders of rec. Mar. 310
Mar. 24 to Apr. 1
Holders of rec. Mar. 19
Holders of rec. Mar. 16
Holders of rec. Mar. 22a
Holden; of roe. Mar. 15a
Holders of rec. Mar. 240
Holders of rec. Mar.23a
Holders of rec. Mar.22
Holders of rec. Mar. 22
Holders of rec. Mar. 210
Fire Insurance.
City of New York (quarterly)
Hanover (guar.)
Home Insurance (quarterly)
Niagara Fire (guar.)
Rossi')(guar.)
4
Apr. 10 Holders of roe. Mar. 31
*2% Apr. 2 *Mar. 21 to Mar. 31
5
Apr. 9 Holders of rec. Mar. al
$2.50 Apr. 6 Holders of rec. Mar. 2
$1.50 Apr. 2 Holders of rec. Mar. 140
Miscellaneous.
1% Apr. 2 Holders of rec. Mar. 20
Abitibi Power dr Paper. pref.(guar.)- Abraham & Straus, Inc., pref.(quar.)
1% May 1 Holders of rec. Apr.d14a
$1.26 Apr. 1 Holders of rec. Mar. 20a
Acme steel(qoan)
1% Mar.31 Holders of rec. Mar. lba
Adams Express,com.(guar.)
1% Mar.31 Holders of rec. Mar. 15a
Preferred (guar.)
134 Mar. 31 Holders of rec. Mar. 20
Aeolian Company, pref.(guar.)
Aeollan,Weber Piano & Plancla,pf.(qu.)- 1% Mar. 31 Holders of rec. Mar. 20
Aero Supply Mfg.,cl. A
3734c Apr. 2 Holders of rec. Mar. 190
Aetna Rubber, corn.(guar.)
50c Apr. 2 Holders of rec. Mar. 16a
1% Apr. 2 Holders of rec. Mar. 16a
Preferred (guar.)
Air Reduction, new stk.(au).(No. 1).... 50e Apr. 15 Holders of rec. Mar. 310
Old stock (guar.)
$1.50 Apr. 16 Holders of rec. Mar. 31a
Airway Elec. Appliance, corn.(quar.)__. *51
Apr. 2 *Holders of roe. Mar. 20
Preferred (quar.)
134 Apr. 2 Holders of ree. Mar. 20
Akron Rubber Reclaiming. pref.(quar.)_ 2
Apr. 2 Holders of rec. Mar. 20
Alabama Fuel dr Iron (guar.)
Apr. 1 Mar. 22 to Mar.31
2
Albany Perforated Wrap.Pap.corn.(qu) 60c. Mar. 31 Mar.25 to Apr. 1
Preferred (guar.)
134 Mar.31 Mar. 25 to Apr. 1
Alberta Pacific Grain, pref.(guar.)
1% Apr. 1 Holders of rec. Mar. 15
Alles dr Fisher, Inc., corn.(guar.)
60c. Apr. 2 Holders of rec.Mar.d17a
Alliance Realty
1510 Apr. 10 Holders of rec. Apr. 6a
Allied Chemical dr Dye Corp., pfd.(qu.)_ 1% Apr. 2 Holders of roe. Mar. 14a
Allison Drug Stores, el. A (guar.)
*354. Apr. 15 *Holders of rec. Mar. 31
Aloe(A.T.)Co..common (guar.)
82c. Apr. 2 Holders of rec. Mar 19
Preferred (guar.)
Apr. 2 Holders of rec. Mar. 19
Aluminum Co.of Am., pref.(quar.)_
1% Apr.
Holders of reo. Mar. 15a
Amalgamated Laundries, pref. (mthly.) 58540. Apr. 1 Holders of rec. Mar. 150
Preferred (monthly)
58)4c. May
Holders of reo. Apr.
Preferred (monthly)
5831c .June 1 Ho6lers of ree May lice
Amerada Corp.(guar.)
500. Apr. 30 Holders of rec. Apr. 160
American Art Works, corn.& pref.(qu.)- 1% Apr. 1 Holders of rec. Mar.31
American Bank Note. corn. (guar.)._
50c. Apr.
Mar. 6 to Mar. 20
Preferred (guar.)
750. Apr.
Mar. 6 to Mar. 20
Amer. Bond & Mtge., pref.(guar.)
1% Apr.
Holders of rec. Mar. 28
Amer. Brake Shoe & Fdy.,corn.(guar.)40c. Mar.3 Holders of rec. Mar. 23a
1% Mar. 31 Holders of rec. Mar. 236
Preferred (guar.)
American Can, pref. (quar.)
1% Apr. 2 Holders of rec. Mar. 16a
Amer. Car & Fdy., common (guar.).- $1.50 Apr.
Holders of rec. Mar. 166
Preferred (guar.)
1,4 Apr.
Holders of rec. Mar. 160
American Chain, pref.(quar.)
I% Mar. 31 Mar.22 to Apr, 1
American Chicle, corn. (quar.)
75c. Apr. 1 Holders of rec. Mar. 156
Prior preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 15a
American Cigar, pref.(guar.)
1)4 Apr.
Holders of roe. Mar. 15
American ColortyPe (guar.)
350. Mar.31 Holders of rec. Mar.12a
Amer. Cyanamid, corn. A & B (quar.)
300. Apr.
Holders of rec. Mar. 15
Common A & B (extra)
10e. Apr.
Holders of roe. Mar. 15
Preferred (guar.)
1% Apr. 2 Holders of rec. Mar. 15
American Express (guar.)
51.50 Apr. 2 Holders of rec. Mar. 16a
American Felt . pref.(guar.)
51.50 Apr. 2 Holders of roe. Mar. 15
Amer. Furniture Mart Bldg., pref. (qu.) 13( Apr. 2 Mar. 21 to Apr. 1
American Hardware Corp. (qua?.)
Apr. 1 Holders of rec. Mar. 17a
51
Quarterly
July 1 Holders of rec. June 160
$1
Quarterly
Oct. 1 Holders of rec. Sept. 156
51
Quarterly
$1
Jan 1'29 Holders of rec. Dec. lba
Amer.Home Products(monthly)
20o. Apr. 2 Holders of rec. Mar. 140
Amer. International Corp
51 Apr. 2 Holders of rec. Mar. 150
Amer.Lindseed. Pref.(qua?.)
1% Apr. 2 Holders of rec. Mar. 216
1% July 2 Holders of rec. June 206
Preferred (quar.)
1% Oct. 1 Holders of ree. Sept. 200
Preferred (guar.)
134 Jan2'29 Holders of rec. Doe. 210
Preferred (guar.)
52 Mar.31 Holders of rec. Mar. 130
Amer.Locomotive,corn.(guar.)
1% Mar. 31 Holders of rec. Mar. I30
Preferred (quar.)
1
Mar. 31 Holders of roe. Mar. 150
American Manufacturing, corn. (quar.)
1
July 1 Holders of rec. June 15a
Common (guar.)
1
Oct. 1 Holders of rec. Sept, 15a
Common (guar.)
1
Dec. 31 Holders of rec. Dec. 16a
Common (guar.)
1% Mar. 31 Holders of rec. Mar. 150
Preferred (guar.)
1% July 1 Holders of rec. June 15a
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
1% Dee. 31 Holders of rec. Dec. lba
Preferred (guar.)
1% Apr. 2 Holders of roe. Mar. 10a
American Piano, pref. (guar.)
Amer.Pneumatic Serv., let pref.(guar.) 8734c Mar. 31 Holders of rec. Mar.22
50e Mar.31 Holders of rec. Mar.22
Second preferred (guar.)
50c Apr. 2 Holders of rec. Mar. 15a
Amer Products Co., panic pref.(guar.).
American Radiator. corn. (guar.)
51.25 Star. 31 Holders of rec. Mar. 15a
Amer. Railway Express (guar.)
$1.50 Mar.31 Holders of re . Mar. 156
Apr. 2 Holders of rec. Mar. 12a
American Safety Razor (guar.)
$1
25e. Apr. 2 Holders of rec. Mar. 12a
Extra
American Salamandra Corp
$1.25 Apr. 1 Holders of rec. Mar. 206
800. Apr. 1 Holders of rec. Mar. 20a
Extra
Apr. 2 Holders of rec. Mar. 15a
Amer. Bales Book. Ltd.(guar.)
$1
American Screw (guar.)
1
Apr. 2 Holders of rec. Mar. 21a
American Seating,common (quar.)
750. Apr. 1 Holders of rec Mar. 20s
American Snuff. common (guar.)
Apr. 2 Holders of rec. Mar. 150
1)f Apr. 2 Holders of rec. Mar. lba
Preferred (guar.)
[VOL. 126.
FINANCIAL CHRONICLE
134
Name of Company:
Per
When
Cent. Payable.
Books closed
Days Inclusive.
Miscellaneous (Continued).
Amer. Steel Foundries, corn. (guar.)._
750. Apr. 14 Holders of rec. Apr. 2a
Preferred (guar.)
1% Mar. 31 Holders of rec. mar.150
American Stores Co.,corn.(guar.)
500, Apr. 2 Mar.23 to Apr. 2
Amer. Sugar Refining, pref. (quar.)____ 154 Apr. 2 Holders of rec. Mar. ba
American Surety (guar.)
$2.50 Mar. 31 Holders of rec. Mar.24a
American Tobacco, pruf. (Qua?.)
1% Apr. 2 Holders of rec. Mar. 10a
American Trustee Share Corp.,ser.B.43.16c Apr. 1
American Type Founders, corn.(quar.)_ 2
Apr. 14 Holders of ree. Apr. ba
Preferred (guar.)
Apr. 14 Holders of roe. Apr. ba
American Wholesale, pref. (guar.)
1% Apr. 1 Holders of roe. Mar.200
Angle Steel Stool(guar.)
20e. Apr. 15 Holders of reo. Apr. 5
Quarterly
200. July 15 Holders of roe. July 5
Quarterly
20e. Oct. 15 Holders of roe. Oct. 5
Arctic Dairy Products, corn.(quar.)
500. Apr. 1 Holders of rec. Mar.206
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar.200
Armour & Co.(of Del.). pref.(guar.)._
154 Apr. 1 Holders of roe. Mar.100
Armour & Co.(Ill.). pref.(guar.)
134 Apr. I Holders of rec. Mar.100
Armstrong Cork, corn.(guar.)
1)4 Apr. 2 Holders of rec. Mar. 130
Preferred (guar.)
154 Apr. 2 Holders of rec. Mar. 136
Artloom Corp., common (guar.)
780. Apr. 1 Holders of roe. Mar.15a
Art Metal Construction (guar.)
37I4c Mar. 31 Holders of rec. Mar. 20a
Arundel Corp.(guar.)
500. Apr. 2 Holders of rec. Mar. 23
Asbestos Corp.. Ltd.. pref.(guar.)
151 Apr. 16 Holders of roe. Mar.31
Associated Dry Goods. COM.(041.19,r.)
62e. May 1 Holders of rec. Apr. 146
First preferred (guar.)
1)4 June 1 Holders of rec. May 12a
Second preferred (quar.)
1% June 1 Holders of rec. May 12a
Associated Oil (guar.)
500. Mar. 31 Holders of rec. Mar. 19a
Atlantic Coast Fisheries, pref. (quar.)
51.75 Apr. 2 Holders of rec. Mar. 22
Prof. (acct. scrum. dividends)
$10.50 Apr. 2 Holders of rec. Mar. 22
Atlantic Gulf & West I. S. S. LinesPreferred (guar.)
75c. Apr. 6 Holders of rec. Mar.260
Preferred (guar.)
75e, June 30 Holders of rec. June Ila
Preferred (quar.)
756. Sept. 29 Holders of rec. Sept. 100
Preferred (guar.)
750. Dee. 3 Holders of rec. Dec. 116
Atlas Plywood (glue.)
$1 Apr. 1 Holders of rec. Apr. 2
Apr.
Auburn Automobile (guar.)
$1
Holders of rec. Mar. 220
Stock dividend
Apr.
Holders of rec. Mar.220
Auto-Strop Razor, class A (guar.)
75e. Apr.
Holders of rec. Mar. 106
Babcock & Wilcox Co.(guar.)
1% Apr.
Holders of rec. Mar. 20a
Balaban & Hata, corn.(mthly.)
.Apr.
Holders of rec. Mar. 200
1% Apr. 1 Holders of rec. Mar. 200
Preferred (guar.)
Bamberger(L.) di Co., pref.(quar.).... 151 June 1 Holders of rec. May 126
Preferred (guar.)
154 Sept. 1 Holders of rec. Aug. 116
1% Dec. I Holders of rec. Nov.10a
Preferred (guar.)
Bancitaly Corp. (guar.)
56e, Apr. 1 Mar. 18 to Apr. 1
Bancroft(Joseph)& Sons Co.corn.(qu.). (12)4c. Mar.31 Holders of rec. Mar. 15
Bankers Capital Corp., common
July le Holders of rec. June 30
54
Preferred (guar.)
Apr. 16 Holders of rec. Mar. 31
$2
Preferred (guar.)
July 16 Holders of rec. June 30
$2
Preferred (guar.)
52
Oct. 15 Holders of rec. Oct. 1
Preferred (guar.)
Jan15'29 Holders of roe. Dee. 31
$2
Bankinstocks Holding Corp.,class A & B
250. Apr. 2 Holders of rec. Mar.230
Bankstocks Corp. of MarylandCommon A & B (guar.)
150 Apr. I Holders of rec. Mar. 16
Preferred (quar.)
154 Apr. 1 Holders of rec. Mar. 15
Bansicilla Corp. (guar.)
51
Apr. 10 Holders of rec. Mar.81
Barker Bros.. 1st prof (guar.)
•51.87% Apr. 1 *Holders of rec. Mar. lb
Second preferred (guar.)
.51.75 Apr. 1 *Holder* of roe. Mar.15
Barnett Leather, pref. (guar.)
134 Apr. 1 Holders of roe. Mar.aoa
Barnhart Bros. & SpindlerFirst and second pref.(guar.)
13( May 1 Holders of roe. Apr. 236
Bastian-Blessing Co.. pref.(guar.)
$1.75 July 1 Holders of reo. June 204
Preferred (guar.)
$1.75 Oct. 1 Holders of ree. Sept.20a
Preferred (guar.)
$1.75 Apr. 1 Holders of rec. Mar.200
Baxter Laundries, corn., A (guar.)
•500 Apr. 1 *Holders of rec. Mar. 20
Bay State Fishing, corn.(No. 1)
53
Apr. 2 Holders of rec. Mar. 230
Prior pref. and pref. (guar.)
70e Apr. 2 Holders of roe. Mar. 230
Bayuk Cigars,Inc., lot prat (guar.)
134 Apr. 15 Holders of roe. Mar. 310
Cony. 2d pref.(guar.)
1% Apr. 15 Holders of rec. Mar.81a
Eight per cent pref.(guar.)
Apr. 15 Holders of rec. Mar.816
2
Beatrice Creamery, corn. (guar.)
Apr. 1 Mar.21 to Apr. 1
51
13( Apr. 1 Mar.21 to Apr. I
Preferred (guar.)
Beech-Nut Packing (quar.)
600 Apr. 10 Holders of rec. Mar.2411
Belding Henimway Co., corn. (quar.)
/500 May 1 Holders of roe. Apr. 20a
Belgo Canadian Paper, corn. (quar.)--- 134 Apr. 10 Holders of roe. Mar.31
Preferred (quar.)
1% Apr. 2 Holders of rec. Mar. 1
Bend's Corp., claw A (guar.)
500 Apr. 2 Holders of rec. mar. 150
Berry Motor (guar.)
30c Apr. 1 Holders of rec. Mar.20
Bethlehem Steel. pref. (guar.)
1% Apr. 2 Holders of roe. Mar. So
Bingham Mines Co.(guar.)
$1.
Apr. 5 Holders of roe. Mar.22
Bliss(E. W.) Co., COCCI. (guar.)
2be Apr. 2 Holders of rec. Mar.20
Apr 2 Holders of rec. Mat.20
51
First preferred (guar.)
8734e Apr 2 Holders of rec. Mar.20
Second pref., class A (guar.)
150 Apr 2 Holders of rec. Mar.20
Second pref., class B (guar.)
Bloch Brothers Tobacco, corn (qua?.),.. 3734e May 15 May 10 to May 14
37340 Aug. 15 Aug 10 to
Common(guar.)
Aug. 14
37340.Nov.15 Nov. 10 to Nov. 14
Common (guar.)
1% Mar.31 Mar. 26 to Mar.30
Preferred (guar.)
Preferred (quar.)
134 June 30 June 25 to June 29
Preferred (guar.)
134 Sept.30 Sept. 25 to Sept. 29
14 Doe. 31 Doe. 28 to Doe. 30
Preferred (guar.)
Bohn Aluminum & Brass (guar.)
Holders of rec. Mar. lba
3734c Apr.
$1
Bon Aral Co., class A (guar.)
Apr. 30 Holders of rec. Apr. 15
Class B (guar.)
50o Apr. 1 Holders of rec. Mar. 30
Apr. 2 Holders of rec. Mar.20a
$1
Borg &Beck (guar.)
Borne Scrymser Co
Apr. 1 Mar. 24 to Apr. lb
51
500 Apr. 1 Mar. 24 to Apr. 15
Extra
Bowman-Biltmore Hotels, 1st pr. (gu.)- 1% Apr.
Holders of rec. mar. 216
Boyd-Welsh Shoe, common (guar.)
75e. Apr.
Holders of rec. Mar. 26
Brandram-Henderson, Ltd., prof. (qu.)
1% Apr.
Holders of rec. Mar. 1
Bridgeport Machine Co.. pref. (guar.).. $1.75 Apr.
*Holders of rec. Mar.20
Bright Star Elec., class A (No. 1)
•500. May 1 *Holders of rec. Apr. 15
Brillo Manufacturing, Inc.. cl. A (au.).
500. Apr. 2 Holders of roe. Mar. 150
British American Oil, registered (qua?) 25c. Apr. 2 Mar. 15 to Mar. 31
25e. Apr. 2 Holders of couponNo. 5
Coupon (quarterly)
(n) Mar.81 Holders of coup. No.122n
Brlt.-Amer. Tobacco, ord.(Interim)..,
Brockway Motor Trk., 7% pref.(qu.)- •1% Apr. 1 *Holders of rec. Mar. 26
13rompton Pulp & Paper (qua?.)
50e. Apr. 18 Holders of roe. Mar.31
Bruce(E. L.) Co.,common (quar.)
62340. Apr. 1 Holders of rec. Mar. 21
13( Apr. 1 Holders of rec. Mar.21
Preferred (guar.)
Brunswick-Balke-Collender Co.,pf.(qu.) •154 Apr. 2 *Holders of roe. Mar.20
Brunswick Site Co
25e. Apr. 1 Holders of rec. mar.22
Buckeye Incubator (guar.)
8730. Apr. 2 Holders of rec. Mar.20
Bucyrus-Erie Co.. corn. (No. 1)
250. Apr. 2 Holders of rec. Mar. 106
Convertible preferred (No. 1)
62310 Apr. 2 Holders of rec. Mar. 106
Preferred (guar.)
$1.75 Apr. 2 Holders of rec. Mar.100
Budd Wheel,7% 1st pref.(guar.)
I% Mar.81 Holders of rec. Mar.106
Building Products, Ltd., 01. A (quar.)
300. Apr. 2 Holders of roe. Mar. 19
Preferred (guar.)
1% Apr. 2 Holders of res. Mar. 19
Bulkley Bldg. (Cleveland). pref. (qu.)_. 1% Apr. 2 Mar. 22 to Apr. 2
Burkhart Mfg.. common (guar.)
3730 Apr. 1 Holders of rec. Mar.20
Preferred (guar.)
55c Apr. 1 Holders of roe. Mar. 20
Burns Bros.. Prof. (guar.)
1% Apr. 2 Holders of roe. Mar. Hia
Burroughs Adding Mach. (guar.)
750 June 11 Holders of rec. May 256
Burt(F. N.) Co., Ltd., common (qu.).. 75o Apr. 2 Holders of rec. Mar.dlba
BushTerminal, corn. (guar.)
600 May 1 Holders of roe. Mar. 306
Common (payable In corn. stock)_ -- 1134 May 1 Holders of rec. Mar. 300
Debenture stock (guar.)
134 Apr. lb Holders of rec. Mar. 300
Bush Terminal 131dirs., pref. (quar.)---- 1% Apr. 2 Holders of rec. Mar. lea
Butte & Superior Mining (guar.)
500 Mar. Si Holders of roe. Mar. 146
Burma Clark, Inc.. 7% pref.(No. 1)
66.11c Apr. 2 Holders of rec. Mar.20
Byers Machine, class A (guar.)
90e. Apr. 1 Holders of rec. Mar. 22
California Ink, class A & B (guar.)
37340 Apr. 2 Holders of rec. Mar.206
Cambria Iron
Apr. 2 Holders of rec. Mar. 156
$1
Cambridge Rubber, pref (guar.)
1% Apr. 2 Holders of rec. Mar. 28
Canada Bread, pref. A & B (quar.)--- 1% Apr. dl Mar. 16 to Mar. 31
Canada Cement, Ltd., pref. (quar.)--- 154 Mar.31 Holders of roe. Feb. 29
Canada Dry Ginger Ale (guar.)
760 Apr, 16 Holders of roe. Mar.310
Canada Iron Foundries, pref
Apr. 16 Holders of rec. Mar.31
4
Canada Salt Co., Ltd.(guar.)
Apr. 2 Holders of roe. Mar.24
2
Canada S. S. Lines, pref. (guar.)
1% Apr. 2 Holders of rec. Mar. lb
MAR. 31 1928.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
.50c. Apr. I 'Holders of rec. Mar. I
Canadian Bankstocks, Inc.(No. 1)
50e. Apr. 16 Holders of rec. Mar. 31
Canadian Brewing Corp.. Ltd. (quar.)._
Canadian Car & Fdy., pref. (quar.)____
134 Apr. 10 Holders of rec. Mar. 26
2
Apr. 4 Holders of rec. Mar. 23
Canadian Cottons, Ltd., cons. (quar.)__
Preferred (quar.)
13.4 Apr. 4 Holders of rec. Mar. 23
13.s Apr. 16 Holders of rec. Mar. 31
Canadian Fairbanks-Morse, pf. (qu.)__
Canadian General Electric, pref. (au)... 134 Apr. 2 Holders of rec. Mar. 15
CanadianLocomotive. pref. (quar.) _ _ _ _
134 Apr. 1 Holders of rec. Mar. 20
2
Mar. 31 Mar. 21 to Apr. 4
Canfield 011, corn.(quar.)
•2
June 30 'Holders of roe. June 20
Common (quar.)
*2
Sept. 30 'Holders of rec. Sept. 20
Common (guar.)
*2
Dec. 31 "Holders of rec. Dec. 20
Common (guar.)
134 Mar.31 Mar. 21 to Apr. 4
Preferred (quar.)
•144 June 30 "Holders of rec. June 20
Preferred (anar.)
•134 Sept.30 *Holders of rec. Sept. 20
Preferred (guar.)
•144 Dee. 31 "Holders of rec. Dec. 20
Preferred (guar.)
Case (J. I.) Thresh.Mach., cons.(qu.)_. 13.6 Apr. 1 Holders of rec. Mar. 120
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 12a
750. Mar, Si Holders of rec. Mar. 15
Celotex Co., com.(guar.)
$1.75 Mar. 31 Holders of rec. Mar. 15
Preferred (guar.)
Central Aguirre Sugar Cos.(quar.)
51.50 Apr. 2 Holders of rec. Mar. 24
50c Apr. 10 Holders of rec. Mar. 240
Central Alloy Steel, corn. (guar.)
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar.130
50e. Apr. 1 'folders of rec. Mar. 200
Central Dairy Products, cl A Mara_ _
Apr. 1 Holders of rec. Mar. 15
e5
Century Electric Co. (stock div.)
134 June 1 Holders of rec. May 19a
Century Ribbon Mills, pref. (quar.)___
Certain-teed Prod Corp.. Corn. (quar.).. 91
Apr. 1 Holders of rec. Mar. 150
144 Apr. 1 Holders of rec. Mar. 15a
First and second pref.(guar.)
75c. Mar.31 Holders of rec. Mar. la
Certo Corporation (guar.)
25e. Mar.31 Holders of rec. Mar. la
Extra
Champion Shoe Mach. let pt. (qua---- 134 Apr. 1 Holders of rec. Mar. 25
Channon (H.) Co. 1st pref.(quar.)
134 Apr. 1 Holders of rec. Mar. 205
Second preferred (guar.)
2 Apr. 1 Holders of roe. Mar. 200
Second pref. (acct. accum. diva
10 Apr. 1 Hinders of rec. Mar. 200
Cbatterton & Son
200. Apr. I Holders of rec. Mar. 15
Chicago Junction Rys. & Union Stock
Yards, common (quar.)
234 Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 15
Chic. Mill & Lumber, pref. (quar.)
134 Apr. 2 Holders of rec. Mar. 26a
Chicago Ry. Equip.(guar.)
13.4 Mar. 31 Mar. 21 to Apr. 2
250. Apr. 2 Holders of rec. Mar.20a
Chicago Yellow Cab (monthly)
250. May 1 Holders of rec. Apr. 20a
Monthly
25c. June 1 Holders of rec. May 18a
Monthly
75e. Mar. 31 Holders of rec. Mar. 17a
Chrysler Corp., corn. (guar.)
2
Mar. 31 Holders of rec. Mar. 17a
Preferred (guar.)
2
June 30 Holders of rec. June 16a
Preferred (quar.)
2
Sept. 29 Holders of rec. Sept.170
Preferred (quar.)
2
Jan.2'29 Holders of rec. Dec. 170
Preferred (quar.)
ys Apr. 2 Holders of rec. Mar. 15
Cities Service, com. (monthly)
f34 Apr. 2 Holders of rec. Mar. 15
Common (payable In common stork).
4s Apr. 2 Holders of rec. Mar. 15
Preferred and pref. BB (monthly)___
Sc. Apr. 2 Holders of rec. Mar. 15
Preferred B (monthly)
34 May 1 Holders of rec. Apr. 13
common
Cities Service
(monthly)
Common (payable in common stock)..
/Si May I Holders of rec. Apr. 13
34 May 1 Holders of rec. Apr. 13
Preferred and pref. BB (monthly)___.
Sc. May I Holders of rec. Apr. 13
Preferred B (monthly)
"500. Apr. 2 *Holders of rec. Mar. 19
City Dairy, Ltd. (Toronto), Mara_
62330
Apr. 2 Holders of rec. Mar. 21
Financial
Corp..
class
A
City
(guar.).
City Investing Co.. pref. (guar.)
134 Apr. 2 Holders of rec. Mar. 27
City Stores, class A (guar.)
87340 May 1 Holders of rec. Apr. 14a
Class A (guar.)
87540 Aug. 1 Holders of rec. July dl4a
Claremont Inv. Corp pf.(qu.)(No. 1).. 3144e Apr. 1 Holders of rec. Mar. 5
50o. June 1 .Holders of roe. May 15a
Cleveland Stone(quar.)
500. Sept. 1 Holders of reo. Aug. 15a
Quarterly
Apr. 1 Mar. 21 to Mar. 31
Cleveland Union Stk. Yds.(old),(qu.)_. 2
500. Apr. I Mar. 21 to Mar. 31
New stock (guar.)
50c. Apr. 2 Holders of rec. Mar. 20a
Club Aluminum Co.,com.(quar.)
Apr. 2 Holders of rec. Mar. 210
Cluett, Peabody & Co., pref. (an.).,,. 134
111.25 Apr. 2 Holders of rec. Mar. 123
CocaCola Co.(guar.)
$2.50 Apr. 2 Holder's of rec. Mar. 12a
Coca Cola International (quar.)
134 Apr. 2 Holders of rec. Mar. 20
Cohn-Hall-Marx Co., prof. (guar.)
34 Mar. 31 Holders of rec. Mar. 100
Commercial Credit do., com.(quar.)
preferred
(guar.)
134 Mar. 31 Holders of rec. Mar. 10a
63.4% first
144 Mar. 31 Holders of rec. Mar. 100
7% first preferred (guar.)
Mar. 31 Holders of ree. Mar. 10a
Preferred B (quar.)
900. Apr. 1 Holders of rec. Mar. 15a
Commercial Invest. Trust., com.(qu.)._
144 API% 1 Holders of rec. Mar. 15a
7% 1st preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 15a
6.14% 1st preferred (Soar.)
Apr. 2 Holders of roe. Mar. 20a
$2
Commercial Solvents (quar.)
50c. Apr. 2 Holders of rec. Mar. 220
Conde Nast Publicattons, corn. (quar.)_
134 Apr. 1 Mar. 18 to Afar. 31
Conduits Co., Ltd., 7% s. f. pf. (qu.)__
Mar.31 Holders of rec. Mar. 140
$1
Congress Cigar (quar.)
25e. Mar.31 Holders of rec. Mar. 140
Extra
Consolidated Cigar Corp., com.(guar.). $1.73 Apr. 2 Holders of rec. Mar. 19,
134 May 1 Holders of rec. Apr. 16a
Prior pref. (guar.)
50c. Apr. 1 Holders of rec. Mar. 20a
Consolidated Dairy Prod., coin. (guar.)
40c. Apr. 1 Holders of rec. Mar. 15
Comet. Film Industries, pref.(No. D._
1% Apr. 2 Holders of rec. Mar. 26
Consolidated MI111, Ltd.. pref. (guar.)._
Consumers Company, prior. pref.(quar.) •134 API% 1 'Holders of roe. Mar.31
30c. Apr. 1 Holders of rec. Mar. 200
Container Corp. class A (guar.)
15c. Apr, 1 Holders of rec. Mar. 200
'
Class B (guar.)
API% 1 Holders of rec. Mar. 26,
Continental Baking Corp.. pref.(guar.). 2
134 Apr. 2 Holders of rec. Mar. 200
Continental Can, pref. (quar.)
API% 20 Holders of rm. Mar. 24a
Copper Range Co
El
50e. Apr. 20 Holders of rec. Apr. 2a
Corn Products Refg., com.(guar.)
Preferred (quar.)
134 Apr. 14 Holders of rec. Apr. 2a
25c June 30 Holders of rec. June 15
Cox Stores, Inc., corn., el. B (quar.)__
Craddock-Terry Co., com. (quar.)
134 Mar. 31 Mar. 16 to Mar. 31
50c. Apr. 10 Apr. 1 to Apr. 10
Creamery Package Mfg., corn. (quar.)- 134 Apr. 10 Apr. 1 to Apr. 10
Preferred (quar.)
Cresson Consol. Gold Mln.& Mill (qu.)_
100. Apr. 10 Holders of rec. Mar. 31a
84
25e. D
Aie)c 311
Crosley Radio (stock dividend)
r.
Crosley Radio Corp.(guar.)
Holders of rec. Mar. 20a
Quarterly
25c. July 1 Holders of rec. June 20a
Quarterly
25e. Oct• 1 Holders of rec. Sept. 200
me. Jan1.20 Holders of roe. Dec. 20a
Quarterly
Crowley, Milner & Co.
we. Mar.31 Holders of rec. Mar. 10
Common (guar.)(No. 1)
51.75 Apr. 2 Mar. 21 to Apr. 2
Crown Finance Corp, prof. Mara
91.73 Apr. 1 Holders of rec. Mar. 13a
Crown Willamette Paper. 1st pf.
Second pref.(guar.)(No. 1)
$1.50 Apr. 1 Holders of rec. Mar. 13a
134 Apr. 30 Holders of rec. Apr. 16a
Crucible Steel, corn. (quar.)
141 Mar. 31 Holders of rec. Mar. 15a
Preferred (quar.)
•
25c. AM'. 2 Holders of rec. Mar. 3a
Cuban-American Sugar. com.(quar.)___
134 Apr. 2 Holders of rec. Mar. 3a
Preferred (quar.)
Apr. 14 Holders of rec. Apr. 5
$1
Cudahy Packing. corn. (guar.)
3
May 1 Holders of roe. Apr. 21
Six per cent preferred
.334 May 1 Holders of roe. Apr. 21
Seven per cent preferred
Danish American Corp.. 1st pref. (au.). 91.73 Apr. 2 Mar. 25 to Apr. 2
Second preferred (guar.)
91.75 API'. 2 Mar. 25 to Apr. 2
25c, Apr. 15 Apr. 1 to
Darby Petrol. Corp.(guar.), No. 1
Apr. 15
Davenport, Hosiery N11Ils, pref. (guar.). I 3/ Apr. 1 holders of rec. Mar. 20
13.1 June 1 Holders of rec. May 19
Decker (Alfred) & Cohn. pref. (quar.)__
Sept.
1
134
Holders of rec. Aug 20a
Preferred (uluar.)
Apr. 2 Holders of roe. Mar. 15.
1
Deere & Co.. COM.(No. 1) (quar.)
134 May 1 Holders of rec. Apr. 20a
Denison Manufacturing. pref. (quar.)__
2
May 1 Holders of rec. Apr. 20a
Debenture stock (guar.)
2
Apr. 2 Holders of rec. Mar. 15
Detroit & Cleveland Nay. (guar.)
.40c Ayr. 2 *Holders of rec. Mar. 22
Detroit Creamery (quar.)
200 Apr. 16 Apr. 1 to Apr. 15
Detroit Motorbus (quar.)
600 Apr. 1 Mar. 22 to
Apr. 1
Devoe & Reynolds, coin.. A & B (guar.)
400 Apr. 1 Mar. 22 to
Common, A & B (extra)
Apr. 1
$144 Apr. 1 Mar. 22 to Apr. 1
First and second pref. (quar.)
2
June 15 Holders of rec. Mar. 3Ia
Diamond Match (guar.)
2
Apr. 16 Holders of rec. Mar. 31
Dictograph Product Corp., pref. (qu.)__
"430 Apr. 1
Diversified Trustee Shares, B
"2
Mar. 31 'Holders of rec. Mar. 22
Dixon (Joseph) Crucible (qua
Dodge Brothers, Inc.. prof. (Ciller.). - $1.75 Apr. 15 Holders of rev. Mar. 27
I% Apr. 2 Holders of rec. Mar. 20a
Doehler Die-Casting. Pref. (guar.)
8734c Apr. 2 Holders of rec. Mar. 20a
Preferred (50% Paid)
91.3134 Apr. 2 Holders of rec. Mar. 20
Allotment offs.(75% Paid)
Name of Company.
1937
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
25c. Apr. 20 Holders of rec. Mar.31
Dome Mines. Ltd.,(quar.)
65c. Apr. 14 Holders of rec. Mar. 31
Dominion Engineering Wks.(quar.)
Dominion Glass common (guar.)
134 Apr. 2 Holders of rec. Mar. 15
134 Apr. 2 Holders of rec. Mar. 15
Preferred (guar.)
Dominion Stores, Ltd.(quar.)
75e. Apr. 1 Holders of rec. Mar. 15
Dominion Textile, Ltd., com. (quay.).- $1.25 Apr. 2 Holders of rec. Mar. 15
144 Apr. 16 Holders of rec. Mar.31
Preferred (quar.)
Douglas(W. I..) Shoe Co., pref. (guar.) 134 Apr. 2 Holders of roe. Mar. 15
Mar.31 Holders of rec. Mar. 30
Draper Corporation (guar.)
$1
Dunham (James H.) corn. (guar.)
134 Apr. 2 Holders of rec. Mar. 19
First preferred (guar.)
134 Apr. 2 Holders of rec. Mar. 19
134 Apr. 2 Holders of rec. May. 19
Second preferred quar.)
Apr. 10 Holders of rec. Apr. is
Dunhill International, corn. (quar.)... $1
Du Pont(E. I.) de Nem.,deb. stk.(qu.)_
lys Apr. 25 Holders of rec. Apr. 10a
Mar,31 Holders of rec. Mar. 10
Durant Motors of Canada (guar.)(N o.1) 1
Early & Daniel, cons. (guar.)
8234c Apr. 1 Holders of rec. Mar. 20a
280. Apr. 1 Holders of roe. Mar.20a
Common (extra)
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar.20
Eastern Rolling Mill (quar.)
3734c. Apr. 1 Holders of rec. Mar. 200
Eastern Steamship Lines, no par pf.(qu.) 8734c Apr. 16 Holders of rec. Apr. 4
First preferred (guar.)
134 Apr. 2 Holders of rec. Mar. 22
Eastman Kodak, corn.(quar.)
$1.25 Apr. 2 Holders of rec. Feb. 290
75e. Apr. 2 Holders of rec. Feb. 290
Common (extra)
Preferred (quar.)
134 Apr. 2 Holders of rec. Feb. 29a
Eaton Axle & Spring (guar.)
50c. May I Holders of rec. Apr.d15a
525e. Apr. 18 Holders of rec. Apr. 2
Economy Stores(guar.)
Edwards(Wm.) Co..6% pref.(guar.).134 Apr. 1 Holders of rec. Mar.20
Eisenlohr (Otto) & Bro.13.4 Apr. 2 Holders of rec. May.200
Preferred (quar.)
Electric Auto-Lite Co. Mara
91.50 Apr. 1 Holders of rec. Mar. 220
91.25 Apr. 1 Holders of roe. Mar.20a
Electric Controller & Mfg.(guar.)
Elec. Stor. Battery, com.& pref.(guar.) 91.25 Apr, 2 Holders of rec. Mar. 8a
Apr. 2 Mar. 21 to Apr. 3
Electric Vacuum Cleaner (guar.)
51
51
Apr. 2 Mar. 21 to Apr. 3
Extra
Emerson Elec. Mfg.. pref.(quar.)
134 Apr, 1 Holders of rec. Mar. 20
Endicott-Johnson Corp., corn. (quay.).. $1.25 Apr. 1 Holders of rec. Mar. 20a
Preferred (quar.)
134 Apr. 1 Holders of rec. May. 200
Equitable Office Bldg., corn.(quar.)- -- $1.75 Apr. 2 Holders of rec. Mar. 15a
134 Apr. 2 Holders of rec. Mar.15a
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 260
Evans Auto Loading. A & B (guar.) - -- 51
75e, Mar. 31 Holders of rec. Mar. 12a
Fairbanks, Morse & Co.. corn. (guar.).
Fair (The). com.(monthly)
20c. Apr. 2 Holders of rec. Mar. 2Ia
•20c. May 1 Holders of rec. Apr. 20
Common (monthly)
•144 May 1 Holders of rec. Apr. 20
Preferred (quar.)
280. Apr. 1 Holders of rec. Mar. 150
Fanny Farmer Candy Shops, com.(qu
25c. July 1
Common ((mar.)
Common (guar.)
25e. Oct. 1
25e. an 1'29
Common (quar.)
600. Apr. 1 Holders of rec. Mar. 15a
Preferred (guar.)
dMar31 Holders of rec. Mar. 21a
Farr Alpaca (guar.)
$2
50c. May 31 Holders of rec. May 17a
Fashion Park, Inc.,corn.(quar.)
500. Aug. 31 Holders of rec. Aug. 17a
Common (quar.)
500. Nov.30 Holders of rec. Nov.30a
Common (guar.)
50c. Apr. 2
March 18
Faultless Rubber, corn. (quar.)
1% Apr. 2
March 16
Preferred (quar.)
Federal Bake Shops, Inc., pref. (qu.)__ "1% Apr. 2 "Holders of rec. Mar. 8
Federal Knitting Mills. corn. Mara-- 6234c May I Holders of rec. Apr. 15a
I234e May I Holders of rec. Apr. 15a
Common (extra)
20e. Apr. 2 Holders of rec. Mar.17a
Federal Motor Truck (quar.)
e234 Apr. 5 Holders of rec. Mar.17a
Stock dividend
Mar. 31 Mar. 22 to Apr. 1
Federal Terra Cotta Co., pref. (quar.)_. 2
Feltman & Curme Shoe. pref. (an.).- 13.4 Apr. 1 Holders of rec. Mar. 1
Apr. 2
"$2
Fidelity & Deposit Co.(guar.)
160. Apr. 17 Holders of rec. Apr. 3a
Fifth Ave. Bus Securities (guar.)
Fifth Avenue Investing Corp., corn
30c. Apr. 2
pr
Preferred (quar.)
521 34
. 21 Holders of roe. Mar. 31
Filing Equipment Bureau, pt. (guar.) _ _
Finance Co. of Amer. (Bait.)15e. Apr. 16 Holders of rem'. Apr. 50
Common. A and B (quar.)
4344c. Apr. 16 Holders of rec. Apr. 5a
Seven per cent. pref. (guar.)
Financial & Indust. Scour., corn. (guar.)
75c. Apr. d2 Holders of rec. Mar.16a
35c. Apr. d2 Holders of rec. Mar. I6a
Common (extra)
Preferred (guar.)
13.4 Apr. d2 Holders of rec. Mar. I66
Financial Investing Co., corn.
30e Apr. 1 Holders of rec. Mar. 10
---10c. Apr. 1 Holders of roe. May. 10
Common (extra)
Apr. 20 *Holders of rec. Apr. 10
Firestone Tire & Rubber, corn.(quar.).. "52
•13.4 May 15 *Holders of rec. May 1
Seven per cent. pref.(guar.)
134 Apr. 15 Holders of rec. Mar.30
6% preferred (quar.)
$1.75 May 15 Holders of rec. May 1
First Federal Foreign Invest Trust
Apr. 1 Holders of rec. Mar.134
First Nat Pictures, let pref. (guar.).... 2
3744c Apr. 2 Holders of rec. May. 200
First Nat. Stores, common (guar.)
1% May 1 Holders of rec. Apr. 16a
Fisk Rubber Co., 1st pref.(quar.)
First convertible pref. (quar.)
134 May 1 Holders of rec. Apr. lea
134 June 1 Holders of rec. May 15a
Second preferred (quar.)
1 is Mar. 31 Holders of roe. Mar. 15
Flatbush Investins Corp.. corn. (quar.)_
75c. Apr. 2 Holders of rec. Mar. 134
Fleischmann Co (guar.)
75c. Apr. 16 Holders of rec. Apr. 11
Flintkote Co.. eons. (quar.)
51.75 Apr. 16 Holders of re*,. Apr. 11
Convertible pref. (guar.)
ker. 1 Holders of rec. Mar. 15
Flour Mills of Amer.. Inc., pref., A (qua 52
30c Apr. 1 Mar. 21 to Mar.31
Foote Bros. Gear & Mach.. corn.(qu.)__
Preferred (guar.)
134 Apr. 1 Mar. 21 to Mar.31
25c Apr. I Holders of rec. May. 26e
Foote-Burt Co., class A (guar.)
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 26a
280 Apr. 2 Holders of rec. May. 15a
Fort.= Company. com.(quar.)
400 Apr. 2 Holders of me. Mar. 15a
Class A (quarterly)
280 Apr. 1 Holders of rec. Mar. 15a
Formica Insulation (quar.)
100 Apr. I Holders of rec. Mar. 15a
Extra
Quarterly
25c July 1 Holders of rec. June 15a
10c July 1 Holders of rec. June 15a
Extra
250 Oct. 1 Holders of rec. Sept. I5a
Quarterly
10c Oct. 1 Holde_s of rec. Sept. 15a
Extra
280 Jan.1'29 Holders of rec. Dec. 15a
Quarterly
100 Jan.1'29 Holders of rec. Dec. 150
Extra
Foster & Wheeler. pref.(quar.)
'$1.75 Apr. 1 *Holders of rec. Mar. 12
Foster(W. C.) Co., pref.(quar.)
134 Apr. 1 Holders of rec. Mar. 21
Apr. 15 Holders of rec. Mar.304
Fox Film Corp., corn. A. & B.(qua-- $1
25c Apr. 2 Holders of rec. Mar. 20
Fraser Companies, Ltd.(quar.)
$1
May 1 Holders of roe. Apr. 140
Freeport Texas Co.(guar.)
75e May 1 Holders of rec. Apr. 14a
Extra
Fuller (Geo. A) parte. prior pref.(qu.).. $1.56 Apr. I Holders of rec. May.10a
Fulton Sylphon, corn. (quar.)
50c Apr. 1 Holders of rec. May. 17a
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 170
Galesburg Coulter Disc. (quar.)
800 Apr. 1 Holders of rec. Mar. 200
Extra
25e Apr. 1 Holders of rm. Mar.204
General Amer. Tank Car., corn. (guar.) $1
Apr. 1 Holders of rec. Mar. 15a
Preferred (guar.)
$1.7 Apr. 1 Holders of rec. Mar. 15a
May,31 Holders of rec. Mar. 134
General Baking, pref.(guar.)
$2
General Baking Corp.. Pf (qu.),(No. 1)_ $1.25 Apr. 2 Holders of rec. Mar. 20a
134 Apr. 2 Holders of rec. May.20a
General Bronze Corp. prof.(guar.)
r$2 .33 1-3 May I Holders of rec. Apr. 10a
General Cable Corp., pret
Class A
-51 66 2-3 June 1 Holders of rec. May 10a
General Cigar. corn. (quar.)
$1
May I Holders of rec. Apr. 16a
Preferred (guar.)
13.4 June 1 Holders of rec. May 2Ia
1
General Electric Co.(guar.)
Apr. 27 Holders of rec. Mar.23a
15e. Apr. 27 Holders of rec. Mar.23a
Special stock (guar.)
General Fireproofing, coin. (quar.)
$1.75 dApr. 1 Mar. 21 to May.31
Preferred (quar.)
134 dApr. 1 Mar. 21 to
Mar. 31
General lee Cream Corp.. corn
$1.50 kor. 16 Holders of rem'. Apr. 2a
General Motors,6% pref. (quar.)
134 May 1 Holders of rec. Apr. 7a
6% deb. stock (quar.)
134 May 1 Holders of rec. Apr. 7a
Seven per cent pref. (guar.)
134 May 1 Holders of rec. Apr. 7a
General Railway Signal, cons. Mara- - $1.25 Apr. 2 Holders of rec. May. 10a
Preferred (quar.)
134 Apr. 2 Holders of rec. Mar. 106
75c. Apr. 16 Holders of rec. Apr. 7a
General Refractories Mara
50c. May 1 Holders of rec. Apr. 16a
General Stockyards Corp.. corn. (qu.)..
Convertible preferred (quan)
$1.50 May 1 Holders of rec. Apr. 16a
General Tire & Rubber, old pref.(quar.) 134 Apr. 1 Holders of rec. Mar.20
New 6% prof. (guar.). (No. 1)
134 Mar.31 Holders of rev. Mar. 20
C.0.Spring &Bumper,pref.(quar.)--- 2
Apr. 1 Holders of roe. Mar:10a
65c .Mar. 31 Holders of rec. May.20a
Gibson Art com. (guar.)
13.4 May 1 Holders of rec. Apr. 14a
Gimbel Brothers. pref.(quar.)
1938
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Cladding, McBean & Co.(monthly) _ _ _ *25c. Apr. 1 *Holders of rec. Mar.20
*25c. May 1 'Holders of rec. Apr. 20
Monthly
Monthly
.25c. June 1 *Holders of rec. Mar. 19
*25c July I *Holders of rec. June 20
Monthly
525e Aug. 1 *Holders of rec. July 20
Monthly
*25e Sept. 1 *Holders of rec. Aug. 20
Monthly
Monthly
525c Oct. 1 *Holders of rec. Sept.20
Monthly
*25c Nov. 1 *Holders of rec. Oct. 20
*25c Dec. I *Holders of rec. Nov. 20
Monthly
1% Apr. 1 Holders of rec. Mar. 150
Glidden Co.. prior p1, (quar.)
Globe Grain & Milling. corn. (quar.)--- 81.50 Apr. 2 Mar. 29 to Apr. 1
First preferred (quar.)
31.75 Apr. 2 Mar. 29 to Apr. 1
Apr. 2 Mar. 29 to Apr. 1
Second preferred (quar.)
$2
$1.50 Apr. 1 Holders of rec. Mar. 20
Globe-Wernicke Co., common (quar.)
Gold Dust Corp., corn.(quar.)
75e May 1 Holders of rec. Apr. 170
1,‘ Apr. 2 Holders of rec. Mar. 90
Goodrich (B. F.) Co., pref.(quar.)
Preferred (quar.)
154 July 2 Holders of rec. June 9a
Goodyear Textile (quar.)
411.75 Apr. 2 *Holders of rec. NIar. 20
Goodyear Tire & Rubber, 1st pf (quar) St 75 Apr 1 Holders of rec Mar is
El 75 Apr 1 Holders of rec Mar 1
Preferred
Goodyear Tire dr Rub. of Calif., pf.(qu.) '134 Apr. 2 *Holders of rec. Mar. 20
Goodyear Tire & Rubb. of Can.. pf.(qu.) 131 Apr. 2 Holders of rec. Mar. 15
Gossard (H. W.) Co.. corn. (monthly).- 33 1-3c Apr. I Holders of rec. Mar. 213
331-30 May 2 Holders of reo. Apr. 20a
Common (monthly)
331-30 June 1 Holders of rec. May 21a
Common (monthly)
33 i-3c July 2 Holders of rec. June 203
Common (monthly)
•1N May 1 Holders of rec. Apr. 203
Preferred (guar.)
Gotham Silk Hosiery vot. stock (quart)- 62340 Apr. 2 Holders of rec. Mar.15a
62340 Apr. 2 Holders of rec. Mar. 150
Non-voting stock (quar.)
Gotham Silk Hosiery. Pref. (quar.)__s101
134 May 1 Holders of rec. Apr. 16a
Apr. 2 Holders of rec. Mar. 20
2
Gould Pumps. Inc., corn. (quar.)
IN Apr. 2 Holders of rec. Mar. 20
Preferred (quar.)
Mar. 31 Holders of rec. Mar. 15
2
Orwell' Chemical, Cora. (quar.)
154 Mar. 31 Holders of rec. Mar. 15
Preferred (quar.)
15:1 May 15 Holders of rec. Apr. 163
Groton & Knight Co., pf. (qu.)(No. 1)_
$1.25 Apr. 1 Holders of reo. Mar. 223
Great Lakes Steamship (quar.)
$1.25 Mar. 31 Holders of rec. Mar.d16a
Great Lakes Towing,coin.(quar.)
134 Apr. 1 Holders of ree.Mar.d16a
Preferred (guar.)
154 Apr. 2 Holders of rec. Mar. 243
Great Lakes Transit, pref.(quar.)
750. Apr. 30 Holders of rec. Apr. 90
Great Northern Iron Ore Properties__
700. Apr. 2 Holders of roe. Mar. 15d
Great Western Sugar, com.(quar.)
134 Apr. 2 Holders of rec. Mar. 153
Preferred (quar.)
Green (Daniel) Felt Shoe. pref. (quar.). 81.50 Apr. 2 Holders of rec. Mar. 15
Greenfield Tap & Die Corp..6% pf.(qu.) 1% Apr. 2 Holders of roe. Mar. 15
Apr. 2 Holders of roe. Mar. 15
2
8% pref.(quar.)
Greif Bros. Cooperage. corn., A (quar.)80c. Apr. 2 Holders of rec. Mar. 15
Greif(L.) & Bros.. Inc.. pref.(quar.)
134 Apr. 1 Holders of rec. Star. 21a
Apr. 2 Holders of rec. Mar.150
2
Guantanamo Sugar. pref. (quar.)
Guardian Invest. Trusts, pref. (guar.)._ •3734c Apr. 1 *Holders of rec. Mar. 15
3734c. Apr. 2 Mar. 21 to Mar. 25
Gulf 011 Corp. (quar.)
Gulf States Steel. pref. (quar.)
134 Apr. 2 Holders of rec. Mar. 153
50c. Apr. 1 Holders of rec. Mar. 15
Gurd (Charles) & Co., Ltd., corn
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 15
250. Apr. 30 Holders of rec. Apr. 20
Hall(W.F.) Printing (quar.)
Hamilton-Brown Shoe (monthly)
12340 Apr. dl Holders of rec. Nlar.d20
Hammermill Paper. pref. (quar.)
134 Apr. 2 Holders of rec. Mar. 203
Hanes (P. 11.) Knitting, pref. (quar.)__
134 Apr. 2 Holders of rec. Mar. 20
25e. Apr. 1 Holders of rec. Mar. 23
Harbauer Company (quar.)
Harbison-Walker Refract.. pref. (qu.)_. 134 Apr. 20 Holders of rec. Apr. 1 Oa
20c. Apr. 1 Holders of roe. Mar.296
Harris(B. T.) Co., corn.(quar.)
$1
Apr. 1 Holders of rec. Mar. 293
Class A (quar.)
Hawaiian Commercial & Sugar (mthly.). •25c. Apr. 5 *Holders of rec. Mar. 25
•15c. Mar. 31 *Holders of rec. 1Mar. 31
Hawaiian Pineapple. Ltd. (monthly)
50c. Apr, 2 Mar. 25 to Mar. 26
Hazel-Atlas Glass (quar.)
Extra
1234c. Apr. 2 Mar. 25 to Mar. 26
Heath (D. C.) & Co. (quar.)
134 Mar. 31 'folders of rec. Mar. 28
Helme (George W.) Co.. corn. (quar.)__ $1.25 Apr. 2 Holders of roe. Mar. 120
134 Apr. 2 Holders of rec. Mar. 120
Preferred (quar.)
Hibbard, Spencer, Bartlett & Co.(mthlY)
350. Apr. 27 Holders of rec. Apr. 20
Monthly
350. May 25 Holders of rec. May 18
350. June 29 Holders of rec. June 22
Monthly
Hilicrest Collieries, coma. (quar.)
134 Apr. 14 Holders of rec. Mar. 31
154 Apr. 14 Holders of rec. Mar. 31
Preferred (quar.)
162 Mc Apr. 1 Ifolders of rec. Mar. I53
Holland Furnace Co
•
Apr. 2 *Holders of rec. Mar. 20
Holland Land (quar.)
v1
Apr. 2 *Holders of rec. Mar. 20
Extra
25e. Mar. 31 Holders of rec. Mar. 15a
Holly Oil (quar.)
Holmes(D. H.) Co., Ltd.(quar.)
234 Apr. 2 Holders of rec. Mar. 24
Holt, Renfrew & Co., Ltd.. pref.(au.)-134 Apr. 2 Holders of rec. Mar. 29
Mar.31 Mar. 21 to Apr. 1
$1
Hood Rubber Co.. com.(quar.)
Hooven, Owens, Rentschler Co., pf(qu.) 134 Mar. 31 Mar. 21 to Mar. 31
Horn & Hardart Baking, Phila. (quer.). $1.25 Apr. 1 Mar. 22 to Apr. 1
Extra
50e Apr. 1 Mar. 22 to Apr. 1
Apr. 16 Holders of rec. Mar. 313
$1
Howe Sound Co. (quar.)
81.25 Apr. 2 Holders of reo Mar. 125
Hudson Motor Car (quar.)
30c Apr. 1 Mar. 13 to Mar. 31
Humble Oil & Refining (quar.)
20e Apr. 1 Mar. 13 to Mar. 31
Extra
62 Ne Apr. 1 Holders of rec. Mar. 20
Hussmann Refr.. corn. (quar.)
Huttlg Sash & Door, corn. (quar.)
373.4c Apr. 1 Holders of rec. Mar. 20
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 20
Hydraulic Press Brick, pref. (quar.)__.._
134 Apr. 2 Holders of rec. Mar. 24
Apr. 2 Holders of rec. Mar. 15
51
Idea Cement, corn. (quar.)
31.75 Apr. 2 Holders of rec. Mar. 15
Preferred (quar.)
600. Apr. 14 Apr. 4 tt
Apr. 18
Illinois Brick (guar.)
600. July 14 July 4 to July 15
Quarterly
60e. Oct. 15 Oct. 4 to Oct. 15
Quarterly
3
Mar. 31 Holders of rec. Mar. 8
Imperial Tob.of Canada, rref
July 16 Holders of rec. June 290
Incorporated Investors (stock dividend). e2
Apr. 2 *Holders of rec. Mar. 24
Independent Pneumatic Tool (guar.).- - 051
May 15 Holders of rec. Apr. 20
$1
Indiana Pipe Line (guar.)
May 15 Holders of rec. Apr. 20
$I
Extra
134 Apr. 2 Holders of rec. Mar. 2e0
Indian Mott:cycle. pref.(quar.)
India Tire & Rubber. pref.(quar.)
134 Apr. 2 Holders of rec. Mar. 200
Industrial Acceptance Corp., 1st pd.(qu) 134 Apr. 2 Holders of rec. Mar. 23
Apr. 2 Holders of rec. Mar. 23
2
Second preferred (quar.)
Mar.31 Mar. 25 to
2
Apr. 1
Ind ustrIcs Develop. Corp. pref.(qu.)__ _
134 Apr. 2 Holders of rec. Mar. 150
Inland Steel. pref. (quar.)
50e. Apr. 2 Holders of rec. Mar. 23a
Inland Wire & Cable(quar.)
334 Apr. 2 Holders of rec. Mar. 20
I nsuranre Securities. Inc.(quar.)
25c. Mar. 31 Holders of rec. Mar.2-la
Intercontinental Rubber (quar.)
Apr. 1 Mar. 017 to Apr. 1
81.50
(quar.)
Interlake Steamship
$1.25 Apr. 10 Holders of rec. Mar. 220
Internat. Business Machines(guar.)._
20e. Apr. 2 Holders of rec. Mar. 15
Internat. Buttonhole Mach.(gnarl- - -Internat. Combustion Eng., pref. (qu.). $1.75 Apr. 1 Holders of rec. Mar. 163
873.4c Apr. 1 Holders of rec. Mar. 20
Internal. Equities. class A (quar.)
134 Apr. 16 Holders of rec. Mar. 26a
International Harvester. corn. (War.).•
SOe. Apr. 11 Holders of rec. Mar. 24n
I nterito Nlatch. cool.(guar.)
803. Apr. it Holders of ree. Mar. 24a
PartictoatInc pref.(quar.)
50e. Mar. 31 Holders of roe. Mar. 150
International Nickel, corn. (quar.)
134 Apr. 16 Holders of roe. Apr. 2a
In ernational Paper. 6% pref. (quar.)- 134 Apr. 16 Holders of rec. Apr. 20
!sever per cent pref. (quar.)
25c. Apr. 1 Holders of rec. Mar. 31
Internat. Projector Corp.. corn. (quar.)
250. Apr. 1 Holders of rec. Mar. 31
Allot. efts. for corn. (quar.)
81.75 Apr. 1 Holders of rec. Mar. 31
$7 preferred (quar.)
31.75 Apr. 1 Holders of rec. Mar. 31
Allot. ctfs. for $7 pref. (quar.)
IN Apr. 1 Holders of rec. Mar. 15a
International Salt (quar.)
*30j Apr. 2 *Holders of rec. Mar. 20
Internat. Securities Co., Inc. (quar.).
500. Apr. 1 Holders of rec. Mar. 15
International Shoe, corn. (quar.)
50c. Apr. 1 Holders of rec. Mar. 15
Preferred (monthly)
134 Apr. I Holders of rec. Mar. 120
International Silver. pref. (quar.)
Apr. 1 Holders of reo. Mar.21
$2
Intertype Corp., 1st pref. (guar.)
1.3734 Mar. 31 Holders of rec. Mar. 153
Iron Products Corp
Apr. 2 Holders of rec. Nfar. 260
Si
Island Creek Coal. corn. (quar.)
PrpfPrrrei rotetr
XI .50 Apr. 2 Holders of rec. Mar.260
Jefferson Fuse & Elec. Corp.(MI.)(No.1) •6234c Apr. 1 *Holders of rec. Mar. 15
$I Apr. 16 Holders of reo. Apr. 90
Jewel Tea, corn. (guar.) (No. 1)
134 Apr. 1 Holders of rec. Mar. 150
Preferred (guar.)
750. Apr. 18 Holders of rec. Apr. 23
Johns-Manville Corp., corn. (quar.)._.
154 Apr, 2 Holders of rec. Mar. 19a
Preferred (quar.)
& Laughlin Steel. pref.(quar.)---- 15( Apr. 2 Holders of rec. Mar. 150
Name of Company.
[Vol,. 126.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued)
Kalamazoo Stove, common (quar.)____ $1.25 Apr. 1 Mar. 21 to Apr. I
4.1X Mar. 31 *Holders of rec. Mar. 23
Kalbfleisch Corp.. pref. (guar.)
Kaufman (Chas.) Co.. Ltd.(quar.)__
234 Apr. 2 Holders of rec. Mar. 24
Kaufmann Dept Stores, corn.(qu.)
*2
Apr. 28 *Holders of rec. Apr. 20
Preferred (quar.)
134 Apr. 2 Holders of rec. Mar.20
Kawneer Co.(quar.)
623-40 Apr. 15 Holders of rec. Mar. 320
Kavnee Co.. corn.(quar.)
50c. Apr. 1 Holders of rec. Mar. 20
Common (extra)
12Nc, Apr. 1 Holders of rec. Mar.2045
Common (extra)
12 Nc July 1 Holders of rec. June 2045
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 20
Keith-Albee-Orph.conv. pf.(qu.)(No. 1) 154 Apr. 2 Holders of rec. Mar. 19a
Keith (Geo. E.) Co.. 1st pf.(qu.)
15.1, Apr. 1 Mar. 16 to
Apr. 1
Kelley had. Lime & Transport (guar.)._ 6255c. Apr. 2 Mar. 021 to Apr. 2
Kelsey-Hayes Wheel. common (quar.)__
50e. Apr, 2 Holders of rec. Mar.21a
Kelsey-Hayes Wheel, pref. (quar.)
13-4 May 1 Holders of rec. Apr. 206
Kennecott Copper Corp.(quar.)
$1.25 Apr. 2 Holders of rec. Mar. 2a
Kentucky Rock Asphalt, corn.(quar.)__
25e. Apr. 1 Mar. 16 to Mar. 31
Keystone Steel & Wire, corn. (quar.)___ $1
Apr. 15 Holders of rec. Apr. ba
Preferred (guar.)
1M Apr. 15 IIolders of rec. Apr. 5a
King Royalty. pref. (quar.)
2
Apr. 1 Holders of rec. Mar. 153
Kirby Lumber, corn. (quar.)
131 June 10 Holders of rec. May 31
Common (quar.)
131 Sept. 10 Holders of rec. Aug. 31
Common (quar.)
134 Dec. 10 Holders of rec. Nov.30
Kirshbaum (A. B.) Co., pfd.(qu.)
134 Apr. 2 Holders of rec. Mar. 203
Knott Corp.(quar.)
60c. Apr.d16 Holders of rec. Apr. d5a
Knox Hat. pref. (quar.)
IN Apr. 2 Holders of roe. Mar. 15
Kraft Cheese (quar.)
37N c Apr. 1 Holders of rec. Mar. 90
Stock dividend
1N Apr, 1 Holders of rec. Mar. 9a
Kresge (8.8.) Co.. corn.(quar.)
30c. Mar. 31 Holders of rec. Mar. 101
Common (extra)
40e, Mar. 31 Holders of rec. Mar.104
Preferred (quar.)
134 Mar.31 Holders of rec. Mar.100
Kroger Grocery dz BakingCorn.(payable in corn stock)
Apr. 2 Holders of rec. Mar. 103
15
Laboratory Products, corn. (quar.)
40c. Apr. 2 Holders of rec. Mar. 193
Lackawanna Securities
Apr. 2 Holders of rec. Mar. 17a
Si
Laconia Car, pref. (quar.)
1N Apr. 2 Holders of roe. Mar.200
Laguna Land & Water(monthly)
1
Apr. 10 Ilolders of rec. Apr. la
Monthly
May 10 Holders of rec. May la
1
Lake Erie Bolt & Nut (quar.)
25e Mar. 31 'folders of ree.Mar.d24a
Lambert Co., corn. (quar.)
$1.25 Apr. 1 Holders of rec. Mar. 190
Common (special)
50o. Apr, 1 Holders of rec. Mar. 195
Land Title Bldg. Corp.(Phila.)(No. 1). 33-4 Mar. 31 Holders of reo. Mar. 10
Land Title Bldg. Corp. (Phila.)(No. 2.) 334 June 30 Holders of rec. June 11
La Salle Eaten. Univ. pref.(quar.) __ 134 Apr. 1 Holders of rec. Mar. 22
Lawrence Hotel-See United Hotels of Amer.
Lawton Mills, pref. (quar.)
134 Mar. 31 Holders of rec. Mar. 150
Lawyers Mortgage Co. (quar.)
33.4 Mar.31 Holders of rec. Mar. 22
Lawyers Title & Guaranty
234 Apr. 2 Holders of rec. Mar.22
Lawyers Westchester Mtge & Title
Apr. 2 Holders of rec. Mar. 16
2
Lehigh Valley Coal Sales(quar.)
Apr. 2 Holders of rec. Mar. 15
Si
LeMur Co.(extra)
250. Mar. 31 Holders of rec. Mar. lba
Preferred (quar.)
Apr. 1 Holders of rec. Mar. Ala
2
Leonard, Fitzpatrick, Mueller Stores(qu) 37 Ne Apr. 1 Holders of rec. Mar.226
Liberty Baking, pref.(guar.)
151 Apr. 2 Holders of rec. liar. 23
Life Savers, Inc. (quar.)
400. Apr. 1 Holders of rec. Mar. 1442
Liggett & Myers Tobacco. pref. (qu.)--Apr. 2 Holders of rec. Mar.12a
Lindsay Light, pref.(quar.)
4'1N May 5 *Holders of roe. Apr. 25
Lion 011 Refining (quar.)
50e Apr. 27 Holders of rec. Mar. 30
Liquid Carbonic Corp.(quar.)
90o May I Holders of reo. Apr. 20
Loew's Boston Theatres(quar.)
15e May 1 Hollers of rec. Apr. 160
Loew's, Inc., cora. (quar.)
50c Mar. 31 Holders of rec. Mar.140
Loew's State Theatre, pref. (quar.)_ _ _ _
Apr. 2 *Holders of rec. Mar. 17
Lone Star Gas (quar.)
•
Mar.31 *Holders of rec. Mar.20
Loose-Wiles Biscuit, corn. (quar.)
40e May 1 Holders of rec. Apr. 180
First preferred (quar.)
134 Apr. 1 Holders of rec. Star. 2Ia
Second preferred (quar.)
•1N May 1 *Holders of rec. Apr. 1,6
Lord 6: Taylor, corn. (quar.)
234 Apr. 2 Holders of rec. Mar. 170
Lord & Taylor. 2d pref. (quar.)
May 1 Holders of ree. Apr. 173
2
Lorillard (P.) Co., pref.(quar.)
lx Apr. 2 Holders of ree. Mar. 150
Lowenstein (M.) & Sons, 1st pref.(qui - .1,1% Mar. 31 'Holders of rec. Mar. 31
Ludlum Steel (quar.)
50c. Mar. 31 Holders of rec. Mar.210
NlacAndrews & Forbes, corn, (quar.)___
61e. Apr. 14 Holders of rec. Mar. 3I0
Preferred (quar.)
154 Apr. 14 Holders of rec. Mar. 316
Mack Trucks, Inc., corn.(quar,)
81.60 Mar. 31 Holders of rec. Mar. 160
Macy (R. II.) Co. (quar.)
$1.25 May 15 Holders of rec. Apr. 280
Madison Square Garden (guar.)
3734c Apr. 16 Holders of rec. Apr. 63
Mamma Copper Co. (quar.)
75e. Apr. 16 Holders of rec. Mar. 31a
Mallinson (H. R.) & Co., Inc.. Pf.(qu.) 15( Apr. 2 Holders of rec. Mar. 210
Mandel Bros. (quar.)
623i Apr. 16 Holders of rec. Mar. 31a
Manhattan Electrical Supply (quar,)_ S1.25 Apr. 2 Holders of rec. Mar. 2I6
Nianhat. Fin'i Corp., Cl. A (qu.)(No. 1) 37340. Apr. 1 Holders of rec. Mar. 20
Class B (qpm%)
10e. Apr. 1 Holders of rec. Mar. 20
Manhattan Shirt, pref. (quar.)
131 Apr. 2 Holders of rec. Mar. 170
Manning Bowman & Co., class A (quar.) 37340 Apr. 2 Holders of rec. Mar. 200
Class B (quar.)
1234e Apr. 2 Holders of rec. Mar.200
Manning Maxwell dr Moore, Inc. (qu.). 134 Apr. 2 Holders of rec. Mar. 31
Margay 011(quar.)
50c. Apr. 10 Ifolders of rec. Mar.20
Marion Steam Shovel, Corn. (quar.)_ --750. Apr .1 Holders of rec. Mar. 22
Preferred (quar.)
134 Apr. 1 Ifolders of rec. Mar.22
Marlin Rockwell Corp., corn. (quar,)....
50e. Apr. 2 Holders of rec. Mar. 226
Common (extra)
25e. Apr. 2 Holders of rec. Mar. 220
Martel Mills, Inc., pref. (quar.)
$1.75 Apr. 2 Holders of rec. Mar. 26
Marvel Carburetor (quar.)
800. Apr. 2 Holders of roe. Mar.150
Extra
20e. Apr. 2 Holders of rec. Mar. 150
Maryland Casualty (quar.)
1.1234 Mar. 31 Holders of rec. Mar. 165
Muthlizon Alkali Works, corn.(quar.).
$1.50 Apr. 2 Holders of rec. Mar. 1642
Preferred (guar.)
144 Apr. 2 Holders of rec. Mar. 160
May Drug Stores Corp. (quar.)
3734e. Apr. 1 Holders of rec. Mar. 100
McCaskey Register. 1st pref. (quar.)..
134 Apr. 2 Holders of rec. Mar. 23
Second preferred (quar.)
2
Apr. 2 Iloiders of rec. Mar. 230
McCord Mfg., deb.stock (quar.)
•50c. Apr. 2 *Holders of rec. Mar. 24
Preferred A
•51.75 Apr. 2 •Holders of rec. Mar. 24
McCord Radiator Mfg., class A (qu.)._
75c. Apr. 2 Holders of rec. Mar. 270
McKeesport Tin Plate (quar.)
Apr. 2 Holders of roe. Mar. 100
McLellan Stores, class A & B (No. 1)
10e Apr. 1 Holders of rec. Mar. 200
Class A & B (No. 2)
100. Oct. 1 Holders of rec. Sept.200
McLellan Stores, pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 200
h1eQuay-Nords Co. (quar.)
50e. Apr. 2 Holders of rec. Mar. 216
Mead Johnson & Co.. corn. (quar.)_-- 75c. Apr. 02 11°lifers of rec. Mar. 156
Meadows Mfg.. pref. (quar.)
*2
Apr. I •Holders of roe. Mar. 27
N1erchants & Mrs. Sec.. part. pref.(QUO 37340. Apr. 02 Holders of rec. dMar.lba
Merchants & Miners TransP. (quar.)--- 62310. Mar. 31 Mar. 13 to
Mar. 21
Merck Corp., prof. (quar.)
$1
Apr. 2 Holders of roe. Mar. 17
E erta
Merft
ithaler Linotype (quar,)
51.25 Mar. 31 Holders of rec. Mar. 30
25e. Mar.31 Holders of rec. Mar. 30
MerrIntar Chemical (quar.)
51.25 Mar. 11 Holders of rec. Mar. 17
Metropolitan Paving Brick, pref.(quar.)
Apr. 1 Mar. 16 to Mar. 31
MexicanPet
(
rqouar
leum
), corn. (guar.)
3
Apr. 20 Holders of rec. Mar. 3I0
Preferred
2
Apr. 20 Holders of roe. Mar. 310
Midland Steel Products, corn. (guar.).. Ii
Apr. 1 Holders of rec. Mar. 230
Common (extra)
48c Apr. 1 Holders of rec. Mar. 230
Preferred (quar.)
$2 Anr. 1 Holders of rec. Mar. 236
Preferred (extra)
SI
Apr. 1 Holders of rec. Mar. 230
Midvale Co.(quar.)
50c. Apr. 2 Holders of rec. Mar. 17
M inneapH(
ongeuyaw
r 11 ReguI.corn.
61.25c Aug. 15 Holders of rec. Aug. 4
Preferred
134 May 15 Holders of rec. May 4
Preferred (quar-)
1H Aug. 15 Holders of rec. Aug. 4
Preferred (quar.)
130 Nov. 15 Holders of roe. Nov. 3
Missouri-Illinois Stores, corn. (quar.)„25e. Apr. 1 Holders of rec. Mar. 20
Monsanto Chemical Works,coin.(quar.) 62 Ne Apr. 2 Holders of rec. Mar.200
Montgomery Ward & Co.. class A (qu.)
$1.75 Apr. I Holders of rec. Mar.200
Morgan Lithograph, corn. (guar.)
$1.25 Apr. 2 Holders of rec. Mar. 200
Morris (Philip) & Co., Ltd.. Inc. (qu.).
25c. Apr. 16 Holders of rec. Apr. 20
Quarterly
25e. July Ili Holders of rec. July 20
Quarterly
25c. Oct. 15 Holders of rec. Oct. la
Quarterlyy
25e.Ja n.1629 Hold, of rec. Jan. 2 '200
Mortgage Bond Co.(quar.)
Mar. 31 Holders of rec. Mar. 26
2
Mountain & Gulf Oil (quar.)
20. Apr. 16 Holders of rec. Apr. 20
Special
480. Apr. 16 Holders of rec. Apr. 26
Mountain Producers(guar.)
650. Apr. 2 Holders of reo. Mar. 160
MtmlcIp. Milan.Corp., el. A (qu.)(No.1) 68%0. Apr, 1 Holders of rec. Mar. 20
MAR. 31 1928.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Murphy(G.C.) Co.(quar.)
25e. June 1 Holders of rec. May 22
Quarterly
250. Sept. 1 Holders of rem Aug. 22
Quarterly
250. Dec. 1 Holders of rec. Nov. 21
Murray Ohio Mfg.. pref.(qua:.)
2
Apr. d2 Holders of rec. Mar. 200
Participating pref.(quar.)
1043 Apr. d2 Holders of rec. Mar. 200
Myers(F.E.)& Br0s..com.(4 mos.'div.) 66 2-3c Mar. 31 Holders of reo. Mar. 15
Preferred (4 mos.'div.)
2
Mar.31 Holders of rem Mar. 15
Nashua Manufacturing, pref.(qu.)
131 Apr. 2 Holders of rec. Mar. 22
National American Co.,Inc.(quar.)_... 500 May 1 Holders of rec. Apr. 160
Quarterly
50c Aug. 1 Holders of rec. July 160
Quarterly
50e Nov. 1 Holders of rec. Oct. 156
National Biscuit, corn. (quar.)
$1.50 Apr. 14 Holders of roe. Mar.300
National Breweries, corn. (quar.)
$1
Apr. 2 Holders of rec. Mar. 150
Preferred (quar.)
Apr. 2 Holders of rec. Mar. 150
National Candy, common (qua:.)
43340 Apr. 1 Holders of roe. Mar. 120
First and second pref.(guar.)
Apr. 1 Holders of rec. Mar. 120
Nat. Cash Credit Ass'n, corn. (qu.)__ _ _
150 Apr, 2 Holders of rec. Mar.12
Common (1-20th eh. corn. stock)
(1) Apr. 2 Holders of rec. Mar. 12
Preferred (quar.)
15c Apr. 2 Holders of rec. Mar. 12
Preferred (extra)
15c Apr. 2 Holders of rec. Mar.12
Pref. (1-20th eh. pref. stock)
(1) Apr. 2 Holders of rec. Mar. 12
National Cash Register, class A (qua:.). 750 Apr. 15 Holders of rec. Mar. 300
National Casket, corn
$1.50 dMayl5 Holders of rec. dMay 26
Preferred (guar.)
134 Mar.31 Holders of rec. Mar. 156
Nat. Dairy Products, corn.(qua:.)
The. Apr. 2 Holders of rec. Mar. 196
Preferred A & B (quar.)
$1.75 Apr. 2 Holders of rec. Mar. 196
Nat. Enamel & Stu., pref. (quar.)___
Mar.31 Holders of rec. Mar.206
National Lead, common (quar.)
$1.25 Mar.31 Holders of rec. Mar.150
Preferred B ((mar.)
114 May 1 Holders of roe. Apr. 23a
National Licorice, pref. (quar.)
114 Mar. 31 Holders of rec. Mar.15
National Refining, pref. (guar.)
2
Apr. 2 Holders of rec. Mar.15
National Standard Co.(guar.)
750. Apr. 1 Holders of rec. Mar.206
National Sugar Refining (quar.)
Apr. 2 Holders of rec. Mar. 5
National Supply, pref.(guar.)
131 Mar.21 Holders of rec. Mar.216
National Surety (guar.)
234 Apr, 2 Holders of roe. Mar.206
National Tea,corn.(quar.)
$1
Apr. 1 Holders of rec. Mar. 146
National Transit
*27 June 15
Naumkeag Steam Cotton Co.(quar.)___ 3
Apr. 2 Holders of rec. Mar. 15
Nelson (Herman) Corp., corn. (guar.)._
304: Apr. 2 Holders of rec. Mar. 160
Pelson (Berman) Corp.. stock dividend. el
Apr. 2 Holders of rec. Mar.laa
Stock dividend
el
July 2 Holders of rec. June 190
Stock dividend
el
Oct. 1 Holders of rec. Sept 1Ra
Nevada Consol. Cornier (quar.)
3734e Mar.31 Holders of rec. Mar. 160
New England Equity Corp.. Pref.(qu.). $2
Apr. 2 Holders of rec. Mar. 15
New England Fuel Oil (quar.)
25c Apr. 2 Holders of rec. Mar. 20
Newmont Mining (quar.)
Apr. 16 Holders of rec. Mar. 31
$1
Newton Steel, common (guar.)
*50c Mar. 31 *Holders of rec. Mar. 20
Preferred (quar.)
Max.31 *Holders of rec. Mar. 20
New York Air Brake, common (qua:.)-750 May 1 Holders of rec. Apr. 106
N.Y.Loan & Security (qua:.)(No. 1)
Apr. 10 Holders of rec. Mar.31
$2
NewYork Sun. Inc., 1st pref
4
Apr. 1 Holders of rec. Mar. 31
N.Y. Title & Mtge.(qua:.)
5
Apr. 2 Holders of rec. Mar. 23
Extra
1
Apr. 2 Holders of rec. Mar. 23
N. Y.Transportation (quar.)
*500. Apr. 16 *Holders of rec. Apr. 2
Nichols & Shepard Co., pref.(quar.)---- 51.75 Apr. 1 Holders of rec. Mar.15
N1pIssing Mines, Ltd. (qua:.)
7440 Apr. 20 Holders of rec. Mar. 316
North American Car (guar.)
6234 Apr. 1 Holders of rec. Mar.256
North American Provision, pref.(qu.)-Apr. d2 Holders of rec. Mar.d10a
Novadel Process. corn. (quar.)
250 Apr, 2 Mar. 22 to Apr. 2
Preferred (quar.)
50e Apr. 2 Mar. 22 to Apr. 2
Occidental Petroleum (quar.)
*3c. Mar.3 *Holders of rec Mar.20
Ogilvie Flour Mills (quar.)
$1.2 Anr. 2 Holders of rec. Mar.206
Ohio Leather, let pref.(quar.)
dMar3l Holders oi rec. Mar. 206
2
First pref.(acct =cum.dive.)
dMar3l Holders of rec Mar.11200
1*3
Ohio Seamless Tube, pref.(qua:.)
Apr. 2 Mar. 16 to Apr. 1
011 Well Supply Co., corn. (qua:.)
500. Apr. 2 Holders of rec. Mar. 126
Omnibus Corp., pref. (quar.)
$2
AV. 2 Holders of rec. Mar.16.1
Ontario Loan ,S: Debenture Co.(quar.).. 3
Apr. 2 Holders of rec. Mar. 15
Orange Crush, Ltd., 1st pref.(Qua:.)...
Apr. 1 Holders of rec. Mar. 24
Second preference (quar.)
500. Apr. 1 Holders of rec. Mar.24
Orpheum Circuit, pref.(quar.)
2
Apr. 1 Holders of rec. Mar. 17a
Otis Elevator, common (quar.)
$1.50 Apr. 16 Holders of rec. Mar. 316
Preferred (qua:.)
134 Apr. 16 Holders of rec. Mar.316
Otis Steel, prior pref. (qua:.)
144 Apr. 1 Holders of rec. Mar. 15
Overman Cushion Tire, Inc.
Common. class A& B (quar.)
37340. Apr. 1 Holders of rec. Mar.23
Preferred (guar.)
$1.75 Apr. 1 Holders of rec. Mar.23
Owens Bottle, common (guar.)
760. Apr. 1 Holders of rec. Mar. 166
Preferred (guar.)
144 Apr, 1 Holders of rec. Max. 16a
Packard Electric (guar.)
700 Apr. if Holders of rec. Mar.30
Extra
306 Apr. 11 Holders of rec. Mar.30
Packard Motor Car, monthly
250. Mar.31 Holders of rem Mar.15a
Monthly
25e Apr. 34 Holders of rec. Apr. 14^
Monthly
260 May 3 Holder- of rat: Max. 15
Packer Drive Bldg.. Chicago, pref.(qu.) *51.50 Apr. If Holders of rec. Mar.31
Page-Hershey Tubes. Ltd.. Corn. (qu.)__
75o Apr, 1 Holders of rec. Max.20a
Preferred (quar.)
144 Apr. : Holders of rec. tSar. 206
Palmolive-Peet Co.. pref. (qua:.)
134 Apr. 1 Holders of rec. Mar. 173
Paramount lam. Lasky Corp.,com.(qu.) $2
Apr. 1 Holders of rec. Mar.
Paramount Kitchener Theatres, pf.(qu.) 134 Mar,3 Holders of rec. Mar.lba
15
Parke, Davis & Co. (guar.)
25e Mar.3 Mar.21 to Mar.31
Special
10c Mar,3 Mar. 21 to Mar.31
Park Utah Consolidated Mines(guar.)
206. Apr. 1
Holders of rem Mar. 150
Peabody Coal Co., corn. (monthly)____
50 Apr. d
Holders of rem Mar. 206
Preferred (monthly)
580 Apr. d
Holders of rec. Mar.206
Pender (D.) Grocery Co., Cl. B ((Mar.). 500 Apr.
Holders of rec. Mar. 15
Class B (extra)
250 Apr. 1 Holders of rec. Mar.15
Penick & Ford, pref.(quar.)
134 Apr. 1 Holders of rec. Mar. Ifla
Penn Dixie Cement. corn.(qua:.)
50o Apr. 1 Holders of rec. Mar. 154
Penney (J. C.) Co.. pref. A (quar.)
134 Mar.31 Holders of rec. Mar. 20
Pennsylvania Salt Mfg.(quar.)
51.25 Apr. 14 Holders of rec. Mar. gla
Peoples Drug Stores, Inc.(qua:.)
0250 Apr. 2 Holders of rec. Mar. 8
Perfection Stove (monthly)
3734 Apr. 30 Holders of rec. Apr. 20a
Monthly
3734 May 31 Holders of rec. May 190
Monthly
37340 June 30 Holders of rec. June 20a
Monthly
3734c July 31 Holders of rec. July 20a
Monthly
37340 Aug. 81 Holders of roe. Aug. 20a
Monthly
37140 Sept.30 Holders of rec. Sept.20a
Monthly
37340 Oct. 31 Holders of rec. Oct. 20a
Monthly
3714c Nov.30 Holders of rec. Nov. 20a
Monthly
3734c Dee. 31 Holders of roe. Doe. 20a
Pet Milk Co.,common (quar.)
75e. Apr, 1 Holders of rec. Mar. 12
Preferred (guar.)
131 Apr. 1 Holders of rem Mar.
Pettibone-Milliken Co. 1st & 2d pf.(qu.) 154 Apr. 2 Holders of rec. Mar. 12
21a
Petroleum Royalty. pref. (monthly)_
he. Apr. 1 Mar. 26 to Mar.31
Preferred (extra)
Mc. Apr. 1 Mar. 26 to Mar.31
Phelps Dodge Corp.(quar.)
$1.50 Apr. 2 Holders of rec.
20a
Phila. Co. for Guar. Mtges.(guar.)._ _ 234 Mar.31 Holders of rec. Mar.
Mar. 20
Philadelphia Dairy Products, pr. pf.(qu.) 134 Apr. 2 Holders of rec. Mar.206
Phillips-Jones Corp., pref.(quar.)
134 May 1 Holders of rec. Apr. 206
Phillips Petroleum (qua:.)
37340. Apr. 2 Holders of roe. Max.15a
Pick (Albert) & Co., pref.(qua:.)
131 Apr. 2 Holders of rec.
15a
Pie Bakeries of Amer.. Inc. pref. (qu.) _ 134 Apr. 2 Holders of rec. Mar.
Mar. 15
PierceGovernor. common (quar.)
3730 Apr. 1 Holders of rec. Mar. 15a
Pittsburgh Plate Glass (guar.)
2
Apr. 2 Mar. 18 to Apr. 4
Pittsburgh Steel Foundry. Prof.(4311ar.)- 134 Apr. 1 Mar. 16 to Mar.31
Prairie Pipe Line (quar.)
334 Apr. 30 Holders of roe. Mar.31a
Pratt & Lambert. Inc.. Corn.(guar.) -- 750. Apr. 2 Holders of rec. Mar. 15a
Premier Gold Mining
Sc Apr. 4 Holders of rec. Mar. 15
Pressed Steel Car. Prof. (guar.)
144 Mar.31 Holders of rec. Mar. la
34 Air. 2 Holders of rec. Mar. 15
Price Bros. & Co., corn.(qua:.)
Preferred (quar.)
134 Apr, 2 Holders of roe. Mar. 15
Procter & Gamble,8% pref.(quar.)
2
Apr. 14 Holders of rec. Mar.24a
pro-phy-lac-tic Brush. corn. (quar.)_ _
50c Apr. 16 Holders of rec. Mar.310
134 Apr. 1 Holders of rec. Mar. 10
Pure Oil.534% prof.(qua:.)
144 Apr. 1 Holders of rec. Mar. 10
6% preferred (quar.)
2
8% preferred (quar.)
Apr. 1 Holders of rec. Mar. 10
Quaker Oats, corn. (quar.)
81 Apr. 18 Holders of rem Apr. 20
Common (extra)
$3 Apr. 16 Holders of rec. Apr. 20
Common (payable In corn. stock)._ j25 Apr. 20 Holders of rec. Arm. 2a
1)4 May 31 Holders of rec. May la
Preferred (qua:.)
134
144
131
131
'134
134
134
144
Name of Company.
1939
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Q. R. B. Music, common (guar.).---- *50e Apr. 16 *Holders of rec. Apr. 2
mar.81 *Holders of roe. Apr. 2
Preferred (quar.)
Real Silk Hosiery, pref.(guar.)
Apr. 1 Holders of rec. Mar. 176
Reece Button Hole Mach.(quar.)
350 .Apr. 2 Holders of rec. Mar. 15
Reece Folding Mach.(qua:.)
100 Apr. 2 Holders of rec. Mar. 15
Reis (Robt. & Co.) 1st pref. (guar.).Apr. 2 Holders of rec. Mar.22a
Remington Arms, 1st pref. (quar.)
Apr. 2 Holders of rec. Mar.20
Remington-Rand Co., 1st pref.(qua:.).. 131 Apr. 2 Holders of rec. Mar. 104
Second preferred (guar.)
Apr. 2 Holders of rec. Mar. 10a
2
Remington Typewriter, 1st pref.(gum.) 194 Apr. 2 Holders of rec. Mar. 15a
Second preferred (quar.)
Apr. 2 Holders of rec. Mar. 15a
2
Reo Motor Car (quar.)
20e Apr. 2 Holders of rec. Mar. 9a
Extra
200 Apr. 2 Holders of rec. mar. 9a
Republic Flow Meters
*10c.
Republic Iron & Steel, pref.(quar.)....
Apr. 2 Holders of rec. Mar.15a
Reynolds(R.J.) Tob.,com.&com.B(qu) $1.25 Apr. 1 Holders of rec. Mar.17e
Rice-Stix Dry Goods, corn. (quar.)
3734c. May 1 Holders of ire. Apr. 15
First and second preferred (quar.)---Apr. 1 Holders of rec. Mar.15
Richardson & Boynton,Panic. Pf.(MI.)760. Apr, 1 Holders of roe. Mar.15
Richfield Oil, corn. (qua:.)
250. May 1 Holders of rce. Apr. 5a
Common (payable in corn,stock)
125c. May 1 Holders of no. Apr. 50
Preferred (qua:.)
May 1 *Holders of no. Apr. 5
Richman Bros. (quar.)
21.50 Apr. 1 Holders of No. Mar.22a
Richmond Radiator. pref. (qua:.)
871.4c Apr. 16 Holders of ric. Mar.31a
RIgney & Co.. pref.(qua:.)
250. Apr. 2 Holders of roe. Mar.20a
Roos Bros., corn.(quar.)
4062310 May 1 *Holders of rec. Apr. 14
Preferred (qua:.)
1.6234 May I *Holders of rec. Apr. 14
'82
Ross Stores, let pref.(paw.)
Apr. 1 *Holders of rec. Mar.28
Royal Baking Powder, corn. (quar.)____ 2
Mar.31 Holders of rec. Mar. 150
Preferred (qua:.)
134 Mar.31 Holders of rec. Mar.15a
Rubber Service Laboratories (quar.) -600. Apr. 2 Holders of rec. Mar.20
Safety Car Heat. & Ltg. (quar.)
2
Apr. 2 Holders of rec. Mar. 150
Safeway Stores, common (quar.)
$3
Apr. 1 Holders of rec. Mar.20
Preferred (quar.)
131 Apr. 1 Holders of rec. Mar.20
Bt. Joseph Lead (guar.)
60c June 20 June 1
to June 20
Extra
250 June 20 June 1
to June 20
Quarterly
50c Sept.20 Sept.
to Sept.20
Extra
260 Sept.20 Sept.
to Sept.20
Quarterly
500 Doe. 20 Dec.
to Dec. 20
Extra
250 Dec. 20 Dec.
to Dee. 20
St. Lawrence Paper Mills, pref.(guar.)-- 2
Apr. 6 Holders of rec. Mar.24
St. Louis National Stockyards (quar.)__ 2
Apr. 2 Mar.2
to Apr. 1
St.L.Rocky Mtn.& Pao.Co.,com.(qu.)
Mar.31 Holders of rec. Mar.150
Preferred (qua:.)
Mar.31 Holders of rec. Mar.15a
St. Mary's Mineral Land
Apr. 19 Holders of roe. Mar.20a
$2
St. Maurice Valley Corp., pref.(quar.)_.
Apr. 2 Holders of roe. Mar. 15
St. Regis Paper,common (quar.)
50c Apr. 1 Holders of ree. Mar.15
Preferred (mum.)
Apr, 1 Holders of rec. Mar.15
Salt Creek Consol. Oil (qua:.)
200 Apr. 2 Holders of rec. Mar. 150
Sandusky Cement, corn. (quar.)
$2
Apr. dl Holders of rec. Mar.d23
Sangamo Electric Corp.. corn. (qua:.)..
50c Apr. 2 Holders of rec. Mar. 10a
Preferred (guar.)
Apr. 2 Holders of rec. Mar. 10a
Santa Cruz Portland Cement. cem.(qu.) 111
Apr. 1 *Holders of roe. Mar.22
Savage Arms Corp., let pref.(quar.)....
Apr. 2 'Holders of rec. Mar.15
2nd pref.(guar.)
*114 May 15 'Holders of roe. May 1
Schlesinger(13.F.)& Sons, Inc.com.A(qu) •3734c Apr. 1 "Holders of rec. Mar.15
Preferred (quar.)
Apr. 1 *Holders of rec. Mar.15
Schoeneman (J.) Inc., let pf.(qu.)
Apr. 1 Holders of roe. Mar.15
Schulte Retail Stores, COM.((Mari
8734c June 1 Holders of rec. May 15a
Common (guar.)
5744e Sept. 1 Holders of rec. Aug. 15a
Common (quar.)...
87440 Dec. 1 Holders of roe. Nov.15.1
Preferred (guar.)
2
Apr. 1 Holders of rec. Mar. 12a
Schutter-Johnson Candy. pref. A (guar.) d60c. Apr. 1 Holders of rec. Mar.200
Scott Paper, new no par corn.(quar.)--250. Mar. 31 Holders of rec. Mar. 24a
Scovill Mfg.(qua:.)
60e. Apr. 2 Holders of roe. Mar.23.
Scullin Steel, pref.(quar.)
750. Apr. 14 Holders of rec. Mar.31
Seagrave Corp. (qua:.)
tc30o. Apr.'20 Holders of reo. Mar.31.1
Second Internat. Sec. Corp.,corn. A (qu) 37%c. Apr. 1 Holders of rec. Mar.15
First and second preferred (quar.)_ _
75e. Apr. 1 Holders of rec. Mar.15
Securities Inv..corn.(quar.)
6214e. Apr. 1 Holders of rec. Mar.21
Preferred (quar.)
2
Apr. 1 Holders of rec. Mar. 21
Seeman Brothers, Inc.. cam.(qua:.).... 50c May 1 Holders of rec. Apr. 16
Segal Lock & Hardware. prof. (guar.)-- 144 Apr, 15 Holders of rec. Mar.31
Selberling Rubber Co.. pref.(quar.)---- 2
Apr. 1 Holders 01 rec. Mar.20
Sellers(G.I.)&Sons, pt.(qu.)(No.1)-- 144 Apr. 1 Holders of tee. Mar. 16
Service Station Equip., Ltd., el. A (qu.). 40e. Apr. 2 Holders of rec. Mar.22
Shaffer Oil & Refg., pref. (quar.)
1/4 Apr. 21 Holders of rec. Mar.31
Shaler Co., class A (quar.)
500. Apr. 1 Mar.22 to Mar.31
Shattuck (F. 0.) Co.(Qum.)
50e. Apr, 10 Holders of ree. Mar.200
Sheffield Steel, corn. (quar.)
50c. Apr. 1 Holders of rec. NI ar. 21a
Preferred (qua:.)
1/4 Apr. I Holders of roe.:tar. 216
Shell Union 011 Corp.(qua:.)
350. Mar.31 Holders of rec. Mar. la
Sherwin-Wms. Co.of Canada. com.(4111.) 141 Mar.31 Holders of rec. Mar. 15
Preferred (quar.)
144 Mar.31 Holders of rec. Mar.15
Shredded Wheat (guar.)
75e. Mar.31 Holders of rec. Mar. 21a
Shreveport El Dorado Pipe Line(*Nara50e. Apr. 1 Holders of rec. Mar.204
Shultz Baking, pref. (qua:.)
154 Apr. 2 Holders of rec. NIar. 15
Convertible preferred (quar.)
The. Apr. 2 Holders of rec. Mar. 15
Sieloff Packing. corn. (qua:.)
30c. Apr. 2 Holders of rec. Mar.20
Silver King Coalition Mines Co.(qua:.). 25e. Apr. 2 Holders of rec. Mar.20
Simmons Co.,common (qua:.)
50e. Apr. 2 Holders of rec. Mar.16.
Singer Manufacturing (qua:.)
2M Mar.31 Mar. 11 to Apr. 1
Extra
534 'Ulm. 31 Mar. 11 to Apr. 1
Sloss-SheMeld Steel & Iron. pref. (au.). 144 Apr. 2 Holders of rec. Mar.20
Smith (Howard)Paper Mills pref.(quar.) 2
Apr. 10 Holders of rec. Mar.31
Smith (L. C.) & Corona Type.,com.(qu) 75e. Apr. 1 Holders of rec. Mar.21
Preferred (quar.)
144 Apr. 1 Holders of rec. Mar.21
Southern Ice Co., pref. A (quar.)
$1.75 Apr. 2 Holders of rec. Mar.20
South Penn 011 (qua:.)
50e. Mar.31 Mar. 15 to Apr. la
South Porto Rico Sugar. corn.(guar.)... 50c. Apr. 2 Holders of rec. Mar.10
Preferred (qua:.)
2
Apr. 2 Holders of rec. Mar.10a
Southwest Engineering Co.(guar.)
*50e. Apr. 2 *Holders of rec. Mar.24
South West Pa.Pipe Lines(qua:.)
1
Apr. 2 Holders of roe. Mar.15a
Extra
9
Apr. 2 Holders of rec. Mar.15
Spalding (A.0.)& Bros., cons.(quar.)
81.25 Apr. 16 Holders of rec. Apr. 7
Sparks-Withington Co., corn.(guar.)... 25e Apr, 2 Holders of roe. Mar.15
Preferred (quer.)
144 Apr, 2 Holders of res. Mar.15
Sperry Flour. pref. (quar.)
144 Apr, 2 Holders of rec. Mar.15
Spicer Manufacturing. Pref. (guar.)2
Apr. 2 Holders of rec. Mar.22
Standard Chemical(No. 1)
$1
Apr. 1 Holders of roe. Feb. 290
Stand. Commercial Tob.. corn. (guar.). 260 Apr, 2 Holders °free' Mar. 20
Standard Investing. $6 pref.(quar.).._. $1.50 Apr, 1 Holders of rec. Mar.12a
Standard Milling. common (qua:.)
144 Mar.31 Holders of recs. Mar. 190
Preferred (qua:.)
114 Mar.31 Holders of rec. Mar.19a
Standard Oil(Ky.)(quar.)
Mar.31 Mar. 16 to Mar.30
$1
Standard Oil (Ohio) (guar.)
6214e Apr. 2 Mar. 9 to Apr. 2
Standard Screw, corn. (qua:.)
2
Apr, 2 Holders of roe. Mar.20
Stanley Co. of America (qua:.)
75e Apr. 2 Mar.25 to Apr. 1
Stanley Works. corn. (guar.)
62340 Apr. 2 Holders of rec. Mar.170
State Theatre (Boson), pref.(quar.)_
*2
Apr. 1 *Holders of rec. Mar.17
State Title & Mortgage (qua:.)
$2.50 Mar.31 Holders of roe. Mar. 15a
Steel & Tubes, prof. (guar.)
144 Apr. 2 Holders of rec. Mar.23
Steel Co.of Canada.corn.& pref.(qu.)
144 May 1 Holders of rec. Apr. 7.
Stein-Bloch Co., pref. (qua:.)
144 Apr. 1 Holders of rec. Mar. 150
Sterling Oil de Development
50 Apr. 5 Holders of rec. Mar.26a
Stern Bros..class A (qua:.)
.0$1
Apr. 2 *Holders of rec. Mar.22
Stone (H.0.) de Co., corn. (quiz.)
51.25 Apr, 2 Holders of rec. Mar. 15
Preferred (quar.)
144 Apr. 2 Holders of rec. Mar. 15
Stromberg Carburetor (qua:.)
50c Apr. 2 Holders of rec. Mar.12a
Stroock (S.) & Co., Inc. (quar.)
The. Apr. d2 Holders of rec. Mar.15a
Quarterly
750 July 2 Holders of rec. June 15a
Sullivan Machinery (guar.)
$1
Apr. 16 Apr. 1 to Apr. 14
Sundstrand Corp., pref.(quar.)
$1.75 Apr. 6 Holders of rec. Mar.31a
Sztedish Amer.Invest. Corp., corn
SI.62M Apr. 2 Holders of rec. Mar. 156
Participating pref. (quar.)
51.6244 Apr. 2 Holders of roe. Mar. 156
Swift & Co. (guar.)
2
Apr. 1 Holders of rec. Mar. 10
Swingle's 50. to $1 Stores, Inc.
Preferred (guar.),(No. 1)
144 Apr. 2 Holders of rec. Mar. 15
Telautograph Corp., corn.(quar.)
20e. May 1 Holders of rec. Apr. 14
Telling-Bell Vernon Co., cons. (quar.)
$1
Mar. 31 Holders of rec. Mar.20
Preferred (quar
154 Mar. 31 Holders of roe. Mar.31
•134
14$
154
134
144
134
*144
M
144
144
144
144
*144
'154
144
Name of ComPast.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
75e. Apr. 1 Holders of rec. Mar. 2a
Texas Corporation (quar.)
Apr. 2 Holders of rec. Mar. 26a
2
Textile Banking (quar.)
30c. Apr. 1 Holders of rob. Mar. 230
Thompson (John B.) Co.(monthly)..__ _
30e. May 1 Holders of rec. Apr. 23a
Monthly
300. June 1 Holders of rec. May 23a
Monthly
30e. Apr. 1 Holders of rec. Mar. 20s
Thompson Products (quar.)
be. Apr. 1 Holders of rec. Mar. 20a
Extra
14 Apr. 2 Holders of rec. Mar. 16a
Tide Water Associated Oil, pref.(qu.)
20e. Mar. 31 Holders of rec. Mar. 160
Tide Water Oil, corn.(qua?.)
15e. Apr. 1 Mar. 21 to Apr. 1
Timken-Detroit Axle (quar.)
Sc. Apr. 1 Mar.21 to
Apr. 1
Extra
(v) Apr. 16 Holders of rec. Mar. 30a
Tobacco Products Corp. (stk. div.)__
75e. Apr. 2 Holders of rec. Mar. 16
Torrington Co. (quar.)
37 He. Apr. 2 Hollers of ree. Mar. 15
Traveler Shoe, corn. (quar.)
624e. Apr. 2 Holders of rec. Mar. 200
Trico Products (qua?.)
Mar. 31
Trumbull-Cliffs Furnace. pref.(quer.).- 134 Apr. 1 Mar. 21 to
30c. Apr. 16 Holders of rec. Apr. 5a
Truscon Steel, corn. (quar.)
Tublze Artificial Silk,com B v.t.e. (qu.)_ $2.50 Apr. 2 Hollers of rec. Mar. 20a
Preferred (qua?.)
13.4 Apr. 2 Holders cf rec. Mar. 20
Apr. 14 Holders of rec. Mar. 31
Tuckett Tobacco, corn. (quar.)
11,4 Apr. 14 Holders of rec. Mar. 31
Preferred (quan)
Underwood Computing Mach., pf.(qu.) 11,4 Apr. 2 Holders of rec. Mar. 15
Underwood-Elliott Fisher Co.
$1 Apr. 2 Holders of rec. Mar. 17a
Common (quar.)(No. 1)
$1.75 Apr. 2 Holders of rec. Mar. 17a
Preferred (quar.)(No. 1)
$1.75 Apr. 2 Holders of rec. Mar. 17
Preferred B (quar.)(No. 1)
$1.50 Apr. 2 Holders of rec. Mar. 2a
Union Carbide & Carbon (quar.)
374e. Mar. 31 Mar. 21 to Apr. 1
Union Manufacturing (quar.)
50c. Apr. 2 Holders of rec. Mar. 23
Union Metal Mfg.(quar.)
25e. Apr. 2 Holders of rec. Mar. 23
Extra
Apr. 1 *Holders of rec. Mar. 21
•2
Union Mortgage corn. (quar.)
•75c.
Apr. 1 *Holders of rec. Mar. 21
Six per cent pref.(No. 1)
6240 May 10 Holders of rec. May 1
Union Storage (quar.)
624e Aug. 10 Holders of rec. Aug. 1
Quarterly
624e Nov. 10 Holders of rec. Nov. 1
Quarterly
Union Tobacco, class A (qu.)(No. 1)- _ $1.75 Apr. 2 Holders of rec. Mar. 15
25e. Apr. 2 Holders of rec. Mar. 15
Pf.(qu)
Jr
Share
Corp..
part.
United Bond
20e. Mar. 31 Holders of rec. Mar. Pa
United Cigar Stores, corn.(quar.)
114 Mar.31 Holders of rec. Mar. Pa
Common (payable In cam stock.)
United Crescent Dry Cleaning,com.(qu) *50e. Apr. 2 *Holders of rec. Mar. 26
411.75 Apr. 2 *Holders of rec. N1ar. 26
Preferred ((mar.)
134 Apr. 2 Holders of rec. Mar. 13a
United Oyewood, pref. (quar.)
Apr. 2 Holders of rec. Mar. 3a
$1
United Fruit (quar.)
$1.50 Apr. 2 Holders of rec. Mar. 3a
Extra
Apr. 2 Holders of rec. Mar. 20a
(quar.)
134
pref.
United Hotels of Amer.,
-. 14 Apr. 16 Holders of rec. Apr. 2a
United paper Board, pref.(quar I
United Piece Dye Wks.634% pf.(No. 1) 13,4 Apr, 2 Holders of rec. Mar. 20a
134 July 2 Holders of rec. June 20a
634% preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 20a
63.4% preferred (quar.)
134 Jan 2'29 Holders of rec. Dee. 20a
63.4% preferred (quar.)
5
Apr. 30 Holders of rec. Mar. 31a
United Profits-Sharing. prat
14 Apr. 2 Holders of rec. Mar. 21
United Securities. pref. (quar.)
6234c Apr. 5 Holders of rec. Mar. 20
United Shoe Nf aeh'y, coca. (quar.)
3734c Apr. 5 Holders of rec. Mar. 20
Preferred (guar.)
50c. Mar. 31 Holders of rec. Mar. 14
U.S. Bobbin& Shuttle, corn. (quar.)134 Mar. 31 Holders of rec. Mar. 14
Preferred (quar.)
U.S. Cast Iron Pipe & Fdy.,corn.(qu.). 23,4 June 15 Holders of rec. June la
23i Sept. 15 Holders of rec. Sept. la
Common (quar.)
234 Dec. 15 Holders of rec. Dec. la
Common (quar.)
13$ June 15 Holders of rec. June 10
(qua?.)
Preferred
134 Sept. 15 Holders of rec. Sept. la
Preferred (qua?.)
13$ Dec. 15 Holders of rec. Dec. la
Preferred (quar.)
May 31 Holders of rec. May 15
U.S. Dairy Products. cl A (au.)(No. I) $1
50c. Apr. 2 Mar. 16 to Apr. 1
U. S. Foil, corn. B (quar.)
40c. Mar. 31 Mar. 16 to Apr. 1
U.S. Gypsum,corn.(quar.)
134 Mar. 31 Mar. 16 to Apr. 1
Preferred (quar.)
U. S. Industrial Alcohol, corn. (quar.)_ _ $1.25 May 1 Holders of rec. Apr. 16a
(guar.)
134 Apr. 16 Holders of rec. Apr. 2a
Preferred
$1
Apr. 2 Feb. 28 to Mar. 19
U S L Battery, common
25e. Apr. 2 Feb. 28 to Mar. 19
Preferred (quar.)
173-dc Apr. 2 Feb. 28 to Mar. 19
Preferred B (qua?.)
13,4 Apr. 2 Holders of rec. Mar. 10a
U.S. leather, prior pref.(quar.)
Apr. 15
50c. Apr. 15 Apr. 2 to
U. S. Radiator, common (qua?.)
134 Apr. 15 Apr. 2 to Apr. 15
Preferred (qua?.)
U.S. Shares Corp., corn. stk. tr. set. A _ 38.84c Apr. 1
8.8598e Apr. 1
Series A-1
70.242e Apr. 1
Bank stock it. shares set.
47.3050 Apr. 1
Series C-2
$1.23 Apr. I
Bond trust shares set. B
75e. Apr. 2 Holders of rec. Mar. 19a
U. S. Tobacco, corn. (quar.)
134 Apr. 2 Holders of rec. Mar. 190
Preferred (qua?.)
May 1 Holders of rec. Apr. I9a
M
Universal Leaf Tobacco, Inc., corn
Apr. 1 Holders of rec. Mar. 22a
2
Preferred (guar.)
Apr. 2 Mar. 18 to Apr. 1
2
Universal Pictures, let pref. (qu.)
50c. Apr. 2 Holders of rec. Mar. 150
Universal Pipe & Radiator, corn. (au.)...
May
1 Holders of rec. Apr. 160
13,4
(quar.)
Preferred
$1.50 Mar. 31 Holders of rec. Mar. 16a
Utah Copper Co. (qua?.)
Valve Bag Co., pref. (quar.),(No. II)._ *134 Apr. 1 *Holders of rec. Mar.24
Vapor Car Heating 13,4 June 10 Holders of rec. June la
Preferred (qua?.)
134 -lent. 10 Holders of rec. Sept. la
Preferred (quar.)
1).f Dec. 10 Holders of rec. Dee. la
Preferred (guar.)
25c. Apr. 2 Holders of rec. Mar. 20
Varnos Corp., corn. (qu.),(No. 1)
13,4 Apr. 2 Holders of rec. Mar. 20
Preferred (guar.)(No. 1)
131 Apr. 2 Holders of rec. Mar. 21
Viun lits.rnit Corp., pref. (quar.)
May 1 Holders of rec. Apr. 160
$1
Vick Chemical (qua?.)
May 1 Holders of rec. Apr. 20
$1
Victor Talking Mach,corn
1)( Apr. 15 Holdesr of rec. Apr. 2
Preferred (old) guar.)
1)$ May 1 Holders of rec. Apr. 20
7% cum. prior pref.(quar.)
$1.50 May 1 Holders of rec. Apr. 20
$8 cum,cony. pref.(quar.)
134 Apr. 20 Holders of ree. Apr. 120
Vulcan Detinning, pref. (qua?.)
1)$ Apr. 20 Holders of rec. Apr. 12e
Preferred A (guar.)
750. Apr. 2 Holders of rec. Mar. 15
Vulcan Last (quar.)
Apr. 2 Holders of rec. Mar. dl
5
Stock dividend
1214 Mar.31 Holden of rec. Mar. 5
V. Vivaudou, coin. (pay In corn. etk.)
Apr. 2 Holders of rec. Mar. I5a
$1
Wabasso Cotton (guar.)
50e. Apr, 2 Holders of rec. Mar. 156
Extra
$2.50 Apr. 15 Holders of rec. Mar. 31
Wagner Electric Co., common
1% Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
514 Apr. 1 Holders of rec. Mar. 230
Wahl Co., pref. (awl'. accum. div.)_ _ _
Waitt & Bond. Ins., class B (quar.)___ _ 27 tic Apr. 2 Holders of rec. Mar. 154
371,40. Apr. 2 Holders of rec. Mar. 20a
Waldorf System corn.(quar.)
200. Apr. 2 Holders of rec. Mar. 200
Preferred (qua?.)
Apr. 1 Holders of rec. Mar. 20a
31.62M
(Quar.)
pref.
Company,
Walgreen
750. Mar. 31 Hollers of rec. Mar. 200
Walworth Co., pref.(quar.)
Apr. 2 Holders of rec. Mar. 150
$2
Ward Baking, Corn. cl. A (quar.)
11,1 Apr. 2 Holders of rec. Mar. 150
Preferred (quar.)
•25e. Apr. 1 *Holders of rec. Mar. 16
Warner Gear Co., Coln.(War.)
50c. Apr. 1 Holders of rec. Mar. 15a
Class A (quar.)
50e. Apr. 2 Holders of rec. Mar. 15a
Warner Quinlan Co., corn. (quar.)
Apr, 2 Holders of rec. Mar. 150
1,
623.4
(qua?.)
Preferred
Apr. 2 Holders of rec. Mar. 190
Warren Brothers Co., corn. (quar.)--- $1
750. Apr. 2 Holders of rec. Mar. 190
First preferred (quar.)
Apr. 2 Holders of ree. Mar. 19
874c.
Second preferred (quar.)
3740. Apr. dl Holders of rec. Mar. 240
Waverly 011 Works, class A (guar.)- 13.4 May I Holders of rec. Apr. 160
Weber & Heilbroner, Inc.. pref.(quan)Apr. 1
Wellman-Seaver-Morgan Co.. pf. (qu.)- $1.75 Apr. 1 Mar. 22 to Mar.
15
Apr. 1 Holders of roe.
Wesson Oil& Snowdrift, Inc.. COM.(CPI.) $1
Mar. 3I0
of
rec.
Holders
Apr.
6
3
(guar.)
Westchester Title dc Trust
$1.50 Apr. 5 Holders of rec. Mar. 19a
West Coast Oil, pref. (quar.)
Apr. 5 Holders of rec. Mar. 19a
$3
Preferred (extra)
Apr. 2 Holders of rec. Mar. 15a
2
West Pant Mfg.(quar.)
50c. Apr. 1 Holders of rec. Mar. 20
Weetern Auto Supply. Panic. pf. (qu.).
Apr.
1 Holders of rec. Mar. 20
$1.70
pref.
(annual)
Participating
60e. Mar. 31 Holders of rec. Mar. 26
Western Electric (quar.,
3,4 July 1 June 21 to June 30
Western Grocer Co., pref
1% Apr. 16 Holders of rec. Mar. 31
Western Grocers, Ltd.(Can.). pf.(qu.)_
50e. Apr. 30 Apr. 1 to Apr. 10
Westinghouse Air Brake (qua?.)
Apr. 30 Holders of rec. Mar. 304
St
Westinghouse Elec. Mfg., corn. (qw.r.)_
Apr. 16 Holders of rec. Mar .30a
$1
Preferred (qoar.)
Apr. 2 Mar. 29 to Apr. 2
81
Westmoreland Coal (qua?.)
[vol.. 126.
FINANCIAL CHRONICLE
1940
When
Per
Cent. Payable.
Name of Company.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Weston Electrical Instrument, cl. A (qu.)
50c. Apr, 2 Holders of rec. Mar. 204
Wheeling Steel, pref. A (qua?.)
Apr. 2 Holders of rec. Mar. 124
2
Preferred ft (quar.)
234 Apr, 2 Holders of rec. Mar. 124
White Eagle Oil dc Ref. (quar.)
25e. Apr. 20 Holders of rec. Mar. 30a
White Motor,corn.(quar.)
25c. Mar. 31 Holders of rec. Mar. 15a
White Motor Securities, pref. (quar.)_ _
13,4 Mar.31 Holders of rec. Mar. 154
White Rock Mineral Spas.. corn.(au)..
50c. Apr. 2 Holders of rec. Mar. 264
First preferred (quar.)
13,4 Apr. 2 Holders of rec. Mar. 26
Second preferred
23.4 Apr. 2 Holders of rec. Mar. 28
Whitman (William) & Co., pref.(Qua?,). 134 Apr. 2 Holders of rec. Mar. 20
Wilcox Products. class A (qu.)
8234c Apr. 1 Holders of rec. Mar. 200
Will Ar. Balmer Candle, pref. (quar.)
2
Apr. 2 Hollers of rec. Mar. 15
Williams Tool Corp., pref.(qua?.)
Apr, 1 Holders of rec. Mar. 20
2
Willys-Overland Co.. pref. (quar.)
1% Apr. 2 Holders of rec. Mar. 24a
Wire Wheel Corp., class A
31.25 Apr. 1 Holders of rec. Mar.20
Preferred (quar.)
$1.75 Apr. 1 Mar. 21 to Apr. 1
Preferred (quar.)
$1.75 July 1 Holders of rec. June 20
Preferred (quar.)
31.75 Oct. 1 Holders of rec. Sept.20
Preferred (quar.)
$1.75 Jan.1'29 Holders of rec. Dec. 20
Wood Chemical Products, el. A (quar.)_ _
50c. Apr. 2 Holders of rec. Mar. 204
Woodley Petroleum (quar.)
15c. Mar. 31 Holders of rec. Mar. 156
Woods Manufacturing, pref. (quar.)-- 134 Apr. 2 Holders of rec. Mar. 22a
*37 Mc Apr. 15 *Holders of rec. Apr. 1
Woodworth, Inc., corn. (guar.)
Wrigley (Wm.)Jr. Co.(monthly)
25e. Apr. 2 Holders of rec. Mar. 20
Yellow dr Checker Cab, corn. A (mthly)_ 62-3e Apr. 1 Mar. 26 to Mar. 31
62-3c May 1 Apr. 26 to Apr. 30
Common class A (monthly)
62-3c June 1 May 26 to May 31
Common class A (monthly)
Common class A (monthly)
6 2-3c July 1 June 26 to June 30
62-3e Aug. 1 July 26 to July 31
Common class A (monthly)
62-3c Sept. 1 Aug. 26 to Aug. 31
Common class A (monthly)
62-3a Oct. 1 Sept. 26 to Sept. 30
Common class A (monthly)
62-3c Nov. 1 Oct. 26 to Oct. 31
Common class A (monthly)
62-3c Dee. 1 Nov. 28 to Nov. 30
Common class A (monthly)
25c. Apr. I Holders of rec. Mar. 20
Yellow Cab, Inc. of Newark (quar.) _
Mar. 22
Youngstown Sheet & Tube. corn.(quar.) 81.25 Mar. 31 Mar. 9 to
134 NT ar. 31 Holders of rec. Mar. 14
Preferred (quar.)
31
Apr. 2 Holders of rect. Mar. 14
Yale dc Towne Mfg., (guar.)
•$1.75 Mar. 31 *Holders of rec. Mar. 20
Zollar (William) Co., pref. (quar.)
50c Apr, 15 Holders of ree. Mar. 316
Zellerbach Corp., common (Qua?.)
• From unofficial sources, S The New York Stock Exchange has ruled that etc ok
will not be quoted ex-dividend on this date and not until further notice. I Tto
New York Curb Market Association has ruled that stook will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. .1 Payable in preferred stock.
d Correction. e Payable in stock. !Payable in common etock. g Payable In
scrip. h On account of accumulated dividends.
1 Associated Gas & Electric dividends payable either in cash or class A stock
as follows: On original pref. 2 27-100ths share of class A stock.on $7 Prof. 3 98-100the
share of class A stock; on class A stock at rate of 1-40 share.
In Dividend will be paid In Class A stock at rate of $25 per share unless advised
by Mar. 21 of election to take cash.
n British-Amer. Tob. dividend is 10d. per share, and all transfers received in
order at London, on or before Mar. 3, will be In time for payment of dividend to
transferees.
o Less 10c, for maintaining corporate organization and registration of stock.
r Subject to stockholders' meeting March 21.
s Stockholders have option of taking cash or stock at rate of 1-40th of share of
class A stork for each share held and on class B stock at rate of 1-40th class B stook
for each share held.
162 Sic., or 2% in stock.
u Called for redemptton April 1.
o Tobacco Products dividend is one-tenth share common stock of United Cigar
Stores payable In dividend certificates maturing three years from date of issue.
to 30e. cash or 234% In stock.
x Stock called for redemption. Dividends payable on presentation of certificates.
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. 24. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers (0001 omitted.)
Net
Reserve
Capital Profits. Loans,
Net
with
Time Bank
Discount, Cash
Week Ended
Legal Demand
De- Circain
Mar. 24 1928 Nat'l, Feb. 28 InvestState, Mar. 2 rnents, Pault. Deposi Deposits. posits. Mon,
tortes.
etc.
(000 omitted) Tr.Cos.Mar. 2
Members of Fed. Res Bank Average. Average Average Average. 4verage At'yes
Bank of N Y &
3
$
55,315 7,553
80,663
508 7,430
Trust Co__ _ _ 6,000 12,869
Bk of Manhatrn 12,500 19,258 188,880 3.134 19,284
139,833 30,623 _92,364 4,392
91,112
999 11,970
Bank of America 6,500 5.398
99
Nat City Bank_ 75,000 70,380 875,558 4,697 87,212 *875,697 158,627
347
132,219 5,135
Chemical Nat'l. 5,000 19.083 149,469 1,217 17,668
386, 42,028
314,813 33,433
Nat Bk of Comm 25,000 45,598 388,726
165,015 44,890 8:160
ChatPh NB &Tr 13,500 14,718 221,222 2,494' 23,056
125,845 3,162
Hanover Nat'l. 5,000 26,440 139,807 1,395 16,561
_172,010 30,811
Corn Exchange. 11,000 17,667 205,537 4,091 23,941
728 17,723
132,858 13,963 4:710
National Park__ 10,000 25,257 191,737
48,116 23,374 3,978
Bowery & E Itiv 4,000 7,255
78,053 1,947 7,096
221,876 10,583 6,778
508 29,112
First National__ 10,000 84,391 325,811
381,010 65,822 _Am Ex Irving Tr 32,000 31,866 445,120 2,842 51,228
128 1,216
8.362
8,802
500
-Continental Bk_ 1,000 1,368
Chase National_ 50,000 57,470 1381,129 4,588 77,168 *597,742 47,117 2:474
641 3,435
28,152 1,904 _27,588
Fifth Avenue__
500 3,369
16,100
312
16,78
475 2,082
Garfield Nat'l_ 1,000 1,931
43
131,126 7,654
988 17,276
Seaboard Nat'l_ 9,000 14,081 145,988
Bankers Trust_ 20,000 42,591 387,047
824 38,326 *335,878 47,114 _61,020 4,180 _US Mtge de Tr_ 5,000 6,015
68,279
762 8,169
Guaranty Trust 30,000 37,468 523,961 1,333 53,631 *456,276 92,893 -40.793 5,039 _47,324
561 5,546
Fidelity Trust__ 4,000 3,836
155,692 34,098 _581 21,218
N Y Trust
10,000 23,775 202,787
591 15,239 '1i3,395 18,508 -Farmers L & Tr 10,000 21,728 141,849
Equitable Trust 30,000, 25,574 299,361 1,268 32,499 c337,o85 29,728 ---_H
Total of averages 386,000 619,1893,930.128 37,662830,102 c4,834,054711,015 24,579
Totals, actual condition Mar.24 5,909,925 37,917637,996 c4,801,405715,562 24,652
Totals, actual comdition Mar.17 5,968,008 38,583686,677 c4,779,195693,129 24,893
Totals, actual condition Mar.10 5,909,767 30.727626.183 c698,909 688.35924,470
State Bank
Not Member of
Fed'I Res. Bk.
27,952 8,858
Colonial Bank
1,400 3,633
34,758 3,659 1,878
----
3,633
34.758
3,659
1,8781
27,952
6,858
Totals,actual condition Mar.24
Totals, actual co radition Mar.17
Totals. actual so edition Mar.10
35,049
35.958
35,902
3,724
3,525
3.448
1,745
2,023
1.885
28,150
29,229
28.788
8,862 __-8,747
8.714 ...._
Total of averages
1,400
MAR. 31 1928.1
FINANCIAL CHRONICLE
Net
Capitol.Prolits. Loans,
with
Discount, Cash
Net
Time Bank
Week Ended
frauin
Legal Demand
DeMar.24 1928. Nat'l, Deo. 81 Investstate; Nov.15 merits. Vault. Dcpost- Deposits. posits. kitten.
tortes.
(000 omitted) Tr.Cos.Nov.15 dec.
Trust Co's
Average Average Average Average Average Av'ge
Not Members
Fed'I Res. Bk.
5,000 6,379 106.384 3.738 1,993
37,08 61,565
State 13 dc Tr C
10,000 21,767 68,986 1,650 4,433
40,330 2,006
Title Guar &
26,521
968 2,268
21,095 1,85
Lawyers Trust- 3.000 3,757
Total of averages 18,000 31.903 201,891
6,356
8,694
98,507 65,429
Totals, actual condition Mar.24 201,674
Totals. actual Condition Mar.17 201.681
Totals, actual condition Mar.10 201,550
6,279 8,799
6,215 8,828
6.066 9,183
98,283 65,470
97,396 65,337
99,291 65,329
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:
Gr'd aggr.. cave.405,400654,7266,166,775 47,697640,672 4,760,513783,30224,579
Comparison with prey. week _ _ -38,650 -206-14,219 -114,405+24245 --28
Gr'd aggr., as Icond'n Mar.246,146,648 47,926648,540 4,727,838787.89424.652
Comparison with prey.week _ -58.999 +1,597 8,988 -177,982 +22681 --41
Or'd
Ord
Ord
Gr'd
Ord
agar., acrIcond'n
aggr.. act'lcond'n
aggr., act'leond'n
agar..
cond'n
agar.. oar'oond'n
Mar.176,205,647
Mar.106,147.219
Mar. 36.192.312
Feb. 256.073.382
Feb. 186,108.894
46,3231697,528
49,2411637,051
46,9401655,429
52.91660,525
49.3141628.758
4,905,820765,21324.693
4826.968760.60224,470
4.913.237777.50224,423
4,747.954 779,771 24.335
4,758.185797.17523.867
Note.-U. S. deposits deducted from net demand deposits in the genera totals
above were as follows: Average total Mar. 24, $72,553,000: actual totals Mar. 24,
$71,373,000; Mar. 17, $74,235,000; Mar. 10, $2,738,000; Mar. 3, $4,569,000; Feb.
25, $9,256,000: Feb. 18. $9,256.000. Bills payable, rediscounts, acceptances and
other liabilities, average for week Mar. 24, 1855,218,000; Mar. 17, 8872,190,000;
Mar. 10, $863,531,000; Mar. 3, $832,889,000; Feb. 25, $840,037,000; Feb. 18.
$861,182,000. Actual totals Mar. 24, $868,942,000; Mar. 17, $829,148,000; Mar.
10, 1861,004,000; Mar. 3, $836,284,000; Feb. 25, $873,061,000; Feb. 18, 8838.336.000.
* Includes deposits in foreign branches not included in total footings as follows:
National City Bank, $265,555,000; Chase National Bank, $14,718,000; Bankers
Trust Co.. $54,410,000; Guaranty Trust Co., $70.373,000; Farmers' Loan & Trust
Co.. $2,024,000; Equitable Trust Co., $93,586,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank, $45,962,000;
Chase National Bank, $1,920,000; Bankers Trust Co., 81,293,000; Guaranty Trust
Co., $2,878,000; Farmers' Loan dc Trust Co.. $2,024,000; Equitable Trust Co.
36,572,000.
c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
I Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank_
State banks *
Trust companies•
Total
Reserve.
Reservc
Required.
Surplus
Reserve.
630,102,000 630,102,000 623,757,470
1,876,000 5.535.000 5.031,360
8,694,000 15,050,000 14.776,0541
$
6,344,530
503,640
273.950
Total Mar. 24__._ 10,015,000 640,672,000 650,687,000 643,564,880
Total Mar. 17._
9,674.000 654,891.000 064.585.000657.723,270
10,167,000 648.299,000 658,466,000 654.818.170
Total Mar. 10
10,596,000 651,477,000 662.073,000 565,829,830
Total Mar. 3
7,122,120
6,841,730
3,647.830
5,243,170
3,659,000
6.356,000
• Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also the amount of reserve required on net time deposits, which was as follows:
Mar. 24, 521.466,860; Mar. 17, $20,793,870; Mar. 10, 820,728,710; Mar. 3, $21.267,000; Feb. 25, 821,312,750; Feb. 18, $21,768,450.
Actual Figures.
Cash
Reserve
in
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank__ -State banks*
Trust companies*_
Total Mar. 24_
Total Mar. 17_ _
Total Mar. 10_
Total Mar. 3.-
3,724,000
6,279,000
Total
Reserve.
a
Reserve
Required.
1941
•
Surplus
Reserve.
$
$
$
637,996.000 637,996,000 619,649,510 18.346,490
1,745,000 5,469,000 5,067,000
402,000
8,799,000 15,078,000 14,742,450
335,550
10,003.000 648,540,000 658,543,000 639,458,960 19,084,040
9,740,000 697,528,000707,268,000 661,959,840 45,308,160
9,514.000 637,051.000 646.565,000 651,586,830 -5,021,830
9,935,000 655,429,000 665,364,000 664,359,870 1,004,130
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank Includes also the amount of reserve required on net time deposits, which was as follows:
Mar.24, $21,330,450: Mar. 17.820,606.250; Mar. 10, 820,656,770; Mar. 3,821,187,890; Feb. 25, $21,242.550; Feb. 18, $21,768,450.
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week EndedNov.28
Dec. 3
Dec. 10
Dee. 17
Dec. 24
Dec. 31
Jan. 7 1928
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 3
Mar. 10
Mar. 17
Mar. 24
$
7,526.722.000
7.601,347,100
__ 7.537,309,500
7.567,275,900
7.632.582.400
7,757,544,700
8.004.166.800
7.818,801.000
__ 7.709,982.100
-69 ,182.000
7,697,104,000
7,617,852,900
7,582,973.000
7,509,494,600
__ 7.596.216.000
7,600.329,300
7.685.839,100
7.642.603.700
Demand
Deposits.
Total Cash
in Vaults.
Reserve in
DepositarieS.
$
6,183.811.700
6,266,361,500
6.286,819,400
6,292.381,100
6,261,887,800
6,324,178,800
6.578.552,700
6,403.172 400
6,386,686,500
6,279,035,900
6,289,144.400
6.205,379,900
6,153.176.000
6.118,607,900
6,235.714,800
6.229.438,200
6,307,046.500
6.181.812.500
$
86.031.600
86,962.900
89,085,500
97,111.900
105.223,300
98.285,100
90,382.500
87,029.800
.9.986.800
78,740.100
81.738.000
81,018.100
78.527.500
78,380,400
78.378.800
77.635.600
76,096,600
75.313.500
$
800,450,800
818.811,500
811.488.000
822.545,300
808,138,000
825.703.100
8.3,496,100
843.2014.300
832.138,000
814,959.800
813.688.600
799,967,500
800,543.800
793,230.200
810,495,100
802,121.900
832,1461,300
810.404.900
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 YORK
CLEARING HOUSE.
(Stated in thousands of dollars, that is, three ciphers 10001 omitted.)
Week Ending
Mar. 24 1928.
Members of
Fed'I Res've Bank.
Grace Nat Bank ___
Trust Company
Not Member of the
Federal Reserve Bata
Meek Tr, Bayonne_
Reserve
Cash
with
Net
Net
in
Legal Demand Time
Vault. Do pool- Deposits.Deposits.
tortes.
Loans,
DisNet
counts,
Profits. Investments,
• dec.
CLEARING
NON-MEMBERS Capital.
$
2,018
1.
18,217
Average. Average.lAveragelAverage.
$
$
$
87
1,404
841
9,64,063
500
740
9,389
276
1,500
Gr'd aggr., Mar.24
Comparison with prey, week
2,758
27,606
+412
363
-126
Gr'd
Gr'd
Gr'd
Gr'd
2,758
2,748
2,748
2,748
27,194
27,217,
26,439
26,043
aggr., Mar. 17
agar., Mar. 10
aggr.. Mar. 3
aggr., Feb. 20
1,500
1.5001
1.500
1,500
489,
438
492
422
3,418
5,799
1,5931 a13,1021
-171 -1911
189
9,882
+10
1,610 13,2931
1,6051 12,960
1.563 12,6771
1;562 12,859
9,852
9,955
9,782
9,886
a United States deposits deducted, $426,000.
Bills payable, rediscounts. acceptances and other liabilities, $4,061,000. Excess
in reserve, $118,530 decrease.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks
BOSTON CLEARING HOUSE MEMBERS.
March 28
1928.
Changesfrom
Previous Week
March 21
1928.
Mar, 14
1928.
$
$
$
$
78,400.000 Unchanged
78,400.000
Capital
78.400.000
96,607,000
+10,000
96,597.000
96.519.00C
Surplus and profits
Loans, dIsets Ainvest'ts_ 1,162,640,000 -4,494,000 1,167,134.000 1,115.157.00(
680,061,000 -9,241,000 689.302.000 679,523,00(
Individual deposits
147,511,000 -8,371,000 155.882.000 153,347.00(
Due to banks
316,393,000 +4,605.000 311,788,000 301,742,001
Time deposits
-.676,000
24,251,000
23,575,00
1,521,004
United States deposits__ _
-5,714,000
34,202,000
28,488,00
27.141.001
Exchanges for Cl'g House
-941,000
75,306,00
84,517.000
80.419.00
Due from other banks.. _ _
-1.721.000
83,454,00
85.175.000
85.585,00
Res've In legal deposit's
-6,000
9,578,00
9,584.000
9,728,00
Cash In bank
Raeve /Isom In V R Mr
41 000 -1.128.000
2.21k fla
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Mar. 24, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
SUMMARY OF STATE BANKS AND TRUST COMPANIES 074 GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Week Ended March 24 1928.
(Figures Furnished by State Banking Department.)
Mar. 17
Afar. 10
Two Ciphers (00)
Trust
M embers of
Mar, 24.
1928.
1928.
omitted.
Previous Week
Total.
F.R.System Companies.
Loans and investments
81,475,828,700 -$4,585,400
Gold
5,367,600
+194,100
53,300,0
9,500,0
62.800,0
62.800,0
Currency notes
22,268.900
62,800,0
-771,200 Capital
17,914,0 185.676.0 185,631,0 185,084.0
Deposits with Federal Reserve Bank of New York
128,128,500 -6,508.100 Surplus and profits... 167.762,0
Time deposits
1,508,094,400 -1,611,200 Loans. disc'ts & invest. 999,386,0 100,548,0 1,099,934,0 1,097,561,0 1.093,948,0
38,596,0
983,0
39,579,0
41.977,0
Exch. for Clear. House
Deposits eliminating amounts due from reserve de37.361,0
94,085,0
515.0
94,600.0
99,730,0
positaries and from other banks and trust companies
Due from banks
86,229,0
134,360,0
3,269,0 137,638.0 143,987,0 142,119,0
1,421,299,54)0 -10,829,000 Bank deposits
In N. Y. City, exchanges and U. S. deposits
52,437,0
665,449,0
675,444,0 664,785,0
Reserve on deposits
Individual de posits.-- 613,012,0
197,369,400 -8,614,5
28.225,0 219,929,0 218.088,0 219,080,0
191,704,0
Percentage of reserve, 21.1%.
Time deposits
RESERVE.
83,931,0 1,023,016,0 1,037.519,0 1.025.984,0
939.085,0
Total deposits
8,644,0
8,644,0
9,366,0
--sum Banks-8,481.0
-Trust Companies-. Res. with legal depos70,865,0
70,865.0
72.286.0
$35,721,700 17.61%
71,395,0
Cash in vaults*
3120.043.300 16.47% Res. with F. R. Bank_
9,530,0
2.798,0
12,328,0
12,069.0
10.667,800 5.26%
11,548.0
Deposits in banks and trust cos
30.936.600 4.24% Cash in vault•
80.395,0
11,442,0
91,837.0
Total ree. dr cash held_
93.921,0
91,424.0
10,247,0
69,037,0
79,284,0
80,146,0
$46,389,500 22.87%
80,009,0
Total
$150.979,900 20.71% Reserve required
Excess reserve and cash
1.195,0
in vault
11.358,0
12.553.0
13.575,0
11,415,0
* Includes deposits with the Federal Reserve Bank of New York, which for the
•Cash in vault not counted as reserve for Federal Reserve members.
State banks and trust companies combined on Mar. 24 was $128;128,50,1
[vol.. 126.
FINANCIAL CHRONICLE
1942
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Mar.29,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 1910, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MARCH 28 1928.
Mar.28 1928. Mar.21 1923. Mar.14 1928. Mar. 7 1928. Feb. 2. 1928. Feb. 21 1928. Feb. 15 1928. Feb. 8 1928. Mar 30 1927.
3
$
$
$
$
$
$
S
$
RESOURCES.
1.331,263,000 1.393,893,000 1,369,178.000 1,345,440,000 1,388.957,000 1,384,121,000 1,368,926,000 1,422,938,000 1,613,495,000
Gold with Federal Reserve agents
49,778,000 _ 45,952,000
48,560,000
58,576,000
52,849,000
52,021,000
45,898,000
50.652.000
50,116,000
Gold redemption fund with 12.8.'Trees_
Gold held exclusively agst. F.R.notes 1,381,915,000 1.442,453,000 1,427,754.000 1,395,218.000 1,434.909,000 1,436.970,000 1,412,824,000 1,473,054.000 1,665,516,000
714,939,000 684,561,000 735,014,000 767,300.000 752,529,000 749,105,000 763,847,000 695,604,000 620,488,000
Gold settlement fund with F.R.Board
Gold and gold certificates held by banks_ 663,059,000 648,757,000 625,649,000 849,700,000 620.932,000 633.711.000 636,961.000 648,933,000 735.895,000
Total gold reserves
Reserves other than gold
2,759,963,000 2,775,771,000 2.788,417,00u 2,812,218.000 2.808.370,000 2,819.786,000 2,813.632.000 2,817,591,000 3,021,899,000
170,544,000 170,060.000 168,300,000 163,442.000 165.931,000 164,564,000 167,179,000 167,474,000 160,794,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
Other bills dlscounted
2,930,507,000 2,945,831,000 2,956,717,000 2,975.660,000 2,974.301,000 2,984,350,000 2.980,811,000 2.985,065,000 3,182,693,000
70,296,000
70,084,000
68,045,000
71,496,000
70,013,000
63.759,000
76,242,000
67,786,000
79,007,000
322,034,000
202,082,000
285,371,000
191,607,000
285,253,00i
187,041,000
289.784,000
192,324,000
306,405,000
186,163,000
290,925,000
170,119,000
318,181.000
162,909.000
298,164,000
160,820,000
259,086,000
196,937,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
524,096,000
340,103,000
476,978,000
332,723,000
472,296,000
343,326,000
482.108,000
338,495,000
492,568.000
343,759,000
461,044,000
353,227,000
481,090.000
354,787,000
453,784.000
369,273,000
456,023.000
237,409,000
55,711,000
163,312,000
166,509.000
57,330,000
171,792,000
156,139,000
58,807,000
193,421,000
148,659,000
57.047,000
205,633.000
140,032.000
55,610,000
206.036,000
145,956,000
55,387,000
207,741,000
138,384,000
57,434.000
213,704.000
137,295,000
56,443,000
210,765,000
134,131,000
68,206.000
88,380,000
196.516,000
Total U. S. Government securities
Other securities (484 /100)
385,832,000
990,000
385,261,000
500,000
400,887.000
1,000,000
402,712,000
1,000,000
407,602 000
1,000.000
401,512,000
500,000
408,433.000
500,000
401.339,000
500,000
333,102,000
2,500,000
Total bills and securities (see note)___... 1,257,021,000 1,195.467,000 1,217,509,000 1.224,315.000 1,244.929,000 1,216,283,000 1,244,810,000 1,229,896,000 1,049.034,000
Gold held abroad
569,000
569,000
660,000
568,000
568,000
567,00^
570,000
568,000
570.000
Due from foreign banks (see note)
595,975,000 676,071,000 744,469,000 609,762,000 614,520.000 649,135,000 772,437,000 588,326.000 602,896,000
Uncollected items
59,055,000
59,064,000
59,078,000
59,263,000
59.264,000
58,485,000
58,869,000
59,051,000
59,2650)00
Bank premises
11,548,000
13,057,000
10.839.000
10,913,000
11,168,000
12,159,900
9,826,000
9,222,000
10,411,000
All other resources
4.920.951,000 4.954,469,000 5,060,702,000 4.951.018,000 4,974,845.000 4,991.800,000 5.144,758,000 4,952.142.0004,970,584.000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
2.357.143,000 2,322,237.000 2,362,424,000 2,361,464,000 2,374.515,000 2,357.083.000 2,391,150,000 2,395.037,000 2,274,464,000
27,917,000
25,037,000
23,681,000
28,457,000
18,975,000
14,863,000
24,757,000
31,869,000
26,385,000
6,044,000
6,116,000
5,324,000
4.844,000 - 5,151,000
4,502.000
5,007,000
4,305,000
5,546,000
18,121,000
18,765.000
17,129,000
18.102,000
17,308,000
21,308.000
17,222,9.00
15,622,000
18,601,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,404,215,000 2,359,704,000 2,402,926,000 2,410,738.000 2,425 605,000 2,404,853,000 2.443,759,000 2,445,174,000 2,327,501,000
560,358,000 646,319,000 701,004,C00 566,760,000 579,520.000 613,456,000 734,306,000 543,749,000 -62,660,000
136,150,000 136,642,000 138,456,000 136.605,000 138.592.000 136 474,000 135,877,000 134,619,000 127,602,000
233,319,000 233,319,000 233,319,000 233,319,000 233,319,000 233,319.000 233,319,000 233,319,000 228.775,000
11,800,000
11,571,000
11,302,000
12.224,000
13,857.000
13,199,000
12,709,000
11,098,000
12,883,000
1,567,052,000 1.565,286,000 1,574,11400 1.591,370,000 1,588,238,000 1,591,898,000 1,586.195,000 1.584,183.000 1,711,337,000
4,920,951,000 4,954,469,000 5,060,702.000 4,951.016,000 4.974,845,000 4,991,800,000 5,144.758,000 4,952,142,000 4,970,584,000
Total liabilities
Ratio of gold reserves to deposits and
70.56%
70.3%
70.0%
69.8%
69.5%
70.7%
89.9%
70.1%
74.8%
F. R. note liabilities combined
Ratio of total reserves to deposits and
4.0%
74.4%
73.8%
75.1%
741%
74.7%
79.1%
74.3%
78.8%
F. R. note liabilities combined
Contingent liability on bills purchased
243,009 243,975,000 239.660,000 238,553,000 238,817,000 241,238,000 241,697,000 238,821,000
147,698
for foreign correspondents
Distribution by Maturities1-15 days bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness_
1-15 days municipal warrants
16-30 days bills bought in open market _
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market _
81-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
61-90 days bills bought in open market _
61-90 days bills discounted
61-90 days U. S. certif. of Indebtedness_
81-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness....
Over 90 days municipal warrants
s
s
15
$
$
$
167,981,000
442,928,000
509,000
8
151,818.000
400,982,000
435,000
142,960,000
399,259,000
10,732,000
5
124.030,000
405,499,000
14,630.000
$
111,382,000
420,680.000
20,072,000
118,113,000
389,673,000
100,000
111,592.000
412.890,000
700.000
112,598,000
385.943,000
115,041,000
364,820,000
5,206,000
77,976,000
18,329,000
79,257,000
17,721,000
89,780,000
18,104,000
91,920,000
18,266,000
92,357,000
17,933,000
70,958,000
20,415,000
5,912,000
71,103,000
17,033,000
15,441.000
69,436,000
19,353,000
53,777,000
22,153,000
53,788,000
32,801,000
64,963,000
32,557,000
75.281,000
31,442,000
92,079,000
31,045,000
107,092,000
29.469,000
119,308,000
27,022,000
7,200,000
115,829,000
25,345,000
111,343,000
27.125,000
20,419,000
53,125,000
36,630,000
35,457,000
20,294,000
1,892,000
31,771,000
16,911,000
5,820,000
30,661.000
15.152,000
27,230,000
20.479,000
29,762,000
18,156.000
40,466,000
17,811,000
51,895,000
19,730,000
70,974.000
19,876,000
13,242,000
21,380,000
76,644,000
5.901,000
9,244,000
164,108,000
4,919.000
8,807,000
149,884,000
4,644,000
8,339,000
137.927,000
3,236,000
6,819.000
125,402.000
3,168,000
6,330,000
125,884,000
4,382,000
6,123,000
125.172,000
4,368,000
6,092,000
121.154.000
4,922,000
6,487,000
113,712,000
2,224,000
11,040.000
116,666,000
P. R. notes received from Comptroller.- 2.823,560,000 2,840,840.000 2,850.263,000 2,866,16%000 2,870,453,000 2,889,110,000 2,897,758.000 2,910,017,000 2,927,452,000
869,300,000 875,450,000 879,465,000 877,040,000 878,280,000 889,305,000 888,705,000 839,119,000 829,156,000
P. R. notes held by F. R. Agent
Issued to Federal Reserve Banks
1,954,260,000 1,965.350.000 1,970.798.000 1.989.120.000 1.992.173,000 1,999,805,000 2.009,053,000 2,020,898,000 2,098,296,000
Hew Secured414,140,000 414,140,000 414,840,000
By gold and gold certificates
91,366,000
88,454.000
99,152,000
Gold redemption fund
Gold fund-Federal Reserve Board.... 817,971.000 888,387,000 865,884,000
839,382,000 780,579,000 778,352,000
By eligible paper
....3... 333
.
.-. ..3. 333.... ..... 333 n
_ ..
414,841,000
90,736,000
839,863,000
792.404,000
414,841,000
96,088,000
878.048,000
801,275,000
414,841,000
94,611.000
874,669,000
787,140,000
414,840,000
99,461,000
852,625,000
809.605,000
414,441,000 401.604,000
98,023,000 106,974,000
910,4 1,000 1,104,917,000
805,059.000 670,937,000
_
107 QA A nnn 0 inn nn0 nnn 0 171 051 nnn 0 1711 .1 nnn o on, nn.. /sm. .. ...
.
..
... ......
NOTE.-Beginning with the statement of Oct. 7 1925, two new items were added In order to show separately the amount of balances held abroad and amounts due
to foreign correspondents. In addition, the caption, "All other earning assets," previously made up of Foreign Intermediate Credit Bank debentures, was changed to
"Other securities," and the caption. "Total earning assets" to "Total bills and securities." The latter item Was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which, it was stated, are the only items included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAR.28 1928.
Two ciphers (00) omitted.
Total.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Ildinneap. Kan.City. Dallas. San Pratt,
Federal Reserve Bank ofs
s
$
$
5
$
8
$
$
s
s
a
RESOURCES.
s
30ld with Federal Reserve Agents 1,331,263,0 80,254,0 248,722,0 102,548,0 181,549,0 47,003,0 135,451,0 226,508,0 35,424,0 52,140,0 50,107,0 29,021,0 162,538,0
3,465.0
1,446,0
2,082,0
4,140,0
3,997,0
50.652,0
5,869,0
11.918,0
8.954,0
1,219,0
Treas.
3,390,0
U.S.
1,509,0
2,663,0
with
3old red'n fund
Gold held excl.agst.F.R.notes 1,381,915,0 88,123,0
3old settle't fund with F.R.Board 714,989,0 38,286.0
663,059,0 23,869,0
Sold and gold certificates
260,640.0 111,502,0 165,014,0 43,449,0 137,533,0 230,648,0 39,421,0 53,359,0 53,497,0 30,530,0 165,199,0
290.510.0 42,270,0 52,410,0 24,96.5,0 6,896,0 137,907,0 18,443.0 17,837,0 34.021.0 20,101,0 33,353,0
432,382.0 25.110,0 45,423,0 10,067,0 9.853,0 53,176,0 12,026,0 4,852,0 6,802,0 8,747,0 30,752,0
2,759,963,0 146,278,0
170,544,0 15,550,0
983,532,0 178.882,0 262,847,0 83,481,0 154,282,0 421,731,0 69,880,0 78,043,0 94,320,0 59,378,0 229,304,0
34,725,0 8,438,0 14,019,0 11,450,0 16.085,0 21,297,0 14550.0 3,885,0 7,796,0 10,541,0 12,149,0
Total gold reserves
Reserves other than gold
2,930.507,0 161,828,0 1,018,257,0 187.370,0 276,866,0 94,931,0 170,367,0 443,028,0 84.439,0 79,933,0 102,116,0 69,919,0 241,453,0
Total reserves
21,393,0 2,329,0 4,918,0 5,788,0 4,819,0 7,060,0 4,129,0 1,943,0 2,356,0 3,652,0 4,402,0
67,786.0 5,449,0
Son-reserve cash
3111s discounted:
807,0 42,393,0
See. by U. S. Govt. obligations 322.034,0 24,279,0 113,422,0 29,484,0 29,945,0 6,498.0 2,422,0 51,959,0 12,924,0 2,533,0 4,368,0
40,596.0 13.396,0 23.051,0 19,114,0 20.930,0 22,001,0 10,841,0 1,309,0 6,961,0 3,508.0 6,062,0
202,062.0 34.293.0
Other bills discounted
-524,096,0 58,572,0 154,013,0 42,880,0 52,996,0 25,612,0 23,352,0 73,960,0 23.875,0 3,842.0 11,829,0 4,315,0 48,955,0
Total bills discounted
348,103,0 49,243,0 104,034,0 24,408,0 30,905,0 12,851,0 15,223,0 39,033,0 6,372,0 13,244,0 11.694,0 12,860,0 26,236.0
Ms bought in open market
7. S. Government securities:
54,0
1,384.0
585,0
505.0 1,153,0
47.0 19,927,0 7,125.0 4,519,0 11,390,0 7,815,0
707,0
55.711,0
Bonds
26,847,0 14,683,0 33,586,0 2,700,0 4,957.0 17.259,0 14,643,0 6,970,0 7,763,0 7,661,0 18,236,0
163.612.0 8,202,0
7reasury notes
41.783,0 18.538,0 13,765,0 4,203,0 3,720.0 24,560,0 8,015,0 6,079.0 11,118,0 8,898,0 13,530,0
186.509,0 12,300.0
lertlfleates of indebtedness
....1 TT
a emn... ......0.1.1...
Rag 5090
91 900 n
70
n14 n
222060 47 RSA 0
1
05n n
0 794
n
01 74/1
n
207220
17 R0R
n 20 771 n
243740
21920.0
MAR. 31 1928.]
FINANCIAL CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Total.
$
990,0
Othersecurities
Total bills and securities
Due from foreign banks
Uncollected Items
Bank premises
All other resources
Boston.
New York.
Phila.
$
3
$
1943
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran,
$
$
$
$
$
$
990,0
$
$
$
1,257,021,0 129,024,0
570,0
37,0
595,975.0 59.356,0
59,266,0 3,824,0
9,826,0
86.0
328,066,0 101,0940 131.757,0 46,519,0 47,299,0 174,739,0 59,925,0 35,644,0 54,294,0
41,549.0 107,111.0
218,0
46,0
51,0
25,0
21,0
68,0
21,0
13,0
18,0
17,0
35,0
154.175,0 50,997,0 56,723,0 49,260,0 24,130.0 71,130,0 28,397.0 10,896,0 34,058,0
21,938,0 34,915.0
16,543.0 1,756.0 6.865,0 3,148,0 2,829,0 8,720,0 3,891,0 2,202.0
4,308.0
1.806.0
3.378,0
1,743,0
117,0 1,121.0
406,0 1,485,0 1,283,0
725,0
970,0
540,0
578.0
772,0
Total resources
4,920.951,0 359,654,0 1,540,395.0 343.709,0 478,301,0 200,075,0 250,950,0
706,028,0
181,527.0
131,101.0
197,690,0
139,4E9,0 392,082.0
LIABILITIES.
F. R. notes in actual circulation_ 1,567,052,0 119,161,0 341,906,0 126,110,0 192.035,0 60,266,0
141,451,0 238,153,0 52,115,0 55,654,0 56,986,0 34,755.0 148:460,0
Deposits:
Member bank-reserve aces.. 2,357,143,0 150,186,0 943,494,0 132,836.0 185.833,0 69,072,0
67,643,0 339.488,0 81,486,0 52,598,0 93,055,0 65,993.0 175.459.0
Government
24,757,0 3,012,0
2,432,0 1,263,0 3.560,0 2,845.0 3,348,0
3/8.0 1,100.0 1,524.0 1,475,0 2.359,0 1,461,0
Foreign bank
5,007,0
338,0
1,774,0
428,0
468,0
230,0
189,0
626,0
194,0
121,0
162,0
158,0
319.0
Other deposits
17,308,0
98.0
8,380.0
67,0 1.203,0
87,0
75,0 1,317,0
346,0
277,0
728,0
28,0 4,702,0
Totaldeposits
2,404,215,0 153.634,0 956,080,0 134,594,0 191.064,0 72,234,0 71.255,0 341,80,0 83,126,0
Deferred availability items
566,358,0 58,526,0 133,556,0 46,967,0 55,352.0 48,123,0 22,577,0 71,997,0 29,685,0 54,520,0 95,420,0 68,538,0 181,941.0
9.988,0 31,429.0
Capital paid in
136,150,0 9,586,0
42.468,0 13,700,0 14,223.0 6,251,0 5,166,0 18.581,0 5,340,0 3,024,0 4.245,0 22,910,0 35,248,0
4,311,0 9,255.0
Surplus
233,319,0 17,893,0
63,007,0 21.662,0 24,021.0 12,324,0 9,996.0 32.778,0 10,397.0 7,039,0 9,046,0 8,527,0
16,629,0
Allother liabilities
13,857,0
854,0
3,378,0
676,0 1,606,0
877,0
505,0 2,710,0
864,0
876,0
564.0
418,0
529,0
Totalliabilities
4,920.951,0 359,654,0 1,540,395,0 343.709,0 478,301.0 200,075,0 250,950,0 706,028,0 181,527,0 131,101,0
197.690,0 139,459,0 392,062,0
Memoranda.
Reserve ratio(percent)
73.8
59.3
78.4
72.3
71.9
71.6
80.1
76.4
62.4
72.6
67.0
67.7
73.1
Contingent liability on bills purchased for foreign correspondls 243,009,0 18,280,0
68,008,0 23,155,0 25,348.0 12,430,0 10,237,0 33,879,0 10,481,0 6,581,0 8,774,0 8,531,0 17,305,0
F. R. notes on hand (notes rec'd
from F. R. Agent less notes in
circulation
387.208.0 21.2111.0 119.833.0 31.638.0 29.826.0 20.221.0 31.169.0 43.126.0 8.064.0 5.528,0
7,848,0 8,685,0 60,060.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE
OF BUSINESS MARCH 28 1928.
Federal Reserve Agent at-
Total.
Boston.
New York,
Phila.
s
$
Two ciphers (00) omitted.
$
s
F.R.notesrec'd from Comptroller 2,823,560,0 226,541,0
P.R.notes held by F.R.Agent- 869,300,0 86,170.0
$
$
$
$
a
$
$
$
$
747.099,0 177,848,0 262.841,0 106,691,0 234.820,0 439,979.0 78.349.0 79,806.0 103,544.0 64,822,0 301,220,0
285,360.0 20,100.0 40,980,0 26,204,0 62,200.0158.700,0 18,170,0 18,624,0 38,710,0 21.382,0 92.700,0
F.R. notes issued to F. R. Bank 1,954,260,0 140,371,0
Collateral held as security for
F. R. notes Issued to F. R.Bk.
Gold and gold certificates__ 414,140.0 35,300,0
Gold redemption fund
99,152,0 16.954,0
Gold fund-P.R. Board
817.971,0 28,000,0
Eligiblepaper
839,382.0 107,815.0
Totalcollateral
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Kan.CUy. Dal/as. San Fran.
461,739,0 157,748,0 221,861,0 80,487.0 172.620.0 281,279,0 60.179,0 61,182,0 64,834,0 43.440,0 208.520,0
205,150,0
42,600.0 31,020,0 20,000,0
8,600,0
18,572,0 9,771,0 13,949.0 6,483,0 8,951,0 1,508,0 1,324,0
25,000,0 92,777,0 105,000,0 9,500,0 106.500,0 225,000,0 25,500.0
241,559,0 60,989,0 82,618,0 35,708,0 37,482.0 112.849,0 29,237,0
--490.281.0 163 537 n 244 167.0 82.711.0 172.933.0 339.357.0 64.661.0
12.170.645.0 188.069.0
14,167.0
17,303.0 40,000,0
973,0 4,247,0 2,718,0 13,702,0
37.000,0 45.860,0 9.000,0 108,834.0
16,866,0 23,237,0 16,573,0 74.449,0
69.006.01 73.344.0 45.594.0 236.985.0
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 649 member banks from which weekly returns are obtained.
figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the These
statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment
of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and
" on page 1910,immediately following which
we also give the figures of New York reporting member banksfor aDiscussions,
week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL
REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS MARCH 21 1928 (In thousands of dollars).
Federal Reserve District-
Total.
Boston. New York
Phila,
Cleveland Richmond Atlanta, Chicago. St. Louis. Minneap.IICan. City Dallas. San Fran.
Loans and investments-total
$
S
S
$
21,924,746 1,582,582 8,307,289 1.222,226 2,174,967
$
689,707
s
S
618,862 3,194,704
$
724,022
$
388,230
$
669,229
3
$
446,600 1,906,328
[..oans and discounts-total
15,270,210 1,094.847 5,839,795
8
804,954 1,432,162
511,942
488,879 2,276,378
504.272
254,237
440,273
337,787 1,284,684
5,349
42,432
424,5392,708,411
664,9593,088,952
8.212
440,844
355,898
15,237
641,446
775,479
3,298
159,753
348,891
5,437
24,344
119,817 996,467
363,625 1,255,567
4,126
199,156
300,990
2.451
75,774
176,012
3,603
135,134
301,536
3,434
86,448
247,905
4,312
346,485
933,887
6,654,536
487,735 2,467,494
417,272
742,805
177,765
129,983
918,326
219,750
133,993
228,956
108,813
621,644
U. S. Government securities.... 3,016,681
Other bonds, stocks and securities 3,637,855
182,555 1,191,352
305,180 1,276,142
108,202
309,070
323,454
419,351
78,233
99,532
63,974
66,009
383,203
535,123
86,149
133,601
70,465
63,528
109,345
119,611
78,492
30.321
341,257
280,387
84,162
14,674
127,138
30,063
41,447
11,810
40,465
10,985
254.064
39.338
47,847
7.092
25.778
5,500
57,051
11,150
31.950
8,643
110,290
20,449
Secured by U.S. Gov't oblige's
122,235
Secured by stocks and bonds.... 6,334,274
All other loans and discounts- 8,813,701
tnvestmente--total
Reserve balances with F.R.Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
1,707,746
242,261
105,850
18,784
781,704
63,773
13,448,683
6,750.524
281,444
1135.7855.963,586
524,250 1,612,872
21,033
94,436
786,264 1,025,850
287,970 967,502
15,772
20,682
365,273
246,681
9,585
332,894 1,820,169
239.209 1,236,887
21,234
32,650
398,801
249,115
7,159
229,644
133,590
3,456
504,284
168,089
7,004
299,622
118,343
12,098
786,511
966.016
36,337
1,171,857
3,435,444
47,779 158,559
151,998 1,350,734
75,056
175,347
98,112
238,035
50.468
109,164
73,893
119,225
227,212
520,176
52,066
130,699
45,889
107,979
116.122
219,754
55,718
98,835
170,983
213.498
Borrowings from F. R.Bank-total
353.201
30,674
60,109
25,497.
46,447
16,529
10,594
69,663
20,904
3,500
7,405
1,459
Secured by U.S. Gov't obliga'ns_
All other
60,330
224,817
128,384
13,386
17,288
41,975
18,134
16,341
9,156
22,536
23.911
3,560
12,969
3,074
7,520
57,258
12,405
8,343
12,561
3.500
4,345
3,150
100
1,359
50,399
9,931
648
36
80
50
71
66
33
92
30
24
65
45
55
Number of reporting banks
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal
Reserve Bank of New York at the close of business March 28 1928,11I
comparison with the previous week and the correspondi
ng date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp.fund with U.S. TreasuryGold held exclusively aget. F. R.notes
Gold settlement fund with F. R. Board_
Geld and gold certificates held by bank.
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations...
Otherbills discounted
Afar.281928. Mar.21 1928. Mar. 301927.
$
248,722,000 328,813,000 378,610,000
11,918,000
13,494,000
11,171,000
260..40,000 342.307,000
290,510,000 276,797,000
432,382.000 416,013,000
389,781,000
237,892,000
488,134,000
983,532.000 1,035.117,000 1,115,807,000
34,725.000
34,766,000
32.010,000
1,018,257,000
1,069,883,000 1,147,817.000
21,393,000
21.426,000
15,952,000
113,422,000
40,596,000
55,250,000
27,152,000
94,221,000
26,078,000
154,018,000
104,034.000
82,402,000
92,589,000
120,299,000
57.275,000
1.384.000
26,847,000
41,783,000
1.384.000
29,502,000
39,069,000
13.143.000
31,827,000
47.307,000
Total U.S. Government securities-
70,014,000
69,955.000
92,277,000
Total bills and securities(See Nose)._
328,066.000
244,946,000
269,84,000
Total bills discounted
Bills bought in open market
U.S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected Items
Bank premiere
All other resources
Total resources
Mar.281928. Mar.211928. Mar. 30 1927
$
$
5
218,000
154,175,000
10,543,000
1,743,000
217,000
182.144,000
16,543,000
1,387,000
660,000
151.368,000
16,276,000
2.165,900
1,540,395,000 1,536,546,000 1,601,089,000
Liabilftt.sFed'I Reserve notes in actual circulation
Deposits-Member bank, reserve acct._
Government
Foreign bank (See Note)
Other deposits
341,906,000
943,494,000
2,432,000
1,774,000
8,380,000
343.352,000
902,604,000
10,559,000
1,271,000
9,099,000
417,357,000
927,624,000
17,335,000
1,664.000
8,374.000
Total deposits
Deferred avallabilit, items
Capital paid in
Surplus
All other liabilltlea
956,080,000
133,55.,000
42,468,000
63.007.000
3,378,000
923,533,000
160,903,000
42,413,000
63,007,000
3,338,000
954,997,000
128,837.000
38,270,000
61,614,000
3,0)4,000
Total liabilities
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combinedContingent liability on bills purchased
for foreign correspondence
1,540,395,000 1,536,546,000 1,604,089,000
78.4%
84.4%
68.008
68,975,000
83.6%
40,635
NOTE.-Beginning with the statement of Oct. 7 1925, two new
items were added in order to show separately the amount of balances held abroad
foreign correspondents. In addition, the caption "All other earning
and amoutts due to
assets," previously made up of Federal Intermediate Credit bank debentures, was
"Oillersecurlties," and the caption "Total earning assets" to
changed to
"Total bills and securities." The latter term was adopted as a more accurate
description of
discounts, acceptances and securities acquired under the provisions of
Sections 13 and 1401 the Federal Reserve Act, which,It was stated,are the only items the total of the
included therein.
[VOL. 126.
FINANCIAL CHRONICLE
1944
New York City Banks and Trust Companies.
Cankers' Gantte.
(All prices dollars per share.)
Wall Street, Friday Night, March 30 1928.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is guven this week on page 1929.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Mar. 30
Sales
for
Week.
Range Since Jan. 1,
Range for Week.
Lowest.
Par. Shares$ per share.
Highest.
!
,
Lowest.
Highest.
$ per share. $ per share.3 per share.
RailroadsAtch Top & S F rights_ __ 25,000 334 Mar 27 344
300 65 Mar 27 67
100
Boston de Maine
NIar 29 7534
150 71
Buff Roth & Pitts_ 100
10 9534 Mar 28 9534
100
Preferred
100 40 Mar 26 40
Buff ,k Susq v t c_ _ _100
Caro Cl &0 etfs stpd.100
15010631 Mar 30 10734
Nlar 24 111
80 111
C C C & St L prat_ _ _100
20 8945 Mar 26 7934
Chic Ind & Loutsv pf_100
200 8835 Mar 29 89
100
Cuba RR pref
50, 4935 Mar 29 50
Det de Mackinac_ _ .100
1037034 Mar 2437034
110
Hocking Valley
50 83 Mar 24 83
III Cent leased line_ _100
30 4134 Mar 24 4134
100
Iowa Central
2,300 331 Mar 27, 334
Minn & St L ctfs
Nat Rys of Nlex 1st p1100 1,400 434 Mar 28 514
220;130 afar 28 131%
100
N 0 Tex & Nlex
N Y Chic & St L rights__ 35,8001 33.( Mar 24 431
44
% Mar 24,1
27,1001
Preferred rights
iaa 734 Mar 241 745
100
NY State Rys
200, 27 Mar 24 2734
100
Preferred
30 184 NIar 29 184%
Nash C & St Louts_ _100
1114 48 Mar 28 50
Pacific Coast 1st pref.100
160 12334 Mar 28 124 45
Pacific Tel & Tel pref.100
10 50 Mar 28 50
Plana Rand Tr prof_ _3%
& 0 ctfs_ _ _100
So Ry
51012234 Mar 28 130
47,500 234 Mar 28 231
St Louis S Frights
Vicks Shreve & Pac_100
2010534 Mar 26 106
400 72 Mar 26 72
Wheeling & L Erie....100
Mar 26 3%
Mar 28 58
Mar 28 60
Mar 28 94
Mar 26 40
Mar 26 103%
Mar 24 10944
Mar 26 76
Mar 26 84
Mar 29 4934
Mar 24 345
Mar 24 81%
Mar 24 2
Mar 24 334
Mar 30 335
Mar 26 130
Mar 30 2%
Mar 26
'es
afar 24 735
Mar 24 26
Mar 29 125%
Mar 26 48
Mar 29 115
Mar 28 50
Mar 24 100
Mar 24 ly,
Mar 26,10334
Afar 26 67
Feb 331 Mar
Mar
Feb 67
Feb 80
Jan
Mar 100
Feb
Mar 43
Jan
Jan 107% Mar
Jan 111
Feb
Jan 79% Mar
Mar 92% Feb
Mar 50
Jan
Feb 37745 Mar
Jan 84
Jan
Mar 5% Mar
Feb 4% Mar
Feb 5% Mar
Mar 139
Jan
Mar 434 Mar
% Mar
Mar
Mar 10
Jan
Feb 30
Feb
Mar200
Jan
Jan
Mar 70
Jan 124% Mar
Mar 56
Jan
Jan 159% !Jan
Mar 234 !Mar
Jan
Jan111
Mar
Mar 72
Indus. & MIscell.
Air Reduction new_ __• 6,100 62 Mar 27 6335 Mar 26 61
• 100 70 Mar 29 72 Mar 29 53
Alliance Realty
% Mar 29
31
% Mar 24
American Metal rights__ 39,500
11,200 254 Mar 29 334 Mar 26 114
rts
Pap
Albany Per ‘Vrap
50 144 Mar 27 145 Mar 28 142
Amer Radiator pref_ ..100
10205 Mar 29205 Mar 29 205
Bayuk Bros 2d pref_ _100
23,200 434 afar 28 431 Mar 24 4%
Borden Co rights
Mar 28 117
100 117 Mar 28 117
Brown Shoe pref_ __ _100
Mar 2411434 Mar 29 11034
Bucyrus Erie pref_ _ _100 1,000 Ill
10 110 Mar 27 110 Mar 27 107
Cent Alloy Steel pref _100
100 112 Mar 29 112 Mar 29 110
Cert-Teed Prod 2d pf.100
10280 Mar 24 280 Mar 24 280
Coca Cola
Consol Cigar 644 pf _ A00 2,000 99 NIar 24 9934 Mar 26 99
Container Corp clans A. 5,900 2174 Mar30 2331 Mar 24 21%
M r 27 12 Mar 24 10%
11
•
Class B
101 10031 Mar 30 10031 Mar 30 96%
"
ern-Willamette lot pf-•
Mar 29 1163.1 Mar 30 11234
11431
20
•
pref
Sons
Cushman's
35 Mar 30
% Mar 29
31
Du Pont de Nem deb rts_ 7,800
•27,700 8234 Mar 26 863-4 Mar 30 80
Drug Inc
Mar 30 88%
220 89 Mar 30 91
Elsenlohr de Bros pf_ _100
40 1531 Mar 28 1645 Mar 24 15
Elkhorn Coal prat. _ _50
100 1253.1 Mar 28 12531 Mar 28 120%
EIP&Lctfs40%pdwl
330 4 Mar 29 4 Mar 29 234
25
Fairbanks Co
30 10 34 Mar 26 1131 Mar 24 1034
100
Preferred
10 11234 Mar 27 11234 Mar 27 ill
Franklin Simon pref _100
600 43 afar 28 4431 Mar 30, 37
General Gas de El Cl B....5
10 109 Mar 28 109 Mar 281 108%
General fly Sig pref__
40 12434 Mar 27 126 Mar 28'124%
Gold & Stock Tel_ ..100
22 10631 Mar 26 10644 Mar 26 104
Gulf States St 1st pf_100
100 2531 Mar 28 2534 Mar 28 24
Hartmann Corp el A ___
Internat Silver rights__ _ 2,700 2731 Mar30 303.1 Mar 27 25
100
50 12234 Mar 28 12245 Mar 28 120q
pf
7%
Laugh
&
Jones
200 11231 Mar 2.1133.4 Mar 270.1131
KCLt&Pr lstpf B____
%
% Mar 26
% Mar 24
14.600
Kayser & Co tights
Mar 27 18
Keith-Albee-Orpheum _• 4,900 18 Mar 24 21
100 1,600 92 Mar 24 9334 Mar 24 92
Preferred
117200 1534 Mar 27 2034 Mar301 1534
Kelvinator Corp
Lehigh Port Cement_ _ _ .4 1,000 53 Mar 30 54 Mar 29 53
• 2,000 10134 Mar 26 10134 Mar24I 9931
LOCWR preferred
90299 Mar 30320 Mar 291250
Mexican Petroleum _100
40 118 Mar 30 118 Mar 30 11531
National Supply pref 100,
10 3431 Mar 24 343.4 Mar 241 3331
Norwalk T & R pref..100
1001 100 11334 Mar 2611331 Mar 26 113
Outlet Co pref
10 115 afar 28 115 Mar 28 1033.1
Penick & Ford pref 100.
100 6834 Mar 27 683.1 Mar 27 3731
Purity Bak A ctfs
300 68 Mar 26 6831 Mar 29 6131
Reis (Robt) de Co 1st pf _
30 183 Mar 27 183 Mar 27 16534
25
Reynolds Tob A
400 214 Mar 30 234 Mar 30 234
Sou Calif Edison rights__
Sloss-Sher S Re I pref.100 1.300 118 Mar 24 123 Mar 24 11031
Mar 26 10435
100
220 109 Mar 28 111
The Fair wet
60 731 Mar 26 831 Mar27
United Dyewood._ _100
Mar 27 19 Mar 27 19
100 19
United Paper Bd..._100
100
400 334 Mar 30 331 Mar 29 334
U S Express
45 NIar 28
14 Mar 27
Si
Warner Quinlan rights__ 20,700
34
1%lar 26 I% Mar 26
Yale & Towne rights_ _ 145,300
Mar 65%
Jan 75
Mar
%
Mar 344
Jan 145
Mar 205
Mar 5
Mar 120
Mar 114%
Jan 111
Feb 112
Mar 280
Mar 99%
Mar 23%
Mar 12
Jan 101%
Feb 11631
Mar
A
Mar 8634
Jan 100%
Feb 19
Jan 125%
Feb 4
Feb 12%
Jan 113
Jan 4431
Jan 115%
Mar 128
Jan 109
Jan 27%
Feb 34
Jan 123%
Jan 1134,
44
Mar
Mar 21
Mar 99
Mar 20%
Mar 54
Mar 103
Mar 360
Mar 119
Jan 44%
Feb 113%
Jan 115
Mar 70
Feb 7031
Mar 183
Mar 2%
Feb 123
Jan 111
Feb 11
Mar 20
Mar1 6
44
Mari
Ma/ 134
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Feb
Mar
Mar
Feb
Feb
Mar
Feb
Jan
Feb
Feb
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Feb
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Feb
Jan
Mar
Mar
BanksBank of America _ _ _ _1001 3,560 748
Bank of Commerce_ A00, 100565
Bank of Nlanhattan.100' 190610
Chat Phen Nat Bank 1001 460613
110 670
Corn Each Bank _ .._ _100
Equit Tr Co N Y. _100, 200 135
100
150 670
Nat Park Bank
Jan 1000
Feb 575
Feb 620
Jan 629
Mar 680
Jan 449
Jan 715
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar 24 1000
Mar 24590
Mar 24618
Mar 24629
Mar 26680
Mar 241449
Mar 24 715
Mar 29 388
Mar 27 550
Mar 26 560
afar 27 568
N1ar 24 600
Mar 26 410
Mar 26 642
•No par value.
New York City Realty and Surety Companies.
(All prices dollars per share.)
Alliance Wiry
Amer Surety_
Bond & NI G_
Lawyers Mtge
Lawyers Title
de Guarantee
Bid
70
330
465
331
Bid
Ask
75 Mtge Bond...1 187
340 N Y Title &
Mortgage_ 565
475
837 17 fel Casualty_ 370
342
346
Ask
197 Realty Assoc',
(Bklyn)com
1st pref.___
572
400
2d pref..___
Westchester
Title & Tr_
Bid
Ask
314 317
97
9434
625
Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
Maturity.
bit.
Rate.
Jane 15 1928._.. 331%
Dec. 15 1028.... 3%%
..__
Bid.
9955ss
0025n
1111/8..
Asked.
Maturity.
Int.
Rate.
Wan Sept. 15 1930-32 314 %
901°83 Mar. 15 1930-32 345 %
00=9.. flon in 1430-32 a S4%
Bid.
Asked.
995.n 991.31
ann., aatos,
(g)”.• 9M..
Banks-N.Y. Bid
America _ _ 980
Amer Union... 222
Bowery EastR 1700
Bronx Boro._ 650
Bronx Nat... 625
Bryant Park•_ 225
Cent Merc Bk
& Trust Co_ 365
200
Central
597
Chase
Chath Phenix
Nat Bk &Tr 615
Chelsea Exch. 335
940
Chemical_ __
Colonial._ _ _ 1100
Commerce... 580
Continental*. 390
Corn Exch.... 660
Cosmopolit'n*
Fifth Avenue_ 2240
3750
First
580
Garfield
325
Grace
1265
Hanover
Ask Banks-N.Y. Bid
1000 Harriman_ _ 925
228 Manhattan... 610
1750 National City 881
695
675 Park
675 Penn Exch _ _ 200
Port Morris... 675
725
Public
785
370 Seaboard
220
208 Seventh
890
602 State•
270
Trade*
625 United Cap.
345
Bk & Tr...... 400
950 Yorktown'..... 195
Brooklyn.
5 Dewey
58450
410 First
670 Globe Exch.". 26.1
460 Mechanics'__ 440
2310 Municipal
_ 427
440
3875 Nassau
900
People's
Ask
620
887
710
210
750
__
795
230
910
285
408
205
:SOO
465
290
450
437
155
1280
'State banks.
t New stock.
z Ex-dividend
Ex-stock dividend
y Ex-rights. 1
Trust Cos. Bid
New York.
Am Ex Iry Tr 425
Bank of N Y
& Trust Co 710
Bankers Trust 1040
Bronx Co Tr_ 400
Central Union 1515
550
County
470
Empire
Equitable Tr. 445
Farm L & Tr_ 830
Fidelity Trust 405
640
Fulton
Guaranty Tr_ 693
Interstate....... 273
Lawyers Trust
Manufacturers 795
__
Murray Hill__
Mutual(Westchester)____ 310
N Y Trust..... 715
Times Square_ 192
Title Gu & Tr 795
U S Mtg & Tr 485
United State52875
Westchest'rTr 1000
Brooklyn.
l'270
Brooklyn.
2800
Kings Co.._
hfidwood. _ _ _ 274
Ask
430
720
1050
1540
478
450
845
420
560
698
280
805
380
725
197
805
495
850
1075
1300
290
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
Stock Exchange.
York
The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Mar.24 Mar.26 Mar.27 Mar.28 Mar.29 Afar.30
High 101.aa
First Liberty Loan
331% bonds of l923-47.._(Low. 100,,
Close 101 21
(First 334)
4
Total sales in $1,000 units__
Converted 4% bonds ofIII Ig ii
1932-47 (First 45) _ _ .. _ Low_
____
Close
Total sales in $1,000 units__
---Converted 434% bondsIBig] 102"aa
of 1932-47 (First 434s) Low_ 102,582
Close 102"11
27
Total sales in $1,000 units_ __
_-__
Second converted 434% hugh
bonds of 1932-47 (First Low.
___Second 4%s
Total sales in $1,000 units__
-Third Liberty Loan
Miffs 113171i'n
444% bonds of 1928
Low_ 100"aa
(Third 431s)
Close 1001in
4
Total sales in 31.000 units_ _ _
Fourth Liberty Loan
High 103"aa
434% bonds of 1933-38
Low. 103"n
(Fourth 494s)
IClose 1031",,
13
Total sales in $1,000 units__
____
Treasury
IHigh
____
Low_
4.40, 1947-52
---Close
____
Total sales in 31,000 units_ _ _
___
High
____
Low_
4s, 1944-1954
......
Close
Total sales in 31,000 units_ _ _
---____
High
Low_ _ _
334s, 1946-1956
____
Close
-_
Total sales in $1,000 units__
(Higi
___
__
i Low_
3345, 1943-1947
___.
(Close
101"aa 101"aa 101"at 101"aa 101.sa
101"ss 101in 101"as 101 3, 101.32
101"31
Note.-The
101"32
101.31
101.33
86
90
85
15
____
____
----
- - ----
------102"aa 102"n
102,11, 102uss
102", 102"st
4
8
____
----------
-----___
----
100-an
100"sa
1001,2
32
103",
103"sa
10311,
108
115"sa
115,,a2
115".
5
110'iss
110218,
110":2
131
108"n
108"n
108in
1
____
____
-___
7'ntrrl *aloe In S1 nan ..ir.
bonds.
101'32
19
-------
- -.,103"n
102”es
102"sa
1
-- ----------___
____
- --laba” lobi.,. 106,..,
100"al 100",, 100"as
100",1 1001'n 100",,
32
74
26
103":1 103":2 103"aa
103"aa 103‘in 103"sa
103"sa 103"at 103"aa
32
17
44
115"at 115"ea 115"as
115"at 115"sa 115"n
114"at 115"at 115"sa
127
116
123
1101,” 110"81 1101181
11011n 110'.81 110"n
110"n 110"22 110"at
100
60
104
1081ts 108,ts 103'n
1081es 108rn 10818s
108% 108,n 103
125
100
26
103'n 103"ss 103
10V:a 103.” 102"aa
103,n 103,sa 102"n
ill
11
164
-loiii."
100"n
100"as
172
1030aa
103".
103"aa
215
----__ _ _
---- - --
103
102"aa
103
A.
above table includes only sales of coupon
Transactions in registered bonds were:
5 1st 444s
93 3(1 4.54s
100041 to 100"u 5 4th 4440
100"11 to 1001'3,1
103"as to 103"al
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.87 11-160
4.87 13-16 for checks and 4.883404.88 7-32 for cables. Commercial on
banks, sight, 4.87 7-16@4.87 11-16. sixty days 4.8334@4.84. ninety days
4.823404.8234 and documents for payment 4.8431. Cotton for payment
4.87 and grain for payment 4.87.
To-day's (Friday's) actual rates for Paris bankers' francs wore 3.93 5-160
3.9344 for short. Amsterdam bankers' guilders wore 40.22040.2634
for short.
Exchange at Paris on London. 124.02 francs; week's range, 124.02 francs
high and 124.02 francs low.
The range for foreign exchange for the week follows:
Sterling, ActualHigh for the week
Low for the week
Checks.
4.87 15-16
4.87 11-16
4..C
8
a8bh
88
e
Paris Bankers' Francs111811 for the week
Low for the week
3.93%
3.93 5-16
3.93%
3.93 9-16
s.
Amsterdam Bankers GuildersHigh for the week
Low for the week
40.2834
2403..92213i
40.29%
40.26%
Germany Bankers' MarksHigh for the week
Low for the week
23.8931
23.9245
23.91
The Curb Market.-The review of the Curb Market is
given this week on page 1929.
A complete record of Curb Market transactions for the
week will be found on page 1962.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For sales during the week of stocks not recorded here, see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Mar. 24.
Monday,
Mar. 26.
Tuesday,
Mar. 27.
Wednesday, Thursday,
Mar. 28.
Mar. 29.
Friday,
Mar. 30.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
Oa basis of 100-share lots
Lowest
par $ per share
Railroads.
$ per share $ per share $ per share S per share $ per share $ per share Shares
188 18938 189 19032 18714 190
1888 18912 18814 1895* 189 19111 23.900 Atch Topeka & Santa Fe__ 100 1823 Mar 2
100 10212 Jan 5
5,900 Preferred
10712 108
10734 10818 108 108
10758 10734 10712 108
10734 108
182 183
180 183 *180 18112 18012 18112 3,600 Atlantic Coast Line RR__ _100 167 Mar 2
181 182
•179 181
100 109 Feb 7
1163s 110 116 117% 11512 11712 1165* 118
1155* 11678 11512 116% 63,800 Baltimore & Ohio
100 80 Feb 10
8314 83
2,800 Preferred
.83
8318 8314 84
8314 *83
*8312 8334 8334 84
50 69 Jan 5
1.800 Bangor & Aroostook
75
74
74% 76
74
74
*74
74
75
7312 76
74
100 11014 Feb 20
11178 11334 11178 111% *11178 112
30 Preferred
11178 111%.
112 112
112 112
5338 Jan 17
65
6514 6578 6778 65% 6738 6634 6734 66
66% 64% 6634 27,200 Skin-Slant' Trac v I o_No par
No par 82 Jan 4
*8714 8834 *8712 88% 8812 8912 88% 9012 *8934 91)14 8852 885s 2,600 Preferred v t e
17% 18% 1814 1878 18
1734 193
1812 1734 1814
19
201 10,100 Brunswick Term & Ry Sec.100 1412 Jan 5
100 50 Feb 3
140 Buffalo & Susq pref
5012 12
52
52
51
51
51
*5012 52 .
51
*51
52
100 198 Feb 7
45.500 Canadian Pacific
, 21014 21338 21034 2127 210 21338 213 215
212 21314 21218 2145
100 Central RR of New Jersey_100 29784 Feb 17
32434 3244 *300 324 *310 324
*305 325 *317 324% *295 335
100 1854 Feb 20
9.000 Chesapeake & Ohio
19412 19512 19334 195% 192 19434 19212 19434 190 19312 19214 1931
75
73
100
531 Jan 30
3,800 Chicago & Alton
7%
718 7%
7% 758
7% 7%
712
718 71
100
778 Feb 20
1158 1178
2,100 Preferred
1178 1178 111 1118 1112 118 1112 113
12
*11
500 Chic .8 East Illinois KR..,_100 37 Feb 28
4112 42
42
•38
42
42
42 .38
•38
42
*38
*38
100 624 Feb 24
200 Preforred
68
68
*6712 70 .67
*67
70
68
67
68
.
68
70
100
94 Feb 8
1158 1178 1134 1178 1134 12
1134 123* 1214 1254 6,600 Chicago Great Western
11% 11%
100 2012 Feb 20
2712 27
25% 25% 2518 2578 2578 26% 26
2538 26
2778 16.900 Preferred
2778 2812 2814 2938 295* 33,4 143,700 Chicago 5111w St Paul & Pacific 2214 Mar 5
2618 2612 26% 27,4 26% 28
37 Mar 2
4314 4212 44% 4352 4412 4314 4538 4514 4734 100,600 Preferred new
42
4212 42
, 86
8838 8734 8834 23,100 Chicago & North Western _100 7914 Feb 20
86,4 857 865
84
8412 8414 85% 85
100 140 Feb 15
700 Preferred
146 146 •145 14714 14714 14812 148 14834 *148 149
145 145
11212 11312 11214 11314 11214 11538 11434 11758 11514 11634 11.534 11714 59,300 Chicago Rock IA& Paciflo_100 106 Feb 18
100 1084 Feb 9
10914 110
109 1091 10934 110
10818 10914 109 10914
1.700 7% Preferred
•108 110
100 100 Feb 24
1,100 6% preferred
•10212 103 •10212 10234 10212 10258 10212 10234 10234 10234 10234 1023
111 112 .108 114 .112 114
100 106 Feb 21
300 Colorado & Southern
•10914 112 •108 11134 111 111
*7914 80
82
7912 7912 7914 7934 .79
80
80
100 75 Jan 14
78
890 First preferred
7934
80 .76
7818 7818 *76
80 .77
•7412 84
100 724 Jan 3
10 Second preferred
84
80
80
100 6918 Jan 26
7158 7158 7134 71% 7134 7178 7034 7134 7034 7034 71
1,300 Consul RR of Cuba pref
71
16612 16718 167 168
167 168
16638 167
100 16314 Feb 10
166 166
5,800 Delaware & Hudson
16834 177
14112 143
142 14414 140 142
141 142
5,200 Delaware Lack & Western_ 50 129 Feb 20
14018 14214 14134 142
00 5012 Feb 20
5734 5734 5734 58,4 5812 6012 6012 6112 6112 62
61
62% 7,400 Dent,& Rio Or West pref
414 *334 4,4 •434 45, •334 414 *4
4% 418 *334
358 Feb 21
200 Duluth So Shore .8 Atl_
100
414
6
6
614 61
5 Feb 20
1,100 Preferred
100
6,s 614
618 *614 7
6%
*6
7
5672 5512 5718 5718 5734 5614 5872 5714 5838 36,300 Erie
5512 5658 55
100 49% Feb 7
57
58
58,4 5734 5814 58
57% 57% 57
WO 54 Feb 20
5812 5812 5858 6,700 First preferred
5612 5614 5614 55% 55% .55
5612 5612 5612 *55 571.60
*55
5212 Feb 17
SOO Second preferred
9912 10034 10014 10078 10014 10234 1014 10234 31,100 Great Northern preferred 100 9312 Feb 6
9912 1001
98% 99
9712 98
9714 98,4 97% 98
9718 9812 9834 9978 10,300 Pref certificates
97
97
100 9118 Feb 7
22
22% 2212 22% 2212 2234 2214 225* 22% 2234 2212 2234 10,100 Iron Ore Propertles__No Par 2158 Feb 20
5312 54,4 5312 5512 M
55
53
5312 5412 53
53
2,100 Gulf Mobile & Northern, 100 4514 Feb 7
54
10312 10412 10312 10312 10312 104
'103 106 *10312 10412 •10312 10412.
100 10312 Mar 29
1,200 Preferred
55% 5678 5538 5612 5512 5678 5412 5638 14,900 Hudson & Manhattan
57
57% .56
57
100 51 Jan 3
8812 871g 8718 *8714 8812
88,2 *8612 8812 *87
200 Preferred
100 83 Jan 16
88% 8838 *87
13912 14012 140 141
139 140
13914 13914 13872 140
100 13134 Jan 11
14113 14438 15,100 Illinois Central
138 138
138 138 .138 145
•135 140 *135 140 *135 142
200 Preferred
100 13018 Jan 13
4014 41
*3934 4112 *3934 4112
4014 4014 *38% 4034 4078 41
700 lnt Rys of Cent AmerIca_100 3612 Mar 16
7314 *73,4 -- *7314 ____ .7314 ____ •75
*7314 - - - .
Preferred
100 6978 Jan 3
3614 3814 3712 38 .36
3813 3812 36% 39
3712 3614 3814 2,300 Interboro Rapid Trait vi 0,100 29 Jan 5
563s 5538 5833 56
55
56% 55
5412 55
100 4914 Feb 7
565a 5518 5614 9,000 Kansas City Southern
75
7512 75% 7512 7512 75% 75
7512 75 75100
*7413 75
70 Feb 8
2.800 Preferred
92
2912 9214 9414 9218 9338 7,100 Lehigh Valley
93% 9012 92
9012 9114 91
50 84's Feb 20
151 154
151 15112 151 151
151 151
152 152
154 154
100 14514 Mar 9
2,200 Louisville & Nashville
80 .
7614 8212 *7614 8212 *7614 8212
100;Manhattan Elevated guar.100 75 Jan 9
•7814 72% *7614 8212 80
4412 4413 45
4434 45
4212 4312 4312 4334 44
45
100 40 Jan 10
4512 2,180 Modified guaranty
414 412 .414 5% ..414 512 *412 512 .
*4% 4%
414 Jan 17
200 Market Street Railway.,.._ 100
413 512
25 •20
25
27
*20
.20
320
.20
27
25
*21
Preferred
25
100 25 Jan 17
45
4178 457 *45
46
46
46
•4634 48
46
*4512 46700 Prior preferred
100 45 Mar 27
*10
15
*10
*10
15
15
*10
15
15
*10
*10
100 15 Jan 17
Second preferred
15
*44
45
46
45 •44
45
46
46
45
4634 46
46
800 Minn St Paul.888 Marle_100 42 Feb 8
81
80
*79
78% 78% *79
80
794 794 .79 : 81
.77
400 Preferred
100 75 Feb 7
7112
•
69
7112
*69
*68
70
•68
711
*67,4 7112
6818 6818
Leased lines
100 67 Mar 20
3814 38
38
3878 37
375 381
3612 37% 37
3318 Feb 8
3712 38% 9,000 Mo-Kan-Texas RR__ __No par
10512 106
106 106% 106 10618 106 10618 6,100 Preferred
10512 105% 10514 106
100 10518 Mar 22
4818 483s 4814 4914 4818 49% 4812 50
494 5038 4938 5038 130,000 Missouri Pacific
100 4174 Feb 7
109 11058 10934 11158 11012 11238 111% 11212 20,100 Preferred
11014 110% 10918 11
100 105 Feb 20
2% 214
214 214
214
258
212 2,8
*2
214
234 3
2 Feb 17
10,800 Nat Rya of Mexico 2d prat100
17212
179
1723
4
1752
173
17812
18034 1781s 180
1711
176 17812 251,900 New York Central
100 155 Feb 16
131 131% 13012 13114 131 138
13014 13014 12912 13012 12914 130
10,300 NY Chic .8 St Louie Co_....100 128 Jan 10
*108 109% 10912 10958 10958 1093 10934 10978, 10934 10934 10934 10934 1.800 Preferred
100 108 Feb 23
19512 198
197 19934 191 196
19612 19712 1971 200
1955 19534
740 N Y es Harlem
50 168 Jan 3
6238 6218 6278 624 6412 6314 6438 6312 8432 6334 6414 76,900 N Y N H & Hartford
62
100 5958 Jan 16
11412
115
1145
1145
11412
115
1143
4
11472
8
1143
11512 11514 11534 4,000 Preferred
11314 Feb 29
2912 2918 2912 29
288 285* 28% 2912 28
293* 2812 2824 5,900 N Y Ontario & Western-__10C
24 Feb 20
712 712 .74 778; •714
7,2 .714 71&
712 7,2' *712 778
500 N Y Railways pee( ette_No par
514 Jan 24
4234 44141 4418 4418 *43
4424' 45
•43
41
45
*4314 45
1,000 Norfolk Southern
100 41 Feb 21
18978 19014 18734 18812 188 190 I 18712 188 1 1875* 18734 18734 18814 3,200 Norfolk & Western
100 17734 Mar 2
*8714 90 ! •8714 90
90
90
•87
8818 8818 .88
*87
90
100 Preferred
100 864 Mar 1
9978 9918 10112 100 10112 42,500 Northern Pacific
97% 98% 9812 99% 9818 9938 119
100 9238 Feb 7
9618 97 I 9634 9724 9712 9812 98
9613 9634 9614 97
9878 13,700 Certificates
100 9058 Feb 20
.17
25
*17
22
25
*16
21 I .16
•17
21
.20
25
Pacific Coast
20 Feb 18
100
70%, 687 7011 6834 6914 6812 6918 125,1300 Pennsylvania
8712 6734 6778 703j 69
50 63 Feb 9
31
*28
.28
31 I 3012 31
31
*28
3012 31
*2/
31
400 Peoria & Eastern
100 25 Mar 12
130% 13014 13014 131
111 13112, 131 131
130 130
131 13312 1,900 Pere Marquette
100 12478 Feb 4
10114 10114 10112 10112 101 10112 10114 101341 9958 100
--------900 Prior preferred
100 99 Jan 18
9914 9912 9958 9938 *9934_1.100 ____1 .994 100
10034 10034
1,200 Preferred
100 9513 Mar 6
125 126
12314 125
124 126 *124 12512 2,100 Pittsburgh & West Vs
126 126 .125 127
100 12114 Feb 20
10534 106% 10534 10778 10414 10718 107 10812, lOr 1088 10,18 1085* 47,600 Reading
50 9414 Feb 7
4312 433 43181 4312 43121 4318 4318 •4314 4334 1,100' First preferred
4313 4312 *43
60 4218 Mar 1
•4414 4614 *4438 46 1 *4438 46141 4478 444 4478 4478
*4414 46
200 Second preferred
50 44 Jan 26
58 •53
58
.52
58
*53
58
.53
*52
58
57
5834
100 50 Feb 21
500I Rutland RR pre(
12018 1213* 12014 1213* 78.100 St Louis-San Francisco
11952 120% 11934 12112 118% 12058 11912 122
100 109 Feb 7
101 101
101 101 *10012 101
101 101 *10012 101
10012 10012
100 100 Jan 31
600i Preferred A
8112
8312
80
3
4
8314
823
4
8112
8112 8334
8112
8358 83
8334 15,100 St Louis Southwestern _
100 8713 Feb 8
9258 •91
9112 9112 9112 .91
9012 91
90
9154 90% 9212 1,500 Preferred
100 9014 Mar 23
2014 1878 20
187s 1958 19
1812 1834 19
1932 1938 1958 11,700.Seaboard Air Line
1158 Mar 3
100
2433 2454 2612 2658 2512 2634 2512 285* 2534 2612 26% 2634 3,100 Preferred
100
1912 Mar 3
12114 12234 122 123% 12114 1237s 122 123
12118 12118 12138 123
40,300 Southern Pacific Co
100 11758 Feb 7
14512 14738 14738 14878 14878 14934 14918 15038 24,400 Southern Railway
14618 14678 14618 147
100 13912 Feb 8
101 10112 10138 10138 2,700 Preferred
10112 10112 10112 10112 10112 10158 101 101
100 981251ar 14
122 126 I 12634 13434 130 13334 130 13178 22,500 Texas & Pacific
12614 121314 12312 128
100 9912 Jan 3
3112 .31
321
32
.31
32
*31
32
*31
32
32 32100
100 Third Avenue
2818 Jan 10
4418 4414 4418 4418' *4418 49 .44% 49
44
*43
45
45
400 Twin City Rapid Transit 100 44 Mar 23
11424 _
•10434 __ .10434
.10434 ____ *10434 ____ ______ I Preferred
•10434
100 10418 Feb 28
•19418 19478 19414 19512 19212 19578 19458 19512 19438 19812 198 199
100 13812 Feb 8
50,800 Union Pacific
8618 Mr 8612 8612 8612 8612 8612 8612 3.300 Preferred
8612 8612 8658 87
100 83 Mar 13
7178 7278 7012 72
7078 7012 7314 7078 7314 7112 73
100 51 Feb 18
70
25,800 Wabash
9334 941
9334 94 .93
9414 9434 9413 9412 9312 94
9412 11,900, Preferred A
100 8812 Feb 7
92
*8812 92
*89
.89
90
.90
95 .90 96100
*8812 92
87 Feb 4
1 Preferred 13
44
4314 4514 4358 4514 27,200 Western Maryland
4578 4014 444 42
100 3134 Feb 8
4358 4413 44
465 *4312 4712 34312 47
4414 4514 40
47
*4312 4712
*45
100 3312 Feb 8
8001 Second preferred
1
•Ind and asked Weis,
Ex-dIvIdena.
Ex-div. & ex-rIghtz,
Highest
PER SHARE
Range for Previous
Year 1927.
Lowest
Highest
$ per share $ per share $ per share
19534 Jan 6 16184 Jan 200 Aug
10818 Mar 28
9938 Jan 10614 Dec
18614 Jan 4 17478 Apr 20512 Aug
119 Jan 7 10612 Jan 125
Oct
7314 Jan 83 June
84 Jan 16
44
Jan 10312 May
844 Jan 11
115 Jan 10 10112 Jan 122 June
53 Aug
6778 Mar 26
704 Jan
9018 Mar 28
7818 Oct 88
Jan
74 Oct
2014 Feb 16
1932 Dee
53 Feb 8
40
Apr 58 June
2167
,Mar 17
325 Mar 23 28-5 - -Jan 348 June
20514 Jan 6 15114 Jan 21811 Oct
4% Jan
734 Mar 21
1058 June
1214 Jan 6
712 Jan
1852 July
44 Max 19
3012 Jan 51 July
76 Jan 3
43 Jan 8478 Oct
1338 Jan 6
812 Jan 2212 May
293* Jan
4478 June
3314 Mar 30
6-I- -Jan
1914 Dee
4734 Mar 30
3712 Dec
88% Mar 39 -iiis
9712 Sept
148345tar 29 12414 Jan 150
Oct
11758 Mar 29
6811 Jan 116 July
110 Jan 3 102•4 Jan 11114 Dec
10234 Mar 28
954 Jan 104 Nov
116 Jan 6
84
Jan 13784 July
82 Mat 24
70
Jan 78 Dec
80 Mar 30
68
Jan 75
Oct
75 Feb 16
65 Aug
77 May
188 Jan 6 1714 Jan 230 June
14714 Mar 19 130% Oct 173 Mar
4118 Jan 6734June
625* Mar 30
634 Jan 5
253 Apr
778 Dec
914 Jan 4
4 Mar 1114 Dec
6612 Jan 4
3912 Jan 6934 Sept
637 Jan 7
5238 Jan 6614 Aug
62 Jan 6
49
Jan 6411 Aug
10234 Mar 29
7952 Jan 10372 Sept
9978 Mar 30
8518 Mar 101 Sept
18 July
25 Jan 24
2834 Sept
5814 Jan 7
3518 Jan 7658 July
10712 Jan 7 105
Jan 11214 Apr
67,Star 24
4012 Jan 6578 May
92 Jan 10
78
Jan 9012 May
14434 Jan 27 1215* Jan 13938 Oct
144 Jan 27 12072 Jan 140
Oct
4114 Jan 26
23
Apr 421s Oct
75 Mar 7
62
Apr 7414 Oct
41 Mar 19
3012 Aug 524 Feb
6318 Jan 7
4114 Jan 7012 July
7512 Mar 26
8472 Jan
7312 Dee
9714 Jan 14
8813 Oct 13712 June
155 Jan 11 12838 Jan 159% Oct
8514 Feb 2
7814 Dec 90 Feb
4678 Mar 21
4134 Dec 5474 Feb
578 Jan 17
438 Nov
64 June
25 Jan 17
18 Feb 25% June
5412 Jan 17
4154 Feb 5934 Aug
15 Jan 17
ID, Oct1712 JIM!
27
Jan 564 Dec
523* Jan 6
84 Jan 11
50
Apr 881t Dec
71% Jan 9
5814 Mar 71 Nov
3113 Jan
4112 Jan 3
5612 June
109 Feb 3
9534 Jan 1091s Dec
53 Jan 6
3772 Jan 82
Apr
11532 Jan 9
9018 Jan 11858 Nov
3 Jan 7
114 Aug
314 Oct
18034 Mar 28 1374 Jan 1714 Go1
138 Mar 30 3110 June 24011 May
110 Jan 4 102 Mar 110 Dec
200 Mar 26 187 Dec 185 Apr
6758 Feb 3
4118 Jan 6314 Dec
11534 Feb 3 11038 Oct11438 Nov
3234 Jan 4
2314 Jan
4114 Sept
814 Feb 2
454 t)ec
158 Jan
4912 Jan 11
3718 Jan 8412 June
192 Jan 6 156
Jan 202 Nov
88' Mar 29
83 June 90 July
1014 Mar 29
78
Jao 1024 Dee
9878 Mar 30
84 July 994 Dec
1514 Feb3114 Dec
'26 Jan 12
7018 Mar 26
5834 Jan 68
Oct
35 Jan 8
20
Jan 4834 July
13313 Mar 14 11412 Jan 14012 May
10134 Mar 28
93
Jan 9914 Dec
10014 Mar 30
8934 Jan 974 Dee
14738 Jan 3 12212 Jan 174 May
10838 Mar 29
94
Jan 12334 June
4358 Mar 23
4313 Dec
405* Jan
4612 Mar 19
4334 Jan
50 Feb
43 !Jan 69 May
5834 Mar 30
122 Mar 23 10014 Jan 11714 June
102 Jan 4
96
Jan 104 July
8578 Star 17
61
Jan 93 June
95 Jan 3
Ms Jan 94/14 Dec
3012 Jan 3
2818 Mar
4114 Feb
38 Jan 3
3212 Apr 4538 July
124 Jan 3 1064 Jan 1264 Dec
15038 Mar 30 119
Jan 149 Dec
10214 Jan 17
94 Mar 10118 Dee
13414 Mar 28
537k Jan 10318 Nov
33 Jan 27
2834 Aug
41
Feb
54 Feb 15
45 Nov 6514 Feb
107 Feb 10
99
Apr 106 May
199 Mar 30 157
7912 sJan 1975*
8714 Jan 20
Dee
76 Mar 16
4012 Jan
81 June
9612 Mar 15
76
Jan 118957
01'113'3
June
9212 Jan 14
65
Jan
98 June
5014 Jan 7
134 Jan 8773 June
50 Jan 6
23
Jan 6711 June
...iiiii
New YOrK Stock Record-Continued-Page 2
1946
For sales during the week of stocks not recorded here, see second page preceding
moll' AND
LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday, I Monday,
Mar. 24.
Mar. 26.
Wednesday, Thursday,
Tuesday,
Mar. 29.
Mar. 27. I Mar. 28.
per share $ per share $ per share 13 per share
*334 35
334 3312 3412 3412 34% 3478
60141 60
6012
60
61
60
6012 60
Friday.
Mar. 30.
Sales
for
the
Week.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
per share Shares
per share
36
1,600 Western Pacific new
3312 36% *35
6034 6184 6138 61% 2,300 Preferred new
100
100
Highest
PER SHARE
Range for Previous
Year 1927
Lowest
Highest
$ per share
$ per share $ per share $ per share
2814 Feb 7 3713 Jan 13
2518 Apr 4712 Jane
57% Feb 9 6218 Jan 6
55 Apr 76% Feb
Industrial & Miscellaneous.
81
8014 81
4,600 Abitibi Pow&Paper new No par
78
7912 80
77% 7838 77% 7812 78
79
1,300 Abraham de Straus
No par
10278 1027 10212 10278 *100 103
*100 103
103 103% 10278 103
8 1,410 Preferred
100
112 112 *11112 112 *11112 11212 *11112 11212 *11112 11212 111% 111,
270 27312 1,200 Adams Express
260 265
100
280 280
275 279 *270 275 *260 270
9912 9918 9914 9914 9914 2,400 Preferred
100
98
9814 9812 9812 9812 9834 90
13
1314
1,800 Advance Rumely
100
1278 1278 1234 1234 1234 1234 *1234 1314 1234 1314
40
3812 3812 1,900 Advance Rumeiy prof
100
3818 3818 40
38
38
38
37
38
37
1
45* 51
412 47
412 47
/
4
51
/
4 534 70,800 Ahumada Lead
412 458
4% 412
600 Air Reduction. Inc_ __ _No pnr
*190 192,
8 188 188
1114 11
1114
61,400 Ajax Rubber. Ins
No par
1138 115* 12
ii
104 103s 1018 1114 11
322 7,500 Alaska Juneau Gold Min__ 10
314
318 314
343 314
318 314
3% 3%
314 338
2512 26
4,400 Albany Pert Wrap Pap_No par
2618 2612 2514 2612 253* 26
26% 2634 26% 27
100
*10834 11112 *10834 1118 *10834 1115* *10834 11138 *10834 1118 *10834 1118 1,400 Preferred
1565s 15834 15734 16038 37,200 Allied Chemical & Dye_No par
158 16014 158 16134 15514 16134 157 159
Allied
Chemical
& Dye pref _100
900
12238 123 *12214 12314 12212 12314 *12112 12212
*12212 124
122,
8 123
121 12214 3,500 Allis-Chalmers Mfg
100
119 12134 *121 12112 12014 122
*121 122
122 122
12
1212 1284 12
*1214 1212 1,100 Amalgamated Leather_No par
*1212 13
1238 1212 1214 1214
79
*77
7912
300 Preferred
7614 7614 *77
78
76
75
*76
76
75
No par
3134 3214 3134 32
3112 3214 3178 3234 32% 33/
1
4 3314 3514 48,000 Amerada Corn
175* 1778 1734 1812 18% 1878 6,300 Amer Agricultural Chem__100
17% 1814 17% 1818 175* 18
100
/
4 6418 6514 6678 6514 67
8,200 Preferred
6314 6512 6418 6514 635* 64,
4 641
10
8212 8212 83
83
84
84
1,400 Amer Bank Note
83
8178 82
*82
83
*82
6412 6412 64
50
65
6412
520 Preferred
65
65
*64
65
65
*6312 65
4 15,
400 American Beet Sugar__No par
•1412 1512 1512 1512 *1414 1512 *1412 1512 1512 1512 15,
4
24
112
Preferrel
100
4112 *36
3312 4
4112 *36
*35
41
4112 *2
*35
4112 *35
34,800 Amer Bosch Magneto__No Par
8 223* 2312 2334 2434 2314 2412
2118 2112 2112 22,
4234 43
43
3,500 Am Brake Shoe & F newNo par
4314 4234 43
434 4312 4314 43% 43
100
43%
100 Preferred
12414 12414 *12414 12512 *12414 125
12
*12418 125 *12412 125 *12418 125
14
1414 1372 1414 4,300 Amer Br wn BoveriEl_No par
1234 1234 13
13,
8 1318 133* 1338 14
51
100
51
51
*5012
5012
5112
80 Prefened
5012
514
504 5112 *5012 53
25
83
8414 83% 84% 8212 8612 8614 884 8578 8712 86% 8718 284,900 American Can
14512 14512 146 146 *14534 146
100
1,400 Preferred
14434 145
144% 14512 14412 145
10512 10612 5,800 American Car & Fdy---NO Par
106 10712 10512 10614 10518 10534 105 106
10612 108
137 137
,
Prererrea
100
136 13612 13612 13612 *13612 13712 13612 137 1'1'13612 137
300 American Chain pref
100
*99 100% 100% 1005g 10058 10058 100 100 *100 10014 *100 10014
773 777
2,900 American Chicle
78
774 7714 774 78
No par
78
78
77% 78% 77
20 Prior preferred
No par
110 110
110 110 *110 111 *110 111 *110 111 *110 111
1238 1218 1212 12
1218 12
12% 8,900 Amer Druggists Syndicate_ 10
1214 1238 12
1212 12
657
64
6414 64
657
64
1,400 Amer Encaustic Tiling_No par
64
64
•63
64
833'2 18
180 18234 18012 18414 183 18314 16
181 181
64
100
181 184
31'4
2 4,400 American Express
2312 2378 2334 24
2312 2334 2312 24
5,700 Amer is For'n Power_ _No par
24
24
2312 24
107 107
10734 108
2,300 Preferred
No par
1063 108% 10614 10614 10614 10612 10634 107
8812 88
8814 88
No par
8812 88
8812 8812 8812 1,600 2d preferred
8814 8812 88
12% 13
2,500 American Hide dc Leather_100
115* 1134 1212 1234 1214 1214
123* 1234 127 13
525* 52
5212 2.400 Preferred
100
5318 5318 5272 528 5212 5234 52
5234 52
64
64
6412 6412 644 65
6,600 Amer Home Products_ _No par
64
6412 65
63
*6378 65
3258 3314 3234 333* 3318 3312 17,000 American Ice New
3214 33
No par
33
3338 3234 333
94
*9414 9412 *9412 95
94
95
95
500 Preferred
100
9334 9334 *9334 94
9538 9314 955* 95% 9934 154,200 Amer Internal Corp___Plo par
8718 8818 8714 9478 8714 968 92
55
538 534
55* 53,1
538 55,
58 534
53*
5% 534 4,300 Amer La France & Foanalte 10
74
68
74
71
74
71
75
*70
74
900 Preferred
*70
75
*70
100
9212 9314 0412 9714 48,200 American Linseed
9538 9314 9712 9312 963
925* 958 93
100
9712 9878 9712 9712 9712 0712 99
99
99
1,200 Preferred
*9712 9912 99
100
103 11012 8,600 American LocomotIve_No par
11012 11134 11012 11114 11014 1108 10914 1108 109 110
13378 13378 *130 135 *130 134
134 134 *130 134
133 134
600 Preferred
100
17514 17912 173 175 *170 173
173 180
170 171
*168 171
3,700 Amer Machine & Fdy_ _No pat
113 11312 11214 11214 *11212 11312 *113 11312 *11212 11312 *11212 11312
50 Preferred ex-warrants
4212 43
4012 39
40% 41
40
408 41
4518 4234 4334 22,400 Amer Metal Co Ltd___No par
12112 12112 *123 125
122 122
12112 122
1234 12434 123 125
5801 Preferred
100
20
*1912 2014 no
2018 *1912 2018
1912 1912
*19
20
20
200 American Piano
No par
7418 744 *73
*744 7414 7418 7412 7412 75
7414 73
73
160 Preferred
100
7638 7712 7714 8114 763 8034 7834 80% 77% 7914 7814 7934 56,800 Am Power & LIght____No par
148 15078 150 15234 44,300 American Radiator
141 14118 14018 1417 140 14212 14278 148
25
126 12614 126 127
127 127
128 131
12612 12612 *126 128
3,900 Amer Railway Express__ _100
717* 663* 7038 70
71% 69% 72
6912 7112 24,500 American Republica_ __No par
688 7012 69
60
60
59
5914 5914 6012 61
62
56,000 American Batty Rasor
5914 5912 5914 61
100
4078 4114 417
4112 4214 4214 4278 42% 4338 7,200 Am Seating v t o
3934 3934 40
No par
41
41
414 412
41
413 458
*43
414 414
1,700 Amer Ship & Comm
414 414
No par
110 110 *107 110 *107 109
10 American Shipbuilding__ _100
*107 112 *107 110 *107 110
18218 18534 183 18814 18134 18738 18478 19112 18814 19034 189 19234 49,800 Amer Smelting & Refining_100
13912 140
13984 14014 14018 140/
13812 139
140 140
100
1
4 14014 14014 5,300 Preferred
/
4 167
165 165
9,900 American Snuff
16612 16978 16914 17212 16514 17178 167% 1677g 1651
100
*111
____ *111 11312 *111 112 *111 11112 *111 11112 111 111
Preferred
100
66
62
6578 6258 6412 6314 658 6534 66% 47,100 Amer Steel Foundries__No par
6458 6534 65
190 Preferred
11334 114
11214 11312 112 11214 11214 11214 *112 113 *11212 113
100
6634 6834 694 72
7014 72
42,200 Amer Sugar Refining
6414 6412 647 6512 644 66
100
106 106
*107 10714 107 107
10678 106% 10634 107
10678 107
1,300 Preferred
100
5534 54
54
5518 53
527 5314 541
/
4 5434 6,500 Am Sum Tob v to
5412 5514 55
No par
500 Amer Telegraph & Cable_ _100
*2614 2712 *2614 2712 *2614 2712 2612 2612 2612 268 no
2712
180 18112 18078 18114 181 18112 17,400 Amer Teiep & Teieg
18118 18184 181 182 I 18014 181
100
169 16934 11,100 American Tobacco com......50
168 166
16512 166141 16518 16714 168 16912 16878 170
16512 16614 16414 165% 16512 1673* 168 16934 169 17078 16812 16934 16,700 Common Class B
50
12338 12414 *12412 126 *12412 126
12318 123181 12212 124
1,100 Preferred
*124 126
100
120
121
*12114
124
8
122
122
*121
,
4
American
123
121 121 *119 1215
700
Type Founders_ _100
11312 11312 *11312 114 *114 11434 *11412 11434 11484 11434
10 Preferred
*11334 114
100
5614 57
5514 56
57
57381 5514 57
5,230 Am Wtr Wks & Elo newNo par
58
58
54
104 10414 1,10212 10412 *10212 10414 *104 10412 10
51'4
2 10
300 lst preferred
*10212 104
54
71142
2278 2314 2278 231
2258 2318 228 23
2212 23
/
4 2218 23% 5,900 American Woolen
100
5712 '577
5718 57,
5812 573 5811 5714 577
4 4,300 Preferred
5714 583* 58
100
1312 13
1312 147g 13
1618 1618 1512 1618 1458 15
1358 8,500 Am Writing Paper ctfe_No par
*41
56
41
41
42
418 4234 4118 42
43
43
42
1,200 Preferred certificates_ __ _100
2118 2214 1934 2118 1858 20/
1
4 1912 2038 1912 2078 2034 2278 26,300 Amer Zino, Lead & Smelt
25
8078 8012 8338 8311 86
8052 82
791
/
4 8078 79
10,600 Preferred
8118 84
25
281,200 Anaconda Copper Mining _ _60
56/
1
4 5714 5618 5634 55
563* 563* 57% 5712 5938
61% 61
6134 6218 66
61
6134 61
64
61
2 664
63'4
61
3:j 15,500 Archer. Dan'Is, MidI'd_No par
114 114 *114 115 *114 115
*114 115 *114 115 *114 115
10 Preferred
100
88
8834 8884 8718 874 8718 8714 8734 87%
900 Armour & Co (Del) pref __ _100
87% 878 88
110
1318 1312 1214 1318 12,
8 1434 30,300 Armour of Illinois Class A__25
1318 1312 1314 1312 1314 ....-4
738 73*
714 734
7
712
712 77
738 778
714 638 97,000 Class B
25
733 74
75
74
7412 75
744 747
75,
8 7614 3,900 Preferred
7514 76
100
474 48
48
4814 48
50
4884 49
50
12,300 Arnold Constable Corp-No Par
4812 488 49
29
2738
2812
*28
30
2818 2818 1,300 Art Metal Construction_ ___10
2934 2934
294
*2912 30
*4014 4214 *4014 4212 44
43
*4014 43
*41
4438
Artloom Corp
*4012 43
No par
110 114 *110 114 *110 114 *110 114
Preferred
100
•110 114 *110 114
435* 44% 4312 4414 4312 43% *44
4418 9,900 Assoc Dry Goods
447 4514 4418 45
No par
11114 11212 1124 11218 *112 1147 *112 114
700 let preferred
10912 111121 112 112
100
26 preferred
115 117 1,0114 117 *114 117 •114 115 *112 114 •112 114
100
*384 4012 *3712 4012 *3712 4012
38
3912 38
100 Associated Oil
3912 3912 38
25
4138 4014 407
4038 40% 4,600 At'0& WI 8 S LIneNo pat
40/
1
4 41
407g 408 4018 4012 40
4512 4614 4512 46
453* 4512 4534 4678 3,600 Preferred
x4584 457
47
47
100
10812 10834 11214 11312 11012 1121
/
4 11112 11334 8,200 Atlantis Refining
100
11112 11112 110 111
200 Preferred
118 118 *117 120 •117 120 *117 120 *11312 11334
100
*117 118
89
89
85
85
8434 85
4,700 Atlas Powder
9712 9712 90- 90
No par
9712 103
10612 10612 107 107
100 Preferred
10714 10714 10614 108 *10612 108
100
10614 107
1058 1018 101
/
4 *1034 11,
8 1,700 Atlas Tack
*1114 1138 1114 1138 105* 104 10
No par
512
5/
1
4 518
534 *5
5
5
512 512 *5
518 518 1,200 Austin. Nichols&Co xteNo par
*33
35
*33
35
34
35
*33
34
100 Preferred
35
*33
36
100
*33
71
71
70
70
*70
*70
400 Austrian Credit Anstalt
71
7014 71
70
7014 *70
98
95
93
912 934
9% 1118 10,100,Autosales Corp
9%
No par
934 984
934 984
*33
3312 3384 3334 3334 34% 1,400 Preferred
*33
34
3238 33
34
50
34
46
46
4612 46
4614 1,600 Autoetr Sat Rasor A___No per
*4573 46
46
4614 4612 463* 48
267 268
267 28214 1,900,Baldwin Locomotive Wite_100
270 271 *269 270
273 273 *272 275
124
123
/
1
4
*122
*122
124
2001 Preferred
12334 12334 12312
*121 124 *12112 124
100
110 110
500 Bamberger(L) & Co pref _100
10912 10912 10934 1094 10934 10934 *109 11012 *109 110
26
26
27
2812 30
32
34
31
3114 2.900 Barnett Leather
33
•324 347
No Par
23
2378 23
238 2114 22
51,000 Barnsdall Corp class A
2312 2334 22% 2312 2278 23
25
3001 Class B
23 24 *2212 2312 223* 2238 23 24 24 24 2212 2212
25
•Bid and asked prime; no &flee 00 this day. x Ex-dividend. a Ex-rights
72 Feb 20
95 Feb 21
11012 Mar 8
195 Jan 4
93 Jan 16
1112 Feb 8
344 Jan 17
24 Jan 17
17712 Feb 27
93* Mar 16
1 Jan 5
23 Mar 15
9812 Jan 17
146 Feb 18
122 Mar 17
11518 Feb 18
1112 Jan 3
69 Mar 2
2718 Feb 20
1538 Feb 20
555* Feb 20
743 Jan 17
61 Feb 10
1478 Feb 15
36 Feb 17
1538 Feb 18
413 Mar 5
12418 Jan 4
1034 Mar 14
4512 Mar 14
7012 Jan 18
1363 Jan 10
104 Feb 11
13038 Feb 20
994 Mar 7
69 Jan 12
107 Jan 5
11 Feb 18
53 Jan 4
169 Jan 10
225* Feb 28
10514 Mar 16
81 Feb 24
1034 Jan 3
52 Mar 23
59 Feb 18
28 Jan 10
90 Jan 7
71 Jan 5
514 Jan 12
56 Jan 10
5638 Jan 13
8612 Jan 13
1073 Feb 20
12512 Jan 26
15214 Feb 24
11112Mar 1
39 Mar 13
11012 Jan 11
18 Feb 23
70 Feb 21
6214 Jan 11
13018 Jan 18
11012 Jan 4
5114 Feb 7
56 Jan 10
3858 Feb 18
37 Jan 3
104 Feb 21
169 Feb 27
13138 Jan 9
141 Jan 5
102 Jan 5
5378 Feb 18
112 Mar 27
55 Feb 18
100 Feb 17
47% Feb 27
25 Mar 2
15712 Feb 17
15638 Feb 18
15612 Feb 18
11718 Mar 19
1152 Feb 10
10758 Jan 7
5212 Feb 27
10112 Jan 10
2018 Jan 3
497 Jan 3
13 Mar 29
41 Jan 5
63 Jan 10
40 Jan 16
54 Jan 18
5514 Feb 20
112% Feb 20
8638 Jan 3
1114 Jan 16
65 Jan 10
6718 Jan 12
41 Mar 14
2512 Jan 10
41 Mar 15
1094 Mar 6
4114 Mar 1
108 Feb 18
112 Jan 3
3712 Feb 18
374 Feb 18
38 Feb 27
9M4 Feb 9
116 Jan 6
63 Jan 3
10212 Jan 20
814 Jan 5
43 Jan 3
28 Jan 5
70 Mar 23
612 Jan 18
30 Jan 20
4318 Jan 10
242 Feb 10
118 Feb 23
10814 Jan 24
26 Mar 28
2114 Mar 30
22 ,Feb 1
•
81 Feb 1
1095 Jan 5
113 Jan 10
31114 Feb 7
9912 Mar 28
1412 Feb 10
4312 Feb 10
534 Mar 20
19812 Jan 25
1438 Jan 24
414 Feb 2
3114 Jan 26
11134Mar 14
162 Mar 19
12534 Feb 14
125 Feb 6
145 Feb 2
78 Feb 1
3514 Mar 30
217* Jan 9
7138 Jan 7
871
/
4 Jan 27
657 Jan 3
1712 Jan 11
40 Feb 8
2434 Mar 28
4918 Jan 27
127 Mar 20
18 Jan 31
63 Jan 3
8818 Mar 28
146 Mar 29
11112 Jan 3
137 Mar 28
10178 Jan 5
794 Mar 22
11012Mar 8
14 Jan 10
6838 Mar 9
195 Feb 17
271s Jan 23
10812 Jan 3
89,
8 Mar 9
158 Feb 1
6738 Feb 1
6818 Mar 9
343* Jan 27
95 Mar 30
9934 Mar 30
634 Jan 27
74 Mar 27
11134 Afar 14
101 Mar 15
115 Jan 31
134 Mar 24
100 Mar 26
116 Jan 13
464 Jan 3
125 Mar 30
25 Feb 7
90 Jan 3
83 Mar 19
1524 Mar 30
1384 Feb 21
764 Jan 3
62. Mar 1
433 Mar 30
.W8 Feb 28
119 Jan 6
19234 Mar 30
14014 Mu 28
17212Mar 26
111 Mar 23
7038 Jan 11
120 Feb 29
7814 Jan 12
11014 Jan 28
6212 Jan 7
32 Jan 17
18238 Mar 14
176 Jan 3
177 Jan 3
12414 Mar 28
12634 Jan 3
11434Mar 30
61 Jan 3
105 Feb 20
24% Feb 14
6214 Feb 14
1912 Feb 0
4834 Mar 1
23 Mar 15
86 Mar 30
6314 Mar 30
6614 Mar 30
1154 Mar 16
917g Jan 30
1614 Feb 14
1012 Feb 14
8018 Feb 14
5114 Jan 24
3178 Mar 22
4438 Mar 30
114 Mar 19
484 Jan 23
11218 Jan 13
11912 Jan 27
412 Jan 3
455 Jan 23
54 Mar 12
11334 Mar 30
11814 Jan 3
101 Mar 23
109 Feb 6
167* Feb 3
64 Jan 5
39 Jan 21
7412 Jan 24
1118 Mar 30
373* Feb 1
4814 Jan 23
28212 Mar 12
12334 Mar 13
11178 Jan 5
5212 Feb 1
2612 Jan 14
2534 Jan 131
Nov
109 Aug
124
J80
9434 Nov
73 Oct
2218 Oct
234 June
1344 Jan
74 June
1 June
18 Apr
96 June
131
Jan
120 Mar
88
Jan
1138 Nov
68 Dec
2758 Apr
818 Apr
2814 Apr
41
Jan
564 Jan
1518 Oct
35 Dec
13 Jan
3512 May
11714 Feb
514 Aug
40 Aug
4338 Mar
126
Jan
95 July
12434 Oct
9812 Dec
36 Jan
90
95
3838
127
187s
884
11312 Feb
210 Nov
964 Dec
158 Feb
454 Nov
618 Sept
19918 July
133 Mar
214 Feb
32 Sept
102 Sept
1894 SOS
124 Aug
1184 Dee
2418 Feb
108 FO
8758 Feb
214 Dec
7234 Dec
98 Nov
65 Sept
238 Mar
6018 Jan
261* Oat
46 July
128 Mar
3912 Jan
98 Feb
7738 Dee
14134 Dec
111 Dee
134% June
103 Sept
743,4 Nov
Jan 110 Dec
Apr 154 Nov
Aug 5712 Nov
Jan 183 Nov
Feb 31 Dee
Feb 10934 Den
-17-3
; Apr l27 Oct
48 Mar 6678 July
303* Jan 71 Nov
2584 Oct 32 Aug
Jan 9th Ma
84
37 Mar 723* Dec
4 June
10 Jan
60:8 Dec 9010 Jan
2018 Apr 7212 Nov
465* Mar 924 Nov
9914 Oct 116 May
11912 Feb 127 July
734 Jan 18812 Deo
3618 Nov
108 Jan
2012 Dec
84 Nov
54 Jan
11012 Jan
8712 Apr
3518 J80
42 July
38% Oct
212 Oct
80 Jan
13258 Jan
11914 Mar
11958 Jan
944 Jan
414 Apr
11014
6514 July
N v
104 Nov
4113 Jan
26
Apr
14914 Jan
120
Jan
11914 Jan
11018 Jan
1197 Nov
10714 Feb
46 Aug
9978 Oct
184 June
4678 June
97 May
250 Apr
534 Sept
35
Oct
4114 June
38 Mar
108 Jan
79
Oct
814 May
5 Dec
60 Apr
21
Apr
22
Jan
400 Dec
10912 Nov
3912 Feb
974 Mar
105 Mar
35
Oct
303* Mar
2934 Mar
104
Dec
1154 Feb
5012 Mar
98
Jan
714 June
414 Mar
234 Dee
7214 Dec
43* Mar
28 May
43 Nov
14318 Jan
Jan
116
106% Mar
Jan
40
201* Oct
2012 Oct
49-3
;-13e;
11312 Deo
4314 June
11014 Mar
73% Oct
147% Sept
11614 Nov
824 Dec
6478 Nov
51 JU1P'
634 Jan
1233* Nov
18834 Dee
133 Deo
1468 Nov
1084 Oct
723* Dec
19
15
534
May
11612May
68% Oct
3634 Aug
18512 Oct
189 Nov
186 Nov
120 Dee
146 Feb
116 Sept
724 Sept
10312 Dee
33% Jan
8812 Jan
244 OM
5714 Aug
1014 Feb
514 Feb
604 Dee
63 Dec
11311 Dee
9814 Feb
1578 Jan
918 Jan
8514 Jan
5512 Nov
32 June
5434 Jan
1144 Nov
5358 Nov
112 Dec
114 flee
5014 Feb
4312 Nov
4138 Nov
131% Aug
119 Aug
70 June
107 July
1218 Apr
1014 Jan
Jan
81
804 Nov
11 Dee
4214 Deo
4678 Nov
20534 Sept
12514 Jul/
11078 Dee
597 Feb
3518 Feb
3218 Feb
New York Stock Record-Continued-Page 3
1947
For sales during the week of stocks not recorded here,see third page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Mar. 24.
Monday,
Mar, 28.
Tuesday,
Mar. 27.
Wednesday, Thursday,
Mar. 28.
Mar. 29.
Friday,
Mar. 30.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ Per share $ per share $ per share $ per share $ per share $ per share Shares Indus.& Miscel.(Con.) Par
125 125
128 126
125 125
128 127
5,300 Bayuk Cigars, Inc
No par
131 131
128 133
109 109
1
4 110 1105 1097 1098 10912 110
10934 10912 1098 109/
100
580 First preferred
*1414 1412 14/
14
14
1
4 1412 14
No par
148 144 1414 143 1434 3,800 Beacon 011
7934 793
794 80/
1
4 7814 797
20
3,400 Beech Nut Packing
7814 79
78'8 74,4 78% 79
193 193
19% 19/
1
4 1914 2014 *1912 20
1913 1912 1914 1914 3.200 Belding Hem*way Co--No par
8634 87
8614 87
8634 87
8678 87
87
8712 8712 8712 1,700 Belgian Nat Rys part prat____
*62 6212 62 63
61
62% 6214 644 6378 663, 6612 6734 22,600 Best & CO
No par
5912 60
100
594 604 5814 5912 5812 593
58/
1
4 5934 58/
1
4 59 36,300 Bethlehem Steel Corp
/
4 12014 2,700 Beth Steel Corp pf (7%) _100
120 12013 1201
11912 11912 120 12014 11934 11934 11934 120
3611 374 3612 3612 3614 3714 37
*3714 38
3712 3712 374 2,600 Bloomingdale Bros----No par
*110 11012 *110 11012 *110 11012 *110 11012 110 11012 *110 11012
Preferred
100
*90 93 *90 92
90 90
100
30 Blumenthal & Co pref
*88
90 *88
90
90 90
6912 6934 6914 70
8812 6934 68 688 68
No par
3,700 Bon Amt. class A
70
68
70
No par
614 8% 3,200 Booth Fisheries
*6
7
7
64 634 *6
*614 634
*614 7
*41
46
*41
*42
*41
46
46
100
46 *38
900 1st preferred
44
4714
45
18414 165
181 16312 16234 164 162 163
1624 164
50
3,900 Borden Co
161% 163
20 2034 *19
20 *19
20 *19
600 Botany Cons Mills class A_ _50
20
19
19
20
20
26
2684 2514 27
2474 253
25
2634 2514 257
257 80,300 Briggs ManufacturIng_No par
25
•334 4
312 312
100
600Brltlsh Empire Steel
314 314 *34 4
314 314 *314 314
74 714 *712 778
734 734
71
73,
714 718 *73a 74
100
500 2d preferred
*226 228 225 227 225 229
228 231 23114 239 23812 245 22,500 Brooklyn Edison. Ina
100
*147 149
149 149
14912 14912 149 14914 1494 15214 152 15418 8,500 Bklyn Union Gas
No par
474 4712 47/
1
4 48
*4714 4734 4714 475, 4712 48
2,500 Brown Shoe Inc
No par
4734 48
375 384 37% 38
3714 3734 377 48 70,700 Brunsw-Balke-CoBan'r_No par
378 373
38
36
2814 2914 27
2812 2814 2874 30
2914 28
10
3114 303, 3174 20,600 Bucyrus-Erie Co
373, 3814 3714 3774 3718 375
10
395, 388 40/
3713 3734 38
1
4 30,000 Preferred
*98 100 *97
9912 *9813 100
400 Burns Bros new clAoomNo par
9912 100
98/
1
4 9834
98
98
1914 1914 193, 195, 1912 20
*18
20
1914 1914 1,200 New class B com____No par
19
19
*997 100
100 100
100
100 100
160 Preferred
9934 997
99/
1
4 99/
1
4 99/
1
4 9934
156% 1561
/
4 156 159 *157 159 *156 159 *156 158
1
4 2,100 Burroughs Add Mach-No par
15714 157/
5934 6014 60 60
60 60
5913 60
5834 6014 2,700 Bush Termina,new_-__No par
5934 60
112 112
100
112 112
140 Debenture
11034 11174 11014 11134 111 11114 1093, 11012
11512 11712 117 117
117 117
100
60 Bush Term 131dge, pref
117 117 *117 1174 *117 11712
57
57
57
57
5
3,900 Butte Copper & Zino
57s 57
534 57
534 534
54 57
57 5712 55
100
5714 567 60
1
4 27.800 Butterick Co
62/
5934 584 6314 61
*95, 1014 1014 1014 1014 1014 58
10
10
1014 10
1014 1014 1034 2,300 Butte dc Superior Mining
71
7174 6914 6912 *69
No par
7134 6912 6934 894 694 704 7012 1,200 By-Products Coke
101% 10412 10174 1034 100 104
102 1035, 10012 10174 1011
No par
12,900 Byers & Co(AM)
/
4 103
*11014 11034 *11014 11034 11034 11034 *9912 9934 *11014 11034 11014 11034
100
10 Preferred
74/
1
4 7414 737 7474 7314 7414 74
74/
1
4 735, 7434 741
/
4 7414 4,200 California Packing_.--No par
28
25
26
2614 2614 2614 265s 2614 26/
26
26
2614 28
1
4 5,500 California Petroleum
214 2/
1
4
10
2
218
2
214
2
214
214 214
2
2/
1
4 6,800 Callahan Zino-Lead
103 10512 997 10414 98 10074 99 10512 10312 168
10512 1084 49,600 Calumet Arizona Mining_ 10
21
2114 2034 211
Calumet
&
Heels
25
/
4 205, 2034 2014 21
22 21,100
2074 215, 21
64 6413 6414 6474 64
8474 63
6434 6274 6312 6314 6412 16,400 Canada Dry Ginger Ale.No par
298 301
100
8,500 Case Thresh Machine
2945,30014 29314 299 295 295 286 294 289 296
•132 135 *130 135 *130 135 *133 135
200 Case Thresh Mach pre__ _100
135 135
13512 13512
2914 2818 2812 2812 29/
291$ 291
29
1
4 2834 29
2834 2874 7.400 Central Alloy Steel_ __No par
•12
13 *12
1212 12
140 Century Ribbon Mille-No par
12 *12
1212 *12
1212
1212 *12
*83 85 *83 85 *83 85
100
84 84
50 Preferred
83
83
83
83
85
6512 85
1
4 6512 645, 6634 664 67
8512 64/
677 23,400 Cerro de Paso Copper-No Dar
67
5918 5948 59
5978 573, 58
5712 5712 564 5714 56
5614 8,700 Certain-Teed Products-No par
*11934
_ *11934 __ *120
100
_ *120
- *120
___ *120
.... --- -- let Preferred
•72 -73
4 7212 -72-4 73 -73
No par
727s -727-4 72% -7i3900 Carlo Corp
73 -73
4,000 ChandlerClevelandMotNo par
7
7
634 7
834 7
7
714
6
634
6
6
•1511 157
1612 1712 165, 173
1511 187
16
No par
7,600 Preferred
17
16
16
75
7512 74% 7534 7412 7534 75
No par
8,600 Chesapeake Corp
75/
1
4 7412 755, 7414 76
1
4 135 13712 136 137
137 13814 138 138/
137 13714 2,700 Chicago Pneumatic Tool__100
135 136
3118 35
3414 375, 371
3014 31
305, 32
/
4 371
/
4 367 37
1,740 Chicago Yellow Cab...No par
41
4112 42
411
/
4 4114 42
42
4114 42
42
No par
3.330 Childs Co
42
43
391
/
4 3912 39
1
4 3934 3912 4034 40
3912 3814 3914 39/
25
411
/
4 40.200 Chile Copper
1154 11914 11514 11512 116 119/
11712 1175 118 120/
1
4 120 123
1
4 5,500 Christie-Brown tern othiNo par
62/
1
4 637
6634 6934 86% 877
88
73
6312 72
No par
67
71 608,600 Chrysler Corp
*115 11512 115 115
115 115 *11434 115 115 11514 •11534 11512
No par
700 Preferred
5313 5312 5313 *5313 54
*53 5312 *53
53/
1
4 *53
No par
700 City Stores class A
*5313 54
9112 88 8912 89
90 9374 90
87 8734 88 91
No par
8,000 Class B
90
9812 98
97% 97'1 97 98
9634 9774 984 9614 9614 97
7,900 Cluett Peabody & CO No par
1
4 12034 1203s *12014 123
12012 1201 119 120. 12112 122/
__100
290 Preferred
120 120
1434 14474 14312 14412 138 14314 14174 14274 14014 142
No par
14113 142 33.800 Coca Cola Co
9234 9812 94
9114 983
95 9714 94 98
9612 93
97/
1
4 58,900 Collins! & Altman new-No par
103 1035, 1031s 19414 103 10334 10312 10312 10312 10512 10512 106
100
3,200 Preferred
7914 7712 7914 76
78
7974 75
76/
1
4 78
100
/
4 7838 29,700 Colorado Fuel & Iron
78% 761
3,600 Columbian Carbon v t oNo par
88
9113 90 90
88 89
884 8812 87 87
8811 89
917 92% 934 957
9114 92
9212 9112 92
92
934 9434 41,700 Colum Gas ar Elec new_No par
108 108
109 10934 10814 10814 10934 1098 1094 1094 109 109
100
1.600 Preferred new
7212 7334 7212 7314 7214 73
73 733
7234 7314 7334 7634 26,700 Commonwealth Power_No par
2814 28
26
261
/
4 2778 12,900 Commercial Credit____No par
2712 271
2734 2834 27
2734 29
2413 2334 2434 2334 2334 *2313 24/
1
4 2434 2434 *234 2334
*24
25
40 Preferred
24/
1
4 •24
2434 *24
2434 *24
*24
243 *24
Preferred B
24
25
*24
2434
911
/
4 92
904 92
90 9012 9012 91
9112 9134 91% 9114
920 1st preferred (634%)---WO
05 66% 65% 6514 6534 86
67 67s 6634 67
6612 4,000 Comm Invest Trust___No par
65
*103 105 *103 105 *103 105 *103 105 *103 105 *103 105
7% preferred
100
97
97 *96
*96
97 *96
96
96
96
96
100
300 Preferred (654)
*9512 96
177 17884 17514 17713 175 183 185 18912 18534 18834 1821 188
70,600 Commercial Solvents__ No par
4812 4812 484 4812 484 49
*48
481
49
49 *49/
1
4 50
1.500 Conde Nast Publica_No par
27 277s 2634 2754 2614 2714 255, 2874 28
2612 2614 2734 44,700 Congoleum-Nairn Ine_No par
755
72% 73
74
7334 737 *72
73 7414 75
7534 75
3,700 Congress Cigar
No par
1
4 8414 84/
844 845s 8414 8474 8414 84/
1
4 841 854 86
No par
8712 10.300 Consolidated Cligar
*103 104 *103 104 *10334 105 *103 105
994 9912 994 995*
100
900 Preferred
113 134
112 134
15, 11
/
4
1
113 12,400 Consolidated DIatrib'ersNo par
134 134
15, 112
138 14038 141 14378 14134 1467 14714 1493 276,100 Consolidated Gas(NY)No par
13914 14034 13914 141
1045,
10412 10434 10412 10434 10434 105 10434 105
10412
104 104
5,900 Preferred
No par
31
3% 314
43
45, 434
44 53,
No par
5
412 5 91.400 Consolidated Testile
514
33
34
31
3112 33
3334 34
32
3114 3214 3114 32
11,000 Continental Baking ol ANo par
4/
1
4 414
44 414
414 4%
41
/
4 414
41
4
44 414
9.900 Class B
No
par
93
904 9114 894 904 8834 8914 88
931 9334 x92
100
88'z 3,600 Preferred
975 9934 95
9812 100 110 10614 110
9814 991
10634 108 156,300 Continental Can, Ino_No par
128 128 *127% 128 *12714 128 *12714 128
*12714 128
127 12714
50 Preferred
100
8188 8234 80% 8312 84
83 83
85
8434 87
861s 8814 24,900 Continental Ins temp eV's. 10
1112 1174 1114 1134 11% 1112 11% Ills 113, 1112 41,700 Continental Motors___No par
1134 12
7734 7514 7834 774 79
747 75's 76
771
/
4 7814 7712 793 105,000 Corn Products Reflning____25
14514 1451/4 *146
'1451z__-- *145
__ 14812 14612 *14634 149
600 Preferred
100
149 lici7-4 14712 14814 145 146
-149 149
146 1483* 3,500 Coty, Inc
1434 145
No par
86
8814 86
88 87% 8534 87
8634 87
8834 857 8614 10,000 Crucible Steel of Amerlos_100
113 115 *114 115
1124 113 *11212 113
1144 11412 *114 115
900 Preferred
100
23/
1
4 2334 2314 2334 2312 2314 2314 237
23
2318 23
231
/
4 4,600 Cubs Co
No par
6
6
*57s 6
534 6
5534 6
57
6
6
6
1,200 Cuba Cane Sugar
No par
26
26
28
2534 26
*2512 28
26
2614 27
274 2734 2,200 Preferred
100
21
21
21
2112 21
21
21
2134 2174 22
2114 21
3,300 Cuban-American Sugar__ 10
10412 10412 *103 1041 102 102 *102 106
*102 10212 *102 105
300 Preferred
100
axes 11
*1012 11
*104 11
*1012 11
11
11
900 CubanDom efusSugnewNo par
11
114
6314 6314 6314 6474 6312 6414 64 64
635, 644 64 6614 6,800 Cudahy Packing new
50
84 661
/
4 644 6534 7412 651
84 861
8412 65
6412 6834 17,900 Curtis AC!' & Mot Co__No par
136 13934 137 14134 1414 1414 14134 14178 3,810 Preferred
*135 13934 *135 136
100
18914 16914 *166 169 *16514 168 *16514 168 *16514 16774 16514 18513
300 Cushman's Sons
No par
118 118 *118 123 *11814 123
123 123 *11812 123
*11834 118
40 Cushman's Sons pref (7)_100
*5212 54
54
54
53
54
537 5374 5312 54
53 531
/
4 2,400 CuYamel F2uft
No par
378 38
377
381
/
4 3874 38
3812 3712 385,
42 28,100 Davison Chemical v 1 e_No par
417s 41
121 12474 121 121
125 1255, 125 125
12114 122
12314 124
800 Deere & Co pref
100
178
*177
180
179
179
178
178
178
1794
•176
17974 18214 1,900 Detroit Edison
100
50
51
5114 4912 51
51
4912 50
48
5014 51
5012 6.100 Devoe & Raynolds A __No par
113 1131 *112 113 *112 113 *112 113 *11213 113
113 113
140 let preferred
100
153
15012
15334
15614 15434 157
15014 15112 15014 152
15512 15634 1,270 Diamond Match
100
207s 2112 2114 2212 225 2314 2212 23% 21
2212 205,400 Dodge Bros Claas A____No par
208, 21
733, 7374 7334 7414 x7014 7314 7214 73% 7214 73
71% 727 28,600 Preferred cent!
No par
/
4 103* 11
•1013 1034 *1034 1074 1012 •1034 1034 1012 1034 111
7,3001 Dome Mines. Ltd
No Par
6734 695* 6634 685, 8834 7034 715 76
8412 657
68
72% 42,400,Dunhill International_No par
____ ____ ____ __- -__ __-- •10512 10613 10514 10514
100,Esuouesne Light 151 pref___100
16813 Ian 16912 17012 16914 1711 14,800 Eastman Kodak Co No par
.
1718
.- 1-1ill 168 17134 167% 172
Preferred
/
4 127
100
*12514 12812 *1254 1281 *128 128 *126 12712'126 12712 1261
374 348, 3573 354 36'l 83,000IEaton Axle & Spring__ _No par
1
4 3714 35
ll 34% 35% 3412 3634 34/
379 385 38614 395 38014 39434 37834 387 375 380 381 38534 28,300 EIduPontdeNemnew_No par
120
120
1208
11912
120
11912
11914 120
120 1201s 2,9001 6% non-vot deb
100
1194 120
• Bld and asked prices. no sales 02 stile day
s Kr-divideod. i Ec-e gags
a
c-srarrauts
PER SHARE
Bangs Since Jan. 1.
On baste of 100-sharelots
Lowest
Highest
$ Per share
1014 Jan 18
10734 Jan 10
1214 Mar 16
71% Jan 17
1814 Jan 20
8514 Feb 18
5334 Jan 19
551 Jan 20
119 Mar 6
35 Mar 2
10913 Jan 11
90 Mar 27
654 Jan 3
514 Jan 4
4114 Mar 14
159 Feb 20
1814 Jan 28
214 Feb 4
114 Jan 10
214 Jan 5
20834 Jan 10
145 Feb 20
47 Jan 10
274 Feb 20
2411 Feb 18
333, Feb 17
9312 Feb 17
1574Mar 8
9734 Feb 21
139 Jan 14
5834 Feb 24
10714 Jan 4
11414 Feb 15
44 Jan 19
45 Feb 7
9 Jan 11
65 Mar 1
9012 Jan 16
11014 Feb 3
7134Mar 3
24 Jan 5
134 Mar 8
89 Feb18
201 Jan 10
547 Jan 5
247 Jan 21
126 Jan 30
2814 Mar 27
114 Feb 18
8014 Feb 21
5812 Jan 3
5413 Jau 3
119 Jan 26
7212Mar 28
512 Feb 29
14 Mar 13
7214 Mar 7
125 Feb 20
3014 Mar 24
40 Mar 10
3738Mar 5
85 Jan 4
5434 Jan 16
1135, Jan 9
514 Jan 19
62 Jan 5
7712 Jan 10
11814 Mar 21
127 Feb 20
79 Mar 2
101 M
Mar 15
664 Feb 27
87 Mar 27
894 Mar 15
1074 Feb 28
6214 Jan 11
21 Feb 20
23 Feb 3
23 Feb 7
8734 Feb 2
5534 Mar 1
99 Jan 27
94/
1
4 Mar 6
1534 Feb 18
48 Jan 14
235, Feb 8
67 Feb 18
794 Jan 20
98 Jan 24
78 Jan 21
1193, Jan 10
10114 Feb 16
34 Feb 9
3014 Mar 15
414 Mar 15
88 Mar 30
8014 Jan 10
123 Jan 5
75 Feb 15
10 Mar 13
6434 Jan 3
13812 Jan 16
123 Jan 3
83/
1
4 Feb 18
11212Mar 16
23 Mar 29
512 Feb 16
24 Feb 18
19/
1
4 Feb 18
10112 Feb 16
1012 Mar 9
54 Jan 3
5314 Feb 27
11734 Jan 5
14434 Jan 13
114 Jan 11
51 Jan 3
343 Feb 18
11512 Feb 1
1664 Jan 11
40 Jan 3
108 Jan 9
13434 Jan 18
17 Feb 18
6814 Feb 18
10% Mar 9
5512 Jan 9
10514Mar 30
163 Feb 20
125 Mar 7
26 Jan 11
310 Jan 10
115 Mar 9
PER SHARE
Range for Prestous
Year 1927
Lowest
Highest
$ Per share $ Per share $ Per share
14012 Mar 1
6911 Jan 109 Deo
Jan 110 Aug
11034 Mar 28 101
14 Oct 1814 June
1712 Jan 5
8312 Feb 9
5014 Apr 7414 Nov
22 Jan 12
154 July 274 Jan
8712 Mar 29
8734 Mar 30 -4934 Aug -19-14 Nov
8212 Feb 7
4314 Jan 664 Sent
121 Jan 9 104$4 Jan 120 Dec
34 June 5274 Nov
4412 Jan 5
111 Jan 11 10911 Jan 114 Nov
44 Jan 95 Dec
9812 Jan 20
531g Jan 1311% Dec
7834 Jan 27
834 Apr
413 Sept
712 Jan 9
36 Sept 574 Ma,
49 Jan 11
187 Jan 11 16712 Dec 169 Dec
18 May 3014 Sept
23 Jan 4
1912 Sept 3814 Feb
27 Mar 27
2 Dec
/
1
4 Apr
64 Feb 1
1 Apr
12 Feb 1
712 Dee
245 Mar 30 14812 Feb 225
Dee
894 Apr 1574 Dec
15614 Jan 31
3012 Feb 504 Dec
51 Feb 2
2574 July 8874 Jan
48 Mar 30
3174 Mar 30
4034 Mar 30
101 Mar 22 -8512 June 1-2534 Jan
1614 Mar 344 Jan
21 Mar 22
1005, Mar 12
90 June 100 Jan
165 Feb 3 z90 Mar 145 Dec
291/
1
4 Jan 69 Nov
838 Jan 27
9114 Jan 11174 Dec
112 Mar 24
119 Feb 4 10314 Feb 120 Aug
514 May
34 Mar
712 Feb 28
44 Oct 614 Feb
634 Mar 29
784 Nov 1134 Jan
1234 Feb 10
66 Jan 9213 June
748 Jan 27
42 Jan 10234 Dec
11712 Jan 27
11212 Jan 14 10534 May 11212 Dec
6014 Apr 79 Dee
7912 Jan 7
20 Oct 3274 Jan
2674 Jan 9
25 Jan
Ili Sept
25, Jan 6
6113 June 12312 Dec
1204 Jan 3
1414 July 2434 Dec
23% Feb 3
38 Jan 6014 Aug
685, Feb 15
306 Mar 22 132 Jan 28314 Oci
13512 Mar 30 111 Feb 129 Dec
24 Apr 33 Apr
3212 Jan 4
104 Jan 1634 Aug
1412 Feb 16
70 Jan 88/
87 Mar 12
1
4 Dee
58 June 724 Dec
697k Jan 3
42 Jan 5514 May
6212 Jan 24
12074 Mar 1 106 Feb 11834 Dee
65 Dec 7874 Aug
77 Jan 12
412 Nov 14 Mar
714 Mar 27
177 Jan 4
13 June 2614 May
6434 June 8674 Oct
8174 18.4 6
14114 Jan 30 1204 Jan 13714 Mar
38 July 47 Oct
43 Jan 14
4828 Mar 65% Aug
5211 Jan 7
3314 June 4434 Dec
4278 Jan 7
3474 Jan 9074 Dec
131 Jan 23
381
/
4 Jan 8314 Dec
73 Mar 27
117 Mar 12 10234 Apr 116 Dec
4614 Mar 54 Dec
54 Mar 12
414 Apr 8413 Dec
9374 Mar 27
51 June 844 Oct
10112Mar 16
12434 Mar 19 11114 Jan 12514 Noy
14474 Mar 24 c9613 Apr 19912 Ape
88 Aug 1133, Dee
11134 Jan 3
109 Jan 3 10212 Sept10934 Dee
425k Jan 964 July
8412 Jan 31
98/
1
4 Jan 24
6674 .1184 1014 Nov
8274 Feb 9834 May
973 Feb 1
994 Jan 11014 Dec
1101
/
4 Jan 3
7634 Mar 30
483, May 7814 Oct
14 June 2412 Des
29 Mar 27
17 June 2413 Sept
2434 Mar 29
1874 June 25 Dec
25 Jan 7
69 July 8933 Dec
96 Mar 16
41,
8 May 62 Dec
6814 Mar 22
944 Sept102 Dec
106 Feb 17
8634 July 984 Dec
97 Feb 15
1894 Mar 28 145 Nov203 Sept
39 Aug 53 Dec
52 Feb 6
1714 Jan 294 Dec
2912 Jan 3
47 Mar 8812 MC
8174 Jan 3
744 Oct8634 July
8812 Mar 5
6974 Aug 10634 Ana
105 Mar 27
12 Oct
212 Fat
2 Mar 22
94 Mar 12514 Dec
14934 Mar 30
93 Mar 103 Dec
105 Mar 28
3/
1
4 Mar
71s JU118
5's Mar 28
3311 Apr 747 Jam
5312 Jan 13
4 May 1014 Jan
8 Jan 13
72 Apr 975, Nov
964 Jan 20
5834 Apr 8674 Del
110 Mar 29
128 Mar 26 120 Jan 126 .Innt
744 Dec 9334 Dec
89 Mar 17
87 Nov 135g Jan
12 Mar 23
4674 Jan 68 Nov
7938 Mar 30
14812 Mar 29 128 Jan 1424 Dec
56 Jan 123 Dec
15112 Mar 5
764 Oct 9614 Alai
93 Feb 7
11514 Jan 26 103 Jan 115 Sere
1812 Aug 3414 Jaz
2812 Jan 13
47 Oct 1034 Jan
714 Jan 12
28/
1
4 Nov 508k Jan
3234 Jan 12
187 Nov 281s Jae
235, Jan 8
9712 Nov 107 Au
108 Feb 1
1012 Novi 18 Jar
12 Jan 4
4312 Apr 584 &pi
721 Feb 14
45% Nov 8934 Dec
6634 Mar 20
14178 Mar 30 111 Nov 118 Dec
175 Mar 8 103 Apr 152 Cal
125 Jan 20 107 Apr 125 Del
551 Jan 20
30 Apr 5513 Ool
4634 Jan 6
2614 Apr 484 Del
12534 Mar 26 1054 Jan 1251s Not
19434 Feb 3 13313 Jan 17012 Dec
3612 Aug 4274 Dec
5234 Mar 12
Jan 11412 Dec
11534 Jan 18 101
161 Feb 2 115 Feb 1474 Sept
241
/
4 Jan 4
1314 Oct 2712 Jan
5614 Oct 85 Feb
7574 Jan 4
7 June 1414 Dec
1312 Jan 6
49 Aug 624 Oct
76 Mar 29
11812Mar 3 1144 Mar 1175, Nov
17314 Mar 19 12614 Jan 17514 Sent
130 Jan 24 1194 Jan 1314 Oct
2114 Oct 2934 JUIN
3714 Mar 27
395 Mar 26 168 Jan 34378 Oct
1204Mar 26 1054 Feb 118 Dell
New York Stock Record-Continued-Page 4
1948
For sales during the week of stocks not recorded here. see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Mar. 24.
Monday,
Mar, 26.
Tuesday.
Mar. 27.
Wednesday,1 Thursday,
Mar. 28.
Mar. 29.
Friday,
Mar. 30.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Singe Jan. 1.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1927
Lowest
Highest
3 per share $ per share $ per share Shares Indus.& Miscel.(('on.) Par
25
16
1614 1618 1638 164 1912 15,000 Eisenlohr & Bros
No par
134 1357 11,400 Electric Autolite
13412 13612 13418 135
No par
14
1
4 1434 1513 53,200 Electric Boat
1534 1458 15/
No pat
1
4 48,900 Electric Pow & L$
3612 3734 3612 3714 364 37/
No par
10858 1084 10834 10834 109 10912 1,600 Preferred
7,100 Electric Refrigeration_No par
_ *____
*1558 1614 *,.
4 74,500 Eleo Storage Battery No par
7658 -773754 78/
1
4 '.718 -7-7*612 7
4.613 7
*612 7
Elk Horn Coal Corp
No par
1
4 1,100 Emerson-Brant Clasa A.No par
734 7/
758 734
8
814
Emporium Corp
No par
*28
2834
*28
34
*28
34
804 6,600 Endicott-Jottnson Corp--- 50
80
1
4 80
8038 794 79/
100
600 Preferred
12414 12414
124 124
124 124
4012 30,700 Engineers Public Serv__No par
40
4034 40
404 40
No par
11018 11018 11018 1104 11018 11018 4,400 Preferred
5
_ Erie Steam Shovel
*
2700 Equitable Office Bldg__No par
10918 110
11018 11112 111 112
11014 112
1.10 111
*110 111
,
Eureka Vacuum Clean_No par
22,400
77
7312 7312 *73
753
4
731.
7334 73
1
4
1
4 7351
/
4 7314 75/
. 73/
Exchange Buffet Corp_No par
*20
*1812 21
2178 *20
2178 *20
*20
2178 *20
21
2178
No par
/
4 3618 3618 3618 3618 36/
3614 364 364 3634 3618 361
1
4 364 1,000 Fairbanks Morse
100
100 Preferred
*109 112 *109 112 *109 112 *109 112
10914 10914 *109 112
11518 11614 115 11614 11418 11638 11434 116/
1
4 1154 11634 117 11812 23,800 Famous Players-Lasky-NO par
15
5,100 Federal Light & Trao
5012 51
5058 5078 5058 51
5012 5034 5012 5015 5032 51
No par
40 Preferred
10378 104 *102 10312 10312 1031
/
4 *16212 10312 10312 1031z *10218 10312
Federal Mining & Smelt'g_100
*120 140 *120 140 *125 145
138 138 *120 138 *125 139
100
400 Preferred
*94
95
*94
95
9414 9414 95
*94
95
05
*94
95
5,300 Federal Motor TruckNo par
18
19
1878 19
18
18
20
18
18
18
18
18
1,900 Fidel Phan Fire Ina of N Y_ 25
211 211
206 210
20414 205
206 208
204 208
20312 205
No par
480 Fifth Ave Bus
*12
1278
1158 12
1214 13
13
13
114 1134 1234 13
No par
3,000 First Nat'l Stores
2914 2912 2918 2913 2834 29
2834 2834 2834 2834 2878 29
No par
1
4 30,200 Fisk Rubber
1513 1558 1513 1614 1558 16
1512 1534 1534 1643 1618 16/
600 let preferred stamped___100
8712
87
*874 8812 88
86
86
85 89
88
88
88
100
1st preferred cony
9412 95
1,100
944 944 9413 944 944 95
*934 95
95
95
1
4 6934 711
1
4 7038 6918 69/
7014 7112 70
/
4 39.700 Fleischman Co new____No par
7118 6918 7012 69/
No par
1,100 Foundation Co
1
4 4634 4534 46
4634 4634 *45
4512 4614 46/
45
45
47
No par
7734 9,200 Fox Film Clasa A
7914 80
7712 7834 77
79
1
4 78
78
7912 77% 78/
No par
8212 8312 66,500 Freeport Texas Co
8234 8112 82
8114 8414 8418 8614 8012 8414 81
No par
*10414 105
104 104 *10312 105
104 104
1031/4 10414 10412 10712 2,400 Fuller Co prior pref
No par
39.200 Gabriel Snubber A
15% 1778 1713 1814
2034 194 20
17/
1
4 2112 1913 2214 20
No par
144 23,400 Gardner Motor
134 14
1
4 1414 14
138 1438 13/
1312 14
1314 14
6834 9,400 Gen Amer Tank Car_ No par
68
68
6612 6634 674 67
671s 6778 6658 6712 66
Preferred
100
•110 112 *110 112 *110 112 *110 112 *110 112 *110 112
100
1
4 8614 8412 8778 22,100 General Asphalt
1
4 84/
84
8712 8514 87/
8438 85/
1
4 844 86
100
130 130 *127 132 *127 130 *126 132 *126 132 •128 132
100 Preferred
13834 13884 *136 1381 13812 1384 13812 13812 *138 13812 *138 13813
70 General Baking pref___No say
No par
29
3012 3,400 General Cable
*28
27/
1
4 2778 274 29
28
2812 28
2812 28
No par
7514 76
7738 7513 7814 7513 761
7558 7812 784 791 30,300, Class A
7238 7112 7178 14,800 General Cigar, Inc new _No par
71
1
4 7238 7134 724 71
7214 7134 7238 71/
100
I Preferred (7)
129 134 *129 134 *129 134
*129 12934 *129 134 *129 134
1,400 Gen Outdoor Adv A___No par
1
4 5578 5512 551
1
4 55/
56
56
5512 5578 5512 5534 5512 55/
5,1001 Trust certificatea____No par
411
/
4 42
4112 42
418 42
42
/
4 4278 42
42/
1
4 4278 411
146 15234 15212 159 446,700,General Electric New_ _No par
13914 14914 14612 150
147 14812 14512 148
1114 1114 1114 1188 1138 1138 1114 1114 1114 1138 1114 1138 3,500 General Electric special_ _ _10
4012 4012 *4014 41
4138 4138 41
2,200 General Gas & Elec A__No par
4038 42
4138 4018 41
Oen Gas & Elea pf A (7) No par
*113 116 *113 116 *113 116 *113 116 *113 116 *114 116
No par
•125/
1
4 130 *12513 13038 *12512 1304 *126 13038 *12612 1304 130 13014
200 Preferred A (8)
108 108 *10714 110 *10714 113 *10714 112 *108 112 *109 113
No par
500 Preferred B (7)
18634 192 2299500 General Motors Corp new_26
18214 186
18514 191
180 198
19313 199
187 192
100
12634 1264 12658 12634 12658 12634 12612 12634 3,600 7% preferred
12634 127 *1264 127
99
93 10014 97
9912 10134 9979 101
9712 9812 9712 99% 22,400 Gen Ry Signal new____No par
67
6738 92,000r Genen41 Refractories___No par
6711 6612 67
6738 6838 6712 6838 6638 6758 67
10312 10438 10314 103/
103/
1
4 105
1
4 10318 10434 14,400 Gillette Safety Rasor_No par
103/
1
4 10412 103 104
4178 4012 4138 *40
31,400 Gimbel Bros
41
4178 41
411
/
4 40
39
4034 41
No par
9412 9412 9412 95
100
9434 9434 9454 9434 *9412 9434 2,100 Preferred
94
94
1
4 2234 224 2278 23
2234 2338 2278 23
No par
2318 11,000 Glidden Co
2234 2234 22/
100
9912 9912 9912
9812 9812 99
99
330 Prior preferred
9734 9734 99
98
99
1
4 9613 95
92/
9714 31,200 Gold Dust Corp v t o_--No par
9712 954 97
96
97
95
9814 95
8318 8512 8579 87
84
58,300 Goodrich Co (B F)_-_ _No par
8214 83
8212 8412 83
8214 85
100
2,400 Preferred
1
4 115
112 11214 11212 11314 113/
11112 11112 112 112
111 111
58
5914 22,000 Goodyear T & Rub____No par
554 59
5614 57
551a 5575 554 5714 554 57
No par
1
4 2,400 1st pref
9514 9514 95/
9514 95
954 95
9478 95
95
9518 95
864 8712 8512 8612 854 8612 13,500 Gotham Silk Hosiery_No par
8512 88
8534 85/
1
4 8518 86
No par
8512 8512 85/
1
4 86/
1
4 7,000 New
85/
1
4 8578 8518 8578 8512 8712 *8638 87
100
400 Preferred New
124 124 *124 125
125 125 *12412 126
*124 125 *124 125
90 Preferred ex-warrants_ _100
- *11034 111 *11034 111
111 11118 *11034
*11012 111 *11034 111
No par
300 Gould Coupler A
*8
9
- *814 9
812 914 *834 --878
*9
934 *912 934
2612 93,800 Graham-Paige Motors_No par
2534 2658 26
2578 27/
1
4 2618 27
2513 2678 2578 27
4312 4334 43/
1
4 4412 4418 4712 4712 4812 4612 4814 4814 4978 64,800 Granby Cons M Sm & Pr_100
/
4 3212 324 3234 7,300 Great WesternSugarnewNo par
/
4 3134 311
32
32
3158 3178 314 3134 311
100
30 Preferred
11434 11514
11414 11414 *11418 11512 116 116
114 114
0114 116
/
4 12918 13234 116,900 Greene Cananea Copper_ _100
/
4 12438 123 12912 1274 1341
1
4 1211
12418 12734 12334 125/
7/
1
4 71
/
4 2,900 Guantanamo sugar_ _ --No par
714 7/
1
4
714 714 *714 8
7/
1
4 74
*7/
1
4 8
100
10 Preferred
_ *104
_ 105 105 *104
___ *105
*105_ *105
100
--38 60 -6012 13,500 Gulf States Steel
5512 -57
67 -5914 5318 -612-34 6118 624 6034 -61
25
30 Hackensack Water
*2312 24
*2312 24
28
28
*2312 24
24
*2312 24
24
80 Hanna 151 pref class A___100
65
6514 *654 67
65
65
66
*65
6334 6514 6579 66
Hartman
Corp
class
A_No
par
1,300
*2512
27
*2512
27
8
255
8
255
27
*2512 27
2534 2614 *2512
No par
2112 2134 2138 2112 2118 2114 2,000 Class B
1
4 22
2178 2178 2138 2238 21/
25
100 Helme(OW)
511118 115 *11118 115 *11234 114
*111 115
11238 11238 *112 115 '
100
I
Preferred
12714
*127
__
__
•127
___
*127
12714
•127
_ _ *127
56
5912 45,500 Hershey ChoOolate--__No par
5412 -56
4958 -5418 5312 -55
4814 -5212 4938 -51
No par
7734 7812 7812 8078 20,300 Preferred
78
7712 77
76/
1
4 7713 7612 77
76
100
200 Prior preferred
•103 104 *103 104 *103 103/
1
4 *103 10312 10312 10312 *10312 104
No par
1,000 Hoe(R)& Co
22/
1
4 2258 2212 2212 2234 23
2258 2258 224 2258 *2212 23
No par
4,000 Hollander & Son (A)
3215 3212 3479 3338 3379 3314 3314 *3212 33
3158 3218 32
100
200 Homeatake Mining
*7313 74
*7313 74
74
7318 7318 *73
*73
74
73
73
2,200 Househ Prod.Inc.tem otfNopar
65
65
65
*6434 65
6412 6512 6458 65
55
*64
65
306100
Houston
011
of
Tex
tern
23,800
14612 14312 14514 14834 14714 151
14612 150
14778 14912
147'2 150
No par
52/
1
4 78,500 Howe Sound
52
5212 54
55
4778 50
4658 47
4834 531
/
4 53
No par
941 477,500 Hudson Motor Car
9638 9914 9014 9934 9258 9534 92
9238 96
9334 93
10
5014 5418 5512 61
52
5434 412,600 Hupp Motor Car Corp
5834 55
58
52/
1
4 6514 53
2618 2638 2614 2634 2618 2678 14,600Independent 011 de Gae_No par
2614 2558 26
2618 2618 26
Indian
Motooycle
No
par
400
1546
4614
4612 46
4612 4518 4518 *46
46
4634 4634 *45
100
Preferred
__
__
- •105
•105 _ _ *105
•105
_ *105 - _ *105
10
13 -1-3 11,300 Indian Refining
1-i14 13 -1-314
1212 -1112 13
1314 1-37g
1314 1-4
10
12
1212 1178 1212 10.600 Certificates
1214 1234 1218 13
1314
1272 1314 13
100
500 Preferred
112 112
112 112
51112 115
11212 114 *112 11214 *112 114
Ingersoll
Rand
new____No
par
400
0018
1
4 9018
590
91
92 '
904 9018 9079 90/
9114 9114 *90
No par
6,000 Inland Steel
5014 504 5018 5058 5058 5034 5012 5058 5012 5058 5058 52
Preferred
100
8 11634
8 11634 916,
.11638 11634 *11638 11658 *11688 11658 *11638 11634 *116,
1958 1912 1878 194 1914 101
1958 1978
/
4 1934 204 204 2118 11,100 Inspiration Cons Copper-20
1512 1534 154 154 154 1534 15
1534 16
161
/
4 164 1634 4,900 Intercont'l Rubber_-__No par
$ per share
1218 Jan 3
98 Jan 3
1218 Mar 2
2834 Jan 10
10612 Jan 10
1118 Feb 6
69 Feb 20
612 Feb 14
514 Feb 21
33 Mar 7
7534 Jan 10
12114 Jan 27
33 Feb 18
107 Jan 2'
33/
1
4 Feb 20
9018 Jan 7
69 Feb 20
20 Jan 30
3212 Jan 5
104 Jan 9
11114 Jan 16
42 Jan 10
98 Jan 6
140 Feb 7
9114 Jan 3
1712Ma7 21
18313 Jan 11
1114 Jan 9
2818 Jan 6
1412 Mar 14
82 Mar 1
92 Mar 10
66 Feb 20
42 Mar 5
7612 Mar 15
6558 Feb 20
103IsMar 17
15 Mar 23
111
/
4 Jan 17
6078 Feb 20
110 Jan 9
7114 Feb 20
114 Feb 20
134 Jan 26
21 Feb 4
56 Feb 9
67 Jan 19
126 Mar 19
5512 Mar 26
40 Mar 22
124 Feb 27
1114 Jan 23
3514 Jan 18
10813 Jan 4
12214 Mar 22
10512 Jan 17
130 Jan 10
12312 Jan 26
94 Mar 2
6413 Mar 22
9812 Jan 16
344 Mar 6
87 Mar 6
204 Jan 27
95 Jan 4
71 Jan 16
7814 Mar 7
10912 Feb 17
5018 Mar 15
9212 Mar 16
78 Jan 4
7812 Jan 5
11558 Jan 16
109 Jan 3
8 Jan 3
1634 Feb 18
394 Feb 18
31 Jan 26
1124 Feb 20
113 Feb 18
7 Feb 23
105 Feb 23
51 Jan 9
23 Jan 5
85 Mar 23
24 Jan 5
1914 Jan 4
112 Jan 17
121 Jan 3
3034 Jan 31
7014 Feb 6
10112 Jan 3
2212 Feb 29
2912 Jan 10
67 Jan 4
6418 Feb 21
127 Feb 27
4058 Feb 18
75 Jan 16
29 Jan 16
214 Feb 20
3812 Feb 14
10014 Jan 3
9 Feb 18
812 Jan 16
101 Jan 4
90 Feb 18
46 Mar 3
1154 Jan 6
18 Feb 25
1438 Feb 23
$ per share 3 per share $ per Mayo
1612 Feb
1034 Nov
1912M ar 30
6312 Jan 102 Deo
138 Mar 21
1312 Mar 224 Aug
16 Feb 14
164 Jan 324 Dec
3958 Mar 19
96
Jan 109 Nov
11018 Mar 8
584 Nov 3738 Jan
1713 Mai 19
6314 May 794 Jan
7934 Mar 26
7 Dec 1658 May
9 Jan 1
3 Oct 13 Apr
938 Feb 7
30 July 3713 Mar
33 Mar 1
6454 Jan 8114 Dec
8318Mar 27
12434 Jan 11 1164 Jan 125 Sept
2134 Jan 3958 001
4212 Mar 23
9334 Jan 10838 Dee
11014 Mar 23
1
4 Dee
2434 Jan 35/
384 Jan 23
8438 Sept 9312 Dec
11434 Mar 14
50 Aug 7778 Nov
79 Jan 3
154 Jan 23 Dec
22 Jan 28
4312 Mav
3014 Nov
4014 Jan 20
110 Mar 19 107 Dc3 112 Mar
1154
Dee
July
92
12134 Mar 10
374 Jan 47 MAY
55 Jan 31
914 Feb 100 Aug
105 Jan 25
60 Feb 187 June
140 Feb 7
754 Jan 97 MAY
96 Feb 10
17 Dec 3078 Jan
2134 Jan 4
9313 Feb 230 Dec
21412 Mar 17
10 Nov
1478 MAY
15 Jan 18
1914 May 30 Feb
33/
1
4 Feb 14
1434 Oct 20 Apr
1734 Jan 4
Jan 100 Sept
81
9112 Jan 10
944 July 102 Sept
9734 Jan 5
4618 Feb 7118 Dec
7412 Jan 24
35 Nov 8858 Apr
5134 Jan 3
50 June 8513 Dee
8814 Jan 24
34/
1
4 Jan 10612 Dec
109% Jan 11
10712 Mar30-2812 Jan 5 12 -Dec 19 Aug
1512 Dec
612 Jan
1634 Feb 2
46
Jan eva Des
68/
1
4 Mar 21
111 Mar 1 10688 Mar 11212 Sept
65 Aug 9634 Mar
9314 Jan 9
1
4 may
14014 Jan 7 10714 Aug 144/
oot
140 Feb 7 11812 Apr 140
3234 Mar 21
Des
80/
1
4 Mar 20 -5512 -Dec -fc212 Dee
52 Jan 7478 Des
7548 Feb 2
Jan 138 Sept
128 Feb 3 118
5458 Apr 597a Nov
58/
1
4 Jan 3
37
Jan 5878 Nov
524 Jan 7
81
Jan 14658 Sept
159 Mar 30
11 June 1158 Jan
111
/
4 Jan 6
4311 Mar 9
34 Apr 4712 Feb
Jan 11018 Oct
11312 Mar 2 100
13014 Mar 30 11314 Mar 12338 Nov
96
Jan 10518 Dec
108 Mar 6
Oct
109 Mar 26 11314 Aug 141
127 Mar 24 11813 Mar 12534 Dee
8218 Jan 15314 Sept
123/
1
4 Jan 3
Dee
Jan 81
38
82 Jan 3
9534 Nov 10912 Oct
10618 Mar 23
3512 Dec 59 Sept
434 Jan 31
91 Nov 10813 July
98 Jan 12
144 May 22 Mar
24'2 Mar 21
86 Aug 101 June
991
/
4 Mar 29
42 Mar 7854 DO
10538 Feb 15
4218 Jan 9612 Dec
9938 Jan 4
Jan 11112 Dec
95
115 Mar 30
4588 Aug 6938 Dec
7213 Jan 4
1
4 Dec
9213 Nov 98/
9912 Jan 13
5738 Jan 8558 Dee
88 Mar 6
Jan 8512 Dec
58
8778 Feb 9
Jan 122 Sept
126 Mar 9 104
11118 Mar 27
4 Oct 1114 Nov
121
/
4 Feb 2
-- ----_ ___
2778 Mar 22
4978 Mar 30 -1118 Jan 15 May
354 Dec 4458 Sept
38 Jan 7
120 Jan 3 11612 Feb 123 Sept
2914 Jan 15112 Dec
16412 Jan 4
7
Oct 1114 May
94 Jan 4
107 Jan 7
957s Jan 106 Des
40
Oct 64 Feb
6234 Mar 27
30 Jan 31
22 Aug 27 July
56
Jan 7238 Dec
7934 Jan 19
2213 Oct 2714 Mar
271
/
4 Feb 3
184 Dec 2938 Apr
2578 Jan 27
11812 Feb 20
7612 Jan 125
Oct
128 Jan 16 11814 Jan 130 July
34/
1
4 Dec 4014 Dec
5912 Mar 30
80/
1
4 Mar 30
7014 Dec 7612 Dec
10414 Mar 23
99/
1
4 Dec 103 Deo
22
3078 Jan 20
Jan 4172 July
3114 June 4034 Oct
3458 Jan 24
744 Jan 7
Oct
60 Jan 75
6912 Jan 28
4314 Jan 7058 Nov
6018 Jan 175
15618 Jan 3
Oet
55 Mar 28
344 July 4838 Dee
9978 Mar 16
4814 Jan 914 Aug
61 Mar 26
16
Oct 361 Dec
2814 Jan 9
1758 May 3234 Feb
48/
1
4 Mar 13
13 Mar 47 Dec
105 Jan 9
92 Jan 10234 Dec
712May 1218 Sept
14 Mar 24
714 June 12 Sept
1312 Mar 6
114 Mar 26
99
let 112 Mat
8718 Nov 9612 Alie
94 Jan 6
41 Feb 624 Dee
63 Jan 3
Oct
Jan 118
118 Feb 18 111
2158 Jan 31212 June 2512 Jan
2134 Jan 4 I 11 Nov 25 Nov
No par
1678 1938 23,400IInternat Agricul
1412 17
*1312 1412 1438 1438 1418 1414
14
14
100
5914 6334 5.500 Prior preferred
4914 5114 5212 58
50
50
4858 49
4914 50
12614 12631 126 12634 127 12778 11,4001Int Business Machlnes_No par
12514 128
12818 12812 126 128
International
par
12,500'
Cement_No
4
1
4 6912 693
70/
69
6934 6818 6912 674 68/
1
4 6812 6934 69
100
200 Preferred
110 110
110 110 *109 111
5109 11112 *109 111 *109 111
4912 5012 61,500 Inter Comb Eng Corp-No par
.49/
1
4 50
50
5118 4814 504 49
60
504 50
Preferred
100
5102 10412 *100 10412 *102 10412 *102 10412 *102 10412 *10218 10412
253 25778 z249 25438 247 2544 253 255
251 25238 254 25634 18,300,International Harvester-100
Preferred
_100
2,4001
*14512
146
145 146
145 14518 145 14514 14514 14512 *1454 146
1
4 3,500 Int Mercantile Marine____100
4/
4
334 4
4
4
4
4
4
4
334 4
100
3938 3812 3938 20,700 Preferred
1
4 38
371
/
4 38/
•3714 3814 3738 394 3734 38
11212 11438 11134 11312 106 11234 10918 11114 1084 11078 10814 113 105,900iInternational Match pref_35
4 9578 9554 9814 437.100Internationa Nickel (The)_25
9434 91,
92
95
9514 9318 9634 90
93
7812 52,000'International Paper __ _No par
70
1
4 73/
7458 7612 7412 75/
1
4 77
7514 7712 754 76
Preferred (6%)
100
5100 107 *100 107 *100 107 *100 107 .100 107 *100 107
100
4700p Preferred (7%)
10714 107/
1
4 10738 10734 10712 108
106 10612 10612 10634 10634 107
330 International Salt
100
5112
50
5334 5150
1
4 4912 51
*45
5313 51
5334 5012 50/
100
1,100 International B Ivor
16512 170
166 166
169 169
169 160
16714 16714 169 169
20 Preferred
100
128 128 *128 12911 128 128 *128 12912 41128 12912 *128 12912
37,300 Intermit Telep & Teleg
100
16112 164
4 163
1574 15934 15818 15934 158,
15614 15714 15712 160
13 Feb 24
4858 Mar 26
114 Jan 16
56 Jan 3
10812 Jan 4
4514 Feb 20
103 Mar 21
22434 Feb 18
13614 Mar 1
334Mar 26
3414 Feb 20
934 Jan 3
7358 Feb 24
674 Jan 16
1004 Feb 6
10338 Feb 24
4913 Mar 28
158 Feb 21
125 Mar 22
13912 Feb 20
1938 Mar 30
6334 Mar 30
14734 Feb 3
721
/
4 Mar 21
11014 Feb 10
5578 Jan 3
1054 Jan 3
257/
1
4 Mar 24
146 Mar 24
538 Jan 9
4458 Jan 17
120 Mar 16
9934 Jan 27
7812 Feb 8
103 Jan 6
108 Jan 14
6834 Jan 12
196 Jan 24
131 Jan 27
165 Mar 19
$ per share $ per share $ per share
16
1618
16
1612 1614 1614
132/
1
4 13634
1314 133
13214 135
137g 1418 1334 1418 1312 1414
367 3712 364 3814
37
38
10818 10818 10814 10834 *10812 1087
1
4 1614
1578 1614 *15/
1559 1618
77
7814 7734 7934 7212 7834
*6
712 *611 712 *612 8
*7
734 *612 712 *612 734
*28
34
*28
34
•28
34
8014 8034 80
804 7978 834
124 124
124 124 *12318 124
41
4112 40
4118 42
4118
11014 11014 1101
/
4 11014 11018 11018
•Bid and asked anew ne sake on 111/11 day. s Ex-dividend
0 Ex-rIghta
64 Apr
33 Mar
5318 Jan
4514 Jan
100
Oct
401
/
4 Oct
101
Oct
135/
1
4 Jan
12614 Jan
313 Oct
3213 Oct
62 Mar
3814 Jan
a3912 May
8514 July
964 Jan
63 Sept
13613 Mar
109 Mar
1221
/
4 Jan
1638 Deo
6612 May
11934 Dec
6588 May
113 Dec
64 Mar
10514 Dec
25518 Dee
139 Dec
834 May
554 May
954 Dee
8913 Dec
811e Nov
108 Dee
11214 Dec
75 Deo
1913 Nov
Oct
128
15878 Sept
New York Stock Record-Continued-Page 5
1949
For sales during the week of stocks not recorded here, see fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
SeattrdaY,
Mar. 24.
Monday,
Mar. 26.
Tuesday,
Mar. 27.
Wednesday, Thursday,
Mar. 28.
Mar. 29.
Friday,
Mar. 30.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share Si Per share $ Per share $ Per share $*3p2e1r4
Shares Indus. & M1scel.(Con.) Par
3212 3212 *33
34
*3314 35
*3212 34
*3214 34
100 Intertype Corp
34
No par
*54
54
*53
5412 254
54
53
5312 53
5312 *52
800 Island Creek Coal
5312
1
81
80% 8034 81
814 81% 81
8178 81
81
par
1,400 Jewel Tea, Inc
82
82
No 100
•122 124 *12114 124
12214 12214 •12314 12312 *12314 12312 •123 125
100 Preferred
116 11718 11514 117
11414 11534 11678 11812 11614 11838 116 11618 7,400 Johns-Manville
No par
122 12212 12212 12234 12258 12258 12212 12212 12212 12334 12212 12258
640 Jones & Laugh Steel pre!_100
3018 3012 3012 3014 3018 3014 30% 3034 2918 30% 294 2914 3,400 Jones Bros Tea, Inc_ __ _No par
12
12
1178 1214 1134 1212 1214 1212 1212 13
13
Na par
1378 8,600 Jordan Motor Car
*115 11712 *115 11712 *115 117 *11458 11712 •11458 11712 •1145* 11712
Kan City P&L 1st pf AN0 nut
7012 7112 7112 7232 71
7158 7114 7214 71% 7414 7512 7612 37,500 Kayser (2) Co v t c___ _No par
21
22
2152 24
2512 2412 25
23% 2512 24
2412 2512 65,300 Kelly-Springfield Tire
25
75
*70
*70
74
*74
77
*70
75
*74
76
*74
8% preferred
100
77
73
*70
*67
73
74
71
7334 74
74
74
*74
100
75
1,000 6% preferred
31% 32% 32
3212 30
32% 31
3218 30% 31
3018 30% 31,000 Kelsey Hayes Wheel___No Par
*10734 - - - •10734
P f
__ __ ______
108
100
- *10734 - - - - *10734
-8314 84
83
8372 8212 834 83
8412 8412 8558 8558 8634 86,000 Kennecott Copper
No par
43
*39
40
40
*40
40
41
43
*39
43
310 Kinney Co
*39
No par
43
88
88
*8812 8912 *8812 8912 8838 89% 8858 8858 *8912 8978
80 Preferred
100
6412 6434 6414 65
634 6458 6334 6438 6312 6334 63
63% 9.000 Kraft Cheese
2(o
6914 6978 69% 7034 6918 71
7014 7212 724 75
42.100 Kresge (5 5) Co new
7318 74
10
*11258 11434 1143.1 11434 11234 115 *11258 11434 11234 11434 •11258 115
60 Preferred
100
*2234 2314 2214 2378 2218 2212 2112 23% 2218 2278 22
2258 3,800 Kresge Dept Stores____No par
•5714 70
•61
70
*61
70
*61
70
Preferred
100
*62
70
*61
70
•9518 93
98 100
10018 10014 10012 107
109 11412 109 100
No par
6.300 Kress Co new
74% 7518 74% 75% 7314 74% 7418 75% 7418 7478 7418 74% 15,100 Kroger Grocery & Bkg _No par
*210 240 *210 240 *210 240 *210 240 *210 240 •210 240
Laclede Gas L (St Louls)__1013
•10512 111 *105 111 *105 112 *10512 109 *10512 109
Preferred
100
107 107
3112 32
3012 3112 3114 3114 32
34
32
32% 5,300 Lago 011 dr Transport_No par
3214 32
94% 95
9612 10234 974 10578 105 10714 10212 10472 10234 107
93,300 Lambert Co
No par
19
1918 19
19% 19
19
19
Na par
19
1834 1934 1934 20% 22,300 Lee Rubber & TIre
4312 45
4534 464 44
4638 45
4458 4572 44% 4534 53,300 Lehn lc Fink
46
No par
*32
3214 32
32
*3134 32
*3134 32
*3134 32
600 Life Savers
3112 32
No par
108% 10818 *109 110
10812 10812 *108 110
10318 109
600 Liggett dc Myers Tobacco _25
10934 10934
10812 109
10818 108% 10712 108
107% 107% 10638 10714 10618 10734 5,900 Series B
25
145 145
145 14518 14512 145,
1013
8 •1464 - - - - 14632 1461 *14614 149
1,700 Preferred
*57
58
58
584 5612 5612 *56
5734 56
57
57
No par
57
900 Lima Loc Wks
7212 7314 71% 73
7312 7312 75
72
7414 76
7534 774 34,600 Liquid Carbonic certifs.No par
67% 68
66
6812 661g 6858 6714 6838 6714 68
68
69% 65,600 Loew's Incorporated__ No par
6% 618
618 64
6
612
6
618
No par
6% 638 3,600 Loft Incorporated
6
614
•29
3038 *2914 3038 29
*2858 29
2918 29
29
28% 29
700 Long Bell Lumber A_ -No Par
5114 51% 51
5232 5112 51% 51
5134 51
5112 52
535a 15,200 Loose-Wiles Biscuit new___ _25
*11714 12012 *118 12012 12012 12012 •120
•120
*120
100
20 1st preferred
40% 41
4052 4118 4018 4238 4112 4232 4112 4112 4112 4234 65.700 Lorillard
2'
112 112
11212 11314 *112 114
11234 11214 112 113 •111 113
11,0
900 Preferred
10% 10% 1014 1012 1014 1038 1012 1112 113* 1172 1112 1134 18,900 Louisiana 011 temp ctfs_NL par
*83
85
*83
85 .83
85
•83
85
85
9014 8818 8818
100
110 Preferred
3012 30% 3014 3114 3012 3034 3038 3034 3018 3012 3118 3212 21,400 Louisville G dc El A__.No par
30% 30% 3114 3232 3112 3172 .3118 3134 3134 3472 3534 37
_No par
21,400 Ludlum Steel _____
50
50
.4934 50
*4914 50
*49
50
50
50
4938 4912
1)88 _No par
700 MacAndrews &
121 121
121 122 *121 1211 *121 12112 121 121
12112 123
100
1,100 Mackay Comps-des
7712 771
78
7812 7812 7814 78 4
7812 7834 783
100
1,700 Preferred
4
93% 94
0234 9432 9234 95
96
9834 97
1/
No par
34 9878 155,800 Mack Trucks, Inc
0290 305 .290 310 *290 305 *290 305
304
I
No par
600 Macy C
14 305
2838 291
2814 2914 28
283
2818 2812 2712
2712 27% 30,900 Madison Sri Garden
No par
. 14
4834 501
484 50
48
491
4814 4952 4912 5072 4912 5114 18,300 Magma Copper
No par
2414 2512 2334 25
2414 241
2514 26
2612 2778 2634 2718 24,100 Mallinson (H 11) & Co _No par
9818 9818 *97
9712 9712 971
9634 97
964 9634 9612 99
90 Preferred
100
*33
371_ *33
3712 *33
371 *33
3712 *32
3712 *36
Menet'Sugar
3712
100
*60
70
•60
70
*69
70
•60
65
65
69
69% 70
600 Preferred
100
374 371
3712 3712 3712 371 *3612 3712 .37
3812 •36
3712
3001 Mandel Bros
No par
5334 5334 5334 568 54
54
561
5534 5518 56
55
5514 7,000iManh Elec Supply _ _ _ _No par
35% 354 347 3514 3412 35
3414 3478 3412 3472 3412 34% 2,50() Manhattan Shirt
25
15% 155 •1514 153* 148 15
1534 16
•1534 16
1512 16
2,300'Maracaibo 011 Expl_ _ _No par
3558 3638 357 30'4 355* 367
37
3812 3758 3834 37% 40% 195,7001Marland 011
No par
4914 4914 4912 5134 4912 513
, 50
5018 50
50
50
5034 4,300 Marlin-Rockwell
No par
•1314 14
1414 1412 1414 1414
1418 14% 14
1418 •1334 14
1.300 Martin-Parry Corp
No par
126 127
12534 127% 12634 127
12612 12732 125 120
12534 12714 6,500 Mathleson Alkali WorksNo par
11914 1191 •11914
*12012
*120
•11912
121 121
10 Preferred
100
79
.97
79% 81
7914 804 7952 80
13,000 May Dept Stores new
25
3212
3212 3234 3214 3212 32
335 343 28,300 Maytag Co
3218 3214 337
No par
*6012 63
*60
63
*59
62
60
60
597 60
60
60
500 McCall Corp
No par
*8212 84
82
84
82
84
84
*82
*80
83
8334 84
270 McCrory Stores class A.No par
•84
86
8414 85
8434 8434 8734 87
8414 8414 *84
871
2,300 Class B
No par
•10914 110 *10914 110 *10914 110 *10914 110 *10914 110 *109 110
Preferred
100
*264 2714 *2612 27
*2612 27
*2912 2714 *2612 27
*2612 27
McIntyre Porcupine Mtnes5
2534 2534 2534 25% 2534 25% 2534 2534 2534 2578 2534 253: 1,600 Metro-Goldwyn Pictures
pf_27
8
8
74 778
7% 934 1032 1178
1012 1112 1012 12
86,100 Mexican Seaboard 011....Na pa
1814 1814
1814 18% 1814 1814 1814 1858 1858 19
19
1914
9,400 Miami Copper
5
2714 274. 26% 2734 26% 27
2712 28
2712 28
2712 2818 15,700 Mid-Continent Petro No pa
104 104
106 106 •106 114 *107 115
107 107 *10718 114%
400 Mid-Cont Petrol pref
100
258 234
234 2%
212 252
252 234
253 234
234 234 8,500 Middle States Oil Corp
10
178
178
1%
178
178
172
134
178
134
134
134
172 1,700 Certificates
1
*220 228
21712 221
220 222
220 220
217 218
21934 222
2,200 Midland Steel Prod pref___ 10
*23
2312 2312 2312 2334 24
24
24
2438 25
25
25
2,400 Miller Rubber ars
No pa
16034 16212 159 16258 156 159
157 159
158 160
159 16214 38,500 Montana Power
10
13718 139
13712 144
140 1491% 148 15312 149 153'z 15012 153 467.300 Monts Ward & Co III corn_ _1
6% 6%
64 64
634 7
672 7
6% 672
612 678 9,600 Moon Motors
No pa
314
3
3
3
3
318
3
312
3
312
312 314 7,800 Mother Lode CoalltIon_No pa
.6,
2 678
6
658
*613 7
5
5
54 513
*512 6
1,100 Motion Picture
No pa
1412 15
134 1414
15
1512 16
1834 1714 1838 1714 17% 9,500 Motor Meter A
No pa
3112 3178 3134 32511 3218 3278 33
33% 3372 3458 34% 344 42,900 Motor Wheel
No
pa
8258 8414 8412 8534 8312 8378 84
8512 8418 85
85
883: 21,500 Mullins Body Corp__.,No pa
•107 110 •107 10934 *107 10934 10934 10934 •108 10934 •108 10934
10 Preferred
10
497
5
4978 49
5012 5034
4958 *4712 ,.48
49
491
4912 50
2,300 Munsingwear Inc
No pa
3612 311g ‘2452 3158 33
2912 3034 3112 3712 29
3112 3212 117.000 Murray Body new
No pa
8814 89
8838 9038 8814 9112 8912 913g 88
8918 874 8312 76,800 Nash Motors Co
No
Da
14
1352 1438
1412 1358 14%
1352 1438 13% 14% 14
1412 11,400 National Acme stamped____1
67% 6712 6912 6712 6912 6912 70
66
68
691
6758 6878 8,600 Nat Belles Hew
Na
pa
104% 10478 •10312 105 *10312 106 *103 105 *103 105
10434 10434
200 Preferred
100
17018 17112 169 171
16712 16912 16814 169
16914 1691 16734 16912 5,500 National Biscuit
2
14514 14514 *145 150
•145 150
14534 14534 •14534 150 *14534 150
200 Preferred
100
5314 5334 .5334 5678 5312 57
5512 56
55% 57
561z 5712 157,600 Nat Cash Register A w1No pa
72
72% 7134 7214 71
724 7134 73
71% 7234 7218 7258 4(3,500 Nat Dairy Prod
2418 2418 24
24
2412 2412 *2418 2412 2418 2414 2414 241: 2,100 Nat Department Stores No pa
No pa
93
93
93
93
*9318 9312 •931g 9312 93% 9318 *93
9412
800 1st preferred
100
4114 4512 4318 4534 4334 45
*4112 4212 4114 42
44
45% 10,200 Nat Distill Prod ctfs___No pa
*5734 5872 59
*5714 59
5934 *5734 6114 *5712 61
*5734 61
200 Preferred temp etfs__No pa
24
244 2314 2378 2372 2412 2512 2614 2612 29% 2812 2934 7,800 Nat Enam & Stamping
_100
*8814 91
*90
91
*8814 91
9012 9012 *91
92
*91
92
100 Preferred
100
12914 12914 129 12912.12712 129
129 12912 12912 133
13278 13578 10,500 National Lead
100
144 144
144 145
144 144
14514 14514 146 147
147 147
1,300 Preferred A
100
11712 11712 119 119
117 11712 118 118
120 120
12112 12112 1.500 Preferred B
100
2632 25% 2714 2634 2714 2654 27
2612 2612 26
2634 27
94,200 National Pr dr Lt ctfs_ _No par
36
3558 36
*3618 3612 3612 3612 36
*35
36
3514 3512 1,300 National Radiator., _ __No par
9634 *96
096
9634 *96
9634 *96
9634 96
96 •9512 9634 3,300 Preferred
No par
9212 9312 95
97% 96
9618 95
964 95
95
9312 94
7,600 National Sul/DIY
50
32912 33134 32712 33014 329 335
32812 332
330 330
33014 33412 1,570 National Surety
100
18034 182
18134 183
184 184 •181 183
17772 183
185 19234 4,400 National Tea Co
No par
2012 19% 2038 19% 2018 20
20
201
2058 21
2058 22
98,800 Nevada Consol Copper_No par
457e 45% 4518 46
4412 46
4534 453
4514 453
4514 4534 3,600 N Y Air Brake
No par
5978 6072 60
6034 59% 6012 5972 5978 57% 577
5212 5612 3,500 New York Dock
100
92
.90
*88
92
92
*88
90
•90
•88
90
*85
Preferred
90
100
103 10312 102 103
10272 1033* 10332 1031 103 103
102 103
470 NY steam pref (6)__ __No par
11134 1114 112 11214 112 113 •112 11232 112 112
11034 11034
180 First preferred (7)___No par
2778 2814 28
28
28
28% 23
28
*28
231
28
28
1,300 Niagara Falls Power pf 1sew_25
6412 6478 64% 65
6418 643
6412 65
64
641
6418 6478 37,000 North American Co
10
5333 53% 5334 53% *5312 54
5338 5332 5312 531
5312 5312 1,200 Preferred
50
103% 10378 10334 10378 104 104
103% 10378 103% 104
104 104
1,700 No Amer Edison pref_ No par
5034 5034 5018 5018 *50
5034 5034 503
.5034 51
51
5234
1,160 Northwestern Telegraph_ _ _50
3
*234 3
•234
3
3
3
3
.234 3
*234 3
300 Norwalk Tire & Rubber._ 10
*9
10
*9
10
*9
10
•0
10
*812 10
*9
10
Nunnally Co (The)___No par
•15331 and asked orlon.
DO WWI OD
Ibis
jAkY
• Es-rlivIdend
a En-r1gbga
PER SHARE
Range Since Jan. 1.
On basis of 100-share Iola
Lowest
Highest
PER SHARE
Rance for Previous
Year 1927
Lowest
Molest
$ per share
$ per share $ per share per skirt
31 Jan 17 3812 Jan 20
1912 Jan
3912 June
51 Feb 17 56 Jan 4
4812 Mar 67 Sept
7734 Mar 1 8812 Feb 10
534 Jan 88 Dee
120 Jan 18 12314 Mar 23 11112 July 12512 Mar
11214Star 8 125 Feb 9
12034 Jan 4 12334 Feb 9 117
- Feb 113- Oct
2912 Mar 30 4034 Jan 10
1058 Jan 3458 Dec
812 Jan 16 1434 Jan 3
122 July
2212 Jan
115 Jan 9 11638 Star 12 109 Dec 11612 Dec
625* Jan 5 7612 Mar 30
49
Apr 654 Dec
15 Feb 17
2738 Jan 3
94 Jan 3214 Nov
5514 Feb 17 84 Jan 8
35 Feb 102 Sept
44
Jan 9712 Sept
58 Feb 17 80 Jan 26
2212 Jan 10 3338 Mar 23
19
Oct 27 July
106 Mar 8 11018 Jan 5 103 July 110 Dee
8018 Feb 20 8738 Feb 10
60 Feb 9038 Dec
3812 Jan 16 52 Jan 19
4934 June 45
Jan
58 June 93 Dee
8718 Mar 22 97 Jan 24
5914 Jan 3 74 Jan 9
49 June 6278 Feb
6058 Feb 24 775 Mar 29
45% Jan 7714 Sept
11234/Mar 27 117 Jan 3 1104 Feb 118 July
1312 Jan 18 2714 Feb 29
10 June 18 Dec
5134 Feb 1 69 Feb 29
45 Nov
30
Jan
87 Feb 20 11412 Mar 20
59
Jan 10512 Sept
7314 Mar 27 8034 Feb 11
200 Jan 10 260 Feb 2 1734 Jan 21311;..1-t-in;
100 Jan 5 12412 Jan 26
96
JanI 130 May
27% Feb 20 357 Jan 14
2012 Jan
374 Nov
7912 Jan 10 10714 Mar 28
66
Jan 8812 Oct
1714 Jan 3 22hg Feb 2
7
Jan
1812 Deo
38 Jan 17 4634 Mar 26
3258 Apr 43 Nov
3014 Jan 18 3818 Feb 7
204 Sept 3414 Deo
105 Feb 20 12212 Jan 3 *8712 Feb 128 Sept
1047g Feb 20 1234 Jan 3 *8658 Feb 128
Oct
13514 Jan 30 14612Mar 29 12434 Jan 140 Dec
49
53 Mar 19 6514 Jan 3
Oct 7638 Apr
6312 Feb 20 7778 Jan 13
4534 Sept 7834 Dee
487g Jan 8372 Mar
57 Jan 10 7012 Mar 20
534 Feb 9
734 Feb 27
5
Oct 75 Jan
2512 Dec 43 Mar
26 Jan 3 3534 Feb 3
494 Jan 10 58 Jan 27 x3512 July
5714 Dec
11912Mar 21 123 Jan 6 118
Jan 123 Nov
7
2313 May
35 Feb 21 44 Mar 7
4741 July
11118 Mar 23 114 Mar 13 107 June 11812 Jan
938 Feb 21
10
1234 Jan 9
Oct 12 Aug
80 Feb 21 91 Jan 6
854 Dec 97 Feb
28 Feb 7 3212Mar 30
2358 Jan 3012 Dee
2558 Jan 11 37 Afar 30
20
Oct 3314 Mar
46 Jan 8 5112 Mar 6
43 Nov 5814 Dee
10812 Mar 2 134 Mar 20 105 June 134 Aug
6814 Jan 13 84 Mar 19
67 Aug 74 Aug
9058 Mar 2 10778 Jan 3
8814 Jan 11834 May
235 Jan 10 313 Mar 2 124
Jan 24312 Nov
2214 Jan 9 2912 Mar 24
2012 Aug 28% Oct
4334 Feb 27 5612 Jan 4
2912 Feb 5814 Dec
16 Jan 20 27% Mar 29
114 Apr 2034 Dec
87% Jan 30 10178 Mar 15
6654 July 95 Dee
3112 Feb 10 41 Jan 14
27 Nov 48
Feb
65 Mar 22 88 Jan 17
Oct804 Dee
48
3912 Dec 4934 Aug
36 Mar 2 4012 Jan 24
50 Jan 11 61 Mar 17
43
Oct132 Aug
3134 Feb 18 37 Mar 15
2414 Jan 354 Dec
1212 Feb 20 1818 Jan 13
12
Oct224 Jan
33 Feb 17 4078 Mar 30
31 June 5812 Jan
454 Mar 6 5212 Jan 6
27
Jan 5572 Nov
1218 Mar 12 1534 Jan 3
1512 Dee 2434 Feb
119 Feb 20 133 Mar 21
82 Jan 13234 Dec
115 Jan 12 121 Mar 30 103
Jan 120 Dec
78 Feb 17 8554 Jan 3
88i June 90% Nov
30 Mar 12 343 Mar 30
23% Jan 3514 Dee
56 Feb 3 66 Feb 10
77 Feb 18 88 Jan 3 1E- Mar 16- Dec
8041\1er 14 8912 Jan 3
5612 Mar 9634 Dec
109 Feb 81 111 Jan 10
07 Mar 11612 Sept
2412 Mar 2834 Oci
2534 Mar 21 2812 Mar 16
2518 Jan 6 27 Feb 9
2434 Jan 2614 Feb
458 Jan 19 12 Star 30
3 Aug94 Feb
1734 Jan 5 1912 Feb 7
1318 June 2034 Dec
2.511 Oct 393 Jan
25's Feb 20 2912 Jan 3
10314 Feb 20 107 Star 29
97 Apr 105 Feb
24 Jan 3
334 June
15* Jan
33* Jan 5
112 Jan 3
118 Jan
23.4June
253 Jan 5
Apr 315 Dec
199 Feb 18 290 Jan 4 106
1712 Nov 3654 Apr
21 Feb 17 27 Jan 3
8112 Jan 10912 Oct
10214 Jan 10 10734 Mar 5
60% Feb 12318 Dec
117 Jan 19 15312 Mar 28
6 June 124 Jan
538 Feb 6
734 Mar 2
112 Oct
438 Jan
2% Jan 27
355 Feb 23
5 Mar 29
612 Sept
812 Jan 27
163* Mar
17 Nov
13 Mar 22 2314 Jan 12
3814 Apr
2034 Jan 277 Mar
2512 Jan 12 3434 Mar 30
Jan 794 Dec
10
72% Feb 17 93 Feb 2
10434 Jan 17 11034 Jan 9
80
Jan 1104 Des
3534 May 53 Nov
4634 Mar 5 53 Jan 23
2112 Feb 1
1614 Oct 43 Feb
374 Mar 26
6014 Apr 1017i Dee
8014 Feb 20 10138 Jan 73
6 Feb
712 oil
714 Jan 4 147 Mar 22
41 Jan 3 70 Mar 28
31 18 Sept4612 Dec
9014 Jan 3 1047 Mar 24
8514 Sept 97
Apr
18214 Jan 19 182 Jan 27
9434 Jan 187 Dec
13712 Feb 29 14534 Mar 28 130
Jan 142 Dee
4714 Jan 16 5712 Mar 30
397k Jan 5158 Dec
NI, May 6878 Aug
6412 Jan 5 7414 Star 21
2178 Jan 5 2434 Feb 2
204 June 2738 Mar
91 Jan 10 9318 Mar 29
8912 July 9414 Jan
3514 Feb 28 5812 Jan 9
17 Fob 60
Oct
55 Feb 23 718 Jan 9
43 Mar 6934 June
2314 Mar 26 3055 Jan 28
1918 Apr 351 June
9011 Star 28 9158 Jan 18
6918 Apr 917 July
123 Mar 1 136 Jan 31 095 May 2024 May
139 Jan 3 147 Mar 29 11312 June 13934 Dec
11212 Star 20 121% Mar 30 10478 June 1154 Dec
2158 Jan 18 2758 Jan 27
19',June 2634 Sept
3412 Feb 18 403* Jan 9
3912 Nov
3634 Nov
94 Feb 24 9812 Jan 17
96 Nov 98 Dec
90 Feb 21 9778 Mar 26
76 May 977k Dec
298 Feb 7 355 Jan 3 a218 July 373 Dec
160 Jan 17 19434 Star 17 108
Apr 180 Deo
1734 Jan 18 2312 Fell 6
1234 June 2058 Dec
4212 Star 10 5012 Feb 10
394 Oct 50 June
52 Feb 18 6414 Jan 4
34
Jan
85/
1
4 Nov
9014 Feb 2 95 Jan 4
721s Feb 934 Nov
9914 Jan 3 10338 Mar 9
9312 Feb 10212 Oct
102 Jan 30 1143* Feb 24 105
Jan 11412 Oct
274 Jan
2958 May
274 Star 20 2534 Feb /7
4558 Jan 644 Oct
5858 Jan 5 67 Mar 20
50
Jan
5314 Jan 3 55 Feb 23
55 Aug
10212 Feb 15 10578 Feb 7
Oct
963* Jan 105
474 Jan
50 Jan 5 5234 Mar 30
56 Sept
212 Star 15
4 Jan 3
178 June
538 Feb
834 Dec
934Alar 9
13
8 Mar 8
Jan
New York Stock Record-Continued-Page 6
1950
For sales during the week of stocks not recorded here, see sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Mar. 24.
Monday,
Mar. 28.
Tuesday,
Mar. 27.
Wednesday, Thursday,
Mar. 29.
Mar. 28.
Friday,
Mar. 30.
Saks
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share Shares Indus. & Miscel.(Con.) Par
314 3212 13,600 011 Well Supply
25
100
250 Preferred
10814 10812
1112 1214 9,300 Omnibus Corp
No par
100
200 Preferred A
*9334 94
200 Oppenbehn Collins & CoNo par
*7314 7412
1
Preferred
100
____ ____
__ _
50
6.900 Otis Elevator
. ,ii4 1-5512 155 15634 157 162
1-513-4 1.5i1.4 116-13 13
iLi1.2 166-1-2
100
12314 12314 *12312 12412 124 12434 123 12314 1,130 Preferred
122 124
124 124
No par
1538 44,300 Otis Steel
1512 15
15
1458 15
1512 164 1458 1534 1458 1514
700 Otis Steel prior pref
8812 8812
*8812 90
*8812 90
100
8912 90
9034 9034 8912 90
Outlet Co
No par
*8614 88
*8638 87
*8614 88
*8614 88
*8614 88
*86
88
25
2,200 Owens Bottle
82
82
8278 8278 *8214 83
83
83
8212 83
83
83
Preferred
100
•115 11514 *115 11514 *115 11514 *115 11514 *115 117 *115 118
25
4,900 Pacific Gas - Eleo new
4718 4658 47
474 47
47
4712 47
48
484 4814 47
No par
138 7,100 Pacific 011
114 *114
114
114
114
138
114
114 *114
114
114
100
140 Pacific Telep aZ Teleg
15034 15034 *150 15012 14812 150
149 149
•150 151 *147 150
10
6478 6838 6814 6938 6612 7014 6814 694 6734 684 6814 6912 272,900 Packard Motor Car
60
7,900 Pan-Amer Pete & Trans
4578 4578 4578 4412 48
43
42
4212 42
*42
4212 *42
4314 4412 464 4518 4534 4538 4612 102,600 Class B
50
4212 4278 42
424 43
2012 2018 2012 6,500 Pan-Am West Petrol B_No par
20
1978 1953 20
1958 1978 1938 1938 19
1.612 2,800 Panhandle Prod & rel_No par
15
15'2 15
14
1412 1414 1414 *1314 1414 144 15
Preferred
100
80
*77
*75
80
*75
80
*75
80
*75
80
*75
80
50
52
48
68,700 Park dr Tilford tern cUs_No par
434 44
4314 42
394 4014 411g 4232 41
1
64,100 Park Utah C M
1012 1118 1058 1112 104 1112 1034 1118 104 1114 1114 12
No par
338 312 15,500 Pathe Exchange
3
31
314
338
3
338
3
31
3
33*
1478 1578 16,800 Pathe Exchange A new_No par
15
1312 1414 14
1313 14
1414 1478 1414 15
2812 2838 2918 44,200 Patlno Mines & Enterpr____20
2558 2614 254 2714 2634 2738 2712 2918 28
50
2238 7,400 Peerless Motor Car
2234 2178 2212 2134 2218 22
2158 2238 22
2058 21
No par
3112 3034 3134 49,200 Penick & Ford
2712 2713 2934 30
2634 2678 27
2634 27
No par
3,700 Penn-Dlxie Cement
2414 2412 2412 25
2458 2434 2412 2434 234 241s 2312 24
100
300 Preferred
*95
96
*95
96
97
*95
97
*95
9612 9612 9512 96
171 17213 4,000 People's 0 L & C (Chle)-100
167 16934 168 16834 16712 16834 16914 17012 169 171
Philadelphia
Co
(Pittab)___60
300
*145
*145
180
160
160
*145
155
*147
*145
155
145 145
5% preferred
50
*46
49
*46
48
*4558 49
*4558 49
49
*46
*46
49
50
56
564 11,300 6% preferred
5618 5612 5638 57
5534 56
5478 5512 5538 56
Phlia
dr Read C & I___ _No par
28,100
31
323
8
3018
3112
317
8
30
3038 3018 3014 2978 32
30
__NO par
2934 3012 2934 3012 3012 3112 4,600 Certificates of
294 294 2912 2912 2914 31
Co.Ltd
10
174 *1634 1712 1634 1634 1634 174 1612 174 1,700 Phillip Morris &int_1714 1714 17
No par
64,600 Phillips Petroleum
4034 4158 4078 42
40
42
394 384 40
3918 3912 39
5
400 Phoerlx Hosiery
*30
34
*2912 34
*2912 34
*2912 30
30
30
30
30
100
80 Preferred
*9814 99
*9814 99
*9814 100
984 9814 *9814 100 *9814 99
par
Pierce-Arrow
Mot
Car-No
5,500
1258 13
1213 13
1278 13
1214 13
12
1212 1212 13
100
44
2,100 Preferred
*4312 44
43
45
45
47
45
45
4512 4512 47
25
12
%
"8
34 3,200 Pierce 011 Corporation
38
58
%
58
58
38
12
53
Preferred
100
1912 *1634 1834
*1612 1712 *17
18
*17
*17
18
*17
18
334 44 9,700 Pierce Petrol'm tern ctfallo par
44 414
4
414
378 4
418
4
4
4
3434 3414 3413 3418 3412 341s 344 3,300 Pillsbury Flour M1113__No par
3532 3512 3434 3514 34
•
100
Preferred
*110 113 *110 111 *109 111 *110 111 *109 111 *110 111
100
45
4518 2,200 Pittsburgh Coal of Pa
45
4514 45
45
4714 4514 46
*47
*4634 47
100
*8218 8312 83
1,410 Preferred
82
83
8212 82
8312 82
*83
*8212 85
100
Pittsburgh Steel prof
*88
90
*8812 8934 *8812 8934 *8812 90
*8812 90
*8812 90
100
*32
*32
34
100 Pitts Terminal Coal
33
32
32
*32
34
34
*32
34
*32
100
8112 81
170 Preferred
8112 8112 8112 8112 *81
81
81
8112 81
*80
Porto Rican-Am Tub el A_100
*6512 67
*6412 67
*64
66
*64
67
66
*64
67
*64
No par
2612 2512 2678 2,800 Class B
244 2412 26
2434 2514 2414 26
*2412 26
No par
12234 12438 1234 12412 57,500 Postum Co. Ins
125 12738 12458 12678 12258 12538 12234 124
500 Pressed Steel Car new_No par
*23
2313
23
*2212 2312 23
2458 2312 24
2478 *24
*21
100
300 Preferred
82
82
82
8212 82
8218 8218 *82
85
*83
*83
85
2134 2158 2214 2118 2134 2158 2212 6.900 Producers & Refiners Corp 50
2938 2214 2114 2112 21
50
310 Preferred
4314
43
4314 4318 4314 *43
43
43
43
43
43
43
85
85
60 Pro-phy-lac-tic Brush_ _No par
*8212 88
85
85
85
85
87
*85
8814 *85
494 494 107,400 PubServCorp of NJ newNo par
4818 4818 49
4514 4534 4518 4578 4478 4733 47
100
10712 10818 2,500 8% preferred
10712 10712 10734 108
106 107
10812 10712 *10578 107
100
120 120 *120 12012 *120 121 *12012 123
1,200 7% Preferred
120 12012 120 120
100
200 8% Preferred
*138
___
___ *138 140 0138 140 *138
13778 1374 *1371
pfd_100
Pub
Serv
Elea
&
Gas
500
110
1710
210912 10912 10912 10912 10912 110 ffo
•109 10914 *10914
854 8338 8538 8412 8512 844 854 844 8834 69,900 Pullman Company new No par
8412 8538 85
60
3234 *3212 3234 5,700 Punts Alegre Sugar
32
3134 3034 3218 *3112 3134 3112 33
31
25
214 2238 2214 2238 2178 2212 20,100 Pure 011 (The)
22
2214 214 214 2112 22
100
8% preferred
•109 112 *109 112 *110 112 *110 112 *110 112 *110 112
2
900 Purity Bakeries class A
*65
_
_
*65
*65
__
__
*65__ *65 ____ *65
No par
2,300 Clan B
--- 1344 13512
-- 8
- -4 1344 1347
13434 1357
- 8
- 13318 1343
134 135
13312 1-3-4
100
360 Preferred
*110 11014 *11014 11014 11014 11058 *11014 11034 11014 11014 *11014 11034
161 17434 16712 17312 17258 195 845,000 Radio Corp of Amet__No par
14614 169
14914 15434 15114 158
50
5612 5612 5612 564 5618 5618 564 5612 5612 2,100 Preferred
5612 *56
*56
10
29
294 2712 2812 160,700 Real Silk Hosiery
2713 2818 2712 2838 2818 30
2712 28
100
290 Preferred
*92
93
9113 914 9312 9312 9234 93
94
93
9412 92
No pa
612 612
818 612
734 74 7,200 Reis(Robt)& Co
638 612
738 81s
634 74
No par
2634 2534 2614 51,200 Remington-Rand
2718 2712 2678 2718 26
2714 2734 274 28
100
2,500 First preferred
9412 9314 95
944 94
9512 94
9514 95
9412 9412 95
preferred
100
Second
600
96
96
95
96
96
96
9878
974 *96
9712 *96
*96
10
264 274 2634 274 95,400 Reo Motor Car
2514 2538 2518 254 2514 254 2534 27
100
6112 6014 6118 6014 6034 5918 6012 594 6078 13,600 Republic Iron dr Steel
60
6018 60
100
600 Preferred
110 110 *107 109 *107 109 *107 109
109 110
108 109
No par
938 1012
1078
1118 10
912 934 89.500 Reynolds Spring
934 1033 1014 1114 10
142 14212 14213 14318 11,400 Reynolds (1(J) Tob Class B 25
142 14318 14212 143
144 14413 142 144
31
3134 3114 3134 3112 314 3112 334 3312 3438 334 354 100.500 Richfield 011 of California_25
26
3,500 Ross% Insurance Co
2043i 20614 204 206 199 205 20112 20412 200 201 201 203
5,400 Royal Dutch Co(N Y shares)_
4534 46
4534 46
46
4614 454 4534 4534 4534 4512 46
10
384 3812 3812 384 3814 4078 8,800 St Joseph Lead _
39
3812 *38
3812 3812 38
7112 5,000 Savage Arms Corporation_100
7078 7238 71
724 71
71
71
73
71
72
74
Seneca
Copper
No
par
1,800
24
212
214
24
238
238 238 *214
238 238
*233 212
2,500 Shubert Theatre Corp_ _No par
*6213 63
63
621s 6312 6234 6312 *62
*64
6412 624 63
No par
32.100 Schulte Retail Stores
5212 5234 5232 527s 5213 5278 524 5234 524 5234 5234 54
100
90 Preferred
123 123
123 123 *123 12334 *123 12338 123 123
123 123
No par
Seagrave Corp
1112 *1034 1114
1112 *11
1112 *11
1112 *11
*1034 1112 *11
Nopar
new
Sears.
Roebuck
&
Co
500,600
102
1044
10314
4
10634
10512
1023
97
110
11012
974 9834 9814
No par
8838 884 *7812 8912 1.700 Shatuck (F 0)
88
88
90
88
8818 90
'38913 90
100 Shell Transport dr Trading.L2
*4334 44
*4312 44
*4238 44
*4234 44
*4314 44
43
43
No par
2534 2534 254 2534 244 254 2518 2534 2518 2534 254 2618 17,400 Shell Union Oil
10
88,200 Simms Petroleum
2334 2514 2414 26
2018 1978 2018 1912 2038 2034 24
20
No par
7114 139.000 Simmons Co
8833 69
6434 6638 65
6112 6234 6158 66
62
61
2938 2712 2834 2738 2911 816,300 Sinclair Cons 011 Corp_No par
2514 2814 2514 2614 244 2812 28
100
108 1084 108 1084 10812 10812 2,400 Preferred
10738 10738 1074 1074 10712 108
25
2812 37,000 Skelly 011 Co
27
2738 2714 2814 2814 2834 28
2612 26% 2658 27
130 13312 13014 13112 131 13134 12934 13034 4,700 Sloss-Sheffield Steel & Iron 100
12514 126
•123 129
Snider
Packing
No
par
3,500
1414
1414
1411
1414
1412
1418
1418
1414
144
1414
15
15
No par
100 Preferred
*45
46
*45
47
*45
47
4534 4534 *4512 49
50
*45
3512 357g 354 364 354 3634 3614 364 364 3734 364 3734 24,700 So Porto Rico Sug new_No par
100
2001 Preferred
135 135
13514 13514 *13312 135 *13313 135
•13513 138 *13512 136
$ Per share 8 per share
3314 3313 3334 3334
*108 10814 108 10814
1214
12
124 12
934 9312
*9312 94
7412 7412 7412 7412
g per share
33
3313
108 10818
1112 12
*9312 94
*7312 75
$ per share $ per share
3278
31
3258 33
10814 10814 108 10814
1158 12
1112 12
94
94
*9358 94
*7314 75
*7314 7514
J-5.6.-
4712 4638 4112 4578 46
4734 47
4778 47
4712 4734 47
3214 30
3154 3078 32
314 3214 3312 3312 3138 3334 32
1134 1212
124 1112 12
13
1314 134 1312 1234 134 12
*110
*115
_
_ __ *115 _
115 11518 *115
*115 117
1614 1614
1618 1-7
1614 17
1678 164 1614 1-614
1614 17
87
87
87
87
87
*8613 8734 87
8634 87
87
87
3078 324 324 33
334 324 33
3258 3338 3234 3414 32
_ *110 11014 11014 11014
_ _ *110
*110*110
32
314 3178 32
*3134 -3912 32 -92•3184 -3214 3214 -33
6312 6432 6334 54'2 6312 64
64
84
6412 6312 6434 63
6814
8712 6712 6712 6734 674 6734 674 674 6712 674 68
10512 1064
106 10612 107 10734 105 10614 *105 106 *10512 107
10514 10514
104 104 *1034 10512 10538 10538 *10318 1054 *10318 105
554 5638
5512 5534 554 58
5512 56
5534 554 5513 56
4012 4078
3934 4014 394 404 394 4014 4018 404 4012 407
3014 30
3014
297* 304 30
304 3038 2978 3014 2934 30
434 44
434 434
Vs
458
414 44
413 434
458 434
20
20
2012 20
205_8 2134
22 _
.21
_ _ 204 22 _ 2014 2012
_
66E8 Wit, Oii2 iiis
9112 -9363
iois - 883.4 -ii12 85 -0-6
55
5474 544 .54
56
55
564 55
57
524 5712 56
25
11,700 southern Calif Edison
10,000 Southern Dairies cl A_No par
Class B
No par
10,700
100 Spalding Bros lift pref ___100
No par
750 Spear dr Co
100
470 Preferred
49,100 Spicer Mfg Co
No par
100
100 Preferred
600 Stand Comm Tobacco_ No par
24,600 Standard GM & El Co_No par
3,000 Preferred
50
1,600 Standard Milling
100
80 Preferred
100
19,400 Standard 011 of Cal newNopar
65,900 Standard 011 of New Jersey.25
30,000 Standard Oil of New York...28
2,600 Stand Plate Glass Co__No pa
530 Preferred
100
Sterling Products
No pa
107766 Stewart-Warn Sp Corp_No par
2,700 Stromberg Carburetor_No pa
Bid and seed orlon; *a ralea n.) *his day. a Ex-rights. • El-dividend. It Ex-dividend and ex-rignsa
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots
Lowest
Highest
PER SHARE
Range for Previous
Year 1927
Lowest
Highest
$ per share t Per share $ per Shari
3114 Jan 3878 Dec
41 Jan 11
11012 Jan 11 10234 Mar 110 June
1438 Jan 26
11 Mar 174 June
Jan 9912 May
81
9813 Mar 8
5813 Feb 8288 Dec
8812 Jan 7
2378 Dec 36 AM
2412 Jan 9
102 Jan 5 10254 Nov 10812 June
162 Mar 30 3103 Feb 15534 Oct
12434 Mar 29 108 Feb 12434 Aug
1212 June
714 Feb
1612 Mar 23
8118 Feb 91 Nov
9134 Mar 22
5234 Jan 99 Des
91 Jan 5
73 Dec 8511 Deo
8514 Mar 12
117 Mar 16 107
Jan 120 Nov
31 Feb 60 Dec
4978 Feb 6
14 Jan
1 May
134 Jan 27
157 Jan 8 124 Mar 182 Dec
3334 Apr 82 Dec
7014 Mar 27
4018 Dec 6578 Jam
4633 Jan 6
404 Dec 6658 Jan
4634 Jan 8
1634 Oct 3778 Jam
21 Jan 13
8 Apr 1878 Jan
1813 Jan 6
81 Jan 4
54 Sept 83 Nov
20
Jan 4858 Oel
52 Mar 30
104 Dec
6
Jan
1412 Jan 5
334 Dec 12 June
44 Jan 8
184 Jan 14
1813 Dec 4314 June
184 Aug 2772 Fat
3038 Jan 30
20
Apr 32 Jan
24 Mar 9
194 Sept 2771 Ma,
3134'Vier 30
2112 Dec 39e8 Jan
2712 Jan 31
91 Sept 100 May
9612Mar 9
Jan 16854 Nov
18913 Feb 2 126
8514 Jan 15313 Dee
183 Jan 31
4818 Jan 16
40 Jan 51 Dee
50
Jan 6313 Sept
67 Mar 29
3738 June 4758 Mar
3954 Jan 3
3714 June 47 Mal
38 Jan 12
18 Sept 4118 Jan
1938 Jan 31
3814 Oct 8014 Feb
4313 Jan 14
354 Dec 5278 Aug
37 Feb 23
Jan 10734 July
10314 Feb 14 103
918 Oct 2358 Mat
1558 Jan 3
3714 Oct 10215 Jag
534 Jan 3
118 June
34 Jan 3
14 Mar
1313 Mar 24 June
204 Jan 10
513 June
213 Mar
458 Jan 7
374 Aug
3074 Nov
374 Jan 9
1174 Jan 9 104 Aug 109
Oel
3234 Mar 744 June
5312 Jan 4
7058 Mar 98 Sept
88 Jan 12
94 Dec 101
98 Feb 9
Jar
3678 Mar 20
3013 Apr 55 June
74 Apr 8413 Dee
82 Mar 13
86 Aug 9113 Jar
7978 Jan 6
16 Aug 5273 Dec
35 Jan 3
9258 Mar 12618 Dec
12958 Jan 24
3612 Feb 7814 Dee
2678 Jan 3
7612 Feb 924 May
88 Jan 4
1634 Jan 3378 May
26 Jan 10
3678 Jan 50 Fet
45 Jan 24
55 Feb 71 Sepl
91 Feb 17
32
494 Mar 30
Jan 4878 Sepl
10818Mar 30 .984 Feb 105 Nov
121 Mar 29 10812 Jan 12014 Nov
134 Jan 7 13812 Feb 17 126 Jan 13514 Nov
Jan 11013 Der
108 Mar 8 11018 Jan 28 102
7354 Aug 8434 Do
7912 Feb 21 8834 Mar 30
27
Oct4878 Jar
2818 Feb 17 3478 Jan 3
26 Oct3312 Mal
19 Feb 1 2712 Jan 5
108 mar la 112 Feb 3 11138 Jan 11513 Dec
63 Nov
4254 Ma
6812 Jan 3 693s Feb 14
4134 Jan 8878 Nov
9614 Jan 3 13812Mar 9
10778 Jan 3 11314 Feb 7 10114 Jan 110 Noe
4118 Apr 101 Nov
8514 Feb 20 195 Mar 30
49 May 57 Api
5412 Jan 4 5778 Jan 9
2012 Nov 49 Mai
2478 Jan 17 304 Jan 28
80 June 99 Dec
9412 Feb 21
84 Feb
7I
8.8Ma r 29
9 June
533 July
512 Feb 23
4714 Dee
2013 Nov
2312 Jan 201 33 Jan 28
8713 Nov 10213 Api
93 Jan 18 96 Feb 28
90
Oct 110 Api
95 Mar 30 100 Jan 24
2512 Dec 2873 Dee
2212 Jan 21 275111)lar 29
53
Oct 7578 Ma,
56 Feb 17 8934 Feb 7
9658 Jan 108 Ma)
105 Jan 3 112 Feb 8
4 Feb
814 Feb 18 1114Mar 26
13 Dee
13818 Feb 21 18118 Jan 3
9818 Feb 182 Dee
2312 Feb 17 3578 Mar 30 I 254 Dec 284 De
74 Jan 194
183 Jan 10 220 Mar 21
Od
4414 July 6412 Fel
4458 Jan 20 4854 Jan 14
37 Mar 18 4338 Jan 4 • 36 May 4378 Ma
4312 Oct 724 Ma'
8053 Jan 12 7538 Mar 23
1 June
354 Jai
34 Jan 3
2 Jan 18
65 Aug 7478 Nov
5912Mar 5 6954 Jan 9
4978 Feb 18 54 Mar 21
47
Jan 57 Sell
11912 Jan 31 125 Mar 10 11814 Jan 123 A111
10 Feb 18 1414 Jan 3
834 Sept 1533 De,
8218 Jan 16 11012 Mar 27
51
Jan 914 De,
8013 Feb 17 9278 Mar 22
5431* Jan 10112 08
3933 Jan 24 4338 Mar 20
4138 Oct 4778 Fel
2458 Oct 3154 Fel
2314 Feb 8 2878 Jan 14
1818 Feb 20 26 mar 30
1414 July 2838 De,
5818 Nar 2 7114M ar 30
3313 Jan 8434 De,
1738 Feb 20 2912 Mar 30
15
Oct 2258 Jai
10212 Jan 4 10878 Mar 29
97
Jan 10412 De
25 Feb 15 2834 Mar 29
2418 June 3758 Fel
11612 Feb 27 134 Feb 8 11014 Nov 13414 Ap
1158 June 1654 Jul
1258 Jan 6 17 Jan 11
44 Jan 5 60 Jan 11
5214 Jul
44 Nov
3212 Feb 18 3978 Jan 3
3378 Aug 4258 Ma
133 Feb 1 136 Feb 8 . 11812 Mar 137 No
8 per share
31 Mar 29
107 Jan 26
1112 Mar 27
90 Jan 11
7112 Feb 21
20 Mar 13
9912 Feb 21
14718 Feb 20
11914 Jan 24
1012 Jan 18
9211 Jan 10
82 Feb 21
7412 Jan 3
11434 Jan 3
4312 Feb 28
114 Jan 3
148 Mar 10
8814 Feb 18
3814 Feb 20
3734 Feb 20
1814 Feb 15
1112 Feb 11
70 Feb 21
34 Mar 10
934 Jan 3
2 Feb 8
814 Feb 9
234 Jan 3
1818 Jan 27
2238 Jan 7
2258 Jan 11
94 Jan 5
15154 Jan 6
145 Mar 24
4512 Mar 15
52 Jan 3
2814 Feb 9
27 Mar 13
15 Mar 1
3514 Feb 20
28 Jan 12
96 Jan 9
104 Feb 18
3978 Feb 18
12 Mar 3
1614 Feb 20
312 Feb 16
3234 Feb 18
108 Jan 6
4114 Feb 8
82 Mar 27
8712 Mar 15
26 Feb 10
77 Feb 20
6218 Feb 24
2378 Feb 24
118 Feb 20
22 Feb 18
80 Feb 28
16 Feb 17
41 Feb 20
6913 Jan 4
4112 Jan 9
10338 Jan 6
118 Jan 21
4312 Jan 5
2411 Jan 25
9 Jan 23
109 Jan
12 Jan 16
79 Feb 25
234 Jan 12
11014 Mar 3
3178 Mar 29
5778 Jan 12
85 Jan 3
100 Jan 5
1004 Jan 3
53 Feb 20
3734 Feb 18
2834 Feb 17
214 Jan 3
10 Jan 18
13414 Feb 28
7714 Feb 18
44 Jan 3
4833Mar 22
3334 Mar 27
1312 Mar 23
11518Mar 28
20 Feb 29
9238 Feb 29
3414 Mar 26
1114 Jan 12
3712 Mar 6
6638 Mar 21
8814Mar 30
118 Feb 1
10534 Jan 12
5858 Jan 14
4078 Mar 28
3138 Jan 3
778 Feb 23
40 Feb 23
150 Jan 26
934 Mar 19
5773 Mar 17
3158 Jan 45 De
16 May 4518 351
Jal
854 Oct 20
103
Jan 11213 No'
834 May 16 De
73 Feb 88 De
2013 Jan 2873 Ma:
104 Feb 11112 NO'
,Jun
-54
Jan -105
5718 Jan 6813 No•
7014 Jan 10438 De
Jan 103 De
84
5058 Apr 8034 Ja
354 Apr 4158 Fe
2934 June 344 Ja
438 Jut
2 Mar
16% JUE
10 Ma
904 Ja 14312 No
5414 Mar 8713 No
2614 June 60 Bel
New York Stock Record-Continued-Page 7
1951
For sales during the week of stocks not recorded here, see seventh page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Mar. 24.
Monday,
Mar. 26.
Tuesday,
Mar. 27.
Wednesday, Thursday,
Mar. 29.
Mar. 28.
Friday,
Mar. 30.
Salts
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
8 per share $ per share $ per share $ per share $ Per share $ Per share Shares Indus. & Mattel.(Con.) Par
625s 6312 635 6614
6912
1
6438 854 8412 6578 21,5,000 studeb'reorp(The) nowNo par
*12418 125 *12418 125 *12418 12412 *12418 12412 12412 12412 *12434 125
100
50 Preferred
3/
1
4 412
5% 5%
4
5/
1
4
45* 5
412 518
412 412 19,100 Submarine Boat
No par
4118 4118 41
41
4058 4118 4118 42
4114 41% 4114 4238 6,900 Sun Oil
No par
*103 _ __ *103
__ *103 _
*103 . - *10338 _ __ *103
Preferred
_ __ __
100
3
-318
3 .-3
278 -34
3
4:600 Superior 011
II*
3
-3
234 -3
No par
*21
22
*21
22
*21
2112 *21
2112 21
21
2018 2018
100
300 Superior Steel
1312 1312 13
1334 1334 14
1412 15
15
1514 5,700 Sweets Coot America
1354 14
50
*512 6
53
*5
512
512 512
6
*5
*5
534 *5
Symington temp ctfe-No par
1612 1612 1512 154 1512 1512 *15
1512 *15
154 1,600 Class A temp otfs____No par
154 *15
*1512 1612 •16
1678 1518 1638 *16
1812 1858 1658
1634 *18
400 Telautograph Corp___No par
11
1118 1078 11
11
11
1034 11
11
1118 1118 1114 7.300 Tenn Copp & C
No Par
5212 5212 53
5212 5234 5214 5258 52
5212 5278 5238 53% 41,000 Texas Corporation
25
755* 7878 7634 79
7412 7738 7528 7814 75
/6
7514 7678 25,100 Texas Gulf Sulphur new No par
1258 1234 1234 13
128 1318 1234 13
12% 1314 127, 1314 8,500 Texas Pacific Coal & 011
10
2312 2358 23
2318 237
2312 235* 238 2314 2378 2318 2434 44,200 Texas Pao Land Trust new--1
26
26
26
26
26
2612 *26
2612 *26
800 Thatcher Mfg
2638
2614 26
No par
•47
4812 *47
4812 *47
48
*47
48
*47
Preferred
418
*4712 4812
No par
3918 3058 38% 3912 385* 38% 3814 3878
38% 3914 12,460 The Fair
7
par
3512 388
*6018 62
6134 615* *8014 8134 *6018 6114 *6018 6134 6018 6018
200 Thompson (J R) Co
25
1512 1512 1514 1512 1514 1512 1512 16
153* 16
1533 15% 13,300 Tidewater Assoc 011..-No par
*8312 8414 *8312 84
8312 8312 84
1,300
8412 84
Preferred
84
84
84
100
2112 2112 2134 2114 22
*21
22
22
4,900 Tide Water 011
2214 2212 2234 23
100
*88
89
88
88
88
88
88
88
900 Preferred
89
89
100
89
89
12312 124
123 12514 120 12434 121 12312 121 12572 12312 1263* 19,200 Timken Roller Bearing_No par
10958 11012 11158 11312 11012 11458 11318 1145* 11338 1143s 11114 1114 49,500 Tobacco Products Corp_100
120 12018 12012 122
120 12014 122 122
Class A
100
12114 12114 1,600
12034 123
8
838
8
814
77g 818
8% 85*
818 812 66,40o TranecTI 011 temetfnewNo par
814 85s
51
52
52
52
513 5134 51 4 5112 51
4,000 Transue & Williams 8t'i No par
537
51
51
668 68't 66
667* 6534 66% 6512 8614 65
6578 6518 6612 7,100 Under.Elliott Fisher Co.No par
*121 123 *121 123
121 121 *121 123 *121 123---10 Preferred
100
--38
39
*3914 41
39
4012 40
4,500 Union Bag & Paper Corp 100
4012 4012 4012 41 -44
14712 15038 14812 150
, 14734 14912 14712 15012 14918 15234 78,400 Union Carbide & Carb-No par
1474 1503
4912 4958 4818 494 4838 4878 4812 4778 4714 495* 48% 50
26,600 Union Oil California
25
12114 12114 122 122 *12012 122 *121 122 *12112 122
500 Union Tank Car new-- _100
12112 12112
36
36
*3534 36
3534 3578 3514 355* 35
1,500 United Biscuit
3514 347 35
No par
*111 115 *112 114 *112 114
113 113
11378 11418 *112 115
500 Preferred
100
31
3114 3058 31
3012 314 304 314 304 311a 3034 31
5,000 United Cigar Stores new
_10
*11018 111
11014 1111
112 11212 112 11334 *113 11414 2,600 Preferred
/
4 111 112
100
United Drug
100
__ ____ ____ __ ____ ____ ____ ____ ____ -----1st Preferred
50
*61
6412 .61
6412 *61
644 *81
64
641
*61
6412 *61
20 United Dyewood pref
100
142 14234 141 14178 13912 140
13914 13912 13912 13978 1394 13912 3,500 United Fruit
No par
8012 804 8018 81
7912 8114 7918 803* 8012 801* 8012 81
11,000 Universal Leaf Tobacco No par
98
*98/
1
4 99
1197
*9614 977
96
9814 95% 965* 973* 9712
160 Universal Pictures 1s8 pfd_100
2312 2412 23
234 23
24
2314 2334 2212 234 23
2312 4,810 Universal Pipe & Rad No par
9518 95% *95 1004 *95 10014_
*95 100
*95 100
_
1,100 Preferred
100
260 26912 261 265
250 262
235 240
24834 250
iio igi 20,200 US Cast Iron Pipe & Fdy_100
*125 135 *125 135 *125 135 *125 135 *125 135
129 13012
500 Preferred
100
17
17
165* 165* 18
1612 17
1614 1612 164 1878 17
2,600 U S DIstrIb Corp now-No par
81
81
81
82
8012 81
*8012 8034 81
82
82
82
900 Preferred
100
5134 51
5134 5134 51
524 515 5214 5118 She 3.100 US Hoff Mach Corp vtoNo par
515* 51
11512 11612 11518 116
11412 117
11412 11578 114% 11638 117 1183 18,600 US Industrial Alcohol
100
*12114 125 *12114 125 *12114 125 *12114 125 *12114 124 *122 124
Preferred
100
284 2914 2812 2914 2718 2834 2712 2838 285* 288 287e 30 32.900 U El Leather
No par
621* 6238 6014 6218 5958 81
6018 6112 130
6078 1303* 63% 13,300 CI= A
No par
10812 10812 108 108 *10712 10812 *107 10812 *107 108
1075 10734
500 Prior preferred
100
6454 8634 66
66
6518 66
6534 678 6612 675
16,400 US Realty & Impt new-No par
6612 67
454 4612 4558 4612 4434 4678 464 47
464 504 504 54 140,600 United States Rubber
100
89
9014 8914 9034 89
9034 89
904 8918 92
93
18.700 let Preferred
98
100
4112 42
*4112 42
4114 417
413 427
423 43
42
4314 5,800 US Smelting, Ref & Min___50
53% 5354 534 5314 *53
534 53
53
5314 5314 53
900 Preferred
534
50
147 1484 148 15178 146 151
14734 150
1464 14812 14678 149 518,700 United States Steel Corp new
14514 14534 145 14534 145 14512 14518 14512 14514 14533 1454 1455, 11,000 Preferred
100
*93
9412 93
*93
9512 *93
9412 *93
93
9412 *93
94
100 U S Tobacco
No par
___ *131
. _ •13112 ___. 13212 13212 *13212 135
135 135
200 Preferred
100
145
•130*135 145
141
*__ 145 *... __ 145
4._.
.
.
141
145 145
70 Utah Copper
10
3112 3212 3112 3214 3112 32
3112 3214 3114 314 3114 3214 14,000 Utilities Pow & Li A_No par
87
8612 88
89% 81
8734 845* 8814 86
88
87
75,300 Vanadium Corp
89
No par
1234 *11
1234 *11
*114 1234 *1114 123 *11
123 *11
Van Raalte
12
No par
104818 4812 *4818 481z 48% 481s 4714 4714 *47
49 .47
49
60 let preferred
100
62% 65
6238 63
6212 83
6512 6814 65% 67% 6518 661e 23,800 Vick Chemical
No par
861
85
79
8612 834 8528 83% 86'z 133.900 Victor Talk Machlne No par
875e 8912 86
88
173 173
179 179
171 171 *168 170
170 172
16812 172's 2,000 6% preferred
No par
1104 11012 11012 111
1104 11058 11112 1111 11112 11112 111 1111
1,900 7% prior preferred
100
144 1414 1358 14
1378 14
*1378 14
135* 144 1414 158 9,200 Virg-Caro Chem
No par
4658 474 4718 473
463* 47
47
47
465g 487
47
493
3,700 6% preferred
100
*2154 9214 92
931 *9212 93
92
*92
9158 92
93
94
1,100 7preferred
100
•32
35
35
32
*32
32
32
32
*3112 34
32
32
800 Virginia Iron Coal & Coke_100
*60
62
62
60
*60
60
*5838 62 *5638 62
*5633 62
70 Preferred
100
18
197
1938 20
1834 197
1834 195* 188 191
19
193s 19,200 Vivaudou(V).
No par
*83
90
84
*85
90
84
*84* 90
*84
90
*85
90
200 Preferred
100
28
283* 2812 271* 28
2712 281
28
274 307
31
311
1,240 Vulcan DetinnIng
100
•90
9212 *90
95
90
7812 90
90
79
90
8933 90
220 Preferred
100
*2514 27
*254 27
*2514 263 27 27 *25 254 25 251
40 Class A
100
2358 23% 2312 23's 234 233
23
235s 2332 23
238 247 37,200 Waldorf System
No par
1658 1658 •1612 17
17
17
01612 17
*1612 17
*1612 17
300 Walworth Co cgs
No
par
*10812 113 *10812 113 *10812 113
113 113 *10812 113 .
10812 112
10 Ward Baking Class A__No par
2318 233s 2314 231
2234 234 225 2278 225 233* 23
24
8,700 Class B
par
No
*93
9312 *93
932 9312 931 •93
93'2 934 931k 9412 94'2
400 Preferred (100)
No par
2634 2714 2634 2738 2634 27181 2678 35'± 3112 35
304 3238 89,500 Warner Bros Pictures A____10
2834 2914 a2834 29
2834 29 I 2912 3038 297 30% 3018 301
7,200 Warner Quinlan
No par
170 170
172 172
16712 16912 169 1691 170 1748 173 176
6,000 Warren Bros
No par
5484 534 54
554 554 *54
55
*54
5434 *54
*544 55
70 1st preferred
50
18
1812 18% 18141 18
18
18
18
18
18
*1818 181z 3,200 Warren Fndry & Plpe__No par
*6212 64
*6212 64
*624 646212 631 *63
631 *63
831
500 Weber & Hellbr, new e_No pa
*10012 102 *1004 102 *10014 102 *10014 102 *10014 102 *10014 102
Preferred
100
16578 16634 165 1651 165 166 I 163 16411 163 165
1634 165
2,700 Western Union Telegraph_100
5012 52121 5112 521
524 5234 518 527
5152 528 513* 53
21,100 Wstnghse Air Brake NewNopa
1002 10314 10138 1023
93 1021* 101 1027 10014 1031± 10234 109 188,300 Westinghouse
Eleo & Mfg_50
105 105
105 105
10334 105 I 104 105
106 106
380 1s1 preferred
1064 109
50
127s 12781 13
1278 13
•1278 14
13
13
13
13
13
1,500 Weston Elea Instrunft_No par
*324 33
*3234 33 j *3214 33
3234 33
3234 323 *3234 33
400 Claw A
No
par
10978 1097*1 10978 1097 *1094 1113 10934 110
10934 10934 110 110
280 West Penn Elea el A vtf No par
113 1137s 11318 113's 11312 114 I 113% 1137 11318 11378 114 114
160 Preferred
100
101 10114 1011s 10184 10118 1013*1 10114 1015* 1013 1017s 102 1021
640
Preferred (6)
100
11512 11512 11518 1157 11534 115541 115 116
117 117 *116 117
110 West Penn Power pref
100
10912 10958 10958 1091* 10912 110 I 10934 110
109% 109% 10934 1093
390 6% Preferred
100
6334 64
62
63% 6218 63341 6318 6354 63
63
6318 631
1.300 West Dairy Prod el A_ _No par
37
345 3614 36
373* 36
37
36
35
35% 35% 3554 4,600 Class B
No par
21
21
2112 2112 2112 2112 2112 211 *2138 214 *21
400 White Eagle Oil &Refg_No par
211±
34% 3512 3412 3518 3458 35
3514 3614 3514 36
3478 35% 23,8001 WbIte Motor
50
3512 353 *354 354 345 345
*355 36
*3614 3612 *3534 36
400 White Rock Mln Sp ctf _No par
39
4114 4014 4114 3912 4078 3912 4038 39
3912 413* 43
9,400 white Sewing machlne_No par
*5334 5412 *5334 53% *533 54
*533 54
*537 54
54
5412
200 White Sewing Mach pf_No par
2514 2412 2712 2578 28
2218 23
2412 24
22
264 274 799.400 Willys-Overland (Tha)__ __5
*97
9912 99
9712 99
99
*97
99
*98
99
•98
99
1,600 Preferred
100
1338 1312 1338 1338 13
134 1378 1312 1334
134 13
1378 8,800 Wilson & Co Inc, new _No par
2778 281
2712 2712 2712 28
2812 2812 283* 2912 9.000 Class A
275, 28
No par
70
70
69% 6954 6858 691 *6812 69
6978 70
8814 7034 5,100 Preferred
100
185% 18612 18534 1885* 183 1871z 18518 18612 188 188% 1881,190
29.300 Woolworth (F W) Co
25
2918 2918 2918 2918 2814 2914 29% 291
29
294 2918 2978 1,800 Worthington P & M
100
51
*49
*49
53
62
*49
53
*49
*49
53
*49
53
Preferred A
100
*4312 45
*4334 45
*434 45
*4414 45
*44
45
444 444
100 Preferred B
100
8614 8818 87% 9058 8614 9078 853* 883
86
875
8634 984 121,400 Wright Aeronautical__ No par
7718 7714 76
7312 75
7788 73% 76
75% 76
75
7612 6,000 Wrigley(Wm Jr)
No par
6918
06312
70
71
695
71'4
8
71
e91.
7014 714 .
7012 73
1,700 Yale & Towne
25
3554 3312 341s 334 337 68,400 Yellow Truck & Coach CI 8_10
3318 335* 3338 3414 325* 3414 34
93 .92
9214 921 1 .92
93
93
*92
93
*92
*92
93
100 Preferred
100
8858 8914 8812 89% 875* 885* 88% 880* 87% 877
875* 88% 1,690 Youngstown Sheet & T_No par
554 AAA M.1,04 nrl.I.q no 'ale'.11 this day.
Es-rights. s E.1-411.1dsed. •No par value.
PER MARE
Ranoe Since Jan. 1.
On basis of 100-sharelots
Lowest
I per share
57 Jan 10
12112 Feb 25
3 Feb 14
3112 Jan 9
100 Jan 6
212 Feb 17
18 Jan 18
115* Feb 8
418 Jan 6
1234 Jan 13
1514 Jan 28
104 Jan 16
60 Feb 17
6818 Feb 18
1218 Mar 1
2078 Feb 20
22 Jan 5
474 Feb 27
34 Jan 3
59 Jan 31
141. Feb 20
8178 Mar 15
1958 Mar 7
87 Jan 4
11258 Mar 3
102% Feb 7
113 Feb 7
718 Feb 21
4534 Jan 3
65 Feb 17
119 Mar 1
3612 Feb 20
136 1* Feb18
4234 Feb 11
11918 Feb 23
347 Mar 30
11214 Mar 22
308 Mar )4
10612 Feb 18
190 Jan 5
59 Feb 28
4534 Jan 20
136 Feb 11
71 Feb 18
9578 Mar 29
2218 Feb 18
88 Jan 5
19018 Feb 27
115 Mar 10
16 Feb 18
8012 Mar 27
4918 Jan 3
10234 Jan 16
119 Jan 13
22 Jan 18
52 Jan 5
10514 Jan 4
6114 Feb 4
40 Mar 7
8212 Mar 7
3912 Feb 20
Jan 26
51
13738 Mar 2
138% Jan 5
9014 Mar 6
12712 Jan 14
139 Jan 17
2812 Feb 20
60 Jan 18
72 Jan 7
4378 Jan 6
58 Jan 17
5258 Jan 3
10834 Jan 3
10112 Jan 6
13/
1
4 Jan 11
445* Jan 18
8812 Jan 16
32 Feb 29
60 Feb 17
18 Mar 24
84 Mar 17
25 Jan 7
7812 Mar 28
2258 Jan 10
1912 Jan 3
18 Feb 17
108 Mar 13
2234 Mar 27
93 Feb 20
22 Jan 5
28 Feb 17
15012 Jan 4
50 Jan 6
18 Feb 20
60 Feb 29
100 Mar 6
163 Mar 29
461s Jan 4
8818 Jan 5
9534 Jan 5
1212 Jan 6
3034 Jan 3
10612 Jan 3
10914 Feb 2
10018 Mar 3
11418 Jan 18
10914 Feb 9
5313 Jan 6
,Jan 5
203
2018 Feb 21
3014 Feb 21
3418 Jan 19
3658 Feb 18
53 Feb 21
178 Jan 16
925 Jan 3
1112 Jan 3
22 Jan 3
66 Jan 3
17512 Feb 20
28 Jan 5
464 Jan 19
41 Jan 4
69 Feb 27
6934 Jan 27
6812 Mar 26
2758 Feb 28
8758 Jan 9
8514 Mar 8
Mohan
PER SHARE
Range for Previous
Year 1927
Lowest
FROM
i per share 8 per share $ Pm hare
6912 Mar 27
69 June 6312 Sept
12612 Feb 10 118 Feb 1251 Nov
21 Feb
614 Mar 21
618 May
4234 Mar 8
30 Mar 347 Jan
102 Feb 8
99 Aug 10138 Dec
37 Jan 23
3% Dec
61 Feb
18
2378 Feb 6
Oct 28 May
7 Apr 14 Dec
153* Feb 25
21s Sept
6% Feb 3
6 Jan
6 Oct 1534 Nov
185* Feb 2
164 Feb 15
1112 Mar 1714 Nov
1114 Jan 20
81s June 1314 Jan
5538 Jan 13
45 Apr 56 Jan
49 Jan 815* Sept
8058 Jan 4
12 Apr
17 Jan 14
1872 June
154 Jan 40 June
29 Jan 13
1612 Aug 2312 Sept
28 Jan 12
51 Jan 31
43 Aug 501, Nov
Mar 22
2414 Jan 36 Aug
40 M
47 Jan 655* Dee
6212 Feb
154 Oct 191* June
1714 Jan
85
874 Jan
Oct 905* Jane
23 Mar 3
19 July
2918 Jan
9034 Jan 2
85 Nov
9018 Sept
134 Jan
78
Jan 1424 Aug
11458 Mar 2
9234 Oct 1175* Dec
128 Feb 1
108 Apr 1237* Dec
1018 Jan 1
34 Apr
1038 Nov
5912 Feb
10 May 50 Dec
7133 Jan 21
45 Jan 70 Dec
12412 Jan 19 120
Jan 125 Dec
4934 Feb 1
3812 Jan 7314 June
1537 Mar 13
9918 Jan 1544 Nov
51 Mar 19
3958 June 564 Jan
125 Jan 28
94 Jan 12712 Dec
4214 Jan 26
3918 Dec 4014 Dec
118 Jan 23
3458 Feb 10
3-2311 -Dec -884 July
11334 Mar 29 104 July 109 June
210 Mar 17 159
Jan 2004 Nov
584 Jan 61 Dee
604 Jan 4
6712 Mar 12
364 July 49
Jan
14312Mar 23 11312 Jan 150 Sent
8018 Nov 7412 Dec
843* Jan 13
100 Feb 24
964 Dec 1034 Apr
2752 Jan 3
241* Bent 374 Mar
8134 Jan 98 Dee
102 Jan 12
25912Mar 24 190% Aug 246 May
137 Mar 19 112 Mar 125 Nov
1414 May 2234 July
2014 Jan 4
81 May 9614 Sept
9038 Jan 16
44
5838 Jan 23
Oct 6338 May
69 Mar 111% Dec
12214 Mar 19
121 Mar 20 10714 Apr 121 Dee
30 Mar 30
14 July 254 Nov
274 June 5612 Dee
6434 Feb 2
109 Feb 7
89 July 10612 Nov
54 Apr 6978 Dee
6834 Feb 14
374 June 6718 Feb
6314 Jan 4
85% Jun
1093* Jan 13
11118 Apr
3333 Jae 4872 Dec
4518 Jan 3
4558 Jan 54 Dec
5378 Jan 3
15234 Jan 7 1114 Jan 16012 Beld
14534Mar 24 129
Jan 14114 Dee
67
Jan 974 Dec
9712 Jan 13
135 Mar 30 123 Jan127 Nov
158 Jan 6 111 Feb162 Dec
27 Jan
3412 Mar 8
34 May
87
96 Mar 15
Jan 6718 Dec
58 Sept145* Feb
13 Mar 13
4214 Dec 64 Feb
4812 Mar 9
48
Jan 6358 June
6912 Feb 10
32 July 5458 Dec
91 Mat 23
179 Mar 23
87 Oct11132 Dec
964 Oct10212 Dee
11112Mar 28
74 May
168* Feb 10
1512 &pi
2618 Apr 483 Dec
5138 Feb 14
94 Mar 30
73 June 91 Nov
38 Jan 17
36 Dec51
JI211
6212 Dec 76% Aug
6258 Jan 13
20/
251 Jan 4
1
4 Dec89/
1
4 June
95 Dec1184 June
100 Jan 28
1612 Jan 80 Aug
434 Jan 11
Jan 125 Aug
90
97 Jan 12
18
Jan 5934 Aug
38 Jan 11
1814 Dec25 Feb
25 Feb 3
17 Dec244 Api
1858 Jan 24
8918 Apr 1183 Ocl
123 Feb 2
2958 Jan 13
1712 June 3358 Feb
974 Jan 19
Apr 10014 Nom
84
184 Dec 4512 Jam
354 Mar 28
24 Jun(' 3412 Dec
3278 Jan 6
65
182 Feb 2
Jan 180 No/
43 Aug 71 Dec
5534 Feb 17
18
215 Jan 31
Oct 27 June
6834 Jan 23
6514 Dec 7512 Aug
103 Jan 3 101% Nov 10358 Aug
17712 Jan 3 1444 Jan 176 Dec
40
Oct 5012 SeP1
573* Jan 27
109 Mar 30
673* Jan 944 Dec
109 Mar 30
82 Mar 10378 Dec
11 Sept 188s Feb
1412 Jan 27
30 July 3433 Apt
344 Feb 21
11078 Feb 27
9778 Jan 111 Aug
1148 Jan 11 102
Jan 112 SeP1
10314 Feb 18 101 Dec 101% Des
117 Mar 29 111
Jan 118 Ma]
113 Jan 5 10012 isn 111 Dec
5318 Dec 57 Nol
64% Mar 19
2414 Dec 2838 No
3678 Mar 19
20 Dec 2712 Fet
2412 Jan 10
4138 Jan 4
3014 Nov
5852 Feb
26
Jan 4112 Sept
377 Mar 8
45 Mar 7
2112 Mar 5314 Aug
55 Jan 5
46 Feb 59
Jar
28 Mar 29
1312 Oct 245* Mai
99% Mar 17
87 June 96 Aug
16 Feb 14
10 May
175* Feb
34/
1
4 Feb 14
1614 May 3278 Feb
58
7734 Feb 11
Apr 845* Fat
194 Jan 3 11734 Jan 1984 Des
3412 Jan 27
2012 Jan 48 JUDI
55 Feb 1
44 Dec 6112 JUDI
494 Feb I
37
Oct 544 Juni
9814 Mar 30
2412 Apr 944 Des
7912 Mar 22
5072 Jan 724 Des
75 Jan 13
704 Jan 844 Aug
3612 Jan 12
25
Jan 40 Aug
9358 Feb 11
8318 Aug 995* Jul)
10672 Jan 26
8012 Oct 1004 Del
1952
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
are now "and tnterest"—exc yt for Income and defaulted bonds
Jas. I 1909 tile Exchange method of mating bonds was changed and prices
BONDS
11. Y. STOCK EXCHANGE
Week Ended March 30.
Range
•
Week's....
I
Price
Since
Range orgl
Fricke:
ti
28) March 30.
Jan. 1.
Last Safe.
..,.
—
High
Low
Mob No.
Ad Low
Bid
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 30.
,..3
t
Price
Friday.
it
Ns, Maud 30.
Week's
Range Or
Last Sale.
11
ni
Ramie
Since
Jan. 1.
HISS
High No. Low
Ask Low
Bid
98 101
Finnish Mun Loan 614s A__1954 A 0 10014 Sale 9953 10014 19
93 101
1
9953
External 6348 series B____1954 A 0 995 10014 9953
1011•81
101'n
J
314% 011932-1947
11834 225 11534 11834
1011u 1011132 French Republic ext 7348 -.1941 J D 11812 Sale 118
J
Cony 4% of 1932-47
10912 310 106 109111
1949 J D 10834 Sale 108
1O211n/0315n
External 78 of 1924
J
Cony 43.4% of 1932-47
4210211u German Republic ext'l 7s--1949 A 0 10734 Sale 10714 10734 134 1068 10734
10217
J
?Aeons,4)1% of 1932-47
0 102 103%
Gras (Municipality)89_ ___1954 M N 10314 Sale 10318 1035g
73 1061g
Third Liberty Loan—
48 Gt Brit & Irel(UK of) 510_1937 F A 10618 Sale 10578 10614 167 105
m s 10014. Sale 100148210015n 281 100000,
1114% of 1928
5 11634 119
1929 F A 11812 ____ 11812 11834
10-year cony 534a
Fourth Liberty Loan—
4 10914
1043
22
MN
10634
10614
10614 Sale
Greater Prague(CDT)741-1952
A 0 1031382 Sale 103111210330n 429 103142104
434% of 1933-1938
9634 100
33
99
9838 Sale 9714
Greek Governments f sec 7s 1964 M N
92
1947-1952 A 0 11517811152% 1153%2115341s 361 114141116ln
8912
Tres/my 434e
201
9118
8912
Sale
90
A
F
1968
Sinking fund see es
1944-19543 D 1101788110748 110,1881101% 395 1091%11111n Haiti (Republic)s t(to
9984 1011s
Treasury 48
10012 15
1952 A 0 10012 Sale 100
o 108188 108,n 252 1051538108142
1946-1956 M S 107153,108,
9514 971s
Treasury MO
13
97
9612
9612
0
Sale
A
1946
68
Hamburg
(State)
1031•81
102
Sale 102%21033n 203
1943-1947.9 D 103
Treasury 34Es
2 10314 10514
Heidelberg (Germany) ext 73.4950 J J 10478 Sale 10478 105
9834 1004
State and City Securities.
10012 15
01945 J 1 10014 Sale 10014
1 10034 10112 Hungarian Muni° Loan 73,
101
97
7
94
25
9614
N T City-4119 Corp fitock.1960 M 13 10034 101 101 Mar'28
96
Sale
4
963
J
J
11946
Sept
External a 1 78
____ 10412 10512
10014
9814
4111 Corporate stock ____1964 M 5 10434 1054 10514
14
8
1003
10534 Hungarian Land M 'net 7348 '61 M N 10014 Sale 9912
80 102 1034
4118 Corporate stock— 1966 A 0 10484 10512 10938 Mar'28 ____ 10518 105
103
102
Sale
102
A
F
48.1944
7
t
8
of)
(Kingd
Hungary
---- 105
4148 Corporate atock____1972 A 0 105 10553 105 Mar'28
9712 99%
9912 563
____ 10934 10934 Italy (Kingdom of) ext'l 7a1951 J D 9812 Sale 9812
41.01 Corporate stock__1971 J D 10878 1104 10934 Feb'28
954 9718
9634 61
4.Sale 9653
5 10914 11018 Italian Cred Consortium 71i A1937 M 8 06,
96%
94
iths Corporate stock_July1967 J J 10912 110 1119% 10912
59
9612
96
Sale
9612
8
M
1947
B
mr
(78
Estl
a
sec
4
3
109
8 10912 Mar'28 ____ 10938
,
8 110
,
9514 9714
434a Corporate stock___-1965 J D 109
9734 115
10918 10924 Italian Public Utility ext 79-1952 .1 .1 971 Sale 9734
88
9134 94
454e Corporate stock____1963 M El 10918 10912 10912 Mar'28 ---94
Sale 9378
94
J
J
49____1931
loan
£
Govt
Japaneee
----4, registered
1955 M N 10114 10112 1044 Dee'27
186 1014 105
105
1954 F A 10412 Sale 103
30-year 8 f 6148
10034 100
4
--1
1956 M N 10014 10112 10034 Jan'28
10014 10034 25
de registered
99 10034
5 10084 10134 Leipzig (Germany) 8 f 78_1947 F A 10034 Sale
1959 M N 10118 10124 10118 10118
9812 10118
22
6% Corporate stock
100l2
D
Sale
J
101
10153
73411_1950
8
(Prov)
Austria
Lower
10134
4
100
1958 MN 10118 10124 101 Mar'28 ____
6% Corporate stock
10034
1014
MN
99%
10114
Sale
100
1014
66_1934
(City of) 15-year
1957 M N 101% 10134 101 Mar'28 ____ 10034 10134 Lyons
9934 10112
4% Corporate stock
__ Marseilles(City of) 15yr 66_ _1934 MN 10114 Sale 10034 10114 37
____
1936 MN 10038 ___ 9834 July'27 ___ _
8634
21
3314
43 registered
3314
3434
Sale
3412
-1943
434s
Asstng
Mexican
Irrigat
-- 8
,fos 1084 Mar'28 ---- 10814 1087
4944 4914
1957 MN 1083
1144% CorporateCorporatestock
.,- J 4753_-__ 4934 Jan'28 -__
eat) 53 of 1899 £'45 Q
1957 MN 10853 109 10834 Mar'28 ---_ 10814 10834 Mexico(US)
4214
35
3
3788
434% Corporate stock
3758
3912
3814
'
---1945
of
58
1899
Assenting
9318
924
6
9278
3614 3911
334% Corporate st__May 1954 M N 9278 9312 9278
---- -_-- ____ 3614 Mar'28,_—_
Assenting 58 large
9312
93
2284 29
218
26
4
,
334% Corporate st__Nov 1954 MN 9278 9312 93 Mar'28 ---- ____
2534 Sale 22
Assenting 48 of 1904
____
__ 102% Nov'27 --__
25
283 132
sots
2512
State Canal 481960 ____ ____
New York Ste
Sale
8
283
---_
large__
1910
of
48
Assenting
____
4
1
1991 J .1 ____ ____ 10438 Oct'27 ---_ ---224 281/
227
26
Canal Imp 48
2312
Sale
2618
-_-Assenting 48 03 1910 small____
1945 J J ____ ____ 10534 Oet'27 -___ ____ ____
374 a
4038 39
Canal Term 4 ha
Trees lis of 13 assent (large)'33 J J 4038 Sale 3814
3618 48
3812 12
374
For•ign Gov't & Municipals
Sale
3812
3834
__
Small
9078 934
934 68
9112 931s
1947 F A 9314 Sale 93
Uric Mtge Bank ti f Os
9378 217
9412 10028 Moan (City. Italy) ext'l 13149'52 A0 9314 Sale 9314
95
99
8 102% 10484
104
Antioquia (Dept) Col 78 A-1945 J J 9712 Sale 9714
Montevideo (City of) 78-.....1952 i D 104 Sale 104
9438 99
9812 19
1945 J J 9818 Sale 9818
78 109
105
26
10614
External 517,aer B
106%
107
10614
8
M
984 Netherlasds 68 Was prics8)_ _1972
94
9834 35
External a f 78 series C_ _._1945 J J 98 Sale 9734
1954 A 0 1024 Sale 10214 10212 59 102 10314
30-year external Os
9334 9814
9753 13
96
1957 A 0 9714 Sale 9714
3
9453
40
Ext a f 7a 1st ser
9512
95
Sale
95
A
F
1957
58
ext
(State)
9312 9853 New So Wake
9734 30
1957 A 0 ____ ____ 9678
944 90
954 60
2d series trust rots
AM 1968 A 0 95% Sale 95
External a 1 be
9912 10038
10053 45
Argentine Govt Pub Wks 68_1960 A 0 10018 Sale 100
1943 P A 10212 Sale 10214 10278 74 102 10311
Norway 20-year WI 68
Argentine Nation (Govt of)—
10234 28 102 10418
1944 F A 10212 Sale 102
20-year external 69
994 1005
Sink fund Os of June 1928_1989 1 D 10018 Sale 0018 10053 67
72 10134 10314
1952 A 0 102 Sale 10134 102
30-year external Si
9912 10012
10012 71
Exti a f & of Oct 1925_ _ _ _1959 A 0 100 Sale 100
74 10012 10211
10112
8
7
100
Sale
101
D
J
mg
ils
5
f
a
-year
40
1957 M S 10053 Sale 0018 10058 83 100% 1014
9218 934
31
Sink fund 68 series A
9312
9314
Sale
9314
9912 10078 Nuremberg (City) anti 6s .1952 F A
10078 35
External 138 series B_ _Dec 1953 J 0 10053 Sale 100
9912 10012
10012 70
4 103
,
100
Ext1 is f 66 of May 1928_ _1960 M N 10014 Sale 1001s
42
10034
101%
Sale
MN
101
9953 10014 Oslo (City) 30-year a f 66_1955
10014 182
99 101
24
External a f 138 (State Ry)_1960 M S 100 sale 100
1946 F A 9953 102 9934 101
Sinking fund 530
994 10012
Exti 88 Sanitary Works _A961 F A 10014 Sale 10018 10012 59
103 10414
3
Sale
10414
10414
10414
D
J
3
esti
Panama
550_1953
(Rep)
101
99
Exti(4 pub wks(May '27)1961 M N 10014 Sale 10013 10038 45
, 4 102 10334
1961 J D 10234 Sale 10253 1035
Exti sec 8 t 6)0
9614 9714
58
97
9512 981s
Public Works exti 534s_ _ _1962 F A 97 Sale 9644
9814 109
9712
9134 9378 Pernambuco (State of) esti 79'47 M S 9778 Sale
9338 53
1 1104
Argentine Treasury & 1_ _1945 M S 9218 9238 9218
110
110
1 109,
110%
110
0
A
(01'24)-1944
extl
Peru
9714 988
(Rep of)
88
9812 101
11014
1094
11014
-_
11018
Australia 30-yr 58July-15 1955 J J 9814 Sale 98
8
Mar'28
1097
0
1944 A
Exti 88 (aer of 1926)
9812
97
9812 110
External 59 of 1927__ Sept 1957 M S 9734 Sale 97%
25 1064 107%
10734 10734 1073
1073,
MN
1940
fd
sink
7149
Exti
9
1043
103
26
1943 J D 10312 Sale 0312 104
1074
107
Austrian (Con)81 71
10818
67
Sale
8
1071
1074
S
M
1926)A956
48
Ell'81 see 7341 (of
9614 9912
99
Bavaria (Free State) 6348___ 1945 F A 9834 Sale 9812
1959 M S 1047 Sale 1034 1044 394 10278 1047s
Exti of see 79
11534 57 114 115%
9024 94
343
Belgium 28-yr ext s I 73,88 6_1945 .1 D 11512_Sale 1151
94
4 Sale 9318
3
93
D
J
1960
68
Loan
at
Nat
MI
11112 37 109 11112
1941 F A 111 Sale 111
20-year 81 Ss
8018 85
8514 104
70 10314 10914 Poland (Rep of) gold 68___A940 A 0 85 Bale 8438
26-year external 6348
1949 M S 107% Sale 10784 109
91%
894 914a
9111 121
Stabilization loan s f 78-1947 A 0 9138 Sale 1004
119
9878 10114
1955 J J 101 Sale 10O4 101
External,(48
101
9812 101
Sale
167
4
3
100
J
1950.3
Exti oink fd g Ss
226 10614 109
109
External 30-year 9 f 78_ _ _1965J 1) 108% Sale 10814
10714 Sale 10714 10718 30 10413 107%
10712 105 10414 10814 Porto Alegre (City of) 85_1961 J D
1956 M N 10718 Sale 107
Stabilization loan 7e
103% 19 10153 1034
Sale 103
103
J
J
fd
Exti
sink
guar
2 113 11334
734i__ __h968
1945 MN 11312 114 11312 11311
Bergen (Norway) of 85
11534 11 1133, 11511
Bale 115
98% 10114 Queensland (State) ext.'81781941 A 0 115 Sale
7
10114
10614 10714 19 106 10812
15-year sinking fund (311._1949 A 0 10112 102 0114
1947 F A 10718
997
25-year external 53
97
9978 67
1950 A 0 9912 Sale 9912
Berlin (Germany) 838s
10 10518 108
107
107
1074
10714
0
A
89_1946
f
extle
Sul
do
Rio Grande
20 10378 Dr
107
44 1054 109
1085
Bogota (City) earl s I 8s_ _ _1945 A 0 1064 Sale 106
215-yr 8 f 86_ _1946 A 0 10814 Sale 10712
1 110%
7 105,
Bolivia (Republic of) 84----1947 MN 106 Sale 10518 10614 48 10334 10614 Rlo de Janeiro
110 10978 110
8
1097
0
A
1947
88
esti
25-yr
67
9334 96
98
94
19583 J 9712 Sale 9718
181 • 91% 94
Exti see 79 tern
1959 A 0 94 Sale 933
Rome (City) extl 834.
45
10112
3
9934
100
1014
Sale
101
4
MN
10511
104
68_1934
15-yr
of)
_.105
(City
Mar'28
Bordeaux
Rotterdam (City) extl de__ _I94 M N 10418 105
Brazil(II Sot)external 8s_1941 J D 113 Sale 11153 11314 87 107 11314
9812 116
92
9834
120
11214
11814
s
1197
7
Sale
External of 6158 of 1926..1957 A 0 9814 Sale 9778
11814
9724 9814 Sao Paulo(City)If 8.6_ _Mar 1952 M N
9814 347
9614 10014
1957 A 0 98 Sale 9734
4 Sale 9934 10014 27
Extls f 6,49 of 1927
97 10134
EU! 8 1 61531 01 1927 —1957 M N 1001
1952 J D 10118 Sale 0118 101114 62
7n (Central Railway)
10614 10712 11' 106 10858
San Paulo (State) esti 0 f 88_1936 j y 10712 Sale
10814
10712
2
10712
10712
10812
107%
0
A
10612
1084
(flat)_1952
10714
10814
37
Sale
£
went)
7351(coffee
1950 J .1 1074
External see 8 f 138
55 10118 103
103
32 10034 10318
Bremen (State of) extl 78-1935 M 11 1024 Sale 102l
External,f 79 Water L•n_1986 kj s 1024 Sale 10212 10234 43
95%
94
9512 77
100
9484
1957 M 5 9512 Sale 95
9912
9984
Sale
Brisbane(City)8158
994
8734 170
85% 8853 Santa Fe(Prov. Arg Rep)73_1942 M 5 106 Sale 10511 10614 128 10338 10638
Budapest(City)extl8161._,1982J 1.• 8712 Sale 87%
j
35 10018 10184 Seine, Dept of(France) extl 79'42 J
9712 10112
1001
Buenos Aires(city) em,16)01955 J J 101 Sale 0034 101
113
Serbs. Croata & Slovenes 89_1962 M N 10012 Sale 9912 101
9612 101
9818 10014
Buenos Aires (Prov) esti 79_1957 .1 I 10038 Sale 0018 10078 132
4 10014 56
M N 100 Sale
6s____1936
esti
of)
(City
Solesons
101
9618
1*
62
10014
00
1956 M N 10018 Sale
94% 964
96
8
EMI 8 1 78 01 1928
9612 96
9614
A
F
1946
Styria
78
extl
(Prey)
9614 9878
9634 236
103
105
10218
10312
12
Sale
Ref extl 8 f 83
1981 M S 9638 Sale 9612
103
1939 .1 D
Sweden 20-year 68
93
12
8934 93
Bulgarta (Kingdom) 9 f 78-1967 1 j 93 Sale 924
1954 m N 10438 Sale 10434 1054 24 104 10512
External loan 15148
71
0012 101
95 102
8 113
1113
41
Caldaa Dept of(Colombia)75
113
112
Sale
11212
4s'463 .3 10034 Sale 10134
2
2
89_1940
20-yr
5f
35 101 102% Swiss Confed'n
102
1034 1041e 11 1031s 10512
Canada (Dominion of) 5e_,,,.1931 A 0 102 Sale
Switzerland Govt ext 548_1948 A 0 1044 Sale
1929 F A 1013, Sale 1013, 10134 35 1014 10214 Tokyo
8214 56
10-year 5549
76% 8214
City 58 loan of 1912.1952 M 15 935* Sale 804
10712 152 10624 109
1952 MN 1074 Sale 107
de
8712 937s
937 316
915
Sale
1961 A 0 824
Eztl s f 554s guar
10112 29 101 10178
971, 9812
9812 15
610
1936 F A 10112 Sale 101
N 9812 Sale 98
M
1957
5345_
Trondhjem
15t
(City)
3
105
1084
10912
1954 j j 10734 109 10812
9914
97
Carlsbad (City) 8 t 89
1
984
Tipper Austria (Prov) 79_1945 J D 994 984 984
9
9814 103
11018
10914
10814
1093
25
Bale
4
Cauca Val (Dept) Colom 710'46 A 0 10134 102 10138 102
10914
F A
20
9912 101% Uruguay (Republic) ext1 88_1946
9612 9958
9912 295
1960 6.1 N 9918 Sale 99
Cent Agric Bk (Germany)781950 M S 1005 Sale 10012 101
9311
s
Gs
External
f
92
96
9212
92 Sale 92
994
94
9912 213
Farm Loan ii 16s hat W._ _1960 .1 J
1961 J D 9912 Sale 9812
9134 9334 Yokohama 'City) esti 6s
928 248
Farm Loan a(Os lot ctf tv 11960 A 0 92 Sale 92
Railroad
38 10878 11134
Chile (Republic) en!81 89_1941 F A 11078 Salo 11034 1107
107 --__ 10834 Feb'28 _ _ — 1063, 10584
D
.1
Gt
let
Ala
A
Sou
cons
58_1943
104
42 10034 104
3 10014 10014
20-year external.f 78.-1942 MN 10318 Sale 103
1928 MN 10014-- 10014 10014
11014 64 108 11114 Ala Mid lit guar gold 6s
909
89
1
89
89 -9111s 89
25-Year external s 1 88_ _ _1946 MN 110 Sale 110
95
187
9134 954 Alb & Susq 1st guar 3)49_1946 A 0 93
9511
Feb'28.
..,.
8
953
92
External sinking fund 6s__1960 A 0 95 Sale 9434
--_1998
0
A
984 Alleg & West let g au 4a.
246
95
91%
8
943
Sale
95
A
F
(6,
1981
Externals
974 99
813
_
9933 34
99 994
.,
41942 M 8 9
213
95
9334 9514 Alleg Val gen guar g 49
, 8411
813
10
Ry ref extl a f 68
8814
1961 1 .1 95 Sale 9434
834
Oa
July 1995 Q .1 at
954 9912 Ann Arbor Ist g 4s
9912 118
9684 99
63
98
Mlle Mtge Bk 618s June 30 1957 .1 D 984 Sale 9812
Atcb Top & 8 Fe—Gen g 45_1996 A 0 974 Sale 9714
9gs4
4
1
96
93
4
3
99
9918
Sale
St 5345 of 1926 _ _lune 30 1961 1 D 9953
9514 96
8
,
2
96
96
-----0
A
Registered
2518 2914
2834 13
931
9334
6
9234 9438
Chinese(Hukuang Ity) 58_ _1951 1 D 2818 2838 2834
-, 93
Adjustment gold 46_1011 1995 Nov -,8 10018 10178
m g 10134 Sale 10112 10124
9034__. 8914 Dee27 ____
Claristlania (Oslo) 30-yr s f ita1954
Nov
Registered
9918
23
9614
994
92- -94
9314 38
Cologne (City) Germany(11491950 M 13 10012 10112 984
Stamped
July 1995 M N 9212 9334 9234
951 562
9134 952
----Colombia (Republic) 68_ _19(31 J J 95 Sale 95
MN 904 -- 92 Dec'27 ___
Reglatered
91
9214
9214 107
9212 9312
9312
i
Colombia Mtge Bank 8}§s_ _1947 A 0 912 Sale 9112
D 917 9338 9312
1956.3
Cony
gold
of
48
1909
944 97
97
75
934
92
8
Sinking fund 7s of 1926._ _1946 M N 964 Sale 954
9312
Cony 46 of 1905
19553 D 93 Sale 93
8
9434 9678
9678 56
__-- --Sinking fund 79 of 1927-- _1947 F A 9612 Sale 95 4
J D 834 z7- 9212 Dec'27 ____
Registered
102
15
1001g
10078
___.. -_-_-_
27 ---'
9334 Jan
Copenhagen 25-years t 53.40.19443 J 954 9034 10034
-1114
---g
D
J
Cony
issue
4s
8
of
955
1910_1960
959,
9853 217
8 Sale 9714
994 994
9978 Feb'28 ____
1952.3 D 100,
External 58
-East Okla Div 1st g 49._ _1928 M 8 -----96 1004
9938 81
_
9314 9414
Cordoba (city) em u I f 78_1957 F A 9812 Sale 99
Rocky Mtn Div hat 48_1985 .1 J 9414 ---- 9414 Mar'28
99 10112
14
34
1 101 Sale 10012 101
4
934 98
8
Cordoba (Prov) Argentina7s 1942
95
95
---%
95
J
J
49_1958
Trans-Con Short L let
9412 9912
9914 68
- 10314 Mar'28 ____ 103 10414
Costa Rica (Repub) extl 78_1951 MN 9878 Sale 9834
Cal-Arls 1st & ref 4)0 A1962 M 13 1044 --.
9978 10114
1
101
1944 M S 9878 99 101
Cuba Saul 1904
10612 __ _ 107 Mar'28 —__ 107 107%
D
J
&
All
1946
Knoxv
Nor
5a_
g
let
9914 994
- 994 Feb'28 ____
External M of 1914 ser A.1949 F A 101 102 101 Mar'28 ____ 1004 10214
100 1911
8 103 97
,
96 10014 At!& Cheri A List A 4349-1944 J J 107 1071 107Is Mar'28 __-- 106 10711
9744 11
External loan 4).0 ser C 1949 F A 102
let 30-year 56 series B_—_1944 J .1
17 10134 104%
1953 j J 9734 ____ 10234 103
9312
91
___
Mar'28
9312
Sinking fund 5349
95
4
923
2
2
48_1951
Cons
931, 9734 Atlantic City lot
9753 39
96% 9834
975* 66
9712 Sale 967
Cundinamarca (Dept-Col) 78 '46.3 D 97 Sale 97
10834 11178 All Coast Line hat cons 49July'52 St s
8 Feb'28 ____
8 9731
973
973
—
Czechoslovakia(Rep of)88-1951 A 0 111 Sale 11034 11114 94
---S
M
Registered
23 10813 112
10134 104
__
Sinking fund 8, ser B.,.,_1952 A 0 111 Sale 11034 111
1964.3 D 102 1-021 10218 Mar'28
General wafted 434a
26 105 106
100
4003,. 958t
External a f 7 Lis series A-1945 A 0 105 10514 105
953
M 14 Sale 9514
L & N coil gold 411_—_Oct 1962 MN
85
80
1
80
80
79'2
78
Danish Cons Municip & A__1946 F A 11012 11134 11084 11118 24 110%111*.
y
y
1948
All & Day lit g 4o
7238 754
2
723
7234
1946 F A 11084 Sale 11088 11024 14 11018 11118
Series B s I 8s
73
2d 49
1948 J J 72
8 56 10518 10638
9
884 90%
9034
Denmark 20-year extl 6s___ _1942 J ,I 10538 Sale 10514 1057
9014 Sale 9034
0
Yad
99
g
&
A
let
All
48
97
1949
guar
35
4
989
Deutsche Bk Am part ctf 68.1932 M 5 9812 Sale 984
10212 ___ 10212 Feb'28 ____ 10214 10212
2
994 10078 Austin & N W 1st gu g 5/1_1941 J .1
9618 98
Dominican Rep Cumt Ad 5)48'42 M B 10012 Sale 10014 10012
984 39
9614 gale 9612
4
9734 10014 Balt & Ohio 1st g 48___July 1948 A 0 95 Sale 95
9684
95
1
95
1940 A 0 9978 Sale 9912 1004
1st see 550 of 1928
J
Registered
July 1948 Q
8
1025s 20 1004 102,
101
10014
62
1001
Sale
10014
Dresden (City) external 7s 1945 M N 10212 Sale 102
1933 M a 10012
20-year cony 4149
10414 14 104 10539
Dutch East Indies anti 621_1947 J J 10418 Sale 104
___ 10018 Feb'28 __ 10018 10011
____
g
al
Registered
10512
101 1031e 105
104
40-year external 68
1962 M S 10318 10414 10378 10414 43 104 1044
Refund & gen 58 series A_ _1995 J II 10318 Sale 1031
10414 16 103
1953 M 5 103 Sale 103
30-year external itiis
hOt'4 22 108 110
let g 59
1948 A 0 10834 Sale 10812
1033s 24 10278 10412
112
86 11118 112
1953 MN 103 Sale 10253
30-year external 534s
11114
Sale
11114
D
19953
Ref & gen 68 series C
12 107% 113
1 113 Sale 112'2 112
9512 9712
E1 Salvador (Ropub) as. __194g
984 22
9534 Sale 9534
16
B 1,E & W Ya SYS ref 48-1941 MN 10514
95% 10012
99
Finland (Republic) ext; 6_1945 m 5 99 Sale 9884
Sale 10514 105'4 33 10518 107%
j
J
1950
Div
58
188
Southw
10112
994
11
_.
6784 91
28
9
893
External sink fund 75----1950 M 13 10138 Sale 10034 10138 28
88%
891
4
883
Tol& CID Div 1st ref& A_1959 J .1
9814 10188
994 50
4
'
52 10312 105
1966 M S 9938 Sale 994
1047
External a t 6So
2000 M S 104% Sale 10414
Ref & gen &series D
944 137
927 9453
1958F A 944 Sale 9314
Exti sink fund 5149
U. S. Government.
rust Liberty
Loan—
55=1.
D 101332 Sale 101% 101138 298
D 101.12. ___- 1011uMar'28 --__
C 10311,, Sale 102138210314z 46
D 1021%102w. 02unmar'28 ...--
New York Bond Record -Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 30.
Price
Friday.
Marc?. 30.
Week's
Range or
Last Sale.
c
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 30.
1953
Price
Friday.
March 30.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
Bid
Ask Low
High No. Low
High
Ask Low
Mob No. Low
High
Bangor & Aroostook let 5a1943
10312
10358 Mar'28
10234 103% Clearfield & Matt let gu 5a_1943 J J 810034
992 Jun'27 -Con ref 4s
1951
88
91
8818 8818
2
87
8914 Cleve Cin (7/1 & St L gen 48_1993 J D
1161 -561-8 -97.1-2
Battle Crk & Stur let gu 36.._1989
73 6812 Feb'28
68
6812 72
20-year deb 4}.4e
1931 J J 10
9
0
618 I-9
0
0
6-374o- 10
90
611
: 109678
0%
10018 10034
Beech Creek 1st gu g 4s
1936
9714
1
97,4
97
General 58 Series B
98
9714
1093 J D 115%_
116 Feb'28
11518 116
2d guar g 5s
1938
97 Jan'28
Ref & Inlet 65 series A
97
97
1929 I J 10138 1-017311 10138 1015*
101% 103
Beech Crk Ext let g 39e
1951 AO 8218
8512 Aug'27
Ref & Inlet 611 ser C
19413 J 105% 10612 10612 10612
10512 108%
Big Sandy let 48
1944 JD
932 95
9414
2
9414
Ref & impt 5s ser D
19833 J 1L3% Sale 1033
1045
1033
8
4 10511
Boat & N Y Air Line 1st 4s 1955 FA 8578 Sale 8678
8412 88
8678
Cairo Div let gold 413
1939 J J
963
963/3 964
Burns dr W let gu gold 4s
1938'.5 9814 99
9778 Mar'28
97% 9776
Cin W & NI Div lst g 48_1991 J J
917
:-6i1-2 92%12
96 Mar'28
913
2 9314
Buffalo It & P gen gold 5s....1937 NI S 104
__ _ _ 104 Mar'28
103 106%
St L Div 1st roll Cr g g 48 1990 MN 89
9238 93 .snar'28 -927a 9314
Consol 4413
1957 MN 9334 Sale 9278
0214 9514
9334 78
Registered
Si N
9118 Dee27
Burl C R & Nor 1st Se
1934 A() 10314 Sale 10278 10338
5 10212 103%
SW'& Col Div 1st g 4s_ _ _1940 M S 86965* 9712 963*
963*
I "i6-5s
W W Val Div let g 4s__ _1940 J J
9612 ____ 9612 Apr'27 -Canada Sou cons gu A 58_1962 A 0 10912 111 10912 10912 13 109% 11034
Ref & impt 4345 eer E....1977.5 J 10018 Sale 10018
1003* 63 -6512 16
.
64
Canadian Nat 44e_Sept 15 1954 M
1003* 101 10078
101
15 10014 10214 CCC& Igen consges____19341 J 10814 ____ 10818 Mar'28
10812 10812
5-year gold 446Feb 15 1930 F A 10014 10012 1003
10012 28 10014 101
Clev Lor & W con let g 5e__1933 A 0 10278 10314 10278 10278 15 102% 10448
30-year gold 44e
1957 J
10034 Sale 10034 10118 38 10014 10218 Cleve & ?dation Val g 5s_ ___1938 1 J 101
____ 10012 Apr'27
Canadian North deb s 1 76_1940 J D 1165* Sale 11618
11638 21 11512 117
CI & Mar 1st gu g 4 411- - - - 1935 M N 100
100 Nov'27
25-year e deb 634e
1946.5 J 12214 123 12214
12212
4 121 123
Cleve & P gen gu 44e ser 8_1942 A 0 101% 1-0412 10134 10134
16128 1611-8
10-yrgold 44s____Feb 15 1935 F A 10058 Sale 10014
1007
28 100 10314
Series A 44e
19423 J 1015€ ____ 10214 Nov'27
Canadian Pac Ry 4% deb stock__ 3 J 9034 Sale 9058
9112 151
89% 92
Series C 34e
1948 MN
9014 ____ 9014
9014
3 -66c8 .661;
Col tr 44e
1948 M S 10012 100,
4 10014
10012 19
9912 10114
Series D 3;
,
,
,ei
1950 F A
___ 893*
4
8958
89% 89%
Carb & Sbaw let gold 4s
1932 51 8 9438 96
9834 Dec'27
Cleve Sbor Line let gu 445_1961 A 0 104
89%107 10412 Mar'28 -- -- 10412 10812
Caro Cent let cons g 48
1949 J J 8414 8812 85 Mar'28
80 -665-8 Cleve Union Term 5411
1972 A 0 1094 Sale 10934 10984
109% 110%
Caro Clinch &0 let 30-yr 561938 .1 D 105 10512 10312 Mar'28
10234 10512
1st a t 58 ser 13
1973 A 0 107 Sale 10638 107
108 10714
let & con g 138 miles A
1952 I D 10812 Sale 10812 10812 24 108 10912 Coal River Sty 1st gu 4s
1945 J D 9312 Sale 9212 Nov'27 -Cart & Ad let gu g 48
1981.5 D 0438 96
95 Jan'28
94% 95
Colorado & South 1st g M_1929 F A
_
9958 Sale 993*
991*
7 -56; 1-00-le
Cent Branch U P let g 4s
1948
D 87% 89
8734
8734
87% 90
1
Refunding & exten 445-.1935 M N 9958 100
9912
9934
8
9912 100
Central of Ga 1st g 5e_Nov 1945 F A 10814 109 10818
10818
2 10818 10818 Col & DV lst ext g 48
1948 A 0 9614 98
9878 Mar'28 -96% 96%
Consol gold 58
1945 M N 1065 Sale 10658 10658
7 10614 10714 Col & Tol let ext 45
1955 F A 9412 9712 9512 Mar'28 -- -9512 9512
Registered
F A 10458 ____ 10414
_- 10212 10411 Conn & Passum Rh,1st 44_1943 A 0 90
9012 8818 Mar'27
10-year secured 6s June 1929 J D 10114 Sale 10114 Feb'28
1930 F A
__ 9612 Mar'28
10114
9 10114 10214 Consol Ry deb 46
- -6612 'DWI;
Ref & gen 54s series B___1959 A 0 10818 ____ 108 Mar'28
Non-cony 48
1954 .1 J 80
_ _ 107 10814
82
9612-8012
81
3
8214
79
Ref & gen 5s series C
1959 A 0 10312 ____ 10334 Mar'28
103% 1041s
Non-cony deb 48
2
_J&J 1955 .1 J
881118
8612
78
Chatt Div pur money g 40_1951 J D 95% sale 9518
9518 9512
1
_
Non.conv deb 4s_Ae40 195 A 0
9518
Jan'28
28
8112
80
Mac & Nor Div let g 56_1946 .1
1067 __ 10712 Oct'27 _ _
Non-cony debenture 45.-195 J J ,712
8
98
2i4 173
82
738
S83
1
1812 9
82 .
78% 8314
Mid Ga & Atl div 5e
19473
106
0358
18 ____ 104 Oct'27
Cuba Nor Sty let 51.49
194 J D
96% 9814
Mobile Division 56
1946 J
10678 Mar'28 _ _ _ _ 10614 10878 Cuba RR let 50-year M g,...l952 J J 9814 Sale 9813
993* 31
9734 100
Cent New Eng let gu 4e
19131 J J 865
8712
1
8712
86
1st ref 74e eer A
1936 J D 10912 110 10914
88%
8 1081
110
/
4 110
Central Ohio reorg 4
_1930 NI S 10018 Sale 10018 100%
1st lien & ref (3s ser B
2 1001s 10014
1936J D 100 Sale 100
10014
5
9912 10012
Central RR of Ga coil g 56 1937 Re N 10012 10078 10012 Mar'28 _ _ _ _
10012 10134 Day & NI ich let cons 448_193 1
100 ___ 100 Mar'28
_
0934 10012
Central of NJ gen gold 58_1937 3 J 11634 11734 11712 Mar'28
_ 11678 11912 Del & Iludson 1st & ref 4s_.1943 M N
95% Sale 95%
96'2 50
93
9634
Registered
1937 Cl J 116 119 117% Mar'28 _
117 11818
30-year cony 5e
1935 A 0 10134 10178 10012 Mar'28
100 101%
General 48
1987 J J
9712 9712 Mar'28 _
97% 99
15-year 5345
1937 MN 10412 106 10558 106
10 10412 107
Cent l'ac let ref gu g 48
1949 F A 9518 9614 9518
9418 9612
10-year secured 76
1930 J D 10512 10614 10612 Mar28
905* 25
10418 107
Registered
11 A
94 Jan'28
94
_
1936 F A
94
D RR & I3dge 1st gu 48 g
Mtge guar gold 34s _ _Aug 19293 D -46
6618 09
99
11
09
9914 Den & R 0 let cons g M
1938 J
94 gl.de- 9
93
6314
4 '
A9942 -166
9238 94
Through St L let flu 45___1954 A 0 94% Sale 9418
1
94
10
94
Consol gold 44s
9431
1936 J
9718 9712 9712
2
973*
6618 9814
Guaranteed g be
19611 F A 10424 Sale 10414
10434 111 10334 10512
Improvement gold 5e
1928 .11 D 100 10018 100
6 100 10014
1001
Charleston & Sayn'h let 76..1936 J J 11318
11938 Aug'27
Den & lit) West gen 56_Aug 1955 MN
9612 Sale 05
387
97
89/
1
4 97
Des M & Ft D 18t gu 414.___ _1935 J J 2712 49
2714 Feb'28
2714 31
Chee & Ohio fund & Mint 58_1920 1
10038 1008* 10014
10014
1 10014 10138
Temporary ate of deposit__ _ _
32
27
32 Mar'28 _
26
32
let consol gold 58
1939 M N 107 Sale 107
107
11 10614 10734 Des Plaines Val 1st gen 4153
10214 Feb'28
, 1947.1 8
10214 10214
Registered
1939 M N 10558 107 1055* Mar'28
0558 1055* Det & Mac_ let lien g 4s_1995 J D
81
1
80
80
1 80
82
80
General gold 4 411
1992 NI 8 1025€ Sale 1025*
10312 48 1025€ 105
Gold 48
1995 J D 70
75
70 Mar'28 _ _
70
72
Registered
141 S 102 Sale 102
102
1 100 10214 Detroit River Tunnel 43.45.1081 M N 10234 10312 103
1 101% 103
103
110-year cony 446
1930 F A 10014 10012 10011
10012 20 10014 10118 Dul Missabe & Nor gen Se.. 1941 J J 10334 ____ 10378 July'27
Craig Valley let 5e
1940 J
101
____ 10234 Jan'28
10234 10238 Dul & Iron Range 1st 5e_
1937 A 0 103 Sale 103
5 10294 118.1-8
103
Potts Creek Branch 1st 48_1946 J J 9214 ____ 9312 Mar'28
9134 9312
Registered
A 0
10278 Jan'28
102% 10276
R& A DR, let con g 48_ _ _ _1989
J 94% ____ 94%
9412
1
9418 94% Dul Sou Shore & Atl g 5s___1937 .1 J 8618 Sale 86
2
8618
88
90
2d consol gold 48
1989 .1
9258 ____ 925€ Mar'28
9112 92% East Ity NlInn Nor DPI let 46.'48 A 0 9414 ____ 95 Mar'28
__
95
98
Warm Springs V let g 55._1941 NI 13 10078 ____ 10212 Mar'28
10212 10212 East T Va & Ga Div g 5e____1930 J J 10034 ____ 100% Mar'28
10034 104
Cheese Corp cony 5s May 15 1947 NI N 100 Sale 9934
100
350
988 100
Cons let gold 58
1958 NI N 11018 Sale 11018
1101€
10978 11012
ChM & Alton RR ref g 3s
1940 A 0 73
7314 7318
7314
14
73
Elgin Joliet & East let g Se....1941 M N 10538 ____ 106
74
06
10414 106
Ctf deg stpd Oct 1027 Int _____
_
73,4- 7314
7212 7312 El Paso & S W 1st 513
7314
1
1985 A 0
__ 10934 Mar'28
109 10934
Railway first lien 3 As__ _ _1950
J 5914
5914
5914
1
5878 62
Erie let consol gold 7s ext_ _1930 M S 10512
109381053-4 105%
2 10512 108%
10534
Ctfe dep Jan '23 & sub coup _- 5914 5912 59
603* 36
let cons g 48 prior
59
89
6
911%
1996 J J 90 Sale 90
18
907g
91
89
ChM Burl & Q-111 Div 346_1949 J J 89
8912 80
8958
6
Registered
1997 J J
Jan'28
86
86
86
Registered
J
89% Feb'28
8938 9014
let consol gen liens 4s
1996 J
13. Sale 85
85% 59
84
8834
Illinois Division 45
1949 J J
965* 971, 96%
965 9854
9659
Registered
2
1996 J
5
_
8714
8714
82
87,4
General 48
1958 M
9618 9712 96%
9712 40
34
967€
Penn roll trust gold 4e_ _ 1951 F A 10234 foia; 10234 Mar'28
1021/ 10312
let & ref 434seer II
1977 F A 10214 10212 10218
10278 12
50-year cony 4s series A _ _1953 A 0 8814 Sale 87%
4
7
8814 46
8712 8912
1971 F A 10812 10912 10812 10812
let & ref 5s series A
1
0
9738
1'8 11°
3
10
2
1963 A 0 87% 88
22
88
87
,
4
86% 891s
Chicago & East Ill let 88_1934 A 0 10678
_ 101378 Mar'28
106%1071g
Gen rcirovS4s series D
1953 A 0 86
1
____ 8812
88,2
87
8812
O & E III Ity (new co) con 53_1951 51 N 874 Sale 87,
8
8812 57
85
53
Ref & impt 58
1967 M N 987 Sale 9812
991k 182
97% 9934
Chic & Erie let gold 5s
1982 M N 11114 ____ 11112 11112
1 11012 11214
Erie & Jersey let st8s
1955 .1
358 1
114
1
1133
1 3
1 %4 1 14
33
58
4 13
3 58 14 113 11471
Chicago Great West let 45 1959 M
6978 Sale 69
70
114
66
7212
River
Genesee
lets
f
56_1957
2
.1
112% 115
Ohio Ind & Louisv-Ref 61_1947 J .1 117 118 11818 Feb'28
11678 11814 Erie Jr Pitts gu g 348 B
1940 J
102
Jan'28
102 102
Refundlng gold 56
1947 J J 105 106 116 NI,
V27
Series C 3945
19403
2
92
Refunding 48 Series C___ _1947 .1 J 97
90% 94
9114 May'27
RR
exti
Est
e
SIN
f
76
1954
10
94
0% S-a-l-e- 10414
92
104% 97 100% 1047s
General 55 A
1966 NI N 106 Sale 106
10618 21 10534 10714 Fla Cent & Penn let ext g 56_1930 J J 9934 ____ 10212 10212
2 10212 10212
General 6s B
May 1966.5 J 110 11118 10912 10912 21
1091€ .
1111
COIISOI gold 5s
- - -2
J J 1023* Sale 10234 10234
2 102% 10234
Ohio Ind As Sou 50-year 411-1956
3 96
9612 96
96
2
95% 9612 Florida East Coast 1st 4348_1959 J D 9934
10012 Mar'28
100 10112
Chia L & East let 4 4e__1969 -1 D 10212 ____ 10211 Feb'28
10212 10212
let & ref 5e series A
1974 NI 5 89 Sale 8812
'8914 198
8314 8958
M & Puget Sd let gu 4s___1949 J J
048
75 Mar'28
70
112 0
_
51 FondaJohns & Gloy 446.__1952 M N 4812 Sale 4812
4912
732
12
45% 52
CO M & St P gen g 46 Ser A..61989 J J
9212 Sale 9238
93
30
Fort St U D Co lets 4 46_1941 J J
Jan'28
9812
9714
9812 98%
Registered
@
9118 Jan'28
91
9138 Ft W & Den C 1st g 594s._ _1961 J 0 los 16i3-8 108
1 108 105.34
108
General gold 33.e ser B_ _61989
J 813€ 8112 81%
8138
4
803
8
8134
Ft Worth & RIO Or let g 48 I928 1 J 9934 99% 99%
4
99%
9914 99
Gen 44s series C___May 19893 J 10278 103 103
,
4
103
10012 10414 From Elk & NI° Val let 136_ _1933 A 0 10614 108,
5 10614 10712
4 /0712 10712
Registered
1(7/3342
_ 10014 10012 G 11 & 13 A NI & P let 58.-1931 M N 10112 10218 10134 Mar'28
10114 102%
Gen & ref ser A 44sJan 2014 A 0
7
_ __
7238 74
2d extene 58 guar
1931 .1 J 100% 10078 10038 Mar'28
10038 101%
Gen ref cony ser II 56 Jan 2014 F A -16214 163 - 75 NIar 28
701s 75
Gate Hoes & Bend let 5s__ _1933 A 0
100 100 Mar'28
in!
!10058
1st ser Cs
1934 J
103 Sale 10234
10314 23 10234 104
Ga & Ala ICY let cons 58.0et 1945 J J
7
9912
99 Sale 9812
98 10034
Debenture 44e
1932
D
75 Mar'28
71
75
Ga
Caro
&
Nor
1st
gu
g
5e
1929
10014
J
Mar'28
J
____
99
10014
Debenture 4e
10034
1925
D
717 Feb'28
_
71
7334 Georgia Midland let 3s
Feb'28
1946 A 0 7612 771 78
78
78
25-year debenture 46
1034.5 J
_ 7214 Feb'28
7012 737 Grit & 1 ext lit gu g 4 lis__ _1941 J J 10038 -- 101 Mar'28
10014
101
Chic Milw St P & Pac 59. _1975 F A 9814 Sale 9712
951 9812 Grand Trunk of Can deb 75_1940 A 0 11618 Sale 116
0812 5572
116% 21 11518 11834
Cony adj 5e
Jan 1 2000 A. 0 73% Sale 68
7418 8269
6178 741y
16-year s f 68
1938 NI 5 109 Sale 109
28 109 10956
109
Grays Point Term let 56.. _1947 I D 99% - - - - 99% Feb'28
9834 99%
0111e & N'west gen g 346_1987 NI N 83% 85% 8314
8312 16
8314 86
Great Nor gen 76 series A
1936 J 1 11538 Sale 11518
11512 117 11478 116
Registered
Q F 7818
84 Mar'28 _
84
845*
Registered
J .1
_ 11458 Feb'28
114% 114%
General 4e
1987 M N
9534 96
11
9614
05
9534 98
,
4
lot & ref 4..s series A ___ _1981 J J I0034 Sale 100% 10034
3 100 10212
Stpd 48 non-p Fed In tax '87 NI N
9534 Sale 9534
9534
4
General 5!.ie series B
1952 J
11212
112 Sale 112
7 112 11514
Gen 41/6 etpd Fed Inc tax _1987 51 N 10912 111% 112
9
15
12
34 1634
9
15
General 56 series C
1073 J
24 10678 109
10814
109
Gen 5,stud Fed Inc tax,, 1987 NI N 115 Sale 115 Mar'28
1083s
sale
115
3 112 117
General 494s series D
1978 J
10012 Sale 100
100% 21
99% 10114
Registered
101 N 10912 114 113 Mar'28
113
113
General 445 series E_ _ _ _1977 J
10014
100% 66
100%
Sinking fund 6e
98% 1013s
1879-1929 A 0 10218 10278 1023€Mar'28 _ _ _ _
10238 10258 Green Bay & West deb cite A_ _ _ Feb 85% Sale
86 Mar'28
88
Sinking fund 58
86
1879-1939 A 0 10034 10138 10034
86%
101
4 10034 10138
Debentures
etfe
It
Feb 25 Sale 25
25
2
2412 2914
Registered
1879-1929 A 0 100%
10012 Oct'27
_
Greenbrier Sty let gu 48__1940 MN
0512
_ 9512 Mar'28
Sinking fund deb 5e
8 9512
95,
103351 N 103%
103
103
7
152i8
1
(
ii
Gulf
Mob
&
Nor
1st
5
lis_
_1950
A
0
10818 107 107 Mar'28
Registered
10611 10712
M N 10218
_ 10218 Mar'28 _ _ _ 10218 10'218
let M 5e series C
1950 A 0 101 10312 103 Mar'28
103 104
10-year secured 7s g
1930
D 10434 105 1044
105
23 10434 20812 Oulf & S I let ref & ter g 56_81952 J J 107%
10818
10712 10814
15-year secured 64e g
1930 M
-- 10818
11334 114 11334
11334
2 11212 11414 Hocking Val let eons g 4 49_1999 J J 105 1-0576 105 10712
10514
8 105
lift ref g 58
May2037 J D 11112 11134 11112 11212
5 1111811
Registered 4J
1999 .1
10412 Feb'28
10412 10412
let & ref 44e
May 20373 13 10312 Sale 103
10312 64 102 10412 Hematonic Sty cons g 5e
1937 M N 1015*
10112 Mar'28
10112 10112
Ohio R I & P Railway gen 48_1988
.1 9312 94
9312
94
0
92%
T
98
II & (11st g Int guar
1037.5 .1 10334
104 Mar'28
10318 104
Registered
J J 9134 9212 9178 Mar'28
9138 917€
Waco & N W div lst Os_ _ _1930 M N
10312 Mar'28
Refunding gold 4s
10312 10312
1034 A 0 95% Sale 9534
96
143
9512
063
4
Houston
Belt
&
Term
let
68.1937.5
J jai:8 Sale 102% 10258
101% 10258
Secured 4 Fe series A
1952 M S 96% Sale 9614
9634 146
2
9558 97
Houeten E & W Tex 1st g 511_1933 MN 100%
10078
100%
100% 100%
J D 9212
Ch St I.& N 0 Mem Div 4s_
-- 9212 Mar'28
_
92
9234
let guar 56 red
1933 M N
2 101 102%
101
101
Ch St I. P let cons g Ls
1932 A 0 10214
10278 Feb'28 _ _ _ 10234 103,,,. Hud & Nfanhat 56 series A 1957 F A 1001s
10212 Sale 10134 10212 103 100% 10212
Chle St P 51 & 0 eons 68_1930 .1 D 10258 103 10214
10234
1 10234 1033
Adjustment Income 56 Feb 1957 A o 93 Sale 9258
9312 201
91% 93%
Cons 13e reduced to 34e_ _1930 J D
9614 Nlay'27
__
Illinois Central 1st gold 4e_ _1951 .1 J
97
98 Mar'28
98
97% 9914
Debenture .5e
1930 hi
10018 10012 10038 Mar'28
166"
1st gold 34s
1661-2
1951
J
.1
80
89
3
89
9012
Stamped
90
89
10018 _ _ _ 100
Jan'28
100 100
Extended let gold 3}O....1951 A 0 80
9112 9112 Jan'27
Chia T II & So East 1st te1960 J D 103% Sale 10318
10318 53 10218 1035s
gold
36
let
sterling
96 Mar'28
76
Dec 1 1080 Nt 8 9878 Sale 9814
Incgu5s
987
58
9812 9878
Collateral trust gold 48.. _1
19
95
52
1 M
A O
S 95 -96
97% Mar'28
9434 Val;
J 10214 Sale 10214
01110 Un Sta'n let gu 4 As A 1963.5_
10212
4 110
04
13! 100
let refunding 46
2,
4
1955 M N
96% 073s 9612
97% 27
9612 9812
1963 J J 10512 Sale 105% 10512 49
let M series 13
Purchased lives 394e
J 8712 8912 89% Mar'28
1952 3
.1 j
89,
8 0018
1944 J D 104 Sale 1035€
Guaranteed g 58
10414
5 10318 105
0334 Dee'27
19633 J 118 Sale 11712 11834 18 11712 11914
let 65.45 aerie
,C
rtaelrtrust
ed
Collateral
gold 4.8
1953 SON 9314 Sale 9314
9312 ___8 -5g8 04
ChM & West Ind gen g 6s_ -1/1932 Q M 10518
103 Jan'28
_ 102% 103
Registered
MN
91 Nov'27 _
1952 J
Consol 50-year 46
93 Sale 92%
93
82
9111 93
Refunding
10618 11618 10912 10912 11 165 1164
198251 S 10434 1051s 1043€
lit ref 54e ser A
105% 35 105 1057s
15-year secured
5
/
4 25 11234 114,4
614s g ---11993565 31%1 N
J 11234 Sale 11234 1131
Choc Okla & Gulf Cons M._ _1952 MN 107% --- - 1075€ Mar'28
107 10758
40-year 4445
1 1966 F A 102 Sale 102
10214 88 101 10214
oh, & D 2d gold 448
1937.5 J 99% Sale 9918
99%
3
Cairo Bridge gold 4Asug
99
99,4
9258
97% Jan'28
97% 9718
st L C lst g 4s_ __Aug 1936(
.4
9758 98% 9818 Feb'28
9818 08%
Litchfield Div let gold 38_1
56.1
J 0
.1
1951
r _ 8012 Oct'27_
Aug 1936
F 9718 __ _ 9714 Feb'28
Registered
__
9714 971
/
4
Louisy Div & Term g 346.1953 .1 J 8086% 8724
- 875€ Mar'28
-11%
1042 NI N 9418
ClnLeb & Nor gu 48 g
9334 Feb'28
4934
Omaha Div let gold 3s_ _1951 F A 78/
93 1
1
4 8112 8012 Jan'28 ___
7912 805*
Due Feb. e Due May. p Due Dec.
New York Bond Record-Continued-Page 3
1954
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 20.
t-
Price
Friday.
March 30.
Week's
Range or
Last Sate.
High No.
Ask Low
Bid
Illinois Cent (Concluded)80
82 80
St Louis Div & Term g 35_1951 3.3 80
8914 Mar'28
1951.3, 8914 91
Gold 33s
Oct'27
Springfield Div let g 370_1951'J 8712___.
2
928
9234 9612 9278
Western Linea let g 43_1951 PA
Jan'28
PA
90
Registered
Ill Central & Chic St L & N 0
10734 43
Joint let ref 58 series A___1963 JD 107 Sale 107
1963 JD 10058 Sale 10012 'CO% 50
1st & ref 43s ser C
10838 Mar'28
1951 JD 10818
Gold 58
13 8358 -8412 8412 Jan'1.7
1951
Gold 3340
933 Sept'27
Ind Bloom & West let ext 45_1940 *0 9328
9614 Mar'28
1950 J J 9512 -98
Ind III& Iowa lst g 4a
1956'.3 901g_ 9018 Feo'28
Ind & Louisville let gu 4s
6
Ind Union Ry gen 58 ser A 1965 J J 10138 1-6i12 10412 BAN
10432 Feb'28
1965'.3 1023e-Gen & red 5a series 11
lot & Grt Nor let 88 aer A 1952 JJ 10678 tale 10678 10712 43
9618 412
Adjustment 135 ser A July 1952 Aprl 03 Sale 95
1712 Feb'28
Stamped
34 19
100
100
J
10012
100
1956
let 58 series B
1958 3.3 10034 Sale 10058 10118 26
let g 55 series C
9
8414
84 Sale 84
1972 MN
lot Rya Cent Amer let 5s
1
96
96
1941 MN 9512 96
let coil Cr 13% notes
60
95
1947 FA 9434 Sale 94
let lien & ref 6 As
Mar'28
45
45
D
40
J
Iowa Central let gold 58.-1938
7
4219
42
42
35
Certificates of deposit
13
14
1951 MS 14 Sale 1314
Refunding gold 48
1
96
96
D
9612
9514
James Frank & Clear let 46_1959
1938 3, 103 -- 103 May 27
Ka A & G R 1st gu g 58
2
9118
9118
1990 AO 9118
Kan & M lst gu g 43
5
100
1928 MN 100 Sale 100
KCFtE734Mconsges
961s 23
9612 96
K C Ft 8 & M Ry ref a 48.._1936 AO 96
4
10312
101
AO
_
101
KC&M R&B 1st go 5s1929
18
79
Kansas City Sou let gold 38_1950 AO 7878 Sale 7878
42
103
J 103 Sale 102
Apr 1950
Ref & impt 58
57
4
943
93%
Sale
94
Kansas City Term let 4s___1960'.3
Kentucky Central gold 45.__1987 J J 9334 -- 9334 Feo 28
9358 Mar'28
Kentucky & Ind Term 4348_1981 J J 9134 -93
12
96
96 Sale 9512
1981 J
Stamped
9828 Mar'28
1981 J J 99 102
Plain
Mar'28
8
1043
10514
'.3
10414
1937
Lake Erie & West let g 5s
2
-- 10334 10334
1941 3,
26 gold 58
5
8638
8614 8712 8614
Lake Shr & Mich El g 340-1997 .311 103%Mar'28
8518
-1997 JD 855
Registered
28
100
9978
8 100
1928 M S 9978Debenture gold 48
99% 22
1931 MN 9938 9958 9938
25-year gold 45
MN
98% -- 9934 Feb'28
Registered
1
10634 10634
Leh Val Harbor Term 53.-1954 FA 10612
10112 Mar'28
Leh Val N Y 1st gu 4 As-1940.3' 10178
91% 70
Lehigh Val (Pa) cone g 417_2003 MN 91 Sale 9034
Jan'28
91
MN
Registered
25
102
2003 MN 10114 Sale 101
General cons 4348
MN
98 Nov'27
Reglstered
14
8
3
110
10978
MN
8
1103
1107
series_2003
s
Lehigh Val RR gen 55
Leh V Term Ry let gu g 58__1941 A0 10638 107 10618 Mar'28
AO 10312 10612 10378 Feb'28
Registered
9212 Jan'28
Leh & NY let guar gold 48._1945 MS 9258 95
Lea & East let 50-yr 58 gu--1905 AO 113 11378 114 Mar'28
Jan'28
9212
_
_
_
_
95
MN
A__1962
Little Miami gen 48 Ser
3
1935 AO 10914 Sale 10914 10914
Long Dock consol g 68
Long laid lat con gold 583uly 1931 @ J 10034 10178 101 Mar'28
Mar'28
4
993
4
993
9812
let consel gold 48.__.July 1931 Q J
1
9612
1938 J D 9612 Sale 9612
General gold 45
9614 Sept'27
1932 ID 97
Gold 48
1949 MS 9238 9328 9278 Mar'28
United gold 4e
1934 JD 100 10134 10014 Nov'27
Debenture gold 58
6
100
1937 MN 100% 100,4 100
/10-year p m deb 5a
94
9312 38
9318
S 93
1949
Guar refunding gold 45
1
10134
Nor Sh 17 let con gu 5a_Oct '32 Q J 10134 Sale 10134
2
9334
9334 Sale 9334
Lou &Jeff Bdge Co gu g 45..1945 M
Louisville & Nashville 58-1937 MN 105 107 1054 Mar'28
9734 23
1940.3, 9734 Sale 9712
Unified gold 48
1931 MN 10114 --- 10138 Mar'28
Collateral trust gold 5a
8
1930 MN 10378 Sale 10312 10378
10-year secured 7e
let refund 5745 series A._2003 *0 10912 Sale 0912 10912 22
0812 10812
2003 AO 10812 109
let & ref 547 series B
-- 94 Mar'28
2003 *0 104
lot & ref 4428 series C
1930'.3 10214 10314 0214 Mar'28
N 0 & M lat gold 13s
1930 J J 10214 10314 0358 Dec'27
2d gold 811
9778 9638 Feb'28
Paducah & Mem Div 49_1946 FA 96
4
7058
7058
St Louis Div 2d gold 35_1980 MS 70%
10278 Feb'28
MS
-102%
4348...1945
g
1st
Mob & Montg
1
93
South Ry Joint Monon 48_1952.3, 93 Sale 93
5
9612
9612
96
97
All KDOXV & Cin Div 48..1955 MN
Mar'28
10012
N
10038 101
Loulav Chi & Lea Div g 4348'31
1934 J J 10212 10412 10312 Jan'28
Mahon Coal RR 1st 59
10
76
76 Sale 7512
Manila RR (South Lines)48_1939 MN
7934 82 8118 Mar'28
1959 MN
let 45
Manitoba 73 W Colonimen 58 1934 ID 100 101 10058 13,,aar'28
91
88 Mar'28
Man GB&NW 1st 3As...1941 .1 .1 88
M 10112 10212 10112 Mar'28
Mich Cent Det& Bay City 56231
10034
Mar'28
QM
4
1013
4
3
100
Registered
9758 Jan'28
1940 J J 97%
Mich Air Line 45
-- 9634 Nov'27
I,
Registered
7
89
195: Ml's 8858 Slue 89
let gold 374s
9978 12
9978
1929 AO 9978 100
20-year debenture 4s
4 100 9834 Mar'28
1
1940 *0 98/
Mid of N J 1st ext 5a
- 10012 Mar'28
Milw LB & West imp g 5a 1929 FA 10012
99 9914 Feb'28
D 98
Mil & Nor let ext 4348(1880) 1934
5
Sale
9758
9758
97%
.311
1934
Cons ext 434s (1884)
9712 96 Mar'28
S 96
MB Spar & N W let gu 45_ I947
25
46
4878 46
Minn & St Louis 1st cons 517_1934 MN 43
5
47
47
47
MN 42
Temp etre of deposit
13
18
1734 Salo 17
1st & refunding gold 4s___1949 M
1434 14
1458
4 20
/
Ref & ext 50-yr 58 ser A..1962 Q F 141
9138 45
M St P&SSM con g 4.8 lot gu'38.3, 9118 Sale 91
5812 Dec'27
Registered
9
99
8
995
.3,
9814
9912
1938
let cons 517
10014 14
9934 100 100
let cons 58 gu aa to lot....1938
8
10134
10-year coil trust 34s_-1931 MS 10114 10134 10114
10158 102 102 Mar'28
1946 3
let & ref 85 aeries A
9458 16
1949 MB 9458 Sale 9418
25-year 5348
9838 Oct'27
let Chicago Term a 1 48.-1941 MN 9518
J 99 ___ 98 Mar'28
1949
Mississippi Central 1st 5e
96
92
Mo Kan & Tex let gold 4a._1990 JD 9134 Sale 9134
4 104% 18
1
Mo-K-T RR pr lien baser A_1982'.3 104% Sale 104/
1
91
3 9012 9112 91
1962
40-year 45 aeries B
Cum adjust 58 ear A Jan_1967 A0 107 Sale 10612 10714 151
3
lido Pao lat & ref 55 ger A...1965 FA 103 Sale 19278 10318
8134 78
1975 MS 8012 Sale 8038
General 45
1977 MS 10134 Sale 10158 10214 148
1st & ref baser F
9478 Mar'28
97
Mo Pao ad 7e ext at 4% July 1938 MN 95
J' 103 --- - 103 Feb'28
Mob & Bir prior lien g
100 Mar'28
100
J
Small
9214
9214
9218 93
1945
1st m gold 48
84
J 84
87 84
1945
Small
Mobile & Ohio gen gold 4s_ _1938 MS 9614 97,2 8112 Mar'28
5
Montgomery Div let a 58_1947 FA 10434 106% 104% 10478
9934 81
1977 MS 9912 Sale 99%
Ref & impt 4 As
Mar'28
97
MS
48_1991
gold
gu
let
Mar
Mob &
- - 11212 Mar'28
11312
971937 J J 11214
Mont C let gu Os
1937 J J 10512 10612 10434 Jan'28
ist guar gold 55
8434
4
8458
85
3D
8414
Morris & Essex let gu 3 4s_2000
9978
8
Nashv Chatt & St L 18t 5a_ _1928 *0 96 Sale 96
104
3
1937 FA 10358 10614 104
N Fla & B 1st gu g 58
30 Sept'24
Nat Ry of Mex pr lien 4 As.1957 J J
1912 12 a4a2'28
18
Assent cash war rct No 4 on
8712 Aug'25
1977 A--ta
Guar 70-year s f 48
1922 Sale 1912
1912 10
Assent cash war re; No SOD
Range
Since
Jan. 1.
Low
High
90
80
8914 8938
9-414
Ws 90
90
10614 10814
9938 101
10858 10812
-901-4 97
908 9112
104 105
10412 10412
10634 10812
9312 9914
7712 7712
99% 10178
10038 102
8178 8414
9434 9734
9518
91
38
47
48
38
1018 1732
96%8
96
9073 -9-61;
100 10078
96
9634
4 10312
/
1001
7712 7934
10138 10314
9338 9534
9312 9612
91
9358
9358 9612
9838 9838
10334 10478
102 10478
8358 87,2
86
85
98% 100
99,8 100
9934 9934
10614 107
101 10212
9034 9312
91
90
10012 102/
4
1
io5- 11114
10512 106%
10378 10378
9212 9212
114 11538
9212 9212
10914 10912
10034 102
9818 9934
94% 9612
9258 9312
9934 10112
9212 9434
10112 102
93% 94,4
10534 106
9738 0914
10138 10258
103 10512
10E08 11012
10838 10834
104 10434
10214 10338
"iiTs
43834 7034
102 10278
92% 9414
9812
96
100% 10034
10312 10312
76
74
8234
80
100% 10112
88
88
10112 10218
10034 10178
9752 97%
-I-39991.1
9714
10014
9914
9758
9534
42
40
14
1122
9078
-19-4
100
9934
10058
99,4
9912
9718
4914
50
19
1518
9212
9814 10012
9912 101
10114 10318
101 10318
98
94
"ii 9913
9122 9234
10418 10434
9034 9212
106 10912
10218 10378
7914 8314
101 10258
9334 9478
103 103
99% 100
9218 96%
88
84
9734 98
10414 1053A
9812 9934
97%
97
11212 11274
4 10434
1
104/
88
81
96 10014
10312 104%
"in" 113;
1712 21
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 30.
-3
it
Price
Friday,
March 30.
Week's
Range or
Last Sate.
.;;
g3
.
,
roc
High NO,
Ask Low
Bid
3812 July'25
Nat RR Mei pr I 4348 Oct_1928 3,
18
Assent cash war rct No 4 on
18 dEY.- 1712
28 Apr'26
1951 40
_
let consol 45
958
Assent cash war rct No 4 on
1012 11
1018
111999445456 MN
85
8638 Nov'27
Naugatuck Rn let g 4s
J J 10212 105 10234 Feb'28
cons 55
New England co
.1 9214
93 Mar'28
Congo' guar 45
1988 FA
J June RR guar let 4s
- _ 9034 Mar'28 -_-_-_-_
.1 8814- 10114 Mar'28
_
NO&NE 1st ref & imp434aA'52
99 10114
1953 J J 9314 Sale 9318
New Orleans Term let 48
9314 10
NO Texas & Alex n-c Inc 517.1935 AO 9958 10014 10112 Mar'28
*0 10138 Sale 100
10138 12
let 58 series B
1956
84 FA 10312 Sale 10312 10378 14
9
1st 55 series C
1956 FA 99 Sale 99
99% 59
1st 4348 series D
1954 *0 105 Sale 105
10512 25
let 530 series A
Jan'28
J 10014
100
& C Bdge gen guar 4 As 1945
101 Mar'28
_
NYB&MB let con g 53_1935 40
5 MN 101 10112 10734 108 --22
998
193
N Y Cent RR cony deb 86_1
FA
9514 96 9534 9612 80
series A
Consol 48 se
Ref & inapt 434s series A.2013 A0 103 10334 10318 10314 24
11014 42
2013 A0 110 Sale 110
Ref &'mot Es series C
8578 3*
NY Cent & Hud Riv 51 3%51'
1297 J J 8518 Sale 85182
3, 8412
8438 Mar'28 ____
te
Regisred
9814 20
1934 MN 9812 Sale 9814
Debenture gold 4s
MN 95,4 9838 Jan'28
Registered
2 1.3 97
48
98 Mar'28
199
_
30-year debenture 4s
8358 - 5
Lake Shore coil gold 3%8_1998 FA 8312 gale 8312
FA 8212 Sale 8178
8212 30
Registered
8512 Mar'28
Mich Cent coil gold 33.45_.1995 FA 8538 86
_
8318
8318
8 FA
997
193
6
Registered
9712 9814 9712
10
NY Chic & St L 1st g 471-1937 A0 839734
A0 9613 9612 Feb'28
Registered
9914 9734
9918 -15
1931 MN 99
25-year debenture 48
1931 MN 10318 10312 10318 10312 30
2d tls series A BC
10712 87
Refunding 540 series A 1974 AO 10714 Sale 107
13
10714
Refunding 544s series B 1975 J, 107 10714 107
11
NY Connect 1st gu 434s A 1953 PA 10134 Sale 10138 10134
1953 FA 10434 10514 10514 Mar'28 ____
1st guar 58 series B
9212 Nov'27
N Y & Erie let ext gold 48..1947 MN
10034 Dec'27
3 MS 10018
930
193
3d ext gold 43.4s
10034 Mar'28
A0 10034
4th ext gold 5s
9914 Jan'28
1928 ID 9914
5th eat gold 43
100
2
N Y & Greenw L gu g 541_ -1948 MN 100 1-013-4 100
8712 13
Y dr Harlem gold 334s..2000 MN 8618 Sale 8618
80 July'26
NY Lack & W 1st & ref 58_1973 M1 10314
109
_ 109
10
1973 MN 105
First & ref 434s
106 106 Feb'27
0 MS
32
93
19
NYLE&Wlst 7sext
FA 101Ix 102 10112 10112
6
NY & Jersey let 58
90 Mar'28
NY&NE Boat Term 48..1939 AO 9312
1947 MS 88 -8914 7818 Mar'28
NYNH&H n-o deb 4s
6
8112
Non-cony debenture 3 4s.1947 M
8112 Sale 8112
7912 79 Mar'28
Non-cony debenture 3348_1954 AO 79
88
4
88 87
1955.31 88
Non-cony debenture 4a
87 87
8712 56
1956 MN 86
Non-cony debenture 4a
79
11
6'.3 79 Sale 79
58
94
19
Cony debenture 3345
117 Sale 11512 117
J
48
Cony debenture 135
1
'.3 11312 Sale 11312 11512
Registered
10512 81
1940 AO 10518 Sale 105
Collateral trust 65
_ 10912 Dec'27
40
Registered
8112
6
1957 MN 8114 Sale 8114
Debenture 4s
9412 250250
1st & ref 4 As ser of 1027_1067 3D 9438 Sale 9334
_
4 MN 9238 9312 9278 Mar'28
Harlem R & Pt Ches let 45 1955
8014 18
NY 0& W ref 1st g 4a_June 1992 MS 8014 Sale 7814
1
7534
ID 7534 Sale 7534
General 48
9312 92 Mar'28 ____
N Y Providence & Boston 48 1942 *0 92
8934 Jan'28 ---*0
Registered
95% Mar'28 ---NY & Putnam 1st con ICU 451933 A0 __ 96
9012 10
9012 9012
.7 90
NY Susq & West 1st ref 58_1937
7418 8114 8114 Feb'28
26 gold 454s
94 FA
1937
119403
4
7512
7512 Sale 7512
PA
General gold 58
MN 10214 -- 10214 Feb'28 __-Terminal let gold 58
9114 27
.1 9058 Sale 9012
NY W'ches & B let ser I 4 As'413
102% 128
1950 A0 10212 Sale 10214
Nord Ry
51 634s
9634 13
Norfolk South let & ref A 58_1961 FA 9634 Sale 9612
10234 Feb'28 ---_
Norfolk & South let gold 58_1941 MN 10258
5
10538
- 3
;105
Norfolk & West gen gold 65.1931 MN 10518 16g
Improvement & ext 68_1934 FA 10914 -- 10912 Dec'27
New River let gold 6EL...1932 *0 106% -- 10612 Feb'28 -- 97% 15
N & W Ry lst conga 441_-1
96 A0 9714 gale 9714
99
19
_ _ 9558 Mar'28 ____
40 061
re
Registed
4 9614 9612 Mar'28 _-__
4 J J 953849
92
Div'l lot lien & gen g 48_ 19
18234 Mar'28
51 S
10-yr cony 88
2
96,4
1941 JD 9614 9634 9614
Pocah C & C joint 48
10658 Sept'27
10758
North Cent gen & ref 55 A 1974 M
10158 Jan'28
Gen dr ref 434s series A
1975 MS 10312
10312 Mar'28 ---Stamped
10112 10112
4
North Ohio let guar g 58____1945 A0
9512
9614 70
North Pacific prior lien 45___ ig
...11 9558 96
9612 9512 Ma '28
94
Registrd
7078 37
Gen'l lien gold 3s____Jan 2047 Q F 7014 Sale 7014
Jan 2047 Q F 6878 ____ 6918 Mar'28 ____
Registered
10334 21
Ref & impt 434s series A__2047 J J 10334 Sale 03
98 May'27
_
J
Registered
1157g
117
27
Ref & inapt 68 series B___2047 J
11514 Oct'27 -Registered
1
Ref & Rapt 55 series C__2047 J J 10814 1-111812 0812 10812
0812 10834 16
Ref & 'mot 577 aeries D-2047 J J 10814 109
_ 11038 Mar'28
Nor Pao Term Co let g 65-1933
J 11018
Jan 28 ---Nor Ry of Calif guar g 5e---1938 A 0 10512 10712 106
1930J J 10212 10314 10258 Mar'28
North WisconsIn let 6s
Og & L Cham 1st gu 4s g---.1948 J .1 8714 8712 8734 Mar28 --Ohio Connecting Ry 1st 45 1943 M S 96_ _ 9558 Nov'27
1936 -I D 103% 194 10334 Mar'28
Ohio River RR 1st g 58
1937 A 0 10212 106 10418 Jan28 --__
General gold 56
9578
6
Oregon RR & Nay con g 49_1946 J D 9578 9812 9578
10934 11012 11014 Mar'28
Ore Short Line let cons g 58.1946 J
11012 16
1946 J .1 10934 110 11038
Guar cons 55
9978 34
1929 J D 9978 Sale 9934
Guar refunding 48
9334 24
.7 9258 9278 93
Oregon-Wash 1st & ref 49-1961
8
1946 J D 85 Sale 85
4
Pacific Coast Co let g 5s
9512
4
Pac RR of Mo let ext g 4a 1938 F A 9512 Sale 9512
10228 Jan'28 ---_
1938 3 J
2d extended gold 58
10158 Jan'28 --ini
Paducah & Ills 1st 51 4 As.-1955 J
Paris-Lyons-Med RR 68..._.1958 F A 10018 dile 9938 10014 387
Sinking fund external 78_1958 M S 10334 Sale 10334 10414 83
69
Paris-Orleans RR a f 7s__ _1954 M S 310378 Sale 10378 104
9614
14
External sinking fund 534e 1968 M S 9614 Sale 96
Peonage Ry let & ref s f 78..1942 M 8 10234 _ _ 104 Mar'28 ---_ _ _ 98
Jan'28 ---_
Pennsylvania RR cons a 4a 1943 M N 971
9612
08
10
4-9712 9634
Conaol gold 4e
97
1
M N 97 Sale 97
1948 MN
Is sterl stud dollar_May 11948
9
Consolidated *14345 -1960 F A 10518 10512 10434 105
68
General 4 As series A._.1965 I D 10328 Sale 10334 104
31
1968 J D 11218 Sale 11218 113
General 59 series B
78
1930 A 0 10412 Sale 10458 105
10-year secured 75
1938 F A 113 Sale 11234 11315 24
15-year secured 6145
40-year secured gold fe.„1964 MN 10518 Sale 10412 10518 59
93 Jan'28 ---Pa Co gu 334s coil Cr A reg.1937 51 S 9212 _ _
9114 Mar'28
Guar 33.4a coil trust ser 13.1941 F A
_ _ _ 9014 Mar'28
D 90
1942
Guar 3 As trust ctfa C
1
8978
Guar 3345 trust ctfa D_--.1944 J D 8978 Sale 89%
Guar 15-25-year gold 48_1931 A 0 99% Sale 9912 Mar'28
9434
95
9518 30
Guar 48 ser E trust ars 1952 M N 94
2
10134
A'77 A 0 10138 10158 10114
Pa Ohlo & Det let & ref 4
5
Peoria & Eastern lat cons 48.1940 A 0 8912 9114 9114
9114
4012 40 Mar'28 ____
April 1990 Apr. 39
Income 4s
1
4
1
Peoria & Pekin Un let 5341_1974 F A 108 _ _ _ 10838 108/
10512 55
Pere Marquette let ear A 58.1956 J J 10514 Sale 10414
94781 10
19553 J 10418 10478 9114
lat 43 series B
-
2
_
iia
up. Sale
Range
Since
Jan. 1.
Low
High
"if; 228*
-5E8 "Oe
Riga 10-23;
93
00
9038 9812
10014 102
9034 9412
100 102
9912 10138
10312 105
9852 9933
4
1
10478 105/
100 100
101 101
10712 10834
9514 9712
10212 10418
10814 110%
4
1
8518 87/
8458 8512
9914
98
9838 98/
4
1
9734 99
8318 8618
4 8271
/
811
8538 87
8318 8318
9714 98
9618 9612
9734 100
10178 10312
10878 10734
10658 10712
10078 1021s
100% 10514
10034
9914
100
8618
10084
9914
100
8712
10715 109
ioois
"in
90
4 8314
1
78/
7734 81/
4
1
8538 8812
851s 8812
774 80
11538 118
11312 115
105 10534
-801-4 828*
9314 9434
9218 9314
4
1
7914 81/
7412 80/
4
1
92 95
8934 8934
9438 9634
9212
90
81
8112
7218 80%
9978 10214
92
89
100 103
9638 97
4 103
1
102/
105 10512
10611 1-601i
9634
9578
9534
17818
9614
4
1
98/
9513
9884
19011
4
1
97/
1013* 1011,
101
99
9512
95%
7014
6918
10238
10311
103
9772
97
7212
897s
105
11512 11-7-1;
ion" 1691;
108 10934
10978 11018
106 106
10212 10265
883s
87
10384 1-633:5
10418 1041s
96
95
11014 11084
4
/
11014 1111
9912 100
9258 941$
8412 8818
9512 95/
4
1
4
1
10258 102/
10058 10115
96 10052
10112 10414
101 1041s
9814
96
10114 104
991s
98
4 100
1
96/
9878 99
10434 107
10318 1047e
112 115
10438 1135%
11212 11334
164 10571
93
93
9048 9114
8914 9014
893s 90
991s 100
4 9514
1
93/
101 102
9118 92
3712 45
1071s 10811
10418 105589114 961s
New York Bond Record-Continued-Page 4
BONDS
Y.l
STOCK EXCHANGE
Week Ended March 30.
"ts
ks,
t
,8,
Price
Friday,
March 30.
Week's
Range or
Last Sale.
'cTo'
Bid
Ask Low
High No
Phila Bait de Wash 1st g 45..1943 M N 99 100 09
3
99
General be series 13
1
1974 FA 114
114
114
Philippine Ry let 30-yr at 48 1937 J J 4014 4138 4014
4
4078
Pine Creek registered let 68_1932 ID 10534 10712 10634 Nov'27 _
PeCtieStLgii44sA
1
1940 AO 10038 10234 10018
10018
Series It 4348 guar
1942 AO 10112
10214 Mar'28
Series C 434s guar
1942 Si N 10112
10218 Jan'28
Series D 48 guar
1945 hi N 9738 Sale 974
9738 12
Series E 31.45 guar gold
1949 FA
97 Mar'28
Series F 4s guar gold
1953 3D 9718
9714 Apr'27
Series CI 4s guar
1957 MN 971
- 974 Nov'27
aeries II con guar 45
97'a
1960 FA
4-9812 97
9718 13
Series I cons guar 4 46
1963 FA 10412 105 10512 Feb'28
Series J cons guar 4 48
1964 MN 10412 10514 105 Mar'28
D 11314 Sale 11314
General M bs series A_..._1970
3
11314
JD
Registered
11338 Jan'28
Gen mtge guar be series B_1075 AO 1131 Sale 11318
13
11314
AO
Registered
11312 Jan'28
Pitts McK & Y let gu 6s____1932 J J 1041
106 May'27
26 guar (is
1934 33 10558
_ 107
Jan'28
Pitts 1811 & L E 1st g be
1940 AO
1
104
104
let consol gold 55
1943 J J 10212
_ 10012 Apr'27
Pitts Va & Char let 4e
9618 _
1943 MN
95
Oct'27
Pitta Y & Ash 1st 4s ser A
1948 JO 9612 9814 9714 Mar'28
1st gen be series Ii
1962 FA 10734
- - 10812 Mar'28
Providence Secur deb 4s
1957 MN 8014_ 8034 Mar'28
Providence Term 1st 45
1956 MS 90 -0i12 89 Dec'27
Reading Co Jersey Cen coil 48 '51 AO 9658 97
15
9658
97
Gen & ref 4(45 series A
1997 J J 10414 Sale 1034
1044 53
Rich & Meek 1st g 4e
1948 MN 8218 854 8212 Nov'27
Rictim Term Ry let gu 51. _1952
3 10414
10414 Mar'28 - Rio Grande June let go 5e 1939 3D 10078 10112 102 Dec'27
Rio Grande Sou let gold 46..1940 J J
5
812 418 Feb'28 - RIO Grande West let gold 48_1939 .1 3 9412 95
1
95
95
let con de roll trust 48 A..1945 AO 8958 Sale 89
894 28
RI Ark & Louis Int 41413..._ _1934 M
9814 Sale 984
9812 22
Rut-Canada let go g 48
1949 J J 8458 864 8478 Mar'28
Rutland let con g 448
J 9618 964 9655 Mar'28
1941
St Joe & Grand IS let g 4s _1947'3
1
91
91
Ot Lawr & AdIr it g C.c.__ _1996 J J 10078 - - - 10018 Sept'27 _
213 gold (is
__ 108
1996 AO
Jan'28 _
St L & Cairo guar g 45
9834 9918
__
1931 .1 .1 10714984 Feb'28
St L Ir Mt & 8 gen con g 5(1_1931 A 0 10114 Sale 10114
10134 37
Stamped guar 58______. 1931 A 0
10134 Dec'26
99i2 21
Unified & ref gold 4e
1929 3 J 0914 Sale 9914
1 J
Registered
9812 Nov'27
Riv & 0 Div let g 46
9612 9634 9658
1933 NI N
97
38
St L NI Bridge Ter gu g bs_ -1930 A 0 10034 10134 1004 Mar'28 _ _
St I.-San Fran pr I 4,1A
19503 J '1134 Sale 9134
9214 173
Registered
J J
914 Dec'27
_
Con M 44s series A
76
1978 M S 97 Sale 97
97
Prior Ilea bs series 13
1950 .1 .1 10312 Sale 10338 104
26
Prior lien 6s series C__ .__1928 I J 10014 Sale 10014
10038 17
Prior lien 645 series D_.1942 J J 1024 Sale 10212
10258 57
Cues adjust ser A 65_ _Juy 1955 A 0 10158 Sale 10158 10134 184
Income eerles A 6s_ _July 1960 Oct 10134 Sale 10134
10178 197
St Louis & San Fr Ry gen 68_1931 J J
_ 10412 10438 Mar'28 -General gold 58
1931 J J
_ 10312 10312
1
St L Peor & N W let gu 56_1948 J .5 10858 16675 10812 10914
10
It Louis Sou let go g 48_ _1931 M S 0758
9758 Aug'27 - It L SW let g 413 bond ct-fe_1989 NI N 92 Sale 9154
9214 42
26 g 48 Inc bond ette_Nov 1989 J J 85
8712 8514 Mar'28
__
Consol gold 418
1932 J 1/ 974 98
98
9818 35
let terminal & unifying 58_1952 1 3 10212 Sale 102
10212 21
St Paul & K C Sh I. let 448_1941 F A 9634 9718 9634
97
0
St Paul & Duluth 1st 55
li%
g '
3
1, 1
1 10118 10234 10212 Nov'27
__
let consol gold 46
9578 9634 954 Mar'28
St Paul E Or Trunk 440...A947 D J
10014 Nov'27
_
_
St Paul Minn de Man con 41.1933 J J 9814 Sale 9714
9814
4
let coneol g 613
1933 J J 10712 Sale 10712 10712
5
3 3 10634 10834 10634 Mar'28
Registered
63 reduced to gold 41id1933 J 3 10058 Sale 10058
101
6
3 j
_ _ _ 9912 Jan'28
Registered
Mont ext let gold 45
9714 9812 974 Mar'28
1937 -I D 09.
9512 June'27 -1 D 911
Registered
Pacific ext guar 45 (sterling)'40 J J 94
_9434 9418 Mar'28
St Paul Un Dep 1st (lc ref 58_1972 1 J 109 10978 10834
10834
2
B A & Ar Pass let gu g 4e. _1943 J J 94 Sale 9338
9412 36
Santa Fe Pres & rhea 1st 58.1942 M S 103
104 Feb'28
_
Say Fla & West 18t g Os _ _ __1034 A 0
_ _ 109
Jan'28
let gold 58
10212 10412
10212 Nov'27
1934 A 0 108Soloto V & N E 1st gu g 451989 M N 9758
9734 Mar'28
Seaboard Air Line 1st g 414
85
7912 Mar'28
1950 A 0 80
Gold 4s stamped
1950 A 0 8178 Sale 80
8178 61
Adjustment be
Oct 1949 F A 6012 Sale 5614
6034 802
Refunding 48
6812 Sale 66
6834 168
let & cone (is series A
89
442
I 89 Sale 8578
Registered
M S
85
85
1
Atl & Biro] 30-yr let g 41.01033 NI Ei -oF 928 9112
9258
Seaboard All Fla let gu 011A_1935 F A 8612 Sale 8314
87
237
Sallee 11
1935 F A 8638 Sale 8314
8638 28
Seaboard & Roan 5s extd
1931 J J
100
200
10
So Car & Oa 1st ext 548_ _1929 M N 10058 1-01-38 10058 Mar'28
BAN Ala eons gii g 58
1936 F A 104 105 105
Jan'28
Gen cons guar 50-yr be_ 1963 A 0 11458
11434 Feb'28
So Pac coil 48(Cent Pac coil) k'40 J D 04 Sale 9334
94
8
Regletered
J D 88
9112 88 Mar'28 _ _
20-year cony 48
June 1029 M 8 9934 Sale 9958
9978 129
let 434s(Oregon Lines) A.1077 M El 10338 Sale 10314
10312 29
20-year cony 58
1934 3 D 10218 Sale 10218
10212 13
20-year gold be
1944 M N 10014 10034 10014
10014
2
Gold 44s
1968 M S 10014 Sale 100
10012 216
Ban Fran Terml let 4e
1950 A 0 9538 96
96
98
1
Registered
A 0 8818 93 8934 Mar'28
_
So Pac of Cal let con go g 68_1937 NI N 105 10714 105 Mar'28
_
So Pac Coast tot tug 45___ _1037 J J 9738 98
974 Jan'28 _ _ _
So Pac RR let ref 48
1955 J J 9634 Sale 964
9678 140
3 J
Registered
97
Oct'27
SOuthern I1y let cone g 58_1994 J J 11712 Sale 11518
11712 32
Registered
J 1 1104 Sale 11078
11212 21
Devel A gen 4s series A..„1056 A 0 0212 Sale 9218
9234 170
Deveiop & gen 6s
1956 A 0 11912 Sale 11912 12018 62
Devel & gen 6 48
1956 A 0 12658 Sale 12634
127
47
Mew Div 1st g 55
19963 J 112 114 1113e Mar'28
St Louis Div itit g 4e
1951 J .7 9338 9478 9334
9334
2
East Tenn reorg lien g Se..1938 M S 10312 105
9658 Dec'27
Mob & Ohio coil tr 40
1938 NI 5
0658 Mar'28
_7,
apokane Internal let g be. .1953_
J 8912
9534-1.10
8912
90
2
Sunbury de Lewleton let 4e1936 .1 .1 ---- -- 9612 Mar'28
Superior Short Line let 513__e1930 M 8 9978 _ _ 994 Nov'27
_
Term Assn of St L ling 4348_1939 A 0 10138 10218
- - 10218 Mar'28
let cons gold 58
1944 F A 106 10678 10638 Mar'28
Gen refund e 1 g 46
1953 1 .1 9314 9334 9338
0334
6
Texarkana & Ft 8 1st 534e A 1960 F A 107 Sale 10678
107
25
Tex & N 0con gold 5a
10433 J 10314 _ _ _ _ 10314
10314
2
Texas & Pao let gold be
2000 J D 11312 Sale 11318
11312 11
2d Ina 1513(Mar'28 cp on)Dec2000 Mar 100 110 100 Aug'27
_
Gen & ref Ea series 13
1977 A 0 10414 Sale 10313 10411 57
La Div 13 L let g Es
1931 3 .1 101
_ _ 101
101
1
Tex Pac-hIo Pac 'I'er 546..1964 M S 10834
1
- - 10834 10834
_ 103 Mar'28
Tol & Ohio Cent 1st gu Be_ _ _ 1935 3 J 10218
Western Div let g be
1935 A 0 103
103 Mar'28
_
General gold 58
1936 1 D 10012 Sale 10012 10012
2
12
Toledo Peoria & West 1st 41.1917 J J
19
15 Nov'27
_
Tol St L & W 50-Yr g 4a.... 1950 A 0
_
95 Mar'28
19313 1 10038
10038 1004
Tol W V & 0 gu 441 A
1
1001,
let guar 43.4. series B_1933 J .1 10012
10018
4
1942 131 S 96
let guar 40 eerie' C
_ _ 9578 Jan'27
Tor Hain de Buff let g 48._ _ _1948 1 D 9418 ____ 9414
941 1
1
1N2 i
14 Due
Alas.
C
Due June, S Due August.
Range
Since
Jan. 1.
High
99"
11:1
4.11,
BONDS.
N. Y. STOCK EXCHANGE,
Week Ended March 30.
So
o
rt
.
.44
1955
Price
Friday,
March 30.
Week's
Range or
Last Sale.
11
2
Q:1.2
540
Ask Low
High No
later & Del let cons g 58.-1928 313 7114 74
20
75
72
let refunding g 48
1952 A0 40 Sale 40
15
42
inlon Pacific let RR & IS gt 4547 J J 9712 Sale 9712
99
98
J J
Registered
9612 Mar'28
let lien & ref 48
June 2008 MS 9614 Sale 9534
lOOts 1-6i
9614 51
Gold 43.4s
10218 10212
113
1967 3 .1 1004 (ale 10018 101
let lien de ref 58
10218 1021s
June 2008 M
28
114
11212 11434 113
10-year secured 65
9738 99
1928 3 .5 10014 Sale 10014 10014 10
J RR & Can gen 4s
1044 MS 994 ____ 994.
3
97
9712
9912
Utah & Nor let ext 4e
1033 .1
9712 ____ 9834 Nov'27
Vandalia cone g 4s series A _1955 FA 98 Sale 98
5
98
9718
97
Con s 1 45 series 13
1957 SIN 08
09 9812 Mar'28
1
10412 10512 Vera Cruz & P assent 44s_ _1934
1838 Sale 1838
184
Virginia Mid Is series F___ _1931 MS 10118
105 105
10112 Jan'28
113 11412
General be
1
1936 MN 10334
10334 10334
11338 11338 Va & Southw'n 1st gu 58_2003 3 3 106
10714 Jan'28
let cons 50-year 58
113 1154
8
1958 A0 0934 Sale 9934 100
11312 11312 Virginian Ity let 6o series A-1962 MN 10812 10834 10838 109
78
Wabash let gold Is
1939 MN 106
106
1064 46
2d gold 513
ioi- 107
1939 FA 10358
10412 Mar'28
10314 105
Ref s f 54s series A
40
1975 M
10634 Sale 10634 107
Ref dr gen 52 series B
1976 P A 10314 Sale 1034
10312 53
Debenture B 68 registered.1939 J J 100
8314 Feb'27
1st lien 50-yr g term 41.__1954 J J 8834
-577- 9714
8618 Feb'28
10812 10812
Det & Chi ext let g 5s
1941 J J 10478 -10458 Feb'28
Des Moines Div 1st g 45_1939 33 02
8012 8034
9334 9138 Mar'28
Omaha Div 1st g 3345.
1941 A0 87
8712 Mar'28
89
95? 97 "
B 9312
Tol & Chic Div g 48
1941
_ 9314 Iv'ar'28
10214 10414 Warren let ref gu g 3 4s__ -2000 P A _ _ _ _ 83
83 Mar'28
Wash Cent let gold 48
1948 QM
9058 9112 9058 Mar'28
10414 10412 Wash Term 1st gu 3
2
1945 FA 8812 Sale 8818
8812
1st 40-year guar 4s
1945 FA
96 Nov'27
9638
--4-18 W Niin W & N W let gu 56_1930 P A 997e 1-01 101 Mar'28
1952 AO 8534 Sale 854
9412 9512 West Maryland let g 45
854 64
let & ref 5 46 series A___ _1977 3 3 10138 Sale 10118
90
88
10138 29
'
3 10238 Sale 10218
3
1937
9658 9918 West N Y & Pa 1st g be
10238
1943 A0 9418 9114 9438 Mar'28
8458 845, Gen gold Is
10014 78
954 9658 Western Pac 1st ser A 58_1946 MS 100 Sale 100
West Shore let 45 guar
16
2361 J J 0234 93
91
89
9234
93
3 9138 914 914
Registered
2361
911
/
4 11
Wheeling & Lake Eriei6/ 108
Wheeling Div 1st gold 58_1928 33 100 10038 100 Mar'28
9814 9878
Ext'n & impt gold 58
1930 FA 100.... 10018 Feb'28
10114 10214
97
9778 9118 Mar'28
Refunding 448 series A 1966 NI
Refunding be series 18
1966 Si S 10112 ____ 10112 Mar'28
-9914 10158
RR 1st consol 45
2
93
__ 93
1949 54 S 93
5
1942 J D
9614 9734 Wilk & East let gu g be
7514 1558 7512
7558
10034 10134 Will & S F 1st gold 55
_
1938 3D 1011
10438 Feb'28
Winston-Salem 8 13 let 45
1
1960 J J
9114 93
92 2-93.3-4 9234
9234
1949 j
_ Wig Cent 50-yr 1st gen 48
8812 Sale 8838
894 23
Sup az Dui dly & term 1st Is'36 MN 9318 ____ 9312
97
9312 10
97
10278 10412 Wor & Con East 1st 49-4s..1043
J 8712 ____ 9214 Mar'28
INDUSTRIALS
10014 101
102313 10312 Adams Express coil tr g 4s1948 MS 9271 Sale 90
9258 IS
100 10178 Ajax Rubber let 15-yr s f 8[3.1936 3D 108 109 1074 10812 25
991,8 10218 Alaska Gold Ni deb 68 A
4
8
_1925 MS
6 Mar'28
10438 105
4 ____ 6 Feb'28
Cony deb (is series 13
1926 MS
14
10078 10312 Allis-Chalmers Mfg deb 5s1937 MN 10114 Sale 101
10114
964 22
0658 964 96
Alpine-Nloutan Steel 1st 7(3_1955 M
10812 III
Am Agric Chem let ref of 746'41 FA 10512 Sale 10512 1054 30
10
-151- Vic., Amer Beet Sug cony deb 66_1935 FA 81 Sale 8014
81
8458 8712 American Chain deb s tes 1933 AO 10412 Sale 1034
10412 12
Am Cot Oil debenture 5s._1931 MN 101
9734 99
____ 10114 Mar'28
13
10012 10318 Am Mach & Fdy st6e
105
1939 A
105 Sale 10414
96
9734 Am Republic Corp deb 68_1937 AO 10278 103 10278 Mar'28
Am Sm & R 1st 30-yr be ser A '47 A0 10212 Sale 102
10212 60
95
let Ni 65 series 13
96'u
1947 AO 10812 Sale 108
10858 20
Amer Sugar Ref 15-yr 613_1937 ,23 10434 Sale 10438 105
78
9714 9814 Am Telep & 'Fetes coil tr 40_1929 3, 8934 Sale
0012 151
8934
Convertible Is
5
10712 11112
1936 MS 9914 Sale 9918
9914
5
10634 10634
20-year cony 494e
1933 MS 10014 10114 10012 10012
10038 10114
30-year toll tr 58
1946 3D 10518 Sale 10518 10538 46
9912 9912.
3D
Registered
10438 Feb'28
10812 Sale- 10734 109
213
973.1 9812
35-yr e f deb 58
1960
20-years f 54e
1943 MN 10938 Sale 10812 110
95
94
1
9478 Am Type Found deb 65
1940 A0 10512 106 10533 106
31
10812 1094 Am Wat Wks & El col tr 55_1934 AO 1004 Sale 10012 101
93
Deb g 613 sec A
110
88
1975 MN 10938 Sale 108
9434
10212 104
9112 10
Am Writ Pap let g 68
91
0012 91
1947
109 109
Anaconda Coe Min let 6s 1953 FA 10512 Sale 10512 106
100
10512 Mar'28
Registered
9758 93
A 11634 Sale 112
16-year cony deb 7s
11712 628
1938
79
'
3 13734 Sale 129
13838 4144
8412 Andes Cop Min cony deb 78_1943
774 834 Anglo-Chilean at deb 7s
57
1945 MN 10134 Sale 10134 103
46
'
3 944 9412 94
94
18
8212 Antilla(Comp Azuc)710
1939
60
7212 Ark & Mew Bridge & Ter 55_1964 MS 10318 ____ 10314 Mar'28
7712 9634 Armour & Co let real est 4413'39 313 0178 Sale 9134
9214 92
7858 85
9134 254
Armour & Coot Del 54s_ 1943 33 914 Sale 90
8834 95
Associated 0116% gold notes 1935 MS 10278 10314 1C2
10314
9
7112 9478 Atlanta Gas L let be
_
1947 J O 10414 ____ 10314 Jan'28
72
9458 Atlantic Fruit 78 etre dep
_ __ 20 Nov'27...
1934 3 D
11
100 1004
Stamped etre of deposit
1E0
15 Mar'28 11
1004 1017b Atl Gulf & W I S8 L col tr 55.1959• 3 78
80
79
7814 7734
105 105
Atlantic Refs deb be
10214 13
10112 10134 102
1937 1
11412 115
Baldw Loco Works let 58._ 1940
9
N 108 Sale 108
108
Baragua (Comp Az) 73.4s...1937 3, 10638 10714 10612 Mar'28
934 95
88
Barnsdall Corp 6e with warr_1940 3D 10014 Sale 100
88
10114 i:89
9912 100
Deb 68 (without warrant)_1940 3D 91 Sale 91
9112 26
10318 104
Belding-Hemingway (is
9912 27
9812 9834 984
1936 • J
1004 10314 Bell Telep of Pa be series B 1948
'
3 10918 Sale 10834 10912 76
100 10312
let & ref Se series C
74
1960 AO 1124 Sale 11238 113
0914 10012 Berlin City Rice Co deb 645.1951 JO 97 Sale 964
9718 46
9418 96
Berlin Elec El & Undg 6(4s 18531 A0 9534 Sale 9534
9614 34
8934 90
104
13
Beth Steel let & ref bs guar A 42 M N 10314 Sale 10314
105 10712
30-yr p m & imp 6 f 5s_ ___1936 J J 10112 Sale 10112 1024 43
Cons 30-year 66 miles A__1948 F A 10518 Sale 105
974 9718
10512 92
9511 9813
Cons 30-year 54s ser B___1953 F A 1034 Sale 1034 104
83
Bing & Bind deb 634s
3
1950 M S 07
9814 98
9838
1-112 11-7-12 Booth Fisheries deb 5 f 68.._1928 A 0
Feb'27
110 1124 Botany Cons Mills 6(4e......1934 A 0 -85- -8-15-8
34
8212
3
9112 93
Bowman-hilt Ilotele 7 a_ 1934 M 8 103 10334 10334 Mar'28 -11512 121
13'way & 7th Av 1st con 5s 1943 J D 7418 Sale 7314
744 184
12514 127
Brooklyn City RR 1st be__ _A941 J J 9312 Sale 9312
14
90
11138 11318 Bklyn Edison Inc gen be A_1949 J J 106 Sale 105%
4 511%35
8 59
9334 94
Registered
J J
_
General 65 series B
234 1-63 - 1024 103
46
1930 J J 16:
-9
.61-1 -9-6-51968 J J 9934 Sale 9834
s Bklyn-Man It T sec 65
9934 389
8612 90
Bklyn Qu Co & Sub con gtd 55'41 54 N 69 Sale 69
2
7018
9612 9612
1st 55 stamped
1941 3 J 7712 8258 8212 Jan'28
Brooklyn It Tr 1st cone g 45_2002 J 1
8812 Nov'26
10014 1-0-2-18
1921 J .1
3-yr 7% secured notes_
___ 13612 Nov'26
10554 107
Bklyn Un El let *4-58
1050 F A 1059558 9612 9434
9512
8
9234 94
Stamped guar 4-58
NA
9512
954 07
9618 18
10618 10712 Bklyn Un Gt1.13 1st eons g 02_ _ 19
1/41 MN 111
Sale 10934 111
6
103 10312
__
lieu
A; ref 65 series A 1947
11812 Mar'28
11818
let
11034 11312
,
73
2% Sale 2963638
Cony deb 534s
1936 J J 2
274
71
Buff & SUSQ Iron 1st 8 f 53_1932 J 13 9412 ____ 9334 Feb'28
-1021 10414 Bush Terminal let 46
55
2A 0
Mar'28
195
10038 10112
Consul Se
12
J J 101 ge-Je 984 101
10612 10834 Bush Term Ridge Cs gu tax-ex '60 A 0 10412 10478 10418 10418
1
10218 103
By-Prod Coke let She A __ _1945 M N 10212 103 10312 Mar'28
_
103 103
1
Cal()& E Corp unit & ref 56_1937 St N 1044 10412 10412 10412
10012 10138 Cal Petroleum cony deb 8 f 581939 F A 10038 Sale 10014
10012 109
10258 51
1938 M N 10212 Sale 10214
Convdebsf53.Ie
-54- -0-6-- Camaguey Sug let eta 76_ _ _1942 A 0 1004 Sale 10014
101
5
100 10034 Canada S S L let & gen 6s 1941 A 0 10214 103 10214 Mar'28
_
10018 10312 Cent Dist Tel let 30-yr 58_1943 3 D 105 10514 104 Mar28
_
9914 Atar'28
Cent Foundry lets f6s.MaylS3l F A 984 99
Sale 120
,
1 M N 123
123
28
'3
041s 9412 Central Steel let g 6185
4
co-ar en lets"71.19 54 S 1044 10434 10438
10434
5
Low
98
114
40
Range
Since
Jan. 1.
Low
1/40)
6018 75
32
42
9738 99
9612 974
9514 984
9914 10114
11218 1154
100 10078
9712 9912
-.
08- -9-8-9734 9812
1714 2158
10118 10112
10334 10334
10714 1074
9912 10334
10838 1097e
10434 10818
103 10412
10514 10738
103 1043$
-88T2
10412
9138
8714
934
83
9038
ssIs
10434
9318
894
934
83
9058
91
-5,
54
84
10118
10218
9234
9934
9112
914
IOC
874
10318
104
944
10058
9318
924
100 100
100 10015
9614 984
10112 102
93
9338
7414 7918
10438 10438
9234 9234
881s 9238
9214 9312
92
9214
90
9312
107 10814
412 6
412 6
10038 1024
93
9678
10434 106
80
8418
103-8 10434
100 1024
10414 10514
10134 1027s
101 10234
10712 10914
10212 106
9938 100
98
9978
9934 10214
105 106
10438 10438
1054 109
10812 110
105 106
100 10118
10534 109
90
9314
1051s 10612
10514 10512
11014 11712
120 1384
961s 1034
934 9634
10218 10314
91
9318
8718 92
102 10318
10314 1034
15
7234
10038
10718
10318
9912
9012
9612
10634
10878
9414
94
102
10038
10418
1025g
9614
-1-&SO
10334
10814
10672
10212
92
9934
10912
113
98
974
10458
103
1051
:
106
98311
-i510334
68
93
1054
10538
10234
9614
644
8218
831,
10512
7438
95
10678
1054
10434
9534
72
8258
93l
96
9334 964
10634 111
11738 11812
281 275
9314 944
9238 944
!8114 103
103 105
102 10312
10314 10412
9554 102
100 10234
100 101
10118 1034
10434 1054
98
9914
120 124
100 105
1956
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 30.
New York Bond Record—Continued—Page 5
3
i
lt
Price
Arktati.
a. March 30.
Chic City & Conn Rye 113an1927 A 0
Ch 0 L & Coke let gu g 58-1937
1927 F A
Chicago Rye let be
Chile copper Co deb be
1947 J J
Mein Gas & Elea let & ref 58'66 A 0
531 ser B due
Jan 1 1961 A 0
Clearfield Bit Coal let 4e__-1940 3 3
Colo F & I Co gen s 58__ _1943 F A
Col Indus let & coil 58 gu___1934 F A
Columbia 0 & E deb 5e__--1952 M N
Columbus Gas let gold be._ _1932 J J
Columbus Ry P & L 1st 441.1957
Commercial Cable let g 46..2397 Q
Commercial Credit a f 613_1934 M N
19353 J
Col tr s f 534% 110037
Computing-Tab-Ree a I 64_1941 J
Conn Ry & L let& ref g 4)11951 J J
1951 J
Stamped guar 444e
Censolidated Hydro-Elec Works
of Upper Wuertemberg 78_1956 .1 J
Cons Coal of Md lat & ref 58_1950 J D
Cowl Gas(N Y)deb 5Hs_ _1945 F A
Consumers Gas of Chic gu be 1936 J D
1952 MN
Consumers Power let 5s
1946 1 D
Container Corp let 8e.
Cont Pap & Bag Mills631-1944 F A
Copenhagen Telep eat els__ _1950 A 0
Corn Prod Refg let 25-yr a 1 56'34 M N
Crown-Willamette Pap 88 —1951 1 J
1
Cuba Cane Sugar cony 7fi_._1930 3 .
Cony deben stamped 87..1930 J
Cuban Am Sugar let coil 813_1931 M
Cuban Dom Bug let 731_1944 M N
Cnmb T & T let & gen 5s _ 1937 J J
1940 A 0
Onyamel Fruit ist f 6f) A
Denver Cone Tramw 1st ba_ -1933 A 0
Den Gas & EL let & ref eta 58'51 MN
1951 MN
3711mPed RR to Pa tax
Dery Corp(DO) 1st•f 78_ _1942 M
Detroit Edison let coil tr 55_1933
let & ref 58 series A_July 1940 M S
1949 A 0
Gen & ref 58 series A
lst & ref 68 series BJuly 1940 M
1955 3 D
Oen & ref User B
A
3 j
SeriesCF
Get United let cone g 4348--19939
1940 M N
Dodge Brea deb 68
Dold (Jacob) Pack let 68-1942 M N
Dominion Iran & Steel 58_1939 M
1942 J J
Donner Steel let ref 78
Duke-Price Pow 1st 68 eer A '66 M N
Duquesne Light let 441 A 1967 A 0
Elia Cuba Sug 15-yr s f g 731'37 M S
1939 J J
Ed El Ill Skn let con g 48
Ed Mee III let cone g 58-1995 3 3
Elee Pow Corp(Germany)631'50 M
Elk Horn Coal let & ref 8348.193j J D
Deb 7% notes (with warete'31 J D
Ilgult•bl Gas Light let con 581932 M
Federal Light & Tr let 58_ 1942 M
1942 M S
let lien e 1 be stamped
1942 M
let lien 68 stamped
19543 D
80-year deb 68 see B
1939 J D
federated Metals s 178
1946
Flat deb Ts (with wan')
Without stock purch warrants_
1941 17)/ii
Flek Rubber 1st s 1738
Ft Smith Lt & Tr 1st g 5s-1936 M
Framerie had & Deb 20-yr 731'42 J J
Francisco Sugar let B I 731_1942 MN
French Nat Mall SS Lines Te 1949 J D
Gas& El of Berg Co cons g 581949 J D
1939 A 0
Gen Asphalt cony 66
1942 F A
Gen Electric deb g 341
Gen Elec(Germany)75 Jan 15'45 J
D
SI deb 6348 with warr___ _1940
Without waren attach'd '40 3 D
1937 F A
Uen Mot Accept deb 8s
Gen' Petrol let f 5e
1940 F A
1952 F A
Gen Refr let f g fie ser A
Good Hope Steel & I see _ _1946 A 0
Goodrich (13 F) Co let 8348_1947 3 J
Registered
Goodyear Tire & Rub let 58_1957 M N
Gotham Bilk Hosiery deb 68_1936 J D
Gould Coupler let s f 6s1940 F A
Granby Cone M S& P con 88 A'28 M N
Stamped
1928
N
Gt Cone El Power(Japan)7e_1944 F A
1950 J J
let & gen s 631
Great Fails Power let e 1 512._1940 M N
Gulf States Steel deb 541_ -1942 J D
Hackemiack Water let 413.._ _1952 J J
1930 M
Hartford St Ry let 1
Havana Elec coneol g be— -1952 F A
Deb 531 series of 1926_ 1951 M
Hoe(IQ & Co let 8 He ser A_1934 A 0
Holland-Amer Line 6e MA _1947 M N
Hudson Coal let s be ear A1962 J D
Hudson Co Gas 1st g be_ _ _1940 MN
Humble 01102 Refining 531_1932 J J
1937 A 0
Deb gold be
Illinois Bell Telephone 1551-1956 J D
1940 A 0
Illinois Steel deb 441
1946 A 0
Header Steel Corps 178
Indiana Limestone let of 68_1941 M N
1936 M N
Ind Nat Gas & Oil 5s
1962 M N
Indiana Steel let 58
Ingersoll-Rand let 5s Dee 31 1935 J J
1945 MN
Inland Steel deb 5%a
Inspiration Con Copper 641.1931 M S
Interboro Metrop coll 441._1956 A 0
Interboro Rap Tran let 58-1966 1 J
J J
Stamped
Registered
1932 A 0
10-year be
1932 M S
10-year cony 7% notee
lot Agile Corp let 20-yr 6s-1932 M N
Stamped extended to 1942____ M N
Inter Mercan Marines f 60 1941 A 0
International Paper 543 Se. A _1947 J J
1055M s
Re/ e 1 6e ser A
lnt Telep & Teleg deb g 441 19623
Jurgens Works 68(flat yrice)_1947 J
Kansas City Pow & Lt 58-1952 M S
19573
1st gold 441 serles B
Kansas Gas de Electric 6(1-1952 M 8
Kayser (Julius) & Co deb 531'47 M
Keith (Li F) Corp l8t68._1946 M 8
Kedly-Springf Tire8% notes_1931 M N
Eeyston Telep Co let 56_1935 J J
Kings County El & P g 58_1937 A 0
1997 A 0
Purchase money 6.
Kings County Sley let g 45 1949 F A
1949 F A
Stamped guar 4
Kings County Lighting 5a-1954 J J
19543 3
First & ref 631
Week'a
Range or
Last Sale.
SO v2
Range
Since
Jan. 1.
dONDS
N. Y.STOCK EXCHANGE
Week Ended March 30
4t,
Price
Friday.
March 30,
Week's
Range or
Last Sale
Ilig•
High No. Low
Bid
Ask Low
Mob Ye,
69
Kinney (GR).4 Co 734% 1305531•36 J 1:1 10538 10634 10578 10578
2
68
Jan'28
42
10438 12 10314 10438 Kresge Found'n coil tr 68_1936 J D 10412 Sale 10414
105
43
88
Lackawanna Steel let 55 A_ _1950 M S 105 Sale 105
84
11
85
10514
9512 9734 Lao Gas L of St L ref&ext 58_1934 A 0 10114 103 10314 10314
1
9734 213
Coll & ref 531 series C1953 F A 10478 Sale 10478 105
102 103
26
Feb'28
10412 10512 Lehigh C & Nav a / 4%a A_ _1954 J J 10034 10134 10034 10034
1
Mar'28
Lehigh Valley Coal 1st g be_ 193_
90
90
J 10158 ____ 10134 Mar'28
Mar'28
5 101 10112
3 J
Registered
101
_ 10012 Feb'28
let 40-yr gu Int red to 4%.1933 J J 9718 ____ 9512 Aug'27
9558 9814
9718 13
Ist&rafef5e
9912 10158
1934 F A 10114
10138 189
102 Feb'28
5
9738 100
let dr ref a f be
1944 F A
9878
35
___ 101
101
let & ref 8158
9512 100
1954 F A 1011
96
98
97
97
98,2 27
8818 21
773s 8838
let & ref s 155
1964 F A 9412 9615 914
3
9534
4
let & ref e 1 be
98 10118
1974 F A
9914
9412 9612 9778 Mar'28
8
93
9538 Lex Ave & P F let gu g 5s_ _1993 MS
9478
37 May'27
5 105 10612 LIgge
Rtegsted
t dri M
eryere Tobacco 78_1944 AO
106
12414 124 125 17
A0
1 100 101
_ 11778 Sept'27
10012
9912 10112
20
be
1951 F A 10412 Sale 10414
Mar'28
105
FA
_ 10412 Nov'27
97
Ideg
Os
atrebro
ed
nio Corp 6s___1941 FA 131
9912 LIQUR
9912 Sale 9912
Sale 124
13112 79
9912 10
8218 Loew's Inc deb 68 with warr_1941 A0 109 Sale 10778 10912 73
76
78 Sale 76
7814 78
Without stock Due warra1n9n_
44 AO 10078 Sale 10058 10078 63
10612 Sale 10614 10634 70 106 107
10212 1025s Lorillard (P)Co 78
A0 11734 Sale 11734 118
___ 10212 Feb'28
17
1023410478 105 10478 10518 11 10412 10538
1961 F A
9418 Sale 9418
8
9412
15
FA
9834 101
aR
begAte
ered
101
10012 101
97 Dec'27
Dab
31
79
97
97 Sale 90
1937 33 9612 kale 9612
97
9714 128
5 100 10134 Louisville Gas & Elec(Ky)58.'52 MN 10578 Sale 10538 106
10038 10012 10012 10034
13
11 10212 10234 Louisville Ry let cons 5e__193013 9638 Sale 96
10212 Sale 10212
1
96
10234
42 10218 10312 Lor
8e
4r8A
,
,44
ustreian Hydro ElecPow—
103 Sale 10234 103
PA 9012 911, 9012
8618 93
12
8712 89
91
88
89% 22
3
87
McCrory Stores Corp deb 5 MIS9
'44
1 Jo 102 10214 10112 10214 14
90 Sale 90
77
97
91
Manatl Sugar let s f 714s_ 1942 A0 108 Sale 107
10612 Sale 10614
5
108
10678 19 10578 108
21 100 101
Manhat Ry(NY)eons g 44_1990 A0 7112 Sale 71
10078 Sale 10012 101
7134 67
2d 4s
2013 3D 62 Sale 62
2
10334
_ 10358 10334 22 103 10412
62
3
100 10614 100
9812 10012 Manila Elec Ry & Lt,!55.1953 MS 10312 Sale 10314
10014
10382 28
Mfrs Tr'Co Ws of parte In
76 Dec'27
_
_
A I Namm & Son let 68_1943 ID 105 10512 10512 Mar'28
10238 ____ 10112 103
58 jai 103
10214 ____ 10112 10214 113 10018 10214 Market St RS,78 ser A April 1940 Q J 9912 Sale 9918
9934 20
1
Mete Ed 1st dr ref 58 ear C 1953 J J 1041
___ 10418 10412 12
58 Sale 58
58
5012 65
8312
1
10234 Sale 10234 103
11 10134 10334 Mete West Side El(Chic)48_1938 FA 8312
4-84 8312
99 Mar'28
11:08 Sale 105
10518 14 10338 105,8 Mlag Mill Mach 7s with war_1956 3D 9834 100
3D 9314 94
1
10612 Sale 106
Without warrants
9814
98,4
10612 131 10434 /0612
10858 Sale 108
10514 Sale 10514
10938 24 10734 10938 Mid-Cont Petrol let 63421_ _ _1940 M
10514 16
78
10638 Sale 10614
2 10538 10638 Midvale Steel &0cony efbe 1938 MS 10134 Sale 10134 102
10638
1
10612 _ _ _ 10634 Mar'28
10534 10634 Milw El Ry & Lt ref & ext 4348'31 33 100 10038 100
100
General dr ref ba ear A____1951 JO 10314 Sale 10314 10338 17
961s 9634 9618
6
9618 97,4
9612
let & ref 58 ear B
89 Sale 88
8914 215
8714 92,8
1961 3D 10314 10312 10514
10538 21
85 Sale 8412
807s 85,4 Montana Power let be A _ 19
,
42
3 J J 10314 Sale 10234 10314 30
8514 20
D
5a ear
3D 10412 Sale 10414 10434 15
9918 ____ 0612 100
11
rA
85 100
9712 Sale 9712
97,2 Monneattni Min de Agile—
3
94
9712
J 107 Sale 10658 10718 167
10618 Sale 106
Deb 7e with warranta
1937
10638 39 10574 10678
33 9712 Salo 9714
10212 Sale 102
10234 90 10014 10234
Without warrants
9818 28
2
10312 Sale 10234
10312 211 102 1053,, Montreal Tram let & ref 5e _1941 .1 .1 10138 Sale 10112 10158
Gen & ref ef 58 series A__1955 A0 10018 ____ 10114 Mar'28
9858 99
9758 99
9858
9858
Series 13
11638 ____ 11634
11458 11634
1955 A0 10018 ___ 9912 Feb'28
11634
Morris & Co 1st f 431„_193913 8814 Bale 8818
98
9812 98
0812 19
9512 99
8812 33
99
Mortgage-Bond Co se ear 2_1966 A0 83
96
9612 96
96
7
94
8734 8212 Jan'28
1
86% 91
10-25-year be series 3
19
93
34
2 33 9918 9934 9938
____ 8612 87
87
1
9918
Jo 9514 Sale 9334
101 10112 10134 Mar'28
10134 10212 Murray Body let 641
9514 80
Mutual Fuel Gas 1st gu g 5s 1947 MN 1041
10414 10414 10
100 10178 9938 100
17
9834 100
Mut Un Tel gtd (next at b% 1941 MN 104:1-0534 103 Feo.28
9958 Sale 9912 100
Namm (A I) & Son—See Mfrs Tr
10
9832 100
6
10458 Sale 10458 105
1951 3 J 5712 5734 5734
68
13 10412 10538 Nassau Elec guar gold 42
7
10218 Sale 10218
10338 10312
10218
Nat Dairy Prod 8% notes-1940 M N
1 101 105
1
97
9914 07
Nat Ream & Stampg let 58_1929 J D 10412 ____ 10412 10412
97
3
9512 99
10414 Sale 10414
9912 13
10478 39 10014 10714 Nat Radiator deb 641
1947 F A 9912 Sale 9914
9534 Sale 9514
96
23
9314 9614 Nat Starch 20-year deb 58-1930 J J 10034 ____ 10034 10034 10
17
118 11812 11758 11834
1952 M N 10478 Sale 10434 105
8 11612 11912 National Tube let
58
9734 Sale 9712
9912 66
8912 101
Newark Conan Gas cons 58_1948 J D 10714 --__ 10734 Jan'28
29
10818 Sale 108
10812 10 10584 110
New England Tel & Tel be A 1952 J D 111 Sale 11038 111
105 Sale 10412 10518 43
110 11014 110
110
lat g 431 series B
13 10838 11014
A N
O 10078 Sale 10078 10138 45
1 M
10258 Sale 10212 103
52
66 101 103,8 New Onl Pub Sery let be A— 196
10112 96
J D 10138 Sale 100
_
106 106
Find & ref 5s aeries
10738
- 106 Feb'28
10934 11078 11018
N Y Air Brake let cony 68_1928 M N 9978 100 100 Mar'28
111
40 109 117
8934 89
9458
9458 Mar'28
9412 96
N Y Dock 50-year 1st g 4s__1951 F A 89
8934 43
10414 Sale 10418 10412 12 102 105
N Y Edison 1st dr ref 634e A_1941 A 0 11714 Sale 11714 11714 11
41
118 11914 11912 Mar'28
118 121
151 lien dr ref 58 ser B
1948
4 A 0 10534 Sale 10534 106
NYGasElLtH&Prg58
J D 11112 Sale 11034 11112 12
101 Sale 10012 101
997g 1013s
39
9834 Sale 9814
9834 12
10358 Sale 10312 104
Purchase money gold 1_1949 F A
115 10234 10434
102 10214 10178
10212 96 1017e 10212 NYLE&W C&RR 531-1942 MN 103 105 10258 Oct'27
105 10512 105
105
2 10412 10758 NY LE&W Dock & Imp 58 1943 J J 10318 ____ 10314 Mar'28
2
10134 10134
10034 10112 10034 10112
1930 F A 10114_
7 10012 10114 NY&QEIL&Pletgre
-623-4 8712 Dec'26
10818 Sale 10718
10814 47 10718 10812 N Y Rya 1st R E & ref 412.„1942 J J
60 54
Oct'27
10734 Mar'28
10734 10734
Certificates of deposit
0
3
15
4 Mar'28
9434 Sale 9378
30-year all Inc 58----Jan 1942 A 9214 96
9434 264
4
10
4 Mar'28
10212 103 10212 10212 14 102 103
Certificate) of deposit
t.114 312
......--- 2034 Sale 1914
8218 N Y Rye Corp Inc 68.—Jan
1965 Apr
75 Sale 7434
7518 33
74
8812 162
100
10014 Dec'27
Prior lien 6e eerie() A
1965
J 8812 Sale 8612
NY & Rlehm Gas 1st Cs A_1951 MN 10834 Sale 1094 109
14
100
10014 Dec'27
5158 53
10014 Sale 9934 10012 38 "ii- 10014 N Y State Rye 1st cons 4%6.1962 MN 5072 Sale 5012
6612 Sale 6612
1st COD8 640series B
6712
9234 9778
8
9712 Sale 96
9778 117
N 10812 10832 1083s 10834 17
MN
10534 10678 10534 Mar'28
10534 10658 NY Steam 1st 25-yr 6e ser A.1
196
47
2M
9914 Sale 9778
9914 62
9614 9914 NY Telep 1st & gene f 441_1939 MN 10314 Sale 10318 10312 54
9258
9212
9034 92%
30-year deben f 6a—Feb 1949 F A 11034 Sale 11038 11034 16
9258
5
20-year refunding gold 60 1941 A 0 109 Sale 10818 109
129
9518 _ _ 9018 Nov'27
_
N Y Trap Rock 1st 6s
6 J D 102 Sale 10134 10234 27
199342
86
88% 87
89
12
J
J 10412 Sale 10414 10434 16
74
7834 Niagara Falls Power 1st 5s__ l932
74 Sale 74
8434
14
9578 9914
A 0 10553 Sale 10558 10534
Ile( & gen 6a
1
97 Sale 9578
97
113
35
2 A 0 10412 Sale 10438 10434 20
10414 10412
Lock &0Pr 1st 5ej
195
10438
Am_l_1
4 102 10411
89
8618 9412 Nor Amer Cam deb 6346(1_1940 M 5 9153 Sale 90
89 Sale 8612
271
9178 68
No Am Edison deb be ear A.1957 M B 10312 Bale 103
10338 219
107% Bale 10738 10738
1 107 109
10534 Sale 10512 10578 17
103 Sale 10212 103
44 102% 10318 Nor Ohio Tree & Light 6e_.1947 M
7
10034 Sale 10012 10034 53 100 10112 Nor'n States Pow 25-yr 5e A_I941 A 0 10358 Sale 10312 10358
1st & ref 5-yr 68 series 11_1941 A 0 10518 10534 10518
10534
7
9934 100
10558 20 105 105% North WT bald g 4310(1_1934 J
9934
1
10512 Sale 10514
9934
9978 10112
10012 Sale 100
10034 41
9878 10112 Ohio Public Service 741 A..1948 A 0 11634 Sale 11612 11612 12
10114 Sale 10012 10114 29
lat & ref 7s series B
98 10114
1947 F A 11614 11612 11534 11634 30
9912 100
9834
99
22
100 Sale 9912 100
9912 100, Ohio River Edison let 6e_ __ _1948 J J 10714 10712 10714 10784
6
6
1944 F A 8978 Sale 8912
10514 10618 105
10514
90
15
3 10434 10534 Old Ben Coal let fis
Ontario Power N F let 5s
1943 F A 10434 105% 10434 10434
10278 ____ 10012 May'27
10312 10334 10312 10334 25 ioif4 las; Ontario Transmission let 58_1945 M N 104521 10514 10458 10458
Oriental Devel guar fie
1953 M 13
101
10212 67
10114 10134 10138 10112
9 10074 102
Otte Steel let M fle ear A_
1941 M S 09 Sale 99
9912 112
1278 11
Apr'27
58
7912 Sale 7814
74i 7934 Pacific Gas & El gen & ref 58_1942 J J 10334 Sale 10312 104
7934 320
Pac Pow & Lt 1st & ref 20-yr 58'
193
37
0 F A 10078 101 10078 10078
1
7958 375
7912 Sale 7838
7812
J .1 10414 Salo 10414 10412 20
7812
78,2 Pacific Tel & Tel let 58
1
Ref mtge be aeries A
1952 M N 108 —__ 10714 1077
20
77 Sale 7578
77
70
7712
80
Pan-Amer P & T cony e f 68_1934 MN 103 Sale 103
9614 99
9818 Sale 98
9812 168
10312 44
let lien cony 10-yr 7e
30 F A 105 10514 105
90
92
6113940
105
3
9134 Sale 9134
9134 10
94
79
8112 Pan-Am Pet Co(of Cal)cony ' J D 9334 Sale 9314
40
8112 Sale 81
8112
2
10512 48 105 10612 Paramount-Bway let 531_1951 J .1 10214 Sale 10214
103
49
10512 Sale 105
10134 24 10012 20212 Paramount-Fam's-Lasky 68_1947 J D 10014 Bale 9912 10038 89
10134 Sale 10078
10434 Sale 104
95,2 14
10434 39 10374 10512 Park-Lex et leasehold 641_1953 J J 9512 Sale 93
9818 150
9514 98% Pat & Passaic0& El cons 513.1949 M S 10714 ____ 10718 Jan'28
98 Sale 9738
10634 12 104 10634 Pattie Exch deb 7e with war.1937 M N 6878 Sale 3914
10638 ___ 10614
6912 146
15
105 Sale 10478 10514 31 10434 10512 Penn-Dixie Cement 6a A _ _1941 M S 101 Sale 10038 101
10138 10212 Peop Gas & C let cons g 6e-1943 A 0 11558
__ 11534 Mar'28
10318 ____ 10212 Feb'28 _
10618 25 10578 10612
M 5
15 10612 Sale 106
5
Refunding gold 56
1947 1,4
106 Sale 10578
10612
991 1 May'27
12134 721 10514 12134
Registered
12112 Sale 112
Philadelphia Co coil tr 68 A_1944 F A 10334 Sale 10334 104
34
9912 14
9812 101
9878 Sale 9812
Secured ba aeries A
9 10614 10912
1967 J D 10078 Sale 10034 10114 180
108 Sale 10734
10814
Mils Elea Co let 434e
1041, 217
1967 M N 10318 Sale 10218
9612 99
9612
9612 15
9612 99
961
63
10738
96 Sale 9578
2 10412 10738 Phil& & Reading C & I ref 58_1973 .1 J
10618 ___ 10738
Pierce-Arrow Mot Car deb 88.'43 M S 9212 Sale 9212
9414 30
13258 ___ 13212 135
9 13074 135
8314 8714 Pierce Oil deb a f 88_ _Dec 15 1931 3 D 10558 107 106 Mar'28
8714
87
6
8538 88
2
Pillsbury Fl Mills 20-yr 66_1943 A 0 105 10538 10538 10558
87
7
8318 87
85
8538 88
10414 10688 Pirelli Co(Italy) cony 713-___1952 M N 10512 106 10512 10558 12
10738 ____ 10512 Mar'28
119
Pleasant Val Coal let g a f 521_1928 .1 J 9913 100 0958 Feb'28
119 120
____ 119
119
Bid
Ask Low
6614 68
68
104 Sale 104
85 Sale 8412
9734 Sale 9612
102
102
10478 1-05 105
90
87
89
101 10138 101
97 Sale 97
101 Sale 10014
9814 9914 9838
98
9912 9814
8818 Sale 8712
9914 10014 98%
95
9614 9414
105 106 10518
10038 103 10012
10012 10112 10112
74127634
7634
R91498
Since
Jan. 1.
Low
High
105 10814
104 1057s
102 10514
10118 10815
10412 10524
10074 1094
10178 1021s
10012 101
101'4 102
101 10124
97 10114
9534 10018
9778 9974
fair
ifiga
113
108
9912
11314
9378
133
10978
10112
118
13814
-654 "in;
10378 106
96
9812
887s 9112
10012 10214
105 108
6811 722e
62
60
9914 10312
10412 108
99 10014
10312 10424
8314 8424
9612 100
8912 9814
10434 10524
10014 10218
100 10014
10234 10574
102 10324
10274 1061s
9912 10424
10048 10758
9418 10124
10072 10214
99% 1017s
99%
99
8638 88%
82% 8212
98
9912
90% 9584
10314 10414
10214 103
56
611e
10338 104
104 10412
98 101
10024 10074
10474 10514
10778 108
10612 111
101118 1051s
9824 10178
99 101%
100 101%
8818 90
116 119
105 105
109% 11111
977e 9824
1
1(-)5r4 1-63,
1002e 1017s
-------212 4
212 4
1338 2114
7578 8812
10614 109
5012 5428
85 .742s
108 1087s
10128 10315
11018 11112
10818 109
10058 10212
103% 10434
10414 10614
10335 10434
80% 93
102 1037s
102% 10578
103 104
105 107
9934 9974
118 116118
115 118
10714 108
891/ 94/
1
4
10378 10612
10314 10418
9619 10212
9728 9934
103 104%
10058 101%
10312 105
106% 10775
10234 104
10312 10578
917s 95
10112 104
9874 10078
8612 9518
107 1071e
8111
50
98 101
11324 11524
105 10612
iiig4 fa;
98 1017e
100 10412
94 10218
9178 971s
1047s 106
104 10612
9914 1072e
100
9918
FINANCIAL CHRONICLE
MAR. 31 1928.]
New York Bond Record-Concluded-Page 6
BONDS
N. T. STOCK EXCHANGE
Week Ended March 20.
t
Price
Friday.
a. March 30.
Week's
Range Or
Last Sale.
110
Ask Low
High No.
81.4
Pocah Con Collieries lot al 5s_'57 J J
2
9434 Sale 9434
9434
Port Arthur Can & Dk tni A _1953 FA 105 1051: 105 Mar'28
let M 6s series B
1053 FA 105 106 10558 10558 10
Portland Elec Pow lot tie B_1947 MN 105 Sale 10412 105
22
Portland Gen Elec let 50_1935
J 10112 -- 10134 Nlar'28
Portland 10 lot & ref be__ _ 19311 MN
99
9812 99 9814
Portland Ry L & P lot ref 50_1942 FA 100523 Sale_ 10038 101
25
FA
Registered
9614 Oct'27
tot lien dr ref 6a eeries B_ _1947 MN 10412 1-6g 10412
lit lien & ref 7340 series A.1946 MN 107
1
10714
10714
Porto Rican Am Tob COI1V 6s1942
J 10112 Sale 10114 102
24
Pressed Steel Car cony g 5&l933'3 9518 Sale 9518
951.2 22
Prod & Ref of 8s (with war)_ 1931 ID 11158
_
114 Feh'28
Without warrants attached
3D 110 111 11018 11014 20
Pub Serv Elee A Gas ist /5%01959 AO 10478 105 10518 Mar'28
_
let & ref 5e
10514 Sale 10.5
1963 3.
10512 22
Punta Alegre Sugar deb 7s_ _1937 3' 105
105
10518 30
Pure 0110 f 534% /105m-1937 FA 100 Sale 9934 10014 68
Remington Arms 6s
19
9912 101
1937 MN 100 101
Rem Rand deb 6340 with warr '47 MN 95 Sale 9434
9538 141
Repub I dr 8 10-30-yr boo f_ _1940 A0 10478 Sale 104
10518 22
Ref & gen 5Sieserlea A
3
1963'3 10414 Sale 10338 10414
Reinelbe Union Ts with war_1946'3 100 1091 109
109
Without 0th purch war'ta_1946 23 10014 100-58 10012 100% 41
Rhine-Main-Danube 7s A__ _1050 MS 10234 Sale 10238 10234
6
Rhine-Weatplialla Elec Pow 78'60 MN 102 Sale 10034 10234 20
Direct mtge (is
1952 MN 9312 Sale 9212
9314 82
alma Steel 1st e f 78
1956 FA 9634 9712 9614
9718 10
Robbins & Myers lot of 70.1942 3D 45
8
4978 48
50
Rochester Gas & El 7eser 13_1940 MS 11178112 11178
16
1117s
Gen mtge 534s series C
1946 MS 107,2 -- 10712 Mar'28
Roth & Pitts C&Ipm 5s_ _1946 MN 9012
_ 9018 Mar'28
St Jos Ry Lt & Pr 1st 5s_11)37 M N
St Joseph 8th 1'de lot 4;0_1930'3
at L Rock Mt & P 5a atmod..195.5 J J
St Paul City Cable cons Ear_ _1937 J
Ban Antonio Pub Serv let 60_1952 J
Saxon Pub Who(Germany) 7s'46 FA
Gen ref guar 6 SO
N
1951
lichulco Co guar 8340
1041) J J
Guar a f 6 he eerier' 1.1
1946 AO
Sharon Steel Hoop lot /Weer A '41 MS
Shell Union 011 a f deb 5a_
1047 MN
Shubert Theatre 68 June 15 1942 3D
Siemens & lialake of 78
1935 J
Deb 1 634.
1951 51 S
Sf 6 lie allot Ws 60% p&1951 M S
Sierra & San Fran Power 50_1949 FA
Silesia her Corp of 6 Sio
1946 FA
Silesian-Am Exp col tr 711._ _1941 F A
°Immo Petrol 6% notes _.192(j M N
Sinclair Cons 011 I5-year 78_1937 M
let lien col Co ser
1930 M S
lot lien 034o seri( s 13
13
1938
Sinclair Crude 0115348 ser A _ 1938 33
Sinclair Pipe Line of be
1942 AO
Stony 011 deb 53.01
1939 MS
Smith (A 0)Corp lot 6 As_ _1933 MN
South Porto Rico Sugar 78_ _1941 3D
South Bell Tel & Tel lot s f 5E11941 J J
Southern Colo Power 68 A_1947 J J
S'west Bell 'I'd l let & ref 56_1954 FA
Spring Val Water lot g Es_ _1943
N
Standard Milling lot 5e
1930 MN
lot & ref 5 Sis
1946 M
Stand 011 of N J deb 58 Dec 15'46 FA
Stand 01101 NY deb 4 As_ _1951 JO
Stevens Hotel lot 68 ser A_ 1945 J J
Sugar Estates (Orlente) 7s_1042 M S
Superior 011 1st of 7s
1920 FA
Syracuire Lighting let g 58_1951 3D
9818 Mar'28
9812 Dec'27
7712
7912 10
9838 Mar'28
109
7
10912
10134
10238 46
9634
9712 51
10278 104
16
10234 10314 12
10714 Mar'28
9834
9938 340
93
9434 43
104
4
104
10658 108
15
10612 107
42
10412 105
24
9514 Mar'28 -10034 Sale 9034
138
101
10617 Sale 103
10712 365
103 Sale 10178 103
230
9914 Sale 98
9914 174
10112 Sale 9958 10112 283
9878 Sale 9734
99
362
97 Sale 9514
97
61
95 Sale 9434
95
54
102 10318 102
102
1
10812 109 10838 109
2
10518 Sale 10434 10518 22
106 Sale 106
10612 12
10634 Sale 10612 10634
18
10118 10218 10112 Feb'28 - 10034 Sale 10034 10118
3
103 Sale 10214
103
8
10312 Sale 10338 10358 70
98 Sale 9734
98
153
101 Sale 101
10134 23
10114 Sale 10014
10114 43
103 _ _ 10312 10312 10
104,4 -_-- 10834 Mar'28
Tenn Coal Iron & RR gen 50_1051 3 J
Tenn Copp dr Chem deb 691_1941 A 0
Tennessee Elm, Pow let 6s_ _1947 J D
Third Ave lot ref 45
1960 J J
Atij Inc be tax-ex N Y Jan 1960 A 0
Third Ave Ity let g 513
Toho Elec Pow let 75
19); 5
7
6% gold notes_ _ _July 15 1929 J J
Tokyo Eleo Light 6% notes _1928 F A
Toledo Tr LA P534% notes 1934)3 J
Trenton GA El let g 5s
1940 M S
Trumbull Steel 1st s f 6e
1940 MN
Twenty-third St Ity ref 5a._ _1962 J J
Tyrol Hydro-Elec Pow 7;46_1955 M N
Ujigawa El Pow of 70
1945 M S
Undergr'd of London 4340_1933
J
Income 60
1948 M S
Union Elec Li A Pr(Mo)68_1932 M S
Ref & ext So
1933,M N
Un E LAP (Ill) 1st g 5348 ser A'54'J J
Union Elev Sty (Chic) 541_ _ _1945 A 0
Union 011 let lien of Ss
1931 3 J
30-yr 130 series A___May 1942 F A
let lien e f 5.3 series C Feb 1935 A 0
United Biscuit of Am deb 00.1042 MN
United Drug 20-yr fis_Oct 15 1944,A 0
Tr rets for 25-yr 5s
1953 M S
United Rye St L let g 473. _ 19.34 J J
United 511 Co 15-yr 60
1937 M N
On Steel Works Corn 6 Sis A_1951 J 13
With stock our warrants
J D
Series C without warrants J D
With stock our wane
J D
united Steel Who of Burbach
Each-Dudelange of 7e_ _ _1051 A 0
105 10612 10638 Mar'28
104 Sale 10312 104
4
10778 Sale 10712 108
51
6912 Sale 69
6958 46
6212 Sale 6112
6234 424
9934 10012 9978
9978
3
10033 Sale 9934 10034 73
0938 Sale 9938
9934 51
10018 Sale 10018
10014 70
101 10118 10078 10078
2
10738
_ 10714 Peli'28
10234 10278 10238
10278 15
61 Sale 60
61
10
10114 Sale 10114
10112 10
100 10034 9912 101,8 59
9512 9634 9512 Mar'28
10912 Sale 10714
10912 10
10212 Sale 10214 10212
7
10234 10314 10238 Mar'28
___ 10334 104
10
04
1049414 94
11
94
102
102 Mar'28 _
11012 111 11018
11012
6
100 Sale 100
10014 26
101 Sale 10014 10114 49
100 Sale 10758
10712 14
10014 Sale 9912 10014 324
84
8518 85
85
3
98 ____ 9834
9934 18
9138 Sale 9218
9438
2
9534 Sale 9538
9578 30
9412 9512 9434
9434
1
0512 Sale 9512
9512
7
I
U
Rubber 1st & ref 5e ger A 1047
.1
Iteglatered
J J
10-yr 734% secured notes_ 1930 F A
S Steel Corp1Coupon Apr 1963 SIN
ef 10-60-yr 5e I midst_ _Apr 1963 MN
Universal Pipe A hind deb 6e 1936 J D
Utah Lt & Trite let & ref 511_1944 A 0
Utah Power Lt 1st 5a
1044 F A
Utica Elea LAS' 1st s g 5a_1950 J J
Utter% Gas & Elea ref & ext.& 1957 3 J
Vertlentes Sugar 1st ref 7s 1042 3 D
Victor Fuel 101 s f 5e
1953 J .3
Va Iron Coal & Coke lot g 581940 M S
va Ry Pew lat dr ref Ere
19343 J
Walworth deb 03.40 (with war)'35 A 0
let sink fund (is eerier' A_ _ _1945 A 0
Warner Sugar 'Win 1st 7s _ _1941 3 D
Warner Sugar Corp lot 7s_ ..103U J J
Wash Water Power e f _ _ _1939 J J
5sittri 1950
%Teachers Ltg gSa stilled
VFW Ky Coal lot 70
1044 MN
West Penn Power aer A 5a _ _ _1946 M S
1963 M S
let fra eeries E
1953 A 0
101 5340 series F
D
1956
let aec 50 series G
11)503 I
West Va C & C lot as
1944A 0
Western Electric deb 5a _
9614
7712 Sale
9812
10912 10934
102 Sale
971s Sae
10334 Sale
10234 Sale
10738
9912 Sale
9334 Sale
104
10612 107
10634 Sale
10412 10478
10314 Sale 10234
0334 Sale
10312
9
9418 153
93
_
9534 Dee'27
ioi gale 10278 10314 81
109 Sale 10834 109
227
10818 Mar'28
9312 Sale 9312
2
9312
10012 Sale 9012 10012 96
10238 Sale 10212 10314 82
10612 -- 10612 10612
10778 Sale 10778 10778
0
10014 10034 10014
101
30
5034 5138 5112
52
33
9112 90 Mar'28
90
10038 10112 10114
10112 30
9412 Sale 9412
9412 37
96 Sale 9414
9618 96
107 10734 10718
10734 43
8612 87,2 87
1
87
105
10434 Mar'28
107,2 - - 10738 Mar'28
104 1-04-14 104
104
1
10438 Sale 16418
17
10434
10712 Sale 10634 10712 25
10558 106 10538 10534 10
10412 10458 10438 10434 12
59 Sale 59
59
27
10438 105 10438 10438 60
Range
Since
Jan. I.
Low
94
105
105
10278
10134
98
98
High
95,..
10638
106
10534
102
99
101
10284 10478
1071a 108
100 105
9478 9934
114 115
11018 11218
10478 106
10478 105*8
104 107
9914 10112
97 109
9314 9612
103 1051s
103 104
10834 11312
9938 101h
10114 103
10034 10234
9212 94
9558 9714
38
50
111 114
10638 10712
9018 901s
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 30.
1957
t -ct
t i'.
..'c.,
Western Union coil tr cur 56_1938 J J
Fund & real est 2 4}is____1950 M N
15-year 63.4s
1936 F A
25-year gold 50
1951 J D
Wesliouse E & M 20-yr 150.1046 III S
Weetphalia Uti El Pow 6345.1950 J D
Wheeling Steel Corp let 5 he 1948 J J
white:Eagle Oil& Ref deb 554837
With stock purch warrants__ M S
White Sew Mach lis (with war)'36 $ .1
Without warrants
Wickwire Spen SUI 1st Ts__ _1935 J 3
Wickwire Sp St'l Co 75 Jan 1936 SIN
R'illys-Overland s f 8;is_._.l033 ki S
Wilson dr Co let 25-yr s f(ie. _1941 A 0
WinehesterltepestArms 73401941 A 0
Vnilnoat Shoat A, Tiihr. 60
1078 .1 J
Price
Friday
March 30.
Bid
Ash
105 10514
10138 Sale
112 Sale
10514 Sale
10478 Sale
10014 Sale
103 Sale
Week's
Range or
Last Sale.
Low
105
10138
112
10434
10412
10014
102
..1
r:a
lib
Rants
Since
Jan. 1.
High No Low
Hig1
10514 18 103 10514
10158
8 101 103141
4 11158 1127s
11214
10514 42 104 10514
10478 193 10418 105
10034 20 971
!10034
12 10034 10314
103
9534 9612 9514
9578 100
126 130 130 Mar'28
_
10114 Sale 10114
14
10114 __30
33
3334
3334 24
2714 Sale 271s
6
2838
10212 Sale 10112 10212
2
10338 Sale 10234 10334
8
107 Sale 10612 107
20
101 Sale 1003, 1011, 255
9312 98
125 1311i
10034 104
33h 374
2718 31
10178 103
101 10394
106 10714
1001s 10114
Quotations of Sundry Securities
All bend prices are "and interest" except where marked' f"
bia dat
Standard Oil Stocks Par
Railroad Equipments
Bid Ask
Anglo-Amer Oil vot stock.E1 02018 203€ Atlantic Coast Line 6*
5 00 4 75
Non-voting stock
Ll •1918
Equipment 83.4s
4 35 4 25
Atlantic Refining
100 11312 11334 Baltimore A Ohlo ds
5 00 4 75
Preferred
100 117 120
Equipment 4)4s A 5s____ 4.30 4.15
54 Buff Roch A Pitt, equip 60_ 4.70 4.50
Borne Scryrtu3er Co
25 "50
Buckeye Pipe Line Co_ _ _50 "70
72 Canadian Pacific 434s A Be_ 4.50 4.25
Chesebrough Mfg Cons_25 •133 136 Central RR of N .1 69
5.00 4.75
Continental 011,10
10 •18,4 1812 Chesapeake & Ohio 6s
4.85 4.65
Cumberland Pipe Line_100 97,4 100
Equipment 6340
4.50 4.30
Eureka Pipe Line Co_
71
72
Equipment be
4.30 4.20
7
Galena Signal 011 corn_ _,i00
734 Chicago Burl & Quincy 60.,. 5.00 4.,5
Preferred old
44 Chicago & North Word 6a_ _ 5.00 4,5
100 43
38
Preferred new
100 33
Equipment 6340
4 40 4 25
Humble Oil& Refining __26 *6514 6512 Chic RI dr Pac 434o & te
4.40 4.25
100 200 201
Equipment6e
4.90 4.15
9818 9812 Illinois Pipe Line
.6112 6214 Colorado A Southern
5.00 4.80
6s_
_ Imperial 011
Indiana
Pipe Line Co__,SO *8212 8313 Delaware A Hudson (is
5.00 4.75
77
7912
4.60 4.35
97
9812 International Petroleum_ __ t *39h 3914 Erie 4Sis& 58
Equipment Is
5.00 4.85
109 10934 National Transit Co_ _12.50 *30h 31
993 10212 New York Transit Co_ _ _100 5412 55 Great Northern 65
5.01) 4.75
Equipment 56
4.35 4.25
953s 9712 Northern Pipe Line Co_ _100 12012 12112
Ohlo
•61
011
62 Hocking Valley 5a
25
4.40 4.30
10278 10512
Penn Met Fuel Co
Equipment 60
25 4514 4578
5.00 4.75
10234 105
4914 Illinois Central 430 & 5e_
25 .49
4.25 4.15
107 10812 Prairie 011 & Gas
100 21712 219
Equipment Is
5.00 4.75
9814 99:x Prairie Pipe Line
100 165 170
Equipment 7s &
4.40 4.30
9158 9434 Solar Refining
Southern Pipe Line Co_ _ _50 •321, 3234 Kanawha & Michigan 6s_ _ 4.90 4.75
102 104
25 *4112 42 Kansas City Southern 534o. 4.99 4.60
106 10Sh South Penn 011
91
Louisville A Nashville Is_ _ _ 5.00 4.75
104h 10734 Southwest Pa Pipe Lines.100 90
Standard 011 (Callforn)_-t '5618 5638
Equipment6340
4.40 4.30
10178 105
Standard 011 (Indiana)_ -_25 •7734 78
Michigan Central 5s A Os_
4.50 4.30
93
96
Standard 011 (Kansas)._ _25 "22
2212 Woo St Paz 98 M 440 4454 4.70 4.60
98 101
Equipment 634O & 70_ _ _ _ 4.75 4.60
101 10812 Standard 011 (Kentucky).25 •12712 128
Standard 011(Neb)
25 *42
4214 Missouri Pacific tle A 034s
5.10 4.80
100 103
_.25 *4034 4078 Mobile & Ohio 5s
4.50 4.36
9714 9914 Standard ()Hof New Jer.
3014 New York Central 434e & be 4.30 4.20
9514 10112 Standard 011 of New York.25 *30
Standard
011 (Ohio)
Equipment 65
25 7212 73
5 00 4.75
9712 99
Preferred
100 118 11812
Equipment 7s.
4.4 4.30
94
97
25 •16
1612 Norfolk & Weetern 4 AP--- 4.25 4.15
94
9512 Swan & Finch
Preferred
*25
Northern Pacific 7s
10134 10234
4.40 4.30
100 121 122 Pacific Frult Express 7e_ _ _ _
10838 11014 Union Tank Car Co
4.40 4.30
25 •14318 14334 Pennsylvania RR eq 5a & thi 4.80 4.20
10412 10514 Vacuum 011
ublIc Utilities
Plttsb & Lake Erie 6 Sie_ _ 4.4 4.30
10558 10714
106,8 10634 American Gas & Electrie_ _1 •13714 13734 Reading Co 484i & 58
4.2 4.15
.10834 10914 St Louis A San Francisco 5s_ 4.4 4.30
6% Preferred
10012 101
Deb 6s 2014
MAN 10934 110 Seaboard Air Line 534s & 60 5.2 4.80
10014 10112
Amer
Light
&
193
Trac
Southern
194,
com_100
2
Pacific Co 4 As_ __ 4.25 4.15
10214 10458
Preferred
100 118 120
Equipment 7s
4.40 4.30
103 104
Amer Pow & Light pref _ _100 10612 10634 Southern Ry 4 34s A Es
9614 98,2
-- 4.4 4.35
Deb fis 2016
M&S 10834 109,4
Equipment es
100 10218
5.00 4.75
65 Toledo & Ohlo Central Se
100 101 14 Amer Public Util corn.,..,100 60
5.00 4.75
Union Pacific 70
7% Prior preferred___ _100 99 101
10134 10334
4.35 4.20
Pardo preferred
100 88
90
Tobacco Stocks
10634 10834
Associated Elec 5 S4s'46A&O 105
American Cigar com_ _100 140 145
Preferred
10314 10658 Associated Gas & Elec com.t •2012 22)2
100 102
Original preferred
*5412 56 British-Amer Tobac ord._El •27
28
10118 104
$6 Preferred
Bearer
99
107 10814
28
El •27
$614 preferred
100 103 Consul Clew pref
66
100 102
7034
$7 preferred
553 6234
104 116 Imperial Tob of G B & Irel'd •26
27
9934 1011
08
! Blackstone Val G&E com_50 *160 165 Int Cigar Machinery new100 93
98 10034 Com'w'Ith Pr Corp pref _100 104 104h Johnson Tin Foil & Met_100 60
70
Elec Bond & Share pref.
_100 10934 11014 Mengel Co
98 100
53
100 48
9918 10012 Elec Bond A Share Secur--1 •9214 0234 Union Tobacco Co corn,.. 331 35
Class A
10078 10134 Lehigh Power Seciirities___s •2634 27
87
95
Mississippi
Riv Pow pref.100 110 112 Young (J
10718 10714
CO
100 108 115
First mtge 5e 1951_ __J&J 10414 105
Preferred
10112 10311
100 103 108
Deb 5is 1947
MAN 101 102
Sugar Stocks
5618 61
9878 10158 National Pow & Light prof.) •109 10912 Caracas Sugar
SO •
9812 10118 North States Pow com_100 135 136 Cent Aguirre Sugar cons_ _20 •139 141
7% Preferred
100 108 110 Fajardo Sugar
9512 9512
100 *159 160
20 Federal Sugar Ref COM- A00 17
101 10912 Nor Texas Elec Co com_100 18
22
Preferred
Preferred
100 54
57
40
10214 10238
100 35
•5
Ohio Pub Sera. 7% pref._100 11212 113,4 Godchaux Sugars,Ins
10214 103
10
Pacific Gas & El let prof __25 .2814 29
Preferred
10234 104
30
100 *20
Holly Sugar Corp com_t 35
•Illt 14
92
43
94h Power Securities emit
Second preferred
Preferred
10134 102
74
•60
90
100 85
Coll trust 65 1949.._JAD 97
98 National Sugar Refining.100 *140 142
108h 111 12
Incomes June 1949_ _F&A 9512 97 New Niquero Sugar
9912 10035
50
100 44
61 Savannah Sugar corn
10014 10212 Puget Sound Pow & Lt_ _100 59
*125 127
6% preferred
Preferred
10758 10812
100 100 102
100 115 117
Sugar Estates Oriente p1.100 44
7% Preferred
100 4109 111
99 100,4
48
let & ref 53-4s 1949_ _J&D 10414 10434 Vertientes Sugar pf
85
8512
70
100 65
95
48 Rubb Stks (dieted f.otat
9934 South Cal Edison 8% pf _25 *45
'
s)
.5
92,s 97,s Stand (.1 & E 7% pr pf _ _100 114 115 Falls Rubber corn
Tenn
Elea
Power
1st prof 7% 10812 109
Preferred
19
937e 9612
25 •10
Toledo Edison 6% pf
Firestone Tire A Rub com.10 •175 190
9312 96
105 106
0% preferred
94
100 110 111
7% Pref
9738
100 11012 111
Western Pow Corp prof.100 103,2 105
7% Preferred
100 10834 110
Water Bonds.
General Tire & Rub com_ _25 .166 170
10212 105
Aiken %Vat let 5a'56 A.A&O 10014 101
Preferred
100 101 10112
Ooody'r T & R of Can 91.100 r106
9034 9612 firm WW lot 5 SisA'54.A&O 104
1st M be 1054 aer B_ _JAI) 10112 102 India Tire .4 Rubber new -t 1934
City W(Chatt)5345'54AJ&0 10234 10312 Mason Tire & Rubber corn_ t
42 1
10158 l053
1st M Fes 1954
JAI) 100
10814 10912
Preferred
10
7
100
Miller Rubber preferred,.100 93
108 10814 City of New Castle Water
94
Ere Dec 2 1941
J&D 1
89h 95
98 Mohawk Rubber
1)6
100 5312 54
Clinton WW 1st 5s'39_F&A 9712 9812
Preferred
97 100
76
100 .72
101 10:31s Com'e"th Wat lot 34sA'47 10212 10312 Selberling Tire A Rubber-- t *3912 4012
10612 10612 Connellev W 5sOet2•39Adt01 95
Preferred
100 102 10304
E St L& Int Wat 50'42.J&J
Indus, A MIscetlaneous
10612 105
98
let ki 60 1942
Allied Int Invest pref
9911 101
'106 110
103
American Hardware
5112 5234 Huntington lot 68 '54_M&S 103
74
25 "72
Es
1954 953 VA; Babcock dc Wilcox
90
917s
100 117 120
Mid Stales WW 6836 MAN 103
Bliss(E W)Co
10012 102
"1934 2034
9412 964 Monm Con W 1st51'56AJAD 96,1, 9712
Preferred
65
'58
95
9612 NiODM Val Wt 53.4s '50_J&J 101 102 Childs CornPanr Ord_ _,100 120 123
Hercules Powder
10534 10778 Muncie WW 5s Oct2'39 A01 96
100 220 230
St
Joseph
Preferred new
Water 50 1941A&O 9812 I01-2
8412 88
:12212
100 1191
104 10414 Shenango ValWat 5s'56A&O 9614 9714 Internet Sliver 7% pref _100 127
Phelps Dodge Corp
107 1073s So PItte Wat lot 5e 1960 J&J 9834
100 126 130
1st SI 55 1955
Royal Baking Pow eom_100 238 248
FAA 9912
10212 10414
Ter II W W (is '49 A_ _SAD 102
Preferred
103 105
100 106 108
181 M Es 1956 ser IL FAD 9812
Singer Manufacturing. 100 450 460
105 10712
Singer Mfg Ltd
10538 10618 Wichita Wat 1st Os'49_MAS 102
El •61, 7
let M Si 1956 ser 13 _ _ F&A
104 105
98,2 - --60
59
•Per share. I No par value. 0 Basic a Purchaser also pays accrued dividend.
103 10478
Nominal. a Ex-dividend
Ex-rich tt r Carla d Ian q uotatlon. 'Sale price.
ao
BOSTON STOCK EXCHANGE-Stock Record se,„Bp°711...
1958
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Mar. 24.
Monday,
Mar. 26.
Tuesday,
Mar. 27.
Wednesday, Thursday,
Mar. 29.
Mar. 28.
Friday,
Mar. 30.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Par.
Railroads.
share Shares
$ Per share $ per share $ per share $ per share $ per share $ per 191
100
244 Boston & Albany
191
190 191
190 191
190 190
18558 18558 18534 190
100
847 Boston Elevated
9312 9412
9413 95
9512 9412 95
94
9514 9534 96
95
100
Preferred
30
+10112
---*110112103
103
*510114
•210412__ 104 1054 *5103 10412
100
15 151 preferred
_ _ •114•114 ____
_ __ •114
114 114 *114
•114 1-1-5
100
--------259 2d preferred
107 1-07
105 1016
105 1015
110712 10712 *5105 107
corn
Maine
100
&
Boston
2,251
70
69
71
70
68
66
65
65
6312 65
6312 64
_100
Preferred
unstamped__
70
•69
____ *17212 75
_ __ *x65
__ +565
1.565___ *555
40 Ser A 1st pref unstamped 100
*914 95
____ *59212 95
9114 -9114 *591
*z884 -94 •59014 -94
Ser B lst pref unstamped 100
•2118 ____ .2118_ •51.18
---115 Ser C 1st pref unstamped 100
134
+__
131
131
1
3
1
*.5120
133
*x___
133
*z__
133
*2---D let prat unstamped 100
Ser
___
*156
__
+5156
____
__ *.s156
___ *x156
*z156
*5156
100
Common stamped
7012 ____ ____ ____
_ *70
65
*63
*64 -65
+63 -64
100
Preferred stamped
10
*70
12
i
7
7212
*68_
--436
_ _ *66
F 416
preferred
stamped_100
Prior
96
11312
11312
11312
113
113 1144 112 1-12- *112 113
'1112 t1-3
365 Ser A 1st pref stamped 100
87
85
84
84
85
85
86
84
83
83
83
83
105 Ser 13 lst pref stamped 100
____
130 130 •130
129 129
123 123 *124__ 129 129
260 Ser C 1st pref stamped 100
_ *120 ____
11312 11312 11418 11518 *11512
11314 11314 113 1-1-3
65 Ser D 1st pref statnped_100
158 fii *158
160 160
160 160
.15312 160 *154 160
98 Neg receipts 55% paid
107 10712 10712 ___ 10812 10812 10812 10812 *10712 10812 *10712 1-0812
100
Boston & Providence
180 iso *x180 182 *z180 ____ *5180 ------------57
1
100
95 East Mass Street Ry Co
4014 4014 407s 4078
41
*40
40
39
40
40
40
*39
100
8434 1,503 1st preferred
8034 82
77
76
75
75
7478 747 *74
75
*74
100
B
Preferred
262
4
7434 7612 793
73
73
*70
72
*70
72
72
72
*69
100
Adjustment
3,610
59
56
56
5412
54
54
54
*553
54
I 5334 5334 54
100
Central
Maine
785
64
64
4
633
634
65
65
65
65
65
63
63
63
100
Hartford
&
H
N
Y
N
6234 64% 6338 648 6312 6434 638 648 2,051 Northern
1 6178 6218 6218 63
New Hampshire_100
____
30
____
105
105
*5105
__
*5105
105 105
105 105
pref_100
Worcester
&
Norwich
_____
71
133 1-33 *5133 140
133 133 *5133 go
*5133 137
100
232 Old Colony
138 13814 *213814 __ 138 fis
13712 13712 13712 13712 13712 138
50
6932 6834 6918 4,631 Pennsylvania RR
687$ 7034 69% 7018 688 _678 70
67% 675
Masaachusetts_100
&
Vermont
--------63
117 117 *2117 120 *2117 120 *5117 120
•2117 120
r
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
$ per share
183 Feb 8
9114 Feb 17
100 Feb 1
114 Jan 3
105 Mar 28
55 Jan 3
6012 Feb 10
80 Jan 3
130 Jan 9
114 Jan 4
15212 Jan 3
6012 Jan 5
6114 Jan 26
110 Jan 6
6912 Jan 4
10612 Jan 3
98 Jan 3
135 Jan 4
10434 Jan 4
175 Jan 4
29 Jan 5
72 Jan 4
69 Mar 15
53 Feb 24
59 Feb 15
5934 Jan 16
103 Jan 12
132 Jan 25
135 Jan 3
8278 Feb 9
114 Jan 17
Highest
3
314
2012 2012
__ _
50
18112 18034
1912
193
s
Ex-inoo2 &Mend. f New 'took, s Ex-dividend. p Ex-rigbtI.
•Bk1 and aged prices no sales on this day. •Afflearlieni Pala. •
Highest
Lowest
$ Per share
$ per share
Jun
191 Mar 28 171
81 May
99 Mar 7
984 Apr
10512 Mar 26
12014 Jan 18 109 Mar
Jan
1104 Jan 24 101
5118 Mar
71 Mar 29
Jan
56
62 Feb 23
7614 Jan
9114 Mar 27
Oct
145 Mar 12 118
97 Sept
135 Mar 12
170 Mar 12 15212 Dec
6114 Nov
6114 Jan 5
7212 Mar 281 5512 Jan
11412 Feb 23: 10412 May
87 Mar 30; 64 Feb
130 Mar 29; 90 Jan
Jan
120 Mar 5' 90
Jan
160 Mar 5 124
10812 Mar 27, 103 Sept
Jan 20C 176 Dec
182
25 Feb
41 Mar 16
64 Feb
30
Mar
8434
60 Mar
7934 Mar 30
12 Apr
59 Mar 30
4712 Jan
65 Jan 12
4118 Jan
6712 Feb 3
9212 Jan
10512Mar 29
Jan
13712 ha: 6 127
13814 Mar 28 122 Jan
63 July
7034 Mar 27
Jan
119 Jan 14 107
Miscellaneous.
41$ Feb 14
3 Mar 19
314 2 170 Amer Pneumatic Service _25
50 20 Mar 26 2414 Feb 14
Preferred
365
2012
Mar 29
50
2
Feb
4812
50
1st preferred
-,2 __ _ ___
2,375 Amer Telephone & Teleg__100 176% Feb 21 18218Mar 14
182
Feb 1
24
21
Mar
1812
1.995 Amoskeag Mfg
20
. 15-12 iel) 8-2
i)ig jai] 1
No par
Tack Corp
Atlas
_
1434 Feb 20 1714 Jan 6
Beacon 011 corn tr ctfe_No par
1612
1612 *15
1612 *15
1612 *15
1612 *15
•15
429 Bigelow-Hartf Carpet_No par 91 Jan 6 9612 Feb 4
9412
93
93 I 9234 93
944 93
93
95
*93
94
*93
C___ .05 Mar 28 .40 Jan 19
.05 .12 *.12 .35 --------1.400 Coldak Corp.. clue A T
•.12 .35 ..12 .35 *.12 .35
58 Dominion Stores, Ltd_No par 10512 Jan 17 125 Jan 28
19
118
*x11812020 *511812020 *xx117129119 *511512 y119 118 118
534 Mar 2
213 Jan 11
10
Land
Boston
East
660
43*
44
418
4
412
*312
313 4
*312 412
214 Jan 20
*312 4
1% Jan 31
5
335 Eastern Manufacturing
134 ---- ---11 *xi%
113
134
134
134
112 112.2112
Jan 23
9512
18
Feb
86
5
8912 8834 8934 1,235 Eastern SS Lines, Inc
884 89
88
89
89
8912 90
89$4 90
No par 4712 Jan 6 50 Mar 2
520 Preferred
4734 48
48
48
48
48
4834 *474 48
48
*4814 49
4
Jan
105
28
Mar
10112
100
102 10214 --------195 1st preferred
1011 102
102 102 •2101 103
0210212104
200 Economy Groc'y StoreeN,par 1112 Jan 3 14 Feb 1
014
234
1234 1234
*12
15
14
14
*1234 14
*1234 14
17
Mar
280
20
Feb
252
100
Ilium
Electric
Edison
1,066
273 278
269 27012 27012 272
269 270
269 270
269 271
3314 Mar 28 36 Feb 3
34
3314 3314 3314 3314 --------170 Federal Water Seri,cm
34
63312 35 .33,2 35
135 Galveston-Houston Elec_100 31 Feb 24 3612 Mar 21
3412 35
*3334 34
34
3614 34
35 .34
35 -534
35
1612 Jan 16 2158Mar 21
par
_No
com
Serv
Pub
General
--------220
21
20
'20.2 21
21
21
21
*2012 2112 21
No par 32 Feb 24 3513 Jan 21
615 Gilchrist Co
3312 3312 3212 33
34
334 3334 3334 34
33
3312 34
99
par
Jan 10 10534 Mar 22
No
Razor_
Safety
Mate
993
104
10312
10314
10314
10314 10414
1030 10413 103 101
10434 105
912 Mar 22 13 Jan 13
25
--------115 Greenfteld Tap & Die
*____ 10 5 __ 10
11
94 10 .10
10
10
par 321s Mar 28 4312 Jan 3
No
Rubber
Hood
1,763
3612
35
33
4
333
33
324
33
3334 33
33
3334 34
Jan 16
30 Kidder,Peab Aileen A pref_100 95 Jan 16 95%
_
*95 _ . *95
95
95
95 Feb 14
*95 _ _ *95 _
9 Jan 7
37 Libby, MzNetil & Libby____10
V
9
114
*9
V
9
914 914
112 *914 94
*9
8 Jan 30
Jan 4
714
25
Theatres
77
7
Loew%
30
7
8
+7
8
78
*7
*734 8
713 734 *712 8
30
117 12214 120 12312 5,742 Massachusetts Gas Cos___100 109 Feb 3 12312Mar
11334 120
113 115
11012 114
111 111
100 7812 Jan 4 81 Jan 27
394 Preferred
8012 8014 8014
80
794 80
80
Jan 10
793* 793* 7912 7912 80
112
29
Mar
100
par
Mergenthaler
Linotype-No
636
10258 10258 100 1024 100 103
102 112
*210312 104 10212 104
313 Jan 6 47 Jan 12
10
44 44 1,567 National Leather
414 414
44 44
44 414
414 414
418 414
5 26 Mar 28 23114 Jan 3
Nelson (Herman) Corp
--------166
27
*526
26
26
2712
___
*5_
2712
27 'z....
Feb 7
27
--------20 New Eng Pub Serv 37 pt No par 102 Jan 3 10912 Feb 6
107 107
*10612 107 *10634 107
•10612 10712 *10612
No par 104 Jan 3 11012
130' Prior preferred
10834 10-9 *10834 10914 *101434 10934 110 110 5110 110
109 109
par .10 Jan 3 55 Mar 9
MilleNo
South
Eng
New
.35
*.20
.35
20
*.20 .35 *.20 .35 '1.20 .35 •
412 Feb 29
4 Jan 4
100
Preferred
*4
__
*4
__
*4
*4___
4
4
100 2137 Mar 9 140 Jan 24
648.New Eng Telep & Teleg
139 139
13812 139
13712 1-3712 13712 1-3-814 138 1-3-9
13712 138
3412 Mar 20 404 Jan 3
100
Pacific
Mills
625
35
35
36
35
36
36
36
35
36
35
35
35
100 17 Mar 29 23 Jan 11
22 Plant (Thos 0), 1st prel
____ __
17
17
0____ 20 *__ 20 *____ 18 *_ 18
10 15 Mar 27 16 Jan 5
--------25,Reece Button Hole
16
16 +515
215
15
15
16
16
16
14 Jan 10
+515
14 Feb 24
Machine____10
Folding
'Reece
17 *z134
17
1,3 *2134
_ *2134
20
__ _ *5134
15114
340 Swed-Amer Inv part pre(-_100 126 Jan 3 135 Feb
130 13014
130 13014 130 130
132 1-3-2- *x130 132
132 1-33
1245 Jan 6 133 Feb10
100
Co
&
277,8wift
128
128
12718
12718
12914 12914 128 1284 127 128
13
Mar
129 129
103
7
Feb
90
25
Co
Torrington
598
9912 9912 101
9834 9912 99
9912 994 100
312 Jan 5
9912 99
99
5 .90 Mar 19
____ ____ ______ Tower :Manufacturing
*112 2
114 2
*114 24 •114 24 0114 2
20 2012 Jan 3
Mar
18
C
T
Co
Shoe
Traveller
121818 194 *51818 1912 •21818 1912 •51.818 1912 *51814 19
5 12 Jan 4 15 Mar 12
685 Union Twist Drill
13
1312 13
Mar 23
*1314 135* 1314 1353 1314 1314 1314 1314 13
6912 2,310 United Shoe Mach Corp__ --25 634 Jan 21 7012
69
70
69
70
69
70
69
6914 70
69
68
2918Mar 22 3113 Jan 19
25
Preferred
852
3112 +3034 3112
304 3038 3038 31
2934 2934 2978 3014 30
& Foreign See 1st pre-- 95 Jan 3 101 Jan 31
S
U
--------90
9814
99
9814
.9812
99
9814 984 *9812 99 .9812
8 Jan 14 1212Mar 2
560,Venezuela Holding Corp
10
1114 1018 10% 10
10
95* 10
1018 104
14
10
WaldortSys,Inc,new eh No par 1913 Jan 3 2478 Feb 3
2334 2314 23% 2314 2358 2334 2312 2312 2434 2,580 Walth Watch cl 11 corn.No par 60 Jan 5 90 Mar 27
2334 2334 23
--------225
89
*85
89
90 .85
85
80
75
75
*70
100 88 Jan 3 98 Feb 7
--------254 Preferred trust ctfil
*96 100
*9212 9234 9212 9234 9318 95 *595 100
100 104 Jan 5 10612Mar 5
45 Prior preferred
10512
10512
*1905
__
_
*5105
__
*5105..
*510512_
10514 10514
20 1534 Mar 19 18 Jan 24
125 Walworth Company
8 1634 17
1678 16717
17
1-7
*16
17
*16
17
*16
50 152 Jan 4 182 Feb 7
1,075 Warren Bros
173 176
170 175
16934 170
167 170
172 172
50 50 Jan 3 56 Mar 15
171 171
92 1st preferred
__ ____
55
55
55
55 .254
54
55
55
55
50 5212 Jan 11 5918Mar 29
65
10 2d preferred
594 5918 ____ __
18 Feb 23 18 Feb 23
com___
Candle
1Y5018 ---- 4Y5918 ---- •51/5918 __-- *xy5918 __- •16
Baumer
&
Will
______ ____ ______
____
___- •16
____ *16
____ *16
*16
Mining.
53 Feb 24
3 Jan 3
25
_ Arcadian Consolidated
___ ,
- --- ___ __
___ _ _ _-- -_
_
6 Jan 3
314 Mar 21
5
-- --_ _-- _ _ _ _ __
418 1,48) Arizona Commercial
4
4
4
*3,8 414
4
4
Jan 4
56
4
22
4
Mar
8
2503
414
10
4
Bingham
Mines
15
*5038 51
51
51
25 2014 Jan 10 2378 Feb 7
'z5038 52 *55038 52 *2504 52 •25034 52
3.123 Calumet & Heels
2112 2112 23
21
2013 21
2012 21
Mar 14 2134 Jan 20
2118 2034 21
1412
25
21
Co
Range
Copper
4,932
1512 1613
214 Jan 13
112 Feb 4
1512 1534 1514 154 1434 154 1434 1514 1512 1534
400 East Butte Copper Mining_10
I%
17s
178 2
17s
*134
*178 2
'18 2
17
178
25 .30 Mar 26 .99 Mar 5
Consolidated
.50 .50 --------225 Hancock
.41 .41
1
.30 .30 *.50
5 Feb 20 12 Jan 14
1
1
0.5.50
Coal
Co
--------Hardy
6
+5
*638 8
*638 8
,85 Feb 25
26 65 Jan 21
•64 8
*638 8
100 Helvetia
.65 .65
1 50 Feb 18 557 Jan 4
.0.65 .85 .0.65 .95 0.65 .05 .1.65 .85 ..65 .85 5312 54
583 Island Creek Coal
54
53
5312 5214 53
Mar 21
106
14
Feb
105
1
5412 55 55314 5312 52
Preferred
10
25 x1178 Feb 28 1414 Jan 4
'10512__ 510512 10512 *510512_ __ *510512_ _ *510512_ .•10512
635 Isle Royale Copper__.
8
Jan 17
23* Feb 7
*1214 1234 1214 1-212 1214 1-2-14 1234 1-3-12 1312 13-7114
*124 -1-3
25
Copper
Keweenaw
1,035
212
218
2
2
21s
2
172 2
134 Mar 3
134
134
1 Feb 24
25
*114 214
Co
112 14 --------315 Lake Copper
112
12
112
112
*114
114
1 Jan 5
112
25 .75 Jan 31
•134
43 Ls Salle Copper
.75 .75
1
•.75
1
.1.75
1
•.75
1
0.75
'
1
.0.75
2 Jan '7
114 Jan 19
5
200 Mason Valley Mines
113 112
158
8
*13
112
*138
112
Jan 3
*134
.50
112
30
112
Mar
.20
26
*138
15*
400 Maas Consolidated
.20 .20
.25 .25
.25 .35
1.25 .35 •.25 .33
25 .50 Jan 25 .75 Jan 5
.+.26 .35 '
Mayflower-Old Colony
.56 .7. •.56 .70 '1.56 .70
30
Mar
.56 .70
53
31
Jan
4512
25
.60 .75
.60 .70
Mohawk
3.856
5114 5134 5112 53
50,2 5112 5052 51
511g 50 2 51
5 2512 Feb 29 2912 Jan 3
51
210 New Cornelia Copper
2714
4 27
.15 Mar 12
.10
10
Mar
Copper
2612 2712 2614 2712 2614 2712 2632 2632 2612 263
Dominion
New
200
.15 .15
__ __
.10 .10 *.I0 .15 *.10 .15 +.10 .15
_
.10 .15
_up ___ -New River company
____ __ ____
20
+10
20
*10
20
•10
20
*10
20
*10
110 5512 Jan 4 62- Jan 28
90 Preferred
____ . __
62
+60
62
6118 430
3
Jan
8
57
2
6112 61
8Mar
45
5
Mines
61.2 6112 431
NIplesing
660
5434 -5
434 5
5
5
*44 5
114 Jan 19
5
5
•44 518
10 .90 Jan 6
118 2.460 North Butte Mining
I
1',.
1
1
.99
.90 .90
114 Mar 30
1
24
.99
Feb
.60
1
•.90
25
Mining
Ojibway
500
114
1
134
134 6.99
134 6.99
6.99
134 '
134 6.99
'.99
9 Mar 8 1212 Jan 3
25
460 Old Dominion Co
914 914
912 95* •94 914
912 934
913 95*
95* 95*
295 rd Cek Pocahontaa Co No par 12 Jan 3 167 Jan 24
13
135*
14
•13
13
13
14
134 1318 14
13
Mar 17 1512 Jan 4
13
123
25
940
Quincy
1312
13
*1252 1272 •1252 1234 1212 1212 1212 1252 1234 13
25 2112 Max 27 3112 Jan 7
_
1,250 St Mary's Mineral
27
25
2312 25
3 Jan 3
2414 2414 2112 2314 23,2 24
25
Jan 3
3
'.224
par
No
LandAlining
Seneca
___
___
____
212 ____
*2
21
10 .25 Mar 8 .65 Mar 9
*114 212 *134 212 *134 212 *2
.35 .35 --------212 Shannon Boston Copper__10 .15 Mar 12 .35 Jan 30
.25 .25
.30 .30 .1.30 .45 •.30 .45
&
Superior
.35
514 Jan 4
..15 .35 +.15 .35 •.15 .35 •.15 .35 *.15
4 Mar 7
5
320 Utah-Apex Mining
414 *44 -43*
4
41
44 *4
44 *4
4
4
134 Feb 25
4
1 Feb 9
1
215 Utah Metal & Tunnel
112
•11,4.6 13* •11:4 138 •114
114
134
134
114
112
114 Feb 1
•114
1
Mar
.99
25
Victoria
_____
___
____
114
11 *a.90
114 43.90
114 43.90
Jan 6
114 *a.95
'5.90
.30
7
Feb
.10
25
_ Winozia
+.15 .25 __ ____
*.12 .25 •.12 .25 1%12 .25 *.10 .2
3
318 314
34 314
34 314
314
3
20
3012 2012 2012 *22012 22
20
21
21
.*14912
_
*549
_
_
*14912
_
*24912
*24912
8 180 1-8t18 17934 1-81-14 180%
18118 181-58 18058 1-8171812 1912 1934
19
19
1812 1812 1812 19
PER SHARE
Range for Previous
Year 1927
$ Per share
188 May
9812 Dee
10312 June
120 Nov
110 Sept
70 July
694 July
87 June
139 May
116 May
166 Apr
64 Nov
73 May
113 May
78 Jan
116 May
105 May
14412 May
Oct
106
Oct
212
6312 Sept
81
Oct
Oct
78
5913 Sept
74 Mar
634 Dee
106 Nov
14612 Nov
1364 Oct
684 001
121 Nov
554 July
264 Sept
50 Apr
18512 Oct
2712 Nov
5014 Dec
Apr
12
2012 Jan
96 No.
5 Jan
10812 Dec
3% Feb
74 Mar
94 Des
4814 Des
106 Dec
15 Sept
267 May
364 Oct
38 Nov
1712 Oct
38 Mar
10914 Oct
1314 Nov
Jan
47
9514 July
1114 Sept
Jan
10
124 Nov
817$ Nov
Ool
116
434 Jan
33 Dec
10218 Dec
106 Dee
314 Feb
87 Feb
140 Aug
44 Sept
425* Jan
1612 Feb
134 Jan
132
Oct
13013 Sept
98 Dec
958 Jan
2112 Nov
1412 Jan
77 Nov
3112 Nov
95 Deo
Apr
11
2711 Feb
6112 Dec
86 Dec
Jan
Jan
July
Jan
Nov
Jan
713 Oct
1512 Aug
77 Feb
.01 Dec
Jan
67
114 June
112 Dec
Jan
45
35 Feb
8714 Feb
10 June
217 Feb
27 Apr
2213 Apr
1134 Jan
3414 June
8413 Mar
7 Oct
325* July
94 Apr
7 Aug
Jan
6
84 Mar
Jan
70
10312 Nov
214 Mar
234 Feb
Jan
91
9714 Jan
.10 Dec
2 Apr
11513 Jan
3512 Mar
15 June
21414 Sept
I Mar
10513 Jan
Jan
115
66 Jan
278 Dec
16 Aug
94 Sept
50 Jan
Jan
28
83 May
412 July
19 Oct
404 Jan
61
Jan
214
154
47
14912
1912
10012June 118 May
1718 Dec 2414 Apr
6518 Jan 17934 Nov
44 Jan 70 Dec
45 Jan 72 Dec
Jan 1813 Nov
14
.20 July
5 July
Jan
30
1418 June
117s May
118 Oct
.16 Apr
6 Dee
Oct
.32
47 Feb
10413 Sept
9 July
1 July
Jan
.80
.50 Mar
Oct
.70
.05 Sept
.25 May
3458 June
184 June
.03 Dec
15 Nov
56 Nov
5 Aug
.50 June
Oct
.40
912 Oct
Jan
11
131.; July
184 June
1 July
.15 May
.15 Mar
44 July
Oct
.78
.50 July
.03 Mar
v
-
314 Des
1014 Jan
614 Dec
243$ Dec
2114 Dec
234 Jan
1 July
181$ Sept
.85 Jan
67 Sept
Apr
107
16 Dec
272 Feb
3 Deo
1 Nov
24 Dec
.85 Jan
14 Jan
62 Dec
3018 Dec
.00 Feb
197$ May
75 Feb
1018 Feb
338 Jan
14 Jan
15 AIM
1813 Aug
1918 Apr
82 Dec
312 Jan
.63 Dee
.60 Sept
77s Feb
2 Feb
2 Aug
.70 JUR'
_. ...._......
MAR. 31 1928.]
FINANCIAL CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange, Mar. 24 to Mar. 30, both inclusive:
Friday
Last Week's Range COPt
Safe
of Prices.
for
Price. Low. High. Week.
Bonds-
Stocks-Range Since Jan. 1.
Low.
Amer El & Pr Corp 68_1957
100 100
$1,000 100
Amoskeag Mfg 6s......1948 92
9055 92
46,000 90
Chia Jct Ry US Y 58_1940
102 102
1,000 102
County Gas Co 5s_ -1946 99
95
99
2,000 95
Chippewa Power 68_ __1947 10534 10554 10554 6,000 10534
East Mass Street RR454s series A
1948 734 72
7334 39,000 70
55 series B
1940
80
83
1,150 77
68 series D
1948
93
93
200 9055
68 series SC
1928
100 100
100 9914
Europ Invest 755s_ __ _1966
984 984
500 984
Fisk Tire Fabric 648_1935
10155 1014 3,000 10155
Florida Public ServiceSeries A 6348
1949
105 105
5,000 105
Series B 68
1955
103 103
5,000 103
Hood Rubber 7s
1937 10154 10154 10234 4,000 10154
Keystone Tel Co (PhIla)Series A 5558
1955
9255 9254 5,000 9254
Series 13 Os
1951
100 100
5,000 1011
Mass Gas Co 4 As_ ...1931
1004 1003.4
Loco 1004
1929
4548
10054 10054 2,000 100
Miss River Power 55..1951
104 104
1,000 10354
Municipal Gas Co (Tex)65
1935
1044 10454
1,000 10455
Municipal Gas & Elec Corp
75
1947
98
98
5,000 98
New River 58
1934
9,000 9354
943-4 95
P C Pocah Co 7s deb _ _1935
1114 113
2,000 106
San Francisco Bay Toll
Bridge Co 6348
195?
100 100
1,000 100
Swift Jr Co 55
1944 10254 1023-4 10254 4,000 10154
United Drug 55
1944
9954 994 19,000 9954
Vamma Water Power Co53.48
1957
97
97
10,000 97
Western Tel & Tel 58_ _1932
10154 102
6,000 10054
Whltenights Inc 6 545 1932
126 127
20.000 105
High.
Mar 100
Feb 9534
Feb 10354
Mar 99
Mar 10554
Mar
Jan
Jan
Mar
Mar
Mar 74
Jan 83
Feb 93
Jan 100
Feb 984
Mar 10154
Jan
Mar
Mar
Mar
Feb
Mar
Mar 105
Mar
Mar 103
mar
Mar 10354 Jan
Mar
Mar
Jan
Jan
Jan
9255 Mar
100
Mar
10014 Jail
10054 Mai
104
Jan
Mar 10454 Mar
Mar 98
Feb 95
Jan 113
Mal
Mar
Mar
Mar 100
Mal
Mar 103
Jar
Mar 9954 Mai
Mar 97
Jan 103
Jan 128
Mai
Ma
Mat
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Mar. 24 to Mar. 30, both
inclusive, compiled from official sales lists:
•No par value.
SXX
gXgX g
XX X X'
X" XX
X
aagitPagVAgMggg4g444E1g-ggggElSaggAga44gggWO.VrgM4g244gn44t§Wart
XX X
X X g X XX4SXX g
X
1-,G3
.
1-•
.
.
.
a
ac4800.0a 0
- 0÷0.b2w8
aw.. 0 W 0001-.0000NOWw..00,0 OWOW OWWWCOW00
53548
8tt8-8-8
OWOW000WO
ON0,00WONOOOW
a wa.-4-44,coo.
a wwww...7.20
4.8...a.-aa
atzoo0
.a.4.......4www0000awa0N:E -48groZ80=1264.wadM252821,T4ftScigEr.872,7
wa
.
a
a. .aam &
a.,
.
.&awn,
.
clas..
.a b-0000..wwtr :
c'"—
OW.940
P
High.
20
Feb
8335 Mar
11
Mar
7454 Feb
118
Mar
33
Jan
73
Mar
14
Feb
4354 Mar
3634 Mar
60
Jan
14
Jan
190
Jan
7954 Mar
10
Mar
79
Mar
42
Jan
4134 Jan
241
Mar
64
Mar
110
Mar
974 Mar
854 Feb
12534 Jan
27
Mar
2554 Jan
40
Mar
224 Jan
100
Jan
574 Feb
8954 Feb
26
Mar
2734 Mar
82
Mar
7034 Mar
1094 Jan
9355 Feb
624 Mar
2534 Mar
6034 Jan
5254 Mar
3854 Jan
63
Feb
15
Feb
374 Jan
2254 Mar
11055 Mar
5454 Mar
2
Jan
43-4 Jan
403-4 Feb
2274 Mar
59554 Mar
2254 Mar
57
Feb
18
Jan
34
Jan
9554 Feb
5
Mar
887-4 Mar
54 Jan
.
3014 Jan
074 Jan
4g44ggg'aEggn Mtgg
1004 1004 1004
66
66
101 101
1024 10274
106
106 106
10854 1084 10834
106 10634
1064 106 10634
9554 9655
107 107
7754 78
10054 10034 10034
4X4 g
100
63
964
30
1654
8 ,,a080
8
grZigaggiln0
1654
100
624
964
30
1654
Low.
XX gg
63
1 1§§=§§§§ §§§§§
BondsAdv Bag & Paper 68..1962
Elec & Peoples tr Ws 48 '45
Keystone Telep 1st 55_1935
Lake Sup Corp 1st 53_1929
Stamped
Lehigh Coal & Nay1954
Consol 443
People8 Pass tr etts 48_1943
1967
Mir. Co 58
Phila Flee (Pa) 1st 44s '67
1st lien & ref 55_ _ _ _1960
1966
let 58
1st lien & ref 54s-1953
Phila Elec Pow Co 548 '72
Philo & Read e & I 5s1933
Reading Term deb 55 '41
United Rys&EI(Balt)48 '49
York Railways 191 55_1937
1555 17
80
823-4
1054 11
69
72
116 117
263-3
26
73
73
1054 104
4254 43
31
364
58
58
254 23-4
181
18154
7955
76
10
10
724 734
37
37
41
41
230 2344
573.4 583-4
108 110
913-4 934
674
734
112 115
26
27
24
2454
384 40
1054 113-4
84
70
57% 574
894 894
21% 26
2554 2634
80
8074
6734 7054
95
95
90
90
59
624
254 2534
604 604
5174 524
2955 297-4
58
59
1054 114
32
3234
2034 2254
110 11055
474 484
1
154
354 455
384 3934
2273422734
118 12554
1974 224
5454 5555
14
14
3054 32
9154 mg
454 5
8074 8834
%
%
36
38
56
56
Range Since Jan. 1.
tO8r1§41001
,
5,0QWWW..0.
,WCW
Almar Stores
• 1654
Alliance Insurance
10
American Milling
10
American Stores
• 7134
Bell Tel Coot Pa pref _ _100 11654
Budd (E G) Mfg Co
*
Preferred
Bornot Inc
104
Cambria Iron
50
Camden Fire Ins
3654
Consol Traction of N J.100 58
Cramp Ship & Eng_ _ _ _100
254
Curtis Publishing Co com_*
Electric Storage Batty _100
Fairm't Pk Trans Co com_. 10
Fire Association
10 724
Giant Portland Cement_50
Preferred
50
Horn & Ilard't(Phila)com • 2344
Horn & Hard't(NY)corn •
Preferred
100
Insurance Co of N A.__ _10 9354
Lake Superior Corp_ _100
Lehigh Coal & Nay
50 115
Lehigh Pow Sec Corp corn •
Lit Brothers
10
Manufact Cas Ins
40
Mark (Louis) Shoes Inc__• 1134
Preferred
100
Minehill & Schuyl Hay_ _50 574
Northern Central Ry_ _ _50
North East. Power Co_ __ _
North Ohio Power Co_ ..•
Penn Cent L & P cum pf_.• 80
Pennsylvania RR
50
Pennsylvania Salt Mfg_ _50 95
Philp, Dairy Prod prof
Phila Electric of Pa
25 6254
Phila Elec Pow recta_ _._25 254
Phil(' Rapid Transit....50 6054
7% preferred
50 5254
Phila & Read C & I Co_ _•
Philadelphia Traction...50 5834
Phila dr Western Ity. __,50 11
Reliance Insurance
Shreve El Dorado Pirxr L 25 224
Scott Paper Co pref._ .100
Stanley Co of America__ _• 4755
Tono Belmont De vel_._ _1
154
Tonopah Mining
1
44
Union Traction
50 384
United Cos of N J
100
United Gas Impt
50 12554
United Lt & Pr "A" corn_•
US I)alry Prod clam A_ •
Common claw B
•
Victory Ins Co
1st preferred
Victory Park Land Imp_ 10
Victor Talking Mach corn •
Warwick Iron & Steel_ _ _10
West Jersey & Sea Sh RR50
Westmoreland
50
ta
....wa
a
wawaao.anaw
ata. 000mw
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
10034
63
97
30
19
Feb
Feb
Jan
Mar
Nfar
1014
664
101
10234
106
109
1074
10634
964
107
80
1004
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Feb
Mar
Mar
Feb
Mar
1959
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange, Mar. 24 to Mar. 30, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price, Low. High. Shares.
Arundel Corp
• 48
Baltimore Brick
100 66
Preferred
100
Baltimore Trust Co
50 160
Central Fire Ins
10
Century Trust
50
Ores & Po Tel of 13alt pf100
Citizens National Bank.10 504
Commercial Credit
• 27
Preferred
25
Preferred B
25
64% let preferred_ _100 914
Consol Gas, E L & Pow_ _• 72
7% Preferred ser B_ _100 11154
64% pref ser C
100 11154
6% pref ser D
100
54% pref wiser E._100
5% Preferred
Consolidation Coal_ _100
Cook (J NV) pref
Dalton Tire & Rubber__ •
Eastern Rolling Mill
24
Fidelity & Deposit
50
Finance Co of Amer A. *
Series B
•
Finance Service corn A._10 18
Houston Oil prat v t e_ _100
Mfrs Finance corn v t ...25
lot preferred
25
Maryland Casualty Co_ _25 1814
Maryland Trust Co
_100
March dr Miners Transp_ •
Merchants Nat Bank _..10
Nionon W Penn P S
2655
Morris Plan Bank
10 1534
Mortgage Security com__* 1955
Frist preferred
50
Second preferred_ _ _100
Mt V-Woodb Mills v t100
Preferred
100
New Amsterd'm Can Co _10 74
Northern Central Ry__ _50 9034
Park Bank
10
Penns Water & Power_ ....• 704
Schoeneman (J) lot pref
with warrants
100
Sharpe & Doh me prof._100
Silica Gel Corp corn v t__ .• 19
Sun Mortgage
18
Un Porto Rican Sag corn.* 4555
Preferred
• 524
Union Trust Co
50
United Rys& Electric__ _50 15
U S Fidelity & Guar_...50 373%
West Mel Dairy Inc pref__•
Prior preferred
50 5455
BondsBalto City 45 conduit _1967
Bait° City 45 pay loan_1951
Balto C Pub Pk Imp 4s '55
Balto C 4s, 2d Wa Ser_1947
Balto C 45, 2d Wa Ser_1946
Balto C 45, 2d Sch Ser_1947
Balto C 4s,2d Sch Ser_1943
Balto C 4s,2d Sch Ser _1938
Bat C 34s new sew imp '80
Balto City 48
1961
Balto Traction 1st 53_ _1929
Belvedere 1st 5s
1932
Black Jr Decker 648_ _1937
Commercial Credit 65_1934
555s
1935
Consol Gas, Elec Jr Power
1st ref 65 ser A
1949
1st ref 545 ser E_ _ _1952
Elkhorn Coal Corp 655s '31
Fair & Clarks Trac 55_1938
Houston Oil 64% notes'35
Lord Bait Hot Co 648 1945
MC Electric Ry 1st 58_1931
lst. & ref 643 ser A.1957
Md & Penna 1st 4s..1951
Consol 65 series A._1963
Silica Gel 63-45
1932
Un Porto Rican Sus 654%
notes
1937
United Ry & E 1st 45_1949
Income 48
1949
Funding 55
1936
1st 65
1949
Wash Balt & Anrutp 55 1941
West Md Dairy 13s_ ...1946
464 48
66
66
8134 8154
15955 160
45
46
220 220
115 115
50
504
26
29
24 244
24
25
90
92
714 724
111% 111%
111% 1144
1114 112
110 110
1044 105%
30
30
52
52
7
7
24
23
2874 295
11
114
11
11
18
184
97
97
244 244
21
21
180 186
235 235
46% 47
304 31
264 264
154 1534
184 19%
83
83
73
73
20
20
96
96
724 74%
894 904
37
37
7055 714
1,845
50
5
260
85
10
3
60
2,405
164
5
160
477
7
2
112
11
478
300
40
50
990
409
140
50
67
40
10
20
137
20
155
268
140
45
560
32
5
142
14
528
97
10
520
Range Since Jan. 1.
Low,
46
66
814
15855
444
217
1134
50
214
23
23
8854
674
11054
110%
110
10755
1004
28
504
7
224
27554
11
11
1654
9555
2455
20
174
235
4554
304
25
15
174
70
70
174
95
71
88
32
68
High.
Jan
Mar
Mar
Mar
Mar
Feb
Jan
Mar
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Mar
Mar
Feb
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Jan
Feb
Feb
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Jan
48
Jan
66
Mar
8155 Mar
165
Jan
49
Jan
231
Jan
1174 Jan
54
Jan
29
Mar
244 Mar
25
Jan
92
Mar
73
Mar
115
Jan
114% Mar
113
Jan
110
Mar
105% Mar
33% Jan
524 Feb
7
Mar
26% Jan
2994 Jan
114 Feb
114 Feb
204 Feb
103% Mar
264 Jan
25
Mar
191
Jan
23.5
Mar
47% Jan
334 Jan
27
Jan
164 Jan
21% Jan
84
Mar
85
Jan
22
Jan
964 'Mar
794 Mar
90% Mar
38
Feb
724 Jan
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Mar
Jan
Jan
Jan
101
113
194
20
47
524
3424
204
374
97
554
Mar
Feb
Jan
Mar
Mar
Mar
Jan
Jan
Mar
Mar
Jan
10154 10154
$500 102
Jan 10354
10155 10174
1,000 10254 Feb 1034
1014 1014
500 10155 Mar 10134
10155 1014
1,700 10154 Mar 10155
1014 1014
500 10154 Mar 1014
10134 10174 11,500 10134 Mar 10134
1014 1014 6,000 102
Mar 1024
101 101
1,600 101
Mar 101
92
92
13,700 91
Jan 93
1014 1014 1014
1,000 10134 Mar 1034
100 100
1,000 100
Feb 101
1,000 10054 Mar 1005-4
10034 10054
107 107
1,000 1064 Jan 1093.4
9955 9954 3,000 98
Jan 101
9454 9454 95
4,000 94
Jan 9954
Feb
Feb
Mar
Mar
Mar
Mar
Feb
Mar
Jan
Feb
Feb
Mar
Jan
Feb
Feb
loss, L000 10554
107
1,000 10454
964 13,000 95
98
1,000 9654
1,000 10334
1033-4
1014 1,000 100
9934 1,000 994
99
3,000 984
85
3,000 85
93
2,000 93
101
1,000 101
108
10734
9855
99
10354
10154
9954
994
86
93
1034
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Mar
Mar
Feb
Feb 101
Feb 75
Mar 55
Mar 8455
Mar 98
Feb 90
Jan 107
Jan
Jan
Jan
Jan
Jan
Jan
Jan
107
10054 10055
1114 11155
174 19
18
18
4154 47
51
5254
318 324
134 15
360 374
9555 954
544 55
10654
107
96
98
10354
10155
9934
99
85
93
101
9955
72
504
7455
94
86
86
1064 10634
72
504
77
10034
7234
514
77
94
864
10654
10 994
10 110
610 17
30 174
2,100 384
1,04
484
315
2,72
13
958 34855
30 75
454 52%
28,500 99
14,000 7134
29,000 5055
14,500 744
3,000 94
7,000 8354
2,000 105
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Mar
Mar
• No par value.
Cleveland Stock Exchange.-Record of transactions at
Cleveland Stock Exchange, Mar. 24 to Mar. 30, both inclusive, compiled from official sales lists:
Stocks-
r rtaay
notes
Last Week's Range for
Sale
of Prices.
Week,
Par. Price. Low. High. Shares,
Aetna Rubber common_ •
Amer multigraph corn _ _ _•
Amer Ship Bldg pref_ -.100
Akron Rubber roe
•
Allen Industries
•
I3ess Limest & Cem com •
Buckeye Incubator com...•
Byers Machine "A"
•
Central Alloy Steel com •
Preferred
100
City Ice & Fuel corn
•
Cleve Elec Ilium com_-100
Preferred
100
Cleveland Ry corn
100
Cleve Securities pr l'n pf _10
Cleveland Trust
100
Cleve Worsted M com.100
C Jr S Brew prof
100
Dow Chemical corn
*
Preferred
100
Federal Knit Mills corn •
Firestone T & R 6% pf_100
100
7% preferred
Foote-Burt prof
100
General Tire & R com..25
Preferred
100
Glidden prior prof
100
Great Lakes Towing pf.100
Greif 13roe C'Page com___•
Iftri
35
35
434
113
1064
234
154
140
1054
1094
1014
26
26
28
2854
110 110
20
2154
15
15
3654 3654
35
364
35
35
2854 2854
111 111
42
4434
410 410
11254 113
10534 10654
254 254
397 397
27
30
154 154
140 140
105 1054
3434 3454
112 112
1084 1094
86
86
166 170
1014 1014
99
99
110 110
40
40
ARM
ARM
10
335
10
160
260
19
370
25
100
42
4,666
80
30
297
462
5
1,005
100
21
155
300
60
277
13
15
470
20
60
75
Range Since Jan. I.
Low.
High.
25
Feb 27
Jan
2654 Jan 284 Feb
110
Mar 110
Mar
1354
3534
3454
35
284
10934
364
355
11234
1054
114
359
2154
154
1124
105
32
109
1084
80
.65
1014
96
108
40
Mar
Mar
Mar
Mar
Mar
Jan
Feb
Jan
Jan
Mar
Feb
Jan
Feb
Mar
Jan
Feb
Jan
Jan
Feb
Feb
Mar
Mar
Jan
Jan
Jan
1554
3754
49
40
31
112
4454
410
114
109
3
400
30
164
140
107
35
112
1114
85
190
103
99
110
43
Jan
Jan
Jan
Jan
Feb
Mar
Mar
Feb
Feb
Mar
Jan
Mar
Mar
Mar
Jan
Feb
Jan
Mar
Jan
Feb
Jan
Mar
Feb
Mar
Feb
Sass
Friday
Last Week's Range for
Week.
of Prices.
Sate
Stocks (Conch ded) Par. Price. &no. High. Shares.
100
Halle Bros pref
Hanna NI A 1st pret_ _ _100
Harria-Seyb-Potter com_ •
India Tire & Rub corn...*
Industrial Rayon "A" •
Interlake Steamship corn _•
•
Jaeger Machine corn
Jordan Motor pret____100
Kaynee common
LeMur, con)
•
Met Pay Brick,com
Miller Rubber, pref. _ __100
Mohawk Rubber, corn__
100
Preferred
Murray Ohio Mfg, corn.'
Myers Pump
National Acme,corn_ __ _10
National Refining, pref100
•
National Tile, corn
•
"1900" Washer, corn
No Ohio P & L6% pfd_100
National Tool
100
Ohlo Bell Tel, pref
•
Ohio Brass"B"
100
Preferred
Ohio Seamless Tube,com_•
Otis Steel. corn
Packard Elec
Packer Corp
Paragon Refining, corn..25
100
Preferred
•
Richman Bros, corn
River Basin Paper, corn_ •
Scher Hirst, corn
Sel barring Rubber, corn_ _"
100
Preferred
Sherwin-Williams, corn_ _25
100
Preferred
Smallwood Stone, corn_ _ _•
Stand Tex Prod A pfd_.100
100
"13" preferred
Stearns Motor common _.•
25
Steel & Tubes,corn
Telling-Belle Vernon, corn*
Thompson Prod, corn_.190
•
Trumbull Steel, corn
100
Preferred
Union Metal Mfg,corn_ •
100
Union Trust
Van Dorn Iron Wks,corn _•
Wood Chemical
Youngs'n Sh Sr Tube, corn*
100
Preferred
BondsCity Ice & Fuel (1s...1933
103% 10335 10315
65
65
18
18
20
20
20
18
18
126 126
28% 29
30
24
25
3315 34
3035 34%
34
3835
38% 38
9235 94
94
52% 58
54
85
73
73
16
15
15
363.4 3534 3635
14
14%
14%
130 130
34% 3315 34;5
30
30
30
9935
99% 98
835
8
835
113 113
113
98 10034
98
107% 108
40
40
15%
15
15
5734 5534 60
3335 34%
34
10
10
115 115
263 265
263
10% 1035
2635 26% 2635
40
40
40
103 103
103
67
66
66
10935 109 109;5
30% 30% 30%
63
63
3235 3235 3215
3% 5
435
67;5
66
46
4635
46
24%
24% 23
11% 12
9735 98
45
45
299 300
734
7
2534
2535 25
88% 8834
107 107
101
101
75
10
50
171
114
14
230
260
45
2,322
200
123
2,784
65
423
959
2,049
589
1,100
200
210
185
40
1,190
75
16
210
425
705
126
20
205
125
200
116
238
177
70
355
28
30
1,316
1,059
380
1,725
444
160
19
36
100
1,045
10
10
Range Since Jan. 1.
Low.
102
65
18
18
18
123
2835
20
3135
27
3114
89
29%
55
15
33
735
130
33
28%
93
1%
11035
'8
90.
106%
38
11%
47
3234
93.5
10635
256
834
26
33%
103
65%
107
2914
60%
30%
3
53
45
22
10%
8915
45
285
5
25
88;4
106
1,000 101
Jan
Mar
Feb
Feb
Mar
Feb
Jan
Jan
Mar
Mar
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Mar
Feb
Jan
Jan
Feb
Jan
Jan
Mar
Mar
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Mar
Jan
Feb
Feb
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Feb
High.
10434
75
24
23%
20%
12635
30
50
3534
34%
3835
98
58
85
16
37%
15
135
35%
3035
100
834
11334
100)4
108
42
16%
60
35
11%
123
290
10%
27
44%
105%
69
10935
32
68
34%
5
68
48
25
13
10835
48
300
735
26%
90%
108
Mar 101
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Mar
Mar
Mar
Feb
Mar
Feb
Jan
Feb
Feb
Mar
Mar
Mar
Feb
Jan
Mar
Mar
Feb
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Feb
Feb
Feb
Feb
Mar
Jan
Mar
Feb
Feb
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange, Mar. 24 to Mar. 30, both
inclusive, compiled front official sales lists:
Cincinnati Stock Exchange.-Record of transactions
at Cincinnati Stock Exchange, Mar. 24 to Mar. 30, both
inclusivo, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Am Laundry Mach com_25
•
Amer Products pref
Amer Roll Mill corn__ ._25
Am Thermos Bottle "A" •
50
Preferred
100
Baldwin new pref
•
Buckeye Incubator
Carey (Philip) com___.100
Central Brass
Champ Coat Pap pf new100
100
Champ Fibre prat
•
Churngold Corp
50
Gin Car Co
100
C NO & TP pref
100
Cin Gas & Elea
C N & C Lt & Tr com100
100
Preferred
50
Cth Street Ry
50
CM & Sub Tel
__
Cm n Union Stk Yds new.
•
City Ice S: Fuel
•
Coca Cola "A"
100
Col Ry Pr 13 pref
•
Croeley Radio
Cooper Corp (new)_ _ _ _100
100
New preferred
Crown Overall pref_ _ _ _100
100
Dow Drug corn
Eagle-Picher Lead com_ _20
•
Early & Daniel corn
Fifth-Third-Union Tr_ _100
*
Formica Insulation
French-Bauer (under)).- -•
Calabar Drug prat newt _20
•
Giant Tire
•
Gibson Art com
Globe Wernicke pret___100
100
Gruen Watch prat
*
Hatfield-Rellan ce corn
100
Preferred
•
Hobart Mfg
•
Jaeger Machine
100
Kahn lot pref
40
Participating
•
Kodel Radio A
10
Kroger common
60
Little Miami guar
•
Lunkenheimer
100
Nash (A)
•
14cLaren Cons A
Wend Pulp spec prat_ _ _100
•
Slead common
100
Meteor Motor
10
National Pump
100
Dhio Bell Tel prof
Paragon Refining corn.. _25
100
Preferred
Proctor & Gamble corn..20
100
8% preferred
100
6% preferred
100
Pure 0116% prof
100
8% preferred
100
Rapid Elea
100
Rollman pref
100
3abln Robbins
10
U. S. Playing Card
U Sprint & Litho com_100
100
Preferred
•
U S Shoe corn
100
Preferred
100
Vulcan Last corn
100
Preferred
•
•No par values
10114 10034 10134
27
26
2634
10436 10334 106
1534 1534
4535
45
10815 1083-4
37
35
36
26835 275
275
2514 2534 2634
10635 10634 10634
109 109
4535 4735
47
3035 3035
3034
11834 118 11834
9834 9834 9834
10035 10035 10035
7634 7634
5234 5235 53
123 125
125
4334 4534
4534
42% 44%
44
32
31
10834 10834 10836
2634
26
2634
69
69
100% 100 10035
100 104
104
3634
36
1634 1836
18%
56
56
360% 360%
21
21
1734 17%
102 10335
26
26
4735
4735 48
8
9835 994
11536 11535
17
17
103 10335
103
52
50
51
2834 2834 293.4
101
101
4134 4234
48
45
45
7434 7435 7535
10834 10834
2734 273-4
112 118
112
20
18
20
109 110
72
71
35
34
35
393-1 4034
11235 11334
113
9% 935
114 114
24934 270
270
192 192
11236 11254
9835 99
99
11235 11235 11214
53
46
40
99
99
10534 10535
125 125
7435 7535
9835
98
735 9
854
53
613,4
61
11035 104 120
10834 108 10834
h9 44 8254
1,744
1,705
2,312
100
80
7
2,596
32
860
198
2
986
282
11
527
47
11
797
86
265
1,374
161
41
3,090
10
186
155
532
7,019
50
10
1.230
60
249
20
1,097
10
5
90
34
1,309
35
6
185
205
297
69
174
65
375
11
31
615
523
119
163
20
1,357
10
447
100
15
1,481
50
10
60
459
10
273
331
1,439
19
31
sates
r r iaay
Last Week's Range for
of Prices . 'Week.
Sale
Par. Price, Low. High. Shares.
Stocks-
Amer Wind Cl Mach cm100 2335
Amer Wind GI Co prat_ 100 8934
735
Arkansas Nat Gas corn...10
Armstrong Cork Co
63
Bank of Pittsburgh__ _ _ 50 190
Blaw-Knox Company_ _ _25 102
Carnegie Metals Co _ _ _ _10 2535
Consolidated Ice corn. .50
10
Devonian Oil
Dixie Gas & Util com____. 10
10() 89
Preferred
First National Bank _..100 355
Harb-Walk Ref corn_ _100
Independent Brew com_50
25 5435
Lone Star Gas
May Drug Stores Corp _ _ _• 2235
Marine National Bank_100
Nat Fireprofing pref _ _ _ _50 2235
5
Pittsburgh OH& Gas
Pittsburga Plate Glass 100 22334
Pittsburgh Screw & Bolt__ "
Pittsburgh Trust Co_ __10 0
Stand Plate GI prior p1_100
3334
Stand Sanitary Mfg corn__
100
Preferred
10
Tidal Osage 011
30%
Union Steel Casting corn__
100
a Union Trust Co
48
United Engine & Fdy com_
United States Glass __25
Wesrghouse Air Brake new
West Penn Rys pret_ _ _100
Zoller (William) Co corn.,,. 40
RightsArmstrong Cork Co
Lone Star Gas
Bondsor... e.. Tal,,n ,T,....
3%
Low.
Iligh•
- ---Feb 2534 Mar
155 16
23% 24
Feb
90 8134 Jan 90
8935 8935
915 Feb
735 735 1,185
734 Feb
Mar
67
Mar
63
2,581
65
63
Jan
Jan 190
78 180
187 190
Feb
Jan 105
355 91
102 10335
2435 26% 12,875 1635 Jan 2734 Mar
Jan
6
434 Mar
100
415 435
Jan
Mar 10
7
45
7
7
1034 Jan
Jan
9
550
9% 10
Mar
85 NA Feb 89
89
89
Jan
Feb 360
10 345
355 355
Jan 19214 Mar
100 178
192 192
134 Mar
25
234 Feb
235
2
Mar
12,752 5235 Jan 56
56
54
Jan 24% Jan
200 20
2235 2234
Mar
10 150
Jan 170
170 170
Mar
255 1934 Jan 24
2234 2335
Jan
4
3% rJan
485
334
336
Feb
Jan 234
335 210
22334 230
Mar
920 4834 Feb 55
5034 5134
Mar
Mar 250
15 250
250 250
Feb
Feb 35
20 31
35
35
Mar
Mar 36
3411 3,138 33
33
Jan 12534 Mar
125 124
12535 12535
17
2,020 1654 Mar 2635 Mar
20
Jan
Mar 34
140 29
30
29
510500 $105005 $10,100 Mar $10,500 Mar
Jan
715 4734 Mar 61
4735 5035
Mar 1534 Mar
757 13
1535
13
70 4634 Jan 5674 Jan
5134 52%
190 10134 Jan 10315 Mar
103 10334
Mar
300 2234 Feb 41
41
40
334
735
00 u
Ca 1000
Range Since Jan. 1.
314 38,323
1,654
8
33-1 Mar
735 Mar
Ann
1124t Mar
note
•1
4
8
Mar
Mar
02 V Mar
• No par value a Sales of Union Trust Co. at 1011n our issue of March 17 was
an error, should have read 3 at $10,100.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange, Mar.24 to Mar. 30, both inclusive,
compiled from official sales lists:
• No par value.
Stocks-
[VoL. 126.
FINANCIAL CHRONICLE
1960
Stocks-
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low, High. Shares.
25
Acme Steel Co
Adams Royalty Co com__•
All America Radio Cl A._5
•
Amer Colony pe Corn
Range Since Jan. 1.
Amer Corn Pow 1st lat 57A5
1st pref 5635 A
Low,
High.
Am Fur Mart Bldg pt. _100
Jan Amer Nat'l Gas Corp._ _ _•
1003-4 Mar 114
2015 Jan 2736 Mar American Pub Serv pref 100
Jan Am Pub Urn Co prior p1100
9935 Mar 120
100
Panic pref
Feb
16
Feb
11
Jan 49% Jan American Shipbuilding _100
43
Jan Amer States Sorer Corp A •
10835 Mar 110
•
Class B
Jan
Mar 49
35
Mar
Warrants
Jan 275
250
2534 Feb 2734 Feb Armour & Co. prof 100 __ _
Feb 10635 Jan AssociatedInvestmentCo •
100
Mar Auburn Auto Co corn_ _ _ _•
Jan 109
108
Feb Balaban & Katz v t c _ _25
50
Mar
42
100
Preferred
2934 Feb 3335 Jan
Jan Bastian-Blessing Co coin.*
120
Jan
11534
9736 Feb 9934 Jan Baxter Laundries Inc A__*
•
Jan 10034 Jan Beaver Bd v t c "B"
98
10
Jan 7634 Jan Bendix Corp cl A
75
10
Jan Borg & Beck corn
455-4 Jan 55
11634 Jan 12634 Jan Brach & Sons(E J) corn. _•
10
4334 Mar 44% Mar 13unte Bros corn
20
3634 Feb 443.4 Mar Butler Brothers
3035 Mar 3235 Feb CampbellWyant&CanFdy"
10
Jan 10835 Mar Castle & Co (A M)
105
•
Feb Celotex Co, corn
25
Feb 27
100
Mar
Preferred
69
Mar
62
Jan Cent D Pa Corp "A" pt__•
9731 Feb 103
Feb Cent Gas & El Co 7% pt•
10034 Mar 104
Mar 3935 Jan Central III Pub Sore pref_*
36
1534 Mar 2435 Jan Central Ind Pow pref_ _100
Mar Central Pub Sore (Del)_ •
Mar 56
56
Jan Cent States P&L Corp pt.*
360% Mar 374
Feb Central S W Util corn. _ _.*
20% Mar 26
•
Mar
Prior lien Prof
1734
1635 Jan
•
Preferred
Feb 10335 Mar
101
Mar Chic City & Con Ry Pt sta.*
Mar 26
20
Feb
•
Participation prat
Jan 49
43
Feb
Certificates of deposit_ •
Jan 101
98
Feb Chicago Flee Mfg "A" •
11435 Feb 110
Feb Chic Jeff Fuse & El corn _ ..•
18
Feb
15
Feb Chic N 8 & SilIw corn_.100
Jan 109
99
100
Mar
Prior lien pref
4435 Jan 52
100
Preferred
28% Mar 2934 Feb
100
A
prat
pr
Feb
RapTran
Chic
102
Jan
100
Jan 4335 Mar Chic Rys part ctf ser 1.100
40
2..,...100
Jan
series
ctts
Part
5535
Feb
26
Jan Chic Towel Co cony prof..'
Jan 80
70
10635 Feb 10834 Mar Chickasha Cotton 011_..10
Mar
2735
Club Aluminum Uten Co.'
2534 Feb
Mar 11735 Mar Commonwealth Edison_100
100
•
Mar Consol Film Ind Inc
1635 Feb 20
Mar
•
Preferred
10634 Feb 110
5
Jan Consumers Co corn
Mar 82
65
100
Preferred
Jan 3635 Mar
26
•
Jan
V t o pur warr
Jan 42
37
25
Jan 11334 Mar Crane Co corn
110
100
1134 Mar
Preferred
9% Jan
Mar Cutler Horn Mfg com _ _10
Mar 118
106
Jan Decker (Al!)& Cohn,Ino .•
Jan 275
249
Feb Eddy Paper Corp (The) _ •
Feb 200
190
Feb 11251 Mar El Household Util Corp _10
111
9634 Jan 1113.4 Jan Elec Research Lab. Inc __•
Mar 113% Feb Empire G & F Co 7%pf 100
111
Mar
100
8% preferred
3434 Feb 53
Mar 9934 Feb Evans & Co,Inc, el A_ _ _ _5
99
5
Class"B"
Jan 10535 Mar
101
Jan Fair Co.(The) corn
•
Feb 132
117
100
Preferred
Feb 8335 Jan
64
Jan Fitz Simons & Connell
9635 Feb 101
Mar
9
Dk & Dredge Co corn _20
735 Jan
Mar 6135 Feb Foote Bros(0 dr M)Co _ _5
45
Mar Galesburg Coulter-Dise _•
Jan 135
60
tug Jan 10934 Feb Godchaux Sag,Inc el B _ •
5235 Mar 5834 Jan Gomm% Co(H W)
_ _ _100
Great Lakes D &
88%
24%
13%
101
95
2134
98
7%
734
134
77
3714
138
79
110
3634
25
6331
7435
1835
21
4134
49
60
82
83
108
104
1%
18
37
98
9835
48
30
178
2334
113,5
9615
52
26
21
4
10035
111%
72
72
61
20
6034
52
28,5
89
85
2435
24
13% 15
23% 24
99 101
95
95
9734 9811
2135
21
0735 98
100 100
96% 9635
109 111%
6% 734
6% 7%
136
7-4
77
74
36% 3734
128 14134
663.4 82
106 110
34
3614
25%
25
315 4
5634 6435
7334 76
1814 19%
23
23
2135
21
4034 42
4835 50
63
60
82
83
24
24%
100 100
9935 100
9935
99
16
16
100 100%
81
8935
107 108
10234 10435
135
1%
17
18
16% 1634
11
11
40
37
20
21
97% 98
60
60
101% 101%
17
15
314 334
97
9835
4734 4935
3534 3634
17635 179
16% 16%
2334
22
1035 1214
9635 98
034
5
45
4515
12035 121
52
50
26
26
30
30
2034 22
4%
4
100 101
110% 111%
72
70
72
71
3835 38%
110 110
61
20
58
415
50%
285
68
21
61%
4%
62%
305
Range Since Jan. 1.
Low.
High,
81)
2535
15%
25%
101
95
101
2235
101
100
91334
117%
756
754
1135
87
3934
141%
82
110
3635
2634
5%
64;5
81%
22
26
2356
44%
51
69
8735
25%
100
100
99%
1735
100%
8935
108
10515
2
22%
18
18
90
44
99%
65
102%
1834
3%
100
4935
39
189
20
25%
1234
98
635
47%
121
64
28
3234
24
6
101
1113,5
74
7415
3935
110
Mar
Feb
Mar
Mar
Mar
Star
Feb
Mar
Mar
Feb
Mar
Jan
Mar
Mar
Mar
Feb
Jan
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Jan
Feb
Mar
Feb
Mar
Mar
Mar
Jan
Ja.n
Jan
Mar
Feb
Jan
Jan
SEar
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Afar
Feb
Mar
Jan
Feb
Feb
Jan
Mar
Mar
Mar
Jan
Mar
Mar
Feb
Jan
Star
Feb
Mar
Nfar
Jan
Jan
islsor
Mar
Jan 74%
495 46
1,400 1834 Jan 2134
6,120 4735 Jan 63Si
554
.1110
3
375
Jan 53%
3,700 43
Jai) 330
620 245
Mar
Mar
Mar
Feb
Feb
Feb
7,580
625
5,710
950
90
300
65
1,150
75
65
125
140
30,365
11,630
17,975
710
125
39,090
22,200
190
25,450
2.530
530
17,835
5,390
1,040
10
5,230
325
4,780
300
125
600
10
285
80
27
110
4,510
455
367
870
680
225
40
280
115
70
50
40
150
200
415
12,035
7,500
490
40
1.030
29,100
505
5,943
405
30
9,470
100
100
6,580
150
488
635
410
710
98
10
83
21
2
2315
99
95
9734
1834
9735
95%
87.34
103
4
4%
65%
36
114
593,4
101
24
24%
234
51
66
1634
15
21
3834
42%
49
80
24
9435
9734
95
16
99
70
10335
99%
135
17
14%
10
30
20
97
60
100%
15
2
95%
47%
35
105
15
22
735
87
3%
45
119
48%
25
30
131(
234
99
10854
55
55
34
107
Jan
Jan
Jan
Feb
Mar
Mar
Nlar
Jan
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Mar
Feb
Jan
Jan
Mar
Feb
Jan
Feb
Jan
Jan
Mar
Mar
Feb
Feb
Mar
Mar
Mar
Jan
Mar
Feb
Feb
Mar
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Mar
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
MAR. 31 1928.]
FINANCIAL CHRONICLE
Friday
Sales
Last Veek's Range for
Rats
of Prices.
Peek.
Stocks (Concluded) Par. Price. Low. High. Shares.
Greif Bros Coop'ge Aom _*
GrIgsby-Grunow Co corn.5
Hartford Times part of.- -*
Hart,Schaffner&Marx _100
Hannay Motor Co
A5Preferred
Illinois Brick Co
25
Indep Pneu Tool v t c _
InlandWire&Cablecom__10
Kalamazoo Stove corn .5
Kellogg Switchb'd corn._10
100
Preferred
Kentucky UM Jr cum pf.50
Keystone St & Wire com100
Preferred
100
Kraft-Phenix Cheese com25
La Salle Ext Linty com_10
Libby, McNeil & LIbby_10
McCord Radiator Mfg A_•5
McQuay-Norris Mfg
Marvel Carburetor(Ind) 10
Rights
Meadow Mfg Co cora_ _ _•
Preferred
50
Rights
Mer & Mfrs Sec Co pr pf100
Middle West Utilities__ _ _*
Rights
Preferred
100
6% cum preferred
5
6% cum pr lien pref
*
Prior lien preferred..100
Midland Steel Prod com__*
Midland Util 6% pr lien 100
7% prior lien
100
Preferred 6% A
100
Preferred 7% A_ _ _ _ 100
Minneap Honeywell Reg.*
Preferred
100
Miss Val Utll prior lien pf_*
Monighan Mfg Corp A__5
Monsanto Chemical Wks..
Morgan Lithograph corn.*
Messer Leather Corp corn *
Nat Elea Power A part__ _*
National Leather corn._10
National Standard corn_ •
North American Car corn •
Northwest Eng Co corn...
Nor West UM pr In pref 100
7% preferred
100
Novadel Process Co corn.'
Preferred
•
Oklahoma 0& E pref_ _100
Penn Gas & Elec "A"com *
Pines Winterfront A com.5
Pub Serv of Nor Ill com_ *
Pub Serv of Nor Ill corn.100
6% preferred
100
7% preferred
100
Q-R-S Music Co cora_ _ .
_ 5
Quaker Oats Co corn
•
Preferred
100
Reliance Mfg Co pref,.100
Reo Motor Car Co
10
Ryan Car Co(The) com_30
Sangamo Electric Co
•
Sears, Roebuck,corn
•
Shaffer 011 & Rfg pref__100
Sheffield Steel corn
•
So Colo Pr Elec A corn _.25
Sow 0& El Co 7% pref100
Southwest Pow & Lt pref *
Standard Dredge cony pf.•
Stewart-Warner Speedom *
Studebaker Mall Ord corn 5
Swift & Company
100
Swift International
15
Thompson (J R) corn_ _25
20 Wacker Drive Bldg pf.5
United Light & PowerClass"A" preferred. _.*
Common class A new •
Common class 13 new .._•
United Pub Utll $6pfd
•
20
US Gypsum
Preferred
100
Univ Theatres Cone cl A _5
Vesta Battery Corp com_10
Wahl Co corn
•
Walgreen Co()% %pref _100
*
Corn stk much warr
Ward(Montgomery)&Co 10
Class A
Warner Gear "A"conv pf 25
Waukesha Motor Co cora.*
Williams 0110 Mat corn_ •
Wolverine Portland Cem 10
Woodworth Inc pref
•
Wrigley(Wm Jr) Co coin.
Yates-Amer Mach pant)!_•
Yellow Cab Co Inc(Chic)_ 5
Zenith Radio Corp corn _.*
3935 39% 40
6435 56% 6435
43% 4234 4334
148
146 148
13%
13
14
44
43% 44
41
40
4134
48
49
35% 35
36
130
116 130
9
834 9%
80
80
76
51% 52
251
250 255
10534 10535
6335 64%
335 334
934 931
41
41
41
4135 35
42
70
6835 67
1
1%
135
17% 17% 18
53
54
ire
04% 96
134
133% 134
2%
2% 251.
122
122 124
96% 96% 98%
993.4 9934
12535 12535 126
91
90
92
95% 95% 96
105% 106%
91
91
104% 103 104%
3235 32
33%
9935 99
99%
94% 95%
2635 2535 27
55
52% 48
7834
7434 80
35
31% 3735
3135 31% 32
4%
4% 4%
51
53%
39
38% 39
3234 3135 3335
10335 10335
101% 10154
1235 11% 13
3034 3235
11335 115
22
2135 22
8235 70
83
172 17235
171
174
115 115
120 120
56% 54% 60
320
297 320
118% 115% 118%
105
104 105
26% 27%
17% 17%
31
31%
105
97% 11035
9335
93
62
5735 63%
25
2535
25
103 104
92
92
3234 32% 34
93%
92
89
934 9%
12835 127 129%
27
27
29%
60% 60%
95
95
95
Range Since Jan. 1.
Low.
515
44,575
1,250
400
1,200
600
385
20
3,250
26,875
2,150
220
210
275
75
1,060
70
1,400
370
2,510
4,410
9,935
6,360
395
16,200
225
4,085
23,771
1,032
655
20
490
175
150
155
10
70
2,175
420
85
4,750
3,985
9,485
910
1,465
6,300
2,275
945
4,140
20
40
695
985
270
1,365
17,795
157
87
55
10
3,465
315
455
85
1,200
50
675
80,950
160
2.075
195
145
110
42,580
27,050
100
4,405
9,675
50
1,020
39%
54
39%
134
12
42%
39
47%
26
65%
835
75
50%
100
100
60%
3
9
40
23%
61%
1
10%
44%
he
91%
123%
115r,
11635
9335
99
125
86
9435
105
89%
103
30
9734
94
25%
38%
733,
23
27%
33,
3735
32%
29
9935
99%
10%
28
108%
20
54%
159%
159%
110
119
38%
285
111
98%
2335
15
30%
82%
79
48%
25
101
89%
32%
7735
9
12434
26
5934
95
Mar
Mar
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Mar
Mar
Feb
Jan
Jan
Feb
Mar
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Feb
Jan
Jan
Mar
Mar
Feb
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Ma
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Ma
Feb
Jan
Jan
Jan
Feb
Fe
240
10034 100% 101
20
22
1,530
30
30
20
9435 94%
.50
7435 69
7435 4,650
123 123
25
434 434
100
15
15
100
9%
8% 10
960
10435 10334 105
560
18
17
18%
1,335
139% 150
350
125
122 125
300
36% 345: 37
8,870
70
68
70
130
7
7
525
6
6
50
35
35
35
60
76
7334 77% 3,550
890
13% 14
3135 37
8,850
68
59
69
25,450
95
14
19
9434
69
122
4
14
8%
100%
5
117%
121
32
66
6%
5%
33
69%
13%
3035
35%
Jan
Jan
Jan
Ma
Ma
Jan
Jan
Jan
Ma
Feb
Jan
Jan
Ma
Jan
Ma
Jan
Jan
Jan
Fe
Ma
Ma
Fe
BondsAmer Serv Co 2 yr 65_ 1930
Bloomington Llmest 6s1942
Cairo Bridge & Fer let 51
20-yr 6359
1947 101
Cent States Util 65_ _1928
1927
Chicago City IV 6s
Chic City & Con Rye 5.327 67
Chicago Railways 5s_ _1927
let 131 Ott of dap 5s. _1927 84
1927 66
5s, series A
1927
58, series B
9954 99% 26,000
9835 9834 16,000
100
98
86%
67
85
84
66
44%
101 .
2,000
98
2,000
87
15,000
67
2,000
8535 10,000
84% 4,000
66
10,000
44%
1,000
1961
Friday
Sales
Last Peek's Range for
Sale
of Prices.
Peek.
Price. Low. High.
9054 Mar
97
Mar
99
98
85
65
84
84
66
43
High.
433,
6435
44
148
1534
45
42
49
3735
130
13%
96
52%
280
114
71
4
93%
4234
42
70%
2
1855
55
105
27%
2035
34%
11035
93%
63%
26
104%
93
34
93%
9%
13234
34%
62%
96
Feb
Mar
Feb
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Feb
Feb
Mar
Feb
Jan
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Mar
May
Feb
Mar
Feb
Jan
Mar
Feb
Feb
Feb
Jan
Jan
Mar
Mar
Feb
MB r
Feb
Feb
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Jan
Feb
Mar
Mar
Mar
Feb
Mar
Jan
Mar
Mar
Mar
Feb
Feb
Feb
Mar
101
22
30
94%
93
121
434
24
12%
108
1934
149
128
3634
72
8
7
37
79
17%
43
69
Mar
Mar
Mar
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Feb
Jan
Feb
Mar
Jan
Feb
Mar
Mar
Feb
Jan
Mar
96
135
25r,
124%
100
100
12934
110%
97
10635
92%
105
34
100
9635
27
55
80%
3734
3255
4%
55
41%
34%
105
103
13
32%
115
23
83
180
180
115
121
62
320
usg
99% Mar
99% Jan
Jan 102
Jan 98%
Feb 188%
Feb 70
Feb 88
Feb 8734
Mar 68
Feb 46%
Mar
Mar
Jan
Feb
Jan
Jan
Jan
Feb
CURRENT NOTICES.
Bonds (Concluded)
Commonw Edis 1st M 6s'42
1st M 4355 ser "C"_1956
Distributors Disc 534s 1931
Fed Util (13Id) lat 5%s 1957 9734
3-yr 635s
1930
Hous G 0 Co sl g 630_1931
JewelersBldg(Chle)6s_ 1950
Northwestern Elev 5s _ 1941
65 East SoWater6358 _1947
Sou United Gas1st 6s"A"
1937
So Un ice 1st''A"
_1947
1st 634s"B"
1938
Straus Safe Dep 534s_ _1943
St Louis Gas & C 6s_ _1947
Tex WaterIltilCo.65"A"48 100
Swift & Co 1st s 1 g 5s _1944 10255
United Pub Bert, Co15 yr 13s"A"
1942
United Pub Util Co1st 6s"A"
1947 101
2 yr 5%s
1929
Virkahnm
,rtrArTrrOla
lOcft
Range Since Jas. 1.
Low.
High.
114 114
1.000 114
Mar 114
10155 10155 5,000 10055 Jan 10154
9934 9934 10,000 9934 Mar 9934
Feb 973,4
9734 9735 1,000 94
Jan 9955
2,000 99
100 100
11555 11535 1,000 10834 Jan 117
Jan 101
10035 101
5,000 99
95
95
5,000 9434 Feb 9534
Jan 100
100 100
2,000 100
3,000 9754
99
9734 3,000 97
100
3,000 100
4,000 100
100
96
2,000 96
10,000 100
100
10234
1,000 10255
Feb
Feb
Mar
Mar
Feb
Mar
Jan
98
2.000
Feb
9755101
9954 100
093.4 101
13,000
19,000
33.000
99
9735
100
100
96
100
10255
98
97
99
9735
100
100
98
100
103
98
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Jan
Mar
Feb
Mar
Mar
Mar
Max
Jan
Jan
Feb
9934 Jan 101
9734 Mar 10055 Feb
9914 Mar 101
Mar
•No par value.
St. Louis Stock Exchange.-Record of transactions
at St. Louis Stock Exchange, Mar. 24 to Mar. 30, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High Shares.
Stocks-
Range Since Jan. 1.
Low.
High.
BanksFirst National Bank_ _100 329
Nat Bank of Comm'ce_100
329
158
330
162
7 329
Mar 345
Feb
65 15734 Mar 169 1 Jan
Trust CompaniesMercantile Trust
100
535
540
11 535
Street Railway Stocks
St Louis Pub Serv cora_ •
Preferred ____
*
Miscellaneous StocksAloe common
20
Baer Sternb & Cohn cora.*
Best Clymer Co
_*
Brown Shoe common 100
Burkhart common
•
*
Preferred
Century Elec Co
100
Corno Mills Co
100
Coca Cola Bot Sec
El
Champion Shoe pref__ _S1
Elsenstadt Mfg pref _ _ _100
EL Bruce common
•
Elder Mfg let prat_ _100
Ely & Walker D 0 com_25
2d preferred
100
Johnson S & S Shoe
•
Laclede Gas Light pfd_100
Common
100
Mo-Ills Stores common..'
Mo Portland Cement _ _ _25
80% paid
25
Nat Candy common
5
Pedigo Weber Shoe
•
Polar Wave I & F A
*
Rice Stlx common
•
let preferred
100
2d preferred
100
Elder common
*
100
Fred Medart Mfg corn..,'
Fulton Iron Wks corn_
*
Hamilton Brown Shoe__25
Huttig S & D common.,.'
Preferred
0
Hydraulic Pr Brk com_100
Independ Packing com__•
Internat'l Shoe pref___100
Common
•
Scruggs V B D G com___25
Scullin Steel pref
•
Sheffield Steel corn
•
Skouras Bros A
*
Southwest Bell Tel pref 100
St Louis Car corn
100
Stlx, Baer & Fuller
5
wagner Eleccom
•
Preferred
100
23
135
2134
31
48
4255
4135
20
353,4
34
2355
3435
78
25
17
11235
7334
1654
3234
62
11835
22
2954
5535
101
2234 23
79
7935
335
204
3335 3335
2154 2155
23
23
4735 4735
1354 1334
2134 2154
135 135
78
78
2134 2134
103 104
100 100
48
48
10834 10835
31
3155
9034 9054
48
48
104 104
200 200
19
20
4255 4334
4134 4355
1834 20
35
3534
32
34
2235 2334
115 115
10134 10234
3434
29
74
78
32
3235
1254 13
2434 2435
2355 2634
97
97
4
4
17
17
11234 11235
7234 7334
1655 1755
3234 3335
62
57
3735 3734
11835 11835
22
22
2855 2954
5055 59
10035 101
100
25
40
35
10
265
10
17
195
16
5
10
11
855
105
300
100
10
1,125
783
852
1,304
50
3,481
2,156
7
36
635
70
135
18
25
575
5
2
50
100
1,694
290
715
755
145
106
10
143
6,135
106
750
909
Mining StocksGranite BI-Metallic
10
Consol Lead & Zinc Co A •
14
32e 32c
14
12
Street Ry BondsEast St Louis & Sub 5s 1932
United Rye 44
1934
8535
9434 9455 549,000
85
8534 15,000
Miscellaneous BondsKinloch Tel 6s
1928
Kinloch Long Dist 58_1929
Scullin 8s
1941
10034 10055
1003410014
99
99
20
79
Mar 570
'
Jan
Jan
Mar
Jan
Feb
3334 Mar
2134 Mar
2234 Jan
4734 Mar
1235 Mar
19
Mar
135
Mar
75
Feb
21
Mar
100
Feb
11,0
Mar
45 1 Jan
10834 Mar
30
Mar
90
Mar
48
Mar
100
Jan
200
Mar
17
Jan
38
Mar
38
Feb
1834 Feb
35
Mar
32
Mar
Mar
20
10934 Mar
100
Mar
2335 Jan
72
Jan
Jan
29
1134 Jan
20
Jan
20
Feb
95
Feb
4
Mar
1634 Jan
10934 Jan
62
Jan
16
Feb
31
Jan
33
Jan
3734 Mar
11754 Jan
16
Jan
27
Mar
37
Feb
9634 Jan
25
83
3134 Jan
22
Mar
26
Jan
5054 Feb
1754 Jan
24
Jan
145
Mar
78
Mar
2135 Mar
107
Mar
100
Mar
50
Feb
10835 Mar
33
Jan
94
Jan
5535 Jan
120 ig Jan
200
Mar
Mar
20
45
Mar
35
Mar
2334 Jan
3834 Jan
3434 Feb
2334 Mar
116
Jan
104
Jan
3434 Mar
80
Feb
3635 Jan
13
Mar
30
Jan
2635 Mar
9734 Feb
5
Feb
20
Feb
113
Mar
7435 Feb
20
Jan
35
Feb
62
Mar
41
Feb
121
Mar
22
Mar
31
Jan
59
Mar
102
Mar
30c
11
Mar
Mar
32c
15
Mar
Jan
94
85
Feb
Mar
9435 Mar
8534 Jan
g
3,000 10034 Mar 100%%War
5,000 100% Mar 100% Mar
1,000 98% Jan 99% Jan
• No par value.
San Francisco Stock Exchange.-For this week's
record of transactions on the San Francisco Exchange, see
page 1932.
-The Empire Trust Co. has been appointed registrar for the class "A'
and class "B" stock of the Tr -Bullion Corp.
-Mark A. Borgatta, formerly with McDonnell & Co., has become assoBroadway, New York City.
dated with F. A. Willard &
Co., 50
-Herbert H. Blizzard of Lilley, Blizzard & Co., Philadelphia, is sailing
Wednesday on the S.S. Reliance for a cruise of the West Indies.
-Orton, Kent & Co.'s weekly market letter discussed Gillette Safety
Razor and St. Louis-San Francisco Railway.
35
Broad St., New York City,are distributing an
-Prince & Whitely.
analysis of United States Leather Co.
-C.Lester Horn & Co., Inc., announce the removal of their offices from
Wall St., N. Y.
-Harrison, Smith & Co. announce that Donald Lee Harwood is now
connected with the sales department of their New York office.
60 Broadway to
H--ornblower & Weeks have Issued special circular analyzing the Mackay
companies and the International Telephone & Telegraph Co.
-Merrill, Lynch & Co., 120 Broadway, New York City, have prepared
an analysis of McCory Stores Corp.
-The Equitable Trust Co. of New York has been appointed transfer
agent for the stock of the American Financial Holding Corp.
84
-The New York agency, Bank of Montreal,
Wall St., Is prepared
to supply a booklet on "The Canadian Income Tax Act.%
37
-Throckmorton & Co.,
165 Broadway, N. Y., have prepared an April
list of investment suggestions.
-Frank S. Morris has become associated with Frank H. Orehore & Co.,
74 Broadway, N.Y.
FINANCIAL CHRONICLE
1962
[VOL. 126.
New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last (March 24) and ending the present Friday(March 30). It is compiled entirely from the daily
reports of the Curb Market itself, and is intended to include every security, whether stock or bonds, in which any dealings
occurred during the week covered:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sate
Par. Price. Low. High. Shares.
Week Ended March 30.
Range since Jan. 1.
Stocks-
Low.
High.
Indus. & Miscellaneous.
Acetol Products, Inc. A- • 30
2934 304 2.900 2934 Jan 314 Feb
Mar
Jan 89
1,000 83
Acme Steel.com
25
89
85
Mar
Jan 20
1,100 14
Aero Supply Mfg cl A_ _• 20
1716 20
Class B
• 144 124 154 5,600
83.4 Jan 154 Mar
Mar
Jan 179
600 162
174 176
50 176
Ala Gt Sou RR ord
Mar
Jan 178
20 162
1754 1753,4
Preferred
50
Mar
Mar
134
1
300
116
Allied Packers corn
111
•
Mar 2134 Jan
1.900 15
Allison Drug Store el __A• x1816
1634 s19
400 3734 Mar 444 Mar
39%
Alpha Portland Cem cora_• ------38
Feb
Jan 136
1,900 120
• 126
Aluminum Co. cons
1254 12734
1,500 1054 Jan 10934 Mar
100 10834 10834 10934
Preferred
900 52
Jan
Mar 70
55
100 55
60
American Arch Co
Am Brown Boveri El Corp.
•
6
414 Feb
800
95,4 Jan
Founders' shares
534 64
Mar 45
Jan
434 1,000 39
Amer Chain Co corn
• 4034 40
Mar
Mar 150
475 132
Amer Cigar corn
143 150
100 150
1.100 2334 Feb 254 Mar
Amer Colony pe corn
234 24
• 24
Amer Cyanamid cora el B20 39
3834 4034 7,200 344 Mar 4834 Jan
175 953,4 Jan 9834 Feb
9634
Preferred
100 9634 96
Mar
Amer Dept Stores Corp.• 1834 1834 1811 4,300 134 Jan 20
70 7114 Mar 8514 Jan
Amer Hardware Corp_ _ _25
714 7134
American Hawaiian SS_ _10 19
1834 194 2,100 1534 Jan 2034 Mar
Mar
144 4,400 13
13
Amer Rayon Products_ _.
1754 Jan
• 1314
Jan 114
Jan
Amer Rolling MIL com_25 10334 103 1064 10,300 95
Jan 11134 Feb
130 109
111 111
Preferred
100
204 25,900 1134 Jan 204 Mar
Am Solvents & Chem.v t c• 1934 • 18
Cony partic preferred__• 3134 2814 3234 10,200 2514 Mar 324 Mar
500
3.1• 314
34 Jan
2.1. Jan
American Thread prat_ _5
American Trading Co-200 4016 Mar 4314 • Jan
404 404
American shares
1.000 2614 Feb 3134 Jan
Anglo-Chile Nitrate Corp_• 2834 27
2831
1
Jan
88e. 2,800 720
Jan
Atlantic Fruit & Sugar.....•
810. 81c.
Mar
2,900 z8314 Jan 76
76
Atlas Plywood
72
• 73
Feb 443,4 mar
Atlas Portland Cem corn... 44
1,300 38
434 4434
mar
Feb 143
43,500 115
Auburn Automobile. corn_• 138% 12616 143
Axton-Fisher Tob corn A 10
494 5034 1,300 4914 Mar 504 Mar
300 60
Mar
Dec 79
79
Balaban & Katz com v t c25 79
74
Jan 1983.4 Mar
Bancitaly Corooration._25 19234 18434 194% 58,000 136
Barker Bros Corp corn._* 40
3914 404 2,700 3934 Mar 4134 Mar
Mar 364 Mar
Bastian-Blessing Co
• 3634 3514 3634 4,900 28
Mar 2614 Mar
1,000 25
Baxter Laundries cora A_25
25
2534
314 34
100
414 Mar
314 Jan
Beaver Bd Cos cora A v t c*
100 66
500 39
53
Jan 56
Mar
Preferrel
5534
Bend's Corp com class A 10 6334 604 6334 1,500 5334 Jan 6334 Mar
1,800 1934 Feb 24
Mar
Benson & Hedges corn _ ..... 2334 2334 24
200 28
Feb 3134 Jan
Cum cony preference...*
28
28
Bliss(E W)& Co com _ _ _ -* 19
173,4 1916 3,000 1634 Mar 2034 Jan
Blumenthal(S)& Co corn_• 37
1,800 264 Mar 37
3734
Mar
28
314 Mar
Blyn Shoes. Inc. corn__ _10
44 4% 3.600
414 Jan
434
Bohack (H C) com__100 305
Jan 3094 Mar
270 30934 10,000 230
Bohn Aluminum & Braes.• 59% 5411 6014 19,700 3314 Jan 6034 Mar
Borg &
100 684 Jan 80
73
73
Jan
Boston Beck*
& Albany RR_ _100
Mar 183
10 181
18634 18615
Feb
Botany Cons Mills corn....'
200
4
44 Feb
34 Jan
411
Bridgeport Mach corn......'
100
2
Oct
3
54 Mar
3
Mar 3116 Jan
Brill Corp. class A
600 29
30
3034
Class B
500 114 Mar
13% 14
•
163,4 Jan
Brill° Mfg.com
Jan 313,4 Mar
3116 6,600 14
26
• 26
Class A
200 253.4 Mar 2934 Jan
2834 2834
Brit-Amer Tob ord bear_ £1
1,300 2534 Jan 2834 Mar
2834 2814
100 2594 Jan 28
Mar
Ordinary registered_ _£1
28
28
Amer dep receipts
100 284 Mar 283.4 Mar
283,4 2814 284
Brockway Mot Trk. cora _• 5014 504 50% 16,100 43
Jan 524 Mar
100 10516 10534 10615
Preferred
400 10534 Mar 10616 Mar
Brown Manufacturing200 104 Mar 1094 Mar
1034 103.4
Budd (E (3) Mfg com--• 284 2534 263.4
500 2534 Mar
34 Jan
Bullard Mach Tool
Jan 614 Mar
700 43
• 5815 5816 6015
Buzza Clark, Inc. com_ _ _•
Feb 2034 Mar
700 16
1816
17
Damp. Wyant dc CannonMar
Jan 45
Foundry
4234 7,700 39
• 4134 40
7,anadian Indus Alcohol_ •
4216" 434 1,000 3634 Feb 434 Mar
Jan 48
Darnation Milk Prod com25 4336
8,300 30
48
Mar
35
Jan 226
1,440 156
Mar
:1asein Co. of America...100 224
19234 226
314 Mar 17
Feb
Due Plow Wks,el B v t e_•
516 634 3.700
54
Jan 7134 Mar
:laterpillar Tractor
653,4 7114 3,700 53
• 71
7,900 7034 Mar 10014 Jan
94
Delanese Corp of Ara. com• 88% 85
Feb 18534 Jan
First preferred
100 16814 16815 1724 1.200 s164
Mar 112
Feb
New preferred
11034 1081( 11034 4,200 107
•
Jan 122
2,400 100
Feb
:Jellulold Co.corn
113 116
200 89
Jan 9734 Feb
$7 p
@FedFRASER