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The.
financial.
rtintde
INCLUDING
Public Utility Compendium
Railway & Industrial Compendium
Railway Earnings Section
State & Municipal Compendium
VOL. 124.
SATURDAY, MARCH 5 1927.
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Bank and Quotation Section
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NO. 3219.
nating currents. The recall of the Mexican Ambassador was ignored in a strong opening. A sharp
sinking spell in the afternoon was followed by recovery.
These movements were hardly reflected at all in
the bond market, although the averages have declined very slightly during the past few weeks, in
which offerings have been comparatively light. This
is probably due to the excessively heavy offerings of
the period immediately preceding and the tendency
of investment interest to be deflected into the stock
market. Call money, after touching 5% on Friday
of last week, fell to 432% on Monday and to 4%
on Tuesday, over the turn in the month, and on
Wednesday declined to 4%. There has, however,
been a slight hardening in time money rates, hardly
more than perceptible, but enough to reduce the
expectation of an early lowering of either the London
or New York discount rate. The hardening is probably due to a rising volume of business which is
seasonal at this time of the year, as evidenced, for
example, by the speeding up in the Steel Corporation's
operations to 92%, the record-breaking activities of
General Motors Co. and the continuous loading of
freight cars well above the level of the corresponding
period in 1926.
On Wednesday the Pere Marquette RR. declared
an extra dividend of $2 and the St. Louis-San Francisco an extra dividend of 25 cents, the former presumably being an extra for the year and the latter
for the quarter. On the same day Wabash Ry.
announced a $5 dividend on its preferred B stock.
On Monday the Coca Cola Co. declared 100% stock
dividend. On Tuesday Drexel & Co. and Bonbright
& Co., Inc., offered $19,800,000 Public Service
Electric & Gas Co. 1st and refunding mortgage 5s,
1965, at 99, yielding 5.06%. On Friday Halsey,
Stuart & Co. offered $15,000,000 Commonwealth
Edison 1st 43/2s, 1957, at 96, yielding 4.75%. Annual
reports for 1926 continue to make their appearance
in large numbers, the results in the majority of cases
being gratifying and reflecting record-breaking earnings. On the other hand, in the textile and certain
other industries the reports are reflecting a year of
the severest depression and in many cases financial
disaster. Fortunately the price of cotton seems to
be steadying at a level materially above the low point
of the early winter, the price now being about
14 1-3 cents, compared with less than 12 cents
early in December.
The Financial Situation.
The stock market during the week has been characterized by rather violent alternating movements.
On Monday there appeared to be a considerable
amount of indiscriminate speculative buying. The
volume of trading ran up to 2,543,290 shares, and
the industrial average reached 161.96, after having
advanced pretty steadily from 154.31 on Monday,
Feb. 7. During the latter part of this period the
advance in industrial shares has been accompanied
by a decline in railroad stocks, the railroad average
having fallen from 129.16 on Friday the 18th to
127 on Friday the 25th. The unrestrained bullish
enthusiasm of Monday was considerably dampened
by announcement of a gain of $43,520,000 in brokers'
loans as reported by the Federal Reserve Board, this
being the first advance in a period of seven weeks,
but cancelling about 44% of the previous decline.
Possibly also sentiment was influenced by failure
of the Buffalo Rochester & Pittsburgh to heed the
request of the Inter-State Commerce Commission
and consent to an extension of the contract for the
lease of the road to the Delaware & Hudson; but
probably the sharp advance in brokers' loans accompanied by realization that there had been a slight
stiffening in money rates, had the greater influence.
In any event, during the two sessions of Tuesday
and Wednesday the market lost a good deal of ground,
the industrial average dropping nearly 3 points to
159.07 and the railroad average more than 2 points
to 125.48, trading on both days being in excess of
2,000,000 and on Wednesday 2,355,370. This decline, however, was followed on Thursday by an
equally sharp turnabout, the sales volume being
Insolvencies in the United States during February
1,775,590 shares, and the averages gaining 1.10 continued quite as numerous as they were in January,
points and 1.81 points for the railroad and industrial considering the fact that the month just closed was
averages, respectively. Friday again showed alter- a very short one. There were 2,035 commercial
1256
TilE CHRONICLE
defaults in February this year, according to the
records of R. G. Dun dr Co., involving $46,940,716
of indebtedness, against 2,465 in January for $51,290,232, and 1,801 in February 1926 with $34,176,348 of liabilities. In number, failures last month
showed an increase of 13% over a year ago, while
for January the increase over the corresponding
month last year was 7.5%. As to liabilities, the figures for February exceeded those of a year ago by
37.4%. The defaulted indebtedness reported for
January was 17.5% in excess of the preceding year.
There was apparently little improvement in February over January, the last mentioned month generally showing more failures than any other month
of the year.
Separated as to branches of business, the February
returns show 411 manufacturing defaults, with a total
indebtedness of $10,518,450; 1,508 trading defaults,
for $23,405,612, and 116 insolvencies of agents and
brokers owing $13,016,654. The corresponding figures for February 1926 were 447,failures in the manufacturing division with liabilities of $10,822,319;
1;282 trading defaults for $20,317,275, and 72 insolveneies of agents and brokers owing $3,036,754.
As in recent preceding months the bulk of the increase in mercantile defaults last month was in the
trading division. In the manufacturing division
both the number and indebtedness show a decline
from February a year ago, while there is a considerable increase as to both items in trading defaults
and fort agents and brokers. The increase in the
ntimber of defaults in the trading division is largely
among general stores, most of these at the South;
among dealers in dry goods, in shoes and leather
goods, in furniture and in drugs. Decreases appear
for February this year in the classes embracing dealers in clothing and furnishings, in hardware and in
jewelry. =•
As to the increase in indebtedness in the trading
division, this is in part due to much larger liabilities
reported last month for dry goods, for the hardware
lines and for those embracing drugs. There is little
change for most• of the other larger classifications
on the side of higher liabilities. On the other hand,
quite a decrease appears in the indebtedness reported
in February for hotels and restaurants, a large failure
in that line having occurred in that division a year
ago. There is a considerable gain in the number of
defaults last month in the division embracing agents
and brokers, and a very notable increase in the indebtedness reported this year, owing to a number of
large defaults in that division. In the section embracing manufacturing concerns that failed in February, eight of the thirteen important classifications
into which the statement is separated, including twothirds of. the total number of all manufacturing defaults, show fewer failures this year than last, while
five classifications report small increases in the number. In the latter are included machinery and tools,
lumber Manufacturing, printing and engraving, and
bakers.' As noted above, very little change appears
in • the 'aggregate of indebtedness reported for the
manufacturing division this year and last, but a few
classifications show a larger amount for last month,
among them iron manufacturing, machinery, lumber, clothing and leather goods, the latter embracing
shoes, owing to a number of large defaults.
It is as to the latter that the February report of
insolvencies makes an exceptional showing as comp red with last year. There were 54 failures last
[VOL. 124.
month, where the liabilities in each case exceeded
$100,000, the total as to the indebtedness being
$25,198,850. These figures compare with 44 similar
defaults in February 1926 with $13,528,107 of liabilities. The increase shown for last month over a
year ago emphasizes the fact that the February 1926
figures were exceptionally low. The four or five
years prior to that month in 1926 tell a different story,
and show an even higher number of large defaults
than appears for February 1927, although the total
indebtedness for the larger defaults of 1927 is very
high. The total for the latter as given above is
approximately 54% of the total indebtedness shown
for all defaults last month. A year ago it was considerably under 40%. It is in the group embracing
the larger failures of agents and brokers that the
marked increase appears, for there were nine such
defaults in that division last month with total liabilities of $11,776,600, the latter constituting nearly
one-half of the entire amount for all of the larger
failures in February.
Shanghai remains the pivotal point in the Chinese
struggle between the Northern and Southern factions.
The city is quite indispensable to any continuance of
the advance northward of the Cantonese Nationalist
forces. Its capture would assure to the Southern
leaders ascendency over the greater part of the
country, as they are already in possession of the
middle reaches of the Yangtze River and all the territory to the south. With Shanghai in their hands
Peking would be of minor importance, the ancient
capital being already a mere hollow shell, hardly
reminiscent of its former glory. Fuliginous movements are accordingly on foot, the chief one being
an attempt, says the Shanghai correspondent of the
Chicago "Tribune," "to start encircling movements
west of Shanghai for the purpose of cutting the communication lines." The Cantonese strategy, according to this observer, is apparently based on a scheme
to make a sudden drive on Nanking, north of Shanghai, in order to cut off the Northerners from their
supply base in Shangtung Province, while the Northern forces under General Chang Chung-chang are
attempting a similar scheme from Nanking, hoping
to force the Southerners to evacuate Hangchow, the
Chekiang provincial capital. Thus it appears that
both sides have decided to transfer the battlefront
from the Shanghai area to the west shore of
Lake Taiho, approximately 150 miles west of
Shanghai.
All reports agree that the former defender of Shanghai and master at one time of five provinces, Marshal
Sun Chuan-fang, has been practically eliminated from
the scene. Large numbers of his troops, says an
Associated Press dispatch of March 2, were reported
going over to the Cantonese army and thousands of
others were said to be deserting. "Sun's army now,'
adds this dispatch, "apparently is completely discounted as a factor of importance in the military
situation. It is understood Sun himself has made all
preparations to retire. He is known to have accumulated a large fortune during his governorship of
Kiangsu and Chekiang provinces." With this War
Lord eliminated, the struggle narrows down to a more
direct one between the Northern dictator, Chang
Tso-lin, with his henchman Chang Tsung-chang of
Shangtung on the one side and the Nationalist forces
from Kwangtung with the aid of Russian advisers on
the other. A possibility not to be overlooked, how-
MAR. 5 1927.]
THE CHRONICLE
1257
ever, is that of successful investment of Shanghai by Nicaraguan sovereignty and independ
ence and the
the Cantonese through negotiations.
uninterrupted maintenance of a Government adequate
for the protection of life,, property and individual
In Shanghai itself every effort is apparently being liberty,
and second, the assurance to the American
made to protect the international concession area
people of their rights under the Bryan-Chamorro
against aggression. "In all the world," says a distreaty to build an interoceanic canal through Nicapatch of Feb. 28 to the New York "Times," "there
ragua and to a naval base in that country. The right
is perhaps no more cosmopolitan city than this
to intervene would be granted the United States
European settlement. Originally swamp lands set
"wheneve
r it might be necessary in order to make
aside by arrogant mandarins for the segregation of
effective the guarantees mentioned above." Coforeign traders, now it is the principal treaty port of
operation on the part of the United States is particuChina, coveted by the Chinese leaders in power and
larly
urged along three lines,"to enable us(1)to effect
the foremost refuge for those out of office who would
the
financial
and economic rehabilitation of our counbe imprisoned, possibly poisoned or decapitated, if
with
try
the
aid
of an American financial adviser and
captured by their rivals. Splendid office buildings,
receivera
general
of our revenues; (2) to preserve
banks, consulates, stores, hotels and theatres copying
througho
ut
the
country
peace and guarantee the seLondon and Paris line the principal streets, while
curity
of
individua
l
rights
and liberties under our conacross the creek dividing the foreign settlement from
stitution
and
laws,
well
as
as the observance of the
the Chinese city insanitary, crowded hotels line the
provision
s
of
the
treaty;
(3)
to improve the public
streets,
twisting
sometimes only wide enough for
health and general welfare of Nicaragua with the aspedestrians."
British interests are greatly preponderant in this sistance of specially selected American experts." A
center, and the British are taking the lead in its pro- loan of $20,000,000 is suggested in the proposal for
tection. British troops oh Feb. 25 invaded Chinese the purposes of refunding the present debt of $7,000,territory for the purpose of military defense of Shang- 000, for settling claims arising out of the present diffihai, five thousand English and Indian regulars with culties, and for building railways and highways.
President Diaz read his proposal to the Nicaraguan
full active service equipment encamping two miles
Congress
at Managua on Feb. 25, according to Assowest of the city on Chinese soil. A small force of
ciated
Press
reports, and received afterwards a vote
Italian marines joined the British in establishing the
outlying defense. It was admitted on the following of confidence of 45 to 10. In Washington it was
day, says a report to the New York "Times," "that pointed out that this is not the first time that Presithe reason for the sudden foreign occupation of dent Diaz has made similar advances to the American
outlying Chinese territory was because Marshal Government. As far back as 1912, when, after one
Chang'sitroops have the worst reputation in China of the many explosive Government upheavals, he refor looting and rapine; therefore their presence causes gained the Presidency, he suggested a treaty giving
more uneasiness than the imminence of the Cantonese. to the United States powers of intervention, and
The Japanese deny sending marines to help man the clauses to that effect later were carried in preliminary
outside defensive front, but they intend to participate drafts of the Bryan-Chamorro treaty. The United
later." The action was confirmed in London, March States Senate ratified the treaty but killed the pro2, by:the Foreign:Secretary,Sir Austen Chamberlain, tectorate clauses.
who reiterated that the British would preserve neuWhile this proposal is being considered in Washingtrality in the Chinese civil war.
sincere efforts are being made in Nicaragua to
ton,
The total of foreign military forces in Shanghai was
bring
the revolutionary forces of Dr. Juan B. Sacasa
said on March 1 to approximate 10,000. Of these
peaceful
a
to
settlement with the established Governmore than half are British, while 1,000 French, mostly
ment.
The
military
campaign on behalf of the LibAnnamites:were on hand. The remainder were chiefly
eral aspirant to the Presidency is being conducted by
Japanese and American forces retained on ships in the
General Jose Moncada, who is in the neighborhood of
harbor and to be landed only in case of emergency.
Double:lines:ofibarbed wire entanglements have been Matagalpa, 110 miles from Managua, the capital. A
erected:south:of the settlement and military attaches peace mission composed of two prominent Nicaraguan
Liberals, one neutral and two United States military
on the ground declare that the settlement is proof
officers left Managua Mar. 2 in an effort to find Genagainst Chinese assaults. Trade channels have been
Moncada and convince him that further fighting
sadly disrupted, with shipping conditions on the eral
is useless. If successful it will be followed, according
Yangtze:River described as "intolerable" in a message
of,/ March 1, from Consul General Lockhart at to a dispatch dated Thursday to the New York
Hankow tojthe State Department at Washington. "Herald Tribune," by a further mission to Dr. Sacasa
at Puerto Cabezas, where the latter has established
HeiaddedIthat Cantonese military authorities had
himself,in an attempt to persuade him to lay down his
commandeered so many vessels on the river that with
and allow the country to rehabilitate itself, pendarms
the exception of two or three American ships practithe
ing
general elections of Oct. 9 1928. President
callylall foreign vessels have either been tied up at
Coolidge
on March 1, says a dispatch from WashingHankow or sent to Shanghai to await an improvement
the
to
ton
New York "Times," expressed the opinion
in:the conditions.
that the situation holds promise of a peaceful settlement. American marines, under Admiral Latimer,
Intimations of a proposal for a treaty between
in control of the most populous area.
are
Nicaragua and the United States, made by President
AdolfolDiaz of the Central American Republic last
Departure of Ambassador Manuel C. Tellez for
week, were followed on Feb. 25 by the issuance at the Mexico City was announce Thursday evening at
d
Nicaraguan Legation in Washington of the text of the the Mexican embassy. The reason for the Ambassaproposal. Two guarantees are suggested by Presi- dor's departure
was ostensibly the illness of his
dent:Piaz: first, the assurance by the United States of brother, say reports from Washington. Unusual
1258
THE CHRONICLE
prominence attends his movements as an important
American note, about which great secrecy has been
maintained, was dispatched to Mexico City Feb. 25.
Neither the State Department nor the Mexican Embassy would comment either on the note or on Senor
Tellez's return. In Mexico City, says a dispatch
of March 3 to the New York World, a break in diplomatic relations is apprehended as a result of the
latest exchange of notes. This report says further:
"The latest Mexican note will be delivered in Washington to-day or to-morrow. It is a vigorous defense
of Ambassador Manuel Tellez and Consul General
Arturo Elias, half-brother of President Calles. Both
were the objects of a protest received from the State
Department Monday and based on their public explanations of Mexican policies. The American note
set forth specific declarations and activities which the
American Government holds are in contravention
of the diplomatic and consular prerogatives of the
two officials. The State Department took vigorous exception to what it construed as organized propaganda within the United States against the policies
of the Washington Administration. Specific mention
was made not only of statements given to newspapers,
but pamphlets alleged to have been circulated at the
expense of the Mexican Government."
Formal acceptance was announced Wednesday by
Secretary Mellon of the French offer to pay to the
United States the sum of $10,000,000 on account of
the existing debt of France, .exclusive of the debt
arising from the purchase of surplus war materials.
A contingency of the offer, made last week, was that
it should constitute no obligation for the future and
prejudice in no way the attitude which the French
Chamber might wish to take later with reference to
ratification of the debt settlement. No precedent
existing:for the consideration of this offer, doubt was
expressed in Washington as to whether the U. S.
Treasury could legally accept the sum offered with
the Mellon-Beranger agreement unratified. This was
dispelled by Secretary Mellon's action. The payment
will be made June 15 1927, the French Government
specifying that, "After a debt-funding agreement has
been ratified by the Congress otthe:United States and
the French Government it is understood that the
said sum of $10,000,000 will be credited to the annuities provided for in such agreement." Secretary
Mellon said in reply to M. Poincare "that the United
States Government will be pleased:to receive the sum
specified in accordance withithdunderstanding outlined in your letter." French criticism of M. Poincare ceased with American acceptance.
[vou 124.
the necessity for the protection of its food supplies,
are well known, and, together with the special conditions and requirements of the other countries invited
to participate in the conversation, must be taken
into account."
Japanese acceptance having been previouslyrecorded
"President Coolidge and his advisers," says a Washington dispatch to the New York "Times" dated
Feb. 28, "will now give serious attention to the
advisability of asking the two accepting pow ers to
join with the United States in a three-power conference on naval curtailment." Special significance
attaches to the British acceptance, coming as it did,
after both France and Italy had rejected the American
proposal. The Presidential spokesman, however, in
his conference with press representatives on Tuesday,
expressed some doubt as to the feasibility of a threepower meeting. The French Government, meanwhile
according to the Paris correspondent of the New
York "Times," is intimating that in view of British
and Japanese reservations, it looks less unfavorably
upon the proposal than was indicated in M. Briand's
note of rejection.
The acrimonious protest made by the British Government Feb. 23 against alleged Soviet violation of
the Anglo-Russian trade agreements negotiated by
the Labor Government in 1924, brought a prompt
denial of the charges by M.Litvinoff, Acting Foreign
Minister in Moscow. The Russian reply was handed
William Peters, Acting Chief of the British Trade
Mission in Moscow on Feb. 26, and strikes a mild
keynote in this opening—"Fulfilling the desire for
peace of the laboring masses of the Soviet union,
and in full co-ordination with the wishes of the
British masses, the Soviet Government will continue
its policy of peace, excluding any aggressive spirit
toward any other countries, and will sincerely welcome any mutual step toward peace on the part of
Great Britain."
Sir Austen Chamberlain's protest against antiBritish propaganda carried on by Soviet officials is.
matched in the Moscow reply almost line for line
with similar uncomplimentary expressions against
the Soviet by Winston Churchill, Lord Birkenhead,
L. C. M.Amery, and other British Ministers. Complaint is made in the note, says the Associated Press
report from Moscow, that the British Government
has failed to adduce any concrete evidence of violation
of existing agreements by the Soviet, contenting itself "with a single accusation based on the false
Zinovieff letter, the authors of which went unpunished." The note alludes rather sharply to Sir Austen's threat to annul the trade agreement and sever
diplomatic relations, and concludes, "If the British
Government thinks that such abrogation is demanded
by the interests of the British people and general
peace, the British Government must assume full responsibility for the ensuing consequences."
London comment, according to the correspondent
of the New Y)rk "World," was that party interests
of both Governments are being served. Sir Austen
Chamberlain stated in the House of Commons on
Feb. 28 that the correspondence would not be carried
further.
Acceptance by Great Britain of the proposal made
by President Coolidge for a naval conference to
supplement the Washington conference of 1922 was
announced in Parliament on Feb. 28. The note
had been handed to Ambassador Houghton in London
Feb. 25 and after its receipt in Washington was
assured, Austen Chamberlain divulged the text
in a speech in Commons. Washington dispatches
of Feb. 28 to the New York "Evening Post" said
that the Department of State:regarded the note as
an outright acceptance. That severe restrictions
are nevertheless hinted at in the note appears plainly
Proposed extensions by France of her air force,
from the following quotation:
"The view of his Majesty's Government upon the fleet and home defenses were announced successively
special geographical position of the British Empire, in the last week. The development of a new flying
the length of the inter-imperial communications and boat of the monoplane type with five Jupiter air-
MAR.5 1927.]
THE CHRONICLE
cooled engines of a total horsepower of 2,100, was
mentioned in detail in a dispatch to the New York
"Times," dated Feb. 25. This plane is said to be
the world's largest flying boat and was built to carry
a gross weight of more than 3,600 pounds, making it
the:most formidable bomber in the world. Augmentation of the fleet is foreshadowed in the intention of
the Minister of Marine to place a bill before Parliament calling for authorization of the second part of
the ship building program laid down three years ago
as essential to France's interests. All the new ships
asked for, says the Paris correspondent of the New
York "Times" in a message of March 1, will be light
units, including at least two cruisers. There has been
no extension of the building program which has been
envisaged ever since the end of the war, this dispatch
goes on to say. The feature of the situation is that
the program has been more expeditiously carried
through than was believed likely. In provision of
fully equipped arsenals rapid progress has been made,
and the new fleet of light craft compares favorably
both in speed and equipment with that of any other
country. A further expenditure of 7,000,000,00G
francs in the war department, extended over a period
of years, is indicated by the reorganization of the
eastern frontier defense lines, which is about to
commence. This expenditure has been necessitated
by the fact that France has, since the return of
Alsace-Lorraine, a new frontier line to defend and the
whole of the old system of defense must be modified
to take account of the new geographic position. The
old fortification line lies much too far back to be of
any great practical use and the inadequate protection
of the frontier has been a source of considerable
anxiety for some time. Minister of War Painleve
declared, according to a dispatch of March 2 to the
New York "Evening Post," that "it must not be
considered that this work of defense springs from an
idea of aggression." He added that work would
begin next July.
1259
deposits showed a decrease of £8,191,000, though
"other" deposits increased £11,052,000. Note circulation now is £137,588,000. In 1926 at this date
it was £141,720,585, and the year previous £124,826,765. The official discount rate of the Bank remains at 5%. We furnish below comparisons of the
different items of the Bank of England report for a
series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1923.
1924.
1927.
1926.
1925.
Mar.7.
Mar.4.
Mar,6.
Mar.3.
Mar.2.
Circulation
b137,588,000
9,643,000
Public deposits
109,530,000
Other deposits
Governm't securities 32,268,000
72,911,000
Other securities_
Reserve notes & coin 32,276,000
Coin and bu1lion_a150,115,074
Proportion of reserve
26.14%
to liabilities
5%
Bank rate
141,720,585
13,546,250
106,038,295
38,015,328
76,273,908
23,580,467
145,551,052
124,826.765
9,825,224
119.104,913
43,606,830
80,048,938
23,534.707
128,611,472
126,020,305
12,758,064
110,465,826
49,407,182
70,245,849
21,831,510
128,101,185
123,468,110
15,867.866
107,491,128
47,411,626
70,394,305
23,789,817
127,507,927
19.71%
5%
181j%
5%
17.72%
4%
193(%
3%
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
previously held as security for currency note issues and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes £27,000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion held
up to that time in redemption account of currency note issue.
The Bank of France in its weekly statement dated
March 2 reported an increase of no less than 765,754,420 francs in note circulation, while advances to the
State were reduced 100,000,000 francs. Aggregate
note circulation now is 52,462,400,280 francs, as
against 52,065,412,840 francs and 40,886,646,980
francs in 1926 and 1925, respectively. Total indebtedness of the Government to the Bank is down to
29,500,000,000 francs, compared with 35,700,000,000
francs in 1926, but only 21,900,000,000 francs in 1925.
As was also the case last week, gold holdings remained
unchanged at 5,547,828,350 francs. Other changes
in the Bank's report worth noting were: Silver increased 70,458 francs and bills discounted 441,301,243
francs. Advances to trade fell off 21,513,141 francs,
Treasury deposits 11,282,746 francs and general deposits 458,928,821 francs. Comparisons of the various items in this week's return with the statement of
Official discount rates at leading European centres last week and with corresponding dates in 1926 and
continue to be quoted at 7% in Italy;6% in Belgium 1925 are as follows:
,and Austria; 532% in Paris and Denmark; 5% in
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
London, Berlin and Madrid; 4% in Sweden and
Mar.2 1927. Mar. 3 1926. Mar.4 1925.
for Week.
and
Norway,
3IA% in Holland and Switzerland. In Gold Holdings—
Francs.
Francs.
Francs.
Francs.
3,683,507,443 3,683,934,676 3.681.529,887
Unchanged
France
London open market discounts were a shade easier In
1,864,320.907
1,864,320,907
Unchanged
1,864,320.907
Abroad
3@4 7-16%, as against
and short bills declined to 4/
5,547,828,350 5,548,255,584 5,545,850,795
Unchanged
Total
4 7-16% last week, with three months' bills also at Silver
341,987,318
328,809.774
70,458
306,162,234
Inc.
Inc. 441,301,243 3,669,101,552 4,251,434,503 6,467,287.294
Bills discounted
4/@4 7-16%, the same as a week ago. Money on Trade
advances_ _Deo. 21,513,141 1,945,335,518 2,452,809,795 2,997,188,365
call in London continued firm and ruled at 4%, but Note circulation_ _Inc. 765,754,420 52,462.400,280 52.065,412,840 40,886,646.980
82,060,236
9,154,210
deposita_Dee. 11,282,746
10.058,951
eased off and closed at 3/%, against 4% last week. Treasury
General deposits_ _Dec.458,928,821 4.293,051,768 2,836,438,089 2,105,089.384
29,500,000,000
35,700,000,000 21,900,000,000
Open market discount rates at Paris and Switzerland Advances to State_Dee. 100,000,000
3 %,respechave not been changed from 4% and 24
tively, the levels prevailing heretofore.
A further reduction in note circulation, amounting
to 122,995,000 marks, was shown by the Reichsbank
The Bank of England in its weekly statement as of in its statement for the third week of the month.
March 2 reported a loss in gold of £32,863, bringing As against this, other maturing obligations increased
the total of that item down to £150,115,074, in con- 100,217,000 marks, while other liabilities decreased
trast with £145,551,052 in the corresponding period 1,360,000 marks. On the asset side the bank relast year and £128,611,472 in 1925 (before the trans- ported a decline of 19,804,000 marks in bills of
fer to the Bank of England of the £27,000,000 gold exchange and checks, but an increase of 414,000
formerly held by the redemption account of the Cur- marks in notes on other banks. Reserve in foreign
rency Note Issue). Reserve of gold and notes in currencies decreased 18,395,000 marks, but silver
banking department fell off £1,018,000, there having and other coin gained 6,705,000 marks. Advances
been an increase of £985,000 in notes in circulation. fell off 3,205,000 marks, while on the other hand
The proportion of reserve to liability declined to investments increased 3,686,000 marks and other
27.08% from 28.62% last week. Loans on Govern- assets 6,743,000 marks. Gold and bullion holdings
ment securities increased £2,303,000 and those con- fell off 282,100 marks. The detailed comparative
tracted on "other" securities £1,661,000. Public statements back to 1925 follow:
1260
THE CHRONICLE
REICH BANK'S COMPARATIVE STATEMENT.
Changes for
Week.
Feb. 23 1927. Feb. 23 1926. Feb. 23 1925.
Assets—
Rechsmarks.
Reichsmarks. Rae&marks. Reichsmarks.
Gold and bullion
Dec.
242,100 1,834,002.900 1,361,359,000 879,955,000
of which depos. abroad Inc. 139 000
93,007,000 174,497,000 201.433,000
Res've in for. curr_ Dec. 18,395,000 182,715,000 419,167,000 293,318,000
Bills of exch.& cheeks.Dec. 19,804,000 1.247.967,000 1,266.053.000 1.485,322.000
65,434.000
Silver and other coin_ _Inc. 6,705.000 142,749,000
94,254,000
30,457.000
Notes on oth.Ger.bks.Inc.
32,378,000
414,000
18,570.000
15,857,000
Advances
Dec. 3,205,000
12,936,000
5,079.000
110,167,000
Inc. 3,686,000
Investments
233,942,000
92.571,000
Other assets
Inc. 6,743,000 616,482,000 841,894,000 1,688.953,000
Notes in circulation Deo. 122,995,000 2,926.398,000 2.317,268,000 1,682,800.000
Oth.dallymatur.oblig.Inc. 100,217,000 653,469,000 1,002,576.000 1,021,643,000
Dec. 1,360,000 208,254,000 625,687,000 1,474,695,000
Other liabilities
The Reichsbank return for the final week of February also came to hand yesterday. As is usual in
the last week of the month a big expansion in note
circulation occurred, namely, 538,830,000 marks.
But daily maturing obligations were reduced 114,111,000 marks, though "other" liabilities increased
3,891,000 marks. The total of notes in circulation
now is 3,465,228,000 marks. In 1926 it was 2,822,325,000 marks, and in 1925 2,106,173,000 marks.
The majority of the items on the asset side of the
account recorded losses: Gold and bullion holdings
fell off 136,000 marks, bills of exchange and checks
393,828,000 marks, silver and other coin 10,272,000
marks, notes on other German banks 9,647,000
marks, and "other" assets 110,277,000 marks. Advances, however, increased 141,827,000 marks, investments 69,000 marks, and reserve in foreign currencies 21,218;000 marks. Gold holdings now are
1,833,866,900, against 1,382,388,000 marks last year
and 907,277,000 marks in 1925. The comparisons
of the different items for three years appear in the
following:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for week Feb. 28 1927. Feb. 27 1926. Feb. 28 1925.
Assets—
Reichsmark,. Reichsmarks. Reichsmark,. Relehsmarks.
Gold and bullion
Dec. 136,000 1,833,866,900 1,382.388,000 907,277,000
Of which depos. abroad Unchanged
93,007.000 190,350,000 207 320,000
Res.in torn currencies_Inc. 21,218,000 203,933.000 460,796,000 302,425,000
Bills of exch. & checks_Dec 393,828,000 854,139,000 1,345,953,000 1,737,153,000
Silver and other coin_ _Dec. 10,272,000 132,477,000
62,152,000
88,551,000
Notes on oth.Germ.bks.Dec. 9,647,000
8,933,000
10,187,000
7,242,000
Advances
Inc.141,827,000 154,763,000
25,066,000
90,168,000
Investments
Inc.
69,000
92,640.000 234,247,000 112,126,000
Other assets
Dec110,277,000 506.205,000 783,312,000 1,683,565,000
Llabllaleg—
Notes in circulation_ Inc.538.830,000 3,465,228,000 2,822,325,000 2,106,173,000
0th.daily matur.oblig.Dec 114,111,000 539,358,000 585,876,000 917,543,000
Other liabilities
Inc. 3,891,000 212,145,000 613,704.000 1,517,017,000
[VoL. 124.
creases were shown in total bills and securities,
$55,200,000; deposits, $23,900,000; and member bank
reserve accounts, $21,400,000. The amount of
Federal Reserve notes in actual circulation rose
$3,700,000. As to the reserve ratios, enlargement of
deposit accounts was responsible for lowering, both
locally and nationally. The ratio of the System as a
whole was reduced to 78.5%, off 1.6%. Loss of
gold by the New York bank served to accentuate the
loss in the ratio of reserve, which dropped 4.8%, to
83.2%.
Expansion in surplus reserve of more than $41,000,000 was the outstanding feature of last Saturday's
statement of the New York Clearing House banks and
trust companies. This was accomplished in the customary way, namely, additions to the reserve of member banks in the Federal Reserve Bank, and occurred
notwithstanding an'increase in net demand deposits
amounting to $82,789,000. Time deposits were reduced $6,885,000 to $679,527,000. The grand total
of demand deposits is $4,389,693,000, which is exclusive of Government deposits of $24,964,000. Other
changes included an increase in loans, discounts, &c.,
of $79,523,000; an expansion of $2,733,000 in cash in
own vaults of members of the Federal Reserve Bank,
bringing the total to $45,502,000; though this does not
count as reserve, and increases of $31,000 and $98,000
in the reserves of State banks and trust companies in own vaults and in other depositories, respectively. As already indicated, member banks increased their reserves in the Federal Reserve Bank to
the amount of $51,591,000, and this was sufficient to
counteract the effect of large deposits and bring
about a gain in surplus of $41,185,440, which, after
eliminating last week's deficiency in reserve, left excess reserve of $33,597,820. The figures here given
are on the basis of legal reserve requirements of 13%
against demand deposits for member banks of the
Federal Reserve System, but do not include $45,502,000 of cash in own vault held by these members on
Saturday last.
In the money market there was no recurrence of
the 5% rate for call loans which ruled at the close of
last week. The opening on Monday was 43/2% and
this marked the first time the renewal rate has gone
above 4% since Jan. 20. The tightening was recognized as the result of a heavy money turnover incident
to March 1. Some $15,000,000 in loans were called
by the banks due to March settlements. Tuesday's
opening also was at 414%, but the rate declined
shortly to 4h%,where it ruled and closed. The rate
on Wednesday was 4% throughout, indicating quick
disappearance of the slight tension incident to monthend transactions. No change was made Thursday,
money remaining in good supply even though the
banks withdrew approximately $15,000,000; yesterday the rate also remained unchanged. Time money
from Monday to Thursday ruled unchanged at 4/%432% for all dates; demand light and funds in increasing supply as the week progressed. The rate
yesterday on 30-day loans was reduced to 43.1.%,
longer dates remaining unchanged. Brokers'loans in
the return of the Federal Reserve Board for Feb. 23
showed an increase of $44,000,000. The Federal
Reserve rediscount rate of 4% remains unchanged.
The Federal Reserve Banks' weekly statements,
issued on Thursday afternoon, revealed heavy expansion in rediscounts, and increases in open market
trading, together with substantial additions to deposits; all of which undoubtedly were connected with
preparations for the March 1 requirements. In the
report of the System, rediscounting of bills secured
by Government obligations rose $38,100,000. In
"other" bills there was a reduction of $1,400,000, so
that total bills discounted increased $36,700,000.
Holdings of bills bought in the open market increased
$8,900,000. Total bills and securities (earning assets)
indicated the large expansion of $51,300,000, while
deposits were augmented $74,900,000. Member
bank reserve accounts registered an increase of
$65,600,000, and the amount of Federal Reserve
notes in actual circulation moved up $8,600,000.
Gold stocks for the banks as a group decreased
$1,500,000. At New York there was a drop in gold
reserves aggregating $38,000,000. In other respects,
however, the statement was closely parallel to that
for the combined system. Rediscounting of all
classes of bills increased $25,400,000, to $114,713,000,
As to money rates in detail, call loans covered a
which compares with $172,576,000 a year ago.
Open market purchases expanded $26,300,000. In- range during the week of 4(4)432%, which compares
MAE. 5 1927.]
TRE CHRONICLE
1261
with 3%
1(4)5% a week ago. The market, however, activity, usually followed almost-immediately by long
was almost motionless and trading activity limited. periods when the market seemed to be in a state of
Monday a flat rate of 432% prevailed, and this was absolute stagnation, indicated that traders were paythe level at which all loans were negotiated. On ing very little attention to sterling. The undertone,
Tuesday the high was still at 43/2%, with 43/2% also however, was steady throughout and the latter part
for renewals, unchanged, but before the close there of the week rates began to rise, so that, after ruling
was a decline to 43'%. For the remainder of the between 4 845
% and 4 84 11-16 up till Thursday, deweek, that is, Wednesday, Thursday and Friday, mand bills moved up to 4 84 25-32 on a sudden accesincreased ease prevailed and call funds ruled at 4%, sion of buying. Fairly large orders were placed and the
the only rate named, for each of these three days.
close was at the top. Monetary conditions continue
In time money also the market was dull but firm, the primal factor in determining sterling exchange
with quotations still ruling at 4%@4%% for all values, and an interesting fact was that money rates
periods from sixty days to six months, the same as ruled almost parallel in the New York and London
heretofore. Towards the latter part of the week markets a good part of the week. At least the
offerings were more liberal and the tone of the market differential was so slight as to make unattractive the
softened.
transference of balances. As a matter of fact, bill
Mercantile paper rates were firmer and four to six rates were a shade easier in London than in this
months' names of choice character advanced to 4%, market. However, some local money is said to be
against 3%@4% a week ago; names less well known going forward to London for short time investment,
continue to require 43%. New England mill paper and this served to create a demand for sterling and.
and the shorter choice names are now being dealt in thus to stabilize quoted rates. Aside from the trend
at 4%, against 33
4%, the previous week. Prime of the money market, there is very little transpiring
paper was readily absorbed, with both local and out- that is new. The Chinese situation, while still acute,
of-town buyers in the market; but offerings were light is regarded as improved, and the consensus of opinion
and the volume of business transacted of moderate is that in all probability China will come to terms
proportions.
with the great European nations. Certainly, market
Banks' and bankers' acceptances were steady, but sentiment is more hopeful than it has been for some
the volume of business passing was small; owing to time, and it is worth noting that the trend of quotalight offerings and lack of interest in the acceptance tions has been slowly upward for a space of about two
market. There is no new feature to report. Quota- weeks. A development that aroused some comment
tions in the open market have not been changed. was the renewal of gold shipments from Canada.
For call loans against bankers' acceptances, the Another $1,000,000 is said to be on its way under
posted rate of the American Acceptance Council re- engagement by the Bank of Montreal, although bankmains at 33
4%. The Acceptance Council makes the ers claim that the movement will not be a large one.
discount rate on prime bankers' acceptances eligible Canadian funds have latterly been at a discount.
for purchase by the Federal Reserve banks 3%%
As to the day-to-day rates, sterling exchange on
bid and 33/2% asked for bills running 30 days, 33
4% Saturday last was very dull but steady and demand
bid and 34% asked for 60 days and 90 days, 31/8% sold all day at 4 84 21-32 (one rate), with cable transbid and 33
4% asked for 120 days, and 4% bid and fers at 4 85 5-32. On Monday the market was
3•%% asked for 150 and 180 days. Open market somewhat easier and the quotation declined a fracquotations follow:
tion to 4 815
% for demand and to 4 853/
8 for cable
SPOT DELIVERY.
trading
transfers;
exceptionally
was
quiet.
Move90 Days.
60 Days.
80 Days
Prime eligible bills
continued narrow on Tuesday; demand was
31@3i
840:48%
85i
, @3% ments
FOR DELIVERY WITHIN THIRTY DAYS.
unchanged, at 4 845
% and cable transfers at 4 853.;
Eligible member banks
8,4 bid the volume of business passing
was light. Wednesnon-member
Eligible
banks
1);( bid
day slightly better buying induced firmness and deThere have been no changes this week in Federal mand ranged higher, at 4 84%@4 84 11-16, and cable
Reserve Bank rates. The following is the schedule transfers at 4 853/8@4 85 3-16. Brisk buying sent
of rates now in effect for the various classes of paper prices up another %c. on Thursday, and the range
at the different Reserve banks:
advanced to 4 84 11-16@4 84 25-32 for demand and
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN
to
4 85 3-16@4 85 9-32 for cable transfers. Friday's
EFFECT
MARCH 4 1927.
market was quite active and slightly firmer and dePaper lifaturing—
mand sold up to 4 84 11-16®4 84 13-16 and cable
After 90 After 6
transfers
to 4 85 3-16@4 85 5-16. Closing quotaDays, but
but
Within 90 Days.
Within 6 Within 9 tions were 4 843
% for demand and 4 853's for cable
FEDERAL RB8ERVE
Months. Months.
BANK.
transfers. Commercial sight bills finished at 4 84%,
Cort'rcial &toured
Arial & by 0.8 Bankers' Trade Aoricul.• Agricull
sixty days at 4 80%, ninety days at 4 783/2, docuLivestock Govern't Amp- Ampand
and
Payer. Maya- UMW. lancer. Livestock Livestock
11.114.
Hons.
Payer. Paper.I ments for payment (sixty days) at 4 801/8, and sevenday grain bills at 4 84%. Cotton and grain for payBoston
4
a
4
4
a
New York
4
4
ment closed at 4 845
Philadelphia
4
4
4
%.
4
Cleveland
4
4
4
Richmond
More
4
gold
4
4
4
is
4
coming
4
in from Japan. This week it
Atlanta
4
4
4
4
4
4
Chicago
was
4
4
announced
4
4
that
4
$2,000,000 is on its way to San
Si. Louis
4
4
4
4
4
4
Minneapolis
4
4
4
4
Francisco,
4
4
making
the
fifth shipment of this size
Kansas City
4
4
4
4
4
4
Dallas
4
4
4
4
since
4
the
4
beginning
of
1927,
and a grand total of
San Francisco
4
4
4
4
4
$37,000,000
since
1925. Gold to the
•Including bankers accoptancey drawn for an agricultural purpose and
September
of
secured
by warehouse receipts. &o
amount of $6,000,000 has also been received from
Canada. This is the first time in about three weeks
Sterling exchange marked time during the early that gold has been
shipped from Canada;although the
part of the week, with quotations all but motionless movement had been expected for the reason
that
much of the time. Brief intervals of comparative Canadian funds have been ruling at a
discount of
1
1262
THE CHRONICLE
1.24.
listless and narrow. A small bullish demonstration
occurred in the Norwegian crown, which carried the
quotation to as high as 25.95. Spanish pesetas were
also strong and touched 16.89, closing at the highest
for the week. Danish and Swedish exchanges ruled
steady but unchanged. Dutch guilders remain firm,
with the range of prices 40.013/2 to 40.02, though
Continental
Dulness was quite as pronounced in the
special activity, and finishing slightly lower,
without
narrow
were
exchanges, and here also price changes
francs continue unchanged at or near
Swiss
while
defiwithout
and
with trading generally perfunctory
2. As a matter of fact, the rise in Norwegian
nite trend in one direction or the other. What little 19.223/
interest was shown in exchange was centered in the kroner was the only movement of any significance
Far Eastern and South American divisions, which whatever (except for occasional fluctuations in pesewas
are covered in detail in another portion of this article. tas). Most of the inquiry came from abroad and
that
believed
being
it
sources,
official
to
attributed
the
of
French francs were at a virtual standstill much
hasten the reweek, ruling at 3.903' for days at a time; the high for Norwegian officials are endeavoring to
kroner fuNorwegian
on
The
premium
par.
to
turn
import
2. News of considerable
the week was 3.913/
by this
investment
of
permit
to
wide
is
too
tures
cause
to
failed
but
to French interests developed,
Norwegian
of
purchasing
is
that
it
claimed
but
means,
in
thoroughly
how
showing
even a ripple in rates,
hand the franc market is. Under former conditions internal bonds has been heavy.
Bankers' sight bills on Amsterdam finished at
rumors of probable dissensions in the French Chamber
2,
2, against 40.03; cable transfers at 40.023/
and announcement that France will pay the first 40.013/
40.003/2,
bills
at
sight
and
commercial
installment on her debt to the United States, would against 40.04;
at
have caused wide fluctuations. As it was, the mar- against 40.02 a week ago. Swiss francs closed
for
at
bills
sight
and
for
bankers'
19.223
19.233j
ket deviated little more than a point for the entire
week. Offering of a large loan by private French cable remittances, which compares with 19.223'
interests in Canada created a favorable impres_ion and 19.233/ last week. Copenhagen checks finished
and was interpreted as indicating that more of the at 26.64 and cable transfers at 26.65, against 26.65
and
same sort would follow shortly. It is felt that loans and 26.66. Checks on Sweden closed at 26.713/2
and
2
26.723/
against
,
at
transfers
cable
26.693/2
foreign
the
strengthen
greatly
will
of this character
25.95
at
finished
position of the French Treasury. Italian lire were 26.703/2, while checks on Norway
and 25.90
also exceptionally quiet, though considerable activity and cable transfers at 25.96, against 25.89
16.89 for
at
closed
pesetas
Spanish
earlier.
was noted at times abroad. Rates locally were nar- a week
in comremittances,
cable
for
16.90
at
and
checks
row, ranging between 4.36 and 4.373 up till Friday,
previous.
week
the
16.79
and
16.78
with
parison
when there was an advance to 4.393.'. Antwerp
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVB
belgas were neglected and ruled practically unBANKS TO TREASURY UNDER TARIFF ACT OF 1922.
FEB. 26 1927 TO MAR. 4 1927, INCLUSIVE.
changed. The same is true of German reichsmarks,
a
at
moved
which, however, were slightly firmer and
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Moneta
little above 23.70, then closed weak. Greek ex- Country and
Unit.
Feb. 26. Feb. 28. Mar. 1. Mar. 2. Mar. 3. Mar. 4.
change again lost ground and touched 1.27, though
V
$
4
4
V
$
EUROPE.14085
.14077
.14080
rallying before the close to 1.28. In the minor Austria, schillIng ____ .14093 .14089 .14075
.1390
.1390
.1390
.1390
.1390
.1390
Belgium, belga
.007304 .007271 .007245 .007239 .007245 .007250
division of the Central European countries dulness Bulgaria. lev
Czechoslovakia, kron .029617 .029621 .029616 .029615 .029618 .029617
was
interest
of
.2664
.2664
.2665
feature
sole
.2664
.2565
the
.2665
krone
Denmark,
and
d
predominate
England, pound s
4.8523
4.8517
4.8509
.8508
4.8508
hog
4.8510
continued strength in Rumanian lei, without ade- Finland,
.025221 .025215 .025207 .025206 .025213 .025214
markka
.0391
.0391
.0391
.0391
.0391
0391
France, franc
quate explanation. This currency ruled the greater Germany,
.2370
.2370
.2370
.2370
.2370
reichsmark. .2370
.012905 .012897 .012873 .012895 .012898 .012013
drachma
part of the time around 0.60 though no perceptible Greece,
.4003
.4003
11 olland, guilder
.4003
.4003
.4003
.4002
.1754
.1753
.1753
.1753
.1754
.1752
Hungary, pengo
increase in activity developed to account therefor.
.0440
.0438
.0436
.0438
.0438
.0437
Italy, lira
.2595
.2593
.2593
Norway.
.2593
.2595
.2589
krone
The London check rate on Paris closed at 124.103/2, Poland, zloty
.1140
.1134
.1139
.1131
.1148
1135
.0512
.0512
.0512
.0511
.0511
Portugal,
.0511
escudo
New
In
.005950
in comparison with 123.99 a week ago.
.005965
.005977
.005935 .005976 .005984
Rumania,leu
.1681
.1678
.1677
Spain,
.1578
peseta
.1680
.1676
at
finished
.2671
.2670
York sight bills on the French centre
.2670
.2670
.2670
Sweden,krona
.2670
.1923
.1923
.1923
.1923
.1923
frano_ .1923
3.90, against 3.903; cable transfers at 3.91, against Switzerland.
As
Yug
- dinar
u
os
lavia,
.017599 .017602 .017599 .017601 .017601 .017602
3.913, and commercial sight bills at 3.89, against China.6379
.5338
.6492
.6492
.6463
Mel
.5563
.6267
.6254
.6392
3.89% the previous week. Closing rates on Antwerp, Chefoo,
.6308
.5353
.6405
Hankow.tael
.6091
.6054
.6168
.6191
.6175
.6288
Shanghai. tad
.6400
.6371
.6533
.6533
francs were 13.90 for checks and 13.91 for cable Tientsin. tad
.6492
.6604
.4909
.4896
.4946
.4961
.4959
Hong Kong. dollar_ .4999
transfers, the same as a week earlier. Reichsmarks Mexican dollar____ .4597 .4497 .4504 .4494 .4438 .4447
Tientsin or Pelyang,
.4342
.4325
.4425
.4421
.4413
.4475
dollar
closed the week at 23.693/ for checks and 23.703/b for
.4317
.4300
.4400
.4396
.4388
.4450
Yuan, dollar
.3620
.3619
.3621
.3622
.3622
.3623
India, rupee
cable transfers, as against 23.70 and 23.71 a week Japan,
.4916
.4914
.4901
.4893
.4890
.4889
yen
.5596
.5592
.5592
.5592
.5583
RT
.Shi,E
(SA
o ...... .5592
reu
dR
ago. Austrian schillings have not been changed SInNgoapo
.998154 .998153
.998217
.998212
.998304
998300
dollar
/s. Italian lire closed at 4.393/ for bankers' Canada.
from 141
00
1.000813 1..000813 1.000688 1.000875 1.000688 1.0688
Cuba, peso
469333 .47L000 .470000 .470000 .470100 .470233
peso
.095938
.996125
sight bills and at 4.403/b for cable transfers. This Mexico,
.996031
.996156
.996063
Newfoundland, dollar .996063
SOUTH AMER..9575
.9574
.9568
compares with 4.37 and 4.38 the previous week. Argentina,
.9561
.9545
peso (gold) .9544
.1185
.1185
.1185
.1185
.1186
.1187
Brazil,
milrela
.1199
ia
.1199
.1199
finished at 2.96% Chile. peso
.1199
Exchange on Czechoslovak
.1199
1199
1.0127
1.0138
1.0177
1.0174
1.0174
1.0174
Uruguay, peso
at
0
593/2,
.
Bucharest
against 0.593'1;
(unchanged); on
South American exchange again came in for an
on Poland at 11.50, against 11.55, and on Finland
reason of the activity
at 2.523/b (unchanged). Greek drachmae closed at unusual degree of attention by
Heavy and suspesos.
1.293 for cable transfers. and strength of Argentine
1.283' for checks and at
another new
42.18,
to
up
price
tained buying sent the
Last week the close was 1.28 and 1.29.
1919. This
level
since
highest
high point and the
and the
par,
at
now
practically
is
peso
Trading in the exchanges on the former neutral means that the
to
return
a
that
circles
banking
in
growing
Continental centres was likewise of negligible pro- feeling is
longer.
much
be
delayed
not
will
standard
portions and featureless. Rate movements were the gold
about 11-64 of 1%, which affords a small profit from
shipping gold. The Bank of England reported exports of £9,000 in sovereigns to Holland and small
amounts to India and Singapore, and bought £198,000
in gold bars.
MAR. 5 1927.]
THE CHRONICLE
The direct cause for the rise is the exceptionally heavy
movement of grain out of the country. although improvement in the country's financial status and in
political and economic conditions generally has also
aided in the upward movement. The close was 42.18
for checks and 42.23 for cable transfers, as against
42.04 and 42.09 last week. Brazilian milreis were
steady, although inactive and unchanged. The close
was 11.85 for checks and 11.90 (unchanged) for cable
transfers. Chilean exchange continues to hover
around the levels prevailing in recent weeks and finished at 11.92, against 11.91. Peru was stronger and
closed at 3.67, against 3.64M.
Far Eastern exchange lagged this week. Movements were inclined to be sluggish and trading was dull
and featureless. Another break in the market for silver metal sent the so-called silver currencies down
sharply. Japanese yen turned strong and advanced
to 49.37, while the Indian currencies were a trifle
easier. Hong Kong closed at 49Vi@49%, against
2, against 633.
50 3-16@50/; Shanghai at 619@613/
@63. ; Yokohama at 49.20@49.30, against 48.95@
49.00; Manila at 49.75@49.88 (unchanged); Singapore, 56%@56% (unchanged); Bombay, 36%@
36 7-16, against 363A@36, and Calcutta 363.j@
36 7-16, against 36%@363/
2.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,531,934 net in cash as a result of the
currency movements for the week ended March 3.
Their receipts from the interior have aggregated
85,813,534, while the shipments have reached
$1,281,600 as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended March 3.
Banks' Interior movement
Into
Banks.
Out of
Banks.
55.813.534
Gain or Loss
to Banks.
81,281,600 Gain
4,531,934
As the Sub-Treasury was taken over by the Federal
Reserve Bank on Dec. 6 1920, it is no longer possible
to show the effect of Government operations on the
Clearing House institutions. The Federal Reserve
Bank of New York was creditor at the Clearing
House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
Feb. 26. Feb. 28.
Tuesday, Wedriesd'y, Thursday, Friday,
Mar. 2.
Mar. 1.
Mar. 3.
Mar. 4.
Aggregate
for Week.
94,000.000 105.000 000 104 000 000 108.000 000 101,000000 99.000.000 Cr. 611.000.000
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion
in the principal European banks:
March 4 1926.
March 3 1927.
Batas of
Gold.
Total.
Gold.
I
&her.
I
Z
I
Total.
E
England __ 150,115,074
150,115,074 145,551,052
145,551,052
France a__ 147,340,268 13,640,0001l60,980,268 147,357,387 13,120,000 160,477,387
Germany b 87,049,795
994,600 55,948,400
c994.6001 88,044,395 54,953,800
Spain
103,200,000 27,481,000130,681,000 101,475,000 26,423,000 127,898,000
Italy
45,741,000 4,243,000 40.984,000 25,679,000 3,410,000 29,089,000
Netherrds 34,513,000 2,366,000 36,879,000 35,970,000 2,197,000 38,167,000
Nat. I3elg_ 17,831,000 1,130,000 18,961,000 10,954,000 3,652,000 14,606,000
Switzerl'd_ 17,834,000 2,679,000 20,513,000 17,085,000 3,712,000 20,797,000
Sweden_ _ 12,385,000
12,385,000 12,764,000
12,764,000
Denmark
11,204,000
825,000 12,449,000
843,000 12,047,000 11,624,000
Norway __ 8,180,0001
1 8,180,000
8,180,000 8,180,000
1
Total week 635,393,1371 53.376,600688.769.737 571,593,239,1 54,333,600625,926,839
Prey. week 635,264,055 53,629,600688,893,655 565,399,4841 51,254,600616,654,084
a Gold holdings of the Bank of France this year are exclusive of 174,572,866
held abroad. b Gold holdings of the Bank of Germany this year are exclusive
of £4,650,350 held abroad. c As of Oct. 7 1924.
1263
Competition and Restraint of Trade—The Recent United States Supreme Court Decisions..
Ever since the United States Supreme Court, in
the Standard Oil case (1911), recognized a "rule of
reason" as governing the interpretation of the Sherman Anti-trust Act, the possible outcome of a Government suit against an alleged trust or other combination in restraint of trade has been, far more
than before the Standard Oil case was decided, a
matter of doubt. While it was evident that the
Court, in proclaiming a rule of reason, had no intention of arbitrarily substituting its own views of
public policy for those of Congress or a State Legislature, or of entngling itself in the intricacies of
economic debate, it has nevertheless been forced
increasingly to draw the line, sometimes with much
fineness, between permissible trade combinations or
agreements on the one hand, and, on the other, the
free competition which, in its opinion, ought fundamentally to be maintained. The result of its efforts
has been a series of decisions, which, although based
at times upon distinctions that a layman may
deem narrow, have on the whole impressed upon
business the principle that freedom, and not restraint,
is to be recognized as the normal economic order in
this country.
Two recent decisions of the Supreme Court,
markedly different in incidents and scope, have
afforded striking illustrations of the general position
which the Court has assumed. In the case of the
Trenton Potteries Co. and others, decided on Feb. 21
(see our issue of Feb. 26, pp. 1172-1175), suit was
brought by the Government under the Anti-trust
Act against the Trenton and 22 other pottery companies, members of an association which controlled
the manufacture or distribution of some 82% of the
entire American trade in sanitary pottery and fixtures. In the United States District Court for
Southern New. York, where the case was first heard,
the jury found the defendants guilty on both counts
of an indictment which charged, first, a combination
to fix and maintain prices in restraint of inter-State
commerce, and, second, a combination to restrain
inter-State commerce by limiting sales to special
dealers known as "legitimate jobbers." The judgment of the District Court was reversed by the Circuit
Court of Appeals on the ground of errors in the
conduct of the trial, and the case then went to the
Supreme Court on a writ of certiorari.
The main criticism lodged by the Circuit Court
against the judgment of conviction in the District
Court was that the lower Court had failed to submit
to the jury the question "whether the price agreement
complained of, constituted an unreasonable restraint
of trade." The lower Court, in giving the case to
the jury, charged in substance that if the jury found
that the agreement or combination complained of
existed in fact," it might return a verdict of guilty
without regard to the reasonableness of the prices
fixed, or the good intentions of the combining units,
whether prices were actually lowered or raised or
whether sales were restricted to the special jobbers,
since both agreements of themselves were unreasonable restraints." In particular, the Court refused a
request to charge the jury that "the essence of the
law is injury to the public," that "it is not every
1264
THE CHRONICLE
[Vol,. 124.
restraint of competitionrand not every restraint of are not interdependent transactions,but stand,both
trade that works an injury to the public," and that in form and effect, separate and apart from each
"it is only an undue and unreasonable restraint of other. . . . And, certainly, a place of entertaintrade that has such an effect and is deemed to be ment is in no legal sense a public utility, and, quite
as certainly, its activities are not such that their
unlawful."
In reversing the judgment of the Circuit Court enjoyment can be regarded under any conditions
and upholding the decision of the District Court, the from the point of view of an emergency."
"The interest of the public in theatres and other
Supreme Court threw some further light upon the
Scope of the rule of reason and its relation to corn- places of amusement," Justice Sutherland continued,
petition. While the only restraints upon inter-State "may be more nearly, and with better reason, assimicommerce that are prohibited by the Sherman Act are lated to the like interest in provision stores and marunreasonable restraints, "it does not follow," the kets and in the rental of houses and apartments for
Court declared, "that agreements to fix or maintain residence purposes. . . . There is no legislative
'prices are reasonable restraints and therefore per- power to fix the price of provisions or clothing or
mitted by the statute, merely because the prices the rental charges for houses or apartments in the
themselves are reasonable. Reasonableness is not a absence of some controlling emergency; and we are
concept of. definite and unchanging content. Its unable to perceive any dissimilarities of such quality
meaning necessarily varies in the different fields of or degree as to justify a different rule in respect of
the law, because it is used as a convenient summary amusements and entertainments."
It has long been settled judicial doctrine in this
of the dominant considerations which control in the
a
is
country,
as far as the Supreme Court is concerned,
what
application of legal doctrines. Our view of
by
the
controlled
that
a
is a private enterprise, subject to regutheatre
is
reasonable restraint of commerce
itself.
lation
by
the
in the interest of health, safety,
law
State
Sherman
recognized purpose of the
not
good
or
order,
or
morals, but in other respects
public
reasonable
is
Whether this type of restraint
must be judged, in part at least, in the light of its wholly within the control of those who own or maneffect on competition, for whatever difference of age it. Associate Justice Holmes, however, in •a,
opinion there may be among economists as to the dissenting opinion, while disclaiming the right to
social and economic desirability of an unrestrained express himself about the wisdom or rationality of
competitive system, it cannot be doubted that the the New York statute, insisted that if the people of
Sherman law and the judicial decisions.interpreting the State, "speaking by their authorized voice," say
it are' based upon the assumption that the public that they want the statute, he could "see nothing
interest is best protected from the evils of monopoly in the Constitution of the United States to prevent
and price control by the maintenance of compe- their having their will." Subject to compensation
where compensation is due, "the Legislature may
tition."
Accordingly, since "the aim and result of every forbid or restrict any business when it has a sufficient
price-fixing agreement, if effective, is the elimination force of public opinion behind it." The theatre, in
of oneform of competition,""agreements which create other words, is to be regarded as affected with a
such potential power may well be held to be in them- public interest, and hence subject to legislative reguselves unreasonable or unlawful restraints, without lation in the way contemplated by the New York
the necessity of minute inquiry whether a particular statute, not because it possesses in fact a public
price is reasonable or unreasonable as fixed, and interest such as exists in insurance companies or
without placing on the Government in enforcing the stock yards, but because public opinion so regards
Sherman law the burden of ascertaining from day to it. An act of the Legislature will be presumed to
day whether it has become unreasonable through the embody the will of the people.
The practical effect of these two decisions, it is
mere variation' of economic conditions." Such a
to observe, seems likely to represent the
interesting
unreasonabledetermination of the reasonableness or
of
a
after
extremes
contrast. The enforced dissolution of
only
made
ness of prices "can be satisfactorily
and the restoration of comthe
a
pottery
and
association
organization
'complete survey of our economic
petition in the sale of sanitary pottery and fixtures
choice between rival philosophies."
The judgment of the Supreme Court in the Trenton will presumably result, if they affect prices at all,
case was practically a five to four decision, three of in sending prices down. The voiding of the New
the nine justices dissenting, and one taking no part York Theatre Ticket Scalpers Act, on the contrary,
in either consideration or decision. In another five will pretty certainly send prices up—at least for
to four decision handed down on Feb. 28, the Court choice seats. It is a well-known fact that nothing
held unconstitutional the so-called Ticket Scalpers except the Act has prevented the ticket scalping
Act of the State of New York, under which the sale agencies from boosting the prices of theatre tickets
price of theatre tickets sold by ticket agencies or to the highest limit that a spendthrift public would
scalpers was limited to fifty cents above the price stand, and that even the Act itself has been extensively evaded or openly violated, notwithstanding the
printed on the ticket.
was
law
based
upon
its repug- penalties which it imposes and the watchfulness of
The objection to the,
of
section
the
Fourteenth Amend- Federal revenue agents bent upon collecting the full
nance to the first
ment. "A theatre," said Associate Justice Suther- amount of the Federal tax. In the last analysis,
land in delivering the opinion of the Court, "is a however, the remedy is in the hands of the citizen
private enterprise which, in its relation to the public, himself. He need not and should not, patronize
differs obviously and widely, both in character and plays and amusements where there is an evident
degree,from a grain elevator standing at the gateway purpose to gouge. The practice of running to the
of commerce and exacting toll; or stock yards, stand- legislature for relief, where private action furnishes
ing in like relation to the commerce in live stock; or the proper remedy, and is certain to be far more
an insurance company....Sales of theatre tickets bear effective, is itself an evil which should be sternly
no relation to the commerce of the country, and they discountenanced.
MAR. 51927.]
THE CHRONICLE
1265
the glorious, has been our undoing. We created it,
When Law Controls the Man Who Will
and now it threatens us. We have touched the
Control the Law?
button that sets the wheels to turning once too often.
imperial
State of Texas does not raise women We shall work only with our human hands, and then
The
Governors very successfully, but it does raise a only for a limited time, with liability for overtime.
whale of a cotton crop. In the days before progress,
Do not mistake what we are saying for mere
like a runaway horse, went careening down the persiflage. This ridiculous proposal is a logical
highways of life, demolishing every thing in its way, sequence to a thousand others that are becoming
this magnificent Lone Star State was wont to commonplace. We are not alarmed at the suppresboast of the unparalleled size of its cotton crop. sion of our liberties. We have erected a governThat day seems to have "gone forever." Now, it ment—and seek to use it as a lever to pry loose our
deplores the plethora of its production in this staple difficulties, a club to enforce our private and class
of many uses. Or so it would seem. For we are demands, and a straight-jacket to curb our natural
informed by an Austin dispatch that Mr. George B. activities. The benignity of the fields, the freedom
Terrell, State Commissioner of Agriculture, has of thought and effort in the divine circle of opporproposed a bill to the Legislature which would tunity, the beauty of the flower of individual rights,
prohibit the farmers of Texas from working more the privilege of living under the aegis of a
government
than eight hours a day, and this in the interest of that protects, all these are mere trifles in the crusade
limiting the cotton crop. This is which he has to to control all men by the enactment of law.
Work
say in part about his scheme: "This eight-hour law has become the football of politics. In the struggle
as applied to cotton farmers should also provide that for existence economics must give way to the shining
no cotton land should be broken with a tractor, plowed ideal of"humanizing" business. Natural evolution
in
with a cultivator or picked with a 'sled' or any other the business world is a lie and a cheat, and like
the
machine except the human hand. It should be evolution of science must be
prohibited. The
passed by unanimous vote with the emergency clause thoughts of men, varied as the leaves on
the trees,
attached, and settle the over-production of cotton must be standardized. Even the
"genius in the
and raise the price at once and for all time."
garret" must give way to pure science as taught
We do not call attention to this fantastic proposal collectively in the schools. The holy
bounty of
for the purpose of again discussing the ever-present fertile acres, the divine energy of the
human mind,
farm problem. But it will serve us for a larger the sacred outpourings of the soul, must be
limited—
text. Among all the "thou shalt nots" of ancient that prices may rise and the sluggard
have time to
times this one that "thou shalt not work" does not live in the great outdoors. Every pettifogg
er with
appear. Even in this modern scientific age, that a theory thrusts it into a bill to be passed by
legishas turned the world into a whispering gallery, that lature or Congress. And we sit idly by
wondering
has transformed hydrogen gas into helium, thus when the deluge will cease and true freedom
shine
promising power enough from a handful of shattered again.
atoms to shake the foundations of earth itself, that
Well, we are a little selfish ourselves. It is so
has risen in its moral grandeur to say thou shalt much easier to take the line of least
resistance. So
not drink intoxicating beverages, it remains, or many cliques, clubs, organizations,
associations,
yet remains, to the State of Texas to say, "thou blocs, isms, and promoters, are out for
the early
shalt do no work in the fields of God save with thy worm, that we find it ineffectual to
resist, and sleep
human hands." Applied to all vocations by which on. Evasion is our only hope.
What cannot be
we live, this principle would banish at one fell swoop cured must be endured. Personall
y, the majority
all the machinery that now so embitters us with mass- of us have no axes to grind. We are
like sediment
production." We would straightway return, as it in the stream, unable to resist
because the current
were, to a state of nature. Even the primitive is too swift. We would like to settle
down and attend
spinning wheel would go; and the stone axe of the strictly to our own business, but
we are in the toils
savage would have to give way to the tree-dwellers of the laws and have to "stop, look
and listen," or
who ran away from the antediluvian monsters be- go to jail. They tell us we are prospero
us and will
cause they could, not fight, having no weapons but likely remain so for a time—with the
time limit not
their "human hands."
set. Our Federal taxes grow lighter in
Liberty is a glorious thing, but it has had a rocky war years, but we are paying our comparison to
internal debt at
road to travel. From time immemorial it has been a ratio ttaat will extinguish
it in a quarter century,
beset by kings and conquerers. On every anniversary while we extend our war
credits for sixty or more
of its birth on American soil we have bowed down years. We spend,
according to statistics generally
and worshipped it. Orators and poets have sung its accepted, more in a single
year on one of our modern
praises. School children in halcyon processions have manufactured products
than the value of the agricarried flags in its honor. It has been heralded as cultural crop, and affirm
that the saturation point
the savior of mankind, the progenitor of culture, the is not yet reached.
blessed giver of all good. But now the cycle has
It is useless to affirm that our social and economic
reached its zenith and the curve turns downward, life is not in a
uealthy state, while the realtore and
backward; we shall return to the nativity of our movie magnates
tell us the people are happier to-day
human hands. Law has become the "divinity that than they ever
have been before. It is foolish to
shapes our ends, rough-hew them how we will," talk about
ethics in the presence of fundamentalists
with our hands. The dinosaur and the dodo will or modernis
ts. It is puerile to try to restrict educareturn. There shall be no more work, in a land tion to
primary benefits while we have no department
where no manna falls and the grapes are sour. We of educatio
n to widen the horizon and co-ordinate
have too much to eat and to wear. The worm in the extension
courses of the universities. It is idle
the still has turned; and mocks us, in a world where to talk of advising youth
to beware of present
iresh water falls on the just and the unjust. Liberty, tendencie
s, now in the full tide of freedom, while we
1266
11:1LE CHRONICLE
are ourselves divided as to whether the course is
backward or forward. It is reactionary to ask of
progress whether it is a fixed star or a comet, while
we worship at the shrine of a six-hour day and a
five-day week, for the less we do the more we have.
Once there were certain "inalienable rights," as
indestructible as the atoms of matter; now we know,
as we know of electrons and protons, that they
revolve around an imaginary centre and only when
controlled by man made law can bring peace,
prosperity and progress to the moiling masses that
ought to own everything in common. In truth we
are fast ceasing to be as individuals, and only emerge
and appear when we march in the processions, or
sign on the dotted line of the unions, organizations,
or associations for the promotion of the millennium.
Wherefore it is pertinent to say that no theory can
preserve the iridescence to a bursted bubble or
law restore the color of a last year's rose.
The Challenge to the Farmers.
President Coolidge's veto of the McNary-Haugen
farmers' relief bill on the ground of its fallacies and
its futility may well turn popular attention in a
different direction.
A letter from a resident among the farmers in the
far Northwest is before us. Though written on
another subject while the bill was under discussion,
it contains this sentence: "So much has been said
and written about the Farm Problem, so much
unrest and agitation, so much political interference,
ill-advised legislation and support of schemes economically unsound, that one begins to think that
if the farming community were less insistent in
their demands and went home to use their leisure
hours in an honest effort to study the farming
business itself, they and the community would be
better off. We have heard much in the West lately
of co-operative marketing, farmer banks, rural
credits, farmer organizations usurping the sphere
of private enterprise in ownership in elevators,
packing plants, &c.; but we hear very little about
reinforcing the agricultural business by scientific
research or making two blades grow where one
grew before. If this country needs anything, it is
a higher type of mentality on the farm, men who
will not support measures they know are unsound
or harmful in the end."
A completed experiment is always instructive:
There is recently translated a little book * which
tells in detail how the farmers of Denmark were
delivered completely and permanently out of a
condition far more difficult than we have ever
known. At the close of the third quarter of the
19th century Denmark faced a severe economic
crisis. Grain was her chief production when enormous stocks began to pour into western Europe
from North America and the Argentine following
upon large arrivals from the Black Sea and the
Baltic. Her exportation of grain ceased and cheap
foreign grain was imported. The story of the way
by which the Danish peasantry met the situation
has immediate interest. They were threatened with
economic ruin, or would have been under ordinary
conditions. They were saved and led into their
present established prosperity by the openness of
mind, the nobility, the capacity, the readiness to
*"The Folk High Schools of Denmark and the Development of the
Farming Community."—Helder Beldrup. Oxford University Press.
[VoL. 124.
accept the situation and to act for themselves which
they showed they had acquired.
They had not always possessed these traits. In
the early years of the 19th century the Danish
peasant was still unprogressive, sullen and suspicious, incapable of associated enterprise. He
was seldom able to rise above the level of a bare
existence. Reforms were instituted for him but
never by him. He was made free by legislative
action but with no qualifications for using the
possibilities opened before him. Improvements were
introduced on the estates, in new methods, new
implements, new stock, but he was little affected.
The European awakening of 1848 stirred him to a
new interest. A new national spirit arose;. people
looked beyond the horizon of the village, they
were stirred by the great events of their own history,
and the soil was prepared for the Folk High Schools
which had just been started.
This was the instrument that was to create the
new life. It was a school for young men of the
peasant class started by individuals, intended to
fit the pupils to return to their homes and take
up the work in them with a new view as to its dignity
and its worth. It spread wholly as a private enterprise, and kept pace with the growing needs of
the nation. It gave of necessity some technical
training but that was secondary; its aim was to
awaken a yearning fqr knowledge and a desire to
work, to strengthen character so that the pupils
left the school with an enlarged outlook on life.
Where definite agricultural schools were started,
as in time some were, they co-operated with the
Folk High Schools and pupils could pass from the
one to the other. But the Folk High Schools changed
the life of the people. There are now some seventeen
of the Agricultural Schools with 2,000 pupils, compared with 3,500 in the high schools, but of the
2,000, 800 first attended the high schools and several
hundred others intended to go to the high schools
later. It was the high school that gave a new
spirit, a new sense of independence, a new hopefulness to the peasant class. The pupils go back to
their homes with a desire to read, to have libraries,
social culture, lecture courses, gymnastic training,
better family life and an ennobling of the common
task.
It was this result that made possible the action
that saved the day when the agricultural crisis
occurred. The Danish peasantry now became the
general farm owners, changed their production for
export from grain to butter, bacon and eggs. A
number of their young men grasped the significance
of the new order of events and quickly fitted themselves to become leaders of new co-operative organizations. The young men of peasant class from the
high schools showed themselves quickly able to
gain special fitness because of the spirit they manifested. The high schools have been the pioneers
of the co-operative movement and have supplied
the leaders. Ninety per cent of the managers of
the co-operative dairies are their graduates.
The co-operative movement which in Denmark
began in 1850 and which Mr. Gladstone called "the
greatest social wonder of the present time," quickly
spread from the towns to the country as farmers
became members. By 1919 there were 1,691 such
stores, of which 1,611 were in the country, against
80 in the provincial cities, with 250,000 members over
against 65,000 in the towns. The farmer gets his
MAR. 5 1927.1
THE CHRONICLE
1267
seed, fertilizers, fodder, cement, electricity, house- a deeper understanding of human life and its probhold goods and his loans of money from them, with lems—this as the chief aim.
To this it may be added that an international colhis needed information, his sales and his opportunity
for saving. Ninety per cent of the farmers are lege or training school for teachers for these schools
in the dairy co-operatives and in 1900 these took was opened with Government aid in 1921, to which
all the prizes. Their chief feature is collective foreigners are admitted; with representatives in
liability, with dividends on the basis of the amount various countries, Miss Jane Addams for instance,
of milk delivered and with equal voting rights in America; and that six Danish schools with a yearly
attendance of 300 pupils to-day exist here, though
for all.
co-operative
movement
shifted from the their location is not given.
The
The movement in many of its features is unique
chiefly
because
of the presence
country
town to the
certainly has wide significance. While its
and
schools
and
their
influence.
In
high
the
there of
aim is practical, it rests upon the conimmediate
co-operation
has
improved
the
economic
conturn
ditions of the agricultural population, by giving viction that there is in the human soul an overgreater prosperity and stability to their industry powering desire for life and development, and that
and enabling more of their young people to attend the recognition of this is the way to win confidence
the schools. The director of the Danish co-operative and to lead others to finding their true place in
movement says "the high school has filled in and life and to that spiritual growth which in a word
leveled the clefts in society and paved the way for is the fulfilling of the will of God.
working together. It has sent its students out into
life with an added love for the country, riper and Annual Report of the Federal Reserve Board.
more thoughtful, more receptive to life's teachings
Summarizing business and credit conditions during 1920,
and therefore well equipped to understand and the Federal Reserve Board notes in its annual report to
make their way where the less developed fail. This Congress that the year was one of exceptionally large output
is emphasized on so many sides that it can well by the country's factories, mines, and farms; of orderly disof commodities through the channels of trade; of
be said that not only the co-operative movement tribution
declining price level, and of sustained demand for merchanbut the cultural position of the Danish farmers on dise by consumers. The large volume of business activity was
the whole rests on this foundation."
accompanied by a gradual rise of bank credit outstanding to
The influence of these schools appears also in the highest level on record, an increased flow of savings
other directions. In 1800 there were 20,000 free into investment channels, a continuous decline in long-time
money rates, and a stable and relatively easy condition in
holdings of tracts of 30 or less acres of land; in the
short-term money market. Federal Reserve bank credit
1916 there were 106,000, while the number of outstanding at the close of 1926 was in somewhat smaller
holdings of 250 and more acres had not materially volume than at the end of the preceding year, largely as the
increased. In 1916 against 892;000 acres in the result of the addition to the reserve funds available to memhands of men holding above 250 acres there were ber banks of about $75,000,000 of gold received from abroad,
while the demand for reserve funds as measured by changes
7,213,000 acres held by owners of less than 250 In
the reserve requirements of member banks and in the
acres. The change is in the great increase in the demand for currency in circulation, showed little change
number of medium-sized farms and the advent of for the year.
With business conditions in 1926 characterized by unusual
many of the day-labor class now become owners
who before were so few as not to be taken note of. stability, the credit policy of the Reserve system was to
maintain the discount rates at the Reserve banks unThe social distinctions between thi§ last class and changed
at 4% except for adjustments at the New York
those above them had disappeared and home life bank and to continue the system's open-market investments,
for all had acquired a new significance and dignity. with relatively small fluctuations, near the level prevailing
The Folk High School in which pupils and teachers at the opening of the year.
In their relation with individual member banks the Relive together aims to preserve the intimacy of the
banks have made progress in 1926 in the formulation
serve
from
life
which
the
students
home
come, while it
of certain principles of procedure, particularly in dealing
interests them in the affairs of humanity at large with member banks that have been continuously in debt to
and teaches that earthly life must not degenerate the Reserve banks for a considerable period of time. Coninto an egoistic struggle for existence. The school tinuous indebtedness is not in keeping with the spirit of the
in opening the transition from their private to their Federal Reserve Act, since the funds of the Federal Reserve
public life is run as a large home open to all, plain banks are primarily intended to be used in meeting seasonal
and temporary requirements. In consequence of the coand inexpensive as possible, exalting personal in- operation between the Reserve banks and member banks
fluence. The political leaders who have wrought there has been a gradual decline in the number of member
a complete change in the government of Denmark banks continuously in debt to the Reserve banks.
were from 1830 to 1870 largely young men of the
Member Bank Credit.
higher class; after that many arose from among the
Member bank credit outstanding increased during 1926,
peasantry. The change has been gradual, extending though at a slower rate than in any of the four preceding
from district to district as the high schools were years, the growth being largely a growth in commercial
introduced. When the plebiscite was required which loans, rather than in loans on securities or in investments.
determined whether North Slesvig should belong In view of the large volume of building construction and of
transactions in
estate in 1926, however, it is probable
to Denmark or to Germany it was overwhelmingly that at least a real
part of the growth in so-called commercial
determined by the high school influence.
loans was to meet the demand for credit arising from these
If these schools are to be considered from the sources, and that the growth in so-called commercial loans
standpoint of the United States, the essential features has not been entirely the result of changes in the credit
must be kept in mind. These are (1) to awaken requirements of trade and industry. An influence in reducwas the conthe inner life of the pupil, (2) to develop personality ing these requirements throughout the year
tinuous decline in the price level, as a result of which a
as the most direct way to develop life in every given physical volume of business could be transacted with
direction, (3) private installation, (4) teachers and the use of a smaller volume of bank credit. Furthermore,
pupils live together, (5) lectures are offered to the owing to the decline in prices, inventories of merchandise
public, (6) pupils to be returned to daily work with and stocks of industrial commodities and of raw materials
1268
THE CHRONICLE
[Vol.. 124.
declined in aggregate value, notwithstanding increases in eggregate amount of such bills not to exceed $10,000,000 at
the physical volume of stocks of certain commodities, par- any one time. Up to the close of the year no bills were
ticularly cotton. In 1925 a large proportion of the growth offered to the Federal Reserve Bank under this arrangeof member bank credit was in loans on securities, and in mgnt, nor was any use made during the year of the arrange1924 there was a rapid growth both in investments and in ment with the Bank of England made In 1925.
loans on securities. This was in line with the general trend
Gold Imports and Dollar Balances.
of banking developments in other recent years. Between
Gold movements into and out of the United States were
the end of June 1915 and the end of June 1926 investments in the aggregate amount smaller in 1926 than in any other
of national banks increased from $2,068,000,000 to $5,842,- year since the establishment of the Federal Reserve sys000,000 and their proportion of the banks' total loans and tem, with the exception of the period of the gold embargo
investments from 24% to 30%. At the same time loans on in 1918-19. Also, it is noted that the origin and destination
securities also increased rapidly, and loans on real estate of gold shipments were different. Almost no gold was re'rose from $150,000,000 to $725,000,000, while other loans, ceived from Europe, the countries sending a net amount of
though they also increased in absolute amount, declined gold to the United States during the year being chiefly
relatively from 56% to 45% of the banks' total loans and Canada, Latin American countries, Australia, and Japan.
investments.
Net gold exports, on the other hand, went chiefly to GerThis change in the composition of the loans and invest- many, which pursued a policy of building up the Reichsments of member banks has been accompanied by a corre- bank's vault reserve by withdrawing gold held earmarked
sponding change in the character of their deposits. Since for its account in the United States. During the four years
1922 the proportion of time deposits to the total of time and , of large gold imports, 1921-1924, most of the gold came from
net demand deposits combined has increased from 23 to 31%. Europe, representing in part the reshipment from London
This more rapid growth of time deposits at member banks of newly mined South African gold and in part the export
has accompanied the general growth In the country's savings of gold from the reserves of certain European countries,
of all kinds. To some extent, however, it represents increase chiefly Russia and Germany.
in the proportion of those savings handled by member banks
Virtual cessation of g9,1dimports from European countries
or merely a transfer from demand to time deposits.
in 1926, following several years of very large imports, is acFrom the point of view of the Federal Reserve system, an counted for chiefly by the restoration of more stable moneimportant outcome of these developments in the eharacter tary and financial conditions in Europe, and by the ability
of the business of member banks has been a decrease in the and willingness of American investors to absorb a large
proportion of the banks' assets that are eligible for redis- volume of foreign loans, both public and private. A part
count with the Federal Reserve banks. The total volume of the proceeds of these loans has been kept by the borrowof eligible paper in the hands of member banks on June 30 ers either as balances with New York banks or
in some form
1926, however, was about $4,900,000,000 and, in addition, of short-term investments in the New York market. Dollar
the banks held $2,850,000,000 of United States obligations, balances in New York have been built up not only by foreign
so that the aggregate amount of borrowing from the Reserve industrial corporations and commercial banks, but also by
banks possible for the member banks on the basis of their European and South American central banks, which in
present assets is more than $7,500,000,000. It would appear, many instances are authorized by law
to keep a portion of
therefore, that the amount of eligible paper and securities their reserves in the form of foreign exchange
in countries
in the hands of member banks is sufficient in the aggregate with stable currencies. These
dollar balances of foreign
to meet all the demands that are likely to arise. The prin- central banks, whether they are
invested or kept on deposit,
cipal consideration for the board, however, is not the possi- are in liquid form and subject to immediate
withdrawal at
bility of a shortage of eligible paper, but the well-defined any time. They are potential sources
of demand upon the
tendency toward a continuous decrease in the proportion of Federal Reserve banks for gold out of their
reserves, the
such paper, which is indicative of a gradual change in the central banking reserves of the United
States, which have
character of the operations of the member banks.
thus become indirectly a part of the reserves against bank
Since legal reserve requirements against time deposits credit and currencies in other countries.
The existence in
are 3%, while against net demand deposits they range from America of these foreign balances
consequently presents a
7 to 13%, the increase in the proportion of time deposits condition in the banking situation to
be taken into account
has had the effect of decreasing the average amount of re- in determining The Federal Reserve
system's credit policy
serves carried by member banks against their deposit lia- with a view to maintaining the country's
banking system in
bilities.
a position to meet demands for gold from abroad without
Bank Suspensions.
disturbing business and credit conditions in this country.
While the general banking and credit situation during the
past year was characterized by stability and underlying Gilbert H. Montague on Reasons for
Failure of Efforts
conditions taking the banking structure as a whole were
of Professor Ripley to Enlist Interest in New
sound, there were sections of the country where many banks
Program for Regulation of Business.
encountered difficulties during the year. The number of
In an address on "The Regulation of Business," delivered
bank suspensions in 1926, including all classes of banks, was before Columbia
Law School, Columbia University, March 1,
956 with deposits of nearly $285,000,000, compared with 612 Gilbert H.
Montague, of the New York Bar, stated that
suspensions, with deposits of about $175,000,000 in 1925, and "recent attempts by Professor Ripley and others to gain
777 suspensions with deposits of about $215,000,000 in popular interest in new programs for the regu'ation of
1924. Bank suspensions were chiefly in agricultural sec- business, though assisted by all the arts of sensational
tions of the country, and causes of the failures for the most publicity, have signally failed for several reasons." Mr.
Montague went on to say in part:
part did not originate In current developments in 1926, but
Prosperity is to-day more widely diffused throughout the rank and file
dated back to conditions that have existed for a long time of the American public than has ever been.the case before in America or
and to developments of the past six or seven years. One In any other country.
This, and the widespread ownership of stocks and bonds, by labor unions,
fundamental cause of bank failure has been that in many by employees,
by consumers, and by investors In every walk of life have
communities, and especially in small communities, there enormously increased the immunity and the resistance of the American
against demagogic attacks upon "big business."
were more banks than could profitably engage in the local public
Existing laws are amply sufficient, as the Supreme Court in repeated
banking business, and that many of those banks had insuffi- decisions during the past fifteen years has fully demonstrated, to deal with
any situation that is obnoxious to the spirit of the anti-trust laws.
cient capital.
Relations With, Foreign Central Banks.
In the relations between the Federal Reserve banks and
foreign central banks the principal development of 1926 was
In connection with the re-establishment of the Belgian currency on a gold basis. In this connection the Federal Reserve
Bank of New York, on its own behalf and on behalf of other
Federal Reserve banks desiring to participate, acting with
the approval of the Federal Reserve Board, agreed for a
period of a year, beginning on Oct. 25, to purchase from
the National Bank of Belgium, if offered, prime bankers'
bills, drawn in conformity with the eligibility requirements
of the Federal Reserve Act and to be payable in gold, the
What fed the flame against "big business" in the late Roosevelt era and
the early Wilson era was bad times, concentration of security ownership
In a limited class, and dissatisfaction with the Supreme Court and other
Federal courts in their administration of the anti-trust laws.
Business standards have steadily improved, since the agitation against
"big business" during the Roosevelt and Wilson eras.
Throughout his widely advertised "expose" of "lg.ig business" Professor
Ripley In his search for lurid examples has been obliged to go back 20 and
30 years, and to resurrect episodes long since dead, which never have been
repeated, and could not possibly have been repeated, at any time during
the last 10 years.
Were there any inflammable materials present to-day In any considerable
degree in the structure of American business and political life, the persistent
attempts of Professor Ripley and others to start a blaze would by this
time have certainly produced a conflagration.
All that these attempts have accomplished has been to prove how sound
and fireproof is the construction that has been built Into the business and
political life of America during the last 10 years.
MAR. 51927.]
THE CHRONICLE
1269
RECORD OF PRICES ON WISCONSIN SECURITIES FOR 1926.
There is no Stock Exchange in Milwaukee, but we have obtained from the First Wisconsin Company of Milwaukee
the following list of high and low prices for the calendar year 1926 on the stocks and bonds which are traded in more or
less actively by Wisconsin bond houses. Some important securities, like the different issues of Milwaukee Electric Railway
& Light boilds, are listed on the New York Stock Exchange and appear regularly in our records for the New York market.
These, therefore, are omitted from the present list.
HIGH AND LOW PRICES OF WISCONSIN SECURITIES DURING CALENDAR YEAR 1926.
Nigh.
BONDS
Beloit Water, Gas & Electric Co 5s, 1937
Chicago North Shore & Milwaukee Electric 5s, 1936
C K Quinn Ore Co 6s, serial
Consolidated Water Power Co 5 As, 1946
Dells Paper & Pulp Co 68. serial
Eastern Oregon Light & Power Co 6s. 1929
Gimbel Brothers 6s, 1928
Si, 1931-41
Green Bay Gas & Electric Co 5s, 1935
Holeproof Hosiery Co 75. 1931
Janesville Electric Co Si. 1945
Kieckhefer Container Co Ss, 1926-32
Madison Gas & Electric Co 65, 1926
58, 1940
5s. 1950
Madison Railway Co 5s. 1936
Marathon Paper Mills Si, serial
Marinette & Menominee Paper Co 7 As, 1936
Milwaukee Coke & Gas Co 734s. 1933
Milwaukee Light. Heat & Traction Co Si. 1929
Milwaukee Northern Railway Co Si. 1931
Nekoosa Edwards Paper Co 65, serial
Pfister Vogel Leather Co 7s. 1930
Sheboygan Electric Co 5s. 1946
A 0 Smith Corporation 634a. 1933
Southern Wisconsin Electric Co 65, 1936
Southern Wisconsin Power Co 5s, 1938
Superior Water, Light & Power Co 48. 1931
Wisconsin Electric Power Co Si. 1954
Wisconsin Gas & Electric Co 5s, 1952
Wisconsin-Minnesota Light & Power Co 5s, 1944
8s, 1944
Wisconsin Power. Light & Heat Co 5s, 1946
Wisconsin Public Service Co 5s, 1942
101
99
100
101
100
10234
102
10334
10134
104
101
102
101
102
10134
80
101
105
104
101
9834
100
10134
9934
103
102
97
96
101
10134
9834
115
98
101
inn
1SW. MR
9834
97
98
99
98
101
101
101
99
10234
98
9834
100
100
99
70
9934
100
103
9934
94
98
95
9534
9954
100
93
94
9834
99
95
110
9234
9854
00
Wisconsin and Its Industries.
By ROBERT W. BAIRD, President, First Wisconsin Company,
Milwaukee, Wisconsin.
In common with the rest of the country, Wisconsin enjoyed great prosperity during the year 1926. Wisconsin's
business activities are divided between agriculture and
manufacturing. In the latter field, the wood-working industries, automobile accessories and equipment manufacturing predominate. These industries were extremely prosperous during the last year and such widely known companies as Nash, Allis-Chalmers and A. 0. Smith Corporation
enjoyed one of the best years In their history. This is borne
out by the enhancement in value of their securities. AllisChalmers Common rose from 78 to 94, A. 0. Smith from
68 to 110, and, of course, the story of the rise and the subsequent split up in Nash is known to everyone. The two
Wisconsin hosiery companies whose products are widely advertised, namely, Phoenix Hosiery Co. and Holeproof Hosiery Co., also were most successful last year. Phoenix
Common Stock rose from 31 to 46 and Holeproof Hosiery
Co. retired their 7% Debentures and issued $1,500,000 7%
Preferred Stock at par, which subsequently advanced to a
premium. The Palmolive Company, whose young lady with
the "school girl complexion" appears on all the billboards,
continued to prosper, as is shown by the action of their
stock, traded in the over-the-counter-market, which rose
from 100 to 170. So it is seen that industry as a whole in
Wisconsin enjoyed a good measure of prosperity in 1926.
On the other hand, agriculture did not fare quite as well,
but the depression felt so keenly in the cotton, corn and
grain belts did not reduce the earnings of the Wisconsin
dairymen, although it did cause a sympathetic dissatisfaction among all farmers. Farming in Wisconsin is largely
confined to dairying. In fact, Wisconsin is known to be the
cheese center of the world. Figures from the United States
Department of Agriculture record that the farmer's dollar
in terms of the purchasing value of all other commodities
stands around 80, so it is of special interest to compare the
buying value of some of Wisconsin's leading agricultural
commodities:
Butter
Eggs
Hogs
Potatoes
Sheep
Veal
Pr**
Nov. 1926. 1910-14.
.29
.48
.24
.45
7.35
11.40
49
1.20
4.25
5.60
7.22
9.90
Hi011.
Low.
Buying Prices in Terms
of All Commodities. A
1.10
1.25
1.03
1.62
.82
.91
Low,
BONDS (Concluded).
Wisconsin Public Service Corporation 6s, 1952
Wisconsin Railway, Light & Power Co 5s, 1943
Wisconsin River Power Co 5s, 1941
Wisconsin Traction, Light, Heat & Power Co 5s, 1931
750, 1931
Wisconsin Valley Electric Co 5s, 1942
5As, 1942
Wisconsin Valley Power Co 5348, 1950
104
9834
96%
100
10734
101
103
10134
10134
95
9234
9834
105
98
101
9934
Mal
STOCK
Chain Belt Co 7% preferred
R A Johnston Co 7% preferred
Milwaukee Electric Railway & Light Co 6% preferred
Milwaukee Gas Light Co 7% preferred
Palmolive Co 7% preferred
Wisconsin Telephone Co 7% preferred
110
110
99
108
10734
11L
108
108
92
106105
109
MUNICIPALS
Milwaukee City 4s,43s
Milwaukee County 434s,450
Brown County 43,3s
Dodge County 58
Fond du Lac City 434s
Fond du Lac County 5s
Green Bay City 434.. 434s
Kenosha County 434s
Kenosha City 434.
La Crosse County 5s
La Crosse City 43(s. 434s
Madison, Wis .434g. 5s
Ozaukee County 4345, 5s
Racine City 434s. 434s
Walworth County 5s
Waukesha County 58
Wochinel.nn f^rsyyntsr se
le fig
kik.
5
4.00
4.10
4.10
4.10
4.10
4.10
4.10
4.10
4.10
4.10
4.05
4.10
4.15
4.10
4.10
4.10
4.10
4.14
4.20
4.2C
4.2C
4.2C
4.14
4.14
4.14
4.14
4.11
4.2(
4.21
4.11
4.2(
4.2(
4.21
Farm conditions actually improved during 1926. Many
farms were purchased and more will be bought this year.
The income from farms in Wisconsin Is on a higher average
than any other class of farms in America.
1926 saw the further consolidation of utility properties in Wisconsin. The three groups which practically dominate the field are: Standard Gas & Electric
Co., owning properties in the northern part of the State and
owning the Wisconsin Public Service Corporation operating
in the Fox River Valley; Middle West Utilities Co., controlling properties in the east central portion and having holdings throughout the southern part of the State. The third
group is the North American Co., which owns the T. M. E.
H. & L. Co. and other properties stretching from Kenosha
and continuing north into the upper peninsula of Michigan.
The Milwaukee Electric Railway & Light Co. last year
established a new and unique practice of accomplishing
about a $10,000,000 refunding operation without any public
offering. The company called their 6% refunding and first
mortgage bonds and sold, through the medium of large institutions and their own securities department approximately $10,000,000 5% bonds at prices ranging from 95 to
99. The utilities in Wisconsin are very fortunate in the
broad-minded and far-visioned manner in which they are
regulated by the Wisconsin Railroad Commission.
Last year, as has been pointed out, was a most successful
one in the history of Wisconsin's business and all signs
forecast a continued prosperity for the current season.
Wisconsin Investment Situation.
By E. M. KEAYS, Statistician, Second Ward Securities Co.,
Milwaukee, Wisconsin.
No doubt the factor which will have the greatest bearing
upon the Wisconsin investment situation is the farm problem in the State. To call it a problem may be attributing to
it a seriousness which may not exist. However, anything
which is not quite as good as it used to be is called a problem in the investment business, and there is no denying that
things are not as good as they used to be.
Wisconsin is a dairy State of great importance. Dairying is a stable business compared to most other kinds of
farming. For this reason if for no others, the problem is a
different one than in other States.
Dairying has been remarkably free from those violent
seasonal and economic fluctuations that have beset the grain.
1270
THE CHRONICLE
[voL. 124.
The process is bound to be a long one. Five years more,
farmer. It was probably a feeling as to the stability of
dairying as a settled business rather than the hope of sud- ten years—who knows? The process depends upon the
den wealth that caused many Wisconsin farmers to miss on elimination of enough to make it profitable for the rest.
their calculations. There was no sudden break in the dairy Of economic necessity that day must come.
In the meantime those holding the loans of the least effiincomes following 1921.
icent farmers secured by the least efficient land will, no
Dairying is like manufacturing in that it should be a
doubt, be in some trouble. Whose fault is this? Is the
steady all-year business. A dairy farm is a milk factory problem of management
and property of any less importance
with regular hours of work every day in the year. The out- to an investor just because he holds a farm mortgage input depends upon the number of cows, or machines, and the stead of a railroad or industrial mortgage? We are fraid
raw material to feed to these machines can be assembled many have taken it so.
from local or distant sources, as with any other raw
The Situation in the Northwest—The Assets and
material.
the Liabilities—Enviable Position of Duluth.
This can be compared to grain farming, which is seasonal,
irregular, and sometimes erratic. Crops vary greatly from By STANLEY L. YONCE, Vice-Pres. Northern Trust Co.,
Duluth.
year to year. A shortage of one year can swing into overDuluth and its tributary Head-of-the-Lakes district are
production the next, and if nature chances to be kind the
over-production is called a curse. No man can tell from a part of the Northwest where business conditions during
the past year have been rated as rather unsatisfactory.
one year to another or even from one month to another,
The basic reason for unsatisfactory business conditions
what the next crop will amount to.
in the Northwest is, of course, agricultural, creating a
The dairy farmer has a large investment in his cows, and vicious cycle of
decreased purchasing power, intensified
herds increase slowly. His dairy plant will accommodate competition, small profits, and a multiplicity of other
so many and no more. It takes his competitor much money problems injurious to business morale.
While tabulating the liabilities of the Northwest situation,
and several years to build up another herd. For these reasons dairy outpat is stable, and the business, given stable it should be stated that the unprecedented number of bank
failures throughout several of our States has made many
economic conditions, should be a stable one.
times more distressing the problems presented than was
Following the troubled days of 1921 dairy farmers heard
warranted by agricultural and business conditions themselves.
from all sides how lucky they were. A certain Canadian
However, such failures were largely confined to small
immigration agent traveling through Milwaukee that year, instituticns in country
districts. It may be said that the
after recounting his fears as to wheat farming, exclaimed: public itself has been responsible for a
substantial percentage
"My, how lucky you people are down here!" And the Wis- of these bank failures. Through lack of confidence, there
consin dairy farmer was a very lucky man.
has been a steady draining of funds from country banking
He was so lucky that others copied him. One-crop farmers institutions, resulting in the closing of many sound, as well
from Montana to Florida read and listened to lecture after as unsound, institutions.
On the other hand, an examination of the assets of the
lecture on the text, What the Cow Can Do for the Farmer.
situation
should convince anyone that the crest of Northwest
In its last issue a certain Southern magazine made a great
problems has passed and recovery from now on will be
deal of the fact that three new condenseries had been built
steady and certain. A good crop situation this year would
in the South. This shows that at last competition is comdo more to definitely and quickly clear up Northwest
ing from other parts of the country, and Wisconsin does problems than any form of remedial legislation ever
suggested.
not have its great consuming centers as is the case with
Duluth, while a part of the Northwest and often termed,
New York.
because of its strategic lake position, the "Gateway to the
The newcomers are taking hold of it with cheaper cattle, Northwest," has, on the other hand, not suffered all of the
cheaper land, and cheaper labor. Labor on a dairy farm is ailments of the Northwest. It has benefitted from the
no small item. In this transition is not the dairy industry great diversity of its business. It is only in part dependent
undergoing the same kind of changes that are taking place upon agriculture for its prosperity. Its close proximity to
the great Iron Ranges whose ore is handled largely through
In other lines of business In other parts of the country?
Duluth, its great shipping activity, ranking it in tonnage as
Because there was no sudden catastrophe, as was the
second among American ports,its steel and other manufacturcase with grains, the dairymen have had some time to judge ing businesses, as well as its large distributing facilities have,
of the trend of their industry. Aided by the Wisconsin to quite an extent, spared it from the economic and financial
Department of Markets, much work has been done along distress arising out of agriculture.
Duluth's own business in 1926 showed an improvement
lines of education in co-operative methods, both in marketing and purchasing. Uniform grading of nearly all prod- over the preceding year. Volume was steady and subucts has received more attention than ever before. The stantial. The city enjoyed a satisfactory growth in population. Business failures were of no consequence and unlast market news letter of the Department points out to the
questionably business profits increased. Bank savings
to
their
that
careful
attention
tobacco farmers of the State
showed an increase and the investment business, while at
cigar leaf may result very easily in a better filler for the times quite dull, a satisfactory volume.
good old-fashioned 5-cent cigar, thus taking it out of the
And these conditions in Duluth continue to-day with the
mediocre class where it has rested for several years. Who outlook for a normal year. So much national attention
knows what may happen if we can get some sort of good has been focused on the bad spots of the entire Northwest
that the normal aspects of business in certain centres, as
5-cent cigar back again in the country?
These developments take time. That is not a discourage- represented by Duluth, are apt to be overlooked.
Duluth business to-day is most vitally interested in the
ment, except to those who will not be able to outstay the
time. The main thing is that they have started, or rather, impending acceptance of conditions which will permit of
they have been in existence for many years but of late have early construction of the Great Lakes-St. Lawrence waterbeen of greater interest than ever before. In the days of way. There is everywhere here a sincere concensus of
only a sure form of economic relief
easy money it was not necessary to be careful. How many opinion that this is not
for the farmer of the Middle and Northwest, but presages
business men, and investors, know something of such a
a constructive development of our district that will be a
condition?
stimulus to every line of business for many years to come.
Farming is becoming a complicated business, and this, in
The increasing friendliness and tolerance of Eastern sentithe end, will be its salvation. There will be a weeding out
ment towards this project, especially as recently evidenced
of the incompetents which will be painful to all for a while,
by leading New York papers, makes its favorable outcome
but the inefficient will be doomed. What a change from more certain. There is no doubt that the mere authorization
the good old days when it was said that anybody was good of the project itself will have an immediate and heartening
enough to be a farmer!
effect upon_all Northwest business.
MAR. 5 1927.]
1271
TB PI CHRONICLE
Basic Strength of the Northwest.
By E. A. PURDY, Vice-President of Wells-Dickey Co. of
Minneapolis.
The Northwest can take sound satisfaction in the knowledge that it is times of stress which demonstrate the basic
strength in a country or a business firm. Unquestionably
the agricultural Northwest during the past eight years has
passed through adverse conditions which would be the
undoing of any section of country which was not inherently
strong and sound.
The general prosperity of this region to-day attests the
virility of our trade territory. It is not unreasonable to
assume that we are at the bottom of the dip and that our
upward swing wil come sooner than can now be anticipated
and last through a long period of vastly more prosperous
times.
President Coolidge's veto of the McNary-Haugen bill is
for the moment the subject of principal discussion in business
and agricultural circles. His position being so well known in
advance, the veto was not unexpected. Following it, there
are already rumors of Southern and Western consolidation
looking toward active effort for tariff revision downward.
Trade reports from west of the Mississippi are varied.
Spring weather appears from reports to be accelerating wholesale distribution in the Central and Southwest, larger
house and road sales being reported last week than during
the previous one, although totals were slightly under those
of last year. Some improvement was also reported from
these districts in collections as compared with a year ago.
In the Northwest, according to the Minneapolis Reserve
Bank reports, wholesale and retail business were both slightly
less last month than in January of last year. Loadings of
less than carlots increased slightly and full carloads decreased
in about the same proportion—another indication of the
continuing of the cautious hand-to-mouth policy prevailing
in trade circles.
Last week a conference of jobbers was held in Chicago
to consider the so-called hand-to-mouth buying by retailers
and others. One of the features of the conference was the
calling of attention to the fact that not profits by American
corporations last year exceeded the value of all crops by
$1,000,000 and wage earners secured an average of $1,000,000
per day more than farmers. When the country was largely
agricultural seasonal kuying was only natural, due to the
slow turnover, while now, with labor drawing high wages,
the demand is fairly continuous and the call is for mass
production and a quick turnover, not only on the part of
the retailer, but also the manufacturer.
The Investment Situation in the Northwest—
Scraping the Bottom.
By ALMON A. GREENMAN, Vice-Prest. Northwestern Trust
Co., St. Paul.
The outlook for the investment situation in the Northwest,
or the Ninth Federal Reserve District, at this time can hardly
be considered as improved over the corresponding period of
last year. Failures of banks and so-called banks have continued in increasing numbers, with the inevitable result of
tying up millions of dollars of depositors' money, a large
amount of which will never be repaid. These failures, of
course, result in the withdrawals of deposits from well-managed and conservative institutions that would otherwise
find themselves in a sound and liquid condition. Not all of
these withdrawals have found their way back to other banks
or into investments. In Minnesota alone since Jan. 1 1922,
218 banks have been closed and 49 reopened, and for 1926
alone 78 have been closed and only 4 reopened. There undoubtedly remain more to be closed, not only in Minnesota
but throughout the Ninth Federal Reserve District. Until
this situation is corrected it will hang as a pall over the entire
Northwest.
According to figures compiled by the Ninth Federal Reserve District, debits to individual accounts declined 8%
under 1925, retail sales and general merchandise 10% under
1925, and securities sold 6% under 1925. Wholesale and
manufacturing totals were substantially under the 1925 figures.
The farmers of the Northwest, while greatly disappointed
in their crop returns for the year, were considerably benefited
by the increased movements of livestock to market, which
fact offset considerably the decline in crop production due
to unfavorable weather conditions. Yet it has been estimated that the farmers' cash income received from his 1926
crop w Is 30% less than that of 1925, or approximately
8122,000,000, which has reduced his purchasing power considerably.
In view of the failure of the McNary-Haugen bill to receive
the President's sanction, it may not be amiss to state that in
general the prosperous and successful farmer in the Northwest is not and never has been in favor of farm legislation that
would result in Government price-fixing and control.
With the above outline of general conditions in the Northwest, it is clear to be seen that the investment situation does
not hold out any more favorable prospects for 1927 than for
1926, and yet, because of the lessons the country banker has
learned in the past and because of the very unfavorable conditions of many loans he has made on lands, he has become
more conservative, is investing more carefully in bonds, and
as rapidly as possible is liquidating his frozen assets to reinvest
in liquid short-time securities.
The private investor in large numbers has felt the reaction
caused by these unfavorable conditions, and rather than invest at this time, has kept his surplus funds in liquid shape,
but with a return of confidence he will soon be in the market
for sound investments.
Issuance of municipal bonds in this territory has been
greatly restricted during the past year. A wave of economy
has spread over the States and Legislatures now in session
are reducing expenditures and refusing to pass laws authorizing bond issues for new projects. All municipal subdivisions
are refusing to incur further indebtedness and are paying off
and anticipating where possible old issues.
We have been and are "scraping bottom," but feel the word
is over and good business and prosperity are ahead of us.
Agricultural Conditions in the Northwest.
[From the BUSINESS SURVEY of Lane,Piper & Jaffray,Ine.,
Minneapolis ]
The Department of Agriculture's report of livestock on
farms Jan. 1 is now at hand. The combined totals for
Minnesota, the Dakotas and Montana show a decrease in
numbers of 3% from a year ago. The largest decrease was
10% in beef cattle, due to the drying up of pastures and
ranges. Dairy cattle and swine decreased 2% each, while
sheep and horsesincreased 1% each. It is noteworthy that
beef cattle were sold in preference to dairy stock. Intention
to maintain the dairy industry is further indicated by the
fact that heifers to be kept for milking increased 5%. Sheep
decreased in Montana but increased in the other three States,
indicating an eastern movement. As a net result of changes
in prices and numbers, the livestock inventories of Minnesota farmers represented larger values than a year ago in all
departments except horses.
There has been a great deal of uncritical discussion about
the buying power of farmers in this district. A figure commonly used as representing buying power is the hypothetical
value of all crops as of Dec. 1. This figure for 1926 as compared with 1925 showed a decrease of 12% for Minnesota
and 22% for the four States of the Ninth Reserve District.
The trouble with the figure is that it includes feed crops,
which are not sold for cash, and it omits livestock products.
Paul H. Kirk, Agricultural Statistician for Minnesota, has
made an effort to estimate the actual cash income from products marketed by the farmers of this State. His figures are
as follows:
Crops
Livestock
Dairy products
Eggs
Total
1925.I'S
148.000.
'II
142.000.
II'
134.000.'I,
26.000.
450.000,000
1026.
122.000.000
164.000.000
134.000.000
25.000.000
445.000.000
The results do not strictly represent the income of calendar years because some grain is not sold till the following
year. Furthermore, it is difficult to estimate average prices
received. But after making these allowances, it is significant
that the 1926 total shows a decrease of only slightly over 1%
from 1925. Comparable data for the other States is not
available.
1272
THE CHRONICLE
[Vol.. 124.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, March 4 1927.
It cannot be said that the condition of trade and industry
In the United States at the present time is altogether satisfactory. It is disappointing in some sections, while in others
It is fair. Stormy weather has inter'ered with trade both at
the West and the South as well as the East. The rather
strange occurrence of snowfalls in the Carolinas of 11 to 18
Inches and the more or less snow in the far Southwest as
well as heavy falls in parts of the West, have naturally
hampered business by putting the roads in poor condition
And leading people to defer purchases. Wholesale trade
under such conditions is naturally feelings its way. This
applies to the jobbirg trade also. There are some bright
-spots to be sure. The cotton textile industry is making a
better showing than it did in January. Very large sales of
gray goods have been made here this week and sheetings are
to 34c. higher. There is a good business in rayon goods.
Some increase in the sales of iron and steel is reported. The
output of iron and steel is about as large as it was a year ago.
Prices of automobiles, on the other hand, have been cut and
the output is smaller than at this time in 1926. Rubber has
advanced with a better demand at h me and abroad. Latterly some increase in the output of tires has been reported.
a noteworthy increase in the stock of rubber at London
had only a transient effect. Crude oil has declined, and gasoline is lower with stocks large and competition for business
keen. At American refineries it turns out the gasoline stocks
on Jan. 31 were 46,058,000 barrels, an increase in a month of
9,000,000 barrels, or 4,500,000 barrels as compared with
Jan. 31 last year. Stocks of crude oil on Jan. 31 proved to
have been 397,673,000 barrels, an increase of 1,470,000
In a month; of rail ed oil the stock on that date was 128,848,000 barrels; an increase in a month of 5,400,000. To all
appearance the market is overstocked. The output of coal
has latterly fallen off, after some months of an unusual
production of bituminous.
Wheat has advanced with a steady demand for export
and indications that the farm reserves are smaller than the
average for some years past, while it looks as though steady
buying by Europe is imperative. There was very little
export business in flour, owing to the competition of other
countries. Corn has declined somewhat, with supplies
abundant and demand deficient. Other grains, like oats
and rye, have advanced with a steady foreign demand for
American rye. It may yet prove to be an important item.
The grain and cotton markets have not been influenced by
the vetoing of the McNary-Haugen bill. Farm stocks of
wheat show an increase over last year, though noticeably
smaller than the average of recent years. Moreover, wheat
exports for this season have been large enough greatly to
mitigate the effect of big supplies. European crops have
been deficient. Wheat is still 38 cents a bushel lower than
a year ago but the difference would probably have been
greater but for the unexpected foreign demand. Exports of
wheat thus far this season have reached the surprising total
of 327,800,000 bushels, as against 267,600,000 in the like
period last season. The farm reserves of corn and oats are
smaller than at this time last year. Provisions have advanced,although latterly they have met with only a moderate
demand. A better business is being done in copper, with
something of an upward tendency of prices. Wool has been
In moderate demand and steady. Cotton has been irregular,
advancing on the old crop months and declining a little on
the next crop deliveries as hope seems to be dying out of
any material reduction in the acreage this year with prices
for raw cotton in the neighborhood of 15 cents. The soil
of the cotton belt is in excellent condition, after copious
rains, and not a little snow this winter. The Texas soil is
In an especially promising condition, good winter rains
usually presaging a good crop in that State. Coffee has
advanced in an over-sold market. Brazilian prices have
been firmer and the Defense Committee has decided to reduce
the allotted receipts daily at Brazilian ports. Sugar has
been steady, with a fair business at times, but in the main
refiners have been disposed to purchase on a conservative
scale, pending further events. Building shows a tendency
to increase, although it has been interfered with more or loss
by bad weather. Building materials have met with no great
increase in the demand, however, as yet. On the Pacific
Coast there is some complaint of low prices for lumber. The
clothing trade in Philadelphia is better. At Detroit employment is reported as 223,409, an increase for the week of
1,033, although the total is 48,500 smaller than at this time
last year. It turns out that bank clearings in February
increased over the same month last year a little more than
4% as contrasted with a decrease in January. Compared
with that month last year of 5%. The woolen goods trade
is still slow. But there is a better demand for spring and
summer silk piece goods. Raw silk has been steady with
a moderate trade. An interesting development is a moderate
falling off in the mail order trade. It is supposed to be
traceable not merely to bad weather but to some decrease in
buying capacity of the farming districts at the West and the
South, because of relatively low prices for their products.
The stock market met with a check to-day from a fear of
an extra session of Congress to consider the deficiency bill
and other legislation after an unseemly filibuster. Money
was easy at 4% however and bonds were firm. February
transactions in stocks were over 22% larger than in the same
month last year. Car loadings make a good showing but they
are swelled by coal shipments fearing a soft coal strike in
April. The situation in China of course grows more and
more interesting if not graver. But for some reason London
is said to be looking for a more satisfactory development of
events there in the near future. There can be no doubt that
the attitude of the United States towards China is strictly
correct, namely that of neutrality as between the North and
the South, while taking affective measures to protect
American nationals, and not remaining it is hoped wholly
indifferent to the safety of other nationals in an extreme
emergency.
The Committee on Labor and Industries of the Massachusetts Legislature is giving the question of modification of
the 48-hour law consideration. The New Hampshire Legislature has defeated the proposed 48-hour law by a vote in
the House of 216 to 118. Amoskeag Mills stock coincidentally rose one point in Boston. Pittsfield, Mass., wired that
the Beaver Mills of North Adams, employing about 350
hands, manufacturing cotton fabric for automobile tires,
were closed as a result of a strike. In Lowell, Mass., the
textile situation is gradually improving. Lowell is helping
cotton and worsted mills by rigid economy in the city government and there is an expectation of reduced taxation.
Somersworth, N. H., reported that night work in the
bleachery of the Great Falls Manufacturing Co. will start at
once. The plant has been working at capacity during days
for several months past. A proposed amendment to the
Texas constitution exempting textile mills from taxation for
a period of fifteen years, has passed to a third reading in the
lower House of the Legislature. The amendment has already been adopted in the Senate, and, if passed, the proposal wil be submitted to a vote of the people. They are
learning from Now England. Passaic, N. J., wired that,
accepting the promise of the mil; officials of the United Piece
Dye Works not to discriminate against former workers, 150
Lodi strikers in that borough have formally called off the
strike in force for about one year.
In England sales of yarns and cloths still run ahead of
current production, putting more business on mill books.
Some weavers are well sold to the end of the year. Spining
margins are slowly increasing. Reports from France indicate that the outlook there is a little more favorable, although business is still poor. German cotton mills are
running, it is said, at 100% and have goods sold ahead for
three months. Montgomery Ward & Co.'s sales for February were 4.4% below those of February last year, being
$14,184,130, against $14,844,720. The sales for the first
two months of the year showed a decrease of 9.2% as compared with the same period last year. Sears, Roebuck &
Co.'s sales in February totaled $20,966,269, a decrease of
$456,288. For the two months of the year the sales fell
$966,920, to $43,046,542. Substantial gains in department
and chain store sales and general wholesale trade for the
New York district are reported. The "Hardware Age"
said: "Current business has shown a slight improvement
over a week ago and it is expected that further impetus will
be given to staple lines within the next few weeks."
MAR. 51927.]
THE CHRONICLE
Heavy snowfalls occurred on March 1 in Colorado with
snow slides of 10 to 100 feet blocking highways and railroads.
Seven inches of snow fell in Wyoming and from 2 to 4 inches
in other Mountain States. Flurries prevailed in the Dakotas,
Nebraska, Kansas and Missouri and the Upper Mississippi
Valley States: A three-inch snowfall was recorded in the
Texas Panhandle while a cold rain was general over the
State. The Carolinas had 11 to 18 inches. The Government issued figures showing a heavy snowfall in the mountains, and indicating a big flow this spring from streams
draining the continental Divide. From 10 to 175 inches
were reported in the Cascades of Oregon and Canada, 30 to
102 inches in Northwest Wyoming and Eastern Idaho and
113 inches in the Sierras of Central California.
Here the weather has latterly been cold and windy. On
the 3d inst. it was 13 to 28 degrees at New York with an
average temperature 11 degrees below that for the same
date for 45 years past. Incoming shipping was delayed or
damaged by a Northeaster along the whole Atlantic Coast.
High tides prevailed and gales caused heavy damage to
property as far north as Boston. Floods occurred on Long
Island. The storm reached New Hampshire. To-day it
was passing out into the Atlantic and warmer weather was
promised. On the 3d inst. it was 18 to 20 degrees in Boston,
22 to 40 in Cincinnati,30 to 36 in Chicago,22 to 28 in Cleveland, 16 to 24 in Portland, Me. and 18 to 42 in St. Paul.
To-day it was 20 to 36 degrees here; Chicago yesterday was
24 to 36; St. Paul,30 to 42; Milwaukee,24 to 40.
1273
Reserve bank credit since the high point of last December has been in excess
of 3500.000,000. the unusual extent of this reduction being due chiefly to
the large inflow of gold from abroad. Total bills and securities of the
Reserve banks on Feb. 23 were about $200,000,000 smaller than on the
corresponding date of last year.
Easier money conditions in February were reflected in a decline in the
rate on prime commercial paper from 43,, to 4% after the first week of
the month.
Business Indexes of Federal Reserve Board.
The Federal Reserve Board presents as follows under
date of March 2(for the first time) the new index of industrial
production together withindex of manufactures and minerals.
Description of this index and monthly figures from 1919 to
date was given in the Federal Reserve Bulletin for February
and March 1927 and was referred to in our issue of a week
ago, page 1140:
INDEX OF INDUSTRIAL PRODUCTION,
(Adjusted for seasonal variations. Monthly average 1923-25= 100.)
1927. -1926--1927. -1926-Manufactures- Jan. Dec. Jan.
Jan. Dec. Jan
116
102
106
106 Iron and steel
105
108
Total
103
109
105
108 Textiles
103
104
Manufactures
100
96
93
93 Food products
120
117
Minerals
112
113
_113
_
_
_
printing
.1:
Paper
Minerals100
98
93
115 Lumber
124
122
Bituminous
114
63
92
3 Automobiles
111
98
Anthracite
92
100
97
shoes
at
Leather
100
121
120
Petroleum
114
94
* Cement, brick, glass_ 95
*
*
Iron ore
109
119
.117
metals.
Non-ferrous
107
112
115
Copper
116
135
__
114 Petroleum refining
119
116
Zinc
115
112
117
114 Rubber tires
125
119
Lead
108
110
114
mini
Tobacco
99
109
112
Silver
Federal Reserve Board's Summary of Business Conditions in the United States-Larger Volume of
Production in January as Compared with
December.
Industrial activity has been slightly larger since the turn
of the year than at the close of 1926,says the Federal Reserve
Board in its summary of business conditions in the United
States, made public Feb. 27. The Board adds that seasonal
iquidation of Reserve bank credit has been in unusually
arge volume, owing chiefly to the inflow of gold from
abroad, and conditions in the money market have been
easy. Wholesale prices have continued to decline, the Board
notes, its further summary of conditions stating:
INDFXF8 OF EMPLOYMENT AND PAYROLLS IN MANUFACTURING
INDUSTRIES.
(Not adjusted for seasonal variations. Monthly average 1919 =100.)
-------Payrolls--Employment
-1928--1927.
-1926-1927.
Jan.Jana
Jan,
Dec.
Jan.
107.0
107.i
101.9
96.3
94.1
92.4
Total
98.3
99 1
93.8
91.9
90.4
88.7
Iron and steel
108.1
103.3
105.3
97.3
95.0
95.2
Textlles--Ciroup
110.4
109.8
107.8
99.1
97.5
97.6
Fabrics
105.3
102.0
102.8
95.0
91.9
92.2
Products
105.8
111.8
100.6
98.3
97.1
97.6
-Lumber
85.8
91.9
84.6
84.6
82.3
79.8
vehicles
Railroad
138.0
111.5
94.1
1102
104.0
104.2
Atitomehlies145.5
154.7
150.3
107 5
110.7
108.8
Paper and printing
100.1
102.1
99.3
88.5
86.7
85.1
Foods.&C
89.7
90.0 • 88.5
87.9
87.1
88.5
Leather, ,ke
136.9
147.8
129.5
114.4
117.9
109.6
glass
Stone, clay.
88.0
88.4
78.2
80.4
81.8
73.5
Tobacco, .to
102.2
109.1
107.0
76.9
77.8
77.8
Chemicals, ace
Production. '
Output of factories was larger in January than in December, but smaller
in January 1926 or 1925. Mineral production, though somewhat below
the December level, continued in unusually large volume, reflecting the
maintenance of production of bituminous coal, crude petroleum and copper.
Manufacture of pig iron and steel, which was sharply curtailed in December,
increased in January and February. Automobile output was increased
considerably from the unusually low level of production reached last
December, but the number of passenger cars produced since the beginning
of the year has been smaller than for the corresponding period of the past
four years. The textile industries have continued active since December
without, however, showing the usual seasonal increase.
Building contracts awarded in 37 States during the first seven weeks of
the year were smaller in value than those for the same period of 1926.
Decreases have been largest in New York and in the New England, Southeastern and Northwestern States, while increases occurred in the Middle
Atlantic and Central Western States. By types of building, contracts
awarded for residential and industrial building in January showed large
reductions as compared with December and with January 1926, while
contracts for commercial buildings were larger than a month or a year ago.
Trade.
Retail trade showed more than the usual seasonal decline between
December and January. Sales of department stores were in about the
same volume as a year ago, while those of mail order houses were 7%
smaller. Wholesale trade declined in nearly all leading lines in January
and was considerably smaller than a year ago. Inventories of department
stores were reduced less than is customary and at the end of the month
were in about the same volume as in January 1926. Stocks of merchandise
carried by wholesale firms increased slightly, but continued in smaller
volume than in the corresponding month of the previous year. Freight
car loading declined by somewhat more than the usual seasonal amount
between December and January but, owing chiefly to heavier shipments
of coal this year, weekly loadings since the beginning of the year were
larger than for the same period of 1926. Shipments of merchandise in
less than car load lots were also slightly larger than last year, but those
of most basic commodities were smaller.
Prices.
The general level of wholesale prices declined fractionally in January,
according to the index of the Bureau of Labor Statistics, considerable
advances in prices of livestock being somewhat more than offset in the
total by decreases in nearly all other commodity groups included in the
Index. Prices of non-agricultural products, as a group, declined to the
lowest level since early in 1922. In February there were decreases in the
price of iron and steel, non-ferrous metals bituminous coal, grains and
hides, while prices of cattle, sheep, cotton and gasoline increased.
Bank Credit.
Commercial loans of member banks in loading cities continued to decline
during the four weeks ending Feb. 16, although at a less rapid rate than in
earlier weeks, and in the middle of February the volume of these loans was
about $270,000,000 below the seasonal peak reached in the middle of
November, though about $200,000,000 above last year's level.
Loans on securities also declined during the period, while the banks'
Investment holdings increased somewhat.
The volume of Reserve bank credit remained during the four weeks ending
Feb. 23 near the low level reached at the end of January. Liquidation of
INDEXES OF WHOLESALE AND RETAIL TRADE,
Man Trade.
Wholesale 7'rads.
1927. -19281927. -1926-Jan. Dec. Jas.
Jan. Dec. Jan.
Dept.
sales:
store
78
78
74
Total
148
130
131
Adjusted
77
80
73
Groceries
114
234
114
Unadjusted
79
71
76
Meat
stocks:
store
Dept
79
•
71
72
Dry goods
141
138
139
Adjusted
43
60
45
Shoes
125
123
128
Unadjusted
88
99
81
Hardware
sales:
order
Mall
111
110
113
Drugs
118
138
110
Adjusted
116
185
107
Unadjusted
months.
these
for
available
figures
•No
Price Movements of Principal Countries Approaching
More Stabilized Condition According to New
York Trust Co.-Bill for Stabilizing Prices
Through Federal Reserve System.
of the principal countries of the world, 12 show
16
of
Out
a decline in the price level at the end of 1926 as compared
with 1925, according to the "Index" published by the New
York Trust Co., made public under date of Feb. 25. We
quote as follows what the company has to say:
As one by one the countries of the world have stabilized their currencies
upon a gold basis, the commodity price level has gradually declined. This
decline has been particularly noticeable during the past year. The prominent exceptions to the 1926 trend are France, Italy, Belgium and Poland
where financial reorganization is very recent or incomplete.
Currency stabilization, therefore, has been one of the fundamental causes
for a change in the direction of the price movement. It is closely connected
with the fact that the growth of the world's gold supply has not kept pace
with the demands made upon it; and this declining gold production should
have a consequent depressing effect on prices. And the expansion of credit
systems and credit instruments in the smaller countries is a third fundamental influence upon the price level.
The downward trend of prices in some of the principal countries of the
world is shown in the following table from the 'United States Department of
Labor:
INDEX OF WHOLESALE PRICES IN PRINCIPAL COUNTRIES.
(1913 or 1914-100)
1928.
(9 Mos.)
1925.
Country1924.
1923.
152
158.7
149.7
United States
153.7
704.9
558
Belgium
573
497
2,835.3
Bulgaria.,
2.823
2,525
948.1
1,001
997
Czecho-slovakla
977
144.4
200
228
Denmark
201
1,084.4
1,129
1,100
Finland
1,095
708
851
489
France
419
123.1
130.4
122.5
Gerronay
95.1
711
690
585
Italy
675
144
15.5
156
151
Netherlands
199.7
253
267
232
Norway
180.3
188
183
172
Spain
147.4
159.7
188.2
159.1
United Kingdom
181.2
202
206
199
Japan
181.2
159.4
153.9
156.4
China
183
150.6
182
181
India
it, there Is a
Mier a war and the inflation that usually accompanies
movement in the
tendency for prices to return near the pro-war level. This
amounted to stabilipast two years has been so gradual that it has virtually
marked. The c .rrent year
zation, and its benefits upon industry have been
Will probably continue the trend of 1926.
1274
THE CHRONICLE
Prices More Stable Here.
In the United States prices have consistently been more stable than in
Europe. Nevertheless, the past decade has witnessed wide price fluctuations which have wrought considerable hardship upon industry. For successful operation, prices, if not stabilized, must at least maintain a consistent and moderate trend.
The Federal Reserve System has of late exercised an important influence
on the steadying of the price level. Although price stabilization Is not
mentioned in the Federal Reserve Act, it has always been regarded as one
of the possible benefits from the System. By raising or lowering the rediscount rate, by buying or selling government securities in the open market.
the Federal Reserve Banks can regulate to some extent the amount of
money and credit available to business. This in turn reacts upon prices.
There Is at present before the House Committee on Banking and Currency
a bill which would amend the Federal Reserve Act so as to mention specifically the power of stabilizing prices. Referring to the rediscount functions
of the Federal Reserve System, the proposed amendment states that these
shall be fixed with a view towards accommodating commerce and "promoting a stable price level for commodities in general. All the powers of
the Federal Reserve System shall be used for promoting stability of the
price level."
Can Only Influence Price Level.
The Jill gives no new powers to the Federal Reserve Banks and, indeed.
merely puts In writing what has been widely discussed. It does not, however, make price stabilization any easier of accomplishment. While hardly
anyone will object to the desirability of a stable price level, there is considerable doubt as to whether it is as practicable as the amendment might lead
the public to believe. The Governor of the New York Federal Reserve
Bank indicated that he was in sympathy with the idea, but realized that
there wou.d be times when price stabilization would be quite beyond the
power of the System to secure.
At such times, there is. of course, a danger of public criticism which would
be all the more acute if price stabilization were defined as one of the Federal
Reserve's duties. It would be unfortunate if the success or failure of the
System should be judged on the basis of the stability of the price level.
Monthly Business Indexes of Department of Commerce
—January Output of Raw Material Below That
of December.
Presenting on March 1 its monthly indexes of production,
stocks and unfilled orders, the United States Department of
Commerce says:
Mil,. 124.
monthly by the National Association of Real Estate Boards.
The latter's advices state:
The index, which is based on official records of transfers and conveyances
recorded in 41 typical cities, registered 170 for the month just past. This
Is a rise of 15 points from the index for December.
The January figure is 14 points under the index figure for January of
1926. However, in making this comparison the Association points out
that the January 1926 figure, together with the February index number
of the same year which rose one point higher, constitute by far the highest
point registered in any month in the 11 years covered by its records.
Semi-Annual Survey of Real Estate Market—Less Activity as Compared with Previous Year—Selling
Prices Firm.
The ninth semi-annual survey of the real estate market,
issued under date of Dec. 31 1926 by the National Association
of Real Estate Boards, says in part:
Less activity at this time than a year ago but with selling prices holding
firm; a slight increase in the shortage existing in each of the three types of
structures studied. single family dwellings, apartments and business buildings; a barely perceptible change from June of 1926 in the residential rental
situation: Increased stabilization of rents for centrally-located business
and office space as well as in outlying districts; money generally easy with
interest rates continuing steady, epitomizes the present situation as given in
reports received from 304 member boards by the National Association of
Real Estate Boards in the ninth semi-annual survey of the real estate
market, just completed.
The real estate market during 1926 showed a remarkable degree of activity as reflected by the index of the activity of the real estate market published
by the National Association and based upon the number of real estate transfers and conveyances recorded in 41 typical cities, the index figures for
January and February reaching a peak not exceeded by any other month
in the period studied. The course of the index figure for this entire period.
January 1926 to January 1927, is shown in Chart I. (This we omit.—Ed.)
While the general trend of the index has been downward from this peak,
with the exception of the months of June and July, when another decided
but lower peak appeared, the total number of transfers and conveyances
recorded in 1926 exceeded slightly the total for 1925. and preliminary reports for the month of January 1927. show that the index for that month
will show a decidedly upward trend, reaching approximately 170.
The Market Situation.
Production.
•
The output of raw materials was smaller in January than In December,
but greater than a year ago, increases over January 1926 being registered
in all groups except forest iroducts. which declined. Manufacturing production, after adjustment for differences in working time, showed no
material change from the previous month, but was lower than a year ago.
As compared with last year, all groups were lower except textiles, nonferrous metals, leather, chemicals and oils, and tobacco, which showed
increases. As compared with the previous month, decreased activity was
registered in textiles, lumber, leather, chemicals and oils, and stone and
clay Fri:ducts, other groups showing increases.
While the situation in the real estate market for the country as a whole
did not show great change, 29% reporting the market more active this year
than last. 31% the same and 40% less active,as against 42%.37% and 21%.
respectively, for last year, in some sections of the country marked changes
have occurred. The Central Eastern section, for example, as well as Canada showed decidedly increased activity over a year ago, in the former sec-.
tion 48% reporting the market the same and 24% better this year with
corresponding figures for December of last year of 25% and 17%. At
this time last year 58% of the reports from this section showed the market
to be less active, while this year the percentage was 28%. a change of 30%
for the better. An even greater improvement In the market was indicated
Commodity Stocks.
by the reports received from the Canadian boards, none reporting the marStocks of commodities held at the end of the month after adjustment for ket more active in December 1925, while this year the figure was 86%.
The North Atlantic and South Eastern sections reported the greatest
seasonal conditio: a were lower than in December 1926. Stocks of raw foodstuffs. although showing lower holdings than in the preceding month, were lessening of activity,60% of these reporting from the former section indicating
a less active market than the previous year and 71% from the latter.
larger than a year ago, while other raw materials for manufacture showed
larger stocks than in either jricr period. Stocks of manufactured food- Other sections of the country showed less drastic changes.
Classified according to size of cities, those with population of from 100,000
stuffs were smaller than in either the previous month or January 1926,
While other manufactured commodities were held In larger quantities than to 200,000 showed the greatest increase in activity,30% this year reporting a
more active market as against 19% for last year.
in either prier period.
Detailed figures for the country,classified by size of cities and by sections,
Unfilled Orders.
are given in Table I.
Unfilled crders kr manufactured commodities, principally iron and steel
and building materials, showed no change from the preceding month, a Table 1.—Percentage of Cities Reporting Various Degrees of Actirity in the
Real Errata
decline in the index for iron and steel being offset by an increase in building
Market Classified by Size of Cities and by Sections Compared with December 1925.
materials. As compared with last year. the Index of unfilled orders was
lower, each group showing the same trend.
More
Less
The index numbers of the Department of Commerce are given below:
Section and Size of City.
Active.
Active.
Same.
Production Under numbers itnisto—
Raw materials—total
Minerals
Animal products
Crops
Forestry
Manufacturing, grand total (adlusted)
Total (unad lusted)
Foodstuffs
Textiles
Iron and steel
Other metals
Lumber
Leather
Paper and printing
Chemicals and oils
Stone and clay products
Tobacco
Automobiles•
Miscellaneous
Commodity Stocks (Index Numbers 191100)(snail).)
Total
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs
Othr manufactured commodities (adjusted for seasonal
element)
Total
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs.
Other manufactured commodities
Unfilled Orders—
Total (1920100)
Iron and steel
Building materials
•Included in miscellaneous group.
Dec.
1926.
Jan.
1927.
Jan.
1926.
140
150
126
149
106
113
113
102
116
119
142
127
82
118
210
115
104
103
86
122
146
110
122
95
113
113
107
115
127
168
121
80
119
198
89
115
147
85
III
122
107
109
108
122
122
168
108
140
167
137
75
122
179
95
110
188
121
189
273
204
68
188
272
190
70
165
218
181
72
102
186
303
160
70
182
197
182
256
177
69
201
175
167
228
169
74
179
47
39
78
47
38
84
61
48
114
Upward Trend of Real Estate Market Index in January.
Real estate market activity for January showed a decided
upward trend, according to the index of activity compiled
Totals
304
North Atlantic
Central Eastern
South Eastern
South Central
Great Lakes
North Central
Mountain States
Pacific States
Canada
Cities over 500.000
Cities between 200.000 and 500 000
Cities between 100.000 and 200.000
Cities between 25.000 and 100,000
Cities under 25.000
District boards
40
31
29
18
22
60
24
48
28
4
25
71
56
22
22
20
44
36
32
32
38
25
63
12
49
38
13
14ss
11
ii
67
22
22
56
30
30
40
43
26
31
32
33
35
29
21
50
No appreciable decline in selling prices is shown for the country as a whole;
48% of all boards reporting stated selling prices this year to be the same as
last, 24% higher, and but 28% lower, and in some sections of the country
the percentage reporting prices to be higher than a year ago is large. Outstanding examples are the South Central section. 47% reporting selling
prices higher, the Pacific States, 50% reporting higher prices, and Canada,
43%.
According to size of cities, the group showing the largest percentage of
those reporting prices to be higher was that of over 500,000 population,
where the percentage reporting was 50%. while 67% of this same group
reported the market less active. In contrast to this, the group showing the
largest percentage of those reporting prices to be lower is that between
100.000 and 200,000 population, 39% of this group reporting this condition
while this group was the one showing greatest gain in market activity.
Detailed figures on selling prices will be found in Table II.
The Building Situation,
The steadily diminishing building shortage of the past few years is slightly
retarded as shown by the analysis of the reports received, as for each of the
types of structures studied an increase in those reporting a shortage is shown,
the percentage of cities reporting present shortages for single family dwellings being 29%, apartments 33% and business buildings 19%,as compared
with 17%, 15% and 12%, respectively, for June of 1926. As compared
with December of 1925, however,the shortage has been further decreased.
THE CHRONICLE
MAR. 51927.]
ram IL—percentage of Cities Reporting Movement of Selling Prices. Classified by Size
of City and by Sections. Compared with December 1925.
Section and Size of CRY.
Higher.
Same.
Lower.
24
48
28
Totals
48
33
19
North Atlantic
31
52
17
Central Eastern
42
'46
12
South Eastern
32
21
47
South Central
28
56
16
Great Lakes
44
ao
6
North Central
25
62
13
Mountain States
11
39
ao
Pacific States
14
43
43
Canada
20
so
50
Over 500.000
35
43
22
Between 200.000 and 500.000
83
28
39
Between 100.000 and 200.000
30
50
20
100,000
and
25.000
Between
24
51
25
Under 25.000
23
60
17
District boards
The largest shortage of single family dwellings exists in the Pacific States
section. where the percentage reporting this condition is 44%. Of apartments,the South Eastern and South Central sections show the largest shortage, the figures being 45% for the former and 44% for the latter. The
South Central section also shows the greatest shortage in business buildings. 25% of the reports indicating such a shortage. 56% of the district
boards reporting show a shortage of single family dwellings: the greatest
need for apartments as well as for business buildings exists in the cities
of under 25.000 population. None of the cities of over 500.000 population
reporting show any shortage of apartments or business buildings, while but
33% report a shortage of single family dwellings. Detailed figures will be
found in Table III.
Table 111.—Percentage of Cities Reporting Shortage or Over-building of Certain Types
of Buildings. Classified by Size of Cities and by Sections.
Single Family
Dwellings.
Section and Size
of City.
Yes No Yes No
Totals
Apartments.
21 79
29 71
Yes
NO
19 81
Yes
25
25
45
44
35
30
27
37
—
--
07
40
a
07
MI
44
3
No
33 67
27 73 23 77 21 79
North Atlantic
33 87 16 84 43 57
Central Eastern
13 87 33 67 16 84
South Eastern
11 89 35 65 12 88
South Central
25 75 22 78 13 87
Great Lakes
29 71 21 79 28 72
North Central
13 87 33 67 15 85
Mountain States
14 86
14 86 44 56
Pulite States
17 83 __ 100 28 72
Canada
Cities over son ono __ 33 67 29 71 100 -Between 200.000 and
56 44 _ 100 44 56
500 000
Between 100.000 and
31 69 12 88 35 65
1 200.000__
Between 25.000 and
22 78 21 79 22 78
100.000
5 95
17 83 37 63
Under 25.000
illqtrirt Ilnarda
Business.
Overbuilt Shortage Overbuilt Shortage Overbuilt Shortage
75
75
55
56
65
70
73
63
100
100
Yet
No Yes No
19 81
24
35
9
12
25
16
27
20
28
63
76
65
91
88
75
84
73
80
72
37
19 81
12
11
22
25
23
18
14
24
__
__
88
89
78
75
77
82
86
76
100
100
14 86
35 65
6 94
21 79
17 83
11 89
27 73
43 57
25 75
16 84
18 82
18 82
26 74
21 79
60
The Rental Situation
The residential rent situation shows very little change over that of a year
ago and practically none over that of June 1926. This year the percentage
of those reporting stationary rents was 66%. those reporting higher rents
11%. and those lower 23%, while in December 1925 the figures were 64%,
9% and 27%. and for June 1926. 65%.24% and 11%, respectively.
Rentals for centrally-located business and office space show greater
stabilization in December than in June 1925. 53% of those reporting stating
rentals for central business property to be the same and 73% for central
office rents. In the outlying districts. 63% report business rents and 75%
office rents to be the same. The greatest variation occurs in centrally-located office space, where 35% of the boards reporting indicate higher rents
and 12% lower.
C. L. Bradley of Union Trust Co., Cleveland, on "Why
Prices Are Declining."
C. L. Bradley, Vice-President and Executive Manager of
the Union Trust Co. of Cleveland, is writing monthly for
"Finance and Industry" (the banking and industrial monthly paper of Cleveland) a monthly business review which has
been attracting attention. In a discussion as to "Why Prices
Are Declining" Mr. Bradley says in part:
From reports show held in New York, and of our own automobile show
here in Cleveland, we note that while the quality of the product is not
lowered and is, in many cases, bettered, some prices have shown a downward tendency.
We have seen a decrease in prices of agricultural products, particularly
wheat and cotton, and have anticipated a decrease in textile prices as a
reflection of the falling of the cotton price.
Steel prices are reported as softening somewhat, and it is not expected
that coal prices can long remain at their present levels,
lVe might continue at great length, listing various specific price declines.
These declines are by no means confined to basic commodities, but extend
into the wholesale and retail fields.
Many of our economists and business forecasters, in commenting upon the
situation, have said, simply, "We are in a period of declining prices." This
is, however, a mere statement of fact, and is not an explanation.
Some are inclined a draw an analogy between current times and the years
following the Civil War. Prices, they point out, fell following the Civil
War, and inasmuch as we are in a post-war period, we may expect prices
likewise to decline at the present time. This, however, is not an explaaaHon but is merely a parallel.
Others, who adhere closely to the theory of business cycles, state merely
that we are in that period of the cycle in which falling pr:ees are characteristic, but this statement likewise shows no causes or reasons for the phenomenon of price declines.
The fact is that almost everybody has been more or less inclined to accept
our present period of declining prices in much the Caine way as they accept
the seasons or the weather.
But economic conditions are, after all, largely man-made; and it would
seem at least interesting not merely to endeavor to accept a cycle of falling
prices as one would accept a rainy December or a cold June, but rather to
endeavor to probe into the underlying causes, and attempt to determine
what is bringing about this widespfead downward price trend.
1275
In endeavoring to analyze this situation the first major factor to bear in
mind must be the fact that price declines are by no means confined to this
country, but that declines in the United States are apparently largely parallel to those in Europe and other foreign nations, and may be interpreted,
to a certain extent, as the result of a common general cause. This cause,
we believe, is the gradual return of Europe to the gold standard and the
expectation of further progress in this respect within the near future. In
this connection it is interesting to note that Dwight Morrow of J. P.
Morgan & Co. has expressed the opinion that during 1927 Prance and
Italy would be added to the list of those nations operating on a gold
standard.
Allowing for the return of European countries to the gold standard as a
fundamental reason for price declines both in Europe and in America, it
nevertheless seems possible that we may in this country have certain internal factors which are also contributing to this tendency. An attempt
to determine what these factors are may prove of interest.
If there were at present any lack of general purchasing power in this
country it might be a simple matter to say that prices are going down
because the people cannot afford to spend as much as was formerly the
case. But we know that the general purchasing power of the country has
not been impaired, and that even such immediate losses in purchasing
power as may be attributed to declines in agricultural products, and to
seasonal unemployment, are not sufficient to account for price declines.
In fact, we have witnessed, during the last year, the paradox of a constantly mounting purchasing ability on the part of the public, as evidenced by
steadily growing savings accounts, co-existent with a steady downward
progression of prices.
It seems to us that many commentators have put the cart before the horse
in discussing this question. They have said we are in a cycle of declining
prices, therefore:
We must keep inventories low, and buy from hand to moeth.
We must exercise more efficiency in production, eliminate waste, and cut
Internal costs.
Our margins of profit will be smaller, and therefore we must rely on
greater volume.
Therefere, we are entering upon an age of mergers and consolidations,
which eliminate duplication of effort, and make possible the production
of a product of standard quality at lower price.
Now it is interesting to reverse this point of reasoning and see whether
we cannot, by that reversal, arrive at a possible explanation of the reason
why we are in a cycle of declining prices. This reversal is quite simple.
We merely put the horse before the cart, where it belongs, and say:
For scene years past we have maintained small inventories and bought
from hand to mouth, thereby decreasing our carrying charges, and BO enabling us to produce et less cost and sell at a lower price.
We have made every effort to eliminate waste and to operate with the
utmost efficiency within our institutions, and thereby cut down the cost
of doing business. This has also enabled us to lower the prices of our
products.
Realizing the eccnomy of mass production, we have endeavored to do a
volume business, which has made possible production at less cost, and
thereby enabled us still further to lower our prices.
Pursuing this policy to its logical consequence, we have, in many lines
of business, adopted the principle of consolidation, thereby eliminating
many unnecessary duplications of effort, utilizing still further mass production methods, and so making possible once more a lowering of consumer
prices.
Therefore, considering the tour methods above mentioned whereby it hes
been possible for us to reduce prices of the things we make and sell, what
could be more natural but that we should now find ourselves in a cycle of
declining prices?
In short, this phenomenon of falling prices is not, as a lawyer would say,
"an act of God"—it is not merely something which has happened to us,
like the weather—it is man-made. We have made it ourselves. It is not
a cause—it is a result.
Criticizing this point of view you may say, "This theory may well apply
to industrial production; but what about basic commodities. particularly
agricultural commodities?" I cannot see any essential difference in this
respect between agricultural or basic commodity production, and industrial
production. Prices of agricultural commodities appear to have decreased
very naturally as a result of more efficient mass production, more efficient
transportation, and more efficient co-operative marketing than was the case
In years past. In short the same volume of man-power and dollar-power
has produced a greater volume of food.
In fact, this same idea may well be applied to the credit situation. The
Federal Reserve System of the country has made possible volume production of credit with less waste, and with greater efficiency, than was formerly the case. Hence, the price of credit has declined.
In the industrial field there are two particular examples of the manner
in which efficiency of production, volume business and the application of
the consolidation principle have decidedly raised the quality of a product
at the same time that they have decreased its price—examples which are
familiar to everybody in the course of his daily personal experience. Theme
two products are the automobile and the radio receivinz set. What has
been going on in these two industries with unusual rapidity is. in my
opinion, illustrative of what is going on in the industrial field in general,
though at a much slower and steadier pace, and with much less public
comment.
What conclusion, then, may we draw from this point of view?
We may say that modern business, left to itself, free from disturbing outside influences which may throw it out of balance, operates in the direction
of supplying commodities of equal or better quality at a lower price.
This is not such a startling conclusionas it might seem at first glances
Certainly this has been the avowed purpose of all our modern inventions—
our labor saving machinery our efficiency measures and our scientific investigations. Certainly our ultimate goal has been to raise the general
standard of our living. During the past few years we have accomplished
this quite naturally, not by the raising of wages, but by the lowering of
prices.
During the period immediately following the war, business was thrown
out of balance by an abnormal demand for goods, and prices rose. Inflation followed. Immediately thereafter, while we were paying for our holiday, there was a very real tightness of credit, the purchasing power of the
country was lessened, and prices fell because people did not have the cash
with which to buy. It seems evident, however, that our recovery from
war conditions was practically complete two years ago. During the last
two years business has therefore been free to continue its own natural
pace without being beset by unbalancing influences from the outside. Its
natural pace has been in the direction of rapid turn-over, elimination of
waste, volume business and consolidations—for the simple reason that all
of these things are, in the nature of them, fundamentally sound business
Practices. And because we have followed these principles—because we
1276
THE CHRONICLE
have been able to produce the same article for less money—prices are naturally lower.
Guaranty Trust Co. of New York Sees Recovery in
Business.
Moderate expansion has taken place in general business
activity in recent weeks notwithstanding the adverse influence of extremely severe weather in numerous localities,
states the current issue of the "Guaranty Survey," published Feb. 28 by the Guaranty Trust Co. of New York.
While an upward movement is usual at this time of year,
nevertheless the definite appearance of revival is reassuring
at present, since the comparatively slow progress made in
January occasioned some uneasiness as to the probable
trend of business in the near future," the "Survey" continues. "Although recent reports tend to show that the present level of activity is scarcely as high as that which prevailed at this time last year, they also indicate that a gradual but distinct recovery is under way, and hence that the
declines of recent months need not be regarded as marking
the advent of a long period of curtailment.
Activities Slightly Below Year Ago.
A level of general trade not far below that of the early
*reeks of last year is indicated by the amount of commercial
heck payments, as measured by debits to. Individual a'counts by member banks of the Federal Reserve System in
140 cities, not including New York. Although the actual
total for the year to date is about 1% larger than that for
the. corresponding period in 1926, this increase is hardly
Sufficient to reflect even the normal growth of business durbag the year. On the other hand, the lower level of commodity prices that now prevails would seem to show a somewhat
larger gain in the physical volume of trade.
. A similar trend is indicated by the comparison of railway
freight car load:ngs. Aside from shipments of coal, which
have been unusually large for several weeks because of the
fear of a strike in the union mines in April, all classes of
loadings have been smaller so far this year than a year ago
with the exception of ore and of merchandise and freight in
less-than-carload lots.
Level of Activities Under That of Year Ago, but Improvement in Business Since December Seen by
Franklin Fourth Street National Bank of
Philadelphia.
In its business forecast, presented in its March letter,
"Trade Trends," the Franklin Fourth Street National Bank
of Philadelphia states that, "although marked by uncertainty in many important industries, the first two months
of 1927 have brought gradual, but unmistakable, recovery
over the slow pace of December. The level of activities is
under that of one year ago, and spring trade is unfolding
slowly, says the bank, which adds:
Yet business records disclose that the balance of developments has been
toward improvement since the year began.
Among the most important favorable factors weighing in the trade
situation have been the definite gains in iron and steel production; decided
expansion in some textile trade; the increase in freight movements; the
greater purchase of equipment by the railroads; the rise of automobile
production from recently depressed levels; the strength of securities, and
the continuance of easy credit.
Conditions with an unfavorable tinge include the Increase In business
failures, the drop in building construction, the recession of wholesale prices.
and the disparity between agricultural and industrial prices. It may be
noted that while commercial defaults are customarily higher at the start
or the year, January failures were the greatest in number of any January
since 1922.
Declining commodity prices have constituted one of the
most characteristic tendencies of the new year. It is notable, however, that agricultural
prices, following pronounced weakness in 1926. recently have held relatively more firm than have industrial values. Cotton particularly has
displayed encouraging strength. The decline of
industrial prices has resulted from pressure exerted by buyers. They were able to take advantage of the traditional slowness of activities and hesitation in sentiment
of the year's early weeks.
Another unfavorable possibility has been the threatened strike of soft
coal miners. Even before wage negotiations were begun in February,
between operators and mine-worker representatives,large coal consumers
were preparing for the eventuality of a strike. Stocks of coal in January
amounted to 55,000,000 tons. against 43.000.000 tons six months before.
In addition to large stocks, industries had additional Insurance against
coal shortage in case of a strike in the large amount of non-union coal
mined. Two-thirds of all the soft coal produced in the country during the
closing weeks of 1926 came from non-union mines, and nearly two-thirds
of all the miners employed were working without union supervLsion.
January industrial employment was 3% below January 1926. but payrolls are now expanding with advance of the season.
•
Dun's Report of Failures in Febrtmry.
A seasonal decline in the number of failures in the United
States invariably begins in February, and the total reported
to R. G. Dun & Co. for last month is 2,035. This is 17.4%
FoL. 124k
below the 2,465 commercial defaults of January, but a part
of this substantial decrease is accounted for by the fact that
February is the shortest month of a year, and is made still
shorter by holidays. Comparing with the 1,801 insolvenices
of February 1926, an increase of 13% appears, although
some allowance should be made for the larger number of
firms and individuals now engaged in business.
Like the number of failures, last month's liabilities of
$46,940,716 show a falling off from the 851,290,232 of
January, the reduction being 8.5%. On the other hand, the
amount for February exceeds by 37.4% the $34,176,348 of
the corresponding month of 1926. There were more large
defaults last month than a year ago, those for $100,000 or
more of indebtedness in each case numbering 54, against 44
in the earlier year, and the liabilities of last month's large
insolvencies approximated $25,200,000, as compared with
only about $13,500,000 for such failures in February 1926.
The defaults of unusual size supply 53.7% of last month's
aggregate indebtedness, while in February, last year, the
large insolvencies provided 39.6% of the total liabilities of
all failures.
Monthly reports of business failures, showing number and
liabilities, are contrasted below for the periods mentioned:
Number
LtablitlfCs
February
January
1927. 1926. 1025.
1928.
1927.
2.035 1.801 1.793 $46.940.718 134.176.348
2,465 2,296 2.317
43,661.444
51.290,232
When the February statement of failures is examined in
greater detail, it is seen that the manufacturing class makes
a favorable comparison with the returns for the corresponding
period of 1926. Thus, last month's 411 manufacturing de-:
faults are below the 447 similar insolvencies of February
1926, and the liabilities of $10,518,450 show a moderate
decrease from the $10,822,319 of the earlier year. On the
other hand, last month's 1,508 failures among traders are
considerably above the total of 1,282 reported for that class
a year ago, while there is an increase in last month's indebted-'
ness to $23,405,612, from $20,317,275 in February, 1926.
Relatively the most unsatisfactory record, however, is made.
by the class embracing agents, brokers, Sce., defaults in,
such lines numbering 116 and involving $13,016,654, as
compared with 72 similar insolvencies for $3,036,754 in
February, last year. The liabilities among agents, brokers,
&c., supply practically 28% of the aggregate of all failures
last month.
Further analysis of the February insolvency returns shows
fewer defaults than in that month of last year in nine of the
fifteen manufacturing classifications; namely, iron, foundries
and nails, woolens, carpets and knit goods, cottons, lace
and hosiery, clothing and millinery, hats, gloves and furs,
paints and oils, leather, shoes and harness, glass, earthenware and brick, and miscellaneous. For cottons, lace and.
hosiery, and paints and oils, no failures were reported for
February, this year. The exhibit for the trading division,
however, is less satisfactory. The number of insolvencies
among grocers is unchanged from that of February 1926,
but nine of the remaining fourteen classifications show
increases. The five groups disclosing decreases are tobacco,
&c., clothing and furnishings, hardware, stoves and tools,
paints and oils, and jewelry and clocks.
FAILURES BY BRANCHES OF BUSINESS—FEBRUARY 1927.
Number.
Liabilities.
Manufacturers.
1925.
1926.
1927 1926. 1925.
1927.
—— —
on, foundries and nails. __
$69,600
.5117,425 31,202.800
6
11
4
Iachinery and tools
403.457
806.984 1,103.472
29
29
26
327.800
roolens. carpets & knit g'ds
20,000
353,700
1
6
6
250.000
ottons. lace & hosiery_ _
_.
2
-1,192.850
umber, carp'ters& coopers
595.822
33 2.219.941
52
67
917.410
[Ott:ling & millinery
701,178
44 1,232,200
64
33
108.000
152,000
ate. gloves & furs
56,401
4
11
8
118.407
15.000
hemicals & drugs
843.600
8
1
7
307,9G0
alias & oils
4,900
1
5
428,007
542.200
riming & engraving
656.061
18
18
28
557.115
260.393
tilling & bakers
692.782
52
34
42
317.599
ember. shoes & harness
653.007
12 1,098,200
17
9
59,563
43,453
iquors & tobacco
21,800
3
5
6
38.900
63,330
lass, earthenware & brick_
364.547
8
7
1
II other
174 198 185 3.707,728 4,126.293 9,917,199
---, — —
Total manufacturing_ — _ 411 447 409 $10.518.450 $10.822,319 $15,334,214
Traders—
eneral stores
162 106 129 32.433.763 32,659,521 83,553,747
1.707.856 1,798,676
roeeries, meat & fish
264 284 239 1.749.381
909,986 3,692.800
442,372
64
otels & restaurants
80
83
93.500
212.900
401.657
29
lquors & tobacco
19
12
lolling & furnishings
179 211 184 2.132.881 2,524,525 2,891,392
90 110 3,742.795 1,512,352 3,252,885
134
07goods & carpets
877.757
444,265
65
hoes. rubbers & trunks.—.
922,721
55
78
584,829
698,600 1,324.200
67
urniture & erokery
41
83
40 1,597.568
767.600
47
ardware, stoves & tools_
44
564.558
47 1,112,301
620,336
60
hemicals dr drugs
92
402,505
92,700
5
71,463
3
7
mints & oils
22.400
585,139
41
41
650.503
melry & clocks
39
621,415
270,572
7
45,400
ooks & papers
9
13
63,704
13
176.500
10
12
80,667
ate. furs & gloves
132,400
328 242 247 7,048,140 4,828,497 4,870,209
nether
—
Trading
1 508 1.282 1.285 $23,405,612 $20,317,275 321,086,839
99 13,016.654 3,036,754 3,721,964
72
116
0ther commercial
—
Total United states
2.035 1,801 1.793 $46,940.716 $34,176,348 $40,123,017
THE CHRONICLE
Kin. 5 1927.]
Railroad Revenue Car Loadings Continue Heavy by
Reason of Large Coal Movement.
Revenue freight loaded the week ended on Feb. 19 totaled
960,873 cars, according to reports filed Mar. 1 by the carriers with the Car Service Division of the American Railway
Association. The latter's statement says:
1277
sentative dealers in fifteen important lines, says the Federal
Reserve Bank of New York in its March 1 "Monthly Review
of Creditand Business Conditions." The bank goes oia...to
say:
Men's clothing and dress sales continued smaller than last year,but sales
Cif women's coats and suits showed the first -increase since last summer
.
:
Silk goods sales remained well below those ofa year ago and shoesaleswer;
recent months. Actual
Compared with the corresponding week last year, this was an increase of considerably smaller, following increases in most
goods in January are reported to have been large.
28,592 cars, while it also was an increase of 34,987 cars over the corre- quantity sales of cotton
year,
dollar
sales continued smaller
lower
prices
this
probably
due
to
Mit
sponding week in 1925. The total for the week of Feb. 19 was, however,
than last year.
a decrease of 7.444 cars below the preceding week this year.
Diamond sales showed a large decline from the high level of January 1926
Coal loading for the week of Feb. 19 totaled 213,794 czar, an increase of
drugs and hardware were considerably smaller. Mr;
43,881 cars over the same week last year and 48,178 cars above the cor- and sales of jewelry,
chine tool sales, however, were somewhat larger than a year previous for
responding week in 1925.
summer,paper sales continued larger,and stationery
last
since
time
first
the
Grain and grain products loading totaled 43,453 casr, an increase of
525 cars over the corresponding week last year and 2,265 cars above the sales showed little change.
Stocks of groceries and cotton goods at the end of January were smaller
same week In 1925. In the Western districts, grain and grain products
loading totaled 27,288 cars, an increase of 618 cars above the same week than a year ago, but stocks of hardware and diamonds and jewelry were
arger.
last year.
Miscellaneous freight loading totaled 326,473 cars, a decrease of 5,007
Percentage Change
week
last
year
and
175
same
cars
under
the
corresponding
the
cars below
Percentage Change
Jan. 1927 front
week two years ago.
January 1927 from January 1926.
December 1926.
Commodity.
Live stock loading amounted to 27.542 cars, an increase of 488 cars
Net Stock end Net Stock end Colter- A cc'tsfeeabove the same week last year but 3,332 cars below the corresponding week
ouwe-n.
Sales. of Month Sales. of Month lions. eatable.
In 1925. In the Western districts alone live stock loading totaled 20,728
-4.8
-7.8 -11.0
cars, an increase of 225 cars above the same week last year.
-0.7 -10.3
-10.7
Groceries
-0.4
-22.4
+0.1
+39.0
Loading of merchandise and less than carload lot freight for the week Men's clothing
-18.3
-14.3
-3.0
+28.9
Women's
dresses
totaled 257,882 cars, an icnrease of 2,060 cars over the corresponding week
-8.6 4.••• 0
+3.5
+96.7
KM'S_
coats
and
Wcmen's
above
cars
the
same
week
two
years ago.
last year and 3,704
--4.6 -13.5
-6.6
Cotton goods-Jobbers.. _ _ -30.5
-10.5
Forest products loading totaled 68.887 cars. 8,564 cars below the same
Commission -5.6
-11.9
+8.8
Silk goods
week last year and 14,192 cars under the same week in 1925.
-13.3
-11.6
-6.0
-42.4
Ore loading amounted to 10,481 cars, 475 cars above the Corresponding Shoes
+11.3
Drugs
week in 1926 but 523 cars below the same week two years ago.
-7.6
41/.5
-36.4
Hardware
+4.6
Coke loading totaled 12.361 cars, a decrease of 5,266 cars under the same Machine tools
-2.2
-1.7
+0.2
Stationery
week last year and 938 cars below the same week two years ago.
-12.5 -11.7
+3.6
+2.3
All districts reported increases in the total loading of all commodities Paper
+2.7
+0.4
(-35.11
+2.91
Diamonds
compared with the corresponding week in 1926, while all except the Central Jewelry
1-11.4f
-69.8f
Western showed increases over the same week in 1925.
-6.4
-5.0
-10.4
+0.4
Weighted average
Loading of revenue freight this year compared with the two previous years
follows:
1927.
1926.
1925.
New York Federal Reserve
Five weeks in January
4,524.749 4,428.256 4,456.949 Department Store Sales in
Week ended Feb. 5
970,892
914.491
929,130 a District in January Above Those of Year Ago.
Week ended Feb. 12
968,317
917,625
903.935
The Federal Reserve Bank of New York reports that total
Week ended Feb. 19
960,873
932.281
925,886
sales of leading department stores in this district in January
were somewhat above those of a year ago, but conditions in
. In its March,1
the different localities varied considerablyNew York Federal Reserve Bank's Indexes of Business I'Monthly Review" the bank continues:
Activity.
'Sales of Westchester stores continued much larger than a year previous
Increases continued to be reported from New York City,
The following is from the March 1 number of the "Monthly and moderate
5Tewark and Bridgeport, but sales of stores in northern New York State,
Review" of•the Federal Reserve Bank of Now York:
and the Hudson River Valley showed the largest dedistrict
Capital
the
Total
7 424,831
7.192,653 7,215,900
January changes in business activity and general distribution were mixed
compared with the previous month and with January 1926. Bank debits
In 140 centers outside of New York City, which have been found to closely
follow changes in the general volume of trade, increased after allowance
for seasonal variation to about the level of a year ago. Car loadings of
Merchandise and miscellaneous freight compared somewhat more favorably
with those of a year ago than in December, and loadings of the heavier
commodities remained larger than a year ago, due chiefly to much larger
movements of coal and coke.
In distribution to the consumer, department store sales continued slightly
larger than a year ago, but mail order sales which reflect largely purchasing
by rural communities, showed more than the usual seasonal decline from
December and were 7% smaller than a year ago. Other indexes of business
activity such as advertising, postal receipts, employment, stock trading,
and building permits all were lower than in December or in January 1926.
In the following table this bank's indexes of business activity are given
In percentages of the computed trend, with allowance for seasonal variations,
and, where necessary, for price changes.
(Computed trend of past yea.r100%.)
1926.
Primary DistributionCar loadings, merchandise and miscellaneous___
Car loadings. other
Exports
Imports
Grain exports
Panama Canal traffic
Distribution to ConsumerDepartment store sales, 2d Dist
Chain store sales
Mall order sales
Life insurance paid for
Real estate transfers
Magazine advertising
Newspaper advertising
General Business ActivityBank debits, outside of N.Y. City
Bank debits, New York City
Bank debits, 2nd Dist. excluding N. Y. City....
Velocity of bank deposits, outside of N. Y. City.
Velocity of bank deposits, New York City
Shares sold on New York Stock Exchange.Postal receipts
Electric power
Employeinnt In the United States
Business failures
Building permits
New corporations formed in New York State
General price level
•Seasonal variation not allowed for.
p Preliminary.
1927.
Jan.
Nov.
Dec.
Jan,
110
100
82
130
47
97
108
113
96
124
70
84
105
112
92
117
63
84
106
104
90p
116p
-__
---
97
97
12^
99
110
103
107
102
98
120
117
100
1 11
108
107
101
138
121
104
94
117
101
103
103
66
114
128
110
106
120
186
97
109
104
97
149
128
106
112
102
99
115
146
98
113
102
111
137
112
108
126
103
101
124
195
105
116
101
110
135
114
115
132
107
108
127
159
94
188
185
186
185
creases in a number of months, and sales in Buffalo and Syracuse also were
considerably smaller. Apparel store sales averaged 4% larger than in
January 1926 but mail order sales were 7% smaller.
Stocks of merchandise on hand in department stores at the end of LI
month were slightly smaller than a year ago and the rate of stock turnover
was higher. Collections on charge and installment accountsW ere somewhat
larger than in January of last year but charge accounts outstanding at the
end of the month averaged 10% higher for all reporting stores,while installlarger.
ment accounts receivable averaged only slightly
•
Percentage Change. Jan. 1927from Jan. 1926.
Locality.
Net
Sales.
CotleLions.*
Accounts
Receivable..
-1.1
+4.8
+4.5
+8.7
New York
--9.4
+3.3
-6.2
+9.2
Buffalo
+4.5
+14.5
-0.8
+20.2
Rochester
-18.0
-8.2
Syracuse
+3.5
+4.3
Newark
• +1.5
+3.1
Bridgeport
+0.5
Elsewhere
-12.3
Northern New York State
-4.6
Central New York State
+1.4
Southern New York State
Iludson River Valley District___ _ --11.3
-13.4
Capital District
+14.5
Westchester District
=-1:5
+2.8
All department stores
+9.0
+4.0
Apparel stores
-7.2
Mail order houses
accounts.
• Exclusive of Installment
Comparisons of January sales and stocks of merchandise on hand at the
end of the month in the principal departments with those of a year previous
are shown in the following table:
Net Sales
Percentage Change
January 1927
from'
January 1926.
100
100p
103
130
114
Stock on
Hand End
of Month.
Books and stationery
Toys and sporting goods
Men's furnishings
Linens and handkerchiefs
Women's ready-to-wear accessories
Shoes
Furniture
Hosiery
Women's and misses' ready-to-wear
Toilet articles and drugs
Luggage and other leather goods
Men's and boys'wear
Silverwear and Jewelry
Cotton goods
Home furnishings
Silks and velvets
Woolen goods
Musical Instruments and radio
Miscellaneous
+19.0
+13.2
+8.7
+8.6
+8.4
+6.4
+6.2
+5.6
+5.3
+5.3
+4.1
+3.9
+3.0
+1.3
-1.0
-1.3
-19.7
-30.9
-3.1
Stock on Hand
Percentage Change
Jan. 31 1927
from •
Jan. 31 1926. 1 •
+4.6
-0.7
+2.7
+4.2
+1.1
+3.1
+2.3
-6.9
2-5.0
-13.2
-31.7
Seasonal Increase in Wholesale Trade in New York
Federal Reserve District in January.
Wholesale trade in the New York Federal Reserve District Chain Store Sales in New York Federal Reserve District
During January 14% More Than Year Ago.
n January showed a seasonal increase over December, especially in the apparel trades, but remained substantially
According to the March 1 "Monthly Review of Credit
smaller than a year ago, according to reports from repre- and Business Conditions" by the Federal Reserve Agent at
1278
THE CHRONICLE
[VoL. 124.
New York, "total sales of reporting chain store systems in retail sales in this district for that month dropped 4.7% from the volume
January were nearly 14% larger than a year ago, or about the of a year before. Smaller sales by department stores are greatly responsible
for this decrease, men's and women's apparel and credit stores showing
same increase as in December. Variety and drug chains substantial
increases over sales in January 1926. Pronounced gains occurred
continued to report largest gains over last year, followed In the sale of silverware and jewelry, leather goods, women's coats, furs,
juniors'
and
girls' ready-to-wear, silk and muslin underwear, negligees,
closely by grocery systems. Ten-cent and tobacco chains
aprons and houses dresses, toys and sporting goods, whereas marked
also reported moderate increases, but shoe and candy sales declines are noted In woolen and
cotton dress goods, women's suits,sweaters,
were somewhat smaller, following increases in most recent millinery, knit underwear, furniture, beds, mattresses and springs, musical
instruments
and
radio.
Collections
in January were nearly 11% heavier
months. Sales per store in a majority of lines were smaller than a year
before, but outstanding orders at
end of that month were
than in January 1926, but owing to considerably larger sales about 12% below the total on the same datethe
of 1926. Stocks also were
slightly
lighter.
in variety and grocery stores, the average for all types of
stores was nearly 5% larger." The following figures are
Electric Power Business in Philadelphia Federal
supplied by the bank:
Reserve District Moderately Active-January
Percentage Change Jan. 1927 from Jan. 1926.
Sales 21% Above Those of Year Ago.
Typt. of Store.
Sales per
Total
Number of
The Federal Reserve Bank of Philadelphia reports that
Store.
Sales.
Stores.
business in electric power is moderately active. January
Grocery
+7.1
+16.9
+9.2
sales of electricity both for lighting and for power purposes
Ten-cent
-0.2
+7.0
+7.2
Drug
-8.2
+20.0
+30.8
were 3% above the December total and nearly 21% over
Tobacco
+1.0
+4.4
+5.5
Shoe
-13.9
-5.0
+10.3
over those of a year before. Consumption of electric power
Variety
+15.7
+20.2
+3.8
Candy
-7.9
-5.2
by industries increased about 24% and by municipalities
+2.8
24% over that of January 1926. Residential and commercial
Total
+13.8
+48
+8.6
demand for lighting exceeded last year's total by 16%.
Production of electricity by 12 systems in this district,
Business Conditions in Philadelphia Federal Reserve though somewhat smaller in January than in December,surDistrict-Moderate Recession Continues.
passed the output in January 1926 by more than 18%.
The Philadelphia Federal Reserve Bank reports that "the Rated generator capacity also increased nearly 11% above
moderate recession in business which first became evident that of a year ago. The Bank supplies the following table:
in November has continued since the first of the year, and
Change
Change
Electric Power Philadelphia Federal
January
from
from
the current rate of commercial and industrial activity in the
Reserve District (12 Systems)1927.
December January
1926.
1926.
Philadelphia Federal Reserve District is now somewhat Rated generator capacity
1,340.000 k.w.
-0.2% +10.9%
output
422,788,000 k.w.h. -3.2% +18.3%
below the high level prevailing in the early part of 1926." Generated
Hydro-electrie
18,210,000 k.w.h. -22.4% +84-8%
Steam
The Bank goes on to say:
344,352,000 k.w.h. -1.7% +14.4%
Factory employment in Pennsylvania, New Jersey and Delaware, in
January, was 4.4% below the high point reached in October and, although
January witneseed a slight increase in the number employed, the tenet
in that month was 1.5% under that of a year earlier. Wage payments.
which furnished a better measure of industrial activity, have fallen off 9.9%
from the October figure. but are only 2.7% below the same period of last
year.
The anthracite industry has also experienced a slackening in operations
and sales of late, especially in domestic sizes. Mild weather and fairly
heavy supplies of household coal have resulted in curtailed buying and
some price weakening. but In steam sixes a fairly active market continues.
Bituminous operations have continued at a high rate to supply heavy
demands for storage In anticipation of a possible strike, but spot prices
have weakened further. Building operations in the district have increased
with the approach of spring but permits issued in January were in much
smaller volume than a year earlier. Building material dealers are receiving
a fair volume of orders, although current business in paint and lumber is
under last year's volume and prices have had further recessions. The real
estate market is quiet and there has been a slack demand for rented houses
and apartments.
Distribution of goods, as evidence by freight shipments, wholesale and
retail trade, has been In reduced volume since the first of the year. Freight
car loadings In the Allegheny district have declined seasonally from the
December volume and during the current year have exceeded last year's
total for the same period by only 3.3%. and this was due largely to heavy
shipments of coal. Retail sales of our reporting stores were seasonally
much smaller than in December and declined 4.7% below the total for the
same period of 1926. In wholesale trade total business was about 1%
smaller than in January of last year, and decreases were reported in all lines
except groceries and drugs. Business payments as reflected by the vciume
of debits In the principal cities were 3.2% larger in January, 1927, than In
1926-a smaller increase than in previous months.
The textile industries in the district have been only moderately active
and in mest cases current sales and quotations have been lower than those
of last year. Trading in cotton goods has quickened somewhat of late
and prices of raw cotton, yarns and grey goods are a little higher. Operations are at 70 to 80% of capacity. In the wool industries mill operations
have also been at about this rate and, although demand Is not very active,
sales are ahead of last year. Prices of wool and wool goods are also lower
than in the same period of 1926. Spring demand for silk products has
become evident, but In this industry as well the volume of sales and level
of quotations is lower than last year. Full-fashioned hosiery for women
continues to sell actively but business in other grades of hosiery is quiet.
Carpets and rugs have met with only fair demand.
In the leather products industries there has
been a 80041 demand for goatskins. colcred kid and sole leather but inactive buying of other grades of
hides. Orders for shoes.have been received in larger volume but ctrrent
demand is somewhat less than last year.
Makers of mechanical rubber goods are meeting with only fair demand
and price weakness has developed. Tire producers are more active with
the approach of spring. Cigar producers report continued good business
at steady prices.
City Conditions.
Declines from last year's business volume occurred in most of the cities
in the district, although there w•ere several exceptions. In the Reading
area large increases were reported in factory employment and wage payments and in value of building permits. but debits, retail sales and savings
were smaller than in January 1926. Philadelphia, Johnstown and York
were the only other cities to show gains in productive activity, and in York
retail sales also were larger. In either of the thirteen areas retail business
Was smaller than last year. but debits showed gains In all areas but Allentown, Johnstown, Lancaster, Reading and York. As compared with
December. usual seasonal changes occurred; there were large declines in
retail sales and debits in practically all cities and in most cases a slackening
of factory activity evidenced by reduced employment and smaller pay-rolls.
Retail Trade.
Preliminary reports showing an increased volume of sales in the first fortnight of February over the total for the same period of last year virtually
offset those showing decreased business. Several firms report recessions
inprices,although the general level ofretail quotations continues unchanged.
'Owing partly to stormy weather during the last two weeks of January,
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street cars and railroads
Industries
All other sales
60,226,000 k.w.h. -3.9% +29.8%
341,620,000 k.w.h. +3.0% +20.9%
83,522,000 k.w.h. +8.3% +14.2%
9,466,000 k.w.h. -2.5%
+1.7%
74,056,000 k.w.h. +9.9% +16.0%
219,321,000 k.w.h. +0.3% +20.5%
2,e68,000 k.w.h. +13.9% +24.2%
53,343,000 k.w.h. -1.8% +11.2%
163,910,000 k.w.h. +0.9% +23.8%
38,777.000 k.w.h. +8.6% +43.3%
Merchandising Conditions in Chicago Federal Reserve
District-Decline in Wholesale and Department
Store Trade.
With regard to merchandising conditions in its district, the
Federal Reserve Bank in its March 1 "Monthly Business
Conditions Report" says:
Wholesale Trade.
January business in all five lines of wholesale trade reporting to this bank
decli Jed from December with the exception of drugs, sales of which Increased somewhat. Collections and accounts outstanding were smaller
i the monthly comparisons, but as against January 1926 shoes showed increased accounts outstanding and groceries, hardware and shoes reported
better collections. Stocks, as compared with December, were larger for
all lines; in the yearly comparison Increases were indicated only in hardware
and shoes.
Groceries.
Heavy snows generally interfered with trade, resulting in a sales decline
of 11.1% from December, though a gain of 1.3% was recorded over January a year ago, accerling to reports received from 37 wholesale grocers in
this district; individually, only six firms showed larger sales than in December. Collections, seasonally slow, dropped 18.2% from December, but increased 3.0% over January 1926. Outstandings were smaller In both comparisons, and stocks, while declining 11.3% from a year ago,increased 1.6%
over the end of December.
Hardware.
Business of wholesale hardware dealers was likewise retv rded by weather
conditions in most sections of the district. Total sales of 16 reporting firms
(kelt Jed 22.0% from December and 8.4% from a year ago; receivables were
smaller in both comparisons; stocks increased 8.6 and 7.0%, respectively:
and collections. while 34.1% under those of December, were 3.0% larger
than in January 1926.
Dry Goods.
According to reports received from 14 wholesale dry goods dealers, sales,
outstanding accounts and collections all declined as compared with December and a year ago. Decreases amounted to 8.8 and 12.8%, respectively, in sales. 3.4 and 2.6% In outstandings, and 37.7 and 9.2% in colleoGone. Stocks increased 16.2% over December with only two firms showing decreased inventories, but were 17.2% smaller than a year ago. all
firms but one contributing to the decline.
Drugs.
Sales of 10 wholesale drug firms increased 4.7% in January over the previous monp, but fell 6.3% below those of- a year ago. Stocks. 6.9%
larger than In December, were apyroximately the same as In January 1926:
outstanding accounts decreased by 4.6 and 12.2% in the two comparisons;
and collections dropped 25.3% and 6.6%. respectively. Individually, all
firms showed declines in the last item as compared with December.
Shoes.
Eight reporting dealers showed average declines in sales of 13.1% from
December and of 1.8% from a year ago, although four firms reported increases in the monthly and five in the yearly comparison. Stocks were
larger than for either the previous month or a year ago. Both outstanding
accounts and collections decreased from the December figures, the percentage declines being 12.7% and 39.1, but increased by 1.2 and 5.1, respectively, over the figures of January 1926.
Department Store Trade.
According to reports received from 84 firms, the usual post-holiday trends
were evident in department store trade for the month of January. Sales
MAR. 5
1927.]
THE CHRONICLE
1279
decreased 53.7% from December, with all stores registering declines; collecLeather production showed little change in January from the
previous
tions were 19.3% larger, seven-eighths of the firms reporting increases: month, and the total value of sales billed
to customers failed to equal
receivables declined 17.0%;and stocks were reduced by 4.5%. Sales rel re- that for December, according
to repons from representative tanners in
sented 26.0% of average stocks for the month as compared with 27.5% a the Seventh District. Quotations ranged
from steady to slightly firmer.
year ago. Orders for rew goods at the end of the month amounted to
The sales of packer green hides and calf skins at Chicago declined
in
7.0% of total 1926 purchases.
quantity from December. Prices strengthened somewhat in January
and
January sales decreased 3.2% from a year ago. Only three other declines then tended to ease early in February.
have occurred in this comparison over a period of two years. Stocks were
Automobile Production and Distribution.
1.2% smaller than on Jan. 31 1926; collections and outstanding accounts
A rise over December was recorded in automobile production for January,
were larger by 6.0 and 12.3%, respectively.
•
passenger cars manufactured in tne United States aggregating 196.973,
Retail Furniture Trade.
an increase of 43.4%, while truck output totaled 37,157. a gain of 30.6%.
Total furniture sales during January,as reported by 23 department stcres In the comparison with January a year
ago, passenger car production was
and 29 retail furniture dealers, declined 37.6% from December and 0.9% less by 27.2%. but trucks showed
an increase of 24.6%.
from January a year ago. Stocks on Jan..31 were 5.0% bleow the end of
Whnlesale distribudon of automobiles in the Middle West increased
the year but 4.3% ahead of Jan. 311926. According to the reports of furni- seasonally in January over the preceding
month, but sales remained below
ture stores, outstanding accounts decreased 4.5% from the y revious mouth the corresponding month of last year;
retail sales declined in both comand increased 20.8% over a year ago. Collections were 8.1% smaller parisons. Although stocks of new cars
in the hands of dealers increased
than in December, but gained 7.0% over January 1926. Installment sales over those held at the end of the year. the
gain was smaller than usual for
fell off 38.1% from December and 0.3 from January last year, while col- Jan. 31 over Dec. 31, and they were
less in the yearly comparison for the
lections on these sales increased 1.4 and 11.1%, respectively.
first time since September 1925. Sales made on the deferred
payment
plan during January by 32 dealers averaged 40.4% of their total
Retail Shoe Trade.
retail
Retail shoe sales of 35 stores declined 49.1% from December and 1.6% sales for the month, which compares with a ratio of 44.1 for December and
from January 1926. Individually, only two firms showed larger sales than with 47.3 in January 1926.
in the preceding month and about one-half reported increases over a year MIDWEST DISTRIBUTION OF AUTOMOBILES-CHANGES IN JANUARY
1927 FROM PREVIOUS MONTHS.
ago. The ratio of accounts outstanding to salsa stood at 103.8 for Janu-Per Cent Change Promary, as compared with 84.3 for December and 102.4 for the corresponding
-Companies Included
December
January
December
January
month of last year. Stocks and collections decreased in both the month-toNew Cars1928.
1926.
1926.
1926.
month and yearly comparisons.
Whclesale:
Number sold
+32.2
-23.1
36
33
Value
+31.4
-27.3
38
33
Industrial Employment Conditions in Chicago Federal Retail:
Number sold
-20.0
-30.7
1:4
81
Reserve District-Gain Shown in Detroit.
Value
-23.7
-22.4
94
81
hand Jan. 31:
Discussing industrial employment conditions in the OnNumber
+12.1
-7.0
52
Value
+9.5
-3.8
Chicago Federal Reserve District, the Monthly Business
55
52
Used CarsNumber sold
Conditions Report, dated March 1, of the Federal Reserve
-12.4
-3.4
85
82
Salable on hand:
Bank of Chicago, says:
Number
+1.2
-2.5
65
62
Value
-9.4
The downward trend in manufacturing activity that has continued
+8.7
66
62
since
last September, persisted through the early weeks of 1927,and by the middle
of January had brought employment 1.3% below the volume of a month
Heavy Volume of Retail Trade and Further Easement
earlier. With the exception of the textiles group, all of the reporting
of Credit Conditions Features of Business Situation
industries registered declines either in the number ofemployes,in the amount
of payrolls, or, as was most often the case, in both of these items. The
in Kansas City Federal Reserve District.
gains reported for the textile industry were the result of increased activity
Important developments in the Kansas City Federal Rein the manufacture of men's and women's clothing, an increase which is
lagging behind the usual requirements ot the season. A sharp drop in con- serve District thus far in 1927 were:
Production of comstruction operations,as well as in the automobile industry, was accompanied
modities in basic industries at about the level of the final
by dullness in many other lines, as in the output of iron and steel. of lumber,
and stone, brick, and cenient. Under the "metals and metal products" quarter of 1926; some expansion in distribution of goods
by
group, an aggregate decline was registered for the third consecutive month: wholesalers and jobbers; a heavy
volume of retail trade for
the lo3ses for electrical apparatus, and agricultural implements were
especially heavy. Declines were general for the industries included under the season; liberal marketings of grain and live stock; further
food products, although returns availaole for the latter half of the month easement in the money and credit situation, and, in
FebIndicate a subszantial improvement in the meat packing industry.
ruary, precipitation of snow and rats, providing needed
Reports received from the Employers' Association of Detroit and covering
employment at that city, show a steady gain since the low point that was moisture for the farming area. The foregoing is from the
reached the latter part of December. Early in February, the reperted March 1 "Monthly Review" ot the Federal Reserve
Bank
volume of employment was 4.1% higher than at the beginning of the year
Kansas City, from which we also take thE following:
and about on a level with last October; the comparison with a year ago still of
The volume of business in this district as a whole, indicated by the
shows a reduction of about 17%. While there are other indications of an
value
of checks drawn and cashed at banks in leading cities during the first five
upward trend in manufacturing activity since the middle of January,
the weeks of the year, was 4.4% larger than for the like
period last year.
reports from the free employment offices continue unfavorable, the number
The outstanding development in production during January was an
of applicants increasing steadily in ratio to available positions. In Illinois
this ratio was 214% at the close of January, as compared with 155 for Increase in the daily average and gross output ofcrude petroleum,the totals
passing all former daily and monthly high records. Zinc and
December, and was the highest since January 1922. For Indiana the
lead ore
ratio production and shipment continued at a high rate
through the early hale
rose from 202 early in January to 213 the first week in February.
the month but declined in the latter part. Operations at the soft
of
EMPLOYMENT AND EARNINGS-SEVENTH FEDERAL
coal
RESERVE mines slackened to an extent and the tonnage mined was the
DISTRICT.
same as reported for January a year ago. Heavier market runs of meat
animals at
Number of Wage Earners
Total Earings
stock yards brought an increase in operations at the packing houses,
Week Endedand
1Veek Endedthe output of beef and pork was larger, and of mutton sllghtly
Industrial Groups.
smaller,
Jan. 15 Dec. 15 %
than in January 1926. The output of flour at mills in this
Jan. 15
Dec. 15
%
district
fell
1927.
1928. Clege.
1927
1926.
Ch'ge. below that for December, but was nearly 20% above the number of barrels
produced in the opening month of 1926.
354.318 358,831 -1.3 38,938,597
All groups (10)
39,217.106 -3.0
Building contracts awarded during the first month of the year carried
Metals & metal products
a
(other than vehicles)_. 150.120 151.754 -1.1 8,587,315 3.709,571 -3.3 larger value than the awards made during the first month of
last year, and
32.089
Vehicle,..
32,339 -0.8
889.059
indications
were
899.762
there
of
considerable
-3.4
activity
in
this
district in the spring.
Textlies&textile products 26.477 26,180 +1.1
659,138
819.933 +6.3 The number of new buildings started in leading cities,
Food & related products. 44,690 45,964 -2.8 1,158.351 1.167,661
as shown by reports
-0.8 of permits issued, exceeded the December
Stone,clay,& glass prod'ts 12,769 13.878 -8.0
total, but fell short at the num363,188
400.667
-9.4
Lumber and its products_ 29,657 30.197 -1.8
695,710
767.094 -9.3 ber issued in January a year ago, while a decrease in the value of permits
8.384 +3.1
Chemical products
8.845
216.914
225.846 -4.0 was indicative of a smaller building investment.
Leather products
16.750 16,974 -1.3
353,892
389.781 -4.3
Distributive trade by wholesalers and jobbers expanded
Rubber products
3.066
3,028 +1.3
75.765
79,491 -4.7
seasonally in
Paper and printing
30.055 30.135 -0.3
959.285
977.300 -1.8 January and the month's sales, combined for six reporting lines, was slightly
larger than in December. but slightly smaller than in
January 1926. Retail
trade at department stores and single line
exceeded the expectation
Manufacturing Activities in Chicago Federal Reserve of dealers, some reductions in prices being stores
an incentive to
sumers. The volume of sales in dollars, 'while seasonally buying by ConDistrict-Increase in Wholesale Distribution of
mailer than in
December, was larger than a year earlier.
Automobiles in Middle West.
The situation in this district with respect to
money and credits changed
Gains in shoe production and shipments and in automobile but slightly in recent months. Deposits in banks were in excess of ordinary
production and distribution are reported by the Federal requirements, and rates continued low and unchanged.
Reserve Bank of Chicago in its summary of manufacturing
activities and output contained in its March 1 "Business Building Conditions in Minneapolis and St. Paul with
Special Reference to the Residential Building
Conditions Report," which thus reviews the situation:
Supply and Demand-Dollar Amount of ConShoe Manufacturing, Tanning and Hides.
struction Lowest Since 1921-22.
January shipments of shoes by 30 factories in the Seventh District exceeded current production by 6.7%; both items increased in volume over
According to the Federal Reserve Bank of Minneapolis,
a year ago. For the calendar year 1926 production and shipment figures
reported to this bank gained 0.9% and 2.1%, respectively, over 1925. the dollar amount of building under construction at MinneThe number of stocg shoes reported on hand Feb. 1 by 27 of the companies apolis and St. Paul combined,
as shown by the total valuation
was equivalent in the aggregate to 76.9% of the quantity distributed by of all
building permits granted in 1926, is lower than at any
them during January. Unfilled orders on the books of 21 concerns provided
for approximately six -reeks' future business at the current forwarding rate. time since 1921-1922. The shortage of building which
CHANGES IN THE SHOE MANUFACTURING INDUSTRY IN JANUARY developed during the war apparently has been made up in
1927 FROM PREVIOUS MONTHS.
• recent years of great building activity, says the "Monthly
-Per Cent Change FromJanuary
December
Companies Review of the Bank" (dated Feb. 28), from which we
1926.
1926.
Included.
also take the following:
Production
-12.4
+6.6
30
Shipments
Stock shoes on hand
Unfilled orders
+3.4
-5.9
-8.8
+10.0
-16.2
-10.4
30
27
21
The supply of dwellings for rent in Minneapolis and Its suburbs as indicated by vacancies advertised in newspapers. has increased each year tram
1919 to 1926, inclusive. The increase was very rapid until 1924. Since
1280
THE CHRONICLE
Fou 124.
for the new low prices of $2,250, $2,250 and $2,350 respectively (f. o. b. Detroit). The small six-cylinder model was
introduced seven years ago and the new price for the sedan
is $2,700 less than the cost of the car at that time. According to press dispatches, President Alvan Macauley, In announcing the reduction, said that no change will be made in
the car and the three models will contain the same equipment as formerly, including four-wheel brakes. No price
changes have been announced for the larger Packard six or
the eight-cylinder models.
Another announcement of great importance was made by
L. P. Fisher, President of the Cadillac Motor Car Co., In
introducing a smaller type Cadillac to be known as the
La Salle. This new car will have a wheel base of 125
inches (13 inches shorter than the Cadillac) and will be
made in six body styles-a four-passenger phaeton, two-passenger roadster, convertible coupe, two-passenger coupe,
four-passenger Victoria and five-passenger sedan. The
bodies have been especially designed and present many distinctive features, the stream lines in the closed models giving a very graceful effect. In the open models the design
presents a racy effect, being fitted with one-piece windshields, the roadster having a rumble seat and a compartment for golf clubs or other small articles. Prices are reported to range as follows: Five-passenger phaeton, $2,495;
two-passenger roadster, $2.525; two-passenger coupe, $2,585;
two-passenger convertible coupe, $2.635: four-passenger Victoria, $2,635. and five-passenger sedan, $2.685.
The Chrysler Corporation has Introduced a new "60" twopassenger coupe, with rumble seat, priced at $1,245 f. o. b.
Detroit. A feature in the new car is the control of the rear
window which lowers tile glass out of sight.
Vacant Dwellings for Rent.
Prices on the new Falcon-Knight motor car, first.menDwellings
Total
•
Apartments.
Houses.
dolled in our Dec. 25 issue, page 3242, will be $1,095 for the
Dwellings Wanted
to
for
UnfurFur(IncurFurfour-door five-passenger sedan and $995 for the two-door
ntshed.
Rent.
Rent.
nIshed.
nts.hed.
sashed.
five-passenger brougham. Production, it Is reported, will
Minneapolis.(B ase: Arse. for 1923-26 = 100)begin about March 15.
189
1919
44
43
16
18
23
210
1920
SI
00
26
15
43
The Paige Detroit Motor Car Co. will offer in March its
184
1021
83
40
95
30
71
115
1922
46
113
69
02
65
new
line of eight-cylinder cars. The complete line of Paige
135
1023
79
67
93
78
88
108
eights will include six models-the seven-passenger touring
1924
08
102
104
102
103
83
107
1925
100
111
98
107
car, $2,295; the four-passenger cabriolet roadster, the four75
1926
122
110
100
107
110
Bt. Paid (Base; elect.for 1 924-26 = 00)passenger coupe and seven-passenger sedan, each $2,655, and
118
1924*
84
77
105
88
87
102
99
1925
98
102
97
94
the limousine. $2,795.
87
1926
102
107 .
105
98
96
Reports from Detroit on March 2 declare that the Ford
•Estimated on basis of statistics from May to December 1924.
Motor Co. has abandoned the policy of reconditioning 1925
More Than Usual Seasonal Declines in Business in Ford cars for $60. This policy went into effect Dec. 28 last
year and included a new paint job, new upholstering and
San Francisco- Federal Reserve District, but
completely
rebuilt motor, and carried a three months' guarLevels Close to Those of Year Ago.
antee after it left tile factory.
Federal
and
Isaac B. Newton, Chairman of the Board
Reserve Agent, of the Federal Reserve Bank of San Francisco, in his summary of business conditions in the district Motor Parts and Accessory Business Show Marked
Improvement.
issued under date of Feb. 28 states that "available evidence,
Business in the automotive- parts and accessory industry
both statistical and non-statistical, indicates that general
business activity in the Twelfth Federal Reserve District improved markedly in January, according to the Motor and
declined by more than the usual seasonal amount during Accessory Manufacturers' Association, and incomplete figJanuary 1927, but continued at levels approximating those ures for February, says the Association underdate of Feb. 25,
show that further gains have been made, bringing output
of a year ago." Mr. Newton adds:
This bank's Index of bank debits, which Is adjusted for seasonal varia- and sales close to last year's high levels. The Association
December
1926
to
tions, declined from 158 (daily average 1919-100) In
155 In January 1927. It stood at 154 in January 1926. The index records also states:
1924 the rate of Increase has been much less. The supply of furnished
apartments and houses increased more rapidly than the supply of unfurnished apartments and houses in the early years of the post-war building
boom. The supply of unfurnished apartments increased very rapidly
from 1921 to 1924. The supply of unfurnished houses did not begin to
increase until 1923. but has increased very rapidly since that time. In
1926 the advertised vacancies of unfurnished houses and furnished apartments were much more numerous than in 1925, while the advertisements
of furnished houses for rent remained at the 1925 level and advertisements
of unfurnished apartments decreased. The demand for dwellings of all
kinds to rent as indicated by advertisements has decreased steadily from
the 1920 peak to a low point in 1926.
In recent months strong evidence Is shown of a reversal of these trends.
Removing seasonal variations from the newspaper advertising records,
there was a downward drift in the advertising of vacant dwellings, beginning
with April 1926. This downward movement was interrupted In August
1928 and January 1927. but the January level of the curve is somewhat
lower than the level in the spring of 1926. The most pronounced reduction
In supply occurred in unfurnished houses, where the drop was precipitate
from September to December 1926. The January level for this class of
dwelling is nearly as low as the lowest level since the winter of 1923-1924.
The supply of unfurnished apartments declined steadily from April to
December 1926. but to a lesser extent than the decline in unfurnished houses.
There Was a pronounced upturn in the supply of the unfurnished apartments in January 1927. The supply of furnished apartments and houses,
Which Is much less important than the supply of unfurnished dwellings, was
at a level in January slightly higher than the average of the last two years.
The demand for housing has shown a marked increase in the last three
Months, bringing the January level to the highest point since March 1925.
Rental advertising statistics for St. Paul are available only since May
1924. It is, therefore, impossible to make as complete an analysis of the
housing situation in St. Paul as in Minneapolis. From the available
figures, however, it is apparent that the changes in the situation of St. Paul
have been much the same as in Minneapolis. There has been an increase
in vacancies and a decrease In the demand for dwellings for rent from
1924 to 1926. During 1926 the increase In advertising of vacant dwellings
for rent occurred in unfurnished houses and furnished apartments.
The following table gives the annual totals of rental advertising at
Minneapolis and 8t. Paul, reduced to Index numbers to facilitate comparisons between the various classes of advertising. It should be noted that
the base used for Minneapolis is not the same as the base for St. Paul.
INDEXES OF RENTAL ADVERTISING IN MINNEAPOLIS AND ST. PAUL.
Particularly important was the large gain In shipments of parts and
movements In total volume of check payments (bank debits) reported by
banks In principal clearing house centres of the district, figures quite accessories for original equipment. Indicating a further upward trend In
car and truck production.
generally used as a measure of business activity.
Original equipment makers shipped in January on a dollar basis 132%
Most agricultural areas of the district have been favored by a moderate
Winter season with ample rain and snowfall. Livestock are generally of their January 1925 shipments, as compared with 95% in December,
79% In November and 137% in January 1928. Replacement parts shipreported to be in good condition.
Industrial activity decreased during January. As compared with a year ments to the trade In January, standing at 107% of January 1925, were
ago, declines were reported in lumbering, building construction and general slightly below December shipments, but were better than January 1926,
manufacturing, while output of flour mills and other food manufacturing when the Index of shipments stood at 103. Accessory shipments to the
industries, metal mines and petroleum producers increased. Total volume trade increased, manufacturers reporting an aggregate volume of 79% of
January 1925, as compared with 64% in December and 127% in Januof employment was slightly above the levels of January 1926.
Figures of tradeat wholesale and at retail during January showed declines, ary 1926.
Manufacturers of garage equipment also registered a large gain In Janunot all of which could be ascribed to seasonal causes. Trade activity genary, shipments for the month standing at 140% of January 1925, as comerally was maintained at slightly higher levels than In January 1926.
Prices of many of the district's important products, including livestock, pared with 112% in December and 115% in January 1928.
The grand index of January shipments for members of all four groups
wool, wheat and other grains, advanced during the first weeks of 1927,
December and 135% in January
while prices of copper, lead, silver and lumber declined. The price level was 126%, as compared with 94% in
a year ago.
of most groups of commodities was lower than one year ago.
output
and sales for February and
in
Indications point to steady gains
Seasonal and non-seasonal declines in business activity have been respring.
flected in decreased loan accounts at member banks and In reduced dis- March, In fact, throughout the
counts at the Federal Reserve banks. Commercial loans of reporting
member banks in principal cities of the distr,ct were smaller by 11 million
Automobile Trade in Philadelphia
dollars, or 1.2%, on Feb. 16 than on Jan. 12. Discounts of the Reserve Improvement in
Federal Reserve District.
Bank declined by 8 million dollars, or 19.4%, during the same period.
Interest rates have remained steady at moderate levels.
With regard to the automobile trade in its district the
Department of Statistics and Research of the Federal
Automobile Models and New Prices.
Reserve Bank of Philadelphia says:
Prices on three of its most popular models were reduced
Following the seasonal quiet for several months past, trading In autoaccording to reports received from
$335 a piece by the Packard Motor Car Co. on Feb. 28. mobiles shows material Improvement,
13 distributors in this district. January wholesale sales of less expensive
These are the light six-cylinder, 126-inch wheel base cars cars
Increased greatly both in number and value over the volume for
In the sedan, phaeton and roadster models, which will sell December and for January 1928. Retail dealers' purchases of medium
MAR. 5 1927.]
THE CHRONICLE
and high priced automobiles, however, fell considerably under that of a
year before. At retail, cars selling under $1,000 registered substantial
gains in number and value over the December total and that of January
last year, but the call for medium priced cars shows noticeable declines.
The number of cars retailing at over $2.000 was only a little greater than
a year ago, while the value dropped slightly. Sales of used cars during
January were under the December volume, but exceeded the number sold
a year earlier. Deferred payment sales showed marked increases in January
over the total for the same month last year.
Stocks of used cars at the end of January were nearly 10% lighter in
number but greater in value by almost an equal percentage than those on
the same date last year. Compared with those of a month before, supplies
of all models were heavier. Stocks of cars selling from $1.000 to $2.000
and over also were larger than those at the end of January 1926. but those
of less expensive automobiles were much less.
Automobile Trade
Philadelphia Federal Reserve District
13 Distributors.
Sales of new cars at wholesale
Cars selling under $1.000
Cars selling from $1.000 to $2,000
Cars selling over 152,001.1
Sales of new ears at retail
Cars selling under $1000
Cars selling from $1.000 to $2,000
Cars selling over $2,000
Storks of new ears
Cars selling under $1,000
Cars selling from $LOW to 22.000
Cars selling over $2,000
Sales of used ears
Stocks of used ears
Retail sales, on deferred payment
January 1927 Change from
December 1926.
January 1926.
Number.
Value.
Number.
Value.
+1264%
+162.8%
+95.3%
-11.1%
+71.6%
+94.1%
-30.8%
-II 0%
+42.2%
+63.2%
+36.2%
+204%
-12.0%
+7.3%
-1(1%
+93.6%
+155.2%
+94.2%
-7.5%
+40.3%
+93.6%
-20(1%
-18.2%
+35.1%
+61.9%
+39.0%
+20.7%
-10.2%
+60%
+4.2%
+376%
+129.0%
-33.4%
-17.3%
+270%
+31.8%
-26.2%
+2.4%
-9.8%
-460%
+120.1%
+17.2%
+18.2%
+22.2%
+500%
+15.6%
+127.9%
-29.9%
-20.2%
+18.5%
+31.5%
-23.9%
-2.0%
+9.5%
-45.8%
+104.2%
+14.6%
-4 7%
+263%
+76.4%
Overproduction of Newsprint Feared-Quebec Official
Urges Finding New Markets-Provincial Government May Regulate Expansion.
the "Wall Street Journal"
following special Quebec ad vices:
From
of March 1 we
take the
Serious overproduction of newsprint looms in Canada, in the opinion of
competent forestry authorities here. This does not have reference to any
additional mills which may be built in provinces other than Quebec, but
simply to paper mills operating or sufficiently near completion to permit
operation by the Fall of this year.
An authority on newsprint estimates the capacity of Canadian pulp mills
by next August will be 1,500 tons in excess of demand. As Canadian output last year was only 1,884,705 tons, it will be seen this is a serious
quantity, being at the rate of 450,0110 tons annually. Even on increased
estimate output it represents a production of some 20% for the year.
The same opinion exists iii Quebec government circles, as is evidenced by
the recently issued report of CL C. Plebe, chief of forest service. who, discussing the newsprint situation, said in part: "The pulp and paper industry continued its upward course during the past year to the extent that the
total production of the mills of Canada now exceeds that of their rivals in
the United States. The increased production has caused some fears, nut so
much for the exhaustion of our forest resources as for the approaching congestion of the paper markets. When all of the new plants as well as the
proposed extension are completed, there will be, by about May, 1927, an
Increased production of about 400,000 tons per annum. As Canada can
only absorb a small portion of the total output of pulp and paper, we have
to depend too much on foreign markets and are therefore subject to too
great an extent to tariff annoyances from other countries.
Urges Seeking New Markets.
"It seems to me prudent therefore to slow down, if possible, the production of newsprint, or at least riot to increase its production for several
years, for I believe the time has come for our manufacturers to look for
new markets elsewhere."
Mr. Piche advocates research into other lines of utilization for pulp
products. In the course of his report he refers to the possibilities of production of alpha pulp used in the manufacture of artificial silk, saying:
"As this new cellusic product is not yet manufactured in too large quan•
titles in Canada, it semis reasonable to me to hone that if our manufacturers
absolutely wish to increase their plants, they should engage in manufacturing this product -other than newsprint, which, after all, is not so remunerative." lie adds that several Quebec plants already have staffs of
chemists engaged in improving methods and finding new ways of using
forest products, and predicts that this research will be followed by modification of manufacture.
Mr. Plebe tells of precautions already taken to preserve wood supplies
for existing mills by the creation of four domainal forests, one of 2,600
square miles on the upper basin of the St. Lawrence and the other three
aggregating 10,000 square miles to constitute an important supply of wood
for industries established in the Lake St. John-Saguenay district.
Quebec May Restrict Building.
It is generally understood that, realizing the pending overproduction of
newsprint, the Quebec government has virtually decided to restrict additional mill construction where possible, and in addition to exercise a much
snore stringent control over lands leased hereafter for their pulpwood. A
clause is now appended to all such land 'leases, limiting the lessee's cut to
80% of the annual increment of the forest, so as to create a reserve to provide for accidents. Furthermore, the lessee is forced to cut all fire killed
trees as well as other diseased timber before cutting green timber. In case
of force majeurs such as overmature forests, those fire run or suffering
from pest, free cutting is permitted, but the extra cut will be subsequently
deducted, to maintain the annual 80% cut. With a further view to encouraging reforestration by pulp companies and others, the government is given
broad powers to bonus such action, and this, it is understood, may take the
form of cash bounty, additional timber grant, or permission to cut at a
higher rate than the 80% of mature growth figure.
It is stated that the big pulp and paper companies are as keenly alive as
is the government to the possibility of overproduction of newsprint.
The old established companies are making every effort to introduce further economies into the cost of operation and to Increase efficiency generally, to fit themselves for the fight they foresee in the near future.
Pulp Mergers Possible.
Consolidation of existing concerns in two or three big mergers is predicted. It is known that negotiations to that end have been in progress for
acme time, and the first to be consummated is likely to be that of companies in the St. Maurice River basin, chief constituents of which will prob-
1281
ably be Laurentide, St. Maurice, Belgo and Wayagamack. A similar economic grouping of operations in the Lake St. John-Saguenay is also predieted.
This would result in two powerful corporations, each able to compete on
an equal footing with the International Paper development in Canada. The
latter company has been acquiring very extensive limits, paying, it is said,
very high prices for areas not subject to provincial restrictions as regards
cutting and export.
Losses Are General Among Cloth Mills on Styled Output-Garment Makers and Clothing Manufacturers
Also
Feeling
Pinch-Hand-to-Mouth
Buying
One Cause.
From all sections of the textile trade complaints are cornng in that losses are being sustained on production, says the
New York "Journal of Commerce" in its issue of Feb. 28.
The article also has the following to say in the matter:
Although many mills are running in full and overtime. and although distribution of goods into selling channels Is active. profit margins are elusive
or small, or do not exist.
This is the more astonishing when it is remembered that in no country in
the world's history has there been such a radical change In the character and
quality of textile output as that seen In the United States in the past five
years. Retailers have prospered, chain stores has e multiplied, style organizations have thrived, and style advertising has become a tax upon mills
and consumers readily and quickly absorbed, so far as consumers are concerned.
Produar
The producer of fine yarn fabrics of all kinds: highly styled mixtures in
cotton, silk and rayon; novelties in silks and worsteds. the wide variety
of knit fabrics now demanded and sold: to say nothing of the immense
variety of well made and highly styled garments Is not getting a fair share,
of the cost of his work In relation to what Is being paid willingly enough by
the consumer.
The finishers of cotton fabrics, the large printers, the largest and most
capable converters, the most progressive houses handling medium and lowpriced styled silks, and the host of handlers of men's and women's wear In
fabrics and garments. have been heard from in the past few weeks, in protest
against existing conditions.
At the week-end, while not attempting to make specific recommendations,
the executive committee of the American Association of Woolen and Worsted
atamifacturers, of whIch Frederic W. Tipper, s ice-President of Deering
7slllliken & Co., is Chairman. pointed out to the trade in a special memorandum that the added costs involved in the des eloprnent of special styles
should be considered in pricing them. The memorandum states:
"Your executive committee has recently had brought to Its attention by
one of the key men the constantly increasing demand for special styles, with
an inquiry as to whether some notice of the matter should not be taken.
The committee has discussed the different aspects of this growing demand,
Is very much of the opinion th t the iflatter should have attention, and has
directed that the following observations be forwarded to members.
Discusses Special Styles.
"There is a place for special styles but any general addition of such special
styles brings into the business factors which niust be reckoned with in cost
finding. The difficulty in this matter comes from the fact that increasing
numbers of buyers are requesting special styles and expect to get them at
prices
op
Involve considerable expense in designing and sample
work: they slow down and hamper production and add to general costs;
they delay deliveries generally. and they are a burden and an expense, and
a manufacturer must figure carefully to see that these Items are taken into
io
a tiboensr
his_Ictrilicsut
*membered that the object of special styles is to give the
clothing trade an opportunity to avoid competition on confined styles. The
whole matter is one as to which the association can make no specific recommendation. but your executive committee urges that thought be given to
exactly what Is involved in accepting business on special styles, and that
the Individual manufacturer be certain that all factors connected with the
cost of making special styles be taken into consideration."
The corporation printers met the situation this season by asking wholesalers to co-operate with them Inc passing along the prices then current.
without change, as being fair to the producer at the time, and warranting
a continuation of supplying the highly styled merchandise the trade wanted.
The response was excellent and sales have continued to expand.
Finishers Also Losing.
The finishers of fabrics have dallied along, losing money without protest
among themselves, until last week, when a demand was made that they
put their house In order by asking customers to bear a fair share of the higher
costs imposed by small orders, frequent style changes, short runs, &c.
Something is going to be done by some of the larger finishers at least toward
taking action that will show a profit and not a loss when orders compel
overtime running.
Until producers themselves co-operate more thoroughly and have a better
understanding of costs through accounting or other means, there is little hope
that they can adjust profitably to the settled policies of retailers in doing
business on a hand-to-mouth buying basis. If consumers were not paying,
and retailers were losing money, the producers might Justify their anomalous
position by saying that they dare not ask a fair price, as they would lose
business.
It is the belief of leading textile merchants that the country is going to rule
moderately prosperous for some time to come. This is not likely to get them
very far unless they begin at once to ask that prices commensurate with
costs imposed upon them be spread equitably through to retailing and consuming channels.
Greeley (Colo.) Agreement on
Contract
Sugar Beet
Price for 1927.
An agreement on the contract sugar beet price for the
season of 1927 was reached between the Great Western
Sugar Co. and the Mountain States Beet Growers Marketing
Association of Colorado at Greeley, Colorado, on Feb. 21, it
is learned from the Denver "Rocky Mountain News," the
item adding:
The company fixes the minimum guaranteed initial payment of sugar
beets in the company's Colorado district at $8 a ton.
A clause in the agreement provides that if the sugar tariff is reduced
before Nov. 15, or if reduction is announced prior to that date effective
before October 1928, the guaranteed price will be lowered 2.6 cents for
every cent cut from the protective duty. Any tariff reduction cannot,
however, lower the initial payment more than $1 a ton.
1282
THE CHRONICLE
[VoL. 124.
The following revised figures compare the lumber movement of the same
regional associations for the first eight weeks of 1927 with the same period
of 1926:
--Production-- -Shipments- -Orders
HardHardHardSoftwood. wood. Softwood wood. Softwood. wood.
1927
1,470.960 214.559 1,461.498 203.561 1.577.656 221.618
1926
1.650.265 196.320 1,725.312 194,559 1,807.877 207.193
The mills of the California White and Sugar Nilo Association make
weekly reports, but not being comparable, are not included In the foregoing
tables. Sixteen of these mills, re; resenting 50% of the cut of the California
pine region, gave their production for the week as 5,631.000 feet, shipments
15,451.000. and new business 15,402.000. Five mills are closed down.
snore than reached.
Last week's report from 9 mills, re; resenting 19% of the cut. was: ProducThe resolution was intended to encourage a large acreage.
The association declared its disapproval of the tariff clause because it tion, 1,366,000 feet; shipments. 5,392,000, and now business, 10,743.000.
West Coast Movement.
"deviated from the one offered by the growers' board of directors."
Both association and company tariff clauses provided for not more than
The West Coast Lumbermen's Association wires from Seattle that new
$1 maximum reduction in thc guaranteed price if the tariff was lowered, business for the 72 mills reporting for the week ended Feb. 26 was 6% above
but the association's proposal contemplated a deduction at the 'rate of 1.3 Production, and shipments were 3% aberi e production. Of all new business
cents instead of 2.6 cents for each cent reduction in the tariff, as finally taken during the week 45% was for future water delivery, amounting to
agreed in the contract.
35,809,815 feet. of which 24.422,907 feet was for domestic cargo delivery,
and 11.386.908 feet export. New business by rail amounted to 40,952,746
feet, or 51% of the week's new business. Forty-two per cent of the week's
Activities of Hosiery Mills in Philadelphia Federal shipments
moved by water. amounting to 32.489,606 feet, of which 23.991.Reserve District.
061 feet moved coastwise and intercoastal, and 8,498,545 feet export.
folthe
issues
Philadelphia
of
The Federal Reserve Bank
Rail shipments totaled 42.234,174 feet, or 54% of the week's shipments,
3.173.481 feet. Unshipped domestic cargo orders
lowing table, compiled by the Bureau of the Census, showing and local deli% eries
totaled 94,868,621 feet, foreign 53,558.542 feet, and rail trade 124,391,283
the activities of the hosi ry mills in the Third Federal Reserve feet.
Southern Pine Reports.
District in January, and a comparison with those of DecemThe Southern Pine Association reports from New Orleans that for 119
ber:
mills reporting, shipments were 8.79% below production and orders 0.22%
Women's.
below production and 9.39% above shipments. New business taken during
Men's.
the week amounted to 64,976,099 feet (1 revious week 61,353.593), shipSeamless.
Full-Fashioned,
Seamless.
Full-Fastrd.
ments 59.396,607 (previous week 54.649,875) feet, and r reduction 65,118,Per Cl. 603 feet (previous week 63,233,028). The normal i reduction of these
Per Cl.
Per Cent
Per rt.
Is Dozen
Change
Mange
Change
Change
mills Is 75.026.028 feet. Of the 115 mills reporting running time, 84 operPairs.
from
Irvin
from
from
ated full time, 14 of the latter overtime. Four mills were shut down, and
Dec.
Jan.
Jan.
Dec.
Dec.
Jan. Dec. Jan.
1927. 1926. 1927. 1926. the rest operated from three to five and one-half days.
1927. 1926. 1927. 1925.
The Western l'ine Manufacturers Association of l'ortlard, Ore., reports
-2.2 85.186 -9.8 production and shipments about the same, and a marked increase In new
543.949
-6.8
196.707
22,909 +0.3
Production
18.792 -56.5 200.851 -6.4 421.149 -17.3 72,354 +1.5 business.
Shipments
Stock, finished &
The California Redwood Association of San Francisco. Calif., with two
40 093 +4.2 326.385 -11.7 887.207 +13.8 325.830 -0.6
In the gray_
95.356 +43.2 fewer mills reporting, shows a slight decrease in i reduction, a heavy
Orders booked... 19.653 -46.8 255.761 +38.2 310.589 -43.6
-160
6.496
-87.3
+113.4
38.406
3.423.339
-45.6
131
Cancellens reed_
decrease in shipments and new business considerably less than that reported
Unfilled orders.
for the previous week.
end of month 22.715 +9.9 308.798 +1.6 1.652.244 -6.2 65.130 +32.6
The North Carolina Pine Association of Norfolk. Va., with one less
mill reporting, shows notable decreases in production and new business,
Athletic and
Children's and
Bogs' and
and a big decrease in shipments.
Total.
Sport.
Infants.'
Misses.'
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
Per CI. with one more mill re; ening, shows production about the same, and
Per('l,
Per Cent
Per Ct.
Chaase
Change
(*hang
e
hange
substantial increases in shipments and new business.
from
from
from
from
The Northern Hemlock & Hardwood Manufacturers Association of
The.
Jan,
Dec.
Jan.
Dec.
Jan. Dec. Jan.
1926.
Oshkosh, Wis. (in its softwood production), with one more mill reporting,
1927. 1926. 1927.
1927. 1926. 1927. 1026.
shows marked increases in all three items.
46.068 -15.5 1,041.573 -3.5
+2.6
33.953 +14.4 112,801
Production
Hardwood Reports.
36.898 -16.4 936.676 -5.0
31.850 +13.5 154.782 +104.7
Shipments
Stock. finished &
The Northern Hemlock & Hardwood Manufacturers Association reported
+0.4
49.895 -32.3 2.043.599
47.573 -5.9 376,616 -7.4
In the gray
less mill than for the preceding week) some decrease
32.081 -45.9 881.218 -13.8 from 15 mills (or.e
Orders booked., 34.858 +90.0 102.920 +94.5
same.
78.841 -67.1 in production and shipments and new business about the
3.819 +36.6
981 +16.8 3.661 -65.6
Cancelhens reed_
reported
The Hardwood Manufacturers Institute of Mem'his. Twin.,
Unfilled order.,
end 01 rnoni h.. 50.819 +3.3 296.608 -15.7 112.562 -21.6 2.508.876 -6.4 from 90 units (16 fewer mills than for the week earlier) considerable decrease
The
in production and slight decreases in shipments and new business.
normal production of these units is 15,120.000 ft.
The association, in resolution, said it had "faith In our President and in
our government that no adverse action will be taken affecting the tariff on
guicar."
Large Acreage Sought.
The resolution recommended to the member-growers "that they use their
own discretion in the acreage of beets to be planted," but called to their
attention that it would be necessary to grow "at least 180,000 ecres in the
Colorado territory" to entitle the grcwers to receive the full benefit of the
50-cent bonus offered by the company for volume of sugar output. In the
Greeley territory in 1926 the company harvested 185,000 acres of sugar
beets and the maximum set for operation of the 50-cents per ton bonus was
Lumber Industry Remains About The Same.
Reports received by the National Lumber Manufacturers
Association from 328 of the chief softwood lumber mills of
the nation indicate that production, for the week ended
Feb. 26, was about the same as for the preceding week, with
shipments a little larger and new business considerably larger
-although on account of the fewer number of reporting mills
the recorded figures show slight decreases in production and
shipments. Compared with the corresponding week last
year, the lumber movement was less in all three factors, even
after allowing for the fact that 27 fewer mills reported this
year than last. Reports from 105 hardwood mills indicate
little, if any, change in production, shipments and new
business. For the first eight weeks of the year softwood
production, as reported, has been about 200,000,000 feet less
than for the same period of 1926, while hardwood production
by reporting mills is about 20,000,000 feet more-but, on
account of decrease in the number of mills reporting weekly,
softwood production has not fallen off so much as the figures
indicate, continues the National Association, adding:
West Coast Lumbermen's Association Weekly Report.
Seventy-two mills reporting to the West Coast Lumbermen's Association for the week ended Feb. 19 manufactured
78,189,050 feet, sold 72,730,375 feet and shipped 74,287,057
feet. New business was 5,458,677 feet less than production,
and shipments 3,902,013 feet less than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW
SHIPMENTS AND UNFILLED ORDERS.
Feb. 5.
Feb. 12.
Feb. 19.
Week Ended74
73
72
Number of mills reporting_ _
78,189,050 74,173,627 67.367,771
(feet)
Production (f
72,730,373 69,012,020 75,754,806
New business (feet)
72,287,037 59,368,563 67,078,654
Shipments (tea)
Unshipped balances:
132.120,476 123,793,398 122,207,758
Rail (feet)
84,311,679 96,808.307 89,237,368
Domestic cargo (feet)
52,602,767 52,360,572 52.482,956
(feet)
Export
269,034,922 272.962,277 263.928,082
Total (feet)
1925.
1926.
1927.
First 7 IVerks of118
101
85
Average number of mills
698,094,471
628,242.737
525.316,174
(feet)
Production
640.043.192
680.097.752
554,344,834
New business (feet)
497,333,772 638.275.604 672.161.157
Shipments (feet)
BUSINESS,
.9
Jan. 296
57,625.831
58,156,283
57,189.012
113.814,275
70,602.590
48,742,986
232,889.851
1924.
130
734,075,185
706.376,053
704.638.753
American Window Glass Cuts Prices.
Unfilled Orders.
Pittsburgh advices Feb. 25 to the "Wall Street Journal"
The unfilled orders of 191 Southern Pine and West Coast mills at the
end of last week amounted to 504,929,477 ft., as against 495,566,461 ft. stated:
announced new discounts on single
for 191 mills the previous week.. The 119 identical Southern l'ine mills
American Window Glass Co. has
In the group showed unfilled orders of 232,111,031 ft. last week, as against strength flat window glass on carload lots, effective until March 17. Re226,531,539 ft. for the week before. For the 72 West Coast mills the un- ductions average about 6%. Prices will be advanced on March 18 to
filled orders were 272,818,446 ft., as against 269.034,922 ft. for 72 mills levels prevailing prior to the preent cut.
a week earlier.
Altogether the 312 comparably reporting softwood mills had shipments
Gasoline Prices Continue to Decline.
103%, and orders 109%, of actual production. For the Southern Pine Crude Oil and
mills these percentages were respectively 91 and 99; and for the West Coast
l'rice cutting in the crude oil and gasoline markets conmills 103 and 106.
an
with
throughout the week, the principal reason being the
288
established
the
tinued
normal
production
Of the reporting mills,
actual
gave
production
ft.,
90%,
shipments
190.575,349
high rate of production in the industry as a whole and espefor the week of
92% and orders 97% thereof.
in the Seminole field of Oklahoma. Production there
cially
lumber movement, as reflected by the
The following table compares the
hardwood,
two
and
regional associations, is now said to be easing off from 325,000 barrels daily to
reporting mills of seven softwood,
310,000 barrels daily through the operation of a producers'
for the three weeks indicated:
Corresponding
Preceding
--Past Week- -Week 1926- -Wtek I 927- agreement to bring production down to the facilities of the
Hard- (Revised) HardHardpipe lines. However the effect of this program has not yet
Softwood. wood. Softwood. wood. Softwood. wood.
120
341
317
120
105
312
continued downward. During the
Mills
212.810 22.099 183.680 21.192 been felt and prices have
179.767 17.211
Production
225.688 22,739 186.291 19.701
17.903
average crude oil production
daily
184,729
26 the
Shipments
235.546 18.448 182.644 21.532 week ending Feb.
Orders (new bus.) 195,303 19.909
MAR. 51927.]
THE CHRONICLE
in the United States rose to 2,486,350 barrels per day, which
compares with 1,927,050 barrels a year ago, as shown
In detail in another column to-day.
Reports from Dallas on Feb. 28 stated that the Magnolia
Petroleum Co. had announced that in addition to meeting
the reduction in Louisiana and Arkansas crude oils posted
by Standard Oil Co. of Louisiana (see page 1146 in last
week's issue) it has reduced below 28 gravity crude Sc. a
barrel to $1.25 in the Pine Island, Haynesville and Bull
Bayou districts of Louisiana.
A second reduction on certain grades was announced
March 2 by the Joseph Seep Purchasing Agency when it reduced the price of Somerset crude 20c. a bbl. to $1.80, Cabe11
crude 20c. a bbl. to $1.70, Corning crude 20c. a bbl. to $1.85
and $1.75 and Kesiter crude 20c. to $1.40. These same
grades of crude were reduced 20c. a bbl. on Feb. 19.
In the gasoline market price reductions were numerous,
following the many crude oil price reductions announced
last week. Effective Feb. 26, the Standard Oil Co. of Kentucky reduced tank wagon service station prices of gasoline
2 cents a gallon in Louisville. The Atlantic Refining Co.
on Feb. 26 reduced gasoline prices in New England 1 cent a
gallon, the new Boston prices being 21c. wholesale and 23c.
retail. Effective Feb. 28, the Standard Oil Co. of New York
reduced gasoline in its New England territory 1 cent a gallon, the new Boston prices becoming 21c. wholesale and 23c.
retail. Magnolia Petroleum and other companies reduced
gasoline 1 cent at Houston, Texas, according to reports on
Feb. 28.
On March 1 the Atlantic Refining Co. reduced gasoline 1
cent in Pennsylvania and Delaware to 18 cents tank wagon
and 21 cents service station, plus 2 cents State tax. Kerosene was reduced 1 cent to 15 cents tank wagon at the same
time. At Chicago, also effective March 1, the Standard 011
Co. of Indiana reduced the price of gasoline 1 cent a gallon
throughout its territory. This makes the Chicago tank
wagon price 16 cents and the service station quotation 18
cents per gallon. The Sinclair Refining Co. met this reduction in Chicago and in the surrounding territory.
Press dispatches from Omaha, Neb., state that the Standard 011 Co. of Nebraska has reduced the price of gasoline
all over Nebraska 1 cent a gallon, making the service station
price 17% cents. Denver, Colo., reports reveal the fact that
on March 3 the Continental 011 Co. reduced tank wagon
prices of gasoline lc. per gallon in Denver and Grand Junction, Colo., and Helena, Mont., and /
1
2c. at Casper and Cheyenne, Wyo. Service station prices were reduced the same
amounts except at Denver, which was unchanged. On the
same date the Humble Oil & Refining Co. at Houston,
Texas, reduced gasoline 1 to 2 cents a gallon, according
to
locality, over the State of Texas, making tank wagon
price
16 to 17 cents. The Gulf Oil Co. followed this reduction.
Reports from Chicago on March 4 state that a further
extension of the price discount on gasoline to include as
much
as 3 cents a gallon rebate on tank wagon sales of 15,000
gallons monthly has been put into effect by the Standard
Oil
Co. of Indiana. The discount is effective throughout the
company's territory.
A discount of 1 cent a gallon on the purchase of gasoline
from service stations in amounts of 200 gallons or
more
monthly also has been put into effect. It applies to all of
the company's territory outside of Chicago.
Kerosene prices also declined with the announcement by
the Atlantic Refining Co. on March 1 that It had
reduced
the price of kerosene lc. a gallon throughout
Pennsylvania
and Delaware, making tank wagon price 15c. The
Standard
011 Co. of Indiana at Chicago also reduced the tank
wagon
price of kerosene lc. a gallon for lots of 50 gallons and
more.
Wholesale markets at Chicago on March 4 closed at the
following prices: United States Motor grade gasoline 7y2ct
7%c; 41-43 water white kerosene 6(a63{3c; 24-26 gravity fuel
oil $1.27@1.30 steady.
Estimated
World Production of Crude Petroleum
During 1926.
The American Petroleum Institute estimates the world's
petroleum production in 1926 at 1,096,608,000 barrels,
compared with 1,067,566,000 barrels reported by the
Bureau
of Mines for 1925, an increase of 29,042 000 barrels, or 2.7%.
The United States produced 775,000,000 barrels in
1926,
or 70.7% of the total world production. In 1925 the United
States produced 763,743,000 barrels, or 71.5% of the
world
production in that year. The United States production
in
1926 increased 11,257,000 barrels, or 1.5%.
1283
Mexico produced 90,000,000 barrels in 1926, or 8.2% of
the world production. In 1925 Mexico produced 115,515,000
barrels, or 10.8% of the total production that year. The
decrease n Mexico in 1926 amounted to 25,525,000 barrels,
or 22.1%.
In 1926 the United States and Mexico combined produced 78.9% of the world production, and in 1925,82.3%.
Wherever possible 1926 production figures are official
figures or official estimates. In converting the figures of
certain countries from tons to barrels, equivalents are stated,
in United States barrels of 42 gallons, based upon the
average specific gravity of the oil of each country. All
the figures shown for 1925 are those reported by the Bureau
of Mines.
ESTIMATED WORLD PETROLEUM PRODUCTION.
1926-1925-----:
P. C. of
P. C. of
SourceBarrels.
Total.
Barrels.
Total.
United States
*775,000,000
70.7
763.743,000
71.5
Mexico
90.000.000
8.2
115.515,000
10.8
Russia
61.000,000
5.5
52,448,000
4.9
Venezuela
37,226.000
3.419.687.000
1.8
Persia
35.460,000
3.2
35.038,000
3.3
Rumania
23.299.000
2.1
16.646.0001.
Dutch East Indies
22.220.000
2.0
21.422.000
2.0
Peru
10.782,000
1.0
0.164,000
0.9
India
8.728.000
0.8
8,000.000
0.8
Argentina
6.500.000
0.6
5.818.000
0.5
Colombia
6.446,000
0.6
581.000
0.1
Poland
5.835.000
0.5
5.960,000
0.6
Trinidad
4,971.000
0.5
, 4,564.000
0.4
Sarawak
4.300.000
0.4
4.257,000
0.4
Japan
1,900.000
0.2
2,000.000
0.2
1.161.000
Egypt
1.226.000
0.1
0.1
Germany
550.000
411.000
France
466.000
459.000
Canada
339.000
318.000
Ecuador
275.000
50.000
Czechoslovakia
50.000
50.000
Italy
45.000
0.2
45.000
0.1
Algeria
12,000
12.000i
Barbados
9.000
9.000i
Cuba
4.000
England
2.000
2.000
Others
48,000J
47.000
Total
1,096,608,000 100.0 1.067,566.000 100.0
*Includes estimate for crude consumed as fuel on leases. Bureau of
Mines preliminary runs from leases were 766,504,000 barrels.
Substantial Increase Reported in Output of Crude Oil.
The daily average gross crude oil production in the United
States during the week ending Feb. 26 was increased by
14,350 barrels, according to estimates furnished by the
American Petroleum Institute. This brought the total up
to 2,486,350 barrels as compared with 2,472,000 barrels for
the preceding week. The daily average production east of
California was 1,843,250 barrels, as compared with 1,832,000
barrels, an increase of 11,250 barrels. The following are
estimates of daily average gross production by districts for
the weeks indicated:
DAILY AVERAGE PRODUCTION.
Feb. 26 '27. Feb. 19 '27. Feb. 12'27. Feb. 27 '26.
(In Barrels.)
Oklahoma
717.950
707.850
692.000
455,400
Kansas
115.700
117.050
116.550
103,250
Panhandle Texas
130.350
130.750
133.100
5.600
94.750
North Texas
93.050
96.300
74.100
179.450
173.250
West Central Texas
162.950
73,050
East Central Texas
44.750
44,350
46.600
60.150
Southwest Texas_ _ - 38.300
37.900
38.500
38.900
53.050
North Louisiana
52.500
52.600
48.150
Arkansas
126.950
128.950
129,650
167.000
140.750
Coastal Texas
135.750
149.700
83.100
11.750
Coastal Louisiana
11.300
11.600
10.500
Eastern
107.500
107.500
107.000
98.500
Wyoming
58.200
62.800
59,500
77.000
Montana
13.550
13.600
12,600
18.250
Colorado
8.050
7.550
7.650
7.000
5.550
New Mexico
4.500
4.450
4.100
643,100
California
640.000
641,500
603.000
2.486.350 2.472.000 2,462,250
.Total
1.927.050
The estimated daily average gross production of the Mid-Continent field
including Oklahoma, Kansas, Panhandle, North, West Central. East
Cenral and Southwest Texas. North Louisiana and Arkansas, for the week
ended Feb. 26 Vrt13 1.498.750 barrels, as compared with 1,488.150 barrels
for the preceding week, an Increase of 10.600 barrels. The Mid-Continent
production, excluding Smackover. Arkansas heavy oil, was 1,398.300
barrels as compared with 1,386.050 barrels, an increase of 12.250 barrels.
In Oklahoma. production of North Braman is reported at 8.200 barrels
against 0,100 barrels; South Braman 4,600 barrels against 4.450 barrels;
Tonkawa 25,650 barrels against 26.700 barrels; Gar ,er 18.550 barrels
against 18.850 barrels; Burbank 48,950 barrels against 49.750 barrels;
Bristow-Slick 27.250 barrels against 27,300 barrels; Cromwell 13.550 barrels
against 13,750 barrels; Papoose 7.900 lwrrels against 8.200 barrels; Wewoka
18.200 barrels against 18,400 barrels; Seminole 296.200 barrels against 282.600 barrels, the Earlsboro 19,300 barrels against 19.150 barrels.
In Panhandle Texas. Hutchinson County is reported at 114.200 barrels
against 114.450 barrels, and Balance Panhandle 16.150 barrels agair.st
16.300 barrels. In East Central Texas. Corsicana Powell 20.500 barrels
against 20 650 barrels; Nigger Creek 6.200 barrels against 6,300 barrels;
Regan County. West Central Texas 27.800 barrels against 27,900 barrels;
Brown County 34.500 barrels against 32,200 barrels; Crane & Upton
Counties 45.000 barrels against 46.050 barrels; and in the Southwest Texas
field. Luling 18,400 barrels against 18.750 barrels; Laredo District 15.000
barrels against 15.050 barrels; Lytton Springs 2.250 barrels, no change.
In North Louisiana, Haynesville is reported at 8.150 barrels against 8.200
barrels; Urania 12.250 barrels, no change: and in Arkansas. Smackover
light 11.950 barrels against 12.300 barrels; heavy 100,450 barrels against
102.100 barrels; and Lisbon 5,050 barrels, no change. In the Gulf Coast
field, Hull is reported_ at 17.650 barrels against 17,150 barrels; West
1284
THE CHRONICLE
Columbia 9,750 barrels against 10,050 barrels; Spindietop 61.100 barrels
against 66,950 barrels; Orange County 5,050 barrels against 5,100 barrels.
and South Liberty 3,550 barrels against 3,650 barrels.
In Wyoming, Salt Creek is reported at 45,1550 barrels against 41,450
barrels; and Sunburst, Montana 11,000 barrels, no change.
In California, Santa Fe Springs is reported at 45,500 barrels, no change;
Long Beach 92,000 barrels against 91.000 barrels; Huntington Beach
80,500 barrels against 82,500 barrels; Torrance 25,000 barrels, no change;
Dominguez 18,000 barrels against 18,500 barrels; Rosecrans 11,500 barrels,
no change; Inglewood 38,500 barrels, no change; Midway Sunset 90,500
barrels, no change; Ventura Avenue 50.900 barrels against 51,000 barrels,
and Seal Beach 19,200 barrels against 14,500 barrels.
Copper Prices at New High for Year-Domestic Consumers Bought Heavily in February-Lead Advances.
Copper reached 13% cents, for delivery in the East the
past week, the highest price since Dec. 29, though sales in
the last few days have not been heavy. Lead had another
active week, and the leading seller advanced the New York
quotation 15 points to 7.55 cents a pound,"Engineering and
Mining Journal" reports. Most of the business in copper has
gone to two sellers during the week; some of the others have
sold so heavily recently that they are virtually out of the
market except to regular customers. Time of shipment
demanded has ranged well from prompt to May. Brass mills
have been the chief buyers.
While the recent rise in copper prices is generally attributed
to reports of a policy of curtailed production having been
adopted by some of the large producers, a more sound reason
would seem to be, says the "Engineering & MiningJournal,"
the heavy buying. Though the shortest month of all, it is
probable that more copper was purchased by domestic consumers in the month just ended than in any other month for
the past year. Foreign sales of the export association in
February totaled around 60,000 tons. This naturally puts
sellers in a most satisfactory position. The answer to the
question as to whether prices will be maintained or advanced,
or will again slump, depends largely on whether this buying
interest will continue, being based on improved consumption
of the metal, or whether manufacturers have booked copper
further ahead than usual,having been attracted bylow prices.
Apparently, no recent general curtailment in production has
been made and it may well be that the large producers will
watch the course of the market for a time before resorting to
action.
[Vou 124.
Cleveland district and the Eastern seaboard. Sales by Cleveland producers, at 60,000 tons, brought the total for February up to 190.000
tons. With substantial backlogs for second quarter, Lake furnaces In
Ohio have advanced prices 50c. a ton. In Michigan the market shows
more life under increased activity in the automobile industry. In New
England and in the New York metropolitan district the buying movement
has passed its cre.t. Eastern Pennsylvania foundry iron has declined
to $20 50, base.
By Presidential proclamation the duty on pig iron becomes $1 1234
per ton on March 25, an advance of 3734c., which is small relief for hardpressed Eastern blast furnaces.
Higher ocean freight rates from Atlantic ports to the Pacific Coast.
looked for late in April, may have a marked bearing on Eastern business
with the Far West, seeing that the proposed advance is from 25c. to 400.
per 100 lb.
Exports of iron and steel in January, at 215,235 gross tons, made the
highest total (except for last November)since January 1924. The principal
increases over a year ago were in tin plate (from 21,143 tons to 41.874
tons), steel rails (from 9.198 tons to 23,387 tons) and wrought tubes (from
32,959 tons to 42,300 tons).
Imports of iron and steel in January, at 63.452 gross tons, were the
smallest since November 1924. Pig iron fell to 9,326 tons-less than
one-fifth the 48,423 tons or January 1926.
The usual composite price tables are as follows:
Finished Steel.
Pio Iron.
March 1 1927, 2.367c. per Lb.
March 1 1927, $18 96 per Gross Ton.
One week ago
2.3670. One week ago
$18 96
One month ago
2.39^c. One month ago
19 21
One year ago
2.431c. One year ago
21 71
10-year pre-war average
1 689c. 10-year pre-war average
15 72
Based on steel bars, beams,tank plates,
Based on average of basic iron at Valplain wire, open-hearth rails, black pipe ley furnace and foundry irons at Chicago;
and black sheets, constituting 87% of Philadelphia, Buffalo, Valley and Mettle United States output.
mlngham.
High.
Lots.
High.
Low.
1927_2.453c., Jan. 4:2.3670., Feb. 21 1927..319 71, Jan. 4; $1898, Feb. 15
1926_2.453c., Jan. 5; 2.403e., May 18 1926._ 21 54, Jan. 5; 19 46, July 13
1925_2.560c., Jan. 6; 2.396o., Aug. 18 1925_ 22 50, Jan. 13; 18 98, July 7
1924__2.789c., Jan, 15; 2.4600., Oct. 14 1924._ 22 88. Feb. 26; 19 21, Nova 8
1923..2.824o., Apr, 24; 2.446o., Jan. 2 1923.- 30 86, Mar.20; 20 77, Nov.20
Pig iron production in February exceeded January by 5%
on a daily average basis, according to the March 3 report
of the "Iron Trade Review." It was fractionally higher
than last February and despite handicap of three less days
the total almost equalled the January total. February's
daily average output was 105,029 tons, according to a
preliminary estimate. This compared with 100,042 tons
in January, and 104,042 in January and 104,423 tons in
February of 1926. The February total approximated 2,940,825 tons, against 3,101,346 tons in January and 2,923,850
tons last February. As February ended 218 stocks, or 59%
of the country's serviceable total were in blast. This was a
gain of eight-seven of them steelworks stacks-over the
close January, adds the "Review" in its marketsummary,
from which we quote further as follows:
Thus is revealed a substantial foundation for the improved market which
has accorded practically every branch of the iron and steel industry in
Steel Trade Shows Further Improvement-Pig Iron February a higher daily average of sales, if not a better monthly total than
In January. In many products demand in the past week was the heaviest
Prices Low.
In months. Backlogs are lengthening, production being stopped up
As March comes in there is further betterment, in the prices generally displaying a firmer tendency as the industry turns Intoand
the
finished steel market, declares the "Iron Age" in its March 3 home stretch of the first quarter.
In
their
effort
to
strengthen
market,
Pittsburgh
and
Chicago
district
review of conditions in the industry. The chief contribution
producers of bars, shapes and plates are endeavoring to obtain $2 more per
of the past week is in orders from a number of consuming ton, or 2 and 2.10 cents respectively, on small business than on moderatesized
lots. Greater determination to adhere to the new 2.10 and 2.30c.
lines for more extended deliveries than have been the rule
Pittsburgh levels on hot strip is evidenced, but many large users appear to
in recent months.
.
have covered well into second quarter in the recent demoralized period.
In steel bars, plates, structural material and sheets there Sheet prices are firmer in all districts.
Pig iron presents a mixed situation. Two Mahoning Valley producers
has been some buying for the second quarter, and other
have advanced 50 cents, now asking $18 50 for foundry and $19 50 for
developments have confirmed the week-to-week indications Bessemer
iron, but sales have been made at lower levels. Cleveland furnace
in February of improvement in all respects apart from prices, Interests also are up 50 cents, quoting $19 50 for Cleveland delivery.
Buffalo furnaces, on the other hand, continue insistent for business in the
continues the "Age," adding:
The steel trade has made no definite response to the disagreement of East and have dropped 50 cents, to $16 50, Buffalo, for this trade.
An active week in plates has been featured by orders for 20,000 tons at
soft coal miners and operators at Miami last week. Expectation of a
stoppage at union mines on April 1 is general, but with little fear of any Chicago and 6,000 tons at Pittsburgh. New vessel inquiry at Cleveland
resulting curtailment of steel output, in view of coal stocks that will reach aggregates 7,000 tons.
The "Iron Trade Review's" composite price on 14 leading iron and steel
into June and the large production of non-union mines.
Thus far reports from open-shop mines and coke plants indicate that products this week is 336 75, the same as last week and the previous week.
the men are satisfied and will not go out, this situation being quite different from that of 1922.
Estimated Pig Iron Output in February Shows
Returns of pig iron production in February confirm reports in thi, month
Substantial Increase.
of steady gain In steel works operations.
Estimates of steel ingot production in February give it the highest
According
to
gathered by wire by the "Iron Age,"
data
daily rate since Ocotber, these ranging from 83 to 85%, as against 81.5%
on March 1 from companies which made estimates of the
in January, 74% In December and 80% in November.
Shipments of the larger producers last month were more than new pig iron production for the last day or two of February,
bookings, so that the industry as a whole made an inroad upon unfilled the
output last month made a sharp gain over that for
orders. Production, in turn, was slightly in excess of shipments, indicating
January. The daily rate was 104,934 tons as compared
some stocking of semi-finished steel.
Pittsburgh reports consumer interest in scrap for the first time in several with 100,123 tons per day for January. This is an increase
weeks, and some strengthening in heavy melting steel-a situation that of 4,811
tons per day, or 4.8%. The estimated production
will be watched in the coming month.
for the 28 days, as
With 25,000 tons for a New York Central RR. office building in New for February was 2,938,164 gross tons
York, the week's total of structural steel awards was Shout 70,000 tons. compared with 3,103,820 tons for the 31 days of January,
A New York church will take 7.300 tons, a New York loft building 3,500 reports
the "Age," adding:
tons, a Louisville & Nashville RR. bridge 4.000 tons, plant extensions
Net Gain of Nine Furnaces.
for a sheet manufacturer at Ashland. Hy.. 2.700 tons, a county jail in
There were 11 furnaces blown in and only two shut down, a net gain
Chicago 3,400 tons,a club building in Los Angeles 2,300 tons,and a Chicago
of nine for February. In January the net gain was five while in December
mercantile building 3,500 tons.
Tunnel work for another East River crossing for the New York subways there was a net loss of 10 furnaces. Of the 11 furnaces blown in seven
cast-iron
segments
shortly to be bought.
were Steel Corp., three were independent steel company stacks and one
will take some 20,000 tons of
Freight cars bought by railroads and a coal company totaled 2,100 within was a merchant furnace. One Steel Corp. furnace and one independent
the week. Several large orders for steel underframes and superstructures steel company stack blew out. No merchant furnaces were shut down.
On March 1 there were 217 furnaces active out of 365. as compared with
for cars have also been placed. The Norfolk St Western is inquiring for
208 on Feb. 1. The February production of 104.934 tons per day was
1.000 steel car bodies.
seamless
the
but
product
is
holding,
believed to 526 tons per day in excess of the 104,408 tons per day in February, last
Steel pipe prices are
have escaped sharp competition only because makers are slow to seek to year.
Furnaces Blazon In and Out.
broaden their markets.
In the pig iron market low prices, rather than the approaching coal
Among the furnaces blown In during February were one Edgar Thomson
still
confined
Is
which
to
the
largely
strike, account for current activity,
furnace of the Carnegie Steel Co. in the Pittsburgh district; one New
MAR. 5 1927.]
THE CHRONICLE
Castle furnace of the Carnegie Steel Co. In the Shenango Valley; one
furnace at the Cambria plant of the Bethlehem Steel Corp. In western
Pennsylvania; one Ohio furnace of the Carnegie Steel Co. In the Mahoning
Valley; two River furnaces of the Corrigan-McKinney Steel Co. in northern
Ohio; two South Chicago furnaces of the Illinois Steel Co. and two Gary
furnaces in the Chicago District, and one Mayville furnace in Wisconsin.
Among the furnaces blown out or banked during February were one
Mingo furnace of the Carnegie Steel Co. In the Wheeling district, and
one furnace of the Youngstown Sheet & Tube Co. in the Mahoning Valley.
The actual output for February will be published next
week.
Steel and Iron Foundry Operations in Philadelphia
Federal Reserve District During January.
According to the report on iron foundry operations in
the Philadelphia Federal Reserve District for the month of
January, compiled by the Federal Reserve Bank of Philadelphia, Activity of foundries making iron castings during
January decreased materially from the level prevailing in
December and January of 1926, as indicated by smaller
production, shipments and unfilled orders. Only stocks of
coke were heavier at the end of January than a year before,
supplies of pig iron and scrap being somewhat lighter.
The bank's statistics follow:
IRON FOUNDRY OPERATIONS-PHILADELPHIA FEDERAL RESERVE
DISTRICT.
January 1927.
Capacity
Production
Malleable iron
Gray iron
Jobbing
For further manufacturing
Shipments
Value
Unfilled orders
Value
Raw stock-Pig iron
Scrap
Coke
11,530 tons
4,014 tons
325 tons
3,689 tons
2,525 tons
1,164 tons
3,857 tons
$552615
3,327 tons
$536,913
6,086 tons
3,016 tons
2,021 tons
P. C. Change P. C. Change
Month Ago, Year Ago.
0.0
-25.5
-37.0
-243
-19.9
-32.3
-17.1
-15.6
-21.7
-27.2
-2.8
-5.4
+4.3
0.0
-8.3
-37.6
-4.3
-5.4
-1.8
-5.
-5.5
-20.9
-20.3
-0.0
-1.3
+29.6
In its report on steel foundry operat'ons in the district,
the bank says:
1285
The tendency to finely adjust the coal supply is being shown in certain
States in the proposal to correct within themselves the freight rates that
may be unfa'r. This is a very different proposition than anything like
a commission or other control of coal. It is rather a healthy sign, if
nothing more, of correcting wrong conditions in the industry wherever
they are found.
The export trade is still at low ebb, and the word comes that England
is regaining her old markets. It is probable that the percentage of American coal that will go to foreign lands will have to be largely left out of our
calculation. It is hard not to feel that an opportunity has been lost.
Nevertheless we have been learning something about the ways to dispose of
surplus coal when surplus coal exists. Some day we may want to use this.
For a few weeks at least we will be dealing with a more or less normal
market. A strike is probably ahead, but that has been arranged for.
There is little to say about anthracite in the face of the reigning weather.
But the first of April need not be looked forward to by anthracite dealers
with entire gloom. There is a borderland between it and bituminous
that can be easily occupied.
The adjournment of the Miami conference without reaching an agreement had little effect on the market for bituminous coal as the outcome had been discounted wellin advance
of the deadlock, "Coal Age" reports in its March 2 review
of conditions affecting the state of trade. The consumers who
are holding off from placing business cling to the belief that
another wage conference between the union officers and
operators will be held before the present agreement expires
observes the "Age," adding:
The chief stabilizing factor in the market, as for several weeks past, IN
the purchase of stocks for storage, chiefly by railroads and utilities. The
rank and file, however, have supplies little larger than normal. Deals for
lake business have been reported, but definite information on price arrangements are being withheld. Production continues at a high rate. Spot
prices again were unsettled, with the trend slightly lower.
The "Coal Ago" index of spot bituminous prices on Feb. 28 was 171 and
the corresponding weighted average price was 82 07, a decline for the week
of 2 points and 2 cents, respectively. Recessions occurred in central
PennysIvania prices on New England shipments and on West Virginia
high-volatile coal.
The market for bituminous has settled into a weather proposition.
Buying is limited to bare necessities, interest being centered in the probable
action of the producers in regard to prices April I. In most instances the
collieries are working only three days a week.
The Connellsville spot coke market is quiet and featureless, with no
quotable change in prices.
Output of Bituminous Coal During Month of January.
The table below, compiled by the T.T. S. Bureau of Mines,
presents estimates of soft coal production, by States, in
January. The distribution of the tonnage is based, except
for certain States which themselves supply authentic data,
STEEL FOUNDRY OPERATIONS-PHILADELPHIA FEDERAL RESERVE on figures furnished by the American Railway Association.
DISTRICT.
The total production during the month for the country as a
P. C. Change P. C. Change whole amounted to 56,882,000 net tons,a decrease of 789,000
January 1927.
Month Ago. Year Ago.
tons from the output in December. The average daily rate
Capacity
11.940 tons
of output in January, however, was greater by about 1.4%
0.0
0.0
Production
8.118 tons
-5.9
+29.0
Shipments
than in December. n January 1926 the p oduction was
5,323 tons
-7.8
+3.2
Value
1819.887
-4.2
+2.8
53,662,000 tons and on January 1925, but 51,640,000
only
Unfilled orders*
2,890 tons
-32.0
-56.2
Value•
$486,347
-28.6
-52.5
tons.
Raw stock-Pig Iron
2,012 tons
-2.6
+7.9
Scrap
8,268 tons
The detailed figures in the table indicate that in the
+8.1
-17.3
Coke
1,641 tons
+21.2
+52.2
Northern and Middle Appalachian fields the daily rate of
*Figures of one plant omitted.
output increased about 1% in January, and in the Eastern
Interior region---Illinois, Indiana and Western Kentucky,
Probability of Bituminous Coal Strike Fails to Unsettle about 3.5%. West of the Mississippi, there was not much
Market-Anthracite Dull.
change.
The coal industry has to a very considerable extent resumed ESTIMATED PRODUCTION OF SOFT COAL BY STATES IN JANUARY
NET TONS).a
the even tenor of its way, in the opinion of the "Coal and
Coal Trade Journal," as expressed in its market review
January
January
December
January
January
1927.
1926.
1928.
1925.
1923.
issued March 3. The expected happened at Miami. The
Alabama
2,100,000 2,140,000 2,117,000 1.906,000 1,902,000
Industry was prepared for that. The program that had Arkansas
211.000
187.000
163,000
149,000
135,000
been carefully laid out was in operation. There was no Colorado
1,318,000 1,169,000 1,079,000 1,220,000
992.000
Illinois
8,650.000 8,574,000 7,341,000 8,340,000 9,256.000
occasion to make any change in it. There is every prospect Indiana
2,665,000 2,769,000 2,353.000 2,638.000 2,890.000
586,000
632,000
509.000
612,000
that it will work well. The signal to go ahead did not have Iowa
613.000
Kansas
524.000
487.000
449,000
537,000
449.000
to be given; it was already set, declares the "Journal," from Kentucky-East
3,973,000 4,238,000 4,183,000 3,625,000 2.681,000
West
1.655,000 1,642,000 1,144,000 1,053,000
1,584,000
which we take the following:
Maryland
338.000
329,000
333.000
251.000
239,000
Production and shipments of steel castings in this district during January
declined from the December volume, but exceeded that of January 1926.
Advance business, however, was considerably under the total for December and January 1926. Stocks of scrap at the end of the month were
lighter, while supplies of pig iron and coke were heavier than those on
the same date last year.
We are proceeding calmly now towards a period when a strike in a portion
of the coal mining industry is contemplated. But in every industry there
are doubtless periods when certain of its supply of raw material is cut offsometimes by strikers, sometimes by natural causes. Any very large and
well-developed industry can take care of such a situation if it has been
anticipated, and the strain on the remaining active part of the industry
is not too great.
It can be fairly said in the present circumstance of the coal industry that
the interruption in a portion of its production has been anticipated, and
that the strain, for a considerable time at least, will by no means be too
great. There is very good reason to anticipate that the time of strain will
be limited.
The general trend of market conditions has been towards a slight improvement. The fact is becoming more and more evident that there has
been and still is good buying. No one can blame the buyers for making
their purchases as inconspicuous as possible. But nevertheless they have
bought and made big piles out of what were little ones,so that it is reported
in some sections that 120 days' supply will be in the hands of the ultimate
purchasers on April 1. These are extreme cases probably. There are
more who have ninety and sixty days' supply of coal ahead, it is likely.
The principal point to reckon with is that only a portion of the piles are
at great height. Others must be built up. Buying will naturally go on
in unusual quantity until the first of April is reached. For beside those
who must build up, the tendency of those who have much will be to rely
upon contingent buying for the present demand, so that the reserve they
have accumulated will not be eaten into.
Michigan
Missouri
Montana
New Mexico
North Dakota
Ohio
Oklahoma
Pennsylvania
Tennessee
Texas
Utah
Virginia
Washington
West Virginia
Wyoming
Other States
75,000
68,000
77,000
96,000
142.000
314,000
297,000
283,000
321.000
381.000
346,000
298,000
275,000
376,000
361.000
287.000
264,000
283,000
296,000
317,000
140,000
183,000
104.000
157.000
220.000
3,201,000 3121,000 2,745,000 2,819.000 3,567.000
267,000
247,000
229.000
303.000
271.000
14177,000 13,798,000 13,982,000 13,336,000 14.911.000
539,000
567,000
543.000
497.000
585,000
117.000
108,000
105,000
85,000
112,000
466,000
404.000
457,000
582.000
478,000
1,177,000 1.188,000 1.179,000 1,146.000
926.000
272.000
225,000
221,000
256,000
326,000
12,709,000 13,012,000 12,290.000 10.135.000 8,310,000
821.000
752,000
724.000
766.000
817,000
14,000
10,000
16.000
27.000
30,000
57.671.000 MI 552 non As 562 000 51 640 min ml n.A nnst
a Figures for 1925 and 1923 only are final.
Bituminous Coal Output Slightly Lower Than Previous
Week but Away Ahead of Last Year-Anthracite
and Coke Show Increases.
Despite a full time week ending Feb. 19, the output of
bituminous coal fell off by 262,000 net tons when compared with the preceding week in which a holiday was
observed, declares the United States Bureau of Mines in its
1286
TH Ji CHRONICLE
weekly review. However, good gains were reported in the
production of anthracite and coke, the former increasing
by 68,000 net tons, and the latter by 3,000 net tons over
the respective tonnages in the preceding week. Further
details from the Bureau's report follow:
The total production of soft coal during the week ended Feb. 19,including
lignite and coal coked at the mines. Is estimated at 13,225,000 net tons.
This is less than the output in the holiday week preceding, and compared
With the full-time week of Feb. 5,shows a decrease of 358,000 tons, or 2.6%
Estimated United States Production of BUuminous Coal (Net Tons), Incl. Coal Coked.
1926-1927
1925-1926-------Coal Year
Coat Year
to Dates
Week.
Week.
to Date.
456,696,000
Feb. 5
13,583.000
12,167.000
499,968,000
Daily average
1,747,000
2,028,000
2,264.000
1,911,000
468,707,000
Feb. 12_b
12,011.000
13,487,000
513,455,000
1,753,000
Daily average
2,248,000
2,002.000
1,918,000
Feb. 19_c
480,216,000
11,509,000
13,225,000
526,680,000
Daily average
1,756,000
2,204,000
1,918,000
1,925,000
a Minus one days' production first week in April to equalize number of days in
the two years. b Revised since last report. c Subject to revision.
The total production of bituminous coal during the present coal year to
Feb. 19 (approximately 274 working days) amounts to 526,680.000 net tons.
Production during corresponding periods In other recent years is given
below.
1919-20
504,859,000 net tons
434,216,000 net tons 11923-24
421,581,000 net tons
1920-21
492,542,000 net tons 1924-25
480,216,000 net tons
1921-22
384,493,000 net tons 1925-26
ANTHRACITE.
The total production of anthracite during the week ended Feb. 19 is
estimated at 1,569.000 net tons, an increase of 68,000 tons, or 4.5%, over
the output in the preceding week. With two exceptions, this is the highest
Weekly output reco-ded since Dec. 18. The average daily production in
the first three weeks of February, however, has been approximately 248,000
tons as against 262,000 tons in January—a decline of 5.3%•
Estimated United States Production of Anthracite (Net Tons).
1926-1927
1925-1926
Coal Year
Coal Year
Week.
to Date.a
to Date.
Week Ended—
Week.
81,738,000
27,000
40.600,000
Feb. 5
1.402,000
83,239,000
35.000
40,635,000
Feb. 12
1,501,000
84,808,000
41,043,000
408,000
Feb. 19
1,569,000
a Minus one day's production first week In April to equalize number of days in
the two years.
BEEHIVE COKE.
The estimated production of beehive coke for the week of Feb. 19 amounted to 191,000 net tons, an increase of 3,000 tons over the output during the
preceding week. The increase was principally in Pennsylvania. The
week is the highest on record since Dec. 4 1926, but is 46% behind the
corresponding week of 1926. Cumulations from Jan. 1 to Feb. 19 are also
45% below the same period of 1926.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1927
to
Feb. 19 Feb. 12 Feb. 20
Date.
1926.
1927.1s
1927.
Pennsylvania & Ohio
153,000 150,000 290.000 1,050,000
20.000
117,000
17,000
19,000
West Virginia
22.000
44,000
Ala., Ky., Tenn. & Ga
6,000
5,000
12.000
51,000
Virginia
7.000
7,000
31.000
5,000
Colorado & New Mexico
3,000
3,000
4.000
28,000
4,000
Washington & Utah
5,000
1926
to
Date.a
1,993.000
120.000
154.000
78,000
39,000
29,000
United States total
191,000 188,000 353,000 1,321.000 2,413,000
59,000
31,000
56.000
Daily average
31,000
32,000
a Minus one day's production first week in January to equalize number of days In
the two years. 13 Subject to revision.
Domestic Exports of Cotton, Cotton Cloths, Yarns,
Threads and Hosiery.
The Department of Commerce at Washington on Feb. 26
issued its monthly report on the domestic exports of cotton,
cotton cloths, yarns, thread, and hosiery for the month of
January, and the six months ending with December, with
comparisons for the corresponding periods a year ago.
The exports of raw cotton were larger this year in quantity,
but smaller in value than in the month of January 1926,
1,115,792 bales having been shipped out in January 1927
as compared with 749,967 bales in January 1926, the value
of these exports, however, being only $77,746,964 as against
$82,511,054. For the six months' period ending with
December 1926 the exports of raw cotton were also larger
in quantity but smaller in value than in the corresponding
period of the previous year, 5,939,962 bales having been
shipped out in the six months of 1926, as against 4,882,946
[VoL. 124.
bales in the six months of 1925. The value of the exports
was only $489,543,286 as aginst $592,833,921. The
exports of cotton cloths and cotton manufactures decreased
in quantity, and value both for the month of January and
the six months period ending with December. Below is the
report in full.
DOMESTIC EXPORTS OF COTTON, COTTON CLOTHS, YARNS,
AND HOSIERY.
Month of January
1926.
1927.
Six Mos, Ended Dec.
1925.
1926.
Raw cotton, including linters,
bales
5.939,942
947.967 1,115,792
4,882.946
Value
582.511.054 877.746.964 $592.833,921 $489,543.286
Cotton manufactures, total_ _ _ _ $10.851,199 39,408,599 370.253,347 360.423.425
Cotton cloths, total sq. yds_ _ ... 41,151.493 39,921.111 263.462,395 256.015.768
Value
36.294.647 35,230.965 840,815,080 335,375.283
Tire fabrics,* sq. yds
1,224.989
98.246
86.823
Value
524.949
41.091
22.753
5.353.114
Cotton duck, sq. yds
6,050,139
662,910
996.561
Value
1,901.417
2,643.765
$245,121
339.696
Other cotton cloths—
Unble.ached, sq. yds
9,196.110 10,307,321 69,397.610 60.387.476
Value
31.022.068
$921.137 $7,789,868 55,864.586
Bleached, sq. yds
8.50.937
6,809.069 43.215.600 49.358.375
Value
$1.154,857
$748,711 36.281,009 35.793.351
Printed, sq. yds
7.571.633 7.391,445 48.957,576 52.093.154
Value
31,123,333
3995,759 36.562,764 57.088.471
Piece dyed, sq. yds
7.478.905 7,942.106 52.699.977 47.773,637
Value
31.416.096 51.307.040 39,910,900 58,125,697
Yarn dyed, sq. yds
7.782.752 6.387,786 43.141,493 39.825.023
Value_
51.292,081
3915.869 37.626,774 86,076,812
Cotton yarn. threat.
Carded yarn, lbs
7,542,828
1.312.018 1.728.228
6.573.029
Value
$526,715
3528.541 32,751.309 32,493.856
Combed yarn. lbs
4.422.294
679.463
720.584
3,814.429
value
3531,492
3480,051 $2,959,172 $3,178.519
3ewing crochet, darning and
embroidery cotton, lbs
760,172
79.556
111.621
427.804
Value
391.880
3107,094
3484,058
3737.673
:lotto° hosiery, dozen pairs_ _ _
419,978
348,498
2.711,848
1,997.922
Value
1705 .
.11R
seas 7Sc
cg 1711 591
II ARA 715
* Beginning Jan. 11926.
Domestic Exports of Grain and Grain Products.
The Department of Commerce at Washington gave out
on Feb. 26 its monthly report on the exports of principal
grain and grain products for January and the seven months
ending with January, as compared with the corresponding
periods a year ago. The total value of these exports shows
a very substantial increase of the same month of 1926, the
amounts being $24,134,000 in January 1927, against but
$16,239,000 in January 1926. Wheat exports in January
this year were 8,078,000 bushels, as against only 2,411,000
bushels a year ago; exports of wheat flour amounted to
1,009,000 barrels, against 676,000 barrels; barley exports
were 1,006,000 bushels, against 783,000 bushels; rice exports,
22,376,000 pounds, against but 4,190,000 pounds and rye
exports, 795,000 bushels, against 191,000 bushels. Corn,
malt and oats, however, went out in smaller quantities in
January 1927 than in January 1926. The details are as
follows:
DOMESTIC EXPORTS OF PRINCIPAL GRAINS AND GRAIN PRODUCTS
January.
1926.
Barley. bushels
Value
Malt, bushels
Corn. bushels
Value
Cornmeal. barrels
Hominy. pounds
Oats, bushels
Value
Oatmeal. pounds
Rice. pounds
Value
Rye. bushels
Value
Wheat bushels
Value
Flour. barrels
Value
Biscuits (unsweetened).lbs__..
Sweetened. lbs
Macaroni, lbs
Total value
1927.
783.000 1,006.000
S765.000
5696.000
227.000
201.000
4.669.000 1.736.000
$4,241.000 $1,316.000
70.000
39.000
2.276.000 3.838.000
406.000
693.000
3213.000
3352.000
14.487.000 3.981 000
4.190.000 22,376 000
$912.000
$263.000
795.000
191.0(10
$876.000
S202.000
2.411.000 8.078.000
53.972.000 311.727.000
67)1.000 1.009.000
54.993 000 $6.919.000
735.000
784.000
541.000
32(3.000
751.000
621 000
Seven Mos. Ending Ian.
1926.
1927.
9.960.000
23.352.000
$20.857.4)0 57.59:1.000
1,726.000
2.008.000
9.711.000
12,723.000
$12,351.000 37.892.000
401.000
241.000
15,304.000 20.317.000
3.163.000
23.0:30.000
$12.188.000 31.530.000
109.524.000 83.016.000
16.704.000 85.470 000
51.001.000 $3.638.000
6.317.000
6.277.000
37.013.000 $6.595 000
37.743.000 118.385.000
$59.060.000 5170.594.000
8.741 000
6.019.000
543.691.000 $59,269.000
4.415 000
8.800.000
3,777.060
4.967.000
4,631,000
$16.239.000 524.134.000 3168.117.000 5268.870000
Current Events and Discussions
reports an increase of $25.
The Federal Reserve Bank of New York
The Week with the Federal Reserve Banks.
of $9.500.000, San
400,000 In its discount holdings. Chicago an increase
The consolidated statement of condition of the Federal Francisco $8,900,000. and Atlanta $4,500.000, while the Cleveland bank
and Kansas City of $2,900.000. The
Reserve banks on March 2 made public by the Federal shows a reduction of $7.700.000 Increase
of $26.300.000 in open-market
New York bank also reports an
deals
which
with
and
the
Reserve Board,
results for the acceptance holdings and San Francisco an Increase of 83.700,000. while
of 55.800,000. Chicago $3,800.000,
twelve Reserve banks combined, shows increases for the the Boston bank shows a decline
The System's holdPhiladelphia $3.200,000. and Cleveland $2.700.000.
week of $51,300,000 in bill and security holdings, $65,600,000 ings of Trea.sury notes and certificates were $3.700.000 and of United
totals.
week's
the preceding
in member bank reserve deposits, $8,600,000 in Federal States bonds $2,100,000 above
note circulation for the week
The principal changes in Federal Reserve
Reserve note circulation, and $2,900,000 in cash reserves. comprise
reported by the Federal Reserve Bank
83.300.000
a decline of
Holdings of all classes of bills and securities increased of Philadelphia and increa.ses of 53,700.000 at the New York bank, $2...
Atlanta. and 82.500.000 at Cie% eland.
during the week—discounted bills by $36,700,000, accept- 900.000 at Chicago. $2.700.000 at
The statement in full, in comparison with the preceding
ances purchased in open market by $8,800,000, at d Governdate last year, will be
ment securities by $5,800,000. After noting these facts, week and with the corresponding
pages 1324 and 1325.
pages—namely,
subsequent
found on
the Federal Reserve Board proceeds as follows:
Men. 51927.]
THE CHRONICLE
A summary of changes in'the principal assets and liabilities
of the Reserve banks during the week and the year ending
March 2 1927 is:as follows:
1287
they are made public the following week on Monday instead of on Thurs
day. Under this arrangement the report for the week ending Feb. 21
was given out after the close of business on Monday of the present week.
Increases (-I-) or Decreases (—)
Summary of Conditions in World's Markets According
During
Week.
Year.
to Cablegrams and Other Reports of the
+$2.900.000 +$230,400.000
Total reserves
+216.800.000
—1.500.000
Department of Commerce.
Gold reserves
—170.800.000
+51.300.000
Total bills and securities
—148.660,000
+36.700.000
Bills discounted, total
The Department of Commerce at Washington releases for
—70,900.000
+38.100.000
Secured by U. S. Govt. obligations_
—77.700.000 publication to-day (March 5) the following summary of con—1.400.000
Other bills discounted
+8.800.000
+2,400.060
Bills bought in open market
—14,800.000 ditions abroad, based on advices by cable and other means
+5.800.000
U. S. Government securities. total-- _
—1,400,000 of communication:
+2.100,000
Bonds
+1,600.000
—76,700.000
Treasury notes
CANADA.
+2.100.000
Certificates of indebtedness
+63.300.000
+41.600,000
+3.600.060
Federal Reserve notes in circulation
General trade in Montreal, Toronto and Winnipeg is normal for this
deposits
—12.700.000
+74.900.000
Total
business is rather quiet. Grocery sales are fair,
+6.900.000 season. In other centres
+65.600.000
Members' reserve deposits
Government deposits
—17,200,000 with an increasing demand for canned goods. Wholesalers of hardware
+7.500.000
and kindred lines continue optimistic and a fair volume of business in
paints is reported. Cotton twine prices have been reduced by lc. a pound
The Member Banks of the Federal Reserve System— in Montreal and by 43,ic..a pound in Toronto. Manufacturers of heavy
machinery for paper making and water power development are well emReports for Preceding Week—Brokers' Loans
ployed. The livestock pool of southern Alberta has made arrangements
In New York City.
to ship between 600 and 700 hogs a week to Spokane, Seattle, Portland
The Federal Reserve Board's condition statement of 675 and Tacoma.
The Gatineau Power Co. has purchased the power plant of the Maniwaki
reporting member banks in leading cities as of Feb. 23 1927 Power
& Telephone Co. developing 2,600 h.p. on the Gatineau River
shows increases of $23,000,000 in loans and discounts, (Province of Quebec) thus gaining control of nearly 1,000.000 h.p. of availenergy. The Government has contracted with the
hydro-electric
able
$11,000,000 in investments and $53,000,000 in time deposits,
Western Canada Airways, Ltd,. for an aerial freight and passenger service
partly as the result of the merger of a non-member bank in this
summer between Kettle Rapids, at the present end of steel o,i the
San Francisco with a reporting member bank,and a reduction Hudson Bay Ry., and the Bay.
of $121,000,000 in net demand deposits. Member banks in
New York City reported an increase of $12,000,000 in
investments, and declines of $62,000,000 in net demand
deposits and of $17,000,000 in borrowings from the Federal
Reserve Bank.
Loans on stocks and bonds, including United States
Government obligations, were $15,000,000 above last week's
total, increases of $9,000,000 in the New York district and
$11,000,000 each in the Cleveland and San Franicsco districts, respectively, being offset in part by a reduction of
$14,000,000 in the Chicago district. "All other" loans and
discounts increased $8,000,000 during the week, increases of
$25,000,000 in the San Francisco district and $15,000,000
in the Chicago district, being partly offset by declines of
$15,000,000 and $8,000,000 in the New York and Boston
districts, respectively. Loans to brokers and dealers made
by reporting member banks in New York City were $44,000,000 above the Feb. 16 total, loans for out-of-town banks
having declined $16,000,000, while loans for own account
and for others increased $41,000,000 and $19,000,000,
respectively. As explained in the footnote to this article, the
figures for these member banks are always a week behind
those for the Reserve- banks themselves. The statement
goes on to say:
GREAT BRITAIN.
The British Industries Fair, an annual event to advertise British goods
Birmingham
on Feb. 21. The lighter trades, such
opened at London and
as cutlery, clothing, chemicals, jewelry, foodstuffs, pottery, toys. &c.,
are exhibited at London, while the Birmingham section features general
machinery, hardware, metals and kindred trades. It is stated that the
demand for exhibiting space in both sections of the current fair has been
very much greater than that for many years past. The fair is scheduled
to close on March 4. The number of persons on the unemployment registers on Feb. 14 was 1,270,200 as compared with 1.331,500 at the end of
January, and 1,169,000 at the end of February 1926. Coal production
for the week ended Feb. 12 with 1,006,000 miners employed, amounted
to 5.360,900 tons, which was slightly below the output for the comparable
week of 1926. It has been definitely stated in Parliament that the Government will not take action toward compulsory co-operative selling of coal.
FRANCE.
The position of the ministry continues strong in spite of criticism by
Socialist members of Parliament against the proposal to make payments
on the debts to the United States and England before ratification of the
debt agreements with those countries. It is announced that the proposed
new customs tariff schedule will be presented to the Chamber of Deputies
on March 1. Deposits with the public treasury, requiring one month's
notice for reimbursement, which were opened on Dec. 13, were suspended
beginning Feb. 23.
GERMANY.
The German balance of trade for January was again unfavorable. Total
imports amounted to 1,1154,000,000 marks and exports to 800.000.000
marks, thus leaving a deficit of 354,000,000 marks; excluding gold and
silver, however, the unfavorable commodity balance was only 295,000.000
marks. Coal exports are gradually declining and losses were also registered
in the shipments of raw materials and finished goods. Increases were
Holdings of United States Government securities declined $5000000, noted in the imports of foodstuffs, raw materials, and finished goods.
relatively small decreases being shown for all districts except New York, The number of Government-assisted unemployed at the end of January
Atlanta, Minneapolis and Dallas. Holdings of other bonds, stocks and was 1,826.000, a decline of 0.7% in two weeks. Car loadings for the
securities were $16,000.000 above the previous week's total, banks in all last week in January averaged 132,000 daily.
districts, except San Francisco, reporting small increases.
CZECHOSLOVAKIA.
Net aemand deposits were $121,000,000 less than a week ago, the prinProfiting by surplus idle domestic capital and lower money costs, the
cipal declines being $70,000,000 in the New York district and $25.000.000 Government of Czechoslovakia will either
retire at maturity or, in coeach in the Boston and Chicago districts. Time deposits increased $56.- operation with a consortium of local banks, will convert
outstanding 6%
000,000 at reporting members in the San Francisco district and $53,000,000 3-year to 4%% 5-year treasury notes. Of
542,000.000 crowns worth of
at all reporting banks.
treasury notes maturing on July 11927. 60,000,000 are to be retired outBorrowings from the Federal Reserve banks increased $15,000,000 in the right for cash and the balance is to be converted. The
new notes are
San Francisco district and $10.000,000 in the Boston district, and declined callable at three months notice. Remaining 3-year notes now outstanding
$14.000.000 and $10,000,000 in the New York and Chicago districts, constitute a value of 760,000,000 crowns and mature partly in October
and
respectively.
partly in December 1927. It is expected locally that these will be retired
On a subsequent page—that is, on page 1325—we give the for cash thus closing out all 3-year notes now on the market.
ITALY.
figures in full contained in this latest weekly return of the
Figures recently published by the Ministry of Finance show that the
member banks of the Reserve System. In the following is
subscribers to the Lictor Loan numbered 3
which is greatly in
furnished a summary of the changes in the principal items as excess of the combined subscription lists of themillion,
six previous national loans
compared with a week ago and with last year:
floated since 1915. Cash proceeds of the Lictor Loan to Jan. 31 amounted
Increase (-I-) or Decrease (—) to 2.425,000.000 lire and the remaining 725,000.000 lire is to be paid in
Installments. These figures show that a greater proportion of this issue
During
has been taken by the Italian public and less by the banks than in the case
Week.
Year.
Loans and discounts, total
+$23,000,000 +$216,000,000 of previous loans. The first national loan floated in 1915. with 135,967
Secured by U. S. Government obligations- —2.000.000 —25,000,001, subscribers, returned 881,000,000 lire, and the second floated during the
same year, 'with 244,934 subscribers, returned 1,124,292,500 lire. The
++178:000000:000000
Secured by stocks and bonds
subscription list to the loan floated in 1916 numbered 488,310 and the
All other
++22147=0° proceeds amounted to
2,636,986,300 lire; in that of 1917 the proceeds
+11,000.000 +122,000,000
Investments, total
were 3,699,784,200 lire from a subscription list of 495.344. To the naU. 8. securities
—5.000.000 —161.000.000
tional
loan of 1918, 775.323 subscribed 5,926.304,300 lire.
+16.000,000 +283,000,000
Other bonds, stocks and securities
Reserve balances with Fed. Reserve banks_ _-113,000,000
—48,000,000
FINLAND.
+29.000,000
Cash in vault
—8.000,000
Finland's trade during December continued fairly active although both
—121.000.000 — 117.000,000 imports and exports were
Net demand deposits
somewhat lower than during the previous month.
+53,000,000 +518,000.000 This decline in foreign
Time deposits
trade is seasonal. The December import surplus
+2,000,000
Government deposits
—97.000,000 amounted to 92,000.000 marks, which returned an unfavorable balance of
Total borrowings from Fed. Reserve banks
+1,000,000 —120,000,000 25,400,000 marks for the
year, against a favorable balance of 66.600.000
marks for the 11 month period. This compares with a favorable balance
* It is not possible for the Federal Reserve Board to issue the weekly re- of 54,000,000
marks for 1925. Both imports and exports from the United
turns of the member banks as promptly as the returns of the Federal Reserve States during the
month were larger. The reduction in imports relieved
banks themselves. Both cover the week ending with Wednesday's business the tightness
in the money market. The easier tendency in the money
and the returns of the Federal Reserve banks are always given out after the market is
reflected in the increase ba the note circulation to 1,346,000.000
close of business the next day (Thursday). The statement of the member marks
and a decline in loans at the State banks of 18 000.000 marks to
banks, however,including as it does nearly 700 separate institutions,cannot
651,000,000 marks. General conditions in the export industries have
be tabulated until several days later. Prior to the statement for the week shown the
usual seasonal decline diming December although they remain
ending May 19 1926 it was the practice to have them ready on Thursday
satisfactorily active. Timber shipments during December were considerof the following week, and to give them out concurrently with the report ably lower
than during November but were nearly double those of December
of the Reserve banks for the next week. The Reserve authorities have now of last year
when the early winter stopped export movements. The enti
SUCCO 3 le,1 intiepoditing the tim lof the appearance of the figures, and
timber trade f r the year was more than 10% higher Am during 1925
1288
THE CHRONICLE
Shipments during December brought the total for 1926 to 2,239,282,000
board feet. The demand for lumber for next year's delivery continues
active.
NORWAY.
The Norwegian labor situation, following a long period of uncertainty.
is assuming a more threatening aspect. About 12,000 workers in the
textile, footwear, mining and Iron and steel industries have gone on strike
and additional conflicts including the paper and pulp industries are feared.
As a result of the uncertainty in the labor market and decreased consumers'
demand, industrial activity is low. The crown remains firm and a recent
statement of the directors of Norges Bank indicates the intention of a
return to par as soon as feasible. Money was plentiful during February
and many conversion loans were made, but it is now apparent that foreign
speculative capital is beginning to be withdrawn. The wholesale index
dropped markedly during January. Exports and imports decreased appreciably during January and resulted in an import surplus of about 11,200,000
crowns as against 16,000,000 crowns for December.
SWEDEN.
Sweden's economic situation was very steady during January but business
activity lessened somewhat. Money was plentiful and an optimistic tons
was evident in the private banks' statements for 1926. Lumber sales were
temporarily dull and quietness characterized the chemical pulp market
during the month. Iron ore shipments were quite satisfactory. Sweden's
January imports were valued at 105.523,000 Crowns, as against147,521,000
crowns during December, while exports totaled 89.737.000 crowns and
152.435,000 crowns, respectively. This marked decrease in foreign trade
activities was principally due to seasonal difficulties. Whereas, there was
an export surplus of 4,914,000 crowns for December, there was an import
surplus of 15,786.000 crowns for January.
[VOL. 124.
that will make possible through traffic from Aleppo to Bagdad is now under
consideration. It is reported that communication and trade across the
southern frontier is also being revived. and that the communities in South
Lebanon near the Palestine border which were so largely injured by last
year's hostilities, are now beginning to return to normal.
PALESTINE.
Climatic conditions have been extremely unfavorable in Southern Palestine. The situation is considered serious in some districts and a complete
failure of the barley crop in the region of Beersheba is considered possible.
Almost a total lack of pasturage has already resulted in the loss of :30 to
40% of the sheep and goats in this area. It is expected, however, that
with the coming of rain the situation will improve. In the northern part
of the country the weather has been very favorable and ploughing an
sowing have been carried on without difficulty. Strong gales and sandstorms, however, have caused considerable damage, particularly to the
fruit trees in the Jaffa area. Export shipments of Jaffa oranges up to the
first of January totaled 189.000 cases. Through the activities of the
Palestine Department of Agriculture, experiments are being made in the
introduction of new staple crops, such as ground nuts, flax and sunflowers.
and much attention Is being given to the problem of fertilization of the soil.
SOUTH AFRICA.
Following a period of heavy buying at the end of 1926, quietness continues to prevail in both retail and wholseale trades. The volume of this
business being transacted, however, is in excess of that realized at the
same period of last year and the outlook is being brightened by the better
crops prospects as a result of general rains. There is a fair degree of
activity in most of the industrial lines of the country, although some,
notably engineering, are depressed. The furniture, shoe, clothing, and
leather industries are well employed. Construction work is continuing
at a record level. The automobile trade is good, but agricultural implements are moving slowly and demand is sluggish for mining materials.
Gold production has been maintained at a high rate.
DENMARK.
Crisis relief proposals providing for a drastic reduction in Government
expenditures have been issued by the new Danish Government. Danish
Industrial activity and trade in general is still at a very low ebb, the latter
being practically stagnant, but a slight and slow basic improvement in both
DOMINICAN REPUBLIC.
is anticipated during the early spring. Unemployment has not decreased.
The marked improvement expected in business has not yet materialized
the February total of idle workmen being about the same as that of January. although the crop movements
of late spring are expected to generally
The money market is still very tight and, as there is apparently considerable improve the situation. The credit situation
is better, public and private
pressure on the exchange, an early easing is not expected locally. Prices construction active, the labor situation satisfactory
and reports of the
were stable during January. The official half-yearly cost of living index major crops favorable. Sugar
production estimate is now placed at
dropped only 3 points to 181. This decrease is not sufficient it is said to approximately 395.000 short
tons. Retail trade was quiet in February
affect the wages of laborers and Government employees. Danish shipping and sugar prices satisfactory.
Is only moderately well occupied.
GUATEMALA.
•
ESTONIA.
General economic conditions were unsatisfactory during the month of
At a meeting of the Inter-Ministerial Committee held early in February February due to low coffee price, and to the lateness and shortage of the
it was decided to call the monetary unit the "Est," which will be equal in crop. Business is dull and merchants are considerably overstocked.
value to the gold crown (same as the Scandinavian gold crown $0.268). Importations during the month of February were low. Money was tight
One "eat" will contain 100 "sayak." No gold money will be minted and draft collections very slow. The standard grade of coffee Is selling
although the monetary system will be organized on a gold standard basis. at 20c. a pound f.o.b. as compared with 25c. last year. Approximately
No date has been designated as yet when the new currency will be effective. 85% of the crop has been gathered and about 60% already sold. ApproxiPreliminary figures indicate that Estonia bad a favorable trade balance mately 40% of the total crop has been shipped. It is likely that about
amounting to 81.000,000 marks for 1926. (One estmark equals $0.00267)• 70% of the crop will be sent to Europe. Last year's prices are being
Imports were valued at 9.556.000,000 marks and exports of 9,637.000.000 offered at Bremen, Germany, for coffee grown in the higher altitudes.
marks. A favorable balance of 10,000,000 marks was returned during 1925. The coffee growers, excepting those in the highlands and those who contracted for the sale of their crop early in the season, will receive less than
GREECE.
The first official Greek statistics since the Pangslos regime show that the cost of production, which has increased about 100% in the last five years.
the United States displaced Great Britain as the leading country of origin
COSTA RICA.
of Greek imports during 1925, having a total of 1,800,000.000 drachmas
The commercial and industrial situation during the month of February .
($28.080,000) as compared to the British total of 1.500.000.000 drachmas was
quiet with the usual seasonal activities. Conditions in general were
($23.400.000). The discussion of the new Constitution and of the 1927-28 satisfactory. Refunding of
the Government's local obligations made
budget is still being carried on in the Chamber of Deputies and it is reported
that the various ministries have greatly reduced their estimates for expendi- possible by the recent eight million dollar loan. has resulted in a considerable
amount of idle capital and has reduced interest rates. Coffee shipments
tures in the coming fiscal year. Greek exchange continues steady but no
from Costa Rica to Feb. 17 were: London. 91.000 bags; Germany, 15,000:
Government plans for reorganization of the country's finances have yet
other European ports. 1,000; San Francisco, 4.000: other United States
been announced. It is expected in Greece that no new taxes will be instituted but that the general system of collections will be so improved as to ports, 1,500 bags. The local price outlook is favorable. There was a
sharp decline in the price of sugar during February to practically one-halt
substantially increase the Government's revenues. It is reported that
Customs receipts at Piraeus show a marked increase as compared to 1926. that of January. The December prices were rom $4 50 per quintal
There continues to be a certain amount of labor unrest because of the third grade, to $5 Si) first grade. The time for the receipt of bids for
increased cost of living and decreased purchasing power of the drachma. supplying the material for the Pintarenas wharf has been extended to
May 15 1927.
Building construction has been considerably reduced.
HAITI.
EGYPT,
Business conditions in Haiti during February continued dull, with exports
In order to counteract the results of the cotton market situation, the restricted and coffee prices showing a slight downward
tendency. American
Ministry of Agriculture has opened a department for the rigorous enforce- machinery has been ordered
for sisal preparation, and anothersbial contract
ment of the now law reducing cotton acreage. Business conditions as yet, Is being considered by American capital. Legislation now being conhowever, remain unchanged and importing continues unsatisfactory, with sidered includes a law which will assure sisal producers that export taxes
no marked improvement expected in the next few months. The financial will not be increased for 30 years,
and a proposed land law which will
situation is still rather unfavorable and some bankruptcies have been permit rental of the public lands at 6% of their appraised value. A new
registered in the Mixed Conrts, chiefly in connection with transactions in law now authorizes custom authorities to diminish or remit the penalties
cotton, cotton place goods, and cereals. The decline in cotton piece goods applied upon differences in weights of merchandise imported under the new
stocks in Alexandria warehouses, however,has continued steadily,indicating tariff. Public
and private construction continued active.
further proioess in disposing of the extraordinarily heavy stocks accumulated
at this ttaae last year. Ready money is scarce on the Egyptian market and
MEXICO.
little: nterest is show's In stocks and shares. The winter sowing has been
The increased import duties, the proposed new 5% gold tax on imports,
sucsessfully carried on. During the winter the Egyptian wheat crop has the special health stamp and the higher internal revenue taxes on alcohol
been sufficient to meet local needs and has been quoted at a lower price and tobacco manufactures have reacted on Mexican business which has
than that of imported wheat. The latest estimates made by the Egyptian become more irregular and disorganized. Many foreign orders have been
Government show the 1926 production in all crops to have been normal placed specifying that delivery be made before the new 5% tax and the
or above.
increased duties become effective. On the other hand some orders which
TURKEY.
can not be filled in time have been cancelled, European goods naturally
Comparative inactivity and depression continue on the Turkish market being affected more in this respect than American. (Note),—A cable lust
and in exchange operations, no extreme fluctuations in exchange having received from Mr. Wythe, dated Feb. 26,announces that as a result of
been recorded. The Grand National Assembly is still considering the protests from business interests, the new 5% tax on minimum valuation',
revision of taxes proposed by the Government at the opening of the session which was to have gone into effect on March 4. has been postponed by the
in order to equalize the distribution of the tax burden. It is assumed in Mexican Government. pending revision of the law. In spite of this.
Turkey that the taxes will be applied beginning with the fiscal year.June 1 increased customs duties and higher taxes seem already to have exercised
1927. It has been announced that negotiations have been practically an effect in depressing business and augmenting the cost of living.) Silver
completed with Belgian and Swedish groups for the construction of the coins remain at a discount of 12% as against gold. The Bank of Mexico
Sivas-Samsoun and Angora-Heraclea (Eregin railroads. Danish capital is is continuing to sell dollars against silver in order to maintain the rate.
reported to share in the latter of these two enterprises. The proposal of a
Petroleum Production Continues to Decrease.—Official statistics show that
free zone in Constantinople is reported to be again under consideration.
during December 1926, 6,219.000 barrels of petroleum were produced as
compared with 6,457.000 barrels for November. During January 1927.
SYRIA;
4,512,000 barrels of petroleum were exported, as compared with 5,567.000
Since Jan. 11927, all taxes are collected on a gold basis, payments to be barrels for December 1926. Increased competition resulting in heavy losses
made at conversion rates fixed by the Government, and in accordance with has induced the Tampico Street Railway System to announce its intention
a decree of the French High Commissioner all public financial accounts will of discontinuing service on March 14. The National Railways now require
be kept in Syrian-Lebanese gold. An advance of 50.000 Syrian pounds one-half of the freight charges to be paid in gold.
($32,450) has been made by the Syrian Government to the Agricultural
JAMAICA.
Bank of Aleppo for the purpose of extending loans to farmers. The foreign
trade situation of Northern Syria is improving and the customs receipts
The economic situation in Jamaica during February 1927 showed a
show a steady increase. The commercial agreements so long under di, continued general improvement as compared with February 1926. Retail
cussion between Syria and Turkey and Syria and Iraq are now reported business remained dull, but bank collections improved ever those of January
to have been negotiated. The construction of new railway branch lines and bank deposits were normal. The agricultural outlook is encouraging
MAR.6 1927.]
THE CHRONICLE
1289
PERU.
and the tourist traffic during the month was slightly larger than in February
Business conditions in Peru during the month of February while sub1926. Construction work continues active.
Total imports into Jamaica have increased by approximately 10% and normal in volume did not reflect any serious depression. With the movewhile the aggregate volume of exports showed little change, the value of ment of the new cotton crop beginning in the month of May some Imdeclared exports to the United States declined by $200.000, chiefly due provement is anticipated. Following the influx of imports during the
to the diversion of practically the entire coffee crop to Canada and the last two months to avoid higher import duties. Imports for the month
cessation of exportations of logwood and copra during the first three weeks of February were below normal, with purchases of foreign goods confined
of the month. Other important exports showing smaller decreases are: to light replacement demands. Sales collections in the interior are reported
sweet orange oil, pimento, annatto, ginger, skins and sisal. Leading sluggish. Exchange was fairly steady during February, being quoted
exports showing an increased value over February 1926 were bananas, between $363 and $365 to the Peruvian pound compared with $368
on Jan. 30.
cacao and cocoanuts.
PORTO RICO.
Automotive sales were light, the trade being disturbed by the failure of
the Government to register its disposition toward the application of Nov.2
February business conditions were better than those of the preceding
for a gasoline monopoly under Government control.
month but not quite as good as expected due to delayed crop movements.
The gold reserve on Jan. 31 was reported as Lp. 5.129.760, the note
The tobacco and sugar crop movement is expected to accelerate business
circulation at Lp. 5.965.103 and the bank clearings Lp. 6.281,740, comin March. Both the sugar campaign and the tobacco picking are progressing
pared with Lp. 5.148.076, Lp. 6.104,018 and Lp. 6,407,510 respectively as
and recent gains in sugar prices are encouraging the industry. Sales of
reported on Dec. 31 1926.
month
during
were
carnival
the
clothing
accelerated
men's
and
women's
The Peruvian Chamber of Deputies passed the Government guarantee
ending March 4, but staple sales were retarded during that period. The
of the $1,500,000 Callao improvement loan at 7%%, which the Senate
machinery market is seasonally dull and automotive sales were fair although
is expected to ratify. Congress must pass a bill regulating the collection
there was keen competition in the tire and accessory market. Collections of the tobacco revenues which are to be pledged to a well-known American
during February were fairly prompt and showed some quickening during banking house, before the pending contract for a $10,000,000 loan can be
the latter half of the month.
signed. The agricultural bank bill awaits only the president's signature
WESTERN NICARAGUA.
to go into effect.
URUGUAY.
There was only a slight adverse change in business conditions in general
The continued activity of operations in the cattle, hide and wool markets
during the month of February, although a large part of the business district
of Chinandoga was destroyed, with losses estimated at over one million in Montevideo has resulted in improved prices, especially for hides and
dollars, as a result of the recent battle. Business confidence declined when wool. Prevailing wool prices have reached the approximate level which
a four-day interruption occurred to railway traffic, but revived somewhat obtained at the beginning of the season in October 1926. which were conIn the expectation of more stable conditions as a result of the occupation sidered satisfactory by dealers. It is reported that more than 80% of the
at various points of the railroad by American forces. The Cordoba circula- 1926-1927 wool clip has been sold. As a result of higher price levels for
has been extion increased from 4,070.000 in January to 4,160,000 in February. Volume animal products a better movement in certain import lines
importations decreased from 3,200 tons for the entire month of January to perienced. On the whole, retail trade has enjoyed an excellent season.
1,600 tons for the first 24 days of February. but in spite of this. February It is probable that business will slacken somewhat after March 15 as the
customs collections through the port of Corinto were reported at $170.000, stimulus to buying provided by the carnival holidays and the preparations
or the same figure as for January. It is now estimated that the coffee and for the Presidential inaugural ceremonies will have subsided, and in addition
sugar crops will be 200,000 quintals. This is a further reduction of 25,000 the tourist season is almost over.
ARGENTINA.
quintals over previous estimates, due undoubtedly to the inability of the
planters to pick the coffee, in consequence of the drafting of labor for the
An exceptionally heavy export movement during February, which has
army and for the revolutionists.
continued since the first of the year, has resulted in the appreciation of
Argentine exchange to within 1% of parity. The average exchange rate
SALVADOR.
highest in several years. Business confidence
There was considerable inactivity in wholesale and retail sales during of the peso for 1926 was the
credit situation reflects a marked improvement. The
the month of February. Business interests were reported to.be exercising Is returning and the
future is decidedly encouraging.
immediate
the
for
outlook
caution pending the change of administration in March. The movement commercial
Harvesting and threshing operations in linseed and all cereals except
of coffee was very slow owing to the subnormal demand from abroad and
completed. Returns have fully confirmed first expectathe lateness of the crop. Prices continue weak and few shipments were corn are practically
tions of large crops characterized by high quality and good yields. Agrireported.
January and February totaled approximately
during
cultural exports
HONDURAS.
2.500.000 metric tons or a weekly average of about 312,000 tons.
Business throughout the Republic of Honduras during February was
The cattle market is still weak but a slight improvement in prices has
stagnant but the outlook is optimistic due to the increased activity of the materialized as a result of fewer offerings of heavy steers. Hide prices debasic agricultural industries. In the Puerto Castillo district excessive rains dined but the American demand is strong and Russian buying is still an
coupled with northern windstorms caused heavy losses to the bananna crop. important factor. The wool market is firm and active with February
Bridges were swept away and the road had washed out to such an extent prices advanced over those prevailing in January.
that traffic was completely demoralized. The January banana shipments
Most import lines have experienced the usual summer dullness but
of 719.500 stems were the lowest since February 1925. The sugar grinding greater activity is expected by the end of March. Automotive imports
season has begun.
in February declined to a very low level following the large January rePANAMA.
celpts. Continued construction activity in Buenos Aires, especially in
There was very little activity during the month of February in general office buildings, has given rise to fears of over-expansion in this field.
business circles, although there was a slight movement in retail trade due
BRAZIL.
to the carnival season. Bank collections are reported unsatisfactory and
Business in Brazil was slower in February than in January according to
very slow. Banana shipments from the Atlantic ports are normal for this
Attache Carlton Jackson at Rio de
time of the year. The National Government has entered into a contract a cabled report from Commercial
congressional eleofor the construction of a reinforced concrete pier. 343 feet long and 40 feet Janeiro. The Carnival holiday season and nation-wide
interior were responsible for
wide, at Aguadulce, a Pacific coast port 113 miles southwest of Panama tions as well as continued heavy rains in the
irregularity
City, with a population of about 8.000. The completion of the project the decline. The state of siege which has been maintained
will increase the docking facilities to three times the present capacity. for several years. was lifted during the month, taking effect throughout
to business.
beneficial
prove
to
expected
The total cost of the pier, warehouses and cattle landing will be some the entire country,and this action is
$148,000. It is reported that the contract also calls for the straightening Maintenance of a stable milreis seems to be the only feature of the new
monetary reform law which is effective and the Government denies attemptand dredging of the channel of the Aguadulce River.
ing to secure an external stabilization loan. Exchange has been steadier
BRITISH GUIANA.
during the past month than during any similar period for several years.
Coffee exports from Santos for the present crop (1926-27) through Feb.
No improvement occurred in the unfavorable economic conditions prebags went to the United
valent throughout British Guiana in recent months. Rains continue and 21, have been 6.802,159 bags of which 4.244.019
through the 23d amounted
these are expected to materially help the agricultural situation as well as States. February coffee exports from Santos
United States. Total
the
to
bags went
the mining industry. Corrected customs figures for 1926 shows anun- to 619,437 bags of which 351.006
170.853 bags of which 32,844
favorable trade balance of $225,000, the first adverse balance the Colony exports from Rio for 22 days amounted to
bags went to the United States. Entries at Santos have averaged 35.870
has had since 1921.
bags daily with the stocks slightly over a million bags on Feb. 23.
VENEZUELA.
Import markets were not so active during February, iron and steel prodGeneral business conditions throughout Venezuela were depressed in ucts were particularly dull with low stocks and hand to mouth buying. with
February except lin the Maracaibo region where the intensive oil develop- Americans competing only in galvanized sheets and tin plate lines. Twelve
ment contributes to the high purchasing power of the district and maintains
American tramcars have been sold to the city of Bello Horizonte.
prosperity. Exchange was low and bank collections are slow. The GovThe import flour market is dull as a result of the price reduction by local
ernment's program of public works, primarily highway construction, has mills to $4 88 per bag which about equals the price of first grade imported
been curtailed, releasing thousands of laborers for the agricultural destricts flour. The demand for American textiles is dull due largely to seasonal
where there had previously been a labor shortage. However, it is believed conditions. The movement is fair in automotive equipment lines but
that work on the public works program will be resumed at an early date. sales are lower than was expected because of important price increases. The
A noticeable falling off has occurred in the imports of cotton goods as a increasing importance of the used car is becoming a factor also and is someresult of the shifting of the demand to native-made goods. The Venezuelan what hampering the market. Sales of heavy trucks are slightly improved.
cotton mills continue to increase their output adding further to the competition in this commodity.
The two principal crops of the country, coffee and cacao, have both been
Dr. Nicholas Murray Butler on New Responsibilities
damaged by unseasonable rains which have greatly delayed the maturity
and Opportunities in Rebuilding of World through
of the crops.
Petroleum production continues to increase in quantity each month,
Development of International Commerce.
and 4,000.000 barrels were produced in January, the largest monthly proof the nations of the world for the
The
interdependence
duction to date.
BOLIVIA.
necessities of life was pointed
by Dr. Nicholas Murray
General business conditions in the La Paz district are showing increasing
stability, while in the Oruro district conditions are dull, due to the large
purchases made during the past few months and to forced sales. The
mining industry was active during the month of February. Tin producers
are satisfied with present conditions and are looking forward to a further
rise of prices on the market. The average price of tin for the month of
February was £306 with all indications pointing to an increase, provided
the demand in the United States continues. The January average price
of tin was £300. Dollar exchange was steady, the average for the month
of February being 2.93 bolivianos to the dollar. as compared with 2.92 for
January. The principal imports during January were: Lumber, canned
goods, oils, flour, and steel from the United States; machinery and wire
from Great Britain; steel from Belgium; machinery from Germany; and
sugar from Peru.
out
Butler, President of Columbia University, in an address on
March 1 at the luncheon of the Bond.Club of New York, held
at the Bankers' Club. Dr. Butler, who was Introduced by
President Whelpley of the Bond Club, stated that "one of
the great dominating problems of the statesmanship of today and to-morrow is going to be so to develop this necessary international commerce and so to manage this struggle
for raw materials, that these become aids and instruments
to international co-operation and friendship and peace, and
be not allowed to become agents and instruments of interna.
1290
THE CHRONICLE
tional friction and war." Dr. Butler noted that, given a certain amount of racial unity, and given a certain amount of
geographic unity, "each nation has endeavored to strive for
an ideal which we now find to have been impracticable from
the beginning, and that is economic self-support." He went
on to say:
[VoL. 124.
freight every day? Do you realize where our food comes from? One naturally thinks of the surrounding farms—New Jersey, Westchester, Long
Island, perhaps Central New York, Connecticut, or in a few cases remote
Massachusetts and Vermont. There come here every year 250,000,000
pounds of butter, and it comes chiefly from Minnesota, Iowa, and Illinois.
There comes here every year 50,000,000 pounds of cheese, and it comes
chiefly from Wisconsin„ Western and Central New York, and Illinois. The
fruits and vegetables which we use, and which we find in such extent and
variety throughout the year, come from all over the world, and their average haul is 1,500 miles. It would take a freight train extending from
here
to Salt Lake City to bring you what you use in fruits and vegetables every
twelve months in this metropolitan community. Do you realize that we get
butter from Siberia, that we get eggs from China, that we get cheese from
Palestine and Syria and the Gulf of Aden? Do you realize that if we have
New England pork and beans, we get the pork from the Argentine and the
beans from Mexico? Last Thanksgiving 250,000 pounds of turkey were
brought here from a country that never heard of Thanksgiving, the Argentine Republic, and I am informed confidentially that, being sold by the
pound—as an evidence of thrift in other lands than ours—many of them
contained lead slugs weighing two pounds and a half.
In the census of 1920, and there must have been an immense expansion
since then, we had 34,000 manufacturing establishments here, 70% of them
on Manhattan Island, producing $5,000,000,000 of product a year. Those
figures now, after seven years, must be greatly exceeded. That, gentlemen,
is a picture, a brief, succinct picture of the condition of the world's interdependence. Not even the United States can maintain its life on the basis
of our accustomed comfort, to say nothing of our luxury, without international trade, without supplies brought from other lands, and without depending upon other lands for some of the fundamentals of life. If that is
true of us, most favored of nations, how much more is it true of the various
European countries? Perhaps some of you have seen either the model which
is in the Bank of England, or the photograph of it which has been reproduced here in our press, showing the nations of Central and Western Europe
as they exist now since the Treaty of Versailles, with the tariff barrier
between them drawn to scale. If you look at that you see at once what is
the obstacle to the rebuilding of the economic life of Europe. The founders
of the American Republic were never more wise than when they wrote into
our fundamental law that there should be absolute freedom of trade between
the States of the American Union. If we had had tariff barriers, or export
duties, or any other artificial obstacle, between New York and Pennsylvania, New York and Wisconsin, Wisconsin and California, the life as we
know it of the American people would have been absolutely impossible.
We can put our lines of protection at the frontier and contain this immense
free trading area, but Europe cannot. Europe, cut up into these small
countries, far less self-sufficient economically than we, must, and in my
judgment shortly will, enter upon a series of economic treaties, conferences,
and trade relationships, that will begin to give them some of the advan•
tages which we enjoy naturally by the protection of the Constitution, and
that will make one or more large commercial, manufacturing, trading areas
under international arrangement. Personally I see no hope for the progress
of the Balkan States except in some such direction as that; and already,
without waiting for any formal or governmental action, without waiting for
any of the plans of political reconstruction that have been proposed, the
most far-seeing among the industrialists and the managers of great indua•
tries in Switzerland, in Holland, in Belgium, in France, and in Germany,
have already made working arrangements. There is now coming into existence a great Pittsburgh situated partly in Germany, partly in France, partly in Luxembourg, partly in Belgium. There is the raw material, and that
which cannot be found in that area is to be brought from the new mines in
Northern Sweden, of which this group has recently obtained control. To
bring ore from Sweden to the Ruhr is exactly like bringing ore from Minnesota to Pittsburgh. It is about the same distance, about a thousand miles.
It is about the same division between rail haul and water haul. These men
of commerce, industry, finance, are proposing to overcome the barriers of
national frontiers by these new economic and trade arrangements without
sanction of government. And when you look abroad and you find British
capital, French capital, American capital, going out into other lands in
order to develop their raw material, in order to bring that into the service
of industry, it is always to be borne in mind that there are two conflicting
spirits in which that enterprise can be undertaken, a spirit of mere selfishness, caring not what happens, or a spirit of larger public and human
service which is going to try to help to build an orderly, a canfortable,
and a peaceable world. There never was so heavy a burden laid upon men
of commerce and finance in respect of public policy as there is to-day.
They never had so large an opportunity to work directly upon matters af•
fecting the largest public Interest; and these occupations, these many-sided
activities which are yours, are, believe me, the modern, twentieth century
Instrument of building an orderly, a peace-loving and a prosperous civilianion.
Nations have endeavored to find a territory that would produce for their
population all the necessities of livelihood, and when they could not find
it nearby, they have gone out and tried to acquire it by overseas settlements, by colonies, and in these later days by the investment abroad in
natural resources of domestic capital in very large and increasing amounts.
Take Great Britain. Great Britain has no natural resources except coal
—none of the basic elements of economic life. Great Britain cannot support her population with food for more than six or seven weeks. That is
why she has become a manufacturing nation, importing raw materials, making them into finished products, shipping them overseas. That is why she
has become the greatest maritime nation. That is why she became the great
naval power. It is based, every bit of it, on the attempt to provide economic support for a steadily increasing population in the British Isles.
The United States, one would suppose, would be economically self-sufficient if any nation could be. Our enormous expanse of territory, our difference in climate, our diversified products stretching from the north all the
way down to the sub-tropics—one would suppose that there would be found
everything needed for the support of a population, however great. But
that is not the fact. Take rubber, which is now an absolutely fundamental
element in the economic life of man. It goes everywhere the automobile
goes. It goes everywhere the electric current goes—and the automobile and
the electric current go everywhere. We consume 70% of the world's product of rubber. We produce none. We have under the flag perhaps 5%.
Take print paper, the material out of which these numerous and widely
circulated newspapers and magazines of every kind are made. We produce
about 50%. We import about 50%. Take even petroleum, a basic product.
We produce about 70%, and we import still about 10%. The fact of the
matter is that as men's wants have multiplied, as the standard of civilization and the methods of living have been raised, the wants of men have
tended to become similar the world over. The civilized man in Scandinavia,
in Germany and Austria and Hungary, in the Balkans, in Italy, in France,
and Spain and Portugal, in South America, in the United States, want substantially the same things, and the natural supply is not only limited but
very, very widely scattered.
We find that fundamentals, like sugar and rubber and sisal and petroleum
and nitrates and potash, are put down, not under one flag, not distributed
according to population and per capita needs, but distributed according to some plan of nature of which we have no knowledge; and yet
we all want them. One of the great dominating problems of the statesmanship of to-day and to-morrow is going to be so to develop this necessary
International commerce, and so to manage this struggle for raw materials,
that these become aids and instruments to international co-operation and
friendship and peace, and be not allowed to become agents and instruments
of international friction and war. It is a gift of Providence if a nation
has the world's oil. It has no moral right surely to deprive the rest of the
world of oil on legitimate trading and commercial terms. The same would
be true of any of the fundamentals of modern industry and modern economic life.
Then we must remember what is frequently overlooked, that these basic
raw materials are of two very different kinds. When you take out of the
ground coal or copper or platinum or nitrates or potash you cannot put it
back unless you can discover more somewhere else. That is gone, and to
that extent you have used up your capital. Whereas if you use wool, or
wheat, or rye, or timber, as we have now learned, largely under German
leadership in the last generation, you can in time grow more and replace
it. Nor can you always rest satisfied even with the most authoritative statistics as to what is called visible supply. There was a time, for instance,
when, in estimating the visible supply of copper, ore yielding less than 5%
PM treated as negligible, but more recent metallurgical
processes have
enabled us to work successfully and profitably a 2% producing copper ore.
That has enormously increased the copper reserves of the civilized world.
Then you must remember that when prices vary and costs, you may interfere very largely with the use and application of a certain kind of raw
material. Take lead. Let the price of lead go up sufficiently, and you
shut it out from use in paint, but you do not shut it out from use in storage
batteries. The whole trade and commerce and industry of the world is made
up of this inter-play of these moving and movable factors, of these changing
circumstances and conditions, and the interdependence of the nations is
complete.
If I remember correctly, and if I do not remember correctly my friend
Secretary Mills, who knows all these things, will tell me—I think at the
present time our national exports are about five billions, and I think our
national imports are about three and three-quarter billions. That is a perfectly stupendous volume of commerce and trade, all of which is in the Secretary Mellon Accepts Offer for Payment of Installhands of the practical men of affairs in agriculture, in industry, in comment on French War Debt in Advance of Ratifimerce, in transportation, and in finance, and it is in their hands for use
cation of Funding Agreement—Socialist
either in a spirit of co-operation, human sympathy, usefulness,
or in a spirit
of mere selfish, national and international,
Party's Move for Ratification.
antagonism and fear and friction.
How great the interdependence is we do not
always realize. The war
The
offer
of
Premier Poincare to pay an installment on7the
taught us some things. On going to Germany
last year for the.first time
since the war, I was astonished at some of the
things that were said to me French war debt to the United States in advance of the
about the effectiveness of the blockade of Germany
and of the German peo- ratification of the funding agreement has been accepted by
ple. Some of the necessities of life, which in common with others
I had Secretary of
the Treasury Mellon. The Finance Committee
supposed were readily accessible overland from the back
country of Austria
and Hungary and other nations that were under German control or occupa- of the French Chamber of Deputies was advised of the
tion, were absolutely shut off from the German household. Such as they proposal
by the Premier on Feb. 22 in a letter in which he
had were only sufficient for the soldiers at the front.
How long do you suppose it would take to starve into submission this said the proposition was similar to that made to Great
metropolitan community gathered about the Port of New York? I have the Britain, and he hoped it would be accepted. The Associated
privilege just now of sitting as Vice-Chairman of the Commission appointed Press
advices from Paris at that time stated:
by the Mayor on City Planning and City Reorganization, and on that ComThe
Premier
said the agreement with London, which was provisional
most
illuminating experience to listen to the testimission it has been a
of the British Chancellor
mony given as to the trade of this port, not for the purpose of glorifying and covered one year, was made on the insistence
Churchill. NI. Poincare said he regarded the
it or emphasizing it, or saying, how great it is—that we know—but for the of the Exchequer, Winston
the
because
obligations it covered
Franco
for
arrangement
favorable
as
purpose of illustrating how dependent we are not only upon the rest of the
nation but upon the rest of the world; and what is true of New York, of were payable on demand.
M. Poineare declared categorically the Government had a right to
which I can speak from such knowledge as I have gained, is true, with mere
enter into this deal. since the prerogatives of Parliament were not touched
change of figures and illustrations, of the nations of the earth. Do you
and
that, on the contrary, temporary payments on the debts would give
realize that we have, taking this Port of New York as an entirety under the the
Chamber and Senate more leisure in which to act on the agreements.
Port Authority, including nearly ten millions of people—do you realize that
Ile recalled that payments were made in the last two years under prewe have coming into this port 160 different lines of steam vessels plying cisely the
same conditions to Uruguay. Belgium and Holland without
the seas, and that they bring here 125,000 tons of freight every day? provoking criticisms in Parliament.
That there is a ship going in or out of the Narrows every twenty minutes
The Premier's letter dealt exclusively with the French debt to Great
of daylight, year in and year out? And that over and above that, twelve Britain until at the end he said the same proposition had been made to
trunk lines are bringing to or from or through this port 200,000 tons at Washington and he hoped it would be accepted.
MAR. 5 1927.]
THE CHRONICLE
1291.
Paris, March 1 1927.
My Dear Mr. Secretary:—I have the honor to inform you that the French
Government has authorized me to deliver to you the enclosed declaration
by which they pledge themselves to pay to the Government of the United
States on June 15 next the sum of $10,000,000 without prejudice to the
ratification by the French Parliament of the definitive agreements.
I sin personally pleased by this result of our conversation.
Please accept, my dear Mr. Secretary, the assurances of my high con• sideration.
•
R. POINCARE.
Hon. Andrew W. Mellon, Secretary of the Treasury, Treasury Department,
Washington, D. C.
The French Government will pay to the Government of the United
States on June 15 1927 the sum of $10.000,000 on account of the existing
debt of the French Government to the United States exclusive of the debt
arising from the purchase of surplus war materials.
After a debt funding agreement has been ratified by the Congress of
the United States and the French Parliament it is understood that the
said sum of $10,000,000 will be credited to the annuities provided for in
such agreement.
The French Government will continue to make payments on account
of said war material purchase debt in accordance with the terms of the
existing obligations of France now held by the United States.
It is understood that the foregoing would in no way prejudice the ratification of the debt funding agreement concluded on April 29 1926.
R. POINCARE.
Secretary Mellon's reply follows:
Washington, March 2 1927.
My Dear Mr. President:—I have received from the State Department
your communication of March 1 1927, addressed to me, informing me
of the intention of the French Government to make a certain payment
to the United States Government on June 15 1927, and outlining the
understanding that is to govern the said payment.
I have examined your letter and would say in reply that the United
States Government will be pleased to receive the sum specified in accordance
with the plan outlined in your letter.
Assuring you, sir, of my highest esteem, believe me,
Very sincerely yours,
A. W. MELLON,
Secretary of the Treasury.
It is pointed out in the "United States Daily," that:
By means of the payment to which France has committed herself, it
becomes possible now for the Mellon-Berenger agreement to operate
retroactively in event of ratification within the next year of the funding
agreement. The Treasury, by accepting the French offer, agreed to
credit tho forthcoming payment as a part of the $30,000,000 annuity
provided by the Mellon-Berenger accord. France already is paying
$20,000,000 on account of interest on the $400,000,000 debt for surplus
war supplies,so that between the two payments, the annuity required will
have been met should die funding agreement be ratified.
Sugar, coffee, cocoa_ _
Raw materials, general_
Minerals and metals_
Textiles
Miscellaneous
4
25
7
6
12
705
662
683
628
668
6p1,
001,
COON000400
VVC4=0NZI•.CsiC•100
00000000000000
0000
On March 1 the French Cabinet approved the tentative tuations for the last three months of the different items that
text of the Franco-American provisional debt payment go to make up this general index:
agreement. The acceptance of the French Government's
No. of
January
proposal by the United States was made known by Secretary
Amides. (Provisional).
December.
November.
Mellon on March 2, when the text of the correspondence General Index number__
45
635
698
Home products
29
640
between Premier Poincare and the Secretary was made
698
Imported products
16
624
700
public. The following is the communication from Premier Foodstuffs,
general_....
20
605
643
s
Vegetable foods
624
687
Poincare:
Animal foods
.8
554
570
714
747
788
706
747
It is noted that:
The January index number for home products is 16 points higher than
that for imported ones. The decline in the index for raw materials, cornpared with the preceding month, amounts to 16 points, while the general
Index number for foodstuffs rose from 597 in December 1926 to 605 in
January 1927, an increase of 21 points on vegetable stuffs and 13 points
on sugar, coffee, cocoa, while the index for animal products, on the contrary, showed a decrease of six points.
The index of retail prices for Paris. which is also calculated on the basis
of 100 in 1914, showed a slight decrease, 592 in January 1927, as against
599 in December 1926 (480 in January 1926).
Oppose Capital Levy Plan—British CommitIee Suggests
Instead £100,000,000 Sinking Fund.
The idea of a British capital levy was rejected on Feb. 23
by a majority report issued by Lord Colwyn's Committee
on National Debt and Taxation, so a London cablegram
Feb. 23 (copyright) to the New York "Times" stated, its
advices continuing:
The committee, which has been deliberating since March 1924, finds
national savings have decreased since prior to the war by £150.000,000 to
£200.000,000. It recommends an increase in the sinking fund from £50..
000.000 presently to £75,000,000 and then by degrees to £100,000.000.
Until this is achieved the committee considers taxation should not be
reduced, while on the other hand new expenditures should not be embarked
on.
A minority report signed by the three labor members of the committee
and with a reservation by Professor Half, co-operative representative,
favors a capital levy as equitable, practicable and the best method of
dealing with the debt if accepted with good-will. As an alternative additional tax on unearned income is suggested. The majority report finds
the burden of taxation less crushing, than was expected and declares postwar taxes have not reduced the general standard of living of the working
classes below the pre-war level. It expresses the hope that an increase in
the sinking fund can be achieved within five years without increased
taxation, with aid of the allied loan repayments, reversions and possibly
expanding the revenue. Failing these, additional taaation is recommended.
Industry is found to have suffered materially from the effect of high income tax and supertax, but present taxation is not in the committee's view,
one of the main causes of industrial difficulty. As for death duties the
effect of estate duty on savings is more damaging than the income tax,
but it is declared it might be desirable to develop legacy and succession
duties beyond their present rudimentary stage.
Regarding a move by the Socialist Party for the ratification of the French debt agreement the New York "Times" Sir Montagu Norman of Bank of England Confers with
in a Paris cablegram (copyright) March 2, said:
Dr. Schacht of Reichsbank—Berlin Denies Visit
The demand for the ratification of the interallied debt accords, put forConcerns Stabilization of French Currency.
ward by Deputy Vincent Auriol as a Socialist Party move to embarrass the
Government, to-day was rejected when the Finance Committee defeated
A wireless message to the New York "Times"from Berlin
the motion by a vote of 17 to 9.
March 3stated:
Although M. Auriol
intends by obtaining the fifty necessary signatures
to renew his demand in the Chamber to-morrow, the committee's action
makes it certain that Parliament will conform to the Government's wishes
to shelve the question.
M. Auriol will be allotted only a brief period to state his case and a
prolonged debate will be unquestionably avoided.
The Government's victory was greatly facillated by the conclusion of
the recent special compact with Washington whereby France tentatively
conforms with the payments provided for by the Berenger agreement without prejudicing future action on that debt treaty.
Had Washington declined the offer, M. Auriol's motion might seriously
have blocked the Government's program and could conceivably have precipitated a crisis. But with the general satisfaction in Britain and America with the temporary solution of the debt question that Socialist attempt
to reopen the discussion will meet with little support.
Deputies Lamoureux and Paimade presented a resolution in committee
urging the reopening of negotiations with Washington for the purpose of
obtaining safeguard clauses which M. Lamoureux proposed to serve as an
explanation for the committee's rejection of the Auriol motion.
Upon Premier Poincare's opposition, however, M. Lamoureux withdrew
his resolution and the committee to-morrow will merely recommend the reJection of the ratification demand without discussing the motive.
M.Poincare again drew attention to the fact that the new accord with the
United States does not engage France to ratify the Derenger accord, but
leaves the way open for whatever action is deemed proper when the time
comes for a final decision.
M. Poincare, answering a direct question, admitted that the French
Government recently opened financial negotiations with the Bank of England, but declared that these conversations are still in a preliminary stage
and in no way influenced his course in the recent debt arrangements.
Decrease in Wholesale Prices in France.
The index of wholesale prices for France as compiled
by the French Government Statistical Office for the month
of January 1927 and transmitted to the Bankers Trust
Co. of New York by its French information service, shows
a decrease of five points when compared with that of the
preceding month-635 as against 640 in December, 647 in
January 1926 and 525 in January 1925. The following
table, made public by the company Feb. 26, shows the flue-
Though the purpose of the visit of Sir Montagu Norman, Governor of
the Bank of England,to Dr. Schacht, President of the Reichsbank, is veiled
with the secrecy customary to financial affairs, there is a belief here, according to the "Achtulir Abendblatt," that stabilization of the French franc
furnished the main theme in the present conference between the heads of
the two countries' banking establishments.
The fact that Sir Montagu Norman comes to Berlin directly from Paris
and that reports are current that he made a special study while there of the
possibilities of stabilizing the French currency through international aid,
strengthens this belief.
According to reliable financial sources here it is learned that Dr. Schacht
will not turn a deaf ear to Sir Montage's proposals, especially if the scheme
is laid along the lines by which the Belgian money was put on a stable basis.
For the purpose of aiding this scheme the Reichsbank gave the Bank
of Belgium a rediscount credit of 50.000.000 marks for exchange actions,
which could be used in case speculators threw too great a quantity of francs
on the market at any time.
Associated Press advices from Berlin the same date said:
The Reichsbank to-day issued an official denial of a report that the visit
of Sir Montagu Norman, Governor of the Bank of England,to Dr. Hjalmar
Schacht. is connected with the question of co-operation by Germany in the
stabilization of the French franc, which was described as a purely French
affair. The sole object of the visit, it was stated, was the customary dis,
ons.
bainks
cussion of the international financial position and edning
lona
qulest
entcy
u7na
eralin
cte
as occur periodically between the Presidents of leading
Lazard Freres Subscries to Capital Stock of International Bank of Amsterdam.
At the shareholders' meeting of the International Bank of
Amsterdam, held on Feb. 25, the capital stock was increased
from 14,000,000 guilders to 16,000,000 guilders. The
2,000,000 guilders additional capital stock has been subscribed for by Lazard Freres & Cie., Paris; Lazard Freres,
New York; and the Berliner Handels Gesellschaft. Pierre
David Weill, of Lazard Freres & Cie., Paris; Frank Altschul,
of Lazard Freres, New York, and Hans Fuerstenberg, of the
Berliner Handels Gesellschaft, were added to the board of
directors. An announcement regarding this also says:
1292
THE CHRONICLE
The profit of the bank for the year 1926 was stated to have been 2,249,325
guilders, out of which a dividend of 840,000 guilders, or 6%, was declared.
It will be remembered that the International Bank of Amsterdam began
operations May 2 1924, the capital having been subscribed by the following
institutions: Arnsterdamsche Bank, Amsterdam; Darmstadter under
Nationalbank K.a.A., Berlin; Be Twentsche Bank, Amsterdam; Messrs.
Ferrire, Lullin & Cie., Geneva; Lazard Brothers & Co.. Ltd., London;
Messrs. Lippmann, Rosenthal & Co., Amsterdam; Lloyds Bank, Ltd..
London; Messrs. R. Mees & Zoonan, Rotterdam; Schweizerische Bankgesellschaft, Zurich, Stockholms Enskilad Bank, Stockholm; Union Finanelere de Geneva. Geneva, and Whitehall Trust Ltd., London.
Spanish Treasury Ruling Affecting Duties on Gold
Imports From London Results in Higher
Peseta Rate.
The "Wall Street Journal" in explaining yesterday
(March 4) the rise in the peseta rate said:
Another small buying wave in pesetas developed (luring the foreign
exhcnage session, carrying the rate to as high as 3.I686, up 8.0007. The
move was considered speculative in origin, and some traders thought it
Indicated that groups here and abroad which were active in pesetas early
in the year are again accumulating.
A recent Spanish treasury ruling on payment of import duties in gold has
removed a factor which was a source of pressure on pesetas during January
and February. Spanish importers are permitted to pay import duties in
gold, at a certain set paper equivalent. Heretofore the paper equivalent has
been set once a month, effective the subsequent month, and was usually
based on the average peseta rate in the month previous to the one in which
it Was to become effective. Hence, when pesetas were rising in January
and February. Spanish importers could profit heavily by paying duties in
gold, and imported large quanties of sovereigns from Bank of England for
the purpose.
The new ruling provides that the gold payment rate be set three times a
month, and it is evidently the intention of the treasury to keep it high
enough to prevent important gold Imports. Practically no gold has gone to
Spain from England since end of February. Traders take the ruling as an
Indication Spanish finance officials are not as averse to a higher peseta
rate as had been thought.
Mexican Silver Crisis—President CaIles Orders Cessation on Coining or Recoining of Silver Pesos
and 50-Cent Pieces.
Special advices from Mexico City are announced as follows
In the "Wall Street Journal" of March 1:
On recommendation of the finance minister, President CaIles has taken
a drastic step to solve the continued silver crisis. Decree has been signed
by him ordering the cessation immediately of all coining, or recoining, of
silver pesos and 50-cent pieces. This, it is the official view, will materially
assist Mexico's sole bank of issue in strengthening the silver market as
against gold currency, on which the premium still runs about
12%•
The bank continues to sell dollars at a low rate in an effort to stabilize
present exchange. Previous to issuance of current decree, the ministry of
finance officials conferred with local bankers, merchants and industrialists
who agreed with the project.
Sugar Allotments—President Machado, of Cuba,
Announces Amounts Producers Can Grind.
From last night's "Sun" (March 4), we take the following
Havana advices:
President Machada has announced theamount of sugar that each leading
producer in Cuba can grind this spring. A fine of $20 will be imposed on
every bag produced in excess of the quota.
This action was taken by the President only after the Government sugar
Commission had failed itself to make allotments that were acceptable and
after the mill owners had been unable to settle among themselves the quotas
for each mill, the limit having been set provisionally by the commission.
The quotas for the leading companies, in which American capital is interested, as compared with the actual amounts ground last year, are as
follows:
Production in Bags.
Production in Baos.
1925-26.
1927.
1925-26.
1927.
Company—
Actual.
Quota.
Company—
Actual.
Quota.
Cuba Cane
4,273,701 3.401,121 Com panla Cubans._ 888,118 746.255
Cuban Anerican
1,922.310 1.776.647 Hershey Corporation 578.107 507,560
Punta Alegre
1,399.1105 1.197,839 ManatI
670,750 650.475
•Antilla Sugar
1 085.025 996,343 Vertientes
1.037.820 931.220
aCuban-DominIcan _1.437.222 1,186.071 CesPedes
310.222
265.646
American Sugar _ _ _•.1,123,275 1,030,000
Caracas
244.280 237,038
United Fruit
1 054,393 968,397 • Including Fidelity Sugar Co. a Does
Guantanamo
408,218 411.215 not include Santo Domingan properties.
The "Post" of last night stated that the sugar situation
in Cuba has been strengthened by the restriction operation
adopted this year, according to Charles Hayden, Chairman
of tho Executive Committee of the Cuba Cane Sugar Corporation, who has just returned from an annual inspection
trip. The "Post" further quoted Mr. Hayden as follows:
preliminary allocations
to mills indicate several inequalities,
The
he said,
but he added ho had "such confidence in President Machado I believe
during the progress of the crop any such injustices will be equitably
adusted.
"The consensus in Cuba," he continued, "Is there will be less now plant'.
rigs next year and there will be a reasonable advance in sugar prices after
ermination of the grinding season."
From present indications the season's Cuban sugar crop will be cornleted by April 20, according to the "Federal Reporter," which shows a
sompilation indicating an increase in production last month of 230,000
tons
over February 1928.
If the proposed restrictions are maintained, the limits may be reached at
an early date.
[VOL. 124.
The tendency of the Stock Exchange last week was uncertain, though
with firmness toward the end of the week, and average prices slightly above
those of a week ago. Speculators buy only for short terms, whereas the
outside public holds fast to the market in hope of still higher prices.
The Deutsche Bank and the Disconto Bank have just issued new and
emphatic warnings concerning the low yield of favorite speculative storks
at the present high prices, The Deutsche Bank condemns the "extensive
gambling passion of large circles of the population." Sentiment was nevertheless favorably affected by the Hamburg-American Line's decision to resume dividend payments at 6%.
It is understood that the North German Lloyd will pay the same dividend. Neither corporation has paid any dividend since 1923. It is unoffically stated that the Western Steel Trust, the Pereingenten Stahlwerke,
will pay a 3% interim dividend for the past half year.
Eternal Peace is Pledged by Belgium and Sweden—
Never to Go to War Over Any Issue.
A Stockholm Associated Press cablegram Feb. 20 Is announced as follows in the New York "Times":
The royal Swedish-Belgian matrimonial alliance between Princess Astrid
and Crown Prince Leopold last fall has been followed
by an agreement between the two countries never to go to war ever any subject, even those
usually excluded—"vital interests" and "national
honor."
In submitting this compact to the Swedish
Riksrlag Foreign Minister
Eliel Lofgren said that this was the first iime
Sweden had ever exchanged
such sweeping pledges with any nation outside those
of Scandinavia.
The methods of arbitration resemble those
already agreed upon with
Czechoslovakia. Treaties making war formally "illegal" under every conceivable circumstance are now in force between Sweden
and Denmark and
Finland, while a corresponding compact with Norway
is pending before
the Norwegian Parliament. Thus war has
been "outlawed" in the north
of Europe, where formerly there were almost constant
hostilities.
Rumanian Industry Flags—Rise in Leu Gives Trade
Competitors a Big Advantage.
An Associated I'ress cablegram from Bucharest was published as follows in the New York "Times":
Rumania is facing a probable stagnation in its industries owing to
the
increased value of its currency, which has reached the highest rate of
exchange in the past three years.
This fact, together with the high export taxes and transportation rates,
gives foreign competition an advantage over Rumania in the export
markets.
l'ress comments state that the rise in the value of the leu Is due to a
shortage of cash in the interior of the country and to the contemplated
loan of 200,000,000 gold marks, unofficial negotiations for which are being
carried on in Berlin with a syndicate of German bankers.
It also is reported that preliminary negotiations for a German-Rumanian
commercal treaty are to begin soon.
Spain's Consolidated Loan—Issue of 6,225,000,000
Pesetas Authorized—Maturing Loan Extended.
The following is from the New York "Times" of Feb. 21:
The European financial press notes that toward the close of last month
"the Spanish Government published a decree authorizing the issue of a loan
for the purpose of consolidating all the Treasury bonds at present in circulation, amounting in value to 5,225,000,000 pesetas, and falling due at intervals from February, 1927, up to 1931. The 1,095,000,000 due Feb. 4
may be redeemed in cash or in one of two categories of the new loan, either
in 5% bonds free of taxation at 98%, redeemable from 1937, or in bonds
carrying 5% interest, subject to tax of 20% on income, issued at 85.50c,
redemption commenecing in January, 1928.
"It is announced that of 1,095,000,000 pesetas in bonds maturing Feb. 4
only 6,500 have been presented for reimbursements in money. The subscription lists opened on Jan. 26 and they closed on Feb. 4. It is reported
that (luring the first four days 2,500,000,000 pesetas have been consolidated, or about 50% of the total Treasury bonds in circulation."
The following cablegram from Madrid March 3 appeared
in the "Times" (copyright):
Spain's floating debt was wiped out yesterday when the last of the
short-time government bonds were converted into fifty-year obligations at
5% interest, completing a financial operation which the government considers its best accomplishment next in importance to the pacification of
Morocco.
Under the royal decree, all the holders of Treasury notes are required to
ask for reimbursement or to accept the equivalent in new bonds.
The government expects the transaction which involves over 5,000,000,000
pesetas, to improve greatly the rate of exchange and to relieve business
from a constant strain in the money market due to the government obligations.
Report of Guatemalan Loan to Sacasa Denied.
From its Washington bureau Feb. 20 the New York
"Journal of Commerce" reported the following:
The report published in to-day's press stating that the Guatemalan GOVernment had received from the Mexican Government a $2,000,000 loan,
part of which was in turn paid to Sasaca, was categorically denied to-day
by the Guatemalan Minister in Washington, Don Francisco Sanchez Latour.
The Guatemalan Government has not floated any loan in Mexico; it Is
at present reorganizing its finances and has engaged for that purpose the
servicea of an American citizen, Findley B. Howard, it was stated.
London Group Makes Loan to Hungary—Amounts to
$15,000,000 and Will Electrify Railway to
Frontier, Government Explains.
Berlin Banks Again Warn of Speculation—Deutsche
A Budapest message to the Now York "Times", Feb. 24,
Bank Denounces "Gambling Passion" of People.
states:
After a week of heated oratory over the "mysterious Talbot loan," the
A cablegram from Berlin Feb. 20 to the New York
Government, through Minister of Commerce Hermann, has given, In
"Times" (copyright) says:
interpellation, the first
response
information
to a Socialist
official
regarding
Man. 5 1927.]
THE CHRONICLE
it. The loan, which was given by the London group behind Sir Gerald
Talbot, amounts to $15,000,000 and will be used to electrify the main
railway from Budapest to the Austrian frontier, a plan which Minister
Hermann said the Government has long contemplated. The Government
has treated the loan as a matter of urgency, because it is granted under the
British Trade Utilities Act, which expires on March 31.
The loan consists of two parts. The first is for £1,100,000, issued at
99, with interest at 5% and amortization in twenty-five years. The
second is for about E2,000,000 perhaps less, issued at 90, with interest at
6;4% and amortization in thirty-three years. Minister Hermann declared
about half the loan would be spent on orders occupying Hungarian industry
and denied that the contract had been signed.
The opposition maintains, first, that electrification of this road is less
urgent than many other matters; second, that too big a share is to be spent
for material British factories furnish, instead of Hungarian, and third, that
the loan is really intended to express thanks to England for its support of
the Bethlen regime at critical periods in the past. One reason for the
unusual agitation over the loan seems to be that local banks heavily
Interested in Hungarian industry want an individually larger portion of
the business.
The project is not to use hydroelectric power, but to generate power with
its own coal deposits near Budapest.
1293
bonds designated for redemption are payable at the principal
office of Dillon, Read & Co., Nassau and Cedar Sts., New
York, or at the office of N. M. Rothschild & Sons, London,
at the present rate of exchange. Interest will be paid to
April 1 1927.
Commerz und_Privat-Bank Offers Rights to
Stockholders.
Hallgarten & Co. announced this week that the Commerss
und Privat-Bank has offered to its stockholders the right
to subscribe at 165% on or before March 10 to additional
stock of the bank to the amount of 25% of the stock now
owned. New shares will be entitled to the full dividend
for the year 1927. Stockholders desiring to exercise or sell
their rights, should present their certificates without dividend warrants at the office of Hallgarten & Co., 44 Pine
St., for appropriate stamping before March 10 1927. CerSarre Mine Wages Reduced.
tificates must be accompanied, in case subscription rights
Associated Press cablegrams from Sarrebruechen, Ger- are to be exercised, by payment for the new stock at the
rate of $39 75 for each 100 marks par value subscribed for.
many, Feb. 26, state:
Facing an economic crises, the mine-owners to-day announced, against The new stock subscribed for will be delivered when received
the employes' protest, that wages would be reduced by 10% on March 16 by Hallgarten & Co.
in the Sarre Valley coal mines. Similar reductions are expected in other
Industries.
Exchange of Temporary Bonds of $3,000,000 Issue of
Rumania to Coin Gold—Head of Fe,dinand Will
Agricultural Mortgage Bank (Republic of Colombia)
Appear for First Time in New Mintage.
for Definitive Bonds.
The Rumanian Government decided on March 1 to issue
Dillon, Read & Co. announce that temporary bonds for the
the first gold currency bearing the portrait of King $3,000,000 issue of Agricultural Mortgage Bonds, Republic
Ferdinand, according to advices that date (copyright) to of Colombia, Guaranteed Twenty-Year 7% Sinking Fund
the New York "Times," which added:
Gold Bonds are now exchangeable for definitive bonds at the
The coins will be minted in London against a deposit of 100,000.000 lei
in the Bank of England. They will be issued in 20 and 50 lei denominations. office of the Central Union Trust Co. of New York, 80 BroadGovernor Burrillianu of the Rumanian Bank is going to London on way, New York City.
Thursday to settle the details and also, it is believed, to try to raise a loan.
$5,000,000 Republic of Colombia Gold Notes Sold by
Banking Syndicate.
Announcement that an issue of $5,000,000 Republic of
Colombia external gold notes of 1927 had been sold, was
made on March 1 by a banking syndicate composed of
Hallgarten & Co.; Kissel, Kinnicutt & Co.; Halsey, Stuart
& Co., Inc.; Lehman Bros.; Cassatt & Co.; William R.
Compton Co. and the Northern Trust Co., Chicago. The
notes are part of a total authorized issue of $10,000,000.
They are bearer notes in denomination of $1,000. They
are payable in United States gold coin of the present standard
of weight and fineness at the principal office of Hallgarten
& Co. or Kissell, Kinnicutt & Co., paying agents, in New
York City, without deduction for present or future Colombian taxes. Official advices state:
These notes are by their terms the direct obligation of the Republic
of Colombia, secured by its full faith and credit.
The Republic has agreed that the proceeds will be used in carrying out
certain public works within Colombia. . . .
The country is rich in natural resources, both agricultural and mineral.
In recent years its progress has been particularly marked: foreign trade
Increased from $94,300,000 in 1922 to $173,700.000 in 1925, national
revenues in the same period increasing from $21,292,000 to $45.039,000.
This increase has continued, inasmuch as in the year 1926 the revenues
exceeded $53,500,000. of which over $24,000,000 were applied to the
development of public highways. On the other hand, the total national
debt, both external and internal, which in 1922 stood at the equivalent
of $46,948,000, had been reduced at June 30 1926 to $23,407.000, a decrease
of over 50%.
The banking system of Colombia follows the lines of the Federal Reserve
System of the United States, the Bank of the Republic having been established in 1923. This bank now has a fully paid in capital of 10.000.000
pesos, a circulation of 40,000,000 pesos and a metallic reserve exceeding
42.000,000 pesos. The currency of the country is on a gold basis, the
peso, which has a gold parity of $0.9733, being now quoted at a slight
premium.
Offering of $450,000 5% Bonds of Virginia-Carolina
Joint Stock Land Bank.
C. F. Childs & Co. are offering an issue (to the amount
of $450,000) of 5% farm loan bonds of the Virginia-Carolina
Joint Stock Land Bank of Norfolk, Va., at 1033. and
accrued interest. To yield about 4.59% to redeemable date
(1937) and 5% thereafter. The issue is dated Feb. 1 1927,
will become due Feb. 1 1957, and will be redeemable at
par and accrued interest on Feb. 1 1937 or on any interest
date thereafter. The bonds, in coupon form, will be in
denomination of $1,000, fully registerable and interchangeable. Principal and interest (Feb. 1 and Aug. 1) will be
payable at the National City Bank, New York; Mercantile
Trut & Deposit Co., Baltimore, Md.; or the Virginia-Carolina Joint Stock Land Bank, Norfolk, Va., and Elizabeth
City, N. C. The Virginia-Carolina Joint Stock Land Bank
was organized on June 11 1919 and is authorized to lend in the
States of Virginia and North Carolina. The Bank's analysis
of loans as of Jan. 31 1927 follows:
$5,972,200 00
Total loans-1.535
$249,635 25
Principal payments
$15,474,844 00
Appraised value of land and buildings
247.042
Total acres mortgaged
$3,800 00
Average amount loaned per farm
160.9
Average number of acres per farm
61 00
Average appraised value per acre of land and buildings
$24 17
Average amount loaned per acre
Percentage of amount loaned to appraised value of land and
buildings
38.5%
Its capital is reported as $350,000; surplus and profits,
$77,187, and reserve (legal), $34,700. Farm Loan bonds
outstanding aggregate $5,550,000.
President Coolidge Signs Bill Amending Cotton Futures
Act Putting New Orleans on Par with New
York and Chicago.
President Coolidge on Feb. 26 signed the bill introduced
by Senator Ransdell of Louisiana amending the Cotton
Futures Act so as to place the contract of the New Orleans
Cotton Exchange on a parity with that of New York and
Chicago. Reference to the fact that the bill had passed
the Senate on Feb. 9 was made in our issue of Feb. 12,
bill Feb. 21; mention of
Call for Redemption of Portion of United States of page 872. The House passed the
26, page 1160. The
Feb.
this
was
columns
made
in
these
Fund
Gold
Sinking
Brazil 63, % External
Bonds
enacted into law:
been
following
is
the
has
bill
as
it
of 1926.
A bill to amend and re-enact an Act entitled "United States Cotton
Dillon, Read & Co., as trustee for the sinking fund of Futures Act," approved Aug. 11 1916 as amended.
Be
it enacted by the Senate and House of Representatives of the United
the United States of Brazil 06% external sinking fund gold
States of America in Congress assembled, That the Act entitled "united
United
States of Brazil States Cotton Futures Act," approved Aug. 11 1916, as amended, be
bonds of 1926, announce that the
has designated by lot for redemption on April 1 1927 $309,500 amended as follows:
In Section 6, after the words, "established by the sale of spot cotton,"
principal amount of United States of Brazil 06% eternal strike
out the following words: "In the market where the future transsinking fund gold bonds of 1926, due Oct. 1 1957. The action involved occurs and is consummated if such market be a bona fide
Bonds of Cauca Valley (Republic of Colombia)
Available in Definitive Form.
J. & W. Seligman & Co. announce that definitive bonds
of the issue of $2,500,000 Department of Cauca Valley,
Republic of Colombia 20-year sinking fund 73%, due
Oct. 1 1946, are now ready for delivery with the April 1
1927 and subsequent coupons attached, in exchange and
upon surrender of interim receipts at their office, 54 Wall St.
1294
THE CHRONICLE
spot market; and in the event there be no bona fide spot market at or
in the place in which such future transaction occurs, then, and in that
case, the said differences above or below the contract price which the
receiver shall pay for cotton above or below the basis grade shall be determined by the average actual commercial differences in value thereof.
upon the sixth business day prior to the day fixed, in accordance with the
sixth subdivision of Section 5, for the delivery of cotton on the contract,"
so that Section 6 as amended will read as follows:
"Sec. 6. That for the purposes of Section 5 of this Act the differences
above or below the contract price which the receiver shall pay for cotton
of grades above or below the basis grade In the settlement of a contract
of sale for the future delivery of cotton shall be determined by the actual
commercial differezces in value thereof upon the sixth business day prior
to the day fixed, in accordance with the sixth subdivision of Section 5,
for the delivery of cotton on the contract, established by the sale of spot
cotton in the spot market of not less than five places designated for the
purpose from time to time by the Secretary of Agriculture, as such values
were established by the sales of spot cotton, in such designated five or
more markets: Provided, That for the purposes of this section such
values in the said spot markets be based upon the standards for grades
of cotton established by the Secretary of Agriculture: And provided
further, That whenever the value of one grade is to be determined from
the sale or sales of spot cotton of another grade or grades, such value shall
be fixed In accordance with rules and regulations which shall be prescribed
for the purpose by the Secretary of Agriculture."
Directors of Arkansas Cotton Growers' Co-operative
—Association Call for.Closing of Pools March 15—
Five-Year Agreement with American Cotton
Growers' Exchange.
The directors of the Arkansas Cotton Growers' Co-operative—Association, at their monthly meeting at Little Rock,
Ark.,Feb.23,instructed officers of the association to close the
pools on March 15. A dispatch from Little Rock to the
Memphis "Commercial-Appeal" in making this known also
stated:
[VOL. 124.
passing the bill was 208 to 49. The following is the text
of the bill as passed by Congress and signed by thePresident:
AN ACT
Authorizing an appropriation of $8,600,000 for the purchase
of seed grain,
feed and fertilizer to be supplied to farmers In the crop-failure
areas
f of the United States, and for other
purposes.
Be it enacted by the Senate and House of Rrpresentatives of the United States
of America in Congress assembled. That the Secretary of Agriculture is
hereby authorized, for the crop of 1927, to make advances or loans to
farmers in the drought and storm-stricken areas, comprising what are known
as the Northwestern States and cotton States of the United States where
he shall find that special need for such assistance exists for the purchase of
wheat, oats, corn, barley, and flaxseed, legume seed, for seed purposes,
for nursery stock, of feed and fertilizer, and, when necessary, to procure
such seed, feed, and fertilizers and sell same to such farmers. Such advances, loans, or sales shall be made upon such tems and conditions and
subject to such regulations as the Secretary of Agriculture shall prescribe,
including an agreement by each farmer to use the seed and fertilizer thus
obtained by him for crop production. A first lien on the crop to be produced from seed and fertilizer obtained through a loan, advance, or sale
made under this section shall, in the discretion of the Secretary of Agriculture, be deemed sufficient security therefor. The total amount of such
advances,loans, or sales to any one farmer shall not exceed the sum of $300.
All such advances or loans shall be made through such agencies as the Secretary of Agriculture shall designate. For carrying out the purposes of this
Act there is hereby authorized to be appropriated, out of any moneys in
the Treasury not otherwise appropriated, the sum of $8,600,000, to be immediately available: Provided, That of said amount not more than
$2,500,000 shall be used for loans,advances,or sales for fertilizer in drought-stricken
areas, in the cotton States of Georgia and South Carolina, and western Alabama, and not more than $600.000 shall be used for loans, advances, or
sales for fertilizer or fertilizer material or nursery and sugar
cane stock In
storm-stricken areas in Florida and Louisiana: Provided, That
not less than
$5,000,000 of this fund shall be available In the States of South Dakota,
North Dakota and Montana.
Sec. 2. That any person who shall knowingly make any false representation for the purpose of obtaining an advance, loan, or sale under this Act
shall, upon conviction thereof, be punished by a fine of not exceeding
$1,000, or by imprisonment not exceeding six months, or both.
A circular issued by the Department of Agriculture regardIt was explained that this action does not relieve members from delivering
any cotton that they may gin after March 15, but merely means that cotton ing the procedure in making
applications for loans follows:
received after that date will not go into the regular pools.
As soon as the appropriation is mane for carrying into effect the authorThe action, it was said, was taken to enable the association to make an ization for seed
and feed loans under S. 5082, a field office will be estabearly settlement with members on their 1926-27 cotton. It is hoped that lished at Aberdeen,
S. D., for the receipt of applications from farmers in
the final settlement on 1926-27 cotton may be made before the end of April South Dakota,
North Dakota and Montana, and one at Manhattan, Kan..
U demand continues good.
for farmers in Nebraska and Kansas. Application blanks, note and mortThe directors voted to renew for five years the association's agree- gage forms
and Instructions will be sent from these field offices to county
ment with the American Cotton Growers' Exchange. The latter, which agricultural
agents In the drought-stricken counties for distribution to
has headquarters in Memphis, is a federation of 11 of the State cotton co- convenient places
In their counties for the use of farmers. In counties
operatives. It was said that affiliation with the exchange gives the Arkansas
where no county agricultural agents are employed, the blanks usually will
association benefit of research work that is being carried on by the exbe sent to county auditors.
change.
Community and county committees will be designated by the adminisExperts of the exchange are trying to find means of extending the
use trative officer in charge of the field office, the duty of these committees
of cotton and they keep the State associations posted as to the cotton being to pass on 'applications
for loans and forward them to the central
market conditions, both from a national and international standpoint. office. On completion
of the application, note and mortgage, the applicant
While the Arkansas association will retain control of its own cotton sales. will turn over all papers to the community committee,
which will fill In and
it is said that the exchange offers a valuable supplementary sales service. sign the community committee certificate
on the back of the application
It has representatives in many of the cotton-consuming foreign countries blank. The community committee
will then forward applications to the
where it would be impractical for the State exchanges to maintain a repre- county committee.
The principal duty of the county committee Is to act
sentative.
as a board of equalization on the recommendations of community committees
The formation of the Cotton Growers' Co-operative Asso- and also to give such further information as may be available to them.
On receipt of the completed application, note and mortgage at the central
elation was noted in our issue of Dec. 18, page 3126.
field office, all payers will be examined and If found in proper form the loan
will be approved and check issued to the borrower by a special disbursing
agent. Applicants who have previously given mortgages on their 1927
President Coolidge Signs Bill Authorizing Appropria- crops will be required to supply waivers from these mortgages to the exof the Government's claim. Loans will be made to tenants If a similar
tion of $8,600,000 for Ptirch—
ase of Seed Grain andl tent
waiver, signed by the landlord, accompanies the application.
Fertilizer for Farmers in Drought and StormUnder the terms of the Act the maximum loan which can be made is
$300. Loans will be made for the purchase of seed wheat, oats, barley,
Stricken Areas—Procedure in Applying for
corn,flax, alfalfa and sweet clover, and for the purchase of feed for livestock
Loans.
necessary in farming operations. The notes will bear 5% interest and will
On Feb. 26 President Coolidge signed the Norbeck- mature Nov. 1 1927. The law requires that the borrower give a chattel
mortgage
to the United States on the crops to be grown from seed purchased
Johnson seed loan bill which was passed by the Senate on
with the proceeds of the loan.
Feb. 8 and by the House on Feb. 21. The bill authorizes an
The office at Aberdeen, S. D., will be in charge of Dr. C. E. Lelghty,
"appropriation of $8,600,000 for the purchase of seed grain, and that at Manhattan. Kan., in charge of Mr. T. Weed FitliVey. The
field
offices probably will be opened about Mar. 7. Letters should be adfeed and fertilizer to be supplied to farmers in the crop
dressed to the Farmers' Seed Loan Office at Aberdeen, S. D., or Manfailure areas of the United States, &c." It authorizes hattan, Kan..
as the case may be.
$5,000,000 for grain seed loans in Montana, North and
Full publicity will be sent to all local newspapers as soon as possible, inSouth Dakota; $2,500,000 for fertilizer in the drought areas cluding the names of community and county committees.
C. W. WARRURTON,
of Georgia, South Carolina and Western Alabama, and
Chairman, Advisory Seed Loan Committee.
$600,000 to rehabihtate sugar
U. S. Department of Agriculture.
cane fields and orchards in
Louisiana and Florida. It provides that no farmer can
borrow more than $300. On Feb. 27 it was stated in a Grain Futures Market of New York Produce Exchange
Washington dispatch to the "Journal of Commerce" that
Advised by Department of Agriculture that Reports
while the bill authorizes the expenditures, the appropriation
on Long and Short Position in Excess of 500,000
of $8,600,000 was still to be made. The House on Feb. 26
Bushels no Longer Required.
refused to include the appropriation in the deficiency bill,
The New York Produce Exchange on Feb. 28 received a
failing by only a few votes, the.account said, adding:
letter from the United States Department of Agriculture
Representative Johnsen expressed the confident hope that
this can be notifying members of the Grain Futures Market that in
done in the Senate and Chairman Madden of the 'House Appropriations
Committee is of the same opinion. Applications for loans under its pro- future they would not be required to file reports covering the
visions are already coming in.
long or the short position of individual accounts in excess of
On Feb. 21, when the bill passed the House, Associated 500,000 bushels, as has been compulsory since January of
Press advices from Washington said:
last year. The letter, which was signed by Dr. J. W. T.
Representative Rainey, Democrat, Illinois. opposing the bill, described it
Duval, chief of the Grain Futures Administration of the
as "the worst pork barrel legislation ever coming before Congress," but
Representative Johnson, Republican. South Dakota, one of its sponsors, Department, said that the rule was being abrogated to help
declared such legislation was well founded upon precedent. The bill also bring about a more active market and better prices for farm
was opposed by Representative Carter, Democrat, Oklahoma, who attacked
products. Dr. Duval's letter said in part:
It as class legislation.
Reference to the adoption of the bill by the Senate was
made in our issue of Feb. 12, page 872. The vote in the
House Feb. 21 on the question of suspending the rules and
This action has been taken with a desire to facilitate as far as possible
an active market for farm products as more satisfactory prices to the
farmers. This order is being issued with the reservation that its continuance
is to be based on the absence of undue price fluctuations which would Indicate trading operations of such a character or size as to constitute an attempt
MAR. 5 1927.]
THE CHRONICLE
at manipulation. This will place Wheavier burden on the business conduct
committees of the various exchanges, and I am sure your committee will
be willing to assume this additional responsibility.
President B.H.Wunder,to whom the letter was addressed,
said he had no comment to make-Other than to express We
hope that the lifting of the rule would be helpful in bringing
about the results desired by the Department of Agriculture.
The clearing members of the New York Grain Futures Sinu i• et
will continue to report the total purchases and sales and the
aggregate long and the aggregate short open accounts on
their books.
Opinion of Attorney General Sargent Holding Provisions of McNary-Haugen Farm Relief Bill in
Violation of Constitution.
Along with his message vetoing the McNary-Haug•en farm
relief bill President Coolidge, as was noted in our issue of a
week ago (page 1155), sent to the Senate on Feb. 25 an
opinion by United States Attorney General Sargent in which
certain of the provisions in the bill were held to be in violation of the Constitution. In his conclusions the Attorney
General said:
"I have considered these questions with realization of the grave responsibility involved in passing on the validity of Acts of Congress, and with
appreciation of the rule that the courts will indulge in every presumption
to support the validity of legislation and that no Act of Congress will be
declared invalid unless plainly so, but nevertheless, I feel constrained
to
advise you that the act in question, if approved, would, in its most essential
provisions, violate the Constitution of the 'United States, in that
it takes
from the President and constitutional executive power and duty
of making
appointments to fill the offices created by it and by legislation confers
that power upon others; in that Congress delegates its constitutiona
l power
of legislation to private co-operative associations and
corporations, and
Individuals acting collectively, and the board created by
the statute; in
that it contravenes the provisions of the Constitution against the
taking of
property without due process of law."
The full text of the opinion, which was addressed to the
President, follows:
Sir:—In response to your request for an opinion as to whether
the Act
entitled "An Act to establish a Federal Farm Board to aid in the orderly
marketing and in the control and disposition of the surplus of agricultural
commodities," called the "Surplus Control Act," if approved, would contravene the provisions of the Constitution of the United States, I must
submit herewith my conclusions.
Without going into a minute analysis of the provisions of the Act, it is
necessary, in order to bring out the constitutional questions presented, to
state in a general way its purpose, effect and operation, as disclosed by the
terms of the Act itself and the reports of Congressional committees dealing
with it.
The Act provides for a Federal Farm Board of twelve members, to take
charge of the control and disposition of surplus, over domestic requirements, of certain agricultural commodities. In Section 3, the Act prescribes the qualificatons and terms of office of the members of this board;
but it is further provided in Section 2 that the appointment of the
members of the board by the President shall be made from lists of eligibles
submitted by nominating committees for each of the Federal Land
Bank districts.
One member is to be selected by the President from a list
of three so
submitted by the nominating committee of each district.
Of the members
of each nominating committee four are to be chosen by farm
organizations
,
two are to be selected by the Agriculture Departments of
the States in the
district, and one is to be appointed by the Secretary of
Agriculture.
The provisions of the Act come into operation with respect
to the control
of surplus agricultural commodities, and the board is to
commence operations only when such action is recommended by an advisory
council, who
are appointed by the board from lists submitted by State
partments and by co-operative marketing associations andAgricultural Defartn organizations, and, when that recommendation is concurred in, by a
number of co-operative associations and other organizations substantial
representing
producers of the commodity to be dealt with.
When the machnery of the Act is thus set in motion, control
and dispositon of the surplus are to be effected by contracts made by the board
with
co-operative associations or their creature corporations, or, if the
board is
of the opinion that such associations or organizations are not
capable of
carrying out such agreements, then by contracts with other agencies.
The
contracts so made shall provide that the contracting agencies
shall purchase, remove, hoard, and withhold from the market, or otherwise
dispose
of, the surplus of the commodities. The primary object of these
operations
is to stabilize, that is, to fix and then maintain, the prices at
which the
commodities may be bought and sold in the market.
At the disposition of the board is placed a stabilizaton fund
for each
commodity, to be created by the imposition of what is called an
equalization fee on certain sales, transportation or processing of the
commodity in
question. A revolving fund is provided from public funds, from
which advances may be made to the stabilization fund, and which advances,
it is
contemplated, would be repaid if the stabilization fund is sufficient
therefor.
The Act contemplates that contracts made by the board shall
provide
that losses and expenses incurred by the selected agencies in their
operationa in dealing in a commodity shall be made good to the agencies
out
of the stabilization fund, and that profits resulting from the
operations
In the commodity shall be paid into the stabilization fund.
The purpose and effect of the statute is to fix the prices at
which certain
agricultural commodities may be bought and sold in the domestic
market
and prevent the depression of prices of such commodities
in the United
States to the level of prices in the world markets which
results from the
existence of a surplus in excess of domestic requirements
.
This is the purpose declared
in the reports of Congressional committees,
and it is derived from the plain terms of the Act itself.
The
chase, hoarding, withholding, sale or other disposition of the control, pursurplus commodities are only means to an end, which is, first, to
price for the commodity to be established in the domestic determine upon a
markets
and then
to maintain that price. All operations by or under the
board would be aimless unless the board first establishes direction of the
its
the price which it believes should prevail in the domestic objective, viz.,
markets.
1295
Having made the decision as to price, the board would then
conduct fts
operations to bring the market price to the level so
determined upon and
there maintain it. This is to be done by acquisition of
sufficient of the
commodity and withdrawal of it from the ordinary
channels of trade to
establish a partial corner.
When that result is brought about by manipulating a market
through its
control of the surplus, and the purchase or sale of the commodity
controlled,
the price determined upon would be maintained. The contracts to be
made
by the board of agencies would undoubtedly give the board full control
over such matters.
In other words, in legal effect, by necessary implication this Act direct*
the board so established to determine what the market price shall be for
the purchase and sale in domestic markets of the agricultural commodity
dealt wfth, and then, having made that determination, to make it effective
and operative by using the financial resources at the board's disposal. The
legal effect of the Act, aside from the delegation of legislative authority
hereafter mentioned, is the same as if Congress itself had named the price
and then established agencies to conduct operations in the commodity to
carry out its determination.
This analysis of the Act does not impute to Congress a motive or purpose
not disclosed on the face of the statute. On the contrary, both from
the
commtttee reports and the terms of the Act, it is obvious that the statute
was intended to so operate and that unless it does so operate it will fail of
its purpose.
L One provision of the Act which is plainly in violation of the Constitu•
tion is that which limits the President in his appointment of members
of the board to select in each district one man from a list of three submitted by a nominating committee.
Among the executive powers conferred and duties imposed upon the
President by the Constitution is the one that the President shall
nominate
and by and with the advice of the Senate appoint all officers. This provision of the Constitution not only confers upon the President a power, but
imposes upon him a duty to exercise his judgment in the selection ef appointments of higher officers. It contemplates that his appointments shall
be made by and with the advice and consent of the Senate, and not by
and with the advice and consent of any other person or official. It is one
thing to prescribe qualifications for appointment to an office and an en.
tirely different thing to provide that some agency other than the President
shall participate in the executive act of selection of the individual appointee.
To provide that certain committees or individuals who are not even
officers of the United States shall designate a limited list from which the
President is required to select the appointees is not in any proper sense
prescribing qualifications but in authorizing these outside agencies to par.
ticipate with the President in the executive act of appointment.
There are a few instances in our legislative history where Acts have been
passed and approved which placed such restrictions on the Presidential
power of appointment but the question here considered does not seem to
have been made an issue, and, taken as a whole, these instances do not constitute a practical construction of the Constitution of any
considerable
weight or which should be accepted as controlling the plain provisions
of
that instrument.
The principles annOunced by the Supreme Court in the case of
Lois P.
Myers, administratrix, v. the United States, decided Oct. 25 1926,
although
stated in relation to removal instead of appointment, leave no room
tO
doubt that this provision of the Act is unconstitutional and void.
2. There is also the question whether in this Act is found any
unconstitutional delegation of legislative authority. It has been
generally understood that there is no delegation of legislative authority where a
controlling
rule is fixed by the legislative body, and the power delegated
is a power to
apply that rule to some specific facts or to determine facts
on which the
legislative action depends.
From practical necessity, resulting from the complicated
activities of
the Federal Government, the courts have applied this
rule in the most
liberal way in sustaining Acts of Congress against the
objection that legislative authority has been delegated, but the rule still
remains and is to be
applied in a plain case.
Wichita, etc., Co. v. Public Util. Comm., 260 U. S.
48; Field v. Clark,
143 U. S. 649; United States v. Grimaud, 220 U. S. 506;
Union Bridge
Co. v. United States, 204 U. S. 364; Butterfield v. Stranahan,
192 U. S.
470; Mahler v. Eby, 264 U. S. 32.
If this Act is to be considered as a regulation of Inter-State
commerce.
then Congress has delegated to private associations and corporations
the
power to determine whether the regulation shall be put into effect,
Or, at
least, has required their concourse to its being placed in operation.
If, as pointed out above, the primary duty of the board is to
determine
the price at which certain agricultural commodities shall be
bought and
sold in the domestic markets, then to the board has been given
the legislative power to determine that price in its entire discretion,
without any
rule or formula to guide its judgment prescribed by Congress,
such as a
provision that the price be determined on as the objective
operations shall
be based on cost of production, or reasonableness, or
anything of that kind.
The power of the board to determine the price is
absolute and the diger*.
ton unlimited.
With respect to what is called the equalization
fee, there is a provision
that in firing its amount the board shall have
due regard for its estimate
of probable losses in conducting operations.
Accepting this provision as a
requirement that the board shall base the
decision on its estimate, it may
be observed that the estimate is not a
finding as to existing facts, but a
prediction of future prices to prevail in
the markets where the surplus Is
to be disposed of. But assuming that
some legislative rule has been
stated to guide the board in fixing the
amount of the fee, there is left to
the board the absolute discretion
unregulated by any rule or Principal to
say whether the fee shall be
imposed on the sale, the caanniacture or the
transportation.
Notwithstanding the length of which
the courts have gone in sustaining
legislation against the claim
that it involves the delegation of legislative
authority, I am unable to believe
which provides, in substance, that, through governmentalthat in an Act
agencies, prices of certain farm products shall be determined
upon, established, and maintained, Congress may
lawfully delegate to Federal
officers, acting concurrently with private
agencies, the unlimited discretion
to decide whether the price-fixing operation shall be commenced; may lawfully delegate the complete discretion
without any prescribed rule to determine what the price shall be; or may
lawfully delegate the power
to determine on whom shall be directly
placed the
eo
heme
burden
ow of co
to conduct operation.s
cons
llec
idte
to
irrigwhth
in my opinion, is a broader and more
ae
t,charge
fundamental constitutional objection to this Act.
The Federal Government is a government of limited powers. It has only
such powers as have been expressly given to it by the Constitution or are
implied as incidental to the powers as expressed. The only provision of
the Constitution relied on to supply the power for this legislation is the One
1296
THE CHRONICLE
which gives Congress power to regulate commerce with foreign nations and
among the several States.
A painstaking search hag not disclosed to one anything in our constitutional history or in the decisions of the Supreme Court of the United
States to justify the belief that the power to establish and maintain or take
steps to establish and maintain the price at which merchandise may be
bought and sold in Inter-State commerce, with the necessary consequence
of fixing the price at which the commodity in question shall be bought and
sold in every place in the land, whether in or out of Inter-State commerce.
It is suggested that the tariff acts and the laws regulating immigration
and other legislation have an effect on domestic prices of merchandise and
labor. In such legislation the effect on prices is the incidental result of
the exercise of admitted powers. Here the fixing, establishment and maintenance of prices of merchandise is not the incidental result of the exercise
of an admitted power, but the question is whether there is a direct power
to fix and maintain prices of articles in Inter-State commerce, and whether
that constitutes a regulation of commerce within the meaning of the commerce clause.
In general, legislation under the commerce power has been directed at
carrying out the primary purpose of the commerce clause, which was to
prevent undue discriminations against or burdens or restraints on Interstate commerce, and most of the decisions of the Supreme Court under the
commerce clause deal with such legslation. In this Act are found expressions taken from such decisions, respecting the prevention of discrimination against or burdens or restraints upon or suppression of commerce, but
the things intended to be brought about by this Act are the very things
that Congress and the courts have heretofore declared to be burdens and
restraints on commerce. This Act, instead of preventing, creates burdens
and restraints on commerce, as those terms have heretofore been understood.
Since heretofore Congress has never enacted legislation based on the assumed existence of a power to fix prices of merchandise sold in Inter-State
commerce, no case identical with this may be found.
In Wilson v. New, 243 U. S. 332, decided in 1917, the Supreme C,ourt
had under consideration the validity of the so-called Adamson law, which
was an Act of Congress to fix the wages of employees of railroads operated
313 instrumentalities of Inter-State commerce. The power of Congress in
that case to interfere with freedom of contract respecting the price at
which labor should be performed was sustained, but only on the ground
that the railroads were essential instrumentalities of Inter-State commerce
and that it was essential to their continued operation in a period of national emergency and to prevent the complete cessation and obstruction
of Inter-State commerce that a dispute between the carriers and their employees respecting wages should be settled by legislation.
Later, in Wolff Company v. Industrial Court, 262 U. S. 544, it was said:
"It is not to much to say that the ruling in Wilson v. New went to the
border line, although it concerned an Inter-State commerce carrier in the
presence of a nation-wide emergency and the possbility of great disaster."
(See Adkins v. Children's Hospital, 261 U. S. 525.)
If, notwithstanding the admitted power of Congress to regulate common
carriers who have devoted their property to the public use as instrumentalities of Inter-State commerce, a decsion sustaining the legislative fixing of
wages of railway employees went to the verge, it is obvious that legislation under the supposed authority of the commerce clause, the direct and
primary purpose of which is to establish the prices at which farm products
should be bought and sold throughout the land, could not be sustained.
The Act does not, of course, interfere with freedom of contract respecting the purchase and ^ale of commodities by prohibiting people from buying and selling at more or less than the established market price if it can
be supposed that they would do so, but as a practical matter it would prescribe more effectively the price to be paid than would an Act which.
fixing the price, attempted to make it effective by imposing penalties for
not regulating it rather than by bringing into play inexorable economic
laws.
An elaborate discussion of the various decisions of the Supreme Court of
the United States dealing with the power to regulate Inter-State commerce
and with the due process clause would unduly extend this opinion, but the
following decisiins may be referred to, from which to derive the applicable
principles:
McCulloch v. Maryland, 4 Wheat, 316.
Hammer v. Dagenhart, 247 U. S. 251.
Stafford v. Wallace, 258 U. S. 495.
Hill v. Wallace. 259 U. S. 44.
Chicago Board of Trade v. Olsen, 262 U. S. 1.
Equalization Fee.
4. There are some further features of the Act which require consideration.
It is said that the so-called equalization fee is not a tax but in the nature
of a charge for services rendered. With respect to cotton the Act contemplates that whatever remains in the stabilization fund for that commodity
at the end of operations may be returned to the producers. This lends
support to the claim that the equalization fee for cotton is not a tax because its proceeds never enter the public treasury. With respect to all
other commodities the Act contains no provision for ever returning to the
producers anything remaining unexpended at the termination of operations.
This gives foundation for the claim that the proceeds of the equalization
fee are public funds.
The law contemplates that the collection of the equalization fee shall
cease when the operation ceases. If it is found when operations end that
the equalization fee fixed has been too low to produce enough to meet the
Braes, the losses will be borne out of public funds raised by taxation, constituting the revolving fund, by loans from it to the deficient stabilization
fund, which must remain unpaid.
But it is not important to decide whether this charge is a tax or is not.
If it be not a tax, then its imposition and collection would violate the
provision of the Federal Constitution prohibiting the taking of property
vrthout due process of law. Treating the equalization fee as not a tax, it
is obvious that what is attempted by this Act is to enable certain agencies
to engage in the business of
under government direction and supervision
disposing of agricultural products
buying, selling, hoarding and otherwise
commerce, of interfering with its free course
for the purpose of restraining
have heretofore been considered
s.nd of imposing upon commerce what
burdens, restrictions and restraints.
producers
permission to organize
The theory of the Act is that giving
ineffective to enable them to combine
combinations in restraint of trade is
do not contribute to the enter•
and fix prices, because all producers who
of the expense; and the purpose
Priae realize a gain without bearing any
or indirectly, to make a conqf the Act is to force all producers, directly
the losses and expense suffered
tribution, not in the nature of a tax, toward
Compelling some citizen to particiin operations for the common benefit.
contribute to the loss and
pate in business operations by requiring them to
(Vol. 124.
expense thereof is, in my opinion, in violation of the provisons of the fifth
amendment and a taking of property without due process of law.
Parkersburg v. Brown, 106 U. S. 487.
On the other hand, lilt be a tax, then its proceeds constitute public funds
In the treasury, with the result that the public treasury would bear the
losses and expenses and take the profits, if any, of the business of buying,
storing, and selling of agricultural commodity, with the result that the
United States would be engaging on its own account in buying and selling,
an activity which is hardly to be supported as a regulation of Inter-State
commerce.
Because the equalization fee is not called a tax, does not purport to be
imposed as a tax, is not exacted on any provided basis of equality, is not
to be paid into the Treasury of the United States, to be imposed and
collected or not at the will and favor of interested co-operative associations,
corporations, individuals, and an administrative board without Congressional chart or compass directing as to the time when it shall be imposed, the
time it shall remainl in effect, the amount of it or upon whom it shall be
levied, I think it cannot be sustained under the taxing power of the Constitution.
The decision in Dayton-Goose Creek R. It. Co. v. United States, 202
U. S. 456, relied upon to support the validity of the provision for the
equalization fee, is inapplicable. The court there considered what is known
as the recapture of earning provision in the Transportation Act of 1920,
and sustained a law providing for the recapture by the United States of a
part of the net return of carriers engaged in Inter-State commerce in excess
of a reasonable rate of return.
The Court there proceeded on the theory that because Congress had power
to limit the charges for service by carriers engaged in Inter-State commerce
to a reasonable figure, it could withhold or recapture the amount received
by them in excess of the reasonable rate. To make that case and this one
parallel it would be necessary to assume that Congress has the same power
to limit the price for the sale of merchandise to a reasonable figure and
recapture the amount realized by the vendor in excess, an assumption
which is plainly unfounded.
I have considered these questions with realization of the grave responsibility involved in passing on the validity of Acts of Congress and with
appreciation of the rule that the courts will indulge in every presumption
to support the validity of legislation and that no Act of Congress will be
declared invald unless plainly so, but nevertheless I feel constrained to advise you that the Act in question, if approved, would, in its most essential
provisions, violate the Constitution of the United States, in that it takes
from the President the constitutional executive power and duty of making
appointments to fill the offices created by it and by legislation confers
that power upon others in that Congress delegates its constitutional power
to private co-operative associations and individually acting collectively, and
the board created by the statute; in that it contravenes the provisions of
the Constitution against the eking of propery without due process of law.
Respectfully,
JNO. 0. SARGENT,
Attorney General.
THE PRESIDENT. The White House.
Call Money Market.
The following are the daily statements issued this week
by the New York Stock Exchange regarding the call money
market:
CALL LOANS ON THE NEW YORK STOCK EXCHANGE.
Feb. 28—Renewal,43,
6%: high. 4%;low. 4Si %:last. 4%, Moderate
turnover. Money in supply all day at the renewal.
Mar. 1—Renewal, 4.4%; high. 45i %: low. 4%%; last, 4Sa'%. Fair
volume. Free offerings caused decline in rate.
Mar. 2—Renewal,4%; high.1%;low.4%:last,4%. Money freely offered
all day at the lowered renewal rate.
Mar. 3—Renewal, 4%; high, 4%; low, 4%; last, 4%. Money in supply
all day.
Mar. 4—Renewal, 4%; high. 4%; low, 4%; last, 4%. Light demand.
Money freely offered at renewal.
Statements of previous weeks have appeared weekly in
our issues since July 10 1926; the last statement will be
found on page 1160 of our issue of Feb. 26.
No Further Reports on Operations of Brokers in
Wheeling & Lake Erie Stock Called for by
Stock Exchange.
Under date of March 2, Secretary E. V. D. Cox, of the
New York Stock Exchange, issued the following notice to
members:
me to advise
Gentlemen:—The Committee on Business Conduct directs
further reports covering
you that It will not be necessary for you to submit
securities.
Co.
your position in the Wheeling & Lake Erie Railway
our members on this
is The co-operation which has been received from
committee.
subject has been most gratifying to the
Very truly yours,
E. V. D. COX, Secretary.
The questionnaire of the Exchange which grow out of the
violent fluctuations in the stock was referred to in these
columns Feb. 5, page 721, and Feb. 12, page 873.
Filed Against
Involuntary Petition in Bankruptcy
McCown & Co.
bankruptcy was filed
On Feb. 28, an involuntary petition in
the Eastern District
in the United States District Court for
stock and bond
McCown,
C.
Frank
against
of Pennsylvania
broker operating under the name of McCown & Co., Philadelphia, by three customers for claims totaling $6,283, which
they assert, represent moneys due them on marginal trans-.
actions with the firm. McCown & Co. on Jan. 25, reported
in the "Chronicle" of Jan. 29, page 592, made an assignment
to the Fidelity-Philadelphia Trust Co. for the benefit and
protection of their creditors. The failure of the firm was
brought about by a sharp decline in Estey-Welte Corp.,
31AR. 51927.]
THE CHRONICLE
lass A stock. We last referred to the firm's affairs in our
ssue of Feb. 19, page 992.
1297
See Tammany Hands.
It has been asserted in sone uarters that the measure was put through
by Tammany interests. Su
dent of Banks Warder, however, denied
this.
Explaining the amendment'he said:
"This measure is to protect the trust companies from those who prey
upon stockholders. It has been the practice for all sorts of persons to
obtain lists of trust company stockholders, to circularize the stockholders
and to offer to buy their stock for a figure slightly below the market figure.
"This practice has burt the business of the trust companies. Stockholders become worried when such offers are made to them. The purpose
of the bill is merely to remedy such conditions, and to steady and make
-more conservative the business of the trust companies. There is no desire
to impose a mysterious secrecy as to the identity of the stockholders. If
there is any reason why he should do so I would make public the names of
the stockholders."
Brokerage Firm of Dickinson & Walbank, Montreal,
Fails.
Announcement was made on Feb. 25 of the assignment of
the Montreal Stock Exchange house of Dickinson & Walbank.
According to the Montreal "Gazette" of Feb. 26, Fordon W.
Scott, C. A., of P. S. Ross & Sons, was appointed liquidator
of the failed firm and intimated that from a casual survey
of the books he expected that the liabilities would amount to
etween $150,000 and $175,000, with possible assets of half
that amount, thus creditors might realize about 50 cents on Policy of Federal Reserve Board Respecting Branches
he dollar.
of Federal Reserve Banks—Board Will Hold
up Action on Those Failing to Pay Way.
Resources of National Banks December 31 1926
From
its Washington correspondent the New York
$25,683,849,000—Gain of 368 Million Over June
"Journal of Commerce" announced the following advices
Figures.
Feb. 28:
The combined resources of the 7,912 reporting national
No immediate advantage of those provisions of the McFadden national
banks in the Continental United States, Alaska and Hawaii, bank bill giving to the Federal Reserve Board the authority to close branch
Federal Reserve banks failing to pay their way will be taken in the immeaggregated $25,683,849,000 on Dec. 311926, as compared diate future. It was indicated
by officials of the Board to-day. On the
with $25,315,624,000, the resources of 7,978 banks on other hand. It was emphasized, the granting of this long-sought authority
is
not
to
be
taken
to indicate a change of policy with respect to the estabJune 30 1926, and $25,852,412,000, the resources of 8,054
of additional branches, although the Board to-day did grant
banks on Dec. 311925. The Comptroller of the Currency lishment
authority to the Richmond Federal Reserve Bank to establish a branch
announces this on Feb. 26 in a statement in relation to the at Charlotte, No. Caro., and to the Dallas bank to establish a branch at
condition of national banks as disclosed by their reports to San Antonio.
Inquiry at the Board to-day
that the situation which a year
the Comptroller as of the close of business at the end of ago existed in the Northwest. disclosed
leading to an inquiry by the Attorney1926. This statement also contains the following information: General as to whether the Board had authority to abandon a branch, has
Loans and discounts, including rediscounts, of these banks on Dec. 31
1926 amounted to $13.573.275.000, an increase of $155.601.000 over June 30
1926. and greater by 837,997.000 than the amount reported on Dec. 31 the
year previous.
Investments in United States Government securities totaled 82.282.571.000, a reduction since Dec. 31 1925 and June 30 1926 of $240,239,000
and $186,697.000, respectively. Other bonds. securities, &c., were $3.507,821.000 and showed an increase of $134,836,000 since June and an increase
in the year of 8255.805.000.
Balances due from reporting banks and bankers, including lawful reserve with the Federal Reserve banks of 81.359,386.000, amounted to
83,450,608.000, an increase of 886,589,000 over June 30. but a decrease of
$116,940.000 in the year.
Cash held in banks aggregated $352.709,000, and showed decreases since
Dec. 31 1925 and June 30 1926 of 337.407,000 and $7,242,000, respectively.
The capital stock paid in of the reporting associations was $1,410.723,000.
a decrease of $2.149,000 since June. but an increase of $31.622,000 over the
capital stock of the 8.054 reporting banks on Dec. 31 1925. Surplus and
undivided profits, 31.694.196.000. showed an aggregate increase of $17,710.000 in the half-year ended Dec. 31 1926, and were more by $51,388,000
than the total of these items twelve months previous.
Circulating notes outstanding amounted to 8646.449,000, which were
84.706.000 less than in June preceding, and a reduction of $2,012,000 in
the year.
Amounts due correspondent banks and bankers by reporting associations.
including certified checks of 8219.759.000 and cashiers' checks of $365.087,000, aggregated 83,423.641.000, the liability therefor having been increased by 818,393.000 since June preceding, but reduced in the amount
of 8265.301.000 since December a year ago.
Demand deposits of $10,906,908.000. which included $138.239,000 of
United States deposits, showed reductions of $437.440,000 and 816,199,000
since Dec. 31 1925 and June 30 1926. respectively.
Time deposits, including postal savings. were 86.533,442.000, and showed
an increase of $219.633,000 over this liability in June. and exceeded the
time deposits a year ago in the sum of $486.072,000. The total individual
deposits (time and demand) were $17.302.111,000, as compared with
817.092.412,000 on June 30 1926 and 817,198.496,000 on Dec. 311925.
Total deposits, including amounts due to bankers, cashiers' and certified
checks outstanding, were 820.863.991,000, an increase of $221,827,000
since June, but a decrease of 3216,669,000 in the year.
Liability for money borrowed, respresented by bills payable and rediscounts, aggregated $625,658.000, which is an increase of 8103,050.000
since June, but less by 323,224.000 than on Dec. 311925.
The percentage of loans and discounts to total deposits on Dec. 31 1926
was 65.06, as compared with 65.00 on June 30 1926 and 64.21 on Dec. 31
1925.
Governor Smith Signs Bill Amending New York State
Banking Law Whereby Names of Organizers of
Trust Companies Will Be Withheld at Discretion of Banking Department.
From the Brooklyn "Eagle" of last night (March 4) we
take the following:
since cleared up. No steps now are contemplated which would result
in the closing of a branch in that section, it was stated.
Application Slate Cleared.
Although officials of the Board were emphatic in their statements that
no undue expansion of Federal Reserve facilities would be permitted,
It was intimated that hereafter it will prove easier for Federal Reserve
banks to establish branches where the need for additional facilities is
clearly shown, the Board resting secure in the authority granted it under
the McFadden Act to close such branches should they prove unprofitable.
The Board, it was learned to-day, has now cleared its slate of applications for branches. Both of the banks authorized to-day have been under
consideration for more than a year. However, it is undertood business
men in several sections of the country have already approached the Board
with a view to determining its attitude toward applications which may
be presented in the near future looking toward the establishment of branched
in sections which are now felt by business interests to be without adequate
facilities.
Aid to Business Men.
Establishment of branches means a definite saving to business men
in the territory served through the quicker movement of funds and the
saving of interest charges on money and paper in transit. In the case
of the Charlotte branch, business men in the Carolinas will, it was explained, save a full day. With the two banks authorized to-day there
are now 25 branches in the twelve districts into which the country is
divided.
Further expansion, officials of the Board indicated, would be confined
to the business centres of the eastern half of the country. In the Northwest, it was pointed out, there are not enough important business centres
to justify further expansion, it being believed that the banks already
established are sufficient to handle the business of that section.
Adjournment of Sixty-Ninth Congress—Senate Filibuster Blocks Legislation—Resolution Adopted
Proposing Investigation of Alleged Lobbying
in Connection with McFadden Bill.
•
The second and last session of the 69th Congress, which
convened on Dec. 6, adjourned sine die at noon yesterday
(March 4). Filibustering marked the closing days in the
Senate, serving to obstruct action on proposed legislation;
the Washington correspondent of the "Evening Post," in
describing the final day's session said in part:
The Senate adjourned at noon to-day, virtually choking itself to
death
with a filibuster which blocked so much legislation that an extra session
may be deemed necessary to facilitate government functioning.
Victory marked the efforts of Senator David A. Reed, Republican, of
Pennsylvania, and his associates in their filibuster to
prevent the bringing
to a vote of the resolution of Senator James A. Reed. Democrat,of Missouri.
to prolong the life of his campaign fund investigation
committee so that it
could probe the Pennsylvania election in •shich William S. Vase was chosen
Senator.
The filibuster began at 11 o'clock on Wednesday morning and continued.
except for a recess from midnight last night to 8.30 this morning, with
almost no letup. Although Senator David Reed won out, in the closing
minutes of vituperative debate he heard himself denounced by the Democrats as a "political holdup man."
Under an amendment to the State Banking Law approved by Governor
Smith yesterday lists of stockholders of trust companies at the time or
organization hereafter will not be public property except at the discretion
of the State Superintendent of Banks. Under the old law, trust companies
were obliged to file lists of all stockholders at the time of organization which
lists were made available to the public.
Important Bills Lost.
The amendment was introduced by Senator Campbell of Lockport,
The vital effect of the filibuster is that it strangled important AdminisChairman of the Senate Committee on Banking, at the instigation of tration bills,
including the $93.000,000 second deficiency bill, the alien
Frank IT. Warder, State Superintendent of Banking.
property bill and the $19.000.000 Federal buildings bill. ThEt filibustering
Officers of local trust companies declared they knew nothing about the
forces refused time and again to shut off their oratory to permit votes on
amendment and pointed out that it had no hearing on trust companies these
important measures.
already in existence.
The joyous finale in the House furnished a striking contrast to the Senate
Has Little Value.
denouement. The Marine Band played jazz, opry and patriotic pieces.
It was also stated that the amendment has little value inasmuch as any Lucella Melius,
Chicago Opera soprano. sung "The Last Rose of Summer
one who wants to get the names of trust company stockholders can do so and "Annie
Laurie."
by buying a few shares of stock and exercising the rights of a stockholder to
The Tammany group, to a rising floor and gallery, led In singing "The
examine the books. Holders of only one or two shares of stock are barred Sidewalks
of New York" and got as big a hand as "Dixie."
rom examining the stockholders list for a period of six months after purchase
While there still was decorum,the House passed a resolution complimentf tho stock, but older stockholders are often used to circumvent this ing Speaker
Nicholas Longworth, Republican, of Ohio, for the able manner
rovision.
in which he had directed affairs.
1298
THE CHRONICLE
[Vol,. 124.
Answering the resolution, Mr. Longworth said, "We have shown in this
The proposed Dallas branch was referred to in these
Congress that a majority always can carry out the will of the people. We
columns Feb. 26, page 1161.
have shown that a minority never can thwart a popular mandate."
It is understood that the Dallas Federal Reserve Bank has funds in
It was neither of the Reeds but Vice-Preddent Dawes who took the stage
in the Senate and strode across it like a Colossus just before he brought down hand for the erection of a building for the new branch when deemed neceshis gavel in the two fatal raps at noon. Almost without precedent was the sary. In the meantime quarters will be provided under the direction
lecture the Vice-President delivered to the Senators before he permitted of the Dallas organization.
Application for the establishment of the San Antonio branch has been
adjournment.
He repeated the demand he has made repeatedly for revision of the rules before the Board for some time, but action was delayed on all branch
to prevent filibusters killing Government business. Censuring the Senate bank applications owing to doubt as to whether the Board had authority
to abandon a branch once established should it prove unprofitable.
for as futile a final two weeks as ever has marked that deliberative body
The
Dawes gripped the attention of the packed audience much as Mark Antony Board's authority, however, is made positive that it may close any branch
must have fascinated the Romans with his funeral oration over imperial bank, by a provision in the McFadden banking bill approved by President
Coolidge on Feb. 25. The Federal Reserve
Caesar.
Board has emphasized
The conventional "God bless you till we meet again" valedictory was not that creation of the two branches does not indicate a policy of expansion
is
to
be
adopted;
on
the contrary, that if the branch will only be permitted
for Dawes. He gave his ninety-six bad boys a public spanking, and they
took it without a word, while the galleries howled with appreciative laughter. where there is definite need for the additional facility.
Through the establishment of the San Antonio branch business men
His Lusty Spanking.
of southwestern Texas will derive considerable benefit in
the more rapid
"It is customary," beganiDawes, "for the Vice-President at the beginning movement
of funds and paper, and the consequent saving of interest
and the ending of a Congress to address the Senate upon an appropriate
charges. From one to three days will be saved since all transactions
subject." "Comments the chair has to make on this occasion will be very
now are cleared either through the Houston branch or the Dallas
bank.
brief.
The application for the San Antonio branch had
the support of all south"The Chair regards the present legislative session as primarily due to western
Texas, which is figured as including 1,250,000 people, and the
defective rules otthe Senate, under which a minority can prevent a majority support
of the Dallas bank.
from exercising their Constitutional right of bringing measures to a vote.
"It is the only great parliamentary body in the world where such a situation exists.
Col. T. W. Miller, Former Alien Property Custodian,
"On this closing day of the second session of the Sixty-ninth Congress,
Convicted of Conspiracy—Jury Disagrees in Case
the chair commends to the Senate the remarks upon the Senate rules which
of Former Attorney-General H. M. Daugherty.
he made on the first day of the first session."
Senator Pat Harrison, Democrat, of Mississippi, who started in the final
The
trial of Harry M. Daugherty,former U. S. Attorneyhours of the hippodrome, attempted to interrupt, but as the Vice-President
General,and Col.Thomas W.Miller,formerly Alien Property
concluded, he brought down his gavel smartly and announced:
"This Senate stands adjourned sine die."
Custodian, on charges of conspiracy to defraud the United
It was all over.
The failure of his resolution to extend the life of his investigating corn_ States of their honest services has resulted in the conviction
mittee will not deter Senator Reed of Missouri from continuing his investiga- of Col. Miller; the jury was unable to agree on a verdict
in the
tion, he announced this afternoon, which brought the prompt retort from case of the former
Attorney-General. The result of the trial
Cousin1Dave_of Pennsylvania that any such tactics would result in legal
was outlined as follows in the "Sun" of last night:
measures.
Col. Thomas W.Miller, Alien Property Custodian in the Harding
Several Bills Pass.
AdminIn the closing hours, the only relation in the battle of words came when istration, was to-day found guilty of conspiracy by a jury in the Federal
District
Court
which
had
been
out
for
seventy
hours
and
had
uncontested
several
deliberated
bills were put through. These included the longshoremen's compensation bill and the proposal of Senator Glass, Democrat, of more than thirty hours. The maximum penalty is two years and a $10.000
Virginia, to investigate the charge that an active lobby put through the fine. The same jury reported itself hopelessly deadlocked and unable to
reach an agreement on former Attorney-General Harry M. Daugherty,
McFadden branch banking bill.
on
In another lapse, the credentials of Senators-elect Vare and Frank L. trial on the same charges. The report in the court room was that the jury
It was
Smith of Illinois, the election of whom is opposed because of large campaign stood eleven to one for conviction of Daugherty on the final ballot.
expenditures, were placed on file. To objections against the filing of these, the unanimous opinion of the jurors, polled individually, that further delibthe explanation was made that the action would not settle the question of eration in the case of Daugherty would be hopeless.
Judge Knox announced that sentence would be passed on Col. Miller
admitting them to membership, however, they go on the Senate payroll
next Tuesday morning at 10:30.
to-morrow.
Aaron Sapiro, counsel for Col. Miller, announced that an appeal would
Conscious the deficiency bill was about to fail in the Senate, the House
put through an emergency appropriation of almost $100,000 for pensions. be taken from the verdict. Bail for Col. Miller was continued until Mr.
Veterans' Bureau compensation and bonus loans. Senator Walsh, Demo- Sapiro could decide, after conference with United States Attorney Emory
crat, of Massachusetts, blocked the stop-gap plan when it reached the upper R. Buckner, how much time he required in which to file motions.
After the jurymen, polled individually, had announced that they had
branch.
found Miller guilty and had been unable to agree as to Daugherty, Judge
"The world veteran doesn't frighten me," said Mr. Walsh.
Senator Walsh had lectured severely those who had beaten the Reed Knox directed that the verdict as to Miller be entered on the record and that
a mistrial be entered in the case of Daugherty. District Attorney Buckner
investigation resolution by filibustering.
then made it certain that Daugherty will never again be tried on the con"We are trying." Walsh declared, "an issue which will not end with this
spiracy
charges by stating to Judge Knox:
session. It is whether or not two-thirds of this Senate can transact business.
I don't intend to stand by for days and nights and then be blackjacked into
Won't Try Daugherty Again.
passing these bills simply because money is needed.
"I have tried the defendant Daugherty on the present indictment twice,
"I demand an adjournment at 12 o'clock and insist that the President and in both instances the jury has disagreed.
I have never tried a case
call a special session to continue what we have been having—civil war three times. Therefore I request in behalf of
the United States that the
against honest government."
Court grant an order to nolle prosse the indictment against Daugherty."
The filibuster continued unbroken all through yesterday, with bitter
Judge Knox immediately granted the order.
personalities marking the debate. About midnight last night the Senate
As to the charges against the defendants, we quote the folslipped into executive session for a few minutes, in which agreement was
lowing from the "Times" of Feb. 21:
reached among the exhausted members for adjournment until 8:30 to-day.
When that hour arrived and it was ascertained that a quorum again
Mr. Daugherty and Colonel Miller were indicted on a charge of conspiracy
was present, Senator Curtis, Republican leader, of Kansas pleaded to take to defraud the Government of their
unbiased judgment as officials in 1921.
up the general deficiency bill, but Senator Reed, Democrat, of Missouri It was alleged that they, with the late
John T. King, Republican National
refused to give the necessary consent.
Committeeman from Connecticut, and the late Jesse W. Smith, life-long
friend
of
Mr.
Daugherty, had shared in a $441,000 "fee" paid by Richard
Last Compromise Blocked.
Senator Reed has been demanding the adoption of his resolution to pro- Merton, German capitalist, for the granting of a $7,000,000 claim against
long the life of his campaign fund investigating commission, so that It may the Alien Property Custodian.
investigate the election of Senator-elect Vare of Pennsylvania. Senator
David H. Reed, of Pennsylvania, has been leading the filibuster to prevent
action on the resolution. Hence the Senate's tears of exhaustion.
House Judiciary Committee Reports That Evidence in
The Pennsylvania Reed then launched a proposal for passage of the
Regard to Conduct of Judge Cooper Does Not
McNary-Haugen farm relief bill over the President's veto, and debate enWarrant Impeachment Proceedings.
sued on the suggestion. This was interrupted by Senator Reed of Missouri
with an unexpected request that the deficiency bill be put through. This
The
House
Committee on Judiciary, which was called upon
was taken as indicating that the filibustering forces had agreed to a truce
under a resolution passed by the House on Feb. 11 to investito pass the measure.
Senator Wheeler, Democrat, of Montana, however, entered an objection. gate charges against Frank Cooper, United States District
in which he was joined by Senator Bruce, Democrat, of Missouri, and the
Judge for the Northern District of New York, submitted a
deadlock jammed tighter than ever.
report on March 1 in which it announced that it "finds that
Courtesy Is Forgotten.
It was a snarling, quarreling, savagely biting group of eighty-five Sena- the evidence does not call for the interposition of the Constitors that clawed their way to their legislative death. Courtesy was for- tutional powers
of the House with regard to impeachment."
gotten. Voices were frayed. Heads were bent in weariness, but not bowed
in surrender. Grim lines gramed the faces of young and old members. It Judge Cooper had been charged by Representative La Guardia (Republican, New York) with having conspired with
was a bitter, balked body. Rarely has Washington seen the like.
The Vice-President's almost unprecedented action of mingling in debate Prohibition
agents to entrap persons into law violations.
and expressing an opinion went unnoticed in the excitement.
report follows:
According to Associated Press dispatches from Washing- The Judiciary Committee'sinto
the charges against the Hon. Frank
The committee has examined
President
Coolidge
will
call no special session Cooper, United States District Judge for the Northern District Of New
ton last night,
York, made on the floor of the House and referred to it by the House on the
of Congress.
28th day of January 1927 ("Congressional Record."
pages 2492 to 2498),
accuser and accused and reports
Proposed San Antonio Branch of Federal:, Reserve and has heard all witnesses tendered byevidence
submitted, and while certo the House the oral and documentary
Bank of Dallas.
tain activities of the Hon. Frank Cooper with relation to the manner of
Regarding the branch of the Dallas Federal Reserve Bank procuring evidence in cases which would come before him for trial, are not to
which is to be established in San Antonio, according to the be considered as approved by this report, it has reached the conclusion and
finds that the evidence does not call for the interposition of the Constitudecision reached by the Federal Reserve Board on Feb. 25, tional
powers of the House with regard to Impeachment.
this
will
that
be the second
The committee therefore recommends the adoption of the following
the Dallas "News" notes
branch to be established in Texas, a branch having been resolution:
"Resolved, That the evidence submitted to the Committee on Judiciary
established in Houstonlseveral years ago. It also says:
in regard to the conduct of Hon.Frank Cooper, United States District Judge
MAR. 5 1927.]
THE CHRONICLE
for:the Northern District of New York,does not call for the interposition of
the Constitutional powers of the House with regard to Impeachment."
According to the Washington dispatch March 1 to the
New York "Times," Elisha Hansen, counsel for Judge
Cooper, issued a statement reading in part as follows:
Stripped of verbiage, the real charge against Judge Cooper—and it
was not an impeachable charge—was that he was zealous in his enforcement
of the law in a district characterized by the responsible Government officials
entrusted with law enforcement therein as absolutely the worst in the United
States.
This charge was based on activities of Government prohibition agents who
rounded up a gang of notorious bootleggers, most of whom pleaded guilty
without standing trial, and six of whom were convicted upon trial before
Judge Cooper.
During the proceedings practically every lawyer practicing in the 29
counties comprising the Northern Division of New York voluntarily informed the committee that in the opinion of the bar Judge Cooper was
a fair, impartial and Just Judge.
1299
attitude. The negotiations then, it is added, will be narrowed to the three-power scope.
The views in Japan relative to a three-power conference
were the subject of an Associated Press cablegram from
Tokio March 2, which we quote as follows from the New
York "Evening Post":
Vernacular newspapers, commenting on the British reply to the American armament proposal, generally regard a three-power conference as impracticable.
The Nichi Nichi Shimbun expresses a contrary view. While admitting
difficulties, the newspaper does not believe a three-power agreemcnt is
impossible, expressing a belief England might agree safely to further
limitation, as France and Italy are too impoverished to take advantage of
the additional disarmament.
The Jiji Shimpo, however, thinks it more advisable for the United States
to endeavor to induce France and Italy to reconsider their decisions than
to attempt to arrange a tri-party conference with little chance of success.
Representative LaGuardia of New York made the following comment:
Argentine Views Toward Participation in Conference
consider that the committee's decision places Judge Cooper, and all
on Naval Limitations.
other Judges inclined to act as investigators instead of Judges, upon probation. The resolution is a warning, and ought to have a good effect.
following
is from the "United States Daily" of
The
But unless Judge Cooper mends his ways in this regard, I shall have some
March 3:
* more charges to make next December.
The Department of State has received a note from Argentina stating that
Regarding the committee's report, the "Times" on
that government did not care to participate in he naval conference at
March 1 stated:
Geneva proposed by President Coolidge.
Chairman Graham will file the report as soon as an agreement has been
reached with a committee member who contemplates submitting minority
views. It is desired to have both reports submitted together.
While the belief prevails that the majority of the Judiciary Committee
will be upheld in its advice against impeachment, there are indications that
a sharp debate bearing on prohibition "undercover" activities will mark the
disposition of the Cooper case by the House.
The form of the report is understood to have been warmly discussed in
the committee, which acted behind closed doors.
The House resolution agreed to on Feb. 11 calling for the
investigation of the charges follows:
Joseph C. Grew, acting Secretary of State, said on March 2 that the note
was not a reply to the naval conference proposal, since a copy of the
American note to France, Great Britain, Italy and Japan had been sent to
Argentina, and several other countries only for their information and not
as invitations to attend.
Mr. Grew said that he was not prepared at present to say whether or not
the text of the Argentina note would be made public.
Mr. Grew also said that he was not prepared to discuss whether or not
the elevation of the guns of the American battle fleet would be opposed
by Great Britain.
President Coolidge Announces Appointments to New
HOUSE RESOLUTION 415.
Federal Radio Commission.
Resolved, That the Committee on the Judiciary, and any subcommittee
that it may create or appoint, is hereby authorized and empowered to act
President Coolidge sent to the Senate on March 1 the
by itself or its subcommittee to hold meetings and to issue subpoenas for
names of those he has selected to constitute the Federal
persons and papers, to administer the customary oaths to witnesses, and to
sit during the sessions of the House until the inquiry into the charges against Radio Commission created under the bill, signed by him on
Hon. Frank Cooper, United States District Judge for the Northern District Feb. 23, for the regulation of radio communications. Referof New York, is completed, and to report to this House.
the approval of the bill was made in our issue of
That said committee be, and the same is hereby, authorized to appoint ence to
such clerical assistance as they may deem necessary, and all expenses in- Feb. 26, page 1166. The five members of the Commission
curred by said committee or subcommittee shall be paid out of the contin- named by the President are:
gent fund of the House of Representatives on vouchers ordered by said comWilliam H. G. Bullard, Rear Admiral, U. S. N., retired, of Media, Pa.;
mittee and signed by the Chairman of said committee.
for the term of six years from Feb. 23 1927;
On March 3jthe House adopted the report of the Judiciary
Orestes H. Caldwell of Bronxville, N. Y., editor of "Radio Retailing";
for the term of five years from Feb. 23, 1927;
Committee!recommending that no action be taken on
Eugene O. Sykes of Jackson, Miss., former Justice of the Supreme Court
impeachment charges against Judge Cooper.
of Mississippi; for the term of four years from Feb. 23, 1927;
Henry A. Bellows of Minneapolis, director of Washburn-Crosby radio
Great Britain Accepts Invitation of President Coolidge station; for the term of three years from Feb. 23, 1927;
F. Dillon of San Francisco, supervising radio operator; for the
John
to Participatelin Conference on Naval Limitation.
term of two years from Feb. 23, 1927.
With Great Britain's acceptance of the invitation of President Coolidge for participation in a new conference to discuss the further limitation of naval armament, it is indicated that the President will seek to bring about a threepower agreement in place of the five-power pact which he
had sought. Of the four powers which the President sought
to enlist in new conversations two accepted (Japan and
Great Britain), while two declined participation—France
and Italy. The declination of the French Government was
noted in our issue of Feb. 19, page 1003, while the reply of
Italy appeared in these columns last week, page 1124; on
page 1125 we referred to the acceptance by the Japanese
Government. The reply of Great Britain, received at Washington this week, was made public on Feb. 28 by the State
Department. In accepting the invitation Great Britain
states that it will do its best "to further the success of the
proposed conversation." The reply follows:
According to Associated Press dispatches from Washington, the Senate Inter-State Commerce Committee refused
yesterday (March 4) to take any action on the nominations
of 0. H. Caldwell and H. A. Bellews. The dispatches added:
These nominations were referred to the committee last night (March 3)
by the Senate after the appointments of the other three members of the
Commission had been approved. Some Senators sought to obtain an adverse report against Caldwell and Bellows, but a majority insisted that
their nominations go over to the new Senate without prejudice.
President Coolidge may make recess appointments to fill the places if he
so desires. There has been opposition to the two appointees on the ground
that they were "hand picked" by Secretary Hoover.
The bill as enacted into law was evolved in conference.
and was a compromise between the House and Senate bills
passed at the last session. The conference report was presented to the House on Jan. 27; it was accepted by the
House on Jan. 29, while the Senate adopted it on Feb. 18.
Efforts of Senator Pittman to recommit the bill failed, a
"His Majesty's Government in Great Britain received with cordial sym- Washington dispatch to the New York "Times" on Feb. 9, in
pathy the invitation of the Government of the United States of America to referring to the unsuccessful moves, stating:
take part in a conversation at Geneva on the further limitation of naval
The Senate, by a vote of 41 to 34, refused to-day to send the conference
armament.
report on the radio bill back to the conference. This is the fifth victory
"The view of His Majesty's Government upon the special geographical the Senate backers of the report
have won in the last few days, three points
position of the British Empire, the length of inter-imperial communications of order and two motions to
recommit the bill having been defeated. It is
and the necessity for the protection of its food supplies are well known and uncertain, however, when the report
will be voted on, and it is not believed
together with the special conditions and requirements of the other coun- any agreement on the
vote can be reached until after disposal of the Mctries invited to participate in the conversation must be taken into account. Nary-Haugen Farm Bill.
"His Majesty's Government are nevertheless, prepared to consider to what
Senator Dill is confident of ultimate success for the report in the Senate,
extent the principles adopted at Washington can be carried further either and Senators Pittman
and Howell, opponents, declare they are not filias regards the ratio in different classes of ships between the various powers bustering, but only desire
to convince the Senate of the bill's defects.
or in other important ways. They therefore, accept the invitation of the
The five members of the Federal Radio Commission are
Government of the United States of America and will do their best to further the success of the proposed conversation.
each to receive a salary of $10,000 for the first year of their
"They would, however, observe that the relationship of such a conversation to the proceedings of the Preparatory Commission at Geneva would service—the year to date from the first meeting of the Comrequire careful adjustment."
mission--"and thereafter a compensation of $30 per day for
According to Associated Press dispatches from Washington Feb. 28 a further effort to bring about a five-power conference will be made by Ambassador Gibson and Rear Admiral Jones when the Geneva Disarmament Preparatory
Commission reassembles on March 21, but there is virtually
no hope of its success, in view of the French and Italian
each day's attendance upon sessions of the Commission, or
while engaged upon work of the Commission and while traveling to and from such sessions, and also their necessary
traveling expenses." With regard to the licensing requirements under the new Act, Secretary of Commerce Hoover
issued a statement on Feb. 24 stating:
1300
TICE CHRONICLE
The completion of the radio legislation makes it possible to eventually
clear up the chaos of interference and howls in radio reception.
The new
Commission, which is to determine who shall have licenses to broadcast,
at
what times and with what power, will, no doubt, require some months
to
make rearrangements of broadcasting stations which will be necessary.
It
will require some patience on the part of listeners while the Commissio
n
works out the problem.
Over 18,000 Radio Sending Stations.
There are to-day 733 stations broadcasting for public entertainment and
information and there are a total of 18,119 radio sending stations of all
sorts.
This new Act makes a fundamental change in the whole radio system.
Every license for radio transmission now outstanding is automatically terminated. This applies to the whole 18,119 stations—broadcasting, amateur,
transoceanic and all others. No new licenses can be issued and no action
can be taken upon applications now pending until the Commission is formed.
Owners of licensed stations may under the law continue to operate them
for a period of sixty days without incurring the penalties provided in the
Act for unlicensed operation. Every station owner who desires to
operate
after the sixty-day period must apply to the Commission for new
license,
and should do so within the sixty days.
All persons who are constructing or desire to construct new stations
must
apply to the Commission for construction permits. Stations completed
without obtaining such a permit in advance can not be licensed.
Applications for station licenses are to be filed with the Secretary
of
Commerce as heretofore, although they can be acted upon only by
the Commission. New forms are required and the form must be fixed by
the Commission. It may be expected that the Commission will be appointed
and
will prepere the forms at an early date and that they will then
be available
to those desiring to apply for licenses.
Operators' licenses as distinct from station licenses, remain under the
control of the Department of Commerce, but all such licenses now outstanding are terminated by the new law and new licenses must be obtained.
The Department will, however, issue operators' licenses under the new
law to all persons who are now licensed. This will be done upon the request
of any licensed operator, without examination and without expense, the
new license to cover the unexpired period of the one now outstanding.
The Department will authorize all existing stations to continue the use of
the call letters heretofore assigned until such time as Commission action or
other change in the situation makes an alteration necessary or advisable.
[Vol,. 124.
"This Commission is absolutely independent of all other
departments of
the government. It will be supreme at all times in
regulating radio transmission. After the first year the Secretary of Commerce
may perform the
duties of the Commission if nobody protests or appeals,
but whenever any
one objects to the Secretary's control, the Commissio
n becomes supreme.
"The bill protects the public against a monopoly
of radio broadcasting.
It prohibits the transfer of licenses, except on
the written consent of the
Commission. If any licensee is guilty of monopoly,
the Commission must
revoke his license.
"In case the Commission finds an applicant
for a license or for the renewal of a license is guilty of practices against the
public interests the
license may be refused. In other words, the success
of the bill depends
upon the devotion of the members of the
Commission to the public interest."
United States Supreme Court Holds Unconstitutional
New York Law Limiting Charge for Theatre Tickets
by Agencies.
The United States Supreme Court, by a 5 to 4 decision on
Feb. 28, held unconstitutional the New York State
law restricting the price at which theatre tickets may be sold
by
ticket agencies. Justice Sutherland delivere the
opinion,
d
•
which was concurred in by Chief Justice Taft, Justices
McReynolds, Vandeventer and Butler. Justices Holmes,
Sanford, Stone and Brandeis dissented.
The Court contended
that "If it be within the legitimate authorit
y of government
to fix maximum charges for admission to theatres
, lectures
. . . baseball, football and other
games of all degrees of
Interest, circuses, shows . . . and every
possible form of
amusement . . . it is hard to see where
the limit of power
in respect of price fixing is to be
drawn." "As we have
shown," says the Court, "there is no
legislative power to fix
the prices of provisions or clothing or
the rental charges for
houses or apartments in the absence of
some controlling
emergency, and we are unable to perceive
any dissimilarities
of such quality or degree as to justify
a different rule in
respect of amusements and entertainments."
The Court
recited that "the contention that, historica
lly considered,
places of entertainment may be regarded
as so affected with
a public interest as to justify legislative
regulation of their
charges does not seem to us impressive."
The Court also
said:
According to Washington advices to the New York
"Times" on Feb. 19, Senator Dill, Democrat, of Washington,
described the White-Dill radio regulation measure passed by
Congress as the "Magna Charts" for radio listeners, because,
he said, it made public service the basis for granting, refusing and revoking radio broadcasting licenses. He said it
further provided that licenses should be so distributed "as
to give each community fair, efficient and equitabl radio
e
The evil of collusive alliances between the
service." The account in the "Times" added:
proprietors
ticket brokers or scalpers seems to have been effectivelyof theatres and
"The bill is not perfect and will need amendment
dealt with in
as radio develops and
Illinois by an ordinance which required (1) that the
new problems arise," Senator Dill continued.
price of every theatre
"It does afford a basic law ticket shall
be printed en its face and (2) that no proprietor,
to meet the present situation and I believe, on
the whole, will be found etc., of a
employee,
theatre shall receive or enter into any arrangement
reasonably safe legislation."
or agreement
to receive more. This ordinance was sustained as valid
Senator Dill, who is one of the authors of the bill,
by
the
State Sustated that the Radio preme Court
Commission provided for would be able to end the "chaos
in The People v. Thompson, 283 III. 87, 97; and that
decision
of the air" and at Is cited here in
the same time guarantez to listeners of all sections
support of the present statute. But the important
of the country good tion
distincbetween that case and this is that the ordinance did
radio service provided there were applicants for
licenses in each of the varinot forbid the
resale of the ticket by a -punphaser of it for any price he
ous communities.
was able to secure,
or forbid
"There has been much discussion of the ownership
of the air for purposes provided the fixing of any price by the proprietory which he thought fit,
of radio transmission during the consideration of
that the price was printed on the face of the ticket.
this legislation" Senator
That Court held in the earlier case of The People v.
Dill recalled. "Such discussion is both inaccurate and misleading
Steele, 231 III. 340,
," he com- 344, that
mented. "It is not 'who owns the air' that is so
the business of conducting a theatre was a private
important in connection
one; that the
with radio as it is who controls the right to use
Legislature
had
the
power
regulate
to
it
as
a
place of public amusement
radio apparatus which operand might require a license; that the Legislature had
ates the frequencies or wave lengths which can
be received by radio apthe
paratus.
regulate such a business as it had to regulate any other same power to
and no more. And an Act which prohibited The resale of private business,
Says No Vested Rights Are Granted.
tickets for more
than the price printed thereon was held to be invalid as
"The biM provides that each license shall contain
an arbitrary and
a declaration that it unreasonable
interference with the rights of the ticket broker.
does not 'vest in the licensee any right to operate the station,
It was
nor any right distinctly held that the intending
In the use of the frequencies or wave length designated in
purchaser of the ticket had no right to
the license beyond buy at any price
except that fixed by the holder; that the manager might
the term thereof, nor in any manner authorized therein.'
fix the price arbitrarily, and raise or lower it at his will; that
"In addition to that the opening paragraph of the bill
having addeclares that no vertised a performanc
e, he was not bound to give it, and having advertised
license 'shall be construed to create any right beyond the terms,
conditions a price, he was
not bound to sell at that price; and that the business of
and period of the license.'
dealing in theatre tickets and the right to contract with regard
"Moreover each applicant must sign a waiver of any claim to the
to them
use of were entitled to
any particular frequency or wave length or the ether, because
protection. To the same effect, see Ex parts Quarg, 149,
of the previous Cal. 79.
use of the same, before his application can be granted.
This doctrine was reaffirmed in the Thompson case, but held to have
"All of these provisions are for the sole purpose of preventing anybody
no
application to the ordinance there considered and not to be
from securing vested rights in radio transmission."
inconsistent
with the holding (p. 97) that the manager of a place of public
The right of Congress to regulate radio transmissi
entertainon, the Senator said, ment might
was based on the constitutional provisions
"be compelled to treat patrons impartially by putting an end
that authorized regulation of to an
existing system by which theatre owners and ticket scalpers are
Inter-State and foreign commerce.
confederated together to compel a portion of the public to pay a
different price
Public Protected, He Holds.
from others."
"The right to regulate is not the right to
It should not be difficult similarly to define and penalize in
own," he added. "It happens
specific
in radio transmission that regulation may easily
prevent the effective use terms other practices of a fraudulent character, the existence or apprehenradio
for
broadcasti
of
ng purposes, because receiving sets are
sion of which is suggested in brief and argument. But the
receive
built
to
difficulty or
broadcasting on wave lengths between 200
even the impossibility of thus dealing with the evils, if that
and 650 meters.
should be
"Since no license can be tutted for more than three
conceded, constitute no warrant for suppressing them by methods
years
license
and
any
precluded
may be revoked whenever the licensee violates the terms of the license
by
the
Constitutio
subversion
not
are
Such
n.
s
only illegitimate but are
or is
guilty of practices that would Justify the Commission in refusing
fraught
with
having
the
begun
that,
danger
on
the
ground
a license,
of necessity,
It is safe to say that we have fully protected the public interests.
they will continue on the score of expediency, sand, finally, as
a mere
"Some have condemned this legislation because it does not give the Com- matter of course. Constitutional principles, applied as they
are written,
mission power to fix charges to listeners in case of the use of wired wireless it must be assumed, operate justly and wisely as a general
thing,
or the use of attachments requiring the purchase of certain kinds of receiv- they may not be remolded by lawmakers or judges to save exceptiona and
l cases
ing seta.
of inconvenience, hardship or injustice.
"Wired wireless as yet has not been used generally. So far as I know,
The opinion of the Supreme Court holding the New
there has never been a complaint as to charges. Radio has always been free
York
statute to be in contravention to the Fourteenth
to those who desire to pick it out of the air.
Amendment
"One of the express powers of the Commission is to regulate the kind of reverses
the decree of the Federal Court for the Southern
apparatus to be used by a broadcasting station so that the Commission can
absolutely protect radio listeners against the attachment of apparatus requir- District of New York, which had upheld the constitutionality
of the law. In addition to the extract above from
ing a special kind of receiving set.
the Supreme Court's conclusions we quote the followin
Declares Commission Supreme.
g from its
broadcaste
individual
rs
should
why
"I know of no reason
not be permitted opinion:
to use an invention of that kiind if it were practical. It would not interfere
Appellant [Tyson and Brother, United Theatre Ticket
Offices, Inc.] Is
with other broadcasters and private service could thus be rendered."
engaged in the business of reselling tickets of admission
to theatres and
After recalling that the members of the new Radio Commission were to be other places of entertainment in the City of
New York. It employs a large
chosen from all parts of the country Senator Dill concluded:
number of salesmen, messenger boys and others. Its
expenses are very
MAR. 5 1927.]
THE CHRONICLE
1301
large, and its sales average approximately 300,000 tickets per annum. lation from a very early period, it persuasively suggests that by general
These tickets are obtained either from the box office of the theatre or from legislative acquiescence theatres, historically, have been regarded as fallother brokers and distributors. It is duly licensed under Section 168, ing outside the classes of things which should be thus controlled. It will
c. 590 New York Laws 1922, and has given a bond under Section 169 of not do to say that this failure of legislative bodies to act in the matter has
that chapter in the penal sum of $1,000 with sureties, conditional among been due to the absence of complaints on the part of the public, for it
other things, that it will not be guilty of any fraud or extortion. See hardly is probable that a privilege as ancient and as amply exercised as
that of complaining about prices in general, has not been freely indulged
Weller v. New York, 268 U. S. 319, 322.
of charges for entertainment. Indeed, it is judicially recordSection 167 of Chapter 590 declares that the price of or charge for ad- in the matter
as long ago as 1809, there was a riot in the Royal Theatre, London,
mission to theatres, etc., is a matter affected with a public interest and ed that,
purpose of compelling a reduction in prices of admission. In decidsubject to State supervision in order to safeguard the public against extor- for the
growing out of the disturbance, Clifford v. Brandon, 2 Campb.
tion, exorbitant rates and similar abuses. Section 172 forbids the resale ing a case
368,sthe Court summarily disposed of the claim that people had a
of any ticket or other evidence of the right of entry to any theatre, etc., 358,
express their disapprobation of high prices in such a tumultous
"at a price in excess of 50 cents in advance of the price printed on the face right to
by saying that "the proprietors of a theatre have a right to manof such ticket or other evidence of the right of entry," such printing being manner,
age their property in their own way, and to fix what prices of admission
required by that section. . . .
they think most for their own advantage," and that any person who did not
renthree
of
decree
a
court
and
statutory
judges
a
by
heard
was
The case
approve could stay away.
dered denying appellant's prayer for a temporary injunction and holding the
If it be within the legitimate authority of government to fix maximum
statute assailed to be valid and constitutional. The provision of the statute charges for admission to theatres, lectures (where perhaps the lecturer
in question also has been upheld in a judgment of the New York State Court alone is concerned), baseball, football and other games of all degrees of
of Appeals, People v. 'Weller, 237 N. Y. 316, brought here on writ of error. interest, circuses, shows (big and little), and every possible form of amuseThat case, however, directly involved only Section 168, requiring a license, ment, including the lowly merry-go-round with its adjunct, the hurdy-gurdy,
and although it was insisted that Section 173 restricting prices should also Commonwealth v. Bow, 177 Mass. 347, it is hard to see where the limit of
be considered, upon the ground that the two provisions were inseparable, power in respect of price fixing is to be drawn.
this Court held otherwise, sustained the validity of the license section and
It is urged that the statutory provision under review may be upheld as
declined to pass upon the other one. Weller v. New York, 268 U. S. an appropriate method of preventing fraud, extortion, collusive arrange319, 325.
ments between the management and those engaged in reselling tickets, and
Strictly, the question for determination relates only to the maximum
the like. That such evils exist in sonic degree in connection with the theatprice for which an entrance ticket to a theatre, etc., may be resold. But rical business and its ally, the ticket broker, is undoubtedly true, as it
the answer necessarily must be to a question of greater breadth. The unfortunately is true in respect of the same or similar evils in other kinds
statutory declaration (Section 167) is that the price of or charge for adof business. But evils are to be suppressed or prevented by legislation
mission to a theatre, place of amusement or entertainment or other place which comports with the Constitution, and not by such as strikes down
where public exhibitions, games, contests or performances are held, is a
those essential rights of private property protected by that instrument
matter affected with a public interest. To affirm the validity of Section
against undue governmental interference. One vice of the contention is
172 is to affirm this declaration completely, since appellant's business em- that the statute itself ignores the righteous distinction between guilt and
braces the resale of entrance tickets to all forms of entertainment therein innocence, since it applies wholly irrespective of the existence of fraud,
enumerated. And since the ticket broker is a more appendage of the theacollusion or extortion (if that word can have any legal significance as
tre, etc., and the price of or charge for admission is the essential element in
applied to transactions of the kind here dealt with—Commonwealth v.
the statutory declaration, it results that the real inquiry is whether every
O'Brien & others, 12 Cush. 84, 90), and fixes the resale price as well where
public exhibition, game, contest or performance, to which an admission
evils are absent as where they are present It is not permissible to
charge is made, is clothed with a public interest, so as to authorize a law- the
enact a law which, in effect, spreads an all-inclusive net for the feet of
making body to fix the maximum amount of the charge which its patrons
everybody upon the chance that, while the innocent will surely be entangled
may be required to pay. . . .
in its meshes, some wrong-doers also may be caught.
The authority to regulate the conduct of a business or to require a license,
comes from a branch of the police power which may be quite distinct from
With reference to the dissenting views we quote the folthe power to fix prices. The latter, ordinarily, does not exist in respect lowing from the Washington dispatch to the "Times":
v.
Co.
Tel.
of merely private property or business, Chesapeake & Potomac
Dissenting Opinion Cites Dry Law.
Manning, 186 U. S. 238, 246, but exists only where the business or the
property involved has become "affected with a public interest." This
In his dissenting opinion, Justice Hohnes argued that theatres are as
phrase, first used by Lord Hale 200 years ago, Munn v. Illinois, 94 U. S. much devoted to public use "as anything well can be," and continued:
113, 126, it Is true, furnishes at best an indefinite standard, and attempts
"I am far from saying that I think this particular law a wise and rational
to define it have resulted, generally, in producing little more than para- provision. That is not my affair. But if the people of the State of New
and
properties
Certain
elucidation.
phrases, while themselves require
York, speaking by their authorized voice, say they want it, I see nothing
kinds of business it obviously includes, like common carriers, telegraph in the Constitution of the United States to prevent their having their wills."
and telephone companies, ferries, wharfage, etc. Beyond these, its appliJustice Holmes declared that, subject to compensation when compensation
cation not only has not been uniform, but many of the decisions disclose is due, "the Legislature may forbid or restrict any business when it has a
the members of the same court in radical disagreement. Its full meaning, sufficient force of public opinion behind it."
like that of many other gmeralizations, cannot be exactly defined; it can
Ile said that "wine had been thought good for man from- the time of the
only be approximated.
Apostles," but that when public opinion changed "it did not need the
. . . A theatre is a private enterprise, which, in its relation to the Eighteenth Amendment, notwithstanding the Fourteenth, to enable the State
public, differs obviously and widely, both in character and degree, from a to say that the business should end."
grain elevator, standing at the gateway of commerce and exacting toll,
Lotteries, he said, were regarded as useful adjuncts a century ago, but
amounting to a conunon charge, for every bushel of grain which passes on had been stopped by law.
Its way among the States; or stockyards, standing in like relation to the
"What has happened to lotteries and wine might happen to theatres in
commerce in livestock; or an insurance company, engaged, as a sort of some moral storm of the future," he said. "Not because theatres were decommon agency, in collecting and holding a guaranty fund in which def- voted to a public use, but because people had come to think that way."
inite and substantial rights are enjoyed by a considerable portion of the
State Regulation Defended.
public sustaining interdependent relations in respect of their interests in
the fund. Sales of theatre tickets bear no relation to the commerce of the
Justice Stone said he found nothing in the Constitution or common law
country; and they are not interdependent transactions, but stand, both in development of the Fourteenth Amendment which would lead him to conceive
form arid effect, separate and apart from each other, "terminating in their that "this type of regulation by the State is prohibited."
effect with the instans.es." And, certainly, a place of entertainment is in
He suggested that the statute was designed "in part to protect a large
no legal sense a public utility; and, quite as certainly, its activities are class of consumers from exorbitant prices."
Justice Sanford, who also dissented, held that the theatrical business bad
not such that their enjoyment can be regarded under any conditions from
become clothed with a public interest and was, therefore, subject to regulathe point of view of an emergency.
The interest of the public in theatres and other places of entertainment tion by the Legislature, "limiting their charges to reasonable exactions and
may be more nearly, and with better reason, assimilated to the like inter- protecting the public from extortion and exorbitant rates."
est in provision stores and markets and in the rental of houses and apartAssemblyman Maurice Bloah, Democratic leader of the
ments for residence purposes; although in importance it falls below such
an interest in the proportion that food and shelter are of more moment lower branch of the New York Legislature, announced on
than amusement or instruction. As we have shown, there is no legislative March 1 that he was planning to draft a new bill to prevent
power to fix the prices of provisions or clothing or the rental charges for
houses or apartments, in the absence of some controlling emergency ; and excess charges on theatre tickets. The "Times" in reporting
we are unable to perceive any dissimilarities of such quality or degree as this farther said:
to justify a different rule in respect of amusements and entertainments.
Mr. Bloch has sent to Washington for a copy of the decision handed down
A theatre ticket may be in the form of a revocable license or of a con- yesterday by the Supreme Curt in which the present law prohibiting the
tract. If the former, it may be revoked at the will of the proprietor ; if sale of tickets for more than 50 cents above the box office price was held
the latter, it may be tirade non-transferable or otherwise conditioned. A invalid.
theatre, of course, may be regulated so as to preserve the public peace, in"It is my intention," said Mr. Bloch, "to draft a new regulatory bill
sure good order, protect public morals, and the like. A license may be re- which will come within the Constitution as it has now been interpreted and
quired, but such a license is not a franchise which puts the proprietor under which will protect the public from being gouged
by these theatre agency
the dirty of furnishing entertainment to the public or, it furnished, of ad- ghouls. If it is necessary, this bill will seek to
declare illegal under the
mitting everyone who applies. See Colister v. Hayman, 183 N. Y. 250, 253. police power the whole business of reselling
ticket's."
How far the power of the Legislature may be exerted to prevent discrimMr. Bloch said he believed the adverse ruling on the New York State law
inating selection by the proprietor of his patrons upon the basis of race, was not based upon its regulatory intent,
but
because the State had engaged
color, creed, etc., People v. King, 110 N. Y. 418, need not be determined; in a statutory price-fixing arrangement.
for in any event such power and the other powers of regulation just enumerated fall far short of the one here invoked to fix prices.
The contention that, historically considered, places of entertainment may United States
Supreme Court Affirms Decree of Lower
be regarded as so affected with a public interest as to justify legislative
Court Invalidating Elk Hills Naval Oil Reserve
regulation of their charges, does not seeni to us impressive. It may be true,
as asserted, that, among the Greeks, amusement and instruction of the
Leases to E. L. Doheny.
people through the drama was one of the duties of government. But cerThe United States Supremo Court on Feb. 28 affirmed
tainly no such duty devolves upon any American government. The most
that can be said is that the theatre and other places of entertainment, gen- the decree of the lower court invalidating the Elk Hills
erally, have been regarded as of high value to the people, to be encour(California) Naval Oil Reserve Leases to Edward L. Dobeny.
aged, but, at the same time, regulated, within limits already stated. While
leases
in
regulated
a variety The Supreme Court holds that "the contracts and
theatres have existed for centuries and have been
of ways, and while price fixing by legislation is an old story, it does not and all that was done under them are so interwoven that
appear that any attempt hitherto has been made to fix their charges by they
constitute a single transaction not authorized by law
law. This is a fact of some significance in connection with the historical
corruption and fraud."
argument, and, when set in contrast with the practice in respect of inn- and consummated by conspiracy,
keepers and others, whose charges have been subjected to legislative regu- Holding that the payment of $100,000 to Albert B. Fall,
1302
THE CHRONICLE
when he was Secretary of the Interior, by E. L. Doheny,
constituted corruption, the Court discussed at length the
various moves made by Fall to insure that this contract
should go to the Doheny inerests without proper competition, says the Washington dispatch to the New York "HeraldTribune," which also said in part:
[VOL. 124.
and Dec. 11 1922, an injunction, the appointment of receivers and an
accounting. The complaint alleges that the contracts and leases were
obtained and consummated by means of conspiracy, fraud and bribery.
and that they were made without authority of law. Receivers were
appointed to take possession of and operate the properties pending the suit.
At the trial the Court heard much evidence and later made findings of
fact; stated its conclusions of law; announced an opinion, 6 F (2d) 43,
and entered its decree. It adjudged the contracts and leases void and
Although abrogating the Elk Hills lease, the Court decided that the ordered them cancelled; it directed the Petroleum company to surrender
Doheny companies were not entitled to credit for the $11,000,000 they the lands and equipment, and stated an account between the United States
had expended. The oil tanks at Pearl Harbor, near Honolulu, with a and each of the companies. The Transport company was charged the
storage of 1,500,000 barrels of oil for the navy, belong to the Government, value of petroleum products received by it and the amount of profits
the Court held, because merything done by the companies was done derived upon their resale, and was given credit for the actual cost of constructlon work performed and of fuel oil delivered under the contracts.
fraudulently.
The Court was unanimous in the opinion, except that Associate Justice The Petroleum company was charged the value of the petroleum products
taken under the leases and given credit for actual expenditures in drilling
Stone took no part in the case,
The decision follows swiftly on the acquittal of Fall and Doheny by a and operating wells and mak.ng other useful improvements. Interest
jury in the District Supreme Court here, in which the very charges upheld was added to each of the Items. The companies appealed to the Circuit
by the Supreme Court to-day in the civil case were disregarded by the Court of Appeals, and the United States took a cross appeal. The Court
affirmed the decree so far as it awarded affirmative relief to the United
Jury in the criminal prosecution,
As a matter of fact, the high Court to-day went further than the Court States and reversed that part which gives credit to the companies. 9 F
of original jurisdiction. The lower Court had decided that the oil companies (2d) 761.
Under B. S. 2319, 2329, and the Act of Feb. 111897,C.216,29 Stat. 526.
should have credits for their expenditures, including the construction for
the navy of the oil tanks in the Hawaiian Islands.
public lands containing oil were open to settlement, exploration and purchase. Exploration and location were permitted without charge, and title
Navy Department Benefits.
could be obtained for a nominal amount. United States vs. Midwest
Curiously enough the Navy Department finds itself in possession of Oil Co., 236 U. S. 459, 466. Prior to the autumn of 1909 large areas of
millions of dollars worth of property in the oil wells and oil reserve at public land in California were explored. Petroleum was found, patents
Pearl Harbor without cost to the Government and without having t,o were obtained, and large quantities of oil were taken. In September of
fight for an allowance from the Director of the Budget or an appropriation that year, the director of the Geological Survey reported that, at the
from Congress. . . .
rate oil lands in California were being patented, all would be taken within
Government to Take Over Property.
a few months, and that, in view of the increased use of fuel oil by the navy.
The Government is prepared to take over all the property involved in there appeared to be immediate need for conservation.
the Court's decision, Secretary Wilbur said to-day. Rear Admiral Harry M.
Then the President, without specific authorization of Congress, by
Rousseau, who has been serving as the Government's representative on the proclamation withdrew from disposition in any manner specified areas
receivership authorized by the California Court, will take charge of the of public lands in California and Wyoming, amounting to 3.041.000 acres.
Elk Hills property for the Government as soon as the mandate of the Court By the Act of June 25 1910, 421, 36 Stat. 847, Congress expressly authorcan be carried out. At the same time the navy will arrange to immediately ized the President to withdraw public lands containing oil, gas and other
put into use the storage tanks at Pearl Harbor, which have been empty minerals. An Executive order of July 2 1910 confirmed the withdrawals
since the start of the litigation.
then in force. By a later order, Sept. 2 1912, the President directed that
Under the terms of the receivership the receipts from the Elk Hills some of these lands constitute Naval Petroleum Reserve No. 1 and shall
property have been impounded. These funds, Mr. Wilbur indicated, be held for the exclusive use or benefit of the United States Navy until
would be turned over to the Government when the Court's decree is put this order is revoked by the President or by Act of Congress. This reserve
Into execution,
includes all tbe lands involved in this suit. By a similar order, Dec. 13
The far-reaching and emphatic decision of the Court was handed down 1912, the President created the Naval Petroleum Reserve No. 2.'
by Associate Justice Butler. It affirmed the decision of the Circuit Court
The Leasing Act of Feb. 25 1920, E.85. 41 Stat. 437, regulates the exof Appeals of the Ninth Circuit and thus knocked out the leases and con- ploration and mining of public lands, and authorizes the Secretary of the
tracts. The Government won all along the line and the decision was a Interior to grant permits for exploration and make leases covering oil
crushing blow to the Doheny interests, the Pan-American Petroleum & and gas lands, exclusive of those withdrawn or reserved for military or
Transport Co. and the Pan-American Petroleum Co., petitioners, who naval purposes. The Act of June 4 1920, C. 228, 41 Stat. 812, 813, apbrought the controvery before the Supreme Court on certiorari to the propriated $30,000 to be used, among other things, for investigation fuel
Circuit Court of Appeals for the Ninth Circuit,
for the navy and the availability of the supply allowed by naval reserves
in the public domain.
Transactions Field Fraudulent.
It contains the following:
The Court declares Fall acted "collusively with Doheny," that Fall
"Provided that the Secretary of the Navy is directed to take possession
"dominated the making of the contracts and leases" and that the then
of all properties within the naval petroleum reserves—to conserve, deSecretary of the Navy, Edwin Denby, played only a "passive" part in the velop,
use and operate the same in his discretion, directly or by contract,
transaction.
lease or otherwise,and to use,store,exchange or sell the oil and gas products
storage
that
arranged
thereof, and those from all royalty oil from lands in the naval reserves,
The Court stamps the transactions by which it was
States—and provided further, that such
at Pearl Harbor and elsewhere should be exchanged for royalty oil as fraudu- for the benefit of the United
as have been or may be turned into the Treasury of the United States
sums
lent. It declares "that the interest and influence of Fall, as well as his from royalties on lands within the naval petroleum reserves prior to July 1
official action were corruptly secured by Doheny for the making of the 1921 not to exceed 3500,000 are hereby made available for this purpose
until July 1 1922. Provided further that this appropriation shall be
contracts and leases.
proper appropriation on account of the oil and gas
"It Is clear that, at the instance of Doheny," says the Court, "Fall so reimbursed from theproperties
used by the United States at such rate,
from said
Products
favored the making of these contracts and leases that it was impossible for not in excess of the market value of the oil, as the Secretary of the Navy
him loyally or faithfully to serve the interests of the United States. The may direct."
lower Courts for that reason rightly held the United States entitled to have
Execution of Contract.
them judged illegal and void."
March 5 1921 Edwin Denby became Secretary of the Navy and Albert
The transaction evidenced by the contracts and leases was not authorized
by the Act of June 4 1920, according to the Court. This was the Act .13. Fall Secretary of the Interior. May 31 1921 the President promulgranting certain authority over the naval reserves under which Fall and gated an Executive order purporting to commit the administration and conDenby and those acting with them insisted power had been granted by servation of all oil and gas bearing lands in the reserves to the Secretary of
the Interior, subject to the supervision of the President.
Congress to exchange oil for storage and storage facilities.
The contract, dated April 25 1922, was executed on behalf of the United
Virtually Decides Teapot Case.
States by the acting Secretary of the Interior and by the Secretary of the
The decision is of such sweeping character that it is looked on practically Navy. The Transport company agreed to furnish at the naval station
as deciding in advance the famous Teapot Dome case. This is the case at Pearl Harbor, Hawaii, 1,500.000 barrels of fuel oil and deliver it into
Involving the lease of the Wyoming naval reserve to the Sinclair interests, storage facilities there to be constructed by the company according to specifiheaded by the Mammoth Oil Co. The Teapot Dome case was advanced for cations of the Navy. The company was to receive its compensation in
hearing by the Supreme Court to-day to April 11. On the authority of the crude oil to be taken from the reserves. The quantity, on the basis of the
decision to-day,the Sinclair interests are virtually doomed to lose in advance, posted field prices of crude oil prevailing during the life of the contract,
Former Senator Atlee Pomerene of Ohio, government special counsel, was to be the equivalent of the market value of the fuel oil and also sufficient
along with Owen J. Roberts of Philadelphia, was in Court shortly after the to cover the cost of the storage facilities. The United States agreed to dedecision was handed down. Mr. Pomerene was greatly pleased.
liver to the company at the place of production month by month all the
"It is a victory for the government all along the line," said Mr.Pomerene. royalty oil f
furnished by lessees in reserves Nos..1 and 2 until all claims under
also
victory
He expressed the view that the decision assured government
the contract were satisfied. It was stipulated that if production of crude
in the Teapot Dome case.
oil should decrease so as unduly to prolong performance, then the Government Will, in the discretion of the Secretary of the Interior, grant additional
Fall-Sinclair Criminal Case April 25.
designate in Naval Petroleum Reserve No. 1
The case decided to-day, as well as the Teapot Dome case to be argued leases on such lands as he may
as shall be sufficient to maintain total deliveries of royalty oil on this conApril 11. being civil cases, do not necessarily affect the Fall-Sinclair conof five hundred thousand barrels (500,000)
spiracy trial which is coming up in the courts in the District of Columbia tract at the approximate rate
per
annum.
Elk
the
in
the
Court
25.
Nevertheless,
finding of the Supreme
on April
And, by Article XI of the contract, it was agreed that if during the life
Bills case to-day will greatly strengthen the hand of the government in the
of the contract such additional leases should be granted within specified
criminal proceedings.
areas, "the contractor shall first be called upon by the Secretary of the
royalties as the SecThe acquittal of Albert B. Fall and Edwar L. Doheny, Interior to meet such drilling conditions and to pay such
and proper, and in the event of his acceptance, the
rotary
may
just
deem
of
charges
of
on
out
tried
conspiracy
growing
were
who
on such
contractor shall be granted by the Government a preferential lease
the Naval Oil Reserve leases, was noted in these columns tracts as the Secretary of the Interior may decide to lease. In the event
or
lease
said
may be
leases
then
agree,
Dec. 18, page 3133. The text of this week's decision of of the failure of the contractor tobut
the contractor shall have a right to
bidding,
competitive
for
offered
follows:
Court
t
e.
ing
eer
gd
sid
dnb
tia
il:
the Supreme
heedA
rs ebnygatg
oitghneed
th s
wias
terms w
submitThe aeabsied
Secretary of the
SUPREME COURT OF THE UNITED STATES,
lease of June 5
signed
of
letter
25
April
1922,
a
No. 305—October Term, 1926,
Interior. It was made in accordance with
by the acting Secretary of the Interior and the Secretary of the Navy and
Transport
Co.,
&
Petroleum
Pan-American
Petroleum
Pan-American
-President of the Transport company.
States of America. On writ of certiorari sent to J. J. Cotter, who was Vice
Co., petitioners, vs. the United
It covered the quarter section described in the letter. This lease was asof Appeals for the Ninth Circuit.
Court
Circuit
States
United
to the
signed to the Petroleum company.
the opinion of the Court.
signed for the United States by the
)" Mr. Justice Butler delivered
The contract dated Dec. 11 1922 is
the United States in the Northern Division
Ir This suit was brought by
Interior and the Secretary of the Navy. It declares that
the
the
of
against
Secretary
petitioners,
California
Pan-American
of
Harbor promptly as they are cornof the Southern District
Pan-American Petroleum Co. The former it is desired to fill storage tanks at Pearl
petroleum & Transport Co.and
additional fuel oil and other petroleum products in
company and the latter the Petroleum company. Pieted • and also to procure
Transport
the
of the Navy requested the
Secretary
called
the
that
will be
cancellation of two contracts with the Trans- storage there and elsewhere;
The relief sought is the
Interior as administrator of the naval petroleum reserves
the
of
two
and
of
Secretary
1922,
leases
in
lands
11
Dec.
and
addition&
port company, dated April 25
arrange for such products in storage and to exchange therefor
the Petroleum company. dated June 5 to a
1
Naval Petroleum Reserve No. 1. to
MAR. 5 1927.]
THE CHRONICLE
products and storage
royalty crude oil, "the probable cost of the additional
. more or less";
immediately planned for being estimated at $15,000.000
the crude oil coming to
that this cannot be done on the basis of exchange for
of April
contract
the
that, under
the Government under the present leases;
right to leases to certain lands
25 1922 the company Is granted preferential
was planning to provide
in Naval Reserve No. 1; and that the company
from the field to
refinery facilities at Los Angeles. together with pipe lines
having capacity of 2,000,000
the refinery and docks, and to erect storage
barrels or more.
the Secretary of the InThe company agreed to furnish, as directed by
covered by the earlier contract;
terior, the fuel oil in storage at Pearl Harbor
storage facilities there as required,
to construct for actual cost additional
oil and other petroleum products
up to 2,700,000 barrels; to furnish fuel
on the basis of market prices
In the proposed storage as and when completed
furnish without charge, until
plus transportation cost at going rates; to
barrels of fuel oil at Los
expiration of the contract, storage for 1,000,000
at such time as Government
Angeles; to flll it with fuel oil for the navy
and to bunker Government
royalty oil should be available for exchange,
for fifteen years, subject to the deships from such oil at cost; to maintain
of fuel oil in the company's depots
mands of the Navy, 3.000,000 barrels
oil products and storage facilities
at Atlantic Coast points; to furnish crude
, when sufficient crude oil
Government
the
at other points designated by
to sell the Navy at
has been delivered to satisfy the Pearl Harbor contract;
fuel oil produced from the
10% less than market price additional available
to credit
reserves and manufactured products from its California refineries;
for gas and casLughead gasothe navy for crude oil at published prices and
any surplus credits of the Govine at prices fixed in the leases,and to satisfy
products, by construction
ernment by delivery of fuel oil or other petroleum
cash as the Government
of additional storage facilities, or by payment in
to the company in exdeliver
to
might elect. The United States agreed
on Reserves
change all royalty oil, gas and casinghead gasoline produced
in any event for fifteen
Nos. 1 and 2 until its obligations were discharged and
years after the expiration of the contract of April 25 1922 (which was withall the unleased lands
out specified time limit), and to lease to the company
in Reserve No. 1.
Lease of Dec. 11 1922.
The lease of Dec. 11 1922 is signed for the United States by the Secretary of the Interior and the Secretary of the Navy. It covers all unleased
lands in Reserve No. 1, but with a provision that no drilling shall be done
on approximately the western half without the lessor's consent. It runs
for twenty years and so long thereafter as oil or gas is produced in paying
quantities. The royalties range from 123 to 35%.
1303
approval by
approve the proposition, will you kindly indicate to me such
letter to myself, signed by
simple endorsement upon Colonel Doheny's
yourself. Your simple 0 K will be sufficient."
Doheny's Loan of $100,000 to Fall.
as and when he should
Doheny had agreed to advance $100.000 to Fall
$100,000 in currency.
need it. Nov.30,at Fall's request, Doheny sent him
check of Doheny's son, who
The money was obtained in New York on the
Fall sent to Doheny by
carried it to Washington and gave it to Fall. And
of the advance was made in
the son a demand note for $100,000. No entry
Nothing has been paid on
the accounts of Doheny or the petitioners.
understood between
account of principal or interest. At that time it was
kind. Doheny intended,
Doheny and Fall that the latter need notrepay it in
to cause the
Mexico,
New
in
If Fall did not dispose of a certain ranch
to enable him, out
Transport company to employ him at a salary sufficient
or six years; and he knew that
of one-half of it, to pay off the amount in five
t and accept employFall expected to leave the service of the Governmen
it was given Doheny
ment with one of his companies. A few weeks after
be enforceable In the
not
would
it
that
so
tore Fall's signature off the note
to subordinates that the
hands of others. Dec. 1, Fall gave instructions
royalties should not be
petition of the Petroleum company for reduction of
given another lease at regulagranted, but that, as relief, the company be
tion royalties.
Awards Subject to Fall's Consent.
that the Transport company
Long in advance of receipt of bids Fall knew
cost and to fill them with fuel
would offer to construct storage facilities at
assurance that other leases on
oil in exchange for royalty oil and for the
Others were not advise
lands in Reserve No. 1 would be granted to it.
on assurance to the
conditioned
bid
a
that the United States would consider
leases.
bidder of other leases or preferential right to
company had opportunities for
Due to the interest of Fall, the Transport
the United States which
conference with and advice from those acting for
oil companies with which
other
were not given to others. There were five
as to the proposed conofficers or employes of the United States conferred
bid because they considered
tract. Fall knew that two of these would not
others had not been invited
the proposed contract illegal, that two of the
bid unless authority far the
to bid and that the other one would refuse to
Invitation for proposals was
contract should be obtained from Congress.
understood and stated that it
sent two construction companies, but Fall
payment had to be made in
was impossible for either of them to bid because
Three Rivers, N. M. Before
for
royalty oil. April 13, Fall left Washington
be accepted or contract
leaving he gave instructions that no bids should
awarded without his consent.
received; one was conditioned
The bids were opened April 15. Four were
Congressional Resolution for Recovery of Lands.
one did not cover the conupon Congressional approval of the contract;
ives
of
House
Representat
and
the fuel oil; the other two
Senate
the
by
furnishing
adopted
to
A joint resolution
work and applied only
struction
apand approved by the President Feb. 8 1924, 43 Stat. 5, stated that it
were from the Transport company; one of them, designated A;
proposals
peared from evidence taken by the Committee on Public Lands and Survey was in accordance with the invitation for bids, but the other, called B, was
11
in barrels of crude oil; it
of the Senate that the contract of April 25 1922 and the lease of Dec.
not. The latter names the smaller lump sum
1922 were executed under circumstances indicating fraud and corruption, stated that if actual cost was less than as specified amount the saving should
for the
without authority on the part of the officers purporting to act
to the Government: and it was conditioned upon granting the
t to be credited
United States, and in defiance of the settled policy of the Governmen
preferential right to become lessee in all leases that thereafter
bidder
needs
the
gas in Reserve
maintain in the ground a great reserve supply of oil adequate to
might be granted by the United States for recovery of oil and
of the navy.
No. 1.
that
and
interest
public
against
the
be
of
to
Interior, teleleases
Secretary
and
It declared the contracts
On April 18 Edward C. Finney. Acting
they
the lands should be recovered and held for the purposes to which
Fall that certain officials and employees of the United States
graphed
to cause
were dedicated. And it authorized and directed the President
recommended acceptance of Proposal B; on the same day Fall consented
lease and
to award
suit to be prosecuted for the annulment and cancellation of the
by telegram, and Finney sent a letter to the company purporting
such
trosecute
to
and
did
ary
thereto,
supplement
all contracts incidental and
the contract to it. Cotter then stated that the Transport Company
be
warranted.
as
might
criminal,
agree,
would
States
and
civil
the
United
,
unless
proceedings
other action or
desire to make the contract
not
in
The findings contain what in abridged substance follows:
within twelve months, to grant the company a lease or leases of lands
E. L. Doheny controlled both companies. Fall was active in procuring Reserve No. 1. He also raised the question whether the Executive order
the transfer of the administration of Naval Petroleum Reserves from the of May 31 1921 had any legal force and refused to permit the company
to make the contract unless Denby should sign as Secretary of the Navy.
Navy Department to the Interior.
And after the Executive order was made, he dominated the negotiations April 20 Arthur W.Ambrose of the Bureau of Mines was sentfrom Washingthat eventuated in the contracts and leases. From the inception no matter ton to Three Rivers with the papers in the case. He was instructed to
of policy or action of importance was determined without his consent. consult Fall as to whether Denby should be made a party to the contract.
Denby was passive throughout, and signed the contracts and lease and the April 23 Fall by telegram agreed that Denby should be made a party
letter of April 25 1922. under misapprehension and without full knowledge and directed Finney to execute the contract for the Department of the
of their contents. July 8 1921, Fall wrote Doheny:
Interior. While it is not clearly shown that Ambrose took with him
and sent
"There will be no possibility of any further conflict with navyIofficials a draft of the letter of April 25 signed by Denby and Finney
that
Secretary
Denby
should
to, and did. consult Fall concerning it. That
and this department, as I have notified
the President, to Cotter, he was instructed
by
the
conduct the matter of naval leases under the direction of
lowest
received
letter declares that the company's proposals were
without calling any of his force in consultation unless I conferred with
of policy.
the Government.
himself personally upon a matter and
that I shall handle matters exactly
After stating that, expressed in money, Proposal B is the better by
"He understands the situation
any officials of any bureau in his
saving by performance for less than the
as I think best and will not consult with
consultation will be confined $235,184 40 and by the possible
department, but only with himself, and such
estimated cost of construction, it said:
strictly and entirely to matters of general policy."
18 that your interpreacted upon the belief that Fall
"It is evident from our conversation of April the
. . . TransportaAfter that Doheny and his companies
right was to the effect that
and leases. Doheny and Fall conferred tation of preferential
had authority to make the contracts
company desired the right to lease certain specified land in Nava,
tion
company whereby it should Petroleum Reserve No. 1, as well as preferential right to lease other land
Transport
the
by
made
be
to
proposal
as to a
oil for constructing storage facilities In Naval Petroleum Reserve No. 1, to the extent described in Article XI
receive from the United States royalty
your conversation that
of contract. It Is also my understanding from
fuel oil.
at Pearl Harbor and filling them with
. Transport company could get a lease to certain lands
other leases in Reserve No. 1. unless the . . would
not desire to enter into a contract under the term;
company
They discussed the matter of granting
your
for reduction of outlined in Proposal B and preferred the Government would accept
They also discussed a petition of the petroleum company
and Admiral John K. Robison, Proposal A."
royalties under an existing lease. Fall
in
the
of
Navy
naval reserve
personal representative of the Secretary
The letter than stated that the Department favored Proposal B and
should be kept secret so that
matters, agreed that the proposed contract
reiterated its stated advantages over the other proposal. Then it said:
was
what
being
it
done.
know
(But
not
should
Congress and the public
"In order that the Government may take advantage of a contrac.
case were not the same as
is to be said that Robison's motives in this
embodying the terms outlined in Proposal B, I wish to advise you that
the Department of the Interior will agree to grant to the Transport come
Fall's).
a proposal stating that,in accord- waxy, within one year from the date of the delivery of a contract relative
Nov.28 1921, Doheny submitted to Fall
as to cost of con- to the Pearl Harbor project leases to drill the following tracts of lands."
ance with a suggestion from Fall, he had made inquiries
oil at Pearl Harbor. He gave
The letter specified the quarter section covered by the lease of June 5
structing storage for 1,500,000 barrels of fuel
of crude oil in the field and 1922 and an additional strip, and stated that the royalties to be required
in detail figures relating to such cost, the price
of
amount
oil
crude
total
necwould not be greater than specified rates ranging from 121i% to 35%•
of fuel oil at Pearl Harbor. and stated the
the basis of our being paid for The preferential right was inserted to prevent competition. The assuressary to pay for the tanks and fuel oil on
from
lands
the
within
produced
oil
crude
royalty
ance that additional leases would be given was not necessary or required
both tanks and oil in
letter concluded:
under Proposal B.
naval reserves and to be leased to us. The
Assistant
First
Secretary
to
After the making of the contract of April 25 the posted field price of
"I suppose you will turn this matter overmay
the details of it
arrange
Robison,
Admiral
Finney, who, with Rear
oil declined rapidly. In the autumn of 1922 the Transport comcrude
am
I
absent.
ly
confidential
be
to
during your absence, and as I also expect
or consultation with Fall for
furnishing Mr. Cotter with the information so he can intelligently discuss pany and Doheny were in correspondence
the purpose of at once securing additional leases in Reserve No. I. Doheny
the matter with Mr. Finney."
submitted a proposition to Fall, which the latter delivered to his subordiAnd the next day Pall wrote Robison:
to oil tanks nates with his favorable recommendation. Later Doheny enlarged the
"Mr. Cotter will wait upon you with data. &c., with relation
lease
I
asked
have
demands.
Harbor
proposition and there followed negotiations concerning the proposed
and royalty oils in connection with Pearl
of a letter from
him also to hand you, for your inspection, the original
Doheny and Fall agreed upon a schedule of royalties.
of
resume
data.
a
the
containing
kind.
any
Colonel Doheny addressed to myself,
The lease of Dec. 11 was arranged without competition of
of course it would be
Should you think best to accept this proposition thenDoheny,
if we can do Plans for the proposed construction work had not been prepared. Before
necessary, in my Judgment, to turn over to Colonel
stated
Department
in
his
in
is
he
which
Reserve
others
Naval
the contract and lease were made Fall and
so, leases upon further wells or area in the
to make leases
now drilling.
to persons making inquiries that it was not the intention
be
must
made
less
royalty
the
that
had been eliminated
"If this is done it must be understood
and Pan- or to drill in that reserve. The danger of drainage
than are the present royalties being paid by the Midway
companies operating
by agreement between the United States and oil
American."
except on six
either
benonelby
drillingrshould
The letter stated that the gas pressure was lessening and that the com- in the vicinity that no
other.
"If
the
royalty.
to
you
notice
the
55%
month's
of
payment
the
loss
in
suffering
were
panies
1304
THE CHRONICLE
District Court Holds:ContractiObtained by Fraud.
The District Court concluded that the contracts and leases were obtained by corruption and fraud. On their appeal, petitioners challenged
practically all the findings of the trial court. The Circuit Court of Appeals,
after stating the issue and the substance of the facts found and conclusions
reached below, said;
"We find no ground for disturbing the findings of fact which we deem
essential to the decision of the case, and while the evidence
may be insufficient to support certain contested findings, the disputed
facts, in
view of our conclusions upon the law applicable to the case, become of
little importance."
[VoL. 124.
March 4 1913. C. 148,37 Stat. 891, 898; June
30 1914, C. 130. 38 Stat.
392, 401: March 3 1915, C. 83, 38 Stat.
928. 937; Aug. 29 1916. C. 417,
39 Stat. 556. 570, March 4 1917,
C. 180. 39 Stat. 1168, 1179; June 15
1917, C. 29. 40 Stat. 182, 207: July
1 1918, C. 114, 40 Stat. 704, 726;
Nov.4 1918, C. 201,40 Stat. 1020,
1034: July 11 1919,0.9, 41 Stat. 131.
145; June 5 1920, C. 253, 41 Stat.
1015, 1030; July 12 1921, C. 44, 42
Stat. 122, 130.
And it has long been Its policy to prohibit the
making of contracts of
purchase for construction work in the absence
of express authority and
adequate appropriations therefor. R. S.
Sec. 3732. 3733; Act of June 12
1906, 34 Stat. 255: Act of June 30 1906, 34
Stat. 764.
The petitioners here argue that the Secretary of the Navy did in fact
The Secretary was not authorized to
use
money received from the sale
exert the authority conferred by the Act of June 4 1920, and that Fall did of gas products. All such sums
are required to be paid into the Treasury.
not dominate the making of the contracts and leases; that it was not proved R. S. 3617, 3618, as amended.
19 Stat. 249.
by any evidence competent or admissible against the companies that
The words granting authority to the Secretary are "use,store,
exchange.
Doheny gave Fall $100,000; that the giving of the money did not effect or sell" the oil and gas
products. As the Secretary, among other things,
the transaction; that it was a loan and not a bribe, and that the record does was authorized until July 1
1922 to use money out of the appropriation
not sustain the conclusion of the District Court.
to "store" oil and gas products from
these lands, it will not be held, in
We have considered the evidence and we are satisfied that the findings the absence of language
clearly requiring it, that he was also empowered
as to the matters of fact here controverted are fully sustained, except
the without limit to use crude oil to pay for additional storage facilities. Unless
statement that Denby signed the contracts and leases under misapprehens
ion given him by "exchange" the Secretary had no power by such contracts
and without full knowledge of the contents of the documents. As to that, to locate or construct
fuel depots. It is not contended that the clause
the record requires an opposite finding. Under the Act of June 4 1920
it confers unlimited authority, and the petitioners say that the word "exwas his official duty to administer the oil reserves; he was not called
as a change" must have some reasonable limitation. But they insist that
witness, and it is not to be assumed that he was without knowledge of
the it is broad enough to authorize the contracts. If it is, there is no reason
disposition to be made of them or of the means employed to get storage why crude oil may not be used
to pay for any kind of construction work
facilities and fuel oil for the navy. He is presumed to have had knowledge or to purchase any
property that may be desired by the Department for
of what he signed; there are direct evidence and proven circumstance
s to the use of the navy.
show that he had. But the evidence sustains the finding that he took
The purpose and scope of the
no active part in the negotiations and that Fall. acting collusively with of the reserves. The clause provision are limited to the administration
is found in a proviso to an appropriation
Doheny, dominated the making of the contracts and leases.
for an investigation of fuel adapted to
naval requirements and the availThe finding that Doheny caused the $100,000 to be given to Fall is ability of the supply in the naval
reserves. If exchange has the meaning
adequately sustained by the evidence. Early in 1924, during the investiga- contended for by petitioners, it
must be taken to indicate that Congress
tion of these contracts and leases by the Senate Committee, Doheny intended by the clause in question
not only to restore to the Secretary
voluntarily appeared as witness and there gave testimony for the purpose authority in respect of fuel depots
that had been taken from him by the
of explaining the money transaction between him and Fall at the time the Act of March 4 1913, but also to
enable him by means of contracts and
initial contract was being negotiated.
leases such as these to reverse, if he saw fit,
the established policy of the
At the trial of this case, over objections of the companies, his statements Government as to the petroleum
reserves. The circumstances of the
before the Committee were received in evidence. Petitioners insist that enactment as well as the terms
of the provision indicate a purpose to
they were not admissible. But Doheny acted for both companies when authorize exchange of crude petroleum
from these reserves for fuel oil
the contracts and leases were negotiated. He controlled the voting power and other petroleum products suitable
for use by the navy. The Secretary
of one that owned all the shares of the other. He was President of the was not authorized to refine the
crude products. A draft of the Act
Petroleum company up to July 24 1922, and then became Chairman of includes that authority, but the word
"refine" was stricken out. This
its board. He was President of the Transport company
until Dec. 7 1923. made necessary the exchange of the crude product for fuel oil and other
When he became Chairman of its board.
He was Chairman of both when products suitable for use. Whatever the meaning rightly to be attributed
he testified.
to the words employed, it is clear that they stop short
of authorizing the
. There is no evidence that his control over or authority
to act for these Secretary to pay for improvements such as were covered by the contracts.
companies was less in 1924, when he appeared for them before the commitThe peti.loners Insist that, in any event, they are entitled
to credit for
tee, than it was in 1921 and 1922, when he negotiated
and executed the con- the cost of construction work performed and of toe fuel oil famished at
tracts and leases. The companies were much
concerned as to the investi- Pearl Harbor, and als :or the amount they expended to drill and operate
gation lest it might result in an effort to set
aside the transaction. The oil wells and to make other improvements on the leased lands. The subhearing before the committee was an occasion
where it was proper for them stance of the account,as stated in the decree of the District Court,is printed
to be represented. Doheny had acted.for
them from the inception of the in the margin. The findings show that the storage facilities at Pearl Harbor
venture. The facts and circumstances disclosed
by the record justified the covered by the contracts were economically completed on the lands of the
lower Courts in holding that, when he testified
before the committee, he United States under the direction of the comrades aed the supervision of
was acting for the companies within the scope of
his authority. His state- officers of the navy; that they are of benefit to the United States and are
ments on that occasion are properly to be taken
as theirs, and are admis- now available for use and should be retained by it; that the Transport comsible in evidence against them. Chicago v. Greer, 9
Wall 726, 732; Xenia pany delivered into the storage constructed a specified quantity of fuel oil
Bank v. Stewart, 114 U. S., 224. 229; Fidelity
and Deposit Company V. of value to the United States equal to what it cost the company;that under
Courtney, 186 U. S. 342. 349, 351; Aetna Indemnity Company
v. Auto- the supervision of Government officials the Petroleum company originally
Traction Company, 147 Fed. 95, 98; Joslyn v.
Cadillac Company, 177 expended money for development of the leased lands to produce oil, gas and
Fed. 863. 865; Chicago Burlington & Quincy Railroad
Company v. Cole- gasoline and to make thereon permanent improvements that resulted in
man, 18 Ill. 297, 298.
benefit to the United States equal to the amount encoded.
The facts and circumstances disclosed by the
They maintain that, as a condition of granting the United
record show clearly that
States the reinterest and influence of Fall as well as his official action
lief
it claims, equity requires it to give credit to them for their expenditures
were corruptly
;
secured by Doheny for the making of the contracts and
that
if
this
be
denied
they
will
be required to pay double the value of the
leases; that, after
the Executive order of May 31 1921, Fall dominated the administrati
on royalty oil they have received and that the United States thereby will be
of the naval reserves, and that the consummation of
the transaction was unjustly enriched; that, except the balance shown by the account,they have
brought about by means of collusion and corrupt
conspiracy between him paid in full for such oil; that the United States has fully paid for the benefits
and Doheny. Their purpose was to get for petitioners
oil and gas leases it received from petitioners expenditures and that, in effect, it now seeks to
covering all the unleased lands in the reserve.
recover the payments it made voluntarily. And
they insist that the United
The making of the contracts was a means to that
end. The whole States must be made to bear these amounts even if the contracts were made
transaction was tainted with corruption. It was not necessary
to show without authority of law or were tainted with fraud, violation of public
that the money transaction between Doheny and Fall constituted
bribery policy, conspiracy or other nrorgful act.
as defined in the criminal code or that Fall was financially interested
In suits brought by individuals for rescission of contracts, the maxim
in
the transaction or that the United States suffered or was able
to suffer that he who seeks equity must do equity is generally applied, so that the
any financial loss or disadvantage as a result of the contracts and leases.
party against whom relief is sought shall be entitled to the position he
It is enough that these companies sought and corruptly obtained Falls' occupied before the transaction complained
of. The Court proceeds on the
dominating influence in furtherance of the venture. It is clear that, at principle that, as the transaction
ought never to have taken place, the parthe instance of Doheny, Fall so favored the making of these contracts
ties
are
to
be
placed
as
far
and
as possible in the situation in which they would
leases that it was impossible for him loyally or faithfully servo the interests have stood if there had
to
never been any such transaction.
of the United States. The lower courts for that reason
Neblett v. MacFarlatid, 92 U. S. 101, 103.
rightly held the
United States entitled to have them adjudged
And while the perpetrator of the fraud has no standing to rescind, he
illegal and void. Crocker
vs. United States, 240 U. S. 74,
80. 81; Garman vs. United States, 34 Ct. is not regarded as an outlaw; and if the transaction is rescinded by one
Cls. 237. 242; Herman vs. City of
Oconto, 100 Wis. 391, 399; Flarrington vs. who has the right to do so, the courts will endeavor to do substantial justice
Victoria Graving Dock Co., L. R. 3 Q.
B. D. 549; Tool Co. vs. Norris, 2 so far as is consistent with adherence to law. Stoffela v. Nugent, 217 U.S.
Wall. 45, 54, 56; Trist vs. Child, 21
Wall. 441, 448, 452; Meguire vs. 499, 501. The general principles of equity are applicable in a suit by the
Corwin°, 101 U. S. 108, 111; Oscanyan
vs. Arms Co.. 103 U. S. 261, 275; United States to secure the cancellation of a conveyance or the rescission of
Washington ire. Co. vs. Krutz, 119
a contract. United States v. Detroit Lumber Company, 200 U. S. 321.
Fed. 279, 286.
The transaction evidenced by the contracts
and leases was not authorized 339; United States v. Stinson, 197 U. S. 200. 204; State of Iowa v. Carr,
by the Act of June 3 1920. The grant of authority to
the Secretary of the 191 Fed. 257, 266; C. F. Mason v. United States. 260 U. 8.545,557,et seq.
Navy did not indicate a change of policy as to conservation
puubtlithey
tc y lwill
ll.not be applied to frustrate the purpose of its laws or to thwart
of the reserves. B
The Act of June 25 1910: an Act of Feb. 25 1920; the Executive orders,
poicy.
and
resolution
of
joint
Feb. 8 1924. show that it has been and
the
Causey v. United States, 240 U. S. 399, was a suit in equity brought by
the policy
is
of the United States to maintain a great naval petroleum reserve in the the United States to recover title to public lands conveyed to defendant
ground. While the possibility of loss by drainage might
be a reason for under the homestead laws. The patent was obtained by fraud. The delegislation enabling the Secretary to take any appropriate action
that at fendant paid the United States for the land in scrip at the rate of $1 25 per
any time might become necessary to save the petroleum, it is certain that acre. The complaint did not contain an offer to return the scrip, and it was
have
leases
no
such
the contracts and
purpose. The work to be paid for in insisted by the defendant that because of such failure the suit could not
crude products contemplated the construction of fuel depots. The one be maintained. The Court said (p• 402)
covered by the first contract was a complete unit sufficient for 1,500,000
"This objection assumes that the suit is upon the same plane as if brought
barrels, including pumping stations, fire protection and its own wharf and
by an individual vendor to annul a sale of land fraudulently induced. But,
channel. It is not necessary to consider the possible extent of the construc- as
this Court has said, the Government in disposing of its public lands does
under
the
latter
required
contract. Indeed it could not not assume the attitude of a mere seller of real estate at its market value.
tion that might be
work
and
These
products
lands are held in trust for all the people, and in providing for their
much
known
how
in
be
then
storage it would take to
disposal Congress has sought to advance the interests of the whole country
exhaust the reserve.
by
opening
them to entry in comparatively small tracts under
The record shows that the Navy Department estimated the cost of pro- designed to accomplish their settlement, development and restrictions
utilization.
posed storage plants and contents at approximately $103,000,000. Congress And when a suit is brought to annul a patent obtained in violation of these
the purpose is not merely to regain the title but also to enhas not authorized any such program. The Department tried and failed restrictions
force a public statute and maintain the policy underlying
Such a suit
to secure additional appropriations for the Pearl Harbor storage facilities. is not within the reason of the ordinary rule that a vendorit.
suing to annul
The Act of Aug. 31 1842, 5 Stat. 77 (R. S. Sec. 1552). gave the Secretary a sale fraudulently Induced must offer and be ready to return the considauthority to construct fuel depots. But it was taken away by the Act of eration received. That rule, if applied, would tend to frustrate the policy
of
public land laws; and so it is held that the wrongdoer must restore
March 4 1913, 37 Stat. 898. Since that time Congress has made separate thethe
title unlawfully obtained and abide the judgment of Congress as to
appropriations for fuel stations at places specifically named.
whether the consideration paid shall be refunded."
MAR. 5 19271
THE CHRONICLE
1305
170.650 02
2. Interest on No. 1
Heckman vs. United States, 224 U. S. 413, was a suit by the United
the
of
19
members
by
$1.727,511
made
lands
allotted
Total
States to cancel conveyances of
and
D. Petroleum company Is credited:
Cherokee Nation and to have the title decreed to be in the allottees
and
maintaining
production,
on
putting
drilling,
of
cost
Actual
1.
their heirs, upon the ground that the conveyances were made in violation
operating wells and other useful improvements to property
$1.013.428 75
under leases
of restrictions upon the power of alienation. On demurrer to the complaint
conthe
for
considerations
cost of constructing, maintaining and operating compressor
received
Actual
had
2.
it was insisted that the allottees
plant less value of use for products of other lands
absorption
and
equitable
that
order
in
suit
the
to
made
parties
be
should
veyances and
and lees gasoline manufactured and sold from gas produced from
194,991 01
restoration might be enforced. The Court said (p. 446):
lands In controversy
161,060 43
the restric- 3. Interest on No. I and No. 2
"Where, however, conveyance has been made in violation ofregarded
as
be
cannot
consideration
tions it is plain that the return of the
$1.369,480 19
If the
Total
an essential prerequisite to a decree to cancellation. Otherwise,
$358.031 00
lose the land which
Balance due United States
Indian grantor had souandered the money, he would
and thriftNote: Interest is at the rate of 7% and Is calculated on monthly balances to
Congress intended he should hold, and the very incompetency
would
protection
his
for
31
May
1925.
measures
the
of
occasion
the
were
ness which
is not
render them of no avail. The effectiveness of the Acts of Congress
thus to be destroyed.
general
of
matters
were
and
laws
public
in
forth
set
were
Montreal on Lenroot-Faber Bill Regulating
"The restrictions
contrary to these provisions Bank of
knowledge. Those who dealt with the Indians
purchase
the
if
of Milk—Effect on Canada.
land
keep
the
should
they
Importation
that
insist
to
entitled
not
are
price Is not repaid, and thus frustrate the policy of the statute."
summary of the Bank of Montreal,
business
the
From
United States vs. Trinidad Coal Co.. 137 U. S. 160, was a suit brought
23 we take the following:
Feb.
of
date
on
under
lands
issued
coal
by the United States to set aside patents conveying certain
R. S.
The Lenroot Bill, providing for inspection and standardizing of milk
the ground that they were obtained by fraud and In violation of
imported into the United States from Canada, recently passed the ConSec. 2347. 2348, 2350.
President Coolidge, is now law. The
The company, in furtherance of a fraudulent scheme to get the lands, gress, and having been approved by
fraudulent
export of milk to the United States from border counties in Canada has
furnished the money that was paid to the United States by the
did
of some eight million dollars annucomplaint
value
a
The
company.
reaches
the
to
grown greatly and now
patentees who conveyed the lands
is believed it
not contain an offer by the United States to return the money. The ally, but while there may be interruption to this trade, it
companycontended that the United States was subject to the rules that will be temporary, and that requirement being given to the provisions of
from
of
Canada will speedily
the new United States law, shipments of milk
apply to individuals and that relief should be conditioned upon return
the money. The Court held that the rule should not be applied in a case resume former proportions.
like that one.
It laid down and applied the principles on which rest the decisions in
Causey vs. United States, supra, and Heckman vs. United States, supra. Death of Hywel Davies of the Railroad Board of MediaAmong other things the Court said (6170):
tion—John Williams Named as Successor.
"Ifthe defendant is entitled,upon a cancellation of the patents fraudulently and Illegally obtained from the United States in the name of others, for
The death in Washington of Hywel Davies, a member of
its benefit, to return of moneys furnished to its agents in order to secure
such patents, we must assume that Congress will make an appropriation the Railroad Board of Mediation, after an operation at
for that purpose, when it becomes necessary to do so."
George Washington University Hospital, was announced on
The proposition that the defendant, having violated a public statute in
be
cannot
purposes,
other
to
Feb. 19. As successor to Mr. Davies, President Coolidge on
dedicated
were
that
public
lands
obtaining
required to surrender them until it has been reimbursed the amount expended Feb. 24 named John Williams of California as a member of
by it in procuring the legal title, Is not within the reason of the ordinary rule
for the berm expiring five years after Jan. 1 1927.
that one who seeks equity must do equity; and, if sustained, would interfere the board
with the prompt and efficient administration of the public domain. Let The Senate confirmed the nomination of Mr. Williams on
the wrongdoer first restore what it confesses to have obtained from the Feb. 28.
Government by means of a fraudulent scheme formed by its officers, stockholders and employes in violation of law.
It was the purpose of those making the contracts and leases to circumvent Inter-State Commerce Commission Orders Anthracite
the laws and defeat the policy of the United States established for the
Coal Rates Cut—Existing Tariff from Mines to
conservation of the naval petroleum reserves. The purpose of the repreNorthern New York Held to Be Unjust.
sentatives of the Department was to get for the navy fuel depots or storage
facilities that had not been authorized by Congress. The leases were made
of the rates on anthracite coal from northern
revision
A
to obtain the crude products for use as a substitute for money to make good
ordered, effective June 20, by the Inter-State
was
York
improvements.
New
such
for
pay
to
petitioners
by
the amounts advanced
The Secretary's authority to provide facilities in which to (store) naval Commerce Commission on March 1, when it held that
might
reserve petroleum or its products did not extend beyond those that
present rates are unreasonable and, to some points, unduly
be provided by use of the money made available by the Act of June 4 1920.
the
leases,
the
by
prejudicial, says the New York "Journal of Commerce,"
covered
lands
oil
the
And, in order to get control of
companies agreed to pay for these unauthorized works of construction and according to which a just and reasonable basis of rates was
use
to furnish fuel, oil and other products of petroleum suitable for naval
prescribed. Its Washington correspondent also says:
to fill the storage facilities so added.
interso
are
them
under
done
was
that
This ruling is the result of the Commission's general investigation of the
all
and
The contracts and leases
governing the transportation of
woven that they constitute a single transaction not authorized by law and rates, charges, regulations and practices
anthracite coal and because of the numerous compalints filed with it by
consummated by conspiracy, corruptioa and fraud.
in upper New York against the
dealers
coal
individual
retail
and
as
an
civic organizations
The United States does not stand on the same footing
In a suit to annul a deed or lease obtained from him by fraud. Its po- application of higher rates on this commodity from producing fields in
sition is not that of a mere seller or lessor of land. The financial element Pennsylvania to northern New Ysrk over joint-line routes than contemof the transaction is not the sole or principal thing involved. This suit poraneously applied over single-line routes.
was brought to vindicate the policy of the Government, to preserve the
The Commission ordered that the rate of $3 15 per ton on prepared sizes
integrity of the petroleum reserves and to devote them to the purposes of coal to Rochester, N. Y., be reduced to $3 02 per ton over certain routes
for which they were created. The petitioners stand as wrongdoers and and that the rate of $2 77 on pea and smaller sizes be reduced to $2 65 over
no equity arises in their favor to prevent granting the relief sought by certain specified routes.
Rates on prepared sizes and on pea and smaller sizes to Carthage and
the United States. They may not insist on payment of the cost to them
or the value to the Government of the improvements made or fuel oil Clayton over routes on which a rate of $3 28, now appliesto Watertown were
furnished, as all were done without authority and as means to circumvent ordered changed to $3 28, and $2 77 to Carthage and $3 41 and $288 to
the law and wrongfully to obtain the leases In question. As Congress bad Clayton.
"Our conclusions," the Commission said, "are designed to bring about
not authorized them, it must be assumed that the United States did not
want the improvements made or was not ready to bear the cost of making non-prejudicial rate relationships as well as a reasonable level of rates
them. No storage or fuel oil at Pearl Harbor was authorized to be made generally. The resulting revision will be in the nature of a general readjustin excess of the capacity of, or in any places other than the facilities pro- ment peculiar to this particular traffic."
At the same time the Commission ruled that the proposal of certain
vided for that purpose pursuant to authorization by Congress. Whatever
their usefulness or value, it is not for the courts to decide whether any of carriers to increase their rates on anthracite coal from mines in Pennsylvania
by
or
the
used
States.
retained
be
United
should
or
these things are needed
to points in northern New York was not justified. It held, however, that
Such questions are for the determination of Congress. It would be unjust the proposal to reduce rates from and to the same points was justified in
to require the United States to account for them until Congress acts: and part.
petitioners must abide its judgment in respect of the compensation, if
any, to be made. And this applies to the claim on account of the fuel oil
Inter-State Commerce Commission Holds Reduced
as well as to the other items.
Rates on Grain Shipments from Minneapolis
Clearly petitioners are in no better position than they would be if they
had paid money to the United States instead of putting the fuel oil in
not Justified.
here
the
relief
United
by
sought
the
storage. Equity does not condition
United
vs.
Inter-State
consideration.
Trinidad
States
the
Commerce Commission decided
17
Feb.
On
the
States upon a return of
Coal Co., supra; Heckman vs. United States, supra; Causey vs. 'United against the proposed reduction in grain rates on shipments
States, supra.
from Minneapolis and Duluth. The Commission held as not
Decree affirmed.
have amounted to 0
According to the "United States Daily" the substanee of justified the reduction, which would
Cities and DuluthTwin
pounds
hundred
from
the
per
cents
Court,
follows:
the account, as stated in the District
Superior on grain and grain products originating in NorthA. Transport company is debited:
I. All royalty oil, &c., delivered under contracts of April 25 1922,
$7,889,759 21
and Dec. 111922, to May 311926
791,012 03
2. Profit on their resale
684.625 55
11. Interest on No. 1
94,351 36
4. Interest on No. 2
Total.._ _ ________ _ __ _ _ ------------------------- 39,459,748 15
_- B. Transport company is credited:
1. Actual cost of storage facilities at Pearl Harbor, under contracts
17.350,814 11
of April 25 1922, and Dec. 11 1922
• 820,922 43
2. Interest on No. 1
1,936,142 47
3. Cost of fuel oil delivered to tanks
259,569 11
4. Interest on No. 3
*10.417,448 12
Total
3957.699 97
Balance due Transport company
C. Petroleum company Is debited:
I. Value of Petroleum products taken under lasses of June 5 1922,
and Dec. 11 1922 (other than those Included in the account of
31.556,861 11
the Transport company.)
western Minnesota, Montana, North Dakota, South Dakota
and Northwestern Minnesota over the Minneapolis & St.
Louis and the Minneapolis, St. Paul & Sault Ste. Marie Railroads and their Eastern rail connections to points in trunk
line and New England territories. The Commission in canceling the proposed reduction stated that the proposal repsecure
resented an effort on the part of the applicants to
territory
affected
the
from
moving
now
some of the traffic
over rail, lake-rail routes through Duluth and Buffalo, N. Y.
we believe," said
"Approval of the proposed rates would,
of the graindisruption
a
to
directly
the Commission, "lead
ssi
1306
THE CHRONICLE
rate structere, have marked effects
on marketing and distribution, and accordingly It is not proba
ble that any part
of the reduction would be passed
back to the farmer."
Commissioners Campbell, Esch, Lewis
and McManamy dissented from the majority report,
saying that the reduction
in rates should have been allowed.
In its account of the
majority decision the New York "Times"
said:
The
[vol. 124.
points in North and South Carolina. In repor
ting the foregoing the Washington bureau of the
New York "Journal of
Commerce" added:
At the same time the Commission
other schedules proposing to restric also suspended until the same date
t
privilege" rates in connection with the application of so-called 'carriers'
shipments of cotton from stations on
the Gulf Mobile & Northern to
New Orleans, to compressed cotton, or to
uncompressed cotton which is billed
locally into nearby compress points
present all-rail rate on wheat from Minnea
for compression and reshipment
polis and Duluth to
to destination under the G. M. & N.
New York is 43 cents, made up of
transit
tariff.
The
effect
13 cents
of the
while the proposed rate would be 37 cents. to Peoria and 30 cents beyond, of the present through carrier proposed restriction will be the elimination
s'
The opposition to the proposal came
tendered this carrier in uncomp privilege rates on shipments which are
ressed forms on a through bill of lading:
from
grain
millin
and
g interests and the
of Duluth, from Missouri River
applic
ation instead of higher first class
cities, from St. Louis, Chicago, Milwaukee
rates.
and Buffalo; from Kansas, Missour
i, Oklahoma, Oregon, Washington,
Idaho; from the central and
trunk-line territories; from the State comLow
missions of several of the States mentio
Rates Have Cost Northwestern Road $1,16
ned and from the carriers of the
0,000,000,
s
Eastern group.
Grain Rate Structure at Stake.
The Commssion held that
approval of the proposed rates would lead
directly to a disruption of the
grain rate structure, have marked effects on
marketing and distribution and
of necessity impair the revenues of the
carriers and their ability to
render satisfactory service.
"That there would be any substan
tial benefits to respondents, Minneapolis, or the producers of
wheat, is doubtful," the Commission's decision
said. "Competition would undoub
tedly force other carriers serving Minneapolis to meet the propos
ed rates and respondents could not hope to secure
any substantially greater
share of the traffic than they do under the
present rates, unless as a reward
for forcing these reductions.
"Corresponding reducti
from competing communities would follow
and Minneapolis would be ons
in no better relative position than now.
"The farmers could harclly gain
from the reduction. The Minneapolis
Interests claim that the reduct
ion is necessary in order that they may
maintain their position in the millin
g industry, and accordingly it is not
probable that any part of the reduct
ion would b epassed back to the farmer.
It is the rates to the primar
y markets rather than the rates from the
Primary markets that are of
most importance to the farmer.
"Pursuant to the so-called Hoch-Smith
resolution, we have inetitututed
an investigation of the rate structu
re of all common carriers subject to the
Inter-State Commeree Act,
known as Docket No. 17,000.
"Since the hearing of this case
we have concluded to assign for hearing
with certain complaints
that
on grain and grain produc portion of No. 17,000 which relates to the rates
ts within the Western District and the State of
Illinois as well as the rate)
"The proportional rates on certain export traffic.
from the various Western markets to Chicag
o
and related gateways are
included. Not only the measure of these proportional rates, but the relatio
nship between the various Western markets will
be determined in that
proceeding."
Chairman Eastman, who
opinion in which he said theconcurred in the decision, wrote a separate
ficiary to lend glamor to the farmer was prominently exhibited as a beneproposal, but that he saw little reason to believe the farmer would
beneft.
According to Security Holders' Committe
e.
Destruction of railroad value in Weste
rn Trunk Line territory due to the failure of the
Inter-State Commerce Commission to maintain an adequ
ate rate structure amounted to
$1,160,000,000 between 1912 and
1922, according to a statement issued on Feb. 28 by
the Security Holders' Committee
For a Fair Return, of which
W. Emlen Roosevelt, Senior
partner of the firm of Roose
velt & Son, is chairman. The
statement forms part of the
proceedings of the committee in
its attempt to obtain an
increase in Western Trunk Line
territorial rates from the Comm
erce Commission, which recently instituted an investigat
ion of the prevailing rate structure in this low spot area, which
is east and north of the
Missouri River and west of a
line drawn from Chicago to St.
Louis. The next hearing in this
investigation will be held in
Kansas City on April 6. The
committee takes issue with the
belief in some quarters that
the destruction of the security
values of Northwestern railr
oads has been due to the poverty of the territory. The
statement says:
"The poor
earnings of the railroads are not
due to the poverty of the
territory. The total wealth of
nine
Western Trunk Line territory increas States comprising practically all of
ed
51% between 1912 to 1922. The
per capita wealth of Western
Trunk
wealth of the South and far higherLine territory is double the per capita
than it is in the Southwest. The
total wealth per mile of railroa
d is higher in Western Trunk
Line
territory than it is in the Southw
est or South. Poor earnings and
the destruction of security values is
not due to the lack of traffic.
From 1912 to 1926 traffic volume
and train loading increased
52%. A comparison of eight railroads
in Western Trunk Line territory
with seven roads in the South and eight
roads in the Southwest shows freight
traffic density identical. Poor earnin
gs of Western Trunk Line railroads
not being due to inefficient management,
poverty of the territory served
or lack of traffic, the only cause remain
ing is low rates. Low rates are
admitted.
"Eight railroads in the territory are
earning nothing on $761,000,000 of
property, based on Inter-State Commerce
Commission figures. The margin
of earnings of ten Northwestern roads
available for interest has declined
from 2.06 times in the 1911.1912-1913
period to only 1.40 times. Since
1912 the equity of the bonds of
ten carriers in Western Trunk Line territory as measured by the market value
of their stocks has declined $600,000,000. In 1912 market value
of stocks was 82% of bonds outstanding.
In 1926 stock value had shrunk
to 32%
strictions are preventing savings banks of bonds outstanding. Legal rein New York and Massachuseetts
from investing in the territory except
in an increasingly limited way.
Life insurance companies are increas
ingly
tory. New capital is not forthcoming reluctant to invest in the terrifor necessaray improvements and
betterments. The situation is critica
l."
Woodlock Sees a Paradox.
Commissioner Woodlock
under consideration were called attention to the fact that while the rates
and connecting carriers proposed by two carriers on behalf of themselves
in the East from whom they
had received power
to make just such rates
under the usual occurrences, these Easter carrier
had requested the
n
s
Commission not to allow the rates
to become effective.
"There is indeed a sort
of Gilbert-and-Sullivan atmosphere about
the
proceedings which is no
humor," he said, "but doubt from one aspect of the matter not without its
regarded from another aspect is highly suggest
an abdication by
ive
of
carriers
abdication which amount themselves of their legitimate powers and an
s to a default in duty.
"We are not infrequ
ently told about the bad effects of governmental
interference with busines
s and with private enterprise. The critici
come with better
sm would
grace if those who made it demons
trated that they were
able and willing to
attend to their own business without
of governmental
invoking the help
regulation."
Dissenters Stress Farm Angle.
Commissioner Campbell, in
dissenting, said:
"How is the farmer
the Hoch-Smith resolut ever going to secure any relief as contemplated by
ion if we persistently withhold from
him what are Wage Increase of 12% Sought by Clerks, Stati
admitted to be reasonable
on
minimum rates for fear that the probable effect,
not of the immediate
Employes and Freight Hand
rates proposed but in some remote way
lers of New York
other rates
which might have to
be similarly reduced to not less than
Central Lines.
a reasonable
minimum level, would
be to take away some revenue from the carrie
Hearings were begun in New York
rs?"
Commissioner MeManamy,
on Feb. 28,before the
dissent
ing, contended that the conclusions
reached by the majority
United States Board of Arbitration on the wage demands
in this case "do not square with
of
of the object sought
my understanding
to be accomplished by the Hoch-S
20,000 clerks,station employes and freight handlers emplo
mith resolution.
"That the products of
yed
agriculture in the regions served by these carrier
were and are depress
by
the
s
New York Central Railroad Lines, East and West
ed
carriers in those regions cannot be questioned," he said. "We have here A 12%
increase in wages is sought, involving an addition of
proposing reductions on the ground that the main•
tenance of adequate
transportation service will thereb
approximately $3,000,000 to the road's yearly payro
"Opposition to such
y be promoted.
ll.
carriers who are parties reduced rates conies almost entirely from Eastern With the opening of the hearings on Feb.
28, the day was
to the rates and could
control them by withdraw- devot
ing their concurrences.
ed to the presentation of the employes' case. E. H.
"This they refuse to do.
Therefore their arguments
Fitzgerald, Grand President of the brotherhood,
vincing that the proposed
are
far
from
conJ. A.
rates are below :he minim
Commissioner Esch also
um of reasonableness." Robertson and W.J. Winston, Chairmen of the
dissented by making
brotherhood
public no sthtement.
for the
Items
East and West divisions on the Central's lines.
regarding the proposed
columns Aug. 7, page 605; Aug.reduction appeared in these argued for the clerks, freight handlers and station men,
21, page 940, and Sept. 4, Regar
ding the testimony the New York "Times," said:
page 1204.
The workers all belong to the Clerks' Brotherhood. To deny the increa
se
pay would be
discri
in
to
minate against the three groups involved, Mr.
Through Cotton Rates
Robertson held. He pointed out that the wages paid them
Restricted in South.
"was on the
averag
e of about 55 cents an hour lower than the average wage paid
The Inter-State Commerce Commi
union
ssion on Feb. 18 sus- labor in general."
pended until June 19 the operation of
Offering statistics for 1925 Mr. Robertson said that the compa
certain schedules prony
handle
d
posing to restrict the application of joint
a total of 111,000,000 tons of freight bringing a revenue to the
road of
through rates on about $240,000,000. That year the ,lines
carried 68.000,000 passengers,
cotton from points in Alabama on the
Southern, Alabama including 44,000.000 holders of commutation tickets, 21,000
Northern, Sumter & Choctaw and Alab
.000 local
ama & Northwestern passengers and 3,000,000 Inter-State passengers.
railroads; also from Southern railway point
Emphasizing the high cost of living, he said the average clerk
s in Georgia west had
on the road
to pay $37 99 a month rent.$11 45 a month for fuel and light and about
of Austell, on traffic destined to the South
Atlantic ports, $555 a year for food, making a total of about $1,142 a year, withou
t including
to apply only via Southern railway routes through
I other necessities of life. He added that 82% of the workers found it imposs
thereby eliminating routes through Mc ntgomery. Atlanta, ible to save to say nothing of having luxuries and pleasures.
Simil
ar
restriction is proposed on traffic originating at
Not Unreasonable, He Says.
points in
Mr. Robertson said that
employes were not asking anything unreasonMississippi on the Mississippi Central RR.
destined to able as the road was amply the
able to pay the increase asked for and financi
ally
THE CHRONICLE
able to carry the burden. The net operating income of the road, he said,
had increased 140% since 1922. when it was about $20,000,000. He held
that dividends had been doubled since 1922, as had also the surplus. He
contended that the wages of the employes had not kept pace with the
increasing revenue.
Grand President E. H. Fitzgerald of the Brotherhood, in presenting the
side of the organization, said that the railroad employes wanted a flat
increase of six cents an hour for all groups and classes. The clerks now got
about $1,560 a year, the station attendants about $1,088 and the freight
handlers $1,350.
It was contended that only 3 cents an hour increase in wages had been
made since 1917, and that increase was in 1923 ,upon private agreement.
The principal argument advanced was that a higher wage was necessary
because of the cost of living and was justified because of the responsibility
now carried by the workers.
It was pointed out that the petitioning employes were handling material
valued at from $50,000,000 to $100,000,000 a year. For this responsibility,
it was held, the workers were getting far less than was justified. The New
York Central lines were represented by Vice-President John G. Welber, in
charge of personnel: M. T. MacLaury, his assistant, and L. V. Porter,
Assistant Controller. Mr. Welber would not make a statement, except to
express an opinion that the increase if granted would cost the road about
3,200.000. He said the company would put in its briefs as soon as the
Brotherhood had finished the presentation of its side.
1307
W.E. Wells of Anglo-South American Bank, Ltd., Sails
for Europe.
W. E. Wells, General Manager and a director of the
Anglo-South American Bank, Ltd., the largest export banking institution in England, with fifty-seven branches
throughout the Americas, France and Spain, sailed last
night for London on the S. S. Olympic after a five months'
business trip in South America. Mr. Wells believes that
conditions are rapidly readjusting themselves in England
and he is quite optimistic about the general trend of business there. He has also been most favorably impressed with
the present aspect of American business, and he considers
the foreign trade outlook here as extremely favorable. Mr.
Wells has been associated for a period of twenty-seven years
with the Anglo-South American Bank, Ltd. Mr. Wells is
also a director of the Anglo-South American Trust Co. of
New York.
& Brass Research Association Names H. A. Call
On March 1 charges that brotherhood statistics concerhing Copper
as Mid-Western Representative.
clerks,
York
Central
20,000
New
living conditions among the
and Brass Research Association announces
Copper
The
freight handlers and station employees who are seeking the
appointment of H. A. Call of New York as mid-western
the
the
of
4,000
men
concerned
only
to
increase
apply
12% wage
representatives. Mr. Call left on Feb. 2 to establish a
were made by representatives of the railroad before the
arBoard of Arbitration. The "Herald-Tribune" in stating this branch office of the Association in St. Louis. These
rangements have been made as a result of the increased
went on to say:
John G. Welber, Vice-President of the road. attacked the brotherhood's building activity in the Middle West. The St. Louis office
figures in cross-examining J. A. Robertson, Chairman of the brotherhood's
with the trade in the Mississippi Valley in
eastern division, and W. J. Winston, head of the western section of the will co-operate
organization. Mr. Robertson admitted he had sent questionnaires on which connection with the use of copper, brass and bronze for
his figures were based to only 2,000 employees in the eastern section and building construction and industrial purposes.
Winston
of
admitted sending an
them.
received answers from about half
equal number of questionnaires to men in his territory.
to
In an attack on citations by the brotherhood of the $2,300 living standard Parcel Post Shipments of American Merchandise
Markets Abroad.
set by the War Labor Board in 1918. asthe minimum living scale for a family
of five, Mr. Welber said inauguration of such a standard would mean
Parcel post shipments of American merchandise to oversea
bankruptcy for the railroad. By this standard, Mr. Welber said, wages markets during 1926 in packages valued at $25 and over
would be increased $58,000,000 a year or $10,000.000 more than the net
aggregated $27,976,858, as compared with $26,052,146 and
operating income of the road in 1925. if the standard were to apply to the
$21,419,540 during 1925 and 1924, respectively, according
road's 98,000 employees.
In reply Mr. Robertson and Mr. Winston explained they did not expect to the regular annual figures made public Feb. 28 by the
the road to increase the salaries of the 20,000 men in question to the $2,300 Department of Commerce. The Department's advices state:
standard. They declared that the standard was cited merely in order to
Silk and silk wearing apparel were first in order of value among the
demonstrate the reasonableness of the men's demands, which call for a commodities sent abroad during the year by parcel post, being valued
only
add
wage below that figure. The 12% increase asked,they said, would
at 14.185.355, as compared with $3,665,202 during 1925. Shipments
of leather and manufactures were valued at $2,513,095 during 1926 as
$146 annually to the pay envelope of each of the men.
about
attendants
station
the
year,
a
111,560
about
receive
compared with $2,062.145 during the previous year.
The clerks now
Artificial teeth, fountain pens, optical goods, toys, pencils, needles.
$1.088 and the freight handlers $1,350.
included among
With reference to the developments at the hearing on books, watches, cutlery, and rubber manufactures were
the articles delivered to foreign purchasers by parcel post during the year.
March 2 the "Times," said:
at $25 or
valued
shipments
commercial
only
include
As these figures
More than twoscore clerks, freight handlers and station employes of the
over and take no account of large quantities of packages below that value,
New York Central Lines appeared yesterday t efore the United States
or ofshipments direct to consumers, or of the sample trade.the Department
Board of Arbitration. Some of them were heard and told of their struggle
pointed out that they are incomplete as regards the total value of merto maintain themselves and their families. When one of them spoke of
chandise shipped abroad by parcel post during the year.
his education and ambitions,former Secretary of Labor William B. Wilson,
Commenting on the growing volume of export trade carried on through
representing labor on the board, said the witness should aspire to the
the mails. Dr. Julius Klein, Director of the Bureau of Foreign and DoPresidency of the line.
of the fact that
After twenty-nine years of service with the railroad W. C. Meusem, mestic Commerce, said that the figures are indicative
to exportation
westbound freight yard clerk, at Hoboken,said his salary was $140 a month, many inland manufacturers of articles lending themselves
products, since
their
upon which he had to support a family of three. It was the testimony of by mail are finding profitable foreign outlets for
in cities
originated
shipments
the
of
these
in
packages
included
many
John F. Lawler, relief clerk at the De Witt freight yards at Syracuse, that
brought the comment from Mr. Wilson. Lawler, a college graduate, said removed from the seaboard.
The following table shows the commodities and values recorded during
he got $130 a month, out of which he paid $20 a month to keep a brother
the year:
in college.
E. A. Singhauas of Union City, N. J., overshort and damage clerk at the
1924,
1925.
1926.
Franklin Street station, said he had been with the road five years, and
$4,185.355 $3,665,202 $3,187,926
now received $125 a month, on which he kept a family of three. James Silk and silk wearing apparel
2,513,095 2,062,145 1,853.290
Clalllvan, a checker at the Orange Avenue station, Cleveland, with the Leather and manufactures
1,359,514 1,783,791 1,666,419
railroad for forty years, said his salary was now $140 a month, upon which Cotton goods and cotton wearing apparel
1,883,421 1,753,334 1,519,925
Optical
goods
five.
932,860
he had to support a family of
1,405,839 1,368,293
preparations
and
pharmaceutical
Medicinal
784,185
1,160,108 1,280.399
Fountain pens
942,439
642,215
939.955
Furs and manufactures
in
United
Roads
910,5.55
1.117,620
1,309,607
on
States
Engineers
and
Jewelry and gold manufactures
Locomotive
703.495
844,216
752,226
Watches and parts of
Canada to Seek 15% Wage Increase.
582,942
811,971
981,023
Artificial teeth
732,579
721.777
912,993
Cutlery
from
Cleveland
dispatches
(Ohio) on Artificial silk manufactures
715,303
Associated Press
719,293
608.390
249,270
385,482
350.337
Toys
March 3, said:
371,762
337,324
297,549
manufactures
Rubber
all
for
union
15%
of
locomotive
engineers
Demands for wage increases
394,676
340,982
276,238
Pencils
232 227
408,292
226,083
in the United States and Canada, with the exception of the southeastern Wool wearing apparel
174,799
200,293
190,736
division, will be served on the railroads on Saturday by General Chairman Needles
112,891
162,817
126.648
Books and printed matter
of the Brotherhood of Locomotive Engineers, it was learned here to-day.
of
4,759,885
record
shipments
other
7.795,223
8,736,330
All
the
in
served
southeastern
division.
Similar notice has already been
the
it
approved
action,
have
was
Indibrotherhood
Total
All members of the
$27,976,858 $26.052.146 S21.419.540
cated by authoritative sources. Ninety thousand men would be affected
by the proposed increase.
Nationalization of Bank of Italy.
It was said the brotherhood would support its demand by a claim that
The Bank of Italy, with its more than 270 branches, was
changed conditions, involving longer trains and longer runs, have brought
more responsibility to the engineers.
nationalized the present week. Operating as a national bank
After the notice is served the brotherhood will await a reply from the
will hereafter
railroads, after which negotiations will be opened through the General under the provisions of the McFadden Act, it
Chairmen of the organization.
be known as the Bank of Italy National Trust & Savings
Association. The change was sanctioned both by the CompAttacks Railway Award-Boston & Maine's Arbitrator troller of the Currency and the Federal Reserve Board, the
Files Minority Report on Wages.
national charter being granted as of March 1. The nationThe following is from the New York "Times" of March 4: alization of the bank follows the amalgamation with it of
The $700,000 wage increase awarded to clerks, freight handlers, express the Liberty Bank of America, referred to in our issue of last
and station employees of the Boston & Maine Railroad is attacked in a
a member
minority report of the Arbitration Board as "far beyond any bounds of week, page 1177. The Bank of Italy was already
reason."
of the Federal Reserve system, and its nationalization (says
The minority report was signed by J. P. Quilty, the arbitrator represent- an
advertisement published by the bank) "not only means
ing the railroad, who refused to sign the majority award. According to the
minority report, the average increase of about 9%% in this award is in continuing operation within the Federal Reserve System, but
contrast with the voluntary agreements at a rate not exceeding 4% which also insures for the customers of the institution the full benwere reached recently in cases involving representatives of the same class
efit of those advantages conferred upon national banks by
of employees.
1308
THE CHRONICLE
[VoL. 124.
recent Congressional enactment." The advertisement fur- of board of management, Los Angeles division, all Vice-Chairmen; A.
Pedrini, Vice-President; W. W. Douglas, Vice-President; W. E. Diana',
thermore says:
Vice-President; Leo V. Belden, Vice-President;
Vice-President;
The Bank of Italy has long ranked among the nation's foremost banks,
both with respect to its aggregate resources and invested capital. The
executives of the institution have therefore accepted nationalization, believing the time is now ripe to assume the responsibilities that attach to
the prominence which the Bank of Italy holds in this country and abroad.
Through this action Pacific Coast banking should gain added prestige.
With complete banking establishments in every important California community from Oregon to the Mexican border, the Bank of Italy with the
additonal strengh of nationalization will continue to adhere to the policy
of upbuilding the business of those communities along sound financial
lines.
A.J. Clock,
E. C. Aldwell, Vice-President; Secretary; W. A. Bonynge, Vice-President;
A. E. Sbarboro, Vice-President; George A. Webster, Vice-President.
Two New Committees.
The board of management, comprised of thirteen officers and directors,
Is headed by L. M. Giannini as Chairman; Vice-Presidents A. J. Mount
and A. Pedrini as Vice-Chairmen, and E. C. Aldwell as Secretary.
Vice-President W. E. Blauer is Chairman of the general finance committee and A. J. Mount is Vice-Chairman. There are eight other members,
Including W. H. Snyder, the bank's chief examiner, and seven Vice-Presidents.
The staff of Vice-Presidents has been extended by the election to that
office of E. C. Aldwell and A. W. Hendrick of the head office and F. A.
Ferroggiaro of Stockton.
The San Francisco "Chronicle" of Feb. 22 points out that
"one effect of the merger of the Liberty Bank of America
with the Bank of Italy will be the addition of a considerable
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
amount of deposits to the Federal Reserve Bank of San
Two New York Stock Exchange memberships were reported
Francisco. The Liberty Bank; which had been a non-member
up to the present, now becomes a member of the Federal Re- for transfer this week,that of Philip L.Poe to Andrew Varick
serve System." That paper in making the foregoing obser- Stout, Jr., and that of Lee Rosenberg to J. Edward Johnston
each for a consideration stated to be $182,000. The last
vation also stated:
In spite of the fact that Liberty is reputed to have upwards of $175,000,- preceding sale was at $185,000.
000 in deposits, the increase to the Federal Reserve Bank will not be as
large as many anticipate, inasmuch as this bank has been a depositor under
On Feb. 26 Walter E. Frew, President of the Corn Exnon-member privileges in the past.
Incidentally even a small increase in actual deposits will mean much Exchange Bank of New York sailed for Europe on the
to the Federal Reserve Bank of San Francisco, which ranks with Cleveland Acquitania.
as third largest unit of the system. The local bank is surpassed only by the
Federal Reserve banks in New York and Chicago.
Floyd G. Blair on March
-1 resigned from the Treasury
On the other hand, the wholesale purchase of banks by Liberty Bank of
America and Bank of Italy, prior to their merger, has had the effect of War Loan staff to become associated with the National
denationalizing a large number of California national banks and in cutting City Bank of this city.
down the number of units in the Federal Reserve Bank. This, however,
has been counteracted by the substantial growth in resources and deposit
'
,
On March 3 John B. Gle- nn was elected an Assistant
of the Twelfth District Bank.
When one considers that there are still many large California banks with- Vice-President of the Chatham & Phenix National Bank &
out the Federal Reserve System and that these may still become members Trust Co. of this city.
in the future, the possibilities of future growth are evident It is probable,
however, that under existing conditions the size and stability of the bank
Gano Dunn was elected a d- irector of the Grace National
will be maintained at present levels for some time to come.
Bank of this city on March 3. Mr. Dunn is President of
The Los Angeles "Times" of Feb. 25 in referring to the the J. G. White Engineering Corp.
enlargement of the bank through the merger said:
F. Donald Arrowsmithhas been appointed Assistant GenOperations of the newly enlarged Bank of Italy, after giving effect to
the purchase of the Liberty Bank of America, will be conducted through eral Sales Manager of the Bond Department of Bankers
the medium of northern and southern divisions, each with separate adTrust Co. of New York.
visory and management officers, it was
announced yesterday by James A.
Bacigalupi, President. The Bank of Italy is now the second largest in the
United States, having total capital, surplus and undivided profits of $105,000,000, resources of nearly $700,000,000, and 276 branches.
Orra E. Monnette and L. M. MacDonald, both of whom have been identified with Southern California banking for some time, will be the principal executives of the southern division, which includes 121 branches in
the counties south of and ineluding Santa Barbara, Kern and live. Mr.
Monnette has been chosen chairman of the regional board and Mr. MacDonald, chairman of the board of management.
This plan of operation, Mr. Bacigalupi explained in his statement, is
adopted for the purpose of placing the administration of the bank's activities in all parts of the State in the hands of bankers, business and professional men familiar with local conditions. His statement follows in part:
Details Explained.
"Functions similar to those of a board of directors will be discharged
by the regional board, while the actual operation of the bank will be centered in the board of management. In particular, the regional board, with
its membership of sixty-eight men, who are intimately associated with the
progress of Southern California, will study the needs of the territory, determine upon the extension of our service, as may be necessary, and consider
such recommendations or suggestions as may be thought proper.
"With the enlargement of our organization, it has appeared essential that
the creation of these regional groups be provided for both Northern and
Southern California. The result has been the formation of two divisions,
one in Southern California, comprising that part of the State south of and
Including the counties of Santa Barbara, Kern and Inyo. In so far as is consistent with the principles of good organization, the two districts will functiqn as complete units, each, however, aiding and co-operating with the other
"The selection of men who will head the board of management and the
regional board in Southern California is particularly pleasing to us all.
For the regional board Orra E. Monnette has been chosen as chairman and
P. J. Dreher of Long Beach, G. A. Davidson, San Diego, and C. C. Chapman
of Los Angeles and Fullerton, as vice-chairmen.
The board of management
will be headed by L. M. MacDonald, chairman, and W. A. Bonynge, Jr., H.
R. Erkes and W. A. Braunschweiger, vice-chairmen.
Mr. Monnette will be
ex-officio member of all committees of the bank."
• From the San Francisco "Chronicle" of Feb. 27 we take
the following:
Extensive readjustment of the directorial and executive alignment of
the Bank of Italy as a result of the amalgamation into one
suPerorganization of the Giannini banking interests of California was announced yesterday' afternoon following banking hours.
The new alingment includes addition of two entirely new governing
committees and fourteen additions to the board of directors from the foremost banking, financial and industrial circles. Notable in this direction
Is the choice of G. A. Davidson. former President of the Southern Trust &
Commerce Bank of San Diego, absorbed in the Bank of Italy merger as a
Vice-Chairman of the directorate.
The advisory committee of the bank, formerly consisting of A. P.
Glannini (Chairman), L. Scatena, James .J. Fagan and P. C. Hale, has
been enlarged by including Marshal Hale, Charles C. Chapman and R. E.
Miller.
L. Scatena continues as Chairman of the expanded board.
Executive Body.
Under the board is a general executive committee, and, dividing the
former functions of the executive department, two new committees, one a
board of management and the other a committee on general finance.
The general exectuive committee is composed of the following officers:
James A.Bacigalupi, President, Chairman, L. M.Glannini, A. J. Mount,
Senior Vice-President; Orra E. Monnette and L. M.MacDonald, Chairman
The Richmond "News Leade- r" of Feb. 19 contains the announcement that L. B. Thomas, Vice-President of the First
& Merchants National Bank of Richmond, will go with the
Bankers Trust Co., New York City, March 1. The item also
states:
"The officers, the directors and the clerks in the bank deeply regret the
fact that Mr. Thomas is leaving," said John N. Miller, Jr., President of
the First & Merchants. "He is an asset to the City of Richmond. I am
confident that wherever he may go his heart will be here."
Mr. Thomas said that his work with the Bankers Trust will keep him in
the South much of the time. He will keep his home here and will be enabled to come home frequently.
For fifteen years Mr. Thomas has been connected with banking institutions here, and had considerable business experience prior to specializing
in banking. He had his first banking experience with the old Broad Street
Bank. He went with the Merchants National in December, 1911. He WU
made Assistant Vice-President in 1923. Upon consolidation of the First
with the Merchants he was elected Vice-President of the institution.
Mr. Thome has been President of the Richmond Chapter of the American Institute of Banking, and has worked on several committees of the
Richmond Chamber of Commerce.
Anthony Ziesat, former S- econd Vice-President; Harry
Rebholz, former Dishier, and George H. Cook, former Assistant Cashier of the Broadway Central Bank of this city,
whose arrest on Jan. 7 for alleged embezzlement caused a
disastrous "run" on the institution and its subsequent sale
on Jan. 10 to the Central Bank & Trust Co. for the protection of its depositors, on Feb. 25 were sentenced by Judge
Francis X. Mancuso in tile Court of General Sessions to
terms of from four and a half to nine years in Sing Sing.
All three defendants had pleaded "guilty" to a specific
charge of grand larceny, first degree, involving $4,000 stolen
Oct. 14 last. Representatives of the bank made an unsuccessful plea for clemency. Judge Mancuso did, however,
shorten the minimum sentence by a half year, but this was
because the men had pleaded "guilty" and saved the State
the expense of a trial.
The stockholders of the M-echanics Bank ofiBrooklynTon
Feb. 17 authorized the issuance of 17,000 new stock,'increasing the capital from $2,150,000 to $3,000,000. The
additional stock, in shares of $50, will be offered pro rata
to the shareholders at $150 a share. The enlarged capital
will become effective March 31.
Negotiations are now under way looking towardslthe
consolidation of the Sessa chain of private banks in Brooklyn
with the Commercial Exchange Bank of New Yorkllocated
at 63 Wall Street. The Sessa banks form one of the largest
groups of private banks in the city, having assets of approxi..
MAR. 51927.]
THE CHRONICLE
1309
mately $5,000,000. There are three offices. The Commercial Exchange Bank of New York, which opened on Nov. 1
last, as a successor to Lionello Perera & Co., is controlled by
the Bancitaly Corporation. Lionello Perera is President
of the institution and Dr. A. H. Giannini, President of the
Bowery & East River National Bank (also controlled by
the Bancitaly Corporation), is Chairman of the board.
That the proposed union of the First National Bank of
Washington, Pa., and the Real Estate Trust Co. of that
place, to form the First Bank & Trust Co. of Washington
(referred to in the "Chronicle" of Feb. 26, page 1176) would
become effective on March 17 was reported in a special dispatch from Washington, Pa., on Feb. 26 to the Pittsburgh
"Gazette." The dispatch, after stating that the capital of
At a meeting of the Board of Directors of the Globe Ex- the new bank would be $600,000, went on to say:
The 6,000 shares will have a book value of $205 per share and will be
change Bank of Brooklyn, N. Y., on Feb. 24 Harry C. Waylor distributed to the present stockholders of both institutions, 4,000 to the
was appointed Assistant Cashier.
Real Estate Trust Co. and 2,000 to the bank stockholders.
The stock allotted to the stockholders of the Real Estate Trust Co. will
The Citizens' National Ban-k of Whitney, Texas, has been be paid out of the assets of that institution, amounting to $820,000, made
absorbed by the First National Bank of that place, the first up of $400,000 surplus, $20,000 undivided profits and $400,000 capital.
named institution being placed in voluntary liquidation as
On April 1 the stockholders of the Greenebaum Sons'
of Feb. 11 1927.
Bank & Trust Co., founded in 1855, one of the oldest banking
The new capital of $1,500,000 of the Nassau National Bank institutions in Chicago, will hold a special meeting to decide
of Brooklyn authorized by the stockholders on Jan. 11 be- upon increase of capital stock and greatly enlarged board
came effective Feb. 15. The capital has been increased from of directors. At a meeting Feb. 28 of the stockholders of
$1,000,000, the new stock having been sold to stockholders Greenebaum Sons' Investment Co. an increase of capital
at $200 a share, $100 going to capital and $100 to surplus. stock from 15,000 to 20,000 shares was voted. Stockholders
The capital of the bank is now $1,500,000 and the surplus of record Feb. 28 will share in the distribution of stock,
which,it is stated, represents a profit to them of over $2,000,$1,500,000.
000, based upon the present market price of $775 per share.
At a meeting of the board of trustees of the Brooklyn Sav- The bank's announcement states:
ings Bank, Thornton Gerrish, Vice-President of the Bank of
In 1921, in order to indicate more clearly to the public that the activities were general, and not confined to mortgage banking, the bank transAmerica, was elected a trustee.
ferred its mortgage business to a new corporation organized for that purpose, Greenebaum Sons' Investment Co., all of the capital stock of which
has been held in trust for the stockholders of the bank. Since that date
the bank has grown substantially as a' commercial bank, and the board of
directors believes it now advantageous to further mark the distinction and
will consider the choice of a new name for the bank. The name of toe
From the weekly bulletin o- f the Comptroller of the Cur- Investment company will remain unchanged. In future, stock of the two
institutions will be separately owned.
rency it is learned that the Pittsfield National Bank, PittsTo promote the further growth of the bank, the directors will recommend
field, Mass., on Feb. 18 changed its name to the Pittsfield that the capital stock be increased 10,000 shares, half of which is to be
distributed among present stockholders at $100 per share, and the balance
National Bank & Trust Co.
of 5,000 shares available for sales from time to time. The board will also
enlarged.
The First National Bank o- f Pompton Lakes, N. J., has beThe
increase of 5,000 shares of Greenebaum Sons' Investment Co. stock
become the First National Bank & Trust Co. of Pompton will be distributed to stockholders of record Feb. 28 at $200 per share.
The investment company, and its branches in the principal cities, affiliated
Lakes.
with Greenebaum Sons' Securities Corporation, New York, specializes in the
and selling of first mortgage real estate bonds. The investP Therirst!National Bank
of Rockaway, N. J., has issued underwriting
ment business will continue to be conducted entirely separate from the
its twentieth anniversary statement, which shows capital, bank, and the home office will be located in the new thirty-seven story
surplus and undivided profits of $250,000 and deposits Tower Annex, now nearing completion.
Upon adoption of the changes the bank will have a capital stock of
of $1,600,000.
$2,500,000, a surplus of $1,500,000, and undivided profits of about $1,000,• George H. Grant, heretofor- e Secretary and Treasurer of 000. Deposits at the close of business on Dec. 31 1926 were over $30,000,the regular rate of dividends to be maintained on
the Allegheny Title & Trust Co. of Philadelphia, was elected 000. It is expected that bank
will be $8 per share. The investment comthe capital stock of the
President of the company on Feb. 23. At the same meeting pany regular dividends, it is expected, will be $20 per share on the enlarged
the
bank
for 1926 were over 28% on its capital,
earnings
of
A. E. Peterson was appointed Secretary and Treasurer in capital. The
lieu. of Mr. Grant. Mr. Grant succeeds Fred C. Neill, re- exclusive of the investment company. In
June, 1911, as a State bank, after
Greenebaum Sons was incorporated
signed.
being conducted for many years as a private banking and investment firm,
founded by Elias Greenebaum. The activities are now in the hands of the
A special meeting of the st- ockholders of the Roxborough second and third generations. The present board of directors consists of
Trust Co. of Roxborough (Philadelphia), Pa., will be held M. E. Greonebaum, H. E. Greenebaum, J. E. Greenebaum, 0. Howard Maron March 22 to vote on a proposal to increase the capital field, Edward B. Carson, Jacob L. Keener, Claude C. Hopkins and Henry
L. Stern.
The Canandaigua National Bank of Canandaigua, N. Y.,
changed its name on Feb. 15 to the Canandaigua National
Bank & Trust Co.
from $150,000 to $300,000. The increase was recommended
made-to the Comptroller of the
An application has been—e—
by the directors on Jan. 11. The additional stock (par $50)
will be offered at $100 per share. Payments will be called Currency for permission to organize the Greene County
for as follows: 25% on May 1; 25% July 1, and 50% Sept. National Bank of Waynesburg. The •capital of the instituI,. The last sale of the stock was at $255. The dividend tion is fixed at $125,000.
rate is 8%.
John E. Casey, a Vice-President and Treasurer of the
The stockholders of the Cen- tral Bank & Trust Co. of Erie, Indiana Trust Co. of Indianapolis and for more than twenty
Pa., on Feb. 5 ratified an agreement for the sale of their years prominent in financial circles in that city and the
bank to the People's Bank & Trust Co., which previously State of Indiana, died on Feb. 21 as the result of injuries
had the unanimous approval of Its board of directors. The sustained when he was knocked down by an automobile on
bank will operate under the name of the People's Bank & Dec. 21. He was sixty-six years of age.
Trust Co., Central Branch, and is located at Eighteenth and
Effective Feb. 10, the Exch- ange National Bank of HastState Sts. The assets of the consolidated institution approxings, Neb., went into voluntary liquidation. The absorption
imate $7,000,000.
of this bank by the First National Bank of Hastings was
According to an announcement made this week by the Safe noted in these columns in our issue of Dec. 18 1926.
Deposit Bank & Trust Co. and the National Bank of TarenOn Feb. 26 the First Natio-nal Bank of Moorhead, Minn.,
tum, Pa., these banks will be merged into one institution on
and the Moorhead National Bank were consolidated under
May 1. Negotiations between the two institutions have been
the corporate title of the First & Moorhead National Bank,
under way for some time and for the present each instituwith capital stock of $150,000.
tion will operate In its present location, until such time as
a new building can be erected. The National Bank of
Proposed consolidation of the First National Bank of MisTarentmn is the oldest bank in the Allegheny Valley and .soula, Mont., and
the Missoula Trust & Savings Co. was anhas enjoyed thirty-seven years of successful banking. The nounced by
the respective directors of the institutions on
Safe Deposit Bank & Trust Co. will this year celebrate its Feb. 26,
according to an Associated Press dispatch on that
tenth anniversary. According to the announcement made by date from
Missoula, printed in the Montana "Record" of
J. M. Hess, Cashier of the National Bank of Tarentum, awl Feb. 26.
The new organization, which will continue the title
by Frank C. Irvine, Treasurer of the Safe Deposit Bank & of the
F.rst National Bank, will have resources of
Trust Co., the personnel of the two institutions will remain $3,800,000,
it is said. A. R. Jacobs. head of the First Nathe same. Mr. Irvine is also Vice-President of the National tional Bank since 1919, will be President of the enlarged
Bank.
bank, while the directorate will be composed of the pre-6ent
1310
THE CHRONICLE
[VOL. 124.
directors of the two institutions. The First National Bank
is said to be the oldest national bank in Montana, its charter
having been granted in 1873.
south of the Ohio River, having been founded in 1863, when
the Federal troops held the City of Nashville. It was organized as the old First National Bank and acted as a government fiscal agent, paying the troops of the Federal army
Effective Nov. 10, 1926, the People's National Bank of
during the Civil War.
Henryetta, Okla., went into voluntary liquidation, the institution having been absorbed by the American Exchange
Failure of two Sumter,
S. C., banks—the Sumter Trust
Co., capitalized at $100,000 and with deposits of approxiBank of that place.
mately $600,000, and the People's Bank, capitalized at $100,We are advised by the Exchange National Bank of Little 000 and
with deposits of $320,000—was reported in a disRock, Ark., that in September of last year the institution
patch by the Associated Press from Sumter in Feb. 17 printtook over the England National Bank of Little Rock, an in- ed in the
Birmingham "Age-Herald" of Feb. 18. The Peostitution capitalized at $300,000. As of Feb. 1 1927 the enple's Bank closed on Feb. 15, while the Sumter Trust Co.
larged Exchange National Bank, together with its affiliated
failed to open on Feb. 17. A notice on the door of the latinstitution, the Exchange Trust Co., had combined capital,
ter, the dispatch said, stated that due to an unusual "run"
surplus, undivided profits and reserve accounts of $782,443;
and heavy withdrawals from the bank during the last two
deposits of $7,456,579, and total resources of $8,239,021.
days the institution would not be able to withstand further
J. M. Davis heads both institutions.
withdrawals and the directors had turned over its affairs
Seven small banks in South-eastern Kansas were closed on to the State Bank Examiner.
Feb. 24. Advices by the Associated Press from Pittsburg,
In regard to the affairs o- f the failed People's Bank &
• Kan., on that date appearing in the Topeka "Capital" of
Trust Co. of Shelbyville, Ky. (the closing of which on Jan.
Feb. 25, gave the names of the institutions and their location 25 following
the discovery of a shortage, since found to be
as follows: Midwest State Bank, Fort Scott; Pittsburg $61,951, in the
accounts of Otho H. Vardeman, an Assistant
State Bank, Pittsburg; Commercial State Bank, Arma ; Cashier, was
noted in the "Chronicle" of Feb. 5, page 747),
First State Bank, Cherokee; Farmers' State Bank, Engle- a special
dispatch to the Louisville "Courier-Journal" from
vale; Miners' State Bank, Mulberry, and Farmers' State Shelbyville on Feb.
24 stated that the bank would not be reBank, Opolis. Control of all the institutions was held by opened. This
decision, the dispatch stated, was reached on
Jonathan G. Miller (who, it is understood, is a Pittsburg that day (Feb. 24), when State
Bank Commissioner C. E.
(Kan.) coal operator) and his • family, Mr. Miller being Marvin appointed Pryor B.
Beard, Cashier of the Citizens'
President in each instance. "Due to the extensive interests Bank of Shelbyville, special
banking commissioner to wind
of Mr. Miller, who has pledged his property to meet the up the institution's
affairs. Continuing the dispatch said:
losses," the dispatch stated, "it Is expected that the deposiThe assets of the bank will be converted into cash as rapidly as Is contors will suffer no loss." The dispatch further stated that sistent with good business judgment and the depositors paid as soon as possible, but to accomplish this it is probable that the stockholders will be
the total capitalization of the institutions was $160,000;
subjected to an assessment under the double liability clause. It is believed,
total loans and discounts amounted to $750,000, and total however, they eventually will be paid in full.
An analysis of the report of the Louisville accountants employed to audit
deposits aggregated $959,000. Inability to collect loans was
Vardeman's books indicates that he committed 221 distinct acts of embezzlethe cause of the failures, it was said. An Associated Press ment
and made a like number of false entries to cover his peculations. In
dispatch from Topeka reporting the closing of these banks, addition, he made false entries in the accounts of thirty depositors Jan. 24
printed in the New York "Times" of Feb. 25, after stating while the examiners were actually in the bank. Eight indictments have
that the institutions "all operated under the State Guaranty. been returned against him.
Law and the failures were expected to increase the claims
Voluntary clos:ng of the First National Bank of Warsaw,
against the State Depositors' Guaranty Fund, liabilities of N. C., on Feb. 21, following "a run" on the institution, was
which already exceed its assets by more than $5,000,000," reported in a press dispatch from that place, appearing in
went on to say:
the Raleigh "News and Observer" of Feb. 22. Closing, it
The Miller banks were taken over by the State Banking Department, was stated, was by order of the directors, who
requested
which announced that inability to realize on loans made the step necessary.
Miller, with tracts of valuable coal lands, pledged his property to meet the the Comptroller of the Currency to send a representative to
losses.
Warsaw to take charge of the bank's affairs. The directors
While claims against the insolvent guaranty fund are mounting, the State
declared, it is understood, that there is no shortage, the
Legislature must decide whether it will repeal the bank guaranty law and
vote for a bond issue to pay the claims of depositors, who have no hope to books are in perfect condition, and there is no charge of any
recover.from the present funds. Two bills pending in the House of Repre- mismanagement on the part of the directors. Liabilities, it
sentatives, both prepared by the majority floor leader, Representative Ben- was
stated, were placed at $300,000 and the assets at $360,jamin F. Endres, propose repeal of the law and a bond issue "in order to
000. The institution was organized in 1913 as a State bank,
restore the people's confidence in the State's banking institutions."
Mr. Endres contends that the State itself owes the debts of banks that entering the national banking system in 1920. J. E. Wilfailed. He says the State has lent its name to a scheme to guaranty bank liams is
President; It. W. Blackmore, Vice-President, and
deposits. Banks operating under the law were permitted to advertise that
W. P. Bridgers, Cashier.
deposits were guaranteed by the State.
While depositors of the banks closed tc•Aday hare no assurance that the-State
will return the money which they had entrusted to the institutions, the State
itself has full protection for its own funds which it had deposited in those
banks. The seven banks had pledged $75,500 in United States bonds to
protect the State's deposits of $74,264.
According to the Nashville
"Banner" of Feb. 23, a consolidation of four important banks in that city is proposed,
namely, the Fourth & First National Bank, Central National
Bank, Fourth & First Bank & Trust Co. (an affiliated institution of the first named bank), and the Nashville Trust Co.
Two new institutions, it is understood, will result from the
merger, continuing the titles of the Fourth & First National
Bank and the Nashville Trust Co. Tile Central National
Bank, it is stated, will remain at its present location as a
branch of the enlarged First & Fourth National Bank, while
the various branches of the Fourth & First Bank & Trust
Co. will become branches of the enlarged Nashville Trust Co.
James E. Caldwell, President of the Fourth & First National
Bank and the Fourth & First Bank & Trust Co., will head
both the new organizations. The consolidation of the institutions, it is said, will necessitate the increasing of the capital
of the Fourth & First National Bank from $1,500,000 to
$9,000,000. The Fourth & First Bank & Trust Co. Is capitalized at $500,000; the Nashville Trust Co. at $350,000 and the
Central National Bank at $300,000. The combined resources
of all four institutions, it is understood, will approximate
$66,000,000. Meetings of the respective stockholders will be
held on March 23 to vote on the proposed union. The Fourth
& First National Bank is said to be the oldest national bank
Closing of the First Bank
-& Trust Co. of Lake Worth,
Fla., because of low cash reserves, was reported in a press
dispatch from Richmond, Va., appearing in the "Wall Street
Journal" of March 1. The dispatch further stated that officials of the bank said a plan for the reopening of the institution at an early date had been forwarded to State Comptroller E. A. Amos at Tallahassee for his approval and also
that the depositors would suffer no loss through the closing
of the institution.
- report (the bank's fifty-secA very satisfactory annual
ond) has just recently been issued by the Standard Bank of
Canada, the head office of which is in Toronto. The statement covers the fiscal year ending Jan. 31 1927 and shows
net profits for the period, after deducting expenses, rebate
for interest on unmatured bills, Provincial and municipal
taxes and making provision for bad and doubtful debts of
$821,887. To this was added $207,892, representing the
balance to profit and loss brought forward from the pre%ions fiscal year, making the sum of $1,029,779 available
for distribution. This amount was allocated as follows:
$578,808 to pay four quarterly dividends at the rate of 12%
per annum; $48,234 to take care of war tax on note circulation; $50,000 reserved for Dominion income tax, and $35,000
contributed to officers' pension fund, leaving a balance of
$317,737 to be carried forward to the succeeding year's
profit and loss account. Total resources of the institution
as of Jan. 31 were $90,439,638 (as compared with $86,559,-
MAR. 51927.1
THE CHRONICLE
055 the previous year), of which $43,808,121 were liquid
assets, or slightly over 53% of the bank's liabilities to the
public. Total deposits on the same date were $72,148,588,
as against $68,432,043 last year. The Standard Bank's paidup capital is $4,823,400 and its reserve fund $2,900,000. A.
P. White is President of the institution, with N. L. McLeod
General Manager.
At the meeting of the board of directors of the Banca
Commerciale Italiana-head office, in Milan (Italy)-it was
decided to propose,at the general meeting of the shareholders
to be held on March 26, a dividend for the year 1926 of
65 lire per share, equal to 13%, and to carry over as undivided profits for the year 1927 the amount of 47,500,000
lire approximately.
•
1311
day. Most of the losses of the previous day were recovered,
and in many cases new tops for the year and for all time were
recorded by some of the more active speculative leaders.
General Motors was especially prominent in the upswing
4. Railroad
4 points to 1683
and moved briskly forward 43
stocks again resumed their forward movement and several
of the more prominent issues, including Wabash, Erie first
preferred and Baltimore & Ohio, scored substantial gains.
Commercial Solvents B was again a spectacular performer
and shot forward more than 12 points to 269% and Baldwin
Locomotive ended the day with a net gain of 4% points.
General Railway Signal also attracted considerable attention
4. Stromand made a sharp advance of 8% points to 1123
berg Carburetor was the outstanding weak spot, having a
loss of nearly 5 points to 35/
38.
The selling movement was resumed on Friday after further
recovery in the opening hour and many of the market leaders lost practically all of the gains of the early trading.
Low-priced railroad stocks, particularly those included in
the merger rumors, were in moderate demand at improving
prices, but in the recessions of the afternoon lost more than
their early gains. In the final hour the market again moved
downward and many of the industrial shares and specialties
were carried well below the close of the previous day. Continental Baking A dropped to a new low for the year at 63
and Baldwin Locomotive slipped back more than 5 points.
The final tone was weak.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The New York stock market has been somewhat unsettled
the present week and, though the general tendency has been
toward higher prices, there have been several reactionary
periods during which the trend of prices was sharply downward. Railroad shares as a group Moved further forward,
several of the more prominent speculative issues reaching
new tops. Industrial stocks as a rule have displayed only
moderate improvement and oil shares with the possible
exception of Houston Oil and Barnsdall A and B and one
or two others have made little progress. Trading was particularly active in the short session on Saturday and many
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
stocks reached new high levels for the year, and some for all
time. One of the outstanding movements was the bulge
State,
UMW
Socks,
Railroad.
Municipal &
Slates
Number of
&e..
Week Ended Mar. 4.
in Wabash common, which advanced more than 4 points to
onion Bond,.
Bonds.
Bonds.
&hares.
74, making a new top for the year. A new peak was also
$1,878,000
1,173,257
34.536,000
$635,100
reached by the preferred A stock, which crossed 92. Motor Saturday
7.041,500
3,070,000
2,543.290
346.750
Monday
7,503,000
3.320,000
2.098,548
260,550
shares continued strong, General Motors making a new high Tuesday
7.399,500
2,744.000
2,355,370
449,000
Wednesday
2,327,000
1,775,590
8.929,500
672,100
for the movement at 163%,followed by Mack Truck which Thursday
2,256,500
5,892,000
1.567,000
197,000
reached new territory for the present advance at 103. Re- Friday
I
Pntal
12.202.555 339.301.500 334.906.000
32.560.500
Barnsapparent
in
some
of
the
oil
group,
newed strength was
Week Road Mar. 4.
Jan. 1 to Mar. 4.
dall A and B making new high marks, followed by General
Salm at
New York Stock
Asphalt with a new peak at 903'. Railroad shares, motor
1927.
1927.
Escharise.
1926.
1926.
issues and industrial securities were the strong stocks on Stocks-No.of shares_ 12,202,555 15,073,480
86,906,905
89,285,338
Bonds.
Monday. The motor stocks were especially prominent in
Government bonds_ _
$2,560,500 $6,690,800
$43,396,250
554,379,700
the upward swing, General Motors leading with a gain of State and foreign bonds 14,906,000 12,642,500
193,160,200
113,171,350
misc. bonds 39,301,500 53,270,000
Railroad
&
448.686,200
436,627,000
6 points, followed by substantial advances in Mack Trucks,
I $56,768,000 572,603,300
$685,242,650
$804,178,050
Hudson Motors, Chrysler, Nash, White and Whys-Knight. Total bonds
One of the spectacular features of the early session was the
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
advance of Houston Oil, which shot forward more than 10
points.
The
4
points and finally closed with a net gain of 163
Boston.
Philadaphia.
Baltimore.
Week Ended
strength of Houston Oil soon extended to Barnsdall and others
Mar. 4 1927.
Shares. 801141141es. Share,. Bond Sates. Share,. Bond Baku.
of the group. St. Louis-San Francisco moved to the front
20,669
$13,100
15,481
1,702
$17,000
543,900
as the leader of the railroad section, and advanced more Saturday
41,224
Monday
14,000
30,916
1.964
27,600
7,800
*31o7 25,000 31,566
72,600
1,431
20,000
8, and Rock Island reached a new top Tuesday
than 3 points to 1143/
Wednesday
*33,801
21,500
26,991
59,850
1,275
17,900
*26,118
28,810, 16,600
22,000
/
8. Wabash preferred and common established new Thursday
2,536
32,700
at 823
14,252
9,000
16,120) 14,000
Friday
1,852
19,000
r
high records. Canadian Pacific sold as high as 192,. an adTotal
167,071 5104,600 149,894 $214,750
10,760 8134,200
vance of 4 points, and New Haven gained 2 points. One
of the widest movements of the day was in the industrial Prey, week revised 158.708 563.100 201.512 $205.700 13.765 3134.800
specialties, Commercial Solvents advancing 14 points to a •In addition,sales of rights were:Tuesday.800:Wednesday,3,287; Thursday,900.
new high level and American Smelting gaining 3 points and
THE CURB MARKET.
crossing 151, Baldwin Locomotive was again bid up 43.
Trading in Curb Market securities at the outset of the
points and General Railway Signal extended its gain about
week was heavy, buying on a large scale sending prices to
2 points.
Irregularity characterized the movements of the stock higher levels. Later profit taking was in evidence and
market on Tuesday and trading slowed down in a marked caused irregular price movements. A sharp brake in Cities
degree. General Motors was the outstanding feature of Service, following an early report that Henry L. Doherty,
the early trading, advancing to a new high at 170, though the head of the company, was seriously ill, caused a sensait receded to 1683' when the list turned downward. Some tion. Selling orders accumulated in such numbers that
of the specialties were in increased demand, particularly trading was suspended for a short time, but later on more
General Solvents B, which sold as high as 263, and Loose- favorable news trading was resumed. After a decline from
Wiles, which first dropped six points and later advanced 58% to 57% the common broke to 40%, recovered to 51%
14, to 163. Railroad stocks were generally under pressure, and closed to-day at 49%. The preferred sold down from
4 to 87 and at 88% finally. Oils as a rule were weak.
though there•were a number of exceptions. The market was 913
somewhat confused and unsettled on Wednesday and numer- Buckeye Pipe Line eased off from 48 to 463/2, but recovered
ous declines, some of which were particularly violent, were finally to 4732. Cumberland Pipe Line declined from
registered. The break came late in the day, after a period 133% to 122 and sold finally at 123. Humble Oil & Refinof moderate advances, during which some of the railroad ing was done from 58% to 58, the close to-day being at 55%.
stocks, notably Pere Marquette and St. Louis & San Fran- Indiana Pipe Line lost two points to 65, but recovered to 66.
cisco, moved into new high ground for 1927. Most of the Prairie Pipe Line after early advance from 146 to 147%
numerous declines occurred among the leading industrial dropped to 141%, the final transaction to-day being at 144.
stocks, including such issues as General Motors, United Solar Refining was off from 194 to 190. Standard Oil (IndiStates Steel common, Baldwin Locomotive, Du Pont, ana) declined from 713/
8 to 68%. A slump in Reiter Foster
American Smelting and Allied Chemical. Stromberg Car- Oil carried the price down from 12% to 8%. Activity in
buretor was particularly weak and sold down nearly 12 industrials was confined to few issues. Loose-Wiles Biscuit
points. Oil stocks were heavy, Houston Oil receding about new stock was heavily traded in, easing off at first from 33
4 points from its previous close. The market again dis- to 32, then advancing to 41%, with a final reaction to 39.
played its strong recuperative powers on Thursday and Among public utilities Commonwealth Power common
3 to 47% fell to 453/s and closed
moved vigorously forward during the greater part of the after early gain from 454
1312
THE CHTIONTCLE
[VOL. 124.
to-day at 463j. Electric Bond & Share Securities moved • lexamination of the bill goes to show that there will be no need for resort
up from 70% to 71k, Weakened to 601 and ends the week Ito this reserve power for the immediate purpose in view. Since the acPentance by Government last August of the recommendation by the Hilton,
at 70.
IYoung Commission of the 186. rate, the Finance Department has been
A complete record of Curb Market transactions for the 'under guarantee to sell reverse councils. if necessary, in order to maintain
exchange between the to marginal points, Is. Slid, and Is. 6 3-16d. Reweek will be found on page 1342.
fusal of the Assembly to pass the bill would not affect
the validity and continuance of this executive action: but it would relieve Government of the
proposed obligation to establish a gold bullion standard."
This Is an Interesting point, because it indicates that opposition cannot
STOCKS (No. Shares),
BONDS(Par Value).
Week Ended Mar. 4.
deter the Indian Government from fixing exchange at 18d., the figure It
Ind&Misc
Oil.
Mining. Domestic. Por'n God. considers necessary
in the public Interest of India. but by obstructing the
Saturday
92,231
$70.000 passage of the bill (should the Viceroy choose not to exercise his power)
38.024
43,625 61.296.000
Monday
170.688
229.000 the opposition can delay indefinitely the establishment of the effective gold
73,410
65,925 2,484.000
Tuesday
173,417
263,000 standard which all parties
37,200 2.398.000
79.578
unanimously desire.
Wednesday
137.629
45,580 2,201,000 499.000
113,670
Thursday
119,033
48,900 2,400.000 422.000
109,510
SILVER.
Friday
105.801
335.000
48,3551 1,943.000
132,727
Under the pressure of China sales, prices receded a halfpenny, carrying
Total
285,585,12,722,000 81,818,000 quotations to 26 3-16d. for cash and 26d. for two months delivery on the
799,697
540,919
14th inst.: since then some improvement has taken place. The Indian
bazaars have bought both for shipment and to never bear sales. The
Indian market is not vigorous, the offtake being only about 150 bars a day.
THE ENGLISH GOLD AND SILVER MARKETS:
The stock in Bombay on Saturday last was cabled as only 1,600 bars,
We reprint the following from -the weekly circular of which accounts possibly for some shipment orders.
Recent operations suggest that speculative positions on account of China
Samuel Montagu & Co: of London, written under date of bulls
have been largely liquidated, and also those of Indian bears. Hence,
Feb. 16 1927:
the markot may be upon a more even keel than it has been for some time.
The bull and bear accounts still open are in strong hands and can hardly
.• .. GOLD.
The Bank of England gold reserve against notes amounted to £148,943,- be looked upon as active facotrs.
250 on the 9th inst. as compared with £149,751.705 on the previous,WednesUnited Kingdom imports And exports of silver during the week ended
day. About £600,000 bar gold was• available in the open market this tho 9th inst. were:
week and was absorbed as follows: United States. £300.000; home and
ImportsExportsContinental trade, £50,000: India and Egypt, 150,000, and the balance for France
/69,755 Egypt
£11,550
a destination not disclosed but believed to be Continental. The following United States of America__ 196,138 British India
102,500
Mexico
62.472 Other countries
4.512
movements of gold to and from the Bank of England have been announced: Other countries
10,508
Feb.10. Feb.11. Feb. 12. Feb.14. Feb. 15. Feb. 16.
Received
Nil
Nil
Nil
Nil
Nil
Nil
£338,873
£118.562
Withdrawn
£7,000
£25.000
Nil
£5,000
£15,000 £44,000
INDIAN CURRENCY RETURNS.
All the withdrawals, £96.000, were in sovereigns destined as follows:
(In lacs of rupees.)
Jan. 22. Jan.31. Feb. 7.
Spain, £52,000, and India,.£44,000. The, net efflux during this year Notes in circulation
18053
18047
18003
Silver coin and bullion in India
10287
is now £1.131.000 and the net efflux since the resumption of an effective gold Silver
10281
10237
coin and bullion out of India
standard, according to the daily bulletins at the Bank. £6,455,000.
Gold coin and bullion in India
2232
a.5
ilij
United Kingdom imports and exports of gold during the week ended Gold coin and bullion out of India
-Securities (Indian Government)
the 9th inst. were:
4977
i
ib
.i
Securities (Briash Government)
557
557
557
ImportsExportsNo silver coinage was roported during the week ended the 7th inst.
France
£211,696
£29,802 Germany
West Africa
The stock in Shanghai on the-12th inst. consisted of about 61.200,000
40,000
54,037 Netherlands
British South Africa
93.700 ounces in sycee, 78,300,000 dollars. and 3.100 silver bars,
786,515 France
as compared
Other countries
266,000
Spain
- 640
28.950 with about 62,100,000 ounces in sycee, 74,300,000 dollars, and 920 silver
Austria
27,290 bars on the 29th ultimo.
Egypt
-Bar Silver,Per Oz. Std.63,750
British India
Bar Gold,
Quotations During the WeekCash.
62.400
2 Mos.
Per Oz. Fine.
Straits Settlements
26 13-16d.
2,160 Feb. 10
26l1-16d.
Other countries
84s. 11 d.
Feb. 11
26Xd.
26 Sid.
84s. 113.d.
26 3-I6d.
26 1-I6d.
£870.994
84s. 11 d.
£795,946 Feb. 12
Feb. 14
28 3-16d.
26d.
84s. 11 d.
The "Times" of the 14th inst. states with regard to the opposition,In the Feb. 1".
26 5-16d.
26)id.
84s. 103id.
Legislative Assembly at Delhi to the Currency Bill as follows: "It has been Feb. 1 l''
26Sid.
26 5-16d.
84s. 10 Xd.
26.375d.
widely assumed that It the effort succeeds it will be necessary for the Viceroy Average
26.218d.
84s. 11.2d.
to use his power to certify a bill rejected. by. either or both Houses of the
The silver quotations to-day for cash and two months delivery are each
Indian Legislature as essential to the interests of British India. But an 3-16d. below those fixed a week ago.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Course of Bank Clearings
Bank clearings the present week will show a deereas
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country, indicate that for the week ending to-day
(Saturday, March 5) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 3.2% smaller than those for the corresponding
week last year. The total stands at $11,626,877,342 against
$12,011,160,960 for the same week in 1926. At this centre
there is a loss for the five days of 3.2%. Our comparative
summary for the week is as follows:
Clearings-Returns by Telegraph.
Week Ended March 5.
1927.
1926.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$5,753,000.000
682,958,542
489,000.000
425,000,000
127,749,575
134,400,000
172,873,000
183,225,000
142,510.829
144,545,105
105,296.161
103,600,422
59,561,644
66,053.000,000
-5.0
-9.8
756,952.322
572.000,000 -14.5
+57
402,000,000
+5.9
120,5E18,375
-37
139,600,000
104,200.000 -11.0
163,251,000 +12.2
158.463,755 -10.1
147.156,867
-1.8
+4.2
101,045,543
110,878.958 '-5.6
71,065,714 -16.2
13 cities. 5 days
Other dam 5 days
$8,523,720,278
1,165,344,174
$8,990,212,534
1,181,494,630
-5.2
-1.4
Total all cities,5 days
All cities. 1 day
89,889,064,452 810,171,707.164
1,937.812,890
1,830,467.796
-4.8
+5.3
611,626,877,342 612,011.160.960
-3.2
Total all cities for week
clearings being $8,864,417,174, and the 1926 aggregate.
$8,372,468,838. Outside of New York City the increase is
only 0.4%, the bank exchanges at this centre having shown a
gain of 10.2%. We group the cities now according to the
Federal Reserve districts in which they are located, and from
this it appears that in the New York Reserve District (including this city) there is an improvement of 10.1%, in the
Boston Reserve District of 12.0% and in the Cleveland
Reserve District 7.3%. In the Philadelphia Reserve District
the totals are smaller by 5.0%, in the Richmond Reserve
District by 5.4% and in the Atlanta Reserve District by
21.3%, the latter due mainly to the falling off at the Florida
points, Miami showing a decrease of 61.1% and Jacksonville
of 35.6%. The St. Louis Reserve District shows a loss of
1.3%, the Minneapolis Reserve District of 6.1% and the
Dallas Reserve District of 1.3%. The Chicago Reserve
District has a gain of 0.5%, the Kansas City Reserve
District of 8.4% and the San Francisco Reserve District of
4.9%. In the following we furnish a summary by Federal
Reserve districts:
SUMMARY OF BANK CLEARINGS.
Week End. Feb. 26 1927.
1927.
1926.
Inc.or
Dec.
1925,
1024.
6
Federal Reserve Discs.
%
$
$
$
405.603,511
395,648.166 +12.0
let Boston_ ...12 cities
460.678,134
U3,159,026
And New York _11 "
6,250,728,645 4,769.789,804 +10.1 4,584,437,657 4,903,278.503
619,397,177 -5.0
527,297.947
508,690,610
3rd PhIladelphlal0 "
493,729.892
357,361,580 +7.1
333,183.831
367.144,107
383,411,162
4th Cleveland__ 8 "
172,222,788 -5.4
184,094.551
184,888,622
162,953,963
5th Richmond _ 6 "
238.885,641 -21.3
231.130,285
187.992,037
6th Atlanta
197.200,802
13 "
669,511.871 +0.5
806,216,901
873,781.234
719 Chicago .....20 "
857,144,551
199,957,032 -1.3
191,389,787
197.296,254
8th St. Louis __ 8 "
182.932,943
103,460.641 -6.1
107.785,625
94.299.636
9th Minneapolis 7 "
105.064.069
217.201,678
211,031,135 +8.4
217,031.387
10th Kansas C18712 "
219,731.151
70.725,547 -1.3
70 719,552
69.294,595
11th I)allas
6 ..
62,716,712
467,967,107 +4.9
491.056,052
467,489.101
12th San Fran 17 "
472,762.401
Total
129 cities 8,864,417,174 8,372,468838 +5.9 8,064,377,315 8.492.232,608
Outside N. Y. City_ ___. 3,718,262.561 3,704,472,014 +0.4 3.567,810,435 3,890,664,874
rinnwrin
90 512144
Ill, 091.628
286.056.384 +7.7
216.570.787
244.215.404
Complete and exact detai.s for the week covered by the
foregoing will appear in our ssue 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 Feb. 26. For
We also furnish to-day a summary by Federal Reserve
that week there is an increase of 5.9%, the 1927 aggregate of districts of the clearnings for the month of February. For
1313
THE CHRONICLE
MAR. 5 1927.]
The course of bank clearings at leading cities of the country
4.1%,
that month there is an increase for the whole country of
the month of February and since Jan. 1 in each of the last
for
749
$40,361,193,
being
clearings
the
the 1927 aggregate of
years is shown in the subjoined statement:
four
first
the
is
This
643.
and the 1926 aggregate $38,758,757,
BANK CLEARINGS AT LEADING CITIES.
since August 1926 that our monthly totals of bank clearings
Jan. 1 to Feb. 28
February
the
of
month
g
correspondin
1925.
1924.
1926.
have showm an increase over the
1927. 1926. 1925. 1924. 1927.
(000.0003
s
$
$
s
$
s
s
$
previous year. The February total of $40,361,193,749 not Newomitted.)
23,059 21.453 21.057 18.120 48,621 48,554 47.777 38,809
York
5,007
5,646
5.847
5,525
largest
2.332
also
the
2,576
is
it
2,714
but
2,634
last
year
of
total
Chicago
only exceeds the
3.513
3.751
3.880
4.111
1,894 1.652 1.692 1.591
Boston
4.068
4,507
4.795
4.593
2,156 2,158 1.998 1,893
total for any February according to our records. This, Philadelphia
1,212
1,257
1.298
1,213
557
565
594
548
Louis
1,341
1,449
1.479
1,564
639
686
however is duo almost entirely to the increase at Now York St.
704
792
Pittsburgh
1,337
1,481
1,627
1,575
664
717
795
the
751
for
a
is
decrease
there
Francisco
City
San
816
City. Outside of New York
823
918
894
383
380
423
405
Baltimore
553
584
643
614
258
269
297
276
month of 0.1%, the bank exchanges at this centre registering Cincinnati
1.010
1,090
1,088
1,178
476
504
501
546
Kansas City
month
the
for
District
Reserve
834
909
Boston
962
The
995
413
414
433
468
a gain of 7.5%.
Cleveland
528
670
627
554
253
311
285
255
Minneapolis
545
530
513
504
shows an increase of 12.5%, the New York Reserve District New
253
233
236
238
Orleans
1.148
1,211
1,332
1,314
550
550
Reserve
612
606
Philadelphia
the
but
7.4%,
of
Detroit
city)
this
(including
260
296
300
302
120
140
141
145
Louisville
300
341
332
517
147
162
157
149
District of only 0.4%. In the Cleveland Reserve District Omaha
108
120
124
115
51
53
53
53
Providence
303
327
351
364
152
154
166
the totals are larger by 6.9%, but in the Richmond Reserve Milwaukee
176
1.307
1,253
1,402
1,582
623
592
665
759
Reserve
the
Atlanta
in
and
Angeles
5.4%
Los
of
loss
a
is
372
District there
412
453
422
174
185
197
194
Buffalo
269
251
257
234
128
116
120
109
District of 20.7%, the latter following mainly from the falling St. Paul
254
267
252
208
118
124
119
72
Denver
172
150
182
199
73
65
83
93
off at the Florida points, Miami having a decrease of 62.7%, In4li006P0118
466
452
446
401
225
208
203
183
Richmond
the
Chicago
In
51.2%.
of
Jacksonville
and
159
211
220
181
84
Tampa of 51.8%
95
100
88
Memphis
323
361
335
396
160
153
165
165
.t1lel
Reserve District there is a decrease of 1.7%, in the St. Louis Se
122
138
142
140
53
57
63
60
Lake City_ _ __
Salt
123
142
115
124
49
57
66
56
Reserve District of 5.7% and in the Minneapolis Reserve Hartford
District of 8.7%. In the Kansas City Reserve District the
36.931 35,15534,111 30,544 78.190 78.532 76,352 65.394
Total
7,838
7.300 6.758
7,381
3.430 3.604 3.380 3.145
totals show a diminution of 0.9%, but on the other hand the Other cities
by
72,152
83,652
and
3.0%
its
totals
86.370
enlarged
85.571
has
33,649
District
37,491
40.361 38,759
Dallas Reserve
Total all
37,816 35,875 33,343
Outside N. Y. City- 17,302 17,305 16.434 15,569 36.949
the San Francisco Reserve District by 2.1%.
Our usual monthly detailed statement of transactions on
Febr a y
February I February Inc.or Febr ay
New York Stock Exchange is appended. The results for
the
1924.
1925.
Dec.
1926.
I
1927.
Feb. and the two months of 1927 and 1926 are given below:
$
I
S
Federal Reserve Discs.
1.879,424,110
22,016,030,119
2,315,453,405
1,598,410,943
793,255,090
1,094,963.300
3,906,939,336
929,507,822
6,660
,
468.8
1,053,261,779
419.066,899
2,183.606,212
1st Boston .___i4 cities 2,111,218.614
2nd New York 14 " 23.638,572,163
2.325,896.010
3rd PhIladelphlal4 "
1,709.500.691
416 Cleveland .15 "
750,534,634
5th Richmond .10 ••
868,253,011
6th Atlanta. ___18
3,941,722,143
7th Chicago ...29 ••
877,056,373
8th St. Louie_ __10
427,926,1311
9th klinneapolls13 "
1.043,573.149
"
CIty16
10th Kansas
531.861.6301
12 "
11th Dallas
2,229,088,2010
12th San Fran .28 "
• , .
+12.5 1,913,852,166
+7.4 21.554,773,596 18,637,857,631
+0.4 2,190,112,244 2,079,625,701
+6.9 1,538,051,765 1,479,056,567
752,029,456
766.719,602
834,601,763
934,439,168
-20.7
3,664,416,501 3,420.979.799
847.021,080
893,121.278
440,289,492
496,755,621
-8.7
982,458,148
-0.9 1,056.627,042
437,165.853
518,858.097
+3.0
+2.1 1,975,768,240 1,966,078,491
193 cities 40,351.193,7491 38,758,757,643 +4.1 37,490.607,174 31,669,089,693
Total
17,301,976,421 17,305,400,158 -0.1 16,433.747,922 15,568,979,852
Outside N. Y. City
(29 cities)
Canada
1,236,627,055 +5.0
1,298,549,655
1.275,971.979
1,107,854,316
1927.
1
s
1
Federal Reserve Dists.
1st Boston .___14 citie6 4,597,257.372
2nd New York .14 " 49,901,321.556
4,949,064,972
3rd Philadelphia I 4
3,544,001,019
4th Cleveland ..15
1,647.795,742
5th Richmond _10
1,943.626,918
6th Atlanta. _ _ _(8
8,119,287,023
7th Chicago ...29
1,898.320.563
8th St LOIliti- _ .10
928,121,963
9th MinneaPolls13
2,303,667,702
10th Kansas City 16
1,138,092,903
12
11th Dallas
4,697,057,044
12th San Fran_ _28
1926.
Inc.or
1)ec.
s
%
4,391.924.685
49,927,242,630
5,136.204.119
3,447,854,516
1,726,3402226
2.366.627.571
8,429.617,478
2,024.641,087
1.024.865.718
2,273.395,509
1.125,005,363
4,596.498139
+4.7
+0.1
-3.7
+2.8
-22.1
-3.7
-6.2
-9.5
+1.3
+1.2
+2.2
193 cities 85,570,617,782 86,370,216,841
Total
16.949.485.989 37,815,761,130
Outside N Y. City
Canada
29 cities
2,506.546,979
1924.
s
S
4,240,594.960 3,968,109,626
48,908,297,985 39,940.512.002
4,919,988.347 4,479,430,424
3.323.799.418 3.143,187,892
1,634,432,207 1,626.516,188
1,979,959,678 1,776.814,010
8,040,382.384 7,287.452.181
1.959,153,155 1,840.524.071
1,070.850,102
927,117.715
2,278,273,099 2,087,042,866
934,135,629
1,112,506.332
4,174,856,918 4,140.849.012
,
-0.9 83,652,065,385 72.151,771,026
-2.3 35,674.312,146, 13.442,532.708
2,585.913,698 +8.5
2,515,656,612
2,663,370,698
1927.
1926.
44,162.496 35.725.989 78.437,908 74.713.874
Stock, number of shares___
Railroad and misc. bonds... $187,274,000 3174.571,000 5420.962.200 3386.626 000
70.726.500 46.559.600 183.202,200 101,705.850
State foreign.
16,100,250 18,131,600 41,817.900 48,442.300
U. S. Government bonds_ _ _ _
$274.190.750 8239.262,200 5645,982,300 5536.774.150
Total bonds
The volume of transactions in share properties on the
New York Stock Exchange for the month of February in
1924 to 1927 is indicated in the following:
1926.
1927.
No. Shares.
34,275.410
44 162 456
Month of January
Vahr.urv
1925.
1926.
1927.
We append another table showing the c earings by Federal
Reserve districts for the two months back to 1924:
Two .1Ionths.
Two Months.
Month of February.
Description.
1924.
1925.
No. Shares. No. Shares.
38,987,885
RA 72.5 ,168
No. S.bares.
41.570.543
R9704 458
26.857.386
90 791 KAO
The following compilation covers the clearings by months
since Jan. 1 in 1927 and 1926:
MONTHLY CLEARINGS.
Clearings Owside New York,
Clearings. Total AU.
Month.
1927.
1926.
1927.
1926.
$
$
45.209,424,033 47.611,459,198 -5.1 9,647.510.562 20.510,360,932 -4.2
Jan_
+4.1 17,301.976.426 17.305.400.168 -0.03
38.758,757.643
40.361,193.749
Feb...
We now add our detailed statement showing the figures
for each city separately for February and since Jan. 1 for
two years and for the week ending Feb.26 for four years:
CLEARINGS FOR FEBRUARY, SINCE JANUARY 1, AND FOR WEEK ENDING FEB. 21
Month of February.
Clearings at-1927.
1926.
Week Ending Feb. 26.
Since Jan. 1.
Inc. or
Dee.
-%
$
$
First Federal Rose rye District- Boston2,657.655
2.925.755
Me.-Bangor
12.141,297
14.976.401
Portland
1.89:1.576 414 1.652.000.000
Mass.-13oston
8.486.017
7.700.836
Fall Myer
3,289.835
3.456.490
Holyoke
3,742.269
4,688.444
Lowell
a
a
Lynn
5.070.110
4.854.00'
New Bedford
21.796.522
19.869.1 19
Springfield
13.580.723
13,218.725
Worcester
65.624.736
05.72i .098
Conn.-Ilartford - - - 26.531.946
28,600.603
New Haven
8,930.900
8,074.000
Waterbury
52,966.100
52,975.900
11. 1.-Providence
2.606.000
2.780.824
N. 11.-Manche_ster
1.,
Total(14 cities)._ 2,114,218,614 1,879,424,110
Second Federal Re serve District -New York
23,850.759
26.427.488
N. Y.-Albany
4,649,700
5.426.800
Binghamton
197.389.306
194.019,319
1 Buffalo
3,860.581
4,326.777
Elmira
6.131.189
5.968.598
Jamestown
23.059,217,323 21,453.357,475
, New York
3.670.400
3.813.091
Niagara Falls
53.562.074
Rochester
51,787.192
23.504,216
Syracuse
24.254.212
12,057.348
13.763.695
_
Conn.-Staford_
2,562.220
3.008.204
N. J.-Niontclair
92,987.660
Newark
94.324.168
133.182.423
Northern N. J
146,969,849
5.264.788
Oranges
5.265.447
1927.
S
1926.
$
Inc. or
Dec.
1927.
1926.
Inc. or
Dec.
1925.
%
$
$
%
i
1924.
$
+3.5
649.681
+29.6
2,471.929
+ 15.0 359.000,000
-11.5
1,979,669
a
a
+35.2
827,140
a
a
-15.0
1.316.256
5.034.180
-17.5
2,770.000
-12.1
13.168.092
-30.7
6.789,777
+9.9
812.402
2,752.229
400.000.000
2,227,151
a
1.163.080
a
1,031,448
5.207.444
3.140,000
12.658,760
7,292,203
-I-6.6
-9.7
10,955.000
638.787
13,601.400
792.017
395,648.166 +12.0
405.600,511
450,678,134
+10.1
+23.3
+14.6
-9.3
+5.1
+25.3
a
-4.3
-8.9
-2.7
-15.1
+7.8
-0.6
+0.01
+6.7
7,005,721
31.167.949
4,110.558,552
16.372.845
7.726.060
10,165,114
a
10,027.654
46 039.622
29,523.492
124.292.082
83.100.422
20,012.600
115.335.600
5.924.459
5.944,108
27.613,219
3,880.000.000
17,914.909
7.874.125
8.681,104
•
11.054.710
49,599,679
30.792.591
141.823.425
59.734,568
20.203.300
124.391.900
6.296.547
+17.8
+12.9
+5.9
-8.6
-1.4
+17.1
a
-9.3
-7.2
-4.1
-12.4
+5.6
-1.0
-7.3
-5.9
539.053
2.972.572
398.000,000
1.483.688
a
1,006.729
a
920,922
3.971.360
2,783.498
11,744.437
6.982.148
520,751
2,292.626
346.000.000
1,676.971
a
744.539
a
1.082.691
4,811.922
3.166.897
18,942,194
8,352,458
12.219,500
535.119
11,464.700
592,417
+12.5
4,597,257,372
4,391,924,685
+4.7
443,159,026
+10.6
+2.3
5,123.887
51.626.912
3.860.576
52.838.746
+16.7
844.600
1,117.000
11.021.693
10,417.300 +5.8
-1.7
421 ,941.011
44,749.554
453.364.727 --6.9
42,597,265
+12.1
8,998,641
739.014
+5.2
838.723
8.554.632
-2.7
1,115.554
12,623.344
d 1.359.952
13.245.701 -4.7
+7.5 48,621.130.793 48,554.455,741
+0.1 5,146.144.593 4.667,996.824
+3.9
+5.8
8.704.531
8.228.034
11,012.086
-3.3
113.584.949
11,751,303
117,045.767 -3.0
4.551.480
+3.2
53.421.719
5.061.329
+44
51.165.838
2.900.033
+14.1
28.904.594
+8.1
c3.373.053
28.7:18.057
557.629
+17.4
553.892
6.944,968
5.423.753 +24.0
+ 1.4
206.505.329
208.542.244 -0.9
30.199.093
+10.3
33.570,959
344.627.494
306.600.875 +124
+0.01
13.023,744
11.833.049 +10.1
o.,ce .... 4 744t1 748,804
nen
e
1
n
1
a,n
9,3
99,
40
556
+7.4 49.904.321
Total(14 cities)._ _ 23 839 672 161 22 n18.030.119
5.032.655
4,643.559
-24.7
1.004.400
790.000
+32.2
37,051.474
40,052.466
--4.8
723,916
791.506
+13.5
1,032.355
1.087 022
+21.9
+10.2 4.496.566.880 4,801.567.934
+6.7
+11 2
+16.3
-0.7
8.852.774
3.999.891
8
13
73
6..5
15
73
2.4
9,691.753
+11.2
24,501,308
40,134.785
6
4.201m
2,43292.65044
+ 10.1 4.584.437.1/57 4.903.278.500
1314
THE CHRONICLE
[VoL. 124.
CLEARINGS-(Continued).
Month of February.
Since Jan. 1.
Week Ending Feb. 26.
Clearings ea1927.
Inc. or
Dec.
1926.
Third Federal Res erve District -Philadelph laPa.-Altoona
5,998,747
5,586,995 +7.4
Bethlehem
18,361,354
16,374,391 +12.1
Chester
5,227,809
5.279.056 -0.9
Harrisburg
17.727.834
16,155.885 +9.7
Lancaster
8,483,668
8,575,900 -1.1
Lebanon
2,244,715
2,124,153 +6.7
Norristown
3,286.042
3,083,135 +6.6
Philadelphia
2,156,000.000 2,158.000,000 -0.1
Reading
16,314,661
13.566,805 +20.2
Scranton_
23,673,734
21,997,868 +7.6
Wilkes-Barre
14.923.846
12.057,744 +23.8
York
6,573.265
1507,658 +1.0
N.J.-Camden
11.287.490
13.818,400 -18.3
Trenton
35,792,845
32,325.415 +10.7
Del.-Wilmington_
•
a
1927.
Inc. or
Dec.
1926.
14.213,387
36,580,821
11,801,973
38.754.725
17.153.878
1779.126
7.517.300
4,593,000,000
34,507.029
54,150,223
32,724,130
13,999,236
24.896,855
65,006,289
a
12,032,482 +18.1
34,067,648 +7.3
11234,214 +5.0
36,331,180 +6.7
19,231,981 -10.8
4.728.397 +1.1
6,874.725 +9.3
4,795.000,00 0 -4
31,341,927 +10.1
50,182,073 +7.9
28,257.909 +15.8
14,572,866 -3.9
32,272,128 -22.9
60.076.608 +8.2
a
a
1927.
1926.
1,412,583
1555,979
1.112,722
Inc. or
Dec.
1925.
1924.
1,347.362 +4.8
3,851.058 +18.3
1,180,386 -5.7
1,466,796
3,732,009
1.251433
1,435,892
4,777,882
892,227
1,700,075
2,900,409 -41.4
2,808,577
2.996.384
467,000,000
3,485,062
5.430,959
d3,284,464
1,341,300
494,000,000 -5.5
2,992,679 +16.4
4,934,014 +10.1
2.635,299 +24.8
1,265,405 +6.0
501,000.000
2,673,055
5,051,371
3,288.696
1,456,820
481.000,000
2,463,262
5319,201
3,314.606
1,218,125
4.406,748
a
4,290,565
a
+2.7
a
4.588,190
5,473,391
a
-3.7
493,729,892
519,397.177
-5.0
527.297.947
508,690.610
49.150,000
33,428.228
643.184,856
961,500.446
134,537,900
a
7,491,593
a
3.203,232
16.796,619
a
a
43,332.111
5,760,750
a
3,026,825
10.438,492
1478,717.705
21,565.226
35,722,533
-6.0
-1.8
-4.6
+3.5
+5.7
a
+4.6
a
-1.8
-5.8
a
a
+11.3
+3.8
a
-13.0
+11.8
+5.8
-10.5
-1.9
d5,359,000
3.332.425
62,552.597
106,622,711
13.761700
a
4,998.000 +7.2
2,999,803 +11.1
62,608,576 --0.1
95,293,081 +11.9
12,619,500 +9.0
a
•
4,385,000
3,850.700
61,493,294
88,040,347
12,831,700
a
6,080,000
5,117,664
68,033,372
102,298,190
14,268,300
a
d1,708,920
a
a
4.967,185
1,713,862 -0.3
a
a
4,005,976 +14.0
3,544,004,019
3.447,854,516
+2.8
12,275,322
a
51,200,095
400,742,000
a
22,998.219
a
21,392,973
14,190,821
894,344,266
3,593.351
6,635,680
220,423,015
12,340,358
•
69,268,811
445.802,000
a
21.423,465
a
24,170,242
12,911,210
918,419.162
3,664,934
6,460,328
211,879.516
-0.5
a
-26.1
-10.1
a
+7.3
a
-11.5
+9.9
-2.6
-10.1
+2.7
+4.0
21,129,494
21,313,014
-0.9
20,479,907
21.937,843
-5.4
1.647,795,742
1,728,340.026
-4.6
162,953,963
172.222,788
-5.4
164,094,551
164,888.622
Sixth Federal Rese rve District- AtlantaTenn.-Chattanooga 30.296,708
30,854.777 -1.8
Knoxville
12,805,204
11,966,310 +7.0
Nashville
87.579.237
88,141819 -0.6
Ga.-Atlanta
203,383,023
288.227,579 -29.4
Augusta
8.735,907
7,974,702 +9.5
Columbus
4,171,419 +4.8
4,364,954
Macon
7,938,195
6,363,868 +24.7
Savannah
a
a
a
Fla.-Jacksonville._ _
153,958,855 -51.2
90,518.967
Miami
79,895.498 -62.7
29,831,278
Tampa
21,454.000
44,477,980 -51.8
Ala.-Birmingham_
93,880.828
104,953,974 -10.6
Mobile
8,081,743
8,489,565 -4.8
Montgomery
6,582,948
7,475,828 -12.0
Miss.-Hattiesburg
7,963,322 +33.7
9,849,000
Jackson
8,586,115
7,514,806 +14.2
Meridian
4,206,924 +1.7
4,253,956
Vicksburg
1.906.263 -6.3
1,785,621
La.-New Orleans_
236.421,711
238,315,327
+0.8
63,786,837
27,803,464
182,103,298
431.233,880
17.789,825
9,017,706
16.496.438
a
194,582,085
65,022.698
46,636,431
204,800,958
18,594,626
14,197,164
18,363,084
16,476,891
8,243,482
4,019.748
504,458,503
64,659,178
28,408,337
183.011.988
621,443.547
17,560,088
9,110.290
13,105,291
a
323,616,871
181,782,697
99,204,957
225.270,984
18,517.953
16,709,349
17,318,339
16,430,320
8,545,415
4,191398
517,740,789
--1.4
--2.1
--0.5
--30.8
4-1.3
--1.0
+25.9
a
--39.9
--64.2
---53.0
--9.1
4-0.4
--15.0
+8.0
+0.3
--3.5
--4.1
--2.8
d7,119,253
2.706,242
20,067,023
46.135,664
1,990,470
7,143,895 -0.4
2,802,480 +4.0
19.811,030 +1.3
68.245,249 -32.4
2,141,559 -7.1
6,273,091
2,945,590
18,952,347
58,533,083
2.182,168
5.520,734
3,082,800
19,038,959
53,853,827
1,534,697
1,768,152
a
21,650.910
6,868.187
1,462,358 +20.9
a
a
33.612,042
17,645,682 -61.1
1,345,508
a
21,822,170
11,385,288
1,233,327
a
16,419,937
4,289,878
21,530,245
1,722,481
24,770,613 -13.1
2,318,158 -25.7
24,326,000
1,935,056
29,481,071
1,827,311
1,434,133
1.724,537 -16.9
Total(14 cities).-
2.325,896.010 2,315,453.405
+0.4
4,949,061972
5,138,204,119
Fourth Federal Re serve District -Cleveland-Ohio-Akron
22.870,000
20.752,000 +10.2
Canton
15,172,266
15,507.910
+2.2
Cincinnati
275.998,004
297.388,846 -7.2
Cleveland
433,325,450 +8.1
468,444,240
Columbus
60,245,600 +10.9
66,791,300
Dayton
•
a
a
Hamilton
3,842.822
3.756.183 +2.3
Lima
a
a
a
Lorain
1,411.234
1,400,579 +0.8
7,508,810 -0.4
Mansfield
7.477.258
a
a
Springfield
a
a
a
a
Toledo
19,758,375 +11.8
22,088.652
Youngstown
2.819.136
2,539,550 +11.0
Pa.-Beaver Countya
a
a
Erie
1,300,007
1.365,330
Frankdn
+9.8
5,335,734
4,857,551
Greensburg
704.276.147 +12.4
791,946,055
Pittsburgh
8.410,209
10.435.118 -29.4
Ky.-Lexington
15.258,130
15,629.138 -2.4
W. Va.-Wheeling
46.185.000
32,841.938
613.708.032
995,045,053
142.200.000
•
7.835,617
a
3.147.205
15,844,625
a
a
48,251,737
5,982,679
a
2,633,841
11.575,331
1.564,408,485
19,298,638
35,045,838
+6.9
Fifth Federal Rese rye District- Richmond5,810,871 -4.2
5.565.554
W. Va.-Huntingtona
Va.-Newport News.
a
a
31,056,864 -31.5
21,290,600
Norfolk
202,584,000 -9.7
182.858,000
Richmond
a
a
a
N. C.-Asheville...10,724,102
10,180,989 +5.3
Raleigh
a
Wilmington
a
a
11234.190 -7.7
10.376,007
8. C.-Charleston
Columbia
6,916,716
5,908,212 +17.1
Md.-Baltimore
404.634.220
422,897,184 -4.3
Frederick
1,712,038
1,666,452 +2.7
Hagerstown
3,109,345
2,890,253 +7.6
103.348,052
D. C.-Washington99,026,075 +4.4
Total (15 Cities)---- 1,709.500.691 1,598.410,943
Total(10 cities).-
Total(18 cities)-
750,534,634
793.255,090
868,243,011 1,094,963,200 -20.7
Seventh Federal R esarve Distric t-Chicago-Mich.-Adrian
1,006,624
954,248
Ann Arbor
4,227,403
4,285,890
Detroit
611,826.557
605,827,775
Flint
11,792,814
11,162.513
Grand Rapids
32,218,223
29,755,134
Jackson
6,462.514
6,388,378
Lansing
9.837,008
10.787.731
Ind.-Fort Wayne_
11,059,664
10,111,158
Gary
21,833,529
23,824,519
Indianapolis
92,530,000
83,348,000
South Bend
10.982,600
11.815,490
Terre Haute
27,348,254
22.551,064
Wis.-Madison
16.476.357
16,434,842
Milwaukee
178,149,940
166,218,968
Oshkosh
3.750,687
3,473,691
Iowa-Cedar Rapids.
10,268,000
9,513,869
Davenport
38,755,231
35,626.615
Des Moines
37,064,268
40,665.079
Iowa City
1,653,657
1,642,166
Mason City
C
f
Sioux City
25,739,051
27,018,308
Waterloo
4,699,789
4,317.539
6.333,727
111.-Aurora
6,336,640
Bloomington
5,647.604
5,772,298
2,634.397,102 2,714,092,012
Chicago
a
Danville
a
5,248,284
Decatur
5.305,496
18,645,203
Peoria
19,010,818
13,126,493
Rockford
11796.703
11,199.567
Springfield
10,366,383
3,841,722.143 3,906,939,334
Total(28 cities)
1,843,626,918
2,366,627,571 -22.1
8,119,287.028
8,429,617378
45,816,860
1,544,019
1,213,112,938
a
301,721853
4.360,685
19,770,727
181.054,337
116.042,641
3,051,938
11844.565
44.613,268 +2.7
1.483,703 +4.1
1,297.543.833 -6.5
a
a
+0.6
299,876,586
4,712,439 -7.5
18.773,420 +5.3
219,805.284 -17.6
121,842,953 -4.8
3,415,879 -10.7
12,573.722 -5.8
1.898,320,563
2,024,641.087
-
877,054.373
929,507,882
-5.7
-3.7
-6.2
1,822.742
a
1.472,779
3,82▪ 8.716
3,1701,888
a
185,106,814
173.123,082
+6.9
157.331,332
168,272,014
383,411,152
357,361,880
+7.3
333,183,831
367.144,107
1,136,793
+1.1
1,060,551
1,690,516
7.027.820 -37.4
45,168,000 +1.5
8,739,115
45,461,000
6,444,829
53,454,000
1,149.448
d4,397,787
45,856.000
d2,138,021
2,260,116
-5.4
2,576,418
2,087,127
88,283,213
95,317,045
-7.3
87,777,582
79,274,307
324,751
54,674,526
187,992,037
1,161,000
1,177,140
-4.7
-4.2
387,386
53,081,618
269.218
59,471,903
238.885,890 -21.3
204,130.265
197,200.802
+29.5
+14.0
-0.3
2:37,472
746,945
130.877,837
208,683
760,832
150,815,562
+14.0
6,274,045
6,534,516
+6.8
+3.1
1,857,746
2.125,522
2,281,545
2,513,512
+19.7
-4.5
+18.6
14,734,000
2,503.462
5,842,559
15,938,000
1,636,250
5,733,885
39,014,792
340,852
57.067,235
1,994,485 +7.4
2,141,519
231,797
194,033
9,440.201 +13.4
10,703,926
1,057.180
927,281
1,314,314,345 1331,541,194 -1.3
149,098,196 149,596,207
23,719,071 +10.9
26.307,661
69.526,161 -3.1
67.354,353
6,451,151
7,643,432
15,514,569 +4.6
16,236.518
22,986.443 -10.4
20,601.900
2,137,000
2,000,000
22,302,154 +3.5
23,088,291
2,358,842
2,287,292
45,828,339
48,429,089 -5.4
199,368.410
182.158,000 +9.4
21,830,000
18,240,000
23,903,500
24,059,790 -0.7
2,613,600
2,735,640
51,229,560 +11.6
57,180,503
7,232.903
6,096.815
32,048,904 +6.5
31123,474
364,266,763
351,327,848 +3.7
34,839,650
35.710,057
7,979,749
7,210,224 +10.7
21,694,021
2,209,305
22,397,208
2,440,158
+3.2
83,793,448
84.732,943
+1.1
9.055,364
86,199,914 -10.7
78,972.766
8,749,024
3.503,841
3.605.278
+2.9
t
t
8,162,691
58,012,647 -5.7
5,937,237
54747794
1,071,001
+8.8
1,011,823
8,965,539 +15.0
10,305,896
-0.113,321,607
13,145,229 +1.3
1,308,423
-2.1
1,209,269
12,648,741 -5.3
11,982,946
-2.9 5.524.689,847 5.847,114,950 -5,5 615,000.057 614,727.084
a
a
a
a
a
a
1247.939
1,159,580
-1.1
11,146,107
11462,770 -2.8
4,226,902
4,257,707
-1.9
40.720,481
41,818,074 -2.7
2.592,773
2,816,362
+11.3
24,497,391 +12.9
27.663,087
2.350,039
2,482,291
+8.0
23.273,220 +1.4
23,601.835
-1.7
a
a
+5.5
-1.4
-0.9
+5.6
-7.7
-1.5
-8.8
+9.4
-8.3
+11.0
-7.1
+21.3
+0.2
+6.0
+8.0
+7.9
+8.8
-8.9
+0.7
C
Eighth Federal Re serve District -St Louis22,440,337
19,229,469 +16.7
Ind.-Evansville
720,077
699.872 +2.9
New Albany
547,620.739
594,165,163 -7.8
Mo.-St. Louis
a
a
Springfield
144,925,401
141.218,745 -1!2.6
2,108,760 -5.2
1,999,529
Owensboro
7,930,166 +7.3
8,509,982
Paducah
100,221154 -11.9
88,356,894
Tenn.-Memphis._
55,156,654
56.523,217 -2.4
Ark.-Little Rock__ _
1,584.974 -10.4
1,419,640
111.-Jacksonville_
5,821,362 +1.4
5,905,120
Quincy
Total(10 cities)
•
873,784,234
5,440.460
869,511,871
31.448,041
2,043,838
2,524,778
-3.4
10,592,860
8,733,784
--3.7
--5.5
6,847,720
1,294,869
6,460,208
1,336,000
+-0.04
a
-7.1
+0.7
+8.6
+5.6
1,417,551
576,195,857
a
1,402,937
4,872,182
2,428,051
2,473,607
2.153,555
598,603,362
a
1,396,748
5,609,431
2.770,412
2,118,702
+0.5
806,218,901
851144,557
4,225,888 +28.7
5,691,537
5,016,515
122,000,000
116,300,000
-5.5
28,717,072
386,206
28,224,985
450,06
22351,227 -19.5
13,175,788 -3.3
366,814 +1.5
1,280,991 +14.0
21,468,483
11,475,961
327,855
1,342,873
20,212,182
10,948,583
319,274
1,461,363
191,389,787
182,932,943
124.500,000
127,000,000
32,159,101
413.670
31328.696
437,628
20,101,150
12,748,070
372,238
1,561,565
197,296,254
+2.5
+10.4
199,967.032
-1.3
(
MAR. 5 1927.]
THE CHRONICLE
1315
CLEARINGS-(Concluded).
Month of February.
Since Jan. 1.
Clearings 01
1927.
Inc. or
Dec.
1926.
$
$
%
Ninth Federal Res erre District -Minneapoll s-Minn.-Duluth
23,233,197
24,582,198 -5.4
254,567,196
Minneapolis
284,709,290 -10.6
Rochester
1,943.538
1.617,624 +20.1
108,843,353
St. Paul
119,545,335 -13.0
6,470,110
No. Dak.-Fargo
6,830,003 -5.3
Grand Forks
4,587,000
4,841,000 -5.3
Minot
1,042.926
914,336 +14.1
4,252,439
S. D.-Aberdeen._ _ _
5.319.648 -20.1
6,704,231
Sioux Falls
5,147,013 +30.2
Mont.-Billings
2,227,420
2.098,633
+6.1
2.950,222
Great Falls
2.581.262 +14.3
10.814,914
Helena
10,181,400 +4.2
Lewistown
489.585
488.918
+0.1
Total(13 cities)- ---
427,926.131
468,836.660
-8.7
Tenth Federal Res erve District -Kansas Cit
Neb.-Fremont1,429,474
1,399,259
Hastings
1,776,143
2,451,568
17,295,636
Lincoln
17,625,798
149,001.813
Omaha
157,000,711
Kan.-Kansas City- 9,068,261
15.155,917
Lawrence
a
a
a
Pittsburgh
a
13,051,876
Topeka
14,381,451
Wichita
31,125,400
30,206,963
Mo.-Joplin
5,743,213
8,107,082
Kansas City
546,271,488
500.870.339
25,373,274
St. Joseph
29.298,983
Okla.-Lawton
a
a
McAlester
1,089,678
Muskogee
a
a
Oklahoma City-113,989,999
111.900.000
Tulsa
47,254,258
35,078,238
Colo.-Colorado Spgs.
4,873,248
4,575.575
Denver
72,393,851
118,878.302
Pueblo
4.925,215
4,813,915
y-+2.1
-27.6
-1.9
---5.1
-40.2
a
a
-9.3
+3.0
-29.2
+9.1
-13.4
a
1927.
Week Endiny Feb. 26.
Inc. or
Dec.
1928.
1927.
1926.
Inc. or
Dec.
1925.
1924.
49.301.857
553,969,211
4,396,260
234,396,488
14,611,784
10.098,000
2,187,420
9,527,642
14,095,725
4,883,747
6,803,422
22,754.688
1,095,719
54,664,283
627,251,515
3,847,719
257,198.506
14,142,322
10,211,000
1.926,841
11.474,657
10,261,052
4,638.328
5,708,934
22,444,780
1.097.781
-9.8
-11.7
+14.2
-8.9
+3.3
-1.1
+13.5
-27.0
+37.3
+5.3
+19.2
+1.4
-0.2
4,750,617
59,509.005
5,469,858 --13.2
63,448.256 --8.2
5,482,800
68,583.809
4,913,369
64.746,628
24.216,739
1,553.710
26,201,335
1,468,755
-7.6
+4.8
25,159,453
1.478,037
29.971,228
1,768,930
1,203,352 -23.3
1,121,621
1,024,871
928.121,963
1,024,865,718
-9.5
94.299,636
2,900,800 +8.5
5.120.715 -30.0
37,868,550 -2.1
331,592,196 -4.5
35.649,600 -42.1
d271,349
403,081
3,628.309
34.254,210
3,088,465
3,586,553
38,052,452
316,638.167
20,659.777
923,385
463,180
2,883,000
449,886
+2.9
510,252
403.467
2,219,207 +29.9
2,349.853
2.235,778
-6.1
102.785,825
105,084,060
302,247 +10.2
553.206 --27.1
3,797,729 --4.5
37,287,480 --8.1
312,111
606.991
4,104464
38.176,1843
288,819
538.869
3.295,630
37,332,002
+3.8
2,947,524
7488,000
2,135.508
5.647,000
100,460.641
a
30,379,871
83420,160
163,15,299
1,088,372,502
88,483,828
a
2,355,288
a
244,995.765
77,232,032
9,383,944
251.572,521
9,672,438
a
-11.6
+6.4
-21.0
+8.2
-14.6
a
71.7
a
+2.4
+29.4
+3.6
-17.3
+9.6
121,130,093
d5,145.043
111.202,412
+8.9
6,121,499 -16.0
113,639,051
7,415,753
123.257,384
6.189,258
a
+1.9
+32.3
+16.5
-39.1
+8.8
a
26,859,682
67,543.849
12.885.958
1,177,590,040
56,783,606
a
686,407
a
250,982,611
99,925,604
9,726,685
208.078,976
10,598,872
d25,471,989
a
954,105
15.725.041
1,061.221
a
a
23.510,513 +8.4
a
a
1,027,313 -7.1
17,347,236
954.358 +11.2
a
23,097,973
a
1,014,724
17,821,632
1,026,778
•
18,068,998
a
1,042,822
21,015.028
919.853
1,043,573,149 1.053,263.779
-0.9
2.303.887,702
2,273,395.509
+1.3
217,201.678
217,031,387
219,731,151
Eleventh Federal Reserve Distr let-Dallas-Texas-Austin
5,904,851
6.968,338
Beaumont
8,344,000
7,203,320
Dallas
198.745,820
200,337,789
El Paso
17,749,293
19,575,442
Fort Worth
47,345.097
55,704,765
Galveston
59.328,000
34,867.000
Houston
149.201.456
143,990,167
Port Arthur
2,493,481
2,504.106
Texarkana
2,391,001
3,073,285
Waco
9,654,126
8.725,078
Wichita Falls
13489400
14,575,490
La.-Shreveport
22,218.505
21,542,109
-15.3
+15.8
-1.8
-9.3
-15.0
+70.1
+3.6
-0.4
-22.2
+10.6
-7.5
+3.1
12,455,228
17,331,000
428,738,726
40,135,164
102.188,424
111,733,000
316,863,714
5.134,050
5,180,231
20,789,584
29.525,000
50,018,802
14,943,516
14,222,313
440,881,998
42,221,259
116,861,712
86,927,000
299,797,158
5,173,612
6,787,845
19,620,933
30.489,225
47.078.792
-16.7
+21.9
-3.2
-5.0
-12.6
+28.5
+5.7
-0.8
-23.7
+5.9
-3.2
+6.2
519,068.889
+3.0
1,138,092,903
1,125,005.363
+1.2
Twelfth Federal R eserve Marie t--San Franc
Wash.-Bellingham_ _
.3,000,000
3,180,000
Seattle
186.033,.51
164.987,097
Spokane
45,177,000
46.614,000
Tacoma
a
a
Yakima
4.958,716
5,093,501
Idaho-Boise
4,140,354
4,314,435
Oregon-Eugene
1,836,750
2,242,874
Portland
136.301412
147.303,900
Utah-Ogden
5,338,513
5.254,556
Salt Lake City
59,800.239
62.514,980
Nevada-Reno
2,344,085
2,410,435
Arizona-Phoenix__
11,313,000
10,324,000
Cal.-Bakersfield_ _ _
5,153,780
5,215.109
Berkeley
19,484,539
17,214,053
Fresno
16,613,212
13,553,865
Long Beach
27,260,010
29,096.688
Los Angeles
758,821,000
664,588.000
Modesto
3,143,528
3,098.338
Oakland
79,345,080
82.699.689
Pasadena
26,016.849
25,633,648
Riverside
5,042,174
3,797,704
Sacramento
31.102,739
29,685,411
San Diego
28.563,779
23,611,448
San Francisco
750,850,482
795,314,000
San Jose
10,970.777
10,107.190
Santa Barbara
5.432.920
5,977,355
Santa Monica
8,030.237
7,922,485
Santa Rosa
1,797,194
1,821.451
Stockton
11,219.100
10.030.000
sco---5.7
+0.6
-3.1
a
-2.7
-4.1
-18.1
-7.5
+13.8
-4.4
-2.8
+9.6
-1.2
+13.2
+22.6
-6.3
+14.2
+1.4
-4.1
+1.5
+32.8
+4.8
+21.0
-5.6
+8.4
-9.1
+1.4
-1.3
+11.8
6,386,000
348.311.923
96,365,000
a
10,751,780
9,090,271
3,843,750
286,578,296
11.420.699
139.987,737
5,322.177
24,690,000
11,464,111
41,899,637
34,042,822
59.756,211
1,581,653.000
7,341,523
162,125.748
80,695,095
10,847,845
69.414,410
57,989,774
1,575,186,518
25,266,204
11,950,691
17,765,770
3,770,152
25,159.900
8.591,000
360,609,507
96,980,000
a
11,650,786
9,853.807
4,526,889
305,144,051
12.286,556
142.092.951
5,300,341
22,224.000
11,109,103
39,069.725
30,811,261
62.306.058
1,402,494,000
8,958,416
178.129,627
56.088,245
8,482.808
66,769,178
50,338,648
1,626,855,107
23,063,865
12,737,666
17,437,012
3,850,034
22.939.700
-3.4
-3.0
-0.6
a
-7.7
-4.7
-15.1
-6.1
-7.1
-1.5
+0.4
+11.1
+3.2
+7.2
+10.5
-4.1
+12.8
+5.5
-9.0
+8.2
+27.9
+4.0
+15.2
-3.2
+9.5
-6.2
+1.9
-2.1
+19.7
Total (28 cities)._ - - 2,229,088,200 2,183,606,212
Grand total (192
40,361,193,749 38,758,757,643
cities)
+2.1
4,697,057,044
4,596,498.139
+2.2
Total(16 cities). _
Total(12 cities)
_
534,884,630
Outglde New York... 17,301,976,426 17.305,400.168
+4.1 85.570,617.782 86,370,216,841
+0.03 36449.488.988 37.815.761.10
0
d2,688,005
d6,469,232
2,695,695
6.231,447
211.031,135
+2.9
1,277.885
1,372,656
-6.9
1,574,591
1.588486
45,289,327
44,125,455
+2.6
43,307,144
40,140.633
10,470,028
7,904,000
a
12,527,895 +9.7
7,012,000 +12.7
•
a
11,541,362
9,750.455
10,703,759
5,999.901
a
4,353.55.5
5,187,541 -16.1
4446.400
4,283,833
69,294,595
70,325,547
-1.3
70,719.552
62,716,712
37,174,068
10,361.000
a
1,118,117
36,707,257
+1.3
9,414,000 +10.0
a
a
1.048,062 +6.7
33.595,503
8,100.000
a
1,081,455
39,953,401
9,944.000,
•
1,213,185
28,929,449
34.014,891 -15.0
29,771,889
34.145,226
13.982,407
a
a
13.823,847
+1.1
a
a
12,369,732
a
a
13,702,919
a
a
3,148,053 +94.7
6,840,674 --11.1
151.450,000 4-15.2
2,283,742
5,925,826
138,263.000
2,779,024
8,457,357
158,270,000
+1.1
--7.2
16.924,714
5.712,899
16.344,248
6,605.876
7,313,518 --15.8
4,945,477
+9.5
167,704,000
+0.7
2,120,256 +25.8
1,190,794
+2.0
1,728,632
+1.2
8,828.810
3,930.629
184,140,682
1,931,551
1,078,539
1,824.230
7,019,142
3,605,891
163,400,000
1490,778
1,154,162
2,374,892
1,959,900
1,902,300
6.129,767
6,082,344
174.558,000
18,390.970
5.914459
6,158,916
5,413,285
168,955,000
2,663,508
1.214,990
1,750,282
a
18,181,254
6,372,292
c2,270,000
1.964,300
491,086,062
487.967,107
+4.9
457,489.101 .472,762,401
-0.9 8,864.417,174 8,372,488.838
+5.9 8.064,377,315 8.492,232,608
-2.3 3.718,262,581 3.704,472,014
+0.43,567,810.435 3.690,664.674
CANADIAN CLEARINGS FOR FEBRUARY, SINCE JANUARY
1, AND FOR WEEK ENDING FEBRUARY 24.
Month of February.
Since Jan. 1.
Clearings at
1927.
CanadianMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster_ _
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
417,159,787
436,366,697
156.794,000
63,110,185
24,385,098
23,027,666
10,654.723
20,788,151
28.452,441
9,650,703
7,867,442
11,278,790
18,055,460
13,099.565
1,752.221
1.771,856
6,206,500
4,253.127
4,301,350
3,007.814
2.713478
996,612
2,922,940
3,335,297
4.108,735
15.425,238
1,399,649
3,114,719
2.548,911
1926.
414,316,192
393,050,984
142,744,995
65,331,964
22,463,085
20.372,380
10,283,004
17.414,264
28,188.994
10,598,288
7,621,871
9,198,302
19,086,014
12.090,248
1.659,690
1,894,441
6,158.835
3,731,719
3,835,748
2,506.297
2,741.160
881,880
2,579,824
3,031,823
3,824,792
14,529,986
1,356,197
2.885,753
2,248,325
Inc. or
Dec.
+0.7
+11.0
+2.6
-3.4
+8.5
+13.0
+3.6
+19.3
+0.9
-8.9
+3.2
+22.7
-5.4
+8.3
+5.6
-6.5
+0.8
+14.0
+12.1
+21.2
-0.9
+13.0
+13.3
+10.0
+7.4
+6.2
+3.2
+7.9
+13.4
1927.
891,597,006
949,169.194
343.774,986
137,347,935
50,836,752
48,504,493
23,675.960
43,212,470
60,757,666
20,914.798
16,279,018
24,480.051
41,130,959
30,866,195
3,952,741
3,968,144
13,429.820
9,635,073
8.941,542
6,450,407
5,853,963
2493,517
6,662,467
6,922,602
8426.101
32.112,603
3,070,202
6,772,476
5,507,837
1926.
825,979,483
800,929,147
355,656,313
138,630,059
48,462,478
43,972,100
23,673.891
37,004.738
63,426,724
22.049,490
18.088,616
20,221,830
41.558,781
30,757,474
3,79,5,666
4,673,534
13.834,798
8,755.869
7.825,331
6,393,919
5,505,360
2,076,559
5,634.692
6,140,168
7,978.100
28,457,039
2,895.737
6,400,493
5.134,329
Week Ended February 24.
Inc. or
Dec.
+7.9
+6.3
-3.4
-0.9
+4.9
+10.3
+0.001
+16.8
-4.2
-5.2
-10.0
+21.0
-1.0
+0.3
+4.1
-15.1
-2.9
+10.0
+14.3
+0.9
+6.3
4-0.8
+18.2
+12.7
+8.1
+12.8
+6.0
+5.8
+7.3
1927.
95,786,350
107.256,263
35,507.622
14.683,510
5,616,351
5,751,557
2,419,918
4,710,516
7,184,900
2.378,297
1,685,749
2,775.030
3,993,431
3.212,125
402,735
439,699
1.458,637
1,044.057
1,179,097
789.520
630,873
272,981
694,570
798,318
954,103
3,746,463
300,977
798,668
653,311
1926.
101,333,829
87,612,300
31,772.179
15,303,699
4,849,270
5,017,605
2.434.960
4,122,866
6,305,900
2,713,526
1,823,978
2,252,815
3,916,086
3.041,284
342.289
460,431
1,440,533
782,687
831,878
587,808
571,213
190,346
688,873
844,071
912,975
3,405.188
317,111
683,328
497,376
Inc. or
Dec.
-15.5
+22.4
+12.7
-4.1
+15.8
+14.6
-0.6
+14.2
+13.9
-12.4
-7.6
+23.2
+2.0
+5.6
+17.6
-4.5
+1.2
+33.4
+41.7
+34.3
+10.4
+22.4
+0.8
-5.4
+4.5
+10.0
-5.1
+16.9
+31.3
1925.
70,938,493
81,007.540
29,923,030
13,699,375
4.156,644
3,478,708
2,221,593
3,546,271
5,056,835
2,654.286
1,505.190
1,969,712
3.510.106
2.406,326
402.363
434,237
1.099,048
875,242
707,377
727,570
419,699
200,389
701,120
471,312
819,517
2.226,886
261,810
701,980
448,128
1924.
76495,770
82.909,614
31.068.824
14416,045
4,35.3,677
3.925.372
1.976.106
4.063.719
7,236,079
2.181,362
1.515,691
2.058,295
3.307,178
2,559,494
345,434
467,491
1,215,762
804,858
612,302
632.004
479,763
243,697
636,571
608,322
771,065
2.554.823
278,683
630,946
467,538
Total(29 cities) _ - 1,298,549,655 1,236,627.055 +5.0
2.806,546.979 2,585,913.698 +8.5
307 093 628 285,056.384 +7.7 236.570.7871 248.218.484
•No longer report clearings, b Do 901 respond to requests for figures.
clWeek ended Feb. 23. d Week ended Feb. 24. e Week ended Feb. 25. • Evaluated.
[Vol,. 124.
THE CHRONICLE
1316
Condition of National Banks Dec. 31.-The statement of condition of the national banks under the Comptroller's
call of Dec. 31 1926 has been issued and is summarized below. For purposes of comparison, like &tails for previous calls
back to and including Jut e 30 1925 are included.
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON JUNE 30, SEPT. 28 AND DEC. 31 1925,
AND APRIL 12, JUNE 30 AND DEC. 31 1926 (in Thousands of Dollars.)
June 30'25 Sept.28'25 Dec. 31 '25. Apr. 12 '26 June 30'26 Dec. 31 '26.
8,072 banks. 8.085 banks. 8.054 banks. 8,000 banks 7,978 banks 7.912 banks.
Figures are given in thousands of dollars.
$
$
$
$
$
$
12,674.067 13.134.461 13,535.278 13.301.306 13.417,674 13,573,275
9.332
9.719
10.953
10.554
9,352
14.900
2,536,767 2,512.025 2.522.810 2.540.823 2.469.268 2.282,571
3.193.677 • 3.242.820 3,252.018 3.269.027 3,372.985 3,507.821
255.464
232.460
265.066
277.513
178.583
201.083
644.880
632.842
621.825
606.474
585.267
593.176
114.108
115.869
113.987
113.741
111.191
114.677
1.359,388
1.326.864 1,324,326 1.376.992 1.288.664 1,381,171
543.268
501.409
487.345
572.090
466.787
456.666
352.709
359,951
367.573
359,605
390.116
362.341
1,080,617 1,124388
1,096.768 1,120.925 1,192.948 1.062.811
423,766
400.822
388.932
425.518
403.366
393.869
969.432
899.901
774.980
988.294
733.816 1,127.241
117.264
97.178
83.095
109.679
80,727
58.326
72.928
69.316
68.809
71.320
69.517
54.094
32.810
33.023
32,905
33.038
33.008
32.876
23.787
24,442
3.299
3,173
273,561
213.803
215,555
238.993
235,114
219.346
Resources-Loans and discounts (including rediscounts)-s
Overdrafts
United States Government securities owned
Other bonds. stocks. securities. &c
Customers' liability account of acceptances
Banking house, furniture and fixtures
Other real estate owned
Lawful reserve with Federal Reserve banks
Items with Federal Reserve banks in process of collection
Cash in vault
Amount due from national banks
Amount due from other banks, bankers and trust companies
Exchanges for clearing house
Checks on other banks in the same place
Outside cheeks and other cash items
Redemption fund and due from United States Treasurer
United States Government securities borrowed
Bonds and securities, other than United States, borrowed
Other assets
24.350,863 24,569.527 25.852.412 24.893.665 25.315,624 25,683,849
---
Total
Liabilities1.369.435 1.375.009 1,379.101
Capital stock paid in
r
1.118.928 1,125.495 1.166.601
Surplus fund
481.711
543.564 . 476.207
paid
taxes
Undivided profits, less expenses and
59.170
60.078
69.792 •
Reserved for taxes, interest, &c., accrued
648.461
648.494
649.221
National bank notes outstanding
38.321
30,740
31.820
Due to Federal Reserve banks
1.028,168 1,068.420 1.076.397
Amount due to national banks
1,897.555
1,827.492
1.766.708
companies
trust
and
bankers
banks,
other
Amount due to
261.813
224.989
251.505
Certlfled checks outstanding
414.856
336,167
214.594
Cashiers' checks outstanding
11.151,126
10.427.544
10.430.254
Demand deposits
5,924.658 5.994.374 6.047.370
Time deposits (Including postai savings)
193.222
108,181
175.097
United States deposits
19,909,669 19,930,062 21,080,660
Total deposits
32.718
21.684
24.479
United States Government securities borrowed
3.625
3.978
3.530
Bonds and securities (other than United States) borrowed
1.984
4.057
3.413
Agreements to repurchase United States Government or other securities sold
Bills payable (Including all obligations representing borrowed money other than
384.377
316.627
245.107
rediscounts)
Notes and bills rediscounted (Including acceptances of other banks and foreign
264.505
233,874
245.537
bills of exchange or drafts sold with indorsement)
7.526
9.065
12.127
Letters of credit and travelers' checks outstanding
Acceptances executed for customers and to furnish dollar exchange less those
257.929
191.873
164.569
purchased or discounted
39.595
28,542
28,773
Acceptances executed by other banks
52.228
49.954
49,471
Liabilities other than those stated above
24,350.863 24.569.527 25.852.412
Total
1.410.434 1.412.872 1.410.723
1,188.704 1,198.899 1,216.979
477.217
477.587
500.519
61.308
64,618
63.327
646.449
649.452
651,155
38,179
33,794
35.785
983,661
979,814
987.311
'1.779.579 1,885.848 1,816.955
219,759
258.034
217.123
365.087
223.88.5
288,669
10.456.694 10.778.603 10.768.669
6.199.806 6.313.809 6,533.442
138,239
234,704
144.504
20,175,796 20,642,164 20,869,991
23.787
2.5.611
24.442
3.299
4.053
3.173
18,485
2.497
3.489
253.807 . 391.593
258.713
7,760
268.801
12,880
234.065
7.778
246,199
39.493
55.515
221,131
211.801
50.805
250.361
23.268
54.546
24,893.665 25,315.624 25.683,849
---
-•
Details of Cash in Vault
18.212
18,85719.600
Gold coin
52.904
Gal I certificates
7I
Clearing house certificates based on gold and gold certificates
18
Clearing house certificates based on other specie and lawful money
40,449
38,999
7,919
Standard silver dollars
29.640
Subsidiary silver and minor coin
28.666
Silver certificates
331,455
305,742
25.501
Legal tender notes
67.609
National bank notes
128.484
Federal Reserve and Federal Reserve Bank notes
Details of Demand Deposits9,433.675 9,594,679 10,271.176
Individual subject to check
253.850
235.471
239.978
Certificates due in less than 30 days
480.334
475.835
580,416
State and municipal
26.334
19,956
21.176
Deposits subject to less than 30 days notice
38.673
3,650
34.228
Dividends unpaid
80.757
96.733
1
s122.00
Other demand deposit
Details of Time Deposits1.277.699 1.281.839 1.280.885
Certificates due on or about 30 days
108.648
114.398
112.710
State and municipal
68.720
67.648
68.542
Postal savings
4.609.317
4.529.595
4.466.601
Other time deposits
Percentages of Reserve12.45%
12.84%
13.04%
Central Reserve cities
9.99%
10.22%
9.94%
Other Reserve cities
11.09%
11.37%
11.29%
All Reserve cities
7.57%
7.58%
7.43%
0.1untry Ilan KS
9.48%
9.50%
9.65%
'iota! United States
a Includes customers' Itanility
265.590
18,328
36,016
331,229
17.800
54,155
76
23
7.129
29.724
30.457
26,740
67,123
126.655
17.237
38.188
297.306
9,528.673
218.289
586.981
21.670
2.630
98.451
9,754.457
217,106
622.005
19.280
35.273
130.482
9.855.073
218.395
542.715
14.086
38.834
99.566
1.228.223
119.636
72.255
4.719.692
1.271.807
134.443
70.094
4.837.465
1.285.384
131.078
71.438
5.055.564
13.37%
10.04%
11.52%
7.497
9.884
12.78
10.19
11.33
7.54%
9.581
12.03%
9.89%
10.80%
7.38.
9.21%
under letters of credit.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
The following compilation, made up from the daily Gov- as reported by cable, have been as follows the past week:
Fri.,
Thurs.,
Wed.,
Tues.,
Mon.,
London,
Sal..
ernment statements, shows the money holdings of the Wk.End.Mar.
Mar. 3, Mar. 4.
4 Feb. 26. Feb. 28. Mar. 1, Mar. 2.
2410.
11-158.
25
16d.
I26
2630.
2610.
per on.. 2630.
Treasury at the beginning of business on the first of Decem- Sliver,
Gold.per fine oz 843.1110. 843.11)0. 843.1114d. 843.1110. 843.1110. 843.1110.
55)4
55
x55
5511
Consols,214%. ____
55
ber 1926 and January, February and March 1927.
1011.4
10114
101%
10114
10134
Treasury Money Holdings.
Holdings In
U. S. Treasury.
Dec. 1 1926.
2
Net gold coln and bullion. 340.253.867
Net silver coin and bullion
14.751,142
Net United States notes..
2,379.171
Net national hank note&. 16,515.159
1,344.274
Net Federal Reserve notes
bank
Dotes
61.784
Net Fedi RE'S
3,922.810
Net subsidiary sliver
4,178,409
Minor coin. Ice
Total cash in TreasurY.
Less gold reserve fund._
383.406.616
154.188.888
Cash balance In Treas'y 229,217.730
Dep. In epee! depositories:
93.162.000
Acct. Treasury bonds_ _
38,916.978
Dep. In Fed'! Res banks.
Den In national banks:
7.828.522
S.
To credit Tress U
20.208.240
To credit dish. officers
1.086,776
islands
Philippine
Cash In
584.885
Deposits In foreign dents.
Dep. In Fed'ILand banks_
Jan. 11921. Feb. 1 1927. Mar. 1 1927.
2
$
2
348.035.742 318.408.699 327,937.694
13.303.665
12.404.903
10.827,779
3.519.330
3.356,107
2.879,898
12.819.848
17,943,279
15.380.559
1,111.724
1.440.186
1,595,625
48,024
108.756
133.070
4,822.298
4.655.616
3,107,687
6,522,279
7.465.953
3.518.266
--6.873.499 .370.114 662
385,458.628
154.188.888 155.420,721 155,420,721
231,289.740
210,452,778
214,613,941
216,210.000
28.663,964
160,366,000
35,134,412
138,060.000
42,964,932
8.282,320
24,044.091
773.929
613.820
7,117,609
21.350.483
899,193
578,923
7,262,611
21,325.302
1,005.576
521.388
Treasury
Net cash
and In banks
Deduct current liabilities
391.003.131
250.850.841
509.857.864
282,847,618
435.899.398 425.833.748
248.026.953 247.144.052
Available cash balance.
140.152,490
227.010,246
187.872,445
178.689.696
bullion and $1,418,609 52 minor coin. &O..
•Includes Mar. 1, 37,880,891 10 silver
Money."
not included in statement "Stock of
British. 5%..... -___
British, 414%. -___
French Reines
(in Parts)..fr _ ---French War L'n
(in Paris).fr---
98
96
98A
98A
52.25
52.30
52.85
52.45
52.25
65.85
66.30
68.15
65.70
85,95
98)4
The price of silver in New York on the same day has been:
Silver In N.Y.. per oz.(eta.):
56)4
Foreign
5714
z Ex-interest.
5614
5814
5514
55%
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Feb. 28 1027 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of Feb. 28 1927.
CURRENT ASSETS AND LIABILITIES.
GOLD.
AssetsGold coin
Gold bullion
$
620 039.098 97 Gold ctfs. outstanding...1,862.793,699:00
fund,
Board
Gold
R.
F.
54
3,070,835,224
(Act of Dec. 23 1913,
as amended June 21
1,700.112.930 88
1917)
155,420.720 98
Gold reserve
Gold In general fund.- 172,548.972 67
3,690,1474,323 61
Total
3.820.874.323 51
Total
of Treasury
Note..Reserved against 2346,681,016 of U. B. notes and $1,334,804
by sliver dollars
1890
of
secured
also
notes
are
Treasury
notes of 1890 outstanding.
In the Treasury.
It
11AR. 5 1927.]
THE CHRONICLE
SILVER DOLLARS.
Assets—
Silver dollars
Total
Liabilities470,661,553 00 Silver Ws. outstanding_ 463,883,075 00
Treasury notes of 1890
• outstanding
1,334.804 CO
Silver dollars in gen.fund
5,442,774 00
470,661,553 00
Total
470,661,553 00
GENERAL FUND.
Assets—
3
Gold (see above)
172,546,972 67 Treasurer's checks outSilver dollars (see above)
5,442,774 00
standing
3,736,006 12
United States notes....,.
3,5193:1000 Deposits of Government
Federal Reserve notes
1,111.723 50
officers:
Fed.
4s,024 00
'Reserve bank notes
Post Office Departm't
5.860,628 91
National bank notes_ _ _
12.819.048 00
Board of trustees. PosSubsidiary silver coin
4.822.298 15
tal Savings System
1,418.909 52
Minor coin
5% reserve, lawful
Silver bullion
7,860,891 10
money
6,421.200 49
U n cI a ss I fled—ColecOther deposits
386,070 77
5,103,669 63
t ons,
Postmasters, clerks of
Deposits in F:R banks. 42,964,93248
courts, disbursing
Deposits in special deofficers, chc
39,345,626 54
positaries account of
Deposits for
sales of certificates of
Redemption of F. R.
Indebtedness
138,060,000 00
notes(5% fd., gold) 147,045,196 82
Deposits In foreign deRedemption of nationpositaries'
al bank notes (5%
To credit of Treasurer
fund lawful money) 26,809,236 47
United States
99,252 92
Retirement of addiTo credit of other
tional circulating
Governmnt officers.
422,132 86
notes, Act May 30
Deposits In nat'l banks:
1908
2,830 00
To credit of Treasurer
Uncollected • Items, exUnited States
7.232,911 24
changes, dro
17,537,255 85
To credit of other
——
—
Governm't officers_
21.325,301 81
247,144,051 97
Deposits In Philippine
Net balance
178,689,696 34
Treasury:
To credit of Treasurer
United States_
1,005.576 53
Total
425,833,748 31
Total
425,833,748 31
Note.—The amount to the credit of disbursing officers and agencies
to-day was
3350,677.068 28. Book credits for which obligations of foreign
governntents are
beld by the United States anion!), to 333,236,629 05.
Under the Acts of July 14 1890 and Dee. 23 1913. deposits of lawful
the retirement of outstanding national bank and Federal Reserve bank money for
paid into the Treasury as iniseellaneous receipts, and these obligations notes are
are made
under the Acts mentioned a part of the public debt. The amount of
such obligations
to-day was $41,669.047.
1702,027 In Federal Reserve notes and $12,745,615 In national
In the Treasury In process of redemption and are charges against thebank notes are
deposits for the
respective 5% redemption funds.
Preliminary Debt Statement of the United States
February 28 1927.
The preliminary statement of the public debt of the
United States Feb. 28 1927, as made upon the basis of the
daily Treasury statements, is as follows:
Bonds—
Consols of 1930
1'anama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion Bonds
Postal Savings bonds
F1rat Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
Treasury bonds of 1947-1952
Treasury bonds 01 1044-11154
Treasury bonds of 1996-1958
$599.724.050 00
48,554,18000
25,947,400 00
49.800,000 00
28,894,300 00
13,229,66000
——
$766,549,790 00
31.939.209.300 00
3,104.520.050 00
2,160.606,910 00
6,324,46:1.95000
— — $13,528,200,200 00
1763,948.300 00
1,047.087,10000
494,898.100 CO
2,305,933,900 00
Total bonds
$16,600,683,890 00
Treasury Notes—
Series A-1927, maturing Dec. 15 1927
Series 11-1927, maturing March 15 1927
Adjusted Service, Series A-1930
Adjusted Service. Series A-1931
Adjusted Service, Series 11-1911
Adjusted Service, Series A-1932
$355,779,900 00
668,20t.400 00
50.000.000 00
53.500.000 00
70,000.000 00
123.400,000 00
Treasury Certificates—
Series TJ-1927. maturing June 15 1927
Series 1 5-1927, maturing Sept. 15 1927
Adjusted Service. Series 5-I928
Civil Service Retirement Fund Series
1378.669,50000
229,2119,500 00
22,300.00ti 00
0.600.00000
Treasury Savings Certificates.—
Series 1922, issue of Dec. 15 1921
Series 1922. issue of Sept. 30 1922
Series 1923, issue of Sept.30 1922
Series 1923, issue 01 1)09. 1 1923
Series 1924, Issue of 1)ec. 1 1923
1,320,881.300 00
639,839,000 00
$84,395,857 90
14.393,730 to
127.786.95555
23,203,646 95
93,965,227 10
1317
and 1926 and the eight months of the fiscal years 1926-1927
and 1927-1928.
—Month of February
Eight Months
-Receipts.
1927.
1926.
1926-27.
1925-26.
Ordinary—
$
$
$
$
Customs
43,378,812 47,615,073 406.891S01 380.635.429
Internal revenue:
Income tax
46,260.289 38,240,094 1,133,437.099 927.489,933
hfisc, internal revenue
43,281,181 56,589,339 429,984,815 610,302,993
Miscellaneous receipts:
Proceeds Government-owned
securities—
Foreign obligations—
Principal
47.207
26.565,730
25,790,420
Interest
10.000,000 10.025.(27
1.0,3a3,454
!0,166,493
Railroad securities
3,159,781
3,599.862
38,241.840
27.834.122
All others_
1,324,004
4,353,697
59.674,690
24,274,058
Trust fund receipts Ireappropriated for inveset) 4,109,525
2,683,376
32,067,486
25,682.314
Proceeds sale of surplus
property
1,60".106
9.069,629
12,191,628
14,432,958
Panama Canal tolls, Am.__ 2,364,812
1,734,142
16,521,975
15,820,921
Receipts from miscellaneous
sources credited direct to
appropriations
1,801,766
1,960,747
9,740.916
17,320.186
Other miscellaneous
8,418.602
8,376,767 110.865,980 109,512,869
Total ordinary
165.734,878 179,295,560 2.366.837,514 2,275,262.676
Excess of ordinary receipts
over total expenditures
chargeable against ordinary
receipts
7,228,748
Excess of total expenditures
chargeable against ordinary
receipts over ordinary reeeipts
27,418,583
90.837,907
106,453.471
Expenditure.;
Ordinary—
(Checks & warrants paid, dre.)
General expenditures
142.366,296 137,078.198 1,247,971.855 1,235.987,254
Interest on public debt_a
5,622,319
5,633.334 427.249,826 445.648.459
Refund of receipts:
Customs
1,438.878
1,450.287
12,528.579
20.263,587
revenue
Internal
1,572,594
620.503
56.462.530
82.627.210
Postal deficiency
7.015,648
27,907.883
Panama Canal
1,786.551
1,058,765
5,433.203
6,833,054
Operations in special accounts:
Railroads
39.568
197,332
423.872
1.309.262
War Finance Corporation_
9407,286
9714.196 914.343,335 916.873.402
Shipping Board
2 698.371
1,720,954
17,317.804
17.778.662
Alien property funds
9448.91 5
398.102
9601,790
3.603.184
Adjusted service certif. fund_
50.301
25 843 c115,995.108
50.01)4 774
Civil service retirement fund_
285,339
9774.965
858,907
11,329.868
Investment of trust funds:
Government Life Insurance 4.109,525
2,633.387
31,639,220
25,185.856
District, of Columbia Teachers' Retirement
49.998
142,616
182.028
Foreign Service Retirement
66,461
145.505
109,581
114.033
General Railroad Conting't
285.650
314.430
Total ordinarY
158.506,1180 149,372,027 1.907.488,462 1,912,216.154
Public debt retirements chargeable against ordinary recelpts:
Sinking fund
Purchases and retirements
from foreign repayments.
Received from foreign governments under debt settlements
Received for estate taxes_ _
Purchases and retirements
from franchise tax recelpts (Federal Reserve
and Federal Intermediate
Credit banks)
Forfeitures. gifts, 6m
2,502.450
273,310.500
163.674,300
995.000
50
2.500
92,950.000
92,310.000
1,231.835
23.810
567.901
40.850
Total
2.504 or.6 368,511.145 256.593.051
50
Total expenditures chargeable
against ordinary reccipts...158.506,130 151,876.977 2,275,999,607
2.168.809.205
Receipts and expenditures for June reaching the Treasury in July are Included.
a The figures lor the month include $185 053 14 and for the fiscal year 1927
to
date $1,769.459 94 accrued discount on war savings certificates of matures series.
and for the corresponding periods last year the figures include 5398,955 24
and
$3,300.311 88, respectively.
9 Excess of credits (deduct).
c In accordance with established procedure the appropriation of 1116,000
000
available Jan. 1 1927. and interest OD InveAments in the fund due on
that data
aniounting to $7,400,000. were invested in adjusted service obligations aggregating
$123,400 000 face BUIOUllt bearing Interest at the rate of 41 per annum 123 800 000
face amoutit of one-year 4"),. Treasury certificates of the adjusted service series
In the investment account were redeemed as of Jan. 1 1927. aml the proceedsheld
reinvested In an equal face ainoung of like kinds of obligations. See adjusted
obligations under public debt receipts slid expenditures ott page), pamphlet service
report .
The difference between the amount appropriated and amount i.liarged under ordinary
expenditures above is due to variatoius In the working cash balance
reuulreti.
Dommerciai andlniscelianeonsBaas
343,745,418 10
Total interest-bearing debt
318.905,149,608 10
Ifaturcd Debt on W htch Interest has Ceased—
Old debt matured—issued prior to April 1 1917..
$2.156,950 26
Certificates of indebtedness
724.591, 00
Treasury notes
1,912.900 00
394% Victory notes 01 1922-23
28.550 00
Victory notes nt tro2-23
414
3,698.300 00
Treasury Savings Certificates
263,92100
—
8,785,125 26
Debt Bearing No Interest—
United States notes
$346.681,016 00
Less gold reserve
155,420,720 98
—
-$191,260,29.5 02
Deposits for retirement of national bank and
Federal Reserve Bank notes
41,669,047 00
Old demand notes and fractional currency_
2,046,786 65
Thrift and Treasury Savings stamps, unclassified sales, ..tc
3,644,060 90
238.620,199 57
Total gross debt
319,152,554,932 93
• Net redemption value of certificates outstanding
Government Revenue and Expenditures.
Through the courtesy of the Secretary of the Treasury
we
arc enabled to place before our readers to-day the details
of
Government receipts and disbursements for February
1927
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.
Feb. 23—The East Avenue National Bank of Rochester.
N. Y_ 5200,000
Correspondent. Paul B. Aex, 950 Lincoln
-Alliance
Bank Bldg., Rochester, N. Y.
Feb. 25—The Citizens National Bank of Union
City, N. J
100,000
Correspondent. James C. Agnew. Union
City, N. J.
Feb. 25—The First National Bank of Verona.
N.
J
50,000
Correspondent, John A. Bennett,
18 Upland Way,
Verona, N. J.
Feb. 25—The Milburn National Bank of
50.000
Baldwin, N. Y
Correspondent, John W. Lacey,
Feb. 25—The Island Park National Bank,Baldwin. N. Y.
2,5,000
Island Park, N. Y
Correspondent, Charles N. Talbot, Island Park, N. Y.
APPLICATIONS TO CONVERT RECEIVED.
Fob. 25—The First National Bank of Fallbrook, Calif
$25,000
Conversion of the Citizens Commercial Bank of Failbrook, Calif.
Feb. 26—The Valley National Bank of San Bernardino, Calif
175,000
Conversion of the San Bernardino Valley Bank, San
Bernardino, Calif.
VOLUNTARY LIQUIDATIONS.
Fob. 24—The Fifth-Third National Batik of Cincinnati, Ohio_ _$3.000,000
Effective Feb. 23 1927. Liquidating agent, Charles
A. Ilinsch, Cincinnati. 0. Absorbed by the Union
Trust Co. of Cincinnati, O.
Feb. 24—The Peoples National Bank of Henryetta. Okla
100.000
Effective Nov. 10 1926. Liquidating agent. C. C.
Calvert, Henryetta, Okla. Absorbed by American
Exchange Bank of lienryetta. Okla.
THE CHRONICLE
1318
[VoL. 124.
CHARTER ISSUED.
By Adrian H. Muller & Sons, New York:
• Shares. Stocks.
Feb. 25-13,093—The Hayes Circle National Bank &T rust
$ per oh.
$ per oh, Shares. Stocks.
$500 .000 10.300 rubles Russian Govt. War
Co. of Newark, N. J
$50101
12 Fairbanks Co.2d pref
Cashier, E. J. Moffett.
Loan 01 1916, 54%,due Feb. 14
$500 the Saint Andrews Golf Club
1926, with Aug. 1 1917 and sub- $18
let s. f. 58, July 1 1952, reg-8350 lot
CONSOLIDATIONS.
sequent coupons attached
lot
Feb. 21—Bowery & East River Nat. Bank of New York, N.Y.._$3,000,000 1 membership share, the Nicatous
1.000.000
The Discount National Bank of New York. N. Y
Club, New York. $50 each
Consolidated under the Act of Nov. 7 1918, under the
charter and corporate title of "Bowery & East River
By R. L. Day & Co., Boston:
National Bank of New York," No. 1105. with capShares. Stocks.
$ per oh. Shares. Stocks.
S per oh.
ital stock of $3,000.000. The consolidated bank has
10 National Shawmut Bank
20 Grape Ola Corp. of America,
261
a main office and four branches, all located within
10 Merchants National Bank..400-40054
$8108
corn.,
par
$10
the City of New York.
100.000 3 Webster & Atlas National Bank..2244 3 Hood Rubber Co., 74% pref.— 9844
Feb. 26—The First National Bank of Moorhead, Minn
10
Hart
Co.,
Merchants
Insurance
Bank
National
Travelers
3
400
60,000
The Moorhead National Bank, Moorhead, Minn_ _ _ _
4 National Shawmut Bank
1141
ford, Conn
261
Consolidated under the Act of Nov. 7 1918, under the
10 Beacon Trust Co
60
6 units First Peoples Trust
265
charter of the First National Bank of Moorhead.
Waltham
35
20
pref.
Co.,
Tool
Machine
Bank,
Nat.
Bausch
12
(Maas.)
No.2569,and under the corporate title of"The First
par $75
1324 25 Lowell Gas Light Co., par $25._ 79
& Moorhead National Bank," with capital stock of
7 Naumkeag Steam Cotton Co_ _._172
1044
8 Dubuque Electric Co., pref
$150.000.
18 Great Falls Manufacturing Co._ 144 2 30-100 Rand Kardex Bureau,Inc.,
25 Naumkeag Steam Cotton Co__17134
98
class A pref
Wm. Whitman & Co.. Inc., pref. 78
2
60
2 units First Peoples Trust
Cincinnati Stock Exchange.—Record of transactions 43 Arlington
Mills
68314834 5 special units First Peoples Trust_ 5
110
at Cincinnati Stock Exchange Feb. 26 to Mar. 4, both 10 Naahawena Mills
694 27 Nor. Bos. Ltg. Prop.. prof
3 West Boylston Mfg. Co., pref.__ 44
1 Boston Athenaeum, par $300._ _ _840
inclusive, compiled from official sales lists:
38 Pepperell Mfg. Co
67
1164-1164 5 units Mutual Finance Corp
25 Nonquitt Spinning Co
60
334 2 units First Peoples Trust
Sales
Friday
20 Naumkeag Steam Cotton Co._ _1714 60 Heywood Wakefield Co., com
574
Range Since Jan. 1.
Last Week's Range for
1 American Mfg.Co., corn
50 Grt. North. Paper Co., par $25- 6934
90
Week.
ofPrices.
Sale
25
Nashua
60
Mfg.
corn
Co.,
Trust
Peoples
First
High.
unite
6
5034
Low.
Stocks—
Par. Price. Low. High Shares.
5 Worcester Consol. St. Ry, Co.,
1 United Elec. Lt. Co., Springfield.477
1st
47
Corp__
pref.,
par
Finance
Commercial
units
680
2
214
Industrials-1 unit Mutual Finance Corporation 68
Jan 11534 Jan 11 Bee. Revere Beach & Lynn'RR_ 68
498 110
Am Laundry Mach com_25 112
112 11234
Jan 12534 Jan 88 Fitchburg G.dr El. Co., par $50_1254 2 special units First Peoples Trust- 5
40 125
12531 1254
Preferred
100
12634
30 Plymouth Cordage Co
. 70
Jan 504 Feb 20 Draper Corporation
5034 3,945 44
Amer Rolling Mill coin_ _25 50
50
60
6 units First Peoples Trust
Feb 21 Lynn Gas dr Elec. Co., par $25._141
111 114
299 11034 Feb 114
100 114
Preferred
25 Lowell Elec. Lt. Co., par $25_ __ 72
66
Corporation
Jan
unit
1
Finance
Mutual
473(
Jan
44.
421
4634
4734
4734
Buckeye
19
.60
Plymouth
Cordage
127
Trust
Peoples
Co
units
6
First
Feb 10534 Jan
20 103
100 10344 1034 10334
Champ Fibre pref
11334
Jan 5 units First Peoples Trust
15 Boston Wharf Co
70
650 3431 Feb 40
3834
35
• 39
Churngold Corp
4
special
units
Jan
First
8
5
Die
_
&
Trust_
Tap
Peoples
Greenfield
Corp..
8%
24
Feb
214
1,596
2239
2234 2134
Cincinnati Car
9634
Feb 82 Marmite, Inc., of Amer.. prof.,
pref
6 223.4 Jan 25
* 2434 2434 2434
City Ice & Fuel
par $10
Feb
$124 lot 18 Beverly Gas & El. Co., par 825- son
Jan 73
170 63
72
71
Cooper Corp (new)_ _ _100
Jan 250 The Monet Co., par $10.._.$100 lot 40 Worcester Else. Lt. Co.. corn.,
103
Jan
132 102
10034 10234
100 101
New preferred
1514
Mar 5 The Bunting Publications, Inc.,
par $25
Jan 83
83
590 50
Dalton Add Mach com.100 824 78
Feb
$91 lot 25 New Bedford Gas dr Edison Lt.
8% prof
Feb 110
1044 110
100 109
100 110
Preferred
84
Co., par $25
1134 1134
13 11234 Jan 11334 Mar 82 Vitamin Food Co., Inc., pref.
100
Dow Drug pref
v. t. c., par $10
Spot right.
$103 lot Rights.
Eagle-Picher Lead com_ _20 274 2634 274 4,456 2634 Feb 284 Jan 90
Co.,
Food
Co
Vitamin
Trust
334
Colony
Old
•
100
Inc.,
Feb
25
Jan
corn,
25 22
•
2234 2234
Formica Insulation
v. t c
$91 lot 100 Old Colony Trust Co
34
Feb
50
50
6 4334 Jan 55
*
Giant Tire
120
The
105
Anti-Pyrex
34
Old
lot
Co
Trust
Colony
Feb
Co
$15
44
Jan
4234
43
42
42
*
350
Gibson Art corn
34
550 Old Colony Trust Co
Jan 10334 Feb 26 Int. Metal Coating Corp., 7%
18 102
Hatfield-Reliance pref.100 1024 1024 10934
1st pref., par $10
$10 lot 3 Columbian Nat'l Life Ina. Co...... 3134
293 2634 Feb 29.4 Jan
2834 2834
Hobart
Int.
26
West
55
Metal
Co
Gas
Boston
Coating
Corp.,
734
6%
Jan
2934
Feb
20 2734
2834 2834 2834
Jaeger
2d pref., par $10
$10 lot 15 Columbian Nat'l Life Ins. Co... 3134
Jan 10134 Feb
101 10114
16 99
Kahns 1st pref
26
Int.
West
50
Coating
Metal
Co
Gas
corn..
754
Boston
Corp.,
Feb
21
Jan
2034
25
2034
2034
20
Kodel Radio pref
Per Cent.
Bonds.
par $10
$10 lot
Feb 12434 Jan
126 129
682 129
10 128
Kroger corn
$2,000 Lockwood-Greene Co. 7e,
Feb 8 Grape Ola Corp. of America, 1st
17
1734
17
35 164 Jan
*
NicLaren Cone
Mar. 1933 ctf. dep
6234 & int.
pref., par $10
$5 lot
Feb
100 100
• 100
111 9934 Feb 101
Nash A
$1,500 demand notes of uncertain
734 Jan 12 Grape Ola Corp. of America,
735 734
634 Feb
30
Paragon Refining com__25
$10 lot
$10101
value
A
class
pref.,
$10
par
Feb
1914
Feb
177
1,253
184
18034
183
_20
corn_
Gamble
Procter &
Jan
Jan 113
144 112
100 11234 112 1124
6% preferred
By Wise, Hobbs & Arnold Boston:
Jan
Feb 98
974 9734
179 97
100
Pure Oil 6% pref
Feb Shares. Stocks.
42
42
•
50 3834 Feb 41
U 8 Can com
$ per *h. Shares. Stocks.
i Per es.
133 8514 Feb 8834 Feb 24 Franklin (Mass.) National Bank.156
20 8734 8634 88
U 8Playing Card
63 Springfield Gas Light Co., Par
Jan 25 Merchants Nat. Bank, LeominJan 59
445 51
* 6034 5714 6034
Whitaker Paper corn
634-634
$2.5
8 Malden & Melrose Gas Light Co.,
156
ster, Mass
50
Banks—
par $25
7 Atlantic National Bank
26034
Jan 25 Naumkeag Steam Cotton Co...17i
35 30234 Jan 320
Fifth-Tbird Union units100 315
31434 315
34 23 Graton & Knight Co., pref
6834
Mar
Jan 345
10 338
345 345
100 345
5 units Commercial Finance Corp- - 47
First National
22
2 Salmon Falls Mfg. Co
1
260 260
Fourth & Central Trust 100 260
8 Ludlow Manufacturing Associates1784 5 Blackstone Val. Gas & Elec. Co.,
994
corn., par $50
10 Ludlow Mfg. Associates
1784
3 units Mutual Finance Corporation 68
Public Utilities—
200
Essex Company, par 650
Feb 1
9 9034 Jan 97
Cincinnati & Sub Tel_. _50 9644 9634 97
10 Vermont dr Massachusetts RR_ .11234 6 special units First Peoples Trust._ 5
402 9331 Jan 9534 Jan 1 Boston Revere Beach & Lynn RR. 67
964
15 Cold Storage Co. of Boothbay
Cincinnati Gas & Elec_100 9434 94
Jan 11 Puget Sound Power & Light,6%
457 1124 Jan 114
113 113
so
Harbor
Cin Gas Transportation 100
32 984 Jan 9234 Jan
25 First National Stores, Inc., 7%
C N & C Lt & Trac com 100 9134 9134 914
pref
8434
Jan 13 Edison
Jan 73
44 70
100%
pref
100 7134 7134 7134
Preferred
III. Co. of BrockElec.
171 11034 Jan 11234 Jan
75
1 Regal Shoe Co., prof
Ohio Bell Tel prof
11134 112
100
63
ton, par $25
60
2 units First Peoples Trust
89
20 American Mfg. Co.,corn
Tractions—
70
First
units
5
Peoples Trust
$ per right.
No. Rights.
Jan
1,305 3834 Jan 39
40
Cincinnati Street Ry _ _ _ _50 3934 39
68
15 Graton & Knight Co., prof
3336
43 Old Colony Trust Co
18 W.L. Douglas Shoe Co., pref.__ 82
3334-34
Co
Trust
Colony
Old
500
Railroads—
10 Nor. Boston Ltg. Prop., com__ .10531 490 Old Colony Trust Co
3314-34
10
95
95
50
Little Miami guar
3 units Commercial Finance Corp_ 47
3 Columbian Nat. Life Ins. Co.... 3134
23 414 Mar 414 Mar 10 New Bedford Gas & Edison Light
414 4134
Special----------to
30 Columbian Nat. Life Ins. Co__ 31
83%
Co., par $25
Per Cent.
Bonds,
125 Fall River Elec. Co.. par 625_53-534
•No par value.
$100 Van Camp Packing Co. 8s,
60
2 units First Peoples Trust
80
transactions
1941
April
div
dr
New
5
pref_105
Eng.
of
8%
Co.,
Pow.
Exchange.—Record
Stock
Pittsburgh
134 Lowell El. Lt. Corp.. par $25.7134-72 $1,000 Quincy Market Realty Trust
at Pittsburgh Stock Exchange Feb. 26 to Mar. 4, both 24
9334
5s, May 1964
174
Graton & Knight Co., com
inclusive, compiled from official sales lists:
Stocks—
Saks
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High Shares.
Amer Vim Prod coin_ _50
Am Wind GI Mach com 100
Arkansas Nat Gas com _100
13Iaw-Knox Co corn
25
Byers(AM)Co pref _ _ _100
Carnegie Metals Co_ _ _100
Columbia Gas & Elec com *
Preferred
100
Conley Tank Car pref._100
Devonian 011
Duquesne Light 7% pt_100
Harbison-Walk Ref corn 100
Houston Gulf Gas
•
50
Indep Brewing corn
50
Preferred
Laugh'n
pf
SF!
&
_100
Jones
25
Lone Star Gas
Marine National Bank_100
Nat Fireproofing com-100
100
Preferred
Okla Nat Gas ctfs of dep__
50
Pittsb Brewing com
50
Preferred
Pittsburgh Coal pref _ _ _100
Pittsburgh Plate Glass_100
Salt Creek Con.sol 011_10
1
San Toy Mining
Standard Sanitary Mfg.. _25
100
Tidal Osage 011
Union Steel Casting corn -*
25
United States Glass
Waverly 011 Wks class A.
Westinghouse Air Brake_50
Bonds.
_
In ep Brewing Os
•No par value.
234
414
74
105
134
64
1194
43
135
29
1034
260
50
86
2545
42
154
By Barnes & Lofland, Philadelphia:
Range Since Jan. 1.
Low.
High.
130 234 Jan 27
2334 24
Jan 52
140 40
414
40
834
74 Jan
1.698
754
734
Jan 73
85 70
704
70
40 10634 Jan 108
1074 10734
300 1134 Jan 1334
13
13
215 834 Feb 9134
86
85
30 9934 Jan 10134
101
101
Jan 105
15 104
105 105
104 134 Feb 15
1334 134
Mar 11631
40 115
115 115
Jan 138
60 133
135 135
74
Feb
6
834 634 1,485
4
234 Feb
100
34 34
6
54 Jan
75
534 5%
120
Jan
118
141
119 120
4234 4534 14,591 3734 Jan 4534
Mar 135
135 135
50 135
9
Jan
8
84 8%
50
Jan 29
284 29
160 27
2134 2134 1,156 2031 Jan 23
4
434
4
Jan
4
110
104 11
1134
346 1034 Feb
71
72
Jan 72
43 71
245 260
110 239
Feb 270
754 8
8
74 Jan
65
5c
6c
50
Jan
5c
1.500
87
86
690 85
Jan 9234
2634 3,210 22
25
Jan 2645
35
36
150 3214 Jan 36
1314 1334
85 13
Feb 1534
42
42
30 42
Jan 43
15331 155
149 134
Jan 155
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Mar
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Feb
Jan
Feb
Feb
$ per sh
Shares. Stocks.
$ Per oh. Shares. Stocks.
5 Metropolitan Trust Co., par 650.122
20 Pennsylvania Co. for Ins. on
Co.,
Trust
&
Title
Allegheny
Lives,&c
40
880
60
par 650
26 Land Title & Trust Co
785
19 Peoples Bank & Tr. Co.. par $50 192
12 Corn Exchange Nat. Bank
741
—120
Co_
Guar.
Mtg.
15 Phila. & Sub.
54 Corn Exchange Nat. Bank
372
275
10 Merlon Title & Trust Co
5 Oakmont(Pa.) National Bank...200
8 West Jersey Title dr Guar. Co..
1 Fidelity-Phila. Trust Co
699
551
Camden. N.J., par $50
8 Commonwealth Title Ins.& Trust 561
5 Camden Safe Deposit dr Trust Co.,
637
11 Penn National Bank
190
par $25
25 Manayunk National Bank
500
3 Broadway Merchants Trust Co.,
465
25 First Nat. Bank of Phila
11 Quaker City Nat. Bank
"00
10 ,Ua ECamdenertown Trust Co., par 650.N1
4
301
1 Nat. Bank of Commerce
10 Farmers Nat. Bank, Mullica
301
10 Nat. Bank of Commerce
225
Hill, N.J
685
6 Central Nat. Bank
100 Fire Assoc. of Phila., par $10_ 52
11 Franklin-Fourth St. Nat. Banr..594
Ins.
85
Lumbermen'a
$25._
par
Co.,
25
1 Continental Equitable Title &
42 Commonwealth Casualty Co.,
265
Trust Co
264
$10
par
Co..
Trust
&
Title
5 West Phila.
154
11 Camden Fire Ins. Assoc
246
par 850
12 H. K. Mulford Co.. par $50_ — 4534
25 West Phila. Title & Trust Co_ _ _245
Co.,
Mfg.
Budd
G.
Edward
90
par
Co.,
1 Market St. Title & Tr.
294
common, no par
425
$50
4 Phila. Bourse, corn., par SM.__ 21
775
2 Provident Trust Co
2434
525
par
pref.,
Bourse,
Phila.
3
218
5 Phila. Co.for Guar. Mtges
240
10 Frank(. & S wark Pass. By
10 Integrity Trust Co., par $50..-.555
165
Ry
Pass.
Sts.
3d
dr
2d
12
Co.,
12 Northeastern Title dr Trust
160
6234 15 13th & 15th Sts. Pass. Ry
oar 850
1234
1 West Phila. Pass. Ry
10 Broad Street Trust Co.. par 850. 76
45
1st prof
RR.
Catawissa
10
178
2 Tioga Trust Co., par $50
75
Co.
Restaurant
Farms
5 Evergreen
252
10 Aldine Trust Co
$4 lot
Corp., no par
Hunt
Hayes
2
Locomotive
100 Brotherhood of
66
pref.__
Co..
Mfg.
Ice
Standard
26
Engineers' Title & Trust Co. of
S per Right.
Rights.
3734
Phila., par $25
.166
Pa..
Derby,
Bk.,
Nat.
First
1-3
2
Bank
7 Mitten Men & Management
166
2 2-3 First Nat Bk., Derby, Pa
120
& Trust Co., par $50
DIVIDENDS.
the
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced
we follow with a second table, in
Auction Sales.—Among other securities, the following, current week. Then
previously announced, but
dividends
the
show
were
Exchange,
we
which
sold
at auction
not actually dealt in at the StockPhiladelphia on
paid..
been
yet
not
have
of
which
Wednesday
in New York, Boston and
The dividends announced this week are:
this week:
.---
7s
7.1.
el nnn
•••
•
•
me ••
V
MAR. 5 1927.1
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Lehigh Valley, common (guar.)
8734c Apr. 1 Holders of rec. Mar. 126
Preferred (quar.)
$1.25 Apr. 1 Holders of rec. Mar. 12a
New York Lackawanna & Western (qu.) 134 Apr. 1 Holders of rec. Mar. 14a
•1
Northern Pacific (guar.)
May 2 *Holders of rec. Mar. 17
Old Colony RR.(guar.)
Apr. 1 *Holders of rec. Mar. 12
Pere Marquette, common (guar.)
134 Apr. 1 Holders of rec. Mar. 14a
Common (extra)
Apr. I Holders of rec. Mar. 14a
2
Prior preferred (guar.)
1' May 2 Holders of rec. Apr. I4a
Preferred (guar.)
134 May 2 Holders of rec. Apr. 14a
*500. Apr. 14 *Holders of rec. Mar. 21
Reading Co., 2d pref. (guar.)
St. Louis-San Francisco. common (au-)- •134 Apr. 1 *Holders of rec. Mar. 15
Common (extra)
*25e. Apr. 1 *Holders of rec. Mar. 15
Southern By., M.&O.stk.U.ctf.(No.1) 5
Apr.
Holders of rec. Mar. 19
Public Utilities.
Amer. Public Utilities, prior pref.(guar.) "81.75 Apr. 1 *Holders of rec. Mar. 15
*31.75 Apr.
*Holders of rec. Mar. 15
Participating Preferred (War.)
12e. Apr.
Arkansas Natural Gas (guar.)
Holders of rec. Mar. 9a
14 Apr. 1 Holders of rec. Mar. 10
Bangor Hydro-Elec.. 0% pref. (quar.)._
1 M Apr. 1 Holders of rec. Mar. 10
Seven per cent preferred (guar.)
Birmingham Water Works, 7% pf. (qu.) •134 Mar. 15 *Holders of rec. Mar. 1
Eight per cent preferred (guar.)
*2
Mar. 15 *Holders of rec. Mar. 1
Central States Elec. Corp..com.(quar.)_ 25c. Apr. 1 Holders of rec. Mar. 10
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 10
Columbus Elec. dr Pow., com. (guar.)
500. Apr. 1 Holders of rec. Mar. 8a
Preferred B (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 86
Preferred C(guar.)
$ 1.6234 Apr. 1 Holders of rec. Mar. 8a
Second preferred (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 8a
Detroit Edison (guar.)
2
Apr. 15 Holders of rec. Mar.21
East Kootenay Power. Ltd., Prof.(qu.)134 Mar. 15 Holders of rec. Feb. 28
Elec. Lt. & Pr. Co. of Abington &
Rockland (guar.)
500. Apr. 1 Holders of rec. Mar. 16a
Empire Gas& Fuel.7% pref.(monthly)_ 58 1-3c Apr. 1 *Holders of rec. Mar. 15
Eight per cent pref. (guar.)
* 662-30 Apr. 1 *Holders of rec. Mar. 15
Frankford & Southwark Pass.Ry.(qu.). $4.50 Apr.
Mar. 2 to Apr. 1
Galveston-Houston Elec. Co.. pref
Mar. 1 Holders of rec. Mar. 4a
3
General Gas& Elec.,$8 pref. Mara_
112
Apr.
*Holders of rec. Mar. 15
Haverhill Gas Light (guar.)
56c. Apr.
Holders of rec. Mar. 18a
linnets Traction. pref. (guar.)
"134 Apr.
*Holders of rec. Mar. 19
Interstate Power, pref.(guar.)
*81.75 Apr. 1 *Holders of rec. Mar. 10
Kansas Electric Power, pref.(guar.)_
1M Apr. 1 Holders of rec. Mar. 15
Kansas Power dr Light. cl. A pf. (qu.)
*31.50 Apr. 1 *Holders of rec. Mar. 14
Manhattan By.(modified guar.)
Apr. 1 Holders of rec. Mar. 15
Michigan Bell Telephone (guar.)
Mar. 31
*2
Mohawk dr Hudson Power,2d pref
581.75 Apr. 1 Holders of rec. Mar. 19
Monongahela West Penn.P.S., pf.
43340. Apr. 1 Holders of rec. Mar. 15
National Electric Power.7% pref.(qu.)_
134 Apr. 1 Holders of rec. Mar. 21
New England Public Service,corn.(qu.)_ "450. Mar.31 *Holders of rec. Feb. 28
Prior lien preferred (quar.)
*81.75 Mar.15 *Holders of rec. Feb. 28
New York Water Service. pref.(quar.)-- $1.50 Mar. 15 Holders of rec. Mar.
5
North Amer. Light & Power, pref.(qu.)- *134 Apr. 1 "Holders of roe. Mar. 19
North West Utilities, prior lien stk.(qu.) *81.75 Apr. 1 *Holders of rec. Mar. 15
Northern Canada Power. pref.(quar.)
"134 Apr. 15 *Holders of rec. Mar. 25
Ottawa-Montreal Power, pref. (guar.)-Apr. 15 *Holders of rec. Mar. 31
Pacific Telep. & Teleg., common (guar.) •1m Mar.31 *Holders of rec. Mar. 26
*IA Apr. 15 *Holders of rec. Mar.31
Preferred (guar.)
Penn Central Light & Power, pref.(qu.)_ 81.25 Apr. 1 Holders of rec. Mar. 15
Peoples Gas Light dr Coke (guar.)
Apr. 18 *Holders of rec. Apr. 4
*2
Portland Electric Power, prior pref.(qu.) •134 Apr. 1 *Holders of rec. Mar. 15
First preferred (guar.)
Apr.
*Holders of rec. Mar. 15
Power Corp. of Canada. 1st pref. (qu.) •134 Apr. 1 *Holders of rec. Mar. 31
San Joaquin Light & Pow., pref. B (qu.)- 134 Mar. 15 Holders of rec. Feb. 28
Prior preferred, series A (guar.)
1)4 Mar. 15 Holders of rec. Feb. 28
Second & 3d Sts. Pass. By.. Phila.(qu.). $3
Apr. 1 Mar. 2 to Apr. 1
Southern Canada Power. pref. (guar.).- •1% Apr. 15 *Holders of rec. Mar. 25
Southwest Power, preferred (guar.)... _
13( Apr. 1 Holders of rec. Mar. 15
United Gas Impt. (guar.)
Apr. 14 *Holders of rec. Mar. 31
*SI
West Penn Elec. Co., class A (guar.)- $1.75 Mar.30 Holders of rec. Mar. 15
West Penn Power Co.,0% Pref.(quar.)May 2 Holders of rec. Apr. 5
Seven per cent preferred (guar.)
134 May 2 Holders of rec. Apr. 5
Winnipeg Electric, pref.(guar.)
*134 Apr. 1 *Holders of rec. Mar. 15
York Railways, corn. (guar.)
•75c. Apr. 15 *Holders of rec. Apr. 5
Preferred (guar.)
'6234c Apr. 30 *Holders of rec. Apr. 20
'134
1)4
Banks.
Chase National (guar.)
334
Chase Securities Corp.(guar.)
$1
Chatham & Phenix Nat. Bk.de Tr.
(q11.) 4
Chelsea Exchange (guar.)
2
Commercial Exchange (guar.)
234
Public National (guar.)
4
Seaboard (guar.)
*4
Trust Companies.
Bankers (quar.)
Manufacturers (guar.)
United States (guar.)
Mar. 28 Holders of rec. Mar. 12a
Mar.28 Holders of rec. Mar. 12a
Mar.30 Holders of rec. Mar. 113
Apr. 1 Holders of rec. Mar. 18a
Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 21
Mar.28 *Holders of rec. Mar. 21
5
Mar.28 Holders of rec. Mar. 11
Apr. 1 Holders of rec. Mar. 15a
5
1234 Apr.
Holders of rec. Mar. 21
Miscellaneous.
Adams Royalty Co. (guar.)
*50e. Apr.
'Holders of rec. Mar. 16
Allis Chalmers Mfg., pref. (guar.)
*In Apr. 15'Holders of rec. Mar. 24
American Arch Co.(guar.)
134 Mar.
Holders of rec. Feb. 18
Amer. Art Works,Inc., com.& pf.(qu.)_
134 Apr. 1 Holders of rec. Mar. 31
American Can, preferred (guar.)
134 Apr. 1 Holders of rec. Mar. lea
American Car & Foundry, common (qu.) $1.50 Apr. 1 Holders of rec. Mar. 11
134 Apr. 1 Holders of rec. Mar. 11
Preferred (quar.)
American Cigar, preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 15
Amer. Cyanamid, common A dr B (qu.). 20c. Apr. 1 Holders of rec. Mar. 15
100. Apr. 1 Holders of rec. Mar. 15
Common A & B (extra)
134 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
American Express (guar.)
'$1.50 Apr. 1 *Holders of rec. Mar. 11
American Fork dr Hoe, corn. quar.)(
134 Mar. 15 Holders of rec. Mar. 5
Amer. Safety Razor (quar.)
75c. Apr. 1 Holders of rec. Mar. 10a
Apr. 1 Holders of rec. Mar. 10a
Stock dividend
1
American Sales Book. corn. (guar.)
Ayr. 1 'Holders of rec. Mar. 15
"SI
American Snuff, common (quar.)
Apr. 1 Holders of rec. Mar. ha
3
Apr. 1 Holders of rec. Mar. ha
Preferred (guar.)
Amer.Steel Foundries, common (guar.)_ *75c. Apr. 15 *Holders of rec. Apr. 1
Preferred (guar.)
'1M Mar.31 *Holders of rec. Mar. 15
American Woolen, preferred (guar.) - - 1)4 Apr. 15 Mar. 12 to Mar. 23
Atlas Portland Cement, common (guar.) 50e. Mar. 1 Holders of rec. Feb. 18
Borne Scrymser Co
Apr. 15 Mar. 27 to Apr. 14
$1
Extra
750. Apr. 15 Mar. 27 to Apr. 14
Brillo Manufacturing, prof. A (guar.)- - .50c. Apr. 1 *Holders of rec. Mar. 15
Bucyrus Co., new common (qu.)(No. 1) *75c. Apr. 1 *Holders of rec. Mar. 19
•1% Apr. 1 *Holders of rec. Mar. 19
Preferred (guar.)
Buffalo General Laundries, Part Met--- •750. Apr. 1 *Holders of rec. Mar. 20
Cambria Iron
Apr. 1 *Holders of rec. Mar. 15
*$1
Canada Bread, 1st prof. dr pref. B (au.) *131 Apr. 1 'Holders of rec. Mar. 15
Holders of rec. Mar. 15
Canadian General Electric. prof.(guar.) 1M Apr.
Carey (Philip) Mfg. (guar.)
•$2 Mar. 1 *Holders of rec. Mar. 12
Century Electric, corn.(guar.)
13.4 Mar.22 Holders of rec. Mar. 150
Holders of rec. Mar. I50
Preferred kquar.)
Apr.
Certain-teed Products Corp., corn. (qu.) $I
Apr. 1 Holders of rec. Mar. 15
First and second preferred (guar.).-1% Apr. 1 Holders of rec. Mar. 15
Central Aguirre Sugar (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 21
Central Alloy Steel, com. (guar.)
50c. Apr. 10 Holders of rec. Mar. 25
Preferred (guar.)
134 Apr. 1 Holders Of rec. Mar. 13
Coca-Cola Co. stock dividend
*e1OO Apr. 25 *Holders of rec. Mar. 18
Commercial Invest't Trust, com.(guar.) 900. Apr. 1 Holders of rec. Mar. 154
First preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 15a
634% first Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 15a
Cosgrove Export Brewery (guar.)
1st Mar. 15 Holders of rec. Feb. 28
Detroit & Cleveland Navigation (quar.) 200. Apr. 1 Holders of rec. Mar. 15
Dominion Stores (guar.)
•60c. Apr. 1 *Holders of rec. May 16
Draper Corporation (guar.)
Mar.31 Holders of rec. Mar. 5
$1
Dunham (James II.) & Co.. 130111.((Plan) •1
Apr. 1 *Holders of rec. Mar. 19
First preferred (guar.)
'134 Apr. 1 *Holders of rec. Mar. 19
Second preferred (quar.)
'134 Apr. 1 *Holders of rec. Mar. 19
Nlectrie Auto-lite, corn. (guar.)
*$1.50 Apr. 1 *Holders of rec. Mar. 15
Electric Controller & Mfg. (quar.)
Apr. 1 *Holders of rec. Mar. 19_
'$1
1)4
134
25
Name of Company.
1319
Per
When
Cent. Payable.
Books Closed.
Days Inclustes.
Miscellaneous (Concluded).
Endicott Johnson Corp., com. (guar.)-- *31.25 Apr. 1 *Holders of rec. Mar. 18
Preferred (guar.)
.0154 Apr. 1 *Holders of rec. Mar. 18
Financial Investing of New York, Ltd_ _ 250. Apr. 1 Holders of rec. Mar. 1
Extra
15e. Apr. 1 Holders of rec. Mar. 1
First National Store, com.(guar.)
*3534c Apr. 15 *Holders of rec. Mar. 16
First preferred (guar.)
•81.75 Apr. 15 *Holders of rec. Mar. 16
General Baking, class A (guar.)
•$1.25 Apr. 1 *Holders of rec. Mar. 19
v2
Preferred (guar.)
Mar.31 *Holders of rec. Mar. 19
C.G.Spring & Bumper. pre/. (quar.)_
Apr. 1 Holders of rec. Mar. 10
2
Goodyear Tire & Rubber, Can., pf.(qu.) 134 Apr. 1 Holders of rec. Mar. 15
Hammermill Paper, pref. (guar.)
•154 Apr. 1 *Holders of rec. Mar.21
Hanes(P. H.) Knitting, pref. (quar.)__ _
134 Apr. 1 Holders of rec. Mar.21
Helme (George W.) Co., com. (guar.)
Apr. 1 Holders of rec. Mar. 14
$1
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 14
Hercules Powder, com. (guar.)
2
Mar.25 Mar. 16 to Mar.24
134 Apr. 15 Holders of rec. Mar.31
Hilicrest Collieries, corn. (guar.)
13( Apr. 15 Holders of rec. Mar.31
Preferred (guar.)
Hollinger Consolidated Gold Mines
Mar. 25 Holders of rec. Mar. 9
-- 2
25c. Afar. 31 Holders of rec. Mar. 15
Holly Oil (guar.)
50c. Mar. 25 Holders of rec. Mar. 19
Homestake Mining (monthly)
Imperial Tobacco of Canada, ordinary.. •134 Mar. 30
Industrial Accep. Corp., 1st prof.(guar.) 81.75 Apr. 1 Holders of rec. Mar. 18
Apr. I Holders of rec. Mar. 18
Second preferred (guar.)
$2
International Shoe. com.(guar.)
•81.75 Apr. I *Holders of rec. Mar. 15
Preferred (monthly)
Apr. 1 'Holders of rec. Mar. 15
•1% Apr. 1 'Holders of rec. Mar.21
Kelsey Wheel, com. (guar.)
Preferred (guar.)
*134 Apr,
*Holders of rec. Mar.21
King Philip Mill (guar.)
•134 Apr.
*Holders of rec. Mar. 19
Lehigh Valley Coal Sales (guar.)
Holders of rec. Mar. 17
Apr.
$2
Holders of rec. Mar. 140
Life Savers, Inc. (guar.)
400. Apr.
Holders of rec. Mar. 15
Liggett & Myers Tobacco, pref. (quar.)_
134 Apr.
Loew's. Incorporated (guar.)
50c. Mar.31 Holders of rec. Mar. 19
Long Bell Lumber, class A (guar.)
Mar.31 *Holders of rec. Mar. 11
"$1
Loose-Wiles BiscuitJuly 1 *Holders of rec. June 1
Old corn.(one share of new no par corn)
New no par common (guar.)(No. 1)_ _ •40e. Aug. 1 *Holders of rec. July 11
Lorillard (P.) Co., com.(stock dividend) (z) Apr. 1 Holders of rec. Mar. 15
134 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
Mack Trucks, common (guar.)
$1.50 Mar.31 Holders of rec. Mar. 15
First and second preferred (guar.)_ _
1)4 Mar.31 Holders of rec. Mar. 15
Manhattan Electrical Supply (quar.)_ $1.25 Apr. I Holders of rec. Mar.21
Mar.31 *Holders of roe. Mar. 19
Marland Oil (guar.)
*al
McCord Radiator & Mfg., class A (qu.) 415c. Apr. 1 *Holders of rec. Mar. 18
Merchants & Miners Transport'n (guar) •6234c Mar. 31 *Holders of rec. Mar. 9
Miller Rubber, com.(guar.)
*50e. Apr. 25 *Holders of rec. Apr. 5
Motion Picture Capital Corp., corn.(QM) 25c. Mar. 15 Holders of rec. Mar. 11
Apr. 15 Holders of rec. Apr. 1
Preferred (guar.)
2
Mountain Producers (guar.)
65e. Apr. 1 Holders of rec. Mar. 15a
1 Holders of rec. Mar. 15
National Breweries,corn.(guar.)
Apr.
$1
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar.15
Nat. Enamel dr Stamping, pref. kquar.)- *14( Mar. 31 *Holders of rec. Mar. 11
National Standard Co.(guar.)
*75c. Apr. 1 *Holders of rec. Mar. 18
Neptune Meter, corn., class A (guar.)
50c. Mar. 15 Holders of rec. Mar. 1
Oil Well Supply, pref. (guar.)
134 May 2 Holders of rec. Apr. 15
Onomea Sugar Co
•20c. Mar.20 *Holders of rec. Mar. 13
*60c. Mar. 20 *Holders of rec. Mar. 13
Extra
Paige-Detroit Motor, pref. (guar.)
•134 Apr. 1 "Holders of rec. Mar. 15
Parke, Davis dr Co. (guar.)
"2513. Mar.31 *Mar. 11 to Mar.31
Special
*10c. Mar.31 *Mar. 11 to Mar.31
Park-Utah Consol. Mines (guar.)
520c. Apr. 1 *Holders of rec. Mar. 15
Patin° Mines & Enterprise ConsolAmerican shares
Mar. 15 Holders of rec. Mar. 10
Pander (David) Grocery. pref. A (guar.) •8734c Mar. 1 *Holders of rec. Feb. 25
Phenix Cheese Corp., pref. (quar.)
Mar. 1 Holders of rec. Feb. 15
2
Phillips Petroleum (guar.)
750. Apr. 1 Holders of rec. Mar. 14
Pierce-Arrow Motor Car, pref. (quar.)_ _
Apr. 1 Holders of rec. Mar. 15
2
Pittsburgh Plate Glass (guar.)
Apr. 1 'Holders of rec. Mar. 15
*2
Real Silk Hosiery Mills, pref.(quar.)--- •$1.75 Apr. 1 *Holders of rec. Mar. 15
Holders of rec. Mar. 19
750. Apr.
Reid Ice Cream, corn. (anar.)
Reis(Robert) & Co.. ifrst pref.(quar.)_. '131 Apr. 1 *Holders of rec. Mar. 17
Reynolds(R.J.)Tob..com.& com.B(au) $1.25 Apr. 1 Holders of rec. Mar. 18
30e. Mar. 4 Holders of rec. Mar. 2
Rhelaudo Corporation
Holders of rec. Mar. 15
Rich'son & Bounton Co., part. pref.(qu.) 75c. Apr.
•200. Apr. 1 *Holders of rec. Mar. 15
Salt Creek Conaol 011 (guar.)
Mar. 1 Holders of rec. Feb. 28
Seventeen Park Avenue, Inc., preferred.. 3
50c. Apr. 1 Holders of rec. Mar.21
Shattuck (F. G.) Co. (guar.)
*50c. Apr. 1 *Holders of rec. Mar. 15
Simmong Company. corn. (guar.)
6234e. Mar. 1 Holders of rec. Mar. 5
Smallwood Stone (guar.)
Apr. 1 Holders of rec. Mar. 31
Smith (Howard) Paper Mills, pref.(qu.) 2
Apr.
Holders of rec. Mar. 15
South West Pennsylvania Pipe Lines(qu) 81
Holders of rec. Mar. 15
Standard Fruit & Steamship, first pref._ $3.50 Apr.
•1013. Apr.
*Holders of rec. Mar.30
Sterling 011 & Development
•100. Apr.
*Holders of rec. Mar.30
Extra
.1$1
*Holders of rec. Mar. 21
Apr.
Stern Bros., class A (guar.)
Holders of rec. Mar. 14
500. Apr.
Stromberg Carburetor (guar.)
Holders of rec. Mar. 15
Swedish-Amer. Invest., part. pref. (au.) 134 Apr.
2
Holders of rec. Mar. 10
Apr.
Swift & Co. (guar.)
3734c Mar.3 Holders of rec. Mar. 11
Tide-Water 011 (guar.)
Holders of rec. Mar. 1
United Artists Theatre Circuit,allot.cUs. $1.75 Mar. 1
Holders of rec. Mar. 14
75c. Apr.
United States Tobacco, com
134 Apr.
Holders of rec. Mar. 14
Preferred (guar.)
Holders of rec. Mar. 1
Mar. 1
Universal Chain Theatres, 1st pref.(qu.) 2
Apr.
Holders of rec. Mar. 15
Ward Baking, class A (guar.)
$2
134 Apr.
Holders of rec. Mar. 15
Preferred (guar.)
*Holders of rec. Ma.r 16
*50c. Apr.
Warner-Quinlan Co.(guar.)
*Holders of rec. Mar. 15
Waukesha Motor, corn,(guar.)
'6234e Apr.
Mar. 3 Holders of rec. Mar. 15
81
Weber & Helibroner. corn.(guar.)
Holders of rec. May 16a
Preferred (guar.)
151 June
Western Canada Flour Mills, com.(qu.) •350. Mar. 1 *Holders of rec. Feb. 28
Mar. I *Holders of rec. Feb. 28
•1
Preferred (guar.)
412.50 Mar.3 *Holders of rec. Mar. 20
Western Electric (guar.)
Westinghouse Elec.& Mfg.,corn.(guar.) *al
Apr. 1 *Holders of rec. Mar.31
*SI
Apr. 1 *Holders of rec. Mar.31
Preferred (guar.)
Apr.
Yale & Towne Manufacturing (guar.) _ _ *$1
"Holders of rec. Mar. 10
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Railroads (Steam).
Bangor & Aroostook, common (quar.)__
Preferred (guar.)
Boston & Albany (guar.)
Canadian Pacific. com. (guar.)
Preference
Chesapeake & Ohio, com. (guar.)
Preferred
Chicago Rock Island dr Pacific. com.(gu.)
Consolidated RRs. of Cuba. pref.(an.).
Cubs RR.. common (guar.)
Delaware & Hudson Co.(guar.)
Erie & Pittsburgh (guar.)
Fonda Johnstown & Oloverav., pt.(qu.)_
Gulf Mobile & Northern, pref.(guar.).
Hocking Valley (guar.)
N. Y. Chicago & St. Louis, corn.(guar.)
Preferred (guar.)
Norfolk dr Western, common (quar.)..
Reading Company, let pref. (MIRO).--St. Joseph South Bend dc Sou.,com
Preferred
St. Louie-San Francisco, pref. (guar.)
Preferred (guar.)
Preferred (guar.)
St. Louis Southwestern. pref.(guar.)--Southern Pacific Co.(guar.)
Per
When
Cent. Payable,
Books Closed.
Days Inclustm.
Holders of rec. Mar. 15
Holders of rec. Mar. 15
Holdersof rec. Feb. 28
Holders of rec. Mar. la
Holders of rec.. Mar. 1
Holders of rec. Mar. 86
Holders of rec. June 84
Holders of roe. Mar. ha
Holders of rec. Mar. 104
Holders of rec. Mar. 21
Holders of rec. Feb. 264
Mar. 10 Holders of rec. Feb. 280
roe. Mar.
maf7a
eo
ofw
f;.
10a
Ho
Holders
olldro
Mar. IS H
750
1,g
. Apr.
22M
2
2
3)1
134
134
.20
3(
$12
8734c
1H
134
.3
Apr.
Apr.
Apr.
July
Mar.3
Apr.
ar.. 2
M
mor
r.1
31 Holders of rec. Mar. 86
A
Mpar.
2
Holders of rec. Feb. 150
231AApprr..
Holders of rec. Feb. 15a
134
Holdersof rec. Feb. 280
1 Holders of rec. Feb. 18a
Mar. 10
Mar. 14
15 Mar. 11 to
Me.
m M
234 Mar. 15 Mar. 11 to Mar. 14
134 May 2 Holders of rec. Apr. 9a
134 Aug. 1 Holders of rec. July 15a
1)4 Nov. 1 Holders of rec. Oct. 15a
1)1 Mar.31 Holders of rec. Mar. Ila
Apr. 1 Holders of rec. Feb. 25a
18
134
1320
Name of Company.
Railroads (Steam) (Concluded).
Union Pacific, com. (guar.)
Preferred
[VOL. 124.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
234 Apr. 1 Holders of rec. Mar. 1
Apr. 1 Holders of rec. Mar 1
2
Public Utilities.
Amer. Public Service. pref. (guar.)
Apr. 1 Holders of rec. Mar. 15
Amer. Superpower Corp.Common class A de B (guar.)
30c. Apr. 1 Holders of rec. Mar. 1
First preferred (guar.)
81.50 Apr. 1 Holders of rec. Mar. 1
American Telep. & Teleg. (guar.)
2% Apr. 15 Holders of rec. Mar. 150
Associated Gas Sr Elec., orig. pf.(qu.)_ _ 18734c Apr. 1 Holders of rec. Feb. 28
Original series preferred.(extra)
/12 Sic Apr. 1 Holders of rec. Feb. 28
$7 dividend series (guar.)
41.75 Apr. 1 Holders of rec. Feb. 28
Bell Telephone of Canada (guar.)
Apr. 15 Holders of rec. Mar. 23
2
Bell Telephone of Pa. 634% pref. (guar.) 1% Apr. 14 Holders of rec. Mar. 190
Birmingham Water Wks.,8% pf. (qu.)_
Mar. 15 Holders of rec. Mar. I
2
7% preferred (guar.)
1% Mar. 15 Holders of rec. Mar. I
Boston Elevated fly., corn.(guar.)
°134 Apr. 1 *Holders of rec. Mar. 10
5334 Apr. 1 *Holders of rec. Mar. 10
Second preferred
BkIn.-Manh.Transit, pref.ser. A (guar-) 134 Apr. 15 Holders of rec. Apr. 1
Brooklyn Union Gas(guar.)
Apr. 1 Holders of rec. Mar. 110
$1
Central Illinois Pub. Serv., pref. (guar.) *61.50 Apr. 15 *Holders of rec. Mar. 31
Chic. Nor.Shore & M ilw., prior lien(qu.) 151 Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 15
Chicago Rapid Tran., prior pref. (nattily) 565c. Apr. 1 *Holders of rec. Mar. 15
Prior preferred A (monthly)
•65e. May 1 *Holders of rec. Apr. 19
Prior preferred A (monthly)
*65e. June I *Holders of rec. May 17
Prior preferred B (monthly)
*60e. Apr. 1 *Holders of rec. Mar. 15
Prior preferred B (monthly)
*60c. May I *Holders of rec. Apr. 19
Prior preferred B (monthly)
•60c. June 1 *Holders of rec. May 17
Colorado Power, pref. (guar.)
i34 Mar. 15 Holders of rec. Feb. 28
Consol. Gas, E.L.& P., Bait., com.(qu.) 6234c Apr. 1 Holders of rec. Mar. 15
8% preferred series A (guar.)
Apr. 1 *Holders of rec. Mar. 15
*2
*1% Apr. 1 *Holders of rec. Mar. 15
7% preferred series B (guar.)
634% preferred series C (guar.)
*1% Apr. 1 *Holders of rec. Mar. 15
*I M
Apr. 1 *Holders of rec. Mar. 15
6% preferred series D (guar.)
Diamond State Telephone, pref.(quar.)_ •1 M Apr. 14 *Holders of rec. Mar. 19
Duquesne Light Co., first pref.(guar.)
1% Mar. 15 Holders of rec. Feb. 150
1% Apr. I Holders of rec. Mar. 4
Eastern Texas Elec. Co.. pref. (guar.)._
Electric Power & Light, pref. (quar.)_.
$1.75 Apr. 1 Holders of rec. Mar. 1 la
I% Apr. 1 Holders of rec. Mar. 110
Allotment certificates (full paid)
70c. Apr. 1 Holders of rec. Mar. ha
Allotment certificates (40% Paid)Engineers Pub(' Service$7 pref. and pref. allotment certifs.-- $1.75 Am. 1 fielders of rec. Mar. 40
Federal Light & Traction. corn. (quar.)_ 20e. Apr. 1 Holders of rec. Mar. 150
Common (payable in common stock)- f15c. Apr. I Holders of rec. Mar. 150
Foshay (NV. B.) Cu., corn. (monthly)-- - 67c. Mar. 10 Holders of rec. Feb. 28
Seven per cent preferred (monthly)__ _ 58c. Mar. 10 Holders of rec. Feb. 28
Preferred A (monthly)
67e. Mar. 10 Holders of rec. Feb. 28
Holders of rec. Mar. 150
Gas dt Electric Securities, corn. (mthly.)
% Apr.
Holders of rec. Mar. 154
Apr.
Common (payable in common stock).
Preferred (monthly)
Holders of rec. Mar. 150
7-12 Apr.
Holders of rec. Mar. 15
General Gas dr Elec. Corp. corn. A (qu.)- 37Mc. Apr.
Holders of rec. Mar. 15
Apr.
$8 preferred class A (guar.)
$2
$7 preferred class A (guar.)
Holders of rec. Mar. 15
$1.75 Apr.
Holders of rec. Mar 15
Preferred class B (guar.)
$1.75 Apr.
Illinois Bell Telephone (guar.)
Mar.3 *Holders of rec. Mar. 30
*2
Illinois Power & Light part. pref.(qu.)_. 134 Apr.
Holders of rec. Mar. 10
Seven per cent preferred (guar.)
Holders of rec. Mar. 10
1% Apr.
Six per cent preferred (guar.)
Holders of rec. Mar. 10
134 Apr.
Indianapolis Water Co., pref. (quar.)_ _
Holders of rec. Mar. 150
134 Apr.
Indianapolis Water Works. pref
Holders of rec. Mar. 12
334 Apr.
Jamaica Public Service, pref. (guar.) _
fielders of rec. Mar. 15
$1.75 Apr.
Kansas City Pow. & Lt., tat pf. A (qu.) $1.75 Apr.
Holders of rec. Mar. 14a
Kentucky Hydro-Elec., pref (quar.)-- •1
Mar. 2 *Holders of rec. Feb. 28
Laclede Gas Light. com. (guar.)
Holders of rec. Mar. la
Mar. 1
$3
Louisville Gas & Electric (Delaware)Class A and B. corn. (guar.)
4334c. Mar. 25 Holders of rec. Feb. 28a
Mackay Companies, common (quar.)... 134 Apr. 1 Holders of rec. Mar. 50
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 50
1
Manila Electric Co., com
6234c May 2 Holders of rec. Mar. 31a
Memphis Power & Light, pref. (quarl)- - 81.75 Apr. 1 Holders of rec. Mar. 19
Middle West. Utilities, prior lien (guar.). 2
Mar. 15 Holders of rec. Feb. 28
Montana Power, common (guar.)
134 Apr. 1 Holders of rec. Mar. 1)0
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. ha
National Power & Light, pref. (guar.)._ $1.75 Apr. 1 Holders of rec. Mar. 16
National Public Service, corn. A (quar.)_ 40c. Mar, 15 Holders of rec. Feb. 26
New England Telep. & Teleg. (guar.).
Mar. 31 Holders of rec. Mar. 10
2
New York Telephone, 634% pref. (qu.).. 134 Apr. 15 Holders of rec. Mar. 19
Niagara Falls Power, corn. (guar.)
*60c. Mar. 31 *Holders of rec. Mar. 15
Preferred (guar.)
•4331c Apr. 15 *Holders of rec. Mar. 31
Mag. Lockp. & Ont. Pow., corn. (guar.) •75c. Mar. 31 *Holders of rec. Mar. 15
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 150
North American Company, corn. (guar.) v234 Apr. 1 Holders of rec. Mar. 50
75e. Apr. 1 Holders of rec. Mar. ba
Preferred (quar.)
North American Utilities Securities*$1.50 Mar. 15 *Holders of rec. Feb. 28
Preferred and allotment certificates
Northern Ohio Pow. & Lt.,6% pf.(qu.) 134 Apr. 1 Holders of rec. Mar. 15
Seven per cent pref. (quar.)
134 Apr. 1 Holders of rec. Mar. 15
134 Apr. 1 fielders of rec. Mar. 21
Ohio Bell Telephone, pref. (guar.)
Oklahoma Gas & Electric. pref. (quar.)_
134 Mar. 15 Holders of rec. Feb. 28
Penn-Central Light & Power. pref. (q11.) 81.25 Apr. 1 Holders of rec. Mar. 150
May 2 Holders of rec. Apr. 20
Penn.-Ohio Pow. & Lt., 8% pref. (qu.). 2
Seven per cent preferred (guar.)
134 May 2 Holders of rec. Apr. 20
60c. Apr. 1 Holders of rec. Mar. 21
7.2% preferred (monthly)
60c. May 2 Holders of rec. Apr. 20
7.2% preferred (monthly)
6.6% preferred (monthly)
55c. Apr. 1 Holders of ree Mar. 21
6.6% preferred (monthly)
55e. May 2 Holders of rec. Apr. 20
Pennsylvania Water & Power (guar.).
Apr, 1 Holders of rec. Mar. 18a
2
peoples Lt. & Pow., corn. M. A (nattily.) 20c. Mar. 10 Holders of rec. Feb. 28
Seven per cent pref. (guar.)
58c. Mar. 10 Holders of rec. Feb. 28
Philadelphia Electric Co. (guar.)
50e. Mar. 15 Holders of rect. Feb. 160
Philadelphia Traction
$2 Apr. 1 Holders of rec. Mar. lea
Public Serv. Corp. of N.J., corn.(guar.) 50c. Mar. 31 Holders of rec. Mar. 4a
Seven per cent preferred (guar.)
154 Mar. 31 Holders of rec. Mar. 4a
Eight per cent preferred (guar.)
Mar. 31 Holders of rec. Mar. 4a
2
Six per cent preferred (monthly)
50c. Mar. 31 Holders of rec. Mar. 40
Public Serv. Elec. & Gas,7% pref.(qu.) 134 Al ar. 31 Holders of roe. Mar. 40
Six per cent preferred (guar.)
1S4 Mar.31 Holders of rec. Mar. 40
Quebec Power (guar.)
134 Apr. 15 Holders of rec. Mar. 31
Radio Corp. of America, pref. A (guar.) 8734e Apr. 1 Holders of rec. Mar. la
Shawinigan Wat.& Pow., new. com.(qu) 500. Apr. II Holders of rec. Mar. 25
Southern California Edison, prof. A (qu.) 4334c. Mar. 15 Holders of rec. Feb. 20
Preferred B (guar.)
3734c. Mar. 15 Holders of rec. Feb. 20
Southern Canada Power (guar.)
1
Mar. 15 Holders of ree. Feb. 28
Southern Colorado Power, pref.(guar.), 151 Mar. 15 Holders of rec. Feb. 28
2
Southern New England Telco. (guar.)._
Apr. 15 Holders of rec. Mar. 31
Southwestern Bell Telep.. pref. (quar.)_. 134 Apr. 1 Holders of rec. Mar. 19
Southwestern Gas & Electric. corn. (qu.) .2
Apr. 1 *Holders of rec. Mar. 15
5
Apr. 1 *Holders of rec. Mar. 15
Seven per cent preferred (guar.)
.2
Apr. 1 *Holders of rec. Mar. 15
Eight per Cent Preferred (guar.)
Mar. 15 Holders of rec. Feb. 280
Standard Gas & Elec., 8% pref. (guar.). 81
Tennessee Elec. Power,6% let pt. (qu.) 134 Apr. 1 Holders of rec. Mar. 15
134 Apr, 1 Holders of rec. Mar. 15
Seven per cent first preferred (guar.). _
1.80 Apr, 1 Holders of rec. Mar. 15
7.2% first preferred (guar.)
Six per cent first preferred (monthly)_ 500. Apr. 1 Holders of ree. Mar. 15
60e. Apr. 1 Holders of rec. blur. 15
7.2% first preferred (monthly)
Utilities Power & Light, cl. A (quar.)_ _ Y50c. Apr. 1 Holders of rec. Mar. 70
Y25c. Apr. 1 Holders of rec. Mar. 70
Class B (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 7a
Preferred (guar.)
Virginia Elec. & Power. 7% prof.(guar.) 134 Ater. 21 Holders of rec. Feb. 280
134 Mar.21 Holders of rec. Feb. 280
Six per cent preferred (guar.)
1% Mar. I Holders of roe. Feb. 12
Washington Ry.& Elec., corn. (guar.). _
I%
Mar. 15 Holders of rec. Feb. 250
PL(qa.)
Pow..
Spok..
Washington Water
134 Mar. 15 Holders of rec. Feb 26
West Penn Railways,6% pref.(guar.)
*41.75 Mar. 15 *Holden3 of rec. Feb. 28
(guar.).
pref.
Light.
dr
Power
Wlaconsin
Banks.
Apr. 1 Holders of rec. Mar. 18a
4
Commerce (Nat. Bank of)(guar.)
Apr. 1 *fielders of rec. Mar. 25
*3
Standard (guar.)
Apr. 1 *Holders of rec. Mar. 2,5
Standard National Corp., corn. (quar.). *$3
*134 Apr. I *Holders of rec. Mar. 25
Preferred (quar.)
134
134
Name of Company.
Trust Companies.
Equitable (guar.)
Guaranty (guar.)
Title Guarantee & Trust, extra
Fire insurance.
Horne (quarterly)
United States (guar.)
When
Per
Cent. Payable.
3
4
5
5
*8
Books Closed.
Days Inclusive.
Mar. 29 Holders of rec. Mar. 184
Mar. 28 Holders of rec. Mar. 18
Mar. 31 Holders of rec. Mar.22
Apr. 11 Holders of rec. Mar. 5
May 2 *Holders of rec. Apr. 25
Miscellaneous.
Adams Express (guar.)
"51.50 Mar. 31 *Holders of rec. Mar. lb
Allied Chemical dr Dye, pref.(quar.)___ _
134 Apr. I Holders of rec. Mar. 11
American Bank Note, corn.(guar.)
*50c. Apr. 1 *Holders of reo. Mar. 17
Preferred (guar.)
*75c. Apr. 1 *Holders of rec. Mar. 17
American Cellulose & Chem. Mfg., Ltd.
First participating preferred (quar,). 144 Mar, 15 Holders of rec. Mar. 1
American Chain,8% pref. class A (qu.) 50c. Mar.31 Mar. 22 to Mar.31
American Chicle, corn.(guar.)
The. Apr. 1 Holders of rec. Mar. 15
Prior preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 15a
American Home Products(monthly).... 20c, Apr. 1 Holders of rec. Mar. 160
American International Corporation_ _ _ $1
Apr. 4 Holders of rec. Mar. 15a
Amer. La France Fire Eng.,Inc..pf.(qu.)
Holders of rec. Mar. lba
134 Apr.
Amer. Laundry Machinery, corn. (au). El
Holders of rec. May 23
June
American Linseed. preferred (quar.)_ _ _
Holders of rec. Mar. 18
134 Apr.
American Locomotive, corn. (quar.)
Mar.3 Holders of rec. Mar. lla
$2
Preferred (guar.)
134 Mar.3 fielders of rec. Mar. Ila
American Mfg. Co., corn. (guar.)
134 Mar.3 Holders of rec. Mar. 160
Common (guar.)
Holders of rec. June 160
July134
Common (guar.)
Holders of roe. Sept. 160
134 Oct.
Common (quar.)
134 Dee. 3 Holders of rec. Dec. 164
Preferred (guar.)
Holders of rec. Mar. 160
Mar.
3
134
Preferred (guar.)
Holders of rec. June 160
14 July
Preferred (guar.)
Holders of rec. Sept. 160
131 Oct.
Preferred (guar.)
I% Dec. 3 Holders of rec. Dec. 160
American Piano, com. (quar.)
Holders of rec. Mar. 16
234 Apr.
Common (payable in common stock).- f2)4 Apr.
Holders of rec. Mar. 15
Preferred (guar.)
134 Apr.
Holders of rec. Mar. 150
Amer. Pneumatic Service, 1st pref
*$1.75 Mar.3
American Radiator, com. (guar.)
$1.25 Mar.3 Holders of rec. Mar. 150
American Railway Express (guar.)
$1.50 Mar.3 Holders of rec. Mar. 15a
American Seating. com.(guar.)
Holders of rec. Mar. lb
75e. Apr.
Common (extra)
25c. Apr.
Holders of rec. Mar. 20
Common (extra
Holders of rec. June 20
250. July
Common (extra)
Holders of rec. Sept. 20
25c. Oct..
American Stores Co., common (quar.)_ _ 50c. Apr,
Mar. 22 to Apr. 1
American Sugar Refining, com.(quar.)_
134 Apr.
Holders of rec. Mar. la
Preferred (guar.)
Holders of roe. Mar. la
194 Apr.
American Tobacco, pref. (guar.)
Holders of rec. Mar. 90
134 Apr.
Armour & Co.(Illinois). pref. (guar.)
Holders of rec. Mar. 100
134 Apr.
Armour dr. Co. of Delaware, pref. (guar.) 194 Apr.
Holders of rec. Mar. 100
Armstrong Cork, corn. (guar.)
134 Apr.
Holders of rec. Mar. 18
Preferred (guar.)
194 Apr.
Holders of rec. Mar. 18
Associated 011 (guar.)
50c. Mar. 2 Holders of roe. Mar. 50
Extra
40e, Apr. 2 Holders of rec. Mar. 54
Atlantic Terra Colts, pref. (guar.)
134 Mar. 15 Holders of rec. Mar. 5
Atlas Powder, corn. (guar.)
Mar. 10 Holders of rec. Feb. 280
$1
Babcock & Wilcox (guar.)
194 Apr. 1 holders of rec. Mar. 20
Balaban & Katz. corn. (monthly)
25c. Apr, 1 Holders of rec. Mar. 21
194 Apr. 1 Holders of rec. Mar.21
Preferred (guar.)
Beech-Nut Paci
60c. Apr. 9 Holders of rec. Mar. 250
Packing.
ffi kiVr3
g co
corn.
.(guar.)
134 Apr, 15 fielders of rec. Apr. la
Belding-Cortical, Ltd.. pref. (guar.).1% Mar. 15 Holders of rec. Feb. 28
Belding-Hemieway Co.. corn. (guar.)._ 50c. Apr. 1 Holders of rec. Mar. 210
134 Apr. 11 Holders of rec. Mar. 31
Beige-Canadian Paper, com.(quar.)-194 Apr, 1 Holders of rec. Mar. 4
Preferred (guar.)
•60c. Apr. 1 •Hulders of rec. Mar. 15
Bendix Corporation, class A (guar.)._
Bethlehem Steel, pref. (guar.)
134 Apr. 1 holders of rec. Mar. bo
•1734 Mar. 7 *Holders of rec. Mar. 2
Big Lake 011
Bloch Bros. Tobacco. common (guar.)
3734c. May 15 Holders of roe. May 10
Common (guar.)
3734e. Aug. 15 Holders of rec. Aug. 10
3734c, Nov. 15 Holders of rec. Nov. 10
Common (guar.)
Mar. 31 Holders of rec. Mar. 26
134
Preferred (guar.)
134 June 30 Holders of rec. June 25
Preferred (guar.)
1)4 Sept. 30 Holders of rec. Sept.25
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 26
Preferred (guar.)
Borg & Beck (guar.)
Apr. I Holders of rec. Mar. 18
$1
Boston Woven liuse & Rubb., corn.(qu.) $1.50 Mar. 15 Holders of rec. Mar. 1
Brandram-flenderson. Ltd.. pref. (qu.). 134 Apr. 1 Holders of rec. Mar. 1
Brill Corporation, class A (No. 1)
Apr. 1 Holders of rec. Mar. 15
$1
British-Amer. Oil, new stock (No. 1)_ _ _ 520e.
British-Amer.Tub ordinary (interim).- 10d Mar. 31 illolders of coup. No. 117
British Columbia Fish dc Pack (guar.).134 Mar. 10 Holders of rec. Feb. 28
Buckeye Pipe Line (guar.)
Mar. 15 Holders of roe. Feb. 18
$1
5)34 Apr. 1 Holders of rec. Mar. 15
Burns Brothers, preferred (quar.)
Burroughs Adding Machine. corn. (qu.)_ 75e, Mar. 31 Holders of rec. Mar. 160
Bush Terminal Co.,7% deb. stk.(guar.) *I% Apr. 15 *Holders of rec. Apr. 1
Bush Terminal Bldg.. pref. (guar.)
•134 Apr. 1 *Holders of rec. Mar. 15
Butte & Superior Mining (guar.)
50c. Mar. 31 Holders of coo. Mar. 154
By-Products Coke, cont. (guar.)
50c. Mar. 21 holders of rec. Mar. 74
Preferred (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 21
California Packing (guar.)
Mar. 15 Holders of rec. Feb. 280
$I
Calumet & Arizona Mining (guar.)
$1.50 Mar.21 Ilulders of rec. mar. 50
Calumet & Heels Consol. Copper Co._ _ 500. Mar. 15 Holders of rec. Feb. 280
Canada Steamship Lines. pref. (guar.).134 Apr. 1 Holders of rec. Mar. 16
Canadian Locomotive. pref. (guar.)-134 Apr. 1 Holders of rec. Mar. 20
•l
Canfield Oil, common (guar.)
June 30 *Hollers of rec. June 20
•1
Sept. 30 •Holders of rec. Sept. 20
Common (quar.)
Common (guar.)
'134 Dec. 31 *Holders of rec. Deo. 20
•154 June 30 *Holders of roe. June 20
PreferredPreferred (quar.)
•I Si Sept. 30 *Holders of rec. Sept.20
Preferred (guar.)
•134 Dec. 31 *Holders of rec. Dec. 20
Carter (William) Co., pref. (guar.)
134 Afar. 15 Holders of roe. Mar. 10
Case (J. I.) Thresh. Mach., corn
$1.50 Apr. 1 Holders of rec. Mar. 14
M Apr. 1 Holders of rec. Mar. 14
Preferred (quar.)
Mar. 10 Holders of rec. Mar. 3Ia
Cbesebrough Mfg. Consol. (guar.)
$I
o2 Me Apr. 1 Holders of rec. Mar. 16
Chicago Fuse (qar.)
•194 Apr. I Holders of rec. Mar.23
Chicago Mill & Lumber, pref. (quar.)
ChNli
co
33 1-3 Apr. 1 Holders of rec. Mar. 210
an
gtohY
lyellow Cab Co.(monthly).
33 I-3c May 2 Holders of rec. Apr. 200
33 l-3e June 1 Holders of rec. May 200
Monthly
60c. Mar. 10 Holders of rec. Feb. 250
ChildeCe pony.common (guar.)
Apr. 1 Holders of rec. Feb. 254
Common (payable in no par corn. stk.) fl
July 1 Holders of rec. May 270
Common (payable in no par corn. stk.) fl
Oct. 1 Holders of ree. Aug. 26a
Common (payable in no par com. stk.) fl
Dec. 30 Holders of rec. Nov. 250
Common (payable lit no par corn. stk.) fl
134 Mar. 10 Holders of ree. Feb. 250
Preferred (quar.)
6234c Apr. 1 Holders of rec. Mar. 44
Chill Copper Co.(guar.)
A Apr, 1 Holders of rec. Mar. 15
Cities Service. common (monthly)
f34 Apr. 1 Holders of rec. Mar. 15
Cornmeal (payable in common stock)_.
A Apr. 1 Holders of reo. Mar. 15
Preferred and preferred 13 (monthly)
Si Apr. 1 Holders of rec. mar. 15
Preferred HIS (monthly)
Si Apr. 1 Holders of rec. Mar. lb
Cities Service bankers' shares (mthly.)Apr. 1 Holders of rec. Mar. 15
Si
stock).
in
Bankers'
&
payable
ers'shares
50e. June 1 Holders of rec. May 104
City
Fuel (quar.)
50c. Sept. 1 Holders of rec. Aug. 100
Quarterly
50c. Mar. lb Holders of rec. Mar. 50
Cleveland Stone (guar.)
25e, Mar. 15 Holders of rec. Mar. ba
Extra
50c. June 15 Holders of rec. June 54
Quarterly
50c. Sept. 16 Holders of rec. Sept. 54
Quarterly
Holders of roe. Mar. 150
$1.75 Apr.
Coca-Cola Co. (guar.)
75c. Apr.
Holders of rec. Mar. 150
Holders of rec. Mar. lba
$2.50 Apr.
Coca-Cola international (quar.)
25c. Mar,3 Holders of roe. Mar. 110
Commercial Credit, com.(guar.)
4334c Mar.3 Holders of rec. Mar. 1115
Seven per cent preferred (guar.)
50c. Mar.3 Holders of rec. Mar. lb
Eight per cent preferred (guar.)
I% Mar,3 Holders of rec. Mar. lla
634% first preferred (guar.)
Holders of rec. Mar. 18
Apr.
32
Commercial Solvents, class B (quar.
Mar. 30 Holders of roe. Mar. 150
$1
Congress Cigar (quar.)
*Holders of rec. Mar. 31
Consumers Co., prior uref. (qu.)(No. 1) •134 Apr.
Holders of rec. Mar. 180
134 Apr.
Continental Can, preferred (guar.)
30c. Mar. 15 *Holders of roe. Feb. 14
Continental Oil (guar.)
Mar. lb Holders of reo. Feb. 28
Cooksville Shale Brick Co., pref.(guar.) 1
MAR. 5 1927.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
1321
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Con(need).
Miscellaneous (Conflawed)•
$1.25 Mar.31 Holders of reo. Mar.21. International Salt (guar.)
Apr. 1 Holders of rec. Mar. 15a
Coty. inc. (quar.)
International Silver, preferred (quar.)._
144 Mar. 15 Holders of rec. Mar. 1
Apr. 1 Ho'ders of rec. Mar.23
Crane Company, com.(quar.)
144 Mar. 15 Holders of rec. Mar. 1
Intertype Corporation, first pref. (guar.)
Apr. 1 Holders of rec. Mar. 23
Preferred (guar.)
Crown Willamette Paper. 1st pref.(MO $1.75 Apr. I Holders of rec. Mar. 150 Island Creek Coal. cons.(In new oora.stk)
Mar. 10 Holders of rec. Feb.t24a
Crucible Steel, preferred (guar.)
Apr. 1 Holders of rec. Mar 15a
134 Mar.31 Holders of roe. Mar. 150 Jones & Laughlin Steel, pref. (quar.)_
Kayser (Julius) & Co.. cam.(guar.)
May 2 Holders of rec. Apr. 15a
Cuban-American Sugar, com.(guar.).-- 250. Apr. I Holders of rec. Mar. 4a
141 Apr, 1 Holders of rec. Mar. 40
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 16a
Preferred (guar.)
2
Mar. 15 Holders of rec. Feb. 28
Cumberland Pipe Line (guar.)
Keeley Silver Mines
Mar. 15 Holders of rec. Feb. 28
33
Mar. 15 Holders of rec. Feb. 28
Extra
Extra
Mar. 15 Holders of rec. Feb. 28
$1
Mar. 15 Holders of rec. Mar, I
Kennecott Copper Corporation (guar.)
Cuneo Press. class A (guar.)
Apr. 1 Holders of res. Mar. 4a
$I
June 15 Holders of rec. June 1
Keystone Watch Case (guar.)
Class A (guar.)
Apr. 1 Holders of rec. Mar. 19a
Kirby Lumber, common (guar.)
134 Mar. 1 Holders of rec. Feb. 28
Curtiss Aeroplane & Motor, preferred__ _ $3.50 Mar.15 Holders of rec. Mar. 1
14 June 1 Holders of rec. May 31
Common (guar.)
Cushman's Sons, Inc.
Common (quar.)
14 Sept. 1 Holders of rec. Aug. 31
Common (payable In $8 pref. stock)._ u$1.50 Sept. 1 Holders of rec. Aug. 150
141 Apr. I Holders of rec. Mar. 19
141 Doe. 1 Holders of res. Nov.30
Common (guar.)
Dalton Adding Mach., corn.(quar.)._
14 Apr, 1 Holders of rec. Mar. 19
Knox Hat, Inc., prior pref. (guar.)
$1.75 Apr.
Preferred (guar.)
Holders of reo. Mar. 15
1
Mar.26 Holders of rec. Mar. 120
Prior preferred (guar.)
$1.75 July
Davis Mills (guar.)
Holders of rec. June 15
$1.75 Oct.
Prior preferred (guar.)
Holders of res. Sept. 15
Decker (Alfred) & Cohn. Inc., com.(qu.) 50o. Mar. 15 Holders of rec. Mar. So
2
Mar,15 Holders of rec. Feb. 280
Second preferred
$3.50 Aug.
Diamond Match (quar.)
Holders of rec. July 15
14 Apr. 1 Holders of rec. Mar. 15
Kraft Cheese (guar.)
Dominion Glass, common (guar.)
3744c Apr.
Holders of roe. Mar. 100
14 Apr. 1 Holders of rec. Mar. 15
Stock dividend
e145 Apr.
Holders of rec. Mar. 100
Preferred (guar.)
_
(quar.)_
41.25
Apr. 1 Holders of rec. Mar. 15
Kresge (S. S.) Co., corn. (guar.)
30e. Mar.3 Holders of rec. Mar. 160
Dominion Textile, common
141 Apr. 15 Holders of rec. Mar 31
141 Mar.3 Holders of rec. Mar. 160
Preferred (guar.)
Preferred (quar.)
50e. Mar. 31 Holders of rec. Mar. la Kruskal dr Kruskal, Inc. (ouarterly)
50c. May 1 Holders of reo. Apr. 29a
Douglas-Pectin Corporation (guar.)
25e. Mar. 31 Holders of rec. Mar. la Lake Shore Mines, Ltd
10e. Mar. I
Holders of rec. Mar. 1
Extra
Mar. 15 Holders of rec. Mar. la Lamson & Hubbard, pf. (acct. ace. inv.) 684
Apr.
Holders of roe. Apr. 1
DuPont (E.I.)de Hem.& Co.. com.(qtr.) $2
144 Apr. 25 Holders of rec. Apr. 90 Leonard. Fitzpatrick, Mueller Stores.
Debenture stock (guar.)
*Holders of roe. Mar.21
Preferred (guar.)
Apr.
'623.4c Apr. 1 *Holders of rec. Mar. 20
Early & Daniels, common (guar.)
*$2
"25e. Apr. 1 *Holders of rec. Mar.20
*Holders of roe. Mar. 15
Liggett & Myers Tobacco, pref. (quar,). *144 Apr.
Common (extra)
13234e July 1 *Holders of rec. June 20
Lindsay Light Common (quar.)
'62840 Oct. 1 *Holders of rec. Sept.20
Common (quar.)
Preferred (in full of all accum.diva.)
*h35e. Mar. 1 *Holders of rec. Feb. 10
Common (guar.)
Holders of roe. Mar. 17
Lord dv Taylor, common (guar.)
'623.4c Jars 1'28 *Holders of rec. Dec. 20
234 Apr.
.$1.75 Apr. 1 *Holders of res. Mar. 20
Holders of rec. Apr. 6
Madison Square Garden Co. (guar.)... 25o. Apr, 1
Preferred (guard
Quarterly
*81.75 July 1 *Holders of rec. June 20
Preferred (quar.)
Holders of rec. July
25c. July 1
*$1.75 Oct. 1 *Holders of rec. Sept. 20
Preferred (quar.)
Quarterly
Holders of rec. Oct. 5
250. Oct. 1
*51.75 Jan 1'28 *Holders of rec. Dec. 20
Mathieson Alkali Works, corn.(guar.)._ $1 Apr.
Preferred (guar.)
Holders of roe. Mar. 18a
3734o.Apr. 1 Mar. 16 to Apr. I
Holders of rec. Mar. 18a
Eastern Rolling Mill (quar.)
1 3.4 Apr.
Preferred (guar.)
12340 Apr. 1 Mar. 16 to Apr. 1
Extra
Holders of rec. Mar. 150
May Department Stores. pref. (guar.)._
141 Apr.
Eastman Kodak, corn. (guar.)
11.25 Apr. 1 Holders of rec. Feb. 280 McCallum Hosiery
Holders of rec. Feb. 26
250. Mar.
Common (extra)
75e. Apr. 1 Holders of rec. Feb. 280 McCrory Stores, preferred (guar.)
Holders of roe. Apr. 203
144 May
Preferred (guar.)
134 Aug.
Preferred (guar.)
Holders of rec. July 20a
13.4 Apr. I Holders of rec. Feb. 280
Eisenlohr (Otto) dr Bros., pref.(quar.).. 134 Apr, 1 Holders of rec. Mar.21a
134 Nov.
Preferred (guar.)
Holders of rec. Oct. 20a
Electric Storage Battery, corn. & pf.(qu.) $1.25 Apr. 1 Holders of rec. Mar. 70 Mergenthaler Linotype (quar.)
81.25 Mar.3 Holders of roe. Mar. 60
Elyria Iron & Steel (stork dividend).-- el0
25e. Mar.3 Holders of roe. Mar. 54
Mar 15 Holders of rec. Feb. 25
Extra
Emporium Corp (guar.)
500. Mar.24 Holders of rec. Mar. I
Metro-Goldwyn Plettfres. pref.(guar.)
47140 Mar. 1 Holders of rec. Feb. 2643
Equitable Office Building. com.(guar.). $1.50 Apr. 1 Holders of rec. Mar. 15
Metropolitan Paving Brick, pref.(quar.) elg Apr.
*Holders of roe. Mar. 15
Preferred (qua!.)
*Holders of rec. Mar. 15
*25c. Apr.
14 Apr. 1 Holders of rec. Mar. 150 Midvale Co.(guar.)
Eureka Vacuum Cm. norMontgomery Ward & Co., class A (WO $1.75 Apr.
Holders of rec. Mar.21a
Common (payable in common stock)
f5
14 Mar. 1 Holders of rec. Feb. 28
Aug. 1 Holders of rec. July 20a Montreal Cottons, Ltd., com. (guar.)._
Fair (The)(monthly)
141 Mar. 1 Holders of rec. Feb. 28
20e. Apr. 1 Holders of rec. Mar. 210
Preferred (guar.)
90c. Apr.
Monthly
Holders of rec. Mar.143
20c. May 2 Holders of rec. Apr. 200 Moto Meter, class A (guar.)
*25e. Apr.
*Holders of rec. Mar.14
144 May 2 Holders of rec. Apr. 200
Class B (guar.)
Preferred (guard
Fairbanks, Morse dr Co., com.(guar.)._ 75e. Mar. 31 Holders of reo. Mar. 15a Motor Wheel Corporation. com.(guar.). 50e. Mar.2 Holders of rec. Mar. 10a
*Holders of rec. Apr 15
Common (guar.)
750 June 30 Holders of rec. June 15a National American Co., Inc.(qu.) (No.1 )*75c. May
$1.2 Apr. 1 Holders of rec. Mar.313
141 June 1 Holders of rec. May 14a National Biscuit, common (guar.)
Preferred (guar.)
Holders of rec. Feb. 22
Famous Players-Lasky Corp., corn.(qu.) 52
Apr. 1 Holders of rec. Mar. 150 National Candy, corn.. 1st & 2d pref.... 314 Mar. 1
National Lead, coin. (guar.)
2
Mar.3 Holders of rec. Mar. 11a
*750. May 17 *Holders of rec. Apr. 29
Fansteel Products Co.. new stock
194 Mar. 1 Holders of rec. Feb. 18
Preferred (guar.)
Old common (Payable in common stk.)'300
*Holders of rec. Feb. 21
14 Apr.
Federal Mining & Smelting, pref.(guar.) 141 Mar. 15 *Holders of rec. Feb. 24a National Sugar Refining (qual.)
Holders of rec. Mar. 7
24 Apr.
Federal Motor Truck (guar.)
Holders of rec. Mar. 180
20e. Apr. 1 Holders of rec. Mar. 19a National Surety (guar.)
250. Mar. 1
Stock dividend
Holders of rec. Feb. 28
234 Apr. 6 Holders of re*. Mar. 190 National Transit (guar.)
.2
Neild Manufacturing (guar.)
Mar. 1 *Holders of rec. Feb. 10
Federal Terra Cotta. pref
142
Mar.31 *Holders of res. Mar.21
•11
Extra
Mar. 1 "Holders of reo. Feb. 10
Feltman & Curme Shoe, class A
6240 Apr. 1 Holders of rec. Mar. 1
Nelson (Herman) Corp. (guar.)
30o. Apr.
Holders of rec. Mar. 17
Preferred (quar.)
134 Apr, 1 Holders of rec. Mar. 1
el
Stock dividend
Apr.
Holders of rec. Mar. 17
Fifth Avenue Be,Securities (guar.)_
16c. Apr. 16 Holders of rec. Apr. 20
Quarterly
30e. July
Holders of roe. June 20
First Federal Foreign Investment Trust. $1.75 May 15 Holders of roe. May 5
Cl
July
Stock dividend
Holders of rec. June 20
Flessehmann Co., corn. (guar.)
The. Apr. 1 *Holders of roe. Mar. I40
30e. Oct.
Quarterly
Holders of rec. Sept.4
Foote Bros. Gear & Mach., corn.(gu.)._ 30e. Apr. 1 Holders of rec. Mar. 19
el
Stock dividend
Oct.
Holders of rec. Sept. 19
300. July 1 Holders of rec. June 20
Common (guar.)
50e. Apr. 1 Holders of rec. Apr. la
New York Transportation (guar.)
300. Oct. 1 Holders of rec. Sept. 20
Common (guar.)
North American Provision, pref. (guar.) 151 Apr.
Holders of rec. Mar.10
30c. Jan 1'28 Holders of rec. Dec. 20
Common (guar.)
50e. Mar. 1 Holders of rec. Feb. 14
•141 Apr. 1 *Holders of ens. Mar. 19
Ohio 011 (guar.)
Preferred (guar.)
50e. Mar, 1 Holders of rec. Feb. 14
•141 July 1 *Holders of rec. June 20
Extra
Preferred (guar.)
$1.75 Apr.
"14 Oct. 1 *Holders of rec. Sept. 20
Mar. 16 to Mar.31
Ohio Seamless Tube. prof.(guar.)
Preferred (guar.)
50e. Apr. 1 Holders of rec. Mar. 183
•141 Jan 1'28 *Holders of rec. Dee. 20
Preferred (guar.)
011 Well Supply Co.. corn.(guar.)
*25e. Apr. 1 *Holders of roe. Mar. II
Forham Co.. common (guar.)
Apr. 1 Holders of rec. Mar. 183
Omnibus Corporation. pref. (quar.).... 2
•400. Apr. 1 *Holders of res. Mar. 11
162-Sc Apr. 1 Holders of rec. Mar.19
Class A (guar.)
On hewn Circuit. com.(monthly)
Foundation Co.(guar.)
$2
2
Apr. 1 Holders of rec. Mar. 154
Mar. 15 Holders of rec. Mar. la
Preferred (guar.)
Gabriel Snubber Mfg., cons. A & B (qu.) 871.4c Apr. 1 Holders of roe. Mar. 120 Owens Bottle, corn.(guar.)
75e. Apr. 1 Holders of roe. Mar. 16a
Gamewell Co., corn. (guar.)
$1.25 Mar. 15 Holders of rec. Mar. 5
14 Apr. 1 Holders of roe. Mar.164
Preferred (guar.)
General CI rar, debenture pref. (guar.). _
194 Apr. 1 Holders of rec. Mar.24a Page-Hershey Tubes, com. (guar.)
75e. Apr. 1 Holders of rec. Mar. 19a
General Electric (guar.)
75c. Apr. 28 Holders of rec. Mar. 15a
134 Apr. 1 Holders of reo. Mar.19
Preferred (guar.)
Special stock (quar.)
15e. Apr. 28 Holders of rec. Mar. 150 Packard Motor CarGeneral Motors Corp., com.(quar.)___
Mar. 12 Holders of ree. Feb. 190
$2
20e. Mar.31 Holders of rec. Mar.15a
Monthly
Preferred (guar.)
134 May 2 Holders of roe. Apr. fia
20e Apr. 30 Holders of rec. Apr. 15a
Monthly
Six per cent debenture stock (quar,)_. 144 May 2 Holders of rec. Apr. 9a
20c May 31 Holders of roe. May 140
Monthly
Seven per cent debenture stock (guar.) 194 May 2 Holders of roe. Apr. 90 Paraffine Companies. corn. (guar.)
$1.50 Mar. 28 Holders of reo. Mar. 17
General Railway Signal, corn.(quar.)_._ $1.25 Apr. 1 Holders of reo. Mar. 100
Stock dividend
120 Subj. to stockholders meet. Mar.15
Preferred (guar.)
13.4 Apr. 1 Holders of rec. Mar. 100 Penick & Ford, Ltd.. common (qual.).. 250. Apr. 1 Holders of rec. Mar. 153
ni Mar. 10 Holders of reo. Feb. 28
Gleasonite Products (guar.)
141 Mr. 1 Holders of rec. Mar. 15a
Preferred (guar.)
special
pref.
144 Mar. 1
(qu.)_
Globe Soap, 1st, 2d &
Mar. 1 to Mar. 15
Pennok 011 (quar.)
'25e. Mar. 25 *Holders of rec. Mar. 15
15e. Mar, 1
Gold Seal Electrical Co. (special)
Holders of rec. Mar. 40 Pennsylvania-Dixie Cement. com. (qu)*80e. Apr. 1 *Holders of rec. Mar. 15
Holders of roe. Mar. 15a
Goodrich (B.F.) Co., preferred (guar.) 14 Apr.
Convertible preferred series A (guar.) •1,.4 Mar. 15 *Holders of rec. Feb. 28
14 July
Preferred (guar.)
Holders of rec. June I5a Peoples Drug Stores, Inc., corn.(No. 1)
Apr.
Goodyear T.& R.,8% prior pref.(guar.) 2
Holders of rec. Mar. 130
25e. Apr. 1 Holders of rec. Mar. 8
(guar.)
134 Apr.
Holders of rec. Mar. la Pettibone-Mulliken Co., 1st pref. (qu.)_ •141 Apr. I *Holders of rec. Mar.21
Seven per cent preferred (guar.)
1,1%
Holders of roe Mar.20
Gossard (II. W.) Co.. corn. (monthly).. 33 1-3c Apr.
Apr. 1 "Holders of rec. Mar.21
Second preferred (quar.)
14 Apr.
Preferred (guar.)
Holders of rec. Mar.20
Mar. 15 *Holders of rec. Feb. 24
Pilgrim Mills (guar.)
$2
6234c Apr.
Holders of rec. Mar. 15a Pioneer Petroleum. pref
Gotham Silk Hosiery, corn.(quar.)
1.744c Apr. 30 Holders of rec. Apr. 15
Apr.
*Holders of rec. Mar. 15
Great Western Sugar, common (guar.) *$2
Pittsburgh Steel Foundry, pref. (guar.) *141 Mar. 31 *Holders of roe. Mar.21
*141 Apr.
Preferred (guar.)
*Holders of rec. Mar. 15
*50c. Mar. 8 *Holders of rec. Mar. 2
Plymouth Oil
14 Apr.
Holders of roe. Mar. 15
Greenfield Tap & Dle. 6% Pref. (guard
Port Alfred Pulp & Paper, pref.(quar.). 194 Mar. 15 Holders of roe. Mar. 1
2
Apr.
Holders of rec. Mar. 15
Eight per cent preferred (guar.)
75c. Apr. 1 Holders of rec. Mar. 15
Pratt & Lambert,com.(guar.)
*8750 Apr. 2 *Holders of rec. Mar.25
Group No. I 011
141 Mar. 31 Holders of rec.
Pressed Steel Car, preferred (guar.).2
Apr.
Holders of ree. Mar. 15a Prower Gamble.6% pref. (qual.).... 144 Mar. 15 Holders of rec. Mar. la
Guantanamo Sugar, pref. (guar.)
Feb. 23
May 2
Guenther Publishing Co., pref.(qual.)._ 5
Provin d Paper Mills. com.(quar.)... 134 Apr. 1 Holders of rec. Mar. 15
5
Aug. 2
Quarterly
134 Apr. 1 Holders of rec. Mar. 15
Pref ed (quar.)
Nov.2
5
Quarterly
(guar.)
Pure 0118% preferred
2
Apr. 1 Holders of rec. Mar. 104
*141 Apr.
Gulf States Steel, common (guar.)
*Holders of rec. Mar. 15
6% preferred (guar.)
134 Apr, 1 Holders of rec. Mar.10
'13.4 Apr.
Preferred (guar.)
'Holders of rec. Mar. 15
541% preferred (guar.)
13.4 Aor, 1 Holders of rec. Mar. 10
"144 July
Preferred (guar.)
*Holders of roe. June 15
Q. R. S. Music. common (monthly)._ •15c. Mar. 15 *Holders of rec. Mar. 1
•141 Oct.
*Holders of rec. Sept. 15
Preferred (quar.)
Quaker Oats, corn. (guar.)
81
Apr. 15 Holders of rec. Apr. 1
Preferred (guar.)
'13.4 Jan.3'2 *Holders of rec. Dee. 15
Common (extra)
$5
Apr. 15 Holders of rec. Apr. 1
Hamilton Pank Note
6o. Aug. 1
Holders of rec. Aug. 1
Preferred (guar.)
14 May 31 Holders of rec. May 2
Hamilton United Theatres(Can.). pref
334 Mar.3 Holders of rec. Feb. 28
Real Silk Hosiery Mills, Inc.. com.(gu.) *$1
Apr. 1 *Holders of rec. Mar.d15
14 Apr. 2 Holders of rec. Apr. (la Reliance Manufacturing, pref. (guar.)._
Harbison-Walker Refrac., pref. (guar.)
'134 Apr. 1 *Holders of rec. Mar. 21
Hartman Corporation. class A (guar.). 50o. June I Holders of res. May 17a Remington Typewriter. corn. (guar.)
$1.25 Mar.31 Holders of rec. Mar. 123
(o) June 1 Holders of rec. May 170
Class 1.1 (guar.) In class A stock
First preferred (guar.)
. 1 Holders of rec. Mar. lba
21
154:
Hathaway Bak.. Inc..7% cony. pf.(Q11.) 141 Mar. 15 Holders of rec. Mar. 1
Second preferred (guar.)
Holders of rec. Mar. 15a
Apr. I Holde
Hayes Wheel, preferred (guar.)
134 Mar. 15 Holders of rec. Feb. 250 Republic Iron dr Steel, preferred (guar.).
Mar. 14 to Apr. 13
Apr.
Mar.
15
Holders
Reda Mining (guar.)
250.
of rec. Feb. 15
St. Joseph Lead (guar.)
Mar. 10 to Mar.21
:
2
21
1
:
M
m
a
r
5
2
50
00
Ilibbard,Speneer,Bartlett & Co.(mthly.) 30c. Mar. 25 Holders of rec. Mar. 18
Extra
Mar. 10 to Mar. 21
Mar.31 Holders of roe. Mar. 21
Hood Rubber Co., corn. (quar.)
$I
Quarterly
o Jo
uo
ne 20
50c. June 20 June 10 to
Hudson Motor Car (guar.)
873.4 Apr. 1 Holders of rec. Mar. 15a
Extra
20June
June
25e.
IllInois Brick (guar.)
60c. Apr. 15 Apr. 5 to Apr. 15
Quarterly
50a. Sept. 20 Sept. 10 to Sept.20
Quarterly
July
15
3
to July 15
60c. July
t.110
Extra
0 to Se.
Deo
pt 2
Depo.
20
25e. Sept. 20 &
Quarterly
60c. Oct. 15 Oct. 5 to Oct. 16
Quarterly
50a.
Illinois Wire & Cable (No. 1)
*50o. Apr. 1 *Holders of rec. Mar. 15
Extra
25e. Dee. 20 Doe.
Independence Indemnity
Mar. 15 Holders of rect. Mar. 1
$5
St. Mary's Mineral Land
11
pparr
,
A
M r...10
11,iu
.
$2
Independent 011 & Gas (quer.)
250. Apr. 18 Holders of roe. Mar 31
Holders
()
of
fW
rree
ec;
DF
Mew
ar
b 1
Holdersld
21i
St. Maurl e Valley Corp.. pref.(guar.)
Inland Steel. preferred (guar.)
141 Apr. 1 Holders of rec. Mar.156 Savage Arms, first preferred (guar.)_
*Holders of rec. Mar. 15
Inspiration Consol. Copper (quar.)
250. Apr. 4 Holders of rec. Mar. 170
May 16 *Holders of rec. May 1
Second
'134
preferred
(guar.)
Interlake Steamship (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 16
Schulte Retail Stores,common (guar.).- 873.40 June 1 Holders of red. May 153
Internat. AgrIcul. Coro., prior pref.(Q11.) 144 Mar. I Holders of rec. Feb. 15a
8740 Sept. 1 Holders of rec. Aug. 15a
Com men (guar.)
Internat. Business Machines (guar.)._ _. *$1 Apr. 11 *Holders of rec. Mar.23
87340 Doe. 1 Holders of tee. Nov. 15a
Common (guar.)
International Cement. common (guar.). $1 Mar.31 Holders of rec. Mar. 150
Apr. 1 Holders of rec. Mar. 123
2
Preferred
(quar.)
Preferred (guar.)
141 Mar.31 Holders of rec. Mar. 15a Segal Lock & Hardware,
Mar,15 Holders of rec. Feb. 28
50e.
(quar.)..
corn.
International Harvester corn. (guar.)._ 14 Apr, 15 Holders of rec. Mar. 25a
141 Apr. 15 Holders of rec. Feb. 28
Preferred (guar.)
International Paper, 7% Pref. (quar.).. 141 Apr. 15 Holders of rec. Apr. la Shawmut
'194 Mar.31 *Holders of rec. Mar.21
Mfg.,
pref.
(guar.)
Six per Cent preferred (guar.)
14 Apr. 15 Holders of rec. Apr. 13 Shell Union 011. corn.
35c. Mar,31 Holders of rec. Mar. la
(guar.)
THE CHRONICLE
1322
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
[VoL. 124.
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 Feb. 26. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
Miscellaneous (Concluded).
Sherwin-Williams Co., Can., corn. (qu.) 134 Mar.31 Holders of roe. Mar. 15
Preferred (quar.)
131 Mar. 31 Holders of rec. Mar. 15
Shredded Wheat, corn. (quar.)
75e, Mar. 31 Holders of rec. Mar.21
Shreveport Eldorado Pipe Line (quer.).- 50c. Apr. 1 Holders of rec. Mar. 150
Shubert Theatres Mar.)
$1.25 Mar. 15 Holders of rec. Mar. 1 a
Simms Petroleum (quar.)
3734c Apr. 1 Holders of rec. Mar. 15a
50c.
Mar. 15 Holders of rec. Feb. 15a
Skelly 011 (quar.)
134 Mar.21 Holders of rec. Mar. 10
Slose-Sheffield Steel & I., corn. (quar.)_
.131 Apr. 1 'Holders of roe. Mar.21
Preferred (quar.)
South Penn Oil (quar.)
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
550c. Mar.21 *Holders of rec. Mar. 15
South Porto Rico Sugar. con].(quar.)--134 Apr. 1 Holders of rec. Mar. 100
(Stated in thousands of dollars-that is, three ciphers (000) omitted.)
Apr. 1 Holders of rec. Mar. 100
2
Preferred (quar.)
50c. Apr. 1 Holders of rec. Mar. 28
Southern Stores Corp., class A (No. 1)
Standard Milling, common (quar.)
15.1 Mar.31 Holders of rec. Mar. 180
New
134 Mar.31 Holders of rec. Mar. 180
Preferred (quar.)
Capital. Profits. Loans,
Reserve
Standard 011 (California) (quar.)
6234c Mar. 15 Holders of rec. Feb. 15
Week Ending
Time Bank
Net
with
Discount Cash
Extra
1234c Mar. 15 Holders of rec. Feb. 15
trigFeb.
26
De1927.
investNat'l,
Dec.
31
in
Legal Demand
6234c Mar. 15 Holders of rec. Feb. 16
Standard 011 (Indiana) (quar.)
State, Nov.15 meats, Vault. Deposi- Deposits. Posits. Mon.
Extra
25e. Mar. 15 Holders of reo. Feb. 16
(000 omitted.) Tr.Cos. Nov.1
ctc.
tories.
31
Mar.
16
to
Mar.
Standard Oil(Kentucky)(quar.)
Mar.
31
E1
Extra
50c. Mar. 31 Mar. 16 to Mar. 31
Members of Fed, Res. Bank, Average. Average Average Average. Average Avg&
Standard Oil (Nebraska) (quar.)
63c. Mar, 21 Mar. 1 to Mar. 21
Bank of N Y
$
$
5
Extra
25c. Mar. 21 Mar. 1 to Mar. 21
Trust
56,484 9,381
76,386
475 7,917
Standard 011 (N. J.) corn., par $25 WO 250. Mar. 15 Holders of rec. Fen. 250 Bk of Co_ _ _1 4,000 13,354
Manhat'n 10,700 15,854 169,829 3,067 17,085
125,126 25,148 _-_Common, par value $25 (extra)
1234c. Mar. 15 Holders of rec. Feb. 250 Bank of
America1
3,698
84,399
55,286
6,500
77,171
1,102
11,088
Mar. 15 Holders of rec. Feb. 250
1
Common, par value $100 (quar.)
*748,891144,778
National
95
50c. Mar. 15 Holders of rec. Feb. 25a Chemical City__ 75.000 61,829 706.814 4,449 70,783
Common, par value $100 (extra)
3,164
346
Nat__
127,683
19,061
4,500
16,881
138.986
1,158
25a
rec.
Feb.
Holders
of
14 Mar. 15
Preferred (quar.)
Nat
of Corn. 25,000 42,479 351.720
300,5771 26,187 -- -845 39,584
40e. Mar. 15 Holders of rec. Feb. 18a ChatBk
Standard 011 of New York (quar.)
Ph N B &T 13.500 13,329 216,980 2,753 23,476
164,933, 43,860 6321
Standard Oil (Ohio). com.(guar.)
234 Apr. 1 Holders of rec. Mar. 15
Hanover Nat__ 5,000 26,605 121,145
105,518'
550 13,777
Mar. 31
75e, Apr, 1 Mar. 6 to
Stanley Company (quar.)
Corn Exchange_ 10,000 15,269 203,547 5,016 23,153
171,1811 31,321
Apr. 9 *Holders of rec. Mar. 5
*20
Stock dividend
National Park..10,000 24,319 154,971
6,551 4,698
122,972
718
16,132
14
Apr.
Apr.
1
to
Apr.
15
Sullivan Machinery (quar.)
$1
Bowery
&
E
K.
3.524
46,2881 20,533
3,000
67,046
2,460
6,771
25c. Mar. 15 Holders of rec. Feb. 250 First
Sun Oil (quar.)
2:6
4
742
7
6.5
National__ 10,000 77,448 271,318
183,818 11,778 61
.549 24,243
131 Apr. 11 Holders of rec. Mar. 31
Teiautograph Co., pref.(quar.)
Am Ex Irving Tr 32,000 28.808
375,7311 40,401 _
Tennessee Copper dr Chemical (quar.)-- 25c. Mar. 15 Holders of rec. Feb. 280 Continental_ _ _ _ 1,000 1,269 422,071 4,253 50,114
428
6,141
7,596
122
890
75c. Mar.31 Holders of rec. Mar. 4a Chase
Texas Company (quar.)
2,476
75c. Apr. 1 Holders of rec. Mar. 40 Fifth National_ 40,000 38,221 553,055 6,975 65,286 *510,138; 35.957
Texas Corporation (guar.)
Avenue_
738 3,145
500 2,985 25,083
25,094
Apr. 2 Holders of rec. Mar. 4a
10
Stock dividend
9.1141 4,262 -_-_-_-_
740
800
12,985
499 1,327
Mar. 15 Holders of rec. Mar. la Commonwealth.
$1
Texas Gulf Sulphur (quar.)
Garfield Nat'l__ 1,000 1,830
18,215
481 2,743
17,504 1.059 ---Mar. 31
15c. Mar. 31 Mar. 11 to
Texas Pacific Coal & Oil(quar.)
Seaboard Nat'l_ 6,000 11,007 125,515
48
819 15,667
119,933 3,196
*20c. Apr. 26 *Holders of rec. Mar. 25
Texon Oil & Land (guar.)
Bankers Trust_ 20,000 35,540 333,539
943
33,883
*281,577
41.726 -Mar.
19
rec.
of
Holders
4
Apr.
1
Thompson-Starrett Co., pref
U
S
Mtge
&
Tr_
4,965
57,237
760
7,298
55,483
4,446
-3,000
154 Apr. 1 Holders of rec. Mar. 11
Tide Water-Associated Oil, pref. (qu.)_ _
Guaranty Trust, 25,000 25,202 436,143 1,551 44,742 *414,794 71,681 -Mar. 5 Holders of rec. Feb. 180 Fidelity Trust__
El
Timken Roller Bearing (quar.)
4,000 3,235 41,188
743 4,790
35,333 4,276 ---25c. Mar. 5 Holders of rec. Feb. 18a New York
Extra
Trust 10,000 21,813 169,133
712 18,077
131,561 26,377 Mar. 21 *Holders of rec. Mar. 4
Todd Shipyards Corp. (quar.)
*El
Farmers L & Tr 10,000 19,908 136,125
527 13,671 *105,541 17,689 -7
Apr.
to
Apr.
1
Apr.
21
Tonopah Mining of Nevada
734c.
Equitable Trust, 30.000 22.907 282,272 1,669 27,271 *302,140 28,875 ---14 Apr. 15 Holders of rec. Mar. 31
Tooke Bros., Ldt., preferred (quar.)_ _ _ _
Underwood Typewriter, corn.(quar.)- - - $1 Apr. 1 Holders of rec. Mar. 5a Total of averages 3)0.500540,796 5,176,070 43,934 559,794 c4,168,100 606,772 23,001
50
Mar.
rec.
14 Apr. 1 Holders of
Preferred (quar.)
Union Carbide & Carbon (quar.)
$1.50 Apr. 1 Holders of rec. Mar. 4a Totals, actual condition Feb. 205.238,622
45,502602,195 c4,236,895 605,50323,368
Union Storage (quar.)
*6254c May 10 *Holders of rec. May 1
Totals, actual condition Feb. 19 5,157,926 42.769 550,604 c4,152,364 612,427 22,467
Quarterly
*6234c Aug. 10 *Holders of rec. Aug. 1
Totals, actual cdndltion Feb. 11 5,155,123 51,315588,291 4,209,696 608,057 21,441
Quarterly
*6234c Nov. 10 *Holders of rec. Nov. 1
500. Mar. 31 Holders of rec. Mar. 10a
United Cigar Stores of America, com_
State Banks Not Members of Fed'I Res've Bank
Common (in common stock)
1131 Mar. 31 Holders of rec. Mar. 100 Greenwich Bank 1,000 2,645
25,425 1.925 2,250
23,632 2,855
Preferred (quar.)
14 Mar. 15 Holders of rec. Mar. la State Bank...5,000 5,761 106,803 4,453 2,663
38,672 63,308
15a
Afar.
United Dyewood, preferred (quan)
131 Apr. 1 Holders of rec.
28,600 5,800,
Colonial Bank__ 1,400 3,000 34,990 3,450 1.650
United Fruit (quar.)
Apr. 1 Holders of rec. Mar. 5a
$1
50
Mar.
rec.
Extra
of
Holders
$1.50 Apr. 1
90,904 71,963, -_-_
7,400 11.406 167,218 9,828 6,563
U.S.Cast Iron Pipe & Fdy., corn.(au). 234 Mar. 15 Holders of rec. Mar. la Total of averages
Common (quar.)
234 June 15 Holders of rec. June la Totals, actual condition Feb. 26 168,072 9,985 6,539
91,868 72.009:
la
Sept.
Common (quar,)
234 Sept. 15 Holders of rec
91,383 71,930,
Totals, actual condition Feb. 19 167,404 9,840 6,459
Common (quar.)
234 Dec. 15 Holders of rec. Dec. la Totals, actual condition Feb. 11 167,272 10,559 6,349
91,719 71,8631
la
Mar.
rec.
Holders
of
(quar.)
Preferred
131 Mar. 15
Preferred (quar.)
131 June 15 Holders of rec. June la Trust Comps° lea Not Members of Fed 'I Res.,
e Bank
'
Preferred (guar.)
131 Sept. 15 Holders of rec. Sept. la Title Guar Sc Tr 10,000 19,506
38,185
63,423 1,741 4.046
Preferred (quar.)
131 Dec. 15 Holders of rec. Dec. la Lawyers Trust_ 3.000 3,429
23,650 1,085; 2.787
27.636
857
U.S. Gypsum. corn.(quar.)
400. Mar. 31 Holders of rec. Mar. 15
Mar.
15
rec.
Holders
of
Preferred (quar.)
Mar.
31
131
61,835
2,038, ---Total
of
2,598
6,833
averager
13,000
91,059
22,936
180
U. S. Hoffman Machinery (extra)
25c. Mar. I Holders of rec. Feb.
U. S. Playing Card, new common
Apr. I *Holders of rec. Mar. 2
*El
60,930 2,0151
Totals, actual condition Feb. 26
90.403 2,519 6.997
230
Feb.
U.S. Realty & Improvement (quar.).- El
Mar. 15 Holders of rec.
-63,157 2,055
Totals, actual condition IFeb. 19
92,244 2,633 6,979
Stock dividend
el0
Mar. 15 Holders of rec. Feb. 230 Totals, actual condition Feb. 11
60.276 1,9911
89,8681 2,864 6,318
United States Steel Corp., corn. (quar.). 14 Mar. 30 Holders of rec. Feb. 280
Common (payable in common stock).. *40
Subj. to tockholders'meet.A pr.18
Gr'd aggr.,°cm 380,900 575.139 5.434,347j 56,360573.190 4,320,839 680.773 23,001
Universal Pipe & Radiator, pref. (quar.) 131 May 2 Holders of rec. Apr. 150 Comparison with
-2,692 7,472,4-1048
+20,1711 +872-5,791
prev.week
Preferred (quar.)
131 Aug. 1 Holders of rec. July 150
Preferred (quar.)
131 Nov. 1 Holders of rec. Oct. 15a Gr'd seer., act'l cond'n ,Feb. 26 5,497,097, 58,006815,731 4.389,693679,527 23,368
Vacuum Oil (quar.)
50c. Mar. 19 Holders of rec. Feb. 28
Comparison with prey. week... +79,523+2.76389 +82.789-6,885, +901
Extra
500. Mar. 19 Holders of rec. Feb. 28
Valvoline Oil, eom. (quar.)
134 Mar. 17 Holders of rec. Mar. 11
Gr'd aggr., oat condo Feb. 195.417.574 65.242564.042 4,306,904 686.412 22,467
Apr.
15
to
A/pond Congo]. Mines, Ltd. (Interim)_. 3
Apr. 15 Apr. 1
(It'd aggr., acri coad'a Feb. 11 5,412,263 84,738800,958 4,361,691 681.911 21.441
V. Vivaudou, Inc., corn. (guar.)
•75c. Apr. 15 *Holders of rec. Apr. 1
Gr'd aggr., acticond'n Feb. 55.420,259 56,739581.749 4,382,872 685,796 21.237
*14 May 2 *Holders of rec. Apr. 15
Preferred (quar.)
(led aggr., act',
5,477.377 56.478 565,889 4.388,301 687,969 20,861
Vulcan Detinning. pref. (guar.)
14 Apr, 20 Holders of rec. Apr. 140 Gr'd aggr., act!coad'n Jan. 20 5,416,635
cond'n 'Jan. 22
52,966 626.168 4.413,350658.948 20.613
52
Apr. 20 Holders of rec. Apr. I4a Gr'd
Preferred (account accum. div.)
aggr., curl cond'n Jan. 155,592.022 54,611817.726 4.559.094 667.264 20,386
14a
Apr.
rec.
of
Apr.
20
Holders
14
Preferred A (quar.)
Apr, 2 Holders of rec. mar. 15
Wabasso Cotton (quar.)
Note.-11. S. deposits deducted from net demand deposits In the general totals
El
Bonus
500. Apr. 2 Holders of rec. Mar. 15
above were as follows: Average total Feb. 26, 324,964,000. Actual totals Feb. 26,
551.75 Apr. 1 Holders of res. Mar. 25
Wahl Company, pref. (acct. accum.).
$24,964,000; Feb. 19, $24,963.000: Feb. 11, $24,963,000: Feb. 5, 529,169,000;
Waldorf System, common (quar.)
Jan. 29, $29,168,000; Jan. 22, $29,167,000. Rills payable, rediscounts, acceptances
3734c Apr. 1 Holders of rec. Mar. 19
20c. Apr. 1 Holders of rec. Mar. 19
and other liabilities, average for week Feb. 26, 3615,645.000; Feb. 19, $622,535,000:
Preferred (quar.)
30c. Mar. 15 Holders of rec. Mar. 50 Feb. 11, 3611,265,000; Feb. 5, $601,731,000; Jan. 29. 3598,869,000; Jan. 22, 3614.Walworth Co., common (quar.)
75c. Mar. 31 Holders of rec. Mar. 21
Preferred (quar.)
045,000. Actual totals Feb. 26, $648,529,000; Feb. 19, $611,579,000; Feb. 11,
Wamsutta Mills (quar.)
Mar. 15 'Holders of rec. Feb. 9
*1
$636,917,000; Feb. 5, $603,344,000; Jan. 29, $614,355,000; Jan. 22, $627,857,000.
Wesson 011 & Snowdrift, corn. (quar.).. $I
Mar.30 Holders of roe. Mar. 15
* Includes deposits in foreign branches not included In total footings as follows:
Feb.
28
rec.
Western Grocers, new no par common.. $1
Holders
of
15
Mar.
National City Bank, $231,984,000: Chase National Bank, $12,186,000; Bankers
Wheeling Steel Corp.. el. A pref. (qu.)_ _ *2
Apr. I *Holders of rec. Mar. 12
Trust
Co., $30,864,000; Guaranty Trust Co., $89,129,000; Farmers' Loan & Trust
Class A pref. (acct. accum. clivs.)_ _- - *h60c. Apr. 1 *Holders of rec. Mar. 12
Co., $4,915,000; Equitable Trust Co., $90,776,000. Balances carried in banks in
Class B preferred (quar.)
'234 Apr. 1 *Holders of rec. Mar. 12
foreign
countries as reserve for such deposits were: National City blank, $37,231,000:
Class B pref. (acct. accum. divs.)___ _ *h75c. Apr. 1 *Holders of rec. Mar. 12
Chase National Bank, $1,773,000; Bankers Trust Co., $2,400,000: Guaranty Trust
WIaltaker Paper, pref. (quar.)
131 Apr. 1 Holders of rec. Mar. 20
Co.,
$7,842,000;
Farmers' Loan & Trust Co.. $4,915,000; Equitable Trust Co.,
White Motor Co. (quar.)
Mar. 31 *Holders of rec. Mar. 15
•El
$6,632.000.
Woodley Petroleum (quar.)
15e. Mar.31 Holders of rec. Mar. 15
c
Deposits
in
branches not included.
Woods Manufacturing. Pref. (guar.)...foreign
Mar.
21
131 Apr. 1 Holders of rec.
Wrigley (Wm.) Jr. & Co.(monthly).-.25e. Apr. 1 *Holders of rec. Mar. 20
Monthly
*25c. May 2 *Holders of rec. Apr. 20
The reserve position of the different groups of institutions
Monthly
•250. June 1 *Holders of rec. May 20
Monthly
on the basis of both the averages for the week and the
•25c. July 1 'Holders of rec. June 20
Yellow Taxi Corp.(N. Y.) (quar.)
$1.25 Apr. 1 Holders of rec. Mar. 16
of the week is shown in the
Yellow Truck & Coach. pref. (quite.)
151 Apr. 1 Holders of rec. Mar. 150 actual condition at the end
Youngstown Sheet & Tube. corn. (quar.) 51.25 Apr. 1 Holders of rec. Mar. 140
tables:
following
two
(quar.)
Preferred
131 Apr. 1 Holders of rec. Mar. 14
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE RANKS
unofficial
Sources.
t The New York Stock Exchange has ruled that stock
AND TRUST COMPANIES.
•From
will not be quoted ex-dividend on this date and not until further notice. I The
Averages.
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
11410700
Cash
Reserve
Surplus
Total
in
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
Reserve
Required.
R616708.
In Vault. Depositaries Reserve.
Payable in common stock. p Payable in scrip. h On account of accumulated
preferred
stock.
dividends. m Payable In
Members Federal
559,794,000 559,794,000 560,056,160 -262,160
s Dividend Is four shillings per share.
Reserve Bank__ ..
28,280
9,828,000 6,563,000 16,391,000 16,362,720
I Payable either In cash or In stock at rate of 2 7-100ths of a share of class A stock State banks*
155,750
for each share of original pref. and 4 72-100ths of a share of class A stock for each Trust companies',.. 2,598,000 6.833,000 9,431,000 9,275,250
stock.
preferred
series
share of $7 dividend
--78,130
Total Feb. 26_ _ _ _ 12,426,000 573,190,000 585,616,000 585,694,130
e Payable In common stock at rate of one-fortieth of a share for each share held.
Total Feb. 19 _ _ _ 12,563,000 578,981,000 591,544,000 586,259,010 5,284.990
3,887,930
581,256,000
four
new
Is
shares
594,578,000
590,690,070
dividend
of
13,322.000
common
for
stock
each share
Total Feb. 12. _ _
to Island Creek Coal
Total Feb. 5.... 12,742.000 588.430.000 601,172,000 599.114,770 2,057,230
of common held.
z Dividend is 10 pence per share. All transfers received in order in London on
Not members of Federal Reserve Bank.
or bete- e March 3 will be in time for payment of dividend to transferees.
b This is the reserve required on net demand deposits in the case of State banks
y Class A stockholders in lieu of cash may take additional class A stock at rate of and trust companies, but In the case of members of the Federal Reserve Bank,
one-fortieth of a share for each share held and class B stockholders one-fortieth of a Includes also amount of reserve required on net time deposits, which was as follows
share of class B stock.
Feb. 26, $18,203.160; Feb. 19,848,428,130: Feb. 11.518.313.110: Feb. 5, 518,202,z P. Lorillard stock dividend is two shares of common stock for each 100 shares held. 260; Jan. 29. $17.981,850; Jan. 22, 817,739.540.
MAR. 5 1927.]
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank.
State banks.
Trust companies*_ _ _
Total
Total
Total
Total
9,985,000
2,519,000
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
8
602,195,000 602,195,000 568,961,440 33,233,560
6,539,000 16.524,000 16,536,240
-12,240
6.997,000 9,516,000 9,139.500
376.500
12,504,000 615,731,000 628,235,000 594,637,180 33,597,820
12,473,000 564,042,000 576,515,000 584,102,620 -7,587,620
13,423,000 600,958,000 614,381,000 591,053,010 23,327,990
12,896,000 581,749,000 594,645,000 591,255,030 3,389,970
•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 ineludes also the amount of reserve required on net time deposits, which was as follows:
Feb. 26, $18,165,090; Feb. 19. $18,372,810; Feb. 11. $18,241,710; Feb. 5, 518,365,670; Jan. 29, $18,429,690; Jan. 22, 517,725,890.
Feb. 26_ _ _
Feb. 19_
Feb. 12_ _
Feb. 5_ _
1323
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Mar. 2
1927.
Changes from
Previous Week.
Feb.23
1927.
Feb. 16
1927.
$
$
$
$
Capital
69,650,000 Unchanged
69,650,000
69,650,000
Surplus and profits
92,448,000 Unchanged
92,448.000
92,448,000
Loans,(Melts & invest_ 1,005,631,000 Dec.
341,000 1,005,972,000 1.010,523.000
Individual deposits
669,003,000 Inc.
617,000 668,386,000 682,230,000
Due to banks
139,496,000 Inc. 3,716,000 135,780,000 142,904,000
Time deposits
230,077,000 Dec.
188,000 230.265,000 230,670,000
United States deposits_
10,7.55.000 Inc.
1,000
10,754,000
10,750.000
Exchanges for Cllg Rae
32,551,000 Inc. 5,082,000
27,469,000
29,572.000
Due from other banks
81,501,000 Inc. 2,713,000
78,788,000
81,720,000
Res've in legal deposles
78,919,000 Dec.
320,000
79,239,000
81.174,000
Cash In bank
9,439,000 Inc.
179,000
9.260.000
9,746,000
Res've excess in F.R.Bk
192,000 Dec.
263,000
455.000
835.000
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for the week ending Feb.
26, with comparative figures
City
York
New
panies in
not in the Clearing House as follows: for the two weeks preceding, is
given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State BankineDepartment.)
to be kept with the Federal Reserve Bank. "Cash in vaults"Differences from
Feb. 26.
Previous Week. is not a part of legal reserve. For trust companies not
Loans and investments
51,248,238,900 Inc. $4,679,600 members
of the Federal Reserve System the reserve required
Gold
4,673,700 Dec.
37,600
Currency notes
25,436,600 Inc. 1,269,100 is 10% on demand deposits and includes "Reserve with
Deposits with Federal Reserve Bank of New York
105,549,600 Dec. 1,133,200
Total deposits
1,294,843,700 Dec. 2,916,600 legal depositaries" and "Cash in vaults."
Deposits, eliminating amounts
due from reserve depositaries and from other banks and trust companies in N.Y.City, exchange, and U.S.deposits.1,228,354,800 Inc.
6,839.600
Reserve on deposits
172,180,400 Dec. 3,845,200
Percentage of reserves, 20.4%.
RESERVE.
State Banks
- -Trust Companies
Cash in vault*
$39,049,000 17.20%
$96,610,900 15.69%
Deposits In banks and trust cos_ _ _ 10,433,300 4.60%
26,087,200 4.23%
Total
849,482,300 21.80%
$122,698,100 19.92%
•Includes deposits with the Federal Reserve Bank of New York,
which for the
State banks and trust companies combined on Feb. 26 was $105,549,600.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES
IN
GREATER NEW YORK.
Week EndedOct. 30
Nov. 6
Nov. 13
Nov.20
Nov.27
Dec. 4
Dec. 11
Dec. 18
Dee. 25
Des. 31
Jan. 8
Jan. 15
Jan. 22
Jan. 29
Feb. 5
Feb. 11
Feb. 19
Feb. 28
Loans and
Investments.
Demand
Deposits.
Total Cash
in Vaults.
Reserve in
Depositaries.
$
6.553.253,200
6,615.890,200
6,553,162.600
6.570,297.600
6.599,992,200
6,689,295,600
6,667,713,300
6,664,332,100
6,713,433,300
6,837,671,900
6.954,175.000
6,819,657.900
6.755,555.500
6.710,870.100
6,728,899,400
6,670,129,400
6,657.735,000
8 (192.595 ono
$
5,539,644,900
5,582,041,000
5,511,751,000
5,551,891,300
5,556.678.300
5,716,914,000
5,586,288.800
5,630.977,600
5.636,517,700
5.741,187.400
5.898,416,700
5,789,308,200
5,801,064,500
5,714,684,400
5,721,854,900
5,642,353,800
5,545,046,000
a sto 108 ROO
$
86,186,300
86,272,300
87,381,300
84,480.000
86,468,400
76,615.500
88,536.500
96,557,700
105.590,700
95,908,300
91,552.900
91.267.300
81,093,000
85.754.700
83,192.800
86,676.800
84,366,800
86.470.300
$
717,062,800
723,552,600
721,151,806
724,021.000
728.368,600
734,203,700
726,827,700
738,221,800
734,688.400
761,848,700
786.239,700
757,056,101
746,207,201
731,499,001
731,203.500
721,361,701
726,327,801
715.260101
New York City Non-Member Banks and Trust Companies.-Tho following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in tho "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Mated in thousands of dollars, that is, three ciphers [000] omitted.)
CLEARING
NON-MEMBERS Capital.
Week Ending
Feb. 26 1927.
Members of
Fed'i Res've Bank
Grace Nat Bank.._.
State Banks.
Not Members of the
Federal Reserve Bank
Bank of Wash. 11t.
Trust Company.
Not Member of the
Federal Reserve Rank
Mech.Tr., Bayonne
Loans,
Discounts,
Net
Profits. InvestInertia,
etc.
-
Cash
in
Vault.
Average Average Average Average.
$
$
$
$
1,134
7,592
64
3,867
$
1,000
$
1,950
$
14,205
400
1,028
10,359
877
9,401
270
500
660
Get! aggr.. Feb. 21
1.900
Comparison with prey. week
3,640
33,065 -1,220
--198
--02
Ord agar., Feb. 19
(led &gun. Feb.11
(it'd aggr.. Feb. 5
Or'd aggr.. Jan. 29
3,640
3,640
3.640
3 640
34,163
33,791
33,413
1,900
1.900
1.900
1.900
33.265
Reserve
with
Net
Net
Legal Demand Time
Deposi- Deposits Deposit,.
tortes.
1,312
1,272
1,253
1.219
400
6,682
191
3,234
3.812
5.842
1,725 818,086
--69 --923
12,943
+41
1,794
1,755
1,780
1.766
12,902
12,887
12,845
12 7s9
a19,009
a18,411
aI8,565
al8.323
a United States deposits deducted, $19,000.
Bills payable, rediscounts, acceptances, and other liabilities, 53.428,000.
Excess reserve. $11,480 decrease.
Week Ended Feb. 26 1927.
Two Ciphers (00)
em Wed.
Capital
Surplus and Profits
Loans,
& inveetmls
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Ree've with legal depositsReserve with F. R.Bank
Cash in vault •
Total reserve & cash held
Reserve required
Excess res. dv cash in vault
Membersof
Trust
F.R.System Companies
$50,225,0
152,996,0
939,119,0
37,745,0
103,908,0
132.606,0
636,174,0
153,949,0
922,729,0
68,478,0
9,789,0
78,267,0
69,474,0
8,793.0
$5,000,0
17,812,0
45,886.0
434,0
17,0
973,0
25,668,0
2,308,0
28,949,0
3,617,0
1,426,0
5,043,0
4,043,0
1,000,0
1927
Total.
$55,225,0
170,808,0
985.005,0
38,179,0
103,925,0
133,579,0
661,842,0
156,257,0
951,678,0
3,617,0
68,478,0
11,215,0
83,310,0
. .
9,793,0
Feb 19
1927.
Feb. 11
1927.
$55,225,0
170,808,0
982,495,0
44,300,0
113,461,0
140,666,0
671.367,0
154,687,0
986.720,0
3.729,0
69,844,0
11,043,0
84,616,0
. .
10,693.0
555,225,0
170,808,0
987,132,0
28,701,0
97,751,0
136,465,0
659,923,0
151,368,0
947,756,0
4,030,0
69,439,0
10,961,0
84,430,0
73,788,0
10.642.0
•Cash in vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business March 2 1927 in
comparison with the previous week and the corresponding
date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury
Mar. 2 1927. Feb. 23 1927. Mar. 3 1926.
$
368,796,000 408,877,000 309,315.000
11,070,000
8,003,000
11,813,000
Gold held exclusively agst. F. R. notes_ 380,466,000
Gold settlement fund with F. R. Board
135,788,000
Gold and gold certificates held by bank
515,690,000
416,880,000
151,648.000
501,468,000
321,128,000
244,862,000
363,227,000
1,031,944,000 1,069,996,000
32,059,000
32,652,000
929,217,000
40.616.000.
Total reserves
1,064,596,000 1,102,055,000
Non-reserve cash
20,505,000
21.368,000
Bills discountedSecured by U.S. Govt. obligations.... 86,103,000
62,761,000
Other bills discounted
28,610,000
26.574,000
969,833,000.
23,984,000
Total bids discounted
Bills bought In open market
U. S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
Total gold reserves
Reserves other than gold
131,791,000
40,785,000
114,713,000
79,839,000
89,335,000
53.533,000
172,576,000
67,263,000
3,263,000
15,809,000
38,546,000
2,683,000
14,489,000
36,946,000
1,934,000
38,172,00014.243,000
57,618,000
54,118,000
54,349,000
2,384,000
Total bills and securities (See Note)
252.170,000
196.986,000
296,572,000
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
659.000
168,06'3,000
1,276,000
2,647.000
659,000
141,857,000
16.276,000
2,622,000
749,000
155,005,000
16,666,000
4,565,000
Total U.S. Government securities_
Foreign loans on gold
Total resources
1,524,916,000 1,481,823,000 1,467,374,000
LiabilitiesFed'I Reserve notes in actual circulation. 4
16,331,000 412,668,000 371,283,000
Deposits-Member bank, reserve are't
846,802,000 825,430,000 856,855,000
Government
4,230,000
5,854,000
1,931,000
Foreign bank (gee Note)
2,291,000
1,980,000
1,047,500
Other deposits
8,084,000
9,632,000
9,127,000
Total deposits
862,870,000 838.973,000 871,960,000
Deferred availability Items
144,350,000 128.944.000 127,839.000
Capital paid in
33,795,000
37.208.000
37,360,000
Surplus
59,964,000
61,614,000
61,614,000
All other liabilities
2.416.000
2.533.000
2,391,000
Total liabilities
1,524.916,000 1,481.823.000 1,467,374.000
Ratio of total reserves to deposit and
Fedi lies've note liabilities combined
88.0%
78.0%
83.2%
contingent liability on bills purchased
to foreign correspondence
28,830,000 25,696,000 21,648,000
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 of Federal intermediate credit bank debentures, was changed to "Other
securities." and the caption "Total earning assets" to "Total bills and securities."
The latter term was adopted as a more accurate description of the total of
the die
counts,acceptances and securities acquired under the provisions of
13 and 14
cf tht Federal Reserve Act, which it was stated,are the only itemsSections
included therein.
[Vol.. 124.
TB I CHRONICLE
1324
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Mar. 2,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 showkthe resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table Mowing) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and Iftween the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 12'6 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 2 1927.
Mar. 2 1927. Feb. 23 1927. Feb. 16 1927. Feb. 9 1927. Feb. 2 1927. Jan. 26 1927. Jan, 191927. Jan. 121927. Mar. 3 1926.
$
$
$
S
$
3
S
3
3
RESOURCES.
1,534,183,000 1,560.960,000 1,547,671,000 1,552,632,000 1,552.754.000 1,601.114.000 1.575.495,000 1,523,670,000 1,383.170,000
Gold with Federal Reserve agents
50,723,000
50,318,000
52,63,000
44,528,000
51.921,000
44,346.000
38,751,000
52,926.000
43,204,000
Trees_
Gold redemption fund with U.S.
1,573.988,000 1,433,893.000
Gold held exclusively agst. F. R. notes 1,577.387.000 1,599,711.000 1,592,199.000 1,596,978,000 1,605,680.000 1.653.035,000 1,628.128,0043 555.673,000 688,567,000
633,998,000 621,859,000 616,854,000 610,964.000 594,679,000 507.931,000 503,513,000
Gold settlement fund with F. R. Board
786,382,000 642,324,000
Gold and gold certificates held by banks_ 770,201,000 761,528.000 781,010.000 772.410,000 761,504.000 805,824.000 804,294.000
Total gold reserves
Reserves other than gold
2,981,586,000 2,983,098.000 2,990,063,000 2,980,352,000 2,961.863,000 2.966.790.000 2,935.935,000 2,916,043,000 2,761,784,000
162,328,000 157,938,000 168,013,000 167.906,000 166.786,000 186,072.000 159,566,000 155,054,000 148,754,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3,143,914,000 3,141,036,000 3,158,076,000 3,148,258,000 3,128,649,000 3,132,862,000 3,095,501,000 3,071.097.000 2,913,538,000
65,296,000
81.808,000
81,174,000
74,783,000
74,980,000
66,126,000
79,109.000
71,849,000
66,755.000
248,505,000 210.357,000 230.954,000 202.048,000 203,661.000 189.939.000 201.611,000 254.077.000 319,423,009
186.139,000 187,572,000 165,516.000 177.017,000 189,610,000 175,218.000 214.448,000 236,401.000 263,791,000
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
434,644.000
289,023.000
397,929,000
280.189,000
396,470,000
314,985.000
379,045,000
302,505,000
393,271,000
329,072,000
365,157,000
301,827.000
416,059.000
337.360.000
490.478,000
338,142.000
583,214,000
286,607,000
58,888,000
94.687,000
157,399.000
56.788,000
93,075,000
155,345.000
57,370,000
94,807.000
159.646.000
56,148.000
03,408.000
155,122,000
53,351.000
93.320,000
157,208,000
51,327.000
93.395.000
158,043.000
55,463,000
97.774.000
159,505.000
52.992,000
93,606,000
164,453.000
60,285,000
171,432,000
94,041,000
Total U. S. Government securities
Other securities (see note)
Foreign loans on gold
310.974.000
2,000,000
305,208,000
2,000,000
311,823,000
2,000,000
304,678.000
2,500,000
303,879.000
2.500,000
302.765.000
2,500.000
312,742.000
2,500,000
311,0.51.000
3.500.000
325,758,000
3,150,000
8.700,000
985,326,000 1,025.278.000
658,000
659,000
610,228.000 798,547,000
68.350.000
58,351,000
12,322,000
12,577,000
988,748.000 1,028,722,000
657,000
658,000
581,732,000 636,827,000
58,329.000
58,269,000
12,438,000
12,195,000
972,249.000 1,068.661.04)0 1.143,171,000 1,207,429,000
749.000
657,000
657,000
657.000
627,766,000 722,746.000 706,362,000 711.125.000
59.368,000
58,168 000
58,231,00()
58,258.000
16,918,000
12,108,000
12,189,000
12,053.000
Total bills and seeurities (see note)
Due from oreign banks (see note)
Uncollected items
Bank premises
All other resources
1.036.691,000
659.000
693,213,000
58,381,000
12,735,000
Total resources
LIABILITIES.
F. It. notes in actual circulation
DepositsMember banks-reserve account
Government
Foreign banks (see note)
Other deposits
5,012.298,000 4,874,303,000 5,128.211,000 4.801,946,000 4,937,168,000 4,883.090.000 5,039,023.000 5.073.371,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
4,974,423,000
1,675,354,000
1,716,956,000 1,708,330,000 1,685,431,000 1,894,120,000 1,686,515,000 1,188,485,000 1.709,919,000 1,750,464,000
2,224,329,000
2,231,271.000 2,165,653,000 2,288,588.000 2.221.130,000 2.241.946.000 2,191,753.000 2,243,429.000 2,273.647.000
52,472,000
22,989,000
36.238.000
28,999.000
32.768.000
28,521.100
23,345.000
27,727.000
35,255,000
6,160,000
5,632,000
5,699,000
5,487.000
4,868,000
4,959,000
5,388.000
4.707.000
4,929.600
19,322,000
21,571,000
32,429,000
19,072,000
000
18.631,000
17,612,000
19.846
16,595,000
L8,116,000
2.323,839,000 2.302.283.000
2,289,581,000 2,214.682,000 2,342,343,000 2,267,046,000 2.298,211.000 2.245.311.000 2.317,795.000 635,148,000 644,103,000
639.342.000 584.874,000 734.963,000 538.629,000 587,680,000 584.540.000 696,976.000
125,066,000 119.721,000
126,788,000 126,509,000 126.0)49,000 125,825,000 125,748.000 125,523.000 125.480.000 228.775,0(0) 220,310,000
228.775.000
228,775,000 228,775.000 228.775.000 228.775.000 228.775,000 228,775.000
12,652,000
10.079.000
10,078,000
10,456.000
10,239,000
10.551,000
10.600.000
11,133,000
10.856,000
5,039,023.000 5,073.371.000 4,974,423,000
Total liabilities
5,012,298,000 4,874,303,000 5,128,211,000 4,864.946,000 4,937,168,000 4.883,090.000
Ratlo of gold reserves to deposit and
69.5%
71.6%
72.9%
75.4%
74.3%
75.2%
74.2%
76.0%
F. R. note liabilities combined
74.4%
Ratio of total reserves to deposit and
73.2%
75.4%
76.9%
79.6%
78.5%
79.5%
78.4%
80.1%
78.5%
F. It. note liabilities combined
Contingent liability on bills purchased
82,408,000
86.273,000
90,382,000
94,674,000
77,780,000
91,978,000
02,320.000
92.002.000
95,834,000
for foreign correspondents
-------8
$
$
$
$
$
5
$
$
Distribution by Maturities147,001.000 130,158,000 110.558.000
1-15 days bills bought in open market. 142.585.000 140,345.000 175.233,000 137.494.000 153.851.000 123,999.000 310,773,000 382,115.000 465,043,000
206.642.000
296.490.000
28(1,204,000
310,434,000
347.005.000 309,200,000
1-15 days bills discounted
18,000
5,676,000
1,564,000
4,360.000
1,829,000
1-15 days U. S. certif. of Indebtedness_
1-15 days municipal warrants
55,568,000
78.201.000
71,170.000
72.313.006
93.787,000
95.699.600
68,623,000
01.531.000
18-30 days bills bought In open market
65,828,000
28,917,000
28,768.000
21.613.000
25,269.000
26.748,000
26,493,000
23.741,000
26,246,000
24,462.000
16-30 days bills discounted
16-30 days U. S. certif. of Indebtedness_
16-30 days municipal warrants
84,340,000
95.654,000
90.754,000
81.778.000
98,816.000
49,505.000
60,322,000
51,939,000
55.236,000
31-60 days bilis bought In open market_
47,586,000
95,400.000
93,411,000
41,069,000
38,881,000
36,305,000
34,118.000
35,922,000
35,088,000
31-60 days hills dIscounted
81-60 days U. S. certif. of Indebtedness_
81-60 days municipal warrants
31,508,000
27,344.000
21,060,00))
17.618.090
15.775.000
18,734.000
16.810.000
23,234,000
21,815,000
61-90 days bills bought in open market_
30,700,000
24,270,000
24,948,000
22,479,000
19,498.000
21,670.04)0
21,560,000
17,628.000
18,368,000
61-410 days bills discounted
5,421,000
61-90 days U. S. certif. of Indebtedness_
81-90 days municipal warrants
4,633,000
6385,000
7,375,000
6.119.000
4,302.000
4.721,000
2.890.000
3.140,000
Over 90 days bills bought in 0Den market
3.561,000
10,068.000
9.835.000
9,814,000
8,079.000
9.668.000
8,39:1.000
9,592.000
8,933.000
9,361,000
Over 90 days bills discounted
94,023,000
158,777.000
157.941,000
155,286.000
149,701.000
158,043,000
157.208,000
155,345.000
Over 90 days certif. of indebtedness
155.570,000
Over 90 days municipal warrants
.
.
2,839.467,000
2,967,911.000 2.983.478,000 3.002.781.000 833.374,000
F. R. notes received from Comptroller- 2,917,319,000 2.928.346,000 2,940,114,000 2,948,063.000 2.9-54.5-51.009
792,378.000
845,078,000 861,698,000 870,288.000 871.288.000 865,848,000 855.743,000 820.473,000
F. R. notes held by F. It. Agent
2,210,403.000 2,006,093,000
2.072.241,0002,04)6,648,000 2.069.846.000 2,076,775.000 2,088,703,000 2,112.168,000 2,163,005,000
Issued to Federal Reserve Banks
How Secured367,952,000 362,953,000
By gold and gold certificates
Gold redemption fund107,685,000 101,470,000
il "ea eAn nitn I nna It•I” nnn
A
.. 'V,
nr.64 r.,..1_1,.......1 l>.
By eligible paper
700,594,000 654,539,000
357,928,000 357.927.000 357,927,000 321,246,000
101,953.000 109,744,000
96,904.000 102,401,000
. .”-r a,e, 'Ann
,son non 1 AO A nal Ann I
689,500.000 666,719.000 '
699.440,0001 651.717,000
1 !tea
306.280.000
105,659.000
con 000 1
733,268,000i
1 "VI
306.281.000
106,287.000
111 1(12 000
812.610.000
310,846,000
101.140.000
968.181.000
835,59.2,000
2.308.7(11,000 2.336.280,000 2,218,762,000
2 234 777 000 2 215 499.000 2.237,261.000 2.219.351.000 2 247 194 000 2 252 931 000
balance)! held abroad am amounts due
NOTE.-Beginolne with the statement of Oct. 7 1925 two new items were added in order to show separately the amount of
Intertnediate Credit Bank dettentures, was changt91 to
to foreign correspondents. In addition, the caption, "All'
other earning assets," Previously made up or Foreign adopted DA a more accurate description of the total of
"Other securities,- and the caption... "Total earning assets" to "Total bills an. securities.- The latter item was
was stated, are tile only Items Included
the discounts, acceptances and securities acquired under the provisions Of Sections 13 and 14 of the Federal Reserve Act, which. It
thereln.
CLOSE OF BUSINESS MAR. 2 1927.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OP THE 11 FEDERAL RESERVE BANKS AT
Total
Two ciphers (010 Omitted.
Federal Reserve Bank of-
Total.
City Dallas. ,San Fran
Cleveland. Richmond Atlanta, Chicago, St. Louis. MinneaP. Kan.
$
$
$
3
S
$
RESOURCES.
$
$
3
5
$
$
$
64.382,0 36,485.0 181,001,0 1,534,183.0
Gold"with Federal Reserve Agents 103,247,0 368,796,0 115,822,0 177,086,0 67.623.0 151,626,0 177,425,0 29,752,0 60,958.0 3,108.0 1,252.0 1,786,0
43,204,0
1.462,0
1,204,0
11,670,0 6,153,0 4,909,0
698,0 2.237,0 4,107,0
Gold redo fund with U.S. Treas. 4,618,0
62,420.0 67,470.0 37.737,0 182,787.0 1,577,387,0
Gold held excl. agst. F.R. notes 107.865,0 380,466,0 121,975.0 181.995,0 68.321,0 153.863,0 181,532,9 30,956.0 16,573,0 31,156,0 24,469.0 27,081,0 633,998.0
21,709,0
Gold settle't fund with F.R.Board 43.828,0 135,788.0 57,011,0 82,606.0 19.920.0 31.584,0 142,183,0
6,477,0 7,523.0 8,694,0 28,811,0 770,201.0
15,536,0
33,172,0
56.994,0
515,690,0 27.449.0 53,008,0 12,049.0 9,198.0
Gold and gold certificates
2,981.588,0
184,865,0 1,031,949,0 206,435.0 318,209,0 100,290.0 180.045.0 380,709.0 68,201,0 85,470,0 106,149.0 70,900,0 238,679.6 162,328,0
Total gold reserves
5,032,0 8,218.0 8,585,0
19,835,0
32.652,0 4,649,0 12.857.0 10.577,0 11,264,0 25,757,0 18,815,0 4,087.0
Reserves other than gold
3,143,914,0
204,700,0 1,064,596,0 211,084.0 331.156,0 110,867,0 200.969,0 406,466,0 87,016.0 89,557,0 111,181,0 79,118,0 247,264,0
Total reserves
66,755,0
956,0 1,896,0 2,298,0 3,443,0
7,773,0
20,505.0 1,908.0 4.883,0 5,794,0 3,918,0 9.122,0 4,259,0
Non-reserve cash
Bills discounted:
35,448,0 248,505.0
394,0
677,0
2,207,0
7,915.0
18,824,0
579.0
86,103,0
20,696,0 23,782,0 7,248,0 2,633,0 42
186,139,0
See. by U. S. Govt. oollgations 15,660,0
28,610,0 13,633.0 12,790,0 16,349,0 27,254,0 32.2
5 7,0 8.592,0 2,915.0 5,306,0 2,127.0 20.646,0
Other bills discounted
434,644,0
56,094,0
2,804,0
7,513.0
3.309,0
16,507,0
34.484.0 114.713,0 34.329,0 36,572,0 23,597,0 29.887,0 74,835,0
289,023,0
Total bills discounted_
79,839,0 17,138,0 27,223,0 10,664,0 12,230,0 34,136.0 8,658,0 9,619,0 12,694,0 9,872,0 26,682,0
90,268,0
Bids bought In open market
58,888,0
825,0
U. S. Government securities'
9,142,0
6,249,0
7,783,0
3,263,0
708,0 2,665,0 1,337,0
1,478,0
240.0 20,587,0 4,611,0
94,687,0
Bonds
15,809.0 15,723,0 11,945,0 1,649,0 1,577,0 7,528,6 7,957,0 2,449.0 5.366.1) 5.071,0 16.859,0 157,399,0
2.754,0
21,191,0
Treasury notes
12,932,0
13.561,0
6,249,0
9.966,0
38.546,0 3,497,0 21,988,0 4.073,0
6.366.0
404,0 18.626,0
Cert ficates of indebtedness571118.0 19 0212 r RA cos n 7 ngn n 0 nni n An 7,11 n 00 n/1 n 16 401.0 23 039 0 24 202 0 33.875.0 310.9745
in 6o9.))
Total U. S. Govt. securities __
Boston.
New York.
Phila.
MAR. 5 1927.]
THE CHRONICLE
RNSOURCES (C0,1(111,
1*(1)Two ciphers (00) emitted.
Boston.
New York.
$
$
S
2,000.0
Other securities
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
Al. other resources
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Kan. City Dallas. San Fran.
$
$
$
$
$
$
$
$
$
Tao,
$
2,000,0
85,350,0
252,170,0 73,395,0 100,393.0 41,320,0 44,338,0 155,712,0 47,699,0 29,409,0 48,276,0 36,928,0 121,651,0
1,036,641,0
659,0
659.0
168,063,0 60.320,0 67.820,0 54,280,0 26.821.0 93,372.0 33,310,0 12,058,0 45,246.0 29,386.0 38,454,0
16,276.0 1.711,0 7.118,0 2,149.0 2,894.0 7,900,0 3.956,0 2,774.0 4,459,0 1,752,0 3,446.0 693.213,0
58.381,0
2,647,0
434,0 1,065,0
2,138,0
472.0
752.0
832,0 2,229,0
534,0
412,0 1,150.0
12,735,0
365,922,0 1,524,916.0 348.852,0 512,435,0 214,882,0 279,632,0 674,710,0 177,072,0 136,983,0 211.592,0 149,894,0
415,408,0 5,012,298,0
64,083,0
3,946,0
70,0
Total resources
LIABILITIES.
F. It. notes In actual circulation_ 127,950,0
Deposits:
Member bank-reserve seal 141,010,0
6,826,0
Government
403,0
Foreign bank
151,0
Other deposits
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
Phila.
1325
416,331,0 118,936,0 204,491,0 73,346,0 164,986.0 217,752.0 44,749,0 64,092,0 68,327,0 41,887,0
174,109,0 1,716,956,0
846.802,0 135.971,0 203,028.0 69,884,0 69.135,0 317,365,0 79,423.0 48,674,0 87,136.0 62,642,0 170,201,0
2,231.271.0
5,894.0 2,796,0 2,615.0
937.0 4,001.0 3,656,0 2.632,0 1,404.0 1,030,0 1,291,0 2,183,0
35,265,0
1,047,0
515,0
569,0
279,0
220,0
741,0
231,0
161,0
199.0
188.0
376,0
4,929,0
9,127,0
183,0 1,290,0
175,0
440,0 1,150,0
415,0
162,0 1,063.0
179,0 3,781.0
18,116,0
862,870.0 139,465,0 207,502,0 71,275,0 73,796,0 322,912,0 82,701,0 50,401.0 89,428,0 64.300,0
176,541.0
144,350.0 55.988,0 61,705,0 51,162.0 25,741,0 82,829.0 33,616,0 10,987,0 40,121.0 30,766.0 39.340.0 2,289.581.0
639,342,0
37,366.0 12,883.0 13,854,0 6,169,0 5,031,0 16,945,0 5,290,0 3,021,0 4,157,0 4,304.0
61,614,0 21,267,0 23,746.0 12,198,0 9,632,0 31,881,0 9,939.0 7,527,0 9,029.0 8,215.0 8.886.0 126,788,0
16.121.0 228,775,0
2,391,0
313,0 1,137,0
732,0
446,0 2,391,0
777,0
955,0
530,0
422.0
411.0
10.856,0
148,390,0
62.737,0
8,888,0
17,606,0
351,0
365,922,0 1.524,916,0 348,852,0 512,435,0 214,832,0 279,632.0 674.710,0 177,072,0 136,983,0 211,592,0 149,894.0
Total liabilities
415,408,0 5.012,298.0
Menioranda.
Reserve ratio (per cent)
74.1
83.2
81.7
80.4
76.7
84.1
75.2
68.3
78.2
70.5
74.5
70.5
78.5
Contingent liability on bills purchased for foreign correspontrts 6,951,0
28,830,0 8,897,0 9,823,0 4,819,0 3,800,0 12,789,0 3,985,0 2.780,0 3,429,0 3,244,0 6,487,0
95.834.0
reed
(notes
F. R. notes on hand
from F. R. Agent less notes In
en•eotariont
26.184.0 107804.0 43.336.0 24 148 n 15 040 n 24 232.0 47.071.0 3.698.0 4.610.1) 12.602.0 5.968.0
39.136.0 355 28511
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS MAR. 1927.
2
Federal Reserve Agent at-
Boston.
New York.
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis. Minrusap. Kan. City
Dallas. San Fran.
Total.
(Two ciphers (00) omitted.)
$
F.0t.notes reed from Comptroller 250,134.0
F.R.notes held by F. R. Agent__ 96,000.0
$
$
$
$
$
$
$
$
$
$
$
$
816,215,0 194,322,0 272.679,0 115.246.0 253,443,0 420,023,0 71,067,0 87,144.0 107.699,0 66,602,0 262,745,0
2,917,319,0
292.080,0 31,500.0 44,040,0 25,954,0 64,225,0 155,200,0 22,620,0 18,442,0 26,770,0 18,747.0 49.500.0
845,078,0
F.R.notes Issued to F. it. Bank 154,134,0
Collateral held as security for
F. It. notes issued to F. R. Bk.:
Gold and gold certificates__ 35,300,0
Gold redemption fund
13,947,0
Gold fund-F.R. Board
54,000,0
Eligible paper
74,752,0
524,135,0 162.822,0 228.639,0 89,292,0 189,218,0 264.823,0 48,447,0 68,702,0 80,929,0 47,855,0 213,245,0
2.072,241,0
Total collateral
177.999.0
210,080,0
8,780.0 28,305,0 15,422,0
7,750.0 13,507.0
22,716.0 11,94.5,0 13,306.0 4.818.0 9,204.0 2.425,0 2,702.0
1,451,0 4,502,0
136,000,0 103.877,0 155,000.0 34,01.0.0 127,000.0 175,000,0 19,300.0 46,000,0 59,860.0
179,497,0 47,627,0 62,621,0 33,755,0 41,574,0 108,413,0 24,767,0 12,547,0 19,964,0
548.293.0 16:3.449.0 239.707.0 101,378.0 193.200.0 285.839.0 54.519,0 73,505,0 84,326,0
18.308,0 30.000.0 367.952,0
5,177.0 15,492,0 107.685,0
13,000A. 135.509.6 1,058,546,0
12,574,0 82.503,0 700,594,0
49,059,0 263,504.0 2,234.777.0
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 675 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figure,'
for the latest week appears in our department of "Current Events and Discussions," on page 1287
1. Data for all reporting member banks In each Federal Reserve District at close of business FEBRUARY 23 1927. (Three ciphers (000) omitted.)
Federal Reserve District.
Boston. New York
Number of reporting banks
Loans and discounts, gross:
Secured by U.S Gov't obligations
Secured by stocks and bonds.__
All other loans and dIscounts
Total loans and discounts
Investments:
U. S. Government securities._
Other bonds, stocks and securities
Total Investments
37
I'SCa.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Nan. CO* Dallas. San Fran.
31
24
66
$
5.342
151,789
365,605
$
19.428
5.626
109.735 859,809
386,104 1,261,937
$
4,808
187.067
303,664
$
3,361
80.239
156,081
$
4,341
111,661
302,696
2,446
78.679
248,545
522,736
501,465 2,141,174
495,539
239,681
418,698
329,670 1,314,613 14,146,670
40,604
61,254
284,411
467,495
72,323
122,120
65,285
53,336
102.664
96,605
137,667
101,858
751.906
194,443
118,621
199,269
660,403
42,156
15,720
384,269
214,114
2,875
52,824
110,934
603,323 2,893,030
41.492 216,096
47,119
12.370
341,552 1,758,689
232.448 1,055,715
6,724
9,442
74,938 227,116
120,431 501,071
689,982
48,514
8,067
403,851
233,857
2,763
64,816
147,797
358,302
25,073
6,519
216,944
124,538
533
47,446
93,428
617.967
58,460
12,987
501,973
147.754
1,447
134,891
221,385
49
72
67
3
I
52.404
7,475
330,347 2,230.788
637,571 2,772,144
3
10,292
416,894
369,647
$
21,076
552.311
782.145
975,393 5,055,336
796,833 1.355,532
134,656 953,396
256.029 1,223,219
86,953
281,722
262,446
364,272
390,685 2,176,615
368,675
626,71.8
Total loans and Investments_ _ _ 1,366,078 7,231,951 1,165,508 1,982,250
Reserve balances with F. R. Bank__
90,614 719.846
82,899 126,173
Cash in vault
19.022
76,246
16.988
32,869
Net demand deposits
887,57311.434,685 778,126 1,028,861
Time deposits
421,226 1,387,893 253,216 825,348
Government deposits
10,095
31,111
14,759
8,302
Due from books
52,752 128,280
61,095 101,170
Due to banks
136,641 1,164,654 170,995 238,983
Mils pay. & redis. with F. R. Bk.:
Secured by U.S.Gov't obligatlone
3,058
50.005
3,665
18,838
15,925
All other
14,010
4,781
11,019
_
12
002
fir.
05
sans
on
F.R.Bank
or.,
borrowings
from
Total
Total.
97
92
65,337
72,330
35
S
74
10,653
23,335
17,176
2,490
5.175
1,154
3,647
1,010
,r. n,,,,7,74. nn,
Ar rl,
,
rye
1 1mA
A AM,
3.047
7,633
S
44
61
675
$
$
5,759
142.358
334.620 5,443,939
974,234 8,560.373
52,189
23.534
239,901 2.360.165
232,503 3,254.419
75,723
472,404 5,614,584
405.393 1,787,017 19,761.254
31,369 106,059 1,588,791
11,357
23,562
282,826
285.245 796.592 12,818.360
108,479 950.838 5,955.426
3,312
12,206
103,569
64.575 161,597 1,171.490
109,020 237,562 3,252,901
925
813
I T/Q.
33.128
6,418
147,212
95.767
nn MAA
nAn n,n
•Not available.
2 Data of reporting member banks In New
York City, Chicago, and for the whole country.
All Reporting Member Banks.
Feb. 23 1927.
Reporting Member Banks in N. V.
Reporting Member Banks in Chicago.
Feb. 16 1927. 1 Feb. 24 1926. Feb. 23 1927. Feb. 16 1027.!Fek 24 1926. Feb. 23
1927. Feb. 16 1927. Feb. 24 1926.
Number of reporting banks
675
6771
716
54
54
61
451
45
L08118 and discounts, gross:
46
•
$
$
Secured by U. S. Gov't obligations
142,358,000
144,660,0001
167,375,000
52,476,000
49,623.000
54.458,000
12,318,0001
12,200.000
Secured by stocks and bonds
5,443.939,000 5,426,725,000 5.427,270.000 1,921,600.000 1,907,263,000
14,504,000
2,087,335,000
646,078.000 659,730.000 615,730,000
All other loans and discounts
8,560,373,000 8,552,390,000 8,335,753,000 2,432,853,000 2,445.576,00
.109,000 701.220.000 684,570.000 674,695,000
02'284
Total loans and discounts
14,146,670,000 14,123,775,000 13,930,398,000 4,404,076,000 4.405,315,000
4,425,902,000 1,359,616,000 1,356,500,000 1,304,929,000
Investments
U. S. Government gentrifies
2,360,165,000 2,364,705,000 2,520,933,000
Other bonds, stocks and securities_ 3,254,410,000 3,238.570,000 2,971,164,000 861,540.000 855,525,000 934,974,000 155,583.000 153,133.000 176,318 000
896,889,000 890,701,000 857,663,0GO 225.092.000
223,980.000 200.513.000
Total Investments
5,614.584,000 5,603,275,000 5,492,097,000 1,758,429,000 1,746,220,000
1.792,637,000 380,675.000 377,113,000 376,831.000
Total loans and Investments
19,761,254,000 19,727,050.000 19.422,495,000 6,162,505,000 6,151,541,000
Reserve balances with F. It. 13anks
1,588,751,000 1,701,438,000 1,636,439.000 658,714.000 715,036,00016,218,539,000 1,740,291,000 1,733.613,000 1,681,760.000
697,885.000 150.884,000 179,120.000 162.017.000
Cash in vault
282,826.000
.224,000291,163,000
.
22,477 000
19.760.000
22.090,000
Net demand deposits
12,818,360.000 12,939.058,000 12,935,088.000 4,857,947,000 4,920,464,000
5,045,236.000 1,178 414 000 1,189.728.000 1,152.432.000
Time deposits
5,955,426,000 5,902.012,000 5,437,358,000 930,547,000
934,590,000
516.494.000
802,093,000
Government deposits
103,569.000
101,790,000
201,018,000
28,791.000
28,791,000
12,947,000
49,995.000 527
Due from banks
4:0g:28 521:Vg:Sta
1,171,490,000 1,193,804.000
88.086,000
99,769,000
93,301,000 143,551.000 148,484,000 152,583,000
Due to honks
3,252,901,000 3,343,966,000
1,106,089,000
1,108,408,000
1.063,108,000 359.851,000 373,752,000 384.405,000
}Mlle payable and rediscounts with
Federal Reserve Banks:
Secured by U. S. Gov't obllgations
166,015.000
147.212.000
223,943,000
40,800,000
61,900.000 115,532,000
15,438.000
6,415,000
5,420.000
All other
*76,414,000
95,767,000
138,718,000
13,154.000
9.000,000
5,796.000
3,719,000
4,785,000
26,394.000
Total borrowings from F. R. bks__
242.979,000 *242,429,000
362,661,000
53,954,000
21,234.000
70.900,000 141,926,000
10,134.000
-----------10,205.000
Loans to brokers and dealers (secured by stocks and bonds) made by
reporting
member banks in New York City:
For own account
856,066,000 815.422,000 1,149,391,000
For account of out-of-town banks.............................
.......... 1,106,654,000 1,123,046.000 1,342,665,000
For account of others
799,434.000 780,166,000 617,275,000
Total
2,762,154,0502,718634000 3.169,331,000
On demand
2,108,658.000 2,069,796,000 2,139.272,000
On time
653.496,000 648 838 000 970 059 000
•Revised figural,
[VoL. 124.
THE CHRONICLE
Nanittre
1J5 azettto
New York City Banks and Trust Companies.
AU prices doltars per share.
Ask. Trust Cos. Bid. Ask.
655
New York.
255 Am Ex Iry Tr. 324 327
Bank of N
i Ban Trus
510
3
e t Co 765 775
s
&Banker
709 714
516 Bronx Co 'Tr_ 335 350
160 'Central Uni0 985 992
320 330
365 ,County
875 378
548 Empire
725 ;Equitable Tr_ 303 308
168 'Farm L & Tr_ 562 587
1.
Jan.
Since
Range
Week.
Range for
Sales
STOCKS.
303 810
800 'Fidelity T
for
Week Ended March 4.
440 1175
595 Fulton
398
Highest.
Lowest.
Highest.
Week.
200 ,Guaranty Tr_ 480 483
270
205 210
200 'Interstate
855
Par. Shar $ per share. $ per share. $ per share.S per share.
Railroads—
328 'Lawyers Trus
Feb
M 220
10 212 Mar 3212 Mar 3 212
Alb'y & Susquebannal00
583
578
'Manufacture
900
14
,
.1
Mar
40 6994 Mar 2 70 Mar 2 6934 Ja 70
Ann Arbor pref
100
217 298
140 "Murray Hill
305
Mar
Feb 107
Buff Rock & Pitts pf.100
10 107 Mar 1 107 Mar 1 103
(W
'Mutual
280
Mar
10194
Feb
4
9834
Carol Clinch dr0stpd100
3010134 Mar 3 101% Mar
225 250
cheater)
310
549
Feb
Chic Ind & Louisv Pf_100
100 74 Mar 3 74 Mar 3 70% Ja 74
554 553
_ N Y Trust
Feb
Jan 66
ChieSt Paul Min dr 0100 250 60 Mar 2 61% Feb 28 55
195 210
Tr_
Terminal
395
ioo
Feb
125
Ja
Preferred
4012234 Mar 3 125 Feb 28 110
100
285 Times Square 133 136
820
Feb
Fe 75
Cleve dr Pitt8burgh___50
100 73 Feb 28 73% Feb 28 73
Title Go & T 688 694
375
162
Jan
82
Ja
2
80
Mar
80
Cuba RR pref
100
20 80 Mar 2
298 U SMtg &'Tr. 410 415.
380
Feb 2634 Jan
Havana & Elec Ry Ms• 500 25 Feb 28 25% Mar 1 25
330 United Stated 1930 1960
250
9534 Jan
M
Preferred ctfs
* 400 93 Mar 1 94% Feb 28 93
550
Weetcheet'r
Mar
80
Jan
4
79
III Cent Leased Line_100
30 7934 Mar 1 80 Mar
Brooklyn.
202
634 Feb
Ja
Iowa Central
100 200 3 Mar 1 3)1 Mar 3 1
830 840
1Brooklyn......
Feb
200
Feb
23-4
1
26
Feb
2%
26
Feb
Min & St L ett
100 1,200 2
'Kings County 2150 2300
Feb
NY & Harlem
30 17034 Mar 3172 Mar 2 17034 M 179
50
260 275
Midwood
Mar'
N Y Lack & Western _100
10 107 Mar 4 107 Mar 4 10334 Ja 107
Mar
81
Ma
81
1
Mar
1
81
Ex-stock div.
10 81 Mar
Northern Central_ _ _ _50
•Banks marked (*) are State banks. I New stock. s Ex-div.
Feb
Ja 62
40 50 Mar 1 50 Mar 1 46
Pacif COWIE 1st pref_ _100
Jan y Ex-rights.
ii 14836 Feb 28 14834 Feb 28 148% Feb 150
Pitts Ft W & Chic pf 100
Ii 62 Mar 2 64% Mar 1 6119 Fel 65% Feb
Twin City Rap Trans100
Industrial & Misc.
Feb
United States Liberty Loan Bonds and Treasury
100104 Mar 4 104 Mar 4 103% Feb,108
Amalga Leath pref_ _100
Feb
Febl 92
100 9194 Feb 2 91% Feb 28 91
Am Chicle Prior of ctfs..*
the New York Stock Exchange.
Jan Certificates on
107
Feb
101)4
4
Mar
104%
4
Mar
10494
1
American Plano pref_100
Mar —Below we furnish a daily record of the transactions in Lib80133% Feb 26 135 Mar 3 133% Feb 135
Am Radiator pref___100
220 9834 Feb 28 99% Mar 3 94% Jan 9934 Feb erty Loan bonds and Treasury oertificates on the New York
American Snuff pref _100
Feb
110
Am Type Founders pf100
16010834 Mar 2 110 Feb 28 107% Feb
Jan 5934 Feb Stock Exchange. The transactions in registered bonds are
100 53 Mar 3 53 Mar 3 40
Barnet Leather
100
Feb given in a
101
Feb
97
28
Feb
101
28
Feb
100
20
footnote at the end of the tabulation.
100
Preferred
Mar
Jan 104
170103 Feb 26 104 Mar 3 101
Bayuk Bros 1st pref_ 100
Feb
Jan 50
20 4836 Feb 28 50 Feb 28 44
Blumenthal de Co pref100
Mar.4.
100 3 Mar 1 3 Mar 1 2% /an 3% Feb
British Emp St 2d pf_100
Feb Daily Record of II. S. Bond Prices. Feb.26.Feb.28. Mar. 1. Mar.2. Mar. 3.
Jan 109
110 106 Feb 2 107 Feb 26 106
100
Byers & Co pref
Jon
900 9 Mar 1 934 Feb 26 7% Jan 9% Feb
Central Leather etfs 100
High 101"ss 1011•31 10110n 10164,2 101442, 101",t
First Liberty Loan
62%
28
Feb
100 6,3001 6134 Mar 2 62%
Preferred aft;
33-4% bonds of 1923-47_. Low. 101"n 101"n 101"ss 101"ss 101"ss 101"ss
Mar
Feb 45
Chicago Yellow Cab _ _• 2001 45 Mar 3 45 Mar 3 43
(First314s)(close 10111s• 10111n 10110$s 101118 10111n 10111s•
Jan
16
8
7
50
2
Consolidated Gas Rts -.108300 394 Mar 2 4% Feb 26 3% Feb 4%
51
Total sales in $1,000 units._
Jan
%
Mar
%
% Feb 26
Si Mar
109300
Preferred Rts
____ 101
- -- --- Converted 4% bonds of1H igli
Mar
Jan 125
-_._
110 124 Feb 28 125 Mar 1 20
101
..___
Continental Can pref 100
-....
-.
Low_
_
1932-47 (First 4s)._ _
Jan
Jan 91
-___
Crown Wmtte 151 pf.--• 400 90 Mar 1 90% Mar 2 90
Feb 109% Jan
40 104 Mar 2 107 Mar 1 103
2
------Cushman's SODB pf 8% •
-----.
_
units_
---Toed
$1.000
in
sales
Jan
20108 Mar 4 108 Mar 4 106)4 Jan 110
100
7% preferred
Converted 434% bondsrigh 103",2 1034412 103"st 103"s2 10344,2 103ust
Feb
109
100
Deere & Co pref
10010634 Mar 1 10634 Mar 1 105)4 Jan 106%
of 1932-47 (First 4100 Low_ 103"ss 10314, 1031111 103",,103",, 103"ss
Feb
Jan
40 104 Feb 28 104 Feb 26 101
Devoe & Reyn'ds 1 p1100
Close 10311n 103uss 103":, 103"ss 10344,2 10344,1
Feb
Feb 118
7
28
1
3
80115 Feb 28 118 Feb 26 115
Diamond Match100
14
2
Total sales in $1,000 units.-Jan
123
Eastman Kodak pref_ 100
---- -- -- -4011934 Mar 1 120 Mar 2 119% Jan 95% Feb
---- ----- Second Converted 494% High
Jan
100 9234 Mar 3 92% Mar 3 89
Eisenlohr dr Bros pre!100
bonds 01 1932-47(First Low-- - --- -- - - --- --'—
JaB 1139 Mar
-Elk Horn Coal Corp._ _* 1,400 10 Mar 1 11% Mar 3 9
Close
Second 434s
Mar
Feb 25
---____
120 23 Mar 1 25 Mar 4 21
------50
Preferred
---____
Total sales in $1,000 units___
Feb
309
Mar
35%
3
--Mar
3534
____
3
Mar
•
400
---3534
-Emporium Corp
-{High
Feb Second Liberty Loan
• 100 13 Mar 1 13 Mar 1 12% Jan 14
Fifth Ave Bus
10 114 Feb 26 114 Feb 26 09% Jan 114% Feb
Franklin-Simon pref.100
Close
(Second 4a)
Jan
Jan 125
40 123 Mar 3 124 Mar 2 20
•
Gen Baking pref
- - --- -_-_-_,--- Total sales in $1,000 units .
---_ _
.- - -Ja 42% Feb
100 4234 Mar 1 42% Mar 1 39
Gen Gas & Elec el B_ _..•
igh 100"ss 100"s• 10021,• 1002231 100",, 100"ss
bondsr
Converted
4%
%
Mar
Mar 90
100 90 Mar 3 90 Mar 3 90
Glidden Co Prior pf.100
of 1927-42 (second
Low. 10020ss 100"ss 1001•19 10010n 1002191 100"n
Feb
100%
95%
Jan
70 98 Feb 28 98 Feb 26
Guantanmo Sugar pf _100
494s)
Close 10011n 10010n 10010n 10020s• 1001•st 100"os
Feb
66
82
Gulf States Steel lpf.100
19
3010534 Mar 1 105% Mar 1 99% Jan 106
61
52
198
Total sales in $1,000 units.__
Feb
Feb 104
110 100 Mar 2 101% Mar 3 100
Hayes Wheel pref._ _100
Third
Liberty
High 101"ss 101442 101"42 101"s2 10144,2 101",t
Loan
Feb
127
101"ss
101"ss
Helme(G W)pref._ _100
20 12334 Feb 26 127 Feb 28 118%. Jan
10111ss
101141
101"n
10110,1
%
Low.
1928._
of
bonds
434
Jan 9334 Mar
Indian Motorcycle p1100
10 9334 Mar 1 93% Mar 1 92
(Third 439s)
Close 10111,1 10144,2 10164s, 101",, 10114,2 101",t
Jan
Jan 72
33
Internal Salt
30
30 70 Feb 28 70% Mar 4 65
36
100
7
33
22
Total sales in $1,000 units__
Mar
Feb 120
Jones& L Steel pref.. _100
23011934 Feb 26 120 Mar 2 117
Fourth
Dile; 103":, 103"22 103",, 10346,2 10344,2 103ss
Liberty Loan
Feb
Kayser dr Co pref
• 200121 Feb 28 121 Feb 28 111% Jan 121% Feb
10346,2 103":, 103"s2 103",, 103",t
%
4
103"ss
%
bonds
1933-38_4Low_
of
39
% Feb 26 1-16 Feb
10,900 1-16 Mar 3
(Stock) Rts
(Close 1031721 103"ss 10311s 103"ss 1031% 103"ss
(Fourth 414s)
34 Feb
% Feb 26 1-16 mar
129
5,300 1-16 Mar 1
(Bond) Rts
'30
230
91
145
371
Total sales in $1,000 units. _ _
Feb 8694 Jan
140 81 Feb 26 83 Mar 2 80
Kinney Co pref
100
High 11144,2 11114,2 11114,2 1114122 1111419 111"st
Treasury
Mar
Jan 6494
Kress Co new
11111ss
• 800 6134 Feb 26 64% Mar 4 59
11111n
111"ss
11111s•
111"n
419s. 1947'52
Lew_
111"ss
Mar
Jan 108
10108 Mar 4 108 Mar 4 105
Kuppenheimer pref _100
Close 11111n 11144,2 1114422 111"ss 111642 111"1,
Jan
Ma 75
60 Feb 28 55
290 55 Mar
McCrary Stores C A__
3
8
5
40
1
Total sales in $1,000 units__
81
Jan
McCrory Stores pref_100 1,100 99% Mar 4 100 Feb 26 9934 Mar 116% Feb
{High 1076:2 1074,2 107422 1074,s 1074ss 1074si
Jan 14234
1071n
Macy Co
• 1.00013594 Mar 4 140% Feb 28- 124
1074n
1074s,
43.
1074s,
:2
1074
Low_
107412
1944-1954
Mar
1%
Ja
1
610 1% Feb 28 194 Mar 1
May Dept Stores Rts__
Close 1074,2 1074as 1074,2 1074:s 1074ss 1074s,
Mar
31
1
10012034 Mar 2 12034 Mar 2 118% Ja 12034 Mar
Montana Power pref.100
25
41
Total sales in 11.000 units...
4 ' 26
Jan 82
100 82 Mar 2 82 Mar 2 80
Mullins Body pref._ _100
104"s2 104"ss 104"s2 104"ss 104"ss 10444n
{Flitch
Feb
10444s2
48117 Mar 1 117 Mar 1 114% Van 117
104"s2
Nat Supply pref
100
104441,
3%a, 1946-1956
Low. 1044412 104"s: 104"ss
Mar
Feb 252
90 243 Feb 281252 Mar 1 238
Nat Surety
100
ClM. 1041433 104"ss 104"ss 10414s, 10414,2 10444,2
1
136
5
111
180 50 Feb 281 52% Mar 3 47% Jan 5294 Mar
Total Awl.. 4. ft MA .......
Northwesttern Tele_ .50
011 Well supply pref._100
44010294 Mar 1104% Mar 4 102% Mar 10834 Jan
% Jan
% Jan
% Feb 28
% Feb 26
coupon
Pacific Gas & Elec Rts.. 10,200
of
sales
only
Jan
Note.—The above table includes
Jan 41
10 41 Feb 28 41 Feb 28 39
Pacific Mills
100
Jan
Feb 140
20 135 Mar 2 135 Mar 2 135
Pacific Tel & TeL _ _ _100
bonds. Transactions in registered bonds were:
Jan 112% Mar
20112% Mar 2112% Mar 2 107
Preferred
100
103"ss to 10311s,
Mar 12 Third 439a
1011ss to 1019n111 9th 414s
Rights
230 934 Mar 3 10 Mar 2 93.4 Mar 10
PatinoMines&Enter pf25 9,800 2534 Mar 4 27 Mar 2 2334 Feb 2734 Feb
Feb
Penick & Ford pref._100
100 102 Feb 28 102 Feb 28 101% Jan 102
Pitts Term Coal
100 600 34 Mar 4 37 Mar 4 3334 Feb 433-4 Jan
Foreign Exchange.—Sterling exchange ruled quiet,
Mar
Mar 79
Porto-RicanAmTobA100 200 78 Mar 4 79 Mar 1 78
Mar though towards the close of the week a broadening tendency
Feb 58
Prophylactic Bruch Co_• 100 58 Mar 4 58 Mar 4 55
Feb
Reid Ice Cream pref.
100 9734 Mar 1 9734 Mar 1 9734 M 100
_100
prices advanced a fraction.
Mar 15994 Mar began to make itself evident and
Rem Typewriter etts_
700 156 Mar 3159% Mar 4 156
Jan In the Continental exchanges trading was dull and featureSherwin Wm S pref..1001
10 106% Mar 1106% Mar 1 105% Feb 110
Jan
108
Jan
Sloss-Sheff St & 1r pf_100
100 108 Feb 28 108 Feb 28 107
less, with interest centred principally in South America and
41 2000 Feb 26 2200 Mar 1 1500 Ja 2200 Mar
Texas Pad( Land Tr.1
Jan
123
the Far East, and to a minor extent, in Norwegian and
120
Jan
Underwood Typewrpf100
1
Mar
123
28
Feb
10121%
Jan
140 45 Feb 28 45 Feb 28 45
Feb 49
Un Dyewood pref._ _100
Feb 1434 Feb Spanish currencies.
• 1,200 12 Feb 28 12 Feb 28 12
Van Raalte
4 84 11-160
To-day's (Friday's) actual rates for sterling exchange were
100
220 6294 Feb 261 63 Mar 1 60
Feb 673-4 Jan
1st preferred
855-16 for cables. Com•
3,000 3594 Mar 3 37% Feb 28 3334 Feb 3834 Jan 484 13-16 for cheques and 4 85 3-16@4
Victor Talk Mach
11-16, sixty days 4 80 9-16©
• 4,100 9034 Mar 4 9194 Feb 28 90
Jan 9294 Jan mercial on banks sight 4 84 9-16®4 84 9-16 and documents for pay6% pref
100 3,100 98 Mar 4 9834 Mar 2 97
Fe 993-9 Feb 4 80 11-16, ninety days 4 78 7-16@4 78cotton for payment 4 84 9-16@
7% prior pref
Feb ment (60,days) 480 13-160g4 8015-16.
280 24 Mar 4 2634 Feb 26 16% Jan 27
Vulcan DetInnIng....100
9-1664 84 11-16.
110
105
Mar
100
Jan 106% Jan 4 84 11-16 and grain for payment 4 84Parts bankers' francs were 3.89 for
90
410034 Feb 28
Preferred
6s 102% Feb 26102% Feb 28 100% Jan 103
Jan
To-day's (Friday's) actual rates for
West Penn Pw 6% p1100
quoted for long and short bills.
short. German bankers' marks are not yet @)40.01 for short.
40.0094
.No par value.
Amsterdam bankers' guilders were
week's range, 123.96 high and
124.103-4:
Exchange at Paris on London,
Quotations for U. S. Trees Ctfs. of Indebtedness, &c. 124.1036 low. foreign exchange for the week follows:
The range for
Cables.
Sixty Days. Cheques.
Int.
Int.
Sterling Actual—
4 85 5-16
484 13-16
Maturity.
Rate.
Bid. Asked.
Bid. Asked.
Rate.
Maturity.
High for the week
4 85%
84%
4
Low for the week
100,1e Sept. 15 1927.. 319% 100
100'n
Mar. 15 1927._ 4 Si% 100
Faris Bankers' Francs—
100118,
3.91%
3.90%
June 15 1927___ 834% 1001n 1001n Dec. 151927...j 434% 100441,
High for the week
3.91
3.90
Low for the week
and
Surety Companies.
Germany Bankers' Marks—
New York City Realty
23.7194
23.70%
All prices dollars per share.
High for the week
23.7094
23.693-i
Low for the week
I Bid. Ask.
Bid. Ask.
Guilders—
Bid.! Ask
Bankers'
Amsterdam
Realty
153
ABBOe's
147
Bond—'
40.0334
;Mtge
40.02%
53
Alliance WItyI 49
High for the week
(Bklyn)corn 246
248
40.0234
40.0194
224 ,Nat Surety _ 246 259
Amer Surety. 221
Low for the week
1st pret_ _ _ 90
93
Bond & M G_ 318 323 ,hr Y Title &
per t1,000
pref....
449
2d
91
88
445
Mortgage._
Domestic Exchange.—Chicago. par. St. Louis. 15@25c. $1,875 per
Lawyers Mtge 272 1 20 I
Montreal,
par. San Francisco, par.
13 13 Casualty. 325 346 Westchester
discount. Boston,
Lawyers Title
Title
Tr.
&
550
1
par
Cincinnati,
P6
$1,000 discount.
& Guarantee 292
Wall Street, Friday Night, March 4 1927.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 1311.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Banks—N.Y. Bid.
America._ _ _ 300
Amer Union._ 198
Bowery EastR 438
Broadway Con
Bronx Bore*. 1375
Bronx Nat.._ _ 490
Bryant Park• 210
Capitol Nat.. 215
Cent Mercan. 285
Central
138
139
Chase
Chath ?tenhx
NatBk&Tr 394
Chelsea Exch. 260
Chemical._ _ _ 845
Colonial._ _ _ 600
Commerce_ .- 445
Com'nwealth• 295
Continental.• 265
Corn Each... .544
300
Cosmop'tan
Fifth Avenue* 2200
First
2775
155
Franklin
365
Garfield
Globe Each'.. 235
Grace
350
Hamilton.... 195
Hanover
1170
Ask.
310
203
4;45
65
1450
510
225
220
290
144
142
Bid.
Banks.
Harriman__ _ _ 635
Manhattan'.. 252
650
Mutual*
National City 526
New Neth'ds• 320
513
Park
Penn Each..... 140
350
Port Morris
540
Public
Seaboard..... 715
163
Seventh
670
Standard
585
State*
190
Trade*
185
United
United States. 320
Wash'n Hts._ 700
135
Yorktown
Brooklyn.
Coney Island. 290
215
Dewey•
385
First
Mechanics'._ 270
Montauk'... 360
Municipal '...p290
320
Nassau
750
People's
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
1327
OCCUPYING SIT PAGES
For sales during the week of stocks usually Inactive, see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Feb. 26.
Monday,
Feb. 28.
Tuesday,
Mar. 1.
$ per share $ per share $ per share
Wednesday, Thursday,
Mar. 2.
Mar. 3.
Per share
per share
Friday,
Mar.4.
Sales
for
the
1Veek.
per share
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Railroads.
Par
17034 34,900 Atch Topeka & Santa Fe__100
100
1,200 Preferred
100
_
Atlanta Blrm & Atlantio 100
.61,2 19-2-3-4 1.3312 193-- 188 189
193 1934 151-1T2 193, 1
188 18938 5,900 Atlantic Coast Line RR
100
113
11418
11412
11318
112
11334 11218 11334 11234 113% 24,500 Baltimore & Ohio
11218 11314
100
7614 *74
*75
76
76
76
*74
7614 76
76
*74
76
1,000 Preferred
100
5712 56
56
5714 57
5714 56
5512 56
5714 57
5714 3,900 13Jiagor dr Aroostook
60
106% 107
10634 107 *106 107 *10612 107
10712 108
107 107
190 Preferred
100
70% 7034 6814 7038 68% 7038 68% 69% 68% 6812 6812 69% 10,500 Bkln-Manh True v t a_No par
8714
88
87%
873
87%
4
88
*8712 88
*8734 88
88
88
600 Preferred v t o
No par
12
*1012 1114 11
1138 1138, 1118 1118 11
11 18 1012 1012 1,700 Brunswick Term & Ry Seo_100
92
'90
90
93
89
*83
8912 8912 97
86 I 86
97
1,235 Buffalo Rochester dr Pitts_100
60
60
*59
*59 '60
60
*59
*59
*59
60
60
*59
Canada Southern
100
186 18714 18814 19212 118814 19012 18578 18934 186 188
18412 1871 27,800 Canadian Pacific
100
295 295 *290 300 *290 300 *290 302 *290 300
*295 303
200 Central RR of New Jersey_100
155%
15612
15434 15534 155 156
15612 15758 15512 15714
155 1571 16,200 Chesapeake & Ohio
100
74 734
718 718
712 712
74 7,4
6% 71
712 7%
6,300 Chicago & Alton
100
1034 1034
1012 1034 1018 1018
1034 1034 *1034 11
100
934 1058 2,300 Preferred
*280 310 *275 305 *275 305 *280 305 *280 305 *280 305
C C C & St Louis
100
*34
37
35
*34
35
•25
*34
27
36
3612 *34
37
100 Chic & East Illinois RR_ .J00
4934 4973 4814 48% 48
48
4853 48% 50
4814 *47
49
2,700 Preferred
100
16% 1538 1614 14% 15% 14% 1512 14% 1618 40,800 Chicago Great Western
16
1638 16
100
2858 2714 2712 26
274 2578 2634 2678 2814 13,400 Preferred
27% 2814 28
100
145
8 15% 1414 1478 1312 14% 1312 14
1434 15
1334 14
15,900 Chicago Milw dt St Paul__ _100
14% 1438 14% 1318 1438 12
14
1318
1234 1338 1234 1338 17,300
Certificates
100
2234 2218 2212 2118 2134 2114 2134 21
2218 2212 22
21% 9,000 Preferred
100
2158 2134 2112 2134 21
2112 20% 2078 2078 21
2158 22
5,400 Preferred certifIcates
100
84
84% 84% 8634 8418 8558 83
8434 83
8358 83
8414 36,100 Chicago & North Western _100
*128 132 *128 13212 *128 132 *128 132 *128 132 *128 132
Preferred
100
82% 8034 82
7914 80% 81
8158 80
80
81
8014 8114 69,000 Chicago Rock Isl & Pacific _100
*10512 10614 106 10614 10618 10618 106 106
10612 10658 10618 10618
700 7% preferred
100
07% 97,
4 97,
4 97
,
4 97% 9734 *9714 9712 9714 9714 9712 9712 1,100 6% preferred
100
9118 92
92
*91
*91
92
91
91
90
91
.90
92
100
800 Colorado & Southern
*72
75
75
*72
*72
*72
75
75
*72
75
*72
75
100
First preferred
*69
72
72
*69
*68
72
72
*68
*68 72 *68 72
Second preferred
100
73
7312 73
7312 7212 7234 7212 7234 72% 7312 72% 7414 3,900 Consol RR of Cuba pref.._100
17818 17838 178 182
18212 18414 182 184% 181 183
181 18212 27,900 Delaware dr Hudson
100
149 15134 15014 15114 15112 15334 14814 152
14814 14912 148 15014 12,500 Delaware Lack & Western. 50
56
56
55
56
56
561
5512 55% 54% 55
5414 55
3,200 Deny & Rio Or West pref 100
4614 4612 4614 4634 457 468 4518 4618 4514 46
4512 4612 31,200 Erie
100
5618 57
5612 5714 5614 567
56
5812 5714 5812 56% 59
100
30,300 First preferred
5112 52
5113 5218 5134 513
5118 52
52
52
100
*52
52% 3,300 Second preferred
8834 8938 8812 8914 88
8718 8814 86
881
87% 86
8712 18,100 Great Northern preferred 100
2138 2218 2158 2178 2134 221
2112 22
21% 2178 2112 2314 23,600 Iron Ore Properties__No par
43
4812 4312 4938 48
49
4712 4918 47
4778 47
4814 18,800 Gulf Mobile & Northem 100
*10712 10812 *10713 10812 *10712 10812 *107 10812 10712 10712 *107 10814
100
100 Preferred
55
54
5318 5478 53
4914 5358 50
5218 5034 5338 14,100 Hudson & Manhattan...._100
537
*80
84
83
*80
*80
83
*80
83
83
*80
*80
83
100
Preferred
12612 12612 12534 12812 128 12834 12514 127% 12514 126
12512 127
100
8,300 Illinois Central
•125 123
128 128
127 127
127 127 *124 127 *124 127
100
300 Preferred
•76% 7712 *7634 7712 *76% 78
*7658 77
7714 7714 *7658 78
10 Railroad Sec Series A..1000
25
25
*25
2612 *25
2612 *25
2612 *25
2612 25
25
200 lot Rys of Cent America 100
6512 *64
*64
6512 *64
100
Preferred
6512 *64
6512 .6418 67
*6412 67
5038 5218 49
51
4812 4934 4714 48% 4614 4712 48
48% 25,000 Interboro Rapid Tran v t c_100
5012 5214 5114 5212 5058 5134 4814 5113 4814 4912 4812 50
100
33,100 Kansas City Southern
*66
6712 *67
6712 *67
6718 6718 6718 *67
100
200 Preferred
6712 6714 6714
11812 119
11734 11834 116 1184 116 118
117 11712 118 11812 9,700 Lehigh Valley
50
13612 13612 13512 13512 *133 135
135% 13578 *135 136
100
135% 136
700 Louisville dr Nashville
*88
90
*88
90
90
Manhattan Elevated guar_100
*88
90
*88
90
*88
90
*88
54
54% 54
54% 5212 5234 52
modified guaranty
100
5114 52
8,700
5212 50% 52
*5
51
*5
512
5
5
100
512 *5
51
*5
100 Market Street Railway.
5,2 *5
*18
26
*18
26
*18
26
26
•18
Preferred
*16
26
100
•18
26
*4212 43
*4212 4234 4234 4318 43
43
43
43
100
43
43
700 Prior preferred
•12
14
.12
14
.12
14
14
*12
•12
14
100
Second preferred
•12
14
2% 2%
278 2%
3
3
234 3
278 2%
100
2% 278 2,500 Minneapolis & St Louls
3712 *35
*35
37
*33
*33
37
37
*34
37
*34
Minn St Paul & 13 S Marle_100
37
59
*54
5414 5414 *54
60
56
*53
*53
57
*53
100
57
100 Preferred
6112 6112 *61
62
6114 6114 *61
61% *61
61% *61
6178
100
30 Leased lines
3934 4053 4012 41% 4034 4158 39% 4034 39% 40
3914 40% 17,000 Mo-Kan-Texas RR____No par
9914 99% 99% 9912 99 10078 10038 10034 10012 10034 10014 1001
100
4,700 Preferred
5112 5214 5034 53
51
5212 49% 5134 49% 5112 4912 51
100
72,600 Missouri Pacific
10012 10114 101 101% 10014 101
9918 10012 9914 10014 99 10012 17,100 Preferred
100
*4
512 *4
512 *4
512 *4
512 *4
512 *4
512
Nat Rys of Meg 1s1 pref 100
2
218 *2
214 *2
2
214
2
2
2
2
2
500 Second preferred
100
130 130
130 130
133 133
133 133 *133 134
133 133
160 New On Texas Jr Is,lexico 100
14334 14434 143 14458 14234 14512 14112 14418 14134 143
141 14312 81,000 New York Central
100
192 192
191 192
190 191
139 19012 *189 191
191 191
100
1,400 NY Chic & St Louts Co
10238 10238 *1024 10314 10214 10214 10238 10238 102% 10234 103 103
100
700 Preferred
5358 54% 5334 5612 5414 56% 5218 55% 5258 5358 5234 5418
100
N Y N H & Hartford
3018 3012 3018 3118 29% 30% 2858 3058 2838 2938 2834 29% 178,100
14,400 N Y Ontario & Western_ 100
1414 1434 1412 1412 *1234 1434 *1234 1434 *1234 14
1314 1314
600 N Y Railways prer etfs_No par
*18
•18
22
22
•18
22
*18
20
•18
20
•18
20
New York State Rallways_100
*43
4312 4312 44
44
44
43% 4512 4334 4418 43% 4412 3,000 Norfolk Southern
100
17018 171 x16778 16912 16914 171
16618 16934 167 16818 16614 16814 10,800 Norfolk dr Western
100
85
*84
*84
8412 8414 8412 *84
86
*84
86
*84
86
200 Preferred
100
8814 89% 87% 8858 8634 87% 8512 8738 8578 87% 27,400 Northern Pacific,
8858 89
100
*18
15
*18
*18
25
25
*18
•15
25
25
*15
25
Pacific Coast
100
58% 5914 5834 5912 5812 594 5812 5912 5812 59
5838 5834 29,800 Pennsylvania
50
27
27
•29
*2812 30
2712 2712 27
30
30
30
27
500 Peoria & Eastern
100
121 12112 12034 126% 12334 12434 123% 125
•121 122
12112 122
100
16,100 Pere Marquette
93% 93% 93
93
93
93
*93
9334 93
93
934 9312 1,100 Prior preferred
100
90
9114 90 9014 90 9012 2,700
*90
91
*90
*90
91
91
Preferred
100
137 138% 136 13718 13512 136
1334 136
133 133
13014 133
3,100 Pittsburgh & West Ya
100
10734 108% 10812 10934 108 10912 10418 10814 10412 10614 10438 10612 42,300
Reading
50
*4012 42
*4012 42
*4012 41
*4112 42
*4012 42
41
41
100 First preferred
50
.48
*47
49
49
*4812 49
*48
4812 *474 48
*474 49
40
Second preferred
*54
55
5712
5712
56
56
55% 58
5734 58
57,2 5712 2,000 Rutland RR pref
100
10778 11012 11138 11418 112 11414 112 11438 112 113
11112 11314 119,200
100
Louis-San Francisco..
*96
9712 9712 9712 *9714 9712 *9714 9712 974 9712 9712 9712 31,300 StPreferred
A
100
70
7038 6912 70% 70
69% 6858 69
7078 69
69
70
6,800 St Louis Southwestern
100
*82
8212 8212 8314 *81
82
82
82
83
82
500 Preferred
100
384 3834 3858 39% 38
*3
87
14 8
134
3712
2
37
39,s 3714 38
38
Seaboard Air Line
11,200
100
41
41
4012 41 18 *40
3912 40
3958 3958 39
41
3958 2,200 Preferred
100
10734 108% 108 11018 109 11012 1074 109
10734 109 10814 10912 33,000 Southern
Pacifie Co
100
12412 12514 12458 12512 12312 12478 12258 124% 12318 125
123 125% 18,700 Southern Railway
100
954 9518 9514 9514 9514 9514 95
95
95
95
*94
95
600 Preferred
100
6218 63
6338 6412 6312 6458 6214 63% 6218 63
6112 6314 16,200 Texas & Pacific
100
3914 40
40
40
3918 40
3912 3912 3912 39,2 3812 40
1,600 Third Avenue
100
16812 169
169 16934 216612 168
16434 167% 14,400 Union Pacific
1644 166% 16478 167
100
*8012 81
80
80
8058 81
80
*78
7812 7873 *78
80
500 Preferred
100
7018 7438 7358 7534 7258 75
6912 7312 69% 7112 7034 7314 322,200 Wabash
100
9118 9212 9314 95
9112 924 9212 9314 37,600 Preferred A
94
9312 9412 92
100
*86
89
85
88
86
90
8812 90
*82
87
86
9012 1,400 Preferred B
100
29
2978 2878 2934 2734 2858 2014 28
28
27
2712 2938 32,300 Western Maryland
100
3412 34% 34
33
34
3314 35
*34
3134 3338 33
35
4,500 Second preferred
100
3312 3358 34
34
3312 3312 3212 33,3 3218 3214 3218 3234
1,700 Western Pacific new
100
744 7414 7414 7414 74
73
74
73
7314 73% 73% 74
1,900 Preferred new
100
*67
75
*67
70
*64
754 *60
72
64% 64% *64
65
200 Wheeling & Lake Erie Hy 100
8312 8312 *81% 89
*8112 88
*8134 89
*81 12 89
*8112 89
100 Preferred
100
169
100
87%
*65
11114
168
•138
•1212
16978
10014
16978 17158 16912 17138 16712 170
100
87% 87
67
*6412
11114 11112
168
167
139 *137
134 1333
101
*10014 10078
168 17014 168
99% 10014 *99% 100
100
873, 8714 88
87
67
.6412 6712 *63
11178 112 112 *11112
171
169 169
16714
139 *135 139
137
134 .1212 131. .124
8712 87,2 8712
873
6712 *65
6712 *65
11112 111 12 *11158
112
16712
16812 167 167
137 *135 139 *135
1312 1318
13
13
• Bid and asked prices. s Es-41•Idend. a Ex-rights.
8812
6712
112
16712
137
1312
PElt SHARE
Range Since Jan. 1 1927
On basis of 100-share lot.,
Lowest
$ per share
16134 Jan 6
9938 Jan 5
58 Jan 3
18234 Feb 8
10612 Jan 4
7314 Jan 3
44 Jan 6
10112 Jan 10
6512 Feb 7
8634 Jan 27
912 Jan 25
8014 Jan 8
59 Jan 18
165 Jan 6
285 Jan 4
15134 Jan 25
434 Jan 8
712 Jan 5
275 Jan 31
304 Jan 10
43 Jan 6
812 Jan 6
2314 Jan 7
9 Jan 4
9 Jan 4
1858 Jan 3
188 Jan 3
78% Jan 27
12414 Jan 3
6812 Jan 4
10234 Jan 4
9514 Jan 28
84 Jan 3
70 Jan 4
68 Jan 14
6912 Jan 15
17118 Jan 28
14014 Jan 27
4118 Jan 5
3912 Jan 3
5238 Jan 4
49 Jan 4
79% Jan 4
1914 Jan 13
3518 Jan 6
105 Jan 14
4012 Jan 3
78 Jan 6
1214 Jan 10
1201 Jan 12
74 Jan 4
24 Jan 18
63 Jan 4
4338 Feb 8
4114 Jan 4
64% Jan 7
9934 Jan 6
12838 Jan 14
85 Jan 23
48 Jan 6
412 Feb 2
18 Feb 10
41% Feb 7
1212 Jan24
13 Jan 13
27 Jan 6
51 Jan 12
59 Jan 6
3112 Jan 6
9534 Jan 4
377 Jan 4
9013 Jan 4
412 Jan 12
134 Jan 7
121 Jan 8
13714 Jan 27
186 Jan 8
10214 Mar 1
4158 Jan 4
2314 Jan 15
1212 Jan 21
1618 Jan 26
371 Jan 14
156 Jan 4
84 Feb 3
78 Jan 3
1514 Feb 3
5634 Jan 3
20 Jan 25
11412 Jan 6
93 Jan 22
8934 Jan 4
12212 Jan 18
94 Jan 4
4012 Jan 13
4334 Jan 12
43 Jan 7
10034 Jan 6
99 Jan 26
61 Jan 6
7678 Jan 8
3112 Jan 28
39 Mar 4
10914 Jan 28
119 Jan 28
944 Jan 25
537 Jan 7
3712 Jan 21
15912 Jan 27
7812 Mar 2
4012 Jan 4
76 Jan 3
65 Jan 15
1334 Jan 6
23 Jan 7
2734 Jan 12
73 Jan 3
274 Jan 3
4712 Jan 7
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
$ per share S per share $ per share
17234
1014
178
205
Feb 18
Feb 24
Feb 3
Jan 3
11534 Feb 18
77 Feb 16
6014 Feb 8
109 Feb 8
7078 Jan 20
88 Jan 4
1518 Jan 7
97 Mar 4
5912 Jan
19212 Feb 2
30412 Feb
16234 Jan
1038 Feb
1378 Feb
302 Feb 1
3778 Feb
5114 Feb
2212 Feb
33% Feb
178 Feb
16 Feb 1
25 Feb
2334 Feb 1
8758 Feb 1
13412 Feb
8233 Feb 2
10658 Mar
98 Feb 21
93 Jan 15
748 Feb 15
7112 Jan 15
7414 Mar 4
18558 Feb 18
154% Feb 16
584 Feb 17
47% Feb 19
59% Feb 19
544 Feb 19
91'8 Feb 19
2314 Feb 4
5412 Feb 7
10834 Feb 21
5678 Feb 24
82 Feb 21
12958 Feb 18
12812 Feb 18
7714 Mar 3
25 Jan 15
6512 Feb 9
524 Feb 26
537 Feb 18
68 Feb 17
126 Feb 18
139 Feb 18
90 Feb 11
547 Feb 28
5 Feb 21
20 Feb 4
4414 Jan 2
1212 Jan 24
458 Feb 3
40 Feb 4
5834 Feb 8
63 Jan 13
44 Feb 18
10078 Mar 1
5514 Feb 17
104% Feb 18
512 Feb 3
238 Feb 2
138 Feb 9
1475 Feb 18
19778 Feb 21
105 Jan 27
5838 Feb 16
3414 Feb 18
154 Jan 14
22 Feb 5
4714 Feb 7
1735, Feb 18
86 Jan 3
9112 Feb 18
2714 Feb 15
6112 Feb 18
3314 Feb 14
1265, Mar 2
9512 Jan 11
92 Feb 3
148 Feb 8
113 Feb 9
4212 Feb 16
50 Feb 16
5914 Feb 8
11438 Mar 2
9812 Jan 15
728 Feb 17
8314 Feb 28
4114 Feb 17
4334 Feb 4
112 Feb 18
127 Jan 3
9512 Feb 21
6734 Feb 18
41 Feb 8
172 Feb 18
8212 Feb 11
7534 Feb 28
95 Feb 28
9012 Mar 4
4434 Feb 7
4234 Feb 7
3912 Feb 9
7631 Feb 7
130 Feb 8
93 Feb 8
Industrial & Miscellaneous
2,900 Abitibi Power & Paper_No pa
83 Jan 27 00 Feb 21
Abraham & Straus____No pa
63 Jan 18 70 Jan 21
160 Preferred
100 11012 Feb 1 11212 Feb 8
3,000 All America Cables
100 13934 Feb 16 172 Feb 25
100 Adams Express
10 124 Jan 5 139 Feb 25
2.100 Advance Rumelv
94 Jan 3 1534 Feb 9
100
122 Mar 172 Dec
9418 Mar 102 Dec
12May
10
Jan
18112 Mar 26212 Jan
8312 Mar 10934 Sept
6712 Jan
7378 Aug
33 Mar 46 Feb
977 Feb 103 Dec
5418 Mar 777 Dee
78 Mar 8934 Dee
812 Mar 1858 Nov
6934 Mar 874 July
58
Jan 61 June
14612 Jan 17014 Dee
240 Mar 305
Jan
112 Mar 17338 Sept
414 Sept11% Feb
618 May 1814 Feb
13
De 277
70
3,4 Mac
35 Aug
3612 Ma
5134 Feb
734 Mar 1218 Sept
1614 Ma
3158 Sept
814 Dec
1412 Jan
14
734 Dec
Jan
14% Mar 24 Aug
14 Apr 2358 Aug
6514 Star 834 Sept
11812 Jan 12612 Apr
4013 Mar 7114 Dee
96 Scar 108 Dec
8314 Mar 98 Nov
52 Mar 9614 Oct
62 Star 74
Oct
59
Jan 72 Sept
6834 Nov 7211 Dec
15014 Star 18312 Sept
129 Mar 15312 Jan
37'2 May 47
Jan
2212 Mar 42 Dee
3334 Star 5514 Dec
30 Mar 5014 Dee
6812 Star 8418 Des
18 Dec2714 Feb
254 Apr 4114 Sept
95 Siar 10912 Sept
3453 Jan 4112 Dec
6734 Mar 80 Dec
11312 Mar 131 Sept
11512 Mar 12912 Sept
714 Jan 77 June
24 Dec 31
Feb
62 Mar 66 June
2412 Jan 5334 Dee
3414 Mar 5138 Sept
6058 Mar 6833 Sept
7512 Mar 106 Dec
118 Mar 144 Sept
84 Mar 9234 Apr
3818 Jan 6178 May
418 July
10 Feb
1912 Oct 40 Feb
3918 June 5138 Feb
1134 Oct2212 Feb
118 Dec
Jan
2578 Dec 5271
38
2 Feb
50 Dec 79 Feb
60
Oct66% Feb
2912 Oct 471e Feb
82 Mar 949566 Sept38 Do
27 Star
M
7112 Mar
Sept
434 Apr
84 Jan
134 Oct
.1
120 Star
117 Mar
Sept
130 Mar 2041
11432 Sept
93 Mar 106 July
3058 Mar 4838 July
1934 Mar 2878 Feb
6
Jan 2014 Feb
13 Dec 281s Jan
277 Apr 44% Sept
13914 Mar 1707 Oct
8312 Nov 853 Aug
6534 Mar 8212 Aug
15
Oct 48
Jan
4858 Mar 5718 Oct
1578 Oct 263 Jan
67 Mar 19262
79 Mar
July
703 Mar 917 July
85 Mar 11035144
11
79 Star
Dec
3934 Dec 42 Apr
40 Mar 4534 Dec
42
Apr
Aug
85 Mar 1031;82
6
8312 Apr
Dee
5712 Mar 7947'8
72 Mar 8014 July
2712 Mar 51 Dec
3112 Mar 4838 Feb
9618 Mar 11214 Des
10358 Star 13114 Sept
8712 Apr 9512 Aug
424 Mar 131 38 Jan
1312 Jan 43 Apr
14112 Mar 168% Oct
7434 Jan 8114 Aug
337 Mar 52 Jan
68 Mar 7834 Jan
57 Mar 72 Jan
116138 MarMar 2
1424
658 Jan
Sept
2712 Dec 3914 Jan
72 Dec 8
36
234 Sept
18 Mar
37 Mar 5012 Jfill
7034 May 98
1%1
1,.
1aYr 17
12
2
10
444
3
Jan 155
131
9978 Mar 138
8 Dee 22
Sept
Dec
Dee
July
Sept
Sent
New York Stock Record-Continued--Page 2
1328
For sides during the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Feb.26.
Monday,
Feb.28.
Tuesday,
Mar. 1.
Wednesday, Thursday,
Mar.3.
Mar.2.
Frtdag,
Mar.4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
riSl; MIAKI5
Range Silted Jan. 1 1927
On basis of 100-share tots
Lowest
Highest
$ Per share $ Per share $ per share Shares Indus. & 241seel. (Con.) Par $ per share $ per share
1.000 Advance Rumeiy pref
100 304 Jan 25 41 Feb 9
36
38
354 3514 3514 36
1
418 Feb 16
538 Mar 4
434 538 4,600 Ahumada Lead
434 434
434 434
5,700
Air
par 13418 Jan 28 151 Feb 25
14512
Reduction,
Ino____No
148
147
14418
144 146
83,800 Ajax Rubber, Inc
9 Jan 4 123s Feb 1
No par
1114 12
1114 117
1118 12
114 Jan 6
214 Feb 18
IN 2,800 Alaska Juneau Gold Min__ 10
17
IN
178
*134 2
1384 14234 13918 14078 139 14214 120,200 Allied Chemical & Dye..No par 131 Jan 25 14378 Mar 1
1,500 Preferred
100 12014 Feb 10 122 Feb 16
12112 12112 12134 12134 12178 122
22,300 Allis-Chalmers Mfg
100 88 Jan 25 974 Mar 1
: 9434 97
9214 9714 9414 951
400 Preferred
100 109 Feb 9 11112Mar 2
11114 11112 *110 112 *110 112
1838 1938 1818 1858 1758 1918 8,300 Amalgamated Leather_No par 16 Jan 25 244 Feb 11
11,700 Amerada Corp
No par 314 Jan 6 3758 Feb 7
3434 3578 344 3514 3418 35
124 1238 1218 1218 1238 1234 2,200 Amer Agricultural Chem-100 1114 Jan 13 1438 Feb 14
100 39 Feb 23 513 Jan 10
4012 4012 5,000 Preferred
*4014 42
41
40
10 41 Jan 6 4838 J in 20
4678 4678 4712 4814 474 4814 2.800 Amer Bank Note. new
150 Preferred
58
50 5612 Jan 4 594 Jan 22
5814 57
*5814 5912 58
600 American Beet Sugar
100 22,2 Mar 3 2558 Feb 21
*2312 2434
*2212 2412 2212 23
100 Preferred
100 5514 Feb 25 604 Jan'3
61
*56
61
*56
61
*56
13 Jan 20 1818 Feb 28
1758 1758 1614 1614 1512 1612 7,800 Amer Bosch Magneto__No par
1,600 Am Brake Shoe & F___No par 134 Jan 26 147 Feb 25
142 145
143 143
1414 142
Preferred
100 11714 Feb 7 11814 Jan 10
3117 121 *117 121 *117 121
0115 122 *115 122 .117 122 '
3,800 Amer Brown Boveri El_No par 341: Feb 4 3912 Jan 5
354 35N 3518 353
36
36
36
36
3512 3658 36
38
Preferred
100 9512 Feb 4 98 Feb 1
*9418 98
*9418 98
98
*9412 98
•94
*9412 98
*9412 98
25 4518 Jan 28 5051 Feb 28
4914 4978 4938 5034 4938 5014 4838 4914 4812 4938 4812 4238 66,200 American Can w I
900 Preferred
100 126 Jan 14 12534 Mar 4
'12838129 *12878 129
12878 12878 1287* 12878 12834 12834 129 12934
10512 10578 10534 10714 10534 10714 10434 106
10438 1064 10434 10614 14.000 American Car & Fdy___No par 99ls Jan 28 10714 Feb 28
200 Preferred
100 1274 Feb 10 130 Jan 17
129 129
*128 130 *128 12912 *128 130 *12814 130 *12814 130
294 2912 2934 3018 3018 3038 3014 3014 304 3014 304 3014 15,300 American Chain,class A____25 2514 Jan 7 3038 Mar 1
5,300 American chicle
No par 35 Jan 26 4714 Mar 3
*433 44
4478 44
4714 4614 47
44
44
4412 4412 44
No par 35 Jan 4 4678 Mar 3
44
4414 444 4878 4438 4438 4,100 Do certificates
43
4378 43
44
*4334 44
958 Jan 3 111s Jan 13
1018 1018 1014 7.600 Amer Druggists Syndicate_10
1014 1014 1018 1014
10
1018 10
104 10
100 127 Jan 17 138 Feb 26
133 13412 13212 1324 3,900 American Express
137 138
13512 13734 135 13713 1331: 134
Amer
17.700
&
For'n
2112
Pow
new_No
par
187
2 Feb 17 23 Jan 6
20
20
2018
1934 2012
*2018 21
2018 214 194 21
No par 8612 Feb 15 9012 Mar 4
88
8812 8812 8914 9012 2.400 Preferred
*8712 8778 88
88
8814 8814 88
700
American
Hide
&
Jan 20 102 Feb 8
9
Leather-100
818
•53
4
812
812
*812
9
9
834 878 *812
858 84
800 Preferred
100 48 Mar 1 5278 Jan 12
3484 50
*49
50 '
50
4914 50
5012 5012 504 5078 48
334 3212 3278 324 32s 324 3278 16,200 Amer }tome Products_No par 3038 Jan 3 • 334 Feb 28
3212 3312 3234 3378 33
100 11418 Jan 26 135 Mar 1
13014 13234 130 13114 129 13218 32,900 American Ice
12934 135
12434 12612 127 129
400 Preferred
100 84 Jan 7 87 Mar 2
86N 8634
*8634 87
1385
854 .85
8612 *8512 8612 884 87
3912 3,600 Amer International Corp 100 3714 Jan 12 404 Feb 8
39
3812 39
394 384 3918 384 39
3884 394 39
73 Jan 6 10 Jan 3
812 812 1.500 American La France F H...10
858 8513
81s 838
812 812
*84 834
85* 818
3,900 American Linseed
100 2014 Feb 4 3012 Jan 12
2614 2314 2414 *2313 24
*26
264 2614 2612 25
2612 26
1,100
Preferred
100
54
Feb 4 714 Jan 3
59
5814
5918
5938 6038 5858
62
•60
*6014 62
•6012 62
44,200 American Locom new__No par 10534 Jan 19 11514 Mar 1
111 11134 111 11314 113 11514 11114 1144 11214 11312 11218 114
100 Preferred
100 119 2 Feb 23 122 Mar 4
*12014 12213 •12012 12218 *12012 12178 *120 122 *120 12214 122 122
200 Amer Machine & Fdy--No par 7314 Jan 3 86 Feb 21
83
*81
83
83
*81
81
81
.80
83
8114 8114 *80
Preferred
100 12518 Jan 6 148 Feb 25
*138 145 *136 145 *136 145 *135 145 *135 145 *135 145
•421: 4234 42
4214 4112 4178 4112 4134 4138 41'2 1,450 Amer Metal Co Ltd-No par 4138 Mar 4 44 Jan 20
42
42
300
Preferred
100
108 Jan 6 1101:Jan 24
11112
*10912
1084 109 *109 11112
•10818 110 *1081: 110 *10812 110
5634 5712 8.600 Am Power & Light--__No par 54 Jan 27 8112 Jan 3
58
59
594 584 5914 59
5934 584 5858 57
11,700
11012 Jan 21 11734 Feb 28
American
Radiator
25
11512
11412
11518
11312
115
11434 11434 1144 11734 11512 11714 11334
Amer Railway Expreas___100 8812 Jan 7 94 Feb 2
9212
9212 *91
924 *91
*91
9378 *91
93
*91
934 *91
American Republica___No par 3518 Jan 4 6012 Feb 9
4978
*47
50
*47
*40
50
•46
50
*40
50
*45
49
5618 18,200 American Safety Rases- __100 48 Jan 28 58 Mar 2
5534 5812 55
51
52/4 53
54
534 56
5514 58
634 Jan 7
412 Feb 2
900 Amer Ship & Comm___No pa
*478 5
5
5
*5
512 *518 558
5
518
5
5
174,400 Amer Smelting & Refining_100 13228 Jan 25 1532 Mar 4
15312
1495
8
15318
148 14918 149 1511_ 1494 153
14918
14914 15314
25
122
Jan
Jan 28
12014
100
900
Preferred
4
1203
12018 12012 12058 120511 *12014 1213 12012 12058 12038 12032 12034
100 11938 Jan 17 12912 Fob 18
800 American Snuff
*128 1291s *128 1291:.128 12911 12578 128 *125 129 *125 12912
14
Jan
3
461
:
Feb
par
44
Foundries-No
3,300
Amer
Steel
8
453
454
4538 454 4558 46
4512 46
4514 4512 4514 4512
100 113 Jan 7 115 Jan IS
100 Preferred
11418 11418 *114 115 *114 115 *114 115 *114 115 *114 115
100 79 Jan 25 8618 Feb 28
8,300 Amer Sugar Refining
84
83
, 8512 8618 8418 8412 8334 8478 83
83
8514 853
100 1077 Mar 3 11014 Feb 25
600 Preferred
10978 109711 •10978 110 210814 10814 *108 110
10778 10778 10934 10934
4912 5138 49,700 Am Sum Tob new ette_No par 414 Jan 3 514Mar 4
494 5114 484 504 4812 50
51
4678 474 47
Cable 100 27 Mar 4 29 Jan 7
Telegraph
&
Amer
500
27
27
281
28
28
*27
27N *27
28
274 2778 *27
a
100 14914 Jan 3 1604 Feb 21
15918 159'4 9,100 Amer Telep & Teieg
15878 159
15834 15914 15838 159
15814 15918 15834 159
50 120 Jan 7 12334 Feb 7
1.1300 American Tobacco
122 12278 *122 123
12212 12278 12134 12214 12114 12212 1224 123
100 11018 Jan 4 11278 Jan 5
300 Preferred
112 112
*11012 112
11034 11034 112 112 *11012 112 *11012 112
Clam
B
50 11914 Jan 5 12278 Feb S
Common
3.100
8
12112 1213 12134 1217
12134 12134 1214 12134 12178 122
1213* 122
800 American Type Founders...100 125 Jan 7 146 Feb 18
143 143
144 144
*13034 144
143 144
143 144 *136 144
Water
m
Works
&
47.800
3
Elee
20 6214 Jan 3 784 Feb 28
76
7312
7514
764 73
7712 71
• 7434 7512 7334 7814 75
100 10412Mar 1 11078 Jan 21
300 let preferred (7%)
106 106 *104 106
13102 10512 10512 10512 10412 117412 *____ 106
100 2158 Feb 18 334 Jan 5
2314 2438 19,100 A,.1erican Woolen
244 2518 231: 2412 24
2438 2338 2414 2224 24
13.400 Preferred
100 894 Feb 18 8612 Jan 7
7618 733s 7638 7318 744 724 74
7612 7673 734 7612 73
14 Mar 4
1 Jan 3
118 14 1,000 Amer Writing Paper pref 100
1
1
•1
118 •1
118
118
lig
118
118
812 Jan 3 10114 Feb 17
100
Amer
Zino.
Lead
Smelt-_25
&
978
*938
912
97
94
'
3934 10
*934 10
*934 978 5912
5
5114
Feb 18
3,000
25
42
Jan
Preferred
: 4812
484 481
47
40
504 5012 494 4934 4912 4912 48
4712 4714 4778 9,000 Anaconda Copper Mining_50 45 Feb 9 4912 Jan 12
47
4758 477
4778 4818 47e4 48
4712 48
42
Jan 18
40
Jan
27
100
Archer,
par
Dan'Ls.
MidYcl-No
4012
*40
41
*41
4112 41
4114 *40
41
*40
411 *40
100 Preferred
100 W6 Jan 4 108 Feb 23
*10634 108 *10834 188 010834 108 *10634 108 *10634 108 *10634 10734
Feb
16
Jan
5
9818
1,200
927
8
Armour
dt
Co
(Del)
-100
pref
964
*96
9618
*9534 984 9618 9618 96
964 96
96
98
1318 134 10,200 Armour of Illinois Clan A-25 1318 Mar 4 1578 Jan 7
1418 1418 14
144 14
1418 1378 1418 1378 14
77
Mar 4
918 Jan 6
6,500
Class
B
74
25
718
712
738
75
8
712
7
3
4
712
734 734
758 734
Preferred
100 82 Jan 7 8614 Jan 27
*8514 8612 *8512 87
*85 87
*8514 86
*8514 88
*854 87
2312 •2318 2334 2314 2312 1,900 Amn Cons Corp tern otf No par 22 Jan 11 25 Jan 20
2258 2258 2234 23
2312 23
23
Art
300
Metal
0:Instruction-J0
22 Jan 11 234 Mar 4
2318
2318
23
2234 2234 *2234 23
*2234 23 '
23
3227s 23
10,900 Artloom
No par 494 Feb 8 5434 Jan 5
*5113 52
: 5212 *5112 52
52
5312 511
604 51.34 514 54
Preferred
100 113 Feb 8 113 Feb 8
•-___ 11434 *____ 11418 •__ 11418'5112 11418 •-_-- 11418 *--__ 11414
100 3912 Feb 9 414 Feb 16
4118 404 4212 4178 4278 11,400 Associated Dry Goods
41
4178 40
4278 4332 4134 42
200 lat preferred
100 9712 Mar 3 102 Jan 2
*99 101
971s 98
99
13101 103 *101 103
*99 10012 *97
2d preferred
jool 10712 Feb 10 10734 Feb 7
0108 109 *106 109 *105 109 *105 109 *108 110 *108 110
Associated
011
25 4834 Jan 27 5014 Feb 19
2
2
5-401
5038
*4912
Am
5018
*49
52
*49
51 '
349
5012 *49
2,000 AO Gulf & W 158 Llne.._1001 35 Mar 4 42 Jan 5
36
35
*3512 38
37
*374 38
384 37
3714 3714 *36
Preferred
100 38 Jan 26 3812 Jan 8
*3812 3712
36
*364 38 •3612 3712 2364 3712 *364 38
36
100 107 Jan 28 1174 Mar 1
112 1124 113 11738 115 11778 11234 11538 11212 11412 1124 11514 22.800 Atlantic Refining
11513 Feb 1 117 Jan 13
Preferred
1u
1311518 1184 *1154 11614 *11534 117 •11534 11614 *11534 11614 *11534 11614
100
Atlas
Powder
61
No
par1 60 Jan 5 8218 Jan 20
*60
61
81
*80
82
411312 61
*59
61
*60
61
220 Preferred
luOj 98 Jan 6 101': Mar 2
59914 9934 *9918 995 5994 9914 10012 1004 100 100 *100 10014
812 Jan 19
800 Atlas Tack
8 Feb 28
No part
98
812
'
38
8
8
84
8
8
*8
938 *8
*8
Austin,
712 Feb 3 1014 Jan 3
1,200
par
Nicholo&Co
vto
No
8
8
371
84 •71
818 *8
818
814 84 '
81
8
Jan 5
Preferred
55
*52 65 *52
*52
1001 51 Feb 8 81 Jan 7
55
55
*52
*52
55
55
*52
4
14 Jan 3
Auto Knitter Hofeery_No par
..- --- ---- -- _ --. -__ ---Feb
23
4
2013
18
Jan
19314 19434 19334 201- 195 fos
558 1921: 115,800 Baldwin Locomotive Wka_100 14318
18514 117
- Iiiii4 191- i8.
Preferred
100 116 Jan 14 110 Feb 23
•118 120 '3118 120 *118 120 *115 11914 *118 120 '
3116 120
Feb 26
3512
4
Jan
27
126,900
Barnsdall
Corp
clam
A
25
3458 3512 344 3512 3358 35
34
3312
334 3412 334 34
25j 25 Jan 4 3212 Feb 28
324 3218 3114 3214 31
3112 32
3118 3138 3214 15,200 Class B
3112 31
Ins
No pan 4612 Jan 25 574 Feb 28
5578 5578 5712 5718 5738 54
55
58
5334 5434 5458 5618 9,800Bavuk
Jan 24 604 Feb 15
800 Beech Nut Pinking
58
58
60
58
*59
58
3'584 5912
201
5834 5834 58
58
2312 2322 2312 2312 2334 2378 2358 2358 1,400 Beld'g Irway Co tem otflgo pan 203s Jan 26 2714 Jan 7
2418 2418 2334 24
27 5112 Mar 1
Jan
4
433
Bethlehem
114,600
Steel
Corp
4918
487
s
50%
5012
511
51
4818 5034 49
4834
lOOl
5014 4914
Ion Jan 18
800 Preferred (7%)
708 1084 *10734 10834 *10734 lO8's 10758 10818 10758 10758 2107 107
1001 10434 Jan 3
400 Bloomingdale Bros____No pan 37 Jan 25 4138 Jan 11
*3734 3912 *374 3912 *374 3913 374 3734 3734 3734 •3214 384
112 Feb 1
20
Jan
10912
100
110 110 *1104 1101 *11018 11012 11012 11012 111 111
1,900 Preferred
110 110
No par 5318 Jan 5 5512 Jan 13
54
1,200 Bon Aml, Masa A
54
5334 5334 5353 5338 *5312 54
5375 54
54
54
71: Feb 14
par64 Jan 28
800 BoothpreferredNo
Fisheries
658 658
5634 7
' *634 7
74 7
653 673
638 653
100 45 Jan 11 45 Jan 11
45
*41
200 let
e47
*40
45
46
*40
50
45
45
*41
46
Jan 5
2812
17
Jan
2634 27
4•26
*284 29
264 9614 264
300 Botany Cons Mills class A__50 254
29
*2634 2812 *26
3638 Feb 23
3214 337
3438 334 34
3212 33
324 3334 18,600 Briggs Manufacturing_No par 2838 Jan 3
3432 34
34
10
Feb
13
8
24
Jan
N
100
11
*I
11
*1
118 *1
British Empire Steel
118 *1
4,7
14 5.1
118
100 1484 Feb 11 15414 Jan 5
152 15218 3,000 Brooklyn Edison. Ins
15212 15218 1524 15234 152 15238 152 152
152 152
4 Jan 8
93
8
28
Jan
8
9
897
9012
No
par
92
4
924 903
038 9112 9134 92
9214 2,500 Bklyn Union Gas
*92
92
92
3012 Feb 1 3412 Jan 5
No pa
321 *31
3212 *31
3212
300 Brown Shoe Ino
3212 '33178 3212 3178 321 .31
•32
:Jan 7
100 109 Feb 7 1121
112 112 *109 115 *109 115 *109 115
100 Preferred
*109 us
3212 Feb 8 384 Jan 10
pan
334 3212 327s 3238 3234 2,000 Brunew-Balke-Collan'r_No
3318 3338 33
;51 3-414 3334 3334 115
112 11738 11478 11512 11258 71538 5.300 Burns Bros new clAcom No pa 11012 Feb 9 12534 Jan 20
116'z
11611
11411
11712 11712
3434 Jan 27
2415 2458 *24
244 2418 2434
900 New clam B com----No par 2114 Feb 9 100 Jan 3
2418 25
26
*25
28
26
100 9734 Feb 14
400 Preferred
*9758 9734 *9758 9734
98
984 *9752 100
99
99
*99 100
:90 Mar 2 126 Feb 211
per
z90
90
93
3
4
94
94
128
Mach-No
94
Add
1.800
Burroughs
*123
1244 126
*12312 125
4058 3934 4014 4034 4312 15,903 Bush Terminal new.-No pan 2934 Jan 12 4312 Mar 4
4058 40
394 404 404 4078 4014 9514 •9412 9514 944 944 954 95
100 9114 Jan 5 9514 Mar 4
500 Debenture
:
14
•941
95
95
95
95
109
10812 109
109
109 109
450 Bush Term Bldge, pre/-.100 10338 Feb 14 109 Jan 18
109
1084
10834 109
•1084 109
378 Feb14
44 Jan 4
5
4
*373 4
4
4
4
1,100 Butte Copper & Zinc
4
4
*334 4
4
4
: 5612 554 5..i
561
100 5012 Jan 3 6134 Feb 15
58
57
3,100 Butterick Co
5718 58
574 59
59
*dB
4 Jan 7
3
113
Jan
1012
1118
1118
10
1118
1118
Mining
11
1118
2.300 Butte & Superior
111
/
4 1134 1113 1138 118* 118* 71
74
*73
74
*7012 74
2,700 By-Product, Coke____No par 68 Jan 29 77 Feb 4
747k 75
754 7534 7414 7534
55311 5812 564 59
577
(A M)..... _No par 42 Jan 3 6134 Feb 18
554
Co
Byers
&
5918
11.100
5's5812
58
5814 55I
•
.
*Bid and WWI Pr14/011: no sales on
$ per share g per share $ per share
354 3512 3512 3634 *3518 3812
*458 434
44 434
434 434
149 151
14414 148
148 147
1138 1178 1128 1218 1112 11s
2
218
17
178
*2
214
13834 13934 13918 14112 140 143%
*121 12114 *1201:12112 *12114 12112
9738
9334 9414 9334 9478 94
*110 111 *110 111 *110 111
1934 1978 1934 1934 194 1934
3512 38
354 357
351
: 3614
1214 1212 1218 1278 1258 1258
4114 41
40
4178 4134 4134
54612 4712 4612 4612 46N 4678
5812 58
58
'58
5812 5914
2412 2458 *2212 2412
25
25
'
35514 56
56
56
*56
59
1634 1738 17
1838 1712 1818
145 145
1414 142
148 146
reds all Alin
Range for Previous
Year 1926
Lowest
Highest
$ per share $ per share
2878 Dec 6534 Sept
94 Jan
434 Nov
10714 May 14634 Dee
74 Oct 16 Feb
2 Jan
N Oct
106 Mar 1484 Dee
11834 Mar 12234 Dec
7814 Mar 9458 Jan
105 Apr 11112 Dec
1434 Oct 21 Sept
2414 May 3238 Aug
9 Oct 344 Jan
35.18 Oct 9611 Jell
3458 Mar 46 (.01
Jan 5812 July
55
2012 Sept 3834 Feb
55 Nov 83 keb
16 May 3438 Jan
110 May 180 Feb
11014 Mar 12814 Feb
3014 Mar 50 Aug
8612 Mar 974 Jan
3878 Mar 6318 Aug
Jan 13018 Dec
121
9112 Mar 11478 Jan
12012 Oct13014 Dee
2314 Mar 2614 July
Jan
Oct51
31
Oct 4714 Jan
28
1038 Aug
414 Jan
Jan
10578 Mar 140
1414 Nov 4238 Jan
Oct 98 Feb
79
7 May 1718 Feb
33'n May 6714 Feb
2338 Oct 305* Deo
109 Mar 136 June
8112 Oct 8638 June
3154 July 4634 Feb
97 Dec 1578 Jan
2538 Oct 5278 Jan
6734 Oct 87
Jan
9014 Mar 1197 Jan
116 Aug 12414 Dec
6514 Oct8012 Aug
114 July 125 Dec
4314 Dec 5738 Feb
11312 Apr 120 Feb
5034 May 724 Sept
10114 May 12238 Aug
773 Mar 90 Dee
3978 Nov ' 74 Jan
42 Apr 7034 Aug
538 Dec 11N Mar
10958 Apr 152 Aug
11278 Mar 12238 Deli
12134 Oct165 Feb
40 May 47 Aug
1104 Sept115 Feb
6514 Apr 8714 Nov
100 June 1101
:Nov
2914 Aug 44 Dee
254 July 414 Feb
13958 June 151 Des
11138 Mar 12434 Sept
10618 Jan 113 May
11018 Mar 124 Sept
Jan 135 Feb
114
4334 Apr 74 Jan
10112 Mar 10814 Jan
19 June 4278 Jan
66
Apr 9014 Dec
12 Aug
652 Jan
518 May 12114 Feb
20 May. 54 Des
4112 Mar 5178 Aug
3478 June 4434 Jan
100 Mar 108 Oct
904 May 9778 Jan
:Feb
1318 May 251
55 May 17 Jan
80 Apr 93 Feb
18 Apr 3134 Jan
1918 Jan 2334 Oct
4634 Sept 8318 Jan
108 Mar 113 Dee
374 Mar 5478 Jan
98 Mar 10212 Jan
102 May 110 Dee
4434 Jan 60 Mat
Oct 6838 Jan
29
334 Oct 6814 Jan
97 Mar 1283s May
11518 Oct 120 June
54 Mar 64 Nov
94 Jan 9788 Dec
Oct 1718 Jan
8
74 Oct 28 Jan
54 Nov 93 Jan
24 Feb
14 Oct
9278 Mar 16734 Dec
105 Mar 11914 Nev
2311 May 334 Jan
2211 Oct 394 Jan
39 Mar 5538 Nov
524 Oct 7178 Feb
28 Dee 3914 Jan
3714 May 514 Sept
99 June 10578 Del
28 June 42 Dee
10414 June 110 Dee
5318 Dec 564 Dec
418 Mar
934 Jan
344 Oct 514 Jan
20 May 4118 Jan
24
Oct 3718 Jan
l3 May
a Jan
133 Mar 183 Sept
68 Mar 98 Dec
294 June 4858 Jan
107 June 111 Mat
2438 Mar 3934 Sept
121 Mar 144 July
2612 Nov 44 Feb
97 Mar 10312June
771
: Apr 124 Del
1634 Mae 344 July
86 Apr 93 A1111
991
: Jan 104 Nos
4 Dec
614 let
1734 Mar 71 Sept
74 May 1614 Jan
53 June 90 Sel6
28 Mar 4478 Nos
New York Stock Record-Continued- Page 3
For sales during the week of stocks usually Inactive. see third page
preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Feb. 26.
Monday,
Feb.28.
Tuesday,
Mar. 1.
Wednesday, Thursday,
Mar. 2.
Mar. 3.
•
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PEN SHARE
Range Since Jan. 1 1927
On basis of 100-ahare lots
1329
PER SHARE
Range for Precious
Year 1926
Friday,
Mar. 4.
Lowest
Lowest
Highest
Highest
$ per share $ per share $ per share $ per share $ per share $ per share
Shares
Indus.
&
Miscall.
(Con.)
Par
$
per
an 6778 06612 6712 6712 671.. 66
6612 658 67% 6534 668i 2,400 California Packing_.__No par 64 share $ per share $ per share $ per *Aare
Feb 7 70 Jan 5
6614 Oct 17912 Feb
303
30% 3014 30
3033 3012 30
30a 30
30a 2912 30
18,500 California Petroleum
25 2912 Mar 4 32% Jan 18
*178 2
2934 Oct 381s Feb
2
214 *2
214
2
2
*2
218
2
2
1,500 Callahan Zinc-Lead
10
1 12 Jan 3
258 Jan 17
67% 6814 6778 67% 67% 677 *6712 67% 6712 677 26612
112 Mar
2-58 Jan
6712 1,400 Calumet Arizona Mining
10 6538 Jan 3 69 Feb 24
5512
Mar 7358 Aug
1534 1534 z1512 1512 1513 153* •1518 1512 *1512 1514 15
15
800
25 1412 Jan 4 1612 Jan 20
1358 Mar 1812 Aug
4312 4414 4078 4312 40
4112 4038 4038 40% 41 12 8,100 Calumet & Hecht
4314 44
Canada
Dry
Ginger
Ale.No
par 36 Jan 5 4414 Feb 25, 3212 Oct 49 Sept
15334 15634 151 154
151 158
146 150
154 15612 154 15734 17,800 Cane Thresh Machine
100 132 Jan 27 158 Jan 28
6212 Jan 176 Aug
0108,4 1117 Ill III •10314 112 *10814 113
11118 111 18 112 112
300 Preferred
100 111 Feb 28 117 Jan 12
96
Jan 11812 Aug
2612 2612 2614 2612 263* 2612 26
2612 2614 2612 2618 2634 3.500 Central Alloy Steel____No par 20
Feb 23 2873 Jan 4
95
2812 Oct 3314 Aug
912 912
9,4 97
953 95
938 0912 934
914 958 1,400 Central Leather
100
82 Jan 3 1034 Jan 7
7 Nov 2012 Jan
8514 6512 64% 6558 *6212 65
*83
6412 63
63
63
63
1,900
Preferred
100
54 Jan 14 6612 Feb 25
1334 1518 *1412 15
4314 Apr 6834 Jan
*1312 15
1411 15
145 151.2 15
15
3.300 Century Ribbon Mills__No par
1012 Jan 26 152 Mar 3
1014 Oct 3278 Jan
*74
80
84
80
74
79
*77
SO
80
80
SO
80
290 Preferred
100 70 Jan 24 80 Feb 26
7814 Dec 90
6112 6112 61% 6173 61 12 6134 6112 6134 6138 6112 *6112 8134 4,700 Cerro de
Jan
Copper..No
par 6018 Jan 21 633 Feb 24
Pasco
5712
Jan 7312 Aug
4712 98
4773 4814 4734 48
468 4734 47
4712 47
47% 9,000 Certain-Teed Products_No par 42 Jan 25 48% Feb 24
3618 May 4912 Jan
010012 11013 *10912 11013 *10912 11018 *10938 110% 10912 10012 110% 11058
200 1st preferred
100
100
1
Feb
11058Mar 4 103 May 10614 Nov
10
1012 1073 10% 1058
10
*912 10
*934 10
*912 10
1.000 ChandlerCleveland Mot No par
818 Jan 6 11 Jan 13
813 Nov 28
2212 2313 221., 2212 2213 2213 2134 22
Feb
2214 23
2212 23
5.200 Preferred
No par 21a Jan 25 2413 Jan 12
208 Dec 4514 Feb
136 13634 135 13714 134 134
13612 1368 137 137
130 133
2,000 Chicago Pneumatic Tool100 12012 Jan 3 13714 Mar 2
9412
Apr
12814
Dee
*50
51
503 5134 5173 517s 5013 5118 5012 50%
51
51
3,300 Childs Co
No par 50 Jan 29 537 Jan 11
4518 May 6633 Jan
3612 367
352 3613 3658 367
3612 367
3658 367 23638 363 35,200 Chile Copper
25 3458 Jan 3 3638 Feb 28
30 Mar 363. Jan
*2214 26
*2214 26
*2214 26
*2214 26
*2214 26
*2214 26
Chino Copper
5 2218 Jan 7 2318 Jan 6
16 Mar 26 Nov
*3812 3912 *3312 39
39
32
3858 3334 3812 3812 3812 381z
500 Christie-Brown certifs_No par
3478 Jan 5 42 Jan 18
2912 Ott 6334 Jan
417 4258 423 4312 4218 4312 413. 421s 418 431g 4212 4312 224,400 Chrysler
Corp new_No par 381s Jan 28 4313 Jan 6
2812 Mar 547 jan
104% 105 *10434 105 *1047o 105
010434 105
105 105
105 105
800
Preferred
No par 103 Jan 3 105 Jan 12
93 Mar 108
63
*6214 6314 *6214 6212 6212 6212 63
6514 6517 66
Jan
6634 4,000 Cluett. Peabody & Co____100 6018 Jan 4 6834 Jan 24
60 Dec 6812 Jan
0115 11614 115 11612 *115 11612 117 117 *11614 117
11614 1161
1 10 Preferred
100 11114 Jan 6 117 Mar 2 10314 Jan 116 Sept
182 18278 18112 18234 18058 18212 18258 18284
18012 181
180 181
5,400 Coca Cola Co
No par 16712 Jan 4 182% Mar 1 128 Mar 1745
83% 8614 82
85
8112 84
81
Deo
8312 80% 833
8234 847 49,200 Collins & Alkman
No par 63 Jan 4 8614 Feb 28
3434 May 6912 Dee
. *165
_ 0164
160 160
168-*
___ •164
_ *164 la. _
100 Preferred
100 126 Jan 4 160 Feb 26
9834 May 13812 Deo
5814 595812 -6314
5812 587
59 -132
5912 -6-2-12 5958 6-2-78 175,600 Colorado Fuel & Iron
425
100
8
Jan
4
6314
Mar
1
27%
Mar
81
8134 80
8234 8314 81 12 82
4958 Oct
8112 80
8012 80
80
4,700 Columbian Carbon v
No par 668 Jan 3 85 Feb 11
5558 Jan 708 Dee
8610 8658 8578 Ws 8572 863
8434 8534 8458 8538 844 8558 12,200 Cohan Gas &. Elec to
new_No par 82% Feb 11 913* Jan 12
85% Nov 91
101 101
1003 100% 10073 101
Den
1003. 101
10058 101 18 10034 101
3,300
Preferred
new
100
9912
Jan
7
24
10112
Jan
19
98
19% 1912 *19
194
Nov 1013* Nov
19
20
2014 2014
1914 1914 1953 1078 1,600 Commercial Credit __ __NO par
1453 Feb 1
201s Feb 21
1612
Nov
4712
2134 2134 2134 22
Jan
2158 2152 2134 22
22
22
22
2214
460 Preferred
25
1912 Jan 28 2212 Jan 5
2214 2234 2218 223* 22
21 14 Nov 2614 Jan
2214 *22
2233 *22
223* 2238 2234
350 Preferred 11
25 19,8 Feb 19 23 Jan 7
20 Nov 2734 Jan
*80
83
83
*80
*78
83
*78
83
*78
83
83
83
100 let preferred (8(5)
100 8() Feb 9 8518 Jan 12
8512 Dec 9912 Feb
5512 *53
55
*53
5512 *53
55
55
5318 54
50
553* 1.300 Comm Invest Trust___No par 50 Mar 4 552 Jan 24
5412 Dec 72 Jan
*9712 9812 *9712 9812 *9713 9312 *9712 9812 *9714 08
*9712 98
7% preferred
100 9613 Jan 28 9812 Jan 27
97 June 104
*00
91
5901 2 91
Jan
9078 90% 91
91
91 18 91 18 93
93
400 Preferred (615)
100 90 Feb 18 93 Mar 4
89 Slay 100
24114 241 14 24214 25712 254 263
Jan
25634 26512 260 270
26312 273
44,700 Commercial Solvents B No par 223 Jan 3 273 Mar 4 11814 Jan 237
Nov
188 18% 18% 18% 18
1833 18
1914
1834 2014
1914 2012 82.700 Congoleum-Nairn Inc...Vo par
1714 Jan 26 21 Jan 5
1212 May 29% Sell
*54
55
54
5434 543
5414 5312 5334 5314 5314 5314 5314
1.000 Congress Cigar
No par 5112 Jan 27 5534 Feb 7
4012 Slay 57 Dec
*14
78
*14
3*
78
*%
%
*53
'a
*14
7s
5
Conley
7
8
stpd_
No
Foil
Tin
par
I I Feb 1
58 Jan 5
3
38 Dec
3
8314 83
1 Mar
8334 84
83
114 83
8413 81 14 83
8
7
11,600
83
Consolidated
81
par
No
Clgar
77 Jan 26 851 2 Feb 17
4514 Apr 8714 Den
•100 101 *10014 101 •10012 101
100 10012 *100 101 *100 101
200 Preferred
100
100
Feb
9
1022
Feb
2
91
1$4
Mar 1073. July
134
1%
134
112
112
112 1 12
112
*112
13*
13
4
Consolidated
2,50(1
Distrib're
par
No
1
12
Jan
3
212
Feb 4
112 Aug
612 Jan
9912 100
13958 100
992 100
0818 9912 9814 9834 98% 9938 29,900
Consolidated Gas(NY) alo par 9738 Feb 16 10912 Jan 10
33
87 Mar 11538 Aug
334
312 33.
353 384
312 334
313 33*
312 35
5,300 Consolidated
314 Jun 27
_Mo par
418 Jan 15
114 May
6858 69
414 Nov
6818 6914 6712 6812 66
6814 6614 6712 5734 67
88,400
par
Textile_elANo
57-14
Mar 4 74% Jan 6
Continental Baking
77
5013 Oct 9378 Aug
814
8
8
734 8
712 731
718 73 23,400 Class 11
73* 758
713 Mar 4 1(1 14 Jat) 5
No par
738 Oct15% Sept
9213 924 9212 9234 *9234 93
9233 927
9212 93
9212 9217 2,000 Preferred
100 92 Jan 21. 9714 Jam 13
87
Oct0612 Aug
70% 712
71
71
7058 70% 6312 7012 70
70
70
70
2,500 Continental Can, Inc_ _NO par 68 Feb 9 7312 Jan 3
70 Mar 9212 Jan
013814 139
13812 13812 13812 139 *138 139 *13812 139
*138 139
300 Continental Insurance_
25 135 Jan27 14112 Jan 19 122 Mar 14434
12
1213 11% 12
1178 12
Jan
1134 12
1134 117
1158 12
8,500 Coin') Motors tern ctfs_No par
113
Jan 28
1334 Jan 6
97 Slay
137 Deo
5114 5178 50% 513
5058 51
50
507
5013 503
5058 52
25 467 Jan 12 5212 Feb 23
30,850 Corn Products Refill w I
012812 12912 *12812 1291 12812 12812 129 129 *12814 1291 *12812
353* Mar 5153 Deo
1292
100
Preferred
Jan
128
400
11
12912
Feb 23 12212 Jan 13014 Dec
1381s 6912 6912 70,4 8833 6963
6812 *6713 68
68
68o 7,400 Coty, Inc
No par 56 Jan 3 7014 Feb 28
4412 Mat 62 Dec
858 8634 86
00
8912 1)134 90
931
9012 961
9212 11634 69,100 Crucible Steel of America__100 77 Jan 4 9634 Mar 4
84
Apr 823 Dee
*10512 10612 10612 107 *106 109
10714 10714 108 108 90718 10814
100
400
Preferred
Jan
103
18 108 Mar 3
98 Mar 104 Dea
32
327
3233 3314 3212 33
3213 313 3212 32
32
No oar 2814 Fea. 2 3414 Jan 8
3233 9.400 Cuba Co
2814 Oct 53* June
912 912
913 01
914 914
914 914
914
9
9
914
Sugar
Cane
Cuba
1,900
par
No
9
Mal
2
103
4
Jan 5
83* May
1112 Jan
477 4318 4734 483 .4734 43
4614 4734 4534 461
4658 6,600 Preferred
48
100 4514 Mar 3 503 Jan 4
3512June 503 Dec
26
26% 2578 2658 258 26
2512 253* 25
10 25 Mar 3 2812 Jan 3
251 z25
6,800 Cuban-American Sugar
25
2014 Aug 302* Jan
•103 104 *103 104 *103 104 *103 104 *103 104 *103
104
Preferred
100 102 Jan 31 104 Feb 7
973 Jan 105 Nov
173* IS
1612 1(184
1713 *16
1573 17, *18
15 Feb 15 18 Jan 21
1713 1.300 Cuban Dom'can Sag newNo par
1712 90
1512 Sept 2014 June
*51 12 517
513* 52
513* 523
517 52
5158 5134 5134 52
50 50 Jan 25 5278 Feb 23
5,300 Cudahy Packing new
51
18 Nov
•105 106 *105 106
55 Dee
106 106 *106 107
106 106
105 106
No par 105 Feb 4 112 Jan 17
700 Cushmanat Sons
7712 Mar 108 Den
.3234 3314 *3234 34
33
33
*3212 3312 328 3234 .32% 3234
800 Cuyamel Fruit
No par
3218 Jan 3 34 Jan 15
32
Nov 51
20
3012 303 3178 . 31 12 321
Jan
2912 311
2812 2912 2912 3014 20,500 Davison Chemical v t c_No par 281 2 Feb 24 3212 Mar
1
2318
Oct 463
137 13718 13712 138 *1378 IMO •13712 13812 1381* 139
139 139
2,000 Detroit Edison
100 13312 Jan 21 139 Mar 3 12312 Mar 14112 Feb
*3912 4912 *3912 41
39
39
Dec
039
4012 39
3912 39
39
Raynolds
par
800
Devoe
&
A__No
3758
Jan
25
3
Feb
423
2
31
Oct
26
2578 2614 253* 26% 2.514 253
253*
10413 Feb
2513 2512 2414 2512 45.300 Dodge Bros Class A___No par
2312 Jan 18 2712 Jan 5
2114 Slay 4714 Jan
8338 834 8312 841
8312 8112 8312 84
8312 83% 83% 8312 2,800 Preferred certif
No par 8112 Jan 4 85 Feb 14
7912 May 90 July
834 87
85s 83
812 83
8% 88
812 834
812 858 7,900 Dome Mines, Ltd
No
Mar
pa
812
1
1114
Jan
4
*52
8
53
52
5278 *51
Oct 20 Mar
5112 5114 5284 5278 55
54
46
7,600 Douglas Pectin
No par
46 Jan 3 56 Mar 4
•11434 11514 *11413 116 *114 115
19 Mar 46 Nov
11414 1141 *11414 11412 11412 11412
200 Duquesne aigbt 1s1 prof_ _100 11414 Mar 2 11614 Jan 3
131 13414 3131 13234 1313 13414 131 132
11112 Mar 11634 Aug
13134 132
13112 132
5,400
Kodak
Co
Eastman
par
AFo
12614
Jan 28 13434 Feb 25
2614 2634 2612 2634 26
2612 253 257 *2514 2512 2518
Mar 1368 Dec
2534. 2.400 Eaton Axle & Spring_ No par 2412 Jan 4 2758 Feb 24 10658
185 18712 188 1047 719012 195
23
Oct 3234 Feb
187 19114 187% 193
18912
10712 10712 *10712 10834 10712 10712 *107 1031 *107 10812 10812 19434 47.800 El du PontdeNem new_No pa 163 Jan 25 195 Mar 1 1543 Nov 181 12 Dec
109
800
non-v0t
6%
deb
100 1051 2 Feb 5 10912 Jan 4 10334 Apr 11018 Dee
1418 142* 1414 148
143 1412 14
14
1418 141
1413 1458 1,800 Elsenlohr & Bros
25 1173 Jan 3 1612 Feb 15
1034 Oct 2013 Feb
7312 7412 7414 75
7412 7512 7514 761
758 78
77
783* 14.900 Electric Autolite
No par 13312 Jan 13 7858 Mar 4
1412 1334 1414
6134 Mar 82 Feb
1458 1412 14
1312 1418
138 1414
1334 1414 16,600 Electric Boat
No par
1312 Mar 2 1614 Jan 10
4 Star
1734 1858 1734 183. 1734 183. 1712 18
16 Den
1712 17% 1734 1813 16,900
Elec Pow & Lt etts
No par
18. Jan 27
1834 Jan 6
1514 Oct3412 Feb
•10,53. 10978 10618 10618 *10618 110 *10618 10713 10573 1063. 10618 106
200 40% pr ad
10378 Jan 28 10818 Feb 28
0106 110 *106 110 *10612 ___. *10612 110 *106 110 *106 1101s
9912 Star 115 Feb
Prat full paid
10211 Oct11012 Feb
9833 9812 9812 9914 99
9953 987 99
98% 99
0878 99
1,900 Preferred cantle
06 Jan 14 9958 Mar 1
8912 Star 9814 Sept
3318 333* 33% 3378 333 34% 333. 3418 3334 3414 3312 34
15,700,Electri
Refrigerat1on
e
__No
par
3034 Feb 11 3738 Jan 3
33% Dec 7812 June
7458 758 75
753 76
7534 76
753
7514 7514 7033 7473 14,500
Elec Storage Battery_ _No par
70 18 afar 4 7912 Jan 6
*712 0
71 18 ala
*712 9
*712 9
*712 9
9413 Aug
*712 9
*712 9
Emerson-Brant Claa.A No pa'
718 Jan 4
9 Jan 25
614 Dec
13858 6834 6814 6873 673,8 6712 67% 6712 6714 6738 6712 6758
814 Dec
2,400 Endicott-Johnson Corp___ 50 6434 Jan 28 69 Feb 25
011612 11712 *11612 11712 *11612 11712 011612 11712 11712 11712 *118 1181
8512 Mar 723* Feb
100 Preferred
100 11638 Jan 5 11814 Feb 3 114
2318 2334 2318 2318 23% 231
2312 2373 2334 23% *233 24
Jan 120 Sept
1,700
Engineers
Public
Serv__No
par
2134
Jan 1
2412 Feb 3
*98
1914 Oct 2412 July
*9914 9912 9912 9912 *973* 99
99
9812 98% 0834 99
400 Preferred
No par 933 Jan
991. Mar 3
263 2612 2614 2612 2614 2612 2618 2633 2618 2638 26
9214 Nov 9612 Aug
263
5,200 Erie Steam Shovel
5 2434 Jan
en
b 17
Fa
2938 j
17 1902090782
4,106 108 *106 108 •106 10712 *107 10712 107 107 *10612 1071
300
Preferred
100 10112 Jan
141713 Jan 17
•121 1233 *122 123% 12214 12214 12212 12212 *122 1221 122 1221
11023225: JulyNNoovv
400 Equitable Office Bldg 0(4.100 11814 Feb
124,4
6458 6514 65
6512 6418 653* 64
6534 85
O°eett
6458 6412 65
June
19,800
17% 1734 18
18% 1814 1814
1818 1818 1713 1712 1,300 Eureka Vacuum Clean_No par 6073 Jan25 6712 Jan 5
173 18
43 M* 6833 Deo
Exchange Buffet Corp_No par
15a Jan 25
*3912 41
18% Feb 28
4018 4018 *4012 41
4058 4072 4058 4053 4058 41
1434 July
17
Aar
1.600 Fairbanks Morse
No par 3818 Feb 10 4278 Jan 22
4,108 112 *108 112 908 112
112 112 *112 1121
112 112
3753 Dec 59% Feb
500
100 10718 Feb 7 112 Mar 2 10612 Nov
11258 113
111 14 11214 11112 11234 1003* 11114 110 111
11058 1113* 22.100 Preferred
115 Feb
Famous Players-Easky_No par 10714 Feb 10 114% Feb 24 10313
5120 121 *120 121 •120 122 *120 122 *12018 12112 *121 122
Jan 12712Jun•
Preferred (8%)
100 120 Feb 16 12438 Jan 12 115
43
41
4313 4418 42
41
43
431
4118 42
415 43
Mar 12412 Dec
11,100 Federal Light dr Trao
la 3712 Jan 17 4413 Feb 28
*92
9312 *93
931
*93
93
9212 9212 93
9312 *93
28 Mar 4712 Dec
937
20
Preferred
par
No
91
12
Feb
23
*80
00
*80
95
90
*80
90
*30
90
90
90
92 102
86 June 94 Dee
900 Federal Mining & Smelt1_100 60 Feb 9 102 Feb 9
78
78
*7614 78
Mar 4
*7618 7712 77
773
7712 8112 8113 847k 13,100 Preftrred
41 May 11134 Jan
100
2812 2873 283 29
2878 29
2818 28% 285* 2378 29
61 Mar 105 Jan
2912 9,400 Federal Motor Truck No par 751 2 Jan 28 8473 Mar 4
2612 Jan 4 3078 Jan 10
94,2 9412 *9414 95
9414 991
*93
94
94,2 *931 2 95
94
23
Oct 343 Aug
400 Fidel Phen Fire Ins of N Y. 25 9312 Feb 23
193 Jan 6 160 Apr 20014 Jan
9914 *96 100
896
9914 *96
_ as97 10212 10214 103
400 First Nat'l Pio, let prat- 100 9712 Jan 13
29
*2812 2914 2814 29
29
103
*98-2814
2814
2818 2814
2814 -2814
Mar 4! 96 May 107 Feb
1,300 First Nat'l Stores
No pan 2814 Jan 4 30
173 1814 1814 1858 18
172 1812 1833 19 100,200 Flak Rubber
183* 1758 181 1
Feb 7
28 Nov 493* Feb
No pa
16 Jan 24 19 Mar 4
*85
8514 *85
8514 8514 8514 8512 8512 8514 8514 8538 857
1414 Stay 2614 Jan
600
let
preferred
atamped_.10
01
81
9913 100
Jan 5 8812 Jan 27
*99 1001 *100 1001 *100 10012 .100 10012 8100 1001
Apr 8414 Mar
76%
200
1.3t
preferred
cony
4913 4958 49% 501
97 Jan 24 100 Feb 26
5012 4912 5112 51
50% 49
50
94 June 107 Mar
5212 124,800 Fleischtnan Co new____No 1001
par 4813 Feb 1
8414 8512 8414 8534 z81
8014 8012 8138 8.500
79
8214 78
5212 Mar 4
3214 Mar 5612 Feb
80
Foundation
Co
No
pan 75 Feb 9 854 Feb
6933 6912 6934 70
6914 6058 6314 698 68
73% Dec 17934 Jan
6814 67
68
6,500 Fox Film Class A
No pan 65 Jan 25 7412 Jan 28
4533 46
45
46
4514 45% 428 4514 43
4412 4334 4558 48.500 Freeport
551/1 Mar 85
8
Jan
Texas Co
No pan 34% Jan 4 483 Feb 24
3114 31% 31 14 31 14 31 14 3133 3118 3138 31
1958 Jan 36 Dec
31 14 31
3114 2,200 Gabriel Snubber A
712 712
No pan 2913 Jan 3 32 Feb 11
712 71
712 712
Nov
42
253*
714
73
7
8
Feb
*7
712
758
1,000 Gardner alotor
4914 5012 493 5014 49
No pan
73 Jan 11
613 Jan 27
4978 4918 4978 49
533 NON
934 Jan
4912 4858 498
5,000 Gen Amer Tank Car
,110612 107 *10612 107
1001 46 Jan 3 5058 Feb 25
10638 10714 *107 109 .107 109 *107 109
39 Mar 5538 Jan
400
St158 935* 0234 95% 9214 943
100 10818 Mar 1 10812 Jan 12
9912 June 109 Dec
9112 964 9312 0614 9112 9571 207,000 Preferred
General
140 142 *135 142
135 139
Asphalt
100 7712 Jan 27 9634 Mar 2
50 Mar 9414 Aug
14014 14478 142 144
139 139
4,400 Preferred
5158 5433 5453 5433 5412 5438 5412 5412 5478 543 55
54
947 Mar 140% Aug
120 Jan 25 144 8 alar 2
6,600 General Cigar, Inc new_No 100
118 118 *11714 121 •11714 121 811714 121 *11714 121 *11714 121
46 Mar 5912 Feb
pan
52 Jan 26 8973 Feb 24
100 Preferred (7)
116144 11613 *116 117 *116 117 *116 117 .116
0116 117
Jan 118 Den
1001 116 Jan 5 134 Feb 24 109
117
100 Debenture preferred
5778 58
5758 577
58
5712 5712 *57
58
1 Feb 28 10914 Apr 11812 Feb
(7).100I 116 Jan 11 116,
,57
*57
5714
1,800 Gen Outdoor Adv
44% 45% 448 457
48
44
A___No par 5518 Jan 25 5812 Feb 9
61 Mar 5658 Aug
45
46 8 4412 4518 45
4514
11,200
Trust
! 85% 8633 843* 86
85% 871s 853* 801
certificates.___No purl 37 Jan 18 4878 Mar 2
26% Mar 397 Dee
85
8534 8412 8552
General Electric New No par 81 Jan 27 87% Feb 25
79 June 9512 Aug
113* 1112 1158 1112 1114 ill, 1128 1112 11% 1112 1158 1112 19,700
4,200 General
46% 471, 4614 4713 45
11
Jan
1134 Den
9814
11 14 Jan 3 115* Jan 5
44
45
451 1 4412 4533 20,300 General Electric epecia1____10
44
Gas & Else A__No par 4073 Feb 10 471.Feb 25
34 afar 59
- 1310P
Jan
ales on thI, day.
Maud. a Ex-rights.
New York Stock Record-Continued-Page 4
1330
For sales during the week of stocks usually inactive. see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
r eb.26.
Monday,
Feb.28.
Tuesday,
Mar. 1.
Wednesday, Thursday, 1
Mar. 3.
Mar. 2.
Friday,
Mar.4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
FEIC 61i AKE
rAK bli AICZ
Range Since Jan. 1 1927
On basis of 100-share lots
Range for Previous
Year 1926
Lowest
Highest
Lowest
Highest
share Shares Indus. & misceil. (con.) Par $ per share $ per share $ per share $ Per share
$ per share $ per share 3 per share $ per share $ per share 3 per
95 May 100 Dec
200 Gen Gas & Elec pt A.(7)No par 100 Jan 3 107'2 Jan 24
*10212 106 5101 107 5101 108 *10218 10734 102 10214 5101 103
No par 115 Jan 15 11534 Jan 28 10512 Apr 113 Sept
Preferred A (8)
117
5115
117
*114 117 *114 117 5115 117 5115 117 5115
Jan
Apr 96
9214
2
Feb
4
983
13
par
Jan
No
96
Preferred
(7)
B
99
*98
99
*98
99
594
99
*97
99
597
99
*97
Motors Corp No par 14512 Jan 25 17134 Mar 4 11314 Mar 22534 Aug
16314 16814 16414 16878 16612 1713 863.800 General
1624 16312 164 169
16712 170
Dec
12214
Jan
11312
7
100
Jan
122
120
28
Jan
preferred
7%
1,100
12012
120 120 5120
120 12014 5120 12012 120 12018 120 120
9814 Apr 105 June
100 105 Jan 3 105 Jan 3
6% preferred
__ __ _
_ *104
.. _ 5104 . _ 5104
_ __ *104
*104_ *104
6012 Mar 9378 Aug
115,200 Gen Ry Signal new_---No par 8218 Jan 14 116 Mar 4
-4 10134 16312 10112 103- 10118 165-12 10312 1-1-2-34 11112 116
10012 1613Jan
36 May 49
2
Mar
4312
14
Jan
38
par
700 General Refractories___No
4312 4312 4312 54378 45
43
43
43
43
*40
44
540
414 Nov 7878 Jan
No par 40 Jan 4 4414 Jan 28
4234 4234 5,200 Gimbel Bros
4258 4218 4212 4238 434 414 4234 4134 42
42
Jan
11138
Nov
100
11
Jan
10214
200
4
1043
7
100
Feb
Preferred
103
510212 10314 *10212 10314 *10212 103 510212 10312 1024 10214 51024
1538 June 2534 Jan
No par 1812 Jan 26 2134 Jan 3
1978 2018 1934 1934 197 198 2,200 Glidden Co
2018 1978 20
1912 1978 20
4112 Mar 564 Feb
9
Feb
4712
29
Jan
4212
par
No
c
t
v
Corp
Dun
Gold
.100
3
4414
4414
45
8
437
44
4434 4518 4412 4412 4313 4412 44
3913 Nov 7034 Feb
No par 4234 Jan 3 5814 Mar 3
5818 98,300 Goodrich co (B F)
5414 554 54
554 5458 5534 5458 5812 5614 584 55
9412 Dec 100 Feb
100 95 Jan 3 100 Feb 28
400 Preferred
*9958 100
9934 9934 9934 9934 *9958 100
*9913 9934 100 100
9612 Dec 10978 Aug
28
Feb
10212
27
&
Jan
T
3,100
9818
Goodyear
c_100
t
v
pf
8
Rub
1015
10118
101 10112 102 10212 z101 10178 101 10114 10114 10114
Dec 109 Sept
10414
28
Feb
100 105 Jan 7 108
300 Prior preterrea
108 108 5108 109 5108 109 *108 109
*107 108
3314 Mar 6912 Nov
24
Feb
8
2,600
67
.573
12
Gotham
par
Jan
Silk
66
Hoalery__Ne
66
65%
*6512
8
663
6638 6518
6612 66
6612 6612 66
6878 Nov
July
4713
24
Feb
58
12
Jan
1,300
67s
New
par
NO
4
663
6534
65
6518 654 65
6612 6512 66
566
6612 66
Preferred new
100 104 Jar 26 10812 Feb 2 ...-- .--- ---- --10714 10818 1074 1075* 10734 10814 1084 10812 *108 10838 10814 1084 2,500
Oct 2112 Jan
8
94 Jan 13
814 Feb 17
No par
400 Gould Coupler A
812 812
584 912
814 814
*812 834
84 812 *812 912
1618 Mar 364 Dec
3612 364 36% 14,500 Granby Cons M Sm & Pr_100 3l4 Jan 27 3814 Feb 24
3638 365* 36
3712 3634 3712 3612 37
37
11312 Dec
Apr
89
28
Feb
22,000 Great Western Sugar tern etf25 109 Jan 26 11914
11433 11612 117 11914 1164 11712 11412 11614 11412 11578 11434 1101
100 11612 Feb 26 12178 Jan 17 10812 Mar 11814 July
260 Preferred
11812 119 *11812 11914 11938 11938
1173 118
11612 118 5117 118
3434 Deo
Apr
4
93
3
Greene
Mar
13,000
3918
27
Jan
Cananea
294
100
Copper
3918 3718 3834
35
3334 334 35
3338 33
3234 3234 33
1078 Feb
518 Jan
8 Jan 25 10 Jan 4
812 812 1,800 Guantanamo Sugar_ __-No par
838 9
858 88 *812 858
*878 9
*878 9
9338 Jan
Oct
5138
28
Feb
64
53
4
100
Steel
Jan
States
Gulf
4,500
6112
61
623t 6018 6012
60
6258 64
64
62
63
561
Dec
6012
June
45
19
1st
A
class
31
Hanna
100 56 Jan
pref
230
67 Jan
*604 6034
61
60
60
6014 6014 6014 6014 6014 604 61
Oct 2812 Nov
26
900 Hartman Corp class A_No par 25 Jan 22 27 Jan 8
2518 2518
2612 264 2538 2.512 2518 26
26
*25
257 26
Sept
30
Dec
3
245*
Jan
B
Class
2612
2312
9
par
Feb
No
3,800
25
*2412 2512 2514 2633 2512 26% 2534 2534 2512 255* 25
Jan
1718 Dec 46
No par
5,400 Hayes Wheel
1512 Feb 15 2234 Feb 25
20
2112 2212 2112 2234 2014 2158 2034 2112 2012 2012 20
68 Mar 88 Dec
1,200 Helme (G W)
25 7612 Jan 14 88 Mar 1
88
8714 8714 8714 586
87
864 88
86
84
86
84
Aug
3513
1712May
15
Feb
Jan
600
4
333
22
31
Hoe
par
Co
&
ctfs_No
(R)
tern
3012 *2912 304 *2912 3012 3012 3012
3012 3012 3012 30
530
Oct
4712 Jan 63
100 60 Jan 25 6318 Jan 12
100 Homestake Mining
6434
*62
64
*61
62
561
62
561
61
61
62
561
40 Mar 484 Jan
1,300 Hensel)Prod,Inc.tem ctfNopar 434 Jan 3 4918 Feb 2
48
48
54713 48
484 4812 4812 4812 4753 48
4878 49
Jan
71
Mar
5014
110 100,000 Houston Oil of Tex tern ctfs100 6018 Jan 11 12012 Feb 28
10238 10378 10812 12012 109 11912 105 11212 107 11012 105
27 Jan 45 Sept
No par 377 Feb 14 404 Feb 2
3914 394 394 7,300 Howe Sound
39
3918 3918 3918 3958 394 3912 3834 39
4034 Oct 12314 Jan
Hudson Motor Car
No par 484 Jan 24 6938 Mar 4
634 6514 6458 6634 674 694 300,300
6414 667
67
65
66
65
17 Mar 284 Jan
11,100 Hupp Motor Car Corp____10 21 Jan 17 234 Jan 10
224
22
224
22
8
223
2218
224 2273 224 2258 2212 2234
194 Mar 34 Jan
Independent Oil & Gas_No par 29 Jan 3 3234 Feb 1
2933 297s 294 3014 14,800 Indian
3018 304 304 3034 a295* 30 4 2914 30
1412 Dec 244 Feb
7
3
1512 Feb
1418 Mar
No par
200
Motocycle
1514
15
*1412 1514 *144 1514 144 1418 *1414 812 3,800 Indian Refining
1514 15
515
734 Oct 131 Feb
10
74 Jan 29 1038 Feb 1
814
812 812 *814 812
814 84
818 858
853 834
12
3
712 Oct 1212 Feb
9
3
10
Jan
4Feb
5,600
74
Certificates
814 814
83, 838
838 *814 838
8
818 8%
858 834
Jan
Mar 104
8014
9534
3
10
Jan
Jan
Ingersoll
100
92
new
par
Rand
_.....-No
9312
9312 592
*9214 9312 592
*924 94
5924 94
94
94
3412 May 4334 Deo
No par 41 Feb 15 4334 Jan 3
4218 4218 4218 3,100 Inland Steel
4212 42
42
4212 43
4234 43
*4212 43
Feb
115
Mar
10834
2
Mar
113
3
Jan
111
100
200
Preferred
11614
113 113 *11218 11614 *113
*11212 113 *11212 113 *11212 113
2034 Mar 2858 Nov
8,800 Inspiration Cons Copper___20 2138 Mar 4 2512 Jan 12
2112 2134 2112 2138 2138 2112 9,200 Intereont'l Rubber___No par 1112 Jan 3 15 Feb 28
2158 22
214 22
2178 22
12 Dec 214 Feb
1412 145s
14
14
1418 145* 137 14
144 15
1334 14
94 Dec 2614 Jan
23
Feb
8
94
107
25
par
Jan
No
Agricul
lutenist
1,100
94 912 594 10
94 04
973 978
5638 Dec 95 Jan
*934 1034 *934 1034
100 6013 Jan 26 65 Feb 14
700 Prior preferred
64
*61
64
*62
6212
56313 6412 *6312 6412 633* 6338 62
Mar 5678 Dec
3818
614
21
13
Feb
Jan
5318
par
lot
Machinee_No
9,100
Business
60
5912 6038 5912 605* 59
6034 5918 607
604 6078 60
4438 Oct 714 Jan
5178 1,700 International Cement__No POI 454 Jan 21 52 Feb 17
515* 517s 517s 51% 5138 10634
Jan
5112 5112 515* 518 *5134 52
Jan 21 10634 Mar 4 10178 Oct 106
1024
100
700
Preferred
10612
10612
*10578 10638 10638 10638 *106 10612 *106 10612 *106
3312 Mar 6412 Jan
359,900 Inter Comb Eng Corp-No par 4318 Jan 28 64 Mar 1
5812 6134 5758 6038 5838 614 49,500 International
5838 604 5838 6212 6038 64
100 13538 Jan 18 16378 Mar 1 11214 Mar 1584 Dec
Harvester
16112
15818
16012
15714
8
1625
160 16053 162 16378 15612
Jan 129 Dec
1594 161
100 12634 Jan 12 128 Jan 3 118
600 Preferred
12734
*127 12734 *127 12734 12714 12714 *127 12734 12738 127% 12734 714 4,500 lot Mercantile Marine-100
6 Sept 1238 Feb
858 Feb 7
64 Jan 4
7
712 734
634 714
712 77
714 74 574 712
27 Mar 464 Feb
100 3718 Jan 6 4458 Feb 7
36,400
Preferred
4312
4218
4212
4218
444 4212 4418
4312 443* 434 4412 43
5312 Mar 664 Feb
2,400 International Match pref__35 62 Mar 2 6438 Jan 4
6212 624 6212 6214 6214 22,500
6212 627s 62
6212 6278 6212 63
3238 Mar 4614 Jan
International Nickel (The)25 384 Jan 3 44 Feb 21
4078 42
414 4234 4118 42
4212 43
4234 434 4258 43
10358 Mar 2 10614 Feb 2 10118 Jan 10412 Dec
100
100
Preferred
8
1043
*103 10438 *103 10438 *103 10438 10358 10358 5103 10438 5103
Apr 634 Aug
4418
10
Jan
1304
3
Jan
534
300
Paper
International
5912 16,500
5734 57
554 5712 5558 5714 57
5558 5558 5514 56
80 May 100 Deo
100 9612 Jan 3 9934 Feb 14
700 Preferred (7)
Jan
23 135 May 175
994 9914 9958 9958 9934 9934 5994 994 9912 9912 9958 9958
Feb
16114
21
Jan
160
par
_No
Shoe__
international
Jan
*162 16412 5162 165 *16512 170 5167 168 5167 168 *167 168 8 20,600 Internat Telep & Teleg___100 12214 Jan 26 1324 Feb 21 111 Mar 133
12714 12812 12738 1285
Jan
1812 July 29
12918 1295 12913 1304 12812 12958 12734 129
1912 Jan 31 2412 Fob 23
No par
Corp
Intertype
3,100
2314
2314 235* 235* 225* 2312 225* 2238 225*
2278 2312 23
25 Jan 5612 Deo
Jan 3 5913 Feb 9
5313
100
lno
Tea,
Jewel
2,100
5812 5834
5758 58
s57
58
5724 574 5734 57
5914 58
100 12334 Jan 28 125 Feb 18 11512 Jan 12712 Nov
300 Preferred
124 124 *124 125 5124 125
9 Dec 1912 Feb
124 124 5124 125
*124 125
6,000 Jones Bros Tea, Ino.etpd 100 105* Jan 3 1738Mar 1
12 Nov 66 Feb
164 1678 1638 164 163 1738 1814 1658 164 1634 1614 1614 14,600 Jordan Motor Car
1512 Mar 3 2212 Jan 5
par
No
4 Mar
34 Jan
19
1618 1818 104 174 1512 1618 1558 164
11
Jan
1818 1818 18
14
11
Jan
14
10
Kansas Gulf
_-_- ---600 Kan City P&L lat pf A_No par 112 Feb 10 11418 Jan 13 1074 Mar 115 Nov
4 Doe
513
May
112 112 51124 11434 *11214 11434 114 114
334
31
113 114 5112 114
Jan
5714
4
Jan
50
par
o____No
t
Coy
(J)
Kayser
7,300
5012 51
5138 5012 5078 5012 51
514 51
9 Oct 214 Feb
5113 514 51
912 Jan 27 1414 Mar 4
25
35,600 Kelly-Springfield Tire
1012 104 1034 1133 1078 134 1318 1414 2,000 8% preferred
Oct 7434 Feb
1018 1034 1038 11
4312
4
Mar
4
3
53
2
Feb
35
100
5212 5334
4613 50
43
45 Dec 734 Feb
43
4434 4312 4312 4478 46
*43
100 44 Jan 19 54 Mar 4
900 6% preferred
54
53
4818 4818 4818 503 51
4818 542
4818 543
*43
7634 Nov 126 Feb
100 77 Jan 26 85 Jan 4
300 Kelsey Wheel, Inc
80
80
80
*78
80
80 •78
577
577
577
80
80
4 Mar 844 Nov
493
24
Feb
9
Feb
6412
60
par
No
8 61,300 Kennecott Copper
6334 644 604 6418 z6258 633
6334 64
6334 64
24 Jan
634 64
12 May
34 Feb 1
12 Jan 3
par
Rubb_No
8
5
&
Tire
1,000
Keystone
4
4
12
8
5
12
8
5
512
4
4
58
513
Nov 8218 Jan
39
5
Jan
45
11
Feb
2114
par
No
300
Kinney
Co
26
2512 2512 2512 26
2512 254 *25
27
26
525
525
Nov
68
Dec
25
Feb
8
7
565*
62
10
25 50 Feb
2,200 Kraft Cheese
58
5712 57
57
58
58
59
Jan
6212 614 6234 58
62
424 Mar 82
10 4578 Jan 28 55 Jan 7
5,500 Kresge (S 8) Co new
4812 49
4834 4918 484 4812 484 49
Feb
49
11434
487 4938 48
Nov
11212
9
1125
28
Feb
Feb
11018
100
30 Preferred
11234 11234 *112 11234 *112 11234
5112 1124 11234 11234 5112 113
1518 Mar 3338 Jan
par 1412 Jan 29 1712 Feb 8
Storee___No
300
Kresge
Dept
16
16
1612
516
1634 164 1612
516
17
17
*16
*16
7014 Mar 9314 Feb
100 7112 Mar 3 80 Jan 4
300 Preferred
74
7312 7312 7312 7312 7112 7112 550
57112 80
*7113 80
400 Laclede Gas L (St Louls)...100 1734 Jan 27 18912 Feb 23 146 Mar 19614 Dec
185 185 5185 187
0187 188
186 188 5184 185 *182 185
1918 May 2412 June
2
Feb
2278
13
Jan
204
Lago
Par
&
4,200
011
Tranalion-No
21
52012
21
21
52012 21
2112 218
2134 2178 2114 22
3912 May 72 Nov
No par 66 Jan 28 7173 Feb 10
703* 2,800 Lambert Co
70
704
695*
6912
694
70
4
693
8
707
704
8
694 697
64 Dec 14 Jan
818 Mar 4
7 Jan 4
77
818 4,300 Lee Rubber & Tire„...No par
712 773
733 733
74 74
714 712
74 712
3034 Mar 4118 Jan
3 Jan 19
37
17
Feb
354
par
No
Fink
2,400
&
Lehn
36
3512
3618
174 May 25 Dec
3558 3612 3614 3638 3558 354 36
3534 36
No par 22 Jan 7 2478 Feb 17
244 1,000 Life Savers
7218 Mar 103 Deo
2414 2414 244 2438 234 2334 2312 2312 2318 2338 52314 9212 1,100 Liggett & Myers Tob new-25 58712 Feb 10 1024 Jan 4
*9113
9238 9238 9134 9253 904 91
11934 Jan 1294 May
18
9212 9258 924 923
Feb
129
27
Jan
12434
100
Preferred
500
129 129 *128 12912 5128 1294
71 Mar 7234 Dec
127 127 *12634 128
01264 129
25 *864 Feb 10 10234 Jan 18
9158 9158 6,500 "B" new
9134 5914 92
534 Mar 604 Jan
9118 9178 91
9178 92
92
92
No par 62 Jan 6 7412 Feb 11
7012 7114 7018 7134 12,400 Lima Loo Wks
73
4312 Oct 5878 Nov
14
Feb
7114 7234 7113 7212 7212 734 70
594
5
Jan
Carbonic
51
certifs_No
Liquid
par
9,700
55
54
344 Mar 4838 Dec
5378 5438 537 544 534 55
533 5438 5338 55
par 4678 Jan 4 5934 Feb 23
Oct 1114 Feb
534 5434 543* 574 85,200 Loew's Incorporated..-No par
6
55
5578 5612 5412 5614 5414 554 53
758 Jan 20
6 Feb 23
No
64 614 2,400 Loft Incorporated
64 614
414 Dec 5013 Feb
618 614
7
64 614
613 614
Jan
618 64
424
15
Jan
1,100 Long Bell Lumber A
42
No par 4012
42
42
Mar
5414 42
4114 4112 42
88
41
17713 Dec
26
4034 4034 41
Feb
100 150 Jan 18 17312
157 15914 158 16112 4,700 Loose-Wiles Biscuit
157 157
26 1204 Mar 175 Dec
167 17313 1604 16413 151 165
100 15814 Jan 18 16978 Feb 3
500 2d preferred
4214 Feb
16934 16978 :0155 170
Oct
274
15978 15978 *155 160 *155 160 5155 160
Jan
8
327
24
25 2734 Feb
2914 2914 298, 2918 2914 294 2914 294 293* 2914 2912 3,900 Lorillard
29
13
Apr 120 Aug
100 117 Jan 25 11812 Jan 5 11118
Preferred
*114 1164 5114 11612 5114 11634 *114 1163 *116 1163 *114 1168
Mar 1978 June
12
Jan
184
4
Mar
154
1512 1578 154 1558 1514 154 1514 1514 1518 154 7,100 Louisiana 011 temp otts_No par
•1558 16
93 Dec 98 Dec
100 95 Jan 10 97 Feb 5
Preferred
59534 97
109512 97
*9534 9612 *9512 9614
*9534 97
*9558 97
2234 Mar 2618 Feb
2353 Jan 3 2612 Feb 25
2638 2512 2618 2512 254 254 2534 2538 2558 7,200 Louisville 0& El A ----No par 2618 Jan 12 3178 Mar 1
2614 2612 z26
224 Oct 5814 Feb
No par
15,000 Ludlum Steel
2934 31
2918 2812 3034 3038 3178 297 3112 3012 31
28
Oct 138 Feb
14 12738 Feb 25 122
Jan
120
100
100
Mackay
Companlee
5126 12712 12738 12738 •126 12712 5124 127 5124 127 5124 127
68 Mar 7318 Feb
100 7053 Jan 7 72 Jan 27
600 Preferred
72
*7112 72
571
7158 7138 7112 7134 7134 7134 *71
72
8
895
159 Jan
1
Nov
Mar
108
24
No Par 884 Jan
104 107
1043 10612 105 10712 168,200 Mack Trucks, Inc
994 10312 1044 10634 1051 108
100 109 Jan 25 111 Jan 4 10712 Nov 113 June
200 let preferred
110 111 5109 113 5109 113 *109 113
Sept
102
1084
5109 113 5109 110
Oct
26
Feb
10412
18
Jan
102
100
200 2d Preferred
10412 10412 10412 10412 5103 106 510414 106 510414 106 510412 106
34 Apr 4478 Feb
9 36 Mar 1
_No Par 20Feb
4,600 Magma Copper
36
'2 Feb 24 16 Jan 5
354 3573 3512 3534 36
Jan
2818
354 3558 3518 354 3512 36
Nov
8
125
13
200 Mallinson (II R)& Co_No par
14
51313 1334 *1313 133 *1312 134
134 1312 1312 •I3
55 June 82 Feb
513
100 72 Jan 18 77 Feb 23
300 Manatl Sugar prof
7612
7614 •76
77
76
576
576
77
76
Oct
July
76
874
44
28
*7614 77
Feb
65
Jan 25
6312 6478 6313 6453 6358 6412 6358 644 13,500 Manh Eleo Supply-_-_No Par 534 Jan 18 2838 Fob 26
65
2178 Oct 3278 Jan
6218 6312 64
25 2414
Shirt
2712 Mar 4538 Sept
2758 2838 27% 28% 273* 2814 2634 2714 *2612 2714 2612 2612 4,000 Manhattan
-No par 40 Jan 22 44 Feb 4
Corp
Manila
Electric
46
540
540
46
46
*40
*40
46
46
*40
1613 Oct 28 Feb
46
*40
Jan 6 224 Jan 18
18
par
-No
Expl_
184
011
51812
4
1918
183
19
1812 1812
800 Maracaibo
1912 19
4914 Mar 6338 June
17
Jan
5812
4
Mar
4
3
54
1912 1912 •19
par
No
8 5512 78,700 Marland 011
5
5614 564 5534 5612 55
57
5612
54
55
57
Oct 33 Mar
244
9
Feb
38
10
5638
27 Jan
NO par
3312 3478 3234 34
3412 35
3418 3512 7,200 Marlin-Rockwell
357
35
17 May 23 June
36
36
No par 204 Jan 6 2434 Feb 24
200 Martin-Parry Coni
10618 Jan
25
5224 2312 2314 2314 52212 2334 2212 2212 *2212 23
May
Feb
8
6212
953
6
Jan
82
5224 24
9018 93
94
92
9012 9212 91
3,900 Mathieeon Alkali Winstem Of50
93
943
6912 Dec 70 Dec
9434 93
93
25 6714 Jan 27 71 Feb 17
7012 704 7012 6912 7038 6913 7038 7014 7014 8,400 May Dept Stores new No par 23's Jan 15 28 Feb 3
Mar 2412 Sept
19
7012 70
70
8
2612 3,100 Maytag Co
Jan
2614 2614 2614 2638 263 2638 2614 2614 26
72 Mar 121
5612 hiar 34 7512 Jan 3
2614 27
584 59
60
57
58
564 57
1,400 McCrory Stored Class B No par
6034 559
Jan 25 2712 Feb 28
2214 Oct 30 Feb
6012 6012 60
2734 *2634 28
5264 2712 4,500 McIntyre Porcupine Mlnes....6 2514 Jan 3 2614 Feb 21
2712 *27
Nov
2712 *27
2512
Jan
2214
27
4
27
243
27
600 Metro-Goldwyn Pictures pf.27
264 2618 2618 26
26
26
26
526
26
6 Feb 134 July
914 Feb 16
26
658 Feb 10
26
26
84 814
03 833
818 814 3,100 Mexican Seaboard 011-No par
818 814
174 Oct
*54 84 *84 514
11 Mar
5 1434 Feb 8 1613 Feb 28
1612 1614 1633 16 4 16:4 1638 1612 4,600 Miami Conner
1614
Jan
1612
July 37
164
8
2712
393
3
21
Jan
8Mar
343
1618
16
343a 35
3438 3512 37,700 Mid-Continent Petro-Ns par 103 Jan 10 05 Feb 3
3458 354 3412 35
90 Mar 10414 Dee
100
354 3614 354 36
prof
Petrol
5103
104
104 *103 104
100 Mid-Cont
03 104 5103
Jan
212
51
Nov
10314
3
4
314
Jan
8
10314
Feb
14
10412
Corp....10
110314
18,000 Middle States Oil
04 273
24 3
04 278
3
14 Dec
23
Is Oct
214 Feb 8
l's Jan 25
10
278 24
234 273
178 2
2
2
2
3,800 Certificates
2
158 2
Mar 1334 Feb
14
Jan
107
11912
Feb
17
14 IN
110
pref.-100
•158 14
Prod
Midland Steel
...s._ t to.ii Sin 11e *1154 118 *1154 118 *1151, 11714 *11512 11612
lee.an skis lay. Clti-alvklent. •Sz-rIghli.
•Illa sad sake: prices: so
New York Stock Record-Continued-Page 5
1331
For sates during th• week of stocks usually inactive, see fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday, 1 Monday, 1 Tuesday,
Feb. 26.
Mar. 1.
Feb. 28.
Wednesday, Thursday,
Mar. 2.
Mar. 3.
Friday,
Mar. 4.
Sales
for
the
Week.
STOCKS
NEW 'YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
PER SHARE
Range for Precious
Year 1926
Lowest
Highest
Lowest
Highest
($ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscall.(Can.) Par $ Per share $ Per share $ per share $ per shard
*33
35
3234 3414 34
314 33
34
*3312 3478 .34
3412 1,700 Miller Rubber etfe____No par 3158 Jan 25 3658 Feb 14
30 May 4434 Feb
8778 87
8812 8914 87
8838 87
100 8112 Jan 28 8914 Feb 26
88
8618 88
4,700 Montana Power
87
88
6932 Mar 8612 Nov
6578 664 66
67
6518 66
6334 6538 64
644 6314 6452 33,800 Monte Ward & Co Ill Corp..A0 6038 Feb 8 6814 Feb 24
56 May 82
Jan
94 978 10
10
934 978
No par
2,600 Moon Motors
834 Jan 21
934 10
1213 Jan 5
912 10
978 978
934 Nov 3738 Feb
418 414
413 414
418 414
418 418
418 414
4 Feb 9
418 418 6,300 Mother Lode CoalitIon_No par
432 Jan 3
4 Nov
712 Feb
1178 12
1178 1178 1012 1132 *104 11
.1058 11
978 Feb 17 13 Jan 17
No par
1078 1073 2,500 Motion Picture
1034 Dec 2312 June
.3553 36
36
364 3614 3612 36
3334 May 5332 Feb
No par 3318 Jan 31
36
3718 Feb 3
3614 3614 36
3612 3,300 Motor Meter A
2214 2214 2214 2214 2212 23
2314 2334 4,200 Motor Wheel
2234 2234 2278 23
No par 2034 Jan 3 2458 Jan 7
1912 Nov 3378 Feb
*11
12
ll'z 12
*12
10 Jan 5 1212 Fcb 21
No par
1232 12
12
600 Mullins Body Corp
8 Nov
1134 1134 1134 1134
1934 Feb
3914 3914 3914 *3812 3914 3812 3812 *3813 3914
*38
3914 .38
No par 36 Feb 25 394 Jan 11
200 Munsingwear Co
3434 Apr 3834 July
3812 3914 3834 3934 38
No par 3034 Jan 27 43 Feb 23
39
36
3614 3412 35
18,200 Murray Body new
3712 35
6632 667
6718 6938 6714 6878 66,4 6734 66,4 68
No par 63 Jan 28 7312 Jan .5 -52 1%-far -701
6632 6814 59,200 Nash Motors Co
8 Dec
*412 5
*412 5
5
5
5 Feb 15
*434 5
5
200 National Acme staroped___100
5
*434 5
658 Jan 7
5 Nov
124 Jan
9912 9912 9834 99
98
25 9134 Jan 27 10112 Jan 10
98
9814 9812 9812 10038 9912 10014 10,100 National Biscuit
74
Jan 102 Dee
•131 13214 131 131 *131 13214 *13114 13134 *13114 13134 13134 132
100 130 Jan 10 133 Feb 11 126
300 Preferred
Jan 13112 Apr
4014 40
40
4014 40
4014 40
40
4,200 Nat Cash Register Awl No par 3978 Jan 3 42 Jan 22
4018 40
4038 40
3712 Oct 54
Jan
3158 32
3114 3173 3118 3134 3114 32
3114 3114 3113 3433 6,300 National Cloak & Sult
100
18 Jan 22 3512 Feb 21
18 Nov 57
Jan
80
89
89
8812 89
89
8812 8918 8812 8812 89
2,100
100 61 Jan 31 9312 Feb 21
Preferred
90
584 Nov 9212 Jan
7634 7738 7612 77
77
78
7612 774 7638 7733 7714 784 15.600 Nat Dairy Prod tern ctriiNo par 704 Jan 3 7834 Mar 4
53 Am' 80
Jan
*25
2512 25
27
2612 2732 *25
2612 2534 2534 2518 2518 2,100 Nat Department Stores No par 2458 Eeb 7 2738 Mar 1
24
Oct 4232 Jan
*90
9212 92
91
*90
92 .90
*90
91
91
*90
91
preferred
100 91 Feb 17 9414 Jan 10
100
1st
8934 Oct 97
Jan
2512 2638 2314 25o 2352 2514 24
2738 2518 2678 2412 2632 37,500 Nat Distill Prod ctfs_ __No par
17 Feb 8 2712 Felt 16
1212 May 34
Jan
54
5138 51
531 *5012 53
Preferred temp W....No par '4310 Feb 2 5512 Feb 21
5012 5378 5212 5278 5014 5014 4,300
3712 Aug 7318 Jan
26
27
27
30'4 28
29
2618 2618 2612 2914 14,200 Nat Enam & Stamping-- -100 2412 Jan 11 3014 Feb 28
2534 28
2118 July 4013 Jan
8158 8178 82
8318 83
83
83
83
*82
8412 *82
100 81 Jan 4 8312 Jan 29
Preferred
8412 1,500
76 July 8924 Jae
175 176
176 1771 175 180
178 18114 178 18614 179 1844 20,900 National Lead
100 169 Jan 27 18614 Mar 3 138 Apr 181 Dec
118 118 *118 1181 *11734 11814 11734 11734 *117 11814 *117 11814
100 11714 Feb 3 11834 Jan 8 116
300 Preferred
Jan 120 May
21
2118 2072 21'2 204 2138 2013 2118 2013 2114 2034 2118 16,800 National Pr & Lt ctfs__N0 par 194 Jan 29 22 Jan 6
1634 Mar 3833 Jan
9452 9478 94
9134 04
947
934 94
934 9112 93
93
8,900 National Supply
50 8212 Jan 3 9534 Feb 18
5512 Jan 88 Dec
*116 119 *116 120 *116 119 *116 119 *11612 120
116 115
No par 11412 Jan 11 118 Jan 6 11612 Nov 238
200 National Tea Co
Jan
1478 15
1434 1478 1453 144 1432 1434 1412 1412 1414 1412 13.000 Nevada Congo' Copper
5 1374 Feb 10 15 Jan 3
1158 June
1614 Nov
4614 4712 4634 4678 4533 4612 45
4512 45
46
4534 4658 8,100 NY Air Brake
No par 4038 Jan 8 4778 Feb 11
3612 Jan 4612 Sept
1634 1712 1712 1814 1612 1714 1678 17
1658 1634 1612 164 2,900 NY usnocr_ lamp etts_No par
1334 Feb 16 2178 Jan 3
2018 Nov 8434 Jan
*48
51
*4812 51
*47
57
*47
57
*48
52
*48
52
No par 4812 Feb 14 72 Jan 13
Preferred
7014 Dec 85
Apt
3778 3812 37
3834 37
37
37
37
*36
37
36
37
3,200 New York Dock
100 34 Jan 14 3834 Feb 28
32
Oct 4578 Feb
75
75
75
75
73
73 .73
75
*72
75
*72
75
100 7218 Feb 9 75 Feb 26
400 Preferred
69 May 77 Dec
*2814 2838 2812 2812 2838 2838 2832 2853 *2818 2858 *2812 2858 1,100 Niagara Falls Power pf new_25 2734 Jan 31
2758 Mar 2912 Dec
29 Jan 5
4934 5012 4934 5038 4914 5014 4913 50
4858 4934 248
4878 33,100 North American Co
10 4552 Jan 14 5078 Feb 25
42 Mar 67
Jan
*5012 51
5012 51
5138 5132 5034 51
5114 5114 251
5114
50 50 Jan 10 5138 Mar 1
Preferred
1,500
49
Jan 5214 Aug
98
98
*9772 98
*9712 9818 9814 9814 984 9818 9734 9838
600 No Amer Edison pref __No Par 904 Jan 6 10014 Jan 25
9112 Mar 97 Dec
458 514
5
518
44 5
*434 5
5
44 478
4 Jan 31
518 3,900 Norwalk Tire & Rubber_
10
418 Oct 1518 Jan
648 Feb 10
*1212 13 .1212 13
*1212 ____ *1212 13
1212' 1212 *1212 1234
1212 Mar 3 13 Jan 19
100 Nunnally Co (The)____N-o par
1234 Dec 1712 Jam
3512 3512 35
35
35
3512 35
35
35
35
*34
25 3114 Jan 28 1038 Feb 7
3412
700 Oil Well St111919
30 July 3632 Oci
134 1334 1312 1358 13
1318 1234 134 124 1258 •1218 1234 2,400 Omnibus Corp
No par
12 Feb 11
1433 Jan 6
12
Oct 2214 Fet
6433 6633 6618 6778 6512 6634 6418 6512 64
6478 6334 6413 23,800 Oppenheim Collins & CoNo par 5812 Feb 8 674 Feb 28
47
Jan 6352 Sepl
3333 3338 3314 3314 3338 3312 3212 3312 3278 33
1
*3213 33
3018 Jan 4 3458 Jan 21
3,000 Orpheum Circuit, Inc
2712 Mar 3312 No
•10512 10812 *10512 10812 90512 10812 *10512 10812 .10512 10812 .10512 10812
100 105 Jan 20 107 Feb 10 101
Preferred
Jan 105
Apt
*10734 10814 10814 10814 10812 10812 108 108
108 108
108 108
50 2103 Feb 2 131 Jan 18 106 Max 136 Dec
600 Otis Elevator
•109 10978 10912 10934 10912 10912 10914 1094 10914 10914 10914 10938
100 108 Feb 16 111 Jan 14 10234 Jan 10912 Aul
210
Preferred
812 812
3
812 834
834 878 8,200 Otis Steel
4 84
84 9
714 Feb 10
834 834
No par
9 Mar 1
8
Oct1413 Jet
*6812 701.2 *68
7012 70
70
694 6973 70
7012 *69
100 6112 Feb 8 7012 Feb 23
7113
400
Prior pref
63 Nov 74 Sepl
7934 7934 7958 7958 7958 7958 79
7913 7878 79
*79
25 7518 Jan 18 8072 Feb 4
7912 1,000 Owens Bottle
5334 Mar 9034 Del
5973 5973 *59
60
5973 5978 *57
60
60
*57
*57
60
No par 5234 Jan 21 61 Feb 23
200 Outlet Co
44 May 5514 De(
.107 115 *106 115 *106 115 *106 115 *106 115 *106 115
100 107 Jan 27 10758 Feb 23
Preferred
9712 Apr 10712 De(
3214 3214 324 3238 3214 3233 3238 324 3212 3253 3214 3258 4,400 Pacific Gas & Elec new
25 31 Feb 18 33 Jan 19
*113 158
138
112
112
158
112
No par
112
138 Feb 28
14
132
132
113 7,900 Pacific 011
178 Jan 7
ra- May -13-18 -Fe/
344 35
3452 3514 3458 35
3438 3478 3432 3533 3412 3532 24,200 Packard Motor Car
10 34 Jan 25 3638 Jan 4
3134 Mar 4514 Jul3
1058 1058 1012 1058 1033 1034 1014 1058 10
94 Feb 9 1172 Jan 6
1014
10
1014 6,400 Paige Dot Motor Car__No par
9 Nov2812 Jai
62
*6212 64
6112 62
50 6034 Jan 6 6572 Jan 19
6218
6178 6258 3,400 Pan-Amer Petr & Trans
6212 62
8 62
5612 Mar 7612 Jai
6312 6358 63
6358 6212 6334 6214 6312 6218 6314 6258 6318 31,600
50 61 Jan 3 6632 Jan 20
Class B
5678 Mar 7833 Jai
•3532 36
3112 3538 314 33'2 31 12 3158 3113 3233 31
3134 11,500 Pan-Am West Petrol B_No par 31 Mar 4 3778 Jan 24
30
Oct 46
Jet
1534 1578 *1512 1578 1512 1534 1513 1512 15
14 Jan 5 1872 Jan 17
15
1458 1458 1,500 Panhandle Prod & Ref_No par
412 Jan 32 Jun.
100 7014 Jan 15 8134 Jan 17
74
74
*7218 74
*7218 75
Preferred
*72
75
*72
75
100
*72
75
51
Jan 998 Jun
*204 2134 22
2312 24
25
2212 2312 22
23
2152 214 9,900 Park & Tilford tern ctfs_No par 20 Jan 27 25 Feb 28
1853 Oct 2818 Jai
1
6 Jan 3
734 734
758 734
712 734
8 Mar 4
734 754
10,300 Park Utah C M
812 Fel
512 Sept
734 Ps
734 8
4112 4218 41
4134 3972 415
3214 Nov 83 Jac
40
40
39
391z 3912 3934 6,300 Paths Exchange A___No par 37 Feb 14 4234 Jan 19
*2858 2834 2852 29
2812 2878 2712 2818 2712 2758 2778 284 4,800 Peerless Motor car
50 2678 Jar 29 32 Jan 8
2338 Nov 3112 Nol
2278 2278 2214 2234 2212 2234 2278 23
No par 21 Jan 17 24 Feb 15
2234 23
2258 2278 4,400 Penick & Ford
1672 Jan 24 De,
*1212 14
*1212 14
.1212 14
1253 1258 1212 1212 1258 1253
50 104 Jan 19 14 Jan 21
400 Penn Coal & Coke
7 Aug
19
Oc
3614 *3534 36
3538 3512 3514 364 35
3578 3572 36
37
4,600 Penn-Dixie Cement__ _No par 3412 Jan 29 394 Jan 13
38 Dec
41
De
*9914 9932 *99
Preferred
994 99
100 99 Jan 4 994 Jan 13
99
99
99
99
*9914 9934
99
400
90 Nov 10012 No,
78
1
78
1
78
1
78
1 18 Feb 14
1
58 Jan 3
78
78
78
1
5.400 Penn-Seaboard St'l vtc No par
58 Oct
214 Jai
129i2 12912 12934 13012 *12914 130
13012 13078 131 13114 *130 131
2,700 People's G L & C (Chic)....100 126 Jan 14 1314 Feb 28 117
Jan 131 De
*91
92
.90
01
93
90
*90
90
*89
91
91
.89
100 Philadelphia Co (Pittsb1-50 8514 Jan 18 92 Feb 24
5918 Mar 91 De,
*5112 53 .51 12 53
*5012 52
*5034 5214 *5012 52
51
51
100 6% preferred
50 50 Jan 6 53 Feb 10
45
Oct 5114 Jul,
4512 4458 4738 4534 4758 106,100 PIAUI & Read C & 1___No par 4153 Jan 28 4752 Mar 4
4412 4533 4458 4512 4354 4478 44
3614 Apr 4838 Fei
4412 4412 4312 431, 4432 4412 4612 4612 47
*44
46
47
Certificates of Int___No par 4138 Jan 26 47 Mar 4
800
3634 June 4612 Jim
54
.52
*52
54
*50
52
*50
54
*50
52
*50
52
47
Jan
3 50 Jan 24
45 Dec 5534 Jal
Phillips-Jones Corp____No par
39
39
•3712 3878 37
36
3712 3534 3638 *3534 38
3634 4,900 Phillip Morris & Co, Ltd....10 3,512 Jan 2.1 414 Jan 10
16
Apr 41
De
5753 5812 57
58
57
5734 5614 5714 5618 574 5614 5738 134,000 Phillips Petroleum__No par 544 Jan 3 6014 Feb 16
40 Mar 5732 De
.4512 4614 *4512 46
*4512 46
4553 4552 *4512 4612 4512 4512
200 Phoenix Hosiery
31 Mar 4614 No
5 42 Jan 7 4712 Feb 15
.*104
. •104
*10234
_ •101
_ *104
_ *104
_ __ _
100 103 Jan 5 10434 Jan 24
94 Mar 103
Preferred
Oc
-2214 2014 21-12 2038
-2118 22
2138 -2-1-34 21 12 -2214
-18 2034 -2218
- 30.400 Pierce-Arrow Mot Car No par
1818 Jan 25 2272 Jan 3
19 May 431a Ja
93
93
92
94 .90
91 18 92
92
03
9514 9434 9534 4,800
100 85 Jan 17 10212 Jan 3
Preferred
7612 Apr 12714 Au
34
*58
3
54
34
*38
54
34
5*
1,800 Pierce 011 Corporation
58
25
38
53 Jan 5
54 Jan 4
58
Oct
12
178 _is
15
*14
*14
15
*14
15
15
*14
*14
15
*14
15
Preferred
100 1414 Feb 23 1734 Jan 24
1118 Nov 2718 Ja
3'8 318 *318 34 *34 31 2 *313 34 *318 314
400 Pierce Petroi'm tern ctfallo par
3
34
378 Jan 13
3 Jan 5
214 Aug
7
Ja
34
31
34
34
3478 3538 3534 36
35
*3412 3512 *34
2,400 Pittsburgh Coal of Pa
100 33 Feb 18 3612 Jan 3
29 June 1212 Ja
71
71
72
*7012 71
7114 7212 7178 72
7114 7114 *71
1,000
Preferred
100 71 Feb 7 7412 Jan 7
70 June 85
Ja
*0812 10012 *9812 1001 *9812 10012 *9812 9914 *9812 9914 *9812 9914
Pittsburgh Steel pref
100 9858 Feb 25 101 Jan 18
94 Mar 10018 De
9872 9932 9834 994 9838 994 9818 9434 9818 9958 96
9838 19,400 Post'm Cer Co Inc new_No par 95 Mar 4 10234 Jan 14
7512 Mar 12478 Fe
5412 5134 5312 5434 5212 5132 5218 6318 5234 5358 544 5434 5.300 Pressed Steel Car new
100 3612 Feb 5 51 Feb 16
314 Slay 44 No
*7912 84
84
*794 84
*80
84
*81
84
*8112 84
8538 1,200
100 7613 Feb 5 86 Feb 17
Preferred
7712 Dec 954 Ja
254 27
26
284 2718 27's 2512 27
28
2714 17,200 Producers & Refiners Corp.50 164 Jan 5 32 Feb 10
2858 28
11 Mar 2034 Oc
4618 *4618 4612 4612 4612
4618 4618 16
*4418 46
154 48
300
Preferred
50 3678 Jan 6 50 Feb 9
3034 May 4I34 Oc
35,8 3553 35
358
3514 355
35
3553 35
3538 23453 35
24,400 PubServCorp of NJ new No par 32 Jan 6 3534 Feb 25
3114 Oct 3332 No
101
.100
*100
101
.100 101
9912 9912 100 100 .100 101
200 6% preferred
100 9812 Feb 19 10014 Feb 24
9612 Apr
Oc
100 10812 Jan 5 11033 Mar 3 10318 Jan 101
•110 11033 •110 11058 •11014 ____ .11014 ____ 11038 11038 *109 __
100
7% Preferred
110
12618 12618 127 12712 *1261*,_, *1261$ ____ *12618 ___ •12618
_
100 125 Jan 10 12718 Feb 28 115 Mar 1243 No
300 8% preferred
4
No
104 104
10312 10312 104 10438 10478 10512 10412 1-0412 2103 102
900 Pub Serv Elea & Gas pfd_100 102 Jan 4 10512 Feb 24
97
Jan 10418 Set
•11458 11572 11478 11472 *11472 11612 .11472 116 *11478 11612 *11518 11612
100 Pub Service Elea Pr pref _100 11358 Jan 18 115 Feb 21 106
Jan 114 Au
18212 184
18014 18178 18114 18134 181 183
182 18334 182 183
14,800 Pullman Company
100 18014 Mar 2 18912 Jan 3 1.4514 Mar
19912 Set
4258 42
4234 42
44
44
44
44
43
*4213 4312 42
50 4134 Jan 26 4678 Jan 3
2,900 Punta Alegre Sugar
33
Apr 494 Dr
314 3178 3158 3314 3218 3314 '3123 3234 3218 3258 3238 3312 291,000 Pure Oil (The)
25 2714 Jan 3 33;2 Mar 4
2514 Oct 31
Ja
113 113 .113 114
.112 113 *112 114 *112 113
113 113
200 8% preferred
100 11138 Jan 11 113 Feb 24 106
Apr 11234 J1117
5134 5214 *5134 52
5178 5178 524 5238 52
52 .5134 52
1,200 Purity Bakeries class A __25 1638 Jan 20 54 Feb 21
47
Oct
403
2
No
52
5412
53
53
5312
5312
5258 5378 2,500
5478 521 1 544 5212
Class 11
4134 Jan 3 57 Feb 23
No par
1112 Nov 44 Dr
•101 105 .101 105 *10134 103 *10212 105 *10212 105 *103 105
Preferred
100 10114 Jan 8 1011 2 Feb
90
Oct 103 Dr
5334 5453 5334 5514 5314 5634 53
5578 534 5514 5318 5518 125,100 Radio Corp of Amer___No par 4712 Jan 24 5634 Mar 5
1
32 Mar 6158 No
•5210 5213 5212 53
25258 5234 5212 5212 *524 5212 *5218 5212 1,100
Preferred
50 5014 Feb I
53 Feb 28
4453 Mar 5378 Dr
*4212 43
424 424 *4252 434 4312 4312 4312 4352 45
45
160 Rand Mines. Ltd
No par 40 Jan 5 45 Mar 41
3234 Apr 4134 0(
*1532 1512 1538 1518 154 1512 *1514 1534 *1518 1513 *1518 1538
200 Ray consolidated Copper__10 1112 Feb 7 151 2
Mar 1
1012 Mar 1634 No
4514 4614 4,700 Real Silk Hosiery
46
44
4712 4712 474 4712 4714 4714 474 48
10 3912 Jan25 1834 Feb 23
3712 Nov 5014 01
99
9872 987s .98
99
.02
99
*92
99
99
*92
200
99
Preferred
100 91 Jan 29 99 Mar 2
Dec 100 No
9314
41
18
*4014
*4014
42
*42
4238 42
42
*4014 42
*4014 42
100 Reid Ice Cream
No pat
3812 Jan 21 43 Feb IS
394 Dec 58
738 *7
714
712 *7
Ja
712
732 738
712 712
7
7
700 Reis (Robt) & Co
No par
7 Feb 25
1834 Fe
9 Jan 10
712 July
156 15832 16.200 Remington Typewriter____100 11212 Jan 12
153 15312 151 158
15612 15814 15312 15712 15514 157
16012 Feb 8
8312 Apr 127 Fe
113 113
11214 11232 11214 11312 11214 11434 11212 11212.11212 113
620 7% 1st preferred
100 110 Feb 18 11712 Feb 10 106
Or
Apr
118
11434 11434
11458 11434 11434 11478 •11412 115
1.010 8% 26 preferred
11412 11412 *11412 115
1110112
26
s 1119
3 Feb 10 105 Apr 11514 Au
1112 1178
1133 1134
1134 1178 1172 1258 23,400 Replogle Steel
1134 1134
11 14 1134
No pa' 101
3r,
O
lacyt 6135%72
Jan
71
6658 6412 6852 73
73
44.000 Republic Iron & Steel
714 7212 6814 7112 6912 72
100 5612 Jan 4 7312 Febn 2
44
Ja
8
0
18
*102 10212 10212 10212 102 10234 102 102
10214 10214 10258 1024 1.100
Preferred
100 9652 Jan 3 10234 Mar 1
Mar 99 Set
9114
412 412
4
418
418 1.700 Reynolds Spring
418 *4
*4
4
4
4
4
44 Oct 1053 Ja
No Par
4 Feb 21
434 Jan 13
994 9912 9934 10078 100 10078 10014 10012 10012 10214 10314 104
31,200 Reynolds (RJ) Tob Class B 25
90 Mar 1214 No
081s Fen 24 124 Jan 14
*80
*80
83
83
81
*79
79
*79
81
79
*79
81
100 Roasts Insurance Co
7612 Dec 100
25 74 Jan 13 8358 Jan 21
Ja
51 12 5112 5112 5134 514 5178 5114 5134 5158 514 52
5212 6.400 Royal Dutch Co(NY shares)_
6012 Jan 25 54,2 Feb 9
4732 Oct 574 Ja
4112 4158 4178 42
42
4278 4258 4333 424 4334 4312 434 7,500 St Joseph Lead
3653 May 4813 Fe
4
Mar
10
4378
401
2
15
Feb
5958 5934 5958 61
60
62
6112 6332 6078 6112 6112 6234 20,300 Safety Cable
4212 Mar 5512 No
Mar 2
No
*6318 6712 .6312 68
56
68
7118 5,100 savage Arms Corporation par .5234 Jan 3 634 Mar 4
.64
*65
.65
67
68
6714 Nov 10212 Fe
100 6134 Jan 28 71 13
*3
34 *3
34
•272 3
3
3
3
3
3
3
700 Seneca Copper
1014 Ja
212 Dec
Jan 10
No par
34
4
234
Jan
Cl
61
61 14 25913 5912 50
61
60,2 *5912 6012 2,300 Shubert Theatre Corp_No par
59
60
52 Mar 7052 Jul
5612 Jan 12 61 14 Feb 28
47
47
4718 47
47
4738 4712 4872 484 4912 49
5012 67,700 Schulte Retail Eitores
4212 Mar 13812 Ja
50 2 Mar 4
No
18
Jan
par
47
*11614
11714
11714
*1164
--------11714 1174 *116,2 1171 2 .11612 11712
100
Preferred
100 1164 Jan 22 119 Feb 7 11212 Jan 120 Set
13
1253 1234 .1234 13
134 1312 1312 1338 1338 1318 1318 1,300 Senerave Corp
1212 Mar 1434 Me
1358 Jan 3
No oar
1214 Feb 19
•Bid and asked prices; no sales on this day. x Ex-dividend. a Ex-rights. n Ex-dividend one share of Standard 011 of California new.
New York Stock Record-Continued-Page 6
1332
For sales during the week of stocks usually inactive,see sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Feb.26.
Monday.
Foe.28.
Tuesday,
Mar.
.1.
Wednesday. Thursday,
Mar. 3.
Mar. 2.
Friday.
Mar.4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share Shares Indus. & Miscall.(Con.) Par
LI Per share 5 per share $ per share $ per share $ per share
537 11.500 Sears.Roebuck &Co newNopa
53
537
53
5314 63
55/
1
4 64
55
5514 5578 65
No par
6378 3,900 Shatuck (F 0)
64
63
1
4 6438 63
: 631
: 6414 6418 644 63/
*62
631
3
300 Shell Transport & Trading-C2
3
4814
*471
4
47
*4638 47
*4634 4778 *46/
47
1
4 48
*464 48
No par
3058 30% 303j 314 13012 305a 3014 3014 305* 3014 3018 3014 17,600 Shell Union Oil
300 Preferred
100
*10712 1083s *10712 108% 108% 10812 *16812 10878 *10812 1087s *10813 1087
9,500 Simms Petroleum
10
2038 21
2114 2078 21
2112 2114 21
2111 22
2134 22
No par
381/ 9,400 Simmons Co
394 39
3914 37
38% 374 3814 38
39
39
40
Preferred
70
100
109
*10812
10812
10812
10918
10914
10914
109 10912 *109 10912 1094
1914 2014 56,100 Sinclair Cons Oil Corti_NO par
2018 197s 2018
21
2114 20% 2138 20
20/4 20
2,300 Preferred
100
10114 1014 10018 10114 9914 100
*102 10212 102 10212 10114 102
7
355 29,500 Skelly Oil Co
3412
25
3518 355*
3612 3678 3578 3612 3514 35
36/
1
4 37
12814 12814 1.200 Sloss-Sheffield Steel & Iron 100
130 132
129 129 *129 131
*130 132
130 132
5,600 South Porto Rico Sugar___100
16858 173
16818 170
1734 17514 173 175
171 17212 168 171
20 Preferred
100
:11812
1231
:12313 *120 12614 4,11812 12634 •11814 12614 *11812 12614 1181
2,900 Southern Calif Edison
25
335 34
335* 34
34
534
3414 34
3418 3314 3414 34
3.900
Southern Dairies cl A_No par
3512
3518
36
3512
3514
3512
3612 3613 3514 3618 35% 36
Class B
No par
1214 1278 1218 121* 1214 12% 5,900
1314 134 13
135* 1211 13
Spear & Co
1012
12
*10
No par
1012 *10
*10
010
104 *10
12
*10
12
Preferred
*72
78
100
78
*72
*7212 78
557214 78
*7214 78
*7214 78
32,500
Spicer
Mfg
2612
Co
No par
2514 2612 2514 2618 26
245 2614 2513 27
244 26
400 Preferred
1074 1071z 107 107
100
105 105 *105 108 *10518 108 *10512 108
5512 565* 12.400 Standard Gas & El Co_No Far
56/
1
4 574 5612 574 5814 5614 554 5614 5514 56
1,300 Preferred
59
59
59
50
594 5912 x5912 5912 5914 5914 *5814 5913 69
7,000 Standard Milling
77
100
7778 7513 7678 7612 7612 76
74
75
76
7814 76
50 Preferred
100
90
8912 8912 8914 90
90
90
90
90
*89
90
*89
16.600 Standard 011 of Cal new.No par
5712 58
5714 577
5714 58
5818 5814 58
5818 577k 58
3812 49,100 Standard Oil of New Jer5ay_25
3814 39
38% 3933 3858 394 3814 3814 3818 3812 38
500 Pref non-voting
100
1141* 11458 1141* 11458 *11414 11512
11458 11458 1141* 11458 *11458 116
314 324 29,500 Standard Oil of New York...25
3214 317 32
3218 3238 3214 3212 3218 325* 32
3
3
3
318 2,500 Stand Plate Glass Co__No par
3
35*
34 35*
314 314
*34 314
900 Sterling Products
No par
9512
9512 95
1
4 *94
*9412 9514 9514 9512 *9514 9512 9514 95/
/
4 66% 635* 644 6058 644 50,900 Stewart-Warn Sp Corp_No par
6418 64% 6412 6718 6653 6712 641
3612 3718 21,300 Stromberg Carburetor_No par
3518 40
5412 5014 51
*49
4914 4914 5312 52
4914 5214 72,300 StudeivrCorp(The) new No par
5178 521
515* 5218 515* 52
5218 5212 5214 53
700 Preferred
100
:12112 *120 121 12 *120 12112 *120 12112
1118 123 *120 121 1z 1211
4,800 Submarine Boat
No par
24 253
213 212 *212 3
*212 3
24 27
214 214
Sun
011
1,500
32
No
par
3212
32
3218
3114
3212
324
321
4
32,
8
3214 3214 3218
512 16,500 Superior Oil
No par
514 558
514
518 55*
512 514
55* 54
558 514
400 Superior Steel
100
*21
24
215* 2118
24
*2012 24
*21
23
*21
21
21
200 Sweets Co of America
50
12, •1114 1212 *11 13 1212 1214 1214
1212 12
*12
1212 *12
200 Symington temp ctfs__No par
*412 47
*413 47
'1412 47
473 478 *412 47
5
5
1.500
Class
A
temp
9
etfs____NO
par
8%
*812
97g
8%
812
812
9
813
934
914 94
300 Telautograph Corp____No par
*1212 13
*1212 13
*1212 13
*13
1312 1314 1314 *1212 13
No pa
12
1114 1114 3,000 Tenn Copp & C
1213 1212 z12
125* 1214 1214 1178 1218 12
4,000 Texas Company (The)
25
57
*5614 5713 5714 5714 *55
57
5858 565* 5612 5612 57
25
5658 5678 5634 5714 25034 5114 46,300 Texas Corporation
5613 5878 5612 57
565* 57
5414 5514 53
5458 555* 72,800 Texas Gulf Sulphur new No pa
55
: 56
555* 5578 554 5618 /551
10
147 1518 144 15
145* 144 1412 1478 11,100 Texas Pacific Coal & 011
147 15
15
1514
1934 2012 1912 2138 2012 2134 2018 2134 2014 2114 2034 2158 150,700 Texas Pac Land Trust new1
100 The Fair
No par
2914
2914 29
*29
294 *29
29
*29
*2914 30
*2912 30
800 Thompson (J R) Co
25
4912 4914 4914 4914 4914 4914 495* 4912 4914 4912 4913 4912
300 Tide Water 011
100
28
*27
28
28
27
2718 *27
*27
28
*27
28
27
400
Preferred
100
874
*8712
88
8714
88
*8712
8813
88
*8712
8812
874 874
9112 925* 8814 9214 885* 901* 88'4 9118 77.900 Timken Roller IlearIng_No par
914 935
9114 92
107 1073s 105 10778 10618 10714 15.700 Tobacco Products Corp-100
10712 108
108 10812 1074 108
100
1,000 Class A
114
113 11312 11212 113
4
*11214
113 113
113 11314 1124 1121
47
414 5 60,800 Transe't'l 011 temctf newNopa
5
478 5
414 478
44 5
434 478
800 Transue & Williams SO No par
1278 13
13
13
13
*1258 13
*13
1378 13
*125* 13
4838 4814 4814 4714 4814 4814 484 z4712 4713 1,600 Underwood Typewriter ____25
48
4818 48
4414 49
4812 5114 4812 5058 4912 5114 5012 51 12 23,400 Union Bag & Paper Corp 100
44/
1
4 45
11318 11618 11318 11378 x112 11514 47,400 Union Carbide & Carb_No par
11314 11712 11618 118
113 114
25
: 5158 52
4912 5114 484 5018 35,600 Union Oil California
5211 5214 5214 5212 5218 521
100
600 Union Tank Car new
*96
97
96
*96
98
97
96
*97
9712 *96
97
98
25
United
Cigar
4,800
Stone
7
7
95
94
944 9412 93
944 9312 93
9512 9478 95
95
100
Preferred
112818 132 *1274 132 *12712 132 *12712 132 *12712 132 *12712 132
100
5,800 United Drug
16314 1664 1654 168
164 164
164 166
166 166
166 167
400 let Preferred
50
59
59
*5812 59
*5814 59
*584 59
*5812 59
59
59
1,400 United Fruit new
No par
123 12314 123 12314 12214 1224 121 122 *121 122 z120 121
United
100
Paperboard
200
19
*1658
19
*16
1612
*165* 18
18
11.658 18
165*
5s
*165*
100 Universal Pictures 1st pfd_100
*99 10112 *101 1021z *101 10112 10112 10112 *100 102 *100 102
: 22,200 Universal Pipe & Rad_ _No par
3014 3134 305* 315
31
3178 3014 315* 3014 314 3014 311
100
Preferred
300
8512
84
*8312 861z *8312
*84
87
*84
86
8458 8414 84
218 22312 10,800 US Cast Iron Pipe & Fdy_100
21614 22018 21614 221
22014 223
22378 22534 222 224
100
Preferred
*110
114
114
110
114
111
114
51.11
1111 114 *111 114
5412 4,900 U 8 Distill)Corp tem Otf No par
54
54
54
5415 5412 5314 54
535* 5312 5214 54
700 US Hoff Mach Corp vteNo par
534 5312
*5314 54
53
*5214 53
53 0:
1
544 5414 53
100
864 104,100 U 8 Industrial Alcohol
845* 8518 8414 89
/
4 85
8512 88
84
854 8418 861
100 Preferred
100
1109 110 *109 10912 *109 10912 *109 10912 109 10912 10912 10912
par
3,400
US
new.No
Realty
&
Impt
57
8
567
5712
565*
564
581
8
57
*58
5812 5818 5812 5714
100
644 66
654 6718 6458 6614 6418 6578 6414 654 6478 664 153,400 United States Rubber
1s1 Preferred
100
11034 11034 111 11114 2,300
111 111
110 11012 11634 111
111 111
36/4 3614 3678 2,400 U 8 Smelting. Ref & Min___50
35
3514 35
36
*35
36
354 3514 36
300 Preferred
50
49
49
*4818 49
49
*4818 49
•47
49
*47
49
*48
15714
15914
1567
8
160
1594
1613
8
1575* 159% 256,500 United States Steel Corp_100
16034 1615* /15912 16018
New w 1
11514 116
1155* 11618 11512 1167s 11418 11618 11418 11514 1141/ 11578 185,500
100
129 12914 129 129
129 12978 129 12918 12914 12912 12912 12918 2,000 Preferred
1,100 11 8 Tobacco
No par
7012 7012 7012 71
7012 71
: *7012 71
*70
7012 704 701
100 Preferred
100
125 130 *125 130 *125 130 *125 ____ *125 ____ 125 125
10
100 Utah Copper
112 11414 *112 11414 11218 1125* *112 11414 *112 11414 *112 11414
3014 294 2978 2918 2912 2912 2912 2,800 Utilities Pow & Lt A_--No par
30
3018 3012 3014 307
18,900 Vanadium Core
No par
4212 43
4314 44
437
4212 4412 4314 4412 43
4118 42
No par
5514 55
5512 8,100 Vick Chemical
5514 55
5558 55
5514 5514 55
5558 56
914 4,900 Virg-Caro Chem neW No par
9
854 918
84 812
914 97
914 914
914 97
3212
2,300
pref
w
1
100
6%
7
*31
32
"
3212
31
31
31
33
34
3334 3334 *33
1,100 7% pref WI
100
81
81
*81
82
82
834 83/
1
4 834 8314 825* 8258 82
Virginia Iron Coal & Coke.100
50
*44
50
*44
*44
45
*44
45
50
*44
45
*44
7
6,300
Vivaudou
par
347 35
(V)
new-__No
347
3414
344
3412 35
344 34
3414 344
3414
300 Preferred
100
108 109 *106 109 *106 109
106 106 1106 108
106 106
300 Waldorf System
No par
*234 24
*24
241
/
4 24
24
24
24
237 237 *234 24
*2014 2013 2012 2012 20
No par
2118 214 2178 2112 2114 12113 2112 9,800 Walworth Co Ws
-_ ___ Ward Baking Class A No Dar
'110--- •110 . _ •110
.*110
*110
.*110
32 -3i12 3112 -32
314 -32
No par
31 -3158 304 -3-1-14 2934 11 15-,600 Class B
*934 94
600 Preferred (100)
No par
*9312 94
*9314 94
9312 9314
937 937
94
94
3912 4013 3913 40
3914 40
395* 401
39
395* 394 4114 12,900 Warner Bros Pictures A_....-10
86
861: 84
7712 2,000 Warren Bros
85
No par
*82
84
7918 77
80
8078 78
900 Weber & Helibr, new &No par
5878 59
5918 5812 59
5911 5912 5912 *59
*59
591 *59
152 15212 15218 15213 151 151
1511
4 1,225 Western Union Telegrapb-100
150
152 152
151 151
1537
151
151
1524 148 1524 149 154
31,300 Westinghouse Air Brake__50
15214 15312
14914 155
734 74
7312 7418 738* 7424 715* 735* 72
73% 26,100 Westinghouse Elea & Mfg_50
7314 72
1714 18
18
18
18
18
4,400 Weston Elea Instrument
1713 1712 173s 18
177s 18
*33
334 *33
3313 *33
334 33
700 Class A
33
33
33
33
33
•10114 102 *10112 10214 *10112 10214 10214 10214 *10112 10212 10212 1025
50 West Penn Eleo ol A vtf No par
100
10612 1064 106 10612 108 1065* 106 10618 106 10618 106 10612
550 Preferred
11314 11314 *113 114
170 West Penn Power pref-100
113 113 *113 11314 11312 11312 11358 114
2612
2614
par
2614
27
2612
No
White
Eagle
011
204
2612
2,600
2614
268
268
1
27
27
W
5513 57
555 5612 555 573 36,300 White Motor
5642 573, 573 5818 5714 5818
3113 2912 297k 29
3018 2958 3014 8,200 White Rock Min Sp ctf_No par
284 2875 3212 30
28
4918
par
48
49
pt_No
4918
White
Sewing
Itlach
4912
49
4,000
4918
48
4834
48311 4812 4812
78
1
1
1
1
1
1
78
1,8
1,8 3,500 Wickwire Spencer Steel etf1
1
5
2312 24% 2214 2378 2278 2378 2312 2414 2312 2414 227,400 Willys-Overland (The)
234 24
100
92
92
92
91
9112
91
9114 9178 917s
1,800 Preferred
91
91
91
1458 1518 1412 1538 1314 15
15,000 Wilson & Co. Inc. new_No par
5414 1412 1412 1518 1478 15
2812 2912 28
29
29
NO par
2878 26
2814 13,600 Class A
2818 2918 2758 29
100
8078 7812 8018 7878 79
74
7834 10,500 Preferred
7878 8118 80
7818 797
12518 1264 124 126
8
..__
1277
WI
1261*
new
12418
Corp
1265*
27.590
Woolworth
12814
127
12713 128
100
2812 304 2814 29
31
2812 30
10,000 Worthington P & M
2814 2812 3114 30
28
100
*53
5412 5313 54
5412 5312 5312 1,200 Preferred A
54
5111 53
*5012 52
44
*43
4414 4414 444
100
441: 4412 *43
500 Preferred B
4314 4334 45
*42
31
3118 4,900 Wright Aeronautical___No par
: 3014 3012 3012 3012 3041 3158 3018 314
3018 311
*5155 5212 5158 515 *5014 5212
No par
100 Wrigley (Wm Jr)
1151% 524 *5158 5212 *5158 524 *7314 7518 *7214 74%
25
74% 747
400 Yale & Towne
*7212 7518
75
75
747 747
2614 274 265* 2714 267g 2712 44,200 Yellow Truck & Coach_ -100
28
2713
2814
275
8
274
2738
*96
100
97
97
967
g
97
967
8
900
Preferred
98
98
9518 9518 9634 99
9,600 Youngstown Sheet & T_No par
9I 73 894 9114 8918 904 8058 91
ra..._ nn,
... on
(It
91
ana saw rear„mud an this 6.1. z Ex-dividend. to Ez-0.1•14end and es-rights. z Ex-dividend.
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share tots
Lowest
Mewl
5 Per share
51 Jan 17
5638 Jan 17
4412 Jan 4
2814 Jan 3
10712 Jan 27
19 Jan 3
3312 Jan 6
10714 Jan 4
19 Jan 3
97 Jan 6
344 Jan 4
12314 Jan 20
154 Jan 25
11812 Mar 4
31% Jan 3
33 Feb 4
12 Feb 1
101s Feb 4
73 Feb 24
2012 Jan 27
104 Feb 21
54 Jan 25
5718 Jan 3
7014 Jan 4
84 Jan 5
57,2 Mar 4
3714 Jun 10
1144 Feb 25
3114 Mar 4
3 Jan 1 I
9012 Ian 4
8O 's Mar 4
35 18 Mar 3
4914 Mar 4
118 Feb 10
22 Feb 28
3114 Jan 10
412 Jan 3
195 Jan 25
113s Jan 27
413 Feb 8
812 Mar 1
115* Jan 10
1058 Jan 4
554 Jan 28
25014 Mar 4
49 Jan 3
1418 Jan 27
1512 Jan 25
2414 Jan II
47 Jan 26
27 Feb 23
8712 Feb 2
78 Jan 3
105 Mar 3
11212Mar 3
418 Jan 13
13 Feb 28
45 Jan 20
3812 Jan 25
9918 Jan 26
48 8 Mar 4
94 Jan 3
9314 Jan 25
125 Jan 1
159 Jan 25
5812 Jan 6
11312 Jan 26
1612 Mar 2
98 Jan 14
27,2 Jan 25
8114 Jan 27
202 Jan 25
11378 Jan 28
5114 Fob 14
5158 Feb 1
7718 Jan 3
1085* Jan 27
56 a Mar 3
5614 Jan 25
1074 Jan 27
3313 Jan 13
455 Jan 18
1534 Jan 28
1112s Jan 28
129 Jan 28
67 Jan 4
123 Jan 14
$ per share
563 Feb 25
66 18 Feb 23
4778 Feb 10
3114 Feb 7
10812 Jan 10
2214 Feb 16
40 Feb 25
110 Feb 10
2218 Jan 20
10314 Jan 31
3718 Feb fl
132,2 Feb 24
1764 Feb 23
125 Feb 18
3412 Feb 23
453g Jan 13
20 Jan 7
13 Jan 20
80 Feb 14
27 Feb 28
10712 Mar 3
57, Feb 25
60 Feb 16
7814 Feb 28
9014 Feb 9
6014 Jan 19
4118 Feb 5
11614 Feb 11
3418 Jan 18
414 Jan 3
961: Jan 12
674 Jan 5
51'2 Mar 1
5613 Jan 7
122 Feb 23
314 Jan 8
347 Jan 17
6 2 Feb 18
2514 Jan 21
135* Feb 3
6 Jan 14
135* Jan 14
1358 Jan 22
1314 Jan 13
58 Jan 17
58 Jan 17
53,
8 Feb 28
1618 Jan 12
2114 Mar 1
31 18 Feb 24
50 Feb 24
2918 Jan 13
8913 Jan 19
95,4 Feb 16
11018 Jan 5
11612 Jan 18
5 Feb 14
1514 Jan 6
488* Feb 28
51,2 Mar 4
118 Mar 1
5612 Jan 6
984 Jan 19
100 Jan 6
128,8 Feb 23
17114 Jan 10
60 Jan 12
12314 Feb 26
17 Feb 2
10112 Feb 3
31 Fen 7
90 Jan 11
22812 Jan 3
115 Jan 5
6078 Jan 12
5678 Jan 19
89 Feb 28
11014 Feb 15
6658 Feb 7
6744 Feb 28
11114 Mar 4
3878 Jun 4
49 Mar 4
16213 Feb 24
1164 Mar 1
1305* Jan 5
71 Mar 2
125 Feb 16
111 Feb 11 11312 Jan 4
27 Jan 8 3078 Feb 28
37 Jan 20 4413 Feb 28
48 Jan 3 58 Feb il
1014 Feb 14
714 Mar 1
31 Mar 1 3614 Feb 14
81 Mar 4 8714 Feb 11
43 Feb 9 51 Jan 4
321
:Jan 24 3514 Jan 31
104% Jan 27 108 Feb 3
224 Jan 6 25 Feb 7
18 Jan 14 2178 Mar 2
__
20 Jan 25 33,8 Feb 18
Feb
3
4
953
7
9138 Jan
3718 Jan 26 4512 Jan 6
65 Jan 14 9014 Feb 18
584 Jan 5 6,)4 Feb I
1444 Jan 8 1544 Feb 23
13312 Jan 4 15514 Feb 25
87% Jan 4 754 Feb 23
15 Jan 8 18 13 Feb 15
3014 Jan 6 345 Jan 28
9778 Jan 4 103 Feb 8
102 Jan 4 10713 Jan 31
111 Jan 15 114 Jan 13
254 Jan 3 2712 Feb 15
5314 Jan 25 5818 Feb 28
26 Jan 26 32 2 Feb 28
46 Feb 18 59 Jan 17
1 1 2 Feb 14
12 Jan 26
192 Jan 24 24% Mar 3
894 Feb 17 95 Jan Ii
1114 Jan 17 1758 Feb 21
28 Mar 4 325* Feb 23
74 Mar 3 8414 Feb 23
11714 Jan 11 1295* Feb 23
2012 Jan 27 3114 Feb 28
46 Jan 22 5412 Mar I
40 Feb 2 45 Feb 28
30 Feb 3 3514 Jan 6
5078 Jan 4 524 Jan 21
7014 Jan 8 75 Feb 23
25 Jan 14 2978 Jan 5
94 Jan 6 99 Jan 3
8518 Jan 29 9178 Mar 1
PER SHARE
Range for Prosiosu
Year 1926
Lowest
Highen
$ per share $ Per shard
4414 Mar 5834 Sell
47 Mar 6938 Jan
:July 4858 Jan
401
24 Mar 31 Nov
103 Mar 114 July
154 Aug 28% Min
28% Oct 5413 Jan
:Nov 1094 July
1051
154 Oct 2478 Feb
90 Mar 9912 June
/
4 Mar 374 June
261
103 Apr 1424 Aug
:Dec
92 Apr 1891
Oct 121 Dec
110
30 Dec 33 July
Oct 554 July
41
1712 Oct 3514 Mar
10 Dec 1714 Feb
72 Apr 8211 Jan
184 Apr 3118 Feb
Jan 10714 Des
101
51 Mar 69 Feb
5314 Mar 573 Feb
67,8 Oct 924 Feb
Feb
80 Mar 90
525g May 638 Sept
375* Dec 46% Jan
115 Nov 11918 May
321/ Dec 3314 Dec
1078 Feb
312 Nov
75 Mar 9614 Nov
61 Nov 92% Jan
4714 Dec 774 Jan
47 May 62 Sept
11412 Feb 12212 June
3114 Feb
1 12 July
3018 Mar 418 Jan
1 July
514 Dec
191
: Apr 347 Sept
858 Apr 175 Sept
1412 Jan
4 Nov
105s Oct 207s Feb
11
Apr 1478 Jan
1058 Dec 16 Feb
48 Mar 58 Aug
5312 Nov 577 Dec
39
Oct 52% Nov
12
Oct 1912 Jan
34
Jan
5012 Sept
3914 Jan
103
Jan
8538 Nov
1165* Sept
11818 Sept
54 July
Jan
27
6334 Jan
7114 Jan
1004 Dec
585* Sept
9514 Dec
1094 Aug
125 June
26-58 -Dec
4214 May
27 Nov
8714 Nov
4478 Mar
9514 Apr
103 Mar
3 Mar
15 Aug
4314 Nov
35 May
7712 Mar
3714 Jan
93 Dec
834 Feb
1147 Mar
134 Mar
5512 Mar
Apr
98
17 Dec
90 Mar
1358 Mar
52 Mar
150 May
10014 Mar
39 Mar
4578 Jan
455* Mar
9914 Apr
4818 Mar
5014 May
10112 Mar
30
Oct
42
Oct
Apr
117
11378 Dec
1244 Mar
5612 Jan
112 Mar
174 Deo
59 July
126 Nov
3812May
9812 Dec
3412 Dec
9012 Dee
24812 Aug
118 Dec
6112 Feb
5918 Feb
8412 Dec
1147s Nov
717 Jan
8814 Jan
109 Jan
4978 Jan
50 Jan
16012 Dec
117 Deo
130114 Dec
67 Dec
123 Deo
93 Apr
2758 Dec
29 Mar
434 July
Oct
9
3118 Oct
Oct
83
40 May
28 Mar
945 Jan
Jan
17
1214 June
99 June
2114 Oct
8812 Oct
12 June
437 Apr
53 Apr
13412 Mar
10514 Mar
65 May
1314 May
271
/
4 Jan
8812 Jan
95's May
108 Mar
2518 Apr
51 18 Apr
22
Oct
4612 Oct
58 Dec
18 May
8812 Oct
6 May
14 May
42 May
12014 Dec
19 Nov
44 Nov
3714 Nov
2412 Mar
47
Apr
604 Mar
20 May
9112 Apr
69 May
116 No
37 Feb
43 Aug
52 Aug
2513 Feb
69 Jan
9818 Jan
6011 Nov
3612 Des
11013 Dee
23 Dec
2314 Jan
195 Jan
853* Feb
1104 Jan
6914 Sept
69 Dec
8512 Jan
1577 Sept
146 Des
7912 Feb
1912 July
324 Oct
O8la Oct
10212 Des
115 Sept
2914 Feb
90 Feb
3818 Feb
6414 Oct
35* Jan
34
Jan
99 Feb
145* Dec
30% Dec
8118 Dec
128 Dec
444 Jan
80 Feb
65 Feb
394 July
5934 Feb
7212 Aug
395* Sept
10712 Sept
9514 Aug
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
1333
Jas. 1 1909 ate Exchange method of quoting bonds was changed anti Prices are now -and laterest---excepl for income and defaulted bonds
BONDS
ff.Y.f3TOCK EXCHANGE
Week Ended March 4.
Price
Friday.
Mar.4.
Week's
Range or
Last Sale
Range
Since
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 4.
Price
Prictag,
Mar.4.
West's
Range or
Last Sale
Range
Since
Jan, 1.
Ask Low
High N. Low
Bid
High
High
High No. Low
Bid
Ask Low
U. S. Government.
92
89
90
lapanese Govt i loan 45____1931 J J 9134 Sale 9112
9213
Mgt Liberty Loan1954 F A 101 12 Sale 1004
10118 217
J D 101134, Sale 1011443101"s: 131 101 7.1101"n
834% of 1932-1947
9734 159
2 100"3, 101
6Pelsopment 68_1953 M 13 9714 Sale 9678
fe
r liD
ta
eA
en
89;13'
0
J D lot
101
101
Cony 4% of 1932-47
4 10
990
:10
4971
1 D 1031,44 Sale 10313411031343 55 10211.1031." Leipzig (Germany) s 1 7.,__..1947 F A 10134 Sale 1014 10134
827s
092
Cony 412% of 1932-47
68
96
Lyons (City of) 15-year 68_ _1934 M N 9538 Sale 9532
.1 D 02104310213n 102134!Dec'26 --20 cony 434% of 1932-47
66
4
Sale
953
8
953
N
954
11
1
2 973
66-1934
31'4
3
9
15-yr
of)
(City
Marseilles
971
Second Liberty Loan—
1943M N 3012 3112 30
jsn27 _______
2 Mar'26
Mexican Irrigation 415(3
51 N 100 100141 101
Feb'27 -„- 100341101
gaol 1927-1942
-ii- 151;
Assenting, f 4%s.._____ _1943 ____
M N 100,148 Sale 1000141100"n 479 100'3:4101 30
Cony 434% of 1927-1942
50
50
Mexico (US) esti 5e of 1890£ '46 Q J 4058 4114 50 Feb'27 ____
Third Liberty Loan1945 ___- 4078 Sale 4078
41 12 52
3912 50
Assenting 50 of 1899
M S 1011,42 Sale 1911048101"43 165 10P41101"0
434% of 1928
411
:
2
411
5
large
394
5s
Assenting
41 12
Fourth Liberty Loan371 2 May'25
Assenting 55 small
A 0 1033744 Sale 10311441031344 996 03153:103"18
44% of 1933-1938
34 July'26
Gold deb 45 of 19041954 J D 32
1947-1952 A 0 11111n Sale 111 114,111 1344 138 1103,1111..in
Treasury 448
29 Sale 29
Assenting 48 of 1904
-iiil -314
1944-1954 J D 10734, Sale 107344 107344 128 106,111107'n
Treasury 45
____
27 Dec
8 4_6.
29276
Assenting 4s of 1904 large
1946-1956 M S 1011.44 Sale 1011°43104114, 150 103682104..41
Treasury 348
___ _254 Sept'26 __-____
small
1904
of
4s
Assenting
State and City Securities.
____
Jan'27
274
—i
i
2814
27
1910
Assenting 4.of
10058 14 10038 1007g
lill Y City-4 ,., s Corp stock.1961) M 8 10058 Sale 10038
28 Sale 28
____
284 63 ..2i
8 Iffi
66-14
Assenting 45 01 1910 large
1964 M 8 10212 103 10212 Jan'27 -- 10212 10212
434. Corporate stock
2512 122
2412 Sale 243s
2238 2638
448.5entIng 48 of 1910 small---------24',
1966 A 0 10212 103 10258 Feb'27 --- 10258 10258
448 Corporate stock
Feb 27 ____
4312 45
2
414
Trees 6s of '31 assent (large)'33 :1--i 42
463
91
1972 A 0 10258 103 10258 Feb'27 -- 10238 10278
A 146 Corporate stock
10
Small
1971 J D 10714 1074 10634 001'26
448 Corporate stock
10114 25
1953 J to 101 Sale 1004
9978 102
448 Corporate stock_July1967 J .1 10634 1074 10638 Jan'27 -- 10658 10634 Montevideo 78
10812 28 10,
3,
06
1965 J D 10634 10758 10658 Jan'27 _— - 10658 106.. Netherlands 68 (flat 33rice5) 1972 M 13 10612 Sale 106
648 Corporate stock
10374 80
A 0 103% Sale 10338
98
11037182
1963 M 13 10638 10738 10612 Jan'27 ---- 10638 10612
30-year
ea external 65 (fiat)._
113.48 Corporate stock
10212 27 101 14 10213
1043 F A 10212 Sale 10134
9934 Norway 20-year extl 65
99
9914 Jan'27
1959 M N
4% Corporate stock
8 65 100
1023
10218
F
Sale
1944
9934
10214
A
65
external
0114
2,4
0
1
99
Feb'27
9918
20-year
9914
9914
N
M
1958
stock
Corporate
6%
102,4 31
1952 A 0 10218 Sale 10134
9878 100
38 Jan'27
1957 M N
20-year external 68
6% Corporatestock99
10034 73
1985
9834 101
1965 1 0 10034 Sale 100
40-year s 1 548 temp
1956 M N 9838
9812 Nov'26
4% Corporate stock
1 100
: 24
,
ILO
1955 M N 10112 Sale 111114
974 100
14
1955 51 N 9834 09
9878 Oct'26 ---Oslo (City) 10-years f 65
6% Corporate stock
9914 Sale 99
1946 F A
1936 NON
Sinking fund 5155
99 Mar'26
4% Corporate stock
10212 16 102,8 10218
1953 J D 10218 10238 10218
10638 Feb'27 -- 10558 10678 Panama (Rep) extl 549
04% Corporate stock__ _1957 MN
107
37 10312 107
1944 A 0 105 1117 10538
N i98j4 1665-8 10638 Feb'27
10534 107
Peru (Rep of) external 88
44% Corporate stock _ _ _1957 MN
86 10038 10184
1940 MN 10038 Sale 10012 101
1
91;12
8978 90'2
Est! sink fd 7.14s temp
834% Corporate stk _May 1954 61 N 904 ____ 9013
8338
121
8114
Sale
1940
0
A
8212
7612 85
68
N
gold
195451
Jan'27
8
of)
897
3
897
Poland
(Rep
_Nov
8
stk
Corporate
--------897
84%
9814 837
9314 9814
1950 .1 J 97 Sale 9514
1955 NI N
Apr'26
89
Esti sink fd g 88
834. Corporate stock
10 1034 105
1961 J D 105 Sale 1044 105
Porto Alegre (City of) 8s
grew York State Canal 1m 48.1961 1 3 ____ ____ 10212 Oct'26
11278
4 III 113
2 i62 8 fo"ir; Queensland (State) extl 81781941 A 0 11212 Sale 11214
10258
1960 ------------10228
de Canal
1047 F A 10614 Sale 111512 10614 15 104 10614
1962 ------------102 May'26
ds
25 year external 6s
20 10338 106
106
1942 J J ____ ____ 10238 Mar'25 -._ Rlo Grande do Sul exit s 1 88_1946 A 0 10512 Sale 10512
48 Canal
23 10218 108
1964 J J --------102 Apr'26 ____
Rio de Janeiro 25-yr 8 f 85_1946 A 0 10434 Sale 10458 105
43.4e Canal lmpt
10412 32 10214 10414
1947 A 0 10414 Sale 10414
111178 Mar'26
411 Highway Mint regised_1958
25-yr extl 88
10434 13 107
1064 M N 10434 Sale 104
103,
a
2r
4
Dec'26 ::::
Highway Improv't 414e_ _1963 ii-5 :::: -_-_-_-_ Ill
Rotterdam (City) extl 68
3
108
1952 Ni N 10778 109 10778
1991 J J
7612 Feb'25 Virginia 2-3s
Sao Paulo (City)ef 81
Ver.Ign Gov't and Municipal's
San Paulo (State) ext 8 f 88_1936 J J 10438 Sale 10412 10518 15 10412 10513
18 105 10713
106
9612 Sale 9612
1950 J J 10534 Sale 10514
9718 85
9712
94
Antimpila (Dept) Col 7s A._1945 J J
External s 1 88 int rects
100
4
20
84
9834 10012
97
9612 Sale 9612
97
1945 J J
94
External water loan 78_ _ _ _1956 NI S 9934 Sale 99,
External s t is see 11
9512 45
934 9614
9812 95
974 98,.. Santa Fe (Prov Arg Rep) 78_1942 61 5 9512 Sale 944
Argentine Govt Pub Wks 6s_19611 A 0 9812 9834 9818
1942 1 J 10012 Sale 9912 10013 100
9758 10234
Jan'27
Argentine (Nat Govt of) 78_1927 F A ---- - ---100
9938 101 12 Seine (France) esti 75
...4
08447
1,4, :r.
7,
03
2(64 108
,4 0
13
04
-4
..•
4....-4
9878 91
9734 08,, Serbs, Croats & Slovenes 85_1962 M N 10034 Sale 10034 10
Sink fund 6,01 June 1925_1959 1 1) 9878 Sale 984
1936 M N 94,4 Sale 94
9734 984 Solesons (City) exti 68
1959 A 0 9838 Sale 9814
9834 97
Extl 5 f 6s of Oct 1925
104
1939 .1 G .10334 104 1034
9912 63
9738 10) Sweden 20-year 6e
Sink fund gs Series A__ _ _1957 \I 5 9938 Sale 99
1034 23 10258 101
1954 MN 10338 1033 10314
70
99
9738 99
External loan 548
External (is series B. _Dee 1958 3 D 99 Sale 9818
1131
9734 99
0838 36
Swiss Confed'n 20-yr at 88 1940J .1 11312 Sale 11318
Esti sits of May 1926_ _1960 M N 9838 Sale 9814
1031 13
0 10
08
23s 10
8
734
113
1
378
4
19
7
984 118
8 Switzerland Govt ext 548_1946 A 0 10314 Sale 1034
98,
98
Extl Os Sanitary Works_ _1961 F A 9812 Sale 9814
5
NI
7818 24
78
774
7814
_1952
1
1912_
of
loan
92
8
0012
8
5e
91
903
()012
8
Tokyo City
90 3
Argentine Treasury Is .C__ _ _1945 M
J 10
Ra NA
J
,F
9914
95
1 14
95
1:48 Sale 10
8 10134
xetlt6Z 19804
8
).
ice
98 Sale 9734
pultbyi)
9714 98,2 T
(C
(Re
igduh
urnon
98,8 98
alyem
Auetralla 30-yr 5_ __July 15 1955 J J
1945 J D
10458 46 101 14 1032 Upper Austria (Prow) 7s_
1943 1 D 10314 Sale 10314
Auetrian (Govt) s 1 75
96
4 Sale 10
6358
98
10
35
8:
99
10
39
7,4
7 10
18
9114
9i 1g
:
991
9818 10014
Bavaria (Free State) 8%, l945 F A 9912 9978 9934 100
123
96
95
964
External 8 f (is
11212 33 111 114
Belgium 25-yr ext a f 73.4e 6_1945 1 D 112 Sale 112
314
96
96
I
9518
J
Sale
65-1961
extl
38
(City)
Sale
109
108
A
1087
109,2 Yokohama
10913
934 97,3
8
1941 F
20-year, f 8s
Railroad
64
1949 M S 10038 Sale 10038
101
9634 102,2
25-year external 8148
J 13 10253 ____ 10318 Feb 27 ____ 10238 1031g
—
A 591943
o aA
9558 188
Sou
924 98
1955 1 1 9512 Sale 9538
External e 1 68
1928 M N 10012 102 10(112 Jan'27 ___ _ 10
4
5744
00
8 159138
547377:
5890
10414 180 10212 105,- A
Ala 136121dI astIgutaar gold 55
External 30-year a I 78_ _1955 1 13 10414 Sale 10334
8734
8734 8778 8734
5
10212 100 10138 1034 Alb & SUSQ Cony 340
losi, M N 10178 Sale 10158
Stabilization loan 7s
0 85
8A 0
46
87
99
19
8478 Jan'27 ___
1 11212 11334 Alleg & West 1st g gu 4s.,
11314
1945 NON 113 11318 11314
Bergen (Norway) s f 8s
3
1942 M S 9512 Sale 9512
9512
10012
9912 100 2 Aileg Val gen guar 8 48
5
25-year sinking fund 68_1949 A 0 9934 10012 100
6
8012
July 1995 0 J 804 81,2 8038
114
7912 81
9818 10012 Ann Arbor 1st g 48
1950 A 0 9912 Sale 9938 100
Berlin (Germany) 8%s
n
14 10234 :04., Atch Top & S Fe—Gen 54.0.1995 A 0 934 Sale 9312
tl,
Jr, 11
?
1
,
Bogota (City) ext'l a 1 88_1915 A 0 10378 Sale 10358 104
A 0 --------93
Registered
Bolivia (Republic of) 8s_ _ _..1917 M N 10412 Sale 10334 10412 37 103 2 10512
9
90
874 9114
9578 76
Adjustment gold 4e_ _July 1995 Nov 90 Sale 8834
9338 97,,,
Bordeaux (City of) 15-yr 68_1934 51 N 9512 Sale 9514
Sept
8413
_
_
_
_
89
26
85
Nov
38 104 10812
107
Registered
Brazil(US of) external 85_ 194I 1 D 10612 Sale 106
10
8834
884 8812
July 1095 M N 88
278
94
9,
89
Stamped
Externals 1 6158 of 1926 1957 A 0 934 Sale 9234
Jan 27 ____
85
M N 85
87
9812 167
85
85
Registered
9412 9)l
1952 1 D 98 Sale 9734
78 (Central Railway)
6 -8
884
89,2 8834
19552 D 88
3 -8c
'ii
1-38
12
105,2
Cony gold 4. 1909
5 10178 106
.
1
73.48(coffee secur) £ (fiat)1952 A 0 10434 10512 105
89
8814
1
......_
824
D
J
1955
77
1037
1905
Sale
104
104
8
105
34 89
45
87.
10218
N
61
Cony
Bremen (State Of) ext'
. 78.__1935
87
20
---_
8714
1960 J D 8714
9
86
9914 100'it
Cony g 4!) Issue of 1910
8778
Buenos Aires (City) exti 6481955 J 1 10012 Sale 10014 10058
9912
9958
9914 99
6
55
92
9914 9971
91
94
East Okla Div late 48 _1928 M
Bulgaria (Kingdom) 8 1 7s...1967 1 J 9112 Sale 9113
1965 J
8778 9012 90 Feb 27 ____
37
98
9734 9834
8912 90
Rocky Mtn Div 151 4s
Caldas Dept of(Colornbla)74e'46 1 J 98 Sale 9734
3
9134
____ 9134 914
48 10014 102
102
9012 914
1931 A 0 10118 Sale 10118
Trans-Con Short L 1st 45_1958 J
Canada(Dominion of) 5s
7
9712
1929 F A 10218 Sale 1014 10218 37 10138 102
97'2 9914
10-year 545
Cal-Ariz let & ref 448 A....1962 M 5 9712 Sale 9713
1946 J D 1044 ____ 10434 Jan'27 ____ 11044:
0 4 1
434
05
10
be
1952 M N 1044 Sale 10414
10412 50 104 10512 '.ti Knoxv & Nor let g 5s
994, 100
9958 Jan'27 .___
9812 21
9812 Sale 9814
9814 984 ktl& Cheri A List A 4 4s_ _1944 J .1
1936 F A
448
10414
6
1 10311 105,2
Carlsbad (City) 8 1 8s
1954 1 .1 10534 ____ 10512 10512
let 30-year 5s series B___ _1944 J .1 10418 10412 10414
25 107.4 10914 Atlantic City tat cons 4s___ _1951 J J 8512 894 8634 Dec'26
Chile (Republic) ext'l a!8s 1941 F A 108 Sale 10734 108
9434 23 ;0
10078 39 100 101
5
1942 M N 10078 Sale 100
4;
,4
43i
20-year external 82
90 31-43
1
All Coast Line 1st cons 48 July '52 M 8 9438 Sale 945,
1980 M N 10334 Sale 10312 10378 29
1940 M N 10838 Sale 10814 108,2
6 10734 109
25-year externals!
10-year secured 78
9712
3
1904 J D 97 Sale 97
9314 207
9214 9312
External sinking fund 68_1960 A 0 9318 Sale 0318
General unified 448
9234 54
1961 F A 9314 Sale 9318
9338 59
9112 93
93.8 9338
External 5168
L & N coll gold 48____Oct 1952 NON 924 9112 924
8018 11
9612 41
1948 J J 794 8014 7934
704 8112
95
9612 Atl & Dant, let g 48
Chile Mtge Ilk 614e June 30 1957 J D 95 Sale 9434
74
1948 J .1 74 Sale 74
7312 7634
59
97
9612 9814
13 f 6348 of 1926_ _June 30 1961 1 D 97 Sale 9612
2d 45
8312 8314
8314 ...i2:3
5
29
i
4
8
514
;
9,
8
2
3
:
99
83
2418 30
Chinese (Huktiang RY)58- - -1951 J D 29 Sale 2812
Atl dr Yad let g guar 45.._.1049 A 0 83
7 102'2 103
3
10018
9914 10113 Austin & N W 1st gu 5 156_ _ _1941 J J 102 1021 2 10212 10314
Christiania (Oslo) 30-yr et 681954 M 5 --------100
9938 20
24
9738 100.2 Balt & Ohio let g 4a____July 1948 A 0 94 Sale 93
Cologne (City) Germany6481050 M S 994 Sale 0938
8
27
4'
'
9
Feb
10012 15
July 1948 Q J ____ ____
9978 100'2
Registered
Colombia (Republic)649._ _1927 A 0 10038 Sale 10018
98
113
1933 M 8 9778 Sale 974
10012 23
97
93
9914 10074
Copenhagen 25-years f 548_1944 1 J 100 Sale 100
20-year cony 414s
M 8
9618 Nov'26
10
9834
Registered
97.2 99,2
Cordoba (Prov) Argentina 781942 1 1 9838 Sale 984
101
98 ii5Ois 1-(C2-1-2
1001s 101 12
1944 M S 10012 101 12 10112 Feb'27
d & gen 58 aeries A__1995 J D 15572 9i:1-e- 10034
unu
,
Isetf
R
Cuba 58 opt 1904
10514 35 10434 10612
1948 A 0 10518 Sale 10518
External 58 of 1914 ser A_1949 F A 102 ..... 10178 Feb'27 -- 10114 10178
8 Sale 10258
10234 55 100
16
1929 3 .1 102,
943
9438
114
95
92 10
:
94
9434
10-year 68
External loan 43.4,
1949 11. A 9214 95
1995 J D 10812 Sale 10814
19
1
84
03
7 10738 10812
36
8
10314 13 101 14 1033s
1953 .1 J 103 Sale 103
Ref & gen Os series C
Sinking fund 545
30
911
PLEsrvvva Sys ref 45_19
Osechoslovakla (Rep of) 88 1051 A 0 10834 Sale 10812 10834 34 105 110
3'2 Sale
9178
e 10
le
10214 43 10138 1024
92
J 10
..IM N
Sinking gond 8s ger 11_ _1952 A 0 10834 Sale 10612 10878 41 10434 108,4
Southw Div let 55
84
40
External,f 715s series A 1945 A 0 1074 Sale 10612 1074 107 10434 10814
82
844
Tot & CM Div 1st ref 4s A_1959 J 1 8312 Sale 8312
1011s ____ 10
3 10938 111 1 2
Danish Cons Muolcip 88 A_1946 F A 11014 III 11014
Ref & gen 55 series D__2000 NI S 101 18 Sale 1004
111
60
438 18
05
234.
65
6614
654
D
__
99
_
Jan'27
3
39-1989
gu
1st
6
Stur
Series 11 8 1 8e
&
111
Crk
110
11012
1113g
11014
Battle
10914
A
1946 F
.1
Denmark 20-year 814
Beech Creek 1st gu a 48._ 1936 J
9513 95,2
1942 .1 J 10412 Sale 10334 10412 29 1033g 105
4381 2 _9_6_14_ 965:
96
11 Fjaeba:2277
Registered
Dominican Rep Cust Ad 515s '42 M 13 994 Sale 99
954 9512
99 10012
094 15
j D 9938 c
1936.2J
--__ 99
Jan'27 ::::.
B
Dresden (City) external 78_1945 fq N 10234 10358 10234
r
uark
99
2dhgc
9 10012 104 ee
9
10312
6t8 let g 345_1951 A 0 8112 ____ 83 Nov'26
gEz
Dutch East Indies esti 6s
1947 J J 10312 Sale 10258 10312 76 102.18 10334
9114 91
1944 .1 D 91
40-year 68
10338 III 1071, 103.ii
1962 M S 10338 Sale 10314
8
,
814 8038
4 1.1ne let 45_1955 F A 80
80-year external 534,
8038 27
dyY1821r8
anN
ig tS&
IBlos
1953 M 5 10134 Sale 10112 10178 15 10038 102
7858 8111
954 Feb'27
18 10058 10214 Bruns & W 1st gu gold 48_ 1938 .1 J 9534 97
102
80-year external 51411.....1953 51 N 10178 103 102
_
9534 9534
1937 M 5 103 Sale 101
El Balvador (Repot)) 8s
103
3 101 10313
1074 19 10614 10778 Buffalo R.& P gen gold 5e
1948 J J 107 10712 107
1957 M N 9612 Sale 9458
9514 30
Finland (Republic) extl 61._1945 NI 5 9478 Sale 9434
93
95.4
Coneol 41511
944 9813
__6_4_
9934 102
90 Dec:6221672
External Sink fund 7a_ _ _ _1950 M S 10018 Sale 9934 1004 36
N 101
A O
1934 M
9814 108
ioi" IOC"
96
dr let 158
___ 101
No
g
9912 BurIR
Jan
External, f 6 lie
lligiere
CeA
1956 61 S 9818 Sale 98
1982 A 0 1054 1053 1054
98', 21
96
Finnish N1un Loan 6%a A 1954 A 0 9812 Sale 98
9834 Canada Sou cons gu A 5a_
10512 --ii 105 108
97
95
9578 99
8 17
9813 11
Canadian Nat 448_Sept 15 1954 M S 9612 Sale 964
96,
External 6%s &odes B.
1964 A 0 9812 Sale 9818
9934
9912 9934 9934
French Repub 25-yr ext'l 88_1945 NI S 109 Sale 10834 10934 214 10814 110
5-year gold 415s__Feb 15 1930 F A
10912 271 105 112,2 Canadian North deb a 1 71_1940 J D 1154 11578 1154 11534
113 1 114
54
119
4 19
993'8
20-year external loan 749_1941 J I) 10918 Sale 10918
10138 582
1946 J .1 11812 Sale 11181 2
1184 20; 11738 1184
99 104,8
20-year. f deb Byis
External 7s of 1924
1949.2 D 10138 Sale 101
712 9
93,
8
8
4
German Republic ext'l 7,
8,
,
9812
10734 178 10612 10912
10-yr gold 4 48_ _ _Feb 15 1935 F A 9818 9912 98,8
1949 A 0 10712 Sale 107
10212 83 101 10358 Cana
German Cent Agile Bank 78..1950 61 S 10212 Sale 10214
Par Ry 4% deb stock . J J 8378
dian
8412 611
Sale 8312
9615
7 101 12 10234
10212
Gras (Municipality) 85
1948 M 5 96-38 Sale 964
96
Col tr 434s
9612 65
1954 NI N 102 Sale 102
54 10414 105
Gt Brit & Ire!(UK of) 548_1937 F A 105 Sale 10412 105
Carb & Shaw tat gold 4s......1932 M 8 9512 ____ 9558 Jan'27_ i
86
11818 21 11634 11818 Caro Cent 181 cons g 43
86
10-year conv 5%,
1949 J D 8534 ......_ 88
1929 9' A 11818 Sale 11818
0
i 3$
10578 13 10354 106,2 Caro Clinch & 0 ist 3-yr 60_1938 .1 D 10238 10314 10238 Feb'27
1232:8
Greater Prague(City)715s_1952 M N 10534 10612 105
10338
8
108
9
109
9514
Greek Government 71
1084
9314
I0834
9614
1984 61 N 9514 964 95
let & con g 6s series A__1952 J D 1085, 10812
20
1(10
99 10014 Cart & Ad let gu g 1s
Haiti (Republic) a f lie
1952 A 0 100 Sale 991s
_
2 ___2
)17
12
'
9
Jan
9'2
94
8
912
86
(i 9
Heidelberg (Germany) ext 74,50 J J 10434 Sale 10434 1054 22 10312 105
2 -8-53-4. 901085
97'8
92
13 8
J 0
Cent Branch U P let g 45_1
1j
48
98
19
4, 10412 1054
105
Hungarian Muni() Loan 74s 1945.2 J 9938 Sale 9912 10014 90
9754 101;8 Central of Ga 1st g be_Nov 1945 F A 105 Sale 1044
1034
5' 1034 10412
9734 86
9514 9.1
Sept 1 1946 J J 974 Sale 9738
External s 17s
Consul gold 5e
1945 NI N 10312 105 10334
1024
6 102 10234
Hungary (Kingd of) 8 f 748.1944 F A 10234 Sale 10234 10338 59 10014 105
10-year secured Is. _June 1929 1 13 10238 Sale 10238
1 10412 10614
105
10012 11 100 10058
Inel Bank of Japan 6% notes 1927 F A 10038 Sale 10038
Ref & gen 514e aerfe.s T5._,1950 A 0 105 10512 105
89
8914
9538 989
9234 97
Italy (Kingdom of) ext'l 78._1951 J D 95 Sale 9434
8834 8914 Feb'27 ____
Chatt Div our money g 40_1951 1 D 88
Dec'26
10214
_
No
i. D
bi&
ac
mo
M
ivr,1391;
84
Iet E be_1946 1 J 10018 _ _
83
78,s COY"
2 iOii8
234 1 16
03
18
2,4
103
,8
e
le
18023,4
1
3
.
J
j
i
46
6
9
1
44
en
int
Cent New Ens
Sale
$5.8
1334
New York Bond Record-Continued-Page 2
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 4.
Central Ohio reorg 439s____1930 M S
Central RR of Ga coil g 58_1937 M N
Central of N J gen gold 5as___1987 J J
Registered
1987 Q J
Cent Pac 1st ref gu g 45
1949 F A
F A
Registered
Mtge guar gold 3398__Aug 1929 J D
Through St L 1st gu 48___1954 A 0
1960 F A
Guaranteed g 59
Charleston ds Savannah 55_1936 J J
Mies & Ohio fund &'met 18_1929 J J
1939 M N
let consol gold 58
Registered
1939 M N
General gold 4396
1992 M S
Registered
1992 M 8
20-year cony 4398
1930 F A
Craig Valley let g 58
1946 J J
Potts Creek Branch let 48_1946 J J
R & A Div 1st con g 98
1989 J J
2d consol gold 48
1989 J J
Warm Springs V 1st g 5s.._1941 M S
Chic & Alton RR ref g 3s__.1949 A 0
Ott dep stud Apr 1926 int__ __
Railway first lien 319s
1950
Otis dep Jan '23 & sub coup
Ohio Burl 8z Q--III Div 3358-1949 J .1
J J
Registered
1949.9 J
Illinois Division 42
Nebraska Extension 4s
1927 M N
151 N
Registered
1958 M S
General 45
M
Registered
1971 F A
1st & ref 58 series A
Chicago & East III 1st 68-1934 A 0
& Ill Ry (new co) gen 58_1951 M N
1982 M N
Chic ds Erie 1st gold 55
Chicago Great West 1st 48-1959 M S
Price
Friday,
Mar.4.
Range
Since
Jan. 1.
Week's
Range or
Last Sale
High No.
Bid
Ask Low
9912 Jan'27
98% _
100 10012 100 Feb'27
11
114 Sale 114
114
11258 116 113 Feb'27
9
9112
9114 Sale 9114
9012 Feb'27 ____
92
90
9812 ____ 9734
98%
7
8934 26
8958 9012 8958
64
10134 102 10134 102
11812 Oct'26
118
10034 10114 10034 100% -6
6
10458
10458 Sale 104
1
10212 10212
35
98
9738 Sale 9718
9438 Oct'26
9934 71
9912 Sale 9912
10034 -- 10078 Feb'27 --_86% -- 8712 Dec'26
8734
8734
3
8734 88
8712
1
8712
_
10014 -- 10018 Feb'27
8
7212
7212 Sale 72
7134 Jan'27 ---7134 6714 15
67 Sale 6614
1
67
6514
6514
65
2
88
88 Sale 88
8614 Dec'26 ---85
_
3
95
9412 9514 5
9934 99% 9934
9934 55
9912 Nov'26 25
9414
94 Sale 9358
9218 Mar'26
9158
4
10512 Sale 10512 10512
106
106
_ _ 06
2
82
179
8112 Sale 8138
5
10534 Sale 10558 106
7034 Sale 7058
7112 314
r,
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 4.
Price
Friday.
Mar,4.
Week's
Range or
Last Sale
co 4
Range
Since
Jan, 1.
Low
Nigh
Bid
Ask Low
High No. Low
Ilig71
9912 9912 3tiba RR 1st 50-year 58 g-1952 J 3 95 Sale 94%
7
94'3 96
95
100 10012
let ref 7395
1936 J D 107% 108 107% 108
7 107 1083
112 1143
let lien & ref fis ser B
1936J D 100% Sale 10058 100%
1
9912 101
labs N.srtbern HI let 65_1966 .1 .1 10214 Sale 10214
11238 113
9934 103
10238 19
9114 9212 Day & Mlch let cons 4 Sie
1931 J J 9834 99% 98% Jan 27
98/
1
4 9834
908 9012 Del & Hudson 1st & ref 45
1943 M N 93% Sale 93%
9318 9413
9312 26
30-year cony 59
9734 9818
1935 A 0 12112 Sale 118%
12212 632 11412 12234
8912 9234
15-year Via
1937 MN 10414 Sale 10414
10434 12 103 105
10-year secured 78
10112 103
1930 J D 10634 107 10634
7 10638 1073
107 •
D RR de Bdge lst gu 49 g_1936 F A 9512 _ _ 95 Apr 26
_
10
.513 1-61-3 Den & R Cl-let cons g 48_1936 1 J 9114 Sale 9114
26 -9118 -9-21;
9112
10338 10458
Consol gold 439s
1936 .1 J 94
94,2 9533
95 Feb 27
95
10212 10212
Improvement gold 5e
1928 1 D
9912 100
99% 53
yyj 8858 Den & R G West gen 58_Aug 1955 MN 99% Sale 99%
140
733 8111
81
80 18 Sale 79
Des M & Ft D 1st gu 4s
1935 .1 J 35
36
7
34
35
49
35
-561-4 11-9-3.-I
Temporary We of deposit__ _
3318 35
- 34
3512 35 Feb'27 ____
10034 101
Des Mamma Val 1st 4348
1947
-M S 9418 ____ 96% Aug'26 _
Det & Mack-lot lien g 48 1995 .1 D 72
7312 11 -iOis 7313
7312 72
-8734 -68Gold 48
1995.3 D 65
_
65 65
6612 65 Feb'27
8534 8712 Detroit River Tunnel 4195_1961 MN 9712 98
9718 98
98 Feb'27
998 10018 Dul Missabe & Nor gen 58_1941 J J 10334 -10334 1033
10334 Jan'27
71
73
Dul & Iron Range let 5s__ -1937 A 0 10134
5 10134 103
10212 10212
---2134 713 Dul Sou Shore & Atl g 5s
1937 .1 J 82 Sale 8112
13
75% 82
82
6114 6814
60
67
East Ry Minn Nor Div 1st 48248 A 0 931 94
9212 Dec'26
863 8818 East T Va & Ga Div g 55_1930 J J 101
.
1 1564 fol
____ 1015s
10158
Cons 1st gold 58
1956 MN 106 10618 106 Feb'27
106 1063
9438 9538 Elgin Joliet & East 1st g 58_1941 MN 10234 10434 10312 Jan'27
102 1033
9934 1001s El Paso & S W let 5.9
1965A 0 10434
1 10434 10513
10514
_iii..2 ..iiii-2 Erie 1st consol gold 75 ext 1930 M S 10614 ____ 10514
Sale 10618
10614 10 10618 10713
let cons g 4s prior
1996 J J 8112 Sale 8112
8118 84
817s 32
Registered
1997 J J
79
79
79 Jan'27
10512 10678
lot consol gen lien g 48
1996 J J 7512 Sale 7512
733 7734
118
763
8
106 106
Registered
1996 J J
73
75
75
Jan'27
8038 8334
Penn coll trust gold 48
1951 F A 98
9814 10014
99
9812 Feb'27
105 10734
50-year cony 48 series A 1953 A 0 8112 Sale 8114
7834 83
8134 17
6914 7218
Series B
1953 A 0 8112 Sale 8118
8214
79
8158 27
Gen cony 4s series D
1953 A 0 9138 Sale 9138
8418 9412
406
9312
11378 11414
Erie &Jersey 1st is f 613
1955 J J 11234 11334 11234 11234
1 11112 11353
10338 103,3
Genesee River 1st 5 f 55_1957J J 11134 ____ 11134
5 11138 11313
11134
Erie & Pitts gu g 3398 B
1940 J J 8834 ____ 8812 Nov'26
-6578 fthis
Series C 3390
1940J J 89 ____ 88% Sept'26
10634 10714 Est RR extl a f 75
1954 M N 99 Sale 99
998 206 -9534 10114
9218 9314
96% 9638 Fla Cent & Penn lst ext g 58_1930 J J 101% Sale 1013
10158
1 101% 10152
Consol gold 55
19433 J 10138 ____ 10138 Feb'27
101% 1013
112
2 081 Florida East Coast 1st 4395_1959 J D 9734 9812 973
.i855:535:8,44
9734 9812
4
4
973
4
1st 02 ref 5s series A
9912 Sale 99
98,2 10114
9934 266
. Fonda Johns & Glov 439s
195
72
4M N
S 6312 64
6114 65
6334
2
64
i876
Fort St 1.1 D Co let g 4398......1941 J J 94%
94
9414
9414 Feb'27
9512 98
Ft W &Done 18t g 539s
D 10634
1961
10638 10634
10634 Jan'27
Ft Worth & Rio Gr let g 4fi 1929 J J 9814 Sale 9814
9758 98%
5
9814
62
57
From Elk & Mo Val let 65...,.1933 A 0 10712 108 10734 10734
1 107 108
5678 6134
6612 6014 GH&SAM&Plst&L....1931 MN 10012 10034 10012 10012
1 10012 101
5534 6034
2d extens 58 guar
1931 J J 10018 10012 10018 Feb'27
10018 10012
10314 10612 Galv Hous & Bend 1st 58_1933 A 0 9734 9812 9814 Feb'27 ___ _
9612 9814
9812 9934
5612 612 Oa & Ala Ry 1st cons 58_0e1 1945
J 9914 100
9934
9934
3
56
61 12 Ga Caro & Nor 1st gu g 5s 1929 J .1 10038 Sale 10038
99 10038
10038
1
5612 6012 Georgia Midland 1st 3s
1946 A 0 7212 th.:3
7212 7234
1:8_ 7234 Feb'27
5612 60,. Gr R& I eat lstgu 34398_1941 J .1 97%
97% 9714
Feb'27 ____
5612 60% Grand Trunk of Can deb 75_1940 A 0 116
11534
116
10 11518 116
5638 6012
15-years f 65
1936 M S 11
07
334 Sale 10
97
7
'
34 108
9 106% 108%
_
Point Term 1st 5s
1947
D 96% 633
_,
_ _ 9514 Oct'26
76,2 Great Nor gen 78 series A
193n
J
"iiTs
7412 16
11334
114
52 115T8 1141
Registered
.1
11338 Nov'26 ......_
9012 9134
1st & ref 41(s series A__1961 J .1 -9714 -iiiti 9712
9712
4
97¼ 9814
General 539s series B
19523 J 10914 Sale 10914
10912 32 108 10934
General 55 series C
1973 .1 J 10334 Sale 19314
10334 43 10238 10334
10
99
5% 1097138
14
General 4396 eerie!D
1976 J 1 9434 Sale 943
9418 953
95
77
Green Bay & West deb ctfe A___. Feb
10814 110
833 85
_
85 Feb'27 __ _
Debentures ctfs B
21
10114 103
Feb 83-2512
2434 2578
- 2478
2514 84
101 101
Greenbrier Ry 1st gu 4s__1990 M N 9238
92 Dec'26
101 11 10138 Gulf Mob & Nor lst 5S0_1950 A 0 10534 10618
- - - - 10534 Feb'27 ____ l5iEs 106
10214 10214 Gulf & SI let ref & ter g 58 _81952 J J 1064 ____ 107
107 107
Jan'27
101 102
10118 10118 Hocking Val lst eons g 4398_1999 J .3 9814
973 983
98
9814 46
106 1068
Registered
1999 J J
90 May'26
11138 112
Housatonic Ry cons g 5s
1937 M N -591.4 -661-2 9812 Jan'27
98'2 991k
1
H & T C 1st g int guar
1937.9 .1 1013
10212 106
10158
10158
1 10038 10188
873 901 2
Waco dz N W let 65
1930 M N 10134 -- -- 10134 Mar'26
9913 1-66"
8612 8712 Houston Belt ds Term let 513_1937 J .1 100 Sale 9912 100
7
9214 9312 Houston E & W Tex ling 58_1933 MN 10018
101,
8 1013
_ 1013 Feb'27
1st guar 5s red
1933 M N 10034 -- 10034 Jan'27
10038 10084
90
90
Hud & Manhat 58 series A1957 F A 9834 Sale 9834
98
9934
991s 81
10114 1021s
Registered
F A
Apr'26
_
97
10314 104
Adjustment income 58 Feb1957 A 0 88 Sale 8758
84 -8-6;
1
8838 278
11414 . 9
Ohio Ind & Louisv-Ref 6s.1947.9 J 11418 115 11414
1947.9 J 10358 104 10358 Feb'27
Refunding gold 58
9012 ____ 9038 Dec'26
J
Refunding 45 Series
10012 13
1966 61 N 10014 Sale 997
General 5s A
7
M
May 1966 J J 10718 10714 10718 10714
General 68 B
9312 9314 Feb'27
J 93
Chic Ind & Sou 50-Year 9a--1956
Cale L S & East 1st 43(s8..___1969 .1 D 9658 9712 9658 Feb'27
7
4
60
Cjfd & Puget Sd lst gu 48___1949 .1 J 5912 6014 59
5934 Sale 5934
11
60
U B Tr certifs of deposit
11
86
Oh M ds St P gen g 46 Ser A-e1989 J .1 86 Sale 8514
8314
_ 84 Dec'26 _ _
Q
Registered
2
7612
General gold 339s ser B__e1989 J J 7612 Sale 7612
26
9512
96
Gen 43313 Series C___May 1989 J J 9514 96
9234 Dec'26
Registered
6112 22
Gen & ref ser A 439s_ _Jan 2019 A 0 6034 6112 61
6034 Sale 6034
6138 45
Guar Tr certifs of deposit__ _
5934 60 5934
8
60
Gen ref cony ser B 5s_Jan 2014
6034 Sale 5912
6034 50
Guar Tr eertife of deposit___
1934J J 10358 Sale 10358 10338
6
1st sec 6s
1932.9 D 6014 Sale 6018
6058 59
Debenture 4338
6014 Sale 60%
6058 142
Bankers Tr certifs of deposit
6014 Sale 6018
1925 :11
6014 12
Debenture 4s
60 Sale 597
6014 60
U El Mtge & Tr etfs of dap_ _
1934.1-.11 597 6012 60
6018 11
15-year debenture 48
5912 6012 60
6018 30
Farm L & Tr ctts of dep__ _
9912 June'26 -Chic & Mo Ely DIV 58-- 1926 .171
80
80
80
6
1987 M N 79
Chic az N'west gen g 3.398
7412 Jan'27
Q F 7414
Registered
9134 40
1987 M N 9114 Sale 91%
General 48
87 Aug'26
Q F 8914
Registered
Stud 45 non-p Fed In tax '87 M N 9114 9134 9138 Feb'27
1
Gen 43k s stpd Fed Inc tax_1987 MN 106 10714 10714 10714
8
General 58 stamped__ __1987 M N 10938 Sale 10938 10938
Jan'27
1879-1929 A 0 10318 10312 103
Sinking fund 68
____ 101
Jan'27
A 0 102
Registered
10114 15
1879-1929 A 0 10114 10138 10114
Sinking fund 55
_
1879-1929 A 0 10018 10114 10214 Feb'27
Registered
3
1933 61 N 10114 10178 10184 10134
Sinking fund deb 58
0118 Jan'27
M N 10114
Registered
10612
8
1930 J D 10614 1063s 10614
10-year secured 713g
38
I5-year secured 6598 g---1936 M S 11178 Sale 11178 112
21
104
lot & ref g 59
May 2037J D 10412 10434 lO37s
9014 22
Chic RI & P-Railtray gen 481988 J J 8914 Sale 8818
J J 8712 ____ 8712 Jan'27 _ _
Registered
Sale
928
9314 208
9314
A
0
1934
Refunding gold 45
9238 Jan'26 -A 0
Registered
Jan'27
Oh St L & N 0 Mem Div 46_1951 J D 8812 ____ 90
St L & P lst cons g 58___1932 A 0 10212 ____ 10218 Jan'27 -Ohio St P M & 0 cons 68___1930 J D 10314 10312 10314 Feb'27
Cons 68 reduced to 3598-1930 J D 947 9512 95 Nov'26
9934 10 -551-2 166- Illinois Central let gold 4s___1951 .1 J 95 Sale 95
998 9934 995
1930 M
94
95
Debenture 58
1
95
995
1
995 9934
9938 100% 9952
Registered
1951 J J ____ ____ 93 Mar'26
Stamped
743 Y4-4;
9332 97
9534
Sale 9514
9614 123
1st gold 3398
°hie T H So East let Ea__1960 J D
87
74% Jan'27
9238 36
8734 928
Registered
Dec 1 1960M S 9134 Sale 9134
Inc gu 58
8234 Jan'27
87 -8-7-li
9714 98,2
9734 25
Extend
Extended 1st gold 3398 :
511 j
1921
i
A
5
87
let gu 430 A.1963 J D 9738 Sale 9714
87
87
Chic Un
7438
73
1963.9 J 10418 Sale 10418 10412
let gold 35 sterling
Jan'27
73
let 55 series B
6 10112 1053
9013 92
10314
6
1944 J D 10314 Sale 1027
Collateral trust gold 48_1952 A 0 9178 Sale 9178
0178
Guaranteed g 58
11712 33 11714 11834
Registered
1963 J J 11714 11712 11714
A 0 85
1ot65s series C
9012 8034 Nov'25
933g 95
2
1st refunding 45
9414
9414
Chic & West Ind gen g 611_0932 Q M 1054 ____ 106 Feb'27 --- 10512 106
85
85
863 8814
Feb'27
8714 Sale 871
8714 73
Purchased lines 3395
1952 J
Consol 50-year 48
:
P1 8
1 t114 68199 85
1962 M S 10412 Sale 10438 10412 42 10312 10434
Registered
J J
8412 July'25
lot ref 5395 ser A
l0414 Feb'27 --- 10418 1041 1
88 18-3;
8838 17
Collateral trust gold 4s..._1953 MN 8814 883 8812
Choc Okla & Gulf cons 5a
1952 M N 103
9738 9734
8512 Oct'26
Cin H ,14D 2d gold
J J 973__ 973 Feb'27 --Registered
M N
9534 Jan'27
5 10711 lOSlj
9514 9534
10814
C I St L & C lst g 48___Aug 1936 Q F 95% 17
Refunding 58
1955 MN 1074 1-087* 10814
103
9518 Jan'27 --8 10178 10314
9518 9518
Registered
Aug 1936 Q F 9538 96
15-year secured 5395
1934 1 J 102 Sale 1(1234
9 112 11314
9212 Feb'27 --11238
9014 9212
CID Leb & Nor gu 4s g
1942 M N 9212
15-year secured 639s g1936 I J 11212 Sale 11214
963 973
9714 84
Gin & CI cons I st g 5s
0038 Feb'27 --- 100 10038
40-year 43/0 •
1928 J J 10038 __
Aug 1 1966 F A 97 Sale i)7
9212 923
9012 25
Cleve Cin Ch & St L gen 48_1993 J D 9012 Sale 9014
89
9012
Cairo Bridge gold 48
1950.9 D 9318 - -- - 9212 Jan'27
7613 7612
9914 12
20-year deb 414s
1931.3 J 9914 Sale 9838
98% 9914
Litchfield Div let gold 30_1951 .1 J 763 - - - - 7612 Jan'27
Feb'27
8314
8314
2 10734 10734
843
General 58 Series B
84
1993 .1 D 1084 Ill 10734 10734
8314
J
Loulev Div & Term g 3Sis_1953 J
Ref & impt 68 series 4-.1929 J J 10314 Sale 0258 103
48 10238 103
Registered
J 1 _--- ---- 8112 Aug'26
7712
7/ -7-77
2 68 aeries C
2
1941 J J 1027s 107 10714 Feb'27 ---- 10714 10734
Omaha Div lot gold 3s____1951 F A ____ ---- 7712
7612 76,
1963J J 10338 10338 10338 10334
8 10314 105
8
56 series D
St Louis Div & Term g 33_1951 J J 7638 ---- 7658 Feb'27
88
Jan'27
86
86
Cairo Div let gold 4s
1939 J J 9312 9434 93%
1
9312 943
9312
1951 J .1 8514 87
Gold 354s
M Div let g 48 1991 J J 8538 ____ 86
Jan'27
W
86
87,2
Springfield Div Ist g 3398_1951 J J 8614 -- 84 Sept'26
-581
.
2 903*
8814
8814
8738 90
L Div 1st coil tr g g 48 1990 MN 8814
Western Lines iota 4s
1951 F A 9034 -- 9058 Jan'27
M N 85 ____ 8314 Feb'26
Registered
-------- 84 Aug'25
Registered
M
9334
917s Jan'27
-His -61-7; III Central & Chic Eit L & N 0Bpr & Col Div 1st g 4s_ __1940
1951 F A
j
ism
48____
10338 30 10318 104
927
9314 Jan'27
9314
91
W W Val Div lst g
Joint let ref 55 series 4 .1963 J D 10314 Sale 0314
10512 1053
J 10838 10912 108
108
ccc&I gen cons g 6s____1934
D 103
109112 1_0_7_1_2 10512 Jan'27
_, B
4 10714 108
1951 1
Gold 55
0214 Apr'26
0238 Jan'27
10238 10233
Registered
Cloy Lor & W con 1st g 58_1933 A 0 10134 __
J
10018
7812 Feb'26
9958 Sept'26
Gold 339s
Cleve & Mahon Val g 5s_1938
1935 M N 9812 -91-3-4 9858 Jan'27
9%14 -_-_-_-_ 93% Dec'26
72
JA ,
D
O 9
51 j
& may ist gu g 4358
190
-iliE8 -61;5-8 Ind Bloom & West 1st ext 48_1
-Ws
0 10018
'
IC
94
94
9918 Aug'26
94
1950
Ind 111 .5 Iowa let g 45
Cleve & P gen gu 4sser B_I942 A
873
8
86
1942
J
____
8714 Jan'27
100
863
87
8614
Jan'27
-,
J
iiii
lot
Series 4558
10214 10318
1948 M N 8712 --__ 8514 Oct'26
55 .1 J 10218 10258 10214 Jati'27
gse
ur
48A 1965
---- Ind & L9
---- IVO-nd
Series C 339e
8438 Sept'26
10238 102%
10238 Jan'27
1950 F A
3198
Gen
&
ref
5s
series
B
D
Series
857818 10114
--- 10118 10118
A 0 101
)3
1ez 10534
10614 22 105.12 1073
05
21
7 114
5 j i 10
1962
5 10118 1013 Int & Cid Nor let (is ser A195
Cleve Sbor Line lat gu 00_1961
A 0 10934 11014 10934 11014 10 108% 110.1
833 9614
95
293
usm
tmpe
en
dt 68 se! A July 1952 Aprl 9312 Sale 9312
Addta
Cleve Union Term 5596-A972
10418 Sale 10418
1042
2
0
1973A
8113 8815
Sale
10
86%
87
8852rl
8612
8
10312
105
1st f 58 ser B
8838 Jan'27 ____
1945 J D 8858
753 7712
9
76%
513-1972 M N 76 Sale 76
8858
lot
Cent Amersr
Coal River Ry let gu 4s
9914 9914
9914 12
95
90
5 8 Sale12 9434
9434 9514
12
A 99
1941 M N 5
notes
983
4
9912
tyceolCI
9
r
t
6
Colorado & (South 1st g 4/1-1929 F N
9718 Sale 97
9714 19
5112 5813
5314
5412 21
1938 J D 5214 57
96% 99
Iowa Central let gold 5s
Refunding & exten 4358 1935 M
A 9112 9214 92 Feb'27
51 12 55
55 Feb'27
95485 FA O
19
9178 92
Certificates of deposit
v 1st eat g 48
Col &
9012 ____ 9012
9012
1712 2112
2
18
19
18
MS
18
1
42_1995591
9012
9012
4s
Refunding gold 411
Col & Tol 1st ext
9134 923
1 D 923 9234 9238 Feb'27
48_1943 A 0 8612 ____ 88 Nov'26
James Frank & Clear lot
Conn & Passim Riv lot
9238 Dec'26
9318
A
F
1930
46
deb
Como' Ry
7612
77 Feb'27
Apr'26
1938 J J 10212 10512 101
1964J
-ioik /ifs Ka A & G R lot gu g 58
Non-cony 48
70 Sept'26
8 87 I
85,
J D
1990 A 0 8678 Sale 8618
8678
Kan & M 1st gu g 48
Registered
-753-4 768
7714
11
100
10014
100
4 100 1003
.1
100
1927
J
.1
45_1955
69%
7714
55
2d
20
-year
Non-cony debenture
77
76
77
lops
75
10178
2
1013
11
J
MN
1013
J
10134
1956
1928
10134
6918 77
EC C Ft S & M cons g 6s
Non-cony debenture 4q_.
21 -7- 5-2-4 iiii0
8 1 4.. 10834
11),NJM
Dee.
Due Feb. •Due Mal. •Due
New York Bond Record-Continued-Page 3
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 4.
:42r.
44:
Price
Friday.
Mar.4,
Week's
Range or
Last Sale
00
Cg
Range
Since
Jan. 1.
Nigti go. Low
Bid
Ask Low
High
C Ft El & M Ry ref g 48_ _1936 AO 9212 Sale 92
9212 19
92
93
KC&MR&B let gu te_ _1929 AO 10038 101 10038 Feb'27
9912 10038
}Kansas City Sou let gold 38.1950 * 0 7312 Sale 7314
72% 741 7312 29
Ref & 'mot 59. .
Apr 1950 I J 9978 Sale 9934 1004 48
9914 100,•
Kansas City Term let 413_ _ _1960 J J 89 Sale 887g
8918 65
88
8914
Kentucky Central gold 4s__1987 ii 8112 Sale 8112
5
8112 8812
8112
Kentucky & Ind Term 455s_1961 J J 8518 83
8514 Dec'26
8912
8912
1961 J J 8914
Stamped
1
88's 9014
Lake Erie & West let g 5s 1937 J .1 10214 ____ 10214 Feb'27
10214 10214
1941 J J 10018 10414 10012 Feb'27
26 gold be
10018 10012
Lake Shr at Mich S g 3558_1997 3D 8112 Sale 8118
5
8112
801 2 814
8018 Feb'27
1997 3D
Registered
804 8012
1928 M S 9914 Sale 9914
Debenture gold 45
9912 44
9878 90MN
973 98%
1931
9812 Sale 98%
25-year gold 4s
9812 66
1031 MN
06 Dec'25
Registered
1 10412 10514
Leb Val Harbor Term be__ _1954 FA 1047 ____ 105
105
5
Lab Val N Y 1st gu g 4558_1940 J J 9853 99
9812
9834
98 2 9S78
Lehigh Val (Pa) cons e 413-2003 MN 87
10
8812 8712
88
8614 8878
MN
84
Jan'27
Registered
84
84
2003 MN 9538 9814 9858
General cons 41,58
11
99
97
9914
Lehigh Val RR gen be series_2003 MN 106 Sale 10312 106
8 10312 10618
Lab V Term Ry 1st gu g 5s 1941 AO 10258 ____ 10312 10312
5 10212 103 2
Lab & N Y let guar gold 4s 1945 M S 9058 ___ 9058 Feb'27
90
90%
Lax & East let 50-yr 58 gu .1965 O 0 110 111 11014
1 10934 11014
11014
Little Miami 45
1952 MN 87
90
Jan'27
86% 90
Long Dock console 65
1035 AO 10812 110 10834 10834
2 10834 109
10034 ____ 10034 10034
Long Mid 1st con gold 5sJuly1931 Q
2 10034 10034
let consol gold 4s____Ju1y1931 Q
98 Feb'27
98
98
1938 3D 9212 93 0258 Feb'27
General gold 45
92% 94%
1932 3D 9414
Gold 45
97 July'26
Unified gold 48
1949 MS 8912 Sale 89
89
3
89
90
1934 3D 9878 Sale 100
Debenture gold be
99 10034
10034 19
1937 MN 9834 9878 9834
20-year p m deb 58
8
99
981e 99
1949 MS 8878 Sale 89
Guar refunding gold 48
89
898 13
8978
Nor Sh 13 let con gu 58.0r.'32 Q J 100 10034 100
Jan'27
100 10034
Louisiana & Ark let g 58
1927 M $ 10018 Sale 10018
2 100 10034
10018
MS
Lou & Jeff Bdge Co gu g 45 1945
8934 90
895
89% 9012
8934 13
Louisville & Nashville be_ _1937 MN 10512 ___ 10612 10612
5 10618 106-2
Unified gold 45
1940 J J 963 Sale 3638
95% 97
9634 37
Goliateral trust gold bs_ _1931 MN 101 10114 10118 Feb'27 _
10118 10112
10-year secured 75
1930 MN 10418 Sale 10334
10438 38 10318 108
*
refund
0
let
5558 series A_ _2003
10758 Sale 10758 108
3 10712 10812
let & ref 58 series 13
2003 AO 106 Sale 106
10612 11 10534 10634
let & ref 455e series C
2003 A0 100% Sale 10058101
1
9934 101
'
3 1037 105 10334 Jan'27
N 0& M 1st gold 6a
1930
10334 10334
26 gold 65
'
3 10334 10412 10334 Jan'27
1030
10353 1031
Paducah & Mem Div 48_1946 FA 9438 98
9414
9414
93% 9414
St Louis Div 26 gold 3s_ _1980 M
6514 67
67
67
67
67%
Mob & Montg let g 455s_ _1945 91 S 10014 102 10038 Feb'27
100% 10012
South Ry Joint Monon 48_1052 J J 88
8834 88
8712 8834
88
Atl Knoxv & Cth Div 48_ _1955 MN 937 9412 9312
94
31
9312 9514
Lousy Cin & Lox Div g 45,58'31 MN 100% 10012 10018
10018
2 100 10014
Mahon Coal RR let be
1934 J J 10318 104 103 Dec'26
Manila RR (South Linea) 48_1939 MN 6838 69 68%
66
6812
6834
let 4s
1959 MN 7614 7612 7612
7312 7714
2
7612
Manitoba S 55° Coloniza'n 5s 1934 3D
10012 Dec'26
.11
24anta B N
8514 ____ 8312 Oct'26
Mt 3558_1941
Mich Cent Det & Bay City 55.'31 S M 10112 ____ 10158 Jan'27
101E8 .
191-34
QM
_ 101
Registered
Dec'26
Mich Air Line 46
.• 1 9518
9514 9514
954 Feb'27
1940
J
Registered
92 Nov'26
JL&S let gold 3555
1951 MS 8418 ___ 79 Nov'26
1st gold 3a
8614 Jan'27
1952 MN 86
-E76-3-8
20-year debenture 48
9912 99
9838 1004
Feb'27
1929 * 0 99
Mid of NJ ist ext 50
95
98
1940 A0 9612 9814 98 Feb'27
Milw L S & West imp g 58_ _1929 Fit 101
____ 101
101
10058 101
MS & Nor let ext 4 1•58(blue)1934 3D 9558 Sale 9412 Dec'25
Cons eat 4'55 (brow 11)_ _ _1034 3D 9512 97
9512
953
-iirz 06-1-4
MR Spar & N W let gu 48_ _ _1947• S 9134 94
9224 Feb'27
9214 924
Mllw & State L let gu 3355_1941 J J
81% Dec'25
Minn & St Louis let 78
1927 3D
1st guar g 7e
D
1927
let corm' gold be
1934 MN
• N
Temp ctfs of deposit
let & refunding gold 4s,.,,1940 M
Ref & ext 50-yr 5s ser A _ _1962 Q F
AS St P & S S NI con g 4s int gu'38 J J
let cons be
1938 ii
let cons 55 gu as to Int__ _1938 J 1
10-year coil trust 6558
1931 Si S
let & ref 68 series A
1946 J J
25-year 5558
1949 MS
let Chicago Term if 45
1941 MN
Mississippi Central let 55_ _ _1949 J J
MO Kan & Tex-let gold 45.1990 J D
Mo-K-T RR-Pr 158 ear A._1962 J J
40-year 45 serlea 13
1962 J J
10-year 6e series C
1932 J J
Cum adjust be ser A Jan_1967 AO
Missouri Pacific
let & refunding be ser A 1965 FA
1st & refunding 65 ser D 1949 FA
let & refund 68 ser E__ _ _1955 MN
General 4s
1975 M S
Mo Pac 3d 7e ext at 4% July 1938 MN
100% 10034 9812
9834 9934 10038
54 Sale 54
5212 53% 55
2018 Sale 20
1312 14
14
8814 Sale 88
9712 98
9714
9714 9738 98
10134 Sale 10112
10114 Sale 10114
87 Sale 87
96%
_ 9734
9614 97
9614
87 Sale 87
10134 Sale 101
86
86% 8558
10338 10358 10318
101 Sale 0934
100 Sale
10778 Sale
10758 Sale
7612 Sale
92% 9334
Dec'26
100%
1
5518 10
Feb'27
_
2018
4
14
4
8814 25
9734
5
Feb'27
10158 40
10114
6
87
1
Jan'27
9614
1
8718 13
102
54
85%
9
103% 21
10138 722
100
10018 63
10758
108
144
10758 10758 69
7614
773s 245
93
Jan'27
99 Sept'25
Mob & Bir prior lien g Os.,...1945 J J 1004
8618 Jan'27
Mortgage gold 4s
1945 J J
J
82
J
8214
Jan'27
Small
1945
-8 101
- 13
10118
Mobile & Ohio new gold 65_1927 J O 101 19
let extended gold 6a_ July1927 Q
10014 10012 19014
10014
General gold 45
1938 M S 9312 9518 9312 Feb'27
Montgomery Div let g 813.1947 FA 100% 10118 10118 Feb'27
St Louis Division 543
- 99% Feb'27
1927 J O
Mob & Mar let au gold 413_1991 SI S 99%914 9214
-- 9114 Feb'27
Moot C 1st gu a Os
1937 J .1 11112 11212 11112 Feb'27
10914 Dec'26
J J
Registered
Set guar gold 58
1-9i14 10378 Feb'27
1937 j
81
81
Morrie & Essex let gu 3558_ _2000 J O 8012 81
Nearly Chatt & St L let Se...1928 A0 10014 10012 10012 10012
10318
Jan'27
N Fla & S let gu g La
FA
103
10312
1937
30 Sept'24
Nat Ry of Men pr lien 4558..1957 3,
July 1014 coupon off
2012
- 19 Apr'25
18 Feb'27
Assent cash war rct No 3 on
1612 _1714
8712 Aug'25
Guar 70-year 814s
1977 -A--6
26 -_-_-_-_ 22 Feb'27
Assent cash war rct No 3 on
3812 July'25
Nat RR Men prior lien 4 tie_1926 JJ
'
3 ---- -- 24 Sept'25
July 1914 coupon on
2458
Assent cash war rct No 300.
2412 Sale 2412
28 Apr'25
let consol 45
1951 AD
1812 June'26
AO
April 1914 coupon on
1412
Assent cash war rct No 300.
-14- 14-4 1414
New England cone ba
1945 J
Coneel guar 4-1
1945 J
N .1 June RR guar 1st 48_
1986 F
NO&NE let ref&lini, 4358A'52 .1
New Orleans Term let 48 .
53 3
N 0Texas & Mex n-c Ina 58_19o5
let 5a series It
1954 A
let 555a series A
1954 A
N & C Mtge gen guar 455a_ _1945 J
N Y 13 & Silt let con R 5:8_1935 A
NY Cent RR cony deb tle 1935 M
Registered
M
3
A
I
.1
0
0
J
0
N
N
10034 Feb'27
99%
8818
8818
8758 -87
8512 Jan'27
8458
9714
9712
9634 -98
88
88 Sale 8734
10014 1004 10012 10034
10034 Sale 10012 10034
10512
10512 Sale 10518
96 Dec'26
97
98
Feb'27
10034 102 101
107%
10718 108 10718
10614 May'26
13
1
2
12
10
6
3
38
21
10
19
48
1
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 4.
1998 F A
Consol 4s series A
2013 A 0
Ref & impt 4558 • A
2013 A 0
Ref &'mut be series C
A 0
Registered
N Y Central & Hudson River10973 J
Mortgage 35513
1997 J J
Registered
1934 M N
Debenture gold 45
M N
Registered
1942 .1 J
30-year debenture Is
Registered
Lake Shore coll gold 3556_1998 F A
1998 F A
Registered
Mich Cent coil gold 355s 1998 F A
1998 F A
Registered
1937 A 0
N Y Chic & St L 1st g 4s
1937 A 0
Registered
1931 M N
25-year debenture 48
1931 MN
2d fie eerie; A 13 C
Refunding 53-is series A 1974 A 0
Refunding 5155 series B 1975 J J
NY Connect let gu 4555 A 1953 F A
1953 F A
let guar 58 series B
N Y & Erie let ext gold 4s 1947 M N
1933M
3d ext gold 455s
1030 A 0
4th ext gold be
1928 3D
5th ext gold 45
1946 M N
N Y & Greenw L gu g 58
NY & Harlem gold 355 s___ _2000 MN
MN
Registered
1335
Price
Friday,
Mar.4.
Bid
Ask
9114 Sale
99 Sale
10612 Sale
Week's
Range or
Last Sale
Loa
MO No. Low
9034
9114 19
90
99
99% 31
9778
106
10612 117 10514
10512 Jan'27
10512
8012 Sale
_
9634 Sale
-9412 9514
8038
80%
7912 Feb'27
9634
964
96 Feb'27
95 Feb'27
93 Feb'25
8018 Sale 8018
8012
7818 79
7834 Jan'27
8018 8034 80
8018
79% 8018 8012 Feb'27
9434 9514 95
95
9314 May'26
9634 9714 9678
97
10278 Sale 102%
103
10512 Sale 105
10512
10538 Sale 10514
106
9638 9612 9438 Feb'27
101
10438
10414
9134 Oct'26
9812 9914 9812 Jan'27
100% 101
9858 Feb'27
9814
99 klar'213
10014 Feb'27
99%
81% 8278 8134 Jan'27
80 Dec'26
NY Lack & W let & ref 58_ _1973 MN 10258 ____ 80 July'25
1973 MN 10218 ____ 10214 Jan'27
First de ref 455e
NY L E& W ist 75 ext....,.1930 M S 10538 ____ 106 Feb'27
1932 FA 10034 10112 10078
N Y & Jersey 181 08
10114
N Y & Long Branch gong 451941 MS 90% 92
90 Dec'26
NY&NE I3ost Term 413_ _1939 AO
2 ____ 9153 Oct'26
NYNH& II n-c deb 48_1947 MS 80
8012 8012 Feb'27
M
Registered
60 June'25
72 Sale 74 Feb'27
Non-cony debenture 3558_1947 M
Non-cony debenture 350_1954 AO 72 ____ 7218
7312
Non-cony debenture 4s___1955 J , 80 Sale 80
8014
Non-cony debenture 4e___1956 MN 8014 Sale 8014
8014
1956 J J 72
Cony debenture 3555
7238 72
7234
1943 33 10718 Sale 107
Cony debenture (le
10853
J J
Registered
_
10512 10512
1940 *0 1.0,-112 Sale 104
Collateral trust 65
10412
1957 IN N 754 7512 7514
Debenture 45
7534
Harlem R & Pt Choi let 4s 19541 N 90 Sale 89
90
N Y & Northern let R 52.- 1927 AO 9978 10053 100
100
N Y 0& W ref tot g 4s_June 1992 WS 7758 Sale 7753
7814
M S
Registered $5,000 only
7212 Dec'26
1955 ID 76 Sale 7534
General 45
7612
__ 8612 Dec'26
N Y Providence & Boston 48.1942 AO
897 9012
8978
N Y & Putnam let con gu 481993 A 0 899014
1927 13.1 S 997 10014 9978
N Y & R 13 let gold 58
997o
N Y SUSQ & Weld 1st ref 68_1937 J J 90 Sale 90
9014
1937 FA 741 80
74 Feb'27
2d gold 4158
1940 PA 76 Sale 76
General gold 58
7714
1943 M N 9914 ____ 9918 Jan'27
Terminal let gold be
NY W'ches & B let ser I 414e'46.J 82 Sale 8134
82
1950 A 0
Nord Ry ext'l 5 1 6558
Norfolk South 151 & ref A 55_1961 FA
Norfolk & South let gold E43_1941,MN
Norfolk & Wet gen gold 66_1931 MN
Improvement & ext tle1934 FA
New River lot gold fis_ __ _1932 A0
cons g 4s
1996 AO
N & W Ry
1996 A0
Registered
Dly'l let Ilen &gen g 45.1944 J J
1929 Si S
10-yr cony. Os
Pocah C & C Joint 4s...1941 J O
North Cent gen & ref 58 A 1974 MS
North ohm let guar g bs
_1945 AO
1997 @
North Pacific prior lien 45
Registered
1997 Q J
Gen'l lien gold 3s__ __Jan 2047 Q F
Registered
Jan2047 Q F
Ref & impt 4555 series A__2047 J 3
Registered
J J
Ref &, impt 65 series B__2047 J J
Registered
J 3
Ref &'pt
'rapt Ea series C -__2047• J
Ref & impt be aeries D_ _ _2047 J J
Nor Pac Term Co let g 68__1933 J J
Nor of Calif guar g 5,1
1938 A 0
North Wisconsin let 6s
1930 J J
Range
Since
Jan, 1.
9612 Sale 96
9134 Sale 9158
100%
_ 10012
106 10014 10534
10812
10924
107
10718
9312 Sale 9318
92
91
9012
93% 9312 93%
165
9234 9312 93
10553-- _ 106
96
9678
- 9612
9178 Sale 9112
91 Sale 91
67 Sale 13678
6358 67
6358
9634 97
97
854
11354 Sale 11312
in58
11014
to353 104 1114
103% 104 10378
10934 -- 10934
10412
_ 10518
10278 fos 10258
100 10038
55
57
5114 55
1712 2:1
13
1514
87
88%
9714 9838
9712 9858
10038 102
10018 102
86
89
9734 9734
9512 97
86% 88
101 10212
8512 87
10258 10378
96 101% Og & L Cham let gti 48 g__1948 J J 8314 85
8314
Ohio Connecting Ry let 45_ _1943 281 S 9214
9034
9934 101
Ohio River RR 1st g 5e
1936 J D 102 104 102
10612 10814
General gold 55
1937 A0 10158
10218
10678 108
Oregon & Cal let guar g be_ _1927 3' 1004 Sale 10018
76
7918 Oregon RR & Nay con a 49_1946 3D 9212
9212
93
93
Ore Shore Line let cone g 58_1946 J J 10712 Sale 10712
Guar eons be
1946 J J 10712 107% 10718
Guar refunding 4e
1929 J O 9858 984 9812
-iars Id]; Oregon-Wash let & ref 45 1961 JJ 8838 Sale
8734
82
82
Pacific Coast Co let g 51
1946 ID 90% 9114 9012
10078 10134 Pac RR of Mo let extl g 45 1938 FA 924 ____ 944
994 10012
102
_ _ _ 10212
1938 J'
2d extended gold 58
93
94
Paducah & Ills let e f 4558..1955 .1 .1 9818 100
9814
IOUs 10118 Parls-Lyons-Med RR 68_
1958 FA 924 Sale 92
99;8 100%
Sinking fund external 713_1958 MS 9834 Sale 9812
9114 9114 Paris-Orleans RR a f 75
1954 MS 9814 Sale 9838
11112 112
1942 M
10212 Sale 10214
Paulista Railway 75
Pennsylvania RR cone g48_1943 MN
96
1O3I 104
945
1948 MN 9412 95
Consol gold 4s
8058 8118
48 Ned stud dollar_151ay 1 1948 MN 9514 9512 9514
10014 101 14
1960 FA 102% Sale 10238
Consolidated 4555
102% 10318
1
28 series A
General 4/
- 1965 3D 9958 Sale 99%
General 58 series 13
1968 J
10878 Sale 10878
1930 AO 10638 Sale 10638
10-year secured 78
14 -20
1936 FA 11178 Sale 11134
15-year secured 6558
Registered
FA 11114
11114
40-year gold 5s
1984 MN 102% Sale 10234
Pa Co gu 3558 coil tr A reg_ _1937 M S
89
Guar 3558 coll trust ser 15_1941 Fit 813
861 8618
-ZiGuar 355e trust etle C....1042 J
854 89
8612
Guar 3555 trust etre D
1944 J O 8412
8412
Guar 15-25-year gold 48
1931 A0 9818 Sale 98
1234 16'
Guar 418 series E
1952 MN 8353 _ _ _ _ 89%
Peoria & Eastern let cone 45.1940 * 0 8612 Sale 86i,
5912 10014
Income 48
April 1990 Apr. 4358 Sale 43%
88
Peoria & Pekin ,Un let 5558_1979 P A 10414 _
104
8512 8512 Pere Marquette let ser A 5e_1956 J J 10418 Sale 10418
9612 97
let 4e aeries It
89
1956 J J 89
894
8718 88
Phila Balt & Wash let g 42.1943 Si N 96 Sale 9534
100 1004
General be series 13
11058
1974 Fit 11012
10018 101. Philippine Ry 1st 30-yr a f 4a 1937 J
J 4212 4234 4212
10434 10534 Pine Creek regletered 138
1932 Jo 10658 _ _ - 10634
PCC&StLgu 4558A
1940 * 0 101 10112 101
iooi4 1-61- Series 114 558 guar
1942 * 0 10034 10134 101
10538 108
Series C 4 55s guar
1942 Ni N 10034 ---- 100
Series D 4s guar
96
1945 Si N 95%
Series E 3.15 wow gold
9312
1949 P A 95%
Series F 4e guar gold
10038
1953 JO
Series G 48 guar
- 97
1957 MN 9558
97
21
13
7
17
15
9
19
63
6
5
8018
78%
9612
96
9412
High
92
994
107%
10512
814
7912
9738
96
9634
791 8t 7834 7834
794 8012
78% 8012
9434 96
9i5T,
1021g
10412
1041g
943s
10332
97
103
mkt
106,2
9712
10412
98l 9812
98% 100%
- 672 fo-ol;
8134 8134
10
10254
106
10034
10238
106
10112
74
80's
0934
76
7714
694
10512
103
10314
6912
89
99%
7614
7312
8012
8012
7234
1094
10512
10514
76
90
100
7912
73
WI;
74
19
9
33
28
26
1
11
25
1
2
16
2
31
11
42
114
Feb'27
9 7
4 --_4
3_
Jan'27
Dec'26 _
Dec'26
9334 34
Oct'26
93% 10
Feb'27
Feb'27
_
'
2 _ _ _7
Jan
95217
91178
7
9
15
28
-§oFs
9978 100
8712 9112
724 75
714 7714
9818 9118
7812 8314
9314
9034
10012
10534
9734
9214
101%
106
02'
937k
158
92%
10551
9412
91 14
90%
65%
635s
96
-93-3i
165
96
106
9624
93
91
67%
6514
9712
113
114
NF
iell119
03
,100:7
94432
:6
;
6 38__ 3557
5__
103's
Jan'27
Oct'26
8312
6
Dec'25 - - -.
Feb'27
Feb'27 -10014
3
9212 10
10712
2
108
3
9834 51
8838 44
9034
3
Jan'27 - Feb'27
15
9814
9234 234
99% 190
987
57
103
8
Jan'27
9512
8
9512
2
10238
1
99% 66
10918 35
10653 114
112
33
Oct'26
10314 63
1
89
1
8618
Jan'27
jan'26
7
98%
8912 10
8658 10
4534 71
6
10518
10412 77
8912 12
8
96
5
11058
6
4314
Feb'27
101
12
101
Dec'26
Feb'27
Nov'26
Feb'27
Jan'27
10-5-4
10318 10634
10934 1004
1054 105%
---81% 83%
ini- 1-0/10114 102%
100 10012
92,4 93
107 108
107,s 108
9832 99
867e 8914
9014 93
9334 9434
102 102,2
98
984
8712 95
9612 101
9514 10114
102 103
96
Ms
9414 96
94% 9512
102 10312
9914 101
10672 10934
106,4 107%
11134 11212
102
89
86
85
10338
89
8618
8612
07'3
88
8514
417s
104
103%
89
95%
11012
42
10612
9958
100%
98's
8912
87
4712
10518
105
904
97
111
4312
1064
101%
10112
-.98
96
10038 100%
97
97
1336
BONDS
N. Y.STOCK EXCHANGE
Week Ended March 4.
New York Bond Record—Continued—Page 4
*it
Price
Friday.
Mar. 4.
Week's
Range or
Last Sale
Range
Since
Jan, 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 4.
Price
Friday,
Mar.4.
Week's
Range Or
Last Sale
13
Bangs
Since
Jan. 1:
Iligh
Ask Low
High No. Low
High
Bid
Ask Low
11101) No. Low
U N J RR & Can gen 4s____1944
E4 9418
9418 9412
9418 Jan 27
10012 1001 2 Utah & Nor let ext 45
10012 Jan'27
1933 J
0534
97
97
Oct 213
9958 1013s Vandalla cone g 45 scrim A 18
10138 1-017-8 10138 Feb'27 ____
96
55
7 FA
"HT:-Eli
9338
9212 Jan 27
Consol 48 series B
10138 Bale 10138 10138 10 100 1014
MN 9338
9012 Oct26
Vera Cruz & P let gu 4 3ie
10734 Sale 10758 10778 27 10634 110
1934
1
July 914 coupon on
Oct'26 -. 102
J
31
24 Apr 26
Assenting let Cis
10814 Sale 10778
1934
10814 52 1106(71581 1-1-023 W34
2512
24
26
2634 51
1102
0
Virginla Slid 55 series F._ 1931 MS 1004
100 10014 10078 Feb'27 -- _ _
101 Sept 26
General 5e
106 107 10578 Jan'27 --- 1936 MN 1024 1-0-07-g 10278 Jan 27
10212 1102-7;
_ Vs & Southw'n let gu 58_2003 is 102
10334 ___ 10134 Nov 26 ---102 102
_ 102 Feb 27
10178 1-02 102 Feb 27 ---- iiiiis fo-211 . let cons 50-year be
9158 98
1958 AO 95
5
95
9514 95
10012 . _ 10134 June 26 --- - ____ ___ Virginian let 55 series A
1962
N 10314 Sale 10278
10312 85 10212 1034
Wabash let gold be
9114 May 25 ------------Wabash
9238
10312 14 103 10412
MN 10318 10314 10318
5
-ii4 ---_62%
__
2d gold bs
10018 ____ 10014 Dec'26 ____ :
1 10058 102
FA 10134 Sale 10134 102
f
Eels 53is aeries A
0234 Feb 27 - - -9238
1975 M
10434 Sale 10418 10478 139 1034 10475
Debenture II 6s registered. 1939 S i 09
____ 10658 Jan 27 _--- 10458 10658
106
8314 Feb 25
1st lien 60-yr g term 4s
72
75
75 Feb'27 ----8512 87Is
1954 -s -s 8558 8712 8512 Feb 25
Det & Chi ext let g 5,5
104 105
8418 -_-- 8458 Aug'26 -----------1941 J J 10312 105 105
105
Des Moines Div 1st g 48_ _1939 J J 8914
8812 8
Jan 27
89
Reading Co gen gold 48
Jan'27 ---- 100 1001s
1997
Om Div let g 33i a
9218 93 100
8334 844
1941 * 0 8418
8434 Feb'27
Registered
4478 Nlay'25 ----Tol & Ch Div g 45
91
J J
90
1941 M
9012 Feb 27
003g
Jersey Central coil g 48___1951 * 0 9214 Sale 02
- ---; Warren 1st ref go g 394s.2000 P A
9214 36 -92923
8212
80
8212
82
8312
Gen & ref 4345 series A __ _1997 J J 99 Sale 99
9914 32
98 10012 Wash Cent let gold 45
8714 8738
8758 Feb 27
87
Q
Riehm dr Deny deb 5sstmpd 1927 * 0
____
100
100
27
Jan
Wash Term let au 312e
100 100
854 8538
194
945
8 FA
8438 Feb 27
8514
8614
Rich & Meek let g 4s
80
8Ik
1048 MN
8118 Feb 27 ____
let 40-year guar 4s
7914 80
9114 0212
1945 FA
914 Feb 27
9114
Mehra Term Ry 1st go 5s
1952 j
. _ 10212 Feb 27 ____ 1004 1021Rio Grande June lot go 5e 1939
- 10058 Feb'27 ---- 10058 10034 W Min W & N W 1st go 68-1930 P A 9878 9914 99 Feb 27
10058 10114
D 101580814 0914
Rio Grande Sou let gold 45 1940 j j
____ _____ West Maryland 1st g 4s
714 10
7014 8234
74 Dec'26 ____
1952 AO 7934 Sale 7912 • 7978 128
Guaranteed (Jan 1922 coup on)• j
West N Y A Pa let g 5s1937 ii 10158 Sale 10158 10158
6 Niay'25 ---9
____
8 101 12 102
Rio Grande West 1st gold 45_1939
5 -50T2 -03_▪ I 911g Sale 91
Gen gold 4s
.0118
89
88
1943 * 0 88
89
8814 Feb'27
Mtge & coil trust 4a A
84
8534
10
1949 * 0 84
8434
Income g Is
8478 8434
Apr 1 1943 Nov
45 Feb'25
9578 37
RI Ark & LOUIS let 434s
9458 96
1934 MS 9512 Sale 9538
Western Pac let ser A 55_1940 PA 13 9912 Sale 0913
9934 27 -Oor,
Rut-Canada let go g 4a
1
8212 8338
8338
1949 -s -s 8338 8334 8338
let gold 65 series B
3 103 1044
1946 M
1041g Sale 10418 10412
Rutland let con g 4945
9118 94
1941 3, 0318 934 94 Feb'27 ---West Shore let 4s guar
864 8734
2361
6
J 8678 Sale 8678
87
St Jos & Grand NI let g 40_1947 .1 J 8734 88
8718 89
8818 Feb'27 ---_
Registered
87
86
2361 • 3
88 Feb'27
St Lawr & Adir let g be
1996 3-s 100 ____ 100 Feb'27 ---Wheeling & Lake Erie
10518
1
1
0
9
9
5
's
2d gold 8e
10118
1996 * 0 10518 ____ 10513
Wheeling Div let gold 513_1928 J
9934 101
1
100 10014 100
100
Si I. & Cairo guar g 48
9614 97.2
1931 .1 .1 967
Ext'n dr impt gold 55
9712 Feb'27 --- 1930 FA 100 .._
974 Dec'26
St L Ir Mt & Seen con g 5e 1931 AO 10038
10034 36 10014 10134
8I0038 10014
Refunding 494e series A 19136 MS 9034 9218 904
9 -5(:02 139114
Stamped gnarls
1931 40 10034 Sale 10038 Sept'26
-6 ---RR let consol 4s
1940 Re S 8758 8812 8758
8714 8884
8812 25
9738 -9812 Wilk & East let go g Is. 1942• D 774 7878 77
Unified & ref gold 49
1929 J J 9814 9858 9838
9812 47
724 80
80
51
Registered
---_
_ Will & SF 1st gold bs
J J
981 4 93 Sept 26 --- 101 104
1938 3D 10418 10412 104 Feb'27
Ely & (1 Div let g 48-.---19
934 --94
46
94
Winston-Salem 813 let 4s
1960 .1 J 8658 88
'
3 MN 9334 Sale 9358
8638 874
1
8714
8714
OIL M Bridge Per go g bs___193 AO 10014 101 10014 Feb 27 ,.= 100 101
Wis Cent 50-yr let gen 4s_ _ _1049 J J 8238 Sale 8238
8238 8414
8312 15
8412 8694
St L& Ban Fran (reOrg co) 4s11 59 J .1 8538 Sale 8558
8578 -_73
1
Sup & Dul div & term 15t 48'36 MN 92 Sale 92
92
1
89
92
Registered
__-- - Wor & Con East 1st 434s.1943 ii
-s -s
_ 8212 Oct 26 ____
80
89
Jan'27
89
45
Prior nen series B 58
09
3
4
1
01
4
1950 J J ioO" Saleroo
10038
Prior lien series C 68
1928 -s -s 10134 Sale 10134
10214 20 100 10214
INDUSTRIALS
Prior lien 594e Series D ._1942
10212 25 10218 10234 Adams Express coil tea .0_1948 M 8 9034 Bale 8912
.▪ 1 10258 Sale 10214
91
89
7
0034
99 10014 Ajax Rubber let 15-yr a 1 80.1936 J D 10618 10678 10614
86
Cum adjust ser A 65_ _July 1955 AO 9978 Sale 9934 100
1 1054 107
10614
Nis 647
Income series A 6s_ _July 1960 Oct
9514 9994 Alaska Gold NI deb 138 A___ _1925 M S
9734 Sale 974
3
312
3,4 8,2 312 Feb'27
=Louis & San Fr Ry gen 85_1931 S i 10514 _ __ _ 10528 Jan 27 __ 105 10578
Cony deb 6s series B
314
312 314 Jan'27
31 4 314
1928 M 13
General gold be
1931 .5-s 10058
_ 10178 Feb 27 ____ 10012 10178 Alpine-Montan Steel 78
9212 9712
1955 M S 9514 Sale 9433
37
96
St L Peor dr N W 1st go 5s 1048 J J 10338 1-0i 10514 Feb 27 --_- 105 10512 Am Aerie Chem let be
1928 A 0
Oct'26
103
Si Louis Sou 1st gu g 48
1931 M S 9818 9712 9718 Feb
ref
--1
-0
1941 F A 104 6;10- 104
10412 30 iol"
fitLevir let g 48 bond ctfe 1989 SIN 8634 8738 8612
8
96
71182 8
99
7112 Am
isetr rB
eee
f stIF3741';'5COgny deb 68.1035 F A
3
0414 98
9414 97
9412
9414
2d g 4s Inc bond ctfs_Nov 1981 -s -s 8114 8218 8158 Feb'27 --81
83
American Chain deb 51 6s_ _1933 A 0 10314 Sale 10234 10312 19 101 10312
9558
sale
Consol gold 48
943,
9534 60
9418 9638 Am Cot 011 debenture 55_ _ _1931 M N 9634 Sale
1932
'
19
9812
95
239
98
953
4
let terminal & unifying 56_1962
0738 sale 9718
95
9778 18
09
Am Dock & Impt go Cs
1 10512 10514
1936 J .1 10558
10.534
10534
91 Paul & K C Sh L let 414e_1941
9278 9394Am Mach & Fdy s 813
9378 21
9378 Sale 9312
104 104
Feb'27
1939
A
0
104
1
0412
104
Bt Paul & Duluth let ba
1931
10138 ____ 10114 Sept'26 -_-_ ---- 2 - Am Republic Corp deb (18_ _1937 A 0 9912 Sale 9912
09
9934
0934
1st consol gold 48
1968
92 -92- Am Sm & R let 30-yr be aer A '47 A 0 10118 Sale 10012 10112 103 10012 1014
92 Feb'27 -___
et Paul E Gr Trunk
98
98
Jan'27 ____
9514
__ 98
let M 6s series 13
8 10738 1084
10812
1047
A
Sale
108
0
10814
1111 Paul Minn & Man eon 0_1933 .r
984 98,2 Amer Sugar Ref 15-yr 68_1937 1 J 10412 Sale 10412 105
9758 -9814 9814 Feb'27 ---27 104 105
let consol gets
1933
10778 10814 10778 Jan'27 ____ Ion 108
Am Telco & Teleg coil tr 411_1929 J .1 99 Sale 9814
984 9918
9918 162
Registered
106
=
_ 108 Aug'26
Convertible 4s
9314 98
9434
11414
1936
9412
M
9412
S
Ife reduced to gold 41.68___1933
5934 itroN
100
_ 100 Feb'27
20-year cony 494s
94,2 994
6
9912
1939 M IS 9812 100
99
Registered
1933
9878 1-0-0-14 9812 Aug'26 - - - - . 30-year coil tr 58
62 10234 10314
1035
8
194(1
Sale
J
103
D
103
Most ext let gold 48
06
1
6i12 -9-0
1937
96 Sale 08
_
Registered
103 June'26
.1 D
Registered
9 941
9512 9512
9512 Jan'27 -___
35-yr s f deb be
101 103's
1960 J J
6rao 10134 10318 151 roA
Pacific ext guar 48 (sterling)'40 3
91
92
90708 92
92 Feb'27 ____
1067g
20-year s f 5 355
94
1064
1943
Sale
NI
N
106
106
Ut Paul Union Depot Is....1972
1054 10534 10512 10512 10 10514 106
Am Type Found deb es
11 10312 10514
1940 A 0 10514 Sale 10434 10514
Am Wat Wks A El col tr 55_1934 A 0 9812 Sale 9814
98
99
17
983
4
A & Ar Pam lst gu g 444....„1943
8838 01
8978 29
8978 Sale 8858
Deb R Os ser A
10138 Sale 10034 10112 67 10034 10214
Si
Santa Fe Pres & Phen 5e____1942
S 102
____ 10212 Dec'26 ---_
2 - Am Writ Paper s f 7-613
585,8 614
19
63
6112
1193711
9
65
1.
60
j
1
BAT Fla & West let g 68
1934 AG 1084 ____ 10234 Jan'27 ____ ----10234 1024
Temp interchangeable ctts dep.
594 6333
834 106
634 Sale 60
let gold 58
1934 * 0 1024 ____ 10234 Oct 26 -___
Scioto VANE lst gu g 4e 1989 Si N
-.- ---9212 ____ 9212 Feb 27 ____ -9192
5'5 Anaconda Cop Min let 65_1953 .10378 10434
155
F
-.
A
1044
10414
Sale
104
Seaboard Air Line g 4e
8114 83
1950 A0 82
1
8218
8218
Registered
10454 Dec'26
Gold 48 Stamped
8112 83,4
1950 40 82 Sale 814
8238 18
15-year cony deb 75
1938 F A 10812 Sale 1074
10812 119 10994 109's
Adjustment be
834 8812 Andes Cop Min cony deb 70_1043 J J 108 Sale 10758 10812 159 106 1084
Oct 1949 F A
87 Sale 8678
8712 383
Refunding 46
43
73
1959 AC 7334 Sale 7312
74
7634 Anglo-Chilean Nitrate 7sww1945 M N
97 Nov'26
let & cons Os series A
9712 994
1945 MS 984 Sale 9818
9834 233
Without warrants
8738 Sale 8612
8712 67 "8694 90
All & Birm 30-yr let g 45_d1933 Si S 93 Sale 93
3
91 14 94
9414 9734
93
Antilla(Comp(Azuc) 794s_1939 1 J
0614 Sale 964 Feb'27
Seaboard All Fla 1st gu6sA_1935 P A
0634 9894 Ark & Nlem Bridge & Per 58_1084 M 8 1001 4 101 10014
9734 102
9758 Sale 9712
5 10014 10054
10014
Seaboard & Roan 58 extd
1931 J
10012 100,2 Armour de Co let real sot 43-Os '39 1 D
100-- _ 10038 Jan'27 ____
917
8 934
0212
88
9212
Sale
0178
So Car & Ga 1st ext 5Sis__1929
N 101 1013
101's Armour & Cool Del 5148._ _1943 1 J
- 8 10112 Feb'27-.-9412 9534
95 Sale 9458
9518 108
11 de N Ala cone gu g 58
1936 FA 104
_ 104 Feb'27 :::: 10378 104
Associated 0,1 C 94 „old notes 1935 Si, 10234 Sale 10258 10278 27 10214 103
Gen cons guar 60-yr 5e
11014 11014 Atlanta Gas L 1st be
1963 AO 11014 111
-- - 11114 Feb'27 ___
1947.5 ID 101 10314 0958 Mar'26
So Pac coil 42(Cent Pao coil) k'49 S D 8812 Sale 8812
8814 90
34
89
Atlantic Fruit 75 We deo __ _1934 J D
_ _ 15'8 Dec'26
Registered
S D 8612 89
8
08
6% 6897
'IV Tr
87 Feb 27__66
Stamped etre of deposit
Jan'27
____
18
15341778 24
20-year cony 4e
June 1929 M
la All Gulf & WI SS L col tr 58.1959 J J
99 Sale 9834
7012 704
84
75
75 Sale 7318
20-year cony 55
1934
D 10114 10214 10014
12 10094 102
10012 10172
10034
Atlantic Refg deb 55
10012 10078
101
10012
1937
.1
J
20-year gold bs
80,2
1944 MN 10034 Sale 101 Feb
60
0,8
27 ---2
- 10
Ban Fran Term' 1st 4s1950 * 0 9034 91
199214 Baldw Loco Works let 58_1940 M N 10634 Sale 10634
13 106 10712
9012
107
Registered
AO
1
1 10612 108
87
87
87
87
Remus(Comp Az) 7'is_ _1937 .1 J 107%
- 10712 10712 771
Bo Pac of Cal—Cu g be
10412 105
9812 10634
1937 MN 10514 -------- 105 Feb 27 ____
10634
Barnsdall Corp 115 with warr_1940 J D 105 Sale 10434
SO Pac Coast 1st go g Is_ 1937 S i 954 ____ 9512 Feb 27 ____
89
9412
9514 9594
9278 356
Deb (is (without warrant).1940 J D 921,8 Sale 92
O0 Pac RR 1st ref 48
J 94 Bale 0334
9512
9812
1955
96
33
9512
9338 9412 Belding-Hemingway 65
69
94
05
0514
1938 J J
109Ig
103'2 18 10234 104
Bell Telephone of la Ss
10312
J
J
1948
Bale
Southern—let cons g Is
10414 CO 1027g 10414
1994 J J 10634 Sale 10634 1073s 86 10654 104,2
10334 Sale 1032.4
let & cells series C
Registered
J J
3 100 102
100'8
Jan 27 ____ 10358 104
Beth Steel let &ref 55 guar A'
---- 104
N 10058 101 100%
A 0
196
49
2M
Devei & gen 4s series A.1956 A 0 ---0818 10014
9938 31
88
8812
133
87
8058 Sale 8658
99 Sale 0814
30-yr
J
pm
h
impel
J
5s
1936
Develop & gen 6/4
10138 103
10214
120
1956 A 0 11378 114 11378
1013
4
11378 23 11338 11538
Cons
1021s
30
A
-year
Sale
Bei series A 1948 F
Devel dr gen 6 1-s
9714 100
1956 A 0 12078 Sale 12012 121
091
41 11914 122
76
99 Sale 0812
Cons 30 year Skis series 11_1953 F A
Menk Div 1st g 58
92,8 9414
_1998 J J 10612 10712 10634 10634
9212
1 10614 10634 Bing A Bing deb (3 kis
5
9212 Sale 9212
St Louis Div 1st g 48
10118
1011a
1951 J J
10118
Feb'27
893
4
92,2
14
10214
00
Booth Fisheries deb 61 fle
S
A O
921 M
19
East Tenn reorg lieu g 58_1938 SI S 90 Sale 90
8434 92
8812 42
9i -22- Botany Cons Mills 694s_..1934 A 0 8434 Sale 844
10018 Nov 26 ____ ..,Mob & Ohio coil tr 45__1938 M S
10318
105
103,8
10318
10412
Sale
14
1
0
92
92
0212
Brier
92
9112
A
11111
1942
Steel let 5 kis
Spokane Internet let g 5s
1955 ./ J
7234 794
4
7658
8412 8514 B'svey & 7th Ay let c g 56_1943 J 0 7614 Sale 7578
1
8534
Sunbury & Lewiston 1st 4s__1936 J J 8534 Sale 8534
70
73
7514 73 Feb'27
9212 0212
73
27 ____
Jan
9212
027
8
____
Ctis
Int
-of
dep
'26
stmpd
June
Superior Short Line let 511_.e1930 M
93,8 05
9412 Sale 9312
9412 14
8 ___ 0012 Sept 26 ____ ---- --- - Brooklyn City RR 64
Term Mem 01St L 1st g 4358.1939 A 0 993
9834 -9914 9838 Feb'27 ____
J 10434 Sale 10458 10514 34 1031a 10514
984 9834 Bklyn Edison Inc gen be A_ _11949
!
j j
1
1st cons gold 581944 F A 103 Sale 10212
10438 10412 10318 10412 19 10234 10412
07
2758 103
1 18
103
General (Ss series 13
88, 26
Gen refund 1 g 48
1063 J
9812 997g
292
99
99 Sale 0834
88 Sale 88
88'2 Bklyn-Man It T see Oe
Texarkana & Ft 51st S94sA 1950 F A 104 Sale 104
6338 66
5
8334
6358 Sale 6358
ljj
I
NI P
1044 14 10334 105
1
1
'
99
1
8
4
Bklyn
58
Qu
gtd
Co
&
Bub
con
Tex & N 0con gold 5e
1943-s J 9934 101 1014 Jan'27 __
7918 7912
4
7914
84
7912
7012
101 18 101 1s
let be
Texas & Pao let gold 58._.2000 J D 10518 10614 10534 10578 17 10534 1073s Brooklyn
J 88 - - 8812 Aug'26
J j
1 j
942
100
It Tr let cony g 48_2
1931
La Div B L 1st g 58
J 10012 10034 10014 10012 18 100 10012
Noy'25
1364
J
.1
1921
notes
secured
3-yr 7%
Tex Pac-Mo Pac Ter 530_1984 SI S
12812 Mar'25
10414 105,4
__ 10434 Feb'27 __
_
Ctfs of deposit stamped
9513
1935 .1 J 105Tol & Ohio Cent let au 5s
9
04
-5:158 Sale 9412 95
10212
10118 10212 Bklyn Un El 1st 54-18
1014 Feb'27 __
1935 A 0 10012
Western Div let g be
04
9512
_ 10012 Feb 27 ____ 100 1 4 10094
7
9412
944
045,
8
9458
Stamped guar 4-5a
1935
J
1)
General gold be
10378 104
9 10238 104
10118
FF N
16°9
6M
94
1014 10118
l945
1199
1 1004 10114 Bklyn Un Gas 1st cons g Ss_ _1
Sale A 10412
Toledo Peoria & West 4s_ _ _1917 J J
3 1134 1144
11434
32
15
15
Jan 27 ____
15
1st lien & ref 6(3 series A _ _1947 M N 11414 11514 1144
1950 A 0 8934 Sale 8958
Tol St I. & W 50-yr g 48
15914 41 150 102
1936 J J 15914 Sale 159
89'4 904
8934
2
Cony deb 5 Lis
1931-s
.1 99
Tol W V& Ogu 4 14e A
9214 9214
921 4 Jan'27
09
1932 1 D 9012 93
Jan 27 ____
99
99
Buff & Sum Iron a 1 55
1933 .1 J 99,8 -__- 964 Dee 28
1st guar 4945 series 13
0112 0134 9078 Jan'27
907s 914
-0,i. Buc
sh
8sinal let 45
onso
Teirm
1942 51 S 9314 ____ 94
9512 97
1st guar 4s, series C
97 Sale 9614
25
97
Jan 27 :::: -9,-iTor Ham & Buff let g 4s_ ...._1946 J D
1 103 Sale 100
oco4 9014 7 00 9078 Bush Term Bidga 5s go tax-el jAA 0
0914 101
100
7
61
62
6012
6312
Ulster & Del let cons g Is.._1928
64
4
60
Cal0&E Corp unit & retbs_1937 MN 10112 Bale 10112 10112 40 10138 10214
40
1952
4034 4012
1st refunding g 4s
4012 10
7 10312 10414
3934 4134 Cal Petroleum et g 0941____1933 A 0 10312 Sale 10312 10312
9512 Sale 9.5.4
9014 0672
1939 F A 9658 Sale 9612
Union Pacific 1st RR & Id gt 4547
9634 76
944 96
95,2 Cl
Cony deb s f 55
9334 95
9372
1918. NI N 10078 Sale 10012 101
Registered
94
103 10094 10214
2
934 9418
Cony deb 5 1 535,3
984 10014
9978 Sale 9978
1927
100
36
100
SO-year cony 4s
17
9938 100
Camaguey Sug let 51 g 7e,,.1942 A 0 100 Sale 99
9414 Dec 26
Registered
Cent Dist Tel let 30-yr 5s-1943 J D 10238 103 10234 Feb'27 - - -- 1024 10332
0212 Sale 9238
9024
93
96-4 98
let lien & ref 4s_ _ __June 2008
0634 Jan'27 _ _6.
12
9134 944 Cent Foundry lets I 88_Nl0y1931 F A
110 Sale 10912 110
141 101 102
June 2008
10158 Bale 10112 102
let lien & ref 55
2 1084 110
Cent Leather let lien ef(30-1945
10134 Sale 10134 102
21 1014 10238
10-year perm secured 6s_ _1928
Due May. e Due June. k Due Aug.
Bid
Pitts CM Chic & St L (Concluded)
Series 11 4e
1960 FA
Series I cons guar 43-s
1063 FA
Series .1 49is
1964 MN
General M be series A
1970 J D
Registered
•D
Gen mtgo 55 series B
1975 * 0
Pitts dr L Erie 241g 51_ _ _Jan 1928 * 0
Pitts NIcK & Y let go 6s
1932 .1
2nd guar 13s
1934 j
Pitts Sh A L E 1st g 58
1940 AO
let consol gold 55
1943 ii
Pitts Va & Char let 4e
1043 MN
Pitts Y &Ash let cons 5e
1927 SI N
lst gen 48 serles A
1948
'19
let gen 5s series B
1982 FA
Providence Secur deb 48___ _1957 MN
Providence Term 1st 4e
1950 MS
New York Bond Record-Continued-Page 5
Price
Friday,
Mar. 4.
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 4.
Central Steel let g e f 8s____1941 M
Cespedes Sugar Co lot s 17 Ms 39 1\1
Chlo City & Conn Rys 5eJan1927 AO
Ch U L & Coke let gu g bs__1937 J J
1927 FA
Chicago Rye lot be
Chile Copper cony es eer A._1932 AO
Mein Gas & Meg let & ref be '56 AO
Jan 1 1961 AO
5145 eer 13 due
Cities Serv Pow & L of 6s___1944 MN
Clearfield Bit Coal let 42___1940 ii
Colo F & I Co gen if be____1943 FA
Col Indus 1st & coil be gu___1934 FA
Col & 9th Av let gu g 5s____1903 M S
Columbus Gas let gold 5..1932 J J
Commercial Cable 1St g 48..2397 Q J
Commercial Credit s f 68_1934 MN
1935 ii
Col tr of 514% notes
1947 MN
Commonwealth Power 65
Computing-Tab-Rec s 1 6s 1941 J J
Conn By & L let & ref g 4101951 J J
1951 ii
Stamped guar 43.45
Consolidated Clear s f (is_ _1936 AO
Consolidated Hydro-Elec Works
of Upper Wuertemberg 75_1956 ii
Cons Coal of Mil let & ref 55_1950 J D
Consol Gas(NY)deb 514e 1945 FA
Cent Pap & Bag Mille 6140_1944 FA
Consumers Gas of Chic gu be 1936 J o
Consumers Power let be__ A952 rot N
Copenhagen Telco ext 68...A950 AO
Corn Prod Refg let 25-yr sf 55'34 MN
Crown Cork & Seal lets I 62_1942 FA
1951 ii
Crown-Willamette Pap 6s
1930 J J
Cuba Cane Sugar cony 78
Cony deben stamped 8%1930 J J
Onban Am Sugar 1st coil 88_1031 MS
Cuban Dom Sug let 714e
1944 MN
Comb T & T lot & gen 513
1937 ii
Cuyamel Fruit lets f 6s A _ _ _1040 AO
Davison Chemical deb 6148_1931 ii
Deny City Tramw lot con be 1933 AO
Den Gas & EL let & ref of g 5851 MN
Mr'
Stamped as to Pa tax
Dery Corp(D 0) let of 7s__1042 51 S
Detrolt Edison 1st coil tr 58_1933 J J
let & ref be series A_July 1940 M S
Gen & ref be series A
1949 AO
let & ref de series II_ July 1940 M S
Gen dr ref be ser 13
1955 in
Dot United let cons g 414e 1932 J J
Dodge Bros deb Os
1940 MN
Dold (Jacob) Pack 1st 613
1042 M N
Dominion Iron & Steel 58_1939 MS
Certificates of deposit
Donner Steel 1st ref 78
1942 J J
Duquesne Lt 1st SZ coil Ow...1949 J i
1st coil trust 614:3 series B_I949 .11
Week's
Range or
Last Sale
Low
High
11858 11918
9912
9858
5612 Feb'27
102
102
7612
7738
11018 11014
10214 Feb'27
10434
10434
10058 10314
82 May'26
98
9712 100
9834
9612 Sale 96
9612
10
Oct'25
9638 9812 9638
9638
77
77
78
78
97 Sale 9614
97
9134 9238 9134
9134
105 Sale 10434 105
10512 -- -- 10538 10538
9434 98
9613 Feb'27
9618 9958 9614 Feb'27
10058 Sale 10012 10114
Bid
Ask
11814 119
99 Sale
58
59
10218 _
7718 Sale
11018 Sale
10134 102
10438 10434
10112 Sale
10012 Sale 10012
7712 Sale 7712
10512 Sale 10512
7534 7612 7612
10138 10214 10214
10234 Sale 10258
10014 101 10012
10112 10212 10118
9712 Sale 9618
10014 Sale 100
9812 Sale 9812
10012 Sale 10012
10818 Sale 108".
9934 Sale 99
10158 102 10138
94
9434 9434
9512 97
94
9218
-65" -015;3 0858
98
9812 9812
7878 79
7812
10158 Sale 10158
10234 10278 10212
10278 Sale 10258
108 Sale 108
10278 l03'2 103
9334 Sale 93
9358 Sale 9312
8714 87
8712
5312 54
5313
5218 Sale 5218
9712 99
9634
10514 Sale 10514
105 Sale 105
106 107 106
106
95
95
9512 _
108
_
10712 Feb'27
98 Sale 98
99,2
9813 Sale 9912 100
9512
9512
9612 97
10712 Sale 107
10812
102 Sale 102
104
10012 Sale 10012 10012
9512
95
9538 95
9438 9514 9512
9512
10318 Sale 10318 10312
9714 9712 9714
9714
89 Sale 80
90
104
10214 Sale 102
9314 Sale 9312
94
1151g Sale 11513 11534
8814 Sale 88
8814
10112 Sale 10138 10214
10914 Sale 10914
10912
977/1 Sale 9714
9838
10278 Feb'27
102
11212
11112 Sale 109
9218 Sale 9218
9218
10438 Sale 10414
105
10634 Sale 11514
11753
10112 Sale 10078
10112
101 Sale 10058 101
10212 103 10212 10212
10212 10234 10214
10278
10634 Sale 10658 10634
12112 Sale 12034
12112
11038 Sale 11038 11012
9912 Sale 9914
9934
84 Sale 8334
8514
10114 Sale 101
102
10114
102
102
148 Sale 145
150
9914 Sale 99
9914
10378 10412 10612..Feb'27
8714 8814 8718 Feb'27
Oct'26
9314 -- 90
9734 Sale 96,4
9734
89 Sale 89
8912
102 Sale 10178 102
9934 Sale 9934 10014
99 Sale 9778
99
10258 103 10258 Feb'27
10214 Sale 10214
10234
10312 Sale 10312 10334
9758
9758 Sale 967s
10134
10134 Sale 10114
98
9812 98 Feb'27
10 Sale 10312 10358
10014 -- 9934 Dec'25
10212
10214 Sale 102
10112
10112 Sale 10118
11
Apr'25
13 Nov'26
1012 May'25
777g Sale 7712
79
7812
7758 Sale 7712
8238
8012 8138 8058
983s
08 Sale 9758
90
90 8934
86
82 Feb'27
81
78
9914
99 Sale 9878
98
9712 Sale 97
102
10112 Sale 101
10914 Sale 10918 110
9434
9334 Sale 9334
Jargene Works68 Wag price).1947 .1 .1
Kansas City Pow & Lt 55. 1952 M S
Kansas Gas & Electric tie_ 1952 M S
Kayser (Julius) & Co lets f 78'42 F A
Keith (B F) Corp 1st Os....1940 M S
Kelly-springf Tire 8% notee_1931 M N
Keyston Telep Co let be_ _1935 J J
Kings County El & P g be. 1937 A 0
Purchase money 6e
1997 A 0
106 Sale
10334 Sale
10458 Sale
108 Sale
99 Sale
10334 Sale
9318 04
10312 104
125
10512 106
10334 10334
10478
104
108
10814
99
9812
10112 10334
93
93
10312 10312
12513 Feb'27
Range
Since
Jan. 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 4.
Price
Friday,
Mar. 4.
Week's
Range or
Last Sale
Range
Since
Jan. 1,
Ask Low
High No. Low
Bid
High
8312
1
8238 86
8312 8312
Kings County Elec let g 4e.._1949 F A 82
1949 F A 8134 8312 81
8312
2
81
86
Stamped guar 45
Kings County Lighting 5s _,1954 J J 1031s -- 10312 Feb'27 _--- 10112 10312
1054.2 J 11612 Sale 11612 " 11612 21 11214 11714
First & ref 61413
D
8 10078 10412
10412 Sale 10312 10412
Kinney(OR)& Co 714% notes '36.2
24 102 10312
1936 1 El 10258 Sale 10212 103
Kresge Found'n coil tr 6e
90
9,
12
4 102
114
9912 14 10
Lackawanna Steel lot be A 1950 M S 9914 100
9914
Lac Gas L of St L ref&ext 58_1934 A 0 10014 10214 10012 10118 19
1953 F A 10418 Sale 10334 10478 23 10334 105
Coll & ref 53,4e series C
3
9758 0814
975
975
Lehigh C & NAV a f 414e A 1954 J J 9712 98
1 10138 10174
-971-8 984 Lehigh Valley Coal let g 55..1933 J J 10138 102 10138 10138
3
J
97
Jan'27
____
97
97
963
8
to
4
%
_1933
red
40-yr
gu
Int
let
1934 F A 101
101 Feb'27 ____ 101 104
_
1st & ref s f 5s
1944 F A 9934 10012 100 Feb'27
9978 10012
9038 WI; 1st & ref s f 53
1954 F A 9934
9934 10013
_ 100 Feb'27
lot & ref 58
77
82
1964 F A 10018 10012 10018 Feb'27
9958 10012
lst & ref 5s
9512 97
100
9912 101 100
5 100 10912
1st & ref s f 53
9012 92
4012 Feb'26
42
99
73
4 51
F A
S
10438 10512 Lox Ave & P F let gu g 55_ 119
121
6
10434 10512 Liggett & Myers Tobacco 78_1944 A 0 12012 121 12034
A 0 11718
10212 May'26
_ 1
Registered
12-2-4
9618 9618
F A 10314 Sale 102
58
10314
1951F
9 10258 16- 34
be
9434 98,Registered
9914 -- 10114 Feb'27 ____ 10114 10114
9812 10138
10734 230 104 112
Liquildeglaterbroendie Corp (is___1941 F A 10714 Sale 10614
249 101 10578
Loew's Inc deb 63 with warr_1941 a 0 10414 Sale 10312 105
100 101
9758 26
07
99
Without stock pur warrants..... 97 Sale 97
7712 83.8
119
3 11714 120
11718 118 1174
1944 A 1
10512 106,4 Lorillard (P) Co is
A 0
11812 June'26
Registered
75
81 18
1951F
F A 98 Sale
-551---4 10011
10114 102
be
9718
Registered
102 103
999
7
73
7
14
10
690
8714 11921
979958 10
9012
714
9912 10012 Louisville Gas & Elec (Ky) be 52 M N 100 Sale 9
9612
3
94
9612
Louisville By let eons be_ ___1930 3 .1 96
9612 9612
10118 103
9334 9712 Lower Austrian Hydro Elec Pow
8978 9612
A
2F
A 0
9312 Sale 93
_1194
944
9312 31
ist s f 6145
9958 101
18 10412 108
10578 Sale 10578
108
95
9914 Manatt Sugar lots 1 7140._
65
6714 71%
71
7014 69
Manhat Ry(NY)cone g 48_1090 A 0 69
9814 102
1
60
63
62
61
61
2013J D 61
2d45
10712 10834
52
9334 97
97
99 10034 Manila Flee By & Lt e I be_ _1953 M S 97 Sale 9512
9612 9712
9712 22
9612 Sale 9634
10012 10214 Market St By 75 ser A A pri11940 Q J
4 10512 10855
10814
Metr Ed let & ref g (3s see 33_1952 F A 10814 10834 10814
9412 95
1953 J J 10012 Sale 10012 10012 11 100 101
9314 97
1st & ref Ss series C
2 105% 106
Metropolitan Power 1st 62 A1953 J D 10012 10078 10558 10558
76
80
78
7812 78
Jan'27
-911- -991-2 Metr Wes, Side El(Chic) 46_1938 F A
IS
10434 10514
S
105
10518
105
10518
1940
M
let
61413
9814 9914 Mid-Cont Petrol
9714 99
9853 100
Midvale Steel &0cony of be 1936 M S 9812 Sale 984
983
981
_
9814
10
76
1314t2 10
82
114 Milw Elec Ry&Lt ref&ext 414531 J J
0
94
99s 10
g912
2-997g 9934
9978 16
1951 3 D 9934
General & ref be A
102 10358
98 100
9978 36
1961 1 D 9934 Sale 9834
10218 10438
1st & ref be B
____
9
,
8,
12
8 100
997
8
Feb'27
M
N
99,8
997
8
100
48_1927
Light
let
Milwaukee
Gas
10712 108,2
1943 .1 J 102 Sale 10134 10218 17 10112 10238
10
93
158 10
5
314
9,
2 Montana Power let bs A
Montreal Tram let & ref 55._1941 J J 993 Sale 99 Feb'27
9613 10034
____ 99
9912 43
Gen & ref a 1 5s aeries A 1955 A 0 96
0313 96
8614 8934
8938 25
1939 J 1 8914 Sale 89
8712 8958 Morris &. Co 1st a 1 414e
0
2_1966
A
81
Dec'25
ser
Co
45
48
Mortgage-Bond
54
974 Feb'27
98"
975 98
1932 J J 824914 55
10-25-year 55 series 3
0012 0811
9812 Sale 9778
9812 26
9578 9734 Murray Body let 6 As
10112
7 10112 10111
103 10112 10112
7M
4
.1
D
N
68_1
1
9
3
4
105 10612 Mutual Fuel Gas 1st gu g
10134 10138
10478 10512 Mut Tin Tel gtd b ext 4% 1941 M N 1013 103 101% Jan'27
6212
61
6112 12
1951 J J 61 Sale 61
Naeoau Elec guar gold 4e
6
9912 102
9912
National Acme 1st 52 7345 11131 J D 9912 993 9912
106 108
10112 102 100 102
947a 9518 Nat Dairy Prod 6% notes_ 1940 M N 10158 Sale 10118
1067g 10712 Nat Enarn & Stampg let 58.1029J D 10212 Sale 10212 10212 25 10138 10212
_
9914 Oct'26
97
99,2 Nat Starch 20-year deb 5e- -1930 J J 9934 101
10312 10 lO3o 10414
National Tube lot s 1 55_...1952 M N 10312 Sale 10.312
MN
10214 Sept'26
Registered
10258 103
10258
10
998
5:8
2 11009960'4 Newark Consol Gas cons 53.1948 .1 D 10212 103 10258
31 103 104
98 11014 New England Tel dr Tel be A 1952 1 1) 10312 Sale 10312 104
1961 MN 9612 Sale 9614
9558 965
9612 53
let g 414,3 series B
0934 101
25
95
9612
96
95
9638 New On Pub Serv let 58 A _1052 A 0 96 Sale 95
1955 J D 9512 Sale 9512
95
9614
9578 19
First & ref be series B
95
9614
1 10014 10238
103 103114 N Y Air Brake let cony 68 1928 M N 10158 10212 10158 10158
8
8538
84% 8578
07
98,2 N Y Dock 50-year 1st g 46_1951 F A 8514 Sale 8514
11512 21 115.8 116
NY Edison let & ref 6145 A_1941 A 0 11538 Sale 11514
89
91
10312 15 10258 104
1944 A 0 10314 10312 10314
First IICD & ref 52 B
9212 104
9134 94
NY Gas El Lt & Pow g bs 1948 J D 10612 107 10612 10634 16 106 10713
924 93
9212 21
Purchase money gold 42..1949 F A 9233 Sale 928
115 11614
101 July'26
8712 9014 NYLE&WC&RR 5148_1942 MN 10118
_ 10112 Jan'27
10112 1011
:
N Y L E & W Dock & Imp 581943 3 3
5 1,01 Ions
101
10
964
8312 1(79142 NY&QE1L&Pletg 52_1930 I' A 101 163- 101
6712 Dee'28
1,! NY Rye let RE & ref 42_ _1942 .1 J
02
02
3
10
63 Feb'27
-55- WI10
92
47%
4
Certificates of deposit
934 8 Dee26
65
2 AO ---10614 11212
30-year ad) Inc 5s.._ _Jan 194
_
975 8 Dec'26
91
9218
Certificates of deposit
2613 3O7
22
28 Sale 2778
29
103 10512 N V Rya Corp Inc Cis._ _Jan 1965 Apr
4
83%
'3 2758 28
8414
11312 119
Prior lien Os series A
3
994 102
1951 MN 103 104 10338 10338
NY & Riches Gas let 6s
5
574 57
10012 102
5714
NY State Rye let cons 41413_1962 MN 52
8
7712
M N 7712 78
10112 10312
7712
let cons 614e series B
8
9912 103,1 N Y Steam 1st 23-yr(Se eer A.I947 M N 10534 Sale 10512 106
9858 9912
9933 66
12
058
4
9914 Sale 9878
N Y Telep 1st & con 81410_1939 M N
11034 21 11014 11138
12
98
2
30-year deben s f 68_ _ _Feb 1949 F A 11034 Sale 11014
A
0
68_1941
10814
Sale
1074
10
gold
11018 11014
refunding
838 63
20-year
10
90
7 2 199
10112
10112
9914 10018 Niagara Falls Power 1st 58_ _1932 J J 1013s Sale 10114
8 10412 10538
8314 87
Ref & gen 6s
Jan 1932A 0 10412 Sale 10412 1042
9014 10
95
11348
36 10
101 102
Niag Lock & 0 pr let 55 A...1955 A 0 10053 Sale 10012 1038
101 102
71
913
No Amer Cement deb 6348 A.1940 .111 5 9112 Sale 9114
127 15312 North American Edison (39_1952 M
10638 10612 10638 10612 42, 10414 1085s
41 10518 10634
10514
Secured
g 614e ser B._1948 111 S 10638 Sale 10518
9712 581 9512 9712
10
92
7374
8 10
9634 Sale 9634
90
9'1
! Nor Ohio Trac & Light 6s___1947 M
10013 20 100 10114
8612 8718 Nor'n States Pow 25-yr bs A.1941 AG 10012 Sale 10014
_ 994 Sept"213
AO
Registered
-9-52.2 -9734
10512
1st & re/ 25-yr Gs series 11_1941 AO i5818 1-6512 105
)04' 106
89
9038 North W T let fd g 41413 gtd_1934 is 9758 9812 9812 Feb'27
08 icTt1
91-8
1018g 10212
98 101
11414 116
Ohio Public Service 734s A._1946 A 0 11518 Salo 115
11518
11312 115 11434
let & ref 7s series 13
115
6 114 11518
10
92
1,1,8
2 10
93
947
8F
J A
J 10612 - - - - 10612 10634
9
Ohio River Edison let Os. 19
4 10518 10634
10213 10234 Old Ben Coal let 68
9013 Sale 9012
1944
9034 21
9012 9134
1023 1041: Ontario Power N F let 5s
A 10112 Sale 10113
1943 F N
10178 15 101 102
_
_
10114
9614 9814 Ontario Transmission ba
14
84
901114
1945
000
101 14 Feb'27
9,3:
3,442
4 10
9,90
10
1003 10214 Otis Steel lot Si 63 ser A.. 194i M S 0411 sale 93,2
9412 22
98
98
Pacific Gas& El gm n & ref 55_1942 J J 100 Sale 9934
10018 58
10312 10423 Pac Pow & Lt Ist&ref 20-yr 518'
3 10012 Sale 100
3 A
93
37
0F
10012 19'
Tel & Tel let be
14
2 1100
10178 Sale 101%
(17
02:
28 10
102
10118 10-4 Pacific
Ref mtge be (series A
10178 Sale 10178
4 10112 103
10178
10123 10158 Pan-Amer P & T cony 51 68_1
N
N 104% Sale 104
2
19
93
54
10518 46 104 10613
lot lien cony 10-yr is
1930 F A 10514 Sale 105
4. 104% 105%
10514
Pan-Am Pet Co(of Cal)eonv 62'40 J D 98 Sale 9712
9934 571
98 10012
Paramount-Bway lot 510_1951 J J 9934 Sale 9912 100
35
71 -714 Park-Lox st leasehold 614e 1953 J J 8912 9078 91
9118 111 9034 MA
21114
22 10
013
2
11548
1
1 03
7612 79'I Pat & Passaic G & El eons 58.1949 M 8 103 10314 10214 Feb'27
8012 8212 Penn-Dixie C,men 63 A_ _ _ _1941 SI S 10034 Sale 9912 10034 222
.1
97
99
Peon Gas & C let cons g 6a 1943 A 0 11312 11334 11312 11312
5
8712 90
Refunding gold be
10 10138 102%
102
1947 Si S 102 Sale 10134
81
83
Philadelphia Co coll tr 68 A.1944 F A 10312 Sale 10314
10372 25 10314 1044
9553 9914
27, 10012 102
15-year cony deb 534s___ _1938 M S 10058 Sale 10058 101
902 Piffle & Reading C & I ref 513_1973 J J
07
9, 100 102
10012 Sale 10012 101
9958 10234 Pierce-Arrow Mot Car deb 881943 M
9
105 1063 10578 106
3/
1
%
4
109 1102 Pierce 011 deb s 18s_ _Dec 15 1931 J D 9914 100 4 100
4,1 1014134 107
100
3,2
,
214 1
,
0914
9058 96
41 100
Pillsbury Fl Mills 20-yr 6s 1943 A 0 10314 Sale 10278
10314
31
Pleasant Val Coal let got52_1928 J J 9912 -- 9913
9912
10434 10912 Vocals Con Collieries 1st 51581957 J
2
9212
9134 9214 9212
94
13
142 10
95
24
33
103 105,
11 10
8 Port Arthur Can & Dk 68 A.1953 F A 10212 10538 10533 10538
104% 10434
10334 10534
27
Feb
let M Os series B
104%
F A 10458 -9
07
2
1
1
1
0
02
1
4
2
1
040
90
101 12 109,2 Portland Mee Pow let 65 13_1
24
10134
1953
47 M N 10114 Sale 10012
98
9912 Portland Gen Elec let be_ _1935 J J 10038 101 10012 Feb 27
99 10512 Portland By let & ref bs
MN 9512 ____ 95 Feb 27
1930
94
8 9138 10112
93
94
9312 Portland By L & P let ref 58.1942 F A 94 Sale 9378
a 10012
10118
10312 10312
let lien & ref (is series B
1947 M N 10118 10134 10118
10712
10612
2
12414 12518
10712
let & refund 714e series A 1946 MN 10758 108 10738
No. Low
High
10 11838 120
76
9812 100
5612
53
5 102 103
152
7434 771.2
228 1097 11034
102 10212
6 10438 10478
:
5
3:
4
7
93
73,2
8 19
04
i3 2
-8
2
14
12
2
16
1
____
143
10058 10
19
79
10534 56
8
77
Feb'27
10234 67
Feb'27 ____
Feb'27
9712 51
14
10014
9914 18
43
101
16
10834
9934 14
7
10158
3
9434
9414 13
Aug'26
5
9858
3
9812
79
9
3
10134
10278 17
15
103
10814 27
1
103
48
94
9418 255
2
88
4
5318
3
5258
2
9734
10558 87
10514 19
East Cuba Sug 15-yr of g 7148'37 M S
Ed El Ill 13101 1st con g 45_1939 ii
Ed Elea Ill let cons g 53_ __.1995 J J
Elee Pow COLD (Germany)61.48'50 M
Elk Horn Coal let dr ref 6145.1931 J o
Deb 7% notes (with warr'ts'31 J O
Empire Gas dr Fuel 71413____1937 MN
let & ref 1314e(wIth warr'ts)'41 AO
Equip Gas Light lot con be__1932 M
Federal Light & Tr 1st be_ _ _1942 MS
let lien s f 63 stamped_ _ _ _1042 MS
1st lien 62 stamped
1942•S
80-year deb 6e ser 13
1954 J D
Federated Metals s 1 75
1939 J D
Flat deb 7s (with warr)
1946 ii
Without stock perch warrants
Fisk Rubber lot s f tie
1941 M S
Ft Smith Lt & Tr 1st g 55_ _ _1936 M
Framed° Ind & Dev 20-yr 714542 J J
Francisco Sugar 1st ef 7158_1942 MN
French Nat Mail SS Lines 7e 1949 J
Gas& El of Berg Co cons g 501049 ID
Gen Asphalt cony Os
1939 AO
Gen Electric deb g 3148._.A942 FA
3
Gen Elec(Germany)75 Jan 15.49
Si deb 634s with war
1040 3D
D
Without wareta attach'd '40
Genl Petrol let s 1 be
1946 F A
Gen Refr 1st of g Cs ser A
1952 F A
Good Hope Steel & I sec 75..1941 k 0
Goodrich (B F) Co let 63.48.1947 I .1
N
Goodyear Tire & Rub 1st 88.1941
10-years f deb a 8e_Mav 1931 F A
Gotham Silk Hosiery deb 68_193( ID
Gould Coupler let 5 f 6e_ _ _ _1941 CA
N
Granby Cone M S dr P con (le A'26
1928 MN
Stamped
MN
1930
Cony deb 75
Gt Cons El Power(Japan)78_194411, A
Great Falls Power let e f 62._1940,M N
1952 J
Hackensack Water let 45
Hartford St R,y let 4e
1930 M S
Havana Elec consol g 5e
1952 F
Deb 5148 series of 1951...1951 M S
Hershey Choc 1st dr coil 51421940 J J
Hoe(R)& Co 1st(1149 ser A.1934 AO
Holland-Amer Line 613U:80_1047 MN
Hudson Co Gas let g be_ _1940 MN
Humble Oil& Refining 5145.1932 J J
Illinois Bell Telephone 58_1956 J I)
Illinois Steei deb 414s
1940 AO
Reeder SteelCorp 0 f 72
1946 AO
Ind Nat Gas dr 011 be
1936 MN
Indiana Steel let be
1952 MN
J
Ingersoll-Rand 1st be Dee 311935
Inland Steel deb 5148
1945 MN
Inspiration Con Copper 6145..931 MB
Interboro Metrop coil 4148._11.56 AO
Guaranty Tr Co etre dep
Ctf dep stpd mind 16% sub _ _
Interboro Rap Tran 1st be__1966 iJ
'
3
Stamped
10-year Os
1932 AO
10-year cony 7% notes_ _ _1932 St S
lot Agile Corp 1st 20-yr 50..1932 MN
Stamped extended to 1942_ __ _ MN
Inter Mercan Marine 0 6a 1941 AO
International Paper be
1947 .1 J
Ref e I 6s eer A
19MM
lot Telep & 'Pelee cony 514s .945 M S
Italian Public Utility ext 713_1952 J
rs
4,2
1337
6
1
14
11
7
249
233
1
12
2
9
1
2
489
91
16
7
66
5
_ _6
_4
_
216
1
10
Sc,
42
30
1
16
3
25
1
20
49
21
10
13
34
3
_3
_
____
4
55
89
33
50
42
36
47
31
____
_1
40
18
320
376
44
327
34
154
40
53
260
301
15
17
24
25
13
71
3
1
83'10833.1`
102
1017:44 18056297.
1338
[vol.. 124.
THE CHRONICLE
New York Bond Record-concluded--Page 6
Quotations of Sundry Securities
All bond prices are “and Interest" except where marked
BONDS
N. Y.STOCK EXCHANGE
Week Ended March 4.
3
Pressed Steel Car cony g Ss_ _1933'.2
Prod & Ref s f 85 (with warts)'31
D
Without warrants attached.._ in
Pub Serv Corp of N J sec 6e_1944 FA
Pub Serv Elec & Gas Ist55551959 AO
let & ref 5)45
1964 AO
Pub Serv El Pow of 1st 6s_ _1948 AO
Punta Alegre Sugar deb 7s_ .1937 J J
Rand Kardex 5
(with warri '31 J J
Without[dock par warrants_ __
Remington Arms 65
1937 IN-14
Repel) I A 5 10-30-yr be f 1940 AO
Ref & ten 5Si s series A. 1953 J J
Itheinelbe Union 744 with war 1946
.)
Without stk porch warls_1946
J
Rhine-Main-Danube 78 A
1950 M S
Rhine-Westphalia Elm Pow 7s'60 MN
Rims Steel 1st s 1 78_____ 1955 FA
Robbins & Myers lot of 78.._1952 in
Rochester Gas dr El loser B_1946 M S
Oen intge 6555 series C_1948 94 S
Eton & Pitts C&Ipm 5a_ _1946 MN
Rogers-Brown Iron gendrref 744'42 MN
Stamped
N
Price
Friday.
Mar. 4.
Week's
Range or
Last Sale
Q
.
443.5
7e Low
High
Ask Low
High He
Bid
11
9412 961
/
4
98
96 Sale 9538
113
____ 11012 Dec 26
9 11612 111-12
11034 Sale 11034
110/
1
4
105 Sale 10434
10514 28 10344 10514
10478 10514 10434 10512 10 10434 106
9 104 10512
10518 Sale 104
105
3 10634 107/
1
4
10738 10712 1073g
1071
/
4
10934 11112
10912 110 11014 Feb 27
4 13018 165
160
155 170 155
10114 Sale 101
10114 13 100 10114
167
9518 97
97
97 Sale 0614
6 10018 10138
10034 Sale 10034 101
9858 1001
/
4
10014 10012 10018
1001
/
4 25
64 11812 12814
121 Sale 12012 121
9978 101
101 Sale 10034 10178 78
5 102 10412
10312 10334 10312 103,2
10234 Sale 10234 10318 44 10134 105
9334 94
6
9512 Sale 964
9675
60
65
15
843
60 Sale 60
11114 10 11114 112,4
11114 11112 11114
8 105 106/
1
4
10514 Sale 105
10512
9212 924
90
9212 9212 Jan 27
46/
1
4 4978
2
47
43
45
47
38
50
9
44
38 Sale 38
at Joe Ry Lt Pr In 5s____1937 Si N
St Joseph Stk Yds lot 4 +5s_ _1930 .1 J
St L Rock Mt & P58 stmpd_1055 J J
St Paul City Cable cons bs_ A937 j j
Ban Antonio Pub Serv let 68_1052 j j
Saxon Pub Wks(Germany) 75'45 F A
Schuleo Co guar SO
1946.2
1946 A 0
Guar s I)))4s Issue B
Sharon Steel Hoop 1st 88 sec A '41 M
Sheffield Farms let & ref 6 S.19 '42 A 0
Sierra & San Fran Power 58_1949 F A
Silesia Elec Corps I 6148....1946 F A
Sileelan-Am Rap col tr 73_ -1941 F A
Simms Petrol 8% notes
1929 M N
Sinclair Cons Oil 15-year 78_1937 M g
1st l's col tr 8s C with war_1927 J D
1st lien 6)4e series B
19383 D
Sinclair Crude 0113-yr 65 A1928 F A
Sinclair Pipe Line 5! be
1942 A 0
Smith (A 0) Corp lot 61411_1933 MN
South Porto Rico Sugar 7s_ _1941 J D
South Bell Tel & Tel 1st s f 5431991 j
Southern Colo Power 68 A_ _1947 J .1
S'west Bell Tel 1st de ref 58 1954 F A
Spring Val Water 151 g 58..,.1943 M N
Standard Milling 1st 5s
1930 NI N
lot & ref 5545
1945 M S
Stand 011of NJ deb 5s.Dec 1546 F A
Stevens Hotel lot 6sser A
1995
J
Sugar Estates (Oriente) 79_1942 NI S
Superior 011 1st s f 75
1929 F A
Syracuse Lighting let g be__ ..1951 J D
Tenn Coal Iron & RR gen 58_1951 J
Tenn Copp & Chem deb 65_ _194 A 0
Tennessee Elec Powlst Os
1947 .1 D
Third Ave let ref 48
19641 j y
Adj Inc es tax-ex N Y Jan 1960 A 0
Third Ave ity let g 58
1937 J .1
Toho Elec Pow 1st 7s
1955 M 8
6% gold notes ____July 15 1929 J J
Tokyo Elec Light 8% notes_1928 F A
Toledo Edison 1st 7s
1941 51 S
Toledo Tr LA P5)4% notes 1930 J J
Trenton G & El 1st g ba
1949 M 8
Trumbull Steel let of 6e_ _1940 M N
Twenty-third St Ry ref 58_ _ _1962 J J
Tyrol Hydro-Elec Pow 7340-1955 M N
96
9634 96
9734 ____ 9734
8114 Sale 7913
9514 ____ 9534
10612 Sale 10612
103 Sale 10234
9978 10114 100
100 Sale 9912
100 Sale 1081
/
4
10734 108 107
9512 Sale 9514
97
15014 gale 10014
103 Sale 103
10012 Sale 100
100 Sale 100
9958 Sale 9918
10058 10034 1003g
95 Sale I 9412
10134 _ _110134
108 Sale 110712
10318 Sale 110278
10212 Sale 110134
10312 Sale ,10312
9912 10014 100
1017s Sale 10178
10178 10214 10173
102 Sale ,10134
9934 100 1 9912
100 Sale 1 9812
101 Sale i101
10318 .___ ,10234
10314 Sale 110314
10014 10012 10014
10.573 Sale 10538
6.534 sate 0234
63 Sale • 6234
9712 9814 98
99 Sale 9834
98 Sale 98
9918 Sale 98/
1
4
10814 Sale 10814
9834 9934 994
1
4 99
96
98/
99 Sale 98
5915 66
67
10014 10112 10038
6413
98
9914
9814
991
/
4
108,2
22
'1
Feb'27
99
Jan'27
101
Ujigawa El Pow of 75
1945 M
Undergr'd of London 4)4s .J933 .1
Income Os
1948
Union Elec Lt & Pr(Mo)68_1932
Ref A ext Is
1933 MN
Un E L&P(III)Istg 5308 ser A1954 j
Union Kiev Ry (Chic) So..
AO
Union 011 1st lien s f be
1931 .1 .1
30-yr 65 series A
May 1942 FA
let lien s t be series C Feb_1935 AO
United Drug 20-yr 6s_Oct 151944 AO
United Fuel Gas lots f 6s_ __1936
United Rys St L lot g 45.......1934 .1 .1
United SS Co 15-yr 63
1937 MN
United Stores Realty 20-yr 65'42 AO
El Rubber lat & ref be Fier A 1947 J J
Registered
J J
10-yr 745% secured notes_1930 FA
1:1 8 Steel Corp1coupon Apr 1963 M N
t 10410-vr 5s1 regist. _ Nor 1963 MN
Universal Pipe & Rad Os...... i936 JD
Utah 1.t.& Trac let & ref 58 1944 AO
Utah Power & Lt let ba
1044 FA
Utica Rice L & P let 58
1950 J
Utica Gas dr Elm ref & ext be 1957 ii
Vertlentee Sugar 1st ref 7s 1942 Jo
Victor Fuel 1st f 513
1963 J J
Vs-Caro Chem lot 7s
1947 J D
StPd as to payt 40% of pan
lot 78
1947
CU of deposit asstd
CH of deposit stpd
Vs Iron Coal Ar Coke let g 58 1049 MS
Vs Ry Pow let & ref 514
1934 ii
Waiwortb deb 642e(with war) '35 AO
let sink fund 6e series A _ _1945 AO
Warner Sugar Refin lot 7s 1941 JO
Warner Sugar Corp lot 75_ .._1039 ii
Wash Water Power sf 52_ 1039 J
Westches Ltg g be stmed gtd 1950 Jo
1944 MN
V7eet KY Coal let 78
West Penn Power set A be_ 1948 M
1963 M
let 58 series E
1953 AO
lat 5 kt &vies F
1958 in
1st sec 58 series CI
1950 ii
West Va C & C 1st fis
99 Sale 90
9512 ____ 96
95
9618
10178 10214 10178
102 103 ;10212
10212 103 1024
8214 8318 83
10112 ____ 10112
10812 10834 109
9918 Sale 9812
10718 10714 107
10412 Sale 10334
76
77
76
03 Sale 9112
10434 Sale 104
9534 Sale 9514
9438
10618 Sale 106
10612 Sale 10618
10534
90 Sale 8958
94 Sale 0374
9712 Sale 9712
10278 ____ 1023g
10212 Sale 10218
100 Sale 99
5714 6712 5738
1071
/
4
9938 24
Feb'27
_
Aug'26
13
10214
3
10258
2
10258
Feb'27
2
10112
4
109
99'8 39
107,2 20
10412 15
7814 28
34
93
10434 12
100
96
Feb'27
10612 3.5
10718 104
1
10534
44
90
9414 51
9814 44
Oct'26
.102 , 13
60
100
Feb'27
Jan'27
10712 Feb'27
10718 Feb'27 -- -10812 Sept'26
9412 ____ 9458 Jati'27
99 Sale 98/
1
4
9934 21
9412 Sale 03/
1
4
9434 36
9514 Sale 95
95,4 27
106 Sale 10538 106
79
9558 Sale 92
9434 145
10234 10312 10234 Feb.25
1031g
103 Feb'27
1011
/
4 Sale 10112 10212 13
1001
/
4 10034 10034 10034 13
10012 Sale 10012 10034 21
10514 Sale 105
10514
2
10018 Sale 1004 10012 16
79
7913 79
79
5
1944 A 0
Western Electric deb be
Western Union coil tr cur 5.5_1038 J J
1950 MN
Fund & real est g 4)4s
1938 F A
15-year 6 Sie g
1951 J D
25-year gold 5s
Wes'house E es M 20-yr 8 5a_1946 M S
J D
tis.1950
6
Pow
Westphalia Un El
Wheeling Steel Corp lot 51,48 1948 3 J
J
.2
'38
war)
Os(with
Mach
White Sew
Wickwire Seen Sri lot 7s. _ _1935 J J
WIckwire Sp St'l Co 7s Jan 1935 MN
Willya-Overland s f 6 tie_ _ _ _1933 M S
Wilson & Co 1st 25-yr a f 6s 19411 A 0
A 0
Registered
1941 A 0
Winchester Arms 71,45
Young'n Sheet & T 20-yr 88_1943 J
10158 Sale 10112 10178 63
102 1031
/
4 10434 Feb'27
___ 9834 99
99 -11114 11113 11114
11112 17
1011
/
4 Sale 101
10134 128
1011
/
4 Sale 10114
10158 111
98 Sale 971
/
4
98/
1
4 41
98
98
9712
9813 37
101 Sale 100 a
1011
/
4 64
55
55
58 Feb'27
40
4712 46
47
6
1024 10212 102
10214
9
102 Sale 102
10212 18
_J 93 Feb'26
1081
/
4 24
166 167 106
10438 62
104/
1
4 Sale 104
Range
Since
Jan, I.
06
Feb 27
8114
Feb 27
10612
103
10014
100
100
Feb'27
96,4
9814
10038
10
033
134
10034
1003s
1007s
9514
10134
108
10318
10212
10334
100
10178
10178
102
100
99,2
101
Jan'27
10314
10012
10614
66,2
7
30
6
21
19
13
3
_
51
19
53
93
214
76
258
53
226
2
7
16
28
80
4
2
7
162
22
12
6
_
16
5
71
106
272
4
38
80
88
21
29
56
16
--
Standard 011 Stocks Par Bid. Ask.
Anglo-Amer Olivet stock_£1 *20:4 2078
Non-voting stock
£1 *1938 20
Atlantic Refining
100 11212 113
Preferred
loo 116 11614
Borne Scrym4er Co new____ *60
62
Buckeye Pipe Line Co____60 *4612 4712
Chesebrough Mfg
2 *80
82
Continental 011 v t 0
10 *2058 2034
Crescent Pipe Line Co
60 *1412 16
CumberlandPipe Line_... 100 123 124
Eureka Pipe Line Co____100 49
4934
Galena Signal 011 com___100 1112 12
Preferred old
100 49
55
Preferre I new
100 49
4934
Humble CM & Refining___25 *554 5513
Illinois Pipe Line
100 135 137
Imperial 011
t *4234 43
Indiana Pipe Line Co____50 *8412 66
International Petroleum__ _t *3218 3214
National Transit Co_ A2.50 *14
14/
1
4
New York Transit Co__ _100 3213 34
Northern Pipe Line Co...100 8012 81
Ohio Oil
25 *59
5912
Penn Mex Fuel Co
25 *16
17
Prairie 011 & Gas new.... 25 *5118 511
/
4
Prairie Plpe Line new___100 14334 14412
Solar Refining
100 190 194
Southern Pipe Line Co
South Penn 011
25 *3
16
7'12
2 3
17%
4
Southweet Pa Pipe Lines.100 58 62
Standard 011 (California)._ - *5713 5734
Standard OS (Indlana)___25 *6812 68/
1
4
Standard 011 (Kansas)_ __25 *175s 17/
1
4
Standard 011 (Kentucky)_25 11812 11878
Standard 011(Neb)
25 *4612 4713
Standard 0110! New Jer._25 384 3814
Preferred
100 11434 11.514
New
*38
3812
Standard 011of New York.25 *311
/
4 32
Standard 011(Ohio)
100 321 325
Preferred
100 11812 119
Swan & Finch
100 1612 1734
Union Tank Car Co
100 96
97
Vacuum 011 new
25 8101 10134
Washington oil
lo
Public Utilities
Pere Bast
American Gag & Eteetrle_t *7114 71,
4
6% Preferred new
89718 6734
MAN 1011
Deb 68 2014
/
4 10218
Amer Light & Trac com_100 233 234
100 113 11434
Preferred
Amer Pow de Light pref.. _100 99
9912
M&S 10034 10078
Deb (is 2016
Amer Public Utll com___100
70
92
7% prior preferred_ .....100 90
83
4% erotic preferred.....100 78
Associated Gas& Elec pref_t *51,2 5212
Blackstone Val GdrE com_50 *9834 100
Com'w'ith Pow Corp new_ _ t *46,2 47
100 9314 93/
1
4
Preferred
60 *5612 57
Consol Gas 6% prat
Elm Bond & Share pref_100 1074 10714
Elec Bond & Share Secur__t 6934 70
Lehigh Power Securities...... *18
1814
Mississippi Riv Pow pre1.100 9512 97
First mtge 5s 1951_ _ _J&J 101 10113
F g deb 78 1935_ _MAN 102 103
National Pow & Light met- t *104 10434
North States Pow COM--100 111,2 11213
100 10212 10312
Preferred
Nor Texas Elee Co corn..100 34
36
100 68
70
Preferred
Ohio Pub Serv, 7% pret_100 10412 10514
Pacific Gas dr El let prof.. _25
25 *143151 pre( new
4 -211;
*5
8
Power Securities corn
Second preferred
*27
31
Coll trust 68 1949.__JAD
Incomes June 1949__F&A *84
86
Pu2. t Sound Pow A Lt__ 100
6% preferred
100 89 8412
7% preferred
let & ref 510 1949__Jdr
03908
2
11e
10
9
°20
59014 10
1N
D '11
South Cal Edison 8% pf_ .26 839
37
S and GA E 7% pr pf _ _100 105 108
Fenn Elec Power 1st pref 7% 10(112 107
T
Woselse%tdeo
r Edison 7% pref...100 10714 102
preferred
g
rire
Pfo
ew Corp pref..
12
7
6
10
10 10
Chic It Stk Ld Bk Bonds
5)48 Nov 1 1951 opt 1931_
10012 10212
bs
Nov 1 1951 opt 1931_
98 10012
So May 1 1952 opt 1932_
08 10015
Ois Nov 1 1952 opt 1932..
9814 10034
4)4s Nov 1 1952 opt 1932-- 9712 9934
49.ia May 11903 opt 1933_
9712 9934
Is
Nov 1 1963 opt I933_. 98 10012
4)0 Nov 1 1964 opt 1934._
95
9812
4%8 Oct 1 1965 opt 1935_ _
95
9812
Poe Coast of Portland. Oro-Se 1955 opt 1935___MAN 10112 103
be 1954 opt 1034___M&N wog 10258
Sugar
a Stocks
50 51121 3
CaracasSu
g
Cent Aguirre Sugar corn_ _20 *102 103
Fajardo Sugar
100 154 156
Federal Sugar Ref corn.,i00 _ _ 40
100
Preferred
80
t *1
Godschaux Sugar, Inc
3
100 16
Preferred
19
Holly Sugar Corp corn.....t•30
34
82
85
NaPtrleornearlrSu
e(l gar Refluing_100 129 lm
100 65
New Niquero Sugar
Santa Cecilia Sug Corp pf100
- - -Savannah Sugar com
104
'1) *f39 142
9553 9712
9734 9734
7558 8114
9514 9534
10512 10758
101 14 104
9912 10112
91Y2 101,4
10712 109
10718 108,4
95
967s
97
98,4
9834 10112
101 12 105
1
4
9734 102/
100 10214
9214 10238
10038 1014
921
/
4 9538
Other 011 Stocks
.113
101 58 10234 Atlantic Lobes Oil
112
107 109
Preferred
50 •278 3
10212 103,2 Gulf 011
25 *94
0412
10018 1022 Mountain Producers
10 *2534 26
10234 10378 National Fuel Gas
100 225 235
100 100
Salt Creek Cense) 011_ _10 •713 8
100 102
Salt Creek Producers__ ..10 *3012 30/
1
4
10178 10334
10134 10234
Railroad Equipments
99 10014 Atlantic Coast Line Os
5.03 4.90
9812 101:t4
Equipment 6)45
4.80 4.70
100 10114 Baltimore & Ohio 6s
5.05 4.90
1
4
Equipment 4)43 & ba
10234 102/
4.75 4.60
10314 10558 Buff Roch & Pitts equip 641.. 5.00 4.80
100 10114 Canadian Pacific 410 & 65_ 4.95 4.65
1054 10814 Central FtR of N J 6s
5.00 4.93
6612 Chesapeake dr Ohio 6s
63
5.00 4.90
Equipment8SO
/
4 6512
4.85 4.70
621
9812
Equipment 55
4.75 4.85
97
9758 9934 Chicago Burl dr Quincy 68.... 5.00 4.90
9914 Chicago & North West 65.... 5.05 4.90
08
Equipment8 SO
081s 9912
4.90 4.75
10734 10834 Chic R I & Poe 4)0 & ba
4.83 4.65
Equipment68
9834 9934
5.15 5.00
I1534 06
Colorado & Southern 85
Orients 91_100 17
1rr
Estates
eed Orien
5.20 5.00
13
7
97'2 9918 Delaware & Hudson 844
Tobacco Stocks
5.00 4.90
67
Erie 434s & 58
67
elgar com
1100
pere
rifceanned
125
5.00 4.75 Am
Equipment 644
00
9834 10134
5.2(1 5.00
0 -Great Northern 65
5.05 1.95 British-Amer Tobac ord__£1
9834 100
Equipment 5o
£1 4
* :
Bearer
4.80 4.65
951
/
4 96
Hocking Valley Is
4.75 4.65 Imperial Tob of 13 & herd *
1254
Equipment 88
5.05 4.90 lot Cigar Machinery__ __100
1014 1-0-2-1-2 Illinois Central 45413 & 5s
4.70 4.60 Johnson Tin Foil & Met_100 65
1
4
1011
/
4 102/
Equipment 68
ndrewe & Forbes...100
5.0) 4.90
/
4
10134 1021
Equipment be dr 6 As
4.75 4.65
Preferred
8412 Kanawha dr Michigan 65...... 6.20 5.00 Mengel Co
83
10112 102
Kansas City Southern 5 . 5.10 4.85 Universal Leaf Tob corn 1110
7
00
t
10812 109
Louisville & Nashville Gs__
5.00 4.90
Preferred
il30 102 !CI
9812 997s
Equipment6
4.75 4.65 Young (I El) Co
100 :114304
0
14
0
6°21 11434
0
1
1
4 Michigan Central Sa & 6s__ _ 4.95 4.75
10612 107/
Preferred
10212 10412 Minn St PASS NI 43433& bs 5.10 4.85 Rubb Stks (Cleve'd guoiat'n)
77
78
Equipment 6)48 & 7s..... 5.10 4.80 Falls Rubber coin
9312 MissouriPacific 69 de 6 As90
25
t * *1
14
5
5.20 4.90
Preferred
104 10513 Mobile & Ohio Ss
0412
10
24
9 130
4.90 4.7)) Firestone Tire & Rub comb10 4,1
9434 96is New York Central 4)45 & be 4.70 4.60
6% preferred
10438 9135
100 952 100
Equipment 65
7% preferred
4.90 1.80
106
10634
Equipment 75
4.75 4 6.5 General Tire & Rub corn....25 *148 150
100 10212 110
106,8 101
Norfolk & Western 4
Preferred
4.65 4.55
10534 10878
Northern Pacific 78
4.80 4.75 Cloody'r R dr R of Can pf.100 r103 105
87.4 90
20
Pacific Fruit Express 752_ _ - 4.80 4.70 India Tire dr Rubber new__ t *23
rre7
c 60
l)fbes
9358 95
Pennsylvania RR eq 513 &
-0
1 1_"
314
0'_1
1 _4 103
4.95 4.80 Mason Tire & Itpure
9748 09,4 Pittsh A Lake Erie 610-erred
4.90 4.70
16
19
Equipment lis
5.0) 4.80 Miller Rubber
100
1024 10-2-7; Reading Co 410 A 544
4.85 4.55 Mohawk Rubber
P
i breerfieirnrgel
St Louis & San Francisco 53_ 4.80 4.70
08'l 100
_
643
18 4
5614
'ire & Rubber__ t *24
713 Seaboard Air Line 5)43 & Os 5.25 4.95
25
/
4 Southern Pacific Co 4)4s...._ 4.85 4.55
100 9612
1071
/
4 1071
ArPI:senfeWrred
Water
Bonds.
4.65
Equipment 75
4.75
W
Wat let 544'56 a A.40 9512 9614
4.85 4.70
107 107/
1
4 Southern Fly 4)45 & 58
Equipment6s
5.05 4.95 Birm WW lets liaA'64.A&O 10412 102
1074 107,8
1st M 58 1954 ser 11_ _Jar D 9914 100
5 10 4.95
Toledo & Ohio Central 89__
4.70 4.65 Butler Wat Co a f be '27 J.A.1 100 -9458 9458 Union Pacific is
68 Sept 2 1931_ _MAS I 9612 98
9858 100
Short Term Securities
05
Anaconda Cop Niin139'29.1&J 10214 10234 City w(chato5t4s"-54A JAD 10414 104/
02
1
4
1st M be 1964
4 Chic RI & Poe Se 1929J&3 10012 10078
9314 94,
97
9734
MA.1 10012 10078 City of New Castle Water
pi% 101
5% notes 1929
66 Deo 2 1941._ ....1:
"
.
1) 1
JAD 9934 10018
7818 9334
412% notes 1928
Clinton WW let 51?-39.F&A 93 95
1
4 Federal Bug Ref 6s'33 MAN
102/
1
4 102/
1021
/
4 10312 Missouri Pacific 58 27. _J&J lOOls 10053 Com'w'th Wat let 5 AnA '47 103 104
101 12 10212 Sloss-Sheff 8 & I 69'29 _F&A 10214 10234 Connellsv W 5sOct2'39Adr01 92
9312
1
4 98/
1
4 E St LA lot Wat 58'42.J&J 9512 96
10018 101 12 Wise Cent 5lie Apr 15 1927. 98/
lot M 63 1942
J&J 101 102
Indus. & Miscall
10012 101 14
25 .83 85 Huntington 1st 6354.. _M&S 104 I ---105 10514 American Hardware
58
1954 97i2 98,4
100 118 120
IOC 101 12 Babcock & Wilcox
1940 95/
*22
2214 Joplin Wat 54
80
Bliss(E W)Co
79
1
4 ---Mid States WW 644'36 MAN 100 I ---50 *57
Preferred
1014 103
Borden Company com____ t 102 104 MonmConW 1st 58'56AJ&D 05
96
Mon
n
V:,1
21
Wt
5)4s
3,1c3
100
10
'50
10138 10514 Celluloid Company
9912 1004
72 Muncie WW 58 Oct 230 A01
100 68
9812 9934
Preferred
100 120 -- St Joseph Water 551941A&O 9534 -11114 11214 Childs Company nref
Shenango Val'Nat 5s 50A&O 9414
101 10134 Hercules Powder
100 180
100 116 ffi So Pitts Wat 1st 5a 1960 JAL.1 97
101 10234
Preferred
1st M 58 1955
9634 9912 International Silver pref_100 107
FAA 98
29/
99 Ter 11 WW 65 '49 A JAD 102
9634 98511 Lehigh Valley Coal Salea_50 .98
lstNISsI956serB _ FAA
100 125 128
9734 101 14 Phelps Dodge Corp
9512
Wichita Wat 1st 044'49_M&S 103
5078 53
Royal Baking Pow com_100 170 180
1st M ba 1956 ser B F&A
100 100 102
391 2 52
9512 -Preferred
9612
1011
/
4 102,4 Singer Manufacturing.._ _100 377 380
Li
I
•514 534
10114 10212 Singer Mfg Ltd
10.
..P.a
rer
1g3
1022
N
ig
iMacA
iO4l I06,
1031
/
4 104/
1
4
d Purchaser also pays accrued dividentl.
Per share. t No par value. S Bashi
tNew stock. I Flat price. k Last sale. a Nominal. s Ex-dividend. v Ex-righte.
Canadian quotation. s Sale price.
BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Feb.26.
Monday,
Feb.28.
Tuesday,
Mar. I.
Wednesday, Thursday,
Mar. 2.
Mar. 3.
Friday,
Mar.4.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
1339
Range Bina Jan. 1.
Lowest
MAW
FER SHARE
Range for Previous
Year 1928
Lowest
Highest
Shares
Railroads.
176 176
180 180 2176 177
178 178 5.2178 179
__ '"_-._
149 Boston At Albany
100 171 Jan 7 183 Jan 28 159
Jan 17512 Des
*8718 88
88
87
87
87
88
87
87
88
8712 8734
100 83 Jan 4 94 Jan 16
340 Boston Elevated
77 May 8512 July
*100 101 *100 101 *100 101
*100
•100
100 100
20 Preferred
100 99 Jan 4 101 Feb 1
89 Feb 103 Deo
114 1-1
.
4
114 11412 115 115 *113 115
114 114
115 115
142 let preferred
100 11012 Jan 4 116 Jar 28 11212 Dec 122
Jan
10534 10534 107 10712 10634 10634 *10612 108
10612 10612 107 107
116 2d preferred
100 101 Jan 20 10713 Feb 23
9812 Jan 112
Jan
56
5534 56
57
56
56
53
56
53
5412 5313 55
100 52/
1.828 Boston & Maine
1
4 Jan 18 61 Feb 7
35 Mar 5813 July
100 56 Jan 22 6112 Jan 8
32 Apr 614 Deo
;ii ii .ii "ii ;ii ii i85 15 ;83 ------50 Preferred
Series A let pref
100 7634 Jan 15 86 Feb 5
59 Apr 86 Dee
*125 135
130 130 *125 135 *125 135 *125 135
____ ____
100 125 Jan 8 130 Feb 28
10 Series B 1St prof
84 Apr 130 Dec
__ *103 ____ *103 ____ *103
*103
*103
____ _--- ____ ____
Series C let prat
100 104 Feb 15 113 Feb 4
74 Apr 110 Sept
*155
_ 160 11-0 5155
*155
•155------------10 Series D let pref
100 155 Jan 15 164 Feb 4 105
Jan 165 Deo
106 1-06
*10612 117
107 107 *106 11-7
106 106
106 106
306 Prior preferred
105 Jan 13 107 Jan 25
94
Apr 10712 Dec
196 197 *190 198 *197 198
196 196
*196 197
__
____
72 Boston & Providence
100 196 Jan 18 200 Jan 28 217512 Mar 20712 Dee
29
30
29
29
*29
29/
1
4 30
2914 2834 2834 27/
1
4 18
385 East Maas Street Ry Co
100 25 Feb 4 30 Feb 26
28
Oct 61
Jan
66
*65
68
*65
67
*65
67
67
66
66
66
66
145 let preferred
100 64 Feb 8 71 Jan II
5912 Apr 71
Jan
*6012 62
*6012 62
*6012 62
*6012 62
6012 6012 --------80
100 6012Mar 3 67 Jan 5
58 May 69 Jan
*44
4412 4412 4412 4412 4412 46
4412 44
46
4512 4512
975 Adjustment
100 44 Feb 25 4814 Jan 4
40
Apr 494 Jan
63
64
6358 6378 *6312 64
6312 6312 *6312 64
6312 6312
199 Maine Central
100 4712 Jan 13 65 Jan 2S
49 Sept 60 Feb
1
4 56/
1
4 5238 5538 5212 5358 5272 5378 3,345 NY N H & Hartford
5312 5418 5418 5714 54/
100 4118 Jan 6 5834 Feb 16
311
/
4 Mar 4838 July
*100 ___ *1013 ____ *100 ___ 5100 __ *10012 ____ ____ ____
Northern New Hampshire_100 9212 Jan 13 100 Feb 17
81
Apr 9812 Dee
*135 139 *136 138 5135 138 5136 138 *136 138
---- --- ____
Norwich & Worcester pref_100 127 Jan 4 140 Feb 15 120 Apr 132 Dec
5126 129 *126 129
127 127 *126 128
127 127
129 129
67 Old Colony
100 122 Jan 4 129 Feb 21 111
Jan 125 Sept
*110
_ *110 116 *111 116 *11012 116 *112 116
____ ____
Vermont & Maesachusette_100 107 Jan 8 116 Jan 31
9934 Mar 107 Dee
Miscellaneous.
4
418
4
4
378 4
334 334
334 4
312 4
3,650 Amer Pueumatio Service_25
214 Jar 3
2 Nov
418 Mar 1
5 Jan
20
2038 20
20
20
20
20
20
1912 1912 --------561 Preferred
50 1513 Jan 12 2012 Feb 21
18 Dec 2414 June
158/
1
4 15914 159 15912 15838 15914 15858 15914 15812 15914 159 15918 1,941 Amer Telephone & Teleg-100 14913 Jan 3 16018 Feb 21 13912
June 15034 Feb
55
56
55
56
55
5514 55
5712 5612 5812 5812 62
5,407 Amoskeag Mfg
No par 48 Jan 17 62 Mar 4
4812 July 71
Jan
8012 8012 8012 8012 *8012 - - *81
80
80
81
8112
No par 7358 Jan 10 81 12 Mar 4
79 Preferred
7212 Nov 78 Feb
584 5814 *5814 5812 *5814 5812 58 -5414 *5734 -5812 --------110 Atlas Plywood tr (Mfg
5212 Apr 6324 Jan
54 Jan 19 59 Feb 10
__ ___
No par
Atlas Tack corp
8 Jan 22
812 Jan 31
814 Oct 1714 Jan
;17
212 1812 *1714 1812 *1714 1812 1712 1712 *1712 1812 ---20 Beacon 011 Co corn tr otfs____
1712 Mar 2 2012 Jan 3
1418 May 2012 Jan
77
77
77
77
78
7712 7734 77
78
77
7712 77-12
172 Bigelow-Hartf Carpet.. No par 77 Feb 17 8612 Jan 7
74 Nov 9812 Jan
*11
/
4 9
*134 2
511
/
4 2
5178 2
134 134 --------10 Coldli
, Corp., class AT C _
134 Mar 3
5 Jan 3
7412 7412 7514 7512 76
57312 7412 74
76
7712 76
7614 1,165 Dominion Stores. Ltd_No par 67 Jan 28 7712 Mar 3 17 May if Des
*214 212 *214 212 52
3
*2
3
*2
3
____
_ ___
Boston Land
10
Eaat
112
Jan
26
334 Feb 3
113 Dec
313 Jan
612 616 *512 612
6
6
*6
658
64 6/
1
4
612 _-612
325 Eastern Manufacturing
5
34 Jan 11
312 Mar
634 Feb 14
7/
1
4 Oct
48
*47
48
48
*48
52
4812 4812 *48
5012 49
49
25 45 Jan 4 52,4 Jan 31
181 Eastern SS Linea, Ino
44 Nov 8812 Jan
*35
3512 354 3512 535
36
35
36
3534 3534 --------125 Preferred
No par 35 Feb 15 3712 Jan 28
34 Nov 45 Jan
59114 93
*91
94
592
94
592
95
*92
93
____
. ___
lst preferred
100 8734 Feb 17 9214 Jan 29
9014 Oct 994 Jan
*1412 17
51412 17
14
14
13
13
*1314 1434 13 .-13
615 Economy Grocery Storni
12 Feb 3 1434 Jan 18
14 Nov 26 Feb
22312 225
22412 225 22458 225
22312 224
223 225
223 22412
100 217 Feb 18 22912 Jar 3 2207 Jan 250 Feb
768 Edison Electric Illum
2712 2734 2778 28
28
28
28
2818 27/
1
4 28
2734 27/
1
4 1,282 Federal Water Fiery corn
2712 Feb 26 2934 Jan 26
*27
28
*27
28
2712 274 527
28
*27
28
____ __
16 Galveston-Houston Eleo__100 2512 Jan 14 30 Jan 31
14 June 27
Oct
14 *21234 14 *21234 14 *21234 14 *21234 14
5213
1134 Jan 11
14 Feb 3
General Pub Serv Corp corn_
11 Dec 17 Jan
slij
1912 519
194 19
19
519
1912 *19
1912 --------100 Germ Cred & Inv 1st prof
19 Feb 2 21 12 .lan 4
37
37
37
38
3712 3734 *3712 3734 37
3712 --------1,335 Gilchrist CO
No par 3534 Jan 24 3734 Mar 1
3414 Apr 4058 Jan
9114 911
/
4 9078 9112 9114 9124 90
9112 8934 9018 90
9012 2,663 Matte Safety Razor-No par 891
/
4 Mar 3 95/
1
4 Jan 11
884 Mar 1134 Feb
•12
124 512
1212 512
1212 12
1212 *1212 13
1212 1212
25 11 Jan 10 12 2Mar 2
365 Greenfield Tap dc Die
10 May
14 Sept
•12
1234 +12
1234 *12
13
12
12
12
12
_.
60 Hathaway Baking corn12 Jan 17 1212 Feb24
42
4312 4114 43
4114 42
4118 4218 4012 4112 4012 -41
No par 4012Mar 3 47 Jan 3 -4514 -Dec -424 -Feb
2,017 Hood Rubber
*95. _ 95
95
*95
__ *95 _ __ 95
95
--------113 Kidder,Peab Accep A pref_100 95 Jan 10 9512 Feb 3 293 Apr 96 July
•10
1-614 *10
1038 10 -1-0
10
1-0
10
10
10
10
934 Feb 2 1012 Jan 6
118 Libby, McNeill dc Libby____10
612 Aug
1034 Dec
612 612 5612 6/
1
4 5612 634
1
4
634 6/
64 612 --------75 Loew's Theatres
25
6 Jan 3 10 Jan 18
6 July
1218 Jan
87
8713 87
87
87
87
87
87
87
87
8614 87
527 Massachusetts Gas Cos-100 86 Feb 19 8912 Jar 5
80 Apr 944 Nov
72
7312 7312 7334 57312 75
*7312 75
74
74
--------266 Preferred
100 70 Jan 3 75 Jan 25
65 Jan 7018 Feb
11018 11012 110 110
109 109 *109 110 5109 10912 210812 10812
110 Mergenthaler Linotype-No Par 108 Feb 18 112 Jan 21 t104 June 1110 May
•96
98
*9614 98
097
98
*9614 98
*9614 98
97
97
100 95 Jan 22 97 Feb 19
10 Miss Ely Pow stpd pref
89 Apr 96 Jan
234 278
258 278
212 212
212 212 *212 234
10
212 213
238 Jan 4
419 National Leather
4/
1
4 Jan 20
2 Aug
413 Jan
264 27
27
2812 28
2814 2'734 2734 28
5 23,2 Feb 14 282 Feb 28
28
3,212 Nelson (Herman) Corp__
2734 28
1512 Jan 2912 July
•--__
.20 5_.20 *__
.20 5_.20 __
s___ .20 Feb 1 .20 Feb 1 .20
.20 ___ _-__
New Eng OU Ref Co tr ctfJan
.95
Ape
•_
4 5_ _
4 *
4 5_ _ _ _
4 5_ _
4
100
Preferred tr otfs
____ ____ ____
34 Jan 11
4 Jan 4
3 July
1012 Jan
5296
97
96
96 5296
97 *296
97 5296
England Pub Sem $7 prof 91 Jan 18 9614 Feb 8
--------20 New Eland
97
'10034 102 *y100
100 100
100 100
100 100
--------160 Prior preferred
974 Jan 26 101 Jan 2:, -96 Sept nif Sept
5212 3
212 -3
212 212
2
2
314 Feb 23 .50 Dec
136 New Eng South Mills_No pat .80 Jan 7
*2
__
212---8 Feb
6
6
8
87e
7
7
57
100
8
57
9
8 --8
4 Jan 5
110 Preferred
8/
1
4 Feb 28
2 Dec 28 Jan
120 120
120 120
11924 120
11912 119/
1
4 120 12312 12212 12334
791 New Eng TeleP & Teleg-100 11512 Jan 4 12334Mar 4 11078 Apr 118/
1
4 Feb
__ 95
95 0:93
___
94
94
94
89 Feb 98 Feb
40 No Amer Util let pf full paid-- 90 Jan 5 95 Feb 211
+9346
40
4514 4514 524514 -46
45
46 524134 46
__-40 Jan 6 4612 Feb 23
278 let prof 50% paid
1424 Dec 27 Feb
41
41
3912 40/
1
4 3934 40
3912 40
40
404 4034 ---100 3972 Feb 9 4312 Jan 7
4134 1,045 Pacific Mills
3512 July 55 jag
*30
40
30
30
525
30
525
30
525
30
_ _ ___ _
10 Plant (Thos 0), let pref....100 20 Feb 5 42/
1
4 Jan 3
41) Mar 884 Jan
1534 1534 *1534 16
*1534 16
16
16
*1512 16
--------120 Reece Button Hole
10 154 Jan 28 1612 Feb 10
15 Feb
1714 Aug
•__ _ _
138
114
138 5_ _ _ _
114 5
14
14
138
1
14
10
233 Reece Folding Machine
I Mar 4
11
/
4 Jan 11
14 Dec
2 Nov
5108 10812 5108 10812 108 10812 108 10812 0108 10812 108 10814
334 Bwed-Amer Inv part pref100 10512 Jan 5 110 Jan 17
98 May 110 Aug
11914 11914 .119 11912 11978 120
11938 120
11934 120
11934 120
100 115 Jan 3 120 Feb 24 111
766 Swift at Co
Apr 1184 Dec
70
69
70
69
69
69
69
69
69
69
--------175 Torrington Co
25 66 Jan 3 701
64 Mar 72 Sept
/
4 Feb 23
434 5
414 434
418 412
414
4
4
2,680 rower Manufacturing4 Mar 3
958 Jan 31
•18
19
18
18
*1712 19
*1712 19
1712 18
____
_
85 Traveller Shoe Co T C
1658 Jan 4 18 Jan 7
51212 13
124 1234 1212 1212 51014 12
*1014 12
12 -1213
220 Union Twist Drill
6 11 Jan 4 1412 Jan 24
7 Jan
1513 Feb
54
5412 54
5414 5414 5458 5412 5478 5438 5438 54
.541
/
4 2,292 United Shoe Macb Corp
25 30 Jan 3 55 Feb 23
47 Mar 5314 Aug
2812 2858 2858 2838 02814 29
2814 2812 2814 2814 2858 2858
219 Preferred
25 28 Jan 3 28/
1
4 Feb 21
28
Jan 30 June
•8712 88
58734 88
8712 88
8734 88
*8758 8734 8712 87/
1
4 2,085 0 B & Foreign Sec let Pref f Pd 87 Feb 15 89 Jan 3
82 Nov 135 Feb
81
8012 82
82
8112 82
8112 82 *28113 82
--------495 1st pre: 75% paid
79 Jan 21 82 Feb 4
60 May 90 Apr
24
2418 24
24
24
2334 24
24
2334 24
2334 2334 1,025 WaldorfSys.InO, new eh No par 2212 Jan 8 2712 Feb 23
17 Jan 22/
1
4 Oct
542
43
42
42
542
43
4212 4318 44
45
46
47
497 Walth Watch el B com_No par 4012 Jan 21 47 Mar 4
29
Jan 41 Deo
63
63
562
63
56212 63
63
63
56214 64
--------564 Preferred trust We
100 61 Jan 3 63 Jan 31
484 Nov 61 Dee
_ *115
_ 5115
_ •11212 115 511212 115
____ ..
Prior preferred
100 112 Jan 10 115 Feb 21 101 Sept 112 Dee
*115*2014 2-0-12 2038 -21-38 2014 -2-1
2112 22 2114 2134 22112 2158 1,900 Walworth
Company
20
1754 Jan 181 22 Mar 2
12/
1
4 May 23 Jan
85
83
86
7934 83
8312 8512 85
78
80
7614 78
5,140 Warren Bros
50 6518 Jan 131 91 Feb 18
44 Mar 69 Deo
*48
49
49
49
49
4812 4812 49
548
49
49
49
1701 let preferred
50
44
Feb
Jan
lb
39
SO
Apr 46 Dec
5
551
513
4
5134
*50
52
52
52
550
"51
52
____ ____
65 2d preferred
50 45 Jan 1
42 Apr 47 Feb
5134 Mar I
51512 16
*1512 16
51512 16
51512 16
*1512 16
_-__ ____ ____
WIII & Baum& Candle com--1084 Aug 1712 Jan
14 Jan 12 1614 Jan 22
i
?dining.
.25 5 _
.25• _
.25 5 _
• _
.25 * _
.25 • Adventure Consolldated---25 .05 Jan 1
.20 Feb 10 .05 Mar .40 July
icg TS()
* .ao 47a.-ci) .co 'a.-5-5 .60 •7a:5-0 .60 .;a.-5-5 .ao *-a.-5-5 .25
mo
Arcadian Consolidated...-. 25 .50 Jan 2 .89 Jan 15 .25 Mar
11
/
4 Aug
812 9
812 812
834 878
878 9
8
814
7/
1
4 8
1,405 Arizona Commercial
1014 Jan 6
104 May 12/
758 Feb 1
5
1
4 Jan
441
/
4 4312 4414 4112 4112
54313 45
4412 4412 444 4434 44
575 Bingham Mined
46
Feb
Jan
2
10
30
29
June
5534
Jail
1534 1578 21514 1512 1514 1512 1512 1512 1518 1538 15
1514
1,714 Calumet & Heel&
1624 Jan 25
1
4 Jan
25 14/
1314 June 1858 Aug
511
30
30
511
5.12 .30
012
30
12
012
.11 .11
50 Carson Hill Gold
1 .10 Jan
.20 Feb 2 .10 Dec 50 Jan
8
1312
133
4
137
1312 1338 1358
1312 1312 1312 1334 01312 14
333
26 1212 Jan 2
14/
1
4 Jan 19
pper Range Co
13 May 20
Jan
0238 2-.8
238 238 *238 212
238 238 *238 258
238 238
295 East Butte Copper Mining. 10
2 Feb
234 Jan 4
214 Oct
4 Feb
5a.60
1
50.60
.50 .50 *2.50
1
*a.60 1
1
5a.60
1
.50 Mar 3 .25 Nov
.05 Feb
30 Franklin
25
114 Jan
0.45 .75 0.45 .75 5 45 .75 5.45 .75 5.45 .75 5.45 .75
25 .35 Feb 1
.75 Jan 13 .27 Dec
Hanoock Consolidated
114 July
51521 Ms 51534 1612 01534 1612 *1534 1612 *1534 1612 *1534 1612
1
16 Feb
18 Jan 7
Hardy Coal Co
14 Mar 2114 Jan
•.85
1
•80
1
1
5.85
1
5.85
5.85
1
5.85
1
.85 Jon 6 .75
25 .75 Feb
Helvetia
Oct
2
Jan
239 240
236 240
237 239 +225 290
290 240
236 236
125 Ieland Creek Coal
1 19712 Jan
246 Feb 18 141 Mar 19912 Dec
97
47
47
48
4712 4814 48
48
48
4814 --------9151 New stock w I
4912 Feb 16
47 Feb 2
*105 _ _ •105 . _ *105 _ _ 0105
_ 5105
_ .•105
_ ___
1 105 Feb ls 106 Jan 21
Preferred
9913
Jan
llifi _ Yuji
10 iii 143 iii *10 lii14 *10 1614 10 16 10 1-6
605 Isle Royale Copper
25
912 Feb 19 1158 Jan 19
912 June 14 Aug
0218 238 0218 238 0218 238
2
218 218
2
21, 218
140 Keweenaw Copper
25
21
/
4 Feb 4 .50
112 Jan 6
Jan
274 Sept
5.95
1 12 5.95
112 5.95
1
.90 .90
I
5.95
114
1 12
66 Lake CopPer Ca
25 .80 Jan 7
1 Jan 17 .60
Oct
11
/
4 July
5.75
1
5.75
.65 .65 5.75
1
1
.65 .65
5.75
1
10 La Salle Cooper
25 .65 . Feb 17 80 Jan 24 .80 June
213 Mai
514 2
*112 2
5112 2
51 12 2
*112 2
*112 2
Mason Valley Mine
6
2 Jan 4
2 Jan 4
11
/
4 Jan
2
58 Sept
5.35 .50 +.35 .541 0.35 .50
.35 .35 5.35 .50 •.35 .50
20 Mass Consolidated
25 .25 Feb 2 .85 Jan 3 .15 Dec .75 July
•.60 .70
.55 .55 1,433 Mayflower-Old Colony.- 25 .45 Jan 3
.50 .55
.60 .69
.60 .60
.60 .60
40 Dec
Jan II
112 Jan
112
401, 40
3914 3912 3912 40
4012
404 4034 40
40
40
632 Mohawk
36 37 Feb 18 4114 Jan 13
30 Mar 46
Oct
02214 23
*2212 227,, 2238 23
2258 2234 02212 2234 02214 2258
700 New Cornelia Copper
8 22 Feb 5 24 Jan 20
1812 May 24 Aug
5.05 .15 +.05 .15 5.05 .15 '.05 .15 *05 .15 --:_-New Dominion Copper
Jab .20 June
06
Feb
I
1
05
.06
Feb
•16
20
20
016
*16
516
20
--11
2
20
516
20
516
New River Company
100
18 Dec 25 Feb
563/
1
4 67
67
56334 67
68
67
68
56334 67
56334 67
200 Preferred
100 6334 Jan 19 75 Feb 8
45 July 72 Feb
914 914
87s 878
958 9324 *914 912
854 918
918 914
214 Nipissing Mines
6
Jan
8,
2
5
5 July
1018
Feb
1013 Dee
*212 238
212 258
212 212
212 212 *212 232
212 212
775 North Butte Mining
10
21
/
4,Feb 10
326 seps
2 Apr
3/
1
4 Jan 5
50.95
112 *a.95
112 00.95
112 52.95
112
.95 .95 5(1.95
112
26 Onbway Mining
25
.80
.50
Jan
26
Jan
Jan
18
114
2 Noy
513
1313 1313 1312 51312 14
1312 1312
1378 1378 *1312 14
295 Old Dominion Co
25 12 Feb 18 1912 Jan 3
13 Deo 20 July
5111
/
4 12
51158 12
512
1212
*1112 12
111
/
4 111
/
4 1178 12
600 rd Crk Pocahontas Co No par
11 Jan 4 13 Feb 4
1012 Mar 15
Jan
1534 16
1512 1534
*15
1434 15
1534
1514 1514
15
15
216 QuInci
25 1414 Feb 17 1712 Jan 3
1511 May 25 July
24
24
24
2412 24
/
4 2412
1
4 2438 241
2414 24
2434 24/
54081 Mary'. Mineral Land... 25 20/
1
4 Feb 17 2514 Jan 8
25 Dec 384 Feb
*234 312 •234 312 *234 312 0234 314 0234 312 0234 31
.
Seneca Mining
3 Feb 3
2/
1
4 Dec
312 Jan 14
958 Jan
•.30 .40 5.30 .40
.25 .25 5.30 .40 5.30 .40 5.30 .40
100 Shannon
10 .20 Jan 6 .40 Jan 12 .15 Dec .80
Jan
•.25 .35
.31 .31 +.25 .40 ro.25 .40 •.25 .90 5.30 .40
100 Superior & Boston Copper_ 10 .20 Jan 31 .40 Feb 23
20 Nov
1
4
1 Mar
7i4
pa
714
7as
714
6/
1
4 61
/
4 3,180 Utab-Apes kilning
1
4
714
634 6/
878 714
6
626 Jan 3
7/
1
4 Feb 24
4/
1
4 Oct 111
/
4 Feb
178
134
11
/
4 11
112
112
112
178 1%
112 5,245 Utah Metal & Tunnel
/
4
112 112
1
1 Jan 3
25 Dec 2% Mar
2 Feb 2
.70 .701 5.65 .95 0.60 .75 0.65 .95 0.60 .95
•.70 .75
100 Victoria
25 .51 Feb 10 .85 Jan 11
40 May 75 Feb
5.05 .15 '.05 .20 0.05 .15 * 05
15 0.05 .15 0.05 .15
Winona
25 .10 Jan 30 .21 Jan 17
10 Sept .40 Juts
•Bid and asked prima: no galao on am, aas a Aaaa-sanent oca 8 Ex rrto.ot It 10..101. • New
stook s Igz-411•10en4
p Hz rlrhts. s Hz-dividend and right;
1340
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Feb. 26 to Mar. 4, both inclusive:
Friday
Last Week's Range Sales
for
Sale
of Prices.
Price. Low. High. Week.
BondsAmer Tel & Tel 4s_ _ _1929
Chic Jet Ry & US Y 581940
East Mass St RR▪ 6s ser D
1948
First Bohemian 7s w 1_1957
Graton & Knight 534s_ ..'47
Hood Rubber 78
1937
KCM&Bine 5s
1934
Mass Gas 4%s
1929
1946
534s
Miss River Power 58_ _1951
New Engl Tel dr Tel 5s 1932
New River 5s
1934
Peoples Pr & Lt 68_
1962
PC Pocah Co 7s deb_ _1935
Swift & Co 5s
1944
Western Tel & Tel 5s_1932
99
Range Since Jan. 1.
Low.
High.
Mar
Jan 99
Jan 10131 Jan
99
$1,000 9834
99
5,000 1004
10034 wog
Feb
Feb
Mar
Feb
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Jun
Feb
Jan
824 8234
100 82
9734 974 5,000 9734
07
5.000 97
9731
103 104
9,000 103
104
101
1,000 98
101
1,000 9934
99% 9934
1,000 103%
103% 103% 10331
10134 101% 101% 2,000 100%
101
101 10134 9,000 10034
90% 9051 10,000 90
7,000 98
98
08
102 104
10,000 102
104
10131 10134 6,000 10094
10134
101
7,000 100%
Jan
Feb
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Feb
Jan
Jan
85
9734
9731
104
101
10031
10334
101%
10131
9034
984
10434
102
10134
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Feb. 26 to Mar. 4, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Week.
Sale
Par Price. Low. High. Shares.
Arundel Corp new stock _ _• 333.5
Allan Coast L(Conn)_ _ _ 50
Baltimore Trust Co_ ___ 50 132
100
Baltimore Tube
Preferred
100 30
Boston Sand & Gravel_100
Central Fire Ins
10 2734
Century Trust
50
Chas & Po Tel of Balt pf100 116
Commerce Trust
100
• 1931
Commercial Credit
Preferred
25 2234
Preferred B
25
63i Preferred
100
Consol Gas E I,& Pow__ ..• 51
6 Si% preferred
100 11234
7% preferred
100
8% preferred
100
Consolidation Coal_ _ _100 33
Continental Trust
100
Eastern Roll M111 new stk _•
Equitable Trust Co
25
Fldelity & Deposit
50 178
Finance &Goer Co pf _ 25
Finance Service class A_10
Preferred
10
Handler Creamery pref___
Home Credit corn
Houston 0 pref v t etts_100 02
Mfg Co
•
Is Preferred
ed
100
ISO
Lorraine Pet, Co_ _1c shares
Manufacturers Finance_25
1st preferred
25 21
2d preferred
25 20
Trust preferred
25 2134
Maryland Casualty Co_ _25 10334
March & Miners new
• 403-4
Monon Vail Trac prof__ _25 24
Mt V-Woodb NI1115 v t r 100 17
Preferred v t r
100 8234
New Amsterd'm Cas Co 10
Northern Central
50
Penna Water dr Power _100 17834
Sharpe Dohm Inc
Silica Gel Corp
pref.____
• iii/i
Un Porto Rican Bug com.•
United Ry & Electric_ _ _50 20%
U S Fidelity & Guar_ _50
West Md Dairy Ins coin _ _•
Preferred
Preferred
50
BondsBernh eimer-Leader 7s 1943
Btack&Deeker M tg Co 648
Consolidated Gas 5s__1939 102
Consul (I, EL&P 4 34s_1935
Davison Chemical 633Elkhorn Coal Corp 64s'32
78
1931
Georgia & Ala cons 53_1945
Ga Car & Nor ist 59_ _1929
Hendeer Creamery 65_1940
Houston 011 634s
1935
Md Electric Ry 1st 53_1931
Monon Valley Trite 5s 1942
Stand Gas Equip Ist6s1929
United Porto Rican 7s_ _ _. 1003.4
United Ry & E 4s_ _ _1949
Income 4s
1949 5334
Funding Os
1936
6% notes
1927 10031
138, when Issued_._ _1949 99
United Town El 65_ _ _1945
Wash Halt & Annan 581941 743.4
West Sid Dairy Os__ _ _1946
•No par value.
33
240
132
10
30
72
2734
19234
116
56
19
22
2234
82
51
3434
240
132
10
30
72
2734
19234
116
56
20
2234
22%
8234
5154
11134 11251
11434 11434
12734 128
33
33
240 240
24
25
72
75
160 180
14
14
1751 17%
10
10
100 100
25
25
92
9334
29
29
2534 2534
.50
.50
34
35
2134
21
20
2t
21% 2131
1003.5 104
4034 41
24
2434
17
17
81
82%
5434
54
8131 8234
17834 17834
107 103
1734 19
37
37
20Si
20
232 247
35
35
78
78
51
5234
103
99
102
11934
953.
9934
96
0935
1004
100
104
9834
93%
100%
10034
100 Si
7231
5234
7834
10031
9834
10034
7331
101
103
99
102
994
954
9934
96
9931
100%
100
104
9834
9334
1004
100%
7234
5354
7934
1003.4
99
1003.4
7454
101
Range Since Jan. 1.
Low.
High.
3131
230
12934
10
30
72
26
170
115
56
1434
2034
20
81
51
111
11334
126
33
290
23%
71
13534
1334
1734
10
100
25
86
29
25
.25
3331
21
20
20
98
40
24
Jan 3434
Jan 240
Feb 132
Jan 12
Mar 363'S
Mar 75
Jan 2834
Jan 198
Jan 117
Jan 5734
Feb 20
Feb 223.5
Feb
. N
J
Jan 52
Jan 11231
Jan 11534
Jan 128
Mar 3754
Mar 250
Feb 28
Feb 75
Jan 180
1534
Feb
Jan 18%
10
Jan
%el)1:34
)1
5
. 12
J
Jan 94
Mar 29
Jan 2534
Jan .50
Feb 44
Feb 2234
Mar 22
Jan 2154
Jan 105
Jan 43
Jan 25
375 1
J ii
335
40 81
35 176
135 103
250 15
6 37
1,210 20
161 205
25 35
10 78
320 50
laa
ann
n ir%
Jan 824
Jan 185
Jan 108
19
Jan
Feb 3831
a
e
Jan'
2E"
Jan 3531
Mar 78
Feb 5234
1,829
40
82
100
155
50
525
55
30
40
402
179
32
20
129
7
2
130
187
45
315
18
694
72
52
86
50
2
298
4
8
25
127
140
152
34
577
418
155
80
$2.000
7.000
5,000
2.3.00
4.000
10.000
5.000
2.000
1.000
5.000
2,000
2.000
4.000
4.000
5,000
6,000
11.000
6.600
6.000
25,000
3,000
18.000
10.000
103
99
102
99
9534
98
9531
993.4
9931
100
103
97
93%
100
10034
7034
51
7.534
100
9751
10031
65
10034
Mar
Mar
Mar
Jan
Mar
Jan
Jan
Feb
Jan
Jan
Feb
Feb
J
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
104
09
10434
994
9531
9934
96
993.4
13.034
101
104
9834
1015
10134
73%
54
7914
10054
9931
10051
77
101%
Mar
Feb
Mar
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Feb
Feb
Jan
Jan
Feb
Feb
Mar
Jan
Jan
Jan
Feb
Jan
Feb
Mar
Mar
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Mar
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Mar
Feb
Feb
Mar
Feb
Mar
Mar
Feb
Jan
Feb
Mar
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Jan
Feb
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Feb. 26 to Mar. 4, both inclusive,
compiled from official sa es lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low, High. Shares
Adams Royalty Co coin... 30
All America Radio class A.6
Am Fur Mart Bldg pref.100
Amer Multigraph com___* 1934
Amer Pub Sem, pref _100
Am Pub UM Co par pfd 100 80
American Shipbuilding.100 8411
3%
Amer States Secur Corp A *
334
•
▪ Class B
Warrants
Armour & Co(Del) pref 100 96
100 8534
Armour & Co prat
Common class A v t c_25
73.4
Common class B v t o_25
Associated Investment Co•
Auburn Auto Co corn...25 100
Balaban & Katz v t c._25
Bendix Corp class A _ _ _ _10 4314
30
8
94
1931
0834
79%
843.4
331
3%
41
95%
8434
1331
734
3711
96
6134
42%
31% 10,225
8
235
94
10
1934
200
100
500
80
65
84%
55
334
1,210
3%
1,034
34
350
508
9616
1,55
86
14
52
11,3
734
10
3731
21,50
102
25
62%
4454 4,06
Range Since Jan. 1.
Low.
2534
8
04
1931
94
73
7934
334
334
Si
9331
83%
13%
734
36%
68%
6131
3654
High.
Jan 32%
Jan
10
Feb 05
Mar 20
Jan 100
Jan 82
Jan 86
Jan
43.4
Feb
434
Jan
1
Jan 96%
Jan 86%
Mar 16
Mar
Jan 3834
Jan 102
Feb 63
Jan 4634
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Mar
Jan
Feb
(Vol,. 124.
Range Since Jan. 1,
Low.
High.
Beaver Board v t c "B"__•
Jan
4
3
70
3 Jan
Prat vet trust certifs_100 38
38
Jan 3834 Jan
75 38
3811
Borg & Beck corn
10 58
57% 6094 6,600 53
Jan 61,54 Feb
Brach & Sons(EJ) com__* 27
26
Feb 3534 Jan
27
670 24
Butler Brothers
20 2231 22% 2314 7,050 17
Jan 2334 Feb
Celotex Co corn
•
75
230 70
Jan 83% Jan
75%
Preferred
100
Jail 914 Mar
8934 9134 1,010 89
Central Ill Pub Serv pref_* 90
Feb
8931 90
160 8834 Jan 90
Cent Ind Power prat_ _ _100
Mar
89
95 8534 Jan 90
90
Central Pub Serv (Del)..' 1834
18
Jan
18% 1,375 17
mg
Jan
Centrals W Utll corn_ _ _* 59
59
1,175 3.834 Jan 6734 Fob
63
Preferred
• 953.4 9434 9554
450 9331 Jan 9634 Jan
Chic City & Con Sty pt sh •
34 Jan
31 Jan
400
34
34
Participation preferred_*
Feb
334 Jan
6
534 6
720
Chic Fuse Mfg Co corn_ •
Jan 3434 Feb
32
32
60 30
Chic Nipple Mfg class A.50
Mar
42
Mar 42
20 42
42
Chic N S & Milw com_ _ 100 36
35
190 3314 Jan 3631 Jan
36
Prior lien prof
Jan 100
Jan
100
100 100
10 99
Preferred
100 70
Feb 72
Feb
243 68
69% 70
Chic Rap Tran pr pref A100 104
10334 10434
73 10234 Feb 10434 Feb
Chic Rys part ctf ser 1.100
534 Feb
Feb
5
54 5%
100
Commonwealth Edison.100 142
Jan 14231 Mar
140% 14231
845 138
Consumers Co corn
634 Jan
734 Jan
5
631 651
550
611
Preferred
100
73
Jan
05 6931 Feb 78
73
Continental Motors corn.* 1134
11% 1134
250 11% Jan 13% Jan
Crane Co corn
Jan 52
Jan
25
50
51
287 50
Preferred
100 11734 117 118
Feb 11834 ran
122 117
Cuneo Press A pre(
50 50
5034 5031
120 49% Jan 51 • Jan
Decker (Alf)& Cohn,Inc.*
2734 2734
190 2734 Jan 28 ran
Preferred
Jan
100
10434 1043.4
20 10431 Mar 105
Deere & Co pref
Feb
100
107 107%
Jan 109
145 106
Diamond Match corn _100 119
116 119
Jan 119% Jan
210 116
El Household Utll Corp.10
143.4 Jan
Jan
1231 13
160 11
Elec Research Lab, Inc_ _*
Jan
12
10
Jan
9
100
1034
Empire G&F Co 7% pf 100 96
92% 96%
1,145 92% Mar 9634 Fob
8% preferred riA___100
Mar
5 13
03
24
51 102 103
Mar 103
146 102
Evans& Co, Inc,
3334 34
1,540 2834 Jan 34% F33
Class "B"
5 31% 31
32% 2,125 24% Jan 32% Ps)
Fair Co (The) corn
29
• 29
30
1,970 2534 Jars 3131 P35
Preferred
100
Ja
105 105
Feb 107
10 105
Foote Bros(0 & 111) Co_ _5 14
14
14
210 12
Jan 14% .T52
Gerd Box Corp, pref A_100
43
Mar 50
J11
43
100 43
Gill Mfg Co
10
5
534 5%
100
534 F.):3
Jan
Godchaux Sue, Inc el"B"•
3
351 4
Mar
4
155
Jan
Gossard Co (H %V) corn _ _* 344 3434 35
1,045 3394 Jan 46
Jan
Great Lakes D & D___100 14234 142 143
Fel) 152
230 141
Jan
Greif Bros Coop'ge A corn *
3934 3934
25 38% Jan 40
Jan
Hammermill Paper Co_ 10
3031 3031
Feb 35
50 30
Jan
Hart,Schaffner & Marx 100 110
110 11034
105 110
Jan 115
Feb
Hupp Mot Car Corp com10 22
22
22%
160 21
Jan 2334 Jan
Illinois Brick Co
25
5054 51
Jars 5294 Jan
1,530 49
Ill Wire & Cable Co,corn 10 25
25
2534 Feb
500 2434 Jan
2534
Indep Pneum Tool v IC..' 52
52
54
Mar 55
80 52
Jan
Indianapolis P & L 1st pfd'
05
95
Feb 95
15 95
Fob
Jaeger Machine Co corn..
28
28
130 2734 Feb 29% Jan
Kelloggprefe
tch b'd COM_ _10 1811
13% Jan
1934 Mar
1534 1934 7,021
Preferred
100 93
Jan 98
Jan
40 96
9734 98
Ky Hydro-Elea pfd_ _ _ _100
9434 953i
95 04% Jan 9734 Fob
Kentucky Utll Jr cum pf.50
51
51
Jan 61 34 Jan
45 51
Keystone St & Wire 0010100 47
47
47
Feb 50
63 47
Jan
Preferred
89
89
100
Feb 92
25 89
Jan
Kraft Cheese Co corn_ ..25 5834 6694 63
Feb
3,475 51
Feb 63
Kup'heimer & Co(13) Inc_5
38
Jan 38
38
25 36
Jan
Laclede 0& E pr lien. _100 100
100 100%
Mar 10034 Mar
20 100
La Salle Ext Univ com_10
611 Jan
9
420
734
Jan
734 8
Libby, McNeill& Libby_ 10 1034
104 1034 4,700
9% Feb 10% Jan
Lindsay Light corn
1% Mar
134 14
200
10
134 Mar
McCord Radiator Mfg A_*
39
Jan 40
3934
35 38
Jan
Mequay-Norris Mfg
320 17
Jan 21
•
18% 19%
Jan
Mar & Mfrs Sec Co pt pf.25
Feb 31
29
120 28
Jan
29
10831 110
Middle West U tIllties_ _ _ _• 109
3,630 10834 Feb 114% Feb
Preferred
100 1083-1 10734 10934
1,260 105% Jan 113% Feb
Prior lien preferred_ _100 11834 117% 120
Feb
965 117% Jan 120
Midland Steel Prod com__* 4331 43
Feb 4734 Feb
4334
110 41
Midland Utli prior lien_100 10174 10116 102
530 98
Jan 102
Feb
Preferred A
Jan 0934 Feb
100
80 97
9734 98%
Morgan Lithograph corn _• 62
Jan 63
6134 62%
1,200 58
Feb
Messer Leather Corp corn.'
Jan
16
16
Jan
16
70 11
Nat Carbon prof
Mar
100
276 13034 Feb 131
13034 131
Nat Elec Power A part_ _• 24
23% 2434
495 23% Feb 2554 Jan
National Leather com _ _ _10
431 ' Jan
234 Jan
24 234
1,620
294
National Standard corn..' 343.4 34
Feb
35
7,500 3034 Jan 35
North American Car corn.'
29
29
70 2234 Jan 30
Jan
Nor West Utll pr In pref 100 9915 99% 100
Jan
70 9834 Jan 101
7% preferred
96
100
06
52 943.4 Jan 100
Feb
Novadel Process Co pref_ •
2734 Feb
2634 283.4
15 254 Jan
Omnibus pref A
Mar
83
100
83
125 8214 Feb 83
Penn Gas & Elec A corn_ _* 1994
Feb
1951 1931
Jan 21
320 19
Pick, Barth dc Co part pt.*
21
910 1911 Jan 21% Feb
2134
Pines Winterfrent A com.5 4154 41% 4231
Feb 5134 Jan
715 41
Feb
Pub Serv of Nor III corn..' 13331 133% 134
60 13031 Jan 136
Feb
Pub Serv of Nor III corn.100
Jan 13(1
1323i 134
35 132
Feb
Jan 105
6% preferred
100
103 1033.4
23 102
(2-R-S Music Co corn _ _ •
39
38
325 3231 Jan 3974 Feb
Jan 181534 Feb
Quaker Oats common_ _ _• 183
102 180
183 183
Jan 108% Jan
Preferred
50 107
100 10834 10734 10831
Real Silk Hos Mills corn 100
400 3931 Jan 4831 Feb
4434 4751
Jan 2354 Jan
Reo Motor Car Co
650 20
21%
10 21
21
Feb
Jan 56
Sears Roebuck common _ _•
134 52
55% 55%
1,460 2531 Jan 2731 Mar
So Colo Pr Elea A corn_ _25 2731 26% 27%
Feb
50 943.4 Jan 98
Southw 0& El 7% pf_ _100
9711
97
Mar 2654 Jan
125 24
Sprague-Sells Corp el A_30 2431 24
2434
Stewart-Warner Speedom • 62
60% 6734 6,560 OA Mar 6734 Jan
3,025
1153i
119%
Swift & Co
Jan 12034 Mar
12034
100
15 12
20A
0
23
Jan
Rwift International
20% 2134 4,325 20% Ma
1234 Jan
Ma
80 12
12
Tenn Prod Corp common_' 12
12
Jar
50
918 47
Feb
4931
Thompson (J R) com_ _ _25 4934 49
Jar 11734 Mar
405 99
Union Carbide & Carbon.' z114
114 11734
10 39)4 Jar
Feb
44
40
United Biscuit class A...'
40
214 Jar
631 Feb
United Iron Works corn..•
514 6% 12,550
390 87
Jan 93
Feb
91
9234
United Lt & P cl A pref.-•
160 50
Jan 5234 Feb
• 513.4 51% 52
Class B preferred
500 16% Jan
Jan
17
133% 1634
Common class B new. _*
1694
Vets 17
80 16
Jan
16
16
United Pap Board com_100
1,783 92% Jar 109
Jan
9834
93
U S Gypsum
40 11551 Feb 117
Mar
117 117
Preferred
4
15
Jan
2% Ma
214 234
Unlv Theatres Cone el A_
W°29
5 19175
37
365 27% Jar
Fob
3411 35%
Vesta Battery Corp corn.10 35
831
13%
Jan
260
Jan
1154
11
Wahl Co common
•
100 60% Jan 6711 Feb
65
65
Ward(Montgomery)&Col0
108 113
Feb 117
Jan
Class A
• 11314 113 11354
90 3734 Jai
Jan
40
38
38
Waukesha Motor Co corn.'
1,560 1434 Feb 1614 Fob
1431 15%
Williams 0110 Mat com •
44
Feb
5
63-4 Jan
53( 534
531
Wolverine Portland Cem 10
378 51
Jan 53
Jan
Wrigley(Wm Jr) Co corn..' 51% 5154 52
24% 261.4 3.785 2431 Mar 2714 Jan
Yates Machines part pref.. 26
283.4
2534
29% Jan
27
500
Jan
Yellow Tr dr Coach Slfg B 10
1,700 4251 Fels 4534 Jan
Yellow Cab Co Inc (Chic)
. 43% 42% 43%
Bondsrrg &
c4iC
Arymer
eo of Del 2095
95
$2,000 95
Feb 95% Jan
Mar 9731 Fob
9734 21,000 96
33
6 9734 07
18
94
Cent West P con deb 6
Jan
Jan 79
7834 37,000 75
Chicago City Ry 5s_..1927 7834 78
Feb
53
58
20,00
521.4 Jan 58
Chic City & Con Rys 5s '27 58
Feb
28,00
7631 78
74% Jan 78
1927
Chicago Rys 58
Feb
70
7614 7,00
7411 Jan 77
let M Ctf Of dap 5s_ _1927
Star
Jar
56
56
56
10,00
52
1927 56
.58 Series A
Fob
36 31 36% 5,00
Jan 37
35
1927
5s Series B
30
30
4,00
Jan 30
29
7
Purchase money 58_ 11927
'Jan
104%
10451
10411
4,00
Jan
103
Commonw Edison 5s_1943
102% 10211
3,00 102% Ma 102% Mar
let M 5s series A._ 1953
rJan
MAR. 5 1927.]
Bonds (Concluded)-
THE CHRONICLE
Friday
Last Week's Range Sales
Sale
for
ofPrices.
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
Federated UM lot Mc 534s
94% 944 50,000 94% Mar
1945
g series B
HouriGGCosf g 634s 1931 984 98
98% 6.000 96
Jan
Northwestern Elev 59_1941 87
854 87
7,000 84% Jan
Pub Serv 1st ref g 5s.1956
99% 99%
1,000 994 Jan
Pub Serv Nor III 1st 1 &
ref mtge 54s
105% 1054
1962
1,000 105% Ma
St Anne Paper 6349 St
100 100
1946
Jan
5,000 100
g b A
102 102
Swift & Co 1st s f g 53_1944 102
16,000 101% Jan
Union Elev RR 58_ _ _ _1945
824 82% 5,000 824 Mar
• No par value.
944
98%
87
1004
Mar
Feb
Mar
Feb
105% Jan
100
Jan
102
Jan
834 Jan
Ex-dividend
Philadelphia Stock Exchange.-Record of transaz tions
at Philadelphia Stock Exchange, Feb. 26 to Mar. 4, both
Inclusive, compiled from official sales lists:
Stocks-
Friday
Last 1Veek's Range Sales
Range Since Jan. 1.
Sale
Week.
ofPrices.
Par. Price. Low. High .Shares .
Low.
High.
Abbotts Al Dairy pref _ _100
Almar Stores
10
Alliance Insurance
•
American Stores
Baldwin Locomotive__ _100
Bearings Co of Amer prat__
Bell Tel of Pa pref
Buff & Susq Corp v t c_100
100
Preferred v t c
50
Cambria Iron
•
Coneoleum Co Inc
Consol Traction of N J_100
•
Crystal Oil Ref corn
East Shore CI & E 8% pf.25
100
Eisenlohr (Otto)
Elea Storage Battery...100
Fire Association new__ _ _10
100
General Asphalt
Giant Portland Cement.50
Horn &Hardart(Phi's) COM
Horn & Hardart (N Y) corn
Insurance Co of N A _ _ _ _10
Keystone Telephone_._ _50
Keystone Watch Case_ _ _.•
Lake Superior Corp_ _..100
Lehigh Navigation
50
Lehigh Pow Sec corn
•
Lehigh Valley
50
Lit Brothers
10
Alinehill & Schuyl Hay_ _50
Northern Central
50
North Pennsylvania_ __50
Penn Cent 1. & P cum pf _•
Pennsylvania RR
50
Pennsylvania Salt Mfg _ _50
Philadelphia Co (Pitts) pref
50
(cum 0%)
Plana Elec of Pa
25
Preferred
25
Warrants
25
Power receipts
Villa Instil Wire
•
Phila. Rapid Transit ____50
MIN & Read C& I Co_ •
Philadelphia Traction_ _ _50
Phila dr Western
50
Preferred
50
Reading Company
50
Shreve El Dorado Pipe L 25
5
13 E Pow & I.t corn
Stanley Coot A merica_ _.•
Rights
Tono-Delmont Devel_ __I
Tonopah Mining
1
Union Traction
50
United It & Pow "A"corn'
United Gas Impt
50
New
6%
7%
Victor Talking Mach new..
West Jersey & Sea Shore_ 50
York Railways pref
50
Bonds,
Amer Gas dr Elec 5s_ _ _2007
A T Bakers64s
Consol Trac NJ 1st 591932
Elec & Peoples tr Ws 4545
Inter-State Rys coil 4s 1043
Keystone Teter) 1st 59.1935
Lehigh C & Nav gen 449'24
North Penn RR 4s_ _ _ _1936
Peoples Pass tr etts 49.1943
Phila Co stpd a f & red 1951
Phila Elec tat a I 4s. _ _1966
59
1960
1966
1st 5s
1947
55,a
1953
548
08
1041
5Sis
1072
Reading Term 5s reg__1941
Term 53 reg
1941
723.1
113%
42
52
55
4
78
2
1084
184
754
47
22
12
524
5934
144
234
83
3%
37%
90%
4234
38
103 103
10 103
134 14
500 13
51
45 48
5155
71% 73
1,795 70
1914 194%
75 147
92
92
160 92
113 1134
116 112%
40
40
5 40
42% 424
5 42
42
42
29 404
18% 20
260 17%
39
130 3534
40
10
10
300 10
26
108 26
27
144 144
30 124
744 76
253 734
52
52
120 514
89
9534
SOO 804
63
65
34 63
242 242
10 242
524 5.334
140 52
55% 2,499 514
55
4
434
490
4
78
10 76
78
14 2
720
14
1084 1094
1.551 107
174 184 19,327 154
116 1184
163 100
622 2434
248% 25
45 53%
5355 5355
81% 814
5 814
83
10 82
83
160 714
7235 7355
534 594 28,500 564
433 754
7534 77%
514
484
37
234
12
634
52%
47
594
154
37
1074
244
304
88%
44
155
3
384
1355
91
3734
914
984
374
424
38
10
12,098
100
16.503
973
20
788
850
1)15
805
65
60
1,404
50
21.854
8.654
3,460
700
679
995
11,294
1,374
343
293
1,374
32
857
100
101
704
5755
50
934
98%
94%
70
100
8834
103%
1054
105
107
107%
103% 1038%
1044 105
104% 105
07
117)4
$18,300
3.000
2.000
19.500
20 000
8,000
1,000
1,000
1.000
17.000
1.900
500
33,200
300
1.00G
4.500
40.000
8.000
8.000
7.000
514
464
37
214
11%
634
524
15
59
14
36%
1054
234
30%
83
34
14
3
3735
12%
894
35%
90%
984
354
42
37
06%
101
708%
57.4 5734
50
93
93
ossi 984
948%
70
99%
874
103%
105
104
105
107
107% 107%
101
ilnItnA I/ ma antel tr or I de 'AO
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Mar
Jan
Feb
Feb
Feb
Jan
Mar
Mar
Feb
Jan
Jr
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Mar
Feb
Jan
Jan
Jan
1034
174
544
73%
197%
92
1134
40
424
42
20%
42
10
27
16
794
55
9534
93
261
55
55%
5
78
24
11955
1834
125
28
54
824
83
7355
684
7955
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Mar
Mar
Mar
Jan
Jan
Mar
Mar
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Feb
Mar
Mar
Jan
Feb
494 Jan .52
Feb
464 Feb 54
Jan
37
Mar
Mar 37
am Jan 24 Jan
9
Jan 12
Jan
63
Jan 66
Jan
Feb 5455 Jan
52
424 Feb 47
Mar
57
Jan 594 Mar
114 Jan 154 Mar
36% Mac 374 Jar
944 Jan 11134 Fel.
214 Jan 24% Jar
308% Mar 31
Jar
82
Jan 904 Fel
34 Ma
44 Mai
14 Feb
234 Jar
3
Jan
3ors Jar
36
Jan 39
Fel
124 Feb 15% Jar
894 Feb 93% Jar
..34 Feb 39% Jar
874 Jan 924 Jar
97
Jan 99.8% Fel
33% Feb 394 Jar
40
Jan 428% Fel
344 Jan 38
Fel
95
101
62
54
484
93
98%
9434
66
994
87%
103
1038%
105
105
107
103
1044
1044
63
Feb 100
Mar 101
Jan 76
Jan 584
Jan 50
Feb9334
Mar 100
Feb9434
Jan 71
Jan 10034
Feb 894
Jan 1034
Feb105%
Mar 107
Feb107%
Jan 107%
Jan 105%
Feb 105
Feb 105
Jan
07U'
Jar
Ala
Jar
Jar
Ma
Fel
Jar
Fel
Jar
Fe]
Jar
Jai
Jai
Fe]
Jai
Jar
Fe]
Fe]
Fel
1:,
• No par value.
St. Louis Stock Exchange.-Rocord of transactions
at St. Louis Stock Exchange Feb. 26 to Mar. 4, both
Inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
BanksBoatmen's Bank
100
Alerchants-Laclede Nat 100
Nat ilk of Commerce...100
Trust Company
Alemannic Trust
100
Mississippi Vail Trust. _100
Miscellaneous
Aloe (A 13) Co common_ _20
Preferred
100
Berry Motor
•
Boyd-Welsh Shoe
•
Brown Shoe common..100
Preferred
100
Century Electric Co_ _ _100
Chicago Ry Equip corn_ _25
Ely & Walker D 0 com_25
100
First preferred
Fred Medart Mfg oom.. •
Hamilton-Brown Shoe_.25
•
Hussman Refr corn
282
157
150
282
155
152
282
157
10 150
10
122 155
428
285
428
286
428
10 285
34
34
101 101
15
15
40
40
414
3234 3234
110% 112
115
115 115
294 29%
3234 314 324
112 112
28
28
36% 37
31
31
101
Range Since Jan. 1.
Low.
84
310
100
341
60
90
16
50
254
10
100
119
105
32
101
15
40
32
1084
115
284
314
111
28
30
31
High.
Afar 155
Jan
Feb 163
tJan
Mar 4304 Feb
Mar 290
Feb
Jan
Mar
Mar
Afar
Feb
Feb
Mar
Jan
Feb
Feb
Mar
Feb
Mar
1341
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
34
Afar
101
Mar
15
Afar
42
Feb
344 Jan
112
Mar
115
Mar
30
11.1an
35
Van
112
Feb
29 Ilan
394 [Jan
36
Jan
Huttig S & D corn
•
Preferred
100
Hydraulic Pr Brick corn 100
Preferred
100
Income Leasehold com_ •
International Shoe com__•
Preferred
100
Johansen Shoe
•
Johnson-S & S Shoe
*
Laclede Gas Light pref _100
100
Laclede Steel Co
Mo Portland Cement___25
National Candy cora _ _ _100
Second preferred_ _ _100
Pedigo-Weber Shoe
•
Planters Realty prof. _ _100
Polar Wave I & F "A".._•
Rice-Stic Dr Gds com___*
100
First preferred
Second preferred_ _100
Scruggs-V-B- D (I corn_ _25
Sheffield Steel corn
*
Staloff Packing corn
*
Skouras Bros "A"
•
Southern Acid & Sul com _•
Southwest Bell Tel pref_100
St Louis Amusement"A"..•
St Louis Car corn
10
Preferred
100
Stitt Baer & Fuller corn_ _ _*
Wagner Electric corn
•
Wagner Elec Corp pref _100
Waltke(Wm)& Co corn _ _•
100
Union Biscuit pref
Mining10
Granite BI-Metallic
Consol Lead & Zinc "A".._•
Street Railway Bonds
E St Louis & Sub Co 5s '32
St L & Sub Ry gen mtge
1923
5s c-d
1934
United Rys 4s
1934
45 c-d
Miscellaneous BondsNinloch Long Dist 59.1929
Pierce (13)(Income Lease1936
hold Co) 5s
Wagner Elea Mfg 7s_ _serial
Houston 011 634s
1935
168
30
49
894
30
34
204
109%
224
117
105
28
28
100 100
4% 5
74
74
174 174
163% 1684
1084 10834
30
30
524 564
112 119
165 165
4834 50
84
894
100 100
30
30
94
94
34
34
20
204
109 109%
994 100
22
2234'
27
27
18
18
43
44
44
45
1164 117%
43
43
17
17
97
97
294 30
2034
20
70
70
70
68
105 105
30c
14
30c
14
Range Since Jan, 1.
Low.
30
10
210
15
28
1,231
234
50
10
160
31
1,337
530
1
305
20
265
595
170
50
32
200
150
245
110
59
45
10
15
500
160
5
86
16
300
230
High.
28
100
434
74
16
158
108
30
504
96
165
48%
84
100
30
94
32
20
105%
99
204
2534
18
42
44
1154
43
17
96
2934
1834
68
5134
100%
Feb
Mar
Feb
Mar
Jan
Feb
Feb
Mar
Feb
Jan
Feb
Mar
Feb
Feb
Mar
Afar
Jan
Afar
Jan
Feb
Jan
Feb
Mar
Feb
Mar
Jan
Mar
Feb
Jan
Feb
Jan
Feb
Jan
Jan
30
1014
7
814
174
168%
109
30
55
127
185
54
918%
105
33
94
34
2254
109%
100
224
274
184
48
45
1174
45
1834
984
314
24
74
70
105
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Mar
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Mar
Afar
Jan
Mar
Mar
Feb
Feb
Feb
Jan
Mar
Feb
Feb
Jan
Jan
Jan
Jan
rJan
Mar
Feb
30c
13
Feb
Feb
30c
17
Feb
Jan
904
9034 9034 25,000
Ng
Jan
9034 Mar
76
75%
804 804
754 76
75% 754
80
Feb
754 Star
754 Mar
Jan
82
774 Jan
77
Feb
1,000
9.000
5,000
1004 100%
1,000 100
100 100
984 98%
103% 10555
1,000 99
Feb 100
Mar
500 98 55 Jan 99
Feb
Jan 1034 Mai
6,500 103
Feb 1004 Fob
• No par value.
San Francisco Stock and Bond Exchange.-Record of
transactions at San Francisco Stock and Bond Exchange
Feb. 26 to Mar. 4, both inclusive, compiled from official
sales lists:
Friday
Sales
Last Week's Range for
Sale
ofPrices.
1Veck.
Stocks-Par.Price. Low. High Shares .
American Trust Co
Anglo & London P Ni Bk.
Bancitaly Corporation_ _ _ _
Bank of California N A_
Bank of Italy
Catmint Sugar corn
Preferred
California Copper
Calif Oregon Power prat_ _ _
California Packing Corp_ _ _
California Petroleum corn_
Caterpillar Tractor
Coast Co Gas & El 1st pfd_
Crocker First Nat Bank
East Bay Water A pref. _ _ _
East Bay Water B prof....
Emporium Corp. The
Fageol Motors pref
Federal Brandeis
Fireman's Fund Insurance_
Foster & Kleiser corn
Great Western Power pref_
Haiku Fruit & Pack (free)
360
222
112
6724
71
4.50
--30
aa
28%
95
312
974
6%
10%
90
124
103
Hale Bros Stores
Hawaiian Com'i & Sugar__
484
Hawaiian Pineapp
@FedFRASER