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The. 1,
tillinurrt3t
financial
Iirtiturie
INCLUDING
Public Utility Compendium
ti Jilt way & industrial Compendium
Railway Earnings Section
''•rate & Municipal Compendium
SATURDAY, MAY 1 1926
VOL. 122.
Bank and Quotation Secti-21
Bankers' Convention Sectio
NO. 3175.
has the controlling interest in the new Duke-Price
Power Co., Ltd., which is developing a power plant
with a present capacity of 450,000 horse-power, and
Terms of Subscription—Payable in Advance
Including Postage—
12 Mos. 6 Mos an ultimate capacity of 540,000 or more. The plant
Continental
United
States
except
Alaska
$10.00
$6.00
Within
6.75 is located near tidewater on the lower St. Lawrence
11.50
In Dominion of Canada
13.50
7.75
Other foreign countries, U. S. Possessions and territories
NOTICE.—On account of the fluctuations in the rates of exchange, River. To this bauxite can be cheaply transported
remittances for European subscriptions and advertisements must be mad•
In New York funds.
from the company's huge deposits near tidewater on
Subscription includes following Supplements—
the Orinoco River, South America. The new power
COMPENDIII1113-SECTIONS—
BANE AND QUOTATION (monthly)
PUBLIC UTILITY (semi-annually)
RAILWAY EARNINGS (monthly)
company will furnish power to the Aluminum Co.,
RAILWAY & INDUSTRIAL (semi-ann.)
Bemuse' OONVIONTION (yearly)
STATE AND MUNICIPAL(semi-annually)
the Shawinigan Water & Power Co., which serves 50
Terms of Advertising
communities in Ontario, including Quebec and MonTransient display matter per agate line
Contract and Card rates
n45
request
cente
treal, and to a number of large paper companies.
Cameo° Orrxma—In charge of Fred. H. Gray, Western Representative,
208 South La Salle Street. Telephone Harrison 5616.
This building of large industrial units at points of
LONDON OFFICE—Edwards & Smith. 1 Drapers' Gardens. London, E. C.
WILLIAM B. DANA COMPANY, Publishers,
vantage in the world, with every facility provided
Front, Pine and Depeyster Streets. New York
by science and unlimited capital is typical of modPublished every Saturday morning by WILLIAM B. DANA COMPANY. ern industry, and is setting the pace in competition
President and Editor, Jacob Seibert; Business Manager, William D. Riggs:
Tress. William Dana Seibert:See. Herbert D.Seibert. Addresses of all. Office of Co. in which all industry must contend. The low costs
of the products of such enterprises tend not only to
The Financial Situation.
bring down the cost of living throughout the world,
The vigorous rally in nearly all classes of securi- but to afford competition with which less well orties, which ran through last week, has not been con- ganized business units cannot successfully contend.
tinued into this week, but rather prices have been This stimulates improvement.
The development of large low cost business units,
fluctuating in moderate swings not far from the
high point of the rally. This has been particularly however, is not always productive of general good
true of high grade bonds and stocks of the best in the first instance, as is made clear by a study of
quality, with thoroughly established dividends. The the existing depression in the textile industry. This
market at present is characterized by discriminating was one of the first great industries to be developed,
investment buying rather than by speculative move- and goes back in more or less modern form for more
ments. The evidence of this is seen in the continued than 100 years. Ownership is not highly conceneagerness of absorption of all high grade offerings. trated. There appears to be ample capacity, or even
The conspicuous issue of the week was made on excess capacity for present world requirements.
Thursday morning by a large syndicate headed by As a result, prices have been declining for some time,
the Union Trust Co. of Pittsburgh. It comprised and manufacturing profits have been small, and in
$37,000,000 Duke-Price Power Co., Ltd., first mort- many cases absent. One of the longest and most
gage 6s, 1966. The bonds were offered at par, yield- intense depressions in the history of the industry
ing 6%, and went to a premium early Thursday prevails. Notwithstanding this, there are many
morning and were quoted Friday evening at 101/
1
2@ concerns that are working night and day and mak102. This offering constitutes financing in connec- ing large profits. These mills have certain charaction with a development which is typical of the high- teristics in common. Their managements possess
est type of modern business organization, utilizing the foresight needed to keep production in line with
the latest scientific information and world re- the public demand. Their organization is such that
sources, and organizing to reach world markets. A their operating costs are lower than the average in
great many years ago Andrew W. Mellon and his the industry, and for the most part they are running
brother at Pittsburgh backed with a modest sum two or three shifts a day, so that the burden of susMr. Arthur B. Davis and associates in development taining the capital invested in plants is relatively
of a process of making aluminum from bauxite ore. light. These pace-makers of industry are providing
Since that time surplus earnings have been going the world with cheaper cloth than it would have
into the development of the properties, which to-day otherwise, but their competition is exceedingly hard
represent more than $150,000,000. The production upon their less efficient rivals.
The only sure and permanent way out of the
of aluminum requires bauxite and cheap power in
large quantities. To-day the Aluminum Company present difficult situation is for the rank and file
of America owns the principal bauxite deposits of the industry to come up to the efficiency of the
throughout the world, and operates approximately leaders. It will not be at all surprising to see a
600,000 horse-power in power plants. The company 'concentration of properties in this industry under
11,tie Thromar
PUBLISHED WEEKLY
2402
THE CHRONICLE
the skillful hands of those comparatively few men
who are conducting successful operations under
present conditions. This situation is world-wide
in extent. Practically the same conditions prevail
in the United States, Europe and elsewhere. There
are, of course, other major factors causing depression, such as the large surplus of cotton at the present time, currency inflation in France, the impoverishment of Russia, the disturbances in China, the
increase in the supply of cotton in India, and the
fact that raw materials of textiles did not get down
to the general post-war level of commodities as
early as most other commodities, 80 that major
adjustments are probably being made at present.
During the week there has been a considerable
budget of constructive developments. Chief among
these.has been the signing of the agreement for.funding .the French debt to the United States Government. There has been surprise that the French
franc, now about 3.30 cents, has not responded to
this favorable development. Possibly, however, the
French Government intends to -stabilize near the
present level and has ;the situation in hand. The
United States Steel Corporation has placed its stock
•on a 7% basis,.comparing with the regular rate of
5% paid during the past ten years, with extras from
time to time, the extras making the total distribution 7% during recent years. While this does not
provide for increase in the cash distribution, it
nevertheless is an impressive gesture indicative of
confidence in the continuation of favorable business
conditions by a body of men occupying a commanding financial position in the world. The declaration
was accompanied by an excellent report of earnings for the first three months of this year.
The Senate Committee on Irrigation and Reclamation has reported favorably in respect to the Boulder
Dam bill, involving an expenditure of $125,000,000
for developing the Colorado River Basin. A proper
development of this project would be a matter of
major importance to the nation, as there is possibility of providing some 6,000,000 horse-power, and
of opening up through irrigation several million
acres of what should prove to be one of the richest
portions of the earth. It is estimated that this valley can be made very productive and support many
millions of people under proper conditions.
The first 57 railroads to report their March earnings showed an increase of 8.9% in gross revenues
and an increase of 28.7% in net income over the corresponding month in 1925, the net having risen from
$58,070,000 to $74,779,000. Car loadings for the
latest week were up 35,429 over the preceding week
and 41,091 as compared with the corresponding
week last year. The railroads have not had much
of anything in the way of rate increases for a number of years, but they have gained materially in net
income through increasing efficiency, and many of
them are making determined efforts to create and
develop traffic by providing superior service. The
Boston & Maine, for instance, has recently shortened
the time of all of its trains, and put into service a
number of new crack trains, the result of which is
already manifest in increasing passenger traffic.
The reports of automobile companies for the first
three months of this year have almost all shown
record-breaking outputs, and in many cases the
profits have been above those of any corresponding
period. In the recent recovery in the stock market
the automobile group has shown a greater percent-
[Vox- 122.
age of recovery than any other group, and General
Motors stock the present week recorded its highest
price for the year. The recent reduction in Canadian duties on automobiles is considerably curtailing the Canadian industry, and probably will have
the result of passing some business over the border
to American firms. Henry Ford, however, has announced that the necessity to sell at lower prices
will bring about greater efficiency, and that he sees
no reason why Canadian built machines cannot compete with American machines. This is frank testimony for freedom of trade, which Mr. Ford favors
as a universal principle.
This has been a week of important action with
respect to European war debts to the United States.
That of France easily has taken the lead. Just when
the agreement was reached by the representatives
of the two Governments that had the negotiations
directly in hand has not been made public. The
agreement was signed in Washington Thursday afternoon (April 29). In a special Washington dispatch under that date to the New York "Times" the
action and the chief features of the agreement were
outlined as follows: "An agreement for the funding of the French war-time debt of about $4,000,000,000 to the United States, under which France undertakes to pay a total of $6,847,674,102 over a period
of sixty-two years, was signed this afternoon by the
American Debt Commission and Ambassador Berenger, after President Coolidge had given his approval.
The terms had already been endorsed by cable by
Premier Briand. To become finally binding the
compact must be ratified by the French and American legislative bodies. While the terms for the first
ten years call for payments less by $35,000,000 than
those offered by former Finance Minister Caillaux
last October, the total to be paid in sixty-two years
is $627,000,000 larger and there is no safeguard
clause which would make the payments by France
dependent upon receipt of German reparations. For
this reason it is felt that ratification by Congress is
assured and the leniency of the terms in the early
years is expected to result in favorable action by
the French Senate and Chamber. Under the agreement payments are $30,000,000 for the first and second years, $32,500,000 for the third and fourth years
and $35,000,000 for the fifth. year. They then increase to a maximum of $125,000,000 in the seventeenth year, continue at that level until the sixtyfirst year, and there is a final payment of $117,674,104. No interest is charged for the first five years,
and after that the interest, averaged, would be about
1.58%. The present-day value, under the agreement
figured at 41/
4% over sixty-two years, is a shade
more than 50% of the principal of the French debt,
as opposed to 26% in the Italian agreement and
78% in the British compact. A clause will be written into the final form of the agreement granting to
France the right to delay an individual payment in
the first five years, for three years from the date it
falls due, if France so desires, but this must be repaid before there can be other delays. A similar
clause, granting a period of grace of two years, is
in the British agreement." According to a special
Washington dispatch to the New York "Herald
Tribune" under the same date, "emphatic refusal of
the American Commission even to consider the socalled 'safety clause,' which would have provided
for reconsideration should economic conditions in
MAY 1 1926.]
THE CHRONICLE
France, especially the failure of German reparations, make it seem essential. The French were most
insistent on this, but yielded when they discovered
that the American Debt Commission would not consider the insertion of any such clause. It is under.
stood here that the attitude of the French is that the
present 'hard-hearted' attitude of America, as they
see it, will pass with time, and that later on they will
be able to obtain a substantial revision of the agreement. This is said to be the reason they are so
anxious to avoid larger payments during the first
few years, and why Ambassador Berenger, to obtain
smaller early payments, was willing to agree to
larger payments• later on than the Caillaux Commission had been willing to consider."
2403
States of more than $4,000,000,000 will be reached
some time next week appeared pretty well assured
after a meeting to-day of the American Debt Commission, at which the offer submitted yesterday by
M. Berenger, the French Ambassador, was discussed." He added that "members of the Commis- •
sion refused to go into the details of the proposition,
but it was said informally that M. Berenger's offer
was much more satisfactory than the one made by
former Finance Minister Caillaux last October, and
that there seemed good reason for the belief that
adjustments could be obtained which would make
it acceptable to the American Government."
Following the session of the American Debt Commission on Monday morning, official announcement
'was made that "the initial offer by Ambassador
The fact that a settlement had been signed was Berenger for payment of the French debt to the
said to have been a surprise in Paris. The New York United States was not acceptable." It was added
"Herald Tribune" representative at that centre ca- that "the offer, however, is much better than that
bled late Thursday night that "the American debt made by Joseph Caillaux as head of the French
settlement came as a great surprise, not only to offi- Funding Mission, and will be used as the basis
for
cial circles here, but to press and public alike. Af- further negotiation. There is genuine optimism
ter the Cabinet had debated the situation at length that an agreement will be reached." Continuing,
to-day, President Doumergue had called another the New York "Evening Post" correspondent said:
meeting for to-morrow, in an effort to conciliate the "The Berenger proposal is not viewed as
being a
differences which seemed to exist between Ambas- final one. It was offered as a trading
basis. On its
sador Berenger and the American Commission. rejection, the Ambassador will pretend to defer
to
This meeting will be held to-morrow morning and in- Premier Briand and Finance Minister
Peret, who
stead of outlining how far France is able to go to- know already how far they are
prepared to go, to
ward a settlement will be called on to accept or gain an agreement, obtain new
credits in New York,
reject the provisional agreement that was reached put the franc on its feet
and merit the approval of
so unexpectedly at Washington. Premier Briand the major body of French public
opinion." Word
to-night was not advised that any agreement -had came from Paris the same afternoon,
through an
been reached, having retired at 9 p. m., two hours Associated Press dispatch, that "the
Finance Cornbefore the first word reached Paris."
• mittee of the Chamber of Deputies generally upCommenting upon the probable action of the proved Ambassador Berenger's
negotiations at
United States Senate, the Washington representa- Washington after Premier Briand and Finance
Mintive of the "Herald Tribune" said in a dispatch late ister Peret explained the situation this afternoon."
Thursday night that "bitter opposition from a mi- The correspondent further stated that
"consenority in both Houses of Congress to the settlement quently, it is learned, the final accord with
the
of the French debt reached to-day was apparent United States will find a favorable majority in the
from a canvass of the two Houses to-night. The terms committee." It became known at the same time
that
were not made public until too late for many Sen- "M. Peret told the committee he was leaving
for
ators and Representatives to obtain a clear idea as London after the American accord was accomto what had been done, but publication of some of plished, probably early next week, to negotiate
with
the details in advance had given a sufficient inkling Chancellor of the Exchequer Churchill."
of what would come to reveal the line-up rather accurately. The settlement will be vigorously opAs the week progressed the advices, both from
posed by most, but not all, of the Senators who Washington and Paris,
particularly the former,
fought the Italian settlement, while it is expected seemed to show that progress
was being made in the
that a small group of Senators who voted in favor of negotiations. The American
Debt Commission was
the Italian settlement will oppose the French. The said to have insisted
that "M. Berenger, the French
fight against ratification will be led by Senator Ambassador, revise his
offer for the funding of
Reed, of Missouri, and Howell, of Nebraska, both of France's war-time debt by
raising the annuities for
whom think the British settlement was far too lib- the first five years to more
than $25,000,000 and also
eral. Mr. Howell was not in the Senate when the to make adjustment in
payments for later years so
British settlement was approved, but has opposed as to bring
the total nearer the $7,500,000,000 which
all the settlements since and has often voiced dis- some of the Commissioners feel
is the least this counapproval of the British terms. There seems to be no try should
accept."
question, however, that the settlement will be ratiWith respect to this point it was stated in a spefied by both Houses of Congress if time is allowed to cial Paris cable dispatch to the New
York "Times.
'
push it to a vote in the Senate before adjournment" on April 26 that "the news that the
American Deb
Funding Commission has asked for revision of the
Even a week ago, according to Washington dis- French settlement terms has not caused
any great
patches, the outlook was favorable for reaching an surprise in Paris. Indeed, such is
French opinion
agreement during the present week on the French of the Washington Commission
that the only surwar debt to the United States. The Washington rep- prising result would have been the
Commission's acresentative of the New York "Times" said on the ceptance of the proposals. Details
are still lacking
evening of April 24, "that an agreement for the as to the manner in which it.is
proposed the revision
funding of the French war-time debt to the 'United should be made. If it is a question of
larger pay.
2404
THE CHRONICLE
ments during immediate years, then there seems very
little chance of any hurried acceptance on the
French side." The New York "Herald Tribune"
correspondent in the French capital gave quite a
different impression as to the attitude of the French
Government leaders. He reported that "evidently
with advance news of the American Debt Funding
Commission's refusal to accept in its entirety the
French proposal for settling the war debt, Premier
Briand and Finance Minister Peret appeared this
afternoon before the Chamber Finance Commission
to pave the way for further concessions which may
be found necessary to meet the American point of
view. America's right to an equitable settlement,
not only from a moral and political angle but also
from a financial point of view, was vigorously upheld by the Premier, who urged the necessity of
France's reaching an agreement which would regain
American good-will and re-establish normal relations between the two countries."
Word came from Paris Thursday afternoon (April
29) that "the Chamber of Deputies and the Senate,
after sending the budget backward and forward all
day yesterday and last night, finally reached an
agreement and passed it shortly before dawn to-day.
Parliament then adjourned until May 27. The figures of the budget as finally voted show receipts of
37,498,000,000 francs and expenditures of 37,338,000,000 francs, thus giving a surplus of 160,000,000
francs." In a later wireless Paris message to the
New York "Times" the same evening the following
details were given: "At 3.30 o'clock this morning
the French budget for 1926, which should have been
voted before the first of the year, got the final approval of the Senate and Chamber. It had been
under discussion in commission and Parliament
since Finance Minister Caillaux first presented it
last July. It has been modified and redrafted half
a dozen times in its major outlines and changed almost completely in details. Its passage has entailed
the ousting of five Finance Ministers—Caillaux,
Painleve, Bonnet, Loucheur and Doumer—and provoked the downfall of Painleve's Cabinet and Briand's first Ministry. In amount-37,500,000,000
francs—it is the largest budget ever voted, and its
passage has provoked many records in oratorical
effort, in the number of night sessions and in bitterness of polemics. Only its final results have been
satisfactory."
Now that a settlement of the French debt to the
United States has been reached, negotiations are to
be taken up by the French Government with Great
Britain with respect to closer relations. Word
came from Paris yesterday morning that "President
Doumergue of France, accompanied by Premier Briand, will make a State visit to London on June 22.
To this announcement, made here to-day, considerable importance is attached, as it is hoped that the
visit will lead to a reaffirmation of the entente between the two great Allies." According to a special
wireless message to the New York "Times" at the
same time, "when President Doumergue and Premier Briand arrive in London on June 23 for a threeday State visit they will be the guests of King George
at Buckingham Palace. There will be a State banquet on the night of their arrival." It was added
that, "although this is not the first time that French
statesmen have been so honored, it is probable that
the invitation was intended as a special gesture of
[vol.. 122
friendliness toward France at a time when, as stated
a few days ago by Sir Austen Chamberlain, the peace
of Europe depends so greatly on cordial agreement
between the two former Allies."
Plans for the settlement of war debts to the United
States have been ratified by the United States Senate in rapid succession, following the action in the
Italian plan late last week. On Monday (April 26)
the Belgian plan was approved by a vote of 55 to
20. The New York "Herald Tribune" representative
in Washington said that "the majority of thirty-five
in the Senate for the Belgian debt settlement caused
much surprise, as the margin for the Italian settlement was only nineteen." The next day agreements
with Latvia, Esthonia and Rumania were favorably
acted upon by the Senate. The vole on the settlement with Latvia was 50 to 18 and on the other two
51 to 16. In a special Washington dispatch to the
New York "Times" on the evening of April 27 it was
set forth that "the amounts involved in the compact
ratified to-day are as follows: Latvia, $5,775,000;
Esthonia, $13,830,000; Rumania, $44,590,000. The
funded debts which have been approved by Senate
and House include, in addition to the foregoing,
those with Belgium, Great Britain, Hungary, Finland, Italy, Lithuania and Poland. Those still to be
adjusted are with France, $4,377,000,000; Russia,
$225,200,000; Jugoslavia, $65,400,000; Armenia,
$14,960,000, and Greece, $17,600,000." It became
known Wednesday afternoon that "the Senate
cleared its calendar of war debt settlements to-day
by approving the agreement with Czechoslovakia for
the funding of its $185,000,000 obligation to the
United States. The vote was 53 to 17." On the same
afternoon "President Coolidge signed the Italian
debt compact, thereby making it effective." Yesterday he signed the French agreement.
Much less progress, in fact, no real progress, was
reported to have been made as a result of the negotiations with respect to the debt of Russia, under the
old regime, to France. It was asserted in a special
Paris dispatch to the New York "Times" on April
24 that "the negotiations which have been going on
for several weeks between France and Russia for
payment of the Czarist debt to this country have
broken down. In fact, it became known here to-day
that the sessions which have been held daily at the
Quai d'Orsay by representatives of both nations had
been suspended since the beginning of the week, so
far apart did the negotiators find themselves. M. de
Monzie, head of the French delegation, frankly informed the Soviet delegates that it was useless to go
on in view of the radical divergence of opinion expressed by France and Russia, but the Russians, it
is stated, have become greatly worried over the impending breakup of the conference. The Soviet Ambassador to France, M. Rakowsky, conferred at considerable length with Premier Briand and succeeded
in obtaining a delay during which time the two nations 'will rest on their respective positions' for a
period not yet fixed."
The negotiations between the French and Spanish
Governments and representatives of Abd-el-Krirn.
the Riffian leader, have continued. Announcement
was made in an Associated Press dispatch from El
Aioun, French Morocco, on April 24 that "a plenary
session of the French, Spanish and Riffian peace
Dar 1 1926.]
THE CHRONICLB
delegations was convened here at 3 o'clock this afternoon."
According to a special cable dispatch from Taourirt, Morocco, to the New York "Times" the next
day the Riffian delegates were becoming rather impatient. It was stated that "Si Mohammed Azerkane, Foreign Minister of the Riff and Abd-el-Krim's
chief peace delegate, complained in his first unrestricted interview with the correspondents that the
Riffian envoys were tired of being taken from one
little town or army post to another. 'We came here
from the Riff to participate in a peace conference at
Oudja,' he said,'but we have not yet been permitted
to enter Oudja. We are housed very comfortably
and M. Gabrielli is very fair to us, but we have come
to make peace, if that is possible, and we are anxious
that the conference actually should begin here. If
we delay much longer here the Riffian people will
become suspicious. They will think we are waiting
here in secret conference with the Spanish and
French instead of going to Oudja, as had been
planned when Abd-el-Krim sent us. They will wonder if perhaps we are not making some secret bargain of our own.'"
There appeared to be a determination on the part
of the French and Spanish to hurry the negotiations
and to blame the other side for the delay. Announcement was made in an Associated Press dispatch from
Paris on April 26 that "the Havas Agency declares
that France and Spain have decided to limit the
peace discussions with the Riffians at Oudja to May
1, and that if an agreement is not reached by that
day a military offensive will be started."
According to all the accounts, the preliminary
conferences or "conversations" did not accomplish
anything definite. In a special cable dispatch from
Oudja, Morocco, to the New York "Times" on April
26 it was stated that "the fruitless preliminary conversations between the French, Spanish and Riffians
were cut off short to-day on instructions from Paris
and Madrid and the formal peace conference was
convened soon after 6 o'clock this evening. The first
meeting lasted but ten minutes and the next session
will convene at 9 o'clock to-morrow morning. During the brief initial conference General Simon, head
of the French delegation, outlined in behalf of the
French and Spanish the program which will be followed to-morrow. There was no discussion. Si
Mohammed Azerkane, the leader of the Riffian delegates, was then escorted back to the Moorish house
placed at his disposal during the conference, and a
few minutes later he received the newspaper correspondents. To countless questions he raised tired
eyes from the low couch upon which he reclined and
replied in a soft voice: 'We wish peace. We hope
to establish it as soon as possible. We are happy
with our first reception, but only Allah knows how
long it will take to reach an agreement.'"
The assertion was made in a special Paris dispatch to the New York "Times" on April 28 that the
French and Spanish intended to use heroic measures
if necessary to bring the Riffians to time. According to the dispatch, "everything is in readiness for
the launching of a sharp, decisive offensive against
the Riffians next Saturday if by then the representatives of Abd-el-Krim have not unconditionally accepted the four essential terms presented to them
by France and Spain. This was learned in Paris to-
2405
night from an official source, where it was explained
that France as well as Spain could not tolerate any
longer the dilatory tactics of the Riff delegates. It
is therefore quite likely that to-morrow, or Friday
morning at the latest, General Simon will say in effect to Si Mohammed Azerkane and his aids: 'These
are our terms. You have had plenty of time to consider and discuss them. You must now give us a
yes or no answer without further requests for concessions or delays. Otherwise war will be resumed.'"
Word came from Oudja, French Morocco, the next
day, through an Associated Press dispatch, that
"the Riffians have accepted the Franco-Spanish demand for a reply to their peace terms before May 1.
A courier from Abd-el-Krim was expected to arrive
from Targuist during the afternoon, and when the
conference reconvenes at 6.30 p. m. a decisive turn in
the negotiations, either toward war or peace, is expected." It was added that "the French military
authorities declared this afternoon that the advance
movement of their outposts south of the Ouergha
River was now concluded. The only object of the
movement, they said, was to relieve the friendly
tribesmen who held the line during the rainy season."
"*.1•1
Announcement was made in Paris yesterday afternoon that the Riffians had been given two or
three days longer in which to make their reply. The
Associated Press representative at that centre cabled that "the Riffians have one more chance to
confer with Abd-el-Krim before replying definitely
to the Franco-Spanish peace offers. War Minister
Painleve announced upon leaving a conference with
Premier Briand to-day that the tribesmen 'have until the second or third of May.'"
Although acts and statements of Benito 3Iussolini, Premier and Dictator of Italy, in recent weeks,
are said to have been disturbing to Great Britain
and several other Powers, they do not appear to
have troubled Aristide Briand, Premier and Foreign
Minister of France. In fact, the latter apparently
is a defender and champion of Mussolini's foreign
policies. According to an Associated Press dispatch
from Paris on April 23, "Premier Briand, replying
to a Socialist interpellation in the Chamber of Deputies this morning, said he was convinced that Premier Mussolini was trying to realize Italy's legitimate aspirations and that the Italian Premier did
not wish to disturb the peace of Europe." The correspondent added that "he took occasion to warn the
Chamber that France was not ready to 'indicate to
other peoples the manner in which they ought to
govern themselves,' pointing out that this 'hands-off'
policy was not confined to Italy alone, but applied
to Russia and Hungary, as well as every other country with which France had relations." The New
York "Herald Tribune" representative in the French
capital cabled that "M. Briand summed up by saying: 'In the actual state of Europe and the whole
world France will constantly be an agent for peace.'
This phrase drew thunderous applause from the
Chamber."
In the following excerpt from a special cable dispatch from Rome to the New York "Herald Tribune"
on April 29, an excellent idea of Mussolini's attitude
and policies is given: "'If it is my lot to die,' declared Premier Mussolini to-day, in a speech before
an enthusiastic demonstration of members of the
2406
TIIE CHRONTC11472
[Vol.. 122.
Chamber of Deputies on the occasion of the Duce's
reopening of Parliament, 'all necessary arrangements have been made for Fascism to continue
firmly holding Italy's destinies in its hands, whatever may arise.' In these words Signor Mussolini
for the first time made a specific answer to the
charge that Fascism will crumble up on his death.
Referring to the attempt on his life, he said: 'Mussolini wants a share in danger. Nor does he intend
to lose contact with the Fascist Party or the Italian
people. I have no intention of hiding myself from
the public or of living in guarded seclusion. April 7
was a rather lively day, but not because of the happening at the Capitol, but because of what happened
in regard to Africa.' The Chamber officially and
enthusiastically expressed thanksgiving for Signor
Mussolini's escape and after a rousing ovation,
Signor Casertano, President of the Chamber, concluded a speech by saying: `God has given Mussolini to us. Beware who touches him!'"
motives of unprovoked aggression. 2. Germany,
basing her position on her interpretation of the
Covenant of the League of Nations, as concurred in
by the other Powers participating in the League settlement, binds herself to participate in no action,
economic or otherwise, directed against Russia by
the League of Nations, provided that the German
representative in the League negotiations preliminary to such an action decides that no proper
grounds exist for warranting Germany's participation. 3. The friendly relations between Germany
and Russia established by the Rapallo treaty are to
be further strengthened through consultations on a
permanent basis regarding political and economic
questions. 4. All disputes that may arise between
Germany and Russia out of the present Russo-German treaty on the one hand and the Locarno accords
and Germany's entrance into the League of Nations
on the other, shall be submitted for settlement to a
non-partisan court of arbitration."
The much-discussed treaty between Germany and
Russia has been signed. This took place in Berlin
on April 24. The Berlin representative of the New
York "Times," in a wireless dispatch that evening,
said, "with the simplicity befitting the Spartan traditions of the Teutonic and Soviet Republics the
Russo-German treaty, guaranteeing the reciprocal
neutrality of the high contracting Powers in the
event of either being attacked by another nation,
was signed this afternoon in the German Ministry of
Foreign Affairs by Foreign Minister Stresemann
and M. Brestinsky, the Russian Ambassador." Announcement was made in the same dispatch also that
"the Luther Cabinet this morning unanimously approved the treaty without discussion. President
von Hindenburg immediately gave Dr. Stresemann
formal authorization to sign for Germany. The Foreign Minister then called in the leaders of all the
Reichstag parties except the Communists and the
Ludendorff Voelkische chiefs, which are considered
outside the political pale, and outlined the agreement to them, without, however, disclosing its exact
wording."
The text of the treaty was made available in Berlin Monday evening for publication the next morning (April 27). In a special wireless message to the
New York "Times" from that centre on Monday evening it was declared that "Germany's Locarno and
League of Nations Policy remains unaltered by the
so-called neutrality treaty between Communist Russia and republican Germany,issued to-night for publication. But political and economic co-operation
between the two major Powers of Central and Eastern Europe is to be so close as to constitute a comprehensive entente cordiale, though with the military background left out—at least both sides so aver.
Consultative collaboration, which is practically unlimited, obviously is the most important feature of
the new accord, since it begins at once and is not
subject, like other clauses of the instrument, to
hypothetical eventualities. The contemplated contract 'to insure mutual understanding' is defined as
covering 'all questions of a political or economic nature affecting the two countries.'"
The principal features of the treaty were outlined
in greater detail as follows: 1. Germany and Russia insure mutual neutrality, both military and economic, in the event of a declaration of war against
either emanating from a third Power actuated by
The treaty seems to have been received in London
without apprehension. Sir Austen Chamberlain
was said to have given expression to this idea at the
Anglo-French luncheon in the British capital on
April 26. The impression conveyed in French Government circles was quite different, according to an
Associated Press dispatch from Paris on the afternoon of April 27. It stated that "the Russo-German treaty, received in official form at the French
Foreign Office this morning, created a most unfavorable impression. The Foreign Office experts will
carefully examine the text before any decision is
taken as to what steps may be necessary. It is said
that Germany is likely to be asked to explain the
apparent conflict between the terms of the treaty
and Article 16 of the League of Nations' covenant
before she is admitted to the League in September."
It was explained that "Article 16 of the League
covenant binds the members of the League mutually
to support one another in any financial and economic
measures which may be taken against a covenantbreaking State. Article 3 of the Russo-German
treaty, as given out in Berlin, sets forth that should
a coalition be formed with the object of imposing an
economic or financial boycott against one of the two
signatories of the present treaty the other will not
join in such a coalition."
The correspondent added that "a Foreign Office
spokesman said the treaty text sounded as though it
had been drawn to please the reactionary elements
in Germany, indicating that the Berlin Government
was trying to follow two opposing policies, one of
which tended to support the Russian attacks on the
League while the other kept the League door open
for Germany's entrance." Continuing, he said that
"the Allied Chancelleries are busy studying the text
of the treaty, and as soon as it was fully digested
exchanges of views will be immediately initiated between London, Paris, Rome, Brussels, Prague and
the Secretariat of the League of Nations."
According to a special Paris cable dispatch to the
New York "Times" on April 27, apprehension over
the treaty was on the increase rather than otherwise.
It was stated that "to the appearance of the European chessboard and to the game which France has
been playing during the last few years the GermanRussian move revealed in the text of the GermanRussian treaty published to-day has made a difference of the utmost importance. In diplomatic cir-
MAT 1 1926.]
THE CHRONICLE
cies it is admitted that the new situation calls for
the greatest skill if it is to be countered; in Parliamentary circles where what has happened is far less
understood there is something of dismay, and in
Nationalist circles there is one more fagot of blame
added to the burden which Premier Briand has to
carry. Official comment is moderate. The Quai
d'Orsay spokesman had nothing to say in criticism
of the new compact in so far as it concerned France.
Germany's right to make a treaty of neutrality with
Russia is not a matter France can dispute. But
among the lesser chessmen on the board, those bishops, castles and knights who are France's allies in
Eastern Europe and who feel themselves threatened,
the, effect has been such that the Quai d'Orsay has
been in these last few days besieged by Ministers and
Ambassadors asking what is going to be done about
it. M. Briand, with his usual pacific words, has
tried to calm their fears, but he more than any one is
gravely conscious of the real purport of this compact and its challenge, at least on the side of Russia,
to the League."
Rather bold and striking statements were made
by the Berlin representative of the New York "Evening Post" relative to actual aims of Germany, as
revealed in the treaty. He asserted that, "with the
Russo-German treaty Germany gives notice to the
world that she is again going to play the role of a
great Power determining the destinies of Europe
and that she is under no circumstances going to
entrust her fate entirely to the beneficence of the
League of Nations. The treaty is a consummation
of Foreign Minister Stresemann's policy, which is
realistic and frankly opportunistic, although wary
and cognizant of the dangers of Germany's position,
Stresemann is motivated by a determination to keep
Germany free to act in any emergency in conformity
with her own interests. It is exactly the same policy that led Dr. Stresemann to accept the Locarno
agreement, and those who then said that Locarno
was the end of Germany's eastward orientation did
not know their man. Dr. Stresemann finds France
the best vantage point from which to survey the
European situation and this treaty puts another
cushion under him. He finds his position quite comfortable. No act of Foreign Minister Stresemann,
in his long, stormy career has received such unanimous approbation at home as has the Russian treaty.
Locarno precipitated a Governmental crisis and led
to the withdrawal of the Nationalists from the Cabinet and still is a source of contention. In contrast,
the Russo-German 'bruderschaft' was accepted
unanimously by all parties from Communists to
Fascists." The Associated Press correspondent in
Berlin said in a dispatch on April 27 that "the Berlin press, sections of which almost invariably oppose
Governmental measures, to-day unanimously indorses the Russo-German treaty, although from diverse motives."
A copy of the treaty between Germany and Russia was filed with the Secretary-General of the
League of Nations. According to a special Geneva
dispatch to the New York "Herald Tribune" on
April 27, "official scrutiny of the Russo-German
treaty by the juridical experts of the League of Nations brought forth the statement That the document
was completely within the legal boundaries of the
Covenant, but that its political aspects will have to
2407
be determined entirely by the actions of the League
between now and September. Officials are not inclined to take the treaty seriously, and predict that,
if Germany enters the League in September, the
agreement will serve as a bridge betwen Russia and
Western Europe. The most important feature is considered to be the Soviet's advance along arbitration
lines. Heretofore Russia has refused even to consider an arbitration agreement with a 'capitalistic'
Government."
Winston Churchill, Chancellor of the British Exchequer, presented his long awaited budget in the
British House of Commons on April 26. The London representatives of the New York "Times" and
"Herald Tribune" took quite different views of the
document in their respective summaries. The former said in part: "No remission of existing taxation, but instead the imposition of new taxes—no
decrease in the existing income tax—and the possibility of heavy supplementary taxation if the present coal crisis is not settled peaceably, are the outstanding features of Winston Churchill's longawaited budget speech in the House of Commons
this afternoon. They served to dampen seriously
the pleasure of his audience over the announcement
that the budget for 1926-27 would show a surplus.
The Chancellor of the Exchequer sprang none of the
great surprises which had been foreshadowed. The
speech did not show that the brilliant helmsman of
Britain's ship of finance had magically guided it
into a safe harbor. It showed that the ship was still
tossing among the billows and reefs and other perils
of the financial deep. It proved that unless the coal
crisis is settled peaceably within the next four days
there is no telling how much Mr. Churchill's budget
will have to be revised, nor whether his loudly heralded 'surplus' may not change into a serious deficit."
The "Herald Tribune" representative used much
more specific terms and said in part: "By grace of
two last-minute windfalls Winston Churchill this
afternoon was enabled to present to the House of
Commons a budget for the coming fiscal year which
shows an estimated surplus of £1,415,000. A decision to revise the terms on beer tax collection and
assurances from France that£4,000,000 would be paid
unconditionally on her war debt account this year
added £9,500,000 to the revenue on which the Chancellor of the Exchequer had been counting and more
than sufficed to wipe out the deficit which otherwise would have existed. The total British Governmental expenditure for the coming twelve months
will be £812,062,000 under Churchill's estimate,
while the revenues are expected to reach £813,477,000. The income tax, the backbone of the British
Governmental income, remains unchanged at the
basic rate of 20% for the next year, but Mr. Churchill announced the imposition of two new taxes—a 5%
levy on all bets on horse racing, to take effect on
Nov. 1, and a 162.3% ad valorem duty on imported
wrapping paper, taking effect on May 1. At the
same time he revealed his decision to .extend the
McKenna duties to cover commercial motor cars as
well as passenger cars and declared his intention of
taking for general revenue purposes £7,000,000 from
the total of £19,000,000 received annually from motor licenses—a sum which hitherto has been devoted
solely to road improvements. He also forecast that,
2408
THE CHRONICLE
during the life of the present Parliament, the whole
system of automobile taxation would be shifted to
petrol, rather than to a horsepower basis. The Chancellor rose before the crowded House at 3.30 o'clock
this afternoon to present his second budget and immediately set at rest all the usual rumors of drastic
innovations by declaring that this year's estimates
would be 'smaller, simpler and more sombre' than
last year's, which were marked by a return to the
gold standard and the inauguration of the scheme
of widows' pensions. 'The attempt to put the coal
industry on its feet overshadows all other considerations,' Mr. Churchill declared gravely. Despite this,
he insisted that the nation was richer than it was a
year ago. 'Generally, trade is improving,' he said,
'and very large profits have been made in rubber and
tin. The basic industries of the country, however,
still are obstinately depressed. I feel that the return
to the gold standard has been justified, and the Bank
rate would have been lower but for the coal situation. The most important gain is that we stand today on a sound, solid basis of reality.'"
The budget was actively discussed, first in committee and then in the House of Commons. In a dispatch late in the evening of April 28 the London correspondent of the New York "Times" said that "the
main budget resolution was reported from committee to the House of Commons to-night without a
division, after its sponsor, Winston Churchill, the
Chancellor of the Exchequer, had smitten his critics
hip an dthigh in a witty and reasoned review of their
arguments." Continuing his report, he said: "Sir
Robert Horne, himself an ex-Chancellor of the Exchequer and now a Conservative member of Parliament, was the first speaker. He damned the budget
with faint praise. He admitted it showed courage
and resource, but criticized it because it authorized
expenditures, excluding abnormalities, of 0,500,000 more than last year. He found the most disquieting fact was that the income tax had decreased,
since in conjunction with the recent drop in many
items of the export trade, it was proof positive that
industry was suffering. Mr. Churchill, replying,
noted that never had the opponents of a budget been
so unfertile in criticism, a symptom he interpreted
as indicative of general agreement with its provisions. He denied the Government was allowing the
banks to make more money by changing the ratio
between the bank discount and the deposit interest
rates, and he said the Government would lose no opportunity to lower its debt by conversion operations."
Although Prime Minister Baldwin took a hand in
the negotiations with respect to the coal labor situation in Great Britain, the indications at the beginning of the week, according to a special London
cable dispatch to the New York "Times" on April 23,
were that the subsidy of the Government to the industry that was granted last August and which
would expire to-day, must be renewed if a strike
were to be averted. The "Times" correspondent
said: "Everything pointed to-night to the probability that the coal subsidy, though anathema alike to
the Government and to the experts who drafted the
recent coal report, would be continued after May 1
in order to avert an industrial catastrophe. The
Government is already on record as disapproving
[Vert. 122.
the continuing of the subsidy. But after what has
happened here to-day it is difficult to see what else
there is to do except continue subsidizing the coal
industry. If the subsidy is continued it may not be
called a subsidy. It may be camouflaged under some
name less offensive to its foes. It may be dubbed a
loan or temporary aid, or what not. But the fact
will remain that it will still be to all intents and
purposes a subsidy. And if it is continued Britain
will be confronted one week from to-morrow with a
makeshift remedy in an endeavor to solve her acute
coal crisis, instead of with a definite, drastic cure.
If this occurs history will repeat itself, for that is
what happened last August when the subsidy was
first granted and the country was told that the announcement of a panacea for British industrial ills
would be deferred until May 1 1926."
Prime Minister Baldwin continued to give special
attention to the coal labor situation, "cutting short
his week-end holiday at Chequers, his country seat,
several hours, in order to confer with Colonel LaneFox, Secretary of the Department of Mines."
According to a dispatch from the London representative of the New York "Evening Post" at about the
same time, "the week's developments have brought
out some change in public sentiment, to the advantage of the miners. The schedules posted in the districts showing the wages for work after May 1 were
low enough to recapture much of the sympathy
which the miners had lost in the last fortnight. The
owners further have sacrificed the public's good-will
by their apparent defiance of Mr. Baldwin's advice
not to hold out against national negotiations for a
minimum wage percentage. The coal struggle now
has settled down virtually to the identical issues
which prevailed last July, when a crisis was averted
by the subsidy offer."
Real progress with respect to the negotiations for
a plan of settlement appeared to have been made by
Premier Baldwin on Tuesday. The London representative of the New York "Herald Tribune" cabled
that evening that, "after a day of many feverish interviews and discussions, Premier Baldwin succeeded this evening in bringing both the coal owners
and miners together again under his chairmanship
at 10 Downing Street. A degree of optimism was
created by this feat alone, but with only three days
remaining before a national tie-up is scheduled to
take place, the Premier will have to accomplish almost a miracle if he effects an agreement. He made
a start to-day by getting he operators to consent
conditionally to a national agreement on a minimum
percentage for wages, which has been the main bone
of contention between the two parties, but the conditions the owners demand—less wages and longer
hours—will be resisted to the bitter end by the
miners." He further stated that "the hopeful feature of the situation was that when both sides adjourned they agreed to meet again to-morrow afternoon, following the meeting of the miners' delegate
conference here. The miners' leaders will take the
sense of that meeting, and it is hoped that they will
return to the joint meeting with the owners with
their hands freer than they have been hitherto. There
is talk to-night of the owners suspending for a limited period their new wage proposals and of an
agreement by the miners to work from day to day
while a new contract is being worked out, but it may
be taken that this is the talk of desperation."
MAY 1 1926.]
THE CHRONICLE
Confidence on the part of Government leaders was
reported to have been in evidence again the next day.
The New York "Herald Tribune" correspondent said
that "growing confidence prevails here to-night that
a basis for peace in the coal industry will be found
to-morrow as a result of to-day's discussions among
Prime Minister Baldwin, the mine owners, the
miners and representatives of the Trades Union
Congress. It is expected that an order, suspending
for seven days the miner owners' new wage terms,
scheduled to take effect on Friday at midnight, will
be issued to-morrow or Friday morning, so that the
negotiations may continue throughout next week if
necessary. Mr. Baldwin, who is working on a plan
for a five years' peace in the coal fields, will ask the
mine owners to take this step, promising to continue
the Government subsidy for a further limited period,
while the industry proceeds on day-to-day contracts.
Since Mr. Baldwin won his big victory yesterday, in
getting the owners to concede the principle of national wages and agreements, small yet substantial
progress has been made in the succeeding twentyfour hours, and the belief is prevalent to-night that
the most critical part of the negotiations is past. The
situation at present, it is reported, is that the miners
are prepared to accept compromises in wages, but
demand that the Government intervene to afford
financial assistance to mines in the poorer districts.
Wage conditions now are said to be the crux of the
situation on which the negotiations of the next
twenty-four hours will be concentrated."
A much less favorable report was made by the
London representative of "The Sun" in a dispatch
on Thursday afternoon. He said that "with Premier Baldwin still striving to bring about some
compromise between the miners and the mine owners
before the subsidy expires to-morrow midnight, and
the mine owners' notices posted up canceling the
present wage and hours agreements, there is a threat
by organized labor of a national strike in support of
the miners, with all its incalculable harm to British
industry. A majority of the General Council of the
Trade Union Congress, which is in effect the general
staff, or executive, of the organized workers and
comprises the representatives of 205 unions with a
membership of 5,000,000, is in favor of such a general tieup rather than see a reduction of the wages
and an increase in the hours of the miners."
According to London cables late Thursday evening, the outlook continued threatening. The New
York "Herald Tribune" representative in the British
capital said: "Everything to-night points to a stoppage in Great Britain's coal industry at midnight tomorrow when the period of Government subsidy will
have elapsed, despite the frantic efforts of Premier
Baldwin throughout the day and to-night to find a
way out of the dilemma. The mine owners, while
professing willingness to concede to the principle of
a national minimum percentage of wages, insist on a
revision of the miners' working day to eight hours
and on this point the men are adamant in their refusal. At a late hour to-night Walter Citrine, Secretary of the Trade Union Congress, announced
that the meeting between the Prime Minister, the
mine owners and the miners had adjourned until
10.30 o'clock to-morrow morning, at which time the
operators were expected to make specific proposals
the nature of which are at present unknown to the
miners."
2409
This last effort also proved fruitless. At midnight yesterday the miners all quit work. The final •
conference was held between Premier Baldwin and •
representatives of the Trade Union Congress • and
when the latter's efforts failed to win a suspension •
of the coal owners' notice ordering the stoppage unless the miners agreed to wage cuts the negotiations
terminated; throwing out of work a million men. It
was reported last night that the Government was
seriously contemplating placing the nation under a
proclamation of martial law. King George was
specially summoned in the afternoon from Windsor
to Buckingham Palace to preside at a meeting of the
Privy Council held to prepare for the signing of a declaration of the Emergency Powers Act of 1920,
which will enable the Government to secure the essentials of life to the community.
No changes were noted in official bank rates at
leading European centres from 71/
27
0 in Austria;
77
0 in Berlin, Belgium and Italy; 67
0 in Paris;
51 7
0 in Denmark and Norway; 5% in London and
Madrid; 41/
27
0 in Sweden, and 31/
2% in Holland
and Switzerland. In London the open market discount rate was slightly lower, and short bills as well
as three months' bill finished at 1
/
1
4@4 5-1670, in
comparison with 45-16% a week ago. Money on
call at the British centre, however, was strong, and
/
47
advanced to 4%7
0, closing at 41
0, as against
3%7
0 last week. In Paris and Switzerland open
market discount rates have not been changed from
4/
1
47
0 and 21/
87
0, respectively, the previous week.
The Bank of France in its weekly statement issued
on Thursday showed an expansion of 193,809,000 francs in notes in circulation. Total notes
in circulation accordingly aggregate 52,208,223,535
francs as compared with the total of 43,049,852,890
francs for the corresponding period in 1925 and with
only 40,020,828,325 francs in 1924. A further small
gain occurred in the gold holdings, namely, 2,625
francs, bringing total gold up to 5,548,409,125 francs.
In 1925 gold holdings stood at 5,546,262,119 francs
and in 1924 at 5,542,449,192 francs. The Government repaid the Bayk 150,000,000 francs of its
borrowings during the week. Advances to the
State now aggregate 35,150,000,000 francs, against
23,250,000,000 francs a year ago and 23,000,000,000
francs two years ago. Changes in the various other
items for the week are: Trade advances were reduced
4
C6
0,87p4a, h francso the variousand T
Treasurydeposi
erh
waneekd:s
ts
idtnoeff
8,957,000 francs. Silver, on the
in
eoth
fellgained
547,000 francs, bills discounted increased 790,990,000
francs and general deposits rose 145,045,000 francs.
Comparison of
items this
urn
with the figures of last week and the corresponding
dates in both 1925 and 1924 are as follows:
BANK OF FRANCE'S
Changes
for Week.
Gold Holdings—
Francs.
In France
Inc.
2,625
Abroad
Unchanged
COMPARATIVE STATEMENT.
Status as of
Apr. 281926. Apr. 29 1925. Apr, 30 1924.
Francs.
Francs.
Francs.
3,684,088,218 3,681,941,211 3.678,128,284
1,884.326,907 1.864.320,907 1,864,320,907
Total
Inc.
2,625 5,548,409,125 5,546,262,119 5,542,449.192
Silver
Inc.
333,882,079
547,000
317,007,489
298,761,656
Eillacliscounted
Inc. 790,990,000 4,189,653,431 5,959,290,642 4,943,505,552
Trade advances_Dec. 46,874,000 2,412,945,217 3,019,686,445
2,534,811,004
Note circulation Inc. 193,809,000 52,208,223,535 43,049,852,890 40.020,828.325
Treasury deposita_Dec. 8,957,000
36,474,001
28.320,666
16,720,241
General deposits—Inc. 145,045,000 2,400,893.760 2.077,036,021
2,280,547,823
Advances to State_ Dec.150,000,000 35,150,000,000 23,250,000,000 23,000,000,000
The Bank of England continues to lose small
amounts of gold, this week's return showing a decrease of £37,227. Moreover, note circulation, which
2410
THE CifitONICLE
had been declining lately, expanded £936,000, so that
the reserve in gold and notes in the banking department fell £973,000, to £25,025,000, which compares
with £27,105,359 last year and £22,254,517 in 1924.
There was a further increase in public deposits of
£6,556,000, while "other" deposits fell £7,539,000.
The Bank's temporary loans to the Government increased £225,000, although loans on other securities
declined £208,000. Gold reserves amount to £146,372,276, as against £155,742,064 last year and £128,120,530 the year previous (before the transfer to the
Bank of England of the £27,000,000 gold formerly
held by the Redemption Account of the Currency
Note issue). A drop of 1.66 points was shown in
the proportion of reserve to liabilities, which receded
to 21.84%, as compared with 22.50% a week ago.
In the corresponding week of 1925 the ratio stood at
22/
1
2% and the year before at 183
/
8% . Note circulation stands at £141,097,000, as against £148,386,705 last year and £125,616,015 in 1924. Loans total
£67,822,000, in comparison with £76,245,186 and £74,345,545 one and two years ago, respectively. Clearings through the London banks for the week totaled
£788,372,000, as compared with £750,560,000 last
week and £761,441,000 a year ago. No change has
been made in the Bank's official discount rate from
5%. We append herewith comparisons of the different items of the Bank of England return for a
series of years:
BAN% OF ENGLAND'S COMPARATIVE STATEMENT.
1926.
1925.
1924.
1923.
1922.
4prU28.
April 29.
AprU 30.
May 2.
May 3.
£
Circulation
b141,097,000 148,386,705 125,616.015 124,191,570 122,091,180
Public deposits...—. 18.925,000 17.048,096 10,586,588 13,234,545 14,355.679
Other deposits
95,657,000 105,481,216 110,992,284 107,635,894 131,693,656
Governm't securities 39,496,000 36,851,892 42,632,755 45,359,445 63,542,646
Other securities—. 67,822.000 76.245.186 74,345,545 70,130,283 74,988,814
Reserve notes & coin 25,025,000 27,105,359 22,254,517 23,079,330 25,232.698
Coin and bullion_a146,372,276 155,742,064 128,120,530 127,520,900 128,873,878
Proportion of reserve
21.84%
19%
to liabilities
17.25%
2214%
1834%
3%
4%
5%
5%
4%
Bank rate
a Includes, beginning with AprIl 29 1925, £27,000,000 gold coin and bullion
Previously held as security for currency notes Issued 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 Imperial Bank of Germany again reduced its
outstanding note circulation, figs time to 3,645,936,000 marks, a decline for the week of 144,381,000
marks. The Bank's statement, issued as of April 23,
also showed a reduction of 2,994,000 marks in other
liabilities, but expansion of 48,484,000 marks "in
other maturing obligations." Both gains and losses
occurred in assets. Bills of exchange and checks declined 66,789,000 marks, while advances fell off 787,000 mark, and reserve in foreign currencies 21,978,000 marks. Silver and other coins, however, increased 4,639,000 marks, and notes on other banks
rose 7,854,000 marks. Shrinkage of 898,000 marks
occurred in investments, and of 21,153,000 marks in
other assets. The German institution reported a
small addition to gold and bullion goldings, namely,
221,000 marks, raising the total to 1,491,448,000
marks, in comparison with 1,004,098,000 marks a
year ago and 441,815,000 marks in 1924.
The weekly statements of the Federal Reserve
banks that were issued at the close of business on
Thursday showed a further slight addition to gold
holdings for the banks as a group, accompanied by
substantial increases in rediscounting operations,
both nationally and locally, the latter feature contrasting quite sharply with heavy shrinkage the
[vm... 122
preceding week. Open market dealings were again
reduced. For the System as a whole, gold increased
$2,000,000. Rediscounting of bills secured by Government obligations increased $66,400,000. In "other"
bills there was a contraction of $2,400,000, so that
total bills discounted for the week increased $64,000,000, to -513,668,000, as compared with $399,985,000 the year previous. Holdings of bills bought in
the open market were reduced $30,400,000. Total
bills and securities (earning assets) increased $33,100,000 and deposits $22,400,000, at the same time
that member bank reserve accounts expanded $31,700,000. The New York bank lost gold to interior
institutions to the sum of $25,100,000. Here also
heavy additions were shown to bills discounted,
amounting to approximately $79,400,000 in rediscounting of all classes of paper, bringing the grand
total of bills rediscounted to $140,636,000, against
$87,698,000 last year. Open market purchases declined $6,500,000. Total bills and securities increased $72,700,000 and deposits $43,000,000. Member bank reserve accounts rose $49,200,000. Shrinkage was shown in the amount of Federal Reserve
notes in actual circulation; $1,900,000 at New York
and $300,000 for the combined System. Reserve
ratios which advanced so sharply last week, declined slightly in consequence of larger deposits and
failure to add to any considerable extent to gold
reserves. The ratio of the System fell 0.3%, to
75.7%, while at New York there was a drop of 4.8%,
to 83.5%.
Last Saturday's statement of New York Clearing
House banks and trust companies showed some
noteworthy changes, indicating heavy shifting of
funds. The'net result was complete elimination of
surplus and the establishment of a deficit in reserve of more than $7,000,000. This was brought
about both by expansion of deposits and by the
drawing down of reserves of member banks with
the Federal Reserve Bank. The figures revealed an
addition to net demand deposits of $25,151,000 and
to time deposits of $12,665,000. Total demand deposits aggregate $4,342,465,000, which is exclusive
of $37,127,000 in Government deposits, while time
deposits amount to $584,843,000. Loans and discounts increased heavily—$95,057,000. Cash in own
vaults of members of the Federal Reserve Bank
gained $1,041,000, to $45,902,000, which, however,
is not counted as reserve. Reserve of State banks
and trust companies in own vaults increased $130,000 and reserve kept by these institutions in other
depositories, $677,000. Member banks reduced their
reserves in the Federal Bank $18,902,000, which,
combined with expansion in the deposit items, served
to wipe out last week's surplus reserve of $14,264,680, and leave in its place a deficit in reserve of
$7,532,850. The above figures, it should be noted,
for surplus 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 $45,902,000 held by these member institutions on Saturday last.
Money has continued easy at this centre. The
ruling rate for call loans may be said to have been
3/
1
2%. There was an upturn to 4% Thursday afternoon and to 41
/
2% yesterday afternoon, on
the calling of loans and the shifting of accounts otherwise in preparation for the May 1 dis-
MAY 1 1926.]
THE CHRONICLE
bursements. The opinion was expressed in banking
circles, however, that so long as present conditions
exist money would continue easy. Transactions in
bonds on the Stock Exchange have dropped to about
one-half of what they were at the peak recently, following the reduction in the New York Federal Reserve rediscount rate. Offerings of new securi
have been on a somewhat smaller scale also. Tran
actions in stocks in the Stock Exchange dropped to
close to 1,000,000 shares at midweek, compared with
2,300,000 only a week ago yesterday. The indications are for a continuance of general business in
this country on about the present scale. Railroad
earnings for March were surprisingly good. Reports of industrial companies, particularly steel
and motor, disclosed large gains in both gross and
net in comparison with the same period of last year.
The action of the United States Steel directors with
respect to the common dividend indicated confidence
on the part of the board in the future. All this
would suggest a normal demand for money. Brokers'
loans for the week ended April 21 showed an increase of $13,340,000, the first increase since Feb.
17. The total for all accounts on April 21 was
$2,464,679,000, against the peak of $3,141,125,000 on
Jan. 6. Loans were called yesterday to the extent
of $25,000,000.
2411
and 34% bid and 31/2% asked for 180 days. Open
market quota o s are as follows:
Prime e
SPOT DELIVERY
90 Days.
33‘01)33I
lbs
60 Days.
33C431C
FOR DELIVERY WITHIN THIRTY DAYS.
ble bllis
30 Days.
31i633(
3%.bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
APRIL 30 1926.
Paper Maturing--
Within 90 Days.
After 90 After 6
Days, but
but
Within 6 Within 9
Months. Mouths.
Com'rcial Secur. by
Agricul. U. S. Bankers
&Lireark Govt.
AccepPayer. Obliga- lances.
n.e.s.
Agricul.• A gricui
Trade
and
and
Accep- Livestock Livestock
lances. Paper. Paper.
krEDERAL RESERVE
BANK.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
4
4
4
4
4
4
4
4
4
4
4
4
314
4
4
4
4
4
4
4
4
4
4
4
33
4
4
4
4
4
4
4
4
4
4
4
ni
4
4
4
4
4
4
4
4
4
4
4
3M
4
4
4
4
4
4
4
4
4
4
4
33
4
4
4
4
4
4
4
4
• Including bankers' acceptances drawn for an agricultural purpose an secured
by warehouse receipts, &a.
The early part of the week firmness pervaded
Dealing with specific rates for money, call loans dealings in sterling exchange,
and although the volthis week covered a range of 3@.432%, which com- ume of business was still relatively light,
prices were
pares with 3@4X% last week. Monday as low as well maintained. Demand
bills ruled at 4 86 during
3% was named,although renewals were put through at the greater part of the week,
with a maximum figure
06%,which was the high. On Tuesday and Wednes- of 4 86 5-32 and 4 85
31-32 the minimum. A
day there was no range, 31
/
2% beingt he high, the quiet but steady inquiry for sterling was in evilow and renewal figure on both days. With the dence and was, of course, attributed
to the conapproach of the month-end firmness developed, and tinued spread between money
rates in the New
on Thursday there was an advance to 4%, although York and London markets.
The apparently unexrenewals continued at 3
and this was the low. pected lowering of the official discount rate of the
Friday call funds renewed at 4%, while the maximum New York Federal Reserve Bank that
took place at
was 4%;the low was 4%. Preparations for meet- the close of last week has been a
source of considerable
ing the heavy May 1 interest and dividend payments interest and discussion in local
banking circles this
were responsible for the stiffening.
week. Taking into consideration the fact that money
For fixed date maturities the trend was compara- in London is higher than here, the
effect of this action
tively easy and during the latt r part of the week all upon sterling values is regarded as likely to be farperiods from sixty days to six months were quoted at reaching and important. Already American capital
4%, as against 4@431% a week ago. The market has begun to find its way back to the London marwas quiet. Offerings .were said to be more plentiful ket for investment at higher and more profitable
than they have been for months; the demand was rates in considerable volume, and the movement is
light.
on the increase. It is believed that the demand for
Commercial paper was in good demand, but offer- sterling thus created may go a good way
toward
ings continue restricted; consequently trading in the offsetting the unfavorable influence of the
threatened
aggregate was of moderate proportions. Four to six coal strike in Great Britain. Bankers
point to the
months' names of choice character have not been fact that notwithstanding apparent
failure of all
changed from 4@44%, with 43'% still required efforts to adjust the coal controvers
y, sterling has
for names not so well known. New England mill held its own and remained at
higher levels than in
paper and the shorter choice names are usually dealt recent weeks. Some intimate
that sterling will
in at 4%, the same as heretofore.
reach par shortly, and that in the event of a peaceful
Banks' and bankers' acceptances remain at the conclusion of British
labor difficulties, the pound
levels established last week. Trading was quiet, sterling will cross par.
At the close dispatches on
however, as is so often the case when call funds the coal labor situation
took on a more pessimistic
advance. Country banks furnished the bulk of the tone with the result
that quotations touched the
business passing, but the turnover for the week was lowest point of the week.
light. For call loans against bankers' acceptances
As to day-to-day rates, sterling exchange on Saturthe posted rate of the American Acceptance Council is day last was firm and slightly higher;
demand rose
now 33%, against 3% last week. The Acceptance to 4 86@4 86 3-32, cable transfers
to
4 863
%@,
Council makes the discount rate on prime bankers' 4 86 15-32, and sixty days to
4 82%@.4 82 27-32;
acceptances eligible for purchase by the Federal trading, however, was quiet.
On Monday no inReserve banks 33.
1 % bid and 338% asked for bills crease in activity was noted; all of
the limited business
running 30 to 90 days, 3%% bid and VA% asked for that passed was at 4 86 for
demand, 4 863
% for cable
120 days, 33% bid and 34% asked for 150 days, transfers and 4 823
4 for sixty days. Better buying
2412
THE CHRONTCLE
sent values up 1-32 on Tuesday and demand bills
ranged between 4 86 and 4 86 1-32, cable transfers at
4 863
%@4 86 13-32, and sixty days at 4 829@
4 82 25-32. Wednesday's market was firm with rates
a trifle higher at 4 86@4 86 3-32 for demand,4 863
%
@486 15-32 for cable transfers and 4829@482 27-32
for sixty days. Dulness characterized trading on
Thursday though quotations advanced fractionally;
demand was 4 86@4 86 7-32, cable transfers 4 86%
@4 86 19-32 and sixty days 4 829'@4 82 31-32.
Friday irregular: weakness prevailed, with quoted
rates easier at 4 85 31-32@4 86 5-32 for demand,
4 86 11-32@4 86 17-32 for cable transfers and
4 82 29-32 for sixty days. Closing quotations were
4 82% for sixty days, 4 863' for demand and 4 863/
for cable transfers. Commercial sight bills finished
at 4 86, sixty days at 4 829/
8, ninety days at 4 80%,
documents for payment (sixty days) at 4 829/i and
seven-day grain bills at 4 84 8. Cotton and grain
for payment closed at 4 86.
Gold engagements for Canada assumed sizable proportions this week, totaling about $3,500,000, divided
as follows: $2,000,000 for the Canadian Bank of
Commerce and $1,500,000 for the New York Trust
Co. This makes $15,250,000 since the present movement began.
Renewed weakness in French francs and a series of
sharp up and down movements in Belgian currency
s were among the outstanding features in the week's
trading in the Continental exchanges. Notwithstanding the fact that trading at no time was more
than intermittently active, price changes were
• frequent and erratic. Antwerp francs in some
respects attracted more attention than did Paris
francs, because of the violence in the day to day
price fluctuations. After opening at 3.55, Belgian
currency shot up to 3.67%;hovered for a while around
3.59@3.60, then slumped off to 369. The chief
• influences at work responsible for these movements
were news of the ratification of the Belgian debt
funding agreement by the Senate, on the one hand,
and a fresh flood of conflicting rumors to the effect
that the Bank of Belgium was finding it exceedingly
difficult to maintain the equilibrium of Antwerp
francs at around the levels figured some time ago in
the absence of any definite and satisfactory arrangements for the placing of a Belgian stablization loan;
all of which caused Antwerp francs to rule strong and
weak by turns. The extreme narrowness of the
market was also a contributory factor to the weakness
since offerings often were unsalable even at the most
drastic concessions. French francs were likewise
under pressure and inactive for lack of buyers.
During the first part of the week, the quotation
hovered around 3.36@3.3314: On Wednesday heavy
selling, said to emanate from London and Paris
interests, forced a break to 3.27, another new low
record, and 15 points under the much-talked-of low
point of 3.42 established in the spring of 1924. As
has been the case so often in the past few months, the
sensational fluctuations above noted were little
more than a reflex of what is occurring abroad,
since local dealers took very little part in the
transactions.
In marked contrast with the wild gyrations noted
above, Italian lire continue to rule within a point or
so of 4.01@4.02. It is claimed, however, that this
state of things was not accomplished without considerable effort on the part of the Italian Institute
(VoL. 122.
of Exchange, which was said to have been compelled
to come to the support of lire at frequent intervals.
German and Austrian exchanges remain stationary
with no trading activity to speak of. The same is
true of Russian rubles. Greek drachmae continue
heavy and hovered around 1.2314to 1.24%, throughout. In the minor Central European group no
important changes were noted. Rumanian lei ruled
at close to the low level established last week,
namely, 0.39, then dropped to 0.375
%, while Polish
zloties after opening at 10.50, lost another 10 points
to 10.40, mainly on political disturbances and revolutionary threats. Toward the close of the week news
that a final settlement of the French debt settlement
question had been reached, aroused fresh interest in
the franc, and considerable speculation was indulged
in as to the real reason for failure of franc quotations
to respond more freely to favorable news. Some
claim that the weakness was largely inspired in order
to aid the French negotiators at Washington in
making more advantageous :terms; others insist that
no negotiations of any sort can prove successful so
long as France refuses to meet her internal financial
problems and submit to needed tax reform. One
explanation of the spectacular weakness in Belgian
francs is that it is partly due to the tactics of certain
politicians in Belgium who are delaying proceedings
and creating an atmosphere of nervousness and
suspicion by claiming that the country is under the
control of foreign bankers and urging rejection • of
proffered terms.
The London check rate in Paris closed at 147.85,
comparing with 145.85 last week. In New York
sight bills on the French centre finished at 3.29,
against 3.369.; cable transfers at 3.30, agairist
3.379'; commercial sight bills at 3.28, against 3.35%,
and commercial sixty days at 3.233/2, against 3.31% a
week ago. Closing rates on Antwerp francs were 3.413/
for checks and 3.423/i for cable transfers. This
compares with 3.56%@3.573-i. Reichsmarks finished at 23.81 (one rate) for both checks and cable
transfers, unchanged. Austrian schillings remain at
143/g, the same as heretofore. Lire finished at
4.01% for bankers' sight bills and at 4.021
/
1 for cable
remittances. Last week the close was 4.013
% and
4.029/
s. Exchange on Czechoslovakia closed at 2.963
%,
against 2.96%; on Bucharest at 0.379', against
0.39; and on Finland at 2..523 (unchanged). Polish
exchange finished at 10.40, against 10.50 the previous week. Greek drachmae closed at 1.23% for
checks and at 1.23% for cable transfers, in comparison with 1.243 and 1.249 last week. •
As to the neutral exchanges formerly so-called,
only a moderate degree of trading was noted, and
price changes, with the exception of Norwegian
kroner, were confined to a few points, though the
tendency was upward. Guilders and Swiss francs
were very firm, the former gaining some 10 points,
on heavy buying by those who are disposing of
French franc holdings. Unusually " light offerings
of guilder grain bills has also helped the rise. In
the Scandinavian group, Danish and Swedish exchanges were steady, but not essentially changed.
Norwegian kroner continue the storm centre of
speculative attack and scored a fresh advance to
21.73,or nearly 30 points over the close of last week,
and this, too, in the face of prospective labor troubles;
the close, however, was under this figure.
MAY 1 1926.1
THE CHRONICLE
Bankers' sight on Amsterdam finished at 40.19,
against 40.12; cable transfers at 40.21, against
40.14; commercial sight bills at 40.11, against
40.04, and commercial sixty days at 39.76, against
39.68 last week. Final quotations on Swiss francs
were 19.323 for bankers' sight bills and 19.333/ for
cable transfers, as compared with 19.31 and 19.32
the previous week. Copenhagen checks closed at
26.14 and cable transfers at 26.18, against 26.13 and
26.17. Checks on Sweden finished at 26.75 and cable
transfers at 26.79, against 26.74 and 26.78, while
checks on Norway closed at 21.65 and cable transfers at 21.69, against 21.473/ and 21.513/b the previous week. Spanish pesetas, which were quiet but
steady throughout, notwithstanding unsettling news
2 for
of the Riff peace negotiations, finished at 14.433/
checks and at 14.453/ for cable transfers, which
compares with 14.35 and 14.37 a week earlier.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
APRIL 24 1926 TO APRIL 30 1926, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
2413
3631Q36%, against 36/@363/
2, and Calcutta 36Q
36
against 36Q36/.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $5,363,128 net in cash as a result of the currency movements for the week ended April 29.
Their receipts from the interior have aggregated
$6,270,328, while the shipments have reached $907,200, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Into
Banks.
Week Ended April 29.
Banks'interior movement
Out of
Banks.
$8,270.328
Gain or Loss
to Banks.
8907,200 Gain 85,363,128
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
April 24.April 26 April 27. April 28. April 29.Apri/ 30.
EUROPE$
Austria, schilling ---- .14066
.0358
Belgium, franc
Bulgaria, lev
007260
Czechoslovakia, krone .029618
Denmark, krone
2617
England, pound ster.8635
ling
Finland, markka
.025204
France,franc
.0336
Germany, reichsmark .2380
Greece. drachma
.012403
Holland, guilder
.4018
Hungary, pengo
.1758
Italy, lira
.0402
Norway, krone
.2146
Poland. Zloty
.1058
Portugal, escudo
.0513
Rumania,leu
.003907
Spain, peseta
.1443
Sweden,krona
.2877
Switzerland, franc
.1931
Yugoslavia. dinar
.017809
ASIAChinaChefoo, tadl
.7254
Hankow tael
7247
Shanghai tael
7013
Tientsin tael
7342
Hongkong dollar___ .5395
Mexican dollar____ .5096
Tientsin or Peiyang
dollar
.5117
Yuan dollar
.5246
India, rupee
3816
Japan, yen
.4718
Singapore (8.13.) doll
.5854
NORTH AMER.-Canada, dollar
1.001611
Cuba, peso
998875
Mexico, peso
.487000
Newfoundland, doll .998656
SOUTH AMER.Argentina, peso (gold) .9174
Brazil, milreis
.1415
Chile peso (paper)
.1205
/ noco
$
.14064
.0359
.007233
.029617
.2817
4.8832
.025210
.0334
.2380
.012585
.4017
.1755
.0402
.2157
.1058
.0514
.003920
.1441
.2878
.1931
.017613
8
.14058
.0361
.007231
.029817
.2617
$
.14079
.0354
.007241
.029620
.2817
$
.14088
.0348
.007236
.029618
.2618
$
.14079
.0338
.007228
.029622
.2616
4.8635
4.8635
4.8838
4.8634
.025209 .025208 .025207 .025215
.0334
.0329
.0329
.0329
.2380
.2380
.2380
.2380
.012482 .012434 .012375 .012387
.4019
.4020
.4021
.4021
.1758
.1758
.1761
.1758
.0402
.0402
.0402
.0402
.2183
.2187
.2158
.2173
.1047
.1041
.1048
.1030
.0513
.0514
.0514
.0513
.003913 .003908 .003882 .003784
.1443
.1450
.1447
.1445
.2677
.2677
.2677
.2678
.1933
.1933
.1933
.1933
.017812 .017612 .017612 .017813
Saturday, 1 Monday, 1 Tuesday, Wednestry. Thursday, Friday,
Apr. 24. Apr. 26. Apr. 27. Apr. 28. Apr. 29. Apr. 30.
86.000.000 86.000.000 83.000.000 82,000,000 83,000.000 85.000.000 Cr. 505.000.000
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:
April 29 1928.
Banks of
Gold.
.7396
.7353
.7116
.7492
.9459
.5125
.7296
.7272
.7041
.7392
.5411
.5117
.7258
.7238
.7013
.7348
.4388
.5088
.7308
.7278
.7067
.7396
.5427
.5148
.7338
.7300
.7100
.7425
.5454
.5156
.5138
.5263
.3815
.4720
.5650
.5146
.5271
.3816
.4738
.5848
.5067
.5196
.3818
.4743
.5848
.5142
.5271
.3817
.4729
.5850
.5154
.5271
.3818
.4712
.5642
1.001552 1.001585 1.001604 1.000928 1.000435
.999050 .999063 .999425 .999438 .999563
.486000 .488000 .488000 .485500 .486000
.999336 .999563 .999313 .998408 .998250
.9177
.1427
.1205
.9158
.1437
.1207
.9118
.1422
.1206
.9073
.1442
.1204
.9134
.1443
.1204
1 noAn
,nonn
1 nOnn
I elOn0
nnnee
Aggregate
for Week.
515
I
'
May 1 1925.
Total.
Gold.
Silver.
Total.
S.
England_ 48,372,278
146,372,276
155,742,064
2
155,742,064
France
47,363,529 13,320,000160,883,52e 147,277,64 12,880,000 159,957,649
Germany c 58,003,400 d994,6001 58,998.000 43,533,850 d994.1100 44,528,450
Aus.-Hun_ b2,000,000
b
b2,000,000 b2,000,000
b2,000,000
Spain ____ 101,475,000 28,558,000128,031,000 101,444,000 25,819,000127,283,000
Italy
35.702,000 3.418,000 39,120,000 35,587,
3,361,000 38,948.000
Netherl ds 35,700,000 2,145,000 37,845,000, 41,000,000 1,721,000 42,721.000
Nat. Belg- 10,954,000 3,651,000 14,805.000, 10,891,000 3,015,000 13,906,000
Switzland 18.727.000 3,591,000 20,318.000 19,231,00
3,605,000 22,836,000
Sweden_
12,747,000
12,747.000; 12,992,000
12,992,000
880,000 12.482.0001 11,637,000
Denmark _ 11,622,00
989,000 12,626,000
8.180,000, 8,180,00
Norway
8.180.000
8,180,000
Total week 588,848,205 54.535,600841,381,805589.515,563 52,184,600641,700,138
Prey. week 585,774,377 54,589,600640.383,977562,537,263 52,037,600614,574,863
a Gold holdings of the Bank of France this year are exclusive of £74,572,836
held abroad. b No recent figures. c Gold holdings of the Bank of Germany this
year are exclusive of £16,588,500 held abroad. d As of Oct. 7 1924.
•One schilling is equivalent to 10,000 paper crowns.
As to South American exchange mixed movements
occurred, and Argentine pesos were strong, while
Brazilian milreis turned weak for a while, though
closing strong. In the case of the former quotations
were benefitted by the successful flotation of a large
Argentine loan in this city. Pesos advanced, then
reacted, and closed at 40.20 and 40.25, as against
40.37 and 40.42 a week ago. Brazilian milreis lost
ground slightly, then rallied and finished at 14.33
for sight bills and at 14.38 for cable transfers, against
13.93 and 13.98 a week ago. Chilean exchange was
firmer and touched 12.10, but closed unchanged at
12.01. Peru went down to new low levels, and
closed at 3 65, on unsettling advices from Lima,
against 3 70 a week ago.
The Far Eastern exchanges were devoid of new or
interesting features. Trading was quiet and price
changes unimportant, although the general trend
continues upward. Hong Kong closed at 5478@
551A, against 54@5434; Shanghai at 71%Q713.(,
/
1; Yokohama at 473
against 70 and 701
/
2Q4778,
against 47.35@47.75; Manila 49MQ49% (unchanged); Singapore 56%@57 (unchanged); Bombay
The Problem of War Debts and Reparations.
Close on the heels of the ratification of the Italian
and Belgian debt settlements with the United States,
and just before the conclusion of a satisfactory
debt agreement with Prance, a usually well-informed
correspondent of the New York "Times" makes public the main features of an ambitious scheme, said
to be under consideration by "the best financial experts available," which if adopted would dispose of
war debts and German reparations in one comprehensive stroke. According to this correspondent,
who cabled from London on Tuesday, the plan contemplates the issuance of the full amount of German railway bonds, aggregating 11,000,000,000 gold
marks, for which the Dawes plan makes provision,
and the use of the proceeds of the sale of these bonds,
to be effected through bankers and investors in various countries, to pay off at their estimated present worth the entire mass of war debts and reparations, thereby leaving Germany, the Allied Governments and the United States free of obligations one
to another on either or both of these accounts. In
other words, the adoption of the plan would have
2414
THE CHRONICLE
[voL. 122.
the effect of canceling all the existing war debt to receive, but it has never received final sanction
agreements, whatever their terms or the periods over and the question is still open. The Dawes Commiswhich they are to run, together with the obligation sion expressly declined to fix a maximum figure, or
of the German Government to pay reparations, by even to suggest what such a maximum should be,
the simple process of converting all these obligations rightly holding that that question was a political
from Governmental to private obligations through one wholly outside its province. All that the Dawes
the medium of the issuance and sale of the German plan does is to provide a graduated scale of annual
railway bonds. What was received from the bonds, payments, rising eventually to 2,500,000,000 gold
if we understand the proposal aright, would be used marks and based upon Germany's supposed capacity
to discharge the reparations obligation, and what to pay, but how long such maximum annual paywas received as reparations would thereupon be used ments are to continue is still to be determined. Obto pay off the war debts. In this way both sides of viously, there can be no final settlement of the repthe slate would be wiped clean. The plan, according arations question, under such a plan as is said to be
to the "Times" correspondent, is not to be launched under consideration at London, as long as nobody
immediately, but is expected to "be in season in two, knows how much in the aggregate Germany is to be
asked to pay; and while the adoption of such a figthree or four years from now."
In the absence of details, and of knowledge of the ure as 50,000,000,000 gold marks might result in
financial interests that are back of the project, the making reparations an entirely manageable factor
practicability of so elaborate an undertaking can- in the plan, no one knows whether that figure would
not well be definitely judged. One may hesitate to be satisfactory to the Allied Governments.
A second objection is that a plan, however sound,
affirm, in this day of huge financial transactions,
which
is not to be put directly in the way of accomthat so large and complicated an undertaking as this
plishment
for two, three or four years does not meet
would be impossible, or that the marketing of some
the
immediate
and pressing financial needs of
billions of dollars' worth of securities—the "Times"
correspondent speaks of $3,000,000,000 as approxi- France. What France needs, and needs now, is a
mately the amount involved, although the actual considerable amount of disposable cash. It needs
figures would apparently be much larger than that cash to enable it to stabilize the franc and maintain
—would be impracticable now or in the near future, the actual balance of its budget, and to assure the
especially if the French debt Settlements with Great meeting of the obligations which it is now preparing
Britain and the United States were out of the way. to assume in the settlement of its war debts. DisOn its face, the suggestion offers some advantages. posable cash to-day is worth to France a good many
No one can safely predict what will be the state of times the same amount several years hence, and
Europe twenty, forty or sixty-two years hence, and until enough free cash is available to put the finances
the payment of war debts, especially to the United of France upon a sound basis, the industrial and
States, over periods that exceed the expectation of commercial recovery of the country will be retarded,
life of most men now living, IS certain to raise trou- its political life will remain disturbed, and the ecoblesome questions as the years go on. No such co- nomic life of Europe in general will be adversely
lossal debts as the World War left have previously affected.
Instead, accordingly, of undertaking to deal with
been known to history, and the power for political
mischief which they hold would doubtless be mate- both the war debts and the German reparations in
rially lessened if the debts could be converted from one comprehensive scheme, with the virtual cerpublic into private loans. Germany might be ex- tainty that the scheme would be opposed at Washpected to gain in political stability if the reparations ington if it involved any further abatement of the
issue were disposed of, and one of the chief causes of American debt claims, it might be possible for inirritation between Germany and France would be ternational financiers to bring about a settlement of
removed. There would still remain, of course, the the reparations issue that would immediately benefit
serious problem of transferring large sums of money both Germany and France, and Germany's other
from Germany to other countries without demoral- creditors as well. Whether the 11,000,000,000 gold
izing exchange, but until such considerable trans- marks of German railway bonds would be sufficient
fers as are now involved in the Dawes plan prove in amount to effect a transformation from Governimpracticable—and Mr. Parker Gilbert does not ment obligations to private loans of the whole mass
seem yet to vision any insuperable difficulty at that of war debts and reparations at their present estipoint—it cannot be said that they would prove un- mated worth is at least doubtful, but the issuance
manageable under such a scheme as the "Times" cor- of that amount of bonds, and their conversion into
cash or credit in the world markets, would make
respondent has rather vaguely outlined.
There are two important points, however, at which possible the prompt discharge of a large part of the
the scheme seems open to criticism. The first is the reparations obligations, even if the Allies still hesiapparent absence of any provision for fixing the tated to fix a maximum figure. Of the amount,
total amount of reparations which Germany is to France, the largest and most needy creditor,
pay. At this point the question of reparations is would be entitled, under present arrangements, to
practically where it was when the Treaty of Ver- 52%, and with so considerable a sum promptly
sailles was signed. The figure of 132,000,000,000 available, the financial condition of France would
gold marks fixed by the Reparations Commission has cease to be disquieting. Germany would know betbeen generally recognized as impossible, if not fan- ter where it stands, as it hardly knows at all now,
tastic, but no other figure has yet been agreed upon. and France would be paid. It would not be necesThe figure of 50,000,000,000 gold marks, often spoken sary in such case to alter the existing financial obof as if it were an agreed maximum, is only a tenta- ligations of either the Germany railways or the Gertive proposal which was used as a basis of appor- man Government under the Dawes plan, for if the
tioning the respective shares of the reparations pay- obligation of the railways, with the German Governments which the several creditor Governments were ment as the ultimate guarantor, can be met under
MAY 1 1926.]
THE CHRONICLE
the Dawes plan,it can be met equally well under the
procedure proposed. As matters now stand, the
financial resource afforded by the railway bonds
appears to be withheld for use at some future time,
whereas that resource ought, if possible, to be made
available now.
There is no concealing the fact that the Dawes
plan, although it has worked well down to the present time, nevertheless leaves the future uncertain.
The real pressure will come when the maximum annual payments called for by the plan are reached,
and few will venture now to predict how, or how
long, those maximum payments can be met without
checking Germany's economic recovery. We may
be sure that Germany will not go on paying 2,500,000,000 gold marks indefinitely, with no agreement
by the Allies as to when the end is to be reached. In
the meantime the problem of handling a large volume
of payments in kind creates a difficult situation for
France, and the imperative need of France for cash
is not being met. If so large a financial transaction
as is involved in disposing, some years hence, of both
the war debts and reparations can be seriously
thought of as practicable at the present time, the
lesser task of easing the burden of reparations alone,
to the obvious immediate advantage of Germany
and its creditors, could hardly prove insuperable,
nor does it seem necessary to wait three or four
years to carry it out.
"Intellectual Dishonesty" and "Hypocrisy"—
Former Governor Cox's Criticism.
Former Governor James M. Cox, Democratic candidate for President in 1920, said the other day, in
New York City: "I think the man who is out of
public life is a most fortunate person for the reason
that it is an era of intellectual dishonesty and
hypocrisy." A little later in the interview, after
holding up the Cathcart case as an example that
made the whole world "laugh at us," he remarked:
"What a nation of hypocrites!" Now, these are
brave words, if true; and we ought to concern ourselves very seriously about an "era of intellectual
dishonesty and hypocrisy." But perhaps, if one
who was formerly in "public life" is able to speak
authoritatively of politics, the charge of "intellectual
dishonesty and hypocrisy" is intended to be confined to our politicians of the present time. If so,
why broaden the animadversion and exclaim:
"What a nation of hypocrites!" It is very hard
to define intellectual dishonesty. Does it mean that
we are not honest in our processes of thought—that
, is very difficult to understand! Does it mean that
we strive to deceive ourselves and then to deceive
others? That would not be intellectual, for it could
not be logical. Does it mean that we do not say
what our mind tells us is truth? That would be
plain lying. And this, all agree, is immoral. Does
it mean that we have not the courage of our convictions, that we think one way and act another; that,
for example, we advocate "prohibition" but do not
practice abstinence ourselves? If so, is it not more
a conflict with conscience than with reason? Perhaps the nearest we can come to a satisfactory definition is to say we use the intellect more to accomplish selfish interests than to maintain the right.
Whatever intellectual dishonesty may mean, we
are not at much trouble to define hypocrisy, and a
hypocrite. A hypocrite is one who preaches that
2415
which he does not practice. And it may be that he
sometimes practices that which he does not advocate
or believe in. A hypocrite is, commonly, a wolf in
sheep's clothing. He is one who cries "Lord, Lord,"
and does evil. He may reason against himself, deny
his own heart, cry his faith from the housetops, yet
know that he is a doubter and deceiver. He lives on
false pretense, and helps others solely that he may
help himself. He may join a political party for the
office he hopes to get. He may denounce capital or
labor, as the case may be, because he thinks it will
gain him the most votes. He may profess peace and
prepare for war,feeling that preparedness must lead
to war. In the guise of friend he is an enemy. In
politics he is all things to all men; in religion, a devout worshipper who hopes that this will save his
soul if indeed there be any punishment for deeds done
in the body;in civics and governmental procedure he
decries law and justice as meted out to men and does
not perform his own duty as citizen. And in a campaign for office he advocates that which he knows
to be unwise and harmful that he may be elected.
A hypocrite is not intellectually dishonest, but he
is a moral cheat.
With these attempts at definitions, are we a "nation of hypocrites"? Because if we are, much is
explained as to conditions, much may be prophesied
as to our future. We think this charge is almost
entirely without foundation. The American people
are neither "intellectually dishonest" nor are they
"a nation of hypocrites." It must be true that
where there are so many views held of politics, economics, civics, education, religion, science and art,
as are to be found in the United States, where
thought at least is free, that men are honest in their
beliefs. It is not that associations, societies, parties even, are always honest with the world, but they
are honest with themselves, in that they are selfishly
seeking their own estimate of the good, their own
advantage. A superior intellect may surround itself
with followers by proclaiming and expounding that
which it does not believe. That makes a hypocrite.
But the followers, unable to discern the fallacy, may
sincerely believe. So that we must admit that the
"rank and file" are honest, though they may be selfish. And in all the "turmoil" through which we are
passing we must hold fast to the belief that however
divided, however misled, however deceived, the people
are honest. If not, democracy is doomed, and a
benevolent despot would better rule us, if such could
be.
Considering the vast variety of persons who may
be said to constitute "the people," it is not that the
many wilfully think wrong, if that, indeed, be possible, but that, though free, their minds travel a
narrow gauge road. Selfishness or private or personal gain may constitute a motive, but the intellectual process is confined to a "single track," it is
honest enough in itself because it is founded and
works in a machine-like mind. In other words,
knowing may not co-ordinate or co-operate with acting—men know the right better than they do the
right—but every man knows when he himself is a
"hypocrite." Reformers and fanatics (when they
are not hypocrites) are honest. And it is impossible
for an ofitsider to enter the secrets of these minds
and say they are going against their own convictions. There is an old saying, applied to certain
garrulous characters in a community, to the effect
that "he has told that lie so often he believes it him-
2416
2.HE CHRONICLE
self." What modern science calls "auto-suggestion"
accounts for many of our inconsistencies, we believe
because we want to believe, the "wish is father to the
thought," but this is not "intellectual dishonesty,"
nor indeed are these persons actual "hypocrites."
Collectively we are denominated an "emotional people." Our emotions sweep us along and influence
our thoughts and our reasoning; and it would be
better often if we were colder and more calculating.
Many of our great "movements," social, religious and
political, turn themselves into crusades, through
sheer emotional excitement. Believers soon come to
exaggerate their importance. If we do not believe
this or that we are doomed, if we do not have this
law or that condition or law, the nation will perish.
But there is nothing essentially intellectually dishonest about all this, it only seems to make us variable. It has been said "consistency is an attribute
of fools."
Are we a nation of "hypocrites"? How, when,
where? Look on the map and find if you can another hundred and fifteen millions as near a unit as
to a form of government! Yet we have an East,
West, and in lesser degree a North and a South, divided in sentiment as to political policies and principles, and yet not wholly divided. Where else in
so varied a terrain are there fewer parties? Is there
a hue and cry about "Wall Street"? Look at your
country town, and do not its banks huddle together
in the centre of "business"—constituting a financial district, though small. Have we "labor unions,"
clamoring for increase in wages, coercing by means
of "the strike"—the vast body of labor is unorganized and submissive to conditions that cannot be
changed. Does society spend itself in spectacles and
fantasies; is youth in revolt against everything that
is old and sacred; are we pleasure-mad, profit-bound,
wasters and spenders;—yes—but count the degrees,
and over against a manifest majority who are none
of these! Is religion an index of hypocrisy because
two modern schools war over its origin, Over its substance—when scores of denominational creeds are
worshipping according to the dictates of conscience,
each unestopped by the others. If in the broad view
there are so-called inconsistencies, are not these
proof patent that there is intellectual honesty and a
lack of hypocrisy? And was the old South, for an
example, intellectually dishonest (see the subtle
logic of John C. Calhoun)—a South lost in new
issues, a cause forgotten? And did not Carl Schurz
say Lincoln fought more for the slave than for the
Union?
All this talk of "hypocrisy" arises from mistaking
a part for the whole. And again, we make so much
noise through our reformers and crusaders that we
are deceived by the very violence of the outcry. It
may even to-day be a source of wonder to the peoples
of Europe that we are not in the League of Nations.
But it is not a wonder to the thoughtful American.
When the test came he who felt himself commissioned to carry the nation into the League found that
he was mistaken, that he had not and never had had
such a commission. In the light of this tremendous
fact we are not hypocrites in our own estimation
that we wish all nations well but will not engage in
entangling alliances. Take prohibition—sinee it is
now vociferously discussed. The people are not
hypocrites, be they in majority or minority, who
refuse to accept in spirit a law they did not by direct
vote in fact enact. It is not as we appear to others,
[Vox.. 122.
but as we appear to ourselves, that makes us hypocrites, whatever be the degree. Do we preach an abiding love for, and intent toward, peace; and at the
same time cry for preparedness, more and evermore?
It is not the people at large that are commanding
this constant and increasing preparation for the
making of war—it is a faction of over-zealous civilians following a star they cannot see is baleful, it is
a body of military autocrats seeking to defend a
country that has honored them and which they
honor!
Take this very administration of an immigration
law (the attempt to shut out a person on the ground
of "moral turpitude") which called forth this futile
and frothy charge that we are a nation of hypocrites.
It is true that socially we are not averse to divorce.
It is true that there are many causes therefore, distributed through many States. It is true that in the
granting of divorce under "easy grounds" much of
moral turpitude is disclosed. But it is silly to
imagine that the acts of administrators at Ellis
Island make us a nation of hypocrites. It is a venture to say that nine out ten persons who read of the
incident saw that the law merely overshot the mark
of common sense and had almost nothing to do with
the real attitude of the people either on immigration
or on divorce. But for the sake of the argument say
that the "world" does laugh at us over the League,
or Court, or Immigration, or mayhap Tariff, or
Debt, we are not foisting upon this "world" or any
people in it something we do not believe or believe
in ourselves. We may be wrong, but we reserve the
right to consider ourselves honest. 'We may er-n
overwhelmingly defeat a candidate for President
without laying ourselves open to the charge of hypocrisy. And if among ourselves we protest against
our own intolerance, inconsistencies, and intemperance in speech, we are not thereby intellectually dishonest.
It is true that in our sectional and bloc appeals
to the national Government for laws and direct aid
to industries there are many willing to accept help,
if so be it help shall come their way through these
innovations and interferences, and do not protest
against these movements though little believing in
them. If this be really hypocrisy it is of a latent
and an inoccuous kind. For the fact is that this appeal is now the fashion. The farmer in the field is
not the farmer in the agricultural convention dominated by theoretical farmers who do not work. In
the same way the factory worker in the union who
would rather not strike if left to his own will is not
a hypocrite because he does go out with the others.
All men are in the current of forces they cannot control. It is always well to speak the truth and to
speak it out in public when good can come thereby.
But in a democracy and in a representative form of
democracy, it is sometimes better to suffer in silence
than to add to the discords of life, be they social or
industrial or political. There is such a thing as
allowing error to defeat itself. There is such a thing
as giving natural law time to work the undoing of
legislative law. The great trouble often is that because of the speech and act and domination of minorities, and sometimes of majorities, the truth is
not allowed to reveal itself. It is not that these
minorities and majorities demonstrate hypocrisy, or
intellectual dishonesty, in the masses of the people,
but that in the constant change many do not feel it
incumbent to gird on the armor of the crusader, not
MAY 1 1926.]
THE CHRONICLE
2417
that they do not think, contemplate and know, but mild for the more radical advocates of farm relief
that they await the opportune hour at the ballot and it is doubtful that it will receive further serious
box.
consideration, unless as a better than nothing measure.
One of the causes of agricultural discontent is the
The Farm Relief Measures Before Congress.
fact that it is finally dawning in the mind of the
By JESSE E. POPE, Ph.D., Washington, D. C.
farmer that he is a victim of the protective tariff,
While the score or more of bills for farm relief that while he sells his products at prices fixed in
which have been introduced into the 69th Congress a world market, he buys his supplies at prices fixed
differ radically as to methods, they all rest on cer- in a market restricted by protective tariff walls.
Senator McKinley's bill aims to bring the farmtain common assumptions: (1) that the farmers of
the United States are in dire distress; (2) that they ers under the wings of protection by providing for
cannot rescue themselves; (3) that the Government a virtual export bounty on agricultural products at
can and should come to the rescue by making gen- the rate, in each case, of the import duty on the
erous loans or absolute grants of money; (4) that product. But instead of a simple bounty to be paid
a new board should be created to administer this directly out of the Treasury, the exporter shall be
relief from Washington, and (5) that, wherever pos- paid in "Export Equalization Debentures," which
sible, the agencies of relief should be co-operative are acceptable for customs fees only. These debenorganizations. And there is general agreement that tures cannot amount to more than 100% of the imrelief is to be sought in higher net prices for agricul- port duties on all commodities, and it is evident that
tural products—prices that shall cover the cost of unless the exporter happens to be an importer payproduction and leave a reasonable profit, or, to ing tariff duties at least equal in amount to his exquote a favorite expression, "the American farmer port equalization debentures he must resort to a must have American prices." Among the devices broker to turn these debentures into cash. Since it
for bringing this to pass may be mentioned: (1) appears that the direct payment of an export bounty
Orderly marketing, by means of credits for ware- would not be constitutional it would seem that the
housing and holding; (2) elimination of specula- only object of this fantastic arrangement is duly to
tion; (3) removal of the surplus either through impress the farmer with the fact that his bounty is
dumping it abroad and making up the loss by assess- intimately and directly wrapped up with the tariff;
ments on the producers (equalization fees) through for without import duty, how is he to cash his export
the payment of export bounties, or through storage debentures? The inspiration for this scheme seems
of the surplus either directly by the Government, or to have been derived from Germany, where, how- with the aid of Government credit, or (4) elimina- ever, the occasion which gave rise to it was very
tion of surpluses through the control of domestic different. The Germans sought to relieve their Far
production; (5) reduction of distribution costs, and Eastern rye growers of the long freight rates to the ,
German centres, enabling them to sell their grain in .
(6) price fixing, either avowed or implied.
This ambitious program is being pressed by farm the nearby Russian markets. Sellers in these marleaders and by politicians both inside and.outside kets were given export debentures which were equal
of Congress and has the active support of many in amount to the tariff duty, and which could be
bankers throughout the South and West and of nu- used to pay the import duties on similar grains
merous citizens sincerely interested in farmers'.wel- imported from markets nearer to German centres of
fare; and it seems of late to have won the approval population. The benefits to the Eastern grain
of a hitherto hostile Administration. Never was growers were large, since they not only escaped
agriculture so vocal as at present. The extent of freight rates, but also reaped an export bounty.
the proposed relief may be seen from the fact that But the Government was unable to prevent grave
practically all agricultural products—grains, cot- inequalities and abuses and the favored farmers im- •
ton, wool, fruits, dairy products, live stock products Mediately expanded their production enormously.
and naval stores—are to be looked after.
As the McKinley bill would work in like fashion, it
There is space here only for a brief analysis of the is difficult to see how it would solve the problem of
most important of these measures. (1) The Haugen the surplus.
•
bill, which is an AOministration measure and which
The Oldfield bill includes two distinct plans for
has passed the House; (2) and (3) the MeKinley bill relief—a plan for an export bounty and a plan for
and Oldfield bill, which provide for export boun- credit to enable foreign consumers to purchase our
ties; (4) the Dickinson bill, which takes care of the surplus. The idea underlying the latter plan is that
surplus through an equalization fee; (5) and (6) somewhere outside the United States there are large
the Fort bill and the new Haugen bill, which are potentional buyers of American agricultural prodmodifications of the Dickinson bill, and (7) the ucts who are solvent and credit-worthy, but who
Tincher bill, which is the relief bill of the Adminis- lack ready money and are unable to borrow either
tration and is supposed to avoid the pitfalls of the from their own respective nationals or from private
other measures.
bankers abroad. In order to enable such potential
The Haugen bill, which goes as far as the Admin- purchasers to buy, the bill provides for the formaistration really wants to go in the way of farm re- tion of an export corporation with a revolving fund
lief, provides that the Secretary of Agriculture shall of $200,000,000 drawn from the United States Treasset up within his Department a co-operative mar- ury. The corporation shall be empowered to issue
keting division which shall encourage and stimulate bonds and make loans, of which the amount
outthe development of co-operative marketing and fur- standing at any time shall not exceed $1,000,000,000,
nish the co-operatives with information concerning to exporters, whether farmers, co-operative associageneral agricultural conditions, so that they' may tions, or mere exporters, to enable them to sell
their
better control prices and regulate production. Al- agricultural products to these hungry,
moneyless,
though this measure has passed the House, it is too but solvent foreign buyers.•
2418
THE CHRONICLE
At one time the idea of an export corporation was
rather widely accepted and came near being embodied in a law. But its fundamental weaknesses
are apparent, and our attitude toward further credit
to Europe is such that this phase of the Oldfield
bill has not been taken seriously by the present Congress.
The second part of this bill, like the McKinley bill,
provides for an export bounty on surplus agricultural products, but without resort to export debentures. It should be noted that of the commodities
mentioned—wheat, corn, oats, rye, rice, cotton, cotton seed, tobacco, beef cattle and hogs processed or
in their natural state—the majority are not imported except in very small quantities, and that
some of them are at present on the free list. The
bill provides that, when such a surplus exists that
the farmer cannot secure a fair price, the Board
shall declare that an emergency exists and shall immediately proceed to set up a schedule of export
bounties sufficient "to secure for the farmer a just
and reasonable price for his products." That is,
before the Board can fix the amount of the bounty,
it must declare what is a "just and reasonable
price." In other words, it must fix prices. The idea
of paying an export bounty in order to get rid of a
surplus is a novel one, although in 1895, under the
inspiration of Mr. Lubin, it was embodied in a bill
which was introduced into Congress but failed of
passage. But an export bounty has often been resorted to as a means of stimulating home production. The classical example is the English export
bounty on wheat, which was repealed in 1816. Such
payments have long been held in ill repute and few
people who have given the matter thought disagree
materially with Adam Smith, who held that they
were an abomination unto the Lord.
The most striking development of the bounty idea
is to be found in the export bounty on beet sugar,
which was instituted during the second half of the
19th century by Germany, France, Belgium, and
other European countries. In brief, the result of
these payments has been to over-stimulate sugar
production in these countries, to raise the domestic
prices so high as to check domestic consumption,
and to furnish sugar to foreign countries—England,
for example—below cost at the expense- of the taxpayers of the bounty-paying countries. France alone
paid directly in sugar bounties during 1897 the
enormous sum of $22,000,000. It is significant that
not one of these countries, when it started on this
bounty policy, dreamed of carrying it to any such
extent. But like many other artificial schemes, it
led to international rivalry to control the foreign
market.
By the beginning of the century the export bounty
plague had reached such proportions that in 1901
the nations afflicted with it and those suffering indirectly from it—England, for example—called an
international convention at Brussels. The outcome
was the Brussels Agreement of 1902, which practically brought about the abrogation of export bounties.
•For a short time the United States paid an export
bounty on refined sugar, but our settled policy has
been opposed to export bounties. Furthermore, by
levying a countervailing duty on imported products
enjoying an export duty—sugar, for example—we
have refused to permit our consumers to profit from
export bounties paid by other countries. And it is
(vol. 122.
interesting to point out that we have been more
meticulous, perhaps, than any other country in interpreting what constitutes an export bounty.
Since such an export bounty as is proposed in the
Oldfield bill would stimulate sporadic dumping and
destroy the equality of nations under the favored
nations clause it would undoubtedly cause much
international irritation and would lead to reprisals.
In the case of nations directly affected, the measure
would be a dead letter; for with the possible exception of England they would, under their present
laws, immediately levy countervailing duties. In
the case of nations indirectly affected, Argentina,
for example, or Canada, selling wheat in England in
competition with bounty fed wheat of the United
States, it is not quite so evident what would happen;
but it is clear that their interests would be vitally
affected and that they would demand from England
some countervailing action. As early as 1879 Justice Sheldon Amos of the Inner Temple held that
countervailing duties were necessary to restore
equality among nations under the favored nation
clause, when that equality had been destroyed by an
export bounty.
But leaving aside the international aspects of the
question, it is difficult to see how an export bounty
could benefit American agriculture, except temporarily. Indeed, it is easier to see how it could do it
grave injury. At first, no doubt, it would effect a
rise in prices, but the amount of the rise would fall
short of the amount of the bounty because a larger
volume of the commodity would be exported than
under non-bounty conditions and prices to foreigners would, therefore, have to be cut. That is, the
American producer would share the bounty with the
foreign consumer. The American consumer would
eat dearer bread, the English consumer cheaper
bread, and the bill would be paid by the American
taxpayer. Ultimately, however, production would
be stimulated, the amount of the product to be disposed of would mount and prices to foreign buyers
would have to come down. And thus the flip due
to the export bounty would practically melt away.
The American farmer would be back where he
started, but with a larger surplus; and the foreign
consumer would enjoy still cheaper bread, bought
in part with money taken out of the pockets of
American taxpayers. How strange indeed that we,
of all people, should disinter and attempt to breathe
the breath of life into this discredited and contemptible old fraud—the export bounty!
The Dickinson bill, which is a legitimate descendant of the Haugen-McNary bill of the 68th Congress, voices the sentiment of the more radical advocates of Government aid to farmers, and however
disguised, it constitutes the foundation of almost
every farm relief measure, including that sponsored
by the Administration. It provides for an Advisory
Council, to be paid on a per diem basis, which shall
function through a board of seven members, of whom
six shall be appointed by the President. Their salaries and the other administration expenses shall
be paid by the Government Its chief duties are:
(1) To collect and disseminate information concerning agriculture and to advise farmers in matters
pertaining to agricultural production; (2) to raise
the prices of practically all agricultural products
by assisting farm organizations to remove surpluses
from the market, and (3) to make up the resultant
losses by assessing an equalization fee, for the non-
Mey 1 1926.)
THE CHRONICLE
2419
payment of which fines and penalties are prescribed, fund, though reduced in size in the new bill, and the
against the producers of any commodity a surplus same provision for loans; and while the mention of
of which has been declared by the board. The board an equalization fee is avoided in the Tincher bill, it
may anticipate the payment of these fees by bor- is provided, to quote, that "any association receivrowing on the security of the commodity immedi- ing a loan shall provide for the payment thereof by
ately concerned,
imposing a charge, in a manner approved by the
The new Haugen bin and the Fort bill were intro- commission, on the commodity marketed by or
duced on April 15, at the close of the hearings, and through the association." And since the idea of a
may be said to represent the latest thought on agri- surplus is inseparably bound up with price, in the
cultural relief. Both are more ambitious than the Tincher as in the Dickinson bill, price fixing is the
Dickinson bill. The Haugen bill does not differ keystone of the arch. And finally, the partnership
radically from its predecessor of the 68th Congress set up between the commission and the co-operatives
except that it resembles the Dickinson bill in its is such that this bill, like the Dickinson bill, involves
provisions for organization, and provides for a re- the Government in a huge marketing adventure. All
volving fund and exempts cotton from the equaliza- three bills have the same congenital weakness, howton fee for three years. The Fort bill also has its ever disguised—the provision for making up losses
Advisory Council, its board and its revolving fund. and paying the expenses of operation by an assessAnd it provides for the creation of an agricultural ment against the commodity to be relieved.
corporation for each commodity. These corporaAny scheme of an assessment, under whatever
tions are agents of the board and have little discre- name, whether voluntary or involuntary, whether
tionary power. The board may make loans to these levied on all products to be relieved or only on cercorporations and also to co-operative associations, tamn cash crops, such as wheat, whether paid by the
and if such co-operatives assume unlimited liability, producer or the processor, is economically unsound
the loans need not be secured.
and administtatively impossible. To be effective it
None of these measures has won the support of must be compulsory; to be just it must be prorated
more than a faction either in or out of Congress. on all producers of the crops in question, because all
The Haugen bill, which farmers have not accepted would claim its benefits, and this would make it
as a relief measure, and which is supported by a necessary for a Government board to keep an acsmall minority of farm leaders, was changed quite count with millions of producers. And it Must be
beyond recognition by an amendment of the Senate adjusted in each case to a surplus, the volume of
committee, into a form which is substantially that which scarcely any two men could agree on,let alone
of the Dickinson bill, except for the temporary ex- a Government board on the one hand and a group of
emption of corn and cotton from the equalization farmers on the other. But if it be assumed that an
fee and the addition of a provision for a large re- agreement on this point could be reached, the diffivolving fund. The export bounty measures have culties would have only begun. The committee of
been rather half-heartedly supported by a small fac- Western farmers throws up its hands when it comes
tion, who see in them an escape from the equaliza- to corn and thinks to solve the problem by placing
tion fee and from price fixing. But both in and out the fee on meats, though it wisely leaves to the
of Congress the basic features of the Dickinson bill, board the question of how to collect it. And it
as enlarged and modified in the recent bills of Mr. solves the problem for a cash crop—wheat—by asHaugen and Mr. Fort, meet with widest approval. sessing the miller. And then, under the questioning
The non-salaried advisory council, operating through of this committee, the spokesman of the farmers
a highly salaried board, which may declare that in thinks he has got out of the difficulty by saying that
any one of a long list of products an emergency in no one will pay the fee unless the consumer does and
the nature of a surplus exists, the compulsory equali- that he won't know it.
zation fee, price fixing, implied in the demand for
Finally, if the fee could be administered and if it
American prices, a revolving fund, furnished by the should accomplish its object by raising prices, it
Government loans of Government money to co-op- would become necessary to take care of all other
eratives and finally aid to co-operative organiza- producers whose costs had thereby been upset. For
tions, which may engage in any sort of activity, un- example, higher wheat means higher milling offal
trammeled by the anti-trust laws, all these would to dairymen and higher cost of production for them.
be willingly accepted by Congress if the Adminis- Such producers would evidently be entitled to comtration were willing. But the Administration is pensatory fees, which would put to shame the cornnot willing. It objects to any form of the equaliza- pulsory duties under our protective tariff.
tion fee or of price fixing. This attitude created an
It is hardly necessary to point out that higher
impasse which threatened to prevent the adoption prices lead to larger production and
that the proviof any measure of farm relief.
sion in these bills for warning the farmers of this
But the pressure on the Administration became fact scarcely meets the situation.
irresistible and on April 15 Mr. Pincher introduced
All these measures involve price fixing. The Mca new bill which the spokesman of the White House Nary-Haugen bill and certain bills which I have not
has let it be known is acceptable to the Administra- discussed, openly and frankly provide for price fixtion. However, this measure, as modified by Mr. ing. The Dickinson and Tincher bills go around it
Haugen and Mr. Fort, a,nd the Dickinson. bill, are but come
out at the same place. The conclusion is
as nearly alike as two peas in a pod. The Dickinson inevitable that any measure which provides for the
bill is the larger pea because it frankly states in segregation of a surplus or any measure of which the
detail what it is proposed to do, while the less frank purpose is to set up a "fair price" or an "American
Tincher bill avoids detail and places the responsi- price" must rest on price fixing. And furthermore,
bility on a marketing commission. There is the same that any board established to bring about farm retype of organization, the same surplus idea involv- lief, if denied the power of price fixing, would be
ing the same list of commodities, the same revolving unable to perform its function.
2420
THE CHRONICLE
All these measures involve operating through cooperative associations. With much temerity I suggest that they are loading a very small craft with a
very heavy cargo. The work which the co-operatives
• are asked to do is quite outside their province and
for them to undertake it would not only bring dis. aster to the co-operatives themselves, but would destroy farm relief. Outside of a rather restricted
. field, the co-operative movement has many limitations.
In the marketing of products needing grading and
. standardization co-operation has rendered great service, but in the marketing of the great staple products—cotton, corn, wheat, meat and so forth, co• operation has little to offer. Indeed, it is doubtful
, that it can measure up to private enterprise. This
is the testimony of leaders in the co-operative movement.
The problem which these measures are intended
•
• to solve is, how to put the farmer's dollar on a parity with the dollar of the industrialist. In this prob. lem all citizens are intensely interested. But wise
citizens object to uneconomic experiments at the
expense of the Government. Nor do wise citizens
desire to see more boards and bureaus added to
what they deem an already over-extended bureaucracy unless it is shown beyond a reasonable doubt
that such further extension will materially assist in
the rescue of the American farmer from his present
plight. Personally, I do not believe that his rescue
can be effected in this way.
The Modernizing of Politics.
It was inevitable that the upheaval of human society that came with the passing of feudalism and
the end of the Middle Ages should record itself in
the changing form and functions of the State. The
era culminated with the emancipation of the individual; and the 19th century, with its new conceptions, its new mastery over nature and its new science, was the result. Politics, as the popular and
practical conception of government, necessarily
shared in the movement and passed into a new
stage. It acquired a new conception and a new
method. It became a more definite function of the
people. From that time Government, from the position and duties of the head through all the subordinate branches down to the function and responsibility of the individual citizen, has been in process
of change, however little this may be realized.
A scholarly book has been written on "The Passing of Politics."* But politics is by no means passing. It is simply developing, evolving, if you will,
in keeping with the times and the progress of man.
It is modernizing as are men, by the same enlarging
of its underlying conceptions and by the same necessary changes in its methods. There will be to the
end ideals and philosophical theories, but there will
also be historical teaching and the insistent demands
of the practical. Politics as never before pertains
to Democracy, and Democracy as government of the
people, by the people and for the people is ideal and
will endure.
With this in mind we may well turn to Mr. Wallace's book and follow a historical scholar, even
though we do not accept his conclusions. We may
see not the passing, but the development of politics
in the form which has to-day become distinctive, and
The Passing of Politics," by William Kay Wallace. Macmillan Co.
I Vol.. 122.
which will make it possible for our generation "to
enter into the full heritage of the new age" with confidence both in its promise and the method by which
it is to be achieved. We are ready to be guided by
experience, not in dropping but in enlarging and
clarifying our ideals, philosophical or otherwise,
and giving them fair and honest application in the
life open to us.
Our author starts with the statement that politics, like war,is a struggle for power. The politician
and the soldier have a definite aim, and pay little
attention to other laws- or customs than those they
make for themselves. After the period in which the
soldier could be hired for any service, and war became a means of serving any political or personal
ambition, new methods of social adjustment served
in time to displace war as the occupation of the best
type of man. Men could take an interest in politics
as a function of organized life. It was long before
the politician in his better form became possible as
the large-minded statesman, the man of high integrity, invested with authority because of his known
wisdom and character. It has been a slow development. It had to pass through the period in which
war,from being the chief recourse, became the means,
when diplomacy failed. This was preliminary to
the conditions existing to-day in which not only war
but the methods of the politician have become obso.
lete. Lord Bryce said not long before his death that
he had never visited a country in which he was not
warned shortly after his arrival that he must not
judge the national sentiment by the opinions of the
politicians.
Our author notes three stages in the efforts of
civilized people to establish necessary and helpful
institutions. These stages cannot be sharply divided, but represent periods each of approximately
500 years. They are the period of military society;
that of urban national organization with a dominant
middle class; and at present a cosmopolitan industrial society with peace as its focus, authority as its
rule, and science as its cohesive factor. There is
throughout a sequence of social institutions, and the
present task is to determine when and how progress
is made, and whether we are at the dawn of a new
era, or the occurrence of a new epoch. An era marks
a period of change going on in institutions, while an
epoch is a turning point in history. He holds that
decay has rapidly appeared, and that democracy,
which is to be distinguished from a republican form
of government, may perform a healthy function in
its proving a dissolving agency of decadent institutions.
This dissolvent process is ,the burden of his review, and the crux of the problem to-day. Politics
as the focus of social life may be shown to have declined and ceased to be determining in public affairs. A new age may be opening. If this is true it
will be necessary to get rid of what he terms the
"dying sophisms" and "weedy truisms" of politics,
so that there may be a new and richer flowering of
the human spirit. This may be a "passing of democracy".in giving place to what is a new conception of
the relations of men to one another and a reshaping
of institutions to meet a larger, a more real and generous conception of the present life.
It is more than a question of terms, though Mr.
Wallace uses the words "politics" and "political"
as pertaining to the past. In successive chapters he
deals in interesting fullness with such subjects as
MAY 1 1926.]
THE CHRONICLE
The Political Age, covering the theory and practice.
of Constitutional Government; its Ethics, embracing Political Liberty, Equality, the Pursuit of Happiness and the Principle and Progress of Democracy; leading up to the Significance of Socialism,
the various plans of Social Organization, the Decay
of Parliamentary Government before the growth of
Industrial and Capitalistic Organization; with an
estimate of the Economic Age and the danger of introducing Politics into industrial and commercial
life.
This will be recognized as a suggestive and interesting series. But we are compelled at this point to
break with our author. He has proved an informing
leader in his historic review of human society. All
must agree with him when he says that Economics
does not account for the movements of history, and
that Politics as a method of social adjustment
equally belongs to the past. It is obvious that
neither the one nor the other accords with the science
of to-day. So far it is true that both have done their
work and are passing away.
When at the end he is compelled to recognize the
existence of the human will his conclusion goes far
astray. He admits that its recognition is the basis
of politics, as it is of religion; and complains that
because it projects man's life into the future it
leads to neglect of the life of the present. On the one
hand he says it has led to the belief in God as the
supreme authority, on the other it has set up the
State. It has influenced men to try to join the past
with the future and to create a process "called prog-
111
Friday Night, Apr. 30 1926.
Trade conditions are variable, and on the whole not altogether satisfactory. This is largely due to weather conditions. The cold, wet spring has militated very noticeably
against American trade. In some sections of late, for instance in the Northwest, it has been too dry. Recently in
the Southwest it was too wet. Temperatures thus far this
spring have for the most part been abnormally low. This fact
has affected many different branches of trade, some of which
at first glance would seemingly not be much affected by atmospheric conditions. But the iron and steel trade has
'suffered. So have the clothing trades, textile manufactures.
the sugar trade, and too many others to be enumerated
here. The whole gamut of business has been more or less
affected. In other words, consumption has been reduced.
Wholesale business returns are not quite so satisfactory as
they were last week. Retail sales are running behind those
of a year ago. It has been bad weather for distribution.
Even the automobile output.has fallen off from the March
total, though it is noticeably larger than that of a year ago.
The coal trade has been only fairly active, though naturally
the low temperatures in various parts of the country have
Inured more or less to the benefit of this branch of business. Wheat prices have advanced mainly owing to the
prevalence of dry weather in the Northwest and also in
Canada. This has offset a rather disappointing export
trade. Corn prices have declined, as trade and speculation
have been slow, and interior stocks are said to be large.
There is still an agitation in Washington for what are
termed measures of relief to the farmer, and there are still
advocates of the Haugen bill, though there are those who
not without reason consider it entirely impractical. It
aims at purely paternalistic measures for regulating the
price of corn, wheat, live stock, dairy products and cotton.
It has been pronounced unconstitutional. It may turn out
to be a boomerang for some of its foremost advocates. In
the end, the law of supply and demand must regulate
prices, as it has for ages past and will for ages to come.
ress." Whatever good it has done in the past he
considers as ended. It postpones, in his view, the
control of matter over mind, which while satisfying
certain material wants left man under the influence
of "vague metaphysical" wants, such as justice, happiness, the greatest good, natural law and the like."
We have outgrown these philosophical conceptions, he thinks. While he admits that science has
not yet received an adequate general definition it
has opened a new line of approach to the questions
before us "in accordance with the spirit of the age."
For directing "man's undeniable native energy" he
therefore would offer what he calls "the materialistic-moral" code. Outside of the realm of science
and the reality it offers, "fiction," which, he says,
"embraces what are termed the highest human aspirations as in religion and philosophy" must remain
the rule. The will and all that it implies are dispensed with, and remain only as offering a means of
solving, what to him appears untenable, the superiority of mind over matter, with the whole cosmology
it implies, i. e., the Divine Rule.
For the hopeful view of life which we all cherish,
our author finds a foundation in the increase of
wealth and of population, and the safeguarding of
health and of public welfare, as "coefficients of the
economic efficiency which is transforming the character of social life." But we cannot follow him any
further in his argument. To most persons this will
not be accepted as a satisfactory philosophy of life,
which is certainly something more than general
well-being and any amount of economic efficiency.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
2421
11
Overproduction is certain to have its reflection in low
prices, as it always has had and must inevitably have
always.
It is regrettable the the competition of foreign growers
has shut the American corn farmer out from the foreign market. It is a fact that for many months past there has been
only a small sale for American grain abroad, whether
wheat, corn, oats or rye. Cotton has declined somewhat
in response to better weather at the South. But conditions
in the cotton belt could be still better than they are, although temperatures are rising and rains have slackened or
disappeared. The regrettable thing is that the spring wheat
belt and also the cotton belt are behind last year, in their
development. Seeding in both has been considerably delayed. The soil of the cotton belt is in excellent condition
and only needs a few weeks of dry, warm weather to facilitate planting and germination. It looks as though there
would be another large acreage planted. Certainly current
estimates point to only a small decrease from the unprecedented area seeded last year. Meanwhile Carolina cotton
mills will start a curtailment of 25% on May 1. It will
eventually help to put the cotton goods industry on a
stronger basis, as there has been an over-accumulation of
supplies at the mills. It is announced, too, that the yarn
mills of Lancashire, using American cotton will close for a
whole week beginning to-morrow. Sugar has advanced,
owing to the passage by the Cuban Legislature of the Act
reducing the output in Cuba 10%. Wool has been dull and
depressed, although the high grades have advanced, while
some others have declined. The woolen goods industry
is
still dull and there is only an irregular market for
broad
silks. Raw silk has been dull. The silk goods industry,
which at one time was so active, now feels the pinch
of a
scanty trade. Coffee has advanced here and in
Brazil,
where the Institute is supposed to be buying. The fact
that
no Robusta coffee was tendered on contracts this
week
helped to advance quotations. But going deeper than
that
was the technical position which showed that the
market
was short. There is no great demand in the
spot coffee
2422
THE CHRONICLE
rvoL. 122.
business, however. Consuming houses are buying in a Cotton Mills
Co. at Cateechee, S. C., will close on the 7th
leisurely fashion, imitating in this respect many other and 8th of
May and on each succeeding Friday and Saturbranches of business. Copper has declined and the ten- day, until
further notice. At Gaffney, S. C., a dispatch
dency of prices for the minor metals in general has been stated
that all the mills of the Hamrick chain will place in
downward. The tin plate business has been unfavorably effect a 25%
curtailment program, operative within two
affected by the weather. As to the crops, the seeding of weeks'
time. Charlotte, N. C., wired that curtailment is
spring wheat in the Northwest is said to be nearly finished
gradually increasing and is expected to be much greater
and all that is needed is rains over much of Minnesota, the within
the next ten days. At Durham, N. C., the hosiery
Dakotas and Montana, as well as Canada.
The winter mills, the big chain of mills in that city, will make a furwheat on the whole looks well, and it is said that parts of ther
reduction in production. The silk mill of the chain,
Texas will raise the largest crop on record for that State. however,
is operating full time and at night. At Huntsville,
Planting of corn is being pushed west of the Mississippi, Ala., all
textile mills are reported operating full time with
where the weather is better and is also making progress in full
complement of operatives.
the more easterly belt, although the season there is later
Manchester, N. H., wired that night work in the Amosthan usual in that part of the country. Weather has been keag
Manufacturing Co.'s rayon weaving departments was
dull. Jewelry trade is larger than last year in some secresumed on the 29th inst. At Gonic, N. H., the mills of the
tions. Merchants note with gratification that the gross
Gonic Woolen Manufacturing Co., which have been running
railroad earnings during March were over 9% larger than on a
greatly curtailed schedule for some time, are to inin the same month last year, while the net operating income crease
operations to capacity, it is said. At Manchester,
was over 28% greater than in March 1925. And it was a Eng.,
90% of the yarn mills using American cotton, will
kind of silver lining to the cloud in the stock market that close
down for a week beginning May 1.
United States Steel common stock was put on a 7% basis.
Gasoline will be advanced 1 cent on May 1 by the StandAlso, money has been easier.
ard Oil Co. of New York, the Gulf Oil Co. and other leading
A great event of the week, of course, apart from all this, refiners
and marketers. In Calcutta, there is a reign of
was the settling of the arrangements to pay the Freneh
terror caused by religious disorders. More than 1,000
debt to the United States, to the amount of $6,847,674,104.
Moslems and Hindus have been killed.
This country has now made war debt arrangements with
There was rain here on the 24th and 25th insts., and it
Great Britain, Italy, Belgium and France. The French
became cooler. At 4 p. m. on the 26th inst. it was 50 degrees,
terms provide for reduced early payments, with no interest
as against 79 late last week. At Chicago on the 25th inst.
for five years. Of course the so-called safety clause could
It was 34 to 42; at Cincinnati, 32 to 58; at Cleveland, 32 to
not be and was not granted to France. No man or nation
38; at Kansas City, 46 to 58; at St. Paul, 30 to 48. In
wants to be told that the debtor will pay provided someother words, it had grown cold again at the West. In parts
body else pays. These arrangements are a long step ahead
of the South minimum temperatures were 35 to 40 degrees.
and away from the war period. Despite the French settleIt was clear but too cold. In northern and eastern New
ment, francs, it was noticed, dropped to a new low in Paris
York rivers and streams were at flood stage on the 26th
to-day, though they did not touch the lowest point on record
inst. The Hudson River was rising at Glens Falls on the
here. In fact, they rallied in the afternoon. It is believed
25th inst., but was falling the next day. The Adirondack
that the French settlement will sooner or later be recogstreams were in full flood. The Black River rose to a point
nized in France as the signal for a gradual return to better
that forced industrial plants and the street car service at
times there. French bonds were active and higher here
Watertown to suspend operation. The Connecticut River
to-day. Great Britain has been overshadowed by a fear of
on the 26th was four feet above the flood stage. The opena big coal strike, which might sooner or later extend to the
ing of lake navigation is expected to be the latest for some
engineering trades. To-day London was very dull, awaityears past. Reports from Lake Superior on the 26th inst.
ing developments on this question. And the stock market
were that there is no probability of a general opening behere was less active, though still active enough, and prices
fore May 1 as the ice was still thick. It became somewhat
were irregular, as money advanced to 41/
2% on call. French warmer on the 29th inst., when the temperature
at 3 p. m.
bonds have, significantly enough, advanced, owing to the
was 54 degrees. On the previous day Chicago was 40 to 50;
signing of the debt agreement. Other bonds have been
Cincinnati, 40 to 48; Cleveland, 38 to 44; Kansas City, 60
firm. New high quotations have been made on Dutch,
to 64; Milwaukee, 40 to 52, and St. Paul, 48 to 60. On the
Swiss and Japanese exchanges.
29th inst. there was a hot wave in Oregon, with temperaAt Fall River, Mass., the Border City Manufacturing Co.
tures as high as 98 degrees. It was above 90 in many other
resumed operations in its No. 3 mill April 28, following a
parts of Oregon and also in Washington, the greatest heat
shutdown lasting two weeks. The liquidation of New Engon record for this time of the year. It was warmer here
land cotton mill shares, which has been going on for several
to-day, with the thermometer up to 64 degrees. It is
months, has continued the last two weeks and many new
warmer in the Central West and even up to 78 in St. Paul,
low records have been made for these shares. At Green80 in Kansas City, 70 in Chicago, but 42 in Buffalo, 56 in
ville, S. C., fine goods mills thus far have taken no steps Cleveland
and 58 in Boston. Temperatures are gradually
looking toward curtailment of operations. At Chester, rising at the South.
S. C., the curtailment program of the three large plants of
the Aragon Baldwin Cotton Mills, Inc., with plants located
at Chester, Rock Hill and Whitmire, will be as follows: Business Going Through a Period of Readjustment,
Whitmire plant, 25% curtailment; Aragon plant of Rock
According to Guaranty Trust Company.
Hill, 25%, and the Baldwin plant, 25% of the machinery
It appears that business has entered a period of readjustwill stop all of the time. The Arcade mill at Rock Hill, ment similar in many respects
to the downward movements
while having no connection with the foregoing plants, will which occurred in the spring
months of 1924 and 1925,
also curtail 25%. This program starts April 30. At Colum- states the current issue
of the "Guaranty Survey," pubbia, S. C., the leading cotton mills will adopt curtailed lished on Monday of this
week. "So far the declines in
schedules of operations beginning next week. One com- stock and commodity prices
have been somewhat more propany believes a reduction may be necessary shortly. The nounced than those of a year
and two years ago, while the
Palmetto has no plan or intention for any curtailment and recession of general business activity
has apparently been
does not expect to make any. The Palmetto mills have less so," the "Survey" explains. "In
recent weeks the movemade no curtailment for ten years past, except from lack ment of stock prices, while irregular, has
given no sign of
of power during drought, or similar circumstances. Prac- renewal of last month's marked weakness. Commodity
tically all of its looms are sold ahead. The Pacific mills prices, on the other hand, have continued
to decline rather
started curtailment last Monday, running part of the ma- sharply—an interesting development in view
of the opinion
chinery only four nights instead of five and part four days expressed by some observers of the economic situation that
instead of six, as previously, thus reducing the week to four the decline is due to international influences, and that it
working days and nights. The Columbia may possibly make will probably continue until the
price level of the United
a slight curtailment. The Glencoe will run only on orders States is in closer adjustment
with those of other countries
as received. This is expected to keep the mill going about than it has been in recent
years. The plausibility of this
three days a week. Additional South Carolina cloth mills view is certainly enhanced
by the unmistakable tendency
have posted curtailment notices in preparation for a reduc- toward import balances in our
foreign trade—not only in
tion of 25% in production, beginning May 1. The Norris the past few months, but increasingly with the gradual dis-
MAY 11926.]
TTTE CHEONICLE
2423
appearance of the abnormal situation occasioned by the hardware. Sales of department stores and mail-order houses increased less
than is usual in March. Compared with March a year ago sales of departwar. The "Survey" then goes on to say:
ment stores were 7% and sales of mall-order houses 9% larger. Stocks of
Outlook for Moderate Business Recession.
Present conditions warrant the belief that the business recession will be
moderate and that it will not extend over a long period. Despite the
high level of industrial activity that has obtained since last summer, the
situation in most of the commodity markets is essentially sound. While
the readjustment in some industries may be rather sharp, there is little
ground for anticipating the advent of general depression. The probability
is rather that the trend will be similar to those of the last two years, with
a short down-swing followed by quick recovery.
It does not seem likely, however, that most branches of business will
experience so sharp a curtailment as took place in the spring and summer
of 1924. Published statements for the first quarter of the year show that
inventories are normal or below normal, that business has been free from
excesses or inflation and that a strong foundation for substantial recoveries
will underlie the situation.
Ease in Money Rates Important Factor.
One of the most important factors bearing on the near-term outlook is the
distinct ease in money rates— a condition that rarely accompanies a major
downward movement in business activity. The release of a large volume
of bank credit from the speculative markets in the course of the last two
months has contributed to the present comfortable money situation. Loans
by New York banks to members of the New York Stock Exchange declined
during March from $3,535,590,321 to $3,000,096,167. Between Feb. 17
and April 7 loans secured by stocks and bonds made to brokers and dealers
by 61 banks in New York City reporting weekly to the Federal Reserve
Board declined from $3,138,724,000 to $2,487,352,000. This additional
supply of funds available for commercial uses may be expected to exert
an influence on interest rates for some time to come.
The general volume of distribution continues to compare favorably with
that of a year ago. Sales by leading mail order and chain stores last month
were 15% larger than a year earlier, and the total for the first quarter of
1926 shows a gain of nearly 121/s%. This comparison, however, must be
discounted by the very large factor of normal growth which chain store
sales have displayed in recent years. Payments by check, which reflect
the activity of business in general perhaps as clearly as any single factor,
have run consistently ahead of last year's figures.
Two Outstanding Industrial Records.
• Two outstanding industrial records were established last month—one in
steel output and the other in cotton textile manufacture. While neither
output nor sales were maintained at last month's high level during the
early part of April, the curtailment was not severe. Steel prices have held
firm, despite some rather marked declines in prices of pig iron.
Cotton consumed by domestic mills in March was larger by 9% than that
for March 1925, and eXceeded by nearly 2% the previous high record of
the industry, established in the corresponding month of 1923. Last month's
consumption brings the total to date for the current season to 7% more
than was consumed in the same interval last season. In recent weeks
there have been reports from numerous localities indicating that production is being curtailed, and that some mills have suspended operations
entirely. A number of important Southern mills are planning to reduce
their output at the beginning of next month. On the other hand, New
England manufacturers report that the general position of the industry
Is more favorable than it has been for the last three years. Silk goods
manufacturers are enjoying a remarkable period of prosperity.
The building and automobile industries established new seasonal records
during the first quarter of the year, with no tangible evidence of impending
sharp curtailment. Automobile manufacturers report that the seasonal
growth of demand has been highly satisfactory, indicating a sufficiently
active selling season to warrant the high rate of output so far maintained.
Since the beginning of this month some manufacturers have reported moderate declines in operating schedules.
Wheat Outlook Encouraging.
In view of the fact that business conditions in coming months will be
profoundly affected by the purchasing power represented by the great
cash crops, the exceptionally good condition of winter wheat is most
encouraging. Planted acreage is somewhat smaller than last year, but it
appears that much less will be abandoned and that the area harvested may
be larger by several millions of acres.
A number of elements in the international situation are favorable to
American wheat producers. European demand is active, and world stocks
appear to be small. The supply remaining in Canada, which is now the
principal factor in international markets, will probably be nearly exhausted by the time the first American wheat reaches the market. Although the size of the Canadian crop cannot be even estimated for some
time, the general outlook, as far as can now be seen, is very satisfactory.
Federal Reserve
principal lines of merchandise carried by wholesale dealers, except groceries
and shoes were larger at the end of March than a month earlier but for most
lines they were smaller than a year ago. Stocks at department stores
showed slightly more than the usual increase in March and were about 3%
larger than last year. Freight car loadings during March continued at
higher levels than in the corresponding period of previous years. Shipments
of miscellaneous commodities and merchandise in less-than-carload lots
were especially large. Loadings of coal, owing to the large production of
anthracite, were also large, while shipments of coke decreased considerably
from the high levels of preceding months.
Prices.
Wholesale prices, according to the bureau of Labor Statistics index,
declined by more than 2% in March to the lowest level since September.
1924. The decline was general for nearly all groups of commodities and
the largest decreases were noted in grains, cotton wool, silk, coke and
rubber. In the first two weeks of April prices of basic commodities were
steadier than in March. Prices of grains, flour, and potatoes increased,
while prices of cotton goods, wool, silk bituminous coal, pig iron. and rubber
declined.
Bank Credit.
Commercial loans of member banks in leading cities were relatively constant between the middle of March and the middle of April at a level about
5200.000.000 higher than at the end of January and approximately equal
to the high point reached last autumn. Continued liquidation of loans
to brokers and dealers was reflected in a further decline in the total of loans
on securities, which on April 14 were more than $500,000,000 below the
high point reached at the end of last year.
At the reserve banks an increake in the volume of member bank borrowing
during the last two weeks of March was followed by a marked decline in
the first three weeks of April, which brought the total near the lowest
levels of the year. Holdings of U. S. securities increased continuously
during the month, while acceptances declined seasonally. Total bills and
securities were in smaller volume at the end of the period than at any
other time during the year and only slightly larger than a year ago.
Open market rates on commercial paper declined in April from 44-4%%
to 4-4g % and rates on acceptances and on security loans were also lower
In April than in March. On April 23 the discount rate at the Federal
Reserve Bank of New York was reduced from 4 to 33 .
Department of Commerce Summary of Domestic Business
Conditions—Activity Continues in Manufacturing
and Trade.
Continued gains in March over a year ago in most
branches of wholesale and retail trade were reported to
the Department of Commerce, according to the department's weekly statement released for publication today
(May 1). Manufacturing activity after allowance for
differences in working time was also larger than in March
a year ago. The production of fine cotton goods in the
New Bedford district,. t4e activity of cotton finishers, the
sales of washing machines, the output of malleable castings, the sales of tubular plumbing goods, and the production of California white pine lumber were each larger
than in March, 1925. Factory employment in March was
2% greater than a year earlier, with a similar comparison
for factory payrolls.
As compared with the previous month, both wholesale
and retail trade were larger in March, while manufacturing activity, after adjustment for working time differences,
showed no change. Increases over February were noted,
however, in the production of fine cotton goods, cotton
finishers' activity, washing machine sales, production of
malleable castings and in the production of California
white pine lumber, with a decline from February noted in
the sales of tubular plumbing.
Declines from both a year ago and from February were
noted in new orders and shipments of brass faucets, while
the output of Southern pine lumber, though smaller than
in March, 1925, was larger than in the previous month.
Board's Summary of Business Conditions in United States—Increase in
Industrial Output.
Industrial output increased in March and the distribution Index of Real Estate Market Activity Declines Seven
Points from February Record—Ten Points
of commodities continued in large volume owing to seasonal
Higher Than March of Last Year.
influences, says the summary of general business conditions
Real estate market activity for March showed a decline
in the United States issued by the Federal Reserve Board
on April 27. The Board notes that the level of wholesale from the record height reached in February, according to the
prices declined for the fourth consecutive month, and adds: index of market activity compiled by the National Association of Real Estate Boards from official totals of transfers
Production.
conveyances recorded in 41 typical cities. Under date
and
The Federal Reserve Board's index of production in basic
industries increased in March to the highest level for more than a year. Larger
output of April 24 the Association says:
was shown for steel ingots, pig iron, anthracite, copper, lumber, and
newsprint, and there were also increases in the activity of textile mills. The output of automobiles increased further and was larger than in any previous
month, with the exception of last October. Building contracts awarded
also
increased in March, as is usual at this season, and the total was near
the
high figure of last summer. Particularly large increases in building activity
as compared with a year ago occurred in the New York, Atlanta, and Dallas
Federal reserve districts. Contracts awarded continued larger during the
first half of April than in the same period of last year. Condition of the
winter wheat crop has improved since the turn of the year and on April 1
was estimated by the Department of Agriculture to be 84% of normal,
compared with 68.7% last year and an average of 79.2 for the same date
in the past ten years.
Trade.
Wholesale trade showed a seasonal increase in March and the volume.
of &dos was larger than a year ago in all leading lines except dry goods and
The index figure for March was 178. This is seven points under the index
figure for February, which was the highest recorded for any month in the
ten years covered by the association's statistical study. The March
figure, however, is ten points higher than the corresponding figure for
March 1925: The high measure of market activity shown by the index is
also indicated in building statistics.
March had the largest volume of construction contracts of any March on
record, the F. W. Dodge Company's statistical records show. The total
number was, in fact, grbater than that of any other single month on record
except that of August 1925. The increase over February was 53%, the
increase over March of last year 22%. Building permits for March in 440
cities as reported to S. W. Straus & Co. showed a gain of 2% over March
1925. They show an increase over February of 58%, which represents
slightly more than the normal seasonal recovery over February. For the
first quarter of the year 1926 the totals showed a gain of 2% over the first
quarter of the preceding year.
2424
THE CHRONICLE
[VOL. 122.
Construction contracts awarded in the entire United States during the normal in March compared with 100 in February and 97 in March a year
first quarter of the year have been estimated by the statistical division of ago. Unseasonably cold weather in March, and in April as well, has
the F. W. Dodge Company at $1,576,000,000. The figure indicates about retarded buying of spring merchandise.
23% increase over the first quarter of 1925. It is, however, a drop of
Changes in the different localities compared with last year varied widely,
approximately 7% from the figures for the last quarter of the year 1925, ranging from an increase of 24% reported in Bridgeport for the second
whereas it should normally have been about a 1% increase. It will be re- consecutive month to a decrease of 6% in Buffalo. Sales of apparel stores
membered that the last six months of 1925, instead of showing the usual also 7% larger, and mail order houses reported a gain of 10%•
seasonal drop of about 12% from the first half of that year, showed instead
Stocks of merchandise in department stores showed a 4% increase over
an increase of 15%.
last year. In apparel stores the increase in stock was 12%, almost double
In spite of the increase in dollar volume of contracts of the quarter just the increase in sales.
completed over the corresponding quarter of 1925 there was a smaller
A substantial increase over last year was again indicated in charge
increase in new floor space involved and practically no increase in total account collections, but accounts receivable at the end of the month also
number of projects. The residential index for March is the lowest of any continued to be much larger. Outstanding instalment accounts reported
individual group. The index for commercial building is the highest, and by department stores remained smaller than a year ago in New York and
large commercial projects are a considerable factor in accounting for the Buffalo, but were larger in most other localities. The average for all
month's totals. "Although the building situation is favorable in its im- reports received was a reduction of 3%•
mediate bearing on the business situation," the Harvard Economic Service
states, "the evidence continues to support the view that the peak of the
Percentage Ch'ge Mar 1926 from Mar.1925.
building boom has been passed."
Locality
Stock on
Net
FlandEnd. Collec- Accounts
Sales. of Month. :ions* Receivable*
Life Insurance Sales Increase 7% in First Quarter 1926 New York
+19.4
+9.0
+4.3
+7.4
Buffalo
+6.8
-6.3
+7.4
+8.3
Over Same Period 1925.
Rochester
+22.0
+22.1
+3.4
+12.8
Syracuse
-5.9
-4.4
-13.2
+2.1
The amount of ord:nary life insurance purchased in the Newark
-1.3
-0.1
+8.8
+9.9
United States in March is well ahead of the corresponding Bridgeport
+8.3
+23.9
Elsewhere
4-77:1
-f-Ya
-6.0
+6.7
month last year, according to figures just issued by the
Northern New York State
+11.7
Central New York State
+4.8
____
___
---Life Insurance Sales Research Bureau of Hartford, Conn.
Southern New York State
+4.8
___ ____
____
Hudson River Valley District
+11.7
The Bureau's statement says:
Capital District
-+0.7
Westchester
During the month $790,669,000 of new business was paid for by com+14.8
-A department stores
+8.9
+1.7
::1
t.546i
panies having in force 80% of the total life insurance in all the United Apparel
stores
+38.9
+12.1
+25.8
+8.7
$87,675,000,
or
States legal reserve companies, which is an increase of
M-u' nr,h,
^ 10Thspa
+9.0
12%, over the sales of March 1925. This figure includes the sales of ordi• Exclusive of installment accounts.
nary life insurance and not the sales of group or industrial insurance. This
The following table shows sales and stock by departments compared with
is the highest record made in any month with the exception of December
1925, which month is generally the highest in the year in the United States March of 1925.
for life insurance sales, according to the Bureau's records. March sales are
Stocks on Hand
Net Sales
only 2% below the December figure.
Percentage Chargi Percentage Charge
Every section except the East South Central shows a gain of 9% or more
March
March 31 1928
1926
highest
gain
made
in
any
of
in sales over the record of a year ago. The
from
from
the nine geographical sections is 24% in the South Atlantic States. This
March 1925.
March 31 1925.
section comprises the following States: Delaware, Maryland, District of Toys and sporting goods
+31.3
+13.0
Columbia, Virginia, West Virginia, North Carolina, South Carolina, Georgia Books and stationery
+25.5
+12.1
Linens and handkerchiefs
and Florida.
+21.8
-0.4
Furniture
State Increaser.
+20.4
+7.7
Toilet articles and drugs
+17.3
+4.4
An excellent record was made in Florida this month. Sales totaled $12,- Men's furnishings
+15.3
o
373,000, the highest month on record with the exception of December 1925, Shoes
+13.1
+8.2
Luggage
and
other
leather goods
+13.1
when sales totaled $14,980,000. March Baas are 102% ahead of sales in
+15.0
Cotton goods
+10.1
-2.1
March 1925.
Men's and Boys' wear
+9.4
+6.6
The following five States show gains of 30% or more in sales for Silverware and jewelry
+9.1
+9.4
March: Florida, 102% • Maryland, 61%; New Hampshire, 41%; District Hosiery
+9.5
+8.9
Women's
ready-to-ware
accessories
+8.8
-7.0
of Columbia, 37%; North Dakota, 30%, and Oregon, 30%.
Home furnishings
+7.5
+2.2
Silks and velvets
Quarterly Increases.
+1.5
-2.1
Musical instruments and radio
+0.2
+4.3
In the three months of this year sales averaged 7% higher than the sales Wornen's and Misses' ready-to-wear
-2.8
-4.1
in the same period of last year. Sales amounted to $2,004,083,000, an in- Woolen goods
-30.1
-18.5
-0.3
-8.9
crease of $129,693,000 over the sales in the corresponding period of last Miscellaneous
The average sales check In March was $2.83 compared with $2 85a year ago.
year. All sections share in the general gain. The increases range from 1%
in the East South Central section to 17% in the South Atlantic section.
Sales in Florida, with an increase of 94%, show the greatest of the State
gains for the first quarter.
March Life Insurance Sales in Canada 16% Over Last
Year.
Sixteen per cent more ordinary life insurance was purchased in Canada during the month of March than in March
1925, according to figures just issued by the Life Insurance
Sales Research Bureau of Hartford, Conn. During the
month $40,483,000 of new business was paid for by the reporting companies, which have in force 84% of the outstanding business in Canada, says the Bureau, which adds:
This is the highest record ever made in any month with the exception of
June and December 1925, and March sales are only 4% and 3%, respectively, below these months. The Bureau's records show that December
is generally the highest month in the year in Canada, with June following
closely.
Every province shares in the general gain. British Columbia and Saskatchewan lead, each showing a 22% gain. Ontario and Quebec, the two
most important provinces, have increases of 18% and 14%.
The records of the various cities vary rather widely. Improvement is
most noticeable for March in Hamilton, which shows a 51% gain; and in
Toronto, which shows a 35% increase. Ottawa is the only city which does
not share in the general gain for March.
In the first three months of the year sales are $14,597,000 ahead of the
sales in the corresponding period of last year, or a 15% increase. Saskatchewan leads in the year-to-date gain with a 29% increase.
The gain in the twelve months ended March 31 1925 over the preceding
twelve months is 13%. Every province with the exception of New Brunswick shares in the gain.
Decline in Wholesale Trade in New York Federal
Reserve District in March Compared with Year Ago.
"Although nine out of fifteen lines reported larger March
sales than last year, wholesale trade in this district, measured
by a weighted average of reports from nearly 200 concerns,
showed a decrease of about 3% compared with last March,
despite the extra selling day this year," says the May 1
Monthly Review of Credit and Business Conditions by the
Federal Reserve Agent at New York. It adds:
This decline was due chiefly to substantially smaller sales of women's
clothing and textiles. Silk sales dropped below the level of a year previous
for the first time since September 1924, and sales of cotton jobbers showed
the largest decrease in over a year.
The largest increases occurred in sales of diamonds and machine tools.
Stationery continued its steady gain and unusually large increases were reported by drug and grocery firms.
Shoe stocks dropped below the level of a year previous for the first time
since last March, and stocks of groceries, cotton goods, jewelry and diamonds remained smaller. Silk stocks, however, continued to be much
heavier than a year ago, men's clothing showed a substantial increase, and
hardware remained practically unchanged.
Collections averaged about 3% larger than last year, all lines with the
exception of cotton jobbing and coats and suits reporting increases over
last March. About the same average increase was reported in accounts
receivable, although decreases were reported In four lines.
Commodity.
Percentage Change
March 1928 from
February 1926.
Net
Sales.
Department Store Sales in Federal Reserve
in New York in March as Compared
With Year Ago.
According to the May 1 Monthly Review of Credit and
Business Conditions by the Federal Reserve Agent at New
York. Sales of department stores in this district during
March were 7% larger than last year, due partly to the fact
that Easter came a week earlier this year and partly to the
additional selling day this March. The Review continues:
Increase in
District
An index of department store sales computed by this bank which makes
allowance for these factors and for seasonal and price changes, was 95% of
Groceries
Men's clothing
Women's dresses
Women's coats and suits_..
Cotton goods-Jobbers _ _ _
Cotton goods-Commis'n.
Silk goods
Shoes
Drugs
Hardware
Machine tools
Stationery
Paper
Diamonds
Jewelry
Stock
End of
Month.
+17.7
+4.9
+4.1
+43.9
+1.8
+18.0
+6.7
+63.4
+18.1
+25.1
+22.0
+1.1
+16.2
+21.81
+4.4f
Weighted average
+18.9
• Stock first of month; Quantity, not value
Percentage Change
March 1926 from March 1925.
Net
Sales.
Stock
End of
Month.
+8.8 -1.4
+0.6 +14.2
-33.4
-19.7
-17.8
-10.6
-4.7
+7.3 -4.5
+10.3
-7.5
+19.7
+10.8
+4.1
1+21.61
1 +2.3.1
-2.8
Coileclions.
Accounts
Recall"able.
+9.7
+8.2
+10.0
+15.3
+3.4
MAY 1 1926.]
THE CHRONICLE
Gain in Chain Store Sales in New York Federal
Reserve District in March.
The New York Federal Reserve Bank,in its May 1 monthly
"Review of Credit and Business Conditions," states that
"Chain store business during March showed about the same
increase over the previous year as in February, but as the
increase in the number of stores operated was not so large,
sales per store compared more favorably with those of a
year ago than in the previous months of this year." It
also has the following to say:
Gains in volume of business were reported in all lines, but as tn the
past three months were particularly large in variety, drug, and grocery
stores. More substantial increases than in any month since last October
occurred in total sales of shoe and candy chains, and sales per store were
closer to those of a year previous than in any recent month. Increases
in total sales of both tobacco and 5-and-10-cent stores were the largest for
any month so far this year, and there was also a considerable improvement
in their sales per store.
PERCENTAGE CHANGE, MARCH 1926 FROM MARCH 1925.
Number of
Stores.
Total
Sales.
Sales per
Store.
Variety
Drug
Grocery
Shoe
Ten-Coin
Tobacco
Candy
+17.1
+20.1
+18.3
+15.6
+5.8
+13.4
+22.7
+27.4
+25.4
+19.6
+13.0
+12.4
+8.4
+8.4
+8.8
+4.4
+1.1
-2.2
+6.3
-4.4
-11.7
'enrol
.4-11i5
-1-175
-141.11
Type of Store.
2425
Reading, as well, although there was a slight decline in wage payments,
trade was considerably more active. Most of the other cities of the
district experienced decreases in either factory operations, debits or
retail trade.
Activity of Hosiery Industry in Federal Reserve District of Philadelphia in March.
A preliminary report of the hosiery industry compiled by
the Bureau of the Census is made public as follows by the
Federal Reserve Bank of Philadelphia. The following table
shows the activities of the hosiery mills in the Third Federal
Reserve District in March and a comparison with those of
February:
en's Full-Fashioned Seamless. Women's Full-Fashioned Seamless.
In Dozen
Pairs.
Production
Shipments _ _
Finished stock
end of month
Orders booked_
Cancellat'ns rec.
Unfilled orde
end of month
F
;Clege
1%Ch'ge
%Clege
%Ch'tte
March . Feb. Marchlfr. Feb. March ft Feb. March fr. Feb.
1926. 1928. 1926. 1926. 1926. 1926. 1926. 1926.
39,735 +23.2257.954 +9.2 535,193 +20.5 167,828 +12.7
26,057 +15.7245.844 +3.3 507,555 +23.9 176,294 +22.4
33,522 +36.9361.786 -1.6 404,236 +6.4 311,067
15,681 +16.0217.524
950,117 +192.5 172,916 +7.1
1,841 +237.2 8,924 -33.6 19,311 +11.7
3,110 +52.8
22,638 -38.1366,971 -10.0 1,878,714. +27.9 152.571 -4.3
Boys and
Misses'.
Production__ _
Shipments
Children's &
Infants'.
Athletic and
Sport.
-
Total.
%Ch'g
%Ch'ge
%Clege
%Ch'ge
March fr. Feb. March Jr. Feb. March Jr. Feb. March Jr. Feb.
1926. 1926. 1926. 1926. 1926. 1926. 1926. 1926.
20,352 -17.0 99.040 +7.9 61.004 .4-29.5 1,181,106 +15.2
33,639 +44.5143.460 +9.3 63,654 +20 81,196,503 +17.1
47,347 -9.4222.218 -17.3 89,591 -8.01,449,767 -2.3
44,118 +78.9104,814 +35.8 57,306 +103.71,662.476 +83.1
452 +0.2 5,578 +95.9
1,737 +16.9 40,953 +7.5
43.581 +22.3211.552 -18.0 66.580 -10.82.742.607 +12.3
Business Conditions in Philadelphia Federal Reserve• Finished stock
end of month
District-Seasonal Increases in March.
Orders booked.
Cancellat'ns
rec.
lines
Most
of trade in the Philadelphia Federal Reserve Unfilled orde
end of month
District experienced large seasonal increases usual in
March, and productive activity in that month continued
to be well maintained, says the May 1 Business Review
Course of Wholesale and Retail Trade in Federal
of the Federal Reserve Bank of Philadelphia, which goes
Reserve District of Chicago.
say:
on to
With
regard
merchandising conditions in the Federal
to
Although factory employment in the states of the district declined
slightly in March-and our preliminary reports indicate a somewhat Reserve District of Chicago, the Monthly Business Condilarger decline in April-wage payments, which furnish a good measure tions Report of the
Federal Reserve Bank of Chicago dated
of industrial operations, were larger in March than at any time in
May I says:
more than two years. Despite the high rate
business
of
activity prevailing currently, there have been some recent reports of curtailed
buying, while widespread declines in commodity prices have continued
and, in March, the general average reached the lowest point since
October, 1924.
The current rate of business activity, however, in addition to showing recent improvement of a seasonal nature, continues to be well
above last spring's level. The volume of check payments in leading
cities of the district gained 22% in March and was 10% above the
total for the same month of 1925, despite the fact that wholesale prices
have been substantially lower this year. Retail trade, of course, has
been seasonally larger, and the sales of all reporting stores were
9%
above those of last year. Apparel and shoe stores showed gains of 12
and 42%, respectively. Wholesale trade in all lines was also seasonally
larger than in February and in most cases, as well, compared favorably with last year. Transportation of goods, as measured by freight
car loaditts in the Allegheny District, was 3.5% larger in March,
1926, than in March, 1925.
Productive activity in the iron and steel industry has reached high
levels both in this district and in the country as a whole, but recent
reports indicate some slackening in demand and widespread
price declines. It is significant that, while production of steel ingots reached
record levels in March, the unfilled orders of the Steel Corporation
were reduced sharply during that month. The coal markets
are quiet
and in the case of bituminous, buying has been curtailed
and prices
have fallen, of late.
Although construction this spring in the country as
a whole is in
larger volume than in 1925, some slackening has
occurred in the Philadelphia district. March contract awards were 7%
less than last year
while the value of permits issued in sixteen cities
of the district for
the first quarter of 1926 was only 45 million
dollars as compared with
55 million in 1925. Most building materials are
in less active demand
than they were last year.
Conditions in the majority of the textile industries
are reported as
being far from satisfactory. Employment
in the textile mills of the
district fell off more than 4% from February
to March and our preliminary reports indicate a further large
decline in April. Business
in raw cotton, wool and silk and in the finished
goods has been curtailed considerably of late, and prices are reported
to be notably weak.
Prices of carpets and rugs have also declined
recently. Rayon continues in good demand at steady prices, however.
Conditions in the
hosiery and underwear trade are somewhat mixed;
clothing manufacturers report fairly active trade at steady prices.
Business in hides and in leather and shoes is also
somewhat unsatisfactory. Demand for shoes is only fair and
manufacturers are net
well supplied with orders.
The late spring has retarded agricultural activity in the
district, and
spring plowing has been only about half completed. The
outlook otherwise fairly satisfactory, although the condition of pasturage
and of
winter wheat is poorer than last year. About the same
acreage will be
planted to crops as in 1925 and larger amounts of fertilizer
have bees
purchased by farmers.
City Conditions.
In most of the cities of the district conditions have
improved seasonally as compared with February and in most cases, also, activity
in
March was ahead of that of a year ago. More active
business in
Philadelphia is indicated by large increases over 1925
in factory wage
payments, debits and retail sales, although building
in March was
smaller than it was a year previous. The Allentown,
Williamsport and
Wilmington areas also report increases in all three of
these items. In
Wholesale Trade.
First quarter sales for two-thirds of the wholesalers reporting to this bank
were below the corresponding three months of 1925. By commodity
groups, drug firms averaged the one increase-2.9%-with decreases for
the others amounting to 2.0% for shoe dealers, 6.0% for groceries, and over
8% for dry goods and hardware. In groceries and dry goods these declines
are due principally to unfavorable comparisons with last year during January and February, as the March differences are slight.
With three exceptions sales were heavier than during February, reflecting the longer month and the usual seasonal expansion. The increase
over February in collections likewise is customary for the season. 56 out of
65 firms making gains. For three-fourths of the stores accounts on the
books March 31 were larger than at the close of February, group increases
ranging from about 5% for groceries and dry goods to 23.7% for shoes.
The majority of hardware, dry goods and drug firms made net additions
to their stocks during the month; three shoe dealers and most of the grocers
reported reductions; group changes ranged from a 4.2% decrease for shoes
to a 2.5% increase for hardware. Over half the firms were carrying lower
inventories on March 31 than a year ago, with all groups except drugs
averaging declines.
Department Store Trade.
The upward trend in department store sales customary during March
was accentuated this year, despite the unseasonable weather, by the extra
trading day and by the early Easter. With four exceptions the group of
86 firms reporting to this bank registered increases over February,averaging
23.8%. Nearly half the number exceeded likewise their March 1925 business, the 13.5% gain for the district being the most pronounced year-to-year
change since October, and raising the average increase for the first quarter
of 1926 to 10.2%.
Inventory figures for March 31 indicate the usual seasonal stocking-up
during the month; the group gain of 5.7% reflects individual advances at
all
but seven stores. Comparisons with a year ago continue to vary
for the
seaprate firms; stocks for half were heavier and for the other slower,
and
averaged for 49 a 2.6% increase. Fifty firms sold 30.7% of the
goods held
during the month, as compared with 27.8% in 1925; corresponding
percentages for the first three months of each year are 84.4 and 79.4, respectively.
Aggregate outstanding orders as reported by 32stores declined
from 8.2%
of 1925 total purchases on Feb. 28 to 7.0% at the close of March.
The increase in accounts outstanding shown by three
-fourths of the firms
is seasonal. For 64 stores the ratio of March collections
to accounts on
the books at the end of February amounted to 41.7%, or
the same as last
year.
Retail Shoe Trade.
With three exceptions reports from retail shoe dealers in
this district reflected seasonal expansion in sales during March. For the group
of 45 firms,
the increase over February in dollar amounts averaged
40.5%. Twentyseven stores made net additions to their inventories during
the month and
nine indicated reductions, the 36 averaging an increase
of 11.9%. Accounts
receivable on the books of 21 firms on March 31 totaled
14.6% in excess of
outstandings at the close of February; their ratio to sales
averaged 73.3%
as compared with 79.0% the month before. Collections
were lower for
nine out of 18 firms.
Lumber Trade Shows Increase over One Year
Ago.
The National Lumber Manufacturers Association
received
telegraphic reports of the status of the lumber
industry for
the week ended April 24from 408 of the larger
softwood, and
151 of the chief hardwood, mills of the country.
The 394
comparably reporting softwood mills showed
increases in
THE CHBoNi
2426
production, shipments and new business, when compared
with reports from 390 mills the week earlier. In comparison
with reports frau 388 mills for the same period last year,
gratifying increases in all three items were noted, particularly
in shipments. The hardwood operations showed little change
in comparison with reports from 145 mills the previous
week, the most notable being a considerable increase in
production.
The unfilled orders of 240 Southern pine and West Coast
mills at the end of last week amounted to 748,604,363 ft.,
as against 759,599,975 ft. for 239 mills the previous week.
The 132 identical Southern pine mills in the group showed
unfilled orders of 292,615,584 ft. last week, as against
294,342,482 ft. for the -week before. For the 108 West
Coast mills the unfilled orders were 455,988,779 ft., as
against 465,257,493 ft. for 107 mills a week earlier.
Altogether the 394 comparably reporting softwood mills
had shipments 104% and orders 94% of actual production.
For the Southern pine mills these percentages were respectively 112 -and 109; and for the West Coast mills 111
and 95.
•. •
Of the reporting mills, the 351 with an established normal
production for the. week of 217,784,130 ft., gave actual
production 110%,shipments 119% and orders 106% thereof.
The following table compares the national softwood
lumber movement as reflected by the reporting mills of eight
regional associations for the three weeks indicated:
Corresponding Preceding Week
Week 1925. 1926 (Revised).
Past Week.
390
388
Mills..
•394
Production
•
282,564.796
Shipments
294,454,648.
Orders(new business)___ _265,846,774
253.554.930
246,997.475
254,174,735
276.278,571
266.239.783
253,271.483
The following revised figures compare the softwood lumber
movement of the same eight regional associations for the first
16 weeks of 1926 with the same period of 1925:
Production,
Orders.
Shipments.
I Vot,
showed some decrease in production, a notable increase in shipments, and
a marked increase in new business.
The hardwood mills of the Northern Hemlock and Hardwood Manufacturers Association reported from 21 mills,
production as 5,958,000 ft., shipments 4,079,000 and orders
3,225,000.
The Hardwood Manufacturers Institute of Memphis,
Tenn., reported from 130 units, production as 18,964,620 ft.,
shipments 19,525,816 and orders 18,364,770. The normal
production of these units is 22,443,000 ft.
For the past 16 weeks all hardwood mills reporting to the
National Lumber Manufacturers Association gave production 417,611,618 ft., shipments 403,946,990 and orders
408,177,018.
West Coast Lumbermen's Association Weekly Review.
Orlie hundred and seven mills reporting to West Coast
Lumbermen's Association for the week ending April 17
manufactured 111,684,059 feet of lumber, sold 114,039,294
feet and shipped 108,845,256 feet. New business was about
2% over production. Shipments were around 23/2% under
production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
Mar.27.
Week Ending—
April 17.
April 10.
April 3.
106
No.of mills reporting_ ___
107
107
111
Production (feet)
111,684,059 114,403,592 110,044,308 113,170,740
New business (feet)
114,039,294 113,914,880 112,087,342 111,025,567
Shipments (feet)
108,845,256 120,408,621 106,809,082 112,215,537
Unshipped Balances—
RAI (feet)
173,460,000
Domestic cargo (feet)..... 151,122.895
Export (feet)
140,674,598
Total (feet)
First 16 Weeks of-Production (feet)
New Business (feet)
Shipments (feet)
180,060,000
157,987,839
145,077,866
181,500,000
151,788,527
135,169,181
176,760,000
150,964,688
126,188,072
465,257,493 483,125,705 468,457,708 453.912,760
1923.
1926.
1924.
1925.
1 536,526,027 1,572,313,123 1,592,758,335 1,526,160,426
1,655,738,499 1,576,290,852 1,533,685,840 1,745,669,480
1 579,958,478 1,596,016,233 1.618,777,920 1.759,759,683
Silk Mills Curtail Due to Large Stocks—Record Production Has Piled Up Inventories and Cold Spring Has
Cut Down Sales by Department Stores.
The Southern Cypress Manufacturers Association of New
The
following
is from the `Wall Street Journal" of
Orleans (omittedifrom the above tables because only recently
reporting) for the week ended April 21 reported from 14 mills April 27:
After a year of record breaking activity silk mills are now curtailing
a production of 4,337,148 ft.,shipments 4,520,000 and orders
operations, Stocks of broad silks in the hands of mills are reported to
4,000,000. .In.comparison•with'reports for the previous week be
from 25% to 50% ahead of stocks on hand last year at this time,
when one more mill reported, this association showed nom- and the outlook is far from cheerful. Raw silk has been declining
inal decreases .in production and shipments, and a heavy steadily for some months and is now quoted around $5.75 a pound for
standard grades.
decrease in new- business.
Senator Pepper pointed out that there is not at the present time
any clean-cut provision in the National Bank 'Act authorizing a nas West Coast Movement.
1926
1925
4.035,217,614
.
• 3,774,235,034
4.231,137,286
.3,875,414.898
4.260,697.595
3,769.360.176
The West Coast .1,4umbermen's Association wired from Seattle that tional bank to have branches even in tho5e States in which State
new business for the 108 mills reporting for the week ended April 24 was banks are permitted to establish branches and maintain them under
5% below production, and shipments were 11% above production. Of all the law. The pending measure• undertakes to set up a formula for
new business taken during the week 46% was for future water delivery, the determination of the right of a national bank to establish and
amounting to 58.575,028 ft., of which 31,338,028 ft. was for domestic maintain branches under certain restrictions, which he explained in
cargo delivery, and 17,237,000 ft. export. New business by rail amounted great detail.
to 1,716 cars (approximately 51.480,000 ft.) of 49% of the week's new
Stating that Senator Pepper's explanation of the bill
business. Forty-eight per cent of the week's shipments moved by water,
was
concluded on April 28, the "Journal of Commerce"
amounting to 58,984,697 ft., of which 42,380.096 ft. moved coastwise
and intercoastal, and 16,604,601 ft. export. Rail shipments totaled account of that date said:
1.963 cars (approximately 58,890,000 ft.) or 48% of the week's shipments,
He Completed his discussion of the branch bank features, and then
and local deliveries 5,591.806 ft. Unshipped domestic cargo orders totaled touched upon the other provisions. During the presentation of his
145,832,484 ft., foreign 142,546.295 ft. and rail trade 167,610,000 ft.
explanation, Deputy Comptroller of the Currency Charles W. Collins
sat in the Senate Chamber, near at hand to assist the Senator if
Labor.
A majority of logging camps and sawmills in the fir districts are now necessary.
Senator King of Utah proposed that the McFadden National Bank
operating at close to average schedules as compared with the past three
reyears, according to the Four L Employment Service. Several logging bill offered an excellent vehicle for the enactment of legislation
concerns in at least three districts recently laid off fellers and buckers, quiring national banks to have greater capitalization.
Informative Testimony
but actual logging is continuing at practically all major operations. Fellers
and buckerlihave also been laid off at a few camps in the Grays Harbor
He called attention to a resolution that he had presented to the
country. Extremely dry weather for this time of year points to an early Senate in respect to his proposal, and he was reminded by Senator
fire hazard. Labor turnover is about normal, if anything slightly heavier Pepper that Dr. H. Parker Willis, editor of The Journal of Comthan it has been this spring. All sawmills are cutting. Although woods merce of New York and Columbia University professor, had furwork and lumber manufacturing in the pine districts are nearing the normal nished a great deal of information dealing
with the financial conspring cutting schedules, the total number of men employed is less than dition of the national banking institutions.
it was in April of last year.
The Utah Senator declared that his resolution
attention
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for
132 mills reporting, shipments were 11.69% above production and orders
9.30% above production and 2.14% below shipments. New business
taken during the week amounted to 79.104,412 ft., shipments 80,831.310
ft. and production 72.372,661 ft. The normal production of these mills
Is 81,978.102 ft. Of the 121 mills reporting running time, 83 operated
full time, 18 of the latter overtime. Three mills were shut down, and the
rest operated from two to 53 days.
The Western Pine Manufacturers Association of Portland, Ore., reported
a slight increase in production, a negligible decrease in shipments, and
new business well in advance of that reported the previous week.
The California White & Sugar Pine Manufacturers Association of San
Francisco, Calif. (three mills closed down) with two more mills reporting,
showed a big increase in production, considerable increase in shipments,
and a marked increase in new business.
The California Redwood Association of San Francisco, Calif., reported
a nominal decrease in production, a heavy increase in shipments, and
new business slightly above that reported for the week earlier.
The North Carolina Pine Association of Norfolk, Va., with ten more
mills reporting, showed a small increase in production, and a 150% increase in shipments, and almost a 100% increase in new business.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reported some decrease in production and shipments, and a good gain in
new business.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production) with four more mills reporting,
"challenged
to many evils in our present banking system and asks for a comprehensive investigation with a view to reporting legislation that will
meet the situation."
Theire has been a great deal of criticism of the large number of
bank failures in the agricultural districts because the capital of many
such banks is so small that it is impossible for them successfully to
function, particularly where there are any frozen assets, he explained. It seemed to me that this would be a proper time to increase
the minimum amount which should be the capital of any national
bank.
Size of Capital.
The last report of the Federal Reserve Board shows that the percentage of failures in the case of State banks is very much larger
than in the case of National banks, interposed Senator McLean of
Connecticut. State banks can organize with very small capital. You
will see the dilemma that we are in if we do not give National banks
an opportunity to organize upon about an equal footing with the State
banks. It seemed to the committee that it were better to have a
small National bank carefully regulated by the Comptroller of the
Currency and examined two or three times a year than to leave the
whole field to the State banks.
We have a rather delicate duty to dispatch here supplemented
Senator Pepper, following the suggestion of Senator King that he
had hoped, if the Federal Government fixed a higher limit, the wisdom
of that having been demonstrated, that it might be an example which
the States would be inclined to follow.
MAY 1 1926.]
THi CHRONICLE
2427
On April 29th the Standard Oil Co. of Indiana advanced
to the national banks
We are trying to give equality of opportunity
Pepper. tank wagon prices of gasoline 1 cent a gallon and kerosene
Senator
continued
banks,
State
the
and
as between ourselves
suggestions of the kind
% cent a gallon throughout its territory. •Service station
We have not undertaken to make far-reaching
were afraid that we would
that Senator King proposes, because we
prices of gasoline also were advanced one cent. This
the
which
thought
The
so.
did
we
embarrass our main proposition if
inof
subject
the
made
be
well
very
made Chicago service station. price 20 cents a gallon for
could
Senator has expressed
dependent legislative action.
gasoline. Tank wagon prices.in Chicago are 18 cents for
gasoline and 14 cents for kerosene, the latter being the
Reference to Testimony.
the
that
say
will
I
and
resolution,
(King)
the
with
highest in several years. The Texas Co. followed the
I am familiar
that part of the
testimony taken before the subcommittee, especially
advance. The Sinclair Refining Co. on the 29th advanced
large
very
in
testimony which was given by Dr. H. Parker Willis,
resoluSenator's
the
in
U. S. motor grade gasoline in the refinery market to
suggestions
measure is in compliance with the
will furnish much of the cents a gallon. The prevailing market was then 10% to
tion, and a reference to that testimony
information for which the resolution calls.
market for naphtha was up
made by Dr. Willis 11 cents. The wholesale
I hope in view of the very able presentation
cents, and kerosene a like
10%
to
10%
early
an
at
at
bill
gallon
another
a
report
cent
that the committee may be induced to
of the banking in- amount at 8% to 8% cents.
date, which will measure up to the requirements
terests of the country, concluded Senator King.
The Standard Oil Co: of Nebraska and other companies
to this measure by the
If we are encouraged by the reception given
a still further on April 29 advanced gasoline in Omaha two cents a gallon,
Senate, said Senator Pepper, we may venture upon
own.
making the tank wagon price 18% cents and filling station
emprise, but at present we have troubles enough of our
ny4
y,
price 20% cents, plus two-cent state tax. • Elsewhere in
Nebraska gasoline was advanced one cent a gallon.
Automobile Prices and New Models.
Further increases in the,price of kerosene and gasoline
on
A reduction in prices varying from $55 to $315
announced April .:;() by the Sinclair Refining Co.
were
different models has been announced by the H. H. Frank- when it advanced the price.of keroseno.,in railroad- tank
lin Mfg. Co., to take effect May 2. The largest reduction cars at New York, Philadelphia and . Atlantic and Gulf
previIs on the sport sedan, listed at $2910, against $3225
terminals 1/2c per gallon to 10c and has also advanced the
which
coupe,
enger
three-pass
the
on
'smallest
the
ously, and
price of gasoline 1,f,,c per gallon to 12c in New Orleans.
is $2645, against $2700. The touring car and cabriolet The company has also established a fiat rate of 13c per
remain unchanged in price.
for gasoline in tank car lots at New York, Philade gallon
The Peerless Motor Car Co. has introduced a new
delphia and Atlantic and Gulf points. Pennsylvania 'reluxe sedan to sell for $1795 in its 6-80 line. As in all finers at Oil City, Pa., on the 30th advanced the price of
Peerless closed models, an extension of the top serves as kerosene 1/
,
4c a gallon.
a sun visor.
The Standard Oil Co. of New Jersey also on the 30th
2c a gallon and
1
advanced the export price of gasoline /
2c a gallon'. In addition, the
1
Further Advances in Price Announced in Crude Oil and the export price of kerosene /
Gasoline Markets.
Standard Oil Co. of New Jersey advanced the price of
Numerous upward revisions in the price lists of crude gasoline lc a gallon throughout Its territory with the
oil and gasoline took place during the week just brought exception of North and South Carolina, where the price
2c a
1
to a close. Gasoline consumption is running higher than was advanced 1%c. Kerosene also was advanced /
the estimates made earlier in the year by about 4,000,000 gallon. From Shreveport, La., reports dated April 30th
barrels and present refining capacity is scarcely able to announced that the Standard Oil Co. of Louisiana had
4c a gallon at its filling
1
keep up with the anticipated demand at present prices, advanced the price of gasoline 1/
according to current comment. In crude oil circles, one stations in Louisiana, Arkansas and Tennessee, maiming the
of the earliest price advances announced during the week new retail price 20c and tank Wagon'17c, effective at once.
Reports late on the 30th declared that the Standard 011
was that made by the Joseph Seep Purchasing Agency
of
grade
(Pa.)
Gaines
the
that
27
stated
April
Co. of New York had advanced tank wagon gasoline and
which on
crude oil had been advanced 15 cents a barrel to $3.10. kerosene one cent a gallon throughout its territory, effecAnother advance of great interest in marketing circles tive Saturday, May 1. The Gulf Refining • Co., the Texas
was that made on April 28 by the Humble Oil & Refining Co., Pan-American Petroleum & Transport Co. and SinCo., which posted an increase ranging from 10 cents to 40 clair Refining Co. also followed advance in tank wagon
cents a barrel on Grade B Gulf Coast crude oil and estab- gasoline by Standard Oil Co. of New Jersey and New York.
The Tide Water 011 Co. followed the export advance.
lished a new gravity scale up to 35 degrees gravity and
25
below
for
a
barrel
$1.40
at
begin
prices
can Petroleum & Transport Co. also advanced
New
Pan-Ameri
above.
degrees gravity and increase to $1.95 for 35 gravity and the wholesale price of gasoline at Atlantic Coast terminabove. Heretofore the company's grading stopped at 30 als 1 cent to 13% cents a gallon, and at Gulf terminals %
degrees and above, which was quoted at $1.55 a barrel. cent to 12 cents a gallon.
U. S. motor grade gasoline at Chicago was advanced %
The advance ranges from 15 cents a barrel on the lower
prices
new
The
grades.
highest
the
.
on
a gallon in the wholesale market to 11% and 11%
cents
cent
40
to
grades
were posted for Goose Creek, Hull, South Liberty, West cents. Advances in other grades of gasoline ranged from
Columbia, Orange, Pierce Junction and Boling fields. % to % cent. Naphtha was advanced % cent to 10% and
Grade prices are unchanged. These upward revisions were 10% cents a gallon and minimum price of kerosene, 41-43
followed by other leading producers and distributors on water white, was established at 8:Y1 cents. up 14 cent a
the following day.
gallon.
Kerosene as well as gasoline prices were advanced by
the larger distributors, the Standard Oil ,of Indiana on
Production of Crude Oil Increases Somewhat.
2c
1
April 24 increasing the price of kerosene another /
An increase in the daily average gross crude oil production
throughout its territory. The tank wagon price in Chicago in the United States for the week ended April 24 amounted
is now 13.5c per gallon. The Sinclair Consolidated Oil to 15,950 barrels, the output being 1,955,950 barrels, comon the same date advanced kerosene in tank car lots one- pared with 1,940,000 barrels for the preceding week, accord4c at Atlantic Coast terminals. ing to estimates furnished by the American Petroleum
1
half cent a gallon to 9/
Refinery gasoline and kerosene advanced by about a quart- Institute. The daily average production east of California.
er cent a gallon each on April 27, declare reports from was 1,351,450 barrels, as compared with 1,344,000 barrels,,
Chicago. Some large refineries were asking as high as an increase of 7,450 barrels. The following are estimates of
11 cents for motor gasoline in Oklahoma. Kerosene prices daily average gross production by districts for the weeks
were stronger than at any time in years, 8% to 8%c being ended as indicated:
the ruling price for 41-43 water white. U. S. Motor gasoDAILY AVERAGE PRODUCTION,
Apr.24'26. Apr. 17'26. Apr. 10'26. Apr. 25 '25.
(In Barrels)line was quoted in wholesale market at 10% to % cents,
457,700
469.200
458,650
462,150
Oklahoma
101,300
102.150
87,800
up % cent a gallon on top price. Refinery kerosene 41-43 Kansas
102,800
86,200
87,600
90.000
88,700
Texas
8%
8
North
and
to
gallon,
a
%
to
-cent
4
1
advanced
white
water
56.100
56.750
55,750
137,700
East Central Texas
82,150
81.450
79,550
66,250
cents. Naphtha was marked up %-cent a gallon to 9% West Central Texas_ __ _
39.150
39,750
39,700
47,250
Southwest Texas
50,450' ' 51,150
51.500
50.800
and 10 cents. The Standard Oil Co. of New Jersey ad- North Louisiana
171,350
170.700
169.450
Arkansas
328,150
the
price
gallon,
making
a
%-cent
kerosene
vanced export
93,500
88,500
86.550
Gulf Coast
101.150
102,500
101.500
100,500
102,000
In cased lots 18.4 cents a gallon. Reports from Houston, Eastern
72.600
75,250
73,150
Wyoming
80,100
in
companies
marketing
that
21,450
stated
28th
21.450
the
22,750
on
8,150
Montana
Texas,
6,600
6,450
.
.
1,900
Colorado
6,350
new
gallon.
The
a
3,900
3.950
Texas had advanced kerosene one cent
New Mexico
.4.000
500
604.500
596,000
California
597.000
597,COil
cents
14
and
territory
.
.
point
common
for
cents
13
is
price
1,955.950
Total
1,946,200 2.156,450
1,940,000
at differential points.
2428
THE CHRONICLE
The estimated daily average gross production of the MidContinent field including Oklahoma, Kansas, North, East
Central, West Central and Southwest Texas, North Louisiana
and Arkansas for the week ended April 24 was 1,050,900
bbls., as compared with 1,046,900 bbls. for the preceding
week, an increase of 4,000 bbls. The Mid-Continent production, excluding Smackover, Arkansas, heavy oil, was 917,500
bbls., as compared with 911,700 bbls., an increase of 5,800 bbls.
In Oklahoma production of South Braman is reported at
10,350 bbls., against 9,500 bbls.; Thomas 5,300 bbls., against
5,200 bbls.; Tonkawa 37,200 bbls., against 37,800 bbls.;
Garber 34,600 bbls., against 33,150 bbls.; Burbank 41,200
bbls., against 41,750 bbls.; Davenport 15,600 bbls., against
17,050 bbls.; Bristow-Slick 29,950 bbls., against 30,200 bbls.;
Cromwell 18,200 bbls., against 18,500 bbls., and Papoose
12,350 bbls., against 12,300 bbls.
The Mexia pool, East Central Texas, is reported at 13,300
bbls., against 13,400 bbls.; Corsicana-Powell 30,300 bbls.,
against 30,550 bbls.; Wortham 9,350 bbls., against 9,400
bbls.; Reagan County, West Central Texas 33,800 bbls.,
against 34,800 bbls.; Haynesville, North Louisiana 10,250
bbls., no change; Cotton Valley 8,550 bbls., against 8,350
bbls.; Urania 8,850 bbls., against 8,150 bbls.; Smackover,
Arkansas, light, 17,550 bbls., against 17,950 bbls., heavy,
133,400 bbls., against 135,200 bbls., and Lisbon 7,800 bbls.,
against 6,250 bbls. In the Gulf Coast field Hull is reported
at 18,050 bbls., against 18,300 bbls.; West Columbia 8,700
bbls., against 9,400 bbls.; Orange County 11,400 bbls.,
against 11,650 bbls.; South Liberty 5,900 bbls., against
6,000 bbls.; Boling 8,800 bLls., against 3,850 bbls., and in
the Southwest Texas field, Luling is reported at 22,950 bbls.,
against 22,650 bbls., Lytton Springs 7,200 bbls., against
6,850 bbls.
In Wyoming, Salt Creek, is reported at 52,550 bbls.,
against 55,200 bbls.
In California, Santa Fe Springs is reported at 49,000
bbls., no change; Long Beach 105,000 bbls., against 103,000
bbls.; Huntington Beach 45,500 bbls., no change; Torrance
27,500 bbls., against 28,000 bbls.; Dominguez 21,000 bbls.,
against 21,500 bbls.; Rosecrans 18,500 bbls., against 18,000
bbls.; Inglewood 53,000 kbls., against 51,000 bbls., and
Midway-Sunset 93,000 bbls., no change.
[VOL. 122.
bia Gas & Electric Co., Cincinnati. That pipe mills are busier appears
from an average operation of 80%.
A Pittsburgh mill will furnish 2,500 to 3,000 tons of concrete reinforcing
bars for an Akron, 0., sewage disposal plant. At Philadelphia 1,000 tons
of foreign bars were sold for an apartment building, the delivered price being
I.85c. South Atlantic States have been larger buyers of bars abroad, rail
freights bringing the delivered price of domestic bars well up in these
districts.
In pig iron sales the week was probably the smallest of the year. Foundry
consumption was well maintained in the first quarter, but April has brought
some uncertainty which does not clear up as spring holds back.
In all markets the decline of heavy melting steel scrap has gone 50c.
farther, the Pittsburgh price at $16 being now $3 below the high point
for the year.
Canadian steel mills are operating at the highest rate for four years.
having good orders for rolling stock, rails and track supplies.
Japan has put out rail inquiries for about 10,000 tons, one calling for
2,000 tons of 60-lb. and the other for 7,660 tons of 65-lb. rails.
The Nippon Oil Co. is placing 57.000 boxes of tin plate and indications
are that it will be divided between Welsh and American mills.
Iron and steel exports in March were 169.438 tons, compared with 157,187
tons in the short month preceding. In the first quarter of 1926 exports
were 501,210 tons, against 399,461 tons last year, a gain of 25%• In the
nine months ended March 31 the gain was 217,000 tons, almost balanced
by an increase of 212.000 tons in imports.
Of rolled and finished products, 145.527 tons were exported in March
and 25,519 tons imported: the nine months' totals were 1.190,762 tons
and 181,932 tons.
Both composite prices of the ,"Iron Age" remain =changed, pig iron being $20 46 for the third week, against
$20 71 one year ago, and finished steel 2.439c. per lb. for
the fifth week, against 2.474c. one year ago. Thus each is
1 to 13/2% lower than at the end of April 1925. The usual
composite price table stands as follows:
Finished Steel-April 27 1926, 2.439c. per Pound.
Based on prices of steel bars, beams, tank One week ago
2.439e.
plates, plain wire, open-hearth rails, One month ago
2.439e.
black pipe and black sheets, constitucing One year ago
2.474c.
88% of the United States output.
10-year pre-war average_1.689e.
Pig Iron-April 27 1926. $20 46 ner Gross Ton.
Based on average of basic and foundry One week ago
$20 46
irons, the basic being Valley quotation, One month ago
21 38
the foundry an average of Chicago, One year ago_ _ _ _ _
20 71
Philadelphia and Birmingham.
10-year pre-war average_ 15 72
Finished Steel
Pig Iron
High.
Low.
High.
Low.
1926__ _2.453c. Jan. 5 2.424c. Feb. 9 $21 54 Jan. 5 $2046
Apr. 13
1925__ _2.560c. Jan. 6 2.396c. Aug. 18 22 50 Jan. 13 18 96 July 7
1924_ - _2.789c. Jan. 15 2.460c. Oct. 14 22 88•Feb. 26
19 21 Nov. 3
1923-- _2.824c. Apr. 24 2.446c. Jan. 2 30 86 Mar. 20 20 77 Nov.20
As the end of the month approaches, it is becoming more
evident that the slowing down in bookings and shipments
from the high peak in March has been so gradual that figures
for April will not show as marked a decline as in many previous years, declares the "Iron Trade Review" this week.
Statements made by heads of several largest producers
within the past 10 days indicate that there is an approxiDecline in Steel Consumption Very Gradual-No mate drop in April from March of 10% in rate of operations,
20% in bookings and less than 10% in shipments, continues
Changes in Prices Recorded.
this trade journal in its April 29 review of events in the marApril is ending with the rate of steel mill operations and
of incoming new business measurably below those of a month ket, frcm which we quote further as follows:
In spite of the seasonal factor in the situation, which is more pronounced
ago, but with no marked change from the conditions of last now than last year,
April business is far ahead of what it was in 1925. A
week. As a whole the industry is probably running at fitting climax to the many favorable earnings statements of steel companies
which emphasize the record-breaking character of operations in the first
80 to 85% of capacity, showing that in consumption there quarter
is found in the current report of the Steel Corporation. Net earnhas been no abrupt falling off from what it was in March, ings for the three months ending March
31 were the highest since the first
observes the "Iron Age" in its weekly summary of conditiors quarter of 1924.
important factor in the present market situation is a osence of stocks
affecting the market. Apart from the seasonal inroad being in An
hands of buyers, which contributes to a shifting of activity in various
made on rail and tin-plate bookings, the gap between in- lines of finished steel, yet assures a constant flow of moderate purchasing.
coming business and shipments is less marked than in late Tots is characteristic of buying in the plate market which swings from
apparent increasing activity to sluggishness and back again every few
April last year, when mill operations were between 70 and weeks.
At present the market is buoyed up by numerous oil tanks,ship and barge
75%, adds the "Age" in its issue of April 29, from which we
prospects. The largest award of the week involves 3,800 tons for a Morgan
quote further as follows:
Line vessel.
The Bethlehem Steel (3o.'s showing of new orders at 77% of capacity
While local conditions are interfering with building projects in several
in the first 21 days of April gave rather a better picture of the situation than centres, the shape market as a whole is strong.
Inquiries continue to
was presented at the Steel Corporation's annual meeting.
appear in good volume, but awards this week total only 19,865 tons comThe Steel Corporation's statement for the first quarter, showing earnings pared with 24,455 tons last week.
of $45,061,000, is in line with the unusual showing made last week by four
A contract involving 8,000 tons for the Pennsylvania Hotel, Pittsburgh,
leading independents. The increase of $2,500,000 over the fourth quarter has been awarded. The concrete bar market is
active, 12,385 tons being
total was due to larger shipments and higher prices. October and November placed, compared with 6,870 reported last
week. Figures on iron and steel
both having the benefit of Lake Superior ore road earnings.
In foreign trade in March indicate a decline in imports and a gain in
exports
Prices for bars, plates and shapes have been steady in the main, in the compared with those of February. Of interest to
exporters is a statement
face of declining backlogs for the last two. In sheets the weakness of the made by James A. Farrell at Charleston,
S. C., to the effect that the
past month persists and the number of mills making the concessions has world's export trade now is only 2% under
pre-war volume.
increased.
The "Iron Trade Review's" composite price this week is $38 39. This
Car builders express disappointment over the small volume of railroad compares with $38 47 last week and $38
53 the week previous.
equipment buying. The week's orders include 1,000 steel gondolas for
the Atlantic Coast Line and 500 steel underframes for the Southern. At
Chicago an unexpected inquiry for 30,000 tons of rails has come from a
railroad which bought a like amount in the first quarter. At St. Louis Bituminous Coal Trade Dull-Anthracite Sales Fall Off
the Chicago Peoria & St. Louis has asked for 5,000 to 6,000 tons of 90-1b.
Due to Warmer Weather.
rails and nearly 1,000 tons of accessories.
After going through an extremely dull period, the New
An unusually large amount of structural business is pending, particularly
n the Central West. The week's total of awards was less than 13.000 tons. England
tidewater bituminous market took on a firmer tone
A new Boston theatre will take 2,500 tons.
Fabricated steel sales in March, the highest for the year, bring the first last week, due to the situation in Great Britain and not to
uarter total to 573,400 tons, against 561.200 tons for the first quarter of any increased local demand, declares the April
28 market
1925. Shipments in March were 81% of capacity and the largest since review
issued by the "Coal Trade Journal." Prices on pool
October.
Lake shipbuilding shows new life. A large shipping interest is inquiring 1 coals were up a dime. Sales of all-rail bituminous were
for two ore boats that represent 9,000 tons of steel, and two freight boats small and that situation was
unchanged. Warmer weather
pending for some time are expected to be placed shortly.
caused a sharp cessation in anthracite buying, both at retail
Oil country pipe business still shows betterment, and standard pipe has
been moving quite freely. Latest line pipe orders are 100 miles of 12k-in. and wholesale. There was consequently no market for infor the Lone Star Gas Co.and 25 miles of 12X-in. and I6-in, for the Colum- dependent tonnage, observes
the "Journal", adding:
F.
MAY 11926.]
THE CHRONICLE
The New York market for domestic sizes of anthracite showed a steady
undertone last week, the unseasonable coal snap being responsible for
many supplemental orders. Pea coal was still scarce and led in popularity,
independent prices showing an increase. The demand for stove was steady.
There was a considerable movement of so-called "oversized" buckwheat
for domestic use and some wholesalers were doing a good business in this
size. Otherwise, the steam market was very dull. There was practically
no business done in domestic or run-of-oven coke, in spite of the fact that
prices at present are probably as low as they will be this year.
The absence of the customary spring reduction in the price of anthracite
caused Philadelphia consumers to hold off in their ordering but retailers
did a good business in small lots up to the middle of last week when the
weather turned warm. Dealers were making concessions in prices for cash
when large lots were ordered. The bituminous situation was very dull,
with no hope for betterment until production is curtailed. Very few
contracts have been closed during the past month and renewals were few
and far between. All the domestic sizes of anthracite moved well but
steam sizes were slow, especially barley. There was a little shading reported in bituminous prices, but on the whole quotations showed no change.
The better coals were well cleaned up at the southern loading piers and
prices on these grades were firmer. Some lower grades of coal were an
offer at fairly low prices.
Production during April in the central Pennsylvania bituminous district
was low, the cold weather not even helping the situation to any extent.
Comparatively little contracting has been done and prices were still at
low level.
Short term orders and spot transactions marked the Pittsburgh market
last week and prices held fairly steady, with production unchanged. Open
market steam trade was dull but gas coals were moving fairly well. There
was considerable contract negotiation for lake movement. Industrial demend was poor as was the call for prepared grades. Due to scarcity, slack
coal stiffened in price. The output of the Connelsville coke field was
further reduced due to the increased production of by-product and the
quiet condition of the foundry trade.
No new contracts were reported in northern West Virginia region last
week but, in spite of this, production continued on the upward trend,
particularly on the B. & 0. This holding off from contracting is due.
operators said, to the fact that consumers bought up a great deal of distress
coal that was on the market at the closing of the anthracite strike. Little
spot coal was being received, most of the production coming from the larger
operators. Most of the smaller mines are working only part time. Cement
mills were taking a little more slack, but industrials and railroad fuels were
still slow. Local operators expressed the opinion that they would get a
fair share of the lake trade this year. Prices in that region showed no
change over those of the previous week.
Slack, both high and low volatile, held the center of the stage in southern
West Virginia last week, showing more strength than any of the other
grades, due to the more limited production of the prepared grades. There
was a marked increased in production, especially in the high volatile fields.
Some of the prepared smokeless prices showed increased strength. There
were quite a few small orders on hand for the high volatile prepared and.
although contracting was still far behind normal, the situation in general
was improved over that of the previous week.
Little contracting was reported from the Upper Potomac and western
Maryland fields and, even though production was materially curtailed, the
very keen competition kept prices at former low levels. In Virginia territory the decrease in the tonnage of prepared stiffened the price of slack.
An increased number of contracts signed was reported and prices, other
than that of slack, were unchanged.
Unevenness continues to characterize developments in
the bituminous coal trade, with depressing influences overshadowing those of an encouraging nature. Backwardness of spring temperatures in the Middle West has served
to provide a number of small orders for domestic sizes for
current needs, but little stocking for winter requirements is
being done. Dejection has overspread the mining districts
of Illinois and Indiana because of the numerous shutdowns
and the knowledge that western Kentucky will take over
• much of the business, observes the "Coal Age's" weekly
market summary, which on April 29 made the following
comments:
Inability of the Lake season to get under way, as well as warm weatherhas caused an easing up in the movement of Kentucky coal, so that dependence must be placed in day-to-day business. As a result, operation in
western Kentacky is only about one-third of capacity and in eastern Kentucky even less, but comparison with previous years is encouraging. Wovement at the head of the Lakes also is ahead of last year. Typical spring
quiet marks the trade in the West and Southwest.
A firmer tendency pervades the Cincinnati market, due to dealer inquiry
and signs of interest in the West and Northwest. While the embargoes on
Lake coal to Toledo and Sandusky have not been lifted, the permit system
being used to control such traffic, these influences have had a steadying
effect. The central and eastern Ohio situation, however, is dull and featureless. The trade in western and central Pennsylvania continues to sink
into the depths, and in Buffalo, too, no ray of hope pierces the gloom.
Quiet industrial conditions in New England hold out little encouragement
against the keen competition for what little business is in sight. Spot trade
at New York has improved slightly: distress tonnage has been cut down
considerably but prices are still low. At Philadelphia and Baltimore the
recent dulness is unrelieved though export possibilities are seen in the event
of a British strike.
Contracting is slow, the railroads in most instances piecing out remaining
stocks with open-market purchases at low prices. Most of the large industrial consumers also are following this practice.
A slight further advance in prices has taken place since last week, the
"Coal Age" Index on April 26 standing at 159 and the corresponding price
at $1. 93. compared with 158 and 51 92, respectively, on April 19.
Hard coal demand at both New York and Philadelphia is quiet. Warnings and recommendations that consumers lay in winter supplies early lack
the pulling power of spring discount inducmeents in past years. Company
producers are getting most of the business, independents being unable to
obtain more than 25c. above company circulars, and not much of their
product is moving at that. Pea is an exception, however, this size in some
instances bringing as much as Si 25 over company quotation. At Baltimore. on the other hand, domestic consumption has been heavy and many
fill-up orders have been forthcoming. Trade in steam sizes is dull. Company output is not moving easily at circular prices and the independents are
glad to get business at prices well below bottom company quotations.
The Connellsville coke market shows few signs of life and output continues to decline.
2429
Bituminous Coal Output Declines as That of Anthracite Increases—Coke Production Unchanged.
While the production of bituminous coal fell off by about
125,000 net tons during the week ended April 17 from that of
the previous week, the output of anthracite, on the other
hand, increased around 293,000 net tons. Coke production
remained virtually unchanged, reports the U. S. Bureau of
Mines in its weekly statistics, from which we take the following extracts:
Production of soft coal during the week ended April 17, including lignite
and coal coked at the mines, is estimated at 9,295.000 net tons, a decrease
of 125,000 tons, or 1.3%, from that in the preceding week. The present
rate of daily production, while lower than at the corresponding time in 1923,
is 24% higher than in 1925.
Estimated United States Production of Bituminous Coal (Net Tons) a
Including Coal Coked.
192.;
1926
Cal. Year
Cal. Year
to Date. b
Week.
to Date.
Week.
April 3
9,040,000 150,318,000 7,547,000 131,001,000
1,662,000
1.438,000
1.906,000
Daily average
1,594,000
7,843,000 138,844,000
April 10 c
9,420.000 159,738,000
1.637.000
1 ,307.000
Daily average
1,882,000
1,570,000
7,515,000 146,359,000
April 17 d
9,295,000 169,003,000
1,612,000
1,860.000
1,253.000
Daily average
1,549,000
a Original estimates corrected for usual error, which in past has averaged
2%. b Minus one days production first week in January to equalize number of days in the two years. c Revised. d Subject to revision.
Total production of bituminous coal during the calendar year 1926 to
April 17 amounts to 169,003,000 net tons. Figures for similar periods in
other recent years are given below:
166.613,000 net tons
158,674,000 net tons 1923
1920
154.927,000 net tons
115,242.000 net tons 1924
1921
146,359,000 net tons
138,960,000 net tons 1925
1922
ANTHRACITE.
Production of anthracite during the week ended April 17 passed the
two-million-ton mark for the first time since August, when the market
received sudden impetus. Total output is estimated at 2,086.000 net tons.
This represents a gain of 293.000 tons over that in the preceding week, and
Is greater by 37% than in the corresponding period in 1925.
Estimated United States Production of Anthracite (Net Tons).
192
1926
Cal. Year
Cal. Year
Week.
to Date. a
Week.
to Date.
Week Ended—
1.438.000 22,387,000
1,549,000
11,510,000
April 3
13.303,000
1,672,000 24,059,000
1,793.000
April 10
1,522.000
25.581.000
2,086,000
15,389,000
April 17
a Minus one day's production in April to equalize the number of days in
the two years.
Total production of anthracite during the calendar year 1926 to April 17
amounts to 15,389,000 net tons. Figures for similar periods in other recent
years are given below:
26,846,000 net tons
22,186,000 net tons 1924
1922
25.581,000 net tons
29,418.000 net tons 1925
1923
BEEHIVE COKE.
For the third successive week beehive coke production has remained practically at a standstill. Total output during the week ended April 17 is estimated at 233,000 net tons, but 5,000 tons greater than that in the week preceding. The current rate, however, continues greater than at this time in
1925.
Estimated Production of Beehire Coke (Net Tons).
1926
1925
Beek Ended
to
to
Apr. 17 Apr. 10 Apr. 18
Date. a
1925.
Date.
1926. b 1926. c
Pennsylvania and Ohio_188,000 181,000 150,000 3.673.000 2,914,000
13,000
250.000
208,000
14.000
13,000
West Virginia
351.000
302.000
22,000
17,000
Ala., Ky., Tenn. & Ga_ 16.000
144.000
148.000
7,000
7,000
6,000
Virginia
63,000
88.000
4,000
6,000
Colorado & New Mexico 6.000
69,000
57.000
5,000
3,000
Washington and Utah_ _ 4,000
233,000 228.000 201,000 4.518.000 3.749.000
United States total
41.000
49.000
34,000
39,000
38,000
Daily average
a Adjusted to make comparable the number of days in the two years.
I, Subject to revision. c Revised since last report.
Country's Foreign Trade in March—Balance Again
on the Side of the Imports.
The Bureau of Statistics of the Department of Commerce
at Washington: on April 14 issued a statement of the foreign
trade of the United States for March and the nine months
ending with March. The value of merchandise exported in
March 1926 was $375,000,000, as compared with $453,652,842 in March 1925. The imports of merchandise are provisionally computed at $445,000,000 in March 1926, as
against $385,378,617 in March the previous year, leaving
an unfavorable trade balance against the United States on
the merchandise movement for the month of March 1926
of $70,000,000. Last year in March there was a favorable
trade balance on the merchandise movement of $68,274,225.
Imports for the nine months of 1925-26 have been $3,413,089,200, as against $2,825,302,963 for the corresponding nine
months of 1924-25. The merchandise exports for the nine
months of 1925-26 have been $3,671,640,242, against
$3,772,033,611, giving a favorable trade balance of $258,551,042 in 1925-26, against $946,730,648 in 1924-25. Gold
imports totaled $43,412,576 in March 1926, against $7,337,322 in the corresponding month the previous year, and for
the nine months they were $175,786,101, as against $109,-
2430
THE CHRONICLE
456,281. Gold exports in March 1926 were $4,224,564,
against $25,104,416 in March 1925. For the nine months of
1925-26 the exports of the metal foot up $82,866,139, against
$207,023,306 in the nine months of 1924-25. Silver imports
for the nine months of 1925-26 have been $52,578,563, as
against $58,354,310 in 1924-25, and silver exports $74,460,951, as :against $84,447,856. Following is the complete
official report:
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
(Preliminary figures for 1926, corrected to April 13 1926.)
MERCHANDISE.
March.
1926.
Exports
Imports
9 Months Ending March.
1925.
1926.
1925.
Increase(+)
Decrease(-)
375,000,000 453,652.842 3,671,640,242 3.772,033,611 -100,393,369
445.000.000 385,378.817 3,413,089,200 2,825,302,963 +587,786.237
Excess of expts
68,274.225
Excess of impts 70,000.000
258,551,042
946,730,648
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
1925-26.
ExportsJuly
August
September.
October -_.
November.
December.
January_ ...
February
March
April
May
June
1924-25.
$
339.660,368
379,822.746
420.368,140
490.586.814
447,803.577
468,305,949
397,195,833
352.916.815
375,000,000
1923-24.
$
$
276,649,055 302,186,027
330,659,566 310,965,891
427,459,531 381,433,570
527,171,781 399.199,014
493,572,921 401,483,872
445.748,393 426.665.519
446,443,088 395,172,187
370,876,434 '365,781,772
453,652,842 339,755,230
398,254,668 346.935.702
370,945,110 335,088,701
323.347,775 306,989,006
1922-23.
8
301.157,335
301,774.517
313,196,557
370.718,595
379,999,622
344,327,560
335,416,506
306,957.419
341,378,664
325,492,175
316.359.470
319.956,953
1921-22.
$
325.181,138
366.887,538
324,863,123
343.330,815
294,092,219
296,198.373
278,848,469
250.619,841
329,979,817
318,469,578
307,568,828
335,116,750
9 mos. end.
March __ 3,671.840.242 3,772,033,611 3,322,643,082 2,994,924,775 2,810,001,333
12mos.end.
4 864,581,164 4.311.656.491 3.956,733.3733.771.156,489
June_
Imports.
July
August
September.
October -__
November _
December.
January_ __
February-March ____
April
May
June
325,648,257
340,085,626
349,953,680
374.073,914
378,431.290
398.639.809
416,753,304
388,503.320
445,000,000
278.593.546
254.542.143
287,144,334
310,751,608
296,147,998
333,192,059
346.165.289
333,387,369
385,378,617
346,090.958
327.518,721
325,215,735
287.433.769
275,437.993
253,645,380
308.290,809
291.333,346
288.304.766
295.506,212
332,323.121
320,482,113
324,290,966
302,987.791
274,000,688
251,771,881
281.376.403
298,493,403
276.103,979
291.804,826
293,788.573
329,253,664
303,406,933
397,924,382
364,252,544
372,544,578
320.233,799
178.159,154
194,768,751
179,292,165
188,007,629
210.948,038
237,495,505
217,185,396
215.743.282
256.177,796
217,023,142
252,817.254
260.460.898
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
Gold.
1925-26.
Exports.
S
July__
4,416,452
August - 2,135.690
Sept____
6,784,201
October. 28,039.190
Nov__ 24.360,071
Dec..-.5.967,727
Januar
3,086,870
February 3.850,350
March__
4,224,564
April__
May _
June
March.
1926.
Gold.
Exports
Imports
1925.
9 Mo-ths Ending March
1926.
1925.
Increase (-I-)
Decrease (-)
$
$
8
$
8
4,224,564 25,104,416 82,866,139 207.023,306 -124.157.167
43,412,570 7,337.322 175.786,101 109,456,281 +66,329,820
Excess of exports
97,567,025
17,767,094
Excess of hunts_ 39,188.012
92,919,962
Silver.
Exports
Imports
Excess of exports
Excess of bouts.
8,333,081
5,539,071
7,916,717 74.460.951 84.447,856
6,660.750 52,578,563 58,354,310
2,794,010
1.255,967 21.882,388 26,093,546
-9.986,905
-5,775,747
Silver.
1924-25.
$
327,178
2,397,457
4,579,501
4.125.268
6,689.182
39,674,653
73.525,943
50.599,708
25,104,416
21.603,945
13,389.967
6,712,480
1923-24.
1925-26.
1924-25.
5
3
s
522.826
2,200,961
862,697
1,307,060
746,794
711,529
280,723
505.135
817.374
1.390,537
593,290
268,015
1923-24.
$
8.349.304 9,190,362
8,284,991 8.632,067
7,487.317 10,345,205
8,783.376 9,466,023
8,118,093 9,401,406
7.589,470 11.279.630
9.762,969 11,384,799
7,747,324 6,832,647
8,333,081 7.916.717
9,322,618
6,535,761
8.522.492
6.233.163
7.032,221
8,123.460
7,522,845
8,775,474
9,521,083
8.208,644
8,876.713
8,355,278
7.801.689
9,686.517
8,648,499
D months
ond.Mar 82,866,139 207.023,306 7.955,099 74,460,951 84,447,856 72,648,881
12 mos.
tnd.June
108.828,727 98.785.586
248.729,698 10,206,941
Imports.
July__ 10.204,112 18,834,423 27.929.447
August. 4,861,738 18,149,981 32,856,097
3ept___. 4,128.052 6.656,165 27,803,961
Detober_ 50.740,649 19,701.640 29,795,185
Nov__ 10,456,115 19,862.384 39,757,436
7,216,004 10.274.049 32.641,226
Dec_January 19,351.202 5.037.800 45,135.760
.ebruary 25.415.655 3,602.527 35.111.269
Worth__ 43,412,576 7,337,322 34,322.375
k pill._
8,809.883 45,418.115
tfay _
11,392,837 41,073,6.50
rune._4,426.135 25,181,117
5,238.437
7.273.298
4,504.024
5.601,851
4.049,035
5.746.956
5.762.760
8.861.871
5.539,071
7.127.613 10,066,463
7,041,630 6,465.949
7,082,962 8,517,971
5,828,572 6.929,311
6,481,416 5.269.173
5.863,892 8.172,301
7,338.559 5,979,758
4.928,916 7.900,409
6,660,750 6,220,934
4,944.807 3.907,745
3.300,180 5,639.582
4.918,605 4,870,389
I months
.nd.Mar 175,786.101 109,456,281 305,352,756 52.578,563 58,354,310 65,522,269
2 mos.
flel June
134.145.136 417.025.638
71.607.902 79.939.985
Analysis of Imports and Exports of the United States
for March.
The Departmettt of Commerce at Washington on April 27
issued its analysis of the foreign trade of the United States for
the month of March and the nine months ending with
March. This statement enables one to see how much of
the merchandise imports and exports for 1926 and 1925 consisted of crude materials, and how much of manufactures,
and in what state, and how much of foodstuffs and whether
crude or partly or wholly manufactured. The following is
the report in full:
ANALYSIS OF EXPORTS FROM AND IMPORTS INTO THE UNITED
STATES FOR THE MONTH OF MARCH 1926.
(Values In 1,000 Dollars.)
Month of March.
D mos. end.
March ._ 3,413,089.200 2,825,302,953 2,652,757,509 2,723,928,044 1,877.777,714
12 mos.end.
June_ ___
3.824.128.375 3.554.038.954 3.780.958.965 2.608.079.008
GOLD AND SILVER.
[VOL 122.
Groups.
1925.
1926.
Nine Months Ending March.
1925.
1926.
Value. P. C. Value. P. C. Value. P. C. Value. P. C.
Domestic ExportsCrude materials
122.845
Foodstuffs, crude & food
animals
31,101
Manufactured foodstuffs1 55,585
Semi-manufactures
64,666
Finished manufactures 171.837
Total domestic exports
Foreign exports
5,834
7.818
27.6 83,031 22.7 1.198,739
1,089,875 30.3
6.0 15,596 4.3 391,444
12.4 40,526 11.1 453,876
14.7 53,52 14.7 472,200
38.4172,267 47.2 1,192,879
188,699 5.3
424,05 11.8
471,703 13.1
1,423,086 39.5
364,940
9,48
3,709,238100
62,796 --__
Total
453,652.... 374,420 _ ___ 3,772,034
ImportsCrude materials
144,59 37.4 108,351 44.7 1,046,621
Foodstuffs, crude & food
50,184 13.1 51,102 11.5 345.368
animals
I
Manufactured foodstuftsl 46,840 12.2 40,153 9.1 325,324
75,890 19.8 74,697 16.9 526,076
Semi-manufactures
67,86 17.7 78,79 17.8 581.914
Finished manufactures
Total
100.0
3.671,039
37.1 1.490,506 43.7
12.3
11.5
18.6
20.
403,552 11.8
293,182 8.8
598,291 17.6
625,482 18.3
385,379 100. 443,098100. 2,825.303100. 3.411,012100.0
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on April 28, made public by the Federal
Reserve Board and which deals with the results for the
twelve Federal Reserve banks combined, shows an increase
during the week of $64,000,000 in holdings of discounted
bills and a decline of $30,500,000 in open-market acceptance
holdings. Relatively small changes were reported in Government security holdings, Federal Reserve note circulation,
and cash reserves. After noting these facts, the Federal
Reserve Board proceeds as follows:
Discount holdings of the Federal Reserve Bank of New York increased
S79300.000 as compared with the decline of $127,700,000 reported the week
before. The Richmond bank reports a decline in discounts of $5,400,000.
Atlanta of $55,200,000, San Francisco of $5,100,000, and St. Louis of
$3,200,000. Open-market acceptance holdings were $30,500,000 below the
previous week's total, the Boston bank reporting a decline of $13,400,000.
the New York bank of 36,600,000 and Chicago of $4,300,000. Holdings of
United States bonds declined $700,000, while Treasury notes on hand
increased by the same amount and Treasury certificates of indebtedness by
$200,000.
The principal changes in Federal Reserve note circulation during the week
comprise increases of $7,200,000 and $4,000,000 reported by the Cleveland
and Philadelphia banks, respectively, and a decrease of $3,300,000 reported
by Atlanta.
found on subsequent pages-namely, pages 2462 and 2463
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
April 28 1926 is as follows:
Increase (+) or Decrease (-)
During
Week.
Year.
Total reserves
+$3,600,000 -$39,000,000
Gold reserves
+1.900,000 -54.000,000
Total bills and securities
+33.200,000
+86.500,000
Bills discounted,total
+64,000,000 +113,700,000
Secured by U. S. Govt. obligations.... +66.400,000
+59,400.000
Other bills discounted
-2,400,000
+54,300.000
Bills bought in open market
-30,500,000 -67.800,000
U.S. Government securities, total
+200,000
+39.800,000
Bonds
-700,000
+12,900,000
Treasury notes
+700,000 -91,300,000
Certificates of indebtedness
+200,000 +118,200.000
Federal Reserve notes in circulation
-300,000 -21,900,000
Total deposits
+22.400,000
+54.700,000
Members'reserve deposits
+31,700,000
+68.300,000
Government deposits
-7,400,000 -10,600,000
The Week with the Member Banks of the Federal
Reserve System.
The Federal Reserve Board's weekly condition statement
The statement in full, in comparison with the preceding of 707 reporting member banks in leading cities as of April 21
week and with the corresponding date last year will be shows declines of $26,000.000 in loans and discounts, 821,-
MAY 1 1926.]
THE CHRONICLE
000,000 in investments, $84,000,000 in net demand deposits,
$53,000,000 in Government deposits and $140,000,000 in
borrowings from the Federal Reserve banks and an increase
of $41,000,000 in time deposits. Member banks in New
York City reported reductions of $12,000,000 in loans and
discounts and of $128,000,000 in borrowings from the Federal Reserve. Bank, and increases of $5,000,000 in investments, $10,000,000 in net demand deposits and $14,000,000
in time deposits. It should be noted that the figures for
these member banks are always a week behind those for the
Reserve banks themselves.
Loans on stocks •a,ni., bonds were $6,000,000 more than for
the previous week, the principal changes including increases
of $8,000,000 and $6,000,000 in the Cleveland and San
Francisco districts, respectively, and a reduction of $9,000,000 in the Chicago district. "All other" loans and discounts
declined $33,000,000, reductions of $11,000,000 in the Boston district and of $9,000,000 and $7,000,000 in the San
Francisco and Chicago districts, respectively, being offset
:n part by an increase of $7,000,000 in the Cleveland district.
Total loans to brokers and dealers, secured by stocks and
bonds, made by reporting member banks in New York
City increased $13,000,000, loans for the account of out-oZtown banks decreasing $8,000,000, while loans for their own
account and for the account of others increased $9,000,000
and $12,000,000, respectively. Further comment regarding the changes shown by these member banks is as follows:
Holdings of U. S. securities and of other bonds, stocks and securities declined $11,000,000 and $10,000,000, respectively, only relatively small
changes being reported for any of the districts.
Net demand deposits were $84.000,000 less than a week ago, reductions
being reported for all districts except New York and Cleveland, where
increases of $20,000,000 and $7,000,000, respectively, occurred. The
principal reductions by districts were as follows: Chicago, $32,000.000: San
Francisco, $23.000,000; Boston, $12,000,000, and Atlanta, $10.000,000.
Time deposits of all reporting members were $41,000,000 above the previous week's total, the principal changes including increases of $19.000,000
and $15,000,000 in the Cleveland and New York districts, respectively.
Borrowings from the Federal Reserve banks declined $129,000,000 in the
New York district, $13,000,000 in the Cleveland district, and $9,000,000
in the Chicago district, and $140,000,000 for all reporting banks.
On a subsequent page—that is, on page 2463—wa give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Increase (+) or Decrease (—)
During
Week.
Year.
Loans and discounts, total
—$26.000,000
+$740.000,000
Secured by U.S. Govt. obligations_ _ _ _
+1,000,000
—36,000,000
Secured by stocks and bontls __ _ _• _
+6,000.000
+455,000,000
All other•
—33,000,000
+321,000,000
Investments, total
—21,000,000
+74.000,000
U. S. securities
—11,000,000
—72,000,000
Other bonds, stocks and securities_ --—10,000,000
+146,000,000
Reserve balances with F. R. banks
—113,000,000
—34,000,000
Cash in vault
—10,000,000
—7,000.000
Net demand deposits
—84,000,000
+49,000,000
Time deposits
+41,000,000
+483,000.000
Government deposits
—53,000,000
+34,000,000
Total accommodation at F. R. banks_ _ _ _ —140,000,000
Summary of Conditions in World's Markets Based upon
Cablegrams and Other Reports Received in the
Department of Commerce.
The Department of Commerce at Washington releases for
publication to-day (May 1) the following summary of conditions abroad, based on advices by cable and other means
of communication:
2431
culation on April 16 was 130,700,000 pesos in Central Bank notes and
291,900,000 pesos of outstanding Government monetary issues. There
was an improvement in the movement of securities on the Stock Exchange
over March; the prices of shares were lower but bonds were firm. Copper
production is reported to have improved. The coal industry has received a
stimulus through the placing of Government orders.
PERU.
Trade conditions in general in Peru continued poor during April, the
expected improvement not having materialized. There has been practically no dealing in cotton futures this season. Exchange ranged from
$380 to $3 65 to the Peruvian pound, closing April 23 at $3 65, which was
the lowest level reached in several years. Collections have been moderately
slow. A third extraordinary session of Congress will be called to approve
the $30,000,000 loan bill. The Lima Stock Exchange reports trading dull
with prices weak.
URUGUAY.
There is a more generally optimistic feeling in the Uruguayan market as a
consequence of the recent flotation of the $30,000,000 loan. Prospects
have also improved in the livestock industry. Slaughtering of sheep is in
an unprecedented volume this year. Trading in wool continues fairly
active, the best demand being for fine crossbreds. Construction work continues active. The money market is quiet.
MEXICO.
The general business turnover in April was reported as slightly larger than
in March but the outlook at the close of the month is not considered quite
as good as it was at the beginning. The founding of agricultural development banks for the benefit of small farmers and communal lands was a
feature of the month.
GUATEMALA.
Business is rather dull in staples but is very good in luxuries, particularly
in silks and jewelry, and in hardware and grains. Almost the entire coffee
crop had been sold before the decline in prices.
SALVADOR.
In spite of the fact that there is plenty of money in the country, business
conditions continued exceedingly dull throughout April and very few orders
were placed abroad. Coffee prices continued to decline and still show a
downward tendency, consequently sales have been very limited. Approximately half of the coffee crop is still unshipped.
PANAMA.
Retail trade is normal for this season of the year. Bank collections continue good in Panama City. Building is active.
CUBA.
Business in general has continued to be dull, with sugar still selling at
low and unsatisfactory prices. The demand for most current import merchandise has not slackened so noticeably, but a gradual tightening of the
credit situation has made purchasing more difficult. Inquiries for future
machinery business are also scarce. Building is quite active in Havana, with
reported prospects for a busy summer.
PORTO RICO.
Business is generally dull in most lines of trade with buying of a hand to
mouth nature, although the outlook is somewhat improved by favorable
tobacco prices, a firmer sugar market, and recent rains.
JAMAICA.
The general economic situation is improved due to the continued increase
in the valume and value of banana exports, which are now bringing 64 to
72 cents a bunch.
CHINA.
Stocks of tea in Hankow are small. Wood oil prices are weak reflecting
slack American demand.
INDIA.
Local disturbances in Calcutta have upset the normal trend of business in
that city, particularly in the bazaar districts where business has not been
brisk for some time. New jute crop prospects are good. Sowing is active.
Raw jute is quiet, at lower prices. Burlap is steady, with little business.
Several tea districts where picking has begun report generally favorable
weather.
AUSTRALIA.
The Australian outlook shows much improvement as the month closes.
Bush fires that have been raging over certain sections are now under control
and new outbreaks not expected, and general rains have been very beneficial
to agriculturists. Wool sales at Sydney have continued satisfactory, with
the best grade of greasy merino offered during the week bringing 30d. per lb.
NEW ZEALAND.
Business in New Zealand showed a general tendency toward improvement
during April. Wholesale prices were firm, retail trade was fair, and industrial activity normal along all lines.
PHILIPPINE ISLANDS.
Excessively dry weather is affecting the growing crops of the Philippine
Islands. Leading export markets show little improvement from the
ARGENTINA.
There is some improvement noticeable in the general commercial aspect recent slackness. Copra prices have declined somewhat from the high
level which has prevailed for some weeks. The abaca market has reof the Argentine market. Transactions in all lines of manufactured articles,
however, are distinctly subnormal. Exchange value of the peso rose during covered slightly, reflecting London and New York market conditions.
Production is somewhat better and prices have shown a small increase.
the month, with an increasing export movement. The Federal Government floated a loan of $20,000,000 in New York to consolidate various
DUTCH EAST INDIES.
short-term issues. Good progress was made in April in reducing the floating
Seasonal quiet continues in the Dutch East Indies. Ipmort trade is
the
In
import
debt.
markets, dealers are heavily stocked in most lines, dull, especially in cotton piece goods. Rubber and pepper export markets
and new orders are restricted. Collections from provincial districts are are weaker, but sugar is holding firm. The estimate of 1926 production
still poor, although there is a slight improvement noticeable. Heavy of the Java Sugar Association is placed at 1,818,475 metric tons.
commercial failures continue and credits are being closely scrutinized.
CANADA.
Heavy rains during the early part of the month delayed the corn harvest,
Sales of motor cars and trucks have been greatly stimulated and dealers
but operations resumed with the advent of dry, cool weather in the latter
half of the month. Crops are reported to be large and in good condition. are active. The lower income and corporation taxes are expected in Canada
to have a beneficial effect upon business because of the additional funds
Shipments of wheat are growing.
available for the purchase of many commodities. During the week large
BRAZIL.
shipments of gold were received from New York as a result of the Canadian
The general commercial situation in Brazil has been characterized by dollar reaching a premium. The movement up to the latter part of last
small exports and heavy imports. Money is comparatively easy. Collec- week had reached about $8,500,000. Exports of wheat for the eight
tion is slow. The coffee markets are dull. The cotton market weakened months ending March 1926 were 296,669,712 bushels, or 98% more than
further during the month, quotations being 5 milreis lower than at the in the same period the previous year. Commercial failures during the
beginning of the month. Trading is small. Exports of hides increased first quarter of 1926 were not as numerous as in the same period of 1925.
somewhat, and manganese held up well during the month. Sales of textiles
GREAT BRITAIN.
are slow, with difficulty in collecting especially affecting this line. Yarns
The coal situation continued to occupy the forefront of British affairs
are slow due partially to heavy stocks.
during the past week. The outlook has resulted in a rush at ports and
CHILE.
very high spot prices, but little future contracting. Production for the
improvement
over
the
previous
month
was noticeable in the week ended April 10 was 3,696,300 tons. The Board of Trade Committee
A slight
general commercial situation in April. Wholesale lines and industries were has announced its decision, in the negative, on the application of the
generally more active, but retail lines were slightly depressed. Note cir- worsted manufacturers for protection under the safeguarding procedure.
2432
THE CHRONICLE
(Vol. f2t)
The Committee's report, however, recommends the adoption of a 123•5%
YUGOSLAVIA.
ad valorem duty if serious unemployment in the future arises from increased
An adverse balance of trade for Yugoslavia during 1925 is indicated, which
imports.
amounts to about $2,500,000. Quantities of wheat are reported lying unsold
GERMANY.
at the mouth of the Danube, with only one-quarter of the wheat export
Agriculture and building trades will soon require additional labor it is surplus disposed of so far. Much corn was spoiled as the result of the bad
reported in Germany. During the first two weeks of April 310 bankruptcies weather; corn exports in January and February were poor. Actual budget
were recorded, showing a further decline in percentage as compared with receipts for the first seven months of the current fiscal year exceeded exMarch when the total number for the month was 1,710. The 1925-26 fiscal penditures by 577,754,0031dinars, or by about 9.7%.
•
year closed on March 31 with tax receipts amounting to 6,856,000,000
EGYPT.
marks, or an excess of 86,000,000 over the estimates. The last few weeks
The flour and sugar markets remain firm, and the cotton market is more
have witnessed a reduction in the volume of foreign loans and credits
coming into Germany and the money and investment markets continue animated. The cotton piece goods situation continues to show very marked
improvement
and the entire trade is more optimistic than for many months.
easy. The private discount rate was reduced from 5% to 43 % on April 15.
Foreign trade figures for March show a favorable balance for the fourth Export and import trade during the first two months of 1926 showed a conconsecutive month. Among imports decreases were noted in finished goods. siderable decrease, as compared with the first two months of 1926, particufoodstuffs and raw materials. Exports of foodstuffs decreased also, while larly in exports.
PALESTINE.
half-finished goods and finished goods both showed advances. The export
figure surpasses the average pre-war figure for the first time.
An agreement has been reached between the Palestine Government and
a British firm to develop and carry out a scheme for the provisional supply
FRANCE.
of water to Jerusalem from Ein Farah Springs. The total cost is estimated
The French Senate passed on April 20 the expenditures budget showing a at £51,770, and the municipality is to be supplied with 1,000 cubic meters
surplus of 400,000,000 francs. This budget is now under consideration by of water daily (200,000 gallons), beginning Aug. 1 1926.
the Chamber of Deputies which is expected in France to increase expenditures
by 1,000,000,000 francs, thus reintroducing a deficit. The amount of
voluntary contributions for supporting the franc is now proceeding more Dwight W. Morrow
of J. P. Morgan ec Co. Says Loans
slowly.
to Foreign Governments Do Not Involve Use of
BELGIUM.
Armed Forces.
The non-political commission which was recently appointed in Belgium
to study the best method for consolidation of the floating debt has recomAnswering those who contend that loans to foreign governmended an interior loan, with an exchange guarantee for interest and repayment. This consolidation loan would be exempt from all taxation, ments throw upon our government "the responsibility of
according to the recommendation of the Commission. The commercial fair acting as a collection agent," and for purposes of collection
at Brussels, which has just closed, was reported as being not especially may involve the use of armed
forces of our government,
successful. Tax collections in the first quarter of the year amounted to
Dwight W.Morrow,of J. P. Morgan & Co. declared that the
1,202.000,000 francs and this showing is regarded in Belgium as favorable.
NETHERLANDS.
Practically all indexes in the Netherlands show a steady improvement in
the economic situation.
ITALY.
The Italian shipbuilding industry has been receiving Government support
since Feb. 1923. The decree granting such assistance expires in a short
time and new provisions continuing this assistance have already been
drafted. The subvention gives exemption from duties on materials and
machinery used in vessel construction and repair, and also grants special
tax exemptions to the Italian iron and steel industry on products used in
ship construction. The subsidy has stimulated Italian shipbuilding to
marked activity. The latest available statistics of industrial production,
railroad and internal waterway transportation, labor and unemployment.
indicate a continued maintenance of active business conditions.
AUSTRIA
Unemployment is being reduced, especially by the seasonal improvement
In the building industry and in the manufacture of cement and other building materials, and other trades. Export industries are suffering from bad
conditions in some of their markets, and as a result cotton spinning and iron
production are slackening.
HUNGARY.
The Hungarian National Bank in its report as of March 15 shows sound
money reserves of 245,400,000 pengoes, covering to the extent of 42% a
circulation of 356,500,000 pengoes and deposits of 221,400,000 pengoes.
On the same date the bank held discounted bills to the amount of 133,000,000 pengoes. The official index of wholesale prices for February was 125,
as against 127 in January. showing a continuance of the decline of prices.
DENMARK.
The Danish exchange market has for some time been quiet and stable.
the crown rate against the dollar having varied less than ;•6 cent during the
past month. The March statement of the National Bank shows that the
bank's foreign holdings were reduced from 73,900,000 crowns to 55,800,000
crowns during the month. The ordinary and the supplementary budgets,
as finally passed, indicate that the year's fiscal activities will show a deficit
of approximately 8,900.000 crowns. Danish agriculture is also depressed.
NORWAY.
Norwegian exchange has remained very firm, but during the last few weeks
the note circulation has increased 26,000,000 crowns. This was due in a
large measure to the increased demand for Government funds at the end of
the present quarter. The Norwegian discount rate has been reduced from
6% to 53%.
POLAND.
In his last pre-holiday statement before the Budgetary Committee of the
Diet, the Minister of Finance gave the figure of 314,000,000 zlotys as the
actual budgetary deficit for 1925. This figure exceeds by over 20.000,000
zlotys the visible deficit, as published recently in the organ of the Ministry
of Finance, which shows an excess of expenditures over revenues of 135,000,000, plus about 160,000,000 of emergency paper money issued in 1925
(besides 123,000,000 zlotys of silver and base metal coin, also issued in 1925)
A deficit of 300,000,000 zlotys is forecasted for the 1926 budget (after the
budgetary expenditures were reduced by over 240,000,000 zlotys, as compared with the actual expenditures of 1925), unless the cuts in Government
expenditures proposed by the Minister of Finance materialize.
ESTHONIA.
The Finance Ministry has drafted two laws, one compelLng firms In
Esthonia to register in a detailed and thorough manner, and the other stipulating that all sacks and other packings containing wheat flour or semolina
mixed with corn, pea or other flour, must be marked to show the true contents. A committee appointed last year by the Government to investigate
the activities of the Bank of Esthonia has submitted a report to Parliament,
suggesting that the bank be reorganized. Changes in policy and practice
were recommended.
LATVIA.
The very heavy ice in the Gulf of Riga has prevented the exportation of
flax and the Latvian Government has found it necessary to discontinue
temporarily the acceptance of this commodity from growers, who, fearing a
drop in prices had previously delivered about 23,000 tons to the Government Flax Department.
GREECE.
y decree effective April 19, the consumption tax on cigars and cigartugs, and the forced loan tax, were both in messed. The new budget estimates were approved by the Cab net,showing a theoretical surplus of about
300,000,000 drachmas, cleric, chiafly from increased taxation.
establishment of that principal "would be not only contrary
to all international morals and most hurtful to the nation
at large, but in the long run would prove highly injurious
to the property interests of the bankers who sell and the
investors who buy foreign government loans." Mr. Morrow's remarks were contained in an address on the subject
of "The Investor in Foreign Bonds" before the Monthly
Meeting of the Commercial Club of Chicago, on April 23.
His address in full follows:
It is sometimes stated that loans to foreign governments made by our
citizens throw upon our own Government the responsibility of acting as
a collection agent. It is even asserted that these loans may, for purposes
of collection, involve the use of the armed forces of our Government. I
think it will become quite clear to anyone who will study the historical
precedents that there is no warrant for such a belief. Moreover, the establishment of the principle that nations are justified in going to war for
the collection of debts would be not only contracy to all international
morals and most hurtful to the nation at large but, in the long run, would
prove highly injurious to the property interests of the bankers who sell
and the investors who buy foreign government loans.
The two great lending countries of the world to-day are England and
the United States. From the leading officials of both of these countries
we have had quite clear pronouncements against going to war where the
only injury is a pecuniary one. In a debate in the British Parliament in
Dec., 1902, during the controversy with Venezuela, Mr. Balfour, the then
Prime Minister, said:
"I do not deny, in fact I freely admit, that bondholders may occupy an
international position which may require international action; but I look
upon such action with the gravest doubt and suspicion, and I doubt whether
we have in the past ever gone to war for the bondholders, for those of our
countrymen who have lent money to a foreign Government; and I confess
that I should be very sorry to see that made a practice in this country."
Secretary Root in his instructions to the American Delegation to the
Third Pan-American Conference in 1906 said:
"It has long been the established policy of the United States not to u_
its armed forces for the collection of ordinary contract debts due to it
citizens by other governments. We have not considered the use of force
for such a purpose consistent with that respect for the independent sovereignty of other members of the family of nations which is the most important
principle of international law and the chief protection of weak nations
against the oppress on of the strong.'
Later in the same year Mr. Root, speaking in the City of Buenos Aires,
made the following statement:
"The United States of America has never deemed it to be suitable that
she should use her army and navy for the collection of ordinary contract
debts of foreign governments to her citizens. For more than a century
the State Department, the Department of Foreign Relations of the United
States of America, has refused to take such action, and that has become
the settled policy of our country. We deem it to be inconsistent with that
respect for the sovereignty of weaker powers which is essential to the protection against the aggression of the strong. We deem the use of force for
the collection of ordinary contract debts to be an invitation to abuses in
their necessary results far worse, far more baneful to humanity than that
the debts contracted by any nation should go unpaid."
I am conscious that any adequate discussion of this subject before a
group of lawyers or historians would of necessity Include an examination
of the difference in treatment of claims growing out of crimes and claims
growing out of contracts. In the case of the wrongful act of a foreign
government inflicting physical injury upon the subject of any State, that
State may very properly insist upon some reparation being made, exactly
as it would admit the correlative obligation to make reparation for a similar
dereliction on the part of its own administrative agents toward foreigners.
I am conscious also that between claims growing out of crimes and claims
growing out of contracts there is the more uncertain middle ground of the
claims growing out of tortious acts and the difficulty in some cases of determining when a claim does arise out of contract and when out of a tort.
An adequate discussion of this subject would also involve a frank recognition
of the fact that contract claims against a foreign government have very
often been joined with claims for other injuries or with larger questions of
political policy. I have in mind the conduct of the European powers in
Mexico in 1861, in Egypt in 1880, and in Venezuela in 1902.
A careful legal and historical analysis of this subject would also involve
some consideration of the result of tpe adoption at the Second Hague
Peace Conference in 1907 of the convention respecting the limitathn Of
the employment of force in the recovery of contract debts, a convention
which it has been alleged is impliedly a recognition of the past practice of
collecting contract debts by force, and possibly a contemplation of a future
practice of following the same course provided arbitration has first been
proposed and denied.
MAY 1 1926.]
THE CHRONICLE
I am speaking, however, to business men, and to as representative a
group of business men as can be gathered together in the United States.
I have no hesitation in saying that business men as much as any group of
people in the community, are interested in seeing the policy so clearly
announced by Secretary Root in 1906 scrupulously carried out. Bankers
who sell and investors who buy foreign loans are in a position to appreciate what an ineffective and a fruitless remedy war is. Entirely apart
from the immorality of putting human lives to the hazard of modern war
where the sole issue is a pecuniary claim, there is a conclusive practical
reason against such a course in that war in the great majority of cases does
not, and cannot, accomplish the desired result.
You may ask me what then is the security for a foreign government
loan. The answer is clear. Loans are made to foreign governments in
reliance primarily upon the good faith of those governments. The intelligent investor recognizes that in the long run a government that defaults
upon its obligations hurts itself even more than it hurts its creditors. Even
where specific taxes or customs are allocated for the service of a loan the
main reliance of the creditor must be upon the desire of the debtor government to see the particular revenues maintained and made available. Even
where a foreign expert is placed in charge of revenues the arrangement is
helpful only when made with the hearty concurrence of the debtor government, and with the belief and expectation on the part of the debtor government that the fiscal arrangement will redound to its own advantage.
Yes, it is upon good faith that lenders to foreign governments rely.
And I need not say to a group of business men that it is upon good faith
also that you rely in almost all of your domestic dealings. It is true that
there is a sanction ultimately applicable to domestic contracts. The
proper legal steps may be taken, the breach of the contract may be proved,
and execution may be issued through the sheriff against property of the
domestic debtor who fails to pay. But you do not in practice put much
reliance upon the help of a sheriff in enforcing your contracts. You do
not willingly deal with one upon whose property you expect to have to levy
execution. In the overwhelming majority of your business transactions
you must rely upon the ability and the willingness of your debtor to pay.
On no other principle could modern business be conducted.
In international loans there is no ultimate effective sanction analagous
to the domestic sheriff. But there still remains our reliance upon good
faith, our reliance upon that law which is older than statute law—the
acknowledged customs of mankind. The credit of governments is not
easily built up. It may easily be shattered. And it must never be forgotten that there are rules of conduct accepted by the silent approval of
2433
sented a proposition on behalf of France, but I have not read it; I do
not know what it contains. The Debt Commission will meet again tomorrow for the purpose of taking under consideration the proposition
made by the French Ambassador.
The Foreign Debt Commission on April 24 was in session
only about an hour and a half, adjourning until Monday,
April 26. In referring to the Commission's brief session
on April 24, the Washington advices to the New York
"Times" stated:
The recent cable dispatches from Paris indicating that the Briand
Government, or at any rate Premier Briand, is inclined to come more
around to the American point of view in dealing with the safeguard
clause has given added optimism to the situation as it develops here.
If, as it is now indicated, Mr. Berenger is prepared to drop the demand that the contract shall be so written as to call for a decrease or
stoppage of payments on the debt if German reparations decrease or
are stopped, and to base a request for a possible readjustment on all
factors involved in the French economic position in another five years,
there would seem to be no serious obstacle in the way of a compromise
to which even the opponents of leniency in the Senate—Borah, Reed
of Missouri and their followers—could make effective arguments.
An effort to secure from France better terms than proposed in the offer was made by the Commission on April
26; the offer had called for the payment of $25,000,000
annually during the first five years, and this sum, it is
understood, the Commission endeavored to have increased
to not less than $40,000,000. In recording the developments on April 29, the New York "Journal of Commerce"
stated:
The end of the long discussions between the two countries came
quickly and quietly in marked contrast to the excitement which marked
the visit of the Caillaux Mission. France authorized her Ambassador
to accede to the commission's demand that the first payments be increased beyond $25,000,000 annually, and thus removed the main stumbling block.
civilized men, the breach of which hurts the one committing the breach.
M. Berenger gave Secretary Mellon, chairman of the commission, a
much more than the one against whom it is committed. We rely in short new offer, providing for payments of
$30,000,000 the first two years and
upon good faith. If good faith cannot be relied upon it is better that the making
other readjustments, and, although Secretaries Kellogg and
loan be not made.
Hoover were absent, the commission quickly gave its approval. AmThe industry of men has rebuilt and restored much that was destroyed
bassador Berenger went to the Treasury later and he and Secretary
by war in Europe. The peoples of Europe are winning their way back to
signed the agreement.
Mellon
pre-war
standards: some of them are already exceeding pre-war production.
The processes of restoration, which can have true basis only in the toil of
men, go steadily onward. The accomplishment in the scant
eight Years
elapsed since the Armistice was signed has been truly remarkable. No
quick peace was possible after four years of devastating war. Great losses
had to be absorbed. There were deep wounds to be bound,
property,
machinery and tools to be replaced, industry to be reorganized, communication to be re-established, new capital to be created, hatred and fear to
be allayed and faith and credit renewed. By no magic could these tasks
be aided or accomplished. The could be achieved only by time and toil.
But step by step they are being accomplished and we are helping in their
accomplishment by lending our capital and credit. One of the great shocks
of the war was to the faith of men, to their belief in the intent and purpose
of their neighbors. The restoration of that faith may be last to
yield
the curative processes. We cannot however doubt the results. All to
of
the processes of civilization emphasize the faith and credit of men. Without
the growth of faith and credit in our private and our public business we will
slip backward. The words with which Hugo Grotius closed his great
book more than three hundred years ago are true: "Not only is each commonwealth kept together by good faith, but also that greater society of which
nations are the members. If faith be taken away the intercourse of men is
abolished."
Agreement Reached For Settlement of French War
Indebtedness to the United States.
The reaching of an agreement for the settlement of the
war indebtedness of France to the United States . was
made known by the Treasury Department at Washington
on April 29. According to the statement announcing the
settlement arrived at, "the total to be funded after the
cash payment to adjust the amount to round figures is
$4,025,000,000. Of this $4,025,000,000, $3,340,000,099 represents principal, and $685,000,000 the accrued interest to
the date of the agreement. Total payments to be received
under the settlement are $6,847,000,000, as against $6,220,000,000 offered. by M. Caillaux, an increase of $627,000,000,"
says tile statement, which adds:
The present value of the settlement on a 4;,4% basis is
$2,008,000,000, as against $1,755,000,000 present value of the
Caillaux offer, an
increase of $253,000,000.
The so-called "safeguard" clause, the effect of which
was
to relieve France if Germany did not pay reparations, is
eliminated in the agreement. This week's
settlement,
which was concluded by the World War Foreign Debt
Commission, and the French Ambassador, H. Berenger,
followed conversations between Secretary of the Treasury
Mellon and M. Berenger, at which, it was stated on April
21, a tentative agreement was considered with a view to
serving as the basis for formal negotiations. The proposals of Ambassador Berenger were submitted to the
Foreign Debt Commission on April 23. This meeting was
referred to by Senator Smoot in the Senate on April 23
as follows:
The Debt Commission met for a short time this morning. There
was a Cabinet meeting also this morning and the Secretary of the
Treasury had to leave the Debt Commission to attend that. We were
in session only about twenty minutes. The French Ambassador pre-
According to the New York "Times," there was little
of the spectacular to the closing sessions of the negotiations. That paper says:
The cable message accepting the American offer was received by Ambassador Berenger just before noon today, and he immediately communicated with Secretary Mellon, who called a meeting of the American commission for 2:30 o'clock. The commission was in session for
about forty-five minutes and then went to the Executive Offices of the
White House, where the President, after forty minutes of discussion,
gave his approval to the compact.
While the American Commissioners were at the White House Ambassador Berenger arrived at the Treasury Department, and Secretary
Mellon, Chairman of the commission, hurried there to join him. Those
at the signing were the Ambassador, Secretary Mellon, Under Secretary Winston, R. Lacour-Gayet, Financial Attache of the French Ernbassy; E. Haguenin, French financial expert, and -Mr. Blair of the
Treasury.
It was announced yesterday (April 30) that President
Coolidge had signed the agreement, and that it had been
approved by the French Cabinet. Announcement of the
reaching of the agreement was made as follows on April
29 by the World War. Foreign Debt Commission:
The American Commission has reached an agreement with Ambassador Berenger for a settlement of the indebtedness of France to the
United States. The amount to be funded has been calculated on the
same basis as in other debt settlements at 434% interest to December
15, 1922, and at 3% interest thereafter to June 15, 1925, the date of
the agreement. The total to be funded after the cash payment to adjust
the amount to round figures is $4,025,000,000. Of this $4,025,000,000,
$3,340,000,000 represents principal and $685,000,000 the accrued interest to the date of the agreement. A schedule of annuities is attached.
The agreement provides for annuities commencing with $30,000,000
in the first year and reaching $125,000,000 in the seventeenth year and
thereafter continuing at this figure, except for the sixty-second year,
which is slightly less. Under the agreement She total of the principal
funded will be paid in full. On this principal interest will be paid as follows: After the first
five years and for the next ten years 1% per annum; for the succeeding ten years 2% per annum; for the succeeding eight years 24% per
annum; for the succeeding seven years 3% per annum, and for the remainder 22 years of the period 3%% per annum.
The total payments to be received are $6,847,674,104.17, and the
present value of these payments, on a 414% basis, is $2,008,122,624, or
practically 50% of the debt funded, as compared with the Italian settlement of 26%.
The best offer heretofore received from France was made by M.
Caillaux in October last of $40,000,000 a year for five years, $60,000,000 a year for the next seven years and $100,000,000 for the succeeding fifty-six years. M. Caillaux included as the essential element of
his proposed settlement a revision clause, called by him a "safeguard"
clause, the effect of which was to relieve France if Germany did not
pay reparations.
A comparison of the Caillaux offer and the present settlement shows
the following:
I. In the settlement the "safeguard" clause has been eliminated.
2. Total payments to be received under the settlement are $6,847,000,000, as against $6,220,000,000 offered by M. Caillaux, an increase
of $627,000,000. The present value of the settlement on a 414.% basis
is $2,008,000,000 as against $1,755,000,000 present value of the Caillaux
offer, an increase of $253,000,000.
3. In the first five years M. Caillaux offered $200,000,000; under the
settlement we are is. ..ceive $160,000,000; the slightly easier terms for
the first five
'untie necessary because the present fiscal con-
THE CHRONICLE
2434
dition of the French Government is less strong than it was at the time
of the negotiations last September. Upon the present exchange rates
payment of the first annuity of $30,000,000 requires that France shall
find 898,200,000 francs. In October last a payment of $40,000,000
would have required that France find only 845,700,000 francs. The
lower annuity in dollars represents today a higher annuity in francs
than the Caillaux offer.
4. In the sixth to the tenth year M. Caillaux offered $300,000,000;
the settlement provides for. the payment of $305,000,000.
S. In the eleventh to the fifteenth year M. Caillaux offered $420,000,000; the settlement requires the payment of $520,000,000.
6. The Caillaux maximum annuity was $100,000,000, reached after
the twelfth year; the maximum annuity in the settlement is $125,000,000 reached after the sixteenth year.
In view of the enormous burden of the domestic debt of France, the
difficulty of raising by taxation a sufficient revenue to meet the charges
of this debt, to carry on the ordinary Government operations, and to
find the exchange necessary to pay her foreign debt to the United
States and to England, the commission believes that this settlement
represents substantially France's capacity to pay.
Unless Frianee is enabled promptly to fix the amount of its obligations abroad so that it may know definitely its commitments and may
provide for them in its budget, there might be grave danger of a complete breakdown of French finances.
This would be a serious blow to the re-establishment of Europe and
would inevitably affect not only the payments now being made to the
United States by France, but would seriously curtail the sale by our
farmers of our surplus export abroad. It is felt that the settlement
meets the requirements of the statute from which the commission's
authority is derived, that it be just both to our own citizens and to our
ally in the war.
This settlement substantially completes the work of the commission,
there remaining but $295,000,000 unfunded out of a total of $10,102,000,000 war debt. Of these, $193,000,000 is Russian and $24,000,000
Austrian, which has already been extended by Congress for twenty
years; $51,000,000 is Yugoslavian, $15,000,000 is Greek and $12,000,000
Armenian.
Schedule of Annuities.
Amount.
Year.
$30,000,000.00
1
30,000,000.00
2
32,500,000.00
3
32,500,000.00
4
35,000,000.00
5
40,000,000.00
6
50,000,000.00
7
60,000,000.00
8
75,000,000.00
80,000,000.00
10
90,000,000.00
1L
100,000,000.00
12
105,000,000.00
13
110,000,000.00
14
115,000,000.00
15
120,000,000.00
16 '
125,000,000.00
17 to 61, inclusive
117,674,104.17
62 •
.
Total
*
$6,847,674,104.17
Ambalsyrdor Berenger's Statement.
•
• Ambassador. Burenger, in a statement issued at Wash'
•
April
said:.
29,
ington
,
'I wish not to sign the' present agreement without saying how much I
appreciate the perfect courtesy and spirit of understanding of the American Debt #unding Commiision and its Chairman, Mr. Mellon, shown
constantly 'during this long and delicate negotiation. You do not expect me to contend there is no greater satisfaction to a debtor than to
repay kits creditor,.even, if thisoreditor .is ..the United States of America.
BM, prance:has.for, too many years proved that any obligation bearing
its signature was "sacred not to remain faithful to such a principle,
notWithStandink the crushing burden' Which the war placed upon her and
which, she• is ,to bear, for many years.
The settlement which we have reached takes into account our debt
to the United States and the financial situation in France such as it
results from the treaties and the conventions, which will be faithfully
carried out.
•The settlement is not only necessary for the restoration of France
and the re-establishment' of• the economic equilibrium of the world, but
it suppresses a source of friction and misunderstandings between our
two countries. France will riot regret these new sacrifices if the
present settlement is going to strengthen the friendship between France
and America and contribute to reinforce peace throughout the world,
which more than anything'she • wishes to maintain, as the French Republic has given the proof and especially the Government of M. Aristide
Briand at Locarno.
The New York "Times" Washington dispatch April 29
said:
Under-Secretary Winston, who made public the text of the statement
by the American Debt Commission, left tonight for New York and will
sail tomorrow on the Homeric for London on a vacation.
The proposals submitted last October by the French
Debt Commission headed by Finance Minister Caillaux,
were referred to in these columns October 3, 1925, page
1630.
French Cabinet Approves Agreement For Settlement of
United States Debt.
The French Cabinet yesterday (April 30) approved the
debt funding agreement signed in Washington on April
29 by the American Debt Commissioners on behalf of the
;
United States and the French Ambassador, Henri Beren
ger. Paris a dvices to the ."Wall Street Journal" added:
With the cabinet's action, the agreement to fund the debt which has
been a major international problem for seven years soon will become
a subject of debate in the Chamber of Deputies. Examination of its
provisions by the chamber finance committee will be the first step
Premier Briand already has stated his.intention of making approval of
the agreement a question of confidence.
[Vol.. 122
France did not make all the concessions in reaching agreement,
Finance Minister Peret stated following the cabinet meeting.
"The government tonight," he said, "will issue a full statement in
order to indicate the terms of the accord in the most definite manner
so that there no longer will be doubts in the minds of the public.
Certain reports have given the impression that only France made sacrifices, but the truth is that there also are advantages to France in the
agreement which the cabinet has just approved."
A member of the cabinet said that negotiations for private investments in France probably would be begun immediately with American
financiers. But it was explained that economic cooperation would have
nothing to do with loans for the French government, as for the moment
the government is not contemplating any borrowing.
Secretary Mellon On French Debt Agreement—Feared
Breakdown of French Finances and Loss to
Exporters.
Secretary Mellon, on April 29, issued a statement explaining the French debt terms and expressing the commission's belief that "this settlement represents substantially France's capacity to pay," says Associated Press
advices to the New York "Journal of Commerce," which
also quotes him as saying:
Unless France is enabled promptly to fix the amount of its obligations abroad so that it may know definitely its commitments and may
provide for them in its budget, there might be grave danger of a complete breakdown of French finances. This would be a serious blow to
the re-establishment of Europe and would inevitably affect not only the
payments now being made to the United States by France, but would
seriously curtail the sale by our farmers of our export surplus abroad.
Report That France Will Seek $500,000,000 Loan When
Debt Agreement Is Approved By Congress.
The following Washington advices (copyright) appeared
in the New York "Evening Post" of last night (April 30):
France will seek a loan of $500,000,000 in this country on the
strength of having reached a settlement of her war debt to the United
States, according to the understanding here.
Weakness in raw material naturally deadens demand for finished
goods since retailers and cutters will not buy any more than is required by current demands. On top of this condition, department
stores and retailers generally have had a poor spring to date on
account of unseasonable weather. Sales at nearly all the principal
department stores are stated to be running somewhat behind a year
ago. This in itself would tend to pile up stocks in the hands of
mills, and it has aggravated a situation that already was uncomfortable
on account of high rate of operations that prevailed during all of 1925
and the first quarter of this year.
Report of the Silk Association of America shows deliveries to American mills during 1925 totaled 501,343 bales of silk, an average of
41,779 bales a month against a consumption of 367,101 bales in 1924,
an average of 30,592 bales a month.
Imports of silk in 1925 totaled 489,634 bales against 387,675 bales
in 1924. Deliveries to mills in the first quarter of this year totaled
128,024 bales, an average of 42,674 bales monthly.
Plan Proposed for Settlement of Debts of All Nations
Through Sale of Dawes Nan Bonds.
A proposal which has attracted more or less attention,
calling for the discharge of all the debts of the nations of
the world and the payment of reparations, through the sale
of Dawes plan bonds, was outlined in special copyright
advices to the New York "Times" from its correspondent,
Edwin L. James, at London, under date of April 27.
Below is the "Times" account of the plan cabled by its
London correspondent:
There is now under consideration by the leading world bankers a colossal
plan for the liquidation in one great ensemble of the problems of German
reparations and the war debts—in other words, the whole question of the
inter-Governmental indebtedness left to the world as one of the aftermaths
of the World War.
The best financial experts available are studying carefully and cautiously
the details of a scheme for which the world is not yet ready, but which in
the opinion of the foremost financial brains will be In season in two, three
or four years from now.
At bottom this ambitious plan is the ides of transforming from governmental into private commitments all the international debts which now
stand out as threatening to poison world relations for generations to come.
Studied as a Possibility.
It is apparent to all competent observers that not only has politics
rendered difficult an arrangement of the debts between nations for the
liquidation of the World War, but that there is grave risk that politics will
continue to be intimately involved with the settlements of these obligations,
and that they will remain a cause of constant friction among nations,and
therefore a cause of international unrest and misunderstanding, with all the
accompanying disagreeable possibilities.
• Therefore the financial leaders, who had no little to do with the arrangement of the reparations payments by means of the Dawes plan, have been
studying the situation to see if it offers any probability, or at least possibility.
of putting the whole business on a basis which will less threaten world relations and at the same time give the creditors an equal chance to recover
what is due them.
An All-Around Adjustment.
During the past months there has gradually been taking shape a plan
which its sponsors think will offer the answer to this grave problem. The
men at work on the task have seen clearly that the payment of German
reparations will inevitably remain a source of friction between Germany
and her friends on the one hand and the former Allies on the other for a
period approaching half a century if the payments are left in the hands of
the Governments. They have seen also that the payment of America by
her war allies will have a bad effect on international relations If the payments
remain government business.
MAY 1 1926.]
THE CHRONICLE
It is inevitable that America will be blamed for all the varieties of financial
difficulties into which the paying nations may get. They have also foreseen
that the Governments of the debtor nations will always be under domestic
political pressure not to appear to damage their moneys in making payments to Washington.
It has also been seen that so long as it is a question of payments by
Governments to Governments the payment of public obligations will come
after the payment of industrial and private foreign commitments, which
means in effect a great reduction in the changes of the Allies being paid
German reparations, and a reduction of the chances of America being paid
the war debts due her.
Details of Tentative Plan.
Therefore in seeking a way out of the muddle, leading financial minds,
working together in not a few countries, have turned their efforts toward
a plan which, eschewing fiscal details remaining to be dealt with, comes
down to the following broad lines:
The Dawes plan provides for the issuance by the German railroads, which
are otherwise free of debt, bonds to the amount of 11,000,000,000 gold marks
and establishes mortgages on German industrial plants, which are Pledged
for payment of reparations. In all it may be estimated that these securities
amount to some $3,750,000,000 in securities, which by all rules of banking
science are gilt-edge.
It is calculated, tentatively, that if the various countries able to subscribe
would consent to make these bonds free of taxes, especially inheritance
Imposts, they could through skillful management be marketed for a current
value in excess of $3,000,000,000.
On the other hand, figuring the present value of all European debts to
the United States on the basis of the settlements made with Britain, Italy
and Belgium, and with due regard to the probable terms of the settlement
with France, there would be reached a value far below $11,000,000,000.
representing the theoretical amount of the European debt to America.
It is calculated that if one figured the present value according to these
settlements one would arrive at a figure not far distant from the value of
the German railroad and industrial securities provided for in the Dawes plan.
•
Debt Compacts Could be Torn Up.
This plan would avoid making America the collector of German reparations. The German securities would be sold for cash and the yield turned
over to the Allies entitled to reparations. These Allies would pay over to
America the current value, or any other amount to be reached, out off
their receipts, and thus in the minds of those working on the plan the
whole matter of inter-governmental indebtedness, with its attendant
curses, would be abolished, and there would be simply the proposition •of
the investors all over the world holding the securities of the German railroads
and German industries, which would be bound to pay in order to sustain
their credits.
All reparations arrangements would be wiped out and all plans for payments to America over sixty-two years by Britain, France, Italy and other
Continental nations could be torn up, since they would all be settled.
Opposition Foreseen.
Of course, at a first glance this seems an enormous and complicated trans
action, but its authors at once point to the fact that America has invested
nearly $9,000,000,000 in Europe since the war, and they argue that in the
face of that problem the placing of some $3,000,000,000 in securities in all
the financial markets of the world does not represent an insoluble problem.
It remains true that there are many details to be worked out, and,therefore,
many objections which can at this stage be offered to this plan. It is
realized by those interested in it that it could not be put into effect now.
In the first place it calls for the co-operation of the German Government
and German industry and those who have been charged with the mission
have found the Germans not yet ready to embrace this.
It is unquestionable that it would now meet with opposition in America.
But it is calculated that when the Germans begin to feel the full weight
of the Dawes plan in its fourth year, and that when Americans begin to see
that the mere signature and ratification of debt settlements do not solve
the debt problem, the ground will be more fertile and so will this idea.
It is estimated that it will be three years before it can have any chance of
being generally favorably received.
It will be remarked, of course, that such a plan does not remove the great
problem of the transfer of German marks into foreign currencies, which is
naturally a large task in the execution of the Dawes plan. It can be seen
that the amount needed for interest charges and sinking fund on the German
railroad and industrial securities would come close to the amount which
should be transferred out of Germany under the Dawes plan.
Therefore, it may be said that the transfer problem remains the same,
and that if, as many fear, it does not prove feasible to transfer $3300.000,000
annually out of the Reich, this plan would fail. But experts who have
been studying the plan are working on this problem.
Germans Might Buy the Bonds.
Among other things it has been suggested that the German railroads can
easily be run on the receipts from the interior traffic, and that the charges
for transfer of freight passing through Germany may well form a surplus
which can be paid and kept outside Germany. thus solving to that extent
the problem of transfers from Germany.
It is also believed that, if such a plan is put through, the Germans themselves would purchase a large part of the securities as well as the investing
public in the Allied countries.
There are thousands of details which are being considered and which as
yet have not had definite answers. But the bankers who believe in the
plan think it will work, and that the United States Government, by the
receipt of cash with which it can retire its Liberty bonds at once, will be
just as well off as by receiving payments over sixty-two years.
And it can be calculated readily that the sum of $1,000,000,000 paid over
sixty-two years shrinks in startling fashion when its present value is figured.
Would Have Better Status.
The experts point out that, as long as debt payments remain a matter of
payment by Governments they will come after all industrial and business
payments abroad, while under the proposed plan the debt payments would
rank on a par with other investments, which is to say they would be in a
better position than under the existing plans.
It is admitted that the proposed plan calls for full co-operation by all
Governments, not only in respect to agreeing to give up certain rights they
hold but in making the securities tax proof. There is no expectation that
overnight it will be seized on as a panacea, but those who intend eventually
to put it forward believe that the time will come when it will be welcomed
as the best way out of what promises to become an increasingly dfificult
entanglement.
It will be one day offered as a business solution of the great problem of
jater-governmental indebtedness. It is held to offer a chance of taking
reparations and war debts out of politics and placing them on an economical
and financial basis.
2435
presents proposals embodied it:1.a Bok Peace Plan prepared
•
by him four years ago.
President Coolidge Signs Bill Making Effeetlye Agreement for Refunding of Italy's War Debt
to the United Statei.
The bill authorizing the settlement agreed upon for the
funding of Italy's war debt to the.United states was signed
by President Coolidge on April-28. .The adoption of the
bill by the Senate on April 21 was referred to in these columns last Saturday, page 2284. Reaffirming its action of
April 21, the Senate on April 23, by a vote of 43 t9'24 refused
to reconsider the vote whereby the bill was passed on the
21st. Referring to the •Senate vote ,on April 23 the New
York "Times" Washington adv,ices stated: . • '
To-day's vote was reached after the Senate heard'Senator Reed charge
President Coolidge, Secretary Mellon and the,.Republican. Administration
generally with turning over the Government to "the financial interests,"
and declare the Democratic Party ha& capitulated to Sectetary Mellon.
formed a coalition with the Republican Party and- lost all semblance of
unity and strength. The Senator asserted the Democrats would not even
hold the solid South any more if it were not for the iace question, and he
•
declared he wondered why the party existed.
Laughter on the floor and in the galleries greeted Senator Reed's speech.
which took up the greater part of two hours. He prophesied a reckoning
soon for those whom he assailed, and declared the need of the country to-day'
was for a political revolution, "a storm of ballots," and a "red-blooded
President" in the White House, which, he predicted, would be one of the'
results of the "coming upheaval."
Mr. Reed threw out a challenge to any candidate to go before the people
and brag about voting to settle the Italian debt at "25 cents on the dollar."'
"Do it in Maine, California, Oklahoma, in any State in the Union," he
exclaimed, "and I can take a yellow dog with an honest record and beat
any man who dares announce that to his people."
The following is the text of the bill passed by Congress
and signed by President Coolidge:
AN ACT to authorize the settlement of the indebtedness of the Kingdom
of Italy to the United States of America.
Be it enacted by the Senate and House of Representatives of the United cent
of America in Congress assembled, That the settlement of the indebtedness
of the Kingdom of Italy to the United States of America made by the World
War Foreign Debt Commission and approved by the President upon the
terms and conditions as set forth in Senate Document numbered 3, Sixtyninth Congress, first session, is hereby approved in general teams as follows:
The amount of the indebtedness to be funded, after allowing for certain
cash payments made by Italy, is $2,042,000,000, which has been computed
as follows:
Obligations taken for cash advanced by Treasury
$1,648,034,050 90
Accrued and unpaid interest at 43(% per annum to
Dec. 15 1922
251,846,654 79
$1,899,880,705 69
Accrued interest at 3% per annum from Dec. 15 1922
to June 15 1925
142.491,052 93.
$2,042,371,758 62
Deduct payments made on account of prin$164,852 94
cipal since Dec. 15 1922
Interest on principal payments at 3% per
annum to June 15 1922
7,439 34
172,292 28
Total net indebtedness as of June 15 1925
To be paid in cash upon execution of agreement
$2,1142,199,466 34
199,466 34
Total indebtedness to be funded into bonds
$2,042,000,000 00
The principal of the bonds shall be paid in annual installments on June 15
of each year up to and including June 15 1987 on a fixed schedule, subject
to the right of the Kingdom of Italy to postpone such payments falling due
after June 15 1930, for two years, such postponed payment to bear interest
at the rate of 4h'% per annum. The amount of the annual principal
installment during the first five years shall be $5,000,000.
The amount of the principal installment due the sixth year shall be
$12,100,000, the subsequent annual principal installments increasing until
in the sixty-second year of the debt-funding period the final princital
installment shall be $79,400,000, the aggregate principal installments being
equal to the total principal of the indebtedness to be funded into bonds.
The Kingdom of Italy shall have the right to pay off additional amounts
of principal of the bonds on June 15 and Dec. 15 of any year, upon ninety
days' advance notice.
The bonds to be issued shall bear no interest until June 15 1930, and
thereafter shall bear interest at the rate of % of 1% per annum from June 15
1930 to June 15 1940; at the rate of h of 1% per annum from June 15 1940
to June 15 1950; at the rate of ji of 1% per annum from June 15 1950 to
June 15 1960:at the rate of jj of 1% per annum from June 15 1960 to June 15
1970; at the rate of 1% per annum from June 15 1970 to June 15 1980,
and at the rate of 2% per annum after June 15 1980, all payable semiannually on June 15 and Dec. 15 of each year.
Any payment of interest or principal may be made at the option of the
Kingdom of Italy in any United States Government obligations issued after
April 6 1927, such obligations to be taken at par and accrued interest.
United States Ratifies Agreement for Funding of Belgium's War Debt to United States—President
Wilson's Agreement with Clemenceau and
Lloyd George.
On April 26 the United States Senate, by a vote of 55 to.
20, approved the bill authorizing the arrangements agreed
to for the funding of the Belgian war debt to the United'
States. The agreement was signed at Washington last
August, and its details were given in our issue of Aug. 22'
It may be of interest to note that Arthur D. Langwell of 1925, page 926. As indicated therein, a differentiation is
this city contends that this plan is not something new, but made in the agreement between the pre-armistice and post-
2436
THE CHRONICL
armistice debt to the extent of waiving the interest on the
former. Regarding the Senate's approval this week, the
Associated Press advices from Washington on April 26 said:
1):,. 12!
agency of his Government that upon delivery to the Reparation Commission of bonds of Germany to be used to reimburse the respective Governments for the money borrowed by Belgium prior to the armistice, each
Government would accept a proportionate share of bonds and would thereupon cancel Belgium's obligation to repay the amounts due."
Senate action on the Belgian agreement came after a brief but brisk
debate, during which Senators Reed, Democrat, Missouri; Howell. RepubliViewed It as Moral Obligation.
can, Nebraska,and others insisted that the Debt Commission was "saddling'
Senator Harrison asked if the members of the Debt Commission felt this
billions of dollars in interest charges on the American people through the to be a moral obligation and for that reason excused part of the payment
settlements with foreign nations.
of the pre-armistice indebtedness.
The vote for approval was 55 to 20, an even larger margin than the
"That was my position," replied Senator Smoot. "I thought it was a
Italian agreement received last week, and came after the Senate had re- moral obligation, at least on the part of the Government."
jected, 52 to 21. an amendment by Senator Howell which would have reLater Senator Harrison inquired again:
quired Belgium to issue interest-bearing bonds in the amount of the annual
"As I understand the Senator, if the commissioners had not interpreted
payments it has agreed to make on account of principal and interest.
this as a moral obligation they would have insisted upon interest on the proThe vote of the Senate completed legislative action in both countries and armistice debt from Belgium."
the agreement will come into full force as soon as President Coolidge has
"If the interest had been insisted on the total payments would have been
signed the bill of ratification.
somewhat larger, but not very much larger, because Belgium could not pay
Of the 55 Senators voting for the bill, 39 were Republi- more," Senator Smoot replied.
Senator Harrison pressed his question again:
cans and 16 Democrats. The 20 Senators voting in the
"The Senator and his comrades," he said, "would have insisted upon a
negat4ve included 12 Democrats, 7 Riepubticans and 1 little better settlement with Belgium had it not been for the moral obligation."
Farmer-Labor member.
"I say perhaps it could possibly have been a little more," Mr. Smoot
The Belgian debt agreement was ratified by the House on replied;"but I doubt it. I think we got nearly everything we could out of
Jan. 16 by a vote of 314 to 24. The approval by the Belgian Belgium."
Senator Borah took up the questioning.
Senate and Chamber of Deputies was noted in these columns
"Did the Commission," he asked. "allow anything to Belgium by reason
Feb. 27 1926, page 1108. During the debate on the bill in of this moral obligation or this agreement, or did it finally settle on the
the Senate on April 24, Senator Smoot, a member of the capacity of Belgium to pay."
"It was settled on her capacity to pay," Senator Smoot said. "We
World War Debt Funding Commission, said:
did, however,as to the pre-armistice debt, take into consideration that there
In arriving at the settlement the Belgian indebtedness was divided into was a moral obligation and that amount should be paid without interest
two parts—the pre-armistice indebtedness, consisting of $171,780,000, and should be distributed over the sixty-two years."
Senator Borah declared he never had understood why this letter was
and the post-armistice indebtedness, consisting of $175,430,808 68 principal amount of obligations held for cash advanced, and $29,818,933 39 brought in at all.
Senator Harrison vigorously criticized the present attitude of Senator
principal amount of obligations received for war materials sold on credit.
No interest is to be paid on the pre-armistice debt. Interest on the post- Smoot, which he characterized as far different from that he exhibited a
armistice debt was calculated at 4;,
/% to Dec. 15 1922, the effective date few years ago.
"Having voted for ratification of the Treaty of Versailles, I have a right
of the British settlement, and at 3% from then until June 15 1925.
Under the terms of the settlement Belgium is to repay the pre-armistice to say that we are under moral obligation to Belgium. But for the Senator
debt, without interest, over a period of 62 years, annual payments com- from Utah and for some of his colleagues on the American Debt Commencing June 15 2926; payments for the first two years to be $1,000,000: mission and for some others in this chamber to now employ the argument
the third year. $1,250,000; the fourth year, $1,750,000; the fifth year, that we are under moral obligation to release Belgium from all interest
$2,250.000: the sixth year, $2.750,000; the seventh through to the sixty- charges on her pre-armistice debt because our representatives made that
representation to Belgium during the consideration of the Treaty of Verfirst, $2,900,000; the sixty-second. $2,280,000.
The post-armistice indebtedness is to be repaid over a period of 62 years sailles, comes, it seems to me, with poor grace. If they feel now that we
on substantially the same terms as the British settlement,except that during are under moral obligations, why did they not feel, when the Treaty of
the first 10 years there are fixed certain amounts of interest payable semi- Versailles was before the Senate, and all of its provisions, including this
annually, which are less than the interest at the rate of 3% called for under provision, were being considered, that we were under some moral obligation
to stand by America's representation at Versailles.
the British settlement.
"It was a tragic experience the Senate passed through, and there were
Senator Smoot also stated that "if the interest had been incidents
connected with our dealings with foreign affairs, and there were
insisted upon, the total payments would have been some- speeches and actions of certain Senators here, and their votes, which rewhat larger, but not very much larger." He added that fleeted no particular credit upon them and won no glory for America."
Senator Smoot asked:
"the present value of the settlement is 47%, and that is not
'The Senator voted against the reservations offered to the League of
the original amount owing. That is with the interest added Nations covenant, did he not."
"I voted in every possible way on the Treaty of Versailles," said Senator
up to the date of settlement." In its account of the debate
Harrison. "I first voted to have it without any reservations, and I voted
on the bill in the Senate on April 24, the New York "Times" to accept some reservations. I am only sorry now that I did not even
vote for the so-called Lodge reservations. I would have voted for the
said in part:
reservations if I had thought that was the only way we could have entered
President Wilson's agreement with Georges Clemenceau and Lloyd George the League of Nations. I thought the better plan—and some of my
In 1919 whereby each was to recommend to their prospective countries colleagues felt that way about it—was to vote to stand pat on the Treaty
certain conditions which would make the pre-armistice debts of Belgium in its original form. Consequently, we voted against the reservations.
a direct charge against Germany, was the central theme around which re- If I understood correctly, the Senator from Utah voted for the so-called
volved the debate in the Senate to-day on the Belgian debt settlement.
Lodge reservations_"
This grew out of the assertion by Senator Smoot of Utah, Chairman of
"I did," Mr. Smoot said.
the Finance Committee, who opened the discussion, that a letter embodying
Doesn't Regret Way He Voted.
the agreement and signed by the three statesmen constituted a moral
"I am wondering whether the Senator is sorry he voted for the Lodge
obligation on the part of the United States, notwithstanding this country's
refusal to ratify the Treaty of Versailles, Article 232 of which contained reservations," continued Mr. Harrison.
"Not at all." repl.ed Mr. Smoot.
the terms of the understanding.
"Is the Senator sorry," continued Senator Harrison, "that we are not in
Senator Smoot's position was attacked by several Senators, including
the
League of Nations, even with the Lodge reservations_"
Pat Harrison of Mississippi. Reed of Missouri, Democrats, and Borah,
"No, I am not even sorry for that," Mr. Smoot said.
Republican, of Idaho, and finally he admitted in response to a direct ques"So the Senator," said Mr. Harrison, "was practicing a piece of political
tion by the latter that the settlement reached with Belgium by the Debt
hypocrisy when he voted for the Lodge reservations and pretended that he
Commission was not affected in dollars and cents by the moral obligation,
was
for the League of Nations, even in that form."
except as to interest on the pre-armistice debt, but was determined almost
"The Senator is absolutely wrong," Senator Smoot said. "Things have
entirely upon Belgium's capacity to pay.
then that no one anticipated would develop which have
Several speakers pressed Senator Smoot to explain why the Wilson developed since
me that even with the Lodge reservations we would have gained
agreement and the references to moral obligations were mentioned at all convinced
nothing
by
going
into the League of Nations."
in the appeals that were being made for acceptance of the settlement.
In reference to the Belgian proposition, the country was led to believe
League Fight Brought Up Again.
that the same measure of interest, that the same number of years in which
The debate harked back to the circumstances surrounding the fight over to collect the debt, that practically the same terms were to be imposed on
the League of Nations, reference being made by Senator Harrison to Wil- Belgium as were imposed on Great Britain, Senator Harrison observed.
son's first conference with members of the Foreign Relations Committee
"That was all right," he went on, "but here, following that settlement,
over the terms he was making in France, and to the Lodge reservations.
within the last few weeks the Senate has been discussing the Italian agreehe
had
declaring
Senator Reed of Missouri ridiculed Senator Smoot,
ment, which shows that America's commissioners, evidently forgot the
witnessed many strange things, but that "the strangest thing is Smoot representation made by Clemenceau, Lloyd George and Wilson to Belgium,
wrapping the shroud of Woodrow Wilson around him." It was the first forgot the part that Belgium played from the beginning of the war until its
time the Republican Party had given respect to the dead by appealing to close, forgot the fine co-operation that was evidenced upon the part of BelWoodrow Wilson as an authority, he said.
gium following the war and up until this good time, forgot the peaceful
Senator Harrison announced that when the French settlement was sent manner in which that Government has pursued its way, and the fine spirit
to the Foreign Relations Committee he was going to adopt a policy of of her people, and,they say, notwithstanding the fact that we are collecting
keeping it there until the committee received more information about the or intending to collect only about 55% from Belgium, we are releasing
details of the operations of the Debt Commission than had been obgained Italy from 73 cents on the dollar.
"I serve notice on the Senator from Utah now that when the French
regarding the Italian and other debt settlements. He expressed his regret
that he had not voted for the Lodge reservations when the League of Nations debt settlement comes before the Senate, I do not care what the terms are,
fight was under way, declaring that this country, but for their defeat, as one member of the Finance Committee I shall try to hold it before that
would now be a member.
committee until we get all the facts relating to the ability of France to pay,
Discussion of the Wilson agreement occurred when Senator Smoot and at the same time try to elicit from the commissioners the basis for
explained the terms of the preormistice indebtedness, amounting to $171,- charging these very little countries 82 cents on the dollar and Italy only
780,000, or about one-half of the total settlement, and stated that no inter- 27 cents on the dollar and Belgium 55 cents on the dollar. I shall try to
est was being charged on this. He recalled that at the Peace Conference get at some information that will bear on the ability of those countries to
Belgium claimed war damages of $1,000,000,000 in gold, but that at the Pay."
instance of President Wilson she reduced her claim to $500.000,000, and
agreed to put aside her claim for redemption of 6,200,000,000 paper marks United States Senate Ratifies Agreement for Settleon condition that France, Great Britain and the United States would forgive
ment of Rumanias Indebtedness to the
her pre-armistice debts and would look to Germany for repayment of the
United States.
amount due.
"On June 16 1919." said Mr. Smoot, "Clemenceau, President Wilson
The
approval is given of the agreement for
bill
under
which
and Lloyd George signed a letter addressed to the Minister of Foreign Affairs of Belgium to the effect that each would recommend to the appropriate the settlement of the indebtedness of the Kingdom of
MAT 1 1926.]
THE CHRONICLE
2437
Rumania to the United States was passed by the United
States Senate on April 27 by a vote of 51 to 16. The House
passed the bill on January 16 by a vote of 285 to 38. Reference to the agreement reached in December was made in
these columns Dec. 5, page 2698. The total Rumanian
indebtedness to be funded into bonds is $44,590,000. The
following is the text of the bill passed by Congress.
Interest on the bonds shall be payable semi-annually on June 15 and
Dec. 15 of each year at the rate of 3% per annum from Dec. 15 1922,1to
Dec. 15 1932, thereafter at the rate of 33 % per annum until final payment.
The Government of the Republic of Latvia shall have the option with
reference to payments on accounts of principal and (or) interest falling
due on or before Dec. 15 1930, under the terms of the agreement, to make
the following payments on the dates specified: June 15 1926. 830.000:
Dec. 15 1926, $30,000; June 15 1927. $35,000: Dec. 15 1927, $35,000:
June 15 1928, $40,000; Dec. 15 1928. $40,000; June 15 1929, $45.000:
Dec. 15 1929. $45,000; June 15 1930, $50,000; Dec. 15 1930. $50.000;
Be it enacted, &c.: 'Mat the settlement of the indebtedness of the
total $400,000, and to pay the balance. including interest on all overdue
Kingdom of Rumania to the United States of America made by the World payments
at the rate of 3% per annum in bonds of Latvia. dated Dec. 15
War Foreign Debt Commission and approved by the President upon the 1930,
bearing interest at the rate of 3% per annum from Dec. 15 1930,
terms and conditions as set forth in Senate Document No.5, 69th Congress, to
Dec. 15 1932. and thereafter at the rate of 335% per annum, such bonds
first session, is hereby approved in general terms as follows:
to mature serially on Dec. 15 of each year up to and including Dec. 15 1984.
The amount of the indebtedness to be funded, after allowing for the
substantially in the same manner and to be substantially the same in other
cash payments made by the Kingdom of Rumania and the credits set respects
as the bonds of Latvia received at the time of the funding of the
out below. is $44,590.000, which has been computed as follows:
indebtedness.
Principal amount of indebtedness to be funded_ _ ---------$36,128,494 94
Any payments of interest or of principal may be made at the option of
Interest accrued and unpaid thereon to Dec. 15 1922 at the
the Republic of Latvia, in any United States Government obligations Issued
rate of 43'.1'% a Year
5,365,806 08 after April 6 1917. such obligations to be taken at par and accrued interest.
Total indebtedness as of Dec. 15 1922
$41,494.301 02
Interest accrued and unpaid thereon to June 15 1925 at the
rate of 3% a year
3.112,07259
$44.806.373 61
Credits allowed by War Department on material, together
with interest thereon
11,922 70
Total net indebtedness as of June 15 1925
To be paid in cash upon execution of agreement
$44,594.451 54
4,451 54
Total indebtedness to be funded into bonds
$44,590,000 00
The principal amount of the bonds to be delivered to the United States
Is $66,560,560 43, the increase over the funded indebtedness as of June 15
1925 being due to the smaller payments during the first 14 years than
would have been payable upon the basis of the British-American settlement,this difference being funded over the remaining 48 years, compounded
annually, at the rats of 3% per annum up to and including the tenth year
and 334% Per annum from the eleventh to the fourteenth year, both
inclusive. The principal of the bonds shall be paid in annual installments
on June 15 of each year up to and including June 15 1987, subject to the
right of the Kingdom of Rumania, after June 15 1939, to make such payments in three-year periods. The first 14 annual installments are to be
paid without interest on the dates specified and in the following amounts:
June 15 1926, $200,000; June 15 1927. $300,000; June 15 1928, $400,000:
June 15 1929, $500,000; June 15 1930, $600,000; June 15 1931, $700,000;
June 15 1932. $800,000; June 15 1933, $1,000,000; June 15 1934, $1,200,000: June 15 1935, $1,400,000; June 15 1936, $1,600,000; June 15
1937. $1,800.000; June 15 1938. $2,000,000: June 15 1939, $2.200,000.
The remaining 48 installments are to be paid annually on June 15 of each
year, with interest at the rate of 3%% per annum from June 15 1939
payable semi-annually on June 15 and Dec. 15 of each year. The amount
of the installment due in the fifteenth year is $430,560 43, the annual
Installments to inerelse thereafter until in the sixty-second year the amount
of the final installment will be $2,172,000, the aggregate installments being
equal to the total face amount of bonds to be delivered, namely $66,560,560 43.
The Kingdom of Rumania shall have the right to pay off additional
amounts of the principal of the bonds on June 15 or Dec. 15 of any year
upon not less than 90 days' advance notice.
Any payment of interest or of principal may be made at the option of
the Kingdom of Rumania in any obligations of the United States issued
after April 6 1917, such obligations to be taken at par and accrued interest.
United States Senate Ratifies Agreement 'for Funding
of Indebtedness of Latvia to United States.
The United States Senate on April 27, signified, by a
vote of 50 to 18, its approval of the bill providing for the
settlement of Latvias war debt to the United States.
Approval by the Rouse of Representatives was recorded
January 16, the vote being 240 to 6. The agreement,entered
into in September last, was referred to in our issue of September 26,'page 1524,and October 31 1926, page 2105. The
amount of the indebtedness to be refunded,including interest
to December 15 1922, is $5,779,562 76; of this $4,562 76 is
to be paid in cash, leaving $5,775,000 to be funded into
bonds. The bill as passed by Congress, reads as follows:
Be it enacted, etc., That the settlement of the indebtedness of
the Government of the Republic of Latvia to the Government of the United
States of
America made by the World War Foreign Debt Commission
and approved
by the President upon the terms and conditions as set
forth in Senate
Document No. 8, Sixty-ninth Congress. first session,
is hereby approved
In general terms as follows:
The amount of the indebtedness to be funded, after
allowing for cash
payments made by Latvia, is $5,775,000, which has
been computed as
follows:
Principal amount of obligations to be funded
$5,132,287 14
Interest accrued and unpaid thereon to Dec. 15 1922.
at the
rate of 431% Per annum
647,275 62
Total principal and interest accrued and unpaid as of
Dec.
15 1922
To be paid in cash by Latvia upon execution of agreement__ $5,779,562 76
_
4,562 76
Total indebtedness to be funded into bonds
$5,775,000 00
The principal of the bonds shall be paid in annual installments
on Dec. 15
of each year up to and including Dec. 15 1984, on a fixed
schedule, subject
to right of the Government of the Republic of Latvia to make such
payments
in three-year periods. The amount of the first year's
installment shall
be $28,000, the annual installments to increase until the
sixty-second year,
the amount of the final installment will be $228,000, the aggregate
installments being equal to the total principal of the
indebtedness to be funded
into bonds.
The Government of the Republic of Latvia shall have the right
to pay
off additional amounts of the principal of the bonds on any interest
date
upon 90 days' advance notice.
Bill Passed By U. S. Senate Authorizing Settlement of
Indebtedness of Republic of Esthonia to the
United States.
By a vote of 51 to 16, the United States Senate on April
27 passed the bill authorizing the settlement of the indebtedness of the Republic of Esthonia to the United States.
The agreement for the funding of the debt was signed at
Washington, October 28, as was noted in our issue of
October 31, 1925, page 2105. The bill ratifying the agreement was passed by the House on January 16. The following is the text of the bill passed by Congress:
Read by Congressional Record of April 27, 1926. Page
8165:
Be it enacted, etc., That the settlement of the indebtedness of the
Republic of Esthonia to the United States of America, made by the
World War Foreign Debt Commission and approved by the President
upon the terms and conditions as set forth in Senate Document No. 7,
Sixty-ninth Congress, first session, is hereby approved in general terms
as follows:
The amount of the indebtedness to be funded after allowing for the
cash payment made by Esthonia and the credit set out below is $13,830,000, which has been computed as follows:
Principal amount of obligations to be funded
$13,999,145.60
Credit allowed for total loss of cargo on sinking of
steamship John Russ, sunk by a mine in Baltic Sea
1,932,923.45
$12,066,222.15
Interest accrued and unpaid thereon to Dec. 15, 1922, at
the rate of 4i4% a year
1,765,219.73
Total principal and interest accrued and unpaid as of Dec.
15, 1922
13,831,441.88
To be paid in cash by Esthonia upon execution of agreement
1,441.88
Total indebtedness to be funded into bonds
$13,830,000.00
The principal of the bonds shall be paid in annual installments on
December 15 of each year up to and including December 15, 1984, on
a fixed schedule, subject to the right of the Republic of Esthonia to
make such payments in three-year periods. The amount of the first
year's installment shall be $69,000, the annual installments to increase
until the sixty-second year. The amount of the final installment will
be $530,000 the aggregate installments being equal to the total principal
of the indebtedness to be funded into bonds.
The Republic of Esthonia shall have the right to pay off additional
amounts of the principal of the bonds on any interest date upon 90
days' advance notice.
Interest on the bonds shall be payable semi-annually on June 15 and
December 15 of each year at the rate of 3 per cent per annum from
December 15, 1922, to December 15, 1932, and thereafter at the rate of
34% per annum until final payment.
The Republic of Esthonia shall have the option with reference to
payments on account of principal and/or interest falling due on or
before December 15, 1930, under the terms of the agreement, to make
the following payments on the dates specified: June 15. 1926, $50,000;
December 15, 1926, $50,000; June 15, 1927, $75,000; December 15,
1927, $75,000; June 15, 1928, $100,000; December 15, 1928, $100,000
June 15, 1929, $125,000; December 15, 1929, $125,000; June 15, 1930,
$150,000; December 15, 1930, $150,000; total $1,000,000; and to pay
the balance, including interest on all overdue payments, at the rate of
3% per annum, in bonds of Esthonia, dated December 15, 1930,.
bearing interest at the rate of 3% per annum from December 15, 1930 to
December 15, 1932, and thereafter at the rate of 3;4% per annum,
such bonds to mature serially on December 15 of each year up to and
including December 15, 1984, substantially in the same manner and
to be substantially the same in other respects as the bonds of Esthonia
received at the time of the funding of the indebtedness.
Any payment of interest or of principal may be made, at the option
of the Republic of Esthonia, in any United States Government obligations issued after April 6, 1917, such obligations to be taken at par
and accrued interest.
U. S. Senate
Ratifies Agreement For Refunding of Indebtedness of Czechoslovak Republic to United States.
By a vote of 53 to 17 the United States Senate on April
28 passed the bill authorizing the settlement of the indebtedness of Czecho-Slovakia to the United States. The
arrangements for the funding of this debt were concluded
in Washington on October 9 last, an item in the matter
having appeared in these columns October 17, page 1861.
The House ratified the agreement on January 16, by a
2438
THE CHRONICLE
vote of 287 to 32. With reference to this agreement,
Senator Smoot had the following to say during the discussion of the bill in the Senate on April. 28:
Read by Congressional Record of April 28, 1926, page
8258:
[vox.. 122
like settlement of these war obligations has fully removed from the Italian
situation one of the major stumbling blocks retarding the complete financial
recovery from war-time and post-war difficulties. But more than that,
these settlements offer another proof of Italy's loyal and sincere determination to fulfill all her obligations, and a practical confirmation of the substantial and effective economic progress made by the country during the
past few years. In the meantime intense and increasing activity is being
displayed on the farms, and in the factories of Italy. In the following
table I have grouped the data relating to Italy's agricultural production
. .
during the past two years:
The Czechoslovak debt was funded as of June 15, 1925, the amount
of the indebtedness as of that date being fixed by the commission at
$115,000,000. • The Treasury held obligations of Czechoslovakia amounting to 191,879,761.63. There was, in addition, outstanding against
In Quintals—
Year 1924.
Year 1925.
Czechoslovakia On the books of the United States Shipping Board Wheat
46,306,000
65,548,000
Emergency Fleet Corporation and the War Department certain open Corn
24,000,000
,,_27,000,000
4,833,000
.6,891,000
• accounts aggregating $4,991,482.48, this latter amount representing Oats
Barley
.1,891,000
2,800,000
• charges in conneetion with the repatriation of Czechoslovak troops from Rye
1,553,000
1,703,000
Siberia. It appeared that there were certain differences between the Rice
5,920,000
6,300.000
3,224,000
5,025,000
representatiires of the Czechoslovak Government and the Treasury as to Potatoes
Olive oil
12,800,000
9,000,000
• the exact amount of the debt owed. The Czechoslovak commission ad- Hemp
740,000
1,239,000
- mitted a debt of approximately $80,000,000, which has been verified by Grapes
68,913,000
49,804,000
their. Government, but disputed all indebtedness in excess of that
Industry and commerce have fully shared in the increased economic
• amount.' They referred to the open accounts, stating that they had activity of the country; unemployment is practically nil; the following table
been able to reduce similar charges of the Shipping Board by more than recording the movement in the Itallan employment situation, during the
40%'and that they anticipated that a similar reduction could be readily past five years is, no doubt, interesting:
• made in the amounts now stated to be due. They suggested that an
Unemployed in Italy on Dec. 31 of Following Years.
audit be made of all sums spent and of all vouchers scattered through150,449
1921
541,77511923
258,58011924
out the United States and the Far East and Europe be examined. In 1922
122,200
381,9681
11925
order to avoid a delay involved in such an audit and to bring about
During
Italian
1925
amounted
investments
in
new
joint
companies
stocks
a prompt settlement of the debt, the two commissions agreed to fix
at8,062 million lire, against 4,906 millions in 1924; the tidal capital invested
$115,000,000 as'the principal amount as of June 15, 1925, this to be
on December 31. 1926 reached lire 36,277,808,303.
taken in settlement of all outstanding claims between the two GovernPassing now to consider the governmental financial situation, it is worth
ments and/or their agencies. The new principal of the debt is to be while to
remember that the following two aspects of the Italian financial
paid over a peciod of 62 years, as in the agreement with Great Britain, problem were of primary
importance when the present government arrived
Czechoslovakia paying interest at the rate of 3% per annum for the in power.
first 10 years and 354% per annum thereafter. During the first 18
(a) Necessity of balancing the budget.
years of the funding period Czechoslovakia is to pay $3,000,000 annu(b) Reduction of paper circulation within normal bounds.
ally, funding the balance of each annuity at the rates of interest stated,
After a little more than two years of actual management of the affairs
compounded annually, and adding the amount funded to the principal of the State by the Fascist Government, the first condition has been fully
of the debt as at the end of the eighteenth year.
realized. The gradual but continual improvement is shown in the following
table:
Senator Smoot also said:
The Italian Budget Situation.
The modification in the payments during the early years were made
Fiscal Years—
Surplus.
Deficit.
to meet the estimated requirements of the Czechoslovakia Government 1919-20
Lire 10,398,000,000
in connction with payments on account of its indebtedness. In other 1920-21
14,235,000,000
words, the principal amount of the obligation was $91,887,668.65, the 1921-22
7,299,000,000
3,029,000,000
amount of indebtedness on June 15, 1925, was $115,000,000, the total 1922-23
1923-24
418,000.000
amount of bonds issued was $185,071,023.07 and the total to be paid 1924-25
417,000,000
at the end of 62 years would be $312,811,433.38.
1925-26 (up to Dee. 31 1925)
228,000,000
Such satisfactory results were made possible by a substantial increase in
the rate of taxation and in the number of taxpayers. The yield of taxation
Seek to Protect Peruvian Pound—Government Officials in 1924-25 reached 16,652 million lire, as compared to 15,701 millions in
1923-24 and 2,023 millions in 1913-14. These figures show an increase
Confer With Bankers at Lima.
greater than the depreciation of the lira not only in relation to gold, but
From the New York "Sun" of last night (April 30) we also to its general purchasing power. As a matter of fact, while the yield
of taxation has increased at the rate of 823% as compared to receipts in
quote the following:
Dispatches from Lima today stated that conferences were continuing 1913-14, the exchange rate on gold stood last June at an average of 503%.
in an effort to protect the Peruvian pound, which recently has been while the average index number for wholesale prices (Chamber of Commerce
of Milan), reckoned on the basis of 100 for 1913, stood at 634%. To this
selling around $3.67 to $3.70. The Government is having conferences
we should add also the burden of local taxation (4,650 million lire as comwith bankers and industrialists, and some months ago invited David H.
pared to 510 millions in 1912) if we are to have the real picture of the burden
G. Penny, who until January 1 was vice-president of the National
of taxation (about 22% of the national income) necessarily imposed upon
Bank of Commerce, to come to Lima to give his views to President the
Italian people so as to balance the budget and attain financial stability.
Leguia.
The following table, which gives a detailed statement of the revenue
In banking circles identified with Peruvian financing little interest during the past two years
clearly shows that the increase during 1924-25
apparently is being taken in the situation. The bankers say that Mr. was chiefly obtained
from indirect taxation, levied on commodities.
Penny is in Lima solely at the instance of the Peruvian Government.
Yield
DifferThe bankers here feel that the exchange slump is the result of natural
1924-25.
1923-24.
influences and may get worse before it gets better, which should be in
Source—
Lire.
g:..
Lire.
June and July, when the big Peruvian cotton and sugar export season Direct taxes
5,649,013,000 5,557,544,000 +91,469,000
Taxes on transfer
3,042,163,000 2,686,921,000 +355.242,000
begins.
3,032,131.000 2,808,839,000 +225,492,000
The facts' of the matter are that Peru was visited last year by a Indirect taxes on—Commodities
Monopolies
3,183,629,000 3.118,113000 +65,516,000
series of catastrophic storms, which swept the Pacific slopes of the
Lottery (net yield) 243,312.000 '231,503,000 +11,809,000
the Andes, bringing widespread ruin to crops and interruption to inTotal
15,150,249,000 14,400,721.000 +749,528,000
dustry and mining. The result was a sharp decline in exports from School fees
51,769,000
71.247.000 —19,478,000
Peru, so that instead of having the normally large favorable balance of Patent fees
1,834,000
1.287.000
+547,000
trade Peru had an export surplus of only $20,000,000. Because of the Contribution to charity
21,211,000 —21,211,000
magnitude of foreign investments in Peru, there is always a consider- Proceeds of exchange on custom duties 1,448.178,000 1,208,758,000 +241,420,000
able invisible balance of payments against the country, which, norGrand total
113,652,030,000 15,701,274,000 +950.806,000
mally, the visible export surplus is sufficient to offset.
From September 30, 1923, up to June 30. 1925, the Italian public debt
It is possible that the Peruvian Government may soon have a large
has been reduced by 5,679 millions; the slight increase which took place
supply of dollars to turn into Peruvian pounds. A $15,000,000 loan during the last few month
of last year was mainly due to the desirability
is said to be ready for issue as soon as it is approved by the Peruvian of
temporarily enlarging the Treasury cash account which on December
Congress, which meets within a few days.
31 1925 stood at 3,262 millions, as against 1,277 millions on June 30 1925.
The Tacna Arica dispute between Chile and Peru is said to have no Paper circulation is being
gradually decreased; at the end of December
special influence upon exchange.
1920 the per-capita circulation was 566 lire; at the end of January 1925
Associated Press cablegrams from Peru on April 28 this has been curtailed to 512 lire. All these co-ordinated improvements
offer the most satisfactory explanation for the relative stabilization attained
stated:
The sagging of the Peruvian pound in the foreign exchange market, by the lira during the past months in the international money market. It
is true that the Italian trade balance of 1925 has closed with a considerable
coupled with a rise in prices of commodities, is occupying the attention
deficit; but in this connection, it is necessary to remember that such a deficit
of the Government. An American financial export conferred recently
was mainly due to abnormally heavy imports of cereals, on account of the
with the Minister of Finance, while the latter and the President of
poor harvest of 1924. Several students on the subject are of the opinion
the Chamber of Commerce had a conference with President Leguia on
that the international balance of payments of 1925 has closed with nothing
the matter. Merchants are much worried over the advance in prices,
more than slightly unfavorable margin.
particularly on imported articles.
Any sincere student of the Italian situation will admit that the economic
results obtained by the Fascist Government are satisfactory and highly
encouraging. As a matter of fact a huge budget deficit has been converted
Italy's Economic and Financial Situation.
into a surplus. currency inflation has been arrested, the internal debt
A brief study of Italy's economic and financial situation, reduced, the foreign war debts funded and the fiscal system has been placed
a sound basis. There has been no "inversion in figures." as reported
by Romolo Angelone, Commercial Attache of the Royal on
by the "special correspondent" but a great deal of hard work, thoroughItalian Embassy at Washington, is contained in the April going economy, impartial and expeditious fiscal practice,
an unflinching
3 issue of "La Rivista Commerciale, Italo-Americana," the determination to restore the nation's finances to an orderly basis, and Its
economic system to a sound and wholesome condition. Incidentally, so
weekly bulletin of the Italian Chamber of Commerce. Mr. far as the rapid change in Ministers of
Finance, to which the correspondent
Angelone, whose letter to the President of the Chamber is alludes, I might call attention to the fact that not
one of the belligerent
dated March 26, refers to the Italian budget which during countries, except the United States, can approach the record of Italy in
having had the same Minister of Finance for thirty consecutive months.
the past two years has shown a surplus as compared with a
The economic policy of the present administration in Italy takes fully
deficit in the years from 1919 to 1923-24; to the increase in into consideration the peculiar situation of the country. While Italy has
the yield from taxation, etc. In part we quote what he a restricted national territory, consisting largely of mountainous and rocky
areas and poor of natural resources, her population shows an increase of
has to say herewith.
440.000 people each year on the average. The most careful and intensive
Italy was the first of all the Continental Powers to settle her entire war utilization of the nation's resources is therefore necessary. The country
Indebtedness both to this country and to England; the fair and business- Cannot indulge in the dangerous and wasteful games of party politics, strikes
MAY 11926.]
THE CHRONICLE
and the accumuand lock-outs. This Justifies the policy in favor of savings
governlation of capital and explains also the necessity of a strong national capital
of
ment which can co-ordinate all the energies and efforts—those
and those of labor—toward national effectiveness.
Supplementing the above, Mr. Angelone on April 27
advised us of the receipt of a cablegram from Count Volpi,
Italian
the Italian Minister of Finance, dealing with the
Treasury situation on March 31 1926. His advices of this
week state:
by
During the month of March, the Italian Public Debt was reduced
28 1926 to 92,673
22 million lire changing from 92,695 million lire on Feb.
millions on March 31 1926. The Italian budget showed on March 31 1926
millions for
an effective surplus of 582 million lire, against a deficit of 193
the corresponding period of last year.
The total State and banking paper circulation had reached on March 31
millions from the
a level of 20.393 million lire, showing a reduction of 357
figures of Jan. 31 last. New net investments in Italian Joint stock companies
million lire, as
441
of
figure
the
1926,
reached during the month of March,
against 901 million lire during the month of March, 1925.
2439
must be recovered, and the new external debt has been contracted by
issue of Treasury bills abroad.
Moreover, some of the conditions made by foreign bankers no longer
are fulfilled. At present exchange rates, there is a deficit in the Belgian budget of approximately 400.000,000 francs. While interior prices
and earnings are not adjusted to the new exchange level there will be
no excess tax receipts to balance this deficit. The sole remedy is in
new taxation, which will encounter strong political opposition.
Meanwhile the industrial and commercial situation, both internal and
of the world, upon which Belgium, as an exporting nation, must so
strongly rely, has become less favorable. Sales of goods abroad are in:
creasingly difficult, especially for a nation which is not prepared to
grant interesting credit terms. The Belgian import balance for the
first two months of 1926 is 826,000,000 francs, compared with 611,000,000 during the corresponding period of 1925.
It is not surprising to find in Brussels a stock market depression
which permits purchase of the Cockettill Metallurgical Plant, one of
Belgium's most important, for $3,000,000.
Paris Bourse to Close Saturdays.
A special Paris cablegram to New York News Bureau
.rom the Central News under date of April 26 stated:
Belgium Blames United States For Failure of Stabilization
The Paris Bourse, following its summer schedule, will close on
Plan — Anglo-American Banking Group Made
Saturday hereafter, beginning next Saturday.
Further Demands After Conditions Fulfilled.
The following special correspondence from Brussels British Spinners of U. S. Cotton to Be Idle One Week.
April 10 apeared in the New York "Journal of Commerce"
An Inter-Ocean Press Cablegram from Manchester, Engof April 28:
land, April 28, was published as follows in the New York
•
Although couched in courteous terms appreciative of America's "Journal of Commerce" of April 29:
United States
numerous favors since August, 1924, Belgium blames the
for the sensational failure on March 15 of her franc stabilization
scheme. Black Monday, they call that day on the Antwerp Stock Exchange. While the Belgian Finance Minister's currency reform project
still forms the basis of Government policies, much of the exchange
reserves have been wasted and many millions of francs lost, so that
its realization will now be doubly difficult.
The Belgian position is not hard to understand. Last November an
international banking group centering about the Bank of England and
J. P. Morgan & Co. promised in principle a stabilization loan of $150,000,000 if Belgium fulfilled certain conditions relative to budget equilibrium. In anticipation of the loan, exchange credits amounting to $55,000,000 were opened for a period expiring March 31, 1926. Belgium
then proceeds to meet the required conditions: Parliament voted laws
necessary for technical realization of a currency reform; and the Washington debt agreement of August 10, 1925, was accepted by large
majorities in both houses.
New Demands of Foreign Bankers.
When the moment came to conclude negotiations for the stabilization
loan, however, the anglo-American banking group demanded further
financial reforms an dsuggested a three-year credit operation for $100,000,000, instead of the originally projected stabilization loan. The
supplementary reforms, such as an interior banking agreement for consolidation of the 1,800,000,000-franc maturity falling due December 1,
1926, and the reorganization of the railways to form the basis for consolidation of the floating debt, Belgium was prepared to effect within
limits of political possibilities. M. Janssen, Minister of Finance, might
likewise have accepted the three-year loan had not public opinion and
Belgian economists refused to follow him. On all sides the impossibility of basing a long term currency reform project on a short term
credit operation was emphasized.
From these few facts Belgium draws the following conclusion. Due
to unfavorable conditions in the foreign bond market in New York,
Anglo-American bankers did not wish to offer a Belgian issue to the
public, fearing that, as in the case of the Italian loan, a large amount
might be left in the hands of the syndicate. They imposed additional
conditions and when they found M. Janssen willing to meet them they
demanded the impossible; that he and the nation accept a three-year
credit of $100,000,000. International exchange markets got wind of
the unfavorable trend of negotiations; Belgian importers and those having commitments in foreign currencies covered in precipitation and during the week preceding Monday, March 15, it cost the Belgian Treasury
£2,300,000 to hold the franc at 107 to the pound.
Role Played by Floating Debt.
Belgium's floating debt has played an important role in the failure
of M. Janssen's currency reform project. On June 30, 1925, this
floating debt amounted to 5,850,000,000 francs, representing an increase
of about 1,000,000,000 francs during the previous six months. At the
present moment the outstanding amount is approximately the same as
in June of last year, but the composition of the debt has changed.
With the serious money stringency provoked by the credit rationing
policy of the National Bank of Belgium and by the normal effects of
stabilization, private Belgian banks have, during the last few months,
refused to renew Treasury bills which they held in portfolio and have
demanded reimbursement from the Treasury in order to meet credit
requirements of their clients. As the Treasury was unable to redeem
these bills out of normal resources and could not, moreover, replace
them in the local market, it was compelled to seek funds in foreign
money centers. Consequently, the Treasury sold its bills abroad, inserting in the contracts exchange guarantee clauses. The exchange
proceeds of the sales were then offered on the market, and the franc
equivalents used to reimburse the private banks.
As a result of this operation, which seemed inevitable from the
Treasury standpoint, the National Bank of Belgium has not been able
to control efficaciously the credit policies of Belgian private banks.
Sales of the nation's exchange reserves have not involved withdrawal
of bank notes nor reduction of deposits at the National Bank. The
brake operating upon the demand for foreign exchange, which resides
in reduction of currency and credit, has thus not come into play. The
extent of the damage created by increasing Belgium's foreign indebtedness, while no material advancement in currency reform resulted is
seen in the decline of private bank holdings of Treasury bills from
2,200,000,000 francs to 700,000,000.
Future Dismal.
Outside of the difficulty of explaining away misunderstandings which
unquestionably exist betwen the Belgian Finance Minister and the foreign banking group, other factors make the outlook for Belgian stabilization dismal. Foreign exchange proceeds of the 1924 and 1925 American loans are gone; about one-quarter of the November exchange credits
At a meeting today of the newly organized Lancashire Cotton Mill
Owners' Association the agreement proposed by the Master Cotton
Spinners' Federation to close all mills in the district for a week was
given final approval. The action was taken because of heavy losses
suffered recently by the mills. All the mills are in the North American
yarn section.
The organization approving the closing order has a membership
owning 20,000,000 spindles, with a capital investment of over £50,000,000 sterling ($225,000,000).
Old French Bank Suspends—Petyt Institution, Established
in 1860 at Dunkirk, Quits.
From Dunkirk, France, the New York "Evening Post"
yesterday reported the following copyright advices:
The Bank of Petyt, established in 1860, has suspended payment. Its
liabilities total about 40,000,000 francs.
Proposed New Greek Loan.
The New York "Times" prints the following Associated
Press advices from Athens, Greece, April 28:
Former Finance Minister Tsouderos Vice-Governor of the National
Bank, will leave soon for Paris and Condon in connection with a new
loan. Finance Minister Tantalides has rejected a suggestion by M.
Charilaos, President of the Greek Chamber of Commerce, to raise a
foreign loan of 120,000,000 for refugee settlement and other purposes
by a motrgage on all real estate to one-fifth of its value.
$60,000,000 Brazilian Loan in Negotiation—It is Expected
to Be Marketed This Summer, Half Here and
Half in London.
The following is from the New York "Times" of yesterday (April 30):
Negotiations are in progress for an international loan of $60,000,000
to the Government of Brazil, of which it is planned to issue $30,000,000
in the American market through Dillon, Read & Co. and an equal
amount, in sterling bonds, through the London house of Rothschild &
Co. The loan is not expected to be concluded immediately, but probably will reach the market some time during the Summer.
Discussion of a Brazilian loan has been going on for several months,
but many details remain to be cleared up. The present President of
Brazil is opposed to foreign loans, and it is understood that if the
present project is carried through before his term expires next November, it will be mainly for the consolidation of various outstanding issues. It is possible that the present strength in the bond market and
the scarcity of desirable new offerings will result in pushing the loan
ahead faster than had been originally intended.
Brazil has not floated a loan in this country for several years, although various of its States and cities have been borrowers here.
New Czechoslovak Loan—Oversubscription to Internal
Offering 700,000,000 Crowns.
The following is from the New York "Times" of April 25:
According to The Central European Observer, the subscription for the
Czechoslovak internal "Consolidation Loan," which closed March 20.
considerably exceeded expectations. Official circles had looked forward to
some 1,000 million crowns being subscribed. The actual total, however,
proved to be close upon 1,700 millions.
The Consolidation Loan, which bears interest at the rate of 6%, and is
redeemable by two annual drawings commencing next Autumn, is to be
applied to converting short-term into consolidated debt, and also to consolidating that portion of the old Austro-Hungarian pre-war debt allocated to
Czechoslovakia under the terms of the peace treaties.
Irish Factions Agree to Pay Bonds Held Here--President Cosgrave Says Redemption Date Depends
on Suit Pending in United States.
Advices, as follows (copyright) from Dublin, April 26, are
taken from the New York "Herald-Tribune:"
The Free Staters and the Republicans in the Dail are equally committed
to the redemption of the Irish Republican bonds held by Americans.
2440
THE CHRONICLE
President Cosgrave said to-day the date of the redemption was dependant
on the decision in the American court action respecting the unexpended
proceeds of the bonds, roughly, one-third of the total subscription.
Earrionn de Valera said the Republicans regarded the bonds as a national
obligation to be met immediately after a Republican government conies into
power.
Between these two viewpoints the bondholders appear to have a choice of
asserting their claims in court for some of the money now and waiting for
the remainder until the Republicans are in power or letting the American
court decide the ownership as between the Free Staters and the Republicans.
In either case the obligation would be honored.
Commenting on the above the paper quoted, said:
A petition was presented to Secretary of State Kellogg on behalf of 500,000
American bondholders on March 30, in which he was requested to intercede
with the Free State government for a settlement. The claims are based on
the action of the Free State in suing to obtain $2,500.000 of Irish Republic
money deposited in New York and more than $1,500,000 deposited in banks
in Ireland. The total amount of the bonds was said to be $6,300,000.
The Irish Superior Court has ruled that the Free State is the legal successor of the Republic and therefore succeeds to both the assets and the
debts.
Offering of $5,000,000 Hamburg (Germany) Treasury Note
Issue in Form of Certificates of Participation.
Formal offering was made April 27 by the International
Acceptance Bank, Inc., of the $5.000,0110 one-year Treasury
note issue of the State of Hamburg (Germany) in the
form of iiertificates of participation to be issued by the
interuntional Acceptance Securities and Trust Company,
hearing 51/4% interest coupons and priced to yield
The certificates, to which reference was made in our issue
or Saturday last (page 2284) had previously been sold
privately. The prospectus states:
[Vat.. 122
at Atlanta; Louis Gilbaugh, who was floor manager of the
above-mentioned firm, to ninety days in the Essex County
penitentiary and to pay a fine of $1,000, and Edward A.
McQuade and Francis X. Quillan, who were members of
the failed brokerage concern of McQuade Brothers, each to
ninety days in the Essex County penitentiary and to pay a
fine of $500 each. An appeal by the six defendants'to the
United States Circuit Court of Appeals resulted in the
sentences being upheld by that Court in a decision handed
down on Feb. I last, as noted in our issue of Feb.6 ,page 692.
C. P. Dow, Former Head of Defunct Brokerage Firm of
C. P. Dow & Co., Boston, Indicted—New Composition
Offer Accepted by Majority of Creditors.
Charles P. Dow, former head of the bankrupt brokerage
firm of C. P. Dow & Co., of Boston, on April 13 pleaded
"not guilty" when arraigned in the Federal District Court
in Boston before Judge Brewster on a secret indictment,
charging him with using of the mails in a scheme to defraud
in connection with his stock brokerage business, according
to the Boston "Transcript" of that date. Subsequently,
Mr. Dow was released in $5,000 bail. According to the
Boston "Herald" of April 10, a majority of the creditors of
the failed firm on April 9 approved a new composition offer
submitted by the bankrupt, calling for a payment of 10%
cash on accounts as of July 27 1925. In this regard the
"Herald" went on to say:
Under the plan about $600,000 would be distributed to unsecured
The revenues of the State of Hamburg are derived from local dues
Creditors. A balance of about $500,000, not connected with the composition
and taxes, the income from port works and utilities, and allotment of offer,
is held in reserve for preferred creditors.
certain taxes collected by the German Reich.
The original plan submitted to unsecured creditors was a cash payment
Exclusive of the Treasury Note represented by these Certificates of of
16% on investments, with profits, if there were any, left out of the
Participation, the total funded debt of the State, none of which is
calculation. Later the offer was reduced to 14%.
specifically secured, consists of a balance of £850,000 on the Sterling
Yesterday (April 9) counsel for the bankrupt withdrew that offer,
Loan of 1923, and the liability of the State on its old Mark debt as
substituting the new plan—payment of 10% on both investment and
revalued under the revaluation system put into effect in 1925, for the profits.
The plan met with the favor of most of those assembled before
service of which revalued debt Rm. 6,700,000 have been provided in the Referee
Arthur Black.
budget for the current fiscal year ending March 31, 1927. The proAttorneys Edward Ginsberg, Martin Witte and Lowell Mayberry, for
jected budget estimates for said current fiscal year indicate total the bankrupt,
stated that approximately 2,000 creditors, a majority, had
revenues of Rm. 288,240,104, and we are advised that revenues and been
circularized and favored the new plan. The plan was not opposed by
reserves will be sufficient to meet the ordinary expenses for this period. Receiver
Bartholomew A. Brickley.
Referee Black gave notice the plan would be accepted since it was favored
Security.
The Treasury Note represented by these Certificates of Participation by a majority of the creditors, but he provided for another meeting to be held
In
a few weeks when creditors not yet heard from will have an
will constitute the direct and unconditioned obligation of the State
opportunity
of Hamburg, and the issuance of this Note by the Treasury Depart- to object.
ment of the State, under authority of the State Assembly (BuergerOur last reference to the affairs of C. P. Dow & Co.,(which
schaft), has been approved by the Federal Advisory Council of the
was petitioned into bankruptcy on July 27 1925, following
German Republic (Beratungsstelle). The Note will be issued to the
order of hvernational Acceptance Securities & Trust Company and will the expulsion of Mr. Dow from the Consolidated Stock
be deposited with and held by the said Trust Company in New York Exchange of New York) appeared
in the "Chronicle" of
for the benefit of the holders of these Certificates of Participation.
Sept. 19 1925, page 1418.
Prior to the issuance of these Certificates of Participation, there
will have been deposited with International Acceptance Securities &
Trust Company funds sufficient for the payment of the interest thereon,
and the Certificates of Participation will accordingly carry the under- Chicago Board of Trade and Other Bodies
Opposed
taking of said Trust Company to pay such interest upon presentation
to Corn Belt Committee's Price Fixing Proof the coupons as they mature.
Offering of $500,000 5% Farm Loan Bonds of OregonWashington Joint Stock Land Bank.
Brooke, Stokes & Co., of Philadelphia, Washington and
Baltimore, are offering at 10214 and interest, to yield
4.71% to the optional date, and 5% thereafter, a $500,000
Issue of 5% farm loan bonds of the Oregon-Washington
Joint Stock Land Bank. The bonds will be dated January
1, 1926, will become due January 1, 1950, and will not be
callable before January 1, 1936. The March 31 statement
of the bank shows farm loan bonds outstanding of $3,211,000.
Conviction of William S. Silkworth, Ex-President of
Consolidated Stock Exchange, Upheld by United
States Supreme Court—Conviction of Five
Other Defendants Also Affirmed,
The United States Supreme Court on Monday, April 19,
refused to review the conviction of William S. Silkworth,
former President of the Consolidated Stock Exchange of
New York, for using the mails in a scheme to defraud
customers in connection with the bankrupt brokerage house
of Raynor, Nicholas tt Truesdale. The conviction of
Blaine J. Nicholas, Earl H. Truesdale, Louis Gilbaugh,
Edward A. McQuade and Frances X. Quillan for participating in the same scheme to defraud was also upheld by the
Supreme Court. On Dec. 3 1924 Judge A. N. Hand in "the
Federal District Court in this city sentenced the former
President of the Consolidated Stock Exchange to serve
ninety days in the Essex County (N. J.) penitentiary and to
pay a fine of $1,000. At the same time Judge Hand sentenced Blaine J. Nicholas and Earl H. Truesdale, former
members of the defunct brokerage firm of Raynor, Nicholas
& Truesdale, to serve two years in the Federal Penitentiary
posal for Agricultural Products.
A protest against features of the plan proposed by the
Corn Belt Committee of Twenty-two has keen sent Io the
Senate and House Agricultural Committees by the grain
exchanges. It is declared that the bill establishing a maximum price for basic agricultural commodities would cause
the Government to enter "upon the most dangerous of experiments—that of price-fixing." A condition far more
intolerable than the present one would result from the
establishment of that principle, the exchanges declare,
adding that price-fixingis unsound and not only would destroy
the business of thcse who assist the producer in the marketing
of his product, "but the independence of the farmer as
well." The protest is signed by the exchanges at Chicago,
Minneapolis, Kansas City, Duluth, Omaha, St. Louis,
Milwaukee and Toledo. The statement says in part:
Word reaches us that in connection with consideration
by your committee of H. R. 7893, you are also considering the
advisability of amending
such bill by the addition of a draft of a bill
submitted by the so-called
"Corn Belt Comittee of Twenty-two" or possibly
of substituting such
draft for H. R. 7893.
If our information is substantially correct then
the grain exchanges
listed at the close of this letter wish to be on
record as opposed to the
amendment of substitution as above outlined.
While there seems to be no new principle
involved in this bill "to aid
in the orderly marketing and in the control and
disposition of the surpluses
of agricultural commodities, and for other purposes,"
as compared with
legislation proposed two years ago, on which
proposed legislation numerous
members of the grain trade expressed themselves
quite at length during
hearings before committees in both houses of
Congress, it seems wise,
In order to avoid any possible misunderstandin
gs of our attitude, to restate
briefly a few objections to the plan proposed
by the Corn Belt Committee
of Twenty-Two.
1. The bill clearly provides for the
establishment of a maximum price
for basic agricultural commodities. Any
maximum price so established,
to meet the demands of the advocates
of the proposed legislation, would
become the minimum price and the
Government
would thereby enter
upon the most dangerous of experiments—that
of price-fixing. To provide
for the establishment of that principle by
Congressional action would, In
our opinion, create a condition much more intolerable
than the condition
which it is proposed to improve. Price-fixing
is economically unsound
MAY
1 1926.]
THE CHRONICLE
2441
The grain storage capacity of Buffalo is placed at 35,000,000 bushels. It
and would destroy not only the business of those who assist the producer
is undergoing constant enlargement. Its milling industry is expected in the
In marketing his products but the independence of the farmer as well.
soon to take first place. Members of the Produce Exchange see no
trade
2. The proposed legislation provides that, when the board (which is
absorb
created by the bill) finds that there is or may be during the ensuing year reason why the New York contract market should not eventually
Buffalo and the
a surplus above domestic requirements of wheat or corn, the board shall most of the grain trading business of the territory between
is
grain
export
contracted
much
as
determine upon and may declare an operation period and prepare for its Atlantic seaboard, especially inasmuch
for here.
operation in respect of such basic agricultural commodities.
Elevator interests at Buffalo have already indicated willingness to coWhat board or committee that may be so constituted can look into the
facilities to meet the new trade.
future and determine what the yield or surplus will be for any year? The operate in the arrangement of storage
of attractiveness
fluctuations in the yield of wheat are sufficiently wide to make the proposed Opinions widely differ as to the relative position in point
with Chicago. Many members
compared
as
occupy
will
contracts
York
New
for
legislation unworkable. The United States production of wheat
members of the
several years was as follows: 1915, 1,025.801,000 bushels; 1916. 636.- of the Produce Exchange share the view of some of the
strength of
318,000; 1917, 636,655,000; 1918, 921,438,000. What will be the pro- committee that there is no financial reason why the speculative
York.
New
by
matched
be
cannot
If the Chicago grain market
duction and the surplus of wheat during the present ensuing year
Hansen
the
of
owner
Hansen,
Axel
is
committee
the
of
Chairman
The
question.
this
Congress, assisted by all of its agencies, cannot answer
how can it expect any board to answer It? This proposal is too speculative Produce Company. Its other members include Messrs. Schwartz, Story
and uncertain to require serious consideration, and yet the legislation and Russell.
is bottomed upon this very uncertainty.
3. The avowed purpose of the proposed legislation is to create an artiOscar Wells, President of American Bankers Associaficially high level of domestic prices as compared wti the world's level
tion, Before Florida Bankers Association
of prices. To substantially increase by artificial means the domestic
prices will increase the cost of living very substantially. Every member
Discusses "The Sanguine South."
a
for
of Congress who votes for this proposal must realize that he is voting
as his topic "The Sanguine South," Oscar Wells,
Taking
American,
every
to
living
of
cost
the
increase
substantially
to
proposition
for the avowed purpose of the bill is to increase the domestic price of "basic President of the American Bankers Association, in an adagricultural' commodities." If such prices are not increased the very
before the Florida Bankers Association at Jacksonville
objects of the bill must fail. There should be no misunderstanding the dress
Issue or of the consequences that will certainly follow the enactment of on April 24 said in part:
this class of legislation.
A challenge has been given to us. It has come from many sources. The
4. This export bounty on wheat would not only increase the cost of contemporary literature of other sections as represented by newspaper
living, but would stimulate increased production of wheat. Increased correspondents, magazine writers, publicists of all kinds, economists and
production brought about by artificial stinulus in spite of any good advice financial experts are dinning into our ears the future possibilities of the
given by the proposed Federal Farm Board would eventually increase South. It is pleasing music, much sweeter and more convincing than the
rather than diminish, the hardships of the farmer.
strains that the Southerners have always sung about their own country.
5. The proposed legislation would confer upon the co-operatives with Is it any wonder that we catch some of the words of the new songs and try
monopoly;
complete
Farm
a
Federal
contracts,
Board
made
the
export
whom
to set them to our accustomed tunes? This is the explanation of my theme
as no private exporter could compete with an agency whose losses were of this morning. I want to go over the ground with you of a new set of
guaranteed by Government agency, and paid from funds appropriated facts concerning the industrial, economical and social development of the
in part by Congress.
South.
6. While it is admitted by the proponents of this measure that its enactAs bankers seeking to render a banking service for the advantage of our
ment into law would destroy future trading in agricultural commodities, own clients and to discharge our own re.sponsibilities toward the complex
it is maintained by them that those engaged in the merchandising of needs of our own period with its interdependent relations, we are concerned
agricultural commodities would not be hampered in the transaction of about this awakening as to the potential growth of our own country. Let
their regular business. Such would be the case only if it is the intention us see what they are saying about us.
of the Federal Farm Board to fix prices (which we understand is denied
In the first place, we are being reminded of our great diversity. As a
by proponents of the measure) and to fix and guarantee the compensation matter of sentiment we have frequently acclaimed the fertility of our soil,
of all those who assist in the marketing of these agricultural products. the salubriousness of our climate and the hospitality of our people; but someOtherwise ordinary supply and demand factors being artificailly eliminated how these were regarded away from home as liabilities. They are becoming
and in the absence of future trading there is no basis of values, and tolls assets now as we apply the new standard of appraisal. To these are being
which would necessarily be exacted by dealers or millers to insure them added a more potent set of reasons. They are called natural resources.
against wide fluctuations in price, would interfere with the purpose to They range from agriculture to manufacturing. We have always grown
be accomplished.
cotton and it is still our money crop, but we are learning the science of diver7. The bill by its terms gives the regular grain dealers two years in sifying. The growing of food and feed has become a good slogan with us.
which to adjust themselves to entire elimination since, after two years, Vegetables and grain and fruits for the family, and grain and hay for the
the Federal Farm Board could make contracts for handling basic agri- beasts of the plow. Live stock, another product of agriculture, is being
cultural commodities only with co-operative associations. As a result raised more extensively. Under proper handling the conditions are favorthere would be practical confiscation of property since co-operative associa- able to growing both cattle and hogs less expensively in the balmy winters
tions would be in position to buy on their own terms the extensive facilities where the cost of shelter is negligible and where open weather admits of
for handling and processing which have been built up by private enterprise fattening the cattle upon the legumes over a longer period than in the ice
under the present grain marketing system.
and snow of the North and West. We have increased other crops, too,
Such purchases, running into hundreds of millions of dollars, could be and have added new ones. Peanuts, sweet potatoes, pecans, the produce
made only through the use of funds from the national Treasury. There from the truck gardens tributary to the larger cities, tobacco, oranges,figs,
is no excape from the conclusion that by the adoption of the proposed grapefruit and melons are finding their way to the Northern market from
measure Congress would not only be putting the national Government south of the Mason and Dixon Line as well as supplanting at home the exinto business but would be duplicating on a large scale the North Dakota ported canned goods of other days.
experiment in State Socialism.
These are a part of the natural resources, but not all by any means. We
8. The proposed measure makes no adequate provision for representation have coal, iron, limestone, for steel making. Diversification plays a part
on the Federal Farm Board of the more than 70% of the population of here, too. Where we once made only steel rails from our pig iron we now
the United States not engaged in agriculture. Nor is there any other have more steel rails, cast-iron pipe, heavy machinery such as sugar mills
safeguard provided for the protection of the interests of the general and cotton presses and gins, structural steel for bridges and buildings, cars,
public, especially in view of the exemptions already provided by Federal bars and plates. Fertilizer, tar products, coke gas, motor oil and cement
legislation for organizations of agricultural producers.
are some of the by-products. We have slag for ballast and road building.
9. Legislation enacted by Congress during the past few years, dealing Sheet mills are just beginning and we may expect utensils, smoke stacks,
with grain marketing, has had as one of its main objects the prevention tanks, culverts and the like to follow. Cotton, ties and hoops for barrels
of manipulation of prices. This proposed legislation is designed to legalize and kegs should not be overlooked,or steel wire and nails for home consumpsuch manipulation by a Federal board nominally controlled by a very tion and to send abroad. These are the main things from the steel and iron
small proportion of an important industrial class.
industry in Alabama. Birmingham has become also a centre for Portland
10. The opportunities given, by the terms of this proposed measure, cement,and all of the large American companies in this industry,are located
for political control of the Federal Farm Board and for abuse of the powers
there. Hydro-electric power, another natural resource, is coming to the
of the Board for political purposes, are too patent to need more than
front in the South. Many large corporations are building dams and immention.
pounding waters. Muscle Shoals, a Government project begun during the
As stated in the early portion of this communication, the grain trade
is an institution because it has been the subject of Congressional conIs already on record, in the hearings on the McNary-Haugen bill, with war,
It is yet to be finished and its destiny, like that of most governrespect to the principales here involved and we submit this statement on sideration.
undertakings, is yet to be determined. From the viewpoint of good
behalf of those we represent to save further time of your committee. If, ment
we are tempted to make fertilizer for the advantage of the farmer,
however, it is your desire that representatives personally appear to further politics
a government subsidy is needed. If we lease this mammoth
discuss the measure recently submitted, we shall be glad to meet your even though
enterprise or sell it as a power project to a distributing company, we may
wishes in this respect.
more out of it for the coffers of our treasury, but that would be to the
Submitted in behalf of: Minneapolis Chamber of Commerce. Kansas get
of the leasing or purchasing company composed of a few stockCity Board of Trade, Chicago Board of Trade, Duluth Board of Trade, advantage
Congress would miss the political effect of having legislated
Omaha Grain Exchange, St. Louis Merchants Exchange, Milwaukee holders, and
for the people. Sound economics is not necessarily the best politics. With
Chamber of Commerce, Toledo Produce Exchange.
the growth of hydro-electric energy, industry grows. Our cotton mills,
coal mines, electric furnaces and other forms of mechanical organizations
New York Produce Exchange To Broaden Market— are using electricity in the process of mining and manufacturing. We are
just beginning to grow industrially, it would seem, and as we have vast
Buffalo to be the Delivery Point for New
deposits of hidden resources, revealed as yet only to the geologist, we may
York Grain Contracts.
well have confidence in the future of our section. . . .
Florida is the modern lodestone toward which the whole country has been
The following is from the New York "Journal of Com- drawn.
It has lain undeveloped so long, or in proportion to its opportunimerce" of yesterday (April 30):
ties has come forward so slowly, that there is little wonder that it has repregreatest boom in land values that the present generation has ever
the
sented
York
The New
Produce Exchange plans to resume trading as a designated
contract market in grain some time in July. The work of the committee known. Of course it has gone beyond all conservatism, and while some
having in charge the preparation and execution of plans, the formulation of damage has been done to the individual speculator who made a marginal
trading rules and the providing of the necessary facilities, has reached Investment and then browsed about for (another speculator, there is no
definite conclusions on the main features of trading in New York grain reason to believe that whatever adjustment the conditions of the future
may require will do any great injury to the structure of Florida's future
contracts, and is now ironing out legal and other details.
Deliveries under New York contracts are to be made at Buffalo. There is progress. All of the subdivisions now under contemplation may not teem
with second mortgages, but the
to be one series of options for United States grain, and a corresponding series with bungalows as they are now covered
for bonded wheat and other grain. Buffalo has been chosen as the delivery leading cities of your State are going to continue to grow with the influx
point because of its commanding position as a central storage station for the of a new population bent upon living in leisure in the midst of a great playAmerican West and Northwest and for a large share of Canadian grain. The ground or to produce for those who come to play. The crops of Florida,
New York Produce Exchange discontinued about fifteen years ago trading even the crop of tourists are going to become more valuable and will conin its own contracts for future delivery because of the limited local storage tribute their part to the drama of the South's development. There may be
.
some romance in the making,but it will represent a part of the total. .
and loading facilities, which have not since been enlarged.
2442
THE CHRONICLE
During the last few years we have acquired a sort offinancial independence
of which we had never dreamed before, for sometimes we form and carry
through some large transactions in which the capital has been furnished
largely or altogether from Southern sources. In the old days all such
financing was done away from home, and of course much of it is yet, but we
are gradually expanding the volume of Northern securities among Southern
holders, which in a way helps to square the account and aids in supporting
our claim of being less dependent. For a long time after the close of the
Civil War we not infrequently received and perhaps deserved the sobriquet,
the "poor old South." That is true no longer, and if our present prospect
for an uninterrupted development of our natural resources continues to materialize, we will take our place along with the Middle West with its greater
fertility, the Far West with its boundless enthusiasm, as an important part
of a great nation. The writer to whom I referred a moment ago quoted
Bien Butler, who had summed up the South's advantage as amounting to a
"conspiracy of nature." This means that it is not altogether a matter of
natural resources. These, together with the true character of the population of any territory, constitute its real wealth. We have here the essential
qualities for the adequate compound. We are proud of the unmixed qualities of a true citizenship handed down from the pioneer stock of early American history,and with such a background of purity of breeding and the culture
from our improved schools growing In power and influence as we spend
more for the education of our youth, we will learn how to contribute toward
• the graces of life for the benefit of all of America. The bankers must look
to the soundness of the economics of this new Eldorado, and, if successful,
it means a due regard for the rights of others, a proper respect for the Use
of money,but a true appreciation as well for the fundamental qualities which
make up the world's store of human happiness and especially the sum of
human contentment.
President McQuaid of Florida Bankers' Association
Urges Bankers to Avoid Making Loans of NonLiquid Nature—Developments of Past Year.
Referring to the "unusual and prosperous year" through
which Florida has just passed, W. R. McQuaid, President
of the Barnett National Bank of Jacksonville, Fla., and
President of the Florida Bankers Association, told the members of the latter that "the peaks of that year were too
high"; the bankers of the State, he said, "have generally
realized the increase in their deposits was too rapid to be a
permanent growth,and that we would see a more than usual
seasonal decline during the summer and fall." Pointing
out that the State Comptroller last year sounded a note of
caution, Mr. McQuaid urged that the bankers "continue to
examine just as closely the purpose for which loans are
asked, and avoid making loans of a non-liquid nature." Mr.
McQuaid spoke thus in addressing the 33d annual convention of the association at Jacksonville on April 23. We
quote the following from his address:
Since the last bankers' convention Florida has had a most unusual and
prosperous year. It may not be amiss to pause for a moment and appraise
some of the accomplishments and avoid unfavorable conclusions as to the
future.
The nation awoke a little over a year ago to some appreciation of the
attractions and opportunities Florida had to offer. Enormous amounts of
money were poured into the State for investment, building, new business
enterprises, development and for speculation, which invariably accompanies
prosperous times.
The total resources of 330 national, State banks and trust companies were
948 millions on Dec. 81 1925, as compared with 427 millions of 306 banks
and trust companies on Dec. 31 1924. Florida building contracts awarded
during 1925 were 330 millions, according to F. W. Dodge Corporation
figures, just double those for 1924. Contracts awarded in the first quarter of 1926 were 86 millions, as compared with 36 millions in the same
period of 1925.
The unusual year of 1925 should not be used to measure our future
progress by. The peaks of that year were too high. The bankers of the
State have generally realized the increase in their deposits was too rapid
to be a permanent growth and that we would see a more than the usual
seasonal decline during the summer and fall.
This winter and spring a number of Northern bankers have made trips of
investigation through Florida. They have invariably expressed a favorable impression of Florida and its future outlook, as well as of the manner
in which the bankers were handling the situation in keeping their loans
liquid. The State Comptroller at the Palm Beach convention last year
sounded a note of caution and we should continue to examine just as closely
the purpose for which loans are asked, and avoid making loans of a nonliquid nature.
Economy and a wise use of credit are essential to the success of any
business. The banker often restrains an unwise use of commercial credit.
He can sometimes guide and influence a proper use of municipal credit.
Florida cities, counties and districts issued bonds in 1925 to the amount
of $108,000,000 to provide facilities for growing population, schools, roads
and for other purposes. The State Government pays as it goes, and has no
bonded debt outstanding. These issues were more than the combined issues
of North Carolina, South Carolina, Georgia and Alabama. Most of the
bonds were issued to take care of immediate needs. Some were issued to
put on unnecessary metropolitan airs and could have been deferred. A few
were extravagances, increasing taxes, and for purposes which should have
been supplied by private capital. The only curb to continuous thoughtless
and reckless municipal expenditures is the aroused protest of the taxpayer
after his taxes become too burdensome or the increasing cost of such
financing as expressed by the increased interest rate or discount on the
bonds. Here the banker should use his influence as a leader in his
cornmuity
to prevent too great a mortgaging of the future.
With our diversified sources of income none is more important than
agriculture, though the money value of vegetables and field crops, live
stock, dairy and poultry products are but half the estimated money spent
by tourists. On the agricultural development of the State largely depends
the growth of our cities and towns, the stability of our business and the
population of thousands of acres of good land. It has nat progressed this
season. Construction and developments bid up the price of common labor
to where it has been unprofitable to employ it on the farm. Weather conditions also have been unfavorable and the crop is late. As a result, there is
less acreage in production.
[Vox. 123.
We need a constructive program. Even the experienced farmer from
other States with limited resources cannot be expected to take Florida raw
land with different soil and climatic conditions, and often poor marketing
conditions, and achieve the best results. If there are not enough vegetables
of the same kind produced in his neighborhood to make carload shipments,
sometimes to be iced, to distant markets he is often limited to the demand
and price of the local market of a nearby town or city.
Your agricultural committee would have attempted to formulate and
inaugurate a program, but felt that the bankers of the State were overloaded with the enormously increased volume of their business and that it
would have to be deferred. The time seems opportune now. Newspapers
are stressing it, Chambers of Commerce talking it. The banker, particularly in the smaller towns and cities, where he is closer to the farmer and
his needs, will be an influential factor in the success of any plan to assist
in sound agricultural development.
Extensions and expenditures of railroads and public utility corporations
are not made unless, after a careful estimate, they are justified by the expected growth of the territory they serve. Their plans for expenditure in
1926 will involve many millions of dollars. Three of the big railroad systems will make very large expenditures for new railroad lines or for completion of old programs in Florida. One public utility company's appropriations for extensions in 1926 is twenty millions. The estimated expenditure of the State Road Department for new roads and maintenance this year
is $12,000,000, and counties more for the same purpose. A large portion
of the proceeds of bonds issued in 1925 is yet to be spent for municipal and
county purposes. Such expenditures with the completion of building already
started and planned assures steady employment of labor for some months
to come.
The largest number of visitors entered our State the past season. We
have had fine prices for lumber and naval stores, good returns for our citrus
fruits; merchandise sales have shown large gains from month to month over
the same months of the previous year, and on a whole commercial businesses
of the State have had a very prosperous year and are in a strong financial
condition, with good prospects of reasonable profits for the balance of the
year.
Every banker of this association, I am sure, welcomes the more sane and
orderly period we are entering and, with other builders of Florida, has a
steadfast faith in the continued growth and the rounded development of
his State during the coming years, far exceeding the dreams of Plant, Flagler and Broward.
Secretary of Treasury Mellon Says Credit Condition
Is Sound.
Coincident with the issuance on April 27 of the Federal
Reserve Board's summary of business conditions in the
United States (given elsewhere in the Chronicle today),
Secretary of the Treasury Mellon took occasion to re-state
his views on evedit conditions. His comments, as published in the New York "Times" follow;
Discussing general credit conditions, Secretary Mellon said today
that even during the period of speculation on the Stock Exchange,
when the brokers' loans and securities were very large, there had been
no lack of credit in the farm regions and no complaint. He believed
the credit situation was sound.
The Secretary said that during the peak of the bull market the huge
daily sales of securities, which ran up frequently to 1,500,000 or more
shares, was definite evidence that speculation was being carried on.
He felt that the bull market had broken because it became topheavy, rather than because of any action by the Federal Reserve
System in raising discount rates and warning member banks against
loaning for speculative purposes.
Service Charge Imposed by Memphis Clearing House
Association.
The results of the first month's operation of the new ruling
of the Memphis Clearing House Association under which
the banks of the city are required to impose charges for service on accounts below $100, are reported as follows in the
Memphis "Commercial-Appeal" of April 17:
Memphis banks under the first month's operation of the service charge
rule of the Clearing House Association made upwards of a total of $5,000,
it was found yesterday when, at a meeting of members of the Clearing
House, a sort of unofficial census was taken of the situation.
"Not much profit," said John D. McDowell, Manager of the Clearing
House,last night.
More than 8,000 accounts were withdrawn from the banks against which
service charges would operate, it was estimated. It was further calculated
that many of these had gone to banks who had made provisions to reduce
by a roundabout method the $1 charge.
The spanking freely talked of and predicted for the banks who have been
"getting around" the service charge, complying with it in letter but violating it in spirit, was not administered yesterday as the prediction said it
would be. These banks have been lending the necessary $100 to customers
to keep the balance above the dead line at a low rate of interest. One
charged 6%, making the service charge 50 cents a month instead of $1,
and two banks have been lending the $100 for 3%, or 25 cents a month.
Still another bank has not been charging any interset at all, therefore getting
completely around the charge. This bank did not make the practice general, however, and did not advertise their scheme.
The first month of the service charge was up Thursday. Many a man,
woman and child in Memphis received a debit slip for $1 for having the
checking account slip below the $100 level. All accounts with an average
monthly balance of more than $100 were exempt.
"But individual deposits have increased in size, a notable increase has
been made in savings accounts, and after all we have not made any extra
profit to speak of," Mr. McDowell stated last night.
Chicago and Cook County Bankers Association Views
McFadden Banking Bill as Amended by Senate
Committee as Fraught with Grave Danger.
The Chicago and Cook County Bankers Association has
taken occasion to voice its views relative to the changes in
the McFadden branch banking bill made by the Senate
Banking and Currency Committee. The association charac-
MAY 1 1926.]
THE CHRONICLE
terizes the measure as "both unfair and fraught with grave
danger" and says "the enactment of the bill as amended by
the Senate Committee would unquestionably jeopardize the
continued existence of our independent banking system."
The association urges the retention of the Hull amendments
which the Senate Committe has eliminated, the digest of the
association's views being presented as follows:
•
2443
City-Wide Versus State-Wide Branch Banking.
In other words, the committee's report argues that it would be quite
correct to deny certain branch banking privileges to State member banks
of the Federal Reserve System (see Section 9, lines 23, 24, 25, page 20;
Lines 1, 2, 3, page 21), but "unwarranted," "unprecedented" and "unfair
coercion" when that denial includes all forms of branch banking. No doubt
an effort will be made to explain this paradoxical situation with the claim
that city-wide branch banking is not an evil, should not be checked, but
that State-wide branch banking is undesirable and unquestionably should
be curbed. Such an explanation is, however, inadequate, for the objective
sought in both cases is identical—the preservation of our independent banking system.
Why the Hull Amendments Are Opposed.
The Hull Amendments have met with opposition because of a growing
realization upon the part of those who would extend branch banking into.
new fields, that these emendments enacted into law would prove an insurmountable barrier to their ambitions. These bankers, who it is rather interesting to note, have already boasted that the McFadden bill without the
Hull amendments would enable them to change the banking laws of their
States, explain their boast by pointing out that they would no longer have
the opposition of influential national bankers. Instead they would have
their support, for without the protective features of the Hull Amendments
any liberalizing changes in State laws relating to branch banking would
automatically give branch bank privileges to the large national banks.
On Feb. 4 1926 the House passed the McFadden Banking Bill (H. R. 2)
in the form which had been approved by many bankers' organizations
throughout the country, among them the American Bankers Association.
A subcommittee of the Banking and Currency Committee of the Senate
made numerous changes in the bill as it came from the House. The most
important of these changes are as follows:
A. Elimination of the Hull Amendments.
B. Legalizing of national bank branches now operating without approval
or consent of the Comptroller, located in States whose laws prohibit
branch banking.
C. Permitting national banks to open additional branches in States
whose laws prohibit branch banks.
For the consideration of all members of the Sixty-ninth Congress, and
especially those members who would lend their assistance to efforts being
made to preserve our independent banking system, the following facts
relating to the Senate changes are respectfully submitted:
2—Legalizing All Existing National Bank Branches and Authorizing Many
Additional New Branches in Non-Branch Bank Territory.
1—The Hull Amendments.
Section 5155 of the National Bank Act, as revised by the Senate BankThese amendments were included in the McFadden bill at the last session
prior to its passage in the House. At this session the Banking and Cur- ing and Currfncy Committee, would legalize all national bank branches
rency Committee of the House included the amendments before the bill existing at the date of the approval of the pending legislation (Sub-section
was reported out. The purpose of the Hull Amendments is to confine "A"). This particular paragraph apparently has been added by the Senate
branch banking to the cities and States in which it is to-day practiced. committee for the purpose of declaring legal those many branches or soThe Hull Amendments will accomplish this by removing the motive which called "teller's windows" of national banks which have been opened during
would prompt influential State and national banks to combine for the the past two years—some of them without the consent or approval of the
purpose of changing State laws now prohibiting branch banking. No Comptroller of the Currency.
State right is interfered with. The States have still the right to legislate
"Equality of Opportunity."
as -they please. All that the amendments do is remove the motive for such
Senator Pepper has stated "this measure has been drafted to bring about
legislation upon the part of a few large banks which would profit by such
changes. By limiting the right of national banks and State bank members equality of opportunity between national and State banks." As proof of
call attention to the Minneof the Federal Reserve System to have branches in only those cities and how completely the measure fails to do this, we
States where the practice is to-day legalized, we virtually guarantee the apolis situation.
opened several camouflaged
banks
national
two
1924
during
In that city
continued existence of our independent American banking system and our
branches which, in an endeavor to ignore the ruling of Attorney-General
Federal Reserve System as well.
Wickersham, were designated "teller's windows." Not a single State bank
Opposition to Original Bill.
branch was in existence in the city of Minneapolis. The Comptroller of
The original McFadden bill without the Hull Amendments had met with
the Currency has stated that these branches were not authorized by the
an enormous amount of opposition from bankers in every State. The Department and Federal efforts have been made to close them. They conAmerican Bankers Association in its 1922 convention, held in the City of
tinue to operate, however, despite the fact that the Minnesota law specificNew York, adopted a resolution protesting against branch banking in any
prohibits State bank branches. Sub-section "A," as drawn by the
form, designating the practice as "detrimental to the best interest of the ally
would result in the exact opposite of "equality of opporpeople of the United States. Branch banking is contrary to public policy, Senate committee
violates the basic principles of our Government and concentrates the credits tunity."
State Laws Disregarded.
of the nation and the power of money in the hands of a few."
Much ado has been made by the opponents of the Hull Amendments with
Action of 1924 Convention.
the claim that they would be "an attempt to coerce the States into an antiDespite the opposition of an overwhelming majority of the bankers of branch bank policy." Grant for a moment that that is their purpose, then
to
branch banking in any form, it was realized that as a matter the question follows, which is the most objectionable, "an attempt to
the country
of fairness legislation should be enacted granting to national banks located coerce," or saying to the people of a sovereign State: "You have decided
in cities where branch banking was extensively practiced by State insti- that branch banking is objectionable and shall not be engaged in. Congress
tutions, the right to operate home city branches. This well-defined oppo- however, in its greater wisdom, sees fit to ignore your decision, and in so
sition to branch banking and the equally important desire to stem the doing establishes in your midst a species of banking which you attempted
large number of withdrawals from the national system, prompted the to exclude."
American Bankers Association in its 1924 convention to unanimously apAn Especially Objectionable Section.
prove the Hull Amendments, and the McFadden bill, provided these amendSub-section "A" destroys any possibility of "equality of opportunity,"
ments were included.
but it is mild in its provisions when Sub-section "D," also drawn by the
Unanimous Vote.
Senate committee, is studied. It apparently is not enough to legalize exA statement is being made in Washington that this action of the national isting illegal branches located where State laws prohibit their operation,
bankers association does not mean a great deal, for it is claimed that the for Sub-section "D" would take up the work where "A" left off, and
resolution was put through by a small, selfish group without the knowl- permit the establishment of countless new branches in anti-branch bank
edge of the membership as a whole. This is not correct. Since 1906 the territory. Under its provisions, fifteen additional national bank branches
branch bank question has been the most extensively discussed subject in would be authorized in Minneapolis—please keep in mind the fact that
the meetings of the national association, and the action of the 1924 con- there is not a single State branch bank in that city; sixteen in Milwaukee,
vention in approving the Hull Amendments was taken only after full and the Wisconsin law prohibits the establishment of branches; eighteen in
complete discussion following an advance notice to the membership that the Seattle, another city where State banks cannot operate a single branch.
branch bank .question would come before the convention. The 1924 conA Request For Your Support.
vention was one of the largest conventions in point of attendance of the
association.
Further comment surely is unnecessary. The McFadden bill as it came
What the Senate Committee Says.
from the House granted our national banks the relief to which they are
In the report of the Banking and Currency Committee of the Senate sub- so obviously entitled, but it did not jeopardize our independent banking
mitted by Senator Pepper, the statement is made in reference to the Hull system to create a number of unfair situations. Your support of the Hull
are
Amendments that their purpose "constitutes an unwarranted interference Amendments and efforts to eliminate Sub-sections "A" and "D"
with the rights of citizens of these States in their relationship to the State earnestly requested.
Legislatures." Another member of the Senate Banking and Currency Committee, says in voicing his objections to the Hull Amendments that they
Split Widening Over McFadden Branch Bank Bill—
"constitute an unprecedented attempt to induce Congress to coerce Legislatures of 26 States into an anti-branch banking policy. Proponents of this
Federal Reserve Board Gives Endorsement.
section would have the national Congress by Federal statute dictate State
Regarding the McFadden branch banking bill, which
banking policy . . . and State banks which are members of the Federal
Reserve System in those 26 States would also be prohibited forever there- was brought before the Senate for discussion on April 27,
after from establishing branches unless they relinquish their membership
the New York "Journal of Commerce" in its special adin the System."
vices from Washington April 28, said:
Inconsistent Position.
Word of a possible split in the membership of the American Bankers'
We wish to call attention to what in our opinion is an extreme case of
inconsistency in the report of the committee. Etcerpts from this report Association over the McFadden National Bank bill has reached Washquoted above and also the statements of individual members of the com- ington. It is felt that there is some dissatisfaction among a certain
mittee in opposition to the Hull Amendments contend that these amend- group with the legislative representation of the organization, and in
ments enacted into law "would deny to national banks and to State member addition, there is the difference of view with respect to the Hull
banks of the Federal Reserve System the right to have branches inside of amendments. These amendments were designed to preclude national
the city limits (as well as outside) in any State which now prohibits banks in non-branch banking States from taking advantage of any
change in State laws which would give to State banking institutions
branch banking, but which in the future may permit branch banking."
the right in the future to establish branch banks.
Section Nine.
At Odds on Amendments.
Without a great deal of comment, we respectfully direct the attention of
The Hull amendments were adopted by the House and were contained
all Senators and Congressmen to page 4 of the committee's report. On that
page appears Section 9, the third paragraph of which would deny to any in the bill sent to the Senate. The Senate Committee on Banking and
State bank located in any one of the 27 States in which branch banking is Currency rejected them and unless some action is taken in the Senate
not to-day practiced, the right to engage in State-wide branch banking in before it acts on the McFadden bill, the matter will go to conference.
the event that the laws under which that bank was chartered were changed, The Senate bill further differs from the House draft of the measure
permitting this practice. The penalty would be either expulsion from or in that it contains a provision of the extension of the present Federal
denial of membership in the Federal Reserve System. In one instance, the Reserve Bank charters indefinitely.
It was commented here today that if a split occurs as now seems
Senate committee in accepting the report of its subcommittee, protests
against what is termed an attempt to influence the banking policies of possible, it will indicate that no man can serve two masters. In this
another
in
instance the committee gives its approval to this case it is the rendition of service by the officers of the association to
the States, but
two groups differing in their views, Interested persons in Washington
yery same principle.
2444
THE CHRONICLE
are without definite information in the matter, the discussion centering
around the possibility of trouble as indicated.
Formal indorsement of the McFadden bill has been given by the Federal Reserve Board. In a resolution passed by the board, it is
set
forth that the board unanimously approves the measure "as a step in
the right direction." The resolution was discussed by the board at the
request of Senator McLean and forwarded to him.
Regarding the discussion of the bill in the Senate on
April 27, the same paper stated:
The measure was slipped into the proceedings by Senator Pepper
of
Pennsylvania, who was chairman of the sub-committee of the Senate
Banking and Currency Committee, which considered it, when it was
found that there was no one ready to proceed with the Public Buildings and Grounds bill and Senator Reed of Missouri called a halt to
the adoption of debt settlement bills after three such measures
had been
passed.
For an hour this afternoon Senator Pepper had the floor, discussing
almost entirely the question of branch banking. He went into the
matter in great detail, replying to inquiries propounded
by other
Senators. It is expected that a flood of amendments will make their
appearance before the bill gets very far in the Senate, and its consideration now depends on the views of the other Senators, being
before the Senate on sufferance in a way, subject always to other
matters that have the call over the bank bill.
In the course of his explanation of the measure, Senator Pepper
pointed out that the Banking Committee had gathered together in one
section the various branch provisions which in the House bill were
scattered throughout its many pages. He explained also the Hull
• amendments and the reasons for dealing with branch banking in the
manner followed by the Senate committee. At the outset he declared that there were many provisions with respect to which little
- difference of opinion will arise, such as, for example, those which
simplify the processes of consolidation and provisions respecting some
of the internal mechanism for the running of a bank.
The doors have been closed to her borrowing from American
bankers for the last couple of years, since a small loan was made to
her in Wall Street for the purpose of stabilizing the franc. The effect
.of that loan was temporary. The franc having fallen from
about 5
cents in value at that time to a little more than 3 cents recently.
Presumably a considerable part of what she may be able to borrow
will
be kept in this country for the purpose of bolstering the franc.
• The application to Wall Street hardly will come before the
settlement,
announced yesterday, has been ratified by both the French Parliament
and American Congress. Prompt ratification in both countries
is ex• pected. The terms are regarded here favorably and opposition
in the
Senate has been pretty well worn down. Opposition
Senators have
nothing left to say that has not been said already.
[Vox,. 122.
European Trip of Governor Strong of Federal Reserve
Bank of New York.
Benjamin Strong, Governor of the Federal Reserve Bank
of New York, sailed last Saturday (April 24) on the
Majestic for his annual trip to the European correspondents of the bank. The New York "Journal of Commerce"
states:
After conferring with Governor Montagu Norman, of
the Bank of
England, Mr. Strong will visit several Continental countries,
probably including Belgium and Poland, which have been aided by Federal
Reserve credits. While most of the important international financial
problems affecting the United States have been cleared up, it is expected that Governor Strong will make a careful study of the French
situation and of Belgian plans for monetary stabilization says the
,
Associated Press.
Diamond
Combine to Stabilize Prices—Americans
Represented on International Board.
In its issue of April 27 the "Wall Street Journal" publishes
the following special advices from London:
Much interest was attracted in London, during the week, by the news of
the discovery of a new diamond field in South Africa.
At the moment, South Africa is diamond mad. There was a rush of
2,000 prospectors on April 9, to a place that is known as Swartplaats, near
Wentersdorp, in the Transvaal. Pioneer prospectors had found $50,000
worth of diamonds, and the news of the discovery soon spread
to all parts of
South Africa.
If this new diamond field had been discovered a year ago, or even six
months ago, it might have had an effect upon the price diamonds; but it
of
is not expected in England to have any depressing effect
upon prices. Jan.
1, all diamond producers of the world came together and formed a new
"diamond combine," to stabilize and control the price diamonds.
of
Americans Prominent in New Combine.
At the head of this combine are the Barnato group
of London, and the
Dunkelsbuhlers of Germany. American interests are represented in the new
combine by Charles Sabin and W. B. Thompson.
There has never before been such complete unity
and co-operation among
the diamond producers of the world, as there is at present.
And the general
belief in England is that the House of Morgan has
now as much to say as
anyone, in the councils of the combine.
The combine takes the place of the old Diamond
Syndicate, which was
organized in 1888. This syndicate developed the policy limiting
of
supplies
to the capacity of the world to absorb them. It
prevented gluts and shortages. It held prices steady, with a gradual rise for
years.
37
Itshowed what systematic and scientific marketing
can do.
Oscar Wells, President of American Bankers
It controlled the diamond market until last year,
Associawhen the AngloAmerican Cori), broke away and sold its diamonds independently in the
tion, Says Association Approves Indeterm
inate
United States. The Anglo-American Corp. was dissatisfied
with the quota
Charters for Federal Reserve Banks and Hull
allotted to it by the London combine.
Branch Bank Amendments—Would Have
Also, it was influenced by the waning power of the London combine.
A
large number of outside producers had sprung up, who
Separate Action on Both.
received the full
benefit of the high prices without paying their share of
expenses.
the
Emphasis on the desirability of the indeterminate
char•
Outsiders Now All Inside.
ter of the Federal Reserve banks by the most practicabl
There outside producers are now all inside the new combine.
e
In fact,
Congressional procedure is expressed by Oscar Wells, Presi- none are now left outside, except those in the new field at Swartplaats
that
has just been discovered. And an agreement has been made
dent of the American Bankers Association, in a statement diamonds
to market all
through one sales organization for five years.
Issued in New York on April 25. He pointed out that
There is now one sales manager, who disposes of practically
the
all the
association is on record through general convention resolu- diamonds in the world.
Last year, sales ran ahead of production. Sales amounted to
543,000.000
tions as believing that the recharter matter could best be —the highest
since 1920. And production amounted to $41,000,000.
handled distinct from all other legislation, but added that
As for prices, they have doubled since 1912 and will probably be higher.
The
principal buyer of diamonds is the United States. Three diamonds
,bankers would nevertheless be satisfied if a practical way
out of every five go to America. All the other nations combined buy fewer
-were found to combine it with the more general McFadden diamonds-50% fewer,
than America alone.
Xn spite of the highest import duties lathe world, an inexhaustible market
:banking bill with the Hull branch banking amendments now
diamonds
for
has sprung up in America. Without this market, diamonds
before Congress without jeopardizing either measure. Mr. would be
comparatively cheap.
Wells said:
The total value of all the diamonds in the world, at present, is over
The American Bankers Association has spoken in convention on the two $5,000,000,000—nearlyasmuch ast he cost of all the railroads in Great Britleading subjects under consideration in the important bank legislation now ain.
Originally, all diamonds came from India. The first that were brought
before Congress. These subjects are the branch bank provisions of the
McFadden.bill and the matter of rechartering the Federal Reserve banks. to Europe were carried by the Greeks in 327 B. C., after an invasion of
At the convention in Chicago in 1924 the convention without a dissenting India.
In 1730, diamonds were found in Brazil. Then,over a century later,
vote went on record in favor of the McFadden bill with the Hull
came
amend- the discovery
of the great diamond fields of South Africa.
ments, which is substantially the bill as it passed the House recently.
The
Until 1902,85% of all the new diamonds lathe world were found
officers of the association have consistently adhered to the directions of
in two
mines in South Africa—the De Beers and the Jagersfontei
the association to support this bill as embodied in that resolution.
n. But today
At the Atlantic City convention in 1925 the association gave considera- only 35% of the output comes from these two mines.
tion to the matter of renewing the charters of the twelve Federal
British Guiana A Promising Field.
Reserve
;banks and adopted a strong resolution favoring early consideratio
A new region that promises much to diamond
n of the
producers, is British
subject by Congress. It was the judgment of the association as
Guiana.
There
is a vast tract hare of 4,000 square miles, in which
expressed
diamonds
In that resolution that the subject could best be considered separately
from are known to exist.
other legislation relating to the Federal Reserve System. The association
This region, as yet, has hardly been scratched.
Last year, it yielded
keenly approves both of the extention of the Federal Reserve charters
and 84,000,000 worth of diamonds; and some experts believe that it may
of the branch bank legislation as embodied
in the McFadden bill with the. eventually equal South Africa.
Hull amendments. It has opposed coupling the two measures together
The diamond trade has had two alarms in recent
only
years—the dumping of
for fear that obstruction of one might impede the progress
the Russian diamonds and the making of artificial
of the other.
diamonds in Paris.
However, in my opinion, it would be anomalous for the association to
Neither of these events, however, have done any
be
harm to the diamond
considered in the position of opposing the extension of the charters of the trade. The Russian diamonds were
quietly absorbed and the artificial
Federal Reserve banks which it approves merely because it had been coupled diamonds are now discredited.
with the other measure. If the two can be successfully handled through
In the first place, the synthetic diamonds wore so
small as to require a
Congress together, it is my feeling that nothing would please the banking microscope to see them; and in the second
place, they are now thought not
'public more. All that the association would wish is that in case it should to be diamonds at all.
be found impracticable to pass the two together that then they should be
So, • outlook is very favorable for the new
diamond combin
It
dealt with separately. On the whole the officers of the association recog- contro very nearly the whole output and
it will now take steps, no dcfbt.
nize that the manner of handling the rechartering of the Federal Reserve ,to
tly increase the demand, both in America and
elsewhere.
hanks, whether as a rider on the McFadden bill or as a separate proposition
is a question of Congressional procedure which it is not their part to
decide. That question is and should be in the hands of the leaders in the •efalcation of $7,200 in Baltimore Branch of Federal
Senate and the House.
Reserve Bank of Richmon
Gates W. McGarrah Returns From Abroad.
Gates W. McGarrah, chairman of the executive committee of the Chase National Bank, has returned on the
'Anititania from a trip abroad.
d Reported.
A defalcation of $7,200 in the Baltimore Branch of the
Federal Reserve Bank of Richmond—the first shortage of
the kind since the establishment of the bank, it is stated—
resulted in the arrest on April 17 of Walter M. Snyder,
formerly teller of the bank. The suspension of the accused
MAT 1 1926.]
THE CHRONICLE
2445
that to
is purely psychological that is bound to be so. I have no doubt
brisk
merchants who had stocked up pretty heavily in anticipation of a
be
probably
would
trade in 1926 it was welcomed as indicating that they
able to carry their credit at a low rate.
by
"There is good warrant for believing that the Federal Reserve system
Admits False Entries.
depression
lowering rediscount rates can accelerate business. In a period of
When arraigned, Snyder pleaded guilty to making false entries to cover
but
speed,
of
rate
a change in rediscount rate has no effect. It can alter the
up the $7,200 shortage, but declared he was not guilty of embezzlement.
there must be some motion before a change in rate can be effective."
He said he did not know where the money went, but having discovered the
shortage, he tried to cover it up by false entries.
Federal officials, however, contend that they have discovered evidence A. C. Miller of Federal Reserve Board and Representhat certain bonds held by the bank were abstracted and disposed of, and
tative McFadden Discuss Foreign Loans at
that on Jan. 28, the date the shortage was discovered, Snyder bought
to
said
is
He
concern.
brokerage
Baltimore
a
from
bonds
Hearings on Strong Bill.
of
worth
$6.000
have explained this by saying that a man came to him and wanted to buy
in a position to buy our surplus farm and
Europe
Placing
however,
unable,
was
He
bonds and that he merely acted as agent for him.
man.
this
of
name
the
give
do more good than passing any of the
to
would
products
officials,
mill
according to the
legislation, either of the character represented by the Strong
Explains Government's Case.
"We shall endeavor to prove," said Amos W.W.Woodcock, United States stabilization bill before the House Banking and Currency
District Attorney, "that bonds were abstracted as part of the embezzle- Committee, or subsidizing the farmers as contemplated in
ment, and that when the time came for cutting dividend coupons it was
the Haugen bill, according to Representative Louis T.
necessary to replace them.
"With money taken on Jan. 28, bonds were bought and placed back in McFadden, Chairman of the Committee, in engaging Dr.
the safe with intent to remove them again, sell them, and with this cash
Adolph C. Miller, of the Federal Reserve Board, in a discover up the shortage. This sort of juggling might have been going on for
on April 27 as to the effect of improved buying power
cusstion
time."
some
Records Given.
upon our own situation. The foregoing is quoted
Europe
of
The records, according to the warrant, show that on Jan. 28 the cash from the Washington advices to the New York "Journal of
receipts under Snyder should have totaled $11,734 67. Only $4,534 67 was
that members of the
turned in, however, the balance being made up by a personal check for Commerce"; the same account states
$7,200 issued on the Calvert Bank. When this check was returned because Committee were told by Dr. Miller during the hearing on
of lack of funds, the discrepancy was discovered.
the Strong bill that in counting on the failure of Europe to
Snyder's explanation was that he discovered the shortage and gave his
error
its private debts to the United States they were too
pay
the
personal check to cover it in the hope that he would learn where
lay before the check was returned.
pessimistic. We also quote from the account the following:
from the bank was made known on April 16. The Baltimore "Sun" of April 18 had the following to say regarding
the charges:
According to the Baltimore "Sun" of April 17, Albert
H. Dudley, Manager of the Baltimore Branch, stated that
auditors had traced the shortage to Mr. Snyder's accounts.
From the same paper we take the following:
Mr. Snyder admitted he made false entries in his books to cover up the
shortage and that he placed a check for $7,200 with his cash to account for
the amount missing, according to Mr. Dudley.
The check said to have been inserted in the bank's funds by Mr. Snyder
was made out originally for $200 on the Calvert Bank, but returned because
of a protest, the bank manager explained. This check was Mr. Snyder's
personal property.
Says Check was Raised.
Mr. Snyder admitted raising the amount of this check from $200 to
$7.200, Mr. Dudley asserted. The only explanation he gave for his actions
was that he wished to cover up the shortage temporarily until he could make
attempts to learn how it occurred, it was said.
The raised check was sent to another department of the Reserve Bank,
charged against the Calvert Bank and then canceled. An investigation was
started when the Calvert Bank questioned the charge.
The audit of the bank's accounts was not completed until several days ago.
MI facts in the case have been sent to Mr. Woodcock.
Artificial Stimulant.
"Any legislation that we might pass in the form of a raved% lug fund for
the farmers is going to be an artificial stimulant, when the real situation
to be dealt with is the one we are now discussing—how we can use our
financial system and our contact with the world in the adjustment of
foreign debts and permit the world to buy our surpluses," Mr. McFadden
suggested, adding:
"If this is a problem where our financial system can be used to good and
proper advantage, and is not being so used, ways and means should be
provided if such use can be accomplished on a safe and sane basis."
Representative Goldsborough of Maryland suggested that the aggregate
of private loans abroad now exceeds $9,000,000,000, and that these loans
are accumulating at the rate of $1,000,000,000 a year. He asserted that
he did not believe they ever would be paid. To this the witness opposed
his belief that the Congressman was very pessimistic.
"You are the first one who has hazarded the opinion that private loans
ever would be paid," responded Mr. Goldsborough.
For Productive Uses.
"Why," declared the witness, "a great bulk of these loans have been
made for productive uses, in supplying working capital or fixed capital for
European industries. Europe is not economically bankrupt. It still
constitutes, outside ofthe United States, the mostimportant single economic
Praises Accounting System.
geographic unit in the world, where there is the highest skill, the greatest
chiefly have been made
"I feel that our accounting system is working splendidly," Mr. Dudley degree of discipline and where scientific discoveries
Europe will function very
said. "Several days after the false entries were made on our books, they throughout the whole course of civilization.
were discovered. The only reason for the thorough audit was to make sure much as she has in the recent past."
been
Dr. Miller referred to similarly pessimistic statements that have
that there were not other shortages.
century and a half, and stated that
"The missing money apparently was taken at one time and the raised made from time to time during the last
by
not
amortized,
most part, are
check inserted to take its place. Snyder denies taking the money, but his history demonstrates that loans, for the
the growth of the body economic.
explanations of why be attempted to conceal the shortage are unsatisfactory being paid off, but by being absorbed into
countries that
Ile added that the United States represents one of the few
and unconvincing.
it
believes in amortizing debts in form as well as In act. We do not leave
Covered by Insurance.
growth of the country, as has been the disposition in Continental
"The bank will not suffer any losses, as we are covered fully by insurance. to the
Frequently our receipts and disbursements amount to more than $2,000,000 Europe.
Views Too Pessimistic.
in a day. The shortage is only 'a drop in the bucket' comparatively speak"I am inclined to think that if we can look back twenty-five years from
ing.
be amazed at our having been so
According to the records of the bank, Mr. Snyder was employed in 1918 now and view these thoughts, we will
shortly after the institution opened. He was promoted from a junior clerk pessimistic," he concluded.
loan
It is difficult, according to Mr. Goldsborough, to see how a foreign
from position to position until he became a teller.
was of the
of $100,000,000 at 7% ever can be repaid. Mr. McFadden
met.
opinion that it is not so much that it be repaid as that the interest be
general
Dr. Miller also pointed out how it would be absorbed in the
A. C. Miller of Federal Reserve Board on Effect and operations
of the country. Representative William Williamson of South
unless the
Causes of Lowering of Discount Rate of
Dakota expressed the belief that payments could not be made
balance of trade turned against the United States.
Federal Reserve Bank of New York.
Representative Otis B. Wing° of Arkansas suggested that the fact be not
The effect and causes of the lowering last week of the overlooked that the wealth of France, Italy, Great Britain and probably
members
rediscount rate by the Federal Reserve Bank of New York Belgium is greater to-day even than before the World War. Other
disinclined to agree with this assertion, pointing out
were
committee
the
of
were discussed before the House Committee on Banking and
that the purchasing value of the dollar is less than it was before the war.
Currency on April 27 during the testimony of A. C. Miller,
"Every dollar we can loan abroad stimulates our ability to ship abroad
these loans can be made
member of the Federal Reserve Board, incident to the hear- either from our mills or our farms, and so farinasselling
our surpluses," desafely or otherwise, it does assist us
ing on the Strong price stabilization bill. The New York abroad,
his opinion, the latter
for
Miller
Mr.
to
clared Mr. McFadden, looking
"Commercial"from which this is learned,indicates as follows replying. "Certainly."
what Mr. Miller had to say:
Mr. Miller said he was out of the city last Thursday when the Board
approved the reduction in the New York bank rate.
"Frankly, my opinion was that the lowering of the rate was a bit premature," said Mr. Miller. "I would have preferred to wait a little longer."
Paper Eases Off.
Mr. Miller agreed with an analysis of the situation offered by Representative Wingo of Arkansas that the New York bank was merely recognizing the
fact that business is easing off somewhat and that the rate should conform
to the new conditions.
"Commercial paper has eased off," said Mr. Miller. "I think the large
banks in New York are loaning money over the counter at close to 4%•
The lowering of the rate was to a certain extent a validation of the fact that
when credit is in abundance the price of credit goes down.
"There is some evidence that owing to unseasonable weather this spring
and the exuberance with which merchants entered the year, 1926, there is
some accumulation of stocks. These were accumulated in anticipation of
trade which has perhaps not fully materialized."
Effects Discussed.
"The lowering of the rate by the New York bank may have one effect
on one man and another on another," said Mr. Miller. "Where the effect
A. C. Miller of Federal Reserve Board Says We are
Developing a "Central Reserve Technique."
The statement that "we are developing a central reserve
technique which promises to equal that of any central bank
in the world" is attributed to A. C. Miller, of the Federal
Reserve Board in the Stable Money Association's report of
the hearing oil April 21 on the Strong stabilization bill before the House Banking and Currency Committee. Some of
the other accounts of the testimony of Dr. Miller on that day
were referred to in our issue of Saturday last (page 2287).
The Stable Money Association in its review of the hearing
on April 21 stated that Dr. Miller advocated not only control of the volume of credit in circulation and use in order
to "stabilize agriculture, commerce and business," but also
Increased control over the use made of such credit, and rec-
2446
THE CHRONICLE
[VOL. 122.
ommended that public reasons should be given for every general price level. In view of the disturbed world conchange in the rediscount rate, and for decisions concerning ditions, however, such stability as we have had has been
the buying and selling of securities in the open market. remarkable."
This account went on to say:
Asked by Chairman McFadden to comment on the re"Speaking for myself," he said, "I am not concerned in speculation, but port of the testimony of Dr. A. C. Miller, a member of the
in the use being made of the credit provided by the Federal Reserve System. Federal
Reserve Board, who preceded him on the witness
As the law now stands, there is no obligation to see that Federal Reserve
credit is not used for speculative loans. The most simple formula which I stand, that the Federal Reserve Board had no stated
can suggest in this connection is to stop the deflection of credit into policy in fixing its rediscount rates and conducting its
speculative channels. There is a feeling in the Board that the extension
open market operations with respect to the stabilization
of Federal Reserve credit for speculative purposes is improper."
Asked by Congressman Wingo if the Federal Reserve System now has of the general price level, Mr. Stewart explained some of
power 6 control the use of credit by member banks, the witness replied the factors entering into the problem.
Thus he explained
in the negative, "except as it has power to control the volume of credit by
that the sale of five hundred million dollars' worth of
adjustments in the rediscount rate, and by its open market operations."
"If you had the power to control the uses made of the credit provided, Government securities in 1923 did not have an immediate
would you not have on your back alternately producers and consumers, the effect upon the general price
level because the banks made
former wanting high prices and the latter wanting lower prices?" Mr.
Wingo asked. The witness admitted that this would be a possibility if his up for the restriction of credit, which would have been
produced thereby, by increasing their rediscounts almost in
suggestion were adopted.
Chairman McFadden called Dr. Miller's attention to the fact that many the identical amount, but
the effect was to cause theof the activities of the Federal Reserve authorities are shrouded in secrecy,
expressing the opinion that much good might come from letting in the member banks to show in their statements that they were
borrowing from the Federal Reserve, and this tended to
sunlight.
Dr. Miller replied: "I am a great believer in the saving force of pub- create a tighter
credit position.
licity in our form of government. On the whole a public body with disSimilarly, he explained that the tremendous influx of
cretionary power should give its reasons when it takes any action. This is
the rule in our courts, our Inter-State Commerce Commission, and other gold in 1921 did not result in an increase in the general
public bodies, and might be considered as a policy, in the Federal Reserve price level, because
the gold was used by the member
Board, which President Wilson called 'the Supreme Court of Finance.' On
the other hand, no profession is introductory to Federal Reserve banking as banks to pay off their rediscounts. "In determining
is the legal profession to judicial office. Central Reserve banking partakes whether there should be an increase
or a decrease in the
of economic statesmanship. A man may be a good banker or merchant, but rediscount
rate, and whether the System should buy or
still a poor central reserve banker. Men now come to the Federal Reserve
Board and to responsible positions in the Federal Reserve banks, when they sell securities," Mr. Stewart said, "it is necessary that the
have reached the age of about fifty years, and it is hard, at that age, to Board take into consideration many
complicated factors,
change their ideas, and to take on the new functions, which central reserve such
as the extent of bank borrowings, the volume of
banking demands. The problems are larger and the control of the credit
production, and other factors including even the mood
volume requires a high order of knowledge and training.
"The Federal Reserve Board has very extensive powers and much discre- and temper of the people. If the
System puts out fifty
tion," he said, "and the mere appointment of an ordinary mortal to the million
dollars' worth of credit, or of Federal Reserve
Federal Reserve Board does not constitute him a super-man. Nevertheless,
we are developing a central reserve technique, which promises to equal that notes, which the business community is not ready to use,
of any central bank in the world."
It comes back almost immediately."
Dr. Miller enlarged at length upon the influence of the volume of gold
That New York is the inevitable money center of
upon the volume of credit and currency in circulation, and hence upon the
the
general price level. He referred to "the race for gold" which occurred country because it is the point of contact with Europe
and.
when Germany, Austria and Italy began to develop central banking systems the largest money market in
the United States was the
based upon the gold standard, at about the time when this country was
opinion of the witness, who also stated that frank
resuming specie payments, follcnving the Civil War.
recog"Under conditions, as they now exist," he said, "the gold standard gets to nition of that fact was desirable. Asked by the Chairman
be something of a state of mind. World prices are headed to a new read- to explain the delay in
passing upon the application of
justment, and one country alone cannot maintain the gold standard, as a
regulator of prices. When gold flowed into this country in such large the Boston bank for an increase in its rediscount rate in,
volumes, during the years from 1915 to 1919, the Reserve System was new September, 1925, and whether this was an indication of a
and had nothing in the way of reliable banking tradition to guide it. It lack of policy on the part of
the Federal Reserve Board,
was like a ship without a compass. Considering all the difficulties encountered, the results are a wonderful testimonial to the fundamental soundness he stated that lack of action was frequently as expressive
of policy as some definite action, and that a majority of
of the System."
Dr. Miller also outlined the economic bases upon which Federal Reserve the members of the Board
did not think that an increase
policies are coming to shape themselves. Diagrams showing the holdings
of United States securities, loans on securities, acceptances, and reserve in the'rate of rediscount at that time was desirable. He
ratios of the Federal Reserve banks, and the relation of these factors to preferred that the members of the Federal Reserve
Board.
the indexes of employment, payrolls, industrial production and department should give their own
explanations as to why they thought
store sales, were set forth. These showed that the average level of prices of
wholesale commodities cannot be the sole guide as to what actual steps as they did, and the Chairman stated that it was his inshould be taken from day to day by the Federal Reserve authorities to stabil- tention to go into the matter thorough and to question
ize conditions, however much the general level of prices of commodities at not only Dr.
Miller, when he returns to the stand, but all
wholesale may be considered as the final indicator as to whether the poliof the other members of the Federal Reserve Board, as
cies and judgment of the Reserve authorities have been soundly applied.
"There should be more faith placed in these economic indexes," he said, well.
"and less dependence placed by the financial world on impressions and
verbal reports of what some man in Iowa or in Wall Street may think of
the situation. We should look to them just as a physician looks to lab. F. I. Kent of Bankers' Trust Company on Value of
oratory reports, rather than listening to the fears of the family as to the
Imports.
patient's condition. This matter of prophesying business conditions from
"The Import Element of Our Foreign Trade"
economic indexes is coming to be more or less of an exact science, as witwas the
ness the bulletin of the National Bureau of Economic Research prior to a theme of an address delivered
by Fred I. Kent, Vice-Presirecent boom, in which that boom was prophesied 'with all its standard
dent of the Bankers' Trust Go. of New York,
trimmings and the standard ending.'"
before the
Stabilization a Big Problem, According to W. W. Stewart,
Former Federal Reserve Economist.
That stabilization is a complicated problem was the
testimony of Walter W. Stewart, former economist of the
Federal Reserve Board, before the House Banking and
Currency Committee on April 22 in the hearing on the
Strong Stabilization Bill. "There is an intimate casual
relation between the volume of credit and the general
level of commodity prices," he said. "The proposed bill
gives the Federal Reserve System no new powers, but
amounts to a ratification of the practice of the last few
years and gives legislative sanction thereto. It amounts
to a statement that the comparative stability of the last
four years in the general level of commodity prices has
been wholesome in its effects. The recent stability, however, has been more obvious than real. It has been comparative stability relative to the period of war fluctuation,
but, relative to the pre-war conditions, the fluctuations in
the general price level during any calendar year have
been greater than during any similar period of the last
quarter century. This has been a period of abrupt and
wide fluctuations, but of no sustained change in the
National Foreign Trade Convention at Charleston,
S. C., on
April 29. Mr. Kent pointed out that, regardless
"of any
question as to the value to the United States of
the actual
articles that we import, it is to importations
in large part
that our exporters must look for payment for
their exports..
And this is as it should be." His remarks
on the subject
following in part:
In 1925 in figures we find our exports amounted to
$4,909,000,000, Allowing $750,000,000 as net against us of invisible
items,
penditures, immigrant remittances, etc., it required, that is tourist exaside for the moment, current imports of $4,259,000,00other considerations
0 for their prompt
payment.
Actually our imports were $4,228,000,000.
The Value of Imports.
Now suppose, using round figures, that we should
export in 1926 and
annually thereafter five billion dollars' worth of goods,
that we imported
nothing, but that our exporters were able to obtain payment
because American tourists spent that much abroad without purchasing
articles for import.
How long could the United States, rich in resources as it
is, stand such a
drain? Of course that is presupposing we supplied all our
own
rial, which is obviously impossible, but it clearly measures the raw matein the long run would overtake us if we should be successful indisaster that
continually
Increasing our exports while at the same time curtailing
and decreasing
our imports.
It is not to our interest and it will avail nothing to our
people
our national resources by constantly great excess exportations to deplete
over importations.
We wish to increase our exports—yes—that we may benefit
ourselves and
all the world may benefit as well, but. not at the expense
of our imports,
MAr 1 1926.]
THE CHRONICLE
2447
During this period of tremendous imports the world stood aghast and
what sort
which should increase with them. Now comes the question of
wondered how Germany was ever going to pay any reparations whatsoever
sound.
y
economicall
is
imports
for
exports
of
was not
of an exchange
dollars' under such conditions. The true economic value of such imports
Suppose, for instance, that we export annually, say, two billion
necessary to
raw ma- recognized, and it was not realized that they were actually
export
worth of goods, all of which are manufactured products and from
her
re-establish
to
we import two restore German industry and enable Germany
terials taken from our own resources, not grown, and that
The results began to be felt in November 1925, since which time
trade.
cocoa,
coffee,
tea,
sugar,
as
such
goods,
of
consumable
billion dollars' worth
entirely healthy
We would German exports have been exceeding German imports in an
rubber, wool, silk, jute, tobacco, etc., strictly for our own use.
total amount manner in view of her external obligations.
trade of Japan
be growing poorer to the rest of the world annually by the
the
in
Another example of the value of imports is found
in our exports.
of the irrecoverable raw materials that are contained
earthquake. The destroyed wealth of Tokio and Yokogreat
the
following
maraw
of
entirely
consisted
imports
country's
in sufficient proAgain, suppose that this
from raw hama was almost immediately replaced through imports
Upon a base
terials and that our exports were only manufactured goods made
portion to allow the prompt re-establishment of industry.
materials. Further, that we were able to retain enough of the imported
to recreate her lost wealth
enabled
was
Japan
imports
borrowed
of
for
partly
paying
be
would
raw materials to satisfy our own requirements. We
would have been posremain in- with greater rapidity and less human suffering than
such imports entirely with labor. Our natural resources would
otherwise.
as
sible
materials
raw
important
the
of
such
them
to
added
have
kind of imtact and would
Recognition .of the tremendous economic value of the right
. Imports
were not consumed.
d ports does not carry with it any excuse for import extravagance
desirable
In 1925 our total exports of semi-finished and finished manufacture
temporary
a
or
an emergency
meet
to
except
and
for
paid
2
/
be
11
must
only
was
goods
such
of
2 billion dollars and our imports
/
goods was 21
they should be limited in a large general way to
country
a
of
upbuilding
analysis
careful
although
n,
of
consideratio
is
worthy
which
billion dollars,
current capacity to pay in exports and services.
would probably show that it was not harmful.
as to relative total
A steady flow of exports and imports which vary
But from 1910 to 1914 the annual excess of manufactured exports averforces
meet the currents of demand and supply of all the natural great
aged $265,000,000. In 1913 it was $706,000,000. In 1914 it was $839,- values to
gives
balances
l
make up internationa
to
go
that
invisible
and
this
continue
can
visible
long
How
dollars.
billion
one
over
000,000 and in 1925
stability to industry and trade.
without injury?
should be met on a
Upsetting emergencies cannot be avoided, but they
Our resources are so tremendous it seems absurd to measure these things.
the expectation that
grew
forests
basis intended to restore equilibrium and not with
But consider the barren lands in America where once huge
course, the seller
of
is,
can be made permanent Pt
that were seemingly inexhaustible. With all of our labor employed will abnormal conditions
find a market for his goods, and so it must be
and
advertise
other
of
must
production
who
the
industrial
more
we
import
if
off
better
be
we not
trade efforts of Governments will be to aid their
nations, as well as their raw materials? It need not be production that expected that the principalexcuse Governments, however, for obstructing the
not
displaces our own but production that adds to it. Another view of this exporters. This does
exfind domestic markets for foreign goods or the
situation can be had by considering a single country. Take copper, for importer. He must
Anything approaching a boycott of foreignsell.
to
able
1,084,be
not
exported
will
we
and
porters
pounds
653,135,000
we
imported
1925
instance. In
successful is the most effective way to back up
209,000 pounds. That is, we lost to the rest of the world 431,974,000 made goods that is at all
exportable goods onto a domestic market
pounds of copper.
Recovery of Europe.
Nothing to worry about. Why? First, because it represented such a
many American manusmall percentage of our copper reserves, and second, because we have sufThe recovery of Europe is giving great concern to
more
import
to
us
to
enable
are
that
exportable
resources
other
ficient
know that it must carry with it increased forthey
though
even
facturers,
copper or export less, or both in case of necessity—that is, as determined eign buying power. That they should take heed and study this phenomenon
by demand and supply. A wonderful governor, by the way. A strictly is essential if they would avoid disaster. This does not imply that they
agricultural country ginws anew every year the exports with which it buys should look for ways to reduce imports, but that they should develop the
those imports that enable its upbuilding and the accumulation of a national means to increased exports. Their action to be effective must not be
wealth. This would be true even though it was obliged to import fertilizer. negative. It must be positive.
the alert to meet
A staidly mining country of limited resources would, on the other hand,
Every American manufacturer has to be constantly on
be importing food against exports that would result in a constant depletion American competition. Bettering methods of production, changing diaminerals
its
export
to
afford
a
could
Such
country
distribution confront him
of its mineral wealth.
toms, new inventions and greater efficiency in
after the application of labor that would enable a greater import than from all sides. Ile varies his production or his methods of competition
merely meet the food requirements of its people if it would continue as
with the rest of the
consistently and effectively. To be sure, compared
a country. Again, importations that might represent tribute from the world, his labor receives high wages. But we would not have it otherwise.
people
a
still
enabling
and
rest of the world stopping domestic production
that through methods of
It is the glory of the American manufacturer
pay high wages and
to live in luxury would be certain to be followed by national decadence.
efficiency in the use of men and machinery he can
When Governments do not raise trade barriers demand and supply serve
foreign trade. Why, therefore, should he
for
world
the
with
compete
still
his own? Why
to intelligently regulate trade. This is evidenced by the domestic trade
that in a vastly growing world trade he cannot hold
renewed
between our States and also by the trade that formerly existed between the fear
glad to see Europe to take its part again with
be
not
he
should
has
that
a
trade
monarchy,
n
old
the
Austria-Hungaria
can best produce,
various divisions of
in supply to humanity those things that Europe
vigor
the
through
involved
all
peoples
of
to
the
detriment
ruined
nearly
America?
been
though some of them must and should come to
raising of trade harriers between countries that formerly constituted an even
win in the great world
American foresight and ingenuity is going to
economic unit.
and not at the expossibility
a
as
up
movement that is now opening
Thinking about these things should help to dispel some of the mysteries trade
All will naturally
other countries but in conjunction with them.
of
pense
are
We
and
imports.
exports
of
values
over
hang
the
to
relative
honorable competithat seem
hold their own, but if they choose it can be in
needs that he
too apt to overrate the value of exports and underrate the value of imports. fight to
world
the
tion, each seeking to find and deliver that which
supply.
best
can
.
Post-War Importations
that will enable us to
And imports—yes, we want imports—imports
It may be interesting to go back to the armistice and see what has hap- retain our relative position of wealth with the rest of the world—imports
pened since then to European foreign trade. The excess of imports in most that will give us the comforts, conveniences and luxuries that the people
foreign
countries has been tremendous. Why? For three principal reasons: First, of other nations can best furnish—imports that will so increase
that
temporary necessity due to destruction and depletion, an effect of the war; buying power that our exports will find ready markets, and imports
second, because peoples and their Governments did not understand how to will give work and increased wealth to the peoples of all nations.
restore production quickly; and third, the desire to replace destroyed
wealth.
Trade Council
The first reason was due to the waste of war that could not be helped. James A. Farrell of the National Foreign
Trade Outlook."
The second reason caused waste that might have been prevented. The
Foreign
"The
on
third was to restore former savings by borrowing wealth that was to be
opening
Discussing "The Foreign Trade Outlook at the
paid for out of new savings still to be earned.
The resultant excess of importation was so great that it destroyed the of the 13th National Foreign Trade Convention at Charlesthe
economic balance in most countries as well as the mental balance of many
Caro.,on April 28, James A. Farrell, Chairman of
economists in all countries. A great cry went up all over Europe for the ton,So.
that "Production
creation of an export balance, not a temporary export balance to meet an National Foreign Trade Council, stated
and most of
emergency but an annual export balance.
is on the upgrade in all the industrial nations,
It does not seem likely that every country on earth will have an annual
onal commerce nearly up
internati
their
brought
have
moon
the
in
them
cheese
green
of
deficit
export balance until there is an annual
or some such phenomenon. Be this as it may, a concerted and great effort to its pre-war level." He added in part:
the United States,
was at once started in most countries of Europe to obtain an export balThe figures of 33 exporting nations, not including
ance. Two methods were principally employed, one the raising of embar- for the last fiscal year, showed them to be within 7% of their pre-war
goes against imports and the other the establishment of uneconomic indus- volume of trade. The United States and Canada alone of all the trading
If
tries with the idea of making countries self-sufficient when no country can nations have made a substantial increase over their pre-war status.
be self-sufficient as the desires of people exist to-day. Naturally, instead our figures are included in this calculation, the world as a whole is shown
year
fiscal
last
the
of correcting the situation a tremendous disruption of industry and trade to be only 2% under its pre-war volume at the Close of
recovered
ensued.
There are some indications that this deficiency will be more than
When workmen are diverted from the production of the things that they In the current year. One such indication, of special significance, is the
and
do well to the production of the things for which they are not fitted, it Increased volume of raw material imports, both by the United States
means economic waste, and when in addition it results in the establish- by several of the industrial nations of Europe. That, of course, evidences
consuming
of
y
consequentl
ment of many small plants trying to do the work of a few large ones, it an impending increase of production, and
increases costs and so adds still further to the burden of living.
power.
facts. It
The fear of possible national insufficiency in case of war added to the
Consideration of our trade for 1925 discloses some striking
normal year.
uneconomic efforts and no one stopped to analyze the situation deeply was larger both in value and in volume than in any previous
conpost-war
or
war
enough to see that certain reasonable requirements to meet emergencies There were a few years influenced by exceptional
but those dollars
could be better and more quickly provided if every country produced that ditions, when it represented a larger number of dollars,
physical volume was
which it was best fitted to produce and then traded its surplus for the represented so much less pureb.sing power that its
to extend comactually less then than now. Reasonable prices tend
things that others could better create.
consumption at
Germany during and since the depreciation of the German mark furnishes merce, maintain production, lessen costs and increase
figures show a net gain
another valuable lesson and shows the Importance and need of imports as home and abroad. Department of Commerce
volume last year, imports having
well as exports. While the mark was falling exports were somewhat stim- of more than a million and a half tons in
fell off 823,000 tons. The
ulated for a time while imports were curtailed. Then in 1923, when the Increased by 2,361,000 tons, while exports
total for the year well
depreciation of the mark was too rapid and too great to even stimulate tonnage figures, when issued, are likely to show a
exports and imports were almost impossible, Germany was forced to live In excess of 93.000.000 tons.
to examination of ita
Turning from volume and value of this trade
upon itself. The result was that immediately following the stabilization
exports aggregating $4,818,271,000, the products
of the mark under the Dawes plan the monthly excess of imports averaged character.we find that of
less than 30%.
materials
350,000,000 gold marks for a long period. Fifty per cent of these huge of manufacture constituted almost 64% and raw
comprise finished manufactures, which,
imports were raw materials and 34% foodstuffs. They were needed to These products of our industry
little over 38% of the total,semi-finished manurestock bare shelves due to the previous shortage of imports which had re- by themselves, furnished a
foodstuffs.
sulted in German exports and German internal consumption having to de- factures, and manufactured
until there was a high degree of exIt is significant that finished manufactures continue to stand at the
pend upon German national resources
head of the list of five great groups into which the official classification
haustion.
2448
THE CHRONICLE
[VOL. 122.
of the Department of Commerce divides our exports. Raw
materials with the situation, and there
can be no assurance against
are second, and foodstuffs, which for so many years held the right
of the
line, now bringing up the rear.
serious public inconvenience that may result." The stateThere is an illuminating fact that in the figures of raw
material exports. ment follows:
It is that mmianufactured cotton constituted more
than three-fourths of
The interests of the public are more fully safeguarded by
that group. It furnished 22% of our total exports, and stands
the provisions
first in of the pending bill than they have
ever been before. This safeguard conthe llst of commodities exported, all other raw materials combined
fur- sists not only in the spirit of agreement and
nished only 7% of our total exports.
conciliation out of which the bill
Contrasting with this export showing is our import of materials for developed, not only in the moral obligation which both parties assume in
advocating the plan agreed upon, and not only in the ample machinery for
Industry, crude and semi-finished. They were
5836% of our total imports. handling disputes and controversies
that may arise, but also in the provision
To such an extent has our industrial establishment as a whole
developed. for public representation on the board of
mediation (which is to be composed
that it is dependent, for the fulfillment of the fundamental
condition of
prosperity—occupation—upon a steady inflow of raw materials from solely of persons not interested with either party financially or otherwise)
for
public
representation on the boards of arbitration (when the parties fail
foreign sources, aggregating at least two billion dollars a
year in value, to agree on the neutral arbitrators,
as is almost universally the case), and
and constituting three-fifths of our total imports. Curtailment
of such for public representation on the emergency
board, composed entirely of
supplies, or abnormal prices for them, inevitably affect industrial activity
disinterested representatives of the public, which latter the President is
in all countries and, in this connection, it is realized that national
trade authorized to appoint when the management
Is the basis of national livelihood.
and the men have failed
otherwise to reach an agreement.
The first 19 items on our export list last year account for 60%
of our
The
emergency
board,
appointed
only
for each controversy which
total exports. They included all the factors which contributed 1%
or more threatens the interruption of transportatio
n service, stands as the last,
to our total. Of these 19 items, only five were crude materials,
including but as an impregnable, bulwark in
the protection of the interests of the shipraw cotton, tobacco, wheat, coal and crude oil. The remaining
14 Were pers and the public. In agreeing to this
emergency board, the employees
either finished manufactures, such as automobiles, cotton cloth,
wheat have made a great concession over what they
have heretofore been willing
flour and agricultural machinery, or articles partly, processed,
such as to accept, and for this public protection
the railway executives have stood
refined oils sawed lumber, leather and steel products.
firmly.
Pending the inquiry of the emergency board and for sixty days
The next 83 items on the list furnished in the aggregate only 24%
of our after it is begun, the bill provides that there
is to be no change in the status
total exports, their totals ranging in vlaue from $25,000,000
down to quo.
$6,369,000, which was the figure for rubber foot wear.
Both the executives and the employees have given public assurance to
Then follows an unnumbered and almost innumerable group classified
committees of Congress that, in their belief, the machinery provided for
as "all other exports," constituting 15% of our total. Not an item
in in this bill will prevent any interruption of
commerce. They have further
this list was nearer the top than 100, or contributed as much as one-ten
th said that if this expectation is not realized,
of 1% of the total. Yet their aggregate valuewas 6719,970,000.
Congress will then be unemlathes° figures we have a glimpse of what has been going on in theway barrassed in using the full power of the Government to deal with the situation.
of development of our foreign trade in the last 10 or 15 years, and
of what
In respect to the public interest in the matter of reasonable rates, it is
is before us in the next decade. Here stands clearly revealed the
great
change that has taken place since the placid days before the war. Then unthinkable that the parties would enter into a conspiracy to increase wages
for the purpose of having this increase reflected in increased rates. The bill
foreign trade was incidental and occasional with all but a relatively
small
number of our manufacturing concerns. Then it was only here and there provides, nevertheless, that no arrangement as to wages and no award in
respect
thereto shall have any effect in limiting or diminishing the power
that a manufacturer gave steady thought to the advantages of sharing
in of the Inter-State Commerce
Commission under the Inter-State Commerce
foreign market, and our overseas commerce was spoken of slightingly
as Act.
representing "only 4% of the total." Now far and wide throughout
this
As
far
back
as 1911 the Commission held that an increase in rates cannot
country manufacturers, agriculturalists, bankers and railroad and steambe approved to provide for extravagant wages. That was prior to the
ship men are awake to the importance of this development, eager
to take Transportation Act and before
any express statutory provision on the subtheir share and all building up the steadily increasing total. . .
.
We must not fall into the error of thinking that because we have reached ject existed. Now, by express provision of the Transportation Act, it is
made
the
duty
of
the Inter-State Commerce Commission, in considering
a creditable position by hard work and intensive application we can
remain rates, to see that the expenses,
including the wage expense, are economical
there without further effort. The policy of inertia is the practice
of and proper. The Commission thus
disaster. Work solved the problem of success. It must be kept
has the power, under existing law
up,to without setting aside wage agreements
maintain the result.
or awards, to refuse to increase rates
In
order
to
meet
extravagant
wages, and this power is expressly reserved
Of the four great factors which contribute essentially to the
maintenance to it under the terms of the pending
bill.
of our foregn trade; production, communication,finance and
transportation,
Demands for very large increases in wages are now pending and the
we are equipped bst in the first. Improvement has been
made in the carriers are looking to the proposed
bill as the method of dealing with the
other three, and you will hear something of that improvement
, especially situation now presented. Unless
this
as to communication and finance, in some of the
other sessions of this no effective governmental machinery machinery is afforded,there will be
-to deal with the situation and there
convention. As to transportation, our railway systems
have,attained a can be no assurance against serious
public inconvenience that may result.
high efficiency. Attention is now being given to the development
of our The carriers have the assurance
of their employees that the machinery of
Inland waterways which will supplement our rail transportation
in keeping
pace with the economic growth of the country and in assisting to solve this bill will be availed of for the purpose of adjusting these demands.
There
seems
to
be
no
serious
question
from any source that the Railroad
the problem of economic distribution.
Our maritime situation, in certain important respects, is not much dif- Labor Board has outlived its usefulness. The refusal of certain groups
ferent from that of other countries. There is world-wide depression in of employees to appear before it, the opposition of certain railway manage,
the shipping business. It is not confined to the United States. Generally ments to it, the lack of power to enforce its decisions, the refusal of one or
speaking, the fleets of the world are carrying cargoes at less than the cost other of the parties, in certain instances, to abide by its decisions, the
of operation. The tonnage that was inadequate for war service, or for demand of public opinion and of party platforms that it be abolished and a
the period immediately after the armistice, was much too large for the substitute for it found—all point to the inescapable conclusion that however
useful the Board may have been in the past, it has now outlived its usefulrestricted trade which followed.
Despite all the handicaps, economic and otherwise, under which shipping ness.
The interests of the public, in the opinion of the carriers represented by
Is conducted, more ships are now operating under the American flag
and
a larger proportion of American cargo is carried in American bottoms than this committee, imperatively demand the passage of the pending bill.
was the case before the war. More trade routes are served by privately
The previous day (April 23) the Committee on Labor
owned as well as Government vessels, but until there is an improvement
In the world freights, the business as a whole is unlikely to reach the sub- Legislation of Railway Executives met in Washington and
stantial measure of financial success which is necessary if new tonnage called on Chairman Watson of the Senate Inter-State ComIs to be built to replace obsolete craft. Meantime the great surplus ton- merce Committee for the purpose
of urging on the Senate,
nage of all nations is wearing out faster than replacement is being made and
the industry is gradually reaching a point where the supply of tonnage will through him, the early consideration and passage of the bill.
more nearly approximate cargo opportunities. Ever since the beginning A statement issued on April 23 by the Association says:
of the war the world has been living on a lower plane than had been its
It is well known that, pursuant to recommendations of the President
custom. It is gradually getting back to a pre-war status of production made in messages to Congress, representatives of railroad executives
and of
and consumption and in that lies the hope of betterment. The Foreign their employees engaged in a long series of conferences and
finally agreed
Trade Outlook cannot be accurately forecast, but there are signs of re- upon a method of amicable adjustment of labor disputes.
cuperation and strengthening in the whole industrial fabric.
This agreement was embodied in a bill to be presented to Congress, and
is the bill now known as the Watson-Parker bill, which recently passed
the
House by a vote of 381 to 13 in substantially the form presented and
which
Railway Executives Advise President Coolidge that is now pending in the Senate, in the form in which
it passed the House, on
a favorable report from the Senate Committee on Inter-State Commerce.
Interests of Public Call for Passage of WatsonAt a meeting of the member roads of the Association of Railway
ExecuParker Railway Bill—Proposed Bill Will
tives, held in Chicago Dec. 211925, the committee of rallway executives,
which had been in conference with representatives of the
Provide Machinery for Dealing With
employees, together with the General Counsel of the Association, were directed
Wage Demands.
to present
the bill to Congress and advocate its adoption. This committee
of railway
Following a call on President Coolidge a committee of executives is composed of the following
mewbers:
railroad executives issued a statement on April 24, in which
W. W. Att,erbury. President Pennsylvania RR,
J. H. Hustis, President Boston & Maine RR.
(now retired).
it is asserted that the Watson-Parker Railway Labor Bill
A. C. Needles. President Norfolk & Western
BY•
W. R. Cole, President Louisville Ss
now pending in the Senate safeguards the interests of the
ER.
L. W. Baldwin, President Missouri Nashville
Pacific
Hale Holden, President Chicago BurlingtonRR.
public to a greater extent than ever before in any similar
St Quincy RR.
Carl R. Gray, President Union Pacific
System.
legislation affecting the settlement of wage disputes between
Charles Donnelly, President Northern
System.
E. E. Loomis, President Lehigh ValleyPeril'lc
the carriers and employees. The members of the committee
W. R. Scott, President Southern PacificRR.
Lines
in Texas and Louisiana.
C. H. Markham, President Illinois Central RR.
were:
With
this
committee
Daniel
Willard,
President
of the Baltimore & Ohio
P. E. Crowley, President New York Central Lines.
RR. Co., and P. E. Crowley, President of the
Daniel Willard, President Baltimore & Ohio RR.
New York Central Lines,
have co-operated.
C. H. Markham, President Illinois Central RR.
The action authorizing the presentation of this
W. R. Cole, President Louisville & Nashville RR.
bill to Congress and the
advocacy of its adoption, while not unanimous, Was
A.0. Needles, President Norfolk & Western RR.
supported, at the time
the bill was presented to Congress, by 52 roads,
Alfred P. Thom, General Counsel Association of Railway Executives.
casting 199 votes and representing 167,915 miles, and was opposed by 20
roads,
casting 48 votes and
The statement also declares that "demands for very large representing 36,564 miles.
increases in wages are now pending, and the carriers are
The views of the Association of Railway Executives on
looking to the proposed bill as the method of dealing with the the Watson-Parker bill for
the adjustment of railroad labor
situation now presented. Unless this machinery is afforded disputes were indicated in
our issues of March 6, page 1257,
there will be no effective governmental machinery to deal and March 20, page 1559.
MAY
1 1926.]
THE CHRONICLE:
W. G. Bierd, Receiver for Chicago & Alton RR., Says
Watson-Parker Bill Will Lead to Higher Wages
and Increased Freight Rates.
Higher railroad wages and increased freight rates are
&
looked for by William G. Bierd, receiver for the Chicago
Alton RR.,in the event of the passage of the Watson-Parker
bill for the adjustment of railroad labor disputes. The
"Wall Street Journal" of April 20, in stating that the ability
and to
of the railroads to give proper service to the public
shippers, particularly the farmers, without increased rates,
if the bill becomes law, is questioned by Mr. Bierd, quoted
him to the following effect:
He has vigorously opposed the bill and spoke at length before the Association of Railway Executives at its special meeting for consideration
of the bill.
Mr. Bierd defends the Railroad Labor Board and says that "On the side
of the employees, the great majority has confidence in and is satisfied
with the Labor Board." He anticipates that the Watson-Parker bill wid
lead to higher railroad wages and necessitate higher freight rates, which
he contends the farmers cannot stand.
He holds that the Watson-Parker bill was hurriedly prepared and presented to Congress by a few and that when the opposing railroads asked for
a hearing they were advised that the House Committee had closed its
hearings and the Senate Committee was nearing the close of its hearings.
"The public knew nothing of the proposed measure," he says. "Many
of the greatest interests had not heard of it, but as soon as the measure
became known,the opposition began to grow, and to-day there is very great
opposition to it. The reasons for this are: First, the propcsed law entirely
removes the public from consideration when rates of pay and working conditions are being negotiated. The proposed bill makes this a private
matter between the employer and the employee, whereas the Transportation
Act gives the public—the public that pays all railroad costc—an equal right
with the other two interested parties, and the public representatives on the
present Board must approve any increases, which result in increases in the
cost of operation.
"Surely, the public, which supports the railroads, should not surrender
the right it now possesses, because it is just as certain as it is that the subject
is now under consideration,that every increase in rates of pay or modified
working conditions that increase the cost of operation to the railroads must
and will be followed by increased freight and passenger rates. This is
positively certain, and it is principally for this reason that I oppose the
present measure and declare that it is unsound and unfair.
"Second, this proposed measure sets up another governmental bureau,
and a very expensive one. The public must pay this bill, as there is no
other means of providing the funds. There will be boards of adjustment, a
board of mediation, and if disputed questions are not settled there, a
board of arbitration is provided, adding still further to this political machinery—and have we not already enough bureaus? Has not the cost of
supervising railroad operation already cost far more than it should?
"These three proposed boards have no real authority. The members of
the adjustment boards are equal in number—therefore, there is no hope
that adjustment of serious or important matters can be obtained through
them. The board of mediation can only try to persuade the disputing
parties to come to an agreement, and failing, hope to bring them before
an arbitrator."
Mr. Bierd points out that simultaneously with presentation of the bill,
wage increases were asked by rail employees and that if all employees were
granted proportional increases the cost to the railroads would be $500,000,000 a year, an increase which "could not be borne by the carriers
without an increase in freight rates."
Brief Filed By Western Roads In Support of Application
For Increased Rates.
Supplementing the briefs previously filed in behalf of
their petition for a 5% increase in freight rates, the Western railways filed a further brief with the Inter-State
Commerce Commission on April 24 in which it is recited
that "a 5% increase in freight revenues spread over the
entire Western district will be so thin as to be scarcely
noticed, yet this slight measure of relief may mean the
salvation of many Western railroads." This brief, filed
in answer to argmnents opposing the increase sought,
says, according to Associated Press dispatches:
To contend that the present volume of traffic cannot stand this
meager increase is to challenge the very foundation of this immense
Western empire. An industrial structure such as the West reveals will
scarcely feel so light a load. It can well afford to support the transportation systems upon which its achievements have been based.
We direct the attention of the commission to the fact that all of our
opponents admit that during the past five years the Western railways
have not earned a fair return. Further, it has been conceded that the
Western railways have failed to secure the same rate of return which
the railways in the other two rate districts in the United States have
been permitted to earn. Still further, no one has urged that the
Western lines have been operated any less efficiently or less economically than have carriers in the other sections of the Unitd States.
These facts stand out in bold relief. No one denies them. The
inadequacy of the present earnings of the Western carriers is admitted
even by our opponents.
Upon what, then, do they base their opposition? Every objection
which has heretofore been raised to any proposed general increase in
freight rates has been repeated in this case. In addition to these old
standbys, further objections have been put forward based on imaginative interpretations of the Hoch-Smith bill and upon the statement
that there are "controlling political influences, using the term `political'
in its highest sense" for disregarding the doctrines laid down by the
courts in respect to the valuation upon which railway returns are to
be computed.
These old objections are answered in detail herein, and our original
testimony that Western railway earnings are inadequate and that the
only solution is a modest advance in general freight rate levels remains
unshaken by these attacks. As regards the Hoch-Smith resolution, this
law, on its face, is clearly designed to protect the railways in the
2449
Western district, as well as in other rate groups, in receiving the fair
return which is contemplated by the Transportation Act and required
in the public interest so that adequate transportation may be maintained.
The maintenance of an adequate system of transportation was the keynote of the Transportation Act, 1920. It is twice repeated in the
Hoch-Smith resolution. Under this resolution, the Interstate Commerce
Commission is instructed to adjust railway rates so as to insure the
maintenance of an adequate system of transportation. To insure such
transportation in the West, there must be an increase in the general
freight rate level.
As to the proposition that there are "controlling political influences"
for disregarding the decisions of the courts in arriving at the valuation
of railway property, we answer that the problem before the commission
railways
is one of applying the law and safe-guarding the rights of the
and the public as they have been declared in the Federal Constitution.
rights
our
determining
We do not concede that there is any higher law
in the case than the acts of Congress and the Constitution of the
United States.
That our request for such a modest increase in our general freight
rate level should have brought forth this argument is surprising in the
extreme. It may be that political considerations have a proper place
in the halls where our laws are made. It may be that political considerations played a part in the adoption of the Constitution of the
United States. But when an administrative body comes to pass upon
"conthe rights of a citizen under the law as it exists, we claim that
given
trolling political reasons" are the last thing which should be
consideration.
in the
If the law and the evidence here entitles us to an advance
If
general freight rate level, such an advance should be authorized.
such
to
the law and the evidence here shows that we are not entitled
upon
based
be
must
an advance, it should be denied. But the decision
Otherwise the
the law and not upon "controlling political reasons."
interest
continued maintenance of adequate transportation systems in thetransporof the people of the United States as a whole, for which the
ith
tation Act declares, and which is twice repeated in the Hoch-Sm
resolution, is reduced to a mere figment of the imagination.
April
Briefs in opposition to the increase were filed on
Chicago
5 by the Illinois Commerce Commission, the
Association of Commerce, the Pacific Coast Vegetable
LeGrowers, Bi-produet Coke Co., the gypsum industries,
etc.
Co.,
Upson
the
Co.,
Cement
Portland
high
JourRegarding opposing arguments, the "Wall Street
nal" of April 5 stated:
John E. Benton, general solicitor for the National Association of
Railroads & Utilities Commissioners, and counsel for a number of
individual shipping organizations have filed briefs with the Interstate
Commerce Commission opposing the application of roads in the western
district for an increase in freight rates. Brief for the Western State
Railroad Commissions, in addition to opposing any increase in freight
rates, declared that the "fair return" should be reduced below the
provided by law. "The commission could well at this time," it
states "reduce the rate of return by as much as 1%. An aggregate
return of 434% would constitute a fair rate upon a fair, property
value."
Railroads in the western territory, the brief contends, have failed
diminished
to adapt their passenger train operations and expenses to
passenger traffic, and it claims this proceeding is an attempt to recoup
charges
the losses resulting from their passenger business by increased
a fair
on the freight business, "which is already paying more than
return."
not
does
evidence
Mihnesota By-Products Coke Co. submits that the
coal and
support the western roads' application for increased rates on
in the
coke from St. Paul and Lake Superior ports to destinations
northwestern territory.
The Pacific Coast Vegetable Growers' & Shippers' Transportation
Committee stated that with the possible exception of the northwestern
carriers no advance whatever is necessary in freight rates. The request
that if the commission allows any advance in the western district, the
Southern Pacific and Atchison, Topeka & Santa Fe railroads be
excepted from the benefit of such orders.
From the United States Daily of April 7 we take the
following relative to brief in opposition:
The Farmers' National Grain Dealers' Association says:
"If, as we believe is conclusively shown on the record in this case,
grain is already bearing more than its fair share of the reasonable
aggregate transportation cost, then in justice to that great proportion
of those engaged in agriculture who produce grain, the rates on grain
should in this proceeding be reduced. Certainly there is present on the
record no legitimate warrant for their increase."
The Illinois Manufacturers' Association says it is "asking neither for
an advance nor a reduction in freight rates at this time," and it hopes
that the commission will decide that the instructions contained in the
Hoch-Smith resolution "cannot be carried out without making certain
rates unduly preferential and unjustly discriminatory,' and that if a
fair return to the railroads demands an increase in rates, such increase
shall be made a horizontal one." "If the commission cannot find that
reduced rates will increase the volume of movement of agriculture and
the products thereof so as to relieve agriculture's conditions," the brief
says in conclusion, "it cannot hope to put the burden on industry without courting national disaster in which not only manufacturing but
agriculture and transportation will all suffer."
Reference to the petition of the roads for a 5% increase
in freight rates was made in these columns March 27,
4%
/
s3
page 1715.
Committees of Security Holders of Northwestern Roads
File Brief With I. S. C. C. Seeking a 15%
Increase.
Copies of the rebuttal brief filed on behalf of the Committees of Security Holders of the Northwestern Railroads, relating to a mandatory order providing for a revision of the Western trunk line rate upward by 15%,
were given out ill New York on April 26, according to
the New York "Times," which reports further as follows:
2450
THE CHRONICLE
The brief was filed by William Church Osborn and
Root, Clark,
Howland & Ballantine, in reply to a brief by counsel for the
shippers,
opposing a rise. Last Summer all of the roads west
of the Mississippi
filed an application for an increase in rates of 5% on
the ground
that the statistics and facts warranted separate treatment
Northwestern ‘roads. Roosevelt & Son organized committees for the
to apply
for special treatment in the territory. All arguments
on the application are scheduled to begin before the Interstate
Commerce Commission in Washington on May 19.
The essential points in the demand for a 15% increase
in rates are as
follows:
1. That for a period of years the rate of return
on the
property investment of the Northwestern group has been less railway
than that
of any other railroad group in the United States.
2. That for a period of years the rate of return on railway
property investment of the Northwestern group, computed
on the
possible basis of valuation, has been little more than one-half lowest
of
the
53
/
4% fixed by the commission as a fair return under
the provisions
of the Transportation act, 1920.
3. That notwithstanding the investment for capital purposes
by the
six major Northwestern lines in the period
1911-1924 of $952,000,000,
their net revenue increase was so slight that in
1924
the
return
on
this vast investment was only sixteen one-hu
ndredths of 1%.
4. That this condition of inadequacy of return has
not been temporary, but has been persistent.
5. That (including the Chicago & Alton) three railroads
in the
Northwest having a total main trackage of 13,700 miles,
have become
insolvent and have gone into receivers' hands since
the
rates in 1922, causing a default on $310,133,070 in bonds. reduction of
6. That 84 6/10% of all the railroad bonds in default
in the United
States in 1925 were (including Chicago & Alton) bonds
of Northwestern roads.
7. That in consequence of these conditions there has been
a shrinkage in the market value of the securities of seven major
Northwestern
roads of approximately $1,000,000,000 since 1915.
8. That as a result, the confidence of investors in
securities of
Northwestern lines has been seriously impaired.
9. That no Northwestern railroad can sell any stock.
10. That from the position of enjoying high investment
credit prior
to the World War, the Northwestern group has sunk
to the bottom of
all railroad groups in respect of credit.
11. That as a net result of the foregoing, the
development of adequate railroad transportation in the maintenance and
great Northwest
is seriously threatened.
In this connection the brief said: "It is
possible to ignore these
facts, but it is not possible to dispute them.
They stand on the
records substantially uncontradicted. The question
is what the commission is going to do about these conditions pursuant
to its statutory
duty to insure adequate transportation service."
In
discussing the Chicago, Milwaukee & Puget Sound extension of the
Chicago,
Milwaukee &
St. Paul road, the brief declares that "the effort
to find an alibi for
the Northwestern situation by exaggerating the
importance of the Puget
Sound extension is without sound basis."
As this is the first time that security holders
have appeared before
the Inter-state Commerce Commission in an
important rate case, the
successive steps of the argument are being watched
by bankers and
railroad men generally with keen interest.
Roosevelt & Son, of this city, who, it is indicated in
the
above, organized committees to apply for special treatment
in the territory of the Northwestern roads, in a
letter
under date of March 16, to a selected list of larFe investors to whom the brief was forwarded, drew attention
to the brief prepared by the carriers in support of their
application for a 5% increase in the entire Western District, and added:
The application of the carriers was made by all Class
I railroads in
the Western District (all of the United States west of
In this vast territory, local conditions vary greatly,the Mississippi).
and, naturally,
various groups of roads have divergent interests. By
reason
fact, the carriers were led to reduce their original application of this
application for only a 5% increase, thus ignoring the Northwest to an
tion where admittedly a 5% increase is not adequate. That situaincrease would not be nearly enough to meet the difficulties a 5%
of the
Northwestern lines or give them a fair return on their
investment, was
definitely brought out by testimony at the hearings by several
executives
of the Northwestern railroads.
Since, therefore, the Northwestern Carriers failed to seek
adequate
relief to meet their special needs, the Security Holders
assumed the
burden of pleading for special relief to which the Northwestern
is entitled We believe the Security Holders Committee have: region
First—Pleaded strongly the special rate condition in Western
Trunk
Line Territory—the territory north and east of the Missouri
River, and
presented convincing proof that the rate structure here
is depressed
about 15% below the rest of the Western District.
Second—Demonstrated the seriousness of this depressed rate situation
as is evidenced by the fact that 84.6% of all railroad bonds in
default
in the United States are of carriers the bulk of whose
revenue is
derived from this area of rate depression.
Third—Proved the practicability of a rate order substantially increasing rates in this territory independently of any correction of rates
in
the rest of the Western District.
We wish to emphasize that until the rates in Western Trunk
Line
Territory are equalized with rates in the Western District the necessity
is compelling that the special needs of this district be clearly asserted.
The burden of this effort to plead the special situation of the northwestern carriers as compared with the rest of the Western District rests
practically exclusively upon these Committees.
New York Committee Urges Independent Action By
Security Holders of Northwestern Roads In
Petition for Increased Rates.
A letter was released for publication on April 29 by a
Committee composed of Lewis B. Gawtry, W.Emlen Roosevelt, Van Santvoord Merle-Smith and T. H. Barber, Secretary, 30 Pine Street, New York City, addressing the holders
Wm,. 122
of securities of all the Northwestern roads, representing
$240,159,720 of bonds and stocks, emphasizing the need for
the security holders to organize independently of the railroads' managements in seeking a fair return upon their
securities. It is pointed out that diversity of interests and
other causes seem to make it impossible for the Northwestern
lines to work together, and that independent action is
essential if the necessary rate relief is to be secured. The lines
involved include the Chicago Milwaukee & St. Paul Railway,
Chicago & North Western Railway, Northern Pacific
Railway, Great Northern Railroad, Chicago St. Paul Minneapolis & Omaha Railroad and Minneapolis, St. Paul &
Sault Ste. Marie.
In part the letter reads as follows:
Co-operative and direct action by security holders is forced by the facts.
In the pending Western District Rate Case it has been proved that the
shrinkage in value of the securities of six large Northwestern carriers in the
last ten years is approximately $1,000,000,000 based on market values. It
was further proved that from 1911 to 1924 the seven major Northwestern
carriers put into their property $952.000,000, an increase of 56% in their
Investment account. It was proved that the rate of return in 1924 on this
new investment of nearly 81.000,000,000 was sixteen hundredths of one
per cent (0.16%). It was proved that 84.6% of all railroad bonds in default
in the United States in 1925 were bonds of carriers dependent on the Northwestern territory.
The main cause of these ruinous conditions is the low rate structure in
Western Trunk Line Territory north and east of the Missouri River. It
was proved that in that region the rate structure is 15% below that of the
rest of the Western District. If that low spot in rates had been filled to the
average level of the Western District, there need have been no bankruptcies
of Northwestern roads and the solvent carriers would show a satisfactory
earning power on the investment.
It is unfortunately the case that the executive managements of the Northwestern roads cannot be relied upon to co-operate for the necessary rate
relief. As a practical matter all the roads in a region must unite on an
application for rate revision. Supposed diversity of interests and other
causes seem to make it impossible for the Northwestern lines to work
together.
A case in point was the acquiescence of the Northwestern roads in the
sudden reduction of the application for relief in the pending case from the
equivalent of an 11% increase to about 5%. This change of front was made
on the eve of the hearing, months after the original application for relief.
although it was later conceded by every executive of a Northwestern road
who testified in the case that a 5% increase would not be adequate for the
Northwestern lines. This failure of the executives to apply for adequate
relief was apparently due to the threats of shippers, the domination
of
powerful roads in other sections of the West and to the inability of
the
Northv ecern executives to unite and stand together to protect the common
Interests of their roads.
The above referred to factors seem to have prevailed over the obvious
needs of the properties and the legitimate interests of the stockholders and
bondholders. The result was to throw the burden of pleading the special
requirements of the Northwestern region on the security holders. We wer,,
obliged to prove the above described discriminatory rate conditions in
Western Trunk Line territory by expert testimony, practically unaided by
the railroad managements. There is no reason to suppose that the railroad
executives, except under active and persistent pressure from the security
holders, will take the necessary action in the future any more than in the
past. The only definite action, known to us, which has so far been taken by
the carriers as a result of the demonstrated 'low spot" in Western Trunk
Line territory, is an application for an increase of class rates in that territory.
Such application if granted, however, is calculated by the carriers to
produce only $11,528,924 extra revenue—a small part of the additional
revenue required.
It is therefore necessary that the security holders shall continue to be
effectively organized,so as to bring continuing pressure on the managements
to assert your rights and in default of such action to make direct and
independent representations, as we are now doing in the pedning case.
We cite these facts to show you the necessity for your co-operation,
independent of the managements of your roads, if you are to escape from
the disastrous conditions now prevailing.
Much remains to be done. The scope of the pending case is indicated by
the fact that over 350 large shippers and shippers' organizations have
appeared through counsel, and by the fact that the record in the case
consists of 12,815 pages and 495 exhibits, some of these consisting of
100
pages or more. Apart from the vitally important case now pending, the
security holders should remain organized against the assaults of the shippers
and the efforts of the State Commissions to secure rates which lead
to
bankruptcy.
This Committee feels that in common with the other Committees through
the country, it has demonstrated its value to you—the security holders.
We feel that we are fully justified in asking you to give us proper
financial
support, both for the settlement of the expenses already incurred
for
experts, counsel fees, &c., ant for the very heavy burdens yet to come.
We
do not believe that you are willing to lie by and let someone else pay the
cost of work of which you will obtain the benefit.
.
Southwest
Opposes Rates—Creation of Special Rate
Groups For Section Asked In Brief Before I. C. C.
From its Washington Bureau, the "Wall Street News"
on April 8 reported the following:
Creation of a separate rate group in the Southwest and. dismissal of
the petition of carriers in the western district for an increase in
freight
rates insofar as it applies to the Southwest, is urged in a brief submitted to Interstate Commerce Commission by coounsel for Arkansas,
Texas, Oklahoma, the Southwestern Industrial Traffic League and other
shipping organizations in that territory. The creation of such a group
is justified, the brief states, because the Southwest forms a homogenous
rate territory from the standpoints of states in that territory and
traffic
handled; the southwestern railroads are now earning in excess of
the
standard rate of return and are making a far better financial showing
than northwestern roads; and finally that the higher freight rates
in
the Southwest than in the Northwest make impracticable and
impossible
the just application of any general or horizontal increase in
freight
rates, such as that sought by the western roads.
"The Southwest is suffering from unreasonable and
discriminatory
freight rates," the brief says. Concluding, it declares that
industries
MAY 1 1926.]
2451
THE CHRONICLE
is
the development of the Southwest
are throttled or prevented, and
on a rate parity with the other sections
retarded because it is not placed
has
n
situatio
Southwest freight rate
of the country, and because the
not been adjusted.
e Tax.
Exemption of Americans Abroad from Incom
il announces that so
The National Foreign Trade Counc
the Council in regard
many inquiries have been made to
ion of the Revenue Act of
to the application of the provis
Americans abroad from
ting
exemp
14,
1926. Section 213-bthat it secured from the office
tax,
e
incom
of
nt
payme
the
al Revenue of. the Treasury
of the Commissioner of Intern
retation. The text of
interp
e
Department an authoritativ
ury Department's interpretation
Treas
the
and
n,
sectio
the
follows:
given food, clothes
year," said Captain Sheppard,"and were
cent of all the
and money for a new start in life. Forty per
cases Jobs
many
in
and
ed,
marri
are
s
prison
men in State
furniture
and
ers
prison
ioned
were secured for the probat
of the banking
rs
membe
The
."
homes
their
for
ed
provid
in Sheppard's
committee who pledged their support of Capta
Co., Chairman;
work are: J. K. Cooney, Bankers Trust
ation; H. W. Beebe,
J. C. Andersen, Chase Securities Corpor
zer, Kuhn, Loeb &
Boveni
W.
e
the National City Co.; Georg
of New York; H. H.
Co.
nty
Guara
e,
Cande
ton
Hamil
Co.;
Lord, Lee, Higginson &
Egly, Dillon, Read & Co.; Albert C.
Co.; Frank M. Stanton,
Co.; Walter Shepperd, Redmond &
son, Anglo-LondonHarris, Forbes & Co.; John Miles Thomp
Co.
Trust
rs
Banke
Paris Co.; John E. Berdich,
ABROAD FROM INCOME TAX.
ANIES, &C.
EXEMPTION OF AMERICANS
ITEMS ABOUT BANKS, TRUST COMP
Enacting Provision from the Revenue Act of 1926.
The Bank of
by
d
electe
been
has
ns
(Signed February 26 1626)•
Elmore F. Higgi
e of Southern
charg
in
nt
Gross Income Defined.
America, New York, as Vice-Preside
in Southern as
this title, except as otherwise provided
known
wellis
who
s,
Higgin
Sec. 213. For the purposes of
Mr.
territory.
resigns his position as Vicein Section 233—
not include the following items, which well as local banking circles,
(b) The term "gross income" does
of Commerce in New York
title:
Bank
this
under
nal
n
Natio
taxatio
the
from
of
exempt
ent
Presid
shall be
ual citizen of the United States, a bona
May 1. Mr. Higgins spent
,
to-day
(14) In the case of an individ
duties
new
States for more than six months during to assume his
fide non-resident of the United
and entered the employ
Ala.,
States
,
d from sources without the United
his early years in Montgomery
the taxable year, amounts receive
nal Bank of MontNatio
income as defined in section 209; but
rs
earned
ute
Plante
constit
and
s
amount
ants
Merch
of the
If such
as a deduction from his gross income
of mergers this
series
a
gh
Throu
such individual shall not be allowed
1897.
le to or chargeable against amounts excluded gomery in August,
any deductions properly allocab
First National Bank of
the
by
bed
absor
ph.
paragra
was
this
under
ution
instit
income
from gross
remained until May,
Earned Income Defined.
Montgomery in 1906, with which he
h National Bank
Fourt
the
with
n—
sectio
1912, when he resigned to go
Sec. 209. (a) For the purposes of this
ber he became
" means wages, salaries, professional fees,
Decem
ing
follow
The
.
(1) The term "earned income
omery
Montg
d as compensation for personal services actually of
s Clearing House
and other amounts receive
the compensation derived by assistant examiner in the New Orlean
rendered, but does not include that part of
which
tion
bank examiner in
al
corpora
a
to
him
nation
by
s rendered
Association and was appointed
the taxpayer for personal service
rather than a reasonable
subsequently in
and
ia
Georg
in
represents a distribution of earnings or profits
ng
worki
1914,
d.
February,
l services actually rendere
allowance as compensation for the persona
was transferred
he
1915,
,
both
March
which
In
in
engaged in a trade or business
western Pennsylvania.
In the case of a taxpayer
l income producing factors, a
al bank examiner for the
nation
chief
ant
assist
as
go
personal services and capital are materia
Chica
to
personal services actually
ct. During 1917 he was
reasonable allowance as compensation for the
centum of his share of the Chicago Federal Reserve Distri
rendered by the taxpayer, not in excess of 20 per
national bank examiner
income
chief
earned
shall be considered as
temporarily assigned as acting
net profits of such trade or business,
Internal Revenue has said:
ct with headquarters
Distri
ve
Reser
al
Feder
ond
In construing Sec. 213-b-14, the Bureau of
Richm
the
not the place where payment for
October, 1917, to
in
The place where services are forformed and
erred
transf
was
and
from
in Richmond, Va.,
nes whether the compensation is
for these services is made determi
for the Sixth Federal
ner
exami
bank
al
States.
nation
United
the
as
chief
a
without
or
Atlant
within
a source
Assistant
UE.
Reserve District, resigning April 1 1919 to become
COMMISSIONER OF INTERNAL REVEN
•
York.
New
in
rce
Comme
of
Treasury Department.
Bank
nal
Cashier of the Natio
Washington, D. C.
ry 1 1922,
March 29 1926.
He was appointed a Second Vice-President Janua
1 1924.
and Vice-President on March
National Foreign Trade Council,
India House,
of the FarmHanover Square, N. Y. City.
The opening of the new Fifth Avenue office
Sirs:
next, May 3, was preceded
ay
Mond
on
Section
to
Co.
Trust
relative
&
Loan
1926,
20
ers'
March
of
Reference is made to your letter
3:30 p. m. to
ng for exemption of Amerlby a reception on Thursday, April 29, from
13 (b) (13) of the Revenue Act of 1926 providi
banking
State
r,
Walke
Tax.
r
Income
Mayo
from
oon.
aftern
cabs abroad
made a ruling in regard to 5:00 p. m. in the
ors of the comYou have been informed that the Bureau has
direct
the
and
men
ss
which
in
busine
Havana
of
n
ce
uptow
Commer
of
r
ls,
officia
this provision to the American Chambe
rs in
the services of a taxpayer
ac,orded an opportunity to see the new quarte
which ruling it was stated that the place where
nes whether the pany were
determi
made
is
t
years
paymen
y
,
the
twent
where
where
site
not
the
and
are performed
erected on
the United States. You the 23-story building
compensation is from a source within or without
Co. established the first
l B. Carroll of the Division of Com- ago, the Farmers' Loan & Trust
also refer to an article by Mr. Mitchel
States
United
the
in
ed
company. The compublish
trust
ce,
own
Commer
of
downt
mercial Laws, Department
uptown office of a
giving an interpretation of Section (213)
second floor with
and
street
the
y
Daily March 16, 1926, where, in
occup
s
office
ntative
represe
new
s
pany'
if the monthly pay check of a foreign
surface. The
(b)(14) it is stated that
street
the
ed
deposit
below
s
thus
storie
total
the
,
two
his account
vaults extending
Is deposited in an American bank to
ishment, including sepaonly a part thereof from the bank.
establ
ng
banki
the
of
ts
ntmen
will be exempt even though he draws
appoi
in order that you may give
ent the latest developYou inquire whether these rulings are correct which you receive relative
s
rate accommodations for ladies, repres
authoritative information to the many inquirie
are in sharp contrast
These
ts.
ment in banking arrangemen
to this section of the law.
place where services are renbrownstone houses
old
two
the
in
1906
in
d
You have been correctly informed that the
opene
s
office
is paid is the controlling factor in to the
od.
borho
dered and not where the compensation
neigh
the
of
l
within
income from sources
that were then typica
determining whether compensation represents
g of Section 213 (b) (14)•
or without the United States within the meanin
New York announces
Daily, you are advised
The National Bank of Commerce in
With reference to the article in the United States
who
citizen
States
United
a
is
ant Cashier, and
to
d
Assist
referre
fore
ntative
Keenan, hereto
that if the foreign represe
six months during the that John J.
has been outside the United States for more than
d
Vice-Presidents.
Secon
nted
appoi
been
income
have
his
of
Reed
portion
such
Harry A.
taxable year, he is exempt from income tax on
under
income
earned
nts
represe
as
States
from sources without the United
any of tins
salary or commissions
the definition of Section 209, and the fact that his
Several changes in the Fidelity Trust Comp
ed to his credit in a bank
as follows:
23,
April
on
ors
direct
were paid to him by a monthly pay check deposit
the
of any of the benefits city were announced by
in the United States will not operate to deprive him
promoted to
was
r,
Office
Trust
r
.
forme
,
entitled
be
se
Knapp
otherwi
C.
would
he
d
Harol
of Section (B) (14) to which
to ViceRespectfully,
Vice-President and Trust Officer; Stephen L. Viele,
C. R. NASH, Asst. to the Commissioner.
rt A.
Stewa
ent;
sen, to Vice-Presid
by H. C. Armstrong, Chief of Section. President; H. G. Stener
her
the Council says: Smith to an Assistant Secretary; and James J. Gallag
In making public the above information,has
Assistant Trust Officers.
also informed us
The Commissioner of Internal Revenue's office
covered by Section 213-b-14.
that no return need be made on earned income the United States, income
within
If other income is received from sources
.
must be shown if it is of taxable amount
tion Army.
Bankers to Raise Prison Budget of Salva
and Alfred C. Loede were made
of
P. M. Sayford, formerly Cashier and Vice-President
Street
the Gansevoort Bank (later known as the Fourteenth
Bank) and now associated with the Chase National Bank,
has been elected Vice-President of the County Trust Co. of
New York. Mr. Sayford's years of experience and his familiarity with the market and business conditions of the
Chelsea neighborhood well qualify him for his new position.
ard's acEnthused by Captain J. Stanley ("Red") Shepp
tment of the
Depar
Prison
the
of
head
as
work
his
of
count
the Bankers' Club
Salvation Army, given at a luncheon at
tment Houses and Private
Inves
the
of
rs
membe
week,
last
ion Army drive for
P. D. Saylor has been apointed to the Advisory Board of
Bankers Group in the coming Salvat
from $15,000 to $17,- the Madison Avenue office of the Bank of the Manhattan
$517,000 voluntarily raised their quota
Prison Department in Co. Mr. Saylor is President of Canada Dry Ginger Ale,
500, which is the total budget of the
seven prisoners were inc.
fortyand
ed
this city. "Two hundr
in this State last
Army
ion
Salvat
the
to
parole
on
released
2452
THE CHRONICLE
The directors of the New York Title & Mortgage Co. have
adopted resolutions expressing their sense of the loss suffered in the sudden death on April 23 of Cornelius P. Young,
President of the company's affiliated institution, the County
Trust Co. of White Plains.
[VoL. 122.
Application has been made to the Comptroller of Currency through Edwin J. Goodhart, for permission to form
a new bank in Yonkers, N. Y., under the name of the Palisade National Bank of Yonkers. It is proposed to form the
bank with a capital of $300,000 and surplus of $90,000. The
selling price of the stock is fixed at $130 per share.
Plans to increase the capital trom $500,000 to $1,000,000
of the First National Bank of Brooklyn, were ratified at a
Special meetings of the respective stockholders of the
special meeting held April 20. The increased capital will
become effective May 5. The stockholders have also ratified Fidelity Truk Co. of Philadelphia and the Philadelphia
plans to increase the Board of Directors from 15 to 18 mem- Trust Co. will be held on June 30 to vote on the proposed
bers. The three new directors chosen are: Howard S. Jones, consolidation of the institutions under the title of the Fi&proprietor of the Thomas Jones Decorative Glass Company; delity-Philadelphia Trust Co., to which reference was made
James J. Crawford, Secretary of the Williams S. Gray Sr In these columns In our issue of April 17.
Company and George L. Holahan, Jr., an attorney of 44
As of April 1 1926 the Gir-ard Trust Co. of Philadelphia
Court St. Reference to a proposed submission of these plans
has
increased its capital tO $3,000,000 by the issue of $500,to the stockholders was made in our issue of March 27,
000 in capital stock and has increased its surplus to $9,000,page 1716.
000 by the addition of $1,500,000 from undivided profits.
Announcement is made by the newly organized Guardian During the past year the individual trust funds in care of
Trust Co. of New Jersey (to which we referred March 20, the company have increased by more than $51,000,000. Efpage 1565, and April 3, page 1872) that its investment sub- fingham B. Morris heads the institution.
sidiary, the Guardian Securities Co., will commence business
at 900 Broad St., Newark, on Monday next, May 3. The
Permission has just been g- ranted by the Comptroller of
Securities Company has an authorized capital of $2,500,000, the Currency, Washington, D. C., to organize the Granite
all of which is owned by the Trust company. It will engage National Bank of Brooklyn, in New York. The new banking
in a general investment business, including underwriting institution will be located at 294-96 Livingston Street, facing
new investment issues, offering high-grade bonds and pre- Hanover Place. The organization work has been largely in
ferred stocks, and executing market orders for investment the hands of Colonel A. W. J. Pohl, 200 Montague Street,
securities. James Rattray, who is also a Vice-President and Brooklyn, appraiser of real estate and mortgage investa director of the Guardian Trust Co. of New Jersey, is Presi- ments. It is planned to start the new institution with a
dent of the new Securities company, while the other officers capital of $300,000 and a surplus of $150,000. The organare G. C. Turnbill and Oscar L. Weingarten, Vice-Presi- izers will probably offer the stock in the proposed institudents; Clarence O'Crowley, Secretary; Philip Lindeman, tion at $160 a share, $100 going to capital,
$50 to surplus
Treasurer; Harvey J. Campbell, Assistant Secretary, and and $10 to cover organization expenses.
The organizers and
Ira C. Ayers, Assistant Treasurer. Mr. Rattray, Assistant proposed directors are as follows:
Vice-President of the Guaranty Company, New York,
A. IT. J. Pohl, Chairman of Organization Committee.
Harry L. Jones, 70 Jay Street, Brooklyn, Chairman of the Board of
since 1920, and for several years prior to that time associated
Jones Brothers Tea Co., Inc.
with the Guaranty Trust Co., resigned his position in March
Thomas V. Gould, 485 Fulton Street, Brooklyn, Vice-President and
last to become Vice-President and a director of the Guar- General Manager of Oppenheim-Collins & Co.
Otis S. Carroll, 40 Wall Street, Manhattan, attorney, President Of Brookdian Trust Co. of New Jersey, which had just been organized
lyn Heights Property Owners' Association.
with a capital of 85,000,000 and paid in surplus of 82,500,000.
F. J. II. Kracke, 641 Washington Street, Manhattan, United States ApMr. Rattray has served the Guaranty Trust Co. and Guar- praiser of the Port of New York.
Edward J. Kenny, 44 East 23d Street, Manhattan, head of Special Deanty Company in various executive capacities. He was at
partment of New York Edison
Vice-President of William F. Kenny
one time in charge of the income tax department, later was Co., and Vice-President of HickeyCo.;
Contracting Co.
William J. Gregory, 277 North Henry Street, Terasurer of Thomas
appointed an Assistant Manager of the bond department,
and when the Guaranty Company was organized in 1920, he Gregory Galvanizing Works.
Edward C. Cerny, 5410 Fifth Avenue, Brooklyn, realtor.
was made an Assistant Vice-President. Mr. Rattray was
Dr. Lawrence
Dunn, 480 East 19th Street, Brooklyn.
George IV. Baker Jr, 343 Classon Avenue, Brooklyn, Vice-President of
born and educated in Aberdeen, Scotland, and gained his
early business experience in Scotland and London. He George W. Baker Shoe Co.
There will be an advisory committee, Matthew J. Carroll,
came to the United States twenty years ago and commenced
307 Washington Street, Superintendent of Bradstreet Merhis banking career with the Bank of Buffalo, N. Y., where he
remained until he entered the Guaranty Trust Co. in 1917. cantile Agency, agreeing to serve. Others will be selected
The Guardian Trust Co. of New Jersey is scheduled to open later. No one has yet been selected who will have charge of
for business on or before Aug. 2, it is understood.
the practical banking department. Plans for a new bank
Effective Monday, April 26, the National Exchange Bank building have already been completed by W. T. McCarthy
of Providence was taken over by the Industrial Trust Co. and Frank E. Kelly, associated. In addition to a large and
of that city and hereafter will be known as the Exchange spacious banking floor there will be safe deposit vaults in
branch of the latter, according to the Providence "Journal" the basement, and the second floor will contain executive
of April 24. Formal agreement to the consolidation was offices with possibly an apartment for Resident Superineffected on April 23, when representatives of both banks tendent. This new institution is primarily for the benefit
signed the necessary papers. A meeting of the stockhold- and convenience of the Fulton Street and Livingston Street
ers of the absorbed institution, it is understood, will be held merchants. It is to be a real Brookly institution affiliated
In the near future to vote on the recommendation of the with no other bank or trust company. It is stated that most
directors that the bank go into voluntary liquidation. of the stock has already been subscribed for, and what
Charles H. W. Mandeville, the former President of the stock may be available will be Issued preferably to such
National Exchange Bank, has become Manager of the Ex- people doing business in the vicinity of the new institution.
change branch of the Industrial Trust Co., while Michael
Stockholders of the Security Savings & Commercial Bank
F. Dooley, heretofore Chairman of the Board, and Fredof Washington, D. C., on April 21 unanimously approved a
erick S. Peck, formerly a Vice-President of the National
recomznendation of the directors that the capital stock of the
Exchange Bank, have been elected Vice-Presidents and diinstitution be increased from $200,000 to $300,000. In this
rectors of the enlarged trust company. The other officials
regard the Washington "Post" of April 22 said in part:
of the acquired bank, it is stated, have been given the same
Under the plans approved, $50,000 will be a stock
dividend of one share
relative positions with the Industrial Trust Co. that they for each four shares held, and the right to subscribe
to the other $50,000
will
be available in the same proportion at $300 a share. Arrangements
held in the bank. The Exchange National Bank was organwill be made to adjust the fractional rights.
ized in 1801 and in 1901 celebrated its centennial. It was
It is understood that the issue of stock has already
been oversubscribed
capitalized at $1,250,000, with surplus and undivided proifts and that the completion of the plan involving the increase
is awaiting the
approval
of the Secretary of State of West Virginia, from
of $1,370,851. Its deposits approximated $18,000,000. The
which State the
bank has a charter.
Industrial Trust Co. is capitalized at $4,000,000, with surUpon completion of the increase of capital that
item will total $300,000,
plus and undivided profits of $9,309,705. Prior to the taking the surplus will be $250,000 and the undivided profits
in excess of $55,000.
The officials of the bank are as follows:
over of the National Exchange Bank its deposits amounted
Julius I. PeYser,
President;
to more than $119,200,000. Samuel M. Nicholson is ChairFred McKee and Francis C. Addison Jr.,
man of the board of directors and Florrimon M. Howe, Vice-Presidents; Samuel R. Baulsir, Cashier, and L. Owen
and J. L. Shipley, Assistant Cashiers.
President.
1
MAY 1 1926.]
THE CHRONICLE
Co. and
The formal merging of the State Banking dr Trust
recently
d
complete
was
d,
Clevelan
Co.,
Trust
the Union
merger,
when stockholders of both institutions approved the
and Jas. L.
effective April 17. D. R. James, George Walters
ts of the
Paton, of the State Bank, became Vice-Presiden
th and
Union Trust Co., and D. Y. LeFever, J. L. Wadswor
The offices
s.
President
ViceAssistant
Hodous,
J.
Chas.
operation with the
of the State Bank will be continued in
State Bank
same personnel, including the main office of the
as the
known
be
hereafter
will
which
Ave.,
Euclid
at 322
D. R.
and
Barkwill
S.
E.
Co.
State office of Union Trust
Co., and
James will become directors of the Union Trust
H. Rose,
C. G. Barkwill, John A. Jackson, F. E. Prasse, F.
, members
Jos. J. Sa,cha, N. R. Snell and H. H. Hackman
consolidation of
of the Advisory Board. The proposed
le" of Mar. 27,
"Chronic
the
in
reported
ons
was
these instituti
page 1717.
2453
liabilities of the old bank, will be operated under a new
national charter and will be known as the National Exchange Bank in St. Paul. It will have a combined, capital
and surplus of $350,000. David C. Shepard, Vice-President
of Finch, Van Slyck & McConville, and a director of the
First National Bank of St. Paul, will head the new institution, with C. E. Johnson, former Vice-President and liquidating agent of the old National Capitol Bank' of St. Paul,
as Vice-President. Clarence T. Dedon, heretofore Cashier
of the National Exchange Bank, will continue with the new
organization in the same capacity. Business will continue
at the same location without interruption, it is stated.
Proposed consolidation of the Union State Bank of Minneapolis with the Midland National Bank & Trust Co. of that
city was announced on Apr. 24 by Chas. B. Mills, the President of the latter, according to the St. Paul "Pioneer Press"
of April 26. Mr. Mills stated that all the officials and emof the
0. J. Jorgenson has been appointed Sales Manager
ployees of the Union State Bank would continue with the
Mr.
Bond Department of the Central Trust Co. of Illinois.
enlarged institution.
Co.
Jorgenson has been connected with the Central Trust
ExThe Farmers' & Mechanics' Bank and the American
Bond Department for the past five years.
their doors
change Bank, both of Sedalia, Mo., which closed
in on March 24 last, were reopened for business on April 21,
The following showing the increase in bank deposits
Louis
article
an
from
taken
is
years,
according to a dispatch from that place to the St.
five
past
the
Detroit during
dispatch
the
ng,
Continui
20.
in
April
appeared
on
t"
which
"Globe-Democra
entitled "Banks Reveal City's Growth,"
said:
the Detroit "Free Press" of April 18:
reopening
approval on the
is seen in the fact
The State Finance Department has passed its
Mulligan
Impressive proof of the prosperous growth of Detroit
in plans, every requirement having been fully met. Ezaminers L. J.
00
$359,897,0
increased
have
banks
the
downtown
of
two after reopenthat total deposits
is equivalent to and Joseph Zick will be with the banks the first day or
$87.87%,
to
amounting
increase
This
years.
five
the last
00 accumu- ing, after which they will depart.
approximately seven-eighths of the total deposits of $409,574,0
preceding 1921.
The closing of the institutions was noted in these columns
lated by downtown banks in all their years in business
savings banks
Total deposits of the four national banks and 12 State and
the "Chronicle" of March 27 last.
in
in their latest
operating in Detroit's central financial district, are revealed
April
business
statements in response to the call for a report at the close of
the
banks at the close
A dispatch from Nicholasville, Ky., on April 13 to
12 1926, as $769,471,000. Statements of the downtown
0.
$409,574,00
of
deposits
voluntary closing
the
reported
"
of business April 28 1921 disclosed total
-Journal
"Courier
e
Louisvill
years ago is beThe comparison with the period of approximately five
Bank
of the call in on that day by its directors of the Wilmore Deposit
lieved to have special interest from the fact that at the date
the readjustand
Ky., and the turning over of its assets for liquiWilmore,
1921 the post-war inflation had largely been eliminated
of
consequence
ment period was practically closing, the bank statements in
oner. The dispatch
move- dation to the State Banking Commissi
revealing the total deposits at just about the time when the upward
part:
in
said
initiated.
was
deposits
in
ment
examination by
in the
The action of the board of directors followed the regular
The expansion in business and growth of employment in Detroit
the S. A. Phillips, Deputy Banking Commissioner, and Examiners W. L. Coons
intervening years is reflected in the fact that for the five-year period
it is and H. H. Shanks, who advised them of their inability to continue operaannual increase in deposits averaged $71,979,400. In this connection
of the bank wasi caused by
interesting also to note that total deposits of the downtown Detroit banks tion on the bank's present assets. The closing
the call frozen and uncollectible loans, accumulated over a period of years.
amounted to $688,829,000 in the reports published in response to
closing had a capital
April 6 1925. In
The bank was organized in 1900 and at the time of
for a statement of condition at the close of business
loans and disapproximately one year, preceding the date of the latest call, total deposits stock of $75,000; surplus, $5,000; deposits, $315,000;
James M. Lowry was Presihave increased $80,642,000, which is $8,662,600 more than the armual counts, $386,000, and bills payable, $57,500.
dent and J. L. Gaugh, Cashier.
average for the five-year period.
The growth of deposits in Detroit banks and continuing prosperity of the
the
with
comparison
in
National
business interests of the city are further indicated
On Saturday evening, April 10, the Atlantic
was
figures presented in response to the call of December 31 1925, which
Fla., formally opened the ten-story
lle,
Jacksonvi
total
The
1926.
of
12
of
April
Bank
statements
the
preceding
one
recent
the most
Street,
deposits on Dec. 21 last amounted to $759,897,000, the increase from that annex to its bank building, fronting on West Adams
date to the totals shown in the latest call being $9,574,000.
under construction for some time. More
had
had
it
which
radio
for
,
for
automobiles
estate,
real
Despite enormous expenditures for
the than 12,000 persons visited the institution and inspected the
outfits and for other items of necessity or luxury in Detroit during
00 of
$375,492,0
constituted
1926
12
April
on
deposits
savings
year,
last
e new quarters. Throughout the evening favors
$333,243,000 in handsom
the banks' total deposits of $796,471,000. Compared with
, the latter in the form of a booklet containing
souvenirs
In
.
and
$42,249,000
of
savings deposits on April 28 1925, this is an increase
the
1925,
31
Dec.
on
00
of the institution, were distributed. Quan$369,698,0
of
history
a brIef
comparison with savings deposits
increase to April 12 this year was $5,794,000.
the gifts of clients and friends of the bank.
flowers,
of
tities
00
$359,897,0
Estimating the total population of Detroit at 1,500,000, the
the occasion. The Atlantic National
mark
to
sent
capita
per
a
werc
increase in total bank elepceits in the last five years shows
total of
which is said to be the largest bank in Florida and
increase of $239 91. With the same estimate of population, the
Bank,
capita.
institutions in
savings deposits on April 12 this year is equivalent to $250S2 per
12 listed among the hundred largest banking
The deposits reported in statements of the downtown banks on April
and unsurplus
capital,
combined
the United States, has a
1926, with the increase for each from April 28 1921, are as follows:
Increase over divided profits of nearly $3,000,000 and deposits in excess
Deposits
April 28 1921.
April 12 1926.
Banks—
, it is understood, its subsidi$63,260,000 of *50,000,000 (not including
$150,177,000
Peoples State Bank
42,206,000 aries, the Springfield, Riverside and Fairfield Atlantic
111,035,000
Wayne County &Home
37,837,000
98,625,000
First National Bank
banks, which are owned pro rata by the shareholders of the
27,221,000
58,875,000
Dime Savings Bank
Atlantic National Bank). The bank was founded in 1903
32,105,000
56,342,000
National Bank of Commerce
20,735,000
49,111,000
State
with a capital of $350,000. Edward E. Lane is President.
Peninsular
26,635,000
44,395,000
Bank of Detroit
16,256,000
38,826,000
Detroit Savings
21,567,000
37,548,000
Central Savings
THE CURB MARKET.
17,088,000
31,579,000
State
American
15,765,000
26,103,000
Merchants National
Trading in the Curb Market this week was very quiet
9,360,000
21,128,000
First State of Detroit
price movements irregular and confined to narrow
with
5,462,000
14,297,000
Com.-Fed. Savings
6,907,000
13,896,000
fluctuations. Oil shares showed some strength, Humt•le
United Savings
9,471,000
9,471,000
Griswold National
Oil & Refining after early decline from 663.' to 623/2 sold up
8,063,000
8,063,000
Corn. State Savings
gained a
Totals
$769,471,000
$359,897,000
The St. Paul "Pioneer-Press" of April 26 stated that the
National Exchange Bank of that city had been purchased by
a group of business men long identified with St. Paul's most
substantial business and financial interests. Announcement
of the purchase was made on Sunday, April 25, following a
meeting of the directors of the bank and its new owners the
previous evening. The new organization, which assumes
and guarantees payment, it is understood, -of the deposit
to 683.-i and at 67% finally. Illinois Pipe Line
point to 1443/3. Ohio Oil after loss of about a point to 60
jumped to 62 and sold to-day at 614. Prairie Oil & Gas
%. Standard
rose from 5432 to 56% and finished to-day at 563
Oil (Nebraska)improved some 7 points to 264. Cumberland
Pipe Line sold down from 120 to 110 and at 1113 finallN.
In the industrial section a feature was the beginning of
trading in the new no par value stock of the General Electric
Co. "when issued," It opened at 81, ranged between 803i
%. Auburn Automobile
and 83% and closed to-day at 815
3 and ends the week at 55.
com. advanced from 493 to 55%
"41-4
to a
THE CHRONICLE
Continental Baking, class A, sold down from 853' to 82
but recovered finally to 84. Class B stock was off 1% points
to 128,the close to-day being at 123
4. Electric Refrigeration
improved from 62 to 65 and sold finally at 643's. Ford
Motor of Canada fell from 523 to 445 but recovered to 475.
Glen Alden Coal fluctuated between 1573
4 and 159 during
the week and to-day jumped to 162, with the close at 161
Public utilities were quiet. American Light & Traction corn.
lost about 5 points to 206. American Power & Light corn.
advanced from 534 to 55% and closed to-day at 55.
A complete record of Curb Market transactions for the
week will be found on page 2479.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET
STOCKS(No. Shares)
Week Ended Apra 30
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Ind &bits
OR
93,870
139,220
172,660
135,130
175.320
152,000
104,210
139,250
199,440
189,040
141,800
180,800
868,200
954,540
Mining.
33.420
53,530
46,600
42,090
50,900
25,400
BONDS(Par Value)
Domestic. For'n Goa
$868,000
1,551,000
1.310,000
1.604.000
2,065,000
1,904,000
$168,000
374,000
324,000
286,000
136.000
197,000
251.940 $9,302,000 $1,485,000
[VOL. 122.
nearly 10 points in the preferred stock, and more than 2%
points in the common. Copper stocks also were in strong
demand at improving prices, Anaconda reaching aNnew
high at 465
%. Industrial stocks were weak and railroad
shares were heavy. The final tone was weak.
T ANSACTIONS AT THE NEW YORK
STOCK EXCHANGE:
DAILY. WEEKLY AND YEARLY.
Week Ended April 30
3aturday
Aonday
Tuesday
Wednesday
Thursday
?riday
Total
Sales at
New York Stock
Exchange.
Stocks-No. shares_ _
Bonds.
Government bonds_ _
State I. foreign bonds_
Railroad dr misc. bonds
Total bonds
Stocks.
Number of
Shares.
Railroad.
&c.,
Bonds.
State.
Municipal &
Foreign Bonds.
922.007
1,487,680
1,040,118
1,139,365
1,470,745
1,213,000
$6,367,000
8.035,000
10,162.000
8,656,000
8,578,000
10,388,000
$1,463,500
2,790,000
2,684,000
1,985,500
2,636,000
2,556,000
$465,300
921,500
1,351,250
1,145,500
1,042,650
930,000
7,272,915
$52,186,000
314,115,000
$5,858,200
Week Ended Apra 30
1926.
1925.
United
States
Bonds.
Jan. 1 to ARM 30.
1926
1928.
7,272,915
5,521,906
157,756,546
138,773,799
$5,856,200
14,115,000
52,186,000
$6,273,850
15,151,200
47,208,000
$106,508,900
211,076,350
792,300,200
$142,903,860
219,826,300
944,797,500
$72,157,200 $68,633,050 $1,109,885,450 $1,037,527,
660
THE WEEK ON THE NEW YORK STOCK EXCHANGE. DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA
AND
BALTIMORE EXCHANGES
The stock market this week has displayed considerable
irregularity. Speculative activity has centered largely
Boston.
Philadelphia.
Baltimore
Week Ended
around motor stocks and high-priced specialties, though
April 30.
Shares. Bond Sala Shares. Bond Sates. Shares. Bond Sales.
there was moderate improvement manifested in a number
5aturday
48,919
$8,000
11,520
$29,000
1,511
$2,000
of industrials, and toward the end of the week renewed Wonday
34,522
31,000
19,191
16,000
1,314
16,100
Tuesday
20,680
23,100
16,975
22,400
activity in the oil stocks was apparent. The outstanding Wednesday
1,677
17,300
23,960
39,950
12,531
21,500
1,851
42,900
Thursday
32,357
feature of the trading on Saturday was the strength of Gen- Friday
45.000
35.723
49,100
1,443
21,000
16,790
8,000
32,400
32.000
1,424
4,000
eral Motors, which moved briskly forward 5 points to a
Total
177,228 $154,950 128,340 $170,000
9.220 $103,300
new high for recent trading. General Electric was also in
strong demand and closed at 325, scoring a net gain of 19 ?rev, week revised 88,100 $105,750 157.184 3137.300 12.130 $128.000
points, this substantial gain being in a large measure the
direct result of the plan announced for dividing the present
COURSE OF BANK CLEARINGS.
stock issue on the basis of one to four in new shares. RailBank clearings the present week will show a decrease as
road stocks moved -nto the foreground on Monday, Nickel compared with
the corresponding week last year but this
Plate, Chesapeake Sz Ohio and Pere Marquette leading the follows entirely from the
fact that the May 1 payments,
forward movement, followed by Norfolk & Western, Balti- which last year counted
in the present week, will this year not
more & Ohio and New York Central. Industrial stocks did be cleared until
next Monday. Preliminary figures compiled
not do so well, the heavy realizing sales in this section forcing by us, based
upon telegraphic advices from the chief cities of
many of the more active issues to lower levels. Some of the country,
indicate that for the week ending to-day
the stocks that made the largest gains in recent trading de- (Saturday, May
1) bank exchanges for all the citieCof the
clined from one to five points. Automobile stocks were United States
from which it is possible to ,obtain- weekly
prom.nent .11 the recessions, General Motors slipping back returns
will fall 3.4% below those for the corresponding week
23 points to 126%, Hudson Motors yielding 4% points and last year. The total stands
at $10,109,680,049, against
Jordan dropping back 23' points. Many specialties de- $10,459,274,532
for the same week in 1925. At this centre
clined from one to five points and United States Steel common there is a
decrease for the five days of 4.0%. Our comreceded below 122. Price movements were somewhat parative summar
y for the week is as follows:
irregular on Tuesday, gains in some parts of the list being
offset by losses in other parts. The feature of the day was
ClearIngs-Returns by Telegraph.
Per
IVeek Ended May I.
1926.
1925.
Cent.
the strength in Interborough Rapid Transit, which had a
New York
$4,798,000,000 $4,995,379,951
brisk advance of 3 points to above 46. Motor stocks also Chicago
-4.0
553,004,698
636,274,721 -13.1
Philadelphia
were in strorg demand at generally advancing prices, Gen- Boston
446,000,000
432,000,000
+3.2
394,000,000
348,000,000 +13.2
eral Motors making a gain of 3 points at its high for the day, Kansas City
106,412,223
100,645,619
+5.7
St. Louis
115,000,000
111,700,000
+2.9
though part of the advance was lost in the closing hour. San
Francisco
147,734,000
145,444,000
+1.6
Los Angeles
130,029,000
Under the leadership of the motor stocks the market again Pittsburgh
120,475,000
+7.9
135,957,118
140,898.116
-3.5
' moved forward on Wednesday, General Motors leading Detroit
133,539,271
129,341,682
+3.2
Cleveland
99,945,744
86,726,945 +15.2
the upswing with an advance oi 4 points to a new high for Baltimore
96,466,440
87,489,764 +10.3
New Orleans
51,573,969
46,880,896 +10.0
the year, and prices in some of the leading stocks advanced
Thirteen cities, five days
$7,207,662,463 $7,381,256,694
as high as 7 points. The announcement aiter the close on Other
-2.4
cities, five days
1,050,404,245
954,807.045 +10.0
Tuesday that United States Steel common had been estabTotal all cities, five days
$8,258,066,708 $8,336,063,739
-0.9
lished on a 7% dividend basis had a stimulating effect on All cities, one day
1,851,613,341
2,123,210,793 -12.8
many of the issues in the industnal list, a number of the
Total all cities for week
310.109.680.049 310.469.274.532
-t4
more active stocks moving forward to higher levels. Oil
Complete and exact details for the week covered by
the
shares displayed considerable improvement, Atlantic Re- foregoin
g will appear in our issue of next week. We cannot
fining moving up 7 points to above 116 and establishing a furnish
them to-day, inasmuch as the week ends to-day
new high for recent years. General Electric was prominent (Saturda
y), and the Saturday figures will not be availabl
e
in the last hour and moved briskly forward 5 points to until noon
to-day. Accordingly, in the above the last day
323 8. The market again moved forward in the forenoon of the week
has in all cases had to be estimated.
on Thursday, General Motors and United States Steel
In the elaborate detailed statement, however, which
we
common leading the upswing with substantial gains. In present
further below, we are able to give final and complete
the f.nal hour, however, sell ng act v.t.es predominated and results for the
previous week-the week ended April 24. For
prices reacted downward, the advances of the morning that week
there is an increase of 12.1%, the 1926 aggregat
e
being greatly reduced or entirely lost. General Electric of the clearings
being $10,098,434,880 and the 1925 aggregate
continued to move forward and several of the railroad $9,005,253,249.
Outside of New York City there is an inissues improved in the final hour. Oil stocks moved for- crease of 6.6%,
the bank exchanges at this centre recording
ward, interest in these stocks being stimulated by Skelly a gain of
16.4%. We group the cities now according to
the
Oil, which established a new high at 363', though it lost Federal
Reserve districts in which they are located, and from
part of its gain later on. Price movements were mixed on this it
appears that in the Boston Reserve District there
is a
Friday, both advances and declines occurring simultane- gain of
25.6% and in the New York Reserve District
(includously in the general list. Oil shares were particularly ing this
city) of 16.2%, while in the Philadelphia
prominent in the early trading, Panhandle Producing & District
Reserve
there is a decrease of 1.7%. The Cleveland
Refining standing out conspicuously because of its gain of District
Reserve
has a gain of 1.9%, the Richmond Reserve
District
MAY 1 1926.]
THE CHRONICLE
of 12.3% and the Atlanta Reserve District of 10.2%. In the
Chicago Reserve District the totals are larger by only 0.6%,
but in the St. Louis Reserve District by 10.3% and in the
Minneapolis Reserve District by 0.8%. The Kansas City
Reserve District has a trifling loss, namely 0.3%. The
Dallas Reserve District shows 4.7% improvement and the
San Francisco Reserve District 14.9%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEA-RINGS.
Week Ended April 24.
1926.
1925.
Federal Reserve Districts.
s
$
let Boston
12 cities 513,421,373 408,716,676
lad New York
11 " 6,046,005,946 5,200,447,915
5rd Philadel9hia
10 "
585,181,066 595,459,119
6th Cleveland
8 "
393,435,130 383,301,171
8 "
6th Richmond
214,968,737 191,445,772
Atlanta
5th
250,585,083 227,329.096
13 "
20 "
7th Chicago
929,605,437 918,658,810
8 "
Stti St. Louis
224,917,172 203,915,234
iltr Minneapolla
7 115,884,3e2 114,983,214
10f a Kansas City
12 "
233,528,174 234,272,135
11.11 Dallas
5 ••
66,303,287 62,382,711
1".1b San Francisco
17 "
533,599,093 464,342,396
Inc or
Dec.
1924.
%
s
1923.
+25.6 442,727,956
+16.2 4,684,737.431
-1.7 552,739,832
+1.9 372,852,380
+12.3 181,866,770
+10.2 178.649,367
+0.6 877,482,026
+10.3 189,876,874
+08 106,319,513
-0.3 209,215,349
+4.7 58,439,660
+14.9 441,457,158
s
439,261,257
,301.089.817
486,620,288
379,049,615
161,191,677
159,136,119
887,975,492
62,809,065
106,214,792
235,477,783
49,057,844
443,988,894
Grand total
120 cities 10098434,880 9,005,253,249 +12.1 8,296,364,316 7,714,872,64
t,atalcle New York CRY
4,178,759,802 3,918,531,910 +6.6 3,712,574,733 3.572,125,9973
90 9019a
Ins MI "IA
ins nes lig
A-
la 1
Oil ann nil
neo AI 1
sal
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending April 24.
clearings al1926.
1925.
$
$
First Federal Reserve Dist rict-Boston
Maine-Bangor644.670
647,208
Portland
2,810,462
2,791,497
Mass.-Boston_ _ 461,000.000 362,000,000
Fall River, _
1,863,827
1.957,297
Holyoke
a
a
Lowell
4,761,000
953,709
Lynn
a
a
New Bedford_ _
1,184,716
1,273,550
Springfield_ _ _
4,700,633
5,166.338
Worcester
3.056.923
3,094.573
-Hartfor
Conn.
d
14,572.752
11,892,137
New Haven.,.
6,628,394
6,215,462
R.I.-Providence
11,611,200
12,211,400
N. H.-Manch'er
496,806
512,505
Inc. or
Dec.
-0.4
+0.7
+27.3
-4.8
a
+399.2
a
-7.0
-7.3
-1.2
+22.6
+6.6
--4.9
--3.1
1924.
764,279
2,689,169
395,000,000
2,100,194
a
1.188.123
a
1,201,131
5,340,476
3,824,860
13.336,968
6,524,736
10,200,700
557.322
1923,
622,373
2,811,864
393,000,000
2,075,522
a
1,218,727
a
1,349,575
4,905.170
3,816,000
11,245,769
6,005,058
10.562,200
648,999
Total(12 cities) 513,421,373 408,715.676 +25.6
442.727.956 439,261,257
Second Feder al Reserve D Istrict-New York
N. Y,-Albany,_
6,545,223
10,516,084 -37.8
5,007,476
5.991,311
Binghamton__ _
1,015,700
994,500 +2.1
754,500
950,500
Buffalo
d55,774,021
51,235,483 +8.8
44,518,71
6
46,359,612
Elmira
1,043,815
892,009 +17.0
657,536
705,907
Jamestown_- c1,456,445
1,426,962 +2.1
1,083,267
1,100,255
New York_ _
5,919,675,078 5,086,721,339 +16.4 4,583,789,583
4,192,746,648
Rochester
11,377.140
10,252,487 +11.0
9,611,766
10,106,001
Syracuse
5,179,919
4,347.991 +19.1
4,255,273
4,405,455
Conn.-Stamford
c3,740,785
3,532,519 +5.9
2,782.785
2,847.678
N. J.-Montclair
1,974,613
453,387 +335.
462,263
453,615
Southern N. J..
38,223,207
30,075,154 +27.1
31,834,266
38.422,837
Total(11 cities) 6,046,005,946 5,200,447,915 +16.2
4,684,737,431 4,304,089,817
Third Federal Reserve Dist rict-Philad elp hia
Ps.-Altoona,._ _
1,660,752
1,366,741 +20.8
Bethlehem _ _ _
5,160,963
4,164,842 +23.9
Chester
1,462,328
1,289,598 +13.4
Lancaster
2.018,064
2,963,856 -31.9
Philadelphia553,000,000 565,000.000 -2.1
Reading
3,943.851
3,522,403 +12.0
Scranton
6,510,397
5,696,291 +14.3
Wilkes-Barre_ _
d4,049,087
4.278,007 -5.4
York
1,894,007
1,685,415 +12.4
N.3.-Trenton._
5,491,817
5,491,966 -0.007
.
a
a
a
Total(10 cities)
585,181,086
595,459,119
Fourth Feder al Reserve D istrict-Clev
Ohlo-Arkon_
d6,548,000
5,171,000
Canton
3,545,228
3,831.449
Cincinnati
70,832,916
68,438,886
Cleveland
110,821,112 109,962,789
Columbus
15,710,600
13,043,400
Dayton
a
Li.aa
a
a
Mansfield
d2,455,468
1,926.256
Springfield
_
a
a
Toledo
a
a
Youngstown _
4,054.875
3,978,744
Pa.-Erie
a
a
Pittsburgh._
176,466,931 176,948,667
1,442,932
4,066,512
1.137,581
2,872,636
523,000,000
4.590,628
5,447,803
3.293.664
1,702,264
5,185,812
a
1,451,596
4,877,645
1,130,577
2,761,202
459,000,000
.3.465,890
4,873,380
3,085,992
1,498.260
4,475,746
a
552,739,832
486,620,288
eland-+26.6
7,664,000
-7.5
4,486,310
+3.5
63,825,958
+0.8 103,528,444
+20.4
11,227,700
a
a
a
a
+27.5
1,716,382
a
a
a
a
+1.9
3,829,046
a
a
-0.3 176,575,640
6,278.000
4.709,384
65,998.799
106,044,331
15,916,400
a
a
1,657,860
a
a
3.292,432
a
175,152,409
-1.7
Total(8 cities). 390,435,130 383,301,171
+1.9
Fifth Federal Reserve Dist rict-Riches ondW.Va.-Hunt'ten
1.414,446
1,352,073 +4.6
Va.-Norfolk
68,108,181
8,405,083 -3.5
Richmond
47,193,000
50,142,000 -5.9
S.C.-Charleston
.2,159,332
2,584,016 -16.4
886.-Baltimore. 129,901,588 103,993,027 +24.9
D.C.-Washing'n
26,192,190
24,969,593
+4.9
372,852,380
379,049,615
1,831,776
6,536,863
52,495,000
2,113,816
97,952,315
20,937,000
1,954,386
6,274,480
42,925,000
2.184,530
88,174,194
19,679,087
101,445,772 +12.3
181,866,770
161,191,677
Sixth Federal Reserve Dist rict-Atiant A-Tenn.-Chatt'fla. d10.619,423
7,498,007 +41.6
Knoxville
3,015,315
3,685,180 -19.2
Nashville
21,027,495
21,205,572 -0.9
Georgia-Atlanta
72,887.319
64,858,246 +12.4
Augusta
1,930,980
1.803,912 +7.0
Macon
1,915,973
1,434,285 +33.6
Savannah
a
a
a
Fla.-Jack'nville.
34.919,174
26,026,675 +34.2
16,514,319
Miami
17,584,532 +6.4
Ala.-Birming'm.
29,718.729
27,289,846 +8.9
1,712,925
Mobile
1,723,945 -0.7
1,509,000
Miss.-Jackson._
1,129,000 +33.6
321,292
Vicksburg
299,022 +7.4
La.-NewOrleans
54,493,139
52,790,872 +3.2
6,505,792
2,874,556
20,899,055
46,288,304
•1,500,000
1.181,814
a
14.828,324
3,798,732
24,955,059
1,661,681
863,829
221,860
53,070.361
6,415,340
2.975,661
20,545,643
41,695,069
2,012,692
1,048,836
a
12,230,155
22,852,356
1,753,240
769.583
214,706
46.622.838
178,649,367
159,136,119
Total(6 cities).
Total(13 cities)
214,968,737
250,585,083
227,329.096 +10.2
2455
Week Ending April 24,
Clearings 801926.
1925.
Inc.or
Dec.
1924.
1923.
Seventh Feder al Reserve D istrict-Chi cageMich.-Adrian _
263.374
262,878 +0.2
248,505
178,616
Ann Arbor_
880,307
670.818 +31.2
550,086
592,267
Detroit
182,241,916 172,364.337 +5.7 169.780,622
144,799,880
Grand Rapids_
8,193,996
6,700,322 -F22.3
6.391,590
6,037,021
Lansing
2,200,000
2,193,552
+0.3
2,160,124
2.095,827
Ind.-Ft. Wayne
2,511,195
2,459,332 +2.1
2,404,475
2,174.895
Indianapolis-- 22,350,000
14,783,000 +51.2
16,776,000
18,147,000
South Bend_ _ _
2.706,000
2,585,000 +4.7
2,270,000
2,411,800
Terre Haute__ _
4,616,634
5,058,572 -8.7
5,154,930
6,016,930
Wis.-Milwaukee
39,422,085
34,690,100 +13.6
32,289,248
33,458,230
Iowa -Cod. Rap
2,336,087
2,471,357 -5.5
2,252,330
2,357,630
Des Moines.,.
10,491,130
11,210,656 -6.4
10,069,104
10,628,760
Sioux City.6,852.037
7,091,689 -3.4
5,899,848
5,607,264
Waterloo
1,285,167
1,325,858 -3.1
1,330,135
1,300,372
Ill.-Bloomington
1,763,253
1,415.332 +24.6
1,386.831
1,245,667
Chicago
624.659,104 643,183,981 -2.9 618,004,336 640,784,7
87
Danville
a
a
a
a
a
Decatur
1,261,740
1,401,463 -10.0
1.455,512
1,177,284
Peoria
4,797,128
4,155,078 +15.4
4,108,462
4,240,136,
Rockford
3,295,150
2,359,627 +39.6
2,435,276
2,194,484
Springfield...
2,479,134
2,277,858
+8.8
2.515,612
2,526,74
Total(20 cities) 924,605,437 918,658,810 +0.6 877,482,026
887,975,492.
Eighth Federa I Reserve Ohs trict-St.Lo U19Ind.-Evansville.
5,610,259
5,926,188 -5.3
4.678,555
4.771.4715
Mo.-St. Louis__ 149,500,000 134,200.000 +11.4 125,300,0
00
Ky.-Louisville__
32,024.583
30,931.429 +3.5
28,610,803
27,938,911
Ownesboro_ _
299,095
278,616 +7.3
346,714
408.894
Tenn.- Memphis
20,862,165
18,753,598 +11.2
18,565,487
17,392,169.
Ark.-Little Rock
14,513,542
11,955,358 +21.4
10.667,905
10,697,368
111.-Jacksonville
378,592
351,065 +7.
335,577
351.003
Quincy
1,728,931
1,518,980 +13.8
1.371,833
1,267,245.
Total(8 cities)
224,917,172 203,915,234 +10.3 189.876,874
62,809,065
Ninth Federal Reserve Dia trict - Min neapol isMinn.-Duluth_ _
c16,402,455
8,118,689 -21.1
5,132,638
6,354,824
Minneapolis...
73,625,502
71,998,134 +2.3
64.303.670
61,470,887
St. Paul
29,381,648
28,771.822 +2.1
31,587.051
32.020.253
No. Dak.--Fargt
1,922,707
1,762,424
+9.1
1,525,660
1,745,454
S. D.-AberdeeL
1,307.322
1,231.901
+6.1
1,198,894
1,182,755
Mont.-Billings
484,946
508,260 -4.6
387,711
490.387
Helena
2,759,902
2,591,984 +6.5
2,183,889
2,950,282
Total(7 cities) _ 115,884,382 114,983,214 +0.8 106,319,5
13 106,214,792
Tenth Fedora. Reserve Dis trict- Kan as Cit
Neb.-Fremont__
c321,544
326,313 -1.5
409,604
384,577
Hastings
550.711
482,512 +14.1
405,186
413,749
Lincoln
3,852.703
4,372.028 -11.9
3,436,709
3,758,991
Omaha
38,305,119
37,880,516
+1.1
35,039,435
39,450,887
Kan.-Topeka _ _
d2,727,458
3,275,158 -16.8
2,533,250
2,815,573
Wichita
d7,773,685
7,104,398 +8.0
6,823,000
9,813,892
Mo.-Kan. City. 125,818,917 125.793,719 +0.01
114,434,004 137,333,462
Bt. Joseph....
66,923,225
6,658,663
+4.0
5,991,206
Okla.-Okla.City d27,483,056
25,938,269 +5.9
20,122,879
20,863,300.
Colo.-Colo.SPgs
1,065,126
1,187,140 -10.3
900,593
1,049,414
Denver
17,519,633
20,127,045 -13.0
18,258,869
18.801,524
Pueblo
1,186,997
1,036,374 +14.5
880,614
792,414
Total(12 cities) 233,528,174 234,272,135 -0.3
209,215,349 235,477,783
Eleventh Fede ral Reserve District-D alias
Texas-Austin__ _
1,246,285
1,510,734 -17.1
1,332,028
2,039,412
Dallas
40,743,962
40,050,987 +1.7
33,518,101
27,100,000
Fort Worth.,, d10,949,576
9,711,631 +12.7
8,708,608
8,677,552
Galveston
7.737,847
6,559,431 +18.0
5,201,496
6,740,635
HoustOn-a
a
a
a
La -Shreveport.
4,625,617
4,549,928
4.679,427
4,500,245
Total(5 cities).
65.303,287
62.382.711
+4.7
53,439,660
49,057,844
Twelfth Feder al Reserve D strict-San Frond sco-Wash.-Seattle_ _
50,573,425
39,041,932 +29.5
35,292,678
38,008,57
3
Spokane
11,490,000
10,710,000 +7.3
10,276,000
10,056,000
Tacoma
a
a
a
a
a
Yakima
1.266,929
1,303,755 -2.8
1,004,747
1,274,163
Ore -Portland..
39,552,556
39,073,500
40,940,232
+1.2
38,340,834
Utah-Salt L.C'Y
18.128,085
17,275,497 +4.9
14,092,222
14,082,40
8
Nevada-Reno _ _
a
a
a
a
a
Arizona-Phoenix
a
a
a
a
a
Calif.-Fresno_
4,424,155
2,751,26
+60.8
3,315,268
3,552.322
Long Beach.._
7,772.838
7,095,63
+9.5
7,316,788
8,249,255
Los Angeles.,, 170,361,000 141,934,00 +20.0 139,498,000
136,051,0
00
Oakland
21,457,449
19,918,98
15,490,166
+7.7
15,323,432
Pasadena
6,248,618
5,835,564
+7.1
5.273,009
4.862,160
Sacramento...
d7,486,053
7,337,654 +2.0
7,146,421
5,890,616
San Diego_ - - 5.898.329 . 4,596,120 +28.3
3,773,441
3.325,483
San Francisco_ 180,011,000 159,261,000 +13.0 150,600,000
158,200,0
00
San Jose
2,402,301
2,456,092 --2.2
2.139,038
2,330,395
Santa Barbara_
1,595,538
1,250,296 +27.6
998.878
970,763
Santa Monica.
2,182,517
2,007,603
+8.7
2,014,470
Stockton
2,748,300
2,493,500 +10.2
2.285,800
3,471,500
Total(17 cities) 533,599,093 464.342,396 +14.9 441,457.1
58 443,988.894
Grand total (129
cities)
10098434880 9.005,253.249 +12.1 8,296.364,316 7.714,872
,643
Outside N.Y._ _ _ 4,178,759.802 3,918,531,910
Week Ended April 22.
Clearings at
1926.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William _ _ New Westminster
Mediline Hat
Peterborough.- Sherbrooke
Kitchener
Windsor
Prince Albert,...
Moncton
Kingston
+6.6 3,712,574,733 3.522,125,997
113,070,815
113,413,250
43,574,559
17,555,795
7,602,990
5,474,376
2,528,815
4,988,319
7,523,551
2,820,589
2,249,713
2.843,828
5,248,989
8,026,888
652,220
563,059
2,056,048
1,160,871
1.071,139
655,061
908,385
291,066
738.716
800,023
932,674
3,941,198
465,604
782.090
723,107
1925.
Inc. or
Dec.
88,479,494 +279
88,298.100 +28.4
61,169,382 -28.8
15.137,083 +16.0
6,792,743 +11.9
5,763.567 -5.0
2,040,239 +16.8
4.944.405 +0.9
5,957,357 +26.3
2.652,189 +6.3
2,004,170 +12.2
2,564,509 +10.9
4,420,508 +18.7
3.310,618 +142.4
602,972 +8.2
477,066 +18.0
1,687.296 +21.8
1,212,358 -4.2
926,2613 +15.7
895,616 -26.9
574.372 +58.9
276,799 +5.1
833,952 -11.4
767,048 +4.3
982,702 -5.1
3,350,875 +17.6
309,318 +50.5
898,702 -13.0
616,407 +17.3
1924.
68,465,403
66,628,527
47,818,708
12,718,118
5,073,162
5,544.946
2,211,901
4,095,724
5,477,362
2,133,021
2,054,887
1,957.450
3,250,254
2,330.689
425.145
425,355
1,251,257
904,544
747.065
651,296
.504,388
1.89.285
720,956
673,872
834,927
3.226,983
247,507
732,706
492,576
1923.
99.267,558
98,320,692
35,734,001
14.339.804
5,537,803
5,083.468
2,916,721
5,502,683
4,251,884
2,728,168
1,927,367
2,637,602
3,897,566
3,138,452
487,130
482,991
1,460,506
1,022,623
999,017
642,491
650,122
248.576
725,248
816,357
1,018,028
3,842,257
339,433
1,724,541
518,492
Total(29 cities) 352.663,738 308.946,113 +14.1
241.888,014 299,811,481
a No longer report clearings. b Do not respond
to requests for figures. c Week
ended April 21. d Week ended April 22.
e Week ended April 23. *Estimated.
GOLD.
the 31st ult. amounted
The Bank of England gold reserve against notes on
£145,366,305 on the previous Wednesday.
with
d
to £145,333,615 as compare
this week and
About £50.000 Bar Gold was available in the open market
and the Trade.
was divided between India, the Straits Settlements
gold to and from the
Since our last letter the following movements of
Bank of England have been announced:
April 1. April 3. April 8. April 7.
Received
£20,000 £17,000 £23,000 117,000
Withdrawn
n were as follows:
The destinations of the £37,000 sovereigns withdraw
above four days there was
£20,000 to Argentina, £17,000 to India. On the
net influx since the 1st
a withdrawal from the Bank of £77,000, making the
the resumption of an
January 1926 £2,117,000, and the net efflux since
effective gold standard £9,478,000.
during the week ending the
United Kingdom imports and exports of gold
31st ult. were:
ExportsImports/39,175
$154,529 Germany
British South Africa
82,300
15,069 Netherlands
Other countries
76,993
France
33,000
India
British
102,670
Straits Settlements
21,714
Other countries
the week ending
United Kingdom imports and exports of silver during
7th inst. were:
Exports.
Imports.
£68,300
£14,500 China
Germany
1,342
10,100 Other countries
Netherlands
130,538
U.S. A
19,692
Mexico
3,994
Other countries
.
ENGLISH FINANCIAL MARKETS-PER CABLE
,
London
at
&c.,
es,
securiti
for
ons
quotati
The daily closing
week:
as reported by cable, have been as follows the past
6434
6434
x Ex-Interest.
gommercia't ml Th tsceliancousnews
tions
St. Louis Stock Exchange.-Record of transac both
at St. Louis Stock Exchange Apr. 24 to Apr. 30,
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
par. price. Low. High. Shares.
Bank Stocks100
Boatmen's Bank
Nat Bank of Commerce 100 168
100
Franklin Bank
Street Railway Stocks
7
United Railways, prof _100
7
100
Preferred, C-D
10c.
100
Common_
Miscellaneous Stocks•
Best Clymer Co
•
Boyd-Wel.ih Shoe
100
Brown Shoe, corn
100
Preferred
Certain-teed Prod 1st pf100
Century Electric Co-.. 100
•
E I. Bruce, con.
Ely dc Winker D 0,com_25
100
2nd preferred
Fred Medart Mfg, corn_ •
100
Preferred
Fulton Iron Works,corn_•
Hamilton-Brown Shoe_ _25
•
Hussman Refr, corn
•
Ruttig S & 13, corn
Elydr Press Brick, coin _100
100
Preferred
Indep Packing. pref_ _ _100
international Shoe, corn.-•
ie
Preferred
100
Ind Brew, 1st pref
•
Johansen Shoe
•
lohnson-S & SPhoe
Laclede Gas Light pref.100
Nlo Portland Cement__ _25
100
Nat Candy com
•
Pedigo-Weber Shoe
•
Polar Wave 1 6,F A
RIce-Stix Dry Goods corn •
100
lot preferred
,crrage-V 13 D G ist pf _100
•
theffield Steel corn
•
5konras Bros A
3outhern Acid & SU1D COM •
3outhw'tern Bell Tel p1100
3t Louis Amusement A__ _•
4Ix-Baer Sr Fuller corn_ _•
•
Aragner Electric com
100
Preferred
•
Valtke & Co corn
100
Preferred
32
87
5234
33
33
22
10834
90
25
4534
113
50
2234
4234
104
62
60
3934 4034
353.5
35
109 109
10034 10034
114 115
4234 42341
2834 31
87
87
30 • 30
101 101
22
21
4534 4534
36
35
35
34
334 334
8.534 87
107 107
110 150%
10934 11035
634
6
33
32
10
10
87
87
5234 5234
7314 74
33
33
33
33
2134 22
10854 10834
90
90
27
25
4934 4934
4534 4734
113 113
50
50
29N 30
2234
22
74
74
42
42
104 104
25
25c
25
25c
2634
78
7734
8434
7954
7934
78
7734
8434
7934
sosi
78
7734
37
102
190
10014
qc,_
37
102
,
...0..
m
5 N0 par ••alue.
150
7
734
10e.
occ
Miscellaneous Bondsndep Breweries Os_ _1943
Cinloch Telephone 6s 1928
Vagner Electric Mtn 7s em
35
34
334
8634
7
534
10c.
C4Nw.MN
W
..N.-.
Street Ry. Bonds(St Louis & Sub Co 5s'32
tI.,IrSubRyGenMort 5s'23
1023
.Ss C-1)
Jnited Railways 4s_ _ ..1934
1934
415C-D
2931
233
168
157
,lo
t,
0,.
Ot,
Mining Stocks10
'iranite St-Metallic
onsol Lead & Zinc Co_ _20
6034
233
164
157
-.0q0
0,0,-.,N0590000,1.00C4P0MQ000M0.
WM0
0000VM0a.M0m
b.,0N0M
t..-.; .1 .No0N0 00040.-4100m Noo..m0..
m.N0
000
mi.
,n
0 ..
0 ClN
NM
Cl
ClNm
0 ,-. ClN
0888§Cl
Cl
QS
£142,234
2122.928
this year amounted to 834,340 fine
March
for
output
gold
l
Transvaa
The
for February 1926 and 825,479
ounces,as compared with 753,924 fine ounces
fine ounces for March 1925.
SILVER.
is expected to be in time for
purNotwithstanding that this week's steamer
shows little animation. A few
the Bombay "settlement,' the market
, but the Indian Bazaars
shipment
te
part
chases have been made for immedia
against
delivery
for forward
e fresh
are still disposed to budla-selling silver
exchange does not encourag
of their prompt requirements. Chinathe
America
inactive.
is
t
Continen
silver operations at the moment, and market and to be a moderate seller.
is inclined to keep in touch with our
The undertone is not robust.
Trade :
The following extract is from the "Capital andindustry, probably of cen"The making of solid silverware is a Chinese
alloy that contains from
an
of
goods
turies standing. Solid silver goods are made
qualities of Chinese silver
5 to 70% of white metal. The usual
made in it by imbeing
are
Inroads
use
assay from 400 to perhaps 700 fine.
g
to
beginnin
are
es
themselv
ported plate, however, and the Chinese foundations. This is especially
electro-plating processes in covering brass
.
tradition
Chinese
a
true in making flower vases, which are
64
6334
6434
MMO
,-,00
GOLD.
notes on the 7th inst. amounted
The Bank of England gold reserve against
£145,333,615 on the previous Wedneswith
d
compare
as
to 1145.250.840,
in the open market this week
day. The trifling amount of gold available the trade. The demand for
t and
was absorbed by India, the Continen
active as it has been.
gold shipments from Durban is not so
movements of gold to and from the
Since our last letter the following
announced:
Bank of England have been
Withdrawn.
Received.
nil
nil
April 8
nil
nil
9
April
E20000
nil
April 10
nil
nil
April 12
£85,000
nil
April 13
£7,000
nil
April 14
n were as follows:
withdraw
ns
sovereig
The destinations of the . £20.000
During the week under review
£10,000 to India and £10,000 to Holland.
reducing the net influx since
£112,000 has been withdrawn from the Bank,
g the net efflux since the resumpJan. 1 1926 to £2,005,000 and increasin
00.
tion of an effective gold standard to £9,590,0 during the week ending the
United Kingdom imports and exports of gold
were:
7th inst.
Exports.
Imports.
£2,600
£28,900 Germany
Netherlands
11,750
France
40,792
66,284
British West Africa
India
British
51.170
31,600
British South Africa
2,066 Straits Settlements
Anglo-Egyptian Sudan_ _ __
30,000
Ceylon
been:
The price of silver in New York on the same day has
Silver In N. Y., per oz.(eta.):
64
Foreign
Range Since Jan. 1.
High.
Low.
,
r written under
We have also received this week the circula
1925:
14
date of April
Apr.24. Apr.26. Apr.27. Apr.28. Apr.29. Apr.30•
London,
Tues. Wed. Thurs. Frt.
Mon.
Sal.
Week Ending April 30.
2915-16
29 9-26 293.1
2934
2934
d. 2934
Silver, per oz
84.1134 84.1134 84.1134
84.1134 84.1134 84.11
Gold. per fine ounce
5434
55
55
65
54%
_.
__
______
Consols, 234 per cents
9934
9934
100
x9934
10234
British, 5 per cents
94
94
94
95%
x9434
____
_______
cents
per
434
British,
47.75 47.25 47.15
48.15 47.65
French Rentes (In Paris). fr_ __
57.75 57.55 57.70 57.85 57.80
ris),fr. ___
r.
Loan(InPa
French Wa
I
I
1355.852
Total
£169,598
Total
gold deposits has been made
It is reported in the Press that a discovery of
importance.
in Panama that promises to be of considerable
SILVER.
fresh weakness, and some
The course of events in China has induced
forth-coming from the
considerable selling. Support, however, has been
now been touched. America
Indian Bazaars at the lower prices that have
importance.
and the Continent have not been factors of any
and 31d. the price has
After remaining since Febuary 3rd between 30d.
yesterday, 29%d., for
reached
prices
now gone below that level. The
were the lowest for a period
cash and 29 15-16d. for two months' delivery,
former since July 20th
verging upon ten years namely, in the case of the
25 1916.
1916, and in the case of the latter since July
Mint is empowered to
If, as is possible, the Director of the United States
the Pittman Act, the
buy the fourteen million ounces of silver under
United States production
retention for the purpose of this quantity of the
market in face of continued
is hardly likely to check the heaviness of the
Chinese selling such as of late.
the week ending
United Kingdom imports and exports of silver during
the 31st ultimo were:
ExportsImports£13,703
176,229 France
Germany
115.000
India
United States of America__ 19,341 British
16,869
countries
Other
106,415
Mexico
13,907
Other countries
£145,572
Total
£215,892
Total
to hand.
No fresh Indian Currency Return has come
of about 58,800,000
The stock in Shanghai on the 6th inst. consisted
silver bars, as compared
ounces in sycee. 70.000.000 dollars, and 8,730
00 dollars, and 8,730
with about 56,600,000 ounces in sycee, 71,900,0
silver bars on the 27th ult.
Bar Gold.
-Bar Silver, Per Oz. Std.- Per
Oz. Fine.
2 Mos.
Cash.
Quotations-84s. 10d.
1-16d.
30
30d.
April 1
845. 1134d.
29 15-16d.
2974d.
6
845. 1130.
30d.
29 15-16
7
84s. 11.0d.
30.000d.
Average of above 3 days. _ _ _29.937d.
are each
delivery
and two months
cash
for
ay
to-d
ns
quotatio
silver
The
3-16d. below those fixed a week ago.
00PWOP
0012'00 .
0MVPP000$.000,W MPMPPOVV .000=ZPP9M .
THE ENGLISH GOLD AND SILVER MARKETS.
r of
We reprint the following from the weekly circula
of
date
under
written
,
Samuel Montagu & Co. of London
April 7 1926:
Fox,. 122.
T,HE CHRONICLE
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FIR
sv,
14g7,.gg
1.51, 4
2456
28
171
157
Mar
Feb
Apr
Mar
10
Jan
10
20c. Jan
66
4434
4434
111
105
116
5334
3334
90
34
101
303.4
57
41
44
634
9734
10734
17534
11134
1154
45
9834
87
67
92
39
37
2554
109
92
2934
59
5234
11434
5934
3534
3434
85
443.4
106
Mar
Feb
Feb
Jan
Mar
Apr
Jan
Jan
Apr
Jan
Apr
Feb
Jan
Jan
Feb
Feb
Jan
Mar
Jan
Jan
Apr
Jan
Jan
Apr
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Mar
28c Jan
2654 Apr
85
95
9134
78
78
Mar
Mar
Feb
Apr
Apr
Apr
37
10234 Jan
10134 Jan
MAY 11926.]
i'llE Cif
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.
April 24-First National Bank of Fort Pierce, Fla
$100.000
Correspondent, G. R. Nottingham, Fort Pierce, Fla.
APPLICATIONS TO ORGANIZE APPROVED.
April 20-The Santa Barbara Nat'l Bank. Santa Barbara, Calif
250,000
Correspondent, W. R. Mygatt, Santa Barbara, Calif.
April 20-The Labor National Bank of Jersey City, N. J
200.000
Correspondent, Theodore M. Brandle, 14 Enos Place,
Jersey City, N. J.
April 24-The Peoples National Bank of Newark, N.J
200,000
Correspondent, Wm. L. Morgan, Prudential Building,
Newark, N. J.
April 24-The First National Bank of Stone Harbor, N.J
25,000
Correspondent, Harold I. Taylor, Stone Harbor. N. J.
April 24-The Teaneck National Bank, Teaneck. N.J
50,000
Correspondent, Floyd H. Farrant, 313 James St.,
Teaneck, N. J.
April 24-Wilcox National Bank, Wilcox, Pa
25,000
Correspondent, E. 0. Aldrich, Wilcox, Pa.
APPLICATION TO CONVERT RECEIVED.
April 20-The Citizens National Bank of Post, Texas
$25,000
Conversion of The First State Bank, Post, Texas.
April 24-The First National Bank of Grayson,Ky
50,000
Conversion of the Citizens Bank of Grayson. KY.
CHARTERS ISSUED.
April 21-12919-The First National Bank of George West, Texas $50,000
Conversion of The First State Bank of George West,
Texas. President, E.G. Majors; Cashier E.E. Bartlett.
April 21-12920-New First National Bank of Howard, So. Dak_ 50,000
President, Theodore Hanson; Cashier, C. I. Danforth.
April 24-1292I-The First National Bank of Kingston. Pa
100.000
President, 0. R. MulLison: Cashier, Harry R. Hay.
CHANGE OF TITLE.
April 23-923-The First National Bank of the City of Brooklyn,
N. Y., to "First National Bank of Brooklyn."
VOLUNTARY LIQUIDATIONS.
April 19-6522-The Runge National Bank, Runge, Texas
Effective April 12 1926. Liquidating Agent, Runge 850,000
State Bank. Succeeded by the Runge State Bank,
Runge, Texas.
April 20-11925-The National Bank of Huntington Park, Calif- $150,000
Effective April 9 1926. Liquidating Agent, Jay E.
Randall, Los Angeles, Calif. Absorbed by Bank of
America. Los Angeles. Calif.
April 24-8281.-The Exchange National Bank of Montgomery Ala 300,000
Effective April 24 1926.
Liquidating Agent, Hugh
Foster, Montgomery, Ala. Absorbed by The First
National Bank of Montgomery, Ala., No. 1814.
April 24-10945-The Bibb National Bank of Macon. Ga
200,000
Effective Feb. 10 1926. Liquidating Agent, T. R.
Turner, Macon, Ga. Absorbed by The Macon National
Bank, Macon. Ga.. No. 10270.
CONSOLIDATION.
April 23-4437-The Greeley National Bank, Greeley, Colo
$150,000
and -7604-The Union National Bank of Greeley, Colo
100,000
Consolidated under the Act of Nov. 7 1918, under the
charter of The Greeley National Bank (No. 4437) and
under the title of "The Greeley Union National Bank",
with capital of $200.000.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Adrian H. Muller & Sons, New York:
2457
By Barnes & Lofland, Philadelphia:
Shares. Storks.
$ Per sh. Shares. Stocks.
$ per sh
70 Southern Transp'n Co., corn_ 34
5,000 New Eng.Sou. Mills, prior)
80 Southern Transp'n Co., com._ _ 3434
preference
1520,000
10 Union Traction Co
3934 5,000 New Eng.Sou. Mills,corn.)
lot
10 Philadelphia Traction Co
5834 12 Northern Liberties Gas, par 825_ 35
25 Warwick Iron & Steel, par $10._ 2
12 American Dredging Co
125
1 American Pulley Co., par $50... 50
15 Germantown Passenger Ry
7631
3 Penna. Academy of the Fine Arts. 32
25 Manufacturers Casualty Co.,par
10 Philadelphia Girard Nat. Bank.529
$10, ex-rights
27
10 Philadelphia Girard Nat. I3ank_528
13 Camden & Suburban Ry
1234
19 Philadelphia Girard Nat, Bank_525
12 Camden & Suburnan Ry
1234
27 Market St. Title & Trust Co.,
25 Victory Insur. Co., par 510_ 22
Par 550
37 Hare dr Chase, Inc., pref
400
9034
1 Pilgrim Title& Tr. Co.. par $50.. 50
61 Hare & Chase. Inc., com.,no par 25.34
15 Cobbs Creek Title dr Tr., par 550 70
10 Union National Bank
275
35 Cobbs Creek Title & Tr., par 850 69
Bonds.
Per cent.
4 Allegheny Title & Trust, par 350. 6134 $1.000 Electric & Peoples Trac.Co.,
12 Glenside Trust Co., par 350_ _
4% stock trust certifs., 1945_ _ _ _ 61 34
55
28 Broad Street Tr. Co., par $50... 75
$37.250 Mortgage certificates issued
6 Logan Bank Ac Tr. Co., par 850.. 7534
by the Integrity Trust Co.as trus3 West End Trust Co
tee;secured as 2d lien on premises
331
20 Bank of Nor. Amer.& Trust Co_348
1211-13-15 Chestnut St. ($1.000)
7 Philadelphia Trust Co
due Mar. 1952; $8,750 due Sept.
990
5 Guarantee Trust & Safe Dep. Co _227
1956; $8,750 due Sept. 1952:
6 Aldine Trust Co
$10.000 due Mar. 1950. and
25034
10 Swedesboro(N.J.) Trust Co_ -140
$8,750 due Mar. 1958.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Cleveland & Pittsburgh, gu.
8734c June 1 Holders of rec. May 10
Special guaranteed (guar.)
50c. June 1 Holders of rec. May 10
Delaware & Hudson Co. (guar.)
'234 June 21 'Holders of rec. May 28
Illinois Central, corn. (quar.)
134 June 1 Holders of rec. May 70
New Orleans Texas & Mexico,corn.(qu.) •154 June 1 'Holders of rec. May 21
Norfolk & Western, com. (guar.)
154 June 19 Holders of rec. May 290
Pennsylvania Company (guar.)
"134 Apr. 30 'Holders of rec. Apr. 28
Pennsylvania Railroad (guar.)
*75$. May 29 *Holders of rec. May 1
Western Railway of Alabama
4
June 30 June 20 to June 30
Public Utilities.
Associated Gas dr Elec.,25 pref. (guar.) 4134 June 1 Holders of rec. Apr. 30
5614 preferred (guar.)
4154 June 1 Holders of roe. Apr. 30
Brooklyn Edison Co. (quar.)
"2
June 1 Molders of rec. May 140
Charlestown Gas & Electric (guar.)_ _ _ _ *51.50 May 1 *Holders of rec. Apr. 23
Consolidated Gas, N.Y.. corn.(quar.).. "$1.25 June 15 *Holders of rec. May 11
Eastern Shore Gas & Elec., pref, (guar.) "2
June 1 *Holders of rec. May 15
Kentucky Utilities, pref. (guar.)
•134 May 20 *Holders of rec. Apr. 24
Southern California Edison,corn.(quar.) 2
May 11 Holders of rec. Apr. 20
U.S.dr Foreign Secur., 1st pref.(guar.). $1.50 May 1 Apr. 2 to Apr. 30
Wisconsin River Power, pref. (guar.)
$1.75 May 20 Holders of rec. Apr. 300
Fire Insurance.
Bankers & Shippers, Insurance
Pacific Fire Insurance (extra)
$2.50 May 1 Holders of rec. Apr. 240
75$. Apr. 28 Holders of rec. Apr. 27a
Miscellaneous.
Alaska Packers (guar.)
"2
May 10 'Holders of ree. Apr. 30
American Chicle, COM.(No. 1) (quar.)
.75$. July 1 "Holders of rec. June 15
4,11 $2534 July 1 *Holders of rec. June 15
0% prof. (acct. accum. div.)
Amer. Elec. Corp., class A (No. 1) (qu.) "134 May 15 *Holders of rec. May 5
*20e. June 1 *Holders of roe. May 17
Amer. Home Products (monthly)
American Metal, corn.(guar.)
"81
June 1 'Holders of rec. May 20
Preferred (guar.)
•134 June 1 "Holders of rec. May 21
Shares. Stocks.
3 per sh. Shares. Stocks.
Per sh. Amer. Tobacco, corn. & corn. B (quar.). $2
June 1 Holders of rec. May 10
623 M.Half( dc Bro.of San Antonio,
16,388 Car Lighting & Power Co.,
Amparo Mining (guar.)
2c. May 10 May 1 to May 10
Texas.
175
common, par $25
134 Best-Clymer Co., common (quar.)
75e,
May
3 Holders of rec. Apr. 22a
21 Price-Campbell Cotton Picker)
3 Hollywood Secretarial School. p1.1810
.20
May 29 *Holders of rec. May 22
Big Lake 011 (monthly)
Corp., pref. and $61 10 p1. script $50 1 Hollyuood Secre. School. corn.; lot
Botany COMO]. Mills, class A (quar.)
May 1.5 Holders of rec. May 5a
$1
44 Price-Campbell Cotton Picker) lot
134 July lf Holders of rec. June 25
Canadian Car & Fdy., pref. (guar.)_ _
Corp., corn. v.t.e. and $3660
Ponds.
Per Cent. Cartier. Inc., preferred (guar.)
154 Apr. 3( Holders of rec. Apr. 15a
v.t.c. corn. scrip
$15,000 11111 School gen. mtge.1
Company,
(guar.)
com.
25c.
Celite
May 1 Holders of rec. Apr. 24
15 Hudson Co. Consum. Brew. Co_ 3
foundation 6s, reg., 1955)
1$65,875
Common (extra)
25e. May 1 Holders of rec. Apr. 24
5400 lot 570.000 hill School s. I. Is. reg.,
400 Marljean Realty Corp
lot
134 May 1 Holders of rec. Apr. '24
734% preferred, class A (quar.)
lOU
$25 lot
83 Edmond Barkley. Inc
734% preferred. class B (quar.)
134 May 1 Holders of rec. Apr. 24
40 Opallte Tile Co. of Pittsburgh.
$2,000 Chic. It. I. & Pac. RR. 45,
Chicago Mill & Lumber (guar.)
1 May If Holders of roe. Apr. 27a
Pa., par $50
2002, May 1 1914 dr subsequent
$2 lot
(quar.)
Consolidated
10c.
Mining
Chief
May
Apr. 11 to Apr. 19
69 So. Caro. G.& E. Co., com_ .... 15
coupons attached
$2 lot Chile Copper Co. (guar.)
6234c. June 2 Holders of rec. June 2a
By H. L. Day & Co., Boston:
Childs Co., 5100 par common (guar.).- - 3
June 1
Holders of rec. May 2Fa
No par value common (quar.)
60c. June 1
Holders of rec. May 2Fer
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
Preferred (quar.)
134 June 1
Holders of rec. May 21a
10 Citizens National Bank
4 Amer.Soda Fountain Co.,8% stk.5734
123
Co.,
Coca-Cola
(guar.)
common
.51.71
July
'Holders
of rec. June 15
15 Fitchburg (Mass.) Bank & Trust
10 units First Peoples Trust
73
Preferred
"334 July
*Holders of roe. June 15
Co
160% 5 special units First Peoples Trust
534 Colorado Fuel & Iron, pref. (guar.). - '2
May 2 'Holders of rec. May 10
2 Ludlow Manufacturing Associates17334 2 units First Peoples Trust
73
Commercial Solvents, prof. (guar.)
2
July
Holders of rec. July la
15 Naumkeag Steam Cotton Co.
5 Springfield Fire Sc Marine Ins. Co.455
Holders of rec. Apr. 23a
15234-15234 10 Gorton Pew Fisheries Co., com_ 7234 Connecticut Mills, first pref. (quar.)-- $1.75 May
"134 June 2 *Holders of rec. June 12
Davis Mills (guar.)
5 Wilton RR
97
2 Nor. Boston Ltg. Prop., com
9234
•134 June
"Holders of rec. May 15
.5 Boston Revere Beach dr Lynn RR. 70
4 Massachusetts I.tg. Cos.,8% pref11734 Deere & Co., preferred (guar.)
Preferred (account accum. dividend.) *Ii;i June
'Holders of rec. May 15
.5 Springfield Fire & Marine Ins. Co.455
35 Greenfield Tap & Die Corp.,8%
3200. HO,
Fair (The), common (monthly)
.5 Chapman Valve Mfg. Co., com_ _232g
*Holders of rec. June 20
pref
93%
Common (monthly)
'20c. Aug.
5 Puget Sound Pow. & Lt., pref.__ 8434 5 Worcester Elec. Lt. Co., par 825.147
"Holders of rec. July 20
Preferred (guar.)
6 units First Peoples Trust
*Holders of rec. July 20
'154 Aug.
3 United Elec. Lt. Co., Springfield_38034
73
Fairbanks, Morse & Co., prof. (guar.)_ _ "154 June
*Holders of rec. May 15
By Wise, Hobbs, & Arnold Boston:
Preferred (guar.)
*Holders of rec. Aug. 14
"134 Sept.
Preferred
Shares. Stocks.
Dec.
(guar.)
8 per sh. Shares. Stocks.
"154
*Holders
of rec. Nov. 15
$ per sh.
Federal Terra Cotta Co., prof.(guar.)
*2
1 Federal National Bank
May 1 "Holders of rec. May 5
44 Lawrence Gas dr Electric Co.5734-5734
105
General Asphalt, preferred (guar.)
.5 Liberty Trust Co
June
134
Holders
of rec. May 140
21434 2 Carr Fastener Co., pref
85
Gould Coupler, class A (guar.)
50c. June 1
10 Arlington Mills
Holders of rec. June I
15 Fall River Electric Light Co_ _
80
4634 Greenfield Tap &
Die.6% pref.(quar.). 134 July
6 Mass. Cotton Mills
Holders of rec. June Ha
4834 15 Columbus Del & Mar Elec Co
10
Eight
2
cent preferred (guar.)
July
20 Merrimack Mfg. Co., pref....7034-71 10 Sullivan Machinery Co
Holders of rec. June ifs
54-5434 Firestoneper
Tire Sc Rubber,7% pref.(qu.) 134 May 15 Holders of rec. May 1
20 Nashua Manufacturing Co
4934 4 Peoples Trust, special units
534 Harmony 51111s, preferred (quar.)
5 Nashua & Lowell RR_.ex div, 128
May 1 Holders of rec. Apr. 29a
134
20 Ludlow Mfg. Associates
17334 Hayes Wheel, common (quar.)
'75c. June 15 "Holders of rec. May 29
10 New London Northern RR
131
Preferred (guar.)
*134 June 15 "Holders of rec. May 29
.5 Wilton Railroad
96
Bonds.
Per cent. Hazeltine Corporation
25c. May 24 Holders of rec. May 4
(quar.)
11 Turners Falls Power & Elec. Co.172
N. E. Tire Sc Rub. 1st M.serial)
Hollinger Consol. Gold Mines
Sc. May 20 Holders of rec. /day 4
3 Collyer Insulated Wire Co
7s as follows: $15,000, Aug.'
120
31.5$. June 1 *Holders of rec. May 17
.5 North Boston Lighting Prop__ _ _ 9234
1928, 815,000 Aug. 1929, $10,-1294,000 Household Products (guar.)
Imperial Royalties, pref. (monthly)_ _ _ _
134
Apr. 30 Holders of rec. Apr. 2ra
000 Aug. 1930. $18,000 Aug.)
75 Greenfield Tap & Die Corp, pref.
lot Independent Oil & Gas (guar.)
"25c. July 19 "Holders of rec. June 28
,898,-I
Ingersoll-Rand Co., com. (guar.)
.75e. June 1 'Holders of rec. May 10
58
10 Springfield Gas Light Co
000, 1934, $300 Aug. 1934.1
Inland Steel, com. (guar.)
"6834e July 1 'Holders of rec. June 15
73
53,500 Aug. 1933, 328,000
15 First Peoples Trust, units
Interstate Iron Sc Steel. prof. (guar.) _ _ _ '134 June 1 "Holders of rec. May 20
Aug. 1934
8534
4 Beverly Gas& Eectrlic Co
1
Preferred (account accum. dividends) "5334 June 1 'Holders of rec. May 20
By A. J. Wright & Co., Buffalo:
Jones & Laughlin Steel, com.(quar.) _
"1
June 1 'Holders of rec. May 15
Laclede-Christy Clay Prod., corn.(quar.) 50c. May 1 Holders of rec. Apr. 20
8 per sh. Shares. Stocks.
Shares. Stocks.
$ per sh. Lehigh Coal Sc Navigation (guar.)
May 29 Holders of rec. Apr. 20
$1
6
East.
pref.,
Niag.
Buff
Pow.,
&
Buff.
Niag.
& East. Pow.,no par_ 25
0
Lima Locomotive Works (guar.)
June 1 Holders of rec. May 15
$1
2434 25 Niagara Share Corp., no par.__ 12
par $25
134 June 1 Holders of rec. May 176
Lord Sc Taylor, first preferred (quar.) _ _ _
8c.
1 000 Night Hawk, par $1
2
Nashawena Mills(guar.)
May 4 Holders of rec. Apr. 27
$5 lot
Bonds.
.50 Strab Oil, par 525
Per cent. National Creamery, Los Ang.. com.Sc pf. $2
May 15 Holders of rec. May
36e. 21.000 Buffalo Athletic Club
1,000 Barry Hollinger, par $1
950
134 May 15 Holders of rec. May 10
National Refining. COM. (quar.)
la
O'Cedar Corporation, class A (guar.)_ _ _ 15e. May 1 Holders of rec. Aor.
By Weilepp Bruton & Co. Baltimore:
.
2
Pathe Exchange, Inc., prof. (guar.)_ _
June 1 Holders of rec. May 10a
$ per sh. Shares. Stocks.
Shares. Stocks.
$ per sh. Pierce. Butler dr Pierce M fg.,
11
2
pf
.(qu.)
May
1
pref
Creamery,
95
Wardman
Holders of rec. Apr. 20a
8
Mtge.& Disc., Pref_1$85 per
1 Maryland
134 May 1 Holders of rec. Apr.
Seven per cent preferred (guar.)
100
8 Wardman Mtge.& Disc., com.)
5 Maryland Creamery, pref
unit Pittsburgh Steel, preferred (guar.)
134 June 1 Holders of rec. May 20a
no par
250 Peerless Food Products, pref.,
15
Plymouth
*50c.
Oil
(monthly)
June
1 *Holders of rec. May 22
$3.50 lot
par $10
Pressed Steel Car, preferred (guar.) - 113v,
4 1%.y
Ji
tia
ly
Holders of rec. May 29
250 Peerless Food Prod., corn., no
(altar.)
pref.
Ice,
Providence
2(1
Holders
lot
53.50
of rec. Apr. 26
par
1
Name of Company.
Miscellaneous (Concluded).
Pure Oil, corn. (quar.)
Extra
Russell Motor Car, preferred (guar.)
Sagamore Manufacturing (guar.)
St. Louis Cotton Compress (guar.)
St. Louis Screw, preferred (quar.)
Savage Arms,common (quar.)
First preferred (guar.)
P Second preferred (guar.)
Shawrnut Manufacturing, corn.(guar.)_
31.Preferred (guar.)
Sherwin-Williams Co., coin.(guar.). -Common (extra)
Preferred (guar.)...
Standard Sanitary Mfg., corn. (quar.)_ _
Preferred (guar.)
Stover Engine & Mfg., pref.(quar.)Studebaker Corp.. corn.(guar.)
Preferred (guar.)
Superior Steel Corporation. corn
Superteat Petroleum Corp., pref. A
Union Cotton mfg.(guar.)
Union Tank Car, common (guar.)
Preferred (quar.)
Union Oil Associates (guar.)
U.S. Hoffman Mach'y, corn.(guar.).Common (extra)
U.S.Steel Corporation, corn.(guar.)._ _
Preferred (guar.)
White (J. G.) et Co., pref.(guar.)
White (J. G.) Engineer., pref. (guar.)
White(J. G.) Mgt.Corp., pref.(quar.)Will & Baumer Candle. corn.(guar.)_ _
Wright Aeronautical Corp
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
June 1 Holders of rec. May 100
June 1 Holders of rec. May 10a
May 1 Holders of rec. Apr. 166
May 6 Holders of rec. Apr. 28
May 1 Holders of rec. Apr. 27
May 1 Apr. 27 to May 1
June 1 *Holders of rec. May 15
st July 1 *Holders of rec. June 15
*114 Aug. 16 *Holders of rec. Aug. 2
•1
June 30 *Holders of rec. June 21
•1 34 June 30 *Holders of rec. June 21
May 15 Holders of rec. Apr. 300
2
May 15 Holders of rec. Apr. 300
1
134 June 1 Holders of rec. May 15a
$1.25 May 20 Holders of rec. May 6
134 May 20 Holders of roe. May 6
1% May 1 Apr. 21 to Apr. 30
*31.25 June 1 *Holders of rec. May 10
•1% June 1 *Holders of rec. May 10
50e. June 1 Holders of rec. May 15
314 May I Holders of rec. Apr. 30
*1
May 1 *Holders of rec. Apr. 28
114 June 1 Holders of rec. May 10
1% June 1 Holders of rec. May 10
50c. May 10 Holders of rec. Apr. 17
75c. June 1 Holders of rec. May 20a
25c. June 1 Holders of rec. May 200
June 3
to
114 June 29 June 2
May 4
134 May 29
135 June 1 Holders of rec. May 15
134 June 1 Holders of rec. May 15
13; June I Holders of rec. May 15
25e. May 15 Holders of rec. May 30
25c May 29 Holders of rec. May 140
3714e
1214c
1%
2
2
134
Below we give the dividends announced in previous weeks
anand not yet paid. This list does not include dividends
nounced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable.
Books Closet.
Days Inclusive
Railroads (Steam).
Holders of rec. Apr. 300
June
Atchleon Topeka & Santa Fe, coin.(g11.) 1%
4
dJune3 June 20 to June 30
Atlanta dv West Point
Apr. 28 to May 10
214 May 1
Atlantic Coast Line RR., preferred
3% July 1 Holders of rec. June 15a
Common
of rec. June 150
Holders
1
July
114
Common (extra)
Holders of rec. Apr. 17a
134 June
Baltimore & Ohio, corn.(guar.)
Holders of rec. Apr. 170
June
Preferred (guar.)
Holders of rec. May 40
May 1
2
Central RR.of N. J.(quar.)
Holders of rec. June 8a
3% July
Chesapeake & Ohio. preferred
Apr. 16 to May 2
May
51.50
pref._
Cincinnati Sandusky & Cleveland,
214 May 2 Holders of rec. May 13
Georgia Southern & Fla.: lot & 2d pref
of roe. May 15a
Holders
June
134
common...
RR..
Manhattan
de
Hudson
Holders of ree Apr. 30a
114 May 1
Internat. Rya. of Cent. Am., Prof.(qu.)_
Holders of rec. July 150
Aug. 1
3
Louisville & Nashville
Holders of rec. Apr. 14
Mahoning Coal RR., common (guar.)._ $12.50 May
Holders of rec. Apr. 15o
Missouri-Kansas-Texas, Prof. A (guar.). 114 May
Holders of rec. Mar.26
1% May
New York Central RR.(quar.)
May 1 Holders of rec. Apr. 30a
Norfolk & Western, ad). prof. (guar.)._
Holders of rec. Mar. 18
134 May
Northern Pacific (guar.)
Holders of rec. Apr. 15
May
2
(extra)
common
Pere Marquette,
Holders of rec. Apr. 15
May
34
Corn.(extra incr. guar.rate to 134%)..
Holders of rec. Apr. 154
114 May
Prior preferred (guar.)
of rec. Apr. 15a
Holders
May
114
(guar.)
Five per cent preferred
of rec. July 15a
Plitsb.& West Virginia, com.(quar.)- 114 July 3 Holders
114 Oct. 3 Holders of rec. Oct. 15a
Common (guar.)
rec.Jan.15'27a
of
Holders
114
Jan.
3
Common (guar.)
May 1 Holders of rec. Apr. 10a
Reading Company,common (quar.)--- $1
rec. May 24a
of
Holders
June
1
500.
lot prof. (guar.)
Holders of rec. Apr. 10.
114 May
St. Louis-San Francisco, pref.(guar.)... 1%
Holders of rec. July 15a
Aug.
Preferred (guar.)
Holders Of rec. Oct. 150
114 Nov.
Preferred (guar.)
Holders of rec. Apr. 10.1
-134 May
Southern Ry., common (guar.)
Holders of rec. Apr. 17a
May
2
134
(guar.)
A
preferred
Wabash.
Name of Company.
Books Closed.
Days Inclusive.
When
Per
Cent. Payable.
Public Utilities (Concluded).
Gen. Pub. Sore. Corp.. $6 pref.(NO. 1)- $1.50 May
Convertible pref. (guar.) (No. 1)____ $1.75 May
May 1
Havana Elec. Ry.,L.& P.,com.& pref- 3
May 1
Havana Electric & Utilities, 1st pref.__ $3
194 May
Idaho Power, preferred (guar.)
May
114
Utilities,
pref.
(guar.)
Nor.
Illinois
Internal.Pub.Sore. Corp.,corn.(mthly) 5-6 May 1
7-12 May 1
Preferred (monthly)
International Utilities, pref. (quar.).... $1.75 May
30e. May
Interstate Railways. common
334 May
Jamaica Water Supply. prof
June
Keystone Telep. of Phila., pref.(guar.). 31
Knoxville Power & Light, pref. (guar.). 13' May
May
2.14
(guar.)
Elec.
&
Gas
Lawrence
500. May
Long Island Lighting, common (quar.)
6214c. May
Lomr11 Electric Light (guar.)
Massachusetts Gas Cos..common (qu.). 1S4 May
June
2
Preferred
Middle West Utilities, common (guar.). $1.50 May I
May 1
Minnesota Elec. Distrib., corn. (mthly.) 1
2-3 May 1
Preferred A (monthly)
1
May
1
B
Preferred (monthly)
7-12 May 1
Preferred C (monthly)
May 1
2
Montreal L., H.& Power (guar.)
May 1
Montreal L., H.& P. Consol (quar.).- 2
50e May 1
Montreal Water & Power, corn.(quar.)_
134 May 1
Preferred (guar.)
May
to
Nat. Electric Power, Class A (guar.) -be. June
National Power & Light, corn.(quar.)
May
.)
(qu
134
prof.
Co.,
Elec.
ornia
Nevada-Calif
134 May
Northern N.Y.Utilities, prof.(quar.)
May
Northern States Pow ,corn., el. A(V.)- 2
May
20c.
Common,Maas 13(guar.)
Northwest Utilities, Preferred (quar.)_- $1.75 May 1
$1.50 June
Ohio Edison,0% prof.(guar.)
51.65 June
641% Preferred oquar.)
$1.75 June
7% Preferred (quar.)
May
55c.
(monthly)
6.6% Preferred
55c. June
6.6% Preferred (monthly)
Pacific Gas& Electric, preferred (guar.). 11.4 May 1
Pacific Power & Light, pref.(guar.).-- 134 May
May
Pennsylvania-Ohio P.& L.,8% pi.(qu.) 2
134 May
Seven per cent preferred (guar.)
60e. May
7.2% preferred (guar.)
Peoples Light & Power, coin.(monthly)_ 1 1-3 May I
7-12 May I
Preferred (monthly)
$1.50 May
Philadelphia Co., 6% pref.(guar.)
$1.75 May
Philadelphia Rapid Transit, pref
May
$1
Pittsburgh Utilities, tiom
(0 May
Common (extra)
35e. May
Preferred
25e. May
Preferred (extra)
13' May
Portland Gas & Coke. pref. (quar.)
194 May
pref.
(guar.)
Portsmouth Power,
Public Service Elec. Pow., Prof.(guar.). 134 May
May
Public Service of Nor. Ills., corn.(guar.) $2
134 May
Six per cent pref.(guar.)
114 May
Seven per cent pref.(quar.)
May
Securities Corp., General corn.(No. I)._ $1
$1.75 May
Preferred (quar.)
Sierra Pacific Electric Co.. com.(No 1). 50c. May
114 May
Preferred (guar.)
May 1
1
Southern Canada Power com (quar.)__
Southern Colorado Power,class A (guar.) 50o. May 2
May
(guar.)._
prof.
$1.75
Light,
Standard Power &
500. May 1
Tampa Eleatrie Co., no par corn. (qu.).
Tennessee Elec.Power,0% 1st prof.(qu.) 114 July
Saven per cent first preferred (guar.). 13' July
1.80 July
7.2% first preferred (guar.)
Six per cent first preferred (monthly). 50o. May
Six per cent first preferred (monthlY)- 50e. June
Six per cent first preferred (monthly)- 50o. July
60e. May
7.2% first preferred (monthly)
60e. June
7.2% first preferred (monthly)
60c. July
7.2% first preferred (monthly)
134 May
Texas Power & Light, prof.(guar.)
14 May 1
Tri-State Utilities, corn.(monthly)
May 1
7-12
(monthly)
Preferred
United Lt.& Pow.,old corn. A & B (qu.) 600. May
12e. May
New class A and B. common
Old A & B cons.(pay.in new cl. A corn.) (u) May
New A & B corn.(pay.In new cr.A com) 00 May
50o May 1
United Rys. & Elec., Bait., corn. (4u.).
4.134 May
Wabash Valley Elec.. pref. (guar.)
134 June
West Chester Street Ry,, Pref.(quar.)..
134 Sept.
Preferred (guar.)
134 Dec.
Preferred (guar.)
134 May 1
wear penn Electric Co.. pref.(guar.)._
134 May
(guar.).
West Penn Power Co..7% Pref.
134 May
Six per cent preferred (guar.)
Public Utilities.
May 15 Holders of roe. May 5a
American Electric Power, pref. (guar.). 1% Aug. 2 Holders of rec. July 22e
1%
Preferred (guar.)
American Gas & ElectricMay I Holders of rec. Apr. 10
Unstamped no par val. prof. (guar.)._ $1.50 May I Apr. 17 to Apr. 29
American Light & Traction,corn.(guar ) 2
May 1 Apr. 17 to Apr. 29
2
Common (extra)
114 May 1 Apr. 17 to Apr. 29
Preferred (guar.)
May 15 Holders of rec. Apr. 230
50e.
(qu.)
pfd.
panic.
American Superpower,
30c. May 15 Holders of rec. May la
Amer. Water Wks.& Elec.,coin.(010
May 15 Holders of rec. May la
114
(guar.)
preferred
7% first
032Sic May I Holders of roe. Apr. 10
Associated Gas & Elec., corn. A (guar.)
guar.) 134 May 1 Holders of roe. Apr. 10
Bangor Hydro-Electric Co.,corn.
134 June I Holders of roe. Apr. 30
Brazilian Tr.. Lt. & Pow.,corn.(guar.)
134 May 1 Holders of rec. Apr. 15
Broad River Power, preferred (guar.).-- $1
May 1 Holders of rec. Apr. 210
(guar.)
Light
Electric
Cambridge
May 1 Holders of rec. Apr. 160
3
pref
Co.,
Cape Breton Electric
May 15 Holders of rec. Apr. 300
Cedar Rapids Mfg.& Power (quar.)_
May 1 Holders of rec. Apr. 15
$1.75
(guar.)
Pref.
Light,
&
Central Power
Cent. & Southwest. Utilities--(Var.)._ 21.75 May. 15 Holders of rec. Apr. 300
Preferred & prior lien stock
65e. May 1 Holders of rec. Apr. 200
Chicago Rapid Transit (monthly)
650. June 1 Holders of rec. May 18a
Monthly
134 June I Holders of roe. May 15a
(guar.).pref.
Ilium.,
Elec.
Cleveland
May 15 Holders of roe. Apr. 30a
$1.25
Columbia Gas & Elec.. corn.(fluar.)-134 May 15 Holders of roe. Apr. 300
Seven per cent pref. serial A (guar.)-- $1.63 May I Holders of rec. Apr. 15
(qu.)
pref.
B
ser.
L.,
&
P.
Columbus Fly..
May I Holders of rec. Apr. I5a
2
Commonwealth Edison (guar.)
May 1 Holders of rec. Apr. 12a
Commonwealth Power,common (quar.) 500. May 1 Holders of tee. Apr. 12a
Mk.).
corn.
share
Corn. (stk. div. 1-40
114 May 1 Holders of rec. Apr. 120
Preferred (guar.)
134 May 1 Apr. 21 to May 1
Community Power & Lt., 1st pref.(qu.)June 1 May 22 to June 1
2
Second preferred (qual.)
1% May 15 May 1 to May 16
Connecticut Ry.& Ltg., corn Apf.(qu.) 1% May 1 Holders of rec. Mar.150
Y.,
pref.
N.
(guar.)
Consolidated Gas
114 July 1 Holders of rec. June 15
Consumers Power,6% pref. (guar.)._
1.65 July 1 Holders of rec. June 15
6.6% preferred (guar.)
July I Holders of rec. June 15
1%
7% preferred (guar.)
50c. May 1 Holders of rec. Apr. 15
8% preferred (monthly)
June 1 Holders of rec. may 15
50e.
(monthly)
6% preferred
500. July 1 Holders of rec. June 15
6% preferred (monthly)
55o. May 1 Holders of rec. Apr. 15
6.6% preferred (monthly)
550. June I Holders of rec. May 15
6.6% preferred (monthly)
550. July 1 Holders of rec. June 15
6.6% Preferred (monthly)
111 May 1 Holders of res. Apr. 17
(guar.)
pf.
Lt.,
&
Pow.
Cumberland Co.
194 May I Holders of rec. Apr. 21
Dallas Power & Light, pref. (guar.)--- $1.75 May 1 Holders of rec. Apr. 15
Eastern States Power, pref. (quar.)
May 1 Holders of rec. Apr. 15
3
(quar.)___
Edison Elec. Illum.. Boston
May 1 Holders of rec. Apr. 150
Edison Elec. Illum.of Brockton (quar.)- 62%c May
Holders of rec. Apr. 12
114
(guar.)
prof.
Share.
&
Elec. Bond
1 Holders of rec. Apr. 15
May
$1.75
Electric Investors, Inc.,7% pref.(guar.)
$1.50 May I Holders of rec. Apr. 15
$6 Preferred (guar.)
15
*6645 c May 1 *Holders of rec. Apr. 100
Empire Gas & Fuel. pref.(monthly)
75c. May 1 Holders of rec. Apr. 15
Fall River Gas Works (guar.)
Apr.
of
rec.
134 May 1 Holders
Ft. Worth Power dt Light, pref. (quar.)_
10 Holders of rec. Apr. 30
Foshay (W.B.) Co., corn.(monthly)._ 1 1-3 May 10 Holders of rec. Apr. 30
1 1-3 May
Special (monthly)
10 Holders of rec. Apr. 30
May
1-3
1
(monthly)
stock
Founders
2-3 May 10 Holders of rec. Apr. 30
Preferred (monthly)
Holders of rec. Apr. 30
Seven per cent preferred (monthly)._ - 7-12 May 10
(Vol,. 122.
THE CHRONTCLE
2458
Banks.
Amer. Colonial Bank of Porto Rico (qu.)
Extra
Chemical National (hi-monthly)
Corn Exchange (guar.)
2
2
4
5
May
May
May
May
Holders of rec. Apr. 9a
Holders of rec. Apr. 9a
Apr. 22 to May 20
Holders of rec. Apr. 210
Holders of rec. Apr. 15
Holders of rec. Apr. 15a
Holders of rec. Apr. 30
Holders of rec. Apr. 30
Holders of roe. Apr. 19a
Apr. 16 to May 2
'Apr. 11 to May 2
Holders of rec. May 17
Holders of roe. Apr. 20
Holders of rec. Apr. 22
Holders of rec. Apr. 21
Holders of rec. Apr. 120
Holders of rec. Apr. 15a
May 16 to May 31
Holders of rec. Apr. 30a
Holders of rec. Apr. 30
Holders of reo. Apr. 30
Holders of rec. Apr. 30
Holders of rec. Apr. 30
Holders of roe. Apr. 30a
Holders of roe. Apr. 30a
Holders of rec. Apr. 30a
Holders of rec. Apr. 30a
Holders of rec. Apr. 10
Holders of rec. May 12
Holders of rec. Mar.30a
Holders of rec. Apr. 15a
Holders of rec. Mar.31a
Holders of rec. Mar.31a
Holders of rec. Apr. 306
Holders of rec. may 15
Holders of rec. May 15
Holders of rec. May 15
Holders of rec. Apr. 15
Holders of rec. May 15
Holders of rec. Apr. 30a
Holders of rec. Apr. 17
Holders of rec. Apr. 20
Holders of rec. Apr. 20
Holders of rec. Apr. 20
Holders of rec. Apr. 30
Holders of rec. Apr. 30
Holders of rec. Apr. la
Holders of rec. Apr. 1
Holders of rec. Apr. 10a
Holders of rec. Apr. 10a
Holders of rec. Apr. 10a
Holders of rec. Apr. 100
Holders of rec. Apr. 17
Holders of rec. Apr. 21
Holders of rec. Apr. 15
Holders of rec. Apr. 164
Holders of rec. Apr. 156
Holders of rec. Apr. 150
Holders of rec. Apr. 210
Holders of rec. Apr. 21a
Holders of rec. Apr. 15a
Holders of rec. Apr. 150
Holders of rec. Apr. 300
Holders of roe. Apr. 30a
Holders of roe. Apr. 16a
Holders of rec. May 30
Holders of rec. June 15
Holders of rec. June 15
Holders of rec. June 15
Holders of rec. Apr. 15
Holders of rec. may Is
Holders of rec. June 15
Holders of rec. Apr. 15
Holders of rec. May 15
Holders of rec. June 15
Holders of rec. Apr. 17
Holders of rec. Apr. 30
Holders of rec. Apr. 30
Holders of rec. Apr. 15
Holders of rec. Apr. 15
Holders of rec. Apr. 15
Holders of roe. Apr. 15
Holders of rec. Apr. 240
*Holders of rec. Apr. 15
Holders of rec. May 22
Holders of roe. Aug. 22
Holders of roe. Nov.21
Holders of rec. May la
Holders of rec. Apr. 15a
Holders of rec. Apr. 15a
1
1
1
1
Holders of rec. Apr. 16
Holders of rec. Apr. 16
Holders of rec. Apr. 23a
Holders of rec. Apr. 30
Trust Companies.
Farmers Loan & Trust(quar)
Kings County, Brooklyn (guar.)
May I Holders of rec. Apr. 19a
4
1234 May 1 Apr. 25 to Apr. 30
Miscellaneous.
Abraham & Straus, Inc., pref. (quar.)._
Acme Wire, prof.(guar.)
Allied Chemical & Dye, common (guar.)
Allis-Chalmers Mfg., corn. (guar.)
Amalgamated Sugar, pref.(guar.)
American Brick, coin. (guar.)
Preferred (guar.)
American Can, new $25 common (guar.)
American Chain, class A (guar.)
American Cigar, common (guar.)
American Coal ((War.)
Amer. & European Secur., pref.(No. 1)
American Glue, prof. (guar.)
American Felt, preferred (guar.)
Amer.Home Products(No.1)(monthly)
Amer.-La France Fire Eng., corn.(qu.)_
Amer. Laundry Machinery. corn. (qu.).
American Linseed, preferred (guar.)- --Preferred (guar.)
Preferred (guar.)
Preferred (guar.)
American Manufacturing, corn. (guar.).
Common (guar.)
Common (guar.)
Preferred (guar.)
Preferred (guar.)
Preferred (guar.)
Amer. Radiator, corn. (guar.)
Preferred (guar.)
Amer. Sales Book, preferred (gum.).
Amer. Shipbuilding,common (guar.)._
Preferred (guar.)
Amer.Smelting & Refin • corn.(guar.)-Preferred (guar.)
Amer.Soda Fountain (guar.)
American Stores Corporation (guar.)._
Quarterly
Amer. Vitrified Products, prof.(quar.).._
134 May 1
2
May 1
May 1
$i
$1.50 May 15
May 1
2
250 May 1
figa. May 1
Me. May 15
50o. June 30
May 1
2
May 1
al
May 15
$2
May I
2
111 June 1
20c. May 1
25e. May 15
75e. June 1
134 July 1
134 Oct. 1
134 Jan3'27
194 Aprl'27
114 July 1
114 Oct. 1
114 Dee. 31
134 July 1
134 Oct. 1
134 Dee. 31
June 30
51
134 May 15
134 May 1
May 1
2
134 May 1
134 May 1
134 June 1
1% May 15
50c. July 1
50o. Oct. 1
134 May 1
Holders of roe. Apr. 16a
Holders of rec. Apr. 17a
Apr. 15 to Apr. 26
Holders of rec. Apr. 240
Holders of rec. Apr. 164
Holders of rec. Apr. 23a
Holders of rec. Apr. 23a
Holders of rec. Apr. 30a
June 20 to June 30
Holders of rec. Apr. 15a
Apr. 11 to May 1
Holders of rec. Apr. 30
Holders of roe. Apr. 17
Holders of rec. May 19
Holders of rec. Apr. 15a
Holders of tee. May la
May 23 to June 1
Holders of rec. June 18
Holders of rec. Sept. 17
Holders of rec. Dee. 17
Holdersofree.Mar.18'27
Holders of roe. June 17
Holders of rec. &PLAT
Holders of rec. Dee. 17
Holders of rec. June 17
Holders of rec. Sept. 17
Holders of rec. Dec. 17
Holders of rec. June 16a
Holders of rec. May in
Holders of rec. Apr. 150
Holders of rec. Apr. 15a
Holders of rec. Apr. 15a
Holders of rec. Apr. 16a
Holders of rec. May 70
Holders of rect. Apr. 30a
June 16 to July 1
Sept. 16 to Oct. 1
Holders of rec. Apr. 20a.
MAY 1 1926.]
,Name of Company.
THE CHRONICLE
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Anaconda Copper Mining (guar.)
75c. May 24 Apr. 18 to May 19
Archer-Daniels-Midland Co.. pref. (qu.)
May 1 Holders of rec. Apr. 20a
Arnold Bros.,Ltd.(Toronto),lat pf.(qu.)
May I Holders of rec. Apr. 15
Second preferred (guar.)
May I Holders of rec. Apr. 15
2
Associated Dry Goods Corp., corn.(qu.) 62e. May 1 Holders of rec. Apr. 100
First preferred (guar.)
1H June 1 Holders of rec. May la
Second preferred (guar.)
11 June 1 Holders of rec. May la
Atlantic Refining, preferred (quar.)
144 May 1 Holders of rec. Apr. 15
Atlas Powder. preferred (guar.)
1 H May I Holders of rec. Apr. 20a
Austin, Nichols & Co., pref.(quar.)...
May 1 Holders of rec. Apr. lba
Wilcox
(guar.)
Babcock &
144 July 1 Holders of rec. June 20a
Quarterly
Oct. 1 Holders of rec. Sept.200
Quarterly
144 Jan2 27 Holders of rec. Dec. 200
Quarterly
I44 Aprl'27 Holdersofrec.Mar.20'27a
Balaban & Katz, common (monthly)... 2.5c. May 1 Holders of rec. Apr. 200
Common (monthly)
25c, June 1 Holders of rec. May 200
Common (monthly)
25o. July 1 Holders of rec. June 190
Preferred (guar.)
1' July 1 Holders of rec. June 190
Service
Stations,
Bang
Inc., pref. (qu.). 2
May 1 Apr. 21 to Apr. 30
Barnhart Brothers & SpindlerFirst and second preferred (guar-)
May 1 Holders of rec. Apr. 240
Beech-Nut Packing, common (qua?.)... 60c. July 10 Holders of rec. June 25a
Preferred (guar.)
144 July 16 Holders of rec. July la
Bethlehem Steel,7% pref.(guar.)
*1H July 1 *Holders of rec. June 1
Eight per cent pref.(guar.)
July 1 *Holders of rec. June 1
*2
Bigelow-Hartford Carpet, corn. (guar.). $1.50 May 1 Holders of rec. Apr. 14
Preferred (guar.)
May 1 Holders of rec. Apr. 14
Blaw-Knox Co., common (guar.)
500. May 1 Holders of rec. Apr. 20
Preferred (guar.)
May 1 Holders of rec. Apr. 20
Bloomingdale Bros.,Inc., pt.(qu.)(No.1)
May 1 Holders of rec. Apr. 200
Bond & Mortgage Guarantee (guar.)
4
May 15 Holders of rec. May 80
Borden Co., common (guar.)
$1
June 1 Holders of rec. May lba
Common (extra)
25e. June 1 Holders of rec. May 15a
Bourne Mills (guar.)
May I Holders of rec. Apr. 210
1
Brill (J. G.) Co., Pref.(guar.)
May 1 Holders of rec. Apr. 28a
British Columbia Fish & Packing (guar.)
June 10 Holders of rec. May 31
Quarterly
1it Sept.10 Holders of rec. Aug. 31
Quarterly
1 /4 Dec. 10 Holders of rec. Nov.30
Brown Shoe. pref.(guar.)
1H May 1 Holders of rec. Apr. 200
Buckeye Pipe Line (guar.)
June 15 Holders of rec. Apr. 24
$I
Bunte Bros., preferred (guar.)
1,' May 1 Apr. 25 to Apr. 30
Burns Bros., coin.. class A (guar.)
$2.50 May 15 Holders of rec. Apr. 300
Common,Class B (guar.)
500. May 15 Holders of rec. Apr. 300
Prior pref.(guar.)
14( May 1 Holders of rec. Apr. 150
Butler Brothers (quar.)
82)4c May 15 Holders of rec. Apr. 300
Byers(A.M.)Co., preferred (guar.)
144 May I Holders of rec. Apr. 150
California Packing Corp.
Stock dividend
*100% Subject to stockh'rs meet. May 18
Quarterly
June 15 Holders of rec. May 310
$2
Canada Cement, pref. (guar.)
May 15 Holders of roc Apr. 30
Canada Dry Ginger AleStook dividend (guar.)
el)4 July 15 Holders of rec. July 1
Stock dividend (guar.)
Cl)4 Oct. 15 Holders of ree. Oct. 1
Stock dividend(guar.)
Cl)4 Jan15'27 Holders of rec.Jan 1'27
Canadian Converters, Ltd.(guar.)
144 May 16 Holders of rec. Apr. 306
Casey & Hedges Co.,common (guar.)._ 2H May 15 Holders of
rec. May la
Preferred (quar.)
1)1 July 1 Holders of rec. June 250
Century Ribbon Mills, prof.(quar.)
144 June 1 Holders of rec. May 206
Cerro de Pasco Copper Co.(guar.)
May 1 Holders of roe. Apr. 160
$1
Chase (A. W.) Co., Toronto. Pf.
May 10 Holders of rec. May I
2
Chic. MOW.& Franklin Coal. prof.(qu.) 134 May I Holders
of rec. Apr. 16a
Chicago Yellow Cab (monthly)
33l-3c May I Holders of rec. Apr. 2tla
Monthly
331-Sc June I Holders of rec. May 200
Chriatle, Brown & Co.,Ltd.,com.(No.1) 30o. May 1 Holders
of rec. Apr. 150
Preferred (guar.)
144 May 1 Holders of rec. Apr. 206
Chrysler Corp., Pref. (guar.)
June 30 Holders of rec. June lb
$2
Preferred (guar.)
Sept.30 Holders of rec. Sept. 15
$2
Preferred (guar.)
Jan.3'27 Holders of roe. Dec. 15
$2
Cincinnati Tobacco Warehouse(guar.)- $1
May 15 Holders of rec. May 80
Cities Service Co.
Common (monthly)
May I Holders of rec. Apr. 15
Common (payable in corn, stock)
May 1 Holders of rec. Apr. 15
Preferred and preferred B (monthly).
34 May I Holders of rec. Apr. 15
Common (monthly)
'34 June 1 *Holders of rec. May 15
Common (Payable In common stock)_
June I *Holders of rec. May 15
Preferred and preferred B (monthly). .144 June I
of rec. May 15
City Mfg. Co.(New Bedford)(guar.).- *1)4 May 1 *Holders
*Holders of rec. Apr. 22
Clinchfleld Coal, preferred (guar.)
1H May I Holders of rec. Apr. 246
Cluett, Peabody & Co., corn.(quar.)... $1.2 May 1 Holders of
rec. Apr. 20e
Cohn-Hall-Marx Co.,corn.(guar.)
70c. July 5 Holders of rec. July 5
Collins &Aikman. pref (guar.)
144 May 1 Holders of rec. Apr. 15a
Columbian Carbon (qua?.)
May 1 Apr. 20 to Apr. 30
$I
Commercial Solvents, class A (guar.)._ $1
July 1 Holders of rec. dJuly la
Consolidated Cigar Corp., pref. (guar.). 154 June
Holders
rec. May lba
Continental Can,Inc.,common (guar.). $1.25 May 1 Holders of rec.
May ba
of
Copper Range Co
May ' Holders of rec. Apr. 3
$1
Cudahy Packing, 7% preferred
334 May
Holders of rec. Apr. 21
Six per cent preferred
May
3
Holders of rec. Apr. 21
Cuneo Press (guar.)
June I Holders of rec. June la
$1
Cuyamel Fruit Co
May
$1
Holders of rec. Apr. 15
Diamond Match (guar.)
June 15 Holders of rec. May 29a
2
Dominion Bridge, Ltd. (altar.)
May lb Holders of rec. Apr. 30
1
Dow Chemical, common (guar.)
$1 May lb Holders of rec. May 5a
Preferred (guar.)
May 15 Holders of rec. May 50
144
du Pont(E.1.) deNem.Powd..com.(qu.)
134 May 1 Holders of rec. Apr. 20a
Prat (guar.)
1)( May 1 Holders of rec. Apr. 200
Eagle-Picher Lead,common (guar.)
406. June 1 Holders of rec. May 150
Common (guar.)
40c. Sept. 1 Holders of rec. Aug. 15
Common (guar.)
40e, Dec. 1 Holders of rec. Nov. 16
Eastern Dairies, common (quar.)
50c. May I Holders of rec. Apr. 20
Preferred (guar.)
144 May 1 Holders of rec. Apr. 20
Eaton Axle dr Spring (guar.)
50o. May 1 Holders of rec. Apr. lba
Eisemann Magneto,pref•(guar.)
May 1
134
Electric Refrigeration (guar.)(No.1). - 50c. May I Holders of ree. Apr. 20a
Holders of rec. Apr. 190
Stock dividend
May 1 Holders of rec. Apr. 19
134
Elgin National Watch(guar.)
62)4c May I Holders of rec. Apr. lba
Esmond Mills. common (guar.)
134 May 1 Holders of rec. Apr. 23a
Preferred (guar.)
144 May 1 Holders of rec. Apr. 23a
Eureka Pipe Line(guar.)
May I Holders of rec. Apr. 150
$1
Eureka Vacuum Cleaner (guar.)
May 1 Holders of rec. Apr. 200
$1
Fair (The), corn. (monthly)
20e. May 1 Holders of rec. Apr. 21.10
Common (monthly)
*20o. June 1 *Holders of rec. May 20
Preferred (guar.)
144 May 1 Holders of rec. Apr. 200
Fairbanks-Morse & Co., corn. (qua?.)
750. June 30 Holders of rec. June lba
Common (guar.)
750. Selig.30 Holders of rec. Sept. 150
Common (guar.)
750. Dec. 31 Holders of rec. Oct. 15a
Fajardo Sugar Co.(guar.)
2)4 May I Holders of rec. Apr. 150
Falls Rubber, pref. (guar.)
May 1 Holders of rec.
2
28
Famous Players Can. Corp., let of.(qu.) 2
June 1 Holders of rec. Apr.
Apr. 30
Famous Players-Lasky Corp., prof.(qu.) 2
May I Holders of rec. Apr.
15a
Fisher Body Corp.. corn.(guar.)
51.25 May 1 Holders of rec. Apr. 200
.(acct. accum. diva) hi 44 May 1 Holders
Fisk Rubber, let pf.
of sec. Apr. lba
Convertible preferred (No. 1)
154 May 1 Holders of sec. Apr. lba
Foote Bros. Gear de Mach., Prof.(qu.)... 144 July 1 Holders
of too. June 20
Preferred (guar.)
144 Oct. 1 Hofilers of rec. Sept. 20
Preferred (guar.)
144 JanC27 Holders of see. Dec 20
Franklin (H. H.) Mfg.. Prof. (guar.)._
May I Holders of rec. Apr.
General Cigar, common (guar.)
May 1 Holders of rec. Apr. 20
200
Preferred (guar.)
June I Holders of rec. May
Debenture preferred (guar.)
July 1 Holders of reo. June 220
24a
General Motors Corp.
Seven per cent preferred (guar.)
May I Holders of see. Apr.
50
Six per cent debentures (guar.)
May 1 Holders of rec. Apr.
ba
Six per cent preferred (guar.)
144 May 1 Holders of rec. Apr. ba
General Outdoor Adv., class A (guar.)._ el
May lb Holders of rec. May
5
Preferred (guar.)
134 May lb Holders of rec. May
General Tiro & Rubber, corn. (guar.)„ 50e. May 1 Holders of rec. Apr. 5
20
Gillette Safety Razor (guar.)
75c. June 1 Holders of roe. May la
Extra
25e. June I Holders of ree. May la
Gimbel Brothers, Preferred (guar.)
May
I
144
Holders Of rec. Apr. 150
134
$1134
11i
15(
134
Name of Company.
2459
Per
When
Cent. Payable.
Books Closed
Days Inclustre.
Miscellaneous (Continued).
C. G.Spring & Bumper (guar.)
10c. May 15 May 9 to May 16
Extra
Sc, May 15 May 9 to May 16
Globe Automatic Sprinkler, Cl, A (qu.).. 8234c. May I Apr. 21 to Apr. 30
Preferred
334 May 1 Apr. 21 to Apr. 30
Globe Democrat Publishing, prof.(gu.). 144 June 1 Holders of rec. May 200
Goodrich (B.F.) Co., coin.(guar.)
June 1 Holders of rec. May 15a
$1
Preferred (guar.)
144 July 1 Holders of rec. June 15a
Gossard (H. W.) Co., corn.(monthly) 33 1-3c May 1 Holders of rec. Apr. 20
Common (monthly)
33 1-3c June 1 Holders of rec. May 21
Preferred (guar.)
144 May 1 Holders of rec. Apr. 20
Gotham Silk Hosiery141 May 1 Holders of rec. Apr. lba
First & second preferred (guar-)
Grand(F.& W.)5- 10- 25-cts. St.. Pf(au) 144 May 1 Holders of rec. Apr. 17
Grant Tire, corn. & founders shares- *50c. May 1 *Holders of rec. Apr. 20
Great Lakes Dredge & Dock (quar.)_.
2
May lb Holders of rec. May 7
Great National Smelting Co
*$20 May 1
Group No. 1 011 Corp.(monthly)
$250 May 10 Holders of rec. May 1
Monthly
$250 June 10 Holders of rec. June 1
Monthly
$250 July 10 Holders of rec. July 1
Guenther Publisher, pref. (guar.)
234 May 16 Holders of rec. Apr. 16
Preferred (acct,accumulated diva.)
1123.4 May 16 Holders of rec. Apr. 16
Preferred (guar.)
234 Aug. 16 Holders of rec. July 18
Preferred (acct. accumulated dive.)... 5234 Aug. 16 Holders of rec. July 16
Preferred (guar.)
234 Nov.18 Holders of rec. Oct. 16
Preferred (acct. accumulated dive.)..- 8234 Nov.18 Holders of rec. Oct. 16
Gulf States Steel. Prof. (guar.)
13 July 1 Holders of rec. June lba
Preferred (guar.)
144 Oct. 1 Holders of rec. Sept.154
Preferred (guar.)
144 Jan 2'27 Holders of rec. Dec. 15a
Hamilton-Brown Shoe (monthly)
1
May 1 Apr. 24 to Apr. 30
Harbison-Walker Refract.. cam,(guar.) 144 June I Holders of rec. May 21.
Preferred (guar.)
134 July 20 Holders of rec. July 10a
Hecht Mining (guar.)
50c. June lb Holders of rec. May liSa
tlellman (Richard),Inc.. partic. pf.(qu.) 8234c May I Holders of rec. Apr. 200
Participating preferred (guar.)
12.850 May 1 Holders of rec. Apr. 20.
Hercules Powder, pref.(guar.)
*1H May 15 *Holders of rec. May 5
Hibbard. Spencer, Bartlett Co.(mthly.). 35c, May 28 Holders of tee. Slily 21
Monthly
35o. June 25 Holders of rec. June 18
Extra
20e. June 25 Holders of rec. June 18
Hollander & Sons (Inc.), common (qu.)- 6234c May lb Holders of rec. May 1
Holly Sugar Corp.. preferred (guar.).
144 May 1 Holders of rec. Apr. 15
Hood Rubber, Preferred (guar.)
144 May 1 Apr. 21 to May 2
New 734% pref. (guar.)(No. 1)
$1.88 May 1 Apr. 21 to May 2
Horn & Hardart of N. Y., common (qu.) 250. May 1 Apr. 10 to Apr. 30
Common (extra)
1234e May 1 Apr. 10 to Apr: 30
Hupp Motor Car, corn.(guar.)
250 May 1 Holders of rec. Apr. 15a
Illinois Brick (guar.)
2.4 July 15 Holders of roe. July 3
Quarterly
2.4 Oct. 15 Holders of rec. Oct. 4
Independent Packing, common (qua?.). 3234e May 1 Holders of roe. Apr. 22
Preferred (guar.)
144 May 1 Holders of rec. Apr. 22
Indiana Pipe Line (guar.)
May 15 Holders of rec. Apr. 16
$1
Extra
y 11
51
15i J
5 Holders of rec. Apr. 16
Mua
ne
Intercontinental Rubber(No. 1)
May 15 Holders of rec. Apr. 30a
Si
Internat.-Agricultural Corp.. pr.Pf (qit.)
Holders of rec. May lba
Internat. Harvester, preferred (guar.)._
141 June I Holders of rec. May 100
International Nickel. pref.(guar.)
14 May 1 Holders of rec. Apr. 15a
International Shoe. corn.(guar.)
81.50 July 1 Holders of roe. June 156
Common (guar.)
$1.50 Oct. 1 Holders of rec. June Ilia
Preferred (monthly)
34 May 1 Holders of rec. Apr. 15
Intertype Corp., common (guar.)
25e. May 16 Holders of rec. May la
Ipswich Mills. Prof.(guar.)
144 May I Holders of rec. Apr. lba
Jaeger Machine (guar-)
1 .1
Juiy
une
62
1,
Holders of roe. May 21a
Jewel Tea, preferred (guar.)
Holders of rec. June 17a
Prof.(account accumulated dividends) 8234 July 1 Holders of rec. June 17a
Kaufman Dept. Stores, Pref.(quar.) _ _ _ _
144 July 1 Holders of rec. June 214
Preferred (guar.)
134 Oct.
Holders of rec. Sept.20a
Preferred (guar.)
134 Jan= Holders of rec. Doe. 204
Kayser (Julius) & Co., corn.(quar.).__. The. May 1 Holders of rec. Apr. 19a
Kelsey Wheel,Inc., pref.(guar.)
IQ May 1 Holders of rec. Apr. 20a
Kidder. Peabody Acceptance Corp
$2.50 May
Holders of rec. Apr. 15
Kirby Lumber (guar.)
144 June 1 June 1 to June 10
Quarterly
134 Sept. 10 Sept. 1 to Sept. 10
Quarterly
134 Dec. 1 Dec. 1 to Dee. 10
Knox Hat. Inc., class A participating a* $1
M ay
334 m
Holders of rec. Apr. 15
Second preferred
Holders of rec. Apr. 15
Kress(S. H.) Co.,common (guar.)
1
may
Holders of rec. Apr. 206
Laclede-Christy Clay Prod., prof.(qu.)- 144 July
Holders of roe. June 21
Landay Bros., Inc.. Class A (quar).... 75e. May
Holders of rec. Apr. lba
Liggett& Myers Tob.,com.&com.B(qu.)
75c. June
Holders of tee. May 17a
Lindsay Light, pref.(guar.)
1734c. 1May12 Holders of rec. dMay la
Loew's Boston Theatres, common (qu.) 31Hc May 1 Holders of rec. Apr. 20a
L.oew's Ohio Theatres, let pref.(guar.)_ 2
May 1 Holders of rec. Apr. 24
Loose-Wiles Biscuit, preferred (quar.).. 144 May 1 Holders of rec. Apr. 17a
Lord & Taylor. 2d prof. (guar.)
2
May 1 Holders of rec. Apr. 17a
LouLsiana 011 Refining, 634% prof. (1111) IH May 15 Holders of roe. May 1
Luther Mfg.(quar.)
May 1 Holders of roe. Apr. 20a
2
Macy (It. H.) & Co., pref.(guar.)
144 May 1 Holders of rec. Apr. 17a
Martin-Parry Corp.(guar.)
50e. June 1 Holders of rec. May 150
Maytag Co.(guar.)
50c June 1 HcIders of rec. May lba
Quarterly
50c. Sept. 1 Holders of rec. Aug. lba
Quarterly
50c. Dec. 1 Holders of rec. Nov.lba
McCall Corporation (amar.)
50c. May 1 Holders of rec. Apr. 200
McCrory Stores, common (qua?.)
June 1 Holders of rec. May 10.
1
Common (payable in common stock.). 11
June 1 Holders of rec. May 100
Class B (payable in class B stock)_
June 1 Holders of rec. May 100
11
Preferred (guar.)
144 May 1 Holders of rec. Apr. 20.
Preferred (guar.)
Holders of rec. July 200
Preferred (guar.)
1
14 5
Nug
ov.
. 1
1 Holders of rec. Oct. 20a
McIntyre Porcupine Mines,Ltd. OW250. June I Holders of rec. May la
Melville Shoe Corp.,common (guar.)._ _ 50e. May
Holders of rec. Apr. 26a
Common (extra)
50c. May 1 Holders of rec. Apr. 26a
Preferred (guar.)
May 1 Holders of ree. Apr. 26a
2
Mercantile Stores,Inc., common
May
$
Holders of rec. Apr. 30
Preferred (guar.)
144
1
Ma
May 15 Holders of rec. Apr. 30
Merchants Mfg. (guar.)
May
Holders of rec. Apr. 23
Metropol.Chain Stores, lat & 2d pf (qu.) $1.75 M1a
n 15
1 Holders of rec. Apr. 200
25c.
Miami Copper Co.(guar.)
Holuere of rec. May la
Mid-Continent Petrol.. pref. (quar.)... 14.4 June 1 Holders of rec. May 150
Mirror (The), pref.(guar.)
144 May I Holders of rec. Apr. 200
Missouri-Illinois Stores, pref.(qua?.)... 2
May 1 Holders of roe. Apr. 20
Mohawk Mining (gum )
$1
June 1 Holders of roe. May 1
Moon Motor Car,common (guar.)
75c. May 1 Holders of rec. Apr. 190
Moore Drop Forging. Class A (guar.)._
$1.50 May 1 Holders of rec. API% 156
Morris Plan Bank (Cleveland) (quar.)_ _
2
May 1 Holders of rec. Apr. 24
0:Motor Prod. Corp.,corn.(qu.)(No.1)- *50c. May 1 *Holders of rec. Apr. 20
°Preferred (guar.)
*$1.25 May 1 *Holders of rec. Apr. 20
Motor Wheel Corp., pref.(guar.)
May 15 Holders of too. Apr. 30
2
Mullins Body Corp., pref.(guar.)
2
Holders of rec. Apr. 176
May
Munsingwear, Inc. (guar)
75e. June
Holders of rec. May 180
National Biscuit, common (guar.)
July 1 Holders of rec. June 30a
$1
Preferred (guar.)
144 May 2 Holders of rec. May 14a
National Brick, pref. (guar.)
Holders of rec. Apt. 30a
154
National Carbon, pref.(guar.)
1%
Mta
ay 1 Holders of rec. Apr. 21a
National Casket,common
Holders of rec. Apr. 254
61.50 May 1
Nat. Cloak & Suit, pref. (guar.)
Holders of rec. May 250
Nu
ia
ny
e
11
5 J
Nat.Dept.Stores, let prof.(guar-)
Holders of rec. Apr. 15a
2d preferred (guar.)
Holders of rec. May 15a
1% June
vat. Food Products.class A (quar.)
0234c May 1 Holders of rec. May 3
National Grocer, preferred
3
July 1 June 20 to June 29
Preferred
an1'2 Dec. 21 to Dec. 31
3
National Lead, preferred (guar.)
144 June 1
Holders of rec. May 216
National Supply,common (guar.)
$1 May 1 Holders of rec. May ba
National Tea. pref.(guar.)
14 May
Holders of rec. Apr. 220
New Cornelia Copper Co.(guar.)
40e. May 2 Holders of rec. May 74
New Jersey Zinc (guar.)
2
May 10 Holders of rec. Apr. 20a
New York Air Brake, corn.(guar.)
Muiv
ay
3150c. J
Holders of rec. Apr. 8a
Class A (guar.)
Holders of rec. June 94
New York Merchandise Co., pref.(qu.).
Holders of rec. Apr. 20
North Amer. Cement.7% pref.(guar.). 1 14
44 May
ity
Holders of rec. Apr. 20.
North Central Texas 011,Inc.(guar.)
100. June
Holders of rec. May 104
Oil Wen Supply. prof.(guar.)
IN May 1 Holders of-rec. Apr. 16
Name of Company•
When
Per
Cent. Payable.
Books Closed
Days „Inclusive.
Miscellaneous (Concluded)
May 1 Holders of rec. Apr. 30
1
Ontario Steel Products, corn. (quar.).__
Preferred (guar.)
141 May 1 Holders of rec. Apr. 30
Oppenheitn,Collins dr Co.,common(Mt) 75c. May 1 Holders of rec. Apr. 290
Holders of roe. Apr. 200
Orpheum Circuit,common(monthly)... 16 2-3 May
Holders of rec. May 20a
162-3 June
Common (monthly)
Holders of rec. June 190
162-3 July
Common (monthly)
Holders of rec. June 15a
July
2
Preferred (guar.)
1,4 July 1 Holders of rec. June 30a
Otis Elevator, pref.(guar.)
131 Oct. 1 Holders of rec. Sept.300
Preferred (guar.)
1)4 Jan1.5.2 Holders of rec. Dec. 31a
Preferred (guar.)
Holders of rec. Apr. 200
75c. May
Outlet Company,corn.(au)(No.1)
Holders of rec. Apr. 200
50c. May
Common (extra)
Holders of rec. Apr. 20a
131 May
1st preferred (guar.)
Holders of rec. Apr. 206
13i May
2d preferred (guar.)
1% July
Holders of rec. June 18
Overman Cushion Tire, pref.(quar.)..
75c, July
Holders of rec. June 150
Owens Bottle,corn.(quar.)
Holders of rec. June lba
1% July
Preferred (guar.)
May
Holders of rec. Apr. 240
1%
Pacific Coast Co., let pref.(guar.)
May
Holders of rec. Apr. 24a
1
Second preferred (guar.)
Holders of rec. Apr. 200
Pathe Exchange. Inc.. corn. A&B (guar.) The, May
Holders of rec. Apr. 20a
Corn. A & 13 (pay. In new cl. A stock)- e6
May
590. May
Holders of rec. Apr. 20a
Peabody Coal, pref. (monthly)
58c. June
Holders of rec. May 20a
Prefered (monthly)
58c. July
Holders of rec. Juned19a
Preferred (monthly)
May I
2
Holders of rec. May 5
Penturins, Ltd.. coin. (guar.)
14 May
Holders of rec. Apr. 21
Preferred (guar.)
Holders of rec. Apr. 20a
1% May
Phillips-Jones Corp., prof.(ousr.)
Pick (Albert), Barth & Co., pref. A (qtr..) 43%c. May 1 Apr. 24 to May 14
Holders of rec. Apr. 21•
81.10 May
Poston' Cereal, common (guar.)
61.25 May 1 Holders of rec. Apr. 246
Procter &Gamble,corn.(guar.)
of rec. June 1
I
June
(quar.)...
IM
Holders
Pref.
Pro-phy-lactic Brush.
Holders of rec. Apr. 30a
2
May 1
Pullman Company (quar.)
Apr. 21 to Apr. 30
Pyrene Manufacturing, common (guar.) 231 May
1M May 2 Holders of rec. June 1
Quaker Oats, preferred (quar-)
Holders of rec. Apr. 21a
50c. May
Reed (C. A.) Co., Class A (quar.)
Holders of rec. Apr. 15
3731c. May
Rico-Stis Dry Goods, corn.(guar.)
Apr. 275 to May 1
750. May
Rome Wire,class A (guar.)
Apr. 275 to May I
25c
May
Class B (guar.)
50e. June 2 June 10 to June 21
St. Joseph Lead (guar.)
25c, June 2 June 10 to June 21
Extra
50c Sept-2 Sept. 10 to Sept.20
Quarterly
250. Sept.2 Sept.10 to Sept.20
Extra
50c. Dec. 2 Dec. 10 to Dec. 20
Quarterly
25e. Dec. 2 Dec. 10 to Dec. 20
Extra
Holders of rec. Apr. 20
_
(guar.)
pref.
1% May
St. Lawrence Flour Mills.
Holders of rec. Apr. 25
131 May
St. Louis Car Co , pref. (guar.)
May 1 Holders of rec. Apr. 17o
$2
St. Mary's Mineral Land
20c. May
Holders of rec. Apr. 15a
e3alt Creek Producers Assoc.(quar).
Holders of roe. Apr. 150
42 tic. May
Extra
Savage Arms Corp., preferred (guar.)._. .114 May 15 'Holders of roe. May 1
Savannah Sugar Refg. Corp., corn.(qu.) $1.50 May I Holders of rec. Apr. 15
141 May I Holders of rec. Apr. 15
Preferred (quar.)
June 1 Holders of rec. May 13a
2
Schulte Retail Stores, common (guar.)._
2
July I Holders of rec. June Ma
Preferred (guar.)
May lh May 8 to May 16
3
Scotten. Dillon Co.(guar.)
1,1 May 1 Holders of rec. Apr. 29a
Scott Paper, prof.(guar.)
Scruggs-Vandervoorc-Barney
2
May 1 Apr. 21 to Apr. 30
Dry Goods (guar.)
Sears.Roebuck&Co.new com.(qu.)(No.1) 6231c May I Holders of ree. Apr. lea
131 July 25 Holders of rec. June 30
Shaffer 011 & Refining, pref
134 May 15 Holders of rec. Apr. 306
Shell Union Oil. pref ser."A" (guar.)._
1M May 1 Holders of rec. Apr. 200
Silver (Isaac)& Bros.Co.. pref. iqu.)_ _ _
I% May l Holders of rec. Apr. 156
Simmons Company. prof. (quar.)
2
May 15 Holders of rec. May la
Sinclair Consol. Oil, preferred (guar.)._
50c. June 15 Holders of rec. June 19a
Skelly 011 (guar.)
75c. May 1 Holders of rte. Apr. 24
Skouras Bros., Class A (guar.)
Smith (A. 0.) Corp., common (quar-)-- 25e, May IS Holders of rec. May 1
25c. May 15 Holders of rec. May I
Common (extra)
Mav 15 Holders of rec. Slav I
Preferred (guar.)
141 June 1 Holders of rec. May 15e
Spalding (A. G.)& Bros.. 1st pf.(aU.)
inns I Holders of roe. Slay la
2
Second prefer-ed (guar.).
850 May 6 Apr. 7 to May 6
Standard Oil (Neb.) stock dividend_
1.1 ions I Holders of rec. Apr 3')
Standard Oil (Ohio), preferred (guar.). _
tquar.)_
ord.
131 May 1 Holders of ter Apr.
Canada,
of
Company
Steel
131 May 1 Holders of rec. Apr 8
Preference (quar.)
$1.25 May 1 Holders of rec. Apr. 23e
Sterling Products(quar.)
30
Stewart-Warner Speedometer (quar.)--- $1.50 May 15 Holders of rec. Apr. 300
May 1 Apr. 205 to Apr.
2
Sullivan Packing,Prof.(guar.)
300
Apr.
rec.
of
Holders
h$1.75
May
15
pref
Corp.,
Oil
Swan-Finch
30c. May 1 Holders of rec. Apr. 15a
Telautograph Co.. common
Thompson (J.R.) Co., corn. (monthly). 300. May 1 Holders of rec. A pr. 23•
30e. June 1 Holders of rec. May 230
Common (monthly)
1 31 May 15 Holders ef rec. Ann 300
Tide-Water Oil. prof. (guar.)
Tobacco Products Corp.. Class A (guar.) 131 May 15 Holders of rec. Apr. 270
131 May 1 Holders of rec. Apr. '20
Troxel Mfg., pref.(guar.)
331 May 1" May 9 to May 10
Union-Buffalo Mills. 1st pref
231 May 15 May 9 to May la
Second preferred
50c. May 10 Holders of rec. Apr. 170
Union 011 of California (guar.)
May 2
0234c. May 10
Union Storage (quae.)
May 11
$I June I
A
class
Biscuit,
(guar.)
United
June 1 Holders of roe. May 150
$2
United Drug, corn (guar.)
141 May 1 Holders of rec. Apr. 15a
First preferred (guar.)
So
United Verde Extension Mining (guar.). 75c. May I Holders of rec. Apr. la
24 June 15 Holders of rec. June
U.S.Cast Iron Pipe & Fdy.,corn.(qu.)_
2M Sept.15 Holders of rec. Sept. la
Common (guar.)
24 Dec. 15 Holders of rec. Dec. la
Common (guar.)
141 June 15 Holders of rec. June la
Preferred (guar.)
131 Sept. 15 Holders of rec. Sept. la
Preferred (guar.)
154 Dec 15 Holders of rec. Dec. la
Preferred (guar.)
May 15 Holders of rec. Apr. 20a
2
U.S.Rubber, 1st pref.(quar.)
May 1 Holders of rec. Apr. 15.
131
pref.
(qU.)
Universal Pipe & Radiator.
75c May 15 Holders of rec. May la
Vanadium Corp. (guar.)
,
Van Raalte Co.. let preferred (quar.)_. 131 June 1 Holders of rec. May 186
8714e May 1 Holders of rec. Apr. 15a
Vick Chemical (guar.)
$1.95 May 1 Holders of rec. Apr. 15
Vivaudou (V.), Inc., pref. (guar.)
$1.75 Aug. 2 Holders of rec. July 15
(guar.)
Preferred
$1.75 Nov. I Holders of rec. Oct. 15
Preferred (quar.)
Waltham Watch, prior pref.(No. 1)_ _ _ $1.75 May 1 Apr. 18 to May 3
May 1 Apr. 205 to May 1
60c.
Waltke (William) & Co., corn.(guar.)
131 May I Apr. 205 to May 1
Preferred (guar.)
131 May 1 Holders of rec. Apr. 290
Washburn-Crosby Co.. pref. (quar.)50c. may 1 Holders of rec. Apr. 18a
Waverly 011 Works, Class A (No. 1)
June 30 Holders of rec. June 16a
$I
Weber & Hellbroner. common (guar.)
131 June 1 Holders of rec. May 14a
Preferred (guar.)
May 1 Holders of rec. Apr. 19a
White Sewing Mach.(guar.)(No. 1)..... $1
50c. May 5 Holders of rec. Apr. 156
Wilcox(H.F.) Oil & Gas(guar.)
3734c May 15 Holders of rec. May 1
Williams 011-o-Matic Heating (oil.)
June 1 May 2 to May 19
Woolworth (F. W.) Co.,common (guar.) $1
May 1 Holders of rec. Apr. 200
(monthly)....
25c.
Wrigley(Wm.)Jr. & Co.
250. June 1 Holders of rec. May 20a
Monthly
25c, July 1 Holders of reo. :rune 196
Monthly
•From unofficial sources. tThe New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. :The
ex
New York Curb Market Association has ruled that stock will not be quoted
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock
fPayable In common stock. g Payable in scrip. h On account of accumulated
dividends. m Payable in preferred stock. n Payable In Canadian fund"
.At option of holder dividend payable either In cash or stock at rate of one
fortieth of a share of Class A stock.
I Payable in common and common B stock, respectively. No fractional shares
the bid price at
to be issued. cash being paid instead, such cash being at the rate of
close of business May 10, of if such bid price be fractional then at the even price below.
u Dividends are five-fortieths of a share of new class A common for old class A & B
common and one-fortieth of a share for new class A & B common.
e Company has been enjoined from paying more than 4% on prof. stock, and no
dividends on common stock until pref. stock has been retired.
to Dividend is 450. in cash or in Class A stock at rate of one-fiftieth of a share.
zPayable either In cash or stock at rate of 5.75-100 of a share of class A stock
for each share of$6 dividend stock and 6.25-100 of a share of class A stock for each
share of $6.50 dividend stock.
[vol.. 122.
THE CHRONICLE
2460
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 Apr. 24. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show theactual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS
(Stated in thousands of dollars-that is, three (000) ciphers omitted)
New
Capital Profits Loans,
DiseOunt. Cam
Week Ending
In
April 24 1926, Nat'l. Apr. 12 InvestVault
State. Mar.25 events
etc.
(000 omitted.) r.Cos. Mar,25
Members of Fe
Bank of N. V.&
Trust Co.-- _
Bk of Manliat'n
dank of Ameni
National City.
Chemical Nat.
Am Ex-Pao Nat
Nat Bk of Corn.
Chat Ph NB&T
Hanover Nat_ _
Corn Exchange_
National Park.
Bow'y& EastRi
First National.
IrvingB k-Col
Continental__ _ _
Chase National.
Fifth Avenue..
Commonwealth.
Garfield Nat'l__
Seaboard Nat'l_
Bankers Trust.
US Mtge & Tr.
Guaranty Trust
Fidelity-InterTr
New York True
Farmers L & Tr
Equitable Trust
.Res. Bank
4,000
10,000
6,500
50,000
4,500
7,500
25,000
13,500
6,000
10,000
10,000
3,000
10,000
17,500
1,000
40,000
50()
800
1,000
6,000
20,000
3,000
25,000
4,00(1
10,000
10,000
23,000
12,905
14.965
5,258
85,624
18,310
12,963
41,528
12,834
25,677
14,799
24,114
3,151
72,737
14,017
1,198
39,152
3,031
1,320
1,788
10,104
31,707
4,915
22,588
3,174
20.312
18,963
14,439
Reser;
with
her
Legal Denutnd
Ileum( Deposits
writs
A wage. Average .4 wag
Time Bank
De- CircalaPosit,
lion.
Average. Average Aege
57,418 8,027
499 7,730
76,471
132,531 25,472
161,252 2,887 18,219
85,427 5,834
77,318 1,788 11,527
555,277 5.347 59,752 *589,703 78,119
116,925 3,413
131,911 1,239 15,519
132,285 10,262
147,001 1,953 17,414
781 38,825 295,747 11,407
339,357
215,820 2.430 24,519, 168,409 40,487
105,788
518 13,806
122,627
185,924 32:00§
211,620 6,594 25,642
128,895 8,143
831 16,643
158,850
30,784 15,850
52,452 1,319 5,348
657 28,1371 198,315 11,812
308.929
268,992 27,958
288,408 2,546 35,819
430
6,736
128 1,108
7,852
549,591 6,987 66.114 *514,675 32,924
737 3,379
25,771
25,439
481 1,533
10,460 5,320
14,630
225
429 3,300
17,909
17,130
112,845 2,353
117,168 1,004 14,780
337,824
787 36,654 *297,086 49,969
719 7,693
58,977 5.570
85,369
399,120 1,370 45,331 *383,325 55,276
817 5,080
41,929
37,572 3,044
181,298
536 20,961
153,051 20,198
406 14,126 •108,656 22,240
144,309
277.6951 1,50 30,599 *291,641 34,262
80
348
4,965
5,951
3520
993
4,853
1,539
48
Total of ateragos,320,800 511,5835,026,645 45,279 567,558c4,195,372.510,609 22,297
Totals, actual condition Apr. 24 5,097,561 45,902 555,699 c4,218,096 515,099 22,261
Totals, actual condition Apr. 17 5,003,274 41,861 574.601 c4 194 430 502,159 22,230
Totals,actual on nditlon Apr. 105,071,31 46.894576.42 c4,170,520512,947 22,183
State Banks Not Me mbers of Fed'I Res've Bank.
23,343 2.028 _ -.24,106 2,028 2,333
Greenwich Bank 1,000 2,600
39.233 64,649 _--5,000 5,324 107,733 4,848, 2,401
State Bank_ .
Total of averages
6,000
7,925
131,839
62,576 66,677
6.876, 4,734
Totals, actual co ndition Apr. 24 132,446 6,873 4,952
Totals, actual on edition Apr. 17 132.295 6,605 4,690
Totals, actual co nditIon Apr. 10 130.747 7,014 4,415
Trust C.ompan lee Not Members of Fed 'I Res'y e Bank.
64.372 1,590 4,468
Title Guar & Tr. 10.000 18,105
878 2,224
24,891
Lawyers Trust
3,000 3.231
63,335 86,686
62,835 66,658
61,373 66,738
rocal of aodragaq 13.000 21.338
89,203
2,468
6,692
60,954
3,216
Totals, actual co ndition Apr. 24
Totals. actual co edition Apr. 17
Potals. actual co ndition Apr. 10
89,215
88,596
87,176
2,429
2,587
2,593
8,87
8,460
6.704
81,034
60,049
59,041
3,058
3.361
3,424
40,303
20,651
2,236
980
Gr'daggr.,aver. 339,800 540.8455,247,747 54.623578,984 4.318,902 580.502 22.297
Comparison wit h prey. , week _ _ -12.771---1.618+3,434 +22,574 +6,225
-7465 584,843 22,261
Gr'd agAr .
cond'n Apr. 24.5.319,222 55,204567,526 4,342
Comparison wit h prey.,week..1 +95,057 +1,171-18,225 +25,151 +12865 +31
(3rd aggr.
Gr'd
Ord
Gr'd
Gr'd
Gr'd
cond'n 'Apr. 175.224,165
aggr act')cond'n Apr. 105.289,241
aggr Ice( cond'n Apr. 35.409.017
agrr., act'/ cond'n Mar.27 5,317,240
aggr,. seri cond'n Mar.20 5,314,812
aggr..
cond'n Mar.135,328,039
54.033585.751
56.501587,544
53,918 557.763
55,355.589,559
56,800588.312
57,421 607,325
4.317,314 572.178 22,230
4,290,934 583,109 22,183
4,471,909 585,402 22,116
4,334,419 581,951 22,296
4,363,020 586,361 22,267
4,383.441 573,717 22,290
Note.-U. S. deposits deducted from net demand deposits in the general totals
above were as follows: Average total Apr. 24, $38,125,000. Actual totals Apr. 24
$37,127,000; Apr. 17, 339,547,000; Apr. 10, $41,437,000; Apr. 3. 544,441,000
Mar. 27, $44,447,000. Bills payable, rediscounts, acceptances and other liabilities
average for week Apr.24. 3588,039.000: Apr. 17.8629,036.000; Apr,10,8645,113,000
Apr. 3, 8633,909,000; Mar. 27, $638.117,000. Actual totals Apr. 24. $816.127,000
Apr. 17, 3584,853,000; Apr. 10, $856,998,000; Apr. 3, $587,074,000; Mar. 27,
$656,190,000.
•Includes deposits in foreign branches not included in total footings as follows:
National City Bank, 8152.232,000; Chase National Bank, $11,870,000: Bankers
Trust Co., 830,074,000; Guaranty Trust Co., $61.314,009; Farmers' Loan & Trust
Co., 33,588,000: Equitable Trust Co., 385,373,000. Balances carried in banks In
foreign countries as reserve for such deposits were National City Bank, $22,615.000:
Chase National Bank, 32,601,000; Bankers Trust Co., 81,550.000; Guaranty Trust
Co., $3,271,000; Farmers' Loan & Trust Co., $3,588,000: Equitable Trust Co..
$6,683,000.
c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BAWER
AND TRUST COMPANIES.
Averages.
- - ---- Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank _
State banks*
Trust companies*..
Total
Total
Total
Total
Apr. 24_ _ _
Apr. 17....
Apr. 10 _ _ _
Apr. 3_ _
6,876,000
2,468,000
Total
Referee.
b
Reserve
AVOW&
567,558,000 587.558.000 580,716,630
4,734,000 11,610,000 11,263,680
6.692,000 9,160,000 9.143,100
Swills*
&UM.
$
6.841.370
346,320
16900
9.344,000 578,984,000 488,328,000 581,123,410 7.204,590
9,629.000 575.550,000 585,179,000 577,970,650 7,208,350
9,729.000 578,547,000 588.188,000 584,129,990 4,059,010
9.230.000 609.580.0W 618,810,000 595 661,040 23,148,960
•Not members of Federal Reserve Bank.
b This Is the reserve required on net demand deposits in the ease of State banks
and trust companies, but in the case of members of the Federal Reserve Bank Includes also amount of reserve required on net time deposits, which was as follows:
Apr. 24, $15,318,270; Apr. 17, $15,125,280; Apr. 10. 515,378.870; Apr. 3, $15.17,370; Mar. 27, $15,247,860.
MAY 1 1926.]
Tin':
Ai
Actual Figures.
Cash
Reserve
in Vault
Reserve
In
Depositaries
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
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:
Members Federal
.
$
$
$
Reserve Bank_
555.699,000 555,699,000 563,805,450 -8.106,450
State banks.
6,873,000 4,952,000 11,825,000 11,400,300
424,700
Trust companies•___ 2,429,000 6.875,000 9,304,000 9,155.100
148,900
Total
Total
Total
Total
Apr. 24____
Apr. 17____
Apr.
Apr. 3_
9,302,000 567,526,000 576,828.000 584,360,850 -7,532,850
9,172,000 585.751,000 594,923.000 580,658,320 14.264,680
9,607,000 587,544,000 597,151,000 577,459,300 19,691,700
9,107,000 557,763,000 566,870,000 601,029,500 -34,159.500
*Not members of Federal Reserve Bank.
This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Apr. 24, $15,452,970; Apr. 17, $15,064,770; Apr. 10, $15,388,410; Apr. 3, $15,454,830; Mar. 27. 815,360,000.
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
2461
).• 1.1 F..
BOSTON CLEARING
April 28
1926.
HOUSE MEMBERS.
Changes from
precious week.
April 21
1926.
$
$
$
$
Capital
69.500,000 Unchanged
68,500,001
69,500.000
Surplus and profits
90,551.001
93,752,000 Inc.
93,697,000
55,000
Loans, disc'ts & invest_ 1,031.054,000 Inc.
122,000 1,030,932,000 1,033,796,00
Individual deposits679,624,000 Dec. 7,362,000 686,986,000 675,278,001
Due to banks
144,893,000 Dec. 3,856,000 418,749,000 142,657,001
Time deposits
224,816,000 Inc. 4,863,000 219,953,000 218,916,001
United States deposits_
38,609,000 Dec. 1,743,000
40,352,000
46,895,001
Exch's for Cl'g House
36,096,000 Dec. 4,472,600
32,161,00
40,568,000
Due from other banks
85,448,000 Dec. 7,828.000
93,276,000
83,467.001
Ree've in legal depos
80,079,000 Dec. 292,000
80,371,000
79,284.00
Cash in bank
10,336,000 Inc.
501,000
9,835,000
10,167,00
Res've excess in F.R.Bk
653.000 Dec. 310.000
963.000
435.001
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Apr. 24, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not members of the Federal Reserve System the reserve required is
10% on demand deposits and includes "Reserve with legal
depositaries" and "Cash in vaults."
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
Differences from
April 24.
Previous Week.
Loans and investments
81,213.332,100 Dec.53,376,000
Gold
4,677.700 Inc.
38,000
Currency notes
24,065,900 Dec. 683,400
Deposits with Federal Reserve Bank of New York_ 102,714,600 Dec. 236,800
Time deposits
1.267,751,100 Dec. 13,713,300
Deposits eliminating amounts due from reserve depositaries and from other banks and trust compaN.Y.
City, exchange & 15.5. deposits_ __ 1,194,843,200 Dec. 3,377,400
nies in
Reserve on deposits
172,546,200 Dec. 4,975,200
Week Ended April 24 1926.
Percentage of reserve. 20.1%.
Two Ciphers (00)
RESERVE.
omitted.
Menibersof
Trust
1926
State Banks
-Trust CompaniesF.R.Systen Companies
Total.
Cash in vault
*$39,190,700 16.81%
$92,267,500 14.82%
Deposits in banks and trust cos_ ___ 12,186,000 05.22%
28,902,000 04.64% Capital
844.775,0 55,000,0 549,775,0
Surplus and profits
131,612,0 17,405,0 149,017,0
Total
551,376,700 22.03%
$121,169,500 19.46% Loans, disc'ts & investm'ts 869,630,0 50,593.0 920,223,0
•Includes deposits with the Federal Reserve Bank of New York, which for the Exchanges for Clear.House 34,332,6
433,0 34,765,0
State banks and trust companies combined on April 24 was $102,714,600.
Due from banks
115,134,0
16,0 115,150,0
Bank deposits
141,745,0
789,0 142,534,0
Individual deposits
607,636,0 32,531,0 640,167,0
130,635,0
2,116,0 132,751,0
deposits
Banks and Trust Companies in New York City.-The Time
Total deposits
880,016,0 35,436,0 915,452,0
5,233,0
5,233,0
averages of the New York City Clearing House banks and Res've with legal depos_
Reserve with F.R.Bank
65,873,0
65,873,0
trust companies combined with those for the State banks and Cash
in vault •
10,145,0
1,453,0 11,598,0
76,018,0
6,686,0 82,704,0
trust companies in Greater New York City outside of the Total reserve At cash held
Reserve required
66,093,0
5,035,0 71,128,0
Clearing House are as follows:
Excess res.& cash in vault_
9,925.0
1,651,0 11.576.0
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week EndedDee. 28
Ian. 2
fan. 9
Ian. 16
Ian. 23
Ian. 80
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar. 6
Mar. 13
liar. 20
Mar. 27
Apr. 3
Apr. 10
April 17
Apr. 24
Loans and
hacestments.
Demand
Deposits.
*Total Cash
in Vaults.
Reserve in
Depositaries.
$
6.584.447,000
6,688,745,000
6,713,047,300
6,614,199,500
6.557,007.300
6,538,928,200
6,583,367,000
6.551.072,500
6,539,198,100
6,538.928,200
6,574.532,600
6,501.882,000
6,559,263,300
6,528,460,200
6,582,817,200
6,551,614,500
6,477,226,100
6,461,079,100
$
5,619,923,800
5,740,772,300
5,770,909,300
5,711,092.600
5,657,830.000
5,628,105,200
5.669,834,300
5.617,024,100
5.572,396.500
5,628,105,200
5,621,468,900
5.562,180,300
5,624,406,300
5,539,714.200
5,616,040,800
5,532,964.000
5,494.548,600
5,513,745,200
$
105,692,300
99,811,300
95,988,600
90,893.800
87,033,900
87,174,800
84,220,500
89,198,200
85.608,600
87.174,800
84,322,400
85,376,300
83,752,000
82,310.600
79,710,300
87,360,600
85,630,000
83,366,600
$
734,118,200
764,938.500
764,899,000
762,604,500
746,110.700
732,989,600
740,775,600
732,243.100
732.631,000
732,989,600
744.749.500
726.793.200
737.864,500
726,143,200
765,192,600
725,290,001
723,682,400
722,786,600
New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
SETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Staled is tbousands of donors-that (s. Wee ciphers 10001 omitted.)
CLEARING
NON-MEMBERS
Week Ending
April 24 1926.
Members of
Fedi Reeve Bank
Chaco Nat Bank _
Total..... _ _
State Banks.
riot Members of the
Moral Reserve Bank
Bank of Wash.Mts.
Oolonial Bank..._
Crust Company
Not Member of the
Federal Reserve Bank
Mecb Tr. Bayonne
Total
Not
Canna; Profits
i
1.000
1.000
Loans
Mscounts,
Investmente.
dte
Cash
in
Vault
Reafree
with
Net
Net
Legal Demand Time
Depost Deposit? Depoette
tortes
Average Average Average Average Average
$
$
$
$
$
13,121
63
1,182
7,10:
3,874
1,867 13,121
63
1,182
7,10
3,874
$
1,867
•
200
1, ii
616
2,967
9,260
32,300
772
3.259
386
1.56
6,420
27,093
2,752
5,072
1.400
3,583
41.560
4,031
1,949
33,51
7,824
500
68'
9.554
333
152
500
58
9,554
333
6,040
64,2351
+514
4,42
104
2,900
Grand aggregate- - Comparison with Pr ev. week
ara agar.. Air. 17
ora agar.. Apr. 1
152
3,04.
3,04.
3,283 043,670
+91 -541
2,900
6,029 63,7211 4,531
3,192 544.219
2,900
6,02i 62,29
4,306
3.666 542,054
2.900
5,83
Gr'd aggr., Apr. 3
62,534
4,231
3,026 542,395
2,900
Ord agar.. Mar.27
5.83
64.581
4.388
3.090 *42.RAI
a United States deposits deducted. $136,000.
Bills payable. rediscounts acceptances, and other liabilities. 82,091,000.
Bawls reserve $66,290 Increase.
6,030
April 14
1926.
April 17
1926.
Ant. 10
1926.
$49,775,0
148.864,0
916.127.0
46,740,0
125,754,0
145.614.0
653,342.0
129,640,0
928.596,0
5,690,0
65,736,0
11,533.0
82,959.0
72,105.0
10.854,0
$49,275.0
149,283,0
904,206.0
39,383,0
115,196.0
141,756,0
620.459,0
130,720.0
892,935,0
4,863.0
64,045,0
11,692,0
80.600.0
69,079,0
11,521,0
• 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 Apr. 28 1926 in
comparison with the previous week and the corresponding
date last year:
April 281926. A priI211926 AprIl291925.
$
333,700.000 453,803.000 356,495,606
11,572,000
12.784,000
9,940,000
ResourcesGold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury
Gold held exclusively eget. F.R.notes_ 395,272,000 466,592.000
Gold settlement fund with F. R. Board_ 255,789,000 206,755,000
349.053,000 351,910,000
Gold and gold certificates held by bank
366,435,000
252,341,000
335,647,000
Total gold reserves
Reserves other than gold
1,000.114,000 1,025,257.000
43,870,000
42,351,000
954.423,000
35,123,000
Total reserves
1,043,984,000 1,067,608.000
Non-reserve cash
17,030,000
19.596,000
Bills discountedSecured by U. B. Govt. obligations__. 112,319.000
37,475,000
Other bills discounted
23,753,000
28.317,000
989,546,000
14,252,000
Total bills discounted
Bills bought In open market
U.S. Government securitiesBonds
Treasury notes
Certificates of Indebtedness
65,893,000
21,805,001
140,636,000
19,504,000
61.228,000
26,086,000
87,698,000
57,590,000
11,762,000
36,275,000
25,831,000
11,762,000
36,275.000
25,831.000
12,461,000
79,197,000
1.963,000
73,868,000
2,219,000
73,868,000
2,384,000
93,621,000
2,835,000
Total bills and securities (See Note)___ 236,227,000
163.566,000
241,744,000
Due from foreign banks (See Note).--.
660,000
Uncollected Items
153.863,000
Bank premisee
16,715,000
All other resources
4,816,000
644,000
170,256,000
16,715,000
4,481,000
640,000
140,265,000
16.579,000
5.708,000
Total U. S. Governmen IsecuritiesForeign loans on gold
Total resources
1,473,295,000 1.442,866,000 1,408,734,000
LiabilitiesFed'I Reserve notes in actual circulation- 361,438,000
Deposits-Member bank, reserve waft-- 874,771,000
Government
3,108,000
Foreign bank (See Note)
2,080,000
Other deposits
8,745,000
363.393,000
825.558,000
9,341,000
1,565.000
9.317,000
340.293,000
840,804,000
5,422,000
5,472,000
9,525.000
Totaldeposits
Deferred availability items
Capital paid in
Surplus
All other liabilities!
845,781.000
136.080.000
34,629.000
59,964,000
3,019,000
861,223.000
113,537,000
31,492,000
58,749,000
3,440,000
Totalllabllltiee
888,704,000
124,860,000
35,184,000
59.964,000
3,145,000
1,473,295,000 1,442,866,000 1,408,734,000
Ratio of total reserves to deposit and
6,030
Fed'I Res've note liabilities combine&
83.5%
88.3%
82.4%
Contingent liability on bills purchased
17,728
for foreign correspondents
17,063,000
18,191,000
12,743,000
+78
NOTE.-Beginning with the statement of Oct. 7 two new items were added in
17,650 order to show separately the amount of balances held abroad and amounts due to
17,611 foreign correspondents. In addition, the caption. "All other earning assets." now
17,664 made up of Federal intermediate credit bank debentures. has been changed i.e
17 'IR
-Other securities," and the caption, "Total earning assets" to "Total bills and se.
curities." The latter term has been adopted as a more accurate description of
total of the discounts, acceptances and securities acquired under the provisionsthe
at
Sections 13 and 14 of the Federal Reserve Act, which are the only items
Included
herein
[Vox.. 122.
THE CHRONICLE
2462
Weekly Return of the Federal Reserve Board.
the condition
The following is the return issued by the Federal Reserve Board Thursday afternoon, April 29. and showing
table we present the results for the system
or the twelve Reserve banks at the close of business on Wednesday. In the first
of the corresponding week last year.
as a whole in comparison with the figures for the seven preceding weeks and with those
The Federal Reserve Agents'
The second table shows the resources and liabilities separately for each of the twelve banks.
the Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between
The Reserve Board's comment upon the returns for the
Reserve Agents and between the latter and Federal Reserve banks.
latest week appears on page 2430, being the first item in our department of "Current Events and Discussions."
THE CLOSE OF BUSINESS APRIL 28, 1926.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT
Mar.171926.Mar.101926 Apr11291925.
Aprl/ 281926. Apr1/211926 Apr11141926. April 7 1926. Mar. 311926. Mar.24 1926.
$
6
3
S
$
$
$
$
$
RESOURCES.
1,408.708,000 1,547,198.00*
1,432,402,000
1.404.307,000
1,361,723.000
1.384,531,000
1,437,742,000 1,498,448,000 1.385,430.000
51,345,001
Gold with Federal Reserve agents
50,406.000
58.431,000
58.086,000
48,754,000
47.741.000
52,815,000
53,429,000
52,247,000
Gold redemption fund with U.S. Tress_
1,598,543,000
1.459.114,000
ill
1,490,833,000
1.462,393.000
ft. Gold held exclusively eget. F. It. notes 1,489,989,000 1,551,877,000 1,438,245.000 1.432.272.000 1.410.477,000
688.599.000 692,997,000 636,928,000
691,418.000 617.881,000 715,880,000 730,247,000 751,935.000 713.203,000
Gold settlement fund with F.R. Board
618.885,000 631.833,000 647,047,4300 615,631,00*
Gold and gold certificates held by banks_ 615,686,000 625,469.000 627,663.000 620.827,000 604.461,000
2,811,265.000 2,799.158,000 2,851,102,000
2,797,093,000 2,795,227,000 2,781.788,000 2.783,346,000 2.786,873.000 2.794.481.000 153.392.000 151,682.000 142.009,000
Total gold reserves
156,983.000 155.243,000 157,017,000 150,305,000 152,973,000 155.295,000
Reserves other than gold
2,964,657,000 2,950.840,000 2,993,111,000
2,954,076,000 2,950,470,000 2.938.805.001 2,933,851,000 2.919,846,000 2.949,776,000
54,536,000
Total reserves
68.998,000
66,786,000
66,102,000
62,078,000
61,484,000
62,838,000
60.768.000
57,937,000
Non-reserve each
BIM discounted:
260,479.000 263,904,000 215,871,000
340.564,000
311,487.000
290,169.000
334,735,000
275.223,000 208.834,000
Secured by U.S. Govt. obligations
220.136.000 238.521.000 184,114,000
238,445,000 240,836,000 242,549.000 288.383,000 320,904.000 276.983.000
Other bills discounted
480.615.000 502.425,000 399,985,000
617.547.000
632,391,000
578,552.000
613,668,000 .449,670,000 577.284,000
Total bills discounted
257.138,000 284.520.000 266,828,000
199,017,000 229.474.000 274,058,000 229.773.000 249.633,000 252,228.000
BMe bought In open market
85,138,000
D. S. Government securities:
60.437.000
63,831.000
63,877.000
70,054,000
74,997,000
94,136,000
98,681.000
98,008,000
Bonds
75.418.000 187.335.000 241,980,000
150,684,000 149,999.000 143,465,000 134.897,000 131,644,000 121.308.000 213,328.000 111.894.000
21,921.000
Treasury notes
123.016.000
128.139,000
132,135,000
139,415,000
140,121,000 139,903.000
Certificates of Indebtedness
308,201.000 352.577,000 359,666,000 349,039,000
329.837.000
342,039,000
377,016,000
388,583.000
388,813,000
1.400,000
Total U. S. Government securities
3.150.000
3.610,000
3,810,000
5,185,000
5,185,000
5,185,000
4,635,000
4,635,000
10,500,000
Otber securities(see 508e)
8.798.000
7.700.000
8.010.000
8,491,000
8.800,000
8.700,000
8,700,000
8,100,000
Foreign loans on gold
1.225,537,000 1.189.796.000 1.101.640.000 1.158.559,000 1,027.752,001
Total bills and securities (see n011e)... _ _ 1,114,233,000 1.081,0432.000 1,242,243,000 1.164,339.000
640,000
737.000
712.000
643.000
643.000
643.000
643,000
644,000
660,000
Due from foreign banks(5e4 note)
620,294.000 635.857.000 831.669.000 628.454,000 592,804,060
635,145,000
768.248.000
711.616,000
638,910,000
Uncollected items
59,266,000
59.406,000
59.406,000
59.406.000
59,441,000
59,480,000
59.481,000
59,519.000
59,537,000
Bank premises
21,646.0ee
17.775,000
14.134 000
14.732,000
14,759,000
15.040,000
16.201,000
15.780,000
16,231,000
All other resources
4,749,755,000
4.884.769.000
5.039.004,000
4,841,584,000 4,879,859.000 5,088,459,000 4.869,782,000 4.902,598,000 4.916.312.000
Total resources
LIABILITIES.
1.683,880,000
1,661,982,0001,002,284,000 1.681,096.0001.652,878.000 1.656.482,000 1,658,996,000 1,659,210,000 1.671.754,000
5.R.notes in actual circulation
Deposits2,134,562,000
2,209,698.000
2.230.282.000
2,218.007.000
2,215,243,000
2.191,635.000
2.283.222,000
2,171.145.000
2,202,831,000
Member banks-reserve account
27.059,006
48.554.000
7.089.000
68.892,000
85,813,000
60,580.000
43,280,000
23.828.000
16,412.000
Government
7.652,000
4.784.000
5.971.000
8.420.000
5,399.000
7.954.000
4,578.000
4.494.000
5,009.000
Foreign bank (lee note)
18,112,000
18,253.000
21,305.000
18.313,000
16.897.000
18.298.000
16,074,000
20,283,000
17,874,000
Other deposits
2.281,289.000 2,187,385,000
2,242,126,000 2.219.750,000 2,347.152,000 2,278.467.000 2,323,352,000 2.313.632.000 2.264.647,000
Total deposits
532,714,006
761.108.000
579,167.000 640.652.000 703.600,000 582.779,000 567.879.000 588.910,000 120.394.000 577.943,000
Deferred availability items
119.993,000 115.207,000
122,129,000 121,452,000 120.898.000 120,455.000 120,427,000 120,404.000
Cailltal paid in
220,310,000 220.310,000 220.310.000 220.310.000 217,837,006
220.310.000
220,310,000
220,310,000
220.310.000
SurPlus
12,732,000
13,480,000
13,335.000
14.060.000
14,148,000
14,893,000
15,403.000
15,411,000
15,870.000
A . other liabilities
4,749,755,000
4,841,584,000 4.879.859,000 5,088,459,000 4.869.782,000 4,902,598.000 4.916.312,000 5.039.004.000 4.884.789.000
Total liabilities
*fano of gold reserves to deposits and
73.6%
70.8%
71.6%
70.3%
69.5%
70.8%
72.0%
71.6%
689%
F. It. note liabilities combined
Ratio of total reserves to deposit and
77.3%
74.6%
75.0%
74.3%
73.4%
74.6%
73.0%
76.0%
75.7%
F. R. note liabilities combined
.
Contingent liability on bills purchased
47,656.000
83.009.000
78,975.000
71,016,000
69.161.000
68.172.000
68.202,000
67,696.000
66.568,000
for foreign correspondents
=
S
$
3
$
S
$
3
$
8
Distribution by Matur(ties92;293,000
96.085.000 111.474.000
97.117.000 117,659,000 110.540.000
97,220,000 132,730,000
86,409,000
1-18 days bills bought in open market_
473,606.000 486.050.000 364.185.000 390.088.000 294,009,000
430,712,000
436.193,000
312.567.000
381.970,000
1-15 days bills discounted
61,010
48.000
99.013.000
2,884.000
10.000
36,000
13,000
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
61,997.000
66.139.000
70,533 000
61,546.000
52.635,000
52.615,000
57,559,000
60.606,000
56,093.000
16-30 days bills bought In open market_
23,587,069
29.551.000
30.957,000
31,386,000
37.181.000
34,987,000
33,897,000
32.320.000
30,154,000
16-30 days bills discounted
200,000
4,689,000
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
72,552.000
74,789,000
57,847.000
52.619,000
52,287.000
51,824,000
54.633.000
42,702,000
38,275,000
31-60 days bills bought In open market_
38,079,000
43,601,000
43.340.000
51.259.000
65,230,000
59,119,000
56,491,000
54.093,000
51,743,000
31-60 days bills discounted
60.703,000
68,036,000
31-60 days U. S. certif. of indebtedness81-80 days municipal warrants
29.571,000
32,681,000
28,574.000
22.744.000
23,327.000
24.807.000
24,268.000
24,230.000
14,192,000
61-90 days bills bought in open market
24,087,000
27.087.000
29,539.000
35,345.000
41,319.000
37.770.000
33,156,000
31,560.000
28,445,000
61-90 days bills discounted
24,988.000
25,203,000
59,418,000
62,991,000
66,863,000
2,251,000
Indebtedness_
of
certif.
S.
61-90 days U.
61-90 days municipal warrants
5,068,000
4.784.000
4.099.000
4,779.000
3,725.000
3,410,000
4,868.000
4,716.000
4,048,000
Over 90 days bills bought in open market
12,544,000
11.098,000
20,223,000
13,507,000
15,055.000
15.964,000
17,547,000
19,130,000
21,356,000
Over 90 days bills discounted
89,327,000
111,846.000
21,860,000
94,929.000
68,711,000
69,108,000
72,339,000
72,260,000
72,085,000
Over 90 days certif. of indebtedness__ _
Over 90 days municipal warrants
2,802,474,000 2,809,809,000 2,807,701.000 2,819.409.000 2.826.107,000 2,999,734,000
F. R. notes received from Comptroller-. 2,856.089,0002.859,710.000 2.832.211.000 843.261,000 843,106,000 827,637.000 829.901,000 825,142.000 999,049,001
855,082,000 853,871,000 830,057,000
F.It. notes held by F. It. Agent
1.980.064,000 1,989.508,000 2.000.965.000 2,000,685.000
2,001.007.0002,005,839.000 2.002,154,000 1.959,213.000 1.966,703.000
Tuned to Federal Reserve Banks
How Secured310,493.000 310,748.000
318,953,000 309.253,000 309,653.000 309,393.000 311,743.000 105,606,000 102.162.000 310.846.000 275,816,000
By gold and gold certificates
99,051.000 104,805.000
107,962.000 115,266,000
99,441,000 100,600 000 110.457.000
Gold redemption fund
988,203.000
1,019.492,000 989,900.000 1,156,116,000
945,175,000
976,087.000
965,320.000
1,019,348,000 1,088,595,000
Gold fund-Federal Reserve Board
777.026,000 838.769.000 827,811,000 704,667,000 754.21.8.000 639,244,060
822.806,000
648.512,000
688.773.000
By eligible paper
2.200,492.000 2.232,118.04)0 2.137 069.000 2.162.926.000 2.186.442.0*1
3.126.815.000 2.146.960 000 2,208,236.000 2,161.557.000
Total
In order to show separately the amount of balances held abroad and amounts due
added
were
items
new
two
1925
NOTE.-Beginning with the statement of Oct. 7
assets", now made up of Federal Intermediate Credit Bank debentures, has been changed to
tO foreign correspondents. In addition, the caption, "All other earningbills and securities." The latter term has been adopted as a more accurate description of the total
"Total
fiOther securities.- and the caption. "Total earning assets" to provisions of Sections 13 and 14 of the Federal Reserve Act, which are the only items included therein.
ef the discounts. acceptances and securities acquired under the
OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APR. 28, 1920
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
Two ciphers (00) omitted.
Federal Reserve Bank of
Boston.
3
RESOURCES.
Gold with Federal Reserve Agents 120,678,0
Gold red'n fund with U.S.Treas. 5,169.0
Gold held excl. agst. F.R. notes 125.847,0
Gold settle't fund with F.R.Board 57.065.0
36,096,0
Gold and gold certificates
New York
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis Minneap Kan. Mg Dallas, San Fran.
3
S
S
$
$
$
158,765,0 129,207,0
383,700,0 121,803,0 170,526,0 46,427,0
3,261,0 5,467,0
1,750.0
2,831,0
12,837,0
11,572,0
162,026,0 134.764,0
395.272,0 134,645,0 173,357,0 48,177,0 24,482.0 134,818,0
255,789,0 46,510,0 64,183,0 23,781,0
75,074,0
349,053,0 22,460,0 48,406,0 7,244,0 4,090,0
14.927,0 47,839,0 46.613,0 24,827,0 181,695,0 1 489 989 0
14,793,0 11.012,0 23,724.0 8,492,0 26.769,0 '
' '
6914180
19,417,0 7,101,0 6,439,0 10,968,0 29.338,0 615;686:0
49,137,0 65,952,0 76,776.0 44,287,0 237.802,0
093 0
20,035,0 3,262,0 4,842,0 5,759,0 8,032.0 2.797.
156.983:0
69,172,0 69,214,0 81,6113,0 50,046,0 245,834,0 2,954 076 0
3,722,0 1,147,0 2.294,0 2,653,0 3,458,0
57:937:0
190,598,0 344,656,0
219.008,0 1,000,114,0 203,615,0 285,946,0 79,202,0
19,690,0
43,870,0 6,300,0 6,024,0 8,171,0 10,049.0
20,949,0
200.647,0 364,346,0
239,957,0 1,043,984,0 209,915,0 291.970,0 87.373,0 4,601,0 9,093,0
Total reserves
17,030,0 1,699,0 2,960,0 4,698,0
4,582,0
Non-reserve cash
Bills discounted:
29,895,0 34,259,0 14,779,0 3,659,0 30,320,0 10,530,0
112.319,0
Sec. by U.S. Govt. obligations 9,343,0
13,192,0
28.317,0 19,397,0 16.577,0 28,338,0 32.536,0 30.943,0
15,764,0
Other bills discounted
Total gold reserves
Reservea other than gold
Total bills discounted
25,107,0
Bina bought in open market
18,880,0
U. B. Government securities:
3,587,0
BondsTreasury notes
5,400,0
Certificates of indebtedness- 8,307,0
Total U. S. Govt.securities
17,289,0
1,586,0 5,734,0
5,360.0 14.884.0
1,507,0 21,292,0
8,077,0 25,060,0
275.223,0
238,4450
20,618,0
10,751,0
9,584.0 46,352,0
9,781,0 22,880,0
513 668 0
199:017:0
11,207,0 10.407,0 4,358.0
13,653,0 13,244,0 22,285,0
11,574,0 9,627,0 23.157,0
98 008 0
: :
1506840
140:121:0
3,462,0 58,936,0 25,742,0 19,828,0 36,434.0 33,278,0 49,800,0
388,813,0
23,722,0 6,948,0
140.636,0 49,292.0 50,838,0 43,117,0 36,195,0 61,263,0 8,219,0 19,170,0
19,504,0 13,187,0 18,702.0 8,878,0 25,474,0 23,591.0
263,0 25,914.0 3,199,0 9.486,0
11,762,0 3,088.0 11,541,0 3.201.0
249,0 19,480,0 10,335,0 6,057,0
36,275,0 2,644,0 17.325,0 3,737,0
12,208,0 4,285,0
25,831,0 17,991,0 8,244,0 2.405,0 2,950,0 13.542,0
73,868,0 23,723,0 37,110,0
9,343,0
Total.
$
$
$
S
$
$
1408.0 45,684,0 44,134,0 23,452.0 179,203,0 1 437 742 0
859,0 2,155,0 2,479,0 1,375,0 2,4920 : 52:247:0
MAY 1 19261
THE CHRONICLE
RESOURCES (Cencluded)Two Ciphers (00) omitted.
Other securities
Foreign loans On gold
Total bills and securities
Due from foreign banks
Uncollected items
Bank Premises
All other resources
Boston.
New York.
$
$
616,0
2,219,0
2463
Cleveland Richmond Atlanta. Chicago. St. Louis Altman,. Kan. Mg Dallas. San Fran.
Phila.
$
3,575,0
769,0
$
$
867.0
429,0
$
560.0
324,0
S
$
1,110.0
348,0
$
500,0
259,0
$
s
s
316,0
284.0
559,0
Mal.
$
4,635,0
8,100,0
61,892,0
236,227,0 90,546,0 107.515,0 61,767.0 66,015,0 144,900,0 58.031.0 46,703,0 68.119,0 52,927,0 119,591,0 1,114,233,0
660,0
660,0
153,863,0 57,767,0 60,520,0 52,745,0 35,938,0 76,937,0 32,073,0 11,644,0 38,779,0 23,751,0 37,155,0 638,910,0
16,715,0 1,532,0 7,409,0 2,364,0 2.775,0 7,933.0 4,111,0 2,943,0 4,653,0 1,793,0 3.241,0
59,537,0
4,816,0
418,0
923.0
324,0 1,078,0 1.406,0
498,0 2,300,0
649.0
405,0 3.319,0
16.231,0
368,332,0 1,473,295,0 361,877,0 471,297,0 209,271,0 311,054,0 604,615,0 167,607,0 133,951,0 196,112,0 131,575,0 412,598,0
4,841,584,0
57,738,0
4,068,0
95,0
Total resources
LIABILITIES.
F.R. notes in actual circulation. 144,882,0
Deposits:
Member bank-reserve &met 140,353,0
Government
914.0
Foreign bank
307.0
Other deposits
94,0
874,771,0 132,827,0 174,345,0 65,850,0 73,920,0 312,539,0 83,250,0 46,805.0 83,028,0 56,303,0 158,840,0 2,202,831,0
3,108,0
503,0
418,0 2,461,0 1,357,0 1,080,0
983,0 1,639,0 1,115,0
997,0 1,837,0
16,412,0
2,080,0
383,0
432,0
214,0
161,0
553,0
174.0
129.0
157,0
141,0
278,0
5,009,0
8,745,0
97,0
944,0
61,0
90,0
928,0
261,0
165.0
182,0
31,0 6,276.0
17,874.0
Total deposets
Deferred availability items
Capital paid In
Surplus
All other liabilities
888,704,0
124,860,0
35,184,0
59,964,0
3,145,0
141,668,0
55,208,0
8,772,0
17,020,0
782,0
361,438,0 142,689.0 201,413,0 72,448,0 187,925,0 171,852,0 36,885,0 62.526,0 61,739,0 35,721,0 182,464,0 1,661,982,0
133,810,0
52,309,0
11,953,0
20,464,0
652,0
176,139,0 68,586,0 75.528,0 315,100,0 84,668,0 48,738,0 84,482.0 57,472.0 167,231,0 2.242,126,0
55.907,0 49,245,0 33,078,0 68,325,0 30,319,0 10,951,0 35.838.0 25,778,0 37,349,0 579,167,0
13,472,0 6,046,0 4,945,0 16,413.0 5,244,0 3,141,0 4.256,0 4,303,0 8.400,0 122,129,0
22,894,0 11,919.0 8,700,0 30,613.0 9,570,0 7,501.0 8,979,0 7,615,0 15.071.0 220,310,0
1,472,0 1,027,0
878,0 2,312,0
921,0 1,094,0
818,0
686.0 2,083.0
15,870,0
Total liabllitlee
368,332,0 1,473,295,0 361,877,0 471.297,0 209,271,0 311,054,0 604,615,0 167,607,0 133,951.0 196,112,0 131,575.0 412.598,0 4,841,584,0
Memoranda.
Reserve ratio (Per cent)
83.7
83.5
75.9
77.3
62.0
76.2
74.8
56.9
62.2
55.8
53.7
70.3
75.7
Contingent liability on bills purchased for foreign correepond'ts 5,182,0
17,063,0 6,478,0 7,296,0 3,714,0 2,728,0 9,342.0 2,932,0 2.182,0 2,659,0 2.387,0 4,705,0
66,568,0
F. R. notes on hand (notes rood
from F. R. Agent lees notes in
elreulation)
14.783.0 155.247.0 29.519.0 16.275.0 17.402.0 29,527,0 17,906,0 4,943,0 4,966,0 6,422,0 5,192,0 36,843,0 339.025,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS APRIL 28 1926
Federal SUMO Agent at-
Boston.
New York.
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louts. Minneap. Nan. City Dallas. San Fran
Total.
(Two Ciphers (00) Omitted.)
$
F.R.notes rec'd from Comptroller 210,365,0
F.R.notee held by F. R. Agent__ 50,700,0
$
$
$
$
$
$
s
$
$
2
3
$
758.165,0 210,328,0 271,338,0 122,390.0 270,187,0 409,995,0 65,048,0 85,425,0 115,711,0 55.650,0 281.487,0 2.856,089,0
241,480,0 38,120,0 53,650.0 32,540,0 52,735,0 220,237,0 23,220,0 17,933,0 47.550,0 14,737.0 62,180,0 855,082,0
F.R.notes issued to F.R. Bank
°asters] held as security for
F.R.notes issued to F. R.Bk.
Gold and gold certificates_
Gold redemption fund
Gold fund-F.R.Board
Eligible MP&
159,665,0
516,685,0 172,208,0 217,688.0 89,850.0 217,452,0 189,758,0 41,828,0 67,492,0 68,161,0 40,913,0 219,307,0 2,001,007,0
35,300,0
11,378,0
74,000,0
43,987,0
186,698,0
400,0 8,780.0 25,655.0 13,237,0
8.445,0 13,212,0
17,226.0 10.000,0 318,953,0
26,002,0 11,911,0 11,746,0 4,272,0 4,028,0 3,653,0 1.623,0 1.472,0 4,274,0 2,726.0 16,356,0
99,441,0
171,000,0 109,497,0 150,000,0 16,500,0 141,500,0 125,644,0 4,000,0 31,000,0 39,860.0 3,500,0 152,847,0 1,019,348.0
150,551,0 55,152,0 68,699,0 50,560,0 60,533,0 84.679,0 30,857,0 25,919,0 31,119,0 19,148,0 67,669,0 688,773,0
184 nns n
Au 251 n 178 rum n 23022.c n on 087 n 219.298.0 213.976.0 44.925.0 71.603.0 75.253.0 42.600.0
246.772.0 2.126.515.0
Totaleallateral
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
resources
and liabilities of the 707 member banks from which weekly returns are obtained. These figures are always athe
week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon statement
the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 2430
I. Data for all reporting member banks in each Federal Reserve District at close of business April 21 1926.
(Three ciphers (000) omitted.)
Federal Reserve Diana.
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Gov't obligations
Secured by stocks an bonds
MI other loan'and discounts
Boston. New York
40
97
Phila.
52
Cleveland. Richmond Atlanta. Chicago. Si. LOLL!. Afinneap. Kan. City Dallas. San Fran.
75
68
36
99
10.239
52,742
320,597 2,218,071
652,292 2.675.100
11,588
407,761
376,838
19,939
539,279
780,503
3
5,020
137,890
375,966
$
$
23,634
7,719
103.562 807.612
407,952 1,241.967
33
$ •
11,663
201,102
312.692
983,128 4,945,913
796,187 1,339,721
518,876
519,233 2,073,213
525,457
234,318
426,968
156,116 1,014,781
229,918 1,191,795
106,157
252,931
287,806
344,190
63,375
106.044
71,567
42,091
111,056
77,022
386,034 2,206,576
359.088
631,996
129,866
Total loans and investments
1,369,162 7,152,489 1,155,275 1,971,717
Reserve balances with F.R.Bank
93,500 728,327
82,757 119,461
Cash in vault
20,919
77,329
16,527
30.283
Net demand deposits
884,819 5,592,538 776,649 1.010,169
Time deposits
403,148 1,245,387 227,964 804.934
Government deposits
38,030
47,958
29,379
29.539
Bills pay. & redlic. with F.IL Bk.:
Secured by U.S.Gov't obligations
2,050
19,587
7,238
18,773
Ail other
7,579
12,883
7,406
12,124
Total borrowings from FA.Bank
9,629
32,470
14,644
30,897
Bankers' balances of reporting member banks in F. R. Bank cities:
Due to banks
139,306 1,079,477 180.597
46,109
Due from hank.
AA Rna Ina 589
70 am
98 958
648,742
39,069
13,632
361,794
207,026
9,321
Total loans and discounts
Investments:
U.8. Government securities
Other bonds, stocks and securities
Total Investments
s
$
a
$
68,762
61,104
Teral.
24
68
49
$
2,525
61,840
169,953
2
3.784
102,646
320,538
2
3,100
77,520
233,100
313,720 1,194,050 13,870,784
44.845
65,104
308,690
440.133
99,949
748,823
169,419
113,658
188,078
619,182 2,822.036
43,597 225,805
11,393
49,134
350,511 1.724,057
219,900 1,038,288
11,901
21.713
694,876
46,848
7,609
402,675
216,916
8,159
347,976
24,925
6,377
214.933
109,836
4,219
615,046
53,766
12,295
474,828
146,167
8,305
66
707
$
$
10.318
162,271
284,627 5.262.507
899,105 8,446,006
52.426
23,815
258,615 2.544,196
210,774 3,034.921
76,241
469,389 5,579,117
389,961 1.663,43919.449.001
30,130 109,793 1,597,978
9,373
20.166
275,037
269,356 751,241 12.813,570
100.902 826,284 5,546,752
7,259
24,951
240,734
5,737
15.328
4,433
21,506
19,530
14,762
5,987
10,530
2,630
1,107
7.450
7,006
715
1,897
28,045
13.627
122,175
125,755
21,065
25.939
34,292
16,517
3.737
14,456
2,612
41,672
247.930
30.793
15 RW1
19,188
11.020
364,449
150.848
83,908
27.392
47,667
19.791
89,889
38.990
25,414
21.761
88,578 2,195,375
52.820
587.479
2. Data of reporting member banks in New York City. Chicago. and for the whole country.
AU Reporting Member Banks.
Reporting Member Banks in N. Y. City.
Reporting Member Banks n Chicago
Apr,21 1926. Apr, 14 1926, Apr.22 1925. Apr. 211926. Apr. 14 1926. Apr. 22 1925. Apr. 211926. Apr.
141926. Apr. 22 1925.
Number of reporting banks
707
.
708
736
59
59
65
46
Loans and discounts, grow:
46
46
$
2
3
2
2
$
$
$
Secured by U.S. Gov't obligations
2
162.271,000
161,354,000
198,188,000
47,803,000
49,325,000
71.152,000
17.509.000
Secured by stocks and bonds
14.190,000
24,862,000
5.262,507,000 5,256,418.000 4,807.328.000 1,933,007,000 1,938,780,000 1,952,700,000 600,493,000
All other loan , and discounts
8,446,006.000 8.479,341,000 8,124,624,000 2,348,291,000 2,352.634,0002.231.626,000 680.872.000 607.537.000 519,887,000
686.742,000 683,155,000
Total loans and discounts
13,870,784,000 13,897,113,000 13,130,140,000 4,329,101,000 4.340,739.000 4,255,478,000
1,298,874,000 1,308,469,000 1,227,904.000
investments:
U.S. Gov't securities
2,544,196,000
Other bonds, stooks and seeurItlee. 3,034,921,000 2,554,944,000 2.616,077,000 895,058,000 894,025,000 958,373,000 157,980,000 166,385,000 182,699,000
3,044,699,000 2,889,431,000 893,042,000 889,503.000 848,193,000 205,763,000 214,515,000
200.042.000
Total investments
5,579,117,000 5,599,643,000 5,505.508,000 1,788,100,000 1,783.528,000
1,806,566,000 363,743,000 380,900,000 382,741,000
Total loans and investments
19,449,901,000
18,635.648,000 6,117,201,000 6,124,267,000 6,062,044,000 1,662,617,000 1,689,369.000 1.610.645,000
Reserve balances with F. It. Banks. 1,597,978,000 19,496,756,000
1,710,999,000 1,632,467,000 667,760.000 763,152,000 713.077.000
154,563,000 157,145,000 163.467,000
Cash in vault
275,037,000
286,488,000
282.318,000
62,241,000
64.854,000
63,132,000
22.497.000
21,241.000
27,686,000
Net demand deposlta
12.813,570.000 12,897,703,000 12,764,742,000 5.011,375,000
5,001,492,000
Time deposits
5,546,752,000 5,505,127,000 5,064,103,000 828,166,000 814,093,000 5,106.539,000 1,127,654,000 1,151.851,000 1,114,886,000
824.971.000 505,451,000 503,096,000 463,352,000
Government deposits
240,734,000
293,878,000
206,954,000
42,828,000
52.067,000
9,345,000
36.000,000
11,352,000
Bills payable and rediscounts with
15.988.000
Federal Reserve Banks:
Secured by U.S. Govt. obligations
122,175,000
255,328,000
149,333,000
7.512,000 131,447,000
47,690,000
6,080,000
6.220,000
11,158,000
All other
125.755.000
132,179,000
98,613,000
8.176.000
12.600,000
3,104,000
25.947,000
10,039.000
619,000
Total borrowings from F. R.bits
247,930,000
387.507,000
247,946,000
73,637,000
15,688,000 144,047,000
9,274,000
16,059,000
11.777,000
Loans to brokers and dealers (secured by stocks and bonds) made by 61
reporting
member banks In New York City:
For own account
885,590,000 876,765,000
For account of out-of-town banks
1,044,378,000 1,051,878,000
For aecount of others
534,711,000 522,696,000
2,464.679.000 2.451.339,000
[VOL. 122
THE CHRONICLE
2464
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.-Below
we furnish a daily record of the transactions in Liberty Loan
and Treasury certificates on the New York Stock
bonds
Wall Street, Friday Night, April 30 1926.
The transactions in registered bonds are given
Exchange.
the
Railroad and Miscellaneous Stocks.-The review of
at the end of the tabulation.
footnote
a
in
Stock Market is given this week on page 2454.
this
The following are sales made at the Stock Exchange
Apr.30
Daily Record of U. S. Bond Prices. Apr. 24 Apr.26 Apr. 27 Apr. 28 Apr. 29
- - ---- --- ---- --week of shares not represented in our detailed list on the
1008833 1002433 1008833
1002833
1001832
10028n
(High
Loan
Liberty
First
pages which follow:
100"41
bonds of 1932-47__3 Low.. 1002,34 100"n 100"n 100"n 100"n
loan tiers
STOCKS.
Sales
Week Ended April 30. for
Week.
V4azettk
Range for Week.
Lowest.
Par.Shares $ Per share.
Highest.
Range Since Jan.1.
Lowest.
Highest.
$ per share. $ per share.4 per share.
Railroads.
Mar
Apr 27 118
Apr 125
Apr 27 125
C C C & St Louis Pr_100
100 125
Apr
Ma 164
Apr 27 147
Apr 27 164
Hocking Valley fly.. _100
10' 164
Ap 1050 Apr
13 1050 Apr 24 1050 Apr 24 703
Michigan Central__ _100
8% Jan
Apr 24 43.4 Ap
Nat Rys Mex 1st pf_ _100 200 5% Apr 24 6
Apr
Apr 26 98
Apr26 93% Jan 98
N Y Chi& St L pf etts _10
111 98
Jan
Apr 205
Apr 27 175
Apr 27190
NY & Harlem
50 345 185
N Y Lack At Western _100
Si 104% Apr 27 104% Apr 27 102% Feb 104% Apr
Apr
Apr280
Apr 29 255
Apr 24280
N Y Rysefs stamped _• 14:267
Ma 81% Apr
103 80% Apr 26 81% Apr 30 79
Northern Central__50
Apr 24 16% Mar 22% Feb
Readings rights
2,800 18% Apr 27 19
Mar 165
Apr
Apr 28 150
11 165
Apr 2 165
Virginia Ry & Pr__ _ _100
Industrial & Misc.Mar
ill 107% Apr 2 107% Apr 29 104% Ma 108
Abraham & Straus p1.100
Amerada Corp
.16,400 25% Apr 26 26% Apr 29 24% Ma 26% Apr
Apr
Apr 30 89% Mar 95
Apr 30 95
Am Chicle prior pre_ _• 301 90
Apr 88% Apr
Apr 30 88% Apr 30 87
• 200 87
Certificates
Am Home Products_ _. 3,300 26% Apr 29 2,63( Apr 29 26% Apr 26% Apr
Jan
A 30 95
Apr 30 93% Mar 98
100 95
Am Plano pre
100
100 1434 Apr 28 14% Apr 28 1434 Apr 1434 Apr
Am Su Tob op A ctfs_100
Apr 57% Feb
Apr 28 45% Apr 27 45
• 300 45
Barnet Leather
Apr
Apr 110
Apr 28 110
Apr 28 110
100110
Colo Fuel & Iron,'ALIO°
Apr 9934 Feb
:1$ 92
Apr 28 9334 Apr 2(3 92
Com Cred le pf(634) 100
Apr 100
Jan
Apr 29 90
Apr 29 90
Com Inv Tr, pf(6%).100 200 90
Ap 4334 Apr
Apr 26 4334 Apr 24 42
• 2,000 42
amgress Cigars
Apr
Apr 28 117
Ma 126
Apr 24 126
900 122
Continental Can, pret100
Jan
Apr 27 107
Apr 27 104% Mar 109
100 107
Deere & Co. pre_ _ _ _100
Jan
Apr 27 115
Ap 116
Apr 27 115
200 115
Eastman Kodak, pf__100
Mar 20% Feb
2' 1,100 13% Apr 26 13% Apr 29 12
Eisenlohr & Bros
800 6534 Apr 24 66 34 Apr 27 61% Ma 82% Feb
.,
Electric Auto Lite
Apr30 534 Apr 29 4
Ma
8% Feb
Electric Boat
'3,211 5
Electric RefrigeratIon-• 13,300 65% Apr 20 67% Apr 30 65% Apr 67% Apr
Apr 26 9
Apr 28 9
Feb 1234 Feb
100 9
Elk Horn Coat Corp_ _ ..,
Ap 101
Apr
Apr 27 101
Apr 3i 100
300 100
Eget Office Bldg. pt _10C
Feb
100 9934 Apr 28 99% Apr 2: 97% Ap 107
First Nat Plc, 1st 1)1_100
Apr 24 82% Apr 2f 76% Ap 84% Mar
Fisk Rub, 1st pf stpd.100 2,100 79
Mar
Apr 107
200 9534 Apr 24 9534 Apr 24 95
First pre conv___100
500 46% Apr 30 46% Apr 30 48% Apr 4834 Apr
Internet Paper, 28 paid_
Apr 27 17
Apr 24 14% Ma 21% Feb
Intercontinental Rubb_. 9.000 15
Lambert Co certifs..-• 8.00' 41% Apr 30 42% Apr 29 41% Ap 42% Apr
Apr 24 1734 Ap 21% Feb
• 1.500 1734 Apr 2 19
Life Savers
Apr 2 36
Apr 24 34
Ma 44% Feb
Miller Rubber certifs..-' 1,100 35
Apr 31 117
111 117
Apr 30 112% Jan 119% Jan
Montana Power, pre.100
Apr 29 84
Ap 85
Apr
Apr 30 85
• 600 84
N Y Canners,.pret
Feb
10010434 Apr 28 10434 Apr 28 104% Apr 107
011 Well Supply, pref.100
•17,200 1434 Apr 30 16% Apr 29 14% Mar 22% Feb
Omnibus Corp
Apr 27 115
Apr 27 112
Mar 115% Feb
200 115
Owens Bottle. pref _ _100
Apr 29 85% Apr 30 51
Jan 85% Apr
Panhandle P & R,pf _100 1,500 70
Apr 27 60
Ja. 8134 Jan
300 69% Apr 28 71
Porto Rican Am Tob _100
Jan
200 98% Apr 29 98% Apr 26 9534 Ma 100
Reid Ice Cream, pret_100
Apr
Apr 28 108
100108
Apr 26 10534 Ma 108
Rem Typew 1st pf 5.100
Apr
Apr 27 107
Mar 108
Apr 27 107
100 107
Sherwin-Wms,1st pf _100
Apr
Apr 28 104
100104
Apr 28 100% Jan 104
Sloss-Sheff S & I. p1.100
Apr
Ma 52
Sou Dairies, class A.....' 2,100 47 Apr 30 4934 Apr 27 43
Apr
Ma 31
Apr30 22
*22,100 29% Apr 27 31
Cla43 B
Apr 24 7734 Mar 84 A Mar
Union Carb & Carb_ _100 10,200 81% Apr 30 83
Apr 26 111% Apr 24 98
Apr 114% Apr
• 3,400 107
United Fret, new
Apr 27 46% Apr 28 44% Apr 5134 Feb
Vicksburg Chemical-• 400 46
Apr 2. 100
Apr 29 9434 Jan 103% Feb
400 99
1
Vivaudou Pref
Jan 87% Feb
Apr 26 82
Apr 261 80
82
100
pret_50
West'se Elec, 1st
Apr
9
Ap
Apr 29 9 Apr 29 9
• 100 9
Wilson & Co, new
• 300 1534 Apr 29 16% Apr 29 15% Apr um Apr
A,n?,w
Preferred, new_ _100 400 4534 Apr 30145% Apr 30 5% An 4534 Apr
• No par value.
.
New York City Banks and Trust Companies.
AU prices &Mars per sitars.
Ask
1184
Ask
Trust Co..
Baum,.
ASk
Banks-N.Y 014
New York
America •_--, 320 330 Hamilton... 180 190
Amer Ex Pac 435 440 Hanover-- 1040 1060 American.......
Amer Union*. 208 218 Harriman.._ 550 575 Bankof N Y
& Trust Co 600 610
BoweryEast R 360 370 Manluittan• 220 225
Bankers Trust 810 615
500
Broadwayee. 335 375 Mutual*
Bronx Born'. 1300 1400 Nat American 180 200 Bronx Co Tr. 300
Bronx Nat... 400 450 National City 602 608 Central Union 840 850
225 250
270 280 County
Bryant Park. 210 230 New Neth
345 352
497 505 Empire
Butch & Dro 170 180 Park
Capitol Nat... 215 230 Penn Exch _ 124 134 Equitable Tr_ 268 273
Farm L & Tr- 502 508
Cent Mercan_ 275 285 Port Morris.. 215
540 550 Fidelity Trust 280 290
429 Public
1424
Chase
355 410
Seaboard_ -._ 600 610 Fulton
Math Pine
175 185 Guaranty Tr. 357 382
Nat Bk &T 330 340 Seventh
600 650 Irving BankChelsea Etch* 227 232 Standard
Columbia Tr 313 316
585 600
Chemical._ _ 755 765 State.
157 162 Lawyers Tr__ _ _
Trade
Colonial'..... 550
215 230 Manufacturer 495 500
Commerce_ _ 365 370 United
Com'nwealth• 300 310 United States* 295 300 Mutual(West
chester).__ 175 200
Continental._ 270 290 Wash.n Hts•_ 650 800
505 510
N Y Trust_
Brooklyn
Corn Exch.__ r55.4 560
Cosmop'tan•_ 210 240 Coney Island* 250 300 Title flu& Tr 650 655
£350 375 USMtg&Tr 380 395
Fifth Avenue 2100 2400 First
2575 2625 Mechanics"._ 275 285 United States 1675 1725
First
175 185 Montan k• . 1305
Franklin
.
lynTr
hkee
Broo
Garfield-- _ 350 375 Municipal* -. 290 5E6 Wegte
350 360 Brooklyn ---- 700 710
Globe Exch-• 200 240 Nassau
Kings Count) 1000
580
People's
325
Grace
1260 275
Midwood
Greenwich*. _ 525 560 Queensboro• 200
(a) Ex-dividend
(t) New stook.
•Banks marked (4.) are State banks
y Ex-rights
New York City Realty and Surety Companies.
eta
aid
51%
Alliance R'Ity 485
179
Amer Surety- 174
Bond & M CI 315 325
Lawyers Mtge. 265 270
Lawyers Title
& Guarantee 280 290
(I) New Stook.
AU prices dollars per share.
Isia
Bid. AsIC
145 Realty MOM
140
(Bklyn)com 199
210 215
87
1st pref _
26 Pref- - 85
460 470
325 375 Westchester
Title & Tr_ 495
305 320
Mtge Bond__
Nat Surety_
N Y Title &
Mortgage._
U S Casualty_
U S Title Guar
Ask
202
92
90
Quotations for U. S. Treas. Ctfs. of indebtedness, &c.
Maturity.
Int. I
Rats. I Biel.
Otis 1926.._.I 434% 10034
3%I 99"44
Jt me 15 1926-13so. 15 1926- 3%% 10034
Asked.
Maturity.
Int.
Rate.
34%
[Close 100nn 1002632 10026n 100"31 100nat 1006631
(First 3%s)
18
39
23
227
72
11
Total sales in $1.000 units_ __
----- ---- --- -__ -Converted 407, bonds of (High
Bid.
1, June 151926..... 3%% 100
100,
100'n Dec. 15 1927._ 434% 10134
100in Mar.15 1927._. 434% 101%
Asked
1006as
10161s
1016as
Total sales in $1,000 units_ _ _
Converted 434% bonds ;High
01 1932-47 (First 43410(Low.
(Close
Total sales in $1,000 units._ _
Second Converted 45.4%(High
bonds of 1932-47 (Firsti Low.
Second 430
Total sales in $1,000 units_ _
Second Liberty Loan
(High
4% bonds of 1927-42_ -- - l Low_
(Second 4s)
(Clete
Total sales In $1,000 units_ _.
Converted 434% bonds (High
of 1927-42 (Second (Low_
434s)
(Cloee
Total sales in $1,000 units._ _
(High
Third Liberty Loan
(Low434% bonds 08 1928..(Close
(Third 434,)
Total sales-1n 51.000 units..-Fourth Liberty Loan
(High
464% bonds 01933-38..(Low.
(Close
(Fourth 434*)
Total sales in 51.000 units__
(High
Treasury
(Low_
4%s, 1947-52
(Close
Total sales in $1,000 units_
45, 1944-1954
-13
11116
(Low_
(Close
Total sales in $1,000 units_
(High
3S1s. 1946-1958
(Low_
(Close
Total sales in 51.000 units_ _ _
---102",,
-102",,
1022•44
102;44:
-102fin
102nat 102"st 102"st 102nat 100"st 102"as
1022832 102nn 102"n 102"st 100nst 10220,1
21
3
18
6
9
12
---------------- -----____
------------_
_
0-442
- -an 10100
100",, 100031
10014,1 1001044
50
1
100"n 1003.44
1001044 1002442
10088o 1002833
169
37
1011.44, 101"n
101",, 101",,
101"n 1011,n
38
88
103,42 1036n
1034n 103,1,
103442 1034n
128
224
1088833 108nn
1086632 10810n
108nat 108naa
9
71
104nsa 104"n
104014 1041431
104",, 10414n
10
155
101.33 101632
101631 101631
1016st 1016sa
256
2
_
10i)-1144
10016n
100.644
28
11301044
100"44
1008833
6
101"n
_ _
1061in
100",,
100"at
20
100nn
1004%4
1008731
137
101.44
101",,
101'82
1018.42 1016n
172
112
103'n 103lat
. 1034n
1034
103631 103In
323
237
108nst 108ns
108"st 108631
108"as 108ns
56
570
104"st 104"3
104"st 104n3
104un 104n3
8
39
101lst 1016n
101'n 1016n
1016as 101632
72
1
-__:.
0-6,5
____ 10. 1006at
_ _.
--- - 1670'36
........
I
100"n 100"n
100"st 100"ts
100"31 10088o
155
07
101"n 1011.141
101'31
101'n
1016as
61
103632
103132
103"sa
394
108"st
1081lat
108nst
35
104,632
1048ss
104613s
23
1016n
1016st
1016st
179
1016031
280
103411
1036n
103632
208
1086611
10810n
1081631
7
104,441
104.114
1041631
11
101i1
101'fl
101111
14
Note.-The above table ii eludes only sales of coupon
bonds. Transactions in registered bonds were:
101442 to 1014n
1 1st 4346
10217n to 102.7,1123 3d 4345
9 28 434s
.10144n to 1008833157 4th 4345
103
to 1034n
Foreign Exchange.-The sterling exchange market was
steady and a trifle higher, but declined at the close on prospects of a coal strike in Great Britain. In the Continental
exchanges, violent up and down movements occurred in
Belgian francs and spectacular weakness in French exchange,
while Norwegian, Spanish and Dutch exchanges all showed
good gains as a result of speculative activity.
To-day's (Friday's) actual rates for sterling exchanges were 4 82 23-320
4 82 29-32 for sLxty days,4 85 31-3204 86 5-32 for checks and 4 86 11-3245
4 86 17-32 for cables. Commerdal on banks, sight 4 85 27-3204 86 1-32,
sixty days 4 82 7-3204 82 13-32, ninety days 4 80 23-3204 80 29-32, and
documents for payment (sixty days) 4 82 15-3204 21 21-32; cotton for
payment, 4 85 27-3204 86 1-32, and grain for payment 4 85 27-320
4 86 1-32.
Exchange at Paris on London, 147.85; week's range. 144.56 high and
147.85 low.
The range for foreign exchange for the week follows:
Cables.
Checks.
Sterling. Actual60 Days.
4 86 10-32
4 86 7-32
4 82 31-32
High for the week
4 86 11-32
31-32
85
4
Low for the week
23-32
82
4
Paris Bankers Francs
3.37
3.36
High for the week
3.3034
3.28
3.27
3.2134
Low for the week
Germany Bankers' Marks23.81
23.81
High for the week
23.80%
23.80%
Low for the week
Amsterdam Bankers' Guilders40233.4
40.21%
39.77%
High for the week
40.16
40.14
39.70
Low for the week
Domestic Exchange,-Chicago, par; St. Louis, 15025c. per $1,000 discount; Boston, par; an Francisco, par; Montreal, $.3125 per $1,000 premium; Cincinnati, par.
The Curb Market.-The review of the Curb Market is
given this week on page 2453.
A complete record of Curb Market transactions for the
week will be found on page 2479.
CURRENT
NOTICES.
-The Associated Press announces the removal of its Financial Bureau
from 20 Broad St. to the new "Evening Post" Building, 110 Washington
St., New York.
-Herbert H. Blizzard of Liliey, Blizzard & Co., Philadelphia, sailed
Wednesday on the Mauretalnia for a tour of England. Scotland and France.
-Charles E. Doyle & Co. of New York City have prepared for distribution a circular describing the prior preference stock of the Knox Hat Co.
-Ware & Co., members of the New York Stock Exchange. announce
that George S. Braun, has been admitted to partnership in the firm.
-Ingraham & Du Bosque, members New York Stock Exchange, announce the removal of their offices to 44 Wall Street, New York.
_wyaot & co., Chicago, announce that they are occupying new off kern
at 39 So. La Salle St. New telephone number. Randolph 3760.
-George H. Burr & Co. have removed their Now York offices to 57
William Street, where they will occupy two entire floors.
-The Bankers Capital Corp. announce the removal of their office to
the new Bank of America Bldg., 44 Wall St., New York.
-Seasongood & Mayer announce the removal of their New York offices
to room 1407 Wadsworth Building, 57 William Street.
-Straus & Co.. members New York Stock Exchange, announce the
removal of their offices to 25 Broadway, New York.
-Palmer & Co., members New York Stock Exchange, announce the
removal of their offices to 44 Wall St., New York.
-Frank T. Stanton & Co., announce the removal of their offices from
15 Broad St. to 25 Broad St., New York.
-J. Day Knapp, bond broker and dealer, announces the removal of his
office to 111 Broadway, New York.
-Bond & Goodwin, Inc., announce the removal of their offices from 59
Broad St. to 31 Pine St., New York.
2465
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIX PAGES
For sales during the week of stocks usually Inactive, see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 24.
Monday,
April 26.
Tuesday.
April 27.
Per share $ per share $ Per share
Wednesday, Thursday,
April 28.
April 29.
Friday,
April 30.
STOCKS
NEW YORK STOCK
EXCHANGE
per share $ perehare $ per share Shares.
*4312 45
*4312 45
*4312 45
*1312 45
*44, ____ *We
_
*6314
'6814 - - *6314 --„ _ *63,2 - - *6312 _-__
13112 13214 132 134% 1321
/
4 13338 13218 1338 1324 13314 z130 13178
• 98% 9812 984 9918 99
9914 9914 93% 991
/
4 99,2 934 99
132 112
138 138
112 112
1%
138
138
118
112 112
204 20412 200 205
202 203
202 233
20414 2)5 200 2044
8914 89% 8334 9312 83% 8)34 8314 8)38 89
8114 8312 8914
*6858 69
*6834 69
69
6314 *69
6)% 6918 692 6914 6)12
*39
3912 3934 41
4012 41
4012 41
41
4118 404 4114
100 100
10014 10)14 *99%
*100 _ - _ 10012 10)4 *10014 -- -65% 6334 6514 6112 65
64 6514 61
651s 63% 634 61%
•8312 84
8414 8114 84
84% *84
8438 84% 8134 *84
8434
114 1172 11% 1234 1134 1134 1212 1212 *12
1212 121
1238
70
*654 71
70
*6512 75
*6512 75
*654 75
*654 75
*59
62% .
6232 *59
59
6258 *59
6258 *59
6258 *59
62%
15614 15614 15512 15712 1567 15678 15638 156% 157 157% 157 15814
*258 270 *255 270
260 260 *250 260 *259% 275
265
12414 1251 12434 1261 12414 12512 12412 125,4 12334 1251 12478 265
126%
•122 128 *122 123 *122 128 *122 123 *122 123 •122 128
81
8
8
812
8
8
7% 734
712 73
*7% 8
•11
1114 113
111
1112 1134 1118 Ills
1114 1138 11
1114
*185 200
195 195
20012 205
210 215
218 227
225 225
321 *31
.
31
32
3034 30% 3034 3034 3034 3034 *30% 30%
*4114 42
•4114 42
*40
42
*4012 42
40
40
40
40
94 91
94 938 *9
9,2
8% 938
9% 932 *834 91
/
4
2012 21
2058 211
2032 2114 2014 203* 2018 2058 1912 20
111
1011
104 1012
1012 1112 1012 11
101
/
4 1012 10
1012
10% 10
10
*972 10
104 104 1032 10
1014
9% 1014
*1612 16% 1678 1734 164 1734 17
16
174 1634 17
16%
*1534 1634 16% 17
1632 1712 16,3 1713 •16% 16% 16
1618
7012 7012 7012 714 71
7134 7112 71% 72
7238 71% 7214
124 124
*12314 124
1244 1244 126/
1
4 12614 *126 12612 12612 12612
5114 524 5014 51% 50
5112 52
6034 4934 5114 49
50
*99 100
9334 9912 *984 9914 *99
998
9934 9934 4.9812 9912
8634 87
87
87
8934 86% 87
87
87
87
87
87
*45
55
*45
55
*45
55
*45
55
*45
55
*45
55
*95 110
*95 110
*95 110
*95 110
*95 105
*95 110
59
5834 59 *58
*58
59
57% 53 •58
59
*58
59
68
*87
68
*67
68
68 •6712
*6712 68 .67
68
60
*57
60
*57
*57
60
*5712 60
*57
60
*57
60
16134 16314 153 159% 160 160
161 162
16038 161 •160 161
13812 13934 138 13911 13812 139
137 13714 1371
:138
1361
.1371
*40
42
43
*40
*40
42
*40
441
4112 *40
41
41
*4
418 *4
41s
*4
412 *4
412
4
4
*4
41
•51* 614 •5% 614 •68, 614 *532 614 *532 61
•538 61
32% 33
3158 3234 31
3272 3132 3212 3134 321
3134 32
41
4138 4014 414 40
401_ 3912 4012 40
403
3912 397
.3614 37
363, 3634 *36
361. 3612 3572 *36
37
36
36
73% 74
7338 7414 7312 7412 7334 7414 7334 741
73
734
223* 2258 2238 2238 2218 2272 22
221s 22
22% 214 22
2958 2978 28
29
29
29
2814 2812 *28
281 *28
231
10018 101
100 10014 *2212 100 *100 10034 100 100
100 100
383* 3811s 383* 3354 *38
381
3814 3338 3838 391
31312
39
*73
7312 *73
734 7312 74
74 .
74
74
7412 .
74
741
12012 12012 120 1204 11912 12014 120 120
12014 12012 11934 120
121 121
12014 12014 121 121 *120 122 .'
1 120 125
12012 1201_
*7214 73
*7214 73
*721
/
4 73
*72/
1
4 73
*7214 73
7232 7232
O254 2714 •2512 271
/
4 *2512 2714 27
27 •2614 2714 •25% 2714
•6312 6412 *6312 6514 *6312 6514 *6312 65
*6312 65
•63
66
4212 444 4212 441
4212 4638 45
45
46
4612 4412 46
*114 214 *114 24 *14 21
•114 21
*114 2
*114
2
4258 4312 424 431
4212 4314 42
43
4214 427
41
4212
62% 62% 624 6232 6234 6312 •63
631 *63
6312 6312 6312
8312 83
*83
835* *8212 83
8212 821
8212 8212
83
12518 126
12512 1273 127 127 *125 1261 12512 1254 *8212
125 12514
•88
90
*8018 90
*83
90 .83
90
*83
90
•83
90
55% 5612 5314 55
5118 5578 54% 5514 544 564 5412 56
*714 8
*7
8
*7
9
*7
8
*7
8.
.7
8
*26
31
*26
30
*274 35
*2712 30
*27
30
2712 274
*4212 4412 *42
45
4214 4212 *42
44
1042
44
*42
44
*16
*116
18
20
*16
20
*14
18
*15
19 .16
13
*24 212 •2/
1
4 21
*214
25* *24 234 •214 24
214 214
364 3612 *35
36
*35
36
36
36
*35
36
•35
36
*5512 60 .1..56
5912 58
58
*56
60
*56
60
59
59
*64
6512 *04
6512 •64
6512 *64
6512 *64
6512 *64
6512
38% 3834 3812 3014 3814 3812 3318 3812 3818 337
3712 3838
*904 91% 9034 903* 914 9112 9114 9114 9034 911
/
4 9018 9012
3278 3338 3258 3312 3212 3278 3212 33
3218 325* 3212 3212
81% 82% 7912 8214 80
8078 3034 8114 808 81% 80
8112
*155 175
163 163 *150 175 •150 175 *150 175 *150 175
*212 278 *212 2%
2
, 2%
2% •23
212 238 *24 258
1224 12272 *12012 124 *12012 124 •1204 124 •12012 124 *12012 124
12434 12512 125 126% 12412 126
12412 12512 124% 12534 12312 1251
15812 15912 159 162
160 1624 16014 16014 15814 1591 15714 1593
98% 9814 98% 98% 9812 9834 99
99% 99
9934 994 991
37
37% 37
3918 3778 3812 3712 3832 3712 3838 3812 373
2212 2212 2214 23% *22% 23
23% 2338 2212 231
22
23,
*346 360 8350 360
355 355
355 355
360 365 *365 370
*15
16
*14
1614 *14
1612 *14
16
1612 161 •14
161
*25
28
*25
28
25
25
*24
*24
25
25
*24
25
•29
2912 2912 30
31
31
32
32
31
31
*30
31
14618 14678 146 147% 1464 14814 147% 1473 14678
147% 14614 14712
*3412 86
*84
86
*84
86
85
85
*84
86
*84
86
71% 70% 71% 7078 711
71
7138 713
713
7114
71% 7112
*27
30
•27
36
29
29
•29
31
30
30
*29
35
52
524 524 521
52
5214 51% 521
5218 52% 75114 5134
2014 2014 21
21
•20
21
2078 20% 21
21
194 1914
8238 821
8218 83% 8212 8234 8238 83
8238 8332 8112 8212
*85
851
8512 854 85
85
85
85
85
85
85%
75
75% *75
75% 7512 7512 7512 7614 7634 76% 763 8534
2 76%
*143% _
•1434
•14314
-*14314
•14314
10212 10518 10414 10478
- - - 10212 104 *103 104- - 104 10418 •1434
104 10478
85% 8614 8534 8738 86% 87
8614 8678 86
87
8512 86
41
42
41
42
4114 41,4 *41
4178 *41
41% .
41
4114
•42 • 4212 42
425* .4114 42,4 42
424 •4114 4214 *41
42
50
*46
.47
50
49
49 .
48
49
•48
49
934 9372 *46934 941
4 93
934 92% 923
924 93
913
4
93
86
86
86
86
*86
87
8634 863 *86
87
86% 87
6918 6953 6431 691 684 687
8 68% 681
6712 6914 6734 6914
*764 76% 7618 7618 *7612 7624 77
77
77
77
7718 78
314 318
3111 314 31
315* 3138 313
31% 32
31
3112
*35
3534 *35/
1
4 35's 357 357
351
/
4 357
3514 35/
1
4 354 3514
10112 1017 1014 1024 10012 1014 100% 1007 10018 1003
4 1004 10058
11212 11234 112 1131 11112 11234 11112 1121 11112 112% 11058
111%
*90'y 91
908* 9058 9078 907 *9074 91
91
91
91
91
/
4 5412 52
5334 5414 533* 545, 531
53
5212 5314 52
53
3912 3712 38
375 39
38
38
381
39%
3818
3818
3378
46712 684 *671
/
4 701 .6634 6918 *6318 691
6812 6918 68% 6878
1485* 1484 1474 1483 147% 14812 148 148
14818 14838 147 14812
78
•7812 785* 775 78
78
78% 781
78
7814 78
78
2518 261 *2512 2612 2512 251
*25% 26
2612 2612 264 2614
*834 84
*8312 84% 8312 84
8334 84
841
/
4 8414 84
84
/
4 417 4234 4134 421
418* 424 4134 431
4112 42% 4014 42
725* 72% 7214 7278 72
725, 72
721
72
7212 7114 7211
60 •60
65
60
65
*60
*60
65
*60
65
*60
65
1212 12% 1212 1234 1238 121: 1214 12% *1214 1212 12
1214
191* 191* 191• 191* .131,
1812 181
1818 1818 18
1814
•Bid and asked prices. •Ex-dividend.
Sales
for
the
Week.
6 Es-eights.
Railroads.
Par
------ Ann Arbor
100
Do prat
100
12:65 Atch Topeka & Santa Fe._100
3 033 Do pref
100
3,503 Atlanta Blrm & Atlantic_ _100
9,303 Atlantic Coast Line RR._.100
33,900 Baltimore & Ohio
100
809 Do prat
100
3,503 Bangor & Aroostook
50
Do pref
300
100
22,700 Bkin Manh Tr v t o___No par
800 Do pref v t e
No par
3,009 Brunswick Term & By sec.100
100 Buffalo Rochester dc Pitts.100
Canada Southern
100
6,500 Canadian Pacific
100
300 Central RR of New Jersey..100
27,300 Chesapeake & Ohio
Do pref
100
2,400 Chicago & Alton
100
2,600 Do pref
100
1,680 C C C & St Louis
100
600 Chic & East Illinois RR. .100
Do prat
20
100
2,900 Chicago Great Western-10
6,900 Do pref
100
7,500 Chicago Mliw & St Paul
100
9,800 Certificates
100
12,000 Do pref
100
Preferred certificates
7,50
10
13,000 Chicago & North Western_100
500 Do prof
100
21,500 Chicago Rock 1st & Pacific_10
400 Do 7% preferred
100
1,103 Do 6% preferred
100
Chic St Paul Minn & Om _.100
Do pref
100
900 Colorado & Southern
100
100 Do 1st pref
100
Do 2d prat
100
4,200 Delaware & Hudson
100
3,100 Delaware Lack & Western_ 50
100 Deny Rio Or & West pref.. 100
200 Dtuuth Sou Shore & At!... 100
Preferred
100
39,200 Erie
100
14.200 Do let pref
100
3,300 Do 24 pref
100
Great
Northern pref
8,100
100
4,500 Iron Ore Properties..No pa
1,100 Gulf Mobile & Northern_ _10
1,700 Do pref
100
4,900 Hudson & Manhattan_ 100
300 Do pref
100
2,300 IllinoIs Central
100
500 Do pref
100
20 Railroad See Series A._1000
400 int Rye of Cent America...100
Do prof
100
46,200 Interboro Rap Tran v t o 100
Iowa Centrid
100
10.100 Kansas City Southern
100
100
600 Do pref
1,200 Lehigh Valley
ao
100
4,500 Louisville & Nashville
Manhattan Elevated guar.100
18,400 Do modified guar
100
Market Street Ry____ ._ _100
200 Do prat
100
100
200 Do prior prof
Do 2d pref
100
100
300 Mlaneap dr St Louie
200 Minn St Paul & SO Marle_100
200 Do pref
100
Leased lines
100
12,300 Mo-Kan-Texas RR__ _ _No par
2,100 Do pref
100
11,000 Missouri Pacific
100
100
11,000 Do pref
_ _100
50 Nasbv Chan & St Muhl.
at Rys of Mex 2d pref _100
100 New Or! Tex & Mexico_-__100
43,700 New York Central
100
7,500 NY Chic & St Louis Co_100
1,200 Do pref
100
47,100 N Y NH& Hartford
100
5,300 N Y Ontario & Western...100
116 N Y Railways part ctfe_No par
140 Preferred certificates_No par
100 New York State Rallways_100
800 Norfolk Southern
7,000 Norfolk & Western
100
100 Do pref
100
10,000 Northern Pacific
100
200 Pacific Coast
100
50
12,200 Pennsylvania
1.700 Peoria & Eastern
100
8.100 Pere Marquette
100
900 Do prior pref
100
1.500 Do prat
100
Pitts Ft Woith & Chic pf__100
-:2;i6O Pittsburgh & West Va--100
13,200 Reading
50
1.300 Do let pref
50
800 Do 2d pref
40
30( Rutland RR pre!
100
6,500 St Louis-San Francisco__ 100
1,100 Do prof A
100
7,100 St Louis Southwestern._ 100
1,300 Do pref
100
3,90 Seaboard Air Line
100
700 Do Prof
100
17,10 Southern Pacific Co
100
22,200 Southern Railway
100
1,600 Do pref
100
17,60 Texas & Pacific
100
11,800 ThirdAvenue__
100
10 Twin City Rapid Tranalt 100
5,10 Union Pacific
100
Do pref
1,90
100
1,20 United Railways Invest-100
3,300 Do prof
100
45,000 Wabash
100
8,000 Do pref A
100
100 Do prat B
100
5,400 Western Maryland
100
1.000 Do 2d °ref
100
PER SHARE
Eanoe Since Jan. 1 1926.
On basis,!100-share lots
PER SHARE
Range for Precious
Year 1925.
Lowest
Highest
$ per share
$ per stare
44 Jan 19
64/
1
4 Jan 21
122 Mar 30
9418 Mar 5
1 Air 7
18112 Mar 30
8312 Mar 3
674 Jan 6
33 Mar 2
977 Feb 8
5118 Mar 31
78 Mar 31
812 Mar 4
69% Mar 26
58 Jan 15
1464 Jan 9
240 Mar 30
112 Mar 2
119 Jan 20
8 Feb 24
98 Feb 25
17314 Mar 29
303 Apr 27
3612 mar 31
734 Mar 31
1614 Mar 30
9 Mar 29
818 Apr 20
144 Mar 31
14 Apr 20
6514 Mar 30
1181
/
4 Jan 4
4012 Mar 3
98 Mar 4
83,4 Mar 31
45 Jan 6
6984 Jan 27
139 Jan 5
994 Apr 28
10 Jan 2
26212 Jan 2
953 Jan 11
6934 Feb 10
46 Feb 1
1001:Apr 29
69/
1
4 Feb 5
8614 Jan 29
1438 Mar 18
84 Jan 4
60 Apr 9
162 Feb 3
305 Jan 11
136/
1
4 Mar 12
136 Mar 12
1158 Feb 20
1814 Feb 13
226 Apr 29
37 Feb 10
5134 Feb 10
12 Feb 20
28 Jan 2
14/
1
4 Jan 6
14 Jan 8
2214 Jan 9
21/
1
4 Jan 5
81/
1
4 Jan 2
12612 Apr 30
1
4 Jan 15
60/
100 Jan 2
90 Jan 29
22 Feb 48 Dee
40 Mar 67 Dee
116/
1
4 Jan 140/
1
4 Dee
9212 Feb 98 Dee
3
Jan
1134 Dec
14714 Jan 268 Dec
71 Mar 9412 Dec
6278 Apr OM Nov
3514 Mar 5612 Noy
89 June 100
Oct
3518 Jan 64 Nov
7278 Jan 8384 Dee
3 Feb
17/
1
4 Nov
48 Apr 9232 May
56
Jan 59 Ma
13612 Mar 1523s Jab
265 Mar 321
Jan
8914 Mar 1304 Dec
10514 Apr 130 Dee
358 Apr 1058 Feb
5% Apr 1912 Feb
140 May 200 Dec
2934 Mar 3814 Aug
40 Mar 57/
1
4 Jan
9 Jan
15
Feb
194 Mar 32,1
/
4 Feb
34 Apr 163* Jan
7 Sept11 Nov
7 Apr 2812 Jan
127a Oct 22 Nov
47 Apr 8078 Dec
1014 AD 120 Dec
404 Ma
5878 Dec
92
Jan 100 Dee
82 Ma
594 Mat
48 Apr 5
100 Mar 16
52 Mar 3
62 Mar 2
59 Jan 11
1504 Mar 30
129 Mar 30
38 Mar 31
4 Mar 29
512 Apr 22
224 Mar 29
3334 Mar 30
30 Mar 30
6812 Mar 30
21 Apr 1
2518 Apr 20
95 Mar 29
3458 Jan 22
674 Mar 31
11312 Mar 3
11512Mar 30
7114 Jan 6
2514 Mar 30
62 Mar 30
2412 Jan 15
13 Apr 20
3414 Mar 3
8058 Mar 31
75_12 Mar 3
118 Mar 30
84 Mar 3
384 Jan 26
7 Feb 1
2514 Jan 5
40% Mar 30
1312 Jan 18
2 Mar 3
34 Apr 21
55 Mar 20
6212 Jan 4
32 Mar 3
82 Mar 2
27 Mar 3
7112 mar 3
150 Apr 3
2 Mar 18
53 Jan 26
114 Jan 9
65 Jan 13
68 Apr 27
59 Jan 11
17414 Mar 12
15312 Jan 12
47 Jan 2
514 Jan 23
8/
1
4 Jan 18
40 Jan 2
455 Jan 4
43 Jan 2
7858 Jan 4
2714 Feb 15
3514 Jan 7
10238 Jan 28
3912 Feb 9
Ms Feb 20
124 Jan 2
1234 Jan 2
75 Feb 15
31 Feb 13
65 Apr 9
4678 Apr 22
312 Jan 15
4932 Jan 13
64 Mar 11
87 Feb 13
143 Jan 4
9234 Apr 20
5612 Apr 24
10 Feb 9
40 Feb 9
515* Feb 10
224 Feb 10
34 Jan 11
5212 Feb 3
79 Feb 3
66% Feb 24
47% Feb 9
95 Jan 4
4014 Jan 14
8914 Jan 4
188 Jan 14
4/
1
4 Jan 7
1324 Jan 9
13558 Jan 2
18154 Jan 11
997 Feb 11
1
4 Jan 2
45/
2878 Feb 13
365 Apr 29
2014 Feb 5
2812 Jan 14
37 Jan 13
15714 Jan 19
85 Jan 7
7612 Jan 2
48 Jan 6
551e Jan 2
2654 Jan 14
8812 Mar 11
8712 Feb 24
8012 Jan 13
145 Mar 30
11938 Jan 11
9014 Jan 11
42 Apr 26
425* Apr 26
67 Jan 7
10114 Jan 21
8812 Jan 22
74 Feb 9
78 Apr 30
51 Jan 2
48% Feb 18
10414 Jan 2
11934 Jan 4
9212 Jan 2
615t Jan 13
43 Apr 23
7834 Jan 4
150 Jan 2
784 Feb 23
2712 Apr 7
8614 Apr 6
52 Jan 12
7834 Jan 13
72 Jan 29
1658 Jan 4
24 Jan 4
8318 Apr
734 Apr
4414 Jan
60 Mar
54
Jan
13312 Mar
125 Mar
343* Oct
238 Apr
35 Apr
2634 May
35 June
34 June
60 Apr
25 Dec
23 Mar
8912 Mar
218* Mar
6414 Feb
111 Mar
11212 Apr
6814 Aug
18
Jan
5912 Jan
1312 Mar
14 Jan
285* Mar
57
Jan
69 Mar
106
Jan
64 May
3218 Mar
6 Nov
20
Jan
42/
1
4 Nov
15 Dec
214 Oct
3058 Apr
40 Mar
5712 June
2814 Jan
743* Jan
305 Jan
71 Mar
143 Apr
112 Jun
113/
1
4 Jun
11314 Jun
118 Jun
8812 Jan
28 Ma
2058 AO
262 Aug
5 Dec
21 Dec
2178 Apr
12312 Mar
754 Jan
58% Ap
20 Aug
4212 Apr
138 Apr
6134 June
78 July
681/ Apr
139
Jan
63 Mar
69/
1
4 Mar
120 mar30
117 Mar 30
130 Mar 3
93 Mar 11
3038 Mar 30
1934 Mar 30
296 Jan 4
6 Jan 25
22 Mar 24
2772 Apr 15
13914 Mar 30
84 Jan 7
65% Mar 30
24% Mat 31
484 Mar 30
19 Mar 4
67 Mar 3
79 Mar 3
7034 Mar 29
14212 Jan 2
85 Mar 30
79 Mar 30
40 Jan 5
40 Mar 30
42 Apr 8
8.5 Mar 30
8312 Apr 1
5712 Mar 19
72 Mar 19
2712 Mar 31
3112 Mar 31
9618 Mar 30
10.358Mar 30
8712 Apr 6
42% Mar 30
134 Jan 8
6878 Apr 30
14112Mar 30
7454 Jan 6
195 Mar 3
66 mu 2
337 Mar 30
63 Mar 30
57 Mar 29
11 Mar 3
1638 Mar 30
Lowest
Highest
$ per share $ Per aeon
354 Mar
3614 Mar
42 Apr
57/
1
4 Jan
Jan
76
433* June
7012 June
205* Jan
35 Mar
Oct
96
77% Jan
Jan
83
43/
1
4 Jan
712 Apr
58
Jan
13314 Apr
• 72 Jan
18 Aug
484 Mar
1912 Mar
553 Jan
3812 Jan
11 Mar
16 Mar
594 Jan
120% Dee
70/
1
4 Sept
6644 Dec
6212 Ars
155 Apr
14734 June
Jan
60
64 Dec
818 Dee
39% Dec
46% Jan
43% Jan
8238 Dee
40% Jan
3638 Sept
10914 Sept
38% Auft
72 July
125/
1
4 Dee
12514 Dee
7414 Dec
33/
1
4 Sept
66/
1
4 July
34/
1
4 Feb
312 Mar
51 Dee
6314 Dee
8812 Dee
148 Dee
119/
1
4 Sept
511
/
4 Feb
12 Sept
454 Sept
654 Sept
354 Sept
4 Mar
57 Nov
8614 Nov
63 Feb
4512 Sept
9211 Dee
411
/
4 Dee
9112 Dee
192 Dee
314 Dec
13712 Dee
1374 Dee
183 Dee
9878 Nov
47 Dee
3434 Aug
316
Oct
12 June
36 July
45 Sept
151
Dee
86 Dee
7814 Dee
401
/
4 Dee
5538 Dee
21% Dec
8512 Dee
8934 Dee
79/
1
4 Dee
144 Nov
123 Dee
9114 June
41 June
44Ie June
6278 Jan
1021
/
4 Aug
92/
1
4 Jul/
6914 Dee
78/
1
4 Dee
54/
1
4 Nov
511
/
4 Aug
10844 Jan
12012 Dee
9512 Sept
59 Dee
15% Sept
7814 Dec
15314 Jan
774 July
3312 May
8378 Dee
471
/
4 Aug
73% Dec
604 Aug
1832 Aug
2614 Jan
New York Stock Record-Continued-Page 2
2466
For dales during the week of stock., usually Inactive, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 24.
Monday,
April 26.
Tuesday,
Apr11 27.
Wednesday
Aprtl 28.
Thursday,
APrtl 29.
Friday,
April 30.
Salta
for
the
Week.
STOOKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926.
On basis of 100-share lots
Lowest
Highest
PER SHARI
Range for Prolong
Year 1925.
Lowest
Highest
Par $ per share $ per share $ per share $ per share
Railroads (Con.)
Per share S per share $ per share Shares.
Per share $ Per share $ per share
4 Mar 30 3914 Jan 2
1
193* July 3913 Dec
100 33/
900 Western Pacific new
3478 35
35
35
*3412 35
35
3512 3412 3412 35
*35
72 July 81 Dec
100 7712 Jan 15 81 Mar 12
500 Do prof new
*7912 80
7914 701
*7918 80
80
*7914 80
*7918 80
80
Mar 32 Dec
1034
2
Jan
32
30
Mar
18
_100
IV_
Erie
&Lake
Wheeling
6,100
224
2212 23% 2234 23,4 *2234 22% 223* 2234 2014
23
23
22 Apr 5372 Dee
100 37 Mar 30 5013 Jan 4
700 Do prat
4112 4112
4314 *4212 44
4313 43% 43
4314 4314 *43
43
MIscallane us
Indust.lal
Jan 7614 Dee
62
600 Abitibi Power & Paper_No par 7114 Jan 12 8413 Feb 1
*7312 74%
74
74
75
*73
75
*7412 7512 75
7512 •73
Jan 13334 Oct
100 131 Jan 6 142 Apr 20 119
All
Cables
American
141
200
•136
141
*137
136% 136% 13612 13612
*13612 140 *13612 140
11714 Oct
Apr
90
26
Apr
116
18
Mar
8
997
100
2,400 Adams Express
11118 112
11212 114
113 113 *114 115
115 116
114 115
Oct
13 Apr 20
100 10 .Mar 19 1334 Jan 29
1,200 Advance Rumely
12 .1012 12
12
12
1214 12
12
1114 1212 1238 12% .
6214 001
Feb
47
28
Jan
634
1
Apr
4912
100
prof
Do
1,100
53
5212 *51
5212 5/51
6178 52% 5112 5113 *5112 5212 *51
3May
5
12
Oct
74
4
Jan
918
23
Jan
3
7
1
834 Vs 5.100 Ahumada Lead
834 878
812 8%
8% 878
8% 8%
858 834
8634 Jan 11733 Dec
10778 Jan 16 11914 Mar 1
114 11412 11214 113% 113 11312 11334 11334 114 114% 11358 11418 2,400 Air Reduction, Ino.---No Par
93* Dec 15% Jun
912Mar 30 16 Feb
No Par
934 9% 3,50 Ajax Rubber. Inc
9% 10
10
1012 104 1014 101
10
104 10
213 Oct
Jan
1
4
Jan
2
1
Feb
112
112 112 1,800 Alaska Juneau Gold Min__ 10
1%
112
14 112
113 1,2
*112 134 *112 1%
80 Mar 11658 Dec
Feb 13
142
30
Mar
106
par
Dye_No
&
Allied
Chemical
103,800
11713
1193
4
121
118
11828 121
11712 1204 1154 11712 11718 11834
Nov
12114
Jan
15
Feb
117
121%
20
Mar
11814
100
*120 12014 12018 120% 120% 120% 12114 12114 1.2114 12114 12078 1204 1,500 Do prat
7112 Jan 9714 Dee
100 7814 Mar 26 9452 Jan 14
1,500 Allis-Chalmers Mfg
82
8312 8318 82
8278 83
8212 8314 83% 83% 8214 83
4 10314 Jan 109 Dee.
Jan
110
7
Apr
105
100
Do
4.1081
prof
4
/
500
109
*10812
109
109 109
109 109
109 109 *10812 109
1312 Mar 2978 Oct
1634 Apr 30 3433 Jan 14
2014 1858 1912 1818 1838 1634 1814 10,10 Amer Agricultural Chem_ _100 585* Apr 29 9612 Jan 14
2114 2114 204 21% 20
364 Mar 8212 Dee
100
Do prat
5834 6134 15,90
58% 62
6114 65
6418 65
6618 66% 644 661
3913 Dec 445* Dee
31 437 Jan 8
Mar
8
345
10
new
Note,
Bank
Amer
3,000
38
38
3312
37
38
37
38
*35
38
38
38
537
5312 Jan 5812 Sept
SO 55 Jan 15 57 Jan 9
Preferred
45312 ____
10
- *5312 - - - *5312 ____ *50 _
57
57
Jan,
*5312
295* Oct 43
100 2332 Apr 8 38% Feb 5
50 American Beet Sugar
27
2612 *25
25
*2514 27
27
25/
4 2514 *2434 251 *25
1
78 Dec 877 June
Feb 24
83
16
Apr
75
100
pref
Do
10
7914
4
*763
79
7912 79
79, 278
791 *76
*76
Jan
7912 *76
5413
343
Mar
2613
4
Jan
30
Mar
par
1913
3,30 Amer Bosch Magneto__No
21
20% 2034 20% 21% 21
52034 211
2178 2214 2153 22
9014 Mar 156 Dee
par 11334 Mar 30 180 Feb 2
12112 123 *121 1212214 120 12112 11834 1204 2,70 Am Brake Shoe & F. N0
12112 12112 12112 122
100 11014 Mar 24 12814 Feb 18 10713 Jan 11458 Dec
Do pref
30
115 115 *114 118 *112 115
114 114
114 114
*113 115
Dec 5378 Oct
47%
9
Jan
8
487
29
Mar
3714 15.100 Amer Brown Boverl El-No par 3014
36
3512 3518 37
34% 3614 3412 3514 35
3538 36
9018 Nov 98 Den
100 854 Mar 31 974 Jan 16
*9412 945* 1,900 Preferred
944 9434 9414 94% 9434 95
95
94
95
94
Dee 495 Dee
474
20
Feb
68
30
Mar
8
7
38
25
w
Can
47% 24534 4712 191,900 American
4714 47
44% 4514 4412 46% 4513 46% 46
Jan 1217 Sept
100 121 Jan 4 12512 Feb 26 115
125 12514 12514 12514 *125 12512 *125 12538 2,300 Do prof
123% 123% 124 125
9713 Apr 11534 Sept
3 Jan 12
1147
31
9112Mar
&
American
Car
3,000
par
Fdy.-No
95
93
97
95
971
9714 98
97
974 97% 9612 97
128 July
Apr
4
3
120
24
Apr
129
7
Apr
12312
100
Do prof
500
129 129 *128 12812 128 128
12812 129 *129 1291 129 129
2212 Oct 27 Feb
700 American Chain. class A._ 25 2314 Mar 30 25 Jan 2
*2418 2412 2412 241 *2414 241 *2414 2412 2414 2412 2412 2412
Apr
37 Jan 62
4
Jan
51
16
Apr
par
37
No
0
0
0
Chicle
2
American
1:2
2
58
2
45
14
58
5
0
4
3812 3812 39% 39%
3913 391
39
39
3912 40
.
Jan 5814 Apr
37
par 3I12Mar 31 4714 Jan 7
800 Do certificates
38
38
37
36% 3634 37
37
*35
3612 37
37
*35
634 Jan
414 Dec
678 Mar 12
5
Jan
414
10
Syndloate.
Druggists
Amer
512
512
5% 5%
5% 5%
534 5%
Jan
*512 5%
100 10578 Mar 31 140 Jan 6 126 Apr 166
600 Amerlean Express
116 11634 11734 11734
11812 11912 *117 120 *11612 119 *115 118
2714 Apr 5123 Sept
17 Apt 14 42% Jan 2
1912 1834 1912 16,300 Amer & For'n Pow new _No par
19
207
18% 2018 1914 191
20% 2032 19
Jan 94 Feb
87
13
Feb
98
27
Mar
par
89
Do
No
1,000
Prof
9014
9014
9012
*894
9012 9012 8914 901 *894 90% 90% 90%
108 Mar 30 131 Jan 2 11438 Apr 142 Sept
Do 25% paid
- -----123s Dee
84 Mar
9 Mar 30 174 Feb 9
700 American Hide & Leather_100
934 93
934 9*4
934 101
*934 1024 "934 103* •924 103
584 Sept 757k Jan
100 41 Apr 28 6714 Feb 9
2,500 Do prof
42
42
4114 43
44
4414 4414 41
47
4512 4512 *44
139 Dee
Mar
83
7
Jan
4
5
185
31
Mar
109
100
Ice
4,600
American
12214
12512
122
122
123 12378 122 12334 121 12112 12112 122
7412 Mar 86 July
100 8212 Jan 13 8618 Apr 27
900 Do pref
8534
85
85
*83
8618 8434 85
857s 86
8578 85
*84
3218 Mar 4672 Nov
14,800 Amer International Corp_ _ 100 344 Mar 30 46% Feb 16
37
36
378 38
373* 385
3838 387
38% 3814 391
38
114 Jan 20 Nov
4
Jan
1573
31
Mar
1234
10
La
E.
F
American
France
1,800
13
z13
13
13
13
1318 13
1314 1314 13
13
13
20 Mar 5914 Nov
100 2814 Apr 21 5273 Jan 4
4,500 American Linseed
30
30
3014 301
3012 301
314 *2913 31
3114 31% 29
Oct
Jan 89
53
4
Jan
87
31
Mar
75
100
prof
Do
.900
82
.78
82
.78
81
*7812 82
*78
81
78
7884 go
8,900 American Locom new_ _No par 9014 Mar 31 119% Jan 4 10413 Jan 14473 Mar
08
9834 96
98
993* 973 OSIg 9758 981
10012 10012 98
100 1175 Mar 31 12014 Feb 11 115 Aug 124 Feb
pref
Do
400
4
1193
8
*1177
1193
4
1193
1193
*11812
1191
11912
*118
1193*
11912 11912
455 Mar 5753 Oct
No par 47 Mar 30 57% Feb 16
5012 5034 5,100 American Metals
5034 51
51
51
51
5034 5034 5012 5018 51
100 1134 Apr 15 120 Feb 6 111 Mar 119 Nov
Preferred
*11312 11512 •11312 11613 *11312 116 *11312 1161 *11312 11618 *11312 11618 2,100 American Radiator
897 Jan 12212 Nov
Mar 30 12034 Feb 13
10813
25
11112
*111
112
111
1111
111
111
11014 11014 10912
11028 112
Jan
300 Amer Railway Express_ _ I00 773* Mar 31 7812 Mar 10 376 Sept 84
7734 7734 *774 78
78
78
5/7712 78
773* 773* .7712 78
Jan 7934 Dee
48
500 American Republics-No Par 63 Mar 13 74 Jan 5
*6812 67
68
6634 6634 6412 641 •65
67% 67% *6412 68
36% Jan 7634 Nov
8
Jan
63
14
Apr
42
_100
Razor__
Safety
6,600
American
49
8
4714
49
4812
471
47
49% *4634 48
4912 5012 47
54 Dec 144 Feb
54 Jan 2 11% Mar 12
812 912 4,500 Amer Ship & Comm.._.No par
912 958
95
912 10
10
9% 10
934 1018
905* Mar 14413 Dec
& Refining_100 1095, Apr 21 14434 Jan 7
116 11712 1184 1175* 11514 11612 116 1177 11734 12012 11932 1207* 48,100 Amer Smelting
Jan 11514 Oct
10513
11713
30
Feb
31
Mar
8
1127
100
pref
Do
500
8
1165
11658
11618
11818
*115 11512
115 1154 11513 11512 *11514 116
'
100 13712 Mar 30 165 Feb 9 13814 Apr 164 Nov
200 American Snarl'
140 14034
*139 142 *138 141 *139 141 *138 140 *139 140
37% June 4712 Dee
Mar 30 4678 Feb 1
4018
par
Foundries__No
Steel
Amer
3,200
4114
411
4
4
413
413
4112
414
417
4113 413*
41% 41% 413*
Jan 11318 Oct
100 111 Apr 9 115 Feb 23 108
500 Do prof
113 1131±'113 114 •113 114 1/5113 114
111% 11178 112 112
7723 _Dec
4753 Jan
70% 9,200 American Sugar RetInIng 100 6514 Apr 14 824 Feb 5
6912 70 1 69
69 6933 6914 691
69
6812 6812 68
Jan 10414 Nov
4
/
911
26
Feb
105
10 1004 Mar 30
Do pref
1.200
102
102
102
102
103
*102
10212
102
103
10212 10212 *10212
6 May 244 Feb
812 Apr 30 1433 Jan 11
812 85s 4,900 Amer Sumatra Tobacco-100
858 9
858 9
8% 9
852 94
104
10
28 Apr 12013 Oct
10
Do pref
•____ 130 *__ 130 *____ 130 •____ 130
130
374 June 47 Feb
39 Apr 23 4118 Feb 10
Amer Telegraph & Cable...10
*3812 3912 *3812 3912 *3812 3912 *3812 3912 *3812 3912 *3812 3912 7,900 Amer Telep & Teleg
100 141 Mar 29 15(34 Feb 15 13052 Jan 145 Dee
4 14612
14533 14614 1457 14614 14618 14611 14612 14653 14614 14612 1453
Feb 12112 Oct
85
6
Feb
121%
31
Mar
8
1113
60
11514 11572 3,200 American Tobacco
115 11512 11414 11573 *115 11512 11513 11512 11514 116
100 1064 Jan 4 11114 Apr 26 10412 Jan 110 Nov
2,000 Do pref
11018 11018 5110 112
111 111
1194 Oct
*110 11073 11078 11114 111 111
Feb
8412
6
Feb
12013
31
Mar
1104)
50
B
class
common
Do
8,000
115
114 11412 114 1143* 114 11418 1143* 11412 11438 11514 115 4 121
American Type Founders_ -100 114 Jan 22 135 Feb 13 103 Apr 13538 Nov
438g Apr 13 74 Jan 4
*122 12478.'511734 125 *118 12434 *11734 12434 *11724 123 *1173
34% Jan 7614 Dee
&
20
Works
Mee-Water
Am
5,800
24914
5134
51
5014 5134 55034 5112 51
0714 AUR 103 Feb
5212 5212 504 527
100 10112 Mar 3 10814 Jan 27
100 Do lat pref (7%)
•104 105
*104 105 *104 10412 10412 10412 5/104 10412 *104 105
348 May 64% Jan
100 2312 Apr 30 42% Jan 13
American Woolen
3053 2814 2934 2312 28% 41,000
4
31% 3118 293* 313* 2934 3038 30
Jan
694 May 9618 Jan
8934
30
Apr
66
100
pref
Do
8,200
75
74
7634 68
77
767 . 7678 77
55
712 Jan
78
77
79
578
112 Dec
114
13
Jan
4
Jan
A00
pref_
800 Amer Writing Paper
34
313 318 *234 313 *3
3
37
3
4 Jag
812 312
12 Dec
38
413 Jan 13
1 Jan 4
*178 3 ' 100 Preferred certificates_ __ -100
5178 3
/5178 3
212 212 *158 3
1213 Jan
4 mar 31 124 Feb 4
1
7/
May
•212 3
7
25
Smelt
&
Lead
Zinc,
Amer
1,700
714 7%
74 712
712
8
2778 8
8
*73* 712 *75
244 May 4478 Dec
25 2618 Mar 31 4813 Feb 4
1,200 Do prof
30
2873 288 2818 2818 2978 31
30 •29
30% 30
*30
3514 Apr 6314 Nov
Anaconda Copper Mining_ 50 4112 Mar 30 51 Feb 9
4412 4418 4458 4412 4614 4614 4812 44,300
433* 4458 44
Jan 4813 Dec
26
2
Jan
44%
433* 44
21
Apr
38
par
MIdI'd-No
Dan'Is
Archer,
100
*3812 39
38
36
39
538
39
•37
39
Jan 105 Oct
*37
9012
39
4
Jan
105
4
•36
100 100 Mar
Do pref
10434
9018 Mar 100 Oct
*100 10424.510018 10434 •10013 10434 *1004 10434 /510018 10434 •100
Apr 30 971 Jan 13
91/2
-100
prat
(Del)
Co
&
Armour
1,000
9212
9112
9212 9212
2712 Oct
Mar
9212 924 9214 9214 *9212 93
20
92
13
Feb
2512
1518
92
29
Apr
25
A
class
Illinois
of
Armour
15% 88,700
1524 1873 1614 1634 16% 1714 15,8 1614 1512
16 Dec 2034 Oet
1834 19
612 Apr 19 17 Jan 4
25
Class B
7.4
712 20,000
74 734
73* 772
718 73*
858
7
812 9%
Nov
9314
Dec
90
11
100 80 Apr 30 93 Feb
720 Preferred
84
8434 8434 80
86
86
86
1753 Oct
Jan
8
*8712 88 *8712 8734 86
400 Arnold,Consle&Co new No par 18 Apr 12 3134 Jan 6
*1812 21
1814 1814 •1812 21
20
Des
30
Dec
27
6
Jan
4
2
15
2012 20
5
Jan
14
par
2012 *20
No
*20
-----Certificates
15 Jan 2011,2 Nov
400 Art Metal Construction--10 194 Jan 2 2312 Jan 26
1973 197*
20
20
20
5 Dee
June
Jan
6312
60
21
39
30
Mar
50
par
20 '1934 -2-6- 20
No
'19
Artloom
300
50
50
51
100 108 Mar 18 11134 Feb 1 10113 Aug 110 Dee
'14914 52 *4914 52 •4914 52 *4914 52 *4914 110
Do prof
*107 110
4613 Aug 6133 Nov
100 3714 Mar 30 547 Jan 9
•107 10812 *107 1084 *107 1084 *107 110 5107
42% 6,500 Associated Dry Goods
42
4034 4114 43
540
Jan 102
94
4112 40% 41
41
Oct
41
100 96 Mar 25 10212 Jan 6
41
rue
Ist
100 Do
9758 97% *9512 98
59612 98
*9612 98
Jan 10814 Feb
98
*96
100 10713 Jan 4 108 Jan 28 101
98
*96
Do 2d Prof
107
*104
10712
*10412
510612
108
Mar
60
4
6
Jan
Dec
32
4714
Mar
44%
25
*108 108 *105 108 •106 10712
Oil
Associated
600
5112 5212
53
52
53
5312 *52
/5.52
20 Jan 77 Sera
334 Mar 31 6838 Jan 6
63
53
53
53
38% 3814 4012 13,700 At Gulf & W I SS Line._ -100
Jan 60 Sept
31
100 354 Apr 16 &PA Jan 30
35% 35% 3512 36% 3424 3518 3512 38% 37%
3834 3912 ag4 4112 2.100 Do pref
3878 39
Apr
12014
12
9513 Jan 11712 Feb
3
Mar
97
3614 361.. *3612 39
100
*3612 391
Refining
Atlantic
1144 12014 55,000
100 11514 Apr 21 11713Afar 3 113 Sept 11734 June
109 10932 100% 10934 10814 110% 110 11612 11318 11532 •115 1164
200 Do prof
1161
4
3
*115
*1152
4
1164
Nom 64 Mar 4 69 Jan 6 45 June 66 Dec
*11512 11534 *11512 11534 11634 116
100 Atlas Powder
564 55512 56
5612 *55% 5612 *54
5612 *55
56 • *55
100 94 Jan 8 97 Apr 13 904 Oct 94 Jan
58
Preferred
98
*95
98
*95
98
595
918 Feb 21 Dee
98
*95
98
•95
98
No par 10 Mar 27 174 Jan 30
•95
Tack
Atlas
11
*10
11
•10
11
•10
11
22 July 3212 Jan
16 Apr 30 28 Jan 29
•10
par
No
vto
*1018 1012 •1018
Austin.NIchols&Co
4,700
1812
16
8
7
18
18%
1912
Jan
*18
93
6
30
Apr
2 Jan 95 Aug
873
8412
1912
19%
1912
4
3
19
19%
100
1912
500 Do pref
8412 85
91
12 Apr 30
0112 *86
*86
24 Feb 11
88
414 May
par
12 Dec
904 88
9012 •89
*90
12
% 1,500 Auto Knitter Hosiery-_No
34
*32
7
4
Jan
107
34
13612
434 1
Mar 140 Feb
31
34
Mar
3
7
34
92
34
Wks-100
Locomotive
Baldwin
14,600
10514 10612 10512 1064 10538 10714 10414 10614
100 105 Mar 31 114 Feb 6 107 Aug 1165* Jan
pre:
Do
10684 10712 10512 107
100
1081
*108
10813
1834 Aug 3313 Dee
108 108 •10714 10812 3105
class A__ __ 25 2438 Mar 30 3313 Jan 2
•10714 108 *10612 106
27% 2718 27% 5,200 Hamadan Corp
26% 2733 27
27
2712 27
2712 2712 27
16 Aug 30 Dee
25 2314 Apr 15 2913 Jan 2
100
52478 26
26
8
*247
4
Jan
3814
26
8
Sept 5314 Feb
*247
4913
31
Mar
26
*25
39
26
3
par
*247
No
2512 2512
1,100 Bayuk Cigars,Inc
41
4178 41
60 Mar 778 Aug
4214 4214 4214 4112 4134 *41
20 5313 Apr 13 717 Feb 4
41
42
Packing
Nut
*41
Beech
SOO
5712
5712
5718 58
37 Sept 413* Dee
3934 Jan 4
59
19
Apr
558
3112
par
Nu
5934 5934 5918 5918 '
Bros
60
Belding
60
3312 3312 3312 1,500 Bethlehem Steel Corp
33
37 June 5313 Jan
33
100 3812 Apr 12 5014 Jan 7
3312 3312 334 3312 3214 324 33
4118 41% 404 411 18,500 Do cum cony 8% pref 100 114 Mar 8 120 Jan 26 109 Mar 11612 Feb,
4112 417
4118 417
4012 4212 4118 417
200
116 *11578 116
4
*1153
June 102
Jan
9314
2
Feb
105
5
4
Mar
1153
11534
11534
4
1153
100
116
100
.11524
Do
pref 7%
*11534 116
4,600
100 100
93 Jan 11
4 May
/
100 100
41
878 Oct
418 Mar 24
No par
B,0th Fisheries
1001* 100% 100 10014 100 1004 100 100
51
4,5
534
*5
Oct
25 June 52
15 6112 Jan 7
*54 57
Apr
354
100
*54 53
6
*5
preferred
First
*512 57
44
*35
44
*35
44
4058 Aug 46 July
*35
44
*35
44
•35
44
*36
1,000 Botany Cons Mills claas A. 50 3112 Apr 29 4118 Jan 4
3112 311
Oct 444 Ma,
27
3234 *3112 3312 3153 313* 3112 314 2712 284 5,200 Briggs Manufacturing__No par 2614 Apr 19 374 Jan 4
32
33
33
3 Jan 18
6 Oct
153 May
114 Apr 26
100
27% 2812 2814 2814 • 28_ 2814
2812 29
2834 29
100 British Empire Steel
112
Oct
22 July 36
100 14 Apr 21 27 Jan 28
14 114
113
*1%
First preferred
25
*12
Oct
623 July 14
25 Apr 21
1013 Jan 11
1934 •___ _ 19 •__ __ 19
*14
100
*1418 19
18
*14
preferred
2d
500
*234 3
3
3
3
8
7
Nov
15612
Jan
2
3
1
31
Feb
Mar
14812
133
3
100
3
1205,
4
3
*2
312
*3
138 13812 1,800 Brooklyn Edison,Inc No par 68 Mar 30 7834 Jan 11
139 139
73/8 Dec 10014 Nov
13834 139
13818 139
*138 13812 139 139
Gas
Union
Bklyn
1,800
7214
72
46 Dec 4614 Dee
100 30 Mar 29 483* Jan 7
7212 721± 7212 723* 7212 724 7232 7212 7212 7212
341 43312 3412 1,800 Brown Shoe Inc w I
Oct
96 Mar 109
3514 34
3538 *34
100 109 Jan 18 111 Mar 10
351± 35
353* 36
/535
Do pref
*10614 110
30 307 Jan 4
pa
2Mar
24 June 49% Jan
243
No
*10614 110 *10614 109 *108 110 510614 110 /510614 110
Brunswick-Balke-Colfr
3,300
2812 28%
*2812 29
29
Dec
136
2914 29
31
par
Feb
Mar
9213
14114
121
13
Feb
No
283* 29
27% 273* 28
1,900 Burns Brothers
4 13812 x136 136
/
1371
138 138
17 Mar 39 Dec
1364 13612 13612 13612 13634 138
700 Do new class B corn No par 2D7sMar3l 44 Feb 13
3714 3712 23.33 364
38
Oot
914 July 99
3814 3814 3812 3834 38
39
100 97 Mar 30 10012 Jan 11
•38
200 Preferred
9934 9934
10018
4
*993
101
100
*9934
5100
100
8
7
101
100
Jan 108 gent
65
4
13
Jan
Apr
93
7712
pa
_No
/98%
5
4.000 Burroughs Add Mach _
87
8518 85
8514 8534 8814 87
8514 85
85% 85
85
dividend.
•Bid and asked prioes go males on tau day. a Ex rights x Hz
New York Stock Record-Continued-Page 3
For sales during the week of stnees usually inactive, see third page preceding.
HIGH AND LOW UAL& PRICES-PER SHARE. NOT PER CENT.
Saturday,
April 24.
Monday,
April 26.
Tuesday,
April 27.
Wednesday, Thursday,
April 28.
April 29.
Friday,
April 30.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Singe Jan. 1 1926.
On basis of 100-share loss
2467
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
Lowest
Highest
$ Per share $ per share Shares. Indus.a Miscall.(Con.) Par $ per share $ per share $ per share
$ per share
2614 2634 2614 264 4,200 Bush Terminal new_.. _No par 1634 Mar 18 29% Apr 23
1418 June 26 Dec
'
389
90 *89
90
100 Do debenture
100 86 Apr 6 90 Feb 10
80 May 897 June
*10012 102 *10012 102
Bush Term Bides, pref.-100 994 Jan 20 10112 Jan 30
9613 Jan 103 Dec
5
5
478 5
1,400 Butte Copper & Zino
5
478 Apr 16
614 Feb 10
414 Mar
884 Jan
2412 24
24
244 10.200 Butterick Co
100 1734 Mar 3 26 Apr 26
17 May 28/4 Jan
121
/
4 1214 1214 1212 2,400 Butte & Superior Mining_ 10 11 Mar 30 1614 Jan 11
612 May 2414 Jan
31
•29
*29
31
100 Byers & Co
No par 28 Mar 29 384 Feb 2
23 Oct 447 Oct
---- ---- ---- ---Preferred
100 9812 Mar 20 9918 Feb 18
954 Oct 100 Oct
Cent Oil& Ref__No par
14 Jan 2
78 Jan 8
14 Dec
238 Jan
ii4 1213; iii" 12-9-3; Hi" 12-8- 12934 13034 130 13012 129 129 2,890 Caddo
California Packing___No par 1214 Mar 30 17912 Feb 4 10018 Jan 3612 Nov
337 3414 334 3334 3313 3313 33% 34
3313 3438 3318 3418 19,100 California Petroleum
25 3018 Jan 20 3818 Feb 10
2378 Jan 3438 Dec
118 138
134 134
134 134
112 11
*113 2
.112 2
803
Callahan
Zinc-Lead
21 Jan 15
112 Mar 26
10
114 Oct
484 Feb
45814 5878 58
571 5758 *5778 5834 5814 591
59
/
4 59
61
3,839 Calumet Arizona Mining
10 5512 Mar 29 6414 Jan 8
45 Apr 6118 Dee
•1418 148 1434 1434 1412 1412 1418 1438 1418 1418 1418 1418 1.700 Calumet & Recta
25 1338 Mar 31 1513 Jan 6
1214 May 1818 Jan
8212 8334 8212 8234 *82
8413 85
8313 84
*8212 83
83
1,830 Case Tiweah Machine
100 6212 Jan 4 9034 Feb 13
24 Mar 6812 Dec
10434 10434 104 104
10413 10412 10312 10312 *104 10412 .10334 10412
930 Do pref
100 98 Jan 5 105% Feb 23
60 Mar 10712 Dec
814 914
1014 1018 1014 1038
914 1014
814 10
838 9
9,900 Central Leather
814 Apr 28 2012 Jan 5
100
1434 Mar 2318 Oct
'4838 4834 4814 4814 47 47
4513
463
4
4314
4718 4512 4712 18.100 Do pref
100 4314 Apr 28 68/4 Jan 5
4914 Mar 71 Oct
1314 1414 *1412 15
*14
*1313 15
15 *1312 15
*1313 15
3,030 Century Ribbon Mills_No par 13 Apr 8 3212 Jan 8
3034 Sept 474 Mar
*85 86 *85 86 *85 86 *85 86 •85
*85 86
86
Do pref
100 8514 Mar 2 90 Jan 21
94 Dec 9814 Jan
6312 8438 6214 5313 63 6338 6318 64
638 64
6418 657s 15,900 Cerro de Pasco Copper-No par 5712 Jan 22 6914 Feb 11
434 Mar 643 Nov
4118 4134 4118 4118 414 4114 4113 4118 2,200 Certain-Teed Products.No
42
42 42
41
par 3718 Mar 3
4912 Jan 5
4034 Mar 58% Sept
*98 10338 *98 10338 *9712 10338 •98
•9212 10318 *98 10318
lit preferred
100 10212 Jan 2 10518 Jan 21
8913 Jan 110 Sept
1518 1614 1584 154 1512 151
1514 -1-614 1518 1518 1534 161s 1,200 Chandler Cleveland MotNo par 15 Apr 12
26
Febil
l-3378 3518 34 35
*3314 34
3334 34
3312 33/
1
4 3314 33/
1
4 2.200 Preferred
No par 311 Apr 15 4514 Feb 15
11612 11612 11034 11634 110 111
11012 11082 11014 112
111 111
2.490 Chicago Pneumatic Tool_100 944 Apr 8 120 Jan 2 -80/
1
4
ids,
128 -Dee
491
50
5212 5212 514 52
48
501
5012 49
49
4912 2,400 Childs Co
497 Mar 747s Oct
No par 48 Apr 21 6638 Jan 4
3238 3234 3234 328
32/
1
4 3234 3212 328 3258 3278 33
338 15,400 Chile Copper
25 30 Mar 3 363s Jan 6
3013 Mar 37% Jan
*20
21
*20
21
21
21
*20
21
22
21
*1912 20
300 Chino Copper
5 le Mar 3 2112 Feb 17
19 Apr 2884 Feb
437 438 4212 4238 4118 4383 424 4212 424 444 1.700 Christie-Brown certlfe.No par
*4314 44
40 Mar 30 8334 Jan 4
62% Dec 6412 Dee
334 348
334 343
1
4 34
3212 3318 32/
32
1
4 33's 32/
3312 89,000 Chrysler Corp new_ __No par 2812 Mar 30 547 Jan 9
100 100 100 100
9934 100
*9914 100
100
100
*99 100
3,900 Do pre(
No par 93 Mar 30 108 Jan 2 1-0018 July
Nov
*60 6334 *6014 6334 *61
63 '36118 63 *614 63 *614 63
Ctuett. Peabody & Co____100 6014 Mar 31 6812 Jan 7
5813 Mar 7184 Jan
*108 120 *10414 115 *108 115 *110 120 *10814 110
108 108
100 Preferred
100 10314 Jan 13 110 Feb 25 10312 Jan 109 Sept
144 14734 14434 14638 146 14678 146 1474 14618 14778 16,400 Coca Cola Co
14612 148
No par 128 Mar 24 16113 Feb 4
80 Jan 17734 Nov
•100 -_ _ *100
__ *100
_ *100 _ _ '3100 _ __ *100
_ __
_
Preferred
100 99 Jan 14 10114 Mar 24
99 Jan 1014 Mar
33 36-13 34% -3633 3514 17/
1
4 3612 3-i38 35/
1
4 37
38 -3-634
- 52:100 Co,or-do Fuel dr Iron
Mar
273
Feb
3
8
100
3814
11
3214 Ain• 48/
1
4 Jan
6434 6434 6412 6413 6434 657
*64 85
6418 6518 8334 6412 5,800 Z'olumblan Carbon v t e No par 55% Jan 26 89% Feb 23
45 Mar 8214 Dec
78
784 78
784 79
7834 78
78
79
7818 7612 77 25,900 Col Gas & Eleo
No par 6312 Mar 29 90 Jan 9
45
1
4
86
Jan
Oct
1137 114
114 114
114 114
11334 11418 114 114
11212 1124 1,300 Preferred
100
Mar 30 115 Jan 12 10414 Jan 11418 Dec
30% 31 '33012 31
3012 3012 2918 204 2234 3012 2258 2934 1.500 Commercial Credit_No par 112
2914 Mar 3 4713 Jan 14
3812 Sept 5518 Dec
24
24 .23
*234 24
24
*2312 24
*2312 24
*2312 24
100 Preferred
25 23 Apr 20 2614 Jan 13
2514 Sept 2713 Oct
28 *25
29 *24
•25
28
*25 28 *25
28 *25
28
Preferred B
25 25 Apr 19 2734 Jan 11
2614 Sept 2734 Dec
4.5618 58 '
357
58 *57
58 '356
53 *58
57
56
100 Comm Invest Trust_No par 55 Apr 12 72 Jan 11
56
50
Jan 8418 Nov
9712 *94
99 *94
*94
99 *94
99 *94
99
*94 99
7% preferred
100 98 Mar 31 104 Jan 28 100 Nov 10713 Nov
130 130 *130 132 *129 131 '3129 130
1.1.00 Commercial Solvents A No par 120% Jan 4 15212 Feb 13
130 13034 12812 128
80
May
190 Jan
13234 1324 1324 13234 13012 13112 *128 130 130 13134 128 12814 1,800
Do
B
No par 11814 Jan 4 146 Feb 18
76 May 189 Jan
1712 1614 1714 16
17
1618 16
1618 1534 1614 1538 1534 8.600 Congoleum Co new_ _ _No par 1518 Apr 33 21% Feb 4
15%
Nov
434 Jan
.38
78
.38
78
*38
78
*88
78
*118
78
18
es
100 Conley Tin Foil stpd.._No par
%Mar 18
1 Mar 12
12 May 17 Feb
65
/
4 5818 5418 55
5518 5412 55% 541
55
56
8,500 Consolidated Cigar_ _ _ No par 4514 Apr 15 67 Feb 20
54% 56
2812 Jan 6334 Dec
*99 10012 9812 9812 *95 10012 *94 10012 •98 10011 *98 10012
100 Do
ref
100 91 Mar 31 10212 Feb 11
7934 Jan 96 Dee
4
4
31g 4
31
33g 31
358
34 34*
3/
1
4 37 10,000 Consolidated Distrib•re No par
612 Jan 7
234 Mar 3
318 Jan
9% Feb
93
9312 9212 9334 92
92/
1
4 9234 9358 9358 9438 93 93/
1
4 24.100 Consolidated Gas(NY)No par 87 Mar 30 10412 Feb 23
744
Mar 97 Dec
2
2
2
214
2
218
2
2
214 214
4,700 Consolidated Textile_ _No per
2
2
33 Jan 18
178 Apr 19
234 June
514 Jan
7434 7712 76
7713 76
7714 77
77
7512 764 7518 76
11,000 Continental Can, Ino_No par 704 Mar 31j 9212 Jan 2
604 Mar 9312 Dec
*128 132 130 130 *129 13014 *128 12934 *128 131
128 128
300 Continental Insurance
25 122 Mar 31 14484 Jan 9 103
Jan
140
Dec
1014 1078 1034 11
104* 107
1012 1078 1012 1073 1012 1038 6,800 Cont'l Motors tern otfs_No par 10a Mar 3 13 Jan 5
814 Jan 1513 Oct
3918 3912 383 3912 3814 3834 3813 3918 39
39
3884 3818 13.500 Corn Producta Refln w L
25 3518 Mar 30 43% Jan 13
May
3218
Dee
4218
12712 1274 12734 128
128 128
12918 12918 *12858 132 *129 132
800 Do pref
100 12212 Jan 6 1294 Apr 28 11818 Jan 127 July
5078 50/
1
4 00% 5114 *5012 52
51
51% 5014 5114 50
50
2,800 Coty, Inc
No par 444 Mar 29 604* Jan 4
48 Aug 6012 Dec
•28
40 *28
40 *28
40 •30
40 •32 40 •32
40
Crex Carpet
100 25 Apr 9 83 Jan 2
36 Mar 6418 Dec
'69 70
6812 68% 6712 6778 68 69
6878 6914 68
1,600 Crucible Steel of America_100 64 Apr 15 8112 Jan 4
69
644
Mar 845s Nov
*96
99
*96
99 *96
99
*9812 99 *98 9812 99
99
200 Do pref
100 96 Mar 30 100% Feb 20
92 May 102 Dec
467 474 4612 47
4712 48
468 4712 4712 483
, 4712 4734 6.000 Cuba Co
No par 394 Apr 15 53 Feb 4
4414
Dec 548* Oct
*914 934
913 934 *914 94
94 94
918 984
9/
1
4 918 1,800 Cuba Cane Sugar
No par
878 Mar 11 1113 Jan 29
7% Oct 1418 Feb
42 423
42
4212 42 4214 4158 417
421/ 411 4114 2,400 Do pre!
41
1C0
3918
Apr
14
Feb
4
3718
Oct 8218 Feb
4913
24% 25
25
25
25
25
25
2514 2578 2513 26
25
4,100 Cuban-American Sugar- _10 24 Mar 29 3084 Jan 28
20 Oct 334 Max
•101 104 *101 104
10114 10114 *10212 103
103 103 *10212 1037s
Do
200
pref
100
9734
Jan
Feb
5
104
5
937s
Nov
101 Mar
I% 2
178 17
178 2
134 134
14 17
37 Feb 8
134 17s 8,200 Cuban Dominican Sug_No par
112 Apr 29
83 Feb
24 Oct
20 20
20
20
20
20
20
20
20
20
1934 1934 6,300 Do pref
100
164
Mar
Feb
8
16
2218
6
Dec
4412 Jan
83 834 79 83
781, 80
80 81
7913
81
80
Cudahy
3.400
80
Packing
Apr
21
100
97
4
78
Jan
9312
Dec
107
Oct
9914 993
95 994 92
95
95
95 • 96
9712 *95
97
3,000 Cushman's Sons
No par 7712 Mar 1 100 Mar 4
62 Mar 104
Oct
45
4534 4534 4612 45 453, *44
458
44
444 *44
45
2,000 Cuyamel Fruit
No par 4218 Apr 15 81 Jan 14
44 Nov 59 May
'
334
7s
34
31
*55
84
888
84
88
84
200 Daniel Boone Woolen Mi1le_25
884
77
84
Apr
29
Jan
%
4
1
% Dec
Jan
36
37
3514 374 36
363s 3734 3912 3854 40
3914 95,100 Davison Chemical v t o_No par 274 Mar 30 4634 Feb 17
37
277k Apr 4934 Jan
*2738 2912 *273s 2712 *2734 297 *2713 2978 *2734 297 *2712
De Beers Cons Mines_ _No par 27% Apr 20 29 Jan 8
2978
2014 Mar 29 Dec
131 131
12814 130 '3129 131 *129 13012 1294 131
130 130
900 Detroit Edison
100 12312 Mar 30 1411s Feb 1 110 Jan 15912 Sept
4112 3712 4018 3718 374 *37/
39
1
4 388 '
33718 39
37
4,100 Devoe & Raynolds A__No par 3378 Apr 15 1041s Feb 10
37
53 Oct 9014 Dec
3034 313
2834 31
2818 2953 2812 291
2914 3014 2812 2914 87.800 Dodge Bros Class A___No par 26/
1
4 Apr 15 47/
1
4 Jan 2
2134 June 48% Nov
8234 8278 824* 8278 8214 8234 8218 8212 8238 8212 82/
1
4 823s 3,200 Preferred certits____No par 81 Apr 15 8818 Jan 8
7312 May 9112 Oct
137
144 1418 14
144
14
1384 137
1384 1234 13
6.900 Dome Mines, Ltd
No par 1234 Apr 30 20 Mar 13
13
12% Apr 1818 Nov
*20
21
21
*20
20
20
20
20 •1978 20
*20
200 Douglas Pectin
2018
No par 19 Mar 20 2512 Jan 30
14 Feb 2312 Aug
*11334 118 *11413 11512 1164 11612 11534 11534 11434 11434 *115 116
600 Duquesne Light let pref_ _100 11112 Mar 3 11612 Apr 27 105 Jan 1134 Dec
10934 10934 10934 110
1098 110
1097 1097 *10914 109% 10918 1097
4,600 Eastman Kodak Co
No par 10618 Mar 30 112% Jan 5 104% July 118
Jan
2734 2778 274 275
267e 27
284 27
27
2712 2613 274 2,900 Eaton Axle &
_ _No par 2453 Mar 30 3284 Feb 13
1012 Feb 304 Dec
20634 213 20814 21414 207 211
212 21638 21512 2214 21612 22014 42.200 El du Pont de
SpringNem
Co_100
19318 Mar 29 238% Jan 4 13414 Jan 27114 Nov
10138 101% 10112 102
10134 1014* 1017, 10234 10234 1028i 10234 10234 1.600 Do prof 6%
Jan
100
1044
18
10034
20
Apr
94 Jan 10413 Nov
1878 19
19
21
1912 g0l4 20
2014 20
2014 19
20 35.200 Elea Pow & Lt ctfs_ _ _ _No par 173t Mar 30 344 Feb 10
17% Apr 4018 July
102 102
1024* 10234 '101141034* 10212 10212 *102 1028 102 102
400 40% pr pd
9912 Mar 30 115 Feb 11" 100 Mar 110 June
*100 105 *103 107 *103 107 *103 107 *103 107 *103
full
Prat
paid
107
103
Apr17
Feb
10012
1104
26
Mar 11034 June
933 9338 9312 9312 9312 934 9312
9312 934 9313 9314 935 1.600 Do pref Ms
89% Aug 944* Dec
8912 Mar 24 9713 Feb 11
778* 7712 774 773
774 7713 7738 774 7734 78
Elsa
Storage
7814
2,300
7818
Battery_
_No
Mar
604*
par
Mar
12
Mar
714
3
7913
80 Dec
*158 184
112 11
134 158
134 2
*2
238 *178 2
1,100 Emerson-Brantingham Co_100
4 Feb 1
112 Mar 29
14 May
97
5% July
97 •11
12
III. 12
12
12
12
1234 *12
1,200 Preferred
13
Apr 23 2414 Jan 29
May
934
8
100
264* Aug
6812 6534 68 68
6712 68
*6712 68 *6712 63 •6713 671
1000 Endicott-Johnson Corp- 50 6512 Mar 31 7284 Feb 8
6314 Apr 747 Sept
*116 11712 *116 117
11618 117 *117 1174* *116 11734 *116 1173
400
Do pref
100 114 Jan 7 118 Feb 2 111 May 11834 Oct
4812 4813 48
48
*4612 48 .46
48
*45
400 Eureka Vacuum Clean_No par 45 Mar 29 5334 Jan 8
'345
48
4812 Nov 574 Dec
*1512 1612 *1512 1612 *1512 1612 *1512 1612 *154 48
17
Exchange Buffet Corp_No par 1518 Apr 21 17 Apr 22
*1513 17
1312 July 19% Jan
•2
3
'
32
3
*2
3
*2
3
*2
3
*2
Fairbanks Co
3
25
34 Feb 25
2 Apr 16
2/
1
4 Mar
*4934 51
434 Aug
504 5011 493, 4918 49
4914 *49
494 *49
500 Fairbanks Morse
4914
No par 46 Mar 29 5934 Feb 10
3214 Jan 54% Oct
*110 118 *110 116 *108 11212 110 110 *11012 115
Preferred
*11012
100
115
100 1084 Jan 6 115 Feb 9 1064 June 1101* Nov
11934 12318 120 1237 120 123'2 1213, 12338 12114
1233, 120/
1
4 122 55,700 Famous Players-Lasky-No par 10318 Jan 19 1265i Mar 12
90/
1
4 Feb 1144* July
119 11912 119 119
119 119
119 119
11913 1191 *118 11911
700 Do prof (8%)
100 115 Mar 31 124 Mar 11 10378 Feb 120 July
3012 3012 30
3112 3012 3012 3012 304 31
3114 31
3114 4,400 Federal Light & Trao
Mar 31 393 Feb 3
28
15
28
Oct3714 Dec
•85 87
*85
87
*85
87
*85
87
*85
87 .85
Preferred
87
No par 87 Feb 11 89 Jan 4
8212 Sept89 Dec
070
75 *70
75 *68
75 *70
76
69 69
*65
100 Federal Mining & SmelVg_100 69 Apr 29 1118g Jan 5
75
1514 Mar 9511 Dec
*73
75 *73
77 *73
77
7414 7414 75
75's 76
400 Do pref
78
100 61 Mar 3 105 Jan 8
4912 Mar 947s Dec
*161 167 *164 175 161 163 *165 168
185 166 •163 168
400 Fidel Phan Fire Ins of N Y_ _25 160 Apr 15 20014 Jan 23 14713 Jan 179 Dec
•15
1878 *15
19 *15
19
*15
19 •15
19
*15
19
Fifth Ave Bus tem etfa_No par 1478 Jan 2 215* Feb 9
12 Jan 174* July
3438 3358 33/
3414 3434 34
1
4 3312 3312 3312 334 33
331/ 1,900 First Nat'l Stores
No par 30 Mar 36 4938 Feb 5
3812 Dec 40 Dec
90 924 8838 9212 8738 8914 87/
1
4 8914 88% 91
874 8912 97,400 Fisher Body Corp
25 8438 Apr 20 10534 Jan 4
60/
1
4 Feb 125 Noz
1718 1712 17% 18
1714 1738 1714 1713 174 1711 17/
1
4 17% 10,000 Fisk Rubber
No par 14% Mar 3 2814 Jan 13
1013 Mar 2814 Oct
*98 11312 *96 1131 *96 11312 *____ 1131 *96 11312 •913
Do 1st pref
11313
100 10514Mar 2 115 Jan 2
7512 Jan 11613 Nol
4118 4214 407 4211 407 415s 4112 42% 417 427
4134 424 33,400 Fleischman Co new____No per 321
/
4 Mar 29 564 Feb 1
--- --10312 10638 100 102
- - _-105 105
10033 10214 101 1024 10014 101
4,600 Foundation Co
No par 9314 Mar 29 179% Jan 29 -90 Jan 1-1334 Nol
65
65 654 64
6412 6412 644 6412 64
6518 6334 64
4,100
Fox
Class
Film
A
No
par
5518
Mar 31 85 Jan 2
6812 Sept85 Dec
32
3034 3312 3058 3214 3114 324 3034 3184 230,500
29% 304 281/
Freeport
Texas Co
No par 1918 Jan 13 3312 Apr 27
8 Mar 2478 05
3411 35
3412 3412 *34
3312 35
343* 34/
1
4 344 3312 34
4,400 Gabriel Snubber A
No par 29 Mar 25 42 Feb 11
2878 Aug397 Nol
*vg 714
714 714 *714 712 *714 712
7
7
*74 713
613 Apr 3
200 Gardner Motor
No Par
44 Jan 1614 Mai
934 Jan 4
454 4538 454 45
4612 4814 4712 47
45
445 463, 7,600 Gen Amer Tank Car
475
100 39 Mar 29 5538 Jan 2
4412 Aug60 Oel
10118 10213 *101 104
*100 104 *10012 104
10234 10234 103 10334 1,200 Do pref
100 10012 Apr 19 104 Jan 15
9334 Feb104 Noz
65 66
664 674 6434 673
6434 6714 6514 6718 65
67
General Asphalt
421 Mar 70 Dee
100 50 Mar 3 73 Jan 11
10514 1053* 106 106
105 1063, 10612 10812 10612 10612 •39.100
010512 107
100
1,000 Do pref
943* Mar 3 11334 Jan 11
864
Mar 109 De(
514 51% 5118 6118 51
514 516
5112 51
51
507k 507s 2,200 General Cigar, InenewNo par 46 Mar 29 5912 Feb 11
*11114 11512 *11114 1151 *11114 11512 *11114 11512 *11114 11513 *11114 115
12
100 109 Jan 11 11512 Feb 18 1-015
Preferred (7)
Jan
*109 1 i3i2 *10818 113 *10718 113 *10712 113 *108 113 .108 113
1:
Debenture preferred (7).100 10914 Apr 12 11812 Feb 10 104 July iii4
118 Dee
30712 325 31812 324% 31712 32034 31914 3237 32212 3294 3214 32614 133,500 General Electric
100 285 Apr 15 38812 Feb 19 227/
1
4 Feb337/
•11% 1112 118, 1168 1118 1112 1112 1182 1112 1112 *111
1
4
Am
/
4 1112 5,200 Do special
10 11 Jan 5 1113 Mar 22
1078 Oct1178 Ju13
3612 3612 *36
37
*36
*37 3712 3813 361
37
36
362
400 General Gas & Elm A__No par 34 Mar 30 59 Jan 2
5878 Dec 6184 Del
•95
9612 *9514 961 *9514 9613 *9514 9612 9514 9514 *9584 984
100
Preferred
No
9514
par
Apr29
A
(7)
9914 Jan 4
99 Dec 100 Del
106 106 *105 107 *105 107 *105 107 *105 107
1'106 108
100 Preferred A (8)
No par 10512 Apr 8 110/
1
4 Jan 15 110 Deo 110 De
9284 9234 9214 9212 *9212 94
*9213 94
*9234 93
*9212 94
300 Preferred B (7)
No par 9214 Apr 27 98 Jan 4
__
55 *54
55
54
*5212 55 *5212 55 *54
54
*54
55
100
Gen
7
Outdoor Adv A
No par 51 Mar 30 55 Feb 4
/
4 1E2918 2810 2934 263, *294 2934 .29I8 2934
2914 291
29
;
1 Wiii 144
29
- 111730
-.
1
600 Trust eertifleates_.No Par 268$ Mar 30 33 Jan 6 -45
261* Aug 3434 Da
00 151
inc aura prlc
. a
$ per share $ per share
2814
28 28% 28
89
*89 89% 89
*9918 102 *9918 102
5
5
5
5
243s 2534 2518 28
1214 1214 1214 1214
30 30
*30 32
---- ----
$ per share $ per share
243 2612 2514 26
*8812 90
90
*89
*994 102 *100 102
5
5
4% 5
254 2518 2414 254
1214 1214 1214 12%
*2912 31
•29
31
--_- ---- -------
firi
2468
New York Stock Record -continued-Page 4
For sales d,rfng the week of stocks usually Inactive, see fourth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 24.
Monday,
April 28.
Tuesday,
April 27.
Wednesday,1 Thursday, 1 Friday,
April 30.
April 28.
April 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1 1926.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1925. '
Lowest
Highwil
$ per share
per share $ Per Share Shares. Indus. & Miscall.(Con.) Par $ per Mare $ Per share $ Per share $ Per Mare
per share
Per share
per share
1243e 12914 12638 129% 12514 129
12834 13212 132l8 13514 13134 13334 530.500 General Motors Corp._No par 11314 Mar 29 13314 Apr 90
6438 Jan 14934 NOV
11414 11414 114 1144 114 11412 *11378 114
114 11418 114 114 i 2,800 Do 7% pref
Jan 115 Dee
100 11312 Jan 29 1164 Jan 11 102
*05/
1
4 _ _
*0512 ----------*9812
_ *9313
Deb 13% prat
_
100 984 Apr 13 100 Jan 11
8813 Apr 9912 Nov
59% 80
5012 60% 5934 60
30,000 General Petroleum
5913 6073 59% 60% 591* 60
42
25 491jMar 2 8533 Mar 16
Jan 5913 Dee
74
73
13,900 GenRy Signal new..._No par 6012 Mar 31 8433 Jan 7
1
4 72
7112 7214 7234 7434 7218 73/
63 Nov 80% Oct
7134 7214 71
*103 10314 *103 10314 *103 10314 *103 10314 103 103 *103
1
4 Nov
100 103 Apr 14 103 Jan 18
___100 Do pref
904 July 105/
42
42
*424 46
100 General Refractories...No par 42 Apr 22 49 Jan 4
46
*42
*35
*4214 46
4618 *42
45
42
Oct 5812 Jan
51
55
*52
54
11,900 Gimbel Bros_
56
5473 57% 55/
No par 4513 Mar 3C 784 Jan 4
55
5612 55
1
4 57
47 Mar 83 Dee
*103 106
100 Do pref__
10512 10512 *103 107 *103 107 *10334 107 *104 107
100 10358 Apr 1 11138 Jan 19 10214 Mar 11413 Nov
Ginter Co temp ctfs___No par 40 Jan 2 4434 Jan 4
2234 Feb 53 Dec
No par 18 Mar 23 2534 Jan 7
1
4 2018 1934 1978 6,100 Glidden Co
1212 Mar 2612 Dee
20% 2014 20% 1934 2013 19/
20% 3034 20
4612 4714 46% 46% 45
Oct
4512 4414 44% 3,600 Gold Dust Corp v t allo par 4113 Mar 31 56/
4514 45
4512 45
37 Mar 51
1
4 Feb 4
5414 5514 5418 54% 5412 5412 5413 5513 5312 54% 10,200 Goodrich Co(B F)__No par 52 Mar 30 7034 Feb 3
54% 55
74% Nov
3634 Jan
994 9914 *98
210 Do pref
100 9513 Jan 22 100 Feb 9
93
934 *93
9914 *93
92
Jan 102 Nov
9914 98
9914 •98
10173 10173 *101 102
10178 1011
/
4 10173 102 *10112 103 *1014 10212 2,900 Goodyear T & Rub pf v t 43_100 9813 mar 39 10934 Feb 4
8613 Jan 11453 Oot
108 103 *107 10313 *107 10318 *107 10318 *107 108 *107 103
100 Do prior pref
100 10533 Jan 22 108 Mar 9 103 Apr 109 Dec
3618 35% 36
700 Gotham 811k Hosiery_No par 3314 Mar 30 4178 Jan 11
3534 *3534 36
1
4 *35
39 Dec 42 Dee
3614 3534 3534 3573 35/
99
99
300 Preferred
9873 9378 9373 .*9312 9913
.
9812 93/
9913 Dec 10213 Dee
100 98 Apr 6 10312 Jan 11
1
4 *98
*1814 19
400 Gould Coupler A
No par 1613 Apr 15 2111 Jan 23
1812 1812 1814 1814 1834 1834 *1812 1834 1812 1812
184 Dec 23 Sept
1
4 Dee
181. 1814 1953 19
1812 1812 *18
500 Granby Cons M Sm & Pr.100 1813 Mar 31 2313 Feb 5
*18
13 Mar 21/
195*
*18
19
19
Jan 11313 June
3,300 Great Western Sugar tern ctf25 89 Apr 14 10614 Feb 2
*9514 96
91
95% 95/
1
4 9538 95% 95% 95% 9538 9613 9514 97
300 Preferred
112 11218 *110 11318
*10014 11213 *109 11113 11113 11112 *11112 112
100 10813 Mar 30 116 Jan 14 107 Apr 1154 Dee
1018 1013 *9% 1014 10
11% Mar 1914 Jan
10
934 Apr 3 1414 Feb 10
1012 2,100 Greene Cananea Copper_ 100
*934 10
934 1014 10
612 Jan
373 Sept
518 Jan 5 10/
300 Guantanamo Sugar..._No par
1
4 Feb 1
*634 7
634 714 *613 7
*634 7
634 634
*634 7
6978 7078 6912 70
1
4 Apr 19 9333 Jan 4
100 56/
6813 6834 4,500 Gulf States Steel
6718 Mar 9534 Nov
1
4 7013 694 70
6834 6834 69/
Hanna 1st prof class A
*42
*42
424 July 89 Feb
100 50 Apr 8 57 Feb 26
*42
50
*42
50
*42
*42
50
50
50
50
25% Apr 371g J813
28
28
27
2712 1,700 Hartman Corporation_.No par 26 Mar 31 35 Jan 6
2713 2712 27% 27% 2713 2713 *2712 28
No par 344 Mar 30 46 Jan 14
3434 3,300 Hayes Wheel
36
30 Mar 4913 Nov
3514 3412 3514 *34
3612 3614 3612 3418 3534 35
25 68 Mar 29 74.2 Feb 11
100 Hahne(0 W)
71
*69
71
71
*11234 --- .69
66 May 77% Jan
*69
*69
70
71
70
400 Hoe(R)& Co Lela otfs_No par 25 Mar 29 35 Jan 6
2512 2512
*2512 -2514 *2512 26
27 Dec 4873 Jan
*2512 27
26
26
*2512 26
Jan
500 Homestake Mining
5112
43
Jan 50
100 4712 Jan 4 62 Feb 23
55
5,5
55
5312 5412 5412 5412 *54
*54
55
55
3413 Jan 4713 Nov
600 Houseb Prod.Inc.tem MN° par 40 Mar 3 4833 Jan 8
1
4 4273 43
43
4212 4212 *4214 4258 *4214 42% 42% 4232 42/
Jan
59 Apr 85
5912 5912 59
59% 5318 5812 5312 5938 584 5912 5914 5973 4,000 Houston 011 of Tex tern ctts100 5014 Mar 31 71 Jan 5
2,800 Howe Sound
3112 32
1613 June 314 Nov
No par 27 Jan 8 3534 Mar 10
32333212 3134 3134 3134 3243 3134 32
3112 32
3334 Jan 13913 Nov
. No par 61 Apr 15 12314 Jan 4
69
7218 66% 7034 6538 67% 6534 6933 6734 7133 6313 704 333,200 Hudson Motor Car..
1414 Mar 31 Nov
2112 2178 21
2112 12,100 Hupp Motor Car Corp.__ 10 17 Mar 2 2833 Jan 4
21/
1
4 2214 2114 2214 211s 2134 2158 22
1312 Jan 4134 June
25/
1
4 2612 2514 2618 2513 26
25% 2612 2534 2634 2514 2633 30,000 Independent Oil& Clas_No par 19% Mar 30 34 Jan 2
a2012 21
13 Mar 24 Aug
18 Jan 6 2414 Feb 4
No par
300 Indian Motocycle
*1934 2012 *1934 204 1912 1913
20
2012 2012 20
1414 Deo
513 Jan
3,300 Indian Refining
9 Mar 31 1334 Feb 13
11
1118 10/
10
1
4 10/
1153 1078 11
1
4 1034 1034 1034 1113 11
5/
1
4 013
984 93
6 Sept 12% Dec
8 Apr 13 1213 Feb 13
10
1,300 Certificates
1014 1013
9/
1
4 10
1014
*934 10
77 Mar 110 Dee
Preferred
*85 101
*85 101
100 904 Apr 1 104 Jan 7
*85 101
*85 101
*85 101
*85 101
77 Nov 10712 Dee
100 Ingersoll Rand new..,. __No par 8014 Mar 31 104 Jan 5
*91
9212 *9112 9212 9111 9112 *9114 9212 *9113 9212 *914 9212
38% May 50 Feb
No par 37 Mar 30 4313 Jan 7
1
4 3714 374 1,600 Inland Steel
3714 3712 3714 3714 3734 37/
384 3812 3834 39
100 10834 Mar 16 118 Feb 9 10413 Apr 112 Sept
200 Do pref
1
4 11078 11078 *10914 11078 *10914 11078
*10914 110/
1
4 *10914 110/
1
4 *110 110/
1
4 Feb 10
224 Apr 3234 Jan
20 2034 Mar 30 28/
3,800 Inspiration Cons Copper
1
4 2334 241
2234 2314 2234 23% *2234 2314 2212 2212 2338 23/
No par 1514 Mar 31 2614 Jan 22
718 Jan 244 Nov
1.100 Internet /Wien'
17/
1
4 1778 1713 1718 17
1734 18
171s 1614 1614 *1613 17
40
Apr 85 Nov
100 8311 Jan 12 95 Jan 27
300 Prior preferred
*8612 9012 *86
*8612 91
9012 8512 86
*864 91
*8612 91
44
4,400 Int Business Machlnee_No par 43813 Mar 30 547 Mar 2 110 Mar 17614 Nov
44
4313 44
42/
4418 44
4273 42/
1
4 43
1
4 4273 45
52 Jan 8113 Sept
61
400 International Coment_No par 57 Mar 29 7173 Jan 21
*6012 61
6012 *60
6013 6012 59% 59% 5934 5934 *60
100 102 Mar 17 106 Jan 26 10213 Nov 107 Aug
400 Preferred
102% 102% *10212 10312 10314 10314 10312 10312 10314 10314
*103 105
31% Jan 694 Dee
45% 47% 4714 4833 4614 4738 4514 46/
4733 4814 4533 48
1
4 67,300 Inter Cornbus Engine__No par 3312 Mar 30 644 Jan 5
9618 Mar 13814 Sept
6,000 International Harvester._ _100 11214 Mar 29 13413 Feb 10
11918 11934 11712 11812 118 11912 11812 11912 118 118
11912 120
100 118 Jan 5 12234 Apr 9 114 Mar 121 Nov
700 Do pref
12073 120/
*120 121
1
4 12012 121 *121 12134 12058 120% 121 121
74 Apr 30 1233 Feb 17
1
4 Feb
713 June 14/
16,600 Int Mercantile Marine..._100
9% 1014
934 1012
812 10
753 9
*934 97s
912 9%
27 Aug 52% Feb
100 27 Mar 30 4838 Feb 16
39
1
4 3833 3973 38
3413 3834 74,900 Do prof
394 4134 3812 42% 4018 41/
5658 Dec 6078 Dee
1
4 7,300 International Match pref-35 5312 Mar 3 6638 Feb 23
60/
1
4 6134 6158 62/
60
60
5334 59
.5812 58% 5834 59
2414 Mar 484 Nov
36
37
3614 3634 364 3634 3534 3614 3534 36% 36
36% 31,300 International Nickel (The).25 3238 Mar 30 4614 Jan 5
94
Jan 102 Nov
100 10113 Jan 29 10414 Apr 21
500 Do pref
____ *10312 --- *10312 - _ *10312
102 102 *10313
_ _ *104
6,100 International Paper
Oct
4814 Mar 76
100 4418 Apr 15 6333 Jan 9
4
48
49
49
4712 4734 4712 48% 4814 49% 47
49
Do stamped prat
71 Mar 88 Dee
100 85 Jan 14 86 Jan 6
*79
92
92
92
*79
*80
92
*80
92
*80
*80
90
800 Do pref (7)
86 July 99% Oot
100 9013 Mar 3 9812 Jan 2
91
92
92
91/
1
4 92
92
92
9134 9134 9112 91% 91
509 International Shoe__ .No par 149 Apr 20 175 Jan 11 108 Feb 199% July
150 150
150 150
150 150
*15012 151 *15012 151 *15012 151
8712 Apr 144 Aug
100 111 Mar 3 133 Jan 25
119 11938 11914 12034 11912 123% 18.800 Internal Telep & Teleg
118 1204 11934 11934 118 118
294 Oot
18 July
300 Intertype Corp
No par 2112 Apr 5 29 Jan 7
*23
2334 *2212 2312
2312 23
2334 *23
2334 23% 23% *23
2634 Dee
164 Ally
33% 2,200 Jewel Tea, Inc
100 25 Jan 4 3614 Feb 10
1
4 *33
*32
334 334 3313 33
32% 3234 3414 3312 33/
Do pref
100 11513 Jan 29 125 Feb 9 10213 Jan 11513 Dec
*115 123 *115 123 *115 123 *115 123 •115 123 *115 123
1
4 Feb
1134 Dec 21/
1912 Feb 5
1,500 Jones Bros Tea, Ina. stpd _ _100 1412 Mar 3
•1512 16
1553 1614 •1513 1534 1513 15/
*1512 16
1
4 1512 151
3533 Aug 65 Nov
No par 3134 Apr 12 66 Feb 19
3614 14,000 Jordan Motor Car
3514 3614 3412 3673 3514 3612 35
38
3812 3512 38
14
14
Mar
Kansas
June
4
Gulf
300
*14
3
8
10
14
May
34 Jan 8
14
1
*14
88
14
14
*14
*14
33
38
99
Jan 109% Sept
300 Kan City Lt & P 1st lit-No Par 10714 Mar 29 111 Apr 3
1
4 *10812 109
*108 11012 *108 11012 *109 11013 109 10912 10918 109/
1834 Mar 424 Dee
1,500 Kayser (J) Co v 4 a_ _ _ _No par 3413 Mar 3 47% Jan 14
351
37
3512 3534 35
3534 3613 *36
37
3634 3634 37
Do 1st pre}
83 Mar 10312 Dee
No par 102 Mar 30 105 Jan 15
*9912 103
*9912 103
*9912 10218 *9912 10212 *994 103
*9912 103
12/
1
4 Mar 21% July
2,000 Kelly-Springfield Tires
25 • 1413 Mar 30 2112 Feb 6
1
4 1434 147
1514 1514 15
1
4 14/
1514 1434 1478 1412 1434 14/
41 Mar 74 July
300 Do 8% pref
100 57 Apr 27 7434 Feb 5
59
*55
59
59
*55
60
59
57
*60
68
*60
68
43 Mar 72 July
100 6414 Apr 20 7314 Feb 5
100 Do 8% Pre
71
644 6414 *63
*64
68
68
*6414 70
*65
*65
68
87 Aug 124 Dee
126 Feb 4
100 98 Apr 1
400 Kelsey Wheel. Inc
*9914 101
1
4 101
99/
101 101
*100 112 *100 112 *101 110
5873 Feb 10
4934 Mar 3
4613 Mar 594 Nov
No pa
5334 543 23,900 Kennecott Copper
5358 534 54
52% 53
52/
1
4 5312 5314 5313 53
34
7
34 July
134 Sept
2/
1
4 Jan 2
84 Apr 16
900 Keystone Tire az Rubb_No pa
34
84
34
4
1/
*4
78
*34
78
81
34
75 Mar 100 Oct
61 Mar 30 8218 Jan 7
No pa
100 Kinney Co
*61
68
*61
68
68
66
*61
68
66
*66
68
*66
10 4234 Mar 30 82 Jan 29
4878 4734 4334 464 481 27,700 Kresge (S S) Co new
4833 4933 4714 4914 4612 4712 47
Oct
100 113 Feb 18 11434 Feb 26 11014 Mar 116
Preferred
*110 11313 *110 11312 *110 11312 *110 11312 *110 11312 *110 1131
2812 Dec 45% Jan
154 Mar 25 33% Jan 14
19
2,300 Kresge Dept Stores__.No pa
*19
1912 18
1818 19
1814 19
•18
1814 1814 1814
Jan 97% June
88
100 7014 Mar 23 9314 Feb 1
100 Preferred
*7212 80
*7213 80
*7212 80
78
78
*7212 73
*7212 78
100 Laclede Gas L (St Louis)..100 146 Mar 29 168 Jan 14 11014 Jan 178 Mar
155 155 *153 15512
*151 15512 *152 15512 *152 155 *152 155
19 001
1133 Feb
834 Mar 29 14 Jan 4
900 Lee Rubber & Tire....No pa
10
10
10
440
1034 10
10
*10
1012 1018 1018 10
4113 Jan 2
3714 Dec 4412 Oct
3034 Mar 3
No pa
3434 2,000 Lehn & Fink
33% 3312 *34
34
3412 34
34/
1
4 3412 3473 34
34
1
4 Jan 25
57 Mar 92 Dec
Liggett & Myers Tob new...25 7213 Mar 31 94/
81
81
*78
*78
82
*78
82
7912 8114 *80
*80
82
1613 Jan 124 Dec
10 11934 Jan 18 125 Apr 27
100 Do pref
125 125 *125 128 412512 128 *12512 128
*124 125 *124 125
554 Mar 89/
Do "B" new
1
4 Den
25 71 Mar 24 94 Feb 1
1
4 79/
1
4 79% 79% 7934 7934 9,000
79/
80
8212 80
7814 7914 '80
No par 5313 Mar 31 69% Jan 4
60 June 74% Jan
$ 634 58
500 Lima Loa Wks
5773 5778 5678 5573
*5634 53
5734 58
*5634 113
par
41
3414
Mar
2
Mar
16
.No
22
Feb
Loew's
Incorporated__
4484
11,400
Nov
3714
373
4
373
4
38
3814
373
4
36
/
1
4
333
8
1
4
37% 33% 36% 37/
7 Jan 28 1114 Feb 10
714 71
Jan
No par
914 Apr
6
1,800 Loft Incorporated
714 714
714 714
7% 7%
773 7%
712 71
600 Long Doll Lumber A _ -No par 4612 Mar 30 5013 Feb 3
1
4 4578
14 Mar 43 Sept
4714 4714 46/
474 474 4734 43
*4712 481
*4734 49
77 Feb 14334 Dee
100 88 Mar 30 1404 Jan 4
10014 10234 105 107 *103 10712 1.200 Loose-Wiles Biscuit
*94 101
103 103
103 103
100 12014 Mar 30 14314 Jan 6 104 Feb 148 Dee
1,100 2d preferred
12212 12212 124 1241 12412 12814 •123 130
*122 130 *122 130
25 3514 Jan 2 4214 Feb 3
3014 Jan 39% Sept
38% 3834 3,400 Lorillard
3312 3334 3858 39
3834 3834 3812 381
3812 39
100 11113 Apr 5 117 Apr 23 10313 Feb 116 Ault
200 Do prat
•115 117 *113 116 *116 11634 117 117 *112 117 *112 117
1514
13% Oug 23% Feb
3,400 Louisiana Oil temp ctts_No par 12 Mar 3 1933 Jan 4
1512 15
1
4 15
1412 14/
1412 154 1414 1412 1414 141
900 Louisville G & El A._..No par 2234 Mar 31 264 Feb 10
23 Dec 2638 Ads
2312 23% 23% 23%
*2312 24
2312 2312 2312 2312 *2312 24
No par 3014 Mar 30 5814 Feb 4
3712 1,400 Ludlum Steel
3134 Feb 60 Dee
37
3714 *3612 3712 537
3712 3734 3714 3714 3638 361
Mackay Companies
100 13014 Apr 19 138 Feb 9 114 Mar 141 Sept
*130 13312 *130 13312 *130 1321 *130 13312 *12914 13212 *12914 13312
Preferred
100 68 Mar 19 7318 Feb 9
200
66 Mar 7884 Feb
1
4 *7014 7078
*7014 70/
701 *7014 72
695s 69% 70% 7034 *69
No par 10312 Mar 30 159 Jan 4 117
Jan 242 Nov
11534 11834 11434 11933 11414 11634 11534 11712 11634 11934 11634 11834 87,900 Mack Trucks, Inc
100 10934 Jan 4 112 Mar 4 104
100 Do 1st pref
Jan 113 Aug
*110 11014 11014 11014 *10934 111 *110 111 *110 111 *110 111
100 104 Apr 17 107 Mar 13
100 Do 2d prof
99
Jan 106% Aug
105 105 *10518 10513 *105 10612 *105 108 *105 108
*104 105
Oct
6913 Jan 112
9534 9534 9534 9534 2,800 Macy(R H) dz Co,Ino_No par 8812 Mar 29 108 Feb 10
*9412 96
95
9612 95
94
9434 95
Preferred
100 11512 Mar 1 1188 Jan 14 114% Jan 118 Aug
*11618
•1164
*11513 --- *11518
*1184 - - *11618 _
385
No par 34 Apr 19 44/
1
4 Feb 10
2,800 Magma Copper
38
34 Mar 46 Nov
3714 38
37
3734 3714 3712 37
3873 3673 37
900 Mallinson(H II) & CS)..No par 1714 Mar 30 284 Jan 5
214 Dec 3712 Jan
*19
20
20
1912 *19
1834 1934 *19
19/
1
4 20
20
20
7138 11,300 Mallb MacSuPP tem Ws NO par 56 Jan 4 764 Feb 11
71
32 Mar 59 Mar
72
7213 71
7012 7238 7113 7312 7134 7214 71
1
4 Mar 27 32/
25 22/
900 Manhattan Shirt
1
4 Jan 4
24'2
34/
1
4 Nov
*21
24% *24
2014 Mar
24
1
4 2412 24% 24
2478 2478 *24% 24/
2512 Mar 494 Apr
800 Manila Electric Corp __No par 2712 Mar 20 35 Feb 23
32
31
33
331 *30
*3112 33
32
32/
1
4 *30
*3112 33
Maracaibo
Oil
ExpL
__No
203
4
Mar
3
par
3,900
2438
354
Jan
24
28
Feb
2
20% Sept
2358 23/
1
4
23
23
23
23
24
2418 23
24
1
4 Jan 29
No par 4914 Mar 30 60/
85,500 Mallard 011
1
4 5514 5512 5512 5534 57
51/
32% Mar 604 Dee
55
55/
1
4 5412 5512 5438 55
Marlin-Rockwell
27
Mar
29
No
par
100
Oct
29
33
*2312
327
3
Mar
Mar
II
29
103
8
*2812
*2312
29
*2312
2933
29
29
*29
29'2
19 Dec 374, Jan
1934 1814 1814 3,200 Martin-Parry Corp_._.No par 18 Apr 29 21% Mar 12
/
4 18
1
4 19/
1
4 1978 191
1
4 19/
1978 19/
.
1938 20
7412 2,900 Mathieson Alkali Wks tern ctf50 6978 Apr 18 10613 Jan 2
Jan 10714 Dee
51
73
7414 *73
73
73
7612 7112 74
76
73
76
May
Department
3,300
Mar
30
Stores_
_50
11512
1374
Jan
11512
Mar 13913 Dec
2
116
101
1074
1157
8
11312 11414 11534 116
11512 11512 114 115
Preferred
100 12238 Feb 2 12412 Jan 18 11612 Mar 124 June
*123 125 *123 125 *123 125 *123 125 *123 125 *123 125
500 Maytag Co
19 Mar 3 234 Feb 13
No par
2173 Nov 2633 Oct
2034 2074 2012 2012
204 2073 *2034 21
21
21
*2034 21
500 McCrory Stores Class B No par 72 Mar 30 121 Jan 11
80
*79
79 Mar 139% Oct
*13013 81
81
81
81
*7814 82
82
82
*80
700 McIntyre Porcupine Mines_ 5 2253 Jan 2 30 Feb 15
Jan 224 Oct
16
2614 *2518 26
2614 26% *26
*2512 26
*253a 254 2538 26
Metro-Goldwyn
500
23
2214
Jan
8
Pictures
01_27
*2212
Jan 2412 Nov
24
/
1
4
Feb
9
22%
*2233
18
223
8
*223
3
*2233 23
2234
2234 2234
224
6 Feb 25 1218 Jan 4
8% 834 1,800 Mexican Seaboard Oil _.No par
8% 8%
9 Dec 224 Jan
8/
1
4 9
813 84
81
/
4 817 *812 8%
2,400 Miami Copper
1
4 12
5 11 Mar 3 1313 Feb 11
8 May 2434 Jan
1218 12's x11/
1218 1218 12
1213 124
1218 12
1218
34,700 Mid-Continent Petro.-No Par 28 Mar 30 37 Jan 2
33
25% Aug 38 Nov
32
33
32
33
3112 3253 3138 32% 31% 3212 32
1
4 Oct
100 Preferred
97
100 90 Mar 30 9713 Feb 27
834 Apr 94/
9514 *96
*95
*9414 95
95
*9412 95
95
*9412 95
314 June
112 1% 3,900 Middle States 011 Corp_ _._10
33 Apr
114 Jan 2
212 Jan 8
112
134
134 134
133
112 112
112 1%
133
/
1
4
0
/
1
4
2 Feb
*7, 1
1,500
•
/
1
4
1
Certificates
/
1
4
/
1
4
/
1
4
/
1
4
*1
/
4 1
14 Feb
/
1
4 Jan 7
10
14 Jan 8
2,000 Midland Steel Prod pref.. _100 107 Mar 30 13.313 Feb 23
115 115
Jan 147 Aug
*114 11434 11373 11412 113 114
96
114 11734 115 115
9914
Aug
79
Montana
10,800
77
Apr
693
8
Power
100
74
64
8313
Jan
14
Mar
26
74
74
78/
1
4 75
7614 7514 7514 764 73
6338 6434 45,700 Montg Ward & Co III corp..10 58 Mar 30 82 Jan 2
5333 618 6214 6114 624 62% 6214 6314 6314 65
41 Mar 8414 Nov
No Par 24% Apr 30 37% Feb 10
2234 Mar 42 Dec
2812 304 2812 2878 2103 2914 2873 2934 2438 2934 13,400 Moon Motors
30
301
94 Jan
614 Mar 30
84 612 4.100 Mother Lode Coalition_ No par
614 633
6 May
74 Feb 8
6% 633
61 1 632
614 533
638 6%
• BM and asked Drlaen: no Wes on this day. $ Er-dividend, a Hz-new tights. •No per. g New stock issued on basis of 3 shares for each share of old stock.
New York Stock Record-Continued -Page 5
Pot sales during the week of stocks usually Inactive. see fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 24.
Monday,
Apra 26.
Tuesday,
April 27.
Wednesday
April 28.
Thursday,
April 29.
Friday,
April 30.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
2469
•
PER SHARE
RAMO Since Jan. 11926.
On basis of 100-share tote
PER SHARE
Range for P7f11101CI
Year 1925.
Lowest
Higheet
Lowest
Hipho
Week. Indus. & Miscall. (Con.) Par $11er
19 share20
per share $ per share $ Per Ike.
1,400 Motion Picture
No par
234 Feb 25
1954 Dec 2012 De*
1,700 Motor Meter A
No par 38 Mar 30 5338 Feb 10
40 Nov 444 Oct
2,300 Motor Wheel
No par 24 Mar 30 3374 Feb 15
18
Apr 35 June
200 Mullins Body Corp.---No Par
14 Apr 17 19/
Feb
1
4
1
13 Aug 2112 Feb
100 Munsingwear CO
No par
38 Jan 2
1
4 Apr 39 Des
30/
7,200 Murray Body
No par
1578 Feb20
514 Dec 4212 Mar
25,400 Nash Motors Co
51344 M
AA a
pt'rrr 2
No par 5
32
16
4
4
5 86 Feb 23 19312 Jan 488
Oct
Do pref
100 10612 Jan 4 10614 Jan 4 1034 Jan 107 July
600 National Acme stamped_ _100
838 Apr 12 1278 Jan 9
44 Mar 1254 Dee
19,300 National Biscuit
25 74 Jan 8 934 Jan 2A
65 Apr 79 Dee
200 Do prof
100 126 Jan 27 13112 Apr 28 12312 Mar 12811 May
6,600 Nat Cash Register A w I No par 3913 Apr 15 54 Jan 5
300 National Chak dr Suit_._ _100 23 Apr 9 57 Jan 2 1972 Dec
300 Do prof.
100 75/
1
4 Apr 28 9212 Jan 8
8754 Dec 104
Jan
26,600 Nat Dairy Prod tern ettoho par 53 Apr 14 80 Jan 2
42
Jan 81/
1
4 Nov
1,200 Nat Department Stores No par 2512 Apr 21 424 Jan 7
3812 Jan 45 May
DI
Apr
91
16
97
Jan
19
96 Apr 102
10
Jan
1,700 Nat Distill Products.._ _No par 1618 Apr 30 34 Jan 4
294 Dec 434 Oct
400 Nat Distil Prod pf tem atNo par 44/
1
4 Apr 29 7313 Jan 4
5213 Jan 81
Oot
2834
1,500 Nat Enam & Stamping_ _100 2618 Apr 13 4012 Jan 2
25 Apr 4153 Deo
*82
Do pref
100 84 Apr 10 8934 Jan 4
75 June 8954 Jan
149
2,600 National Lead
100 138 Apr 15 1744 Jan 5 13812 Apr 17454 Nov
*11712
200 Do pref
100 116 Jan 16 11814 Apr 29 11413 Sept 119 Sept
2012
24.3001 Natlonal Pr & Lt etfe_No par
16/
1
4 Mar 2 3838 Jan 21
*6012
1,100 National SupPrY
50 5513 Jan 4 65/
1
4 Mar 18
bill; Dec -if- Jan
*10734
Preferred
100 10414 Mar 30 110 Jan 26 1044 Jan 110 Apr
National Surety
100 208 Mar 31 227 Jan 20 206
Jan 222
OM
'134 135
134 135
133 133 .153- 116- 132 133 .128 133
600 National Tea CoCopper_
a; 120 Apr 17 238 Jan 4 201 Dec 250 Dee
No__par
12% 1238 125, 1234
1234 1234 1234 1278 *12/
1
4 1234 1.500 Nevada Consol
1
4 1278 12/
1178 Mar 3.) 14 Feb 15
111
/
4 Apr
184
Jan
41
4134 4034 41
41
4138
*4018
4012
4138
41
4112
4138 2,100 NY AB Brake tern crts_N-o par 3612 Jan 2 441
/
4 Mar 11
3112 Oct 5612 Jan
*6014 603s 6014 603s 60% 6038 6038 6038 6038 6038 6038 6038 1,600 Do Class A
No par 5514 Jan 6 6038 Apr 28
50 Sept 67
Jan
38
3914 36% 3834 3718 38% 3712 3712 3712 3812 37
37
7,300 N Y Canners temp crts_No par 32 Apr 12 844 Jan 29
3134 Mar P118 Dec
37
*36
37
37
35
36
36
*3514 36 , 35/
36
1
4 3514
900 New York Dock
100 3212 Mar 30 45/
1
4 Feb 5
18 Mar 4514 Nov
*6912 7212 *6912 7212 *6912 7212 *6912 71 , *6912 7112
*6912 71
Do pref
100 6912 Mar 31 74 Feb 5
521s Jan 76 Dee
*101 10114 *101 10114 10114 10114 10112 103 *102 10212 *102 10212
300 NY Steam let pref._ No par 9914 Apr 13 103 Apr 28
97
Jan 102 Juno
.28
2814 •28
2814 *28
2814 2814 2814 *28
2814 *28
2814
500 Niagara Falls Power pf new_25 27/
1
4Mar 31 2853 Jan 22
2753 Oct 29
Jan
49
4934 48% 5018 49
4938 4812 4938 4814 49
4934 49
45,700 North American Co
10 42 Mar 30 67 Jan 14
4112
Jan 75
Oct
4934 4934 50
497
50
*49% 50
50
50
50 , 50
50
1,600 Do pre(
50
5013 Jan 11
4853 Jan
504 Sept
95
*9312 95
95
*9312 95
*9312 9434 *93/
94
94
1
4 94/
1
4
300 No Amer Edison pref No par
9514
Jan
2
9413 Dec 9612 Dee
10% 1034 1034 1034 1012 1012 1038 1038 10
1014 10
10
1.900 Norwalk Tire & Rubber--10 949112
s 1M
18/
1
4 Jan 14
4jan
ar 30
ar3
21
12% Sept 1814 Aug
*1312 1412 •1338 1412 *1312 1412 *1312 1412 *1312 1412 *13/
1
4 1412
Nunnally Co (The)____No par
1712 Jan 7
8
Jan
1812 Nov
31% 32
304 32
31
31
3112 .3012 32
*31
30/
1
4 3078 2,000 Oil Well Supply
1338M
25
A
Jan
a
pr 28
8
1 38 Feb 5
3332 Des 38 Nom
Ontario Silver Mtn neW No par 3
1012 Jan 14
1°
0LI
5/
1
4 Jan
11
Oot
*34
35
34
34
*34
38
*33/
36
1
4 36 - *33,8 3512
*34
100 Onyx Hosiery
No par 311
/
4 Feb 2 36 Jan 12
18/
1
4 Jan 39 Dee
•95
96
*95
96
954 9518 *95
*95
98
96
95
95
500 Preferred
100 95 Apr 17 99 Jan 12
7814 Mar 97 Nov
5214 52% 51% 5234 5238 5234 5212 5212 25312 5312 *5034 5212 1,500 Oppenheim Collins & CoNo par 47 Jan 12 6012 Mar 11
4118 Sept 53 Dee
2934 2934 *294 30
2934 2934 298 2934 2934 2934 2934 2934 1,000 Orpheum Circuit, Ina
1 2712 Mar 25 30/
1
4 Apr 9
2534 Jan
3273 July
*104 105 *104 105 *104 105 *104 108 *10318 10812 *104 105
Preferred
100 101 Jan 13 105 Apr 21
98
Jan 107 SW
11478 115
11478 11478 *11312 115
11334 11334 11434 11734 *11534 11714 3,000 Otis Elevator (k)
50 11014 Mar 30 12934 Feb 5
87
53 Feb 14012 Aug
•10312 105% *10312 1058 *10312 105 •10312 10534 *104 10534 *104 10534
Preferred
100 10234 Jan 13 107 Feb 8 101 Feb 113 July
934 10
954
91
912 912
94 934
912 3.000 Otis Steel
912 98
91
No par
9 Mar 29 1412 Jan 19
8 Mar 1514 Aug
*91
93
.
4934 94
92
92 .8934 9212 91
9213 *91
9213
700 DO pref
100 /171
/
4 Mar 30 107/
1
4 Feb 17
5014 Mar 9713 Aug
81
8038 8038 *6012 61
81
1
4 6038 6018 4012 1,100 Owens Bottle
6012 6034 60/
25 5334 Mar 29 6814 Feb 8
424 Mar 6914 Nov
.47
49
*47
49
*47
*47
49
49
*47
*47
49
49
Outlet Co
No par 4838 Apr 21 52 Apr 5
494 Nov 57 Nov
*9812 9812 *9812 9812 *9812 9812 *9712 9812 *9712 9812
Preferred
100 9712 Apr 1 10114 Jan 16
98 Nov 10072 Dee
*12134 123
123 123
123 12314 12312 12312 12314 12314 49
274
3 2 1923811:
500 Pacific Gas & 02ectrie
100 118 Mar 31 13214 Jan 29 10212 Jan 13713 Nov
7
5618 5814 56
5614 55
56
1
4 5614 5634 13,800 Pacific Oil
55% 5812 5618 56/
No par 56
513
146 M
mar
ar3
3
: 83/
1
4 Feb 13
5153 Aug 7812 Dee
36
363
, 3512 3634 3512 36
/
4 36
13,500 Packard Motor Car
35% 38
3512 3634 351
10 3134 Mar 31 4338 Jan 4
15
Jan 4812 Nov
1912 20
19
20
1838 1934 19
1834 1934 1818 19
1'3
8,000 Paige Det Motor Car_ _No par 18Is Mar 31 2812 Jan 4
17/
1
4 May 32
Oot
6534 6614 6512 6614 6412 65
65
8518 6614 4,000 Pan-Amer Petr & Trans--.50
6534 8538 86
7612 Jan 2
5912 Sent 8372 Mar
6634 8738 6588 6712 8534 6634 65% 6718 66% 67% 6612 6734 41,400 Do Ciass B
50 5678 Mar 31 7838 Jan 4
804 Aug 8412 Mat
3912 4014 3812 3914 3834 39
4014
3912
8,900 Pan-Am West Petrol B-No par 34 Mar 1 46 Jan 2
3912 40
3912 39%
3714 Oct 4954 Dee
934 1018 *934 978
12% 1258 1434 42,700 Panhandle Prod & Ref _No par
934 10
10
10% 10
412 Jan 21
1434 Apr30
2/
1
4 Aug
614 Dee
2112 2112 •20
23
•20
21
2012 20'4 .2012 213,1
*20% 21
300 Park & Tilford tern ctfs_No par
19/
1
4 Apr 13 2813 Jan 4
25
Sept 3512 Jan
6
6
614
6/
1
4
6
6/
1
4
618 64
618
618 614
4,000 Park Utah C M
6 Apr 24
84 Feb 5
51
5034 53
5012 50% 5012 5012 5014 52
51
5034 51
3,200 Pathe Exchange A
No pa
47 Apr 20 83 Jan 7
70 Nov 9038 Ott
*1934 1978 1914 20
1918 1918 19
1934 20
5,700 Penick & Ford
2134 ,2034 21 4
No pa
110617112: a
esnrb 3
2
170
8 2134 Apr 29
17 Dec 28 Apt
•1012 1112 *1013 1112 *1012 1112 •1012 1112 1034 1034 1012 1034
400 Penn Coal & Coke
5
Mar
17 Feb 8
1254 AD
2654 Jan
I%
134
1311
138
112 158
112 134
112 11
112 11
/
4
8,600 Penn-Seaboard Eit'l etc No pa
214 Jan 4
1 Aug
3 Jan
*120 12088 *120 121 *120 121 *120 12112 *120 121 *120 121
People's CI L & C (Chic) 100 117 Jan 4 130 Feb 11 112
Jan 123 Oct
7212 7314 73
7312 7338 7312 7313 7312 7312 7478 74/
1
4 75
13,700 Philadelphia Co (Pittab) _ _50 59/
1
4 Mar 2 7658 Apr 8
5112 Ma
6714 Dee
*4834 50
49
49
49
49
*483* 4912 •4834 4913 .4834 491
200 6% preferred
50 474 Jan 4 5078 Mar 30
4512 Jan 49 July
4114 4218 4012 4178 4012 414 4038 41
4012 3914 391 17,400 Phila & Read C &
39
No pa
361
/
4 Apr 14 4854 Feb 13
3754 May 521e Jan
41
41
*39
42 .39
4212 *39
41
*38
41
41
.39
100 Certificates of int_ - No Pa
3818 Mar 8 4613 Jan 11
38 Jul
5013 Jan
.45
52 .45
52
*45
52
52
*48
52
*45
*48
Phillips-Jones Corp_ _ _.No pa
52
50 Mar 30 554 Jan 29
51 No
9012 Jan
1st
19
1914 *18
19
1812 1914 1812 1878 1812
*17/
1
4 181
3.000 Phillip Morris & Co., Ltd__ _1
16 Apr 3 2078 Feb 23
1254 Ma
2514 Sent
4434 4514 4414 4518 4418 4478 4438 4538 44/
1
4 4514 4412 455s 81,100 Phillips Petroleum
No pa
40 Mar 30 4918 Feb 13
3814 Ma
4713 June
38
32
*32
*32
38
38
36 .32
Phoenix Hosiery
*32
38
36
*32
31 Mar 30 44/
1
4 Jan 9
18
Ap
4214
July
•95 100
*95 100
*95 100
*95 100
Preferred
*95 100
*95 100
100 94 Mar 25 9918 Jan 21
84 Apr 99 Des
2612 2714 2518 27
25
1
4 2638 254 2634 2438 253 32,800 Pierce-Arrow Mot Car No pa
261
/
4 25/
211
/
4Apr 15 434 Jan 0
1074 Mar 4754 Oct
8914 91/
1
4 8912 92'2 89
14,900 Do pref
, 87/
9012 89
907
1
4 89
9014 89
76/
1
10
4 Apr 15 10873 Jan 11
43 Mar 100 Nov
1
118
115
1
118
1
I
1
1
1
11
118
2,100 Pierce Oil Corporation
1 Mar 30
2
178 Jan 30
114 Nov
313 Feb
211 *20
*20
25
2018 2018 20
19
20
*19
20
19
500 Do pre/
19 Apr 3(
10
2713 Jan 30
2014 Dec 40 Feb
8
434 434
412 41
484 4
412 434
438 41
4,900 Plerce Petrol'm tam ctIsNo pa
4% Apr 21
454 41
/
4
7 Jan 30
44 Dec
814 Feb
*3234 331 *33
3312 33
33
3512 3318 331
33
500 Pittsburgh Coal of Pa_
*35
33
100 3134 Mar 21 4212 Jan 5
3714 May 544 Jan
*7213 76
*7238 76
*7234 76
*7314 76
76
•73
*7314 76
Do pref
100 71 Mar 25 85 Jan 5
80 May 99
Jan
9814 9614 *94
98 1 *94
98
93 .94
*98
*94
98
98
100 Pittsburgh Steel pref
100 94 Mar 29 98 Feb 1
94 Ma 1024 Jan
48
48
46
46 .43
*42
46
46
*43
46
200 Pitts Term Goal
.43
46
100 40 Mar 29 63% Jan 9
30 Ay
63114 Jas
*83
87
.83
87 .83
Preferred
87
87
*83
87
*83
*83
87
100 83 Mar 26 9214 Feb 5
79 July 884 Nov
1914 1914 1918 1938 1934 1934 19/
1
4 1912 1912 191
1912 1912 7,700 Pittsburgh Utilities pref-_10 1412 Mar 3 1978 Apr 8
124 Mar
1774 June
•1914 191 *1938 1912 1934 1934 19/
1912 1912
1
4 1913 *1912 20
800 Do pref certificates
10 15 Mar 20 1938 Apr 8
124 Mar
16 Jun*
.1914 191 *1938 1912 *1914 191
1938 1912 1912 191 *19% 20
500 Preferred Ws new
15 Jan 22 1913 Apr 28
10
1254
Nov
1512
Jul,
4512 87
8454 8754 8312 85i4 85% 86
8512 861
84
8538 16,600 Post'm Cer Co Inc new_No par 7512 Mar 3( 12478 Feb 3
6438 Nov 121 Dec
•37
39
*37
3814 •37
39
39
*37
39
*37
100 Pressed Steel Car new
384 3814
100 3458 Apr 15 4112Mar 19
8834 863 *85
87
87
8712 871 *87
88
*87
87
88
300
Do pref
100 82 Mar 4 9534 Jan 7
76'* July 9211 -Jan
1314 1314 13
1314 12
1212 13
121
13
13
14
13
5,500 Producers & Refiners Corp.50 11 Mar 29 1713 Jan 2
124 Aug 3254 Feb
*31
321
31
31
.3134 3212 *32
3212 3212 321
32
33
600 Preferred
50
31
Mar
29
35
Feb
11
Sept 4734 Feb
27
8
8
78
79
77
79 4 78
7934 81
7834 7818 7914 7918 80
21,500 PubServCorp of NJ newNo par 72 Mar 2 9212 Jan 19
1
4 Mar 8778 Aug
62/
106 108
10612 10612 *105 1081 •105 10812 105 105
1,000 Do 7% prat
106 106
100 103/
1
4 Jan 12 108/
1
4 Apr 19
99
Jan 106 Nov
•11712 11734 *11712 11734 *11712 11734 11758 1175
, 118 118
120 120
500 Do 8% prof
100 115 Mar 2 120 Apr 30 108/
1
4 AP 119 Cot
*9834 995 *9834 9918 99% 9934 9234 9934 *100 102
*100 10012
400 Pub Serv Elec & Gas pfd _100 97 Jan 22 9934 Mar 3
Jan 106 Nov
99
.109 110 *109 110 ,•109 10912 10914 10914 *109 1093 •10912 11012
100 Pub Service Elee Pr pref _100 106 Jan 18 110 Mar 29
9213 May 10012 Dee
16914 17014 168 170141 18718 16812 168 172
17118 1741 216912 172
50,000 Pullman Company
100 14514 Mar 31 17412 Apr 29 129 Mar 17312 Sent
*36
3634 3512 3614 *36
3814 3638 3638 36/
3612 3634 1,100 Punta Alegre Sugar
1
4 363
33 Apr 14 47 Feb 4
ao
33 July 474 Jan
2734 2734 2738 2734 2714 2734 27/
1
4 2734 27/
1
4 28
2712 27/
1
4 12,700 Pure Oil (The)
25 254 Apr 13 31 Jan 4
2512 Aug 334 Feb
10734 10734 *107 108 *107 108
.106 108
107 107 *107 108
300 Do 8% pre
100 108 Apr 14 11114 Feb 27
Jan 10812 Sept
3638 3778 36
37
3518 3612 3512 3523 3518 3734 35/
1
4 3614 16,400 Radio Corp of Amer__ _No par 32 Mar 30 4853 Jan 12 10212
394 Nov 7772 Jot
458 4578 4534 4534 *451* 4578 .4512 457
458 457 *4512 4638
300 Do pref
50 44/
1
4 Mar 31 47/
1
4 Feb 1
45512 66
45 Dec 54
Feb
8512 66
6434 85
6438 848
841 65
6412 6484 2,900 Railway Steel Spring new.-50 53/
1
4 Mar 1 6878 Mar 10
*11612 11734 *11612 11734 *11612 118 •11812 11778 •11612 1177s •11812 1177
,
Preferred
100 115 Apr 9 123 Feb 20 1-1-4-14 Mar 122 Dee
.3134 34
.3214 3212 .3233 3212 *3234 3212 32% 3254
*3114 34
100 Rand Mines,Ltd
No par 32/
1
4 Apr 30 3438 Feb 5
3354 Nov 3912 Aug
1212 1212 1212 12% 1212 1234 1212 1234 12% 1278 1238 12% 10,000 Ray Consolidated Copper..10
1012 Mar 3 1273 Feb 9
114 Apr
174 Feb
*48% 4912 4912 4912 48% 49
48
48
48
48% 48% 49% 1,900 Reid Ice Cream
No par 4812 Mar 30 56 Jan 4
Oct 6014 Dee
43
1334 14
1312 1334 1312 1378 1318 1312 13
1312 134 1338 8,400 Reis(Robt) dr Co
No par
914 Mar 31 1834 Feb
10 May 28/
1
4 July
9734 98
95
9814 95
9514 95
9812 97
95
96
4,100 Remington Typewriter...__100 8312 Apr 20 127 Feb 23
97
4654 Jan 11734 Dec
3
*108 110 •109 110 •109 110 *103 110 *109 110 •108 109
Do 1st pref
100 108 Apr21 10812 Mar 10 100
Jan
10912
Oct
*108 10812 *10614 10812 *105 10812 *106 1081 *106 10812 *107 109
Do 20 prat
100 105 Apr 1 111 Jan 5 103 Sept 11312 Apr
034 10
978 9%
9/
1
4 934
9% 10
934 9/
1
4 2,400 Replogle Steel
No par
9 Mar 31 15/
1
4 Jan 4
12/
1
4 June 234 Jan
5118 51% 4914 50% 4812 4912 50
49/
1
4 50/
/
4 4912 5,000 Republic Iron dr Steel
1
4 491
51
100 9
45
11
:
12 M
m
Fea
63/
abr
r0
1
4 Jan 7
340
23
4218 Apr 6453 Jan
9412 *93
94
94
*93
*93
*9314 94
94
100 Do pref
9412 9412 .93
100
95 Feb 3
8414 July
95
Jan
614 614
618 614
84 614
814 81
2.000 Reynolds Spring
612 612 *614 7
No par
1038 Jan 6
8 July
18
Jan
943
4
9212
93
9412
9438 943
9334 9412 94
9314
13,000 Reynolds (El) Tob Class B 25 90 Mar 30 9813 Jan 5
9212 9212
72/
1
4 Mar 9554 Nov
*8612 9018 *8612 90
91
8678 887 *87
90
90
100 Roasts. Insurance Co
*87
*88
21 88 Mar 2 100 Jan 20
85 June 974 Feb
51% 52% 52
5218 5112 5134 5138 513
5218 5218 5218 4,400 Royal Dutch Co(NY shares). 50 Mar 3 574 Jan
52
9
484 Mar 574 Jan
3914 3912 3914 3914 3812 337
, 3814 381
3814 38% 3812 38% 3.300 St Joseph Lead
10 37/
1
4 Apr 13 4834 Feb 10
354 July
5212 may
47% 48
4734 48
4812 49
4734 49
49
2,200 Safety Cable
49
*4712 48
No par 4218 Mar 31 54 Jan 14
48
Dec 5013 Dec
8014
79%
7912
8112
7812
82
80
80
*77/
1
4 7913 2,600 Savage Arms Corporation_ 100 73 Mar 31 10212 Feb 10
80
82
4813 July 10833 Mar
(.8t2
512 512 *512 6
*554 6
512 512
600 Seneca Copper
553 6
No par
5 Mar 31
1014
Jan
4
9 Nov
11 Nov
8212 5612 6112 6014 611
63
61
6114 6234 24,500 Shubert Theatre Corp_No par 52 Mar 4 63 Apr 29
5812 58
58
5112 Dec 5513 Dee
4534 463
4512 4838 47/
47% 4534 4
1
4 49
24.200 Schulte Retail Stores__ No par 4212 Mar 30 13812 Jan 23
4634 477a 46
1014
116 116 *116 117 *115 11978 *11512 1197 *11512 118 *11513 11714
100 Do prof
100 11213 Jan 6 118 Jan 12 111 Sep 13478 Dec
Jan 118 Aug
1378 14
13/
1
4 1418 13/
1
4 13/
1
4 3,100 Seagrave Corp
13/
1
4 13% 13% 1334 13% 14
No par
1212 Mar 3 1434 Mar 12
1314 No
1634 June
484 4918 4818 4938 484 4878 4838 4938 4814 4918 4818 49
25,100 Sears,Roebuck&Co new No par 4414 Mar 29 4938 Apr
26
57'8 571a 57% 57% *56
5638 5638 *5514 5612 5838 57% 2,100 Shattpek (F 0)
57
No par 47 Mar 30 89/
1
4 Jan 4
161 War -92 Aua
prices;
-dividend
asked
this
no ales on
a Kt-rights.
day. s Ks
•WI and
Ex-51.1% stook dividend.
b After payment of 900% stook dividend.
$ per share $ per share g per share $ Per share $ Per share
*2012 20/
1
4 20% 2034 2012 2012 20
2012 2012 2034
4012 4038 3934 40
4014 3912 40
*40
3934 40
2612 2612 2614 2614 26
2618 2618 28
26
2818
•1412 1558 *1412 15
1412 1412 *14
1512
1512 *14
35/
1
4 3578 *3514 3534 *3534 36
*3538 36
*35/
1
4 36
638 612
512 618
638 612
614 638
6
638
53/
1
4 55/
1
4 53
5518 53/
1
4 5412
5412 5338 5434 54
_
---9
9
918 918 -;9f4 --6;
1 --Ois
*9
912
831
/
4 8412 8278 8314 8214 8414 831s 851s 8234 84
13014 13014 *13018 __ 13112 13112 13014 135 *13014 132
4134 4234 4212 4212 4114 42
4134 4212 4178 42%
2512 2878 *2512 2578 2512 2578 •25
2534 *2512 28
7514 7314 *7512 79
•787 79
7612 7612 *75
80
8118 594 5978 5914 60
60
6014 6312 63%
60
*2584 26 23 26 2014 2014 2814 2612 *26 2614
*91
9712 .91
9812 *91
9612 '
94/
1
4
191
947
•1812 20
*1812 1912 1834 183* 184 IR
1615 1818
47
47
*45
*45
432 4478 447 *42
50
43
27
27
.2612 28
2712 27
*27
27
23
28
28
85
*82
85
85
*82
85
*82
*82
85
85 .82
150 150
150
148% 14878 148 148
14638 148
146 147
11814 *11712 11814 .11712 11814 *11713 11814 117/
1
4 11814 *117 119
2138 2014 20% 201
2078 20
/
4 2034 2018 2012 1978 2012
63
63
63
6212 6212 6112 6178 62
62 1 62
62
112 00734 112 *107/
1
4 112 *10734 112 *10734 112 *10734 112
$ per share
2084 21
.4014 44
2714 2712
15
15
.35
3534
814 612
5.514 5534
_
9
8312 8414
.130
4112 -4111-2
2578 2578
80
80
8014 6114
26
26
.91
96
1918 1914
55
*45
http://fraser.stlouisfed.org/
MEM/ Reserve Bank of St. Louis
Federal
2470
New York Stock Record -Continued-Page 6
preceding.
For sales during the week of stocks usually inactive, see sloth page
PER litIAXE
PER SHARE
Range for Precious
Range Since Jars 1 1926
STOCKS
Sales
Year 1935.
HIGH AND LOW SALE PRICER-PER SHARE, NOT PER CENT.
lots
share
100
al
basil
Ors
NEW YORK STOCK
for
EXCHANGE
the
Friday,
Wednesday, Thursday,
Highest
Tuesday,
Monday,
Saturday,
Lowest
Highest
Lowest
April 30. Week.
April 29.
April 28.
April 27.
April 26.
April 24.
$ per share $ per share 3 Per share
share
per
$
Per
(Con.)
MisceII.
&
Shares.
Indus.
share
per
share
$
$ per share $ per share $ per share 8 per share $ per
394 Sept 49 Del
400 Shell Transport & Tmdlng...32 424 Apr 22 4832 Jan 4
5
2158 Aug 2813 Dec
4218 4218 427 4278 '4258 435 "4278 4358 "4234 43 "425 435
No par 24 Mar 3 2818 Jan 4
8,600 Shell Union Oil
2512 2534 2514 2512 2514 2534 2514 253
2512 2534 254 253
9913 Jan 10614 No
22
Apr
107
3
Mar
103
100
prat'
Do
1,000
105 105 '10518 107 x10518 10518
10412 105
107 107 *10412 106
1734 Sept 2634 Jar
2
Jan
8
085
30
Mar
8
197
10
2218 27,600 Simms Petroleum
2158 224 2134 2258 21
2111 2238 2113 22
314 Mar 5458 Nos
2258 23
No par 3913 Apr 28 5413 Jan 4
16,300 Simmons Co
42
444 45
434 4434 4278 4338 3913 4234 3913 4213 41
1004 Jan 1064 Dec
14
Jan
109
29
Jan
10714
100
Preferred
Jan 24% Feb
•10811 110 *10812 110 *10812 110 *10812 110 *1084 110 *1084 110
17
2238 62.400 Sinclair Cons 011 Corp_No par 1938 Apr 13 241 Feb 23
2238 2112 2214 2118 2178 2112 2178 2113 2214 2112 95
22
7834 Jan 944 Feb
100 90 Mar 30 95 Jan 29
100 Do pref
*9434 95 •9413
95
*94
3213 Nor
Mar
4
213
9413 947 947 *9414 95
*94
Apr29
384
30
Mar
8
265
28
Co
3458 354 3514 3618 351 36 213.800 Skelly 011
35
33
8014 Mar 14313 Dec
335 3458 3258 34
103 Apr 12 13611 Jan 4
113 11512 114 11513 6,100 Sloes-Sheffield Steel & Iron 100
Jan 10918 Dee
11414 11413 1134 11312 11178 11213 112 113
62
2
Feb
73
147
15
Apr
92
100
South
Sugar_
Porto
Rico
10,800
10312 10478
9914 9834 104
9934 *99
984 9813 99
99 100
9934 Jan 1134 Dec
100 113 Jan 8 11718 Feb 8
Preferred
*97 114 *112 114 "112 114 '112 114
*97 114
134 Dec 24 Mai
•97 114
No par 1214 Apr 14 174 Feb 19
Spear & Co
13
*12
13
*12
15
*12
13
1313 '12
7814 Dec 92 Mal
1312 "12
13
•12
Jan
13
82
20
Apr
72
100
pre:
Do
100
72
72
74
"72
74
•72
74
"72
74
1512 Feb 367$ Sep(
74 "72
"72
5
Feb
8
313
No par 1834 Apr 19
234 17,300 Spicer Mfg Co
2013 2011 2234 22
2012 20
2114 20
2114 21
21
92 AP1' 108 .7190
100 101 Jan 12 105 Mar 11
Do pref
102 •10018 102
001
Jan 61
'9918 102 "9918 102 '1004 102 *10018 102 •10018
4014
8
Feb
69
2
Mar
51
par
&
Co_No
Gas
Standard
El
534 5478 5418 5478 33.900
4 54
1
53/
5414 5388 54
5338 5334 53
501s Mar 564 Nos
50 5334 Mar 30 5753 Feb 9
5518 5518 5518 5514 5514 5538 5514 554 5513 5512 5513 5534 3,300 Preferred
May 88 Del
62
4
Feb
9213
30
Mar
8
685
100
Milling
Standard
300
72
72
715s 7158 '70
72 •71
72
7113 7113 *7113 73
Jan 86% DO
81
100 80 Mar 2 90 Feb 5
Do pref
86
*85
86
•85
86
86 "85
5112 Aug 674 Fel
*8314 86 "85
"8314 86
564 17,0,10 Standard 011 of California_ 25 5213 Mar 31 6214 Jan 2
4
553
5638
56
5614
4
3
55
3838 Mar 4718 Fel
Mar 3 4638 Jan 2
5534 5614 5534 5614 555* 5614
4012
25
Jersey
of
011
Standard
New
124,300
453*
4413
4434
444
4
/
4358 441
July 119 Fel
444 4318 444 4338 437
44
Do Pref non-voting_ __ _100 11614 Feb 25 11813 Apr29 11614 Aug 16
Jai
118 11814 11814 11814 11838 1184 11814 118'2 3,000
558
*11713 11778 11778 118
634 Jan 2 10% Feb 10
200 Stand Plate Glass CoNo Par
"634 7
*634 7
"634 7
*634 7
7
6214 Mar 82 Do
7
7
7
27 8813 Jan 7
Mar
75
par
No
Sterling
Products
800
Do
8014 8014 8014 *794 80
9612
Mar
2
55
Jan
1
92
30
Mar
7013
804 8012 8013 804 8013 8058 80
par
Stewart-Warn
Sp Corp.No
7458 757 24.600
7634 7734 7713 78
61 Mar 8958 Oa
763 77
7718 7834 7614 79
1.500 Stromberg Carburetor_No par 64 Apr 22 7714 Jan 4
65
x65
67
6813 "65
4114 Jan 6858 No!
674 6734 6713 685* 6734 6724 66
57,900 9tudeb'rCorp(The) newNo par 4978 Apr 15 6138 Feb 23
533 *5212 53
Mar 125 Sept
112
4 5158 525* 5134 533* 53
1
1
Feb
121
Feb23
5314 5414 524 54/
11412
100
110 Do pref
122
'117
122
'117
119
119
8
1167
11678
33
3 Oct 12 Ma,
Feb 1
*117 119 "117 119
lh Apr 13
No par
213 258 5,800 Submarine Boat
212 211
238 213
24 213
3818 Nov 437 Nos
4
Jan
214 213
4158
218
2
30
Mar
3015
par
No
3314
011
Sun
1,900
3318
3212 324 33
618 Fel
2 Dec
414 Jan 8
334 3313 3312 3313 3213 33 '32
214 Apr 14
No par
2.900 Superior Oil
234 27
238 238
, Jai
213 24
234 234
212 213
20 May 413
218 24
100 1913 Apr 12 27 Apr29
1,200 Superior Steel
254 051
27
1512 001
2734 27
25 '26
22
Mar
21
8
57
7
Jan
13
'204 2118 21
13
Apr
858
50
America
of
Sweets
Co
700
12
"11
12
*11
12
114
Sep
1213
20%
12
Jan
12
12
1012
4
1112 1112
738 Mar 3 1413 Jan
800 Symington temp ctla...No par
94
914 98 '9
94 94 *914 958
918 918
914
1958 Dec 264 Sep,
*9
600 Class A temp ctfs____No par 1614 Mar 31 2078 Feb 4
1734 177k 177
No!
1614
Aug
11
19
1758 1758 •1713 1778 *1734 1778 1734 1734 1734 124
Jan
8
147
5
Apr
11
par
_No
100 Telautograph Corp
l27s
11
1212 "11
1213 '11
758 Apr 16 Del
124 "11
*11
11
11
1078 Mar 31 16 Feb 5
No par
1218 4,100 Tenn Copp & C
4234 Jan 55 Del
1178 1218 1134 1134 1158 1158 11% 1218 1158
2
12
Jan
s
547
12
30
Mar
48
25
(The)
Texas
Company
5113 5114 5178 5114 517 17,700
514 524 5038 5118 51
974 Feb 12178 Do
514 52
10 11912 Jan 12 1424 Feb 19
13638 13714 13513 13638 21,000 Texas Gulf Sulphur
1078 Aug 2338 Fel
13413 13538 134 13.534 13313 1344 134 1364
1218 Mar 2 1913 Jan 7
1413 1438 1412 1514 14,100 Texas Pacific Coal & 011- 10 510 Mar 19 785 Jan 13 255
1413 1438 148 144 143
Apr 657 Del
1414 1413 14
Trust.100
Pacific
Land
Texas
175
750 780
750
"700
750
'700
750
"700
750
'700
750
"700
8214 Sept 8914 Ori
NO par 2718 Mar 31 34 Jan 14
600 The Fair
29
29
2918
294
2913
29
3678 Do
2813
Sept
"28
3014
2/913
4
•283
30
*29
100 304 Apr 12 3914 Jan 25
1,600 Tidewater 011
3112 32
*314 32
*314 32
Oa
31
99 Nov 101
3258 3112 3113 31
32
100 90 Mar 31 103 Jan 25
600 Preferred
93
934 9334 9334 "92
937 94
5958 Oa
9313 934 93
Mar
3734
94
10
Feb
5613
593
3
Mar
8
447
par
2,400 Timken Roller Bearing_No
8
507
50
51
5014
5038
5012
8
7
3
50
1
0
1
4
1013
5014
Jan
51
70
513* 50
51
100 9514 Apr 12 1103, Feb 23
9853 995 21,200 Tobacco Products Corp
9318 Jan 1108* Nos
100 10012 100 10113 9834 10014 9834 9938 984 10014
100 103 Mar 3 113 Feb 20
.*10714 10814 '10714 10812 1.200 Do Class A
Mal
s
Sept
57
34
4
Jan
44
4
Mar
108ss 10833 10814 1084 x10718 10718 "10712 1081
3
358 354 14,700 Transet'10iltenntfnew No par
358 334
35* 334
312 334
1131
312 37
34 33
244 Sept 35 .
Transue & Williams St'l No par 2511 Mar 23 27 Jan 28
24
244 "23
•24
384 Mar 6514 No!
30 638 Jan 7
•2314 3513 *2214 2512 •2234 254 '2212 25
544 5413 534 53'2 1,000 Underwood Typewriter_ 25 5118 Mar
54
54
Oa
56
Apr 86
36
"5413 5512 547 5578 "54
Bag & Paper Corp 100 36 Mar 30 7114 Jan 5
Union
1,500
38'2
3812
3913
*3812
39
39
Fel
3913
3911
Oct 4338
3934 40
33
3978 40
25 374 Jan 20 495* Mar 23
4418 4318 433 10.600 Union Oil. California
43
44
4318 4314 43
04 Dec 134 Jun,
4438 4278 44
44
100 8414 Mar 31 94 Jan 15
9013 9034 9034 1,200 Union Tan- Car
90
90
90
90
90
90
90
897 897
100 11334 Feb24 11613 Feb 8 11314 June 11718 Mal
pref
Do
200
4
1153
4
1
/
*115
4
3
115
•11514
3
115
11534 11534 "11514
24 May 36711 Ma
13115 116 "115 116
No par 254 Jan 21 3113 Mar 17
2978 3,000 United Alloy Steel
*2934 30 30 30 2978 91
30
6014 Jan 1154 No!
294 3018 30
30
30
25 8318 Feb 4 9914 Mar 12
6,400 United Cigar Stores
9013 9038
90
9113 921
Dec 13314 Do
9334 9118 93
92
9158 92
Mar 4 121 Jan 21 115
8
1147
100
Preferred
500
120
120
121
- 120 120 '117
•120 ____ "120__ •120
100 134 Mar 30 167 Feb 4 11078 Feb 16213 Oa
9,500 United Drug
146 147
14713
14513
14514
144
i
1"4
8
143
5
..
4
1
Jan 5818 No!
1434
52
57
22
5
14313
Mar
7
Mar
142
50 5512
400 Do 1st pref
58
*57
57
574 574 *5511 5713 57
57
9 Dec 20 Ma
57
58
'57
100 10 Mar 17 12 Jan 11
United Dyewood
* ____ 12 *____ 12 *____ 12
246 Seto
Mar
8
2047
16
Feb
297
7
Jan
• ____ 12 * ____ 12 * ____ 12
236
100
Fruit
--------------------------900 United
1814 Apr 3312 Do
280 280 -----------100 23 Mar:10 3812 Mar 2
500 United Paperboard
2113
*22
2
2
2i
2613 26
Dec 1034 Oa
2.513 '26
6
8
947
Jan
95
26 "25
8
Mar
*22
90
pfd_100
1s1
Pictures
Universal
100
95
9118 9118 '9118 95 '91
92
Dec 507s Fel
26
92 '91
284 Jan 5
*91
92
1358 Mar 31
•91
1834 1734 1812 10,900 Universal Pipe & Rad_ _No par
18
1838 1914 1858 19
193* 1813 20
19
65 July 94 Fel
100 52 Mar 30 7813 Jan 5
Do pref
1,700
6313
*605
64
8
'603
631
6313
63
645* 63
4 63
1
1584 Mar 30 21014 Jan 4 13114 Apr 250 Fel
6414 64/
173 1724 4,700 U S Cast Iron Pipe & Fdy_100 10014 Mar 8 104 Feb 2
173 174
173 175
91 July 113 Ain
170 1734 169 173
174 175
ioo
400 Do pre/
102
102
102
*101
4 Do
1
102
*1014
102
3018 Feb 63/
10113
102
39 Mar 30 6113 Feb 13
•101 104 *101
5313 11.000 U 8 Distal)Corp tem ritt No pa
5234 53'2 5314 53% 52
130 Mar 250 Do
5114 524 5214 534 .524 53
0
pref..10
Do
.
_
_
__ •155
*155
Oa
_
4918
.
8
Jan
•155
23
4
Feb
•155
_
_
59
2
Jan
8
•155
7
45
vtoNopar
0155
USHnffMachCorp
_-54-4 6,900
7014 Dec 93 00
Jan 13
5334 5212 "5113 53314 -53-78 533 -544 5312 -543.4 531z 52
53
5.800 US Industrial Alcohol__ _.100 4538 Mar 30 754 Jan
5114
5034 51
514 52
13 102 Dec 115 Jun,
22 10434
Apr
9914
5234 5312 5118 2318 5118 52
100
prof
Do
200
10178 '100 10114
newno par 481s Mar 29 71% Jan 4
0100 10114 *10014 10114 *10013 10114 10114 10114 "100
5658 5658 5618 5612 4,200 USRealty&Improv't
56
334 Mar 9713 No
4 Jan 23
1
5558 5578 56
567
100 5812 Apr 20 88/
56
5634 57
634 63,500 United States Rubber
6214 6414 62
92114 Mar 10878 Nos
635* 621s 63
62
100 1014 Mar 30 109 Jan 19
prat
6313 6514 6214 65
let
Do
1,500
105
4
"1043
8
1047
8
1047
4
30 Feb 51 Do
1043
4
3
1043
Jan
8
10512
497
1054
21
50 3638 Apr
10678 10678 10513 10614
3912 3913 3978 2.400 US Smelting, Ref & MM.. 50 4734 Apr 9 50 Jan 4
39
44 Apr 4914 Do
404 3934 3934 3834 393
pref
393* 4014 40
Do
600
8 Mar 13914 Nos
484 4834 484 4813 4813
1123
4
48 '48
Jan
13813
15
Apr
117
100
Corp
4813 4812 484 484 48
Steel
States
12438 249,400 United
12318
12458
12318
12312
May 12658 Jai
12218
1224
28
Apr
129
122 12278 12114 12213 120% 12214
100 12413Mar 3
4,000 Do pre!
12758 128
4 Nos
1
1274 128
5112 Mar 59/
Jan 4 83 Feb 19
5613
par
No
128 12838 12712 12818 12734 1284 128 129
Tobacco
S
U
*574 61
61
*5713
Apr114 Sep
61
1055*
26
*5713
Feb
61
11418
.5711
19
Mar
61
112
'574
100
'574 61
Preferred
_
...
_
.
__
•I14
Noi
III
-___
Mar
4
"1133
__
82
II
"11213
...
10 93 Apr 1 105 Feb
"11213 ___ •11212 ___ "1124
200 Utah Conner
_
_ *95
3J Aug 38 Aur
loci fo-coa ____ _ _ ____
31 37 Feb 15
n.9914 foo
.99 foci
-31-7; 4.100 Utilities Pow & Lt A......No par 2814 Mar
31
138
3
Jut
4
1
34
31
May
4
8
3
1
3
255
31
14
Apr
3713
3
3112
Mar
3113
No par 29
31% 315* 304 324
x3413 3518 3,500 Vanadium Corp
3513 36
1514 Aug 2678 No,
3512 3534 36
35
1214Apr 20 22 Feb 8
3534 36
No par
3638 363
Van Raalte
*1313 16 '134 16
APr 80 No,
60
"1313 16
16
"14
16
100 6814 Mar 4 75 Feb 11
15 '13
*14
Do let pref.
100
70
"68
70
"68
14 Sept854 Jul(
70
15
"68
Jan
69
1%
"68
36
70
se Feb
6812 6813 *68
600 Virgiula-Caro Chem...No par
*34 118
*34 118
%
1
7s
1
118
118 "1
•1
7
2178 Dv
Dec
17
No par
155* Apr 30 2513 Feb 3
New
1813 15% 1658 5,600
5 Jul
78 Dec
158 Feb 19
1 Mar 24
No par
1712- 1713 171g 1712 1712 1714 1638 1714 16
.34 14
300 Certificates
1
1
234 Jul;
Jan
1
813
3
Fob
1
118
11
118 •1
100 10 Jan 30
118 "1
"1
Do pref
'713 813 '74 84
9
4 Mar 20 No(
.8
9
•8
24 1113 Jan 7
Mar
9
658
par
"8
9
No
"8
cite
Pref
47 Jul]
84 •74 713 1,600
8
78 Aug
838 838
PS Jan 8
9
*8
13* Jan 15
9
No par
.8
*934 9
Do "B"
"4 118
"4 14
118
5614 Nov 6378 Do
112 "1
69 Jan 4
112 *1
100 5234 Mar 3
118 "1
'1
2,400 6% prat WI
54
54
54
•52
56
92/
4 NOv 954 Do
1
6
54
Jan
98%
18
Mar
9212
100
5718 5712 5618 57
.
I_
w
5778 577
pref
200 7%
944
9414 •94
9413 *94
30 June 40 Do
4912 Mar 23
'9511 967s 9458 943* *9414 9514 9413 47
200 Virginia Iron Coal & Coke.100 41 Jan 12
45
45
45
45
*45
714 Jan 2834 De,
47
*45
47
*45
47
No par I 26 Mar 30 3258 Feb 10
*45
2,700 Vivaudou (V) new
29
29
29
28%
4
1978 Jai
3
28
144 A
11
4
3
28
Feb
2878
8
197
12
Jan
4
283
29
par
17
4
7
28
2834
No
2834
Waldorf System
214 Dec 2414 Do
1818 1814 1813 1838 1812 1838 1813 2,800
4 Jan 27
1
184 18
18 Apr 21 23/
18
par
18
No
18
Co
&
Walwortb
900
1714
1714
174 1713
17
174 1818 17
Apr 23 195 Jan 2 116 Apr 198 Del
100
pa
18 "1613 18
_No
A_
•17
Class
Baking
Ward
110 *100 110
3714 Mar 9512 00,
No par 2514 Apr20 85% Feb 1
•103 110 "103 110 *100 100 '102 110 *100
294 13,400 Class B
29
30
2834 2913 29
944 Feb 112 Do
29
Apr 15 11012 Jan 15
2834 3112 29
No par 90
2912 31
900 Preferred (100)
93
93
94
*92
2% Oc
94
6
1818
174 Dec
Jan
9213 9213 *92
12
Apr
1214
10
A...
9118 9118 9113 92
Pictures
3
4,600 Warner Bros
04 Jul]
43 June
1538 1514 1514 144 1513 1413 14
No par 437 Apr 15 5018 Feb18
144 1478 144 1514 "15
Warren Bros
*4512 48
*454 48
48
51 Apr 10013 Do
48 "45
Apr 20 8512 Jan 13
48 •45
par
53
48 "45
No
•45
new_c
IIellbr,
dr
Weber
900
534
5414 *53
54
*5212 54
4 Jan 14474 Ben
/
Mar 30 1473 Feb 4 1161
553* 558 5528 5552 53$4 54
14134 14312 5,800 Western Union Telegraph.lOO 13411 Mar 31 1284 Feb 9
97 Apr 144 Aali
14013 14078 141 14134 141 141
14013 14012 140 141
2,000 Westinghouse Air Brake_.. 50 1054
11378 1137
Mar 24 351
11438 11514 114 114
6614
794
10
Feb
3
Mar
s
(151
50
Mfg.
&
Elec
1154 11534 11434 11514 114 114
Westinghouse
684 9,100
67
914 Apr1 2013 Ani
6812 68'2 69
19 Feb 18
1378 Mar 3
6878 6914 6814 6938 6778 6838 68
900 West Elec Instrument
1534 16
"1578 16 '1534 16
1958 Mar 2878 Do
4 3113 Feb 24
16
Jan
374
A
Class
1614 1612 1614 1812 16
30
•28
30
30 '28
"29
30
30 "29
9714 Sept145 Mc
No par 118 Mar 3 130 Jan 27
30 •29 .............
•29
.............................West Penn Co
Oct 1251, Do
12213 Jan 13 12414 Jan 5 107
Certificates
_ __ ____
94 .Apr 100 Jul;
_Do 7% pf tem etf new_100 9578 Mar 8 101 Mar 11
---- --- ---- -- ---- ---- ---- --- ---__ West Penn Electric A__No par 884 Jan a 97 Feb 11
350
8 Id"
;11i1
;HT& "i2-"
,7iiijil "iii" "5i" if" 915i2 ."iii- ;iii- Iti100 9618 Apr27 10018 Feb19-_-,•
100 Preferred
8
Jan ill Rai
964 964 .97 10014 *97 100 .954 975
100 West Penn l'ower prat _ 100 108 Mar 35 112 Jan 16 104
.•9518 984 *9618 99
"108 109
109
'108
110
*108
2513 Aug 3134 Fel
10914
4
/
1091
110
No par 254 Apr 20 2934 Feb 10
Oil
-108 110 *108
273* 2718 2713 7,300 White Eagle
5714 Mar 10412 Aui
Apr 15 90 Feb 11
5118
50
2614 2614 2578 25% 2513 2578 2578 2618 2614
Motor.
White
28,900
8
567
5788 563 5778 5514
3312 Dec 493 AM
5538 5714 56
5818 5914 5613 59
200 White RR, Ns & 9 ette.No par 28 Mar 27 383* Feb 3
2914
538 Mal
2 Dec
ass Jan 8
294 29% *2914 294 *29
30
113 Apr29
"29
30
*29
30
•29
Wickwire Spencer Steel att...
4.600
14
113
14 is,
1% I5s
94 Jan 3478 Not
158 134
11, 5158 134
1ss
77,400 Willy,-Overland (The)____ 5 21 Mar 25 34 Jan 4
12378 Do
2478 2313 24
Jan
7214
4
Feb
99
4 2538 2418 2413 241s 2434 24
1
19
Jan
4 24/
1
914
100
2458 25/
1,900 Do pref
95
95
95
95
9578 9438 95
458 Dec 1334 Mal
513 Feb 10
3 Apr 21
No par
Wilson & Co. Inc
957 9578 9558 957s 95
17 Sept 60 Ma
*215 34 "213 334 "213 334 *211 334 *212 34 *213 _334_
100 16 Mar 24 174 Feb 2
Do pref
Jan 220 oe
11214
4
Jan
222
12
Apr
13914
25
1-51- 87,700 Woolworth Co (F W)
3514 Aug 793* Jai
1-5i- iiii8 ig65-8 jai 1511-2
100 2014 Mar 30 4434 Jan 6
1,200 Worthington P & M
Jar
24
25 '23
25 '23
76 Nov 88
2434 24
*24
73 Apr 14 80 Feb 2
2514 254 25
25
100
A
DO
pref
754
724 "70
58 Aug 764 Fel
73 '70
7213 *70
7613 "73
76 '70
"70
100 53 Mar 29 65 Feb 24
Do pref B
300
56
Jul;
s
*54
323
5612
Mar
16
564 *54
*54
30 33 Feb 18
57
56
•54
•554 58
55
2912 2.100 Wright Aeronautical._.No par 244 Mar
29
454 Mar 574 Oe
2834 2914 2858 2954 2813 2834 2813 28% "2812 29
No par 47 Apr 3 59% Feb 11
300 Wrlaley (Wm Jr)
5113
5112 "51
5113 *51
62 Sept7014 Jul;
514 5134 *51
5134 5134 *5134 52
6013 Mar 4 6414 Jan 5
25
&
Yale
Towne
7
1,500
64
*64
22% Oct404 00
, 6213 *6178 0212 6213 8213 "617s 624 6212 84
•617
9,500 Yellow Truck A Coach...A0() 2318 Mar 30 3272 Feb 9
Oct100 Or
90
4 2434 2538 2514 2614 2514 26
1
, 255* 2613 2478 25/
2618 285
100 914 Apr 3 9613 Feb 26
1,300 Preferred
9814 *9614 98
63 Mar 9213 Ni'
9534 964 96
96
*9534 96
*95
96
30 8974 Jan 4
Mar
•95
6918
par
No
T
&
Sheet
Vo.pormown
4,800
721, 727, 727.1 721. 737* •7218 7313
721. 7271 721. 727e 72
Ili' NA
iii4 f61,4- xiiii2
• Bid and asked prices; no sides on this day. s Ez-divideno
0 EX-rights
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
2471
Jan. 1 1109 the Exchange method of quoting bonds was changed and priest are now "and interres1"—except for income and defaulted bonds
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 30.
Z.G
Price
Friday,
April 30.
ment.
IBM
Ask
U. S. G
i
First Liberty Loan—
J D 1003332 Sale
314% of 1932-1947
J D100 101
Cony 4% of 1932-47
J D'1023032 Sale
Cony 434% of 193247
J 1)I0213331021332
2d cony 434% of 1932-47
Second Liberty Loan—
M N 1003,32 Sale
de of 1927-1942
M N 1002332 Sale
Cony 43-1% of 1927-1942
Third Liberty Loan-M S 1011033 Sale
43-1% of 1928
Fourth Liberty LoanA 0 103533 Sale
414% of 1933-1038
1947-1952 A 0 1081132 Sale
Treasury 43
-Is
1944-19543 D 101133: Sale
Treasury 4e
1946-105651 S.101433 Sale
Treasury 3140
State and City Securities.
N Y City-4148 Corp stock_1960 M S
1964 M
43-IsCorporate stock
1966 A 0
43
-Is Corporate stock
1972 A 0
4qa Corporate stock
1971,3 D
434e Corporate stock
43-18 Corporate stock_July 1967 J J
19653 D
434e Corporate stock
1963 M
930 Corporate stock
1959 M N
4% Corporate stock
1958 MN
4% Corporate stock
1957 M N
4% Corporate stock
1956 M N
4% Corporate stock
1955 M N
4% Corporate stock
1030 M N
4% corporate stock
1957 M N
934% Corporate stock
1957 M N
43-4% Corporate stock
334% Corporate etk_May 1954 MN
33-1 % Corporate stk_Nov 1954 M N
1955 M N
334e corporate stock
J
New York State Canal Im_40961
19423 J
4sCanal
1964 J J
31348 Canal lmpt
de Highway impt register.d1958 _
Highway Improv't 434s_1963 M S
1991 J J
Virginia 2-3e
Week's
Range or
Last Sale
Low
8834
____
6438
High
/
43 011433
101332'1011432; 781 10031
1031
/
43 10342 .1507
10810331081532 758
104334 104,332 246
101433 101733 I 528
10012
10034
10158
10114
10558
105
105
10638
9818
9814
98
9714
9714
99
10534
____ 10538
8814
8834
__- 89
10158
1015
8
10118
102
10278
10512
7612
109 Sale
107 Sale
9252 Sale
8514 Sale
9513 Sale
11338 Sale
9914 Sale
88 Sale
10878 Sale
100 Sale
100 Sale
8618 Sale
10334 Sale
9378 Sale
106 Sale
95 Sale
10014 Sale
Low
0013n
100333 10011
/
421 80 99
10023331003132 581 104)1533 101
Foreign Govt. & Municipal's.'
Argentine (Nat Govt of) 78_1927 F A 10138 Sale 10114
19593 D 9838 Sale 98
1 6s of June 1925
1959 A 0 9812 Sale 98
Extl ef 6s of Oct 1925
Sinking fund 6s Ser A__1957 M S 9834 Sale 9812
External 633 Series B_ _Dec 1958
9812 Sale 98
Extl s f 6s of May'26 w I_ _1940 MN 9814 Sale 9818
Argentine Treasury 55 £_ _1945 m 8 8734 88
8734
Australia 30-yr bs__ July 151955 3 J 98/
1
4 Sale 9812
1943,3 D 101 Sale 10034
Austrian (Govt) s f 713
Belgium 25-yr ext a f 734e 9_1945 J D
1941 F A
20-year 91 8e
1949 M S
25-year ext 634e
Ent a I 88
19553 J
Extl 30-yr e 1 78__ .
1955 J D
Bergen (Norway) of 8s
1945 MN
25-year sinking fund 6e 1949 A 0
Berlin (Germany) 63
-Is
1950 A 0
Berne (City of) s 1 8s
1945 M N
Bogota (City) ext'l s 1 89_1945 A 0
Bolivia (Republic of) 8s_ _1947 M N
Bordeaux (City of) I5-yr 6s_1934 51 N
Brazil U 13, external Se
1941 J D
7e (Central Ry)
1952 J 0
734e (coffee seeur) £ (flat)_1952 A 0
Bremen (State of) extl 7s_1935 51 N
Buenos Aires (City) extl 63-481955 J J
I
Canada (Dominion of) 5s.__1931 A 0
10-year 5345
1929 F A
Se
1952 M N
4345
1936 F 4
Carlsbad (City) e f Se
1954 .1 3
Chile (Republic) extl 51 8e 1941 F A
External 5-year e I Se_. _1928 A 0
20-year WI 78
1942 M N
1946 M N
26-year a 1 Ss
Chile Mtge Bk 6348 June 30'1957 J D
Chinese (Hukuang Ry) 533_1951 J D
Christiania (Oslo) 30-yr s 1631954 M 9
Colombia (Republic )6 Hs
1927 A 0
Copenhagen 25-years f 5346_1944 J J
Cordoba (Prey) Argen 79_1942 J J
Cubs be of 1904
1944 M S
External be 01 1914 Ser A_1949 F A
External loan 43-4e
1949 F A
Blinking fund 534e
19533 J
Csechoslovak (Repub of) 85.1951 1 A 0
Sink fund Ss SerB
19521A 0
Ext'l of 73-Ie Ser A
19451A 0
High,N o
Range
Since
Jan. 1
10075321001582 374 9911
/
43 01331
99313) 01,343
993132Apr'26 10231,331022333 76 1011183 0213n
1011732Mar'26 10112, 01341
/
4
_ _
-8
1001410134 1023
10134 10238
10178 10258
10638 107
10618 10678
10618 10678
10578 ____
9818
9818 ____
98's
_
9712
9712 ____
1053o
10538
89
g't
10834
107
92
8434
95
11338
9914
8778
10678
9912
9912
8514
103
93/
1
4
10478
9412
100
10058! 10
- _
Feb'26 Jan'26 -Apr'26 -Mar'26 - Mar'26
Mar'26 — _ _
98181
1
Mar'26'--_
Apr'26 - - _ _
Mar'26 Apr'26
Mar'26,-Nov.25
_
10538
3
Mar'26
Mar'26 - Apr'26 -- -Jan'26 - - -Mar'25 --_1
102
July'25
Oct'25
Feb.25 10112
983a
9838
9918
9878
9812
8812
99
10118
10938 48
10738 72
92
61
8534 117
9578 19
11334
9
9978 26
8834 10
10678 31
100
65
100
46
87
87
10378 102
94
16
106
116
9514 29
10012 35
10134 Sale 10113 11134
10214 Sale 102
10212
10412 Sale 10412 10512
9838 Sale 98
9834
10138 103 10114 10114
10834 Sale 10813 109
10178 Sale 10178 10214
10112 Sale 10078
10134
109 Sale 10812 10914
9812 Sale 9758
9812
4234 4358 3'8
4334
10114 Sale 10078 10112
10038 S
10038 .10038
9938 Sa,
99
9912
98 Sals'., 9734
98
9078 911
/
4 10012 100121
9678 97 I 99
Apr'26
9078 91341 91
9113
10138 Sale 101
10113
10114 Sale 101
10134,
101 Sale 10114
101341
9814 Sale 9734
9838
14
212
359
222
163
161
66
205
70
77
6
116
96
832
2
35
23
49
26
150
8
9
2
51
8
1
1011541037n
1061
/
43 0813n
10231
/
43041333
10012n 01"n
BONDS
N. Y STOCK EXCHANGE
Week Ended April 30.
100 101
10012 10158
10012 10158
10034 1014
10512 10558
1041
/
4 10538
10158 10512
10413 10638
9734 981,
9734 9814
97/
1
4 98
974 9714
9714 9714
98
90
10112 10534
10414 10512
8734 8834
8814 8834 Sao Paulo (City) e f 8a
1952 54 N
88/
1
4 89
San Paulo (State) ext. e f Se 1936 J J
1011
/
4 1011
/
4
External a 1 8e int recte_1950 J J
External water loan 7,... _1950 ki S
1-02 - 1-101-4 Seine (France) extl 7s
1942 J J
Serbs, Croats & Slovenes 831_1962 M N
Soissons (City) ext.' 65
1936 M N
Sweden 20-year 8s
1939 J D
External loan 53413
1054 M N
Swiss Confed'n 20-yr of 8e 1940 J J
10012 10218 Switzerland Govt ext 5)55_1948 A 0
96
99
Tokyo City 5s loan of 1912..1952 M S
95/
1
4 99
Trondhfem (City) extl 6343_1944 J J
9814 100
Upper Austria (Prov) 7s
1945 J D
9534 99
Uruguay (Republic) ext 8e_A94e F A
:AN 9812
Externals f es w i
1910 51 N
85
88.2
984 99
Railroad
100 102/
1
4 Ala Gt Sou 1st cons A 5e_ ..19431.1 D
Ala Mid let guar gold 5s__1928 M N
105 11114 Alb & SUM] cony 3)4e
1946 A 0
10534 1 /
4 A g & West let 845 gu
1998 A 0
88
95
Alleg Val gen guar g 4s
1942 M S
81/
1
4 8778 Ann Arbor 1st g 4e
July 1995 Q J
92
9754 Atch TOP dr S Fe—Gen g 4s_1995IA 0
113 115
Registered
IA 0
98 10012
Adjustment gold 4s_ _July 1995 Nov
854 881/4
Stamped
July 1995 M N
Registered
IM N
19
96
6374
2 101
Cony gold 4s 1909
1955 3 D
9612 10118
Cony 4e 1905
19853 D
8114 87
Cony g 4e issue of 1910_1960 J D
1001
/
4 109
East Okla Div 1st g 4a__ A928 IN 8
Rocky Mtn Div let 4s
8918 9914
1965 J J
103/
1
4 10734
Trans-Con Short L 1st 48_1958 J J
9212 9618
Cal-Ariz let & ref 434e A_1962 IN El
9714 101
Atl Knoxv & Nor let g 5s__.1946 J D
AU & Char! A List A 43-0_1944 J J
1014 10212
1944 J J
let 30-year be Series B
10112 103/
1
4 Atlantic City let co
cons 4s
1951 .1 J
10258 10512 Atl Coast Line 1st cone 4s...b1952 M S
98 98/
1930 M N
1
4
10-year secured 7s
10112 1031
/
4
1964 J D
General unified 43-411
10712 10934
L & N colt gold 4s___ Oct 1952 MN
19078 102/
1948 J 3
1
4 Atl & Danv let g 431
100 10212
1948 3 J
2d 4s
107 10914 At! & Yad let g guar 4s
1949 A 0
9
42
43
,42 9
48
87182 Austin :
I N W let go g 5s.._ J941 3 .1
I
p Due Nov. a Option sale.
Range
;
itina.cs
Bid
Ask Low
High N o .I Lore
Inge
Mexico (II 5) extl 55 of 1899 2.'45 Q 3 40
66
4212 Feb'26 ___-' 4212 4824
Assenting be of 1899
1945
4112 Sale 4114
43
15
3413 43
Assenting be large
4118 Apr'26 ____
38
411
/
4
Assenting 69 small
3712 May'25 ____
_
Gold deb 48 of 1904
1954 J D 24
____ 2714 Jan'26 ____
_2714
- 9714
Assenting 4s 01 1904
2678 Sale 2534
26/
1
4 76
204 2918
Assenting 4s of 1904 emall___ _
Assenting 4s 01 1910
2613 2634 2558 Oct'25 __ _ _
31
-Assenting 4s 01 1910 large
2812 Sale 2712
____
28/
1
4 76 -23
5-s -2-1
-3
/
4
Assenting 4s of 1910 small--------2612
small
2612 Sale 2513
2612 99
22
2918
Tress Soot '31 assent (large)'33
4518 Sale 44
4518 27
411a 47
Small
46 Sale 4358
46
35
40
47
vionS
teva
idileo 7s
1952 J D 100 Sale 99/
1
4 100
66
96 100
Netherlands fle (flat prices) 1972 M S 10734 Sale 10712 10734 57 10653 109/
1
4
30-year external 6e (Jlat)_ _1954 A 0 10414 Sale 104
10414 44 1034 104/
1
4
Norway 20-year extl 6e
1943 F A 10114 Sale 101
10138 37
9934 102
20-year external(
/
1
4
194.4 F A 101 Sale 101
10114 59 100 102/
1
4
30-year external 63
1952 A 0 10112 Sale 10118
10134 41 10014 1024
40-year 3 1 534e temp
97/
1
4
1965 J D 97 Sale 96/
1
4
97
95
224
Oslo (City) 30-year of 6e1955 M N 101 Sale 10018
10114 37
98/
1
4 101 14
I
1953 J D 10212 Sale 10214
Panama (Rep) ext1 534e
10234 16 10012 102/
1
4
Peru (Rep of) external Se,.,..1944 A 0 10314 Sale 10314
10353 33 10112 106
Extl sink fd 73
-Is temp_ _1940 Si N 9814 Sale 9814
9834 47
97
994
Poland (Rep of) gold 6s
1940 A 0 6678 Sale 66/
1
4
6712 10
66
6834
Extl sink td g 833
1950 J .1 S818 Sale 88
88/
1
4 143
86
91
Porto Alegre (City of) Se_ _1961 J D 101 Sale 101
101
21
9853 10118
Queensland (State) ext a 1 7s_1991 A 0 11134 Sale 11034 113
57 110/
1
4 114
25 year external 6s
1947 F A 105 Sale 105
10512 17 16414 108
Rio Grande do Sul eat'a f 831_1946 A 0 10212 Sale 10138 10278 39
9853 102/
1
4
Rio de Janeiro 25-yr of 88_1946 A 0 10034 Sale 10054 10112 36
974 102/
1
4
25-yr esti Se
1947 A 0 101 Sale le918
101
37
97 10138
Rotterdam (City) extl 6s
1964 M N 1947a Sale 10378
105
13 10312 1054
99 10112 Balt & Ohio let g 46..July 194S A 0
9934 100/
Regtotered
July 1948 Q 3
1
4
9814 10018
10-year cony 4,4e
1933 M S
95/
1
4 99
NI S
Registered
9953 1011
/
4
Refund & gen be Series A_1995 J D
98 100
1948 A 0
let g he
8834 9112
10 year (
17
/
1
4
19203 J
23 100/
1
4 103
Ref & gen 621 Ser C
1955 J D
25
9934 10234
P L E & W Va Sys ref 48.1941 MN
25
951
/
4 10212
Southw Div 1st be
19503 J
111
95/
1
4 9914
Tol & CM Div 1st ref 4,8 A_1959 3 3
Battle Cr & Stur let gu 3s 1989 3 D
Danish Con Municip Se A 194()!F A.1'11078 Sale 11013 11078 14 11018 112
Beech Creek let fru g 4e
_1936 J J
Series B a t Sa
1946 F A 110 Sale 110
111
J D
23 110 112
Registered
Denmark 20-year 6s
1942 J J 10313 Sale 10312 104
40 102 104
Beech Cr Ext Iota 354e____1951 A 0
Dominican Rep Con Adm e f be'58 F A 10214 ____ 10214 Apr'26 _ -- 10112 103
Big Sandy let 45
1944 3 D
Custom Administr b He
1942 M S 9813 Sale 98
9834 37
93/
1
4 9933 Bost & N Y Air Line let 43_1955 F A
Dresden (City) extl 78
1995IM N 9358 Sale 9338
94
9212 94
Bruns ds W let go gold 4e_ ...193,
129
1 J J
Dutch East Indies extl 63_19471J J 10458 Sale 10413 10478 79 I 103/
1
4 10514 Buffalo R & P gen gold 58_1937 MS
40-year 6.3
1962 M 5 10458 Sale 10413 105 I 31 10304 105,4
Comm! 414s
147
1957
:
30-year esti 634e
1953 M S 10278 Sale 10278 102/
1
4. 58 10112 10312
Registered
30-year extl 514.
1953 M N 10278 103 10238 10234
9 102 10314 Burl C R & Nor 1st bs
1939 A 0
El Salvador (Rep) Se
1948 J J 10618 Sale 106/
1
4 10638 12 103 1004
Finland (Rep) esti 65
1945 M S 8612 Sale 85/
1
4
8712 71
Canada Sou cons go A 511_1962 A 0
8934 90
External 5 f 7s
1950 M El 97 Sale 97
95
98
Canadian Nat 434e_5ept 15 1959 M 9
97/
1
4
8
Finnish Mull Ln 014e A
1954 A 0: 9012 Sale 90
9012 15
8912 9212
5-year gold 414s_.Feb 15 1930 F A
External 6He Series B— _1954 A 0 9012 Sale 9012
9012 298
8914 9212 Canadian North deb I f 711_1990 3 D
French Repub 25-yr extl 831_1945 M S 103 Sale 10218
10334 360
9812 10334
20-year if deb 634e
1946 J J
20-yr external loan 710_1941 J D 9878 Sale 9758
991a 877
92/
1
4 9934
10-yr gold 4He____Feb 15 1935 F A
External 78 01 1924
1949 J Di 91 Sale 901
/
4
861
/
4 911
911
/
4 477
/
4 Canadian Pac Ry 4% deb stock J J
I
Carb & Shaw let gold 4s__1932 M 8
I
German Republic WI 75...._1949 A 0 10312 Sale 102/
1
4 10358 554 1011
/
4 10358 Caro Cent let con g 4e
1938 J D
German Cent Aerie Bk 73L 1950 M S 9814 Sale 9758
9814 361
94
9814 Caro Clinch & 0 let 3-Yr 58_1938 J D
1954 MN. 97
Graz (Municipality) 8s
9812 971
/
4
98
111
97
98
let & con a 6e Ser A
J D
1952
CH Brit & Irel(UK of) 5)4e-1937 F A 10434 Sale 10412 105 I 39 10414 10612 Cart de Ad let go g 4s
1981 J D
1929 F A 11858 Sale 11838 11834 29 117/
10-year cony 514e
1
4 119
Cent Branch U P 1st g 41_1948 J D
Greater Prague (City) 73-4e.1952 M N 9612 97
9612
97/
1
4 27
9278 99
Central of Ga lot gold 5s_p1945 F A
1964M N 85
Greek Govt 75
8534 85
86 1 59
9
85454 9
88
74:
C0131201 gold be
1945 M N
I952'A 0 9712 Sale 9714
Haiti (Republic) a 1 68
98
53
Registered
MN
Hungarian Munk)Loan 7He 1945 J J 80 Sale 8834
8914 70
8454 8914
10-year secur 6e___June 19293 D
Hunger)
,Wined of) of 7)48_1944 F A' 96 Sale 96
9634 76
9312 98
Ref & gen 5149 Ser B
1959 A 0
1
4 10038 355
Ind Bank of Japan 6% notee1927 F A 10018 Sale 100/
9934 10078
Chatt Div pur money g 48_1951 J D
19511.1 D 9412 Sale 9412
Italy (Kbagd of) ext.I 7,3
9413 208
94
9434
Mac & Nor Div lot 3 be1948 J J
1948 J .7
3
Mobile Division 5,3
Japanese Govt £ loan 48_1931 3 Jt 87 Sale 8634
87/
1
4 154
1961 J
83/
1
4 87/
1
4 Cent New Eng let go 4e
1954 F Al9514 Sale 95
9513 293
30-year el 6 Hs
92/
1
4 951
/
4 Central Ohio Reorg 410_1930 M S
Development
66_1953
M
S
8914 Sale 8834
Oriental
894 54
8.5
8914 Cent RR dr B of Ga coil gra_1937 M N
Leone (City of) 15-year 68_1934 M N 87 Sale 851s
87 I 44
8112
8 87
CeR
nt
eraltg
og otred
N 3 gen gold 58...1987 J J
Marseilles (City of) 15-yr 113-1934 MN .8614 Sale 847a
87
83
1987 Q J
1943 MN
3314 33/
1
4 30 Mar'26 ..... I 80
Mexican Irrigation 43-4s
31
1949 F A
Cent Pac hat re1 iftt g 4o
1943 ---- 334 Sale 33
Assenting a f 4345
2814 3458
319293 D
Mtge guar gold 3He
3314
il
o
Th
gro
grag
ugh
teg
Sd
tL
g 5e
let go 4e....1954 A 0
1960 F Al
Due July. k Due Aug.
Week's
Lai
Ranote
s
Sale
1.
i I Friday,
43,7, April 30.
1
10412 Sale
104 Sale
103 Sale
96.,8 Sale
8914 Sale
92 Sale
8512 Sale
10434 Sale
10234 ____
114/
1
4 115
104/
1
4 Sale
715s Sale
9958 100
9213 Sale
10914 Sale
96/
1
4 Sale
104
10378
103
9658
8734
9114
83
10412
10234
115
10358
7114
9912
911
/
4
10834
961
/
4
10012 10412
102/
1
4 10812
1011: 1011
:
9612 971
/
4
84
9014
8712 94
82
85
10414 10534
10112 10358
115 11714
10234 106
67
7158
1
4 101
99/
90 94
10712 III
9613 97
10412 10
10413 13
104
34
97
63
891
/
4 100
92
85
8312 55
10518 52
10318 21
11512 21
10439 105
7158 21
10078 27
9253 101
110
58
96/
1
4 53
10214 _
103
Apr'26
Feb'26 -_-_-_-_,
moss foi- 101
86 Apr'26
8614
82
9534 Apr'26
g
r'5
26 -_-__ -'
95 Sale
I
8012 Sale 7812
811z 19
9212 Sale 9214
9278 210
--------9012 Apr'26 ____
8714 8818 87
8814 14
8718 90
871
/
4
871
/
4 23
8212 . ___ 834 Jan'26
8418 8612 8613 Apr.-6
86
88 Apr'26
8512 87
8512
8512 16
99
9934 98/
1
4
99/
1
4
4
891
/
4 90
8912
8912
1
92 Sale 897
92
9
96
9912 96 Apr'26
10318 ____ 10312 Apr'26 ---____
97
98 . 9634 Mar'26
104
103/
1
4 ____ 104
_
85
____ 8512 July'25
944 ____ 94/
1
4
9434
7
106 10638 106
10612 50
9814 Sale 9712
981
/
4 31
9234 Sale 9214
93
5
7934 Sale 71,2
7934 191
69 Sale 65/
6914 31
1
4
80 Sale 7934
SO
9
100fc ____ 10114 Apr'26 ____
-921 -9-44
10514 107
94/
1
4 9814
91
9434
76
7934
65
8958
7614 80
10018 1014
8834 881/
4
9312 9812
10212 105
10212 10312
104 10812
895e 9214
98 1011
/
4
7434 8038
9
62
514
9
83
1
I1-4
1- 11-1
/
4
89/
1
4 9112
1"4
73
174
08
78 10
974
2
371'4
4
2
87141 8914
Apr'26
1004 10114
10414 Sale 104
10414
6
941
/
4 9412 944
94,3
5
9834
9878 99
99
19
115/
1
4 Sale 115
11512 26
118 Sale 118
118
11
96/
1
4 974 9634 Apr'26
8358 Sale 8314
85/
1
4 77
94
97/
1
4 9314 Oct'25
82/
1
4
_ 8214
8214
102/
1
4 1-63-12 102/
1
4 10234
4
1091
:Sale 10812 10912 35
8658 ____ 8534 Apr'26 __I
82:
8212 ____ 82¼
1
104/
1
4 ____ 10413 Apr'26 ___I
1
4
10358 10334 10312 103/
I
974 ____ 10158 Feb'26
_
10314 29
103 Sale 10278
106 I 20
10514 Sale 105
____ 8814
87
8814
1
100 104 10112 •Apr'26 ____
7
99
112 Dec
7
170211/4
.
3
25 _ii.
Sale 71i2
9378 - --- 9812 Apr'26 ___
100
____ 99/
1
4 Apr'26 __ __
11012 Sale 110/
1
4 Ill
19
110
____ 109/
1
4 Apr'26 ____
91
9112 911
/
4
914 182
9714
97,4
9714
1
8912
1011
/
4 S9
alle 45118 A1111736
4 -2ii
I
lle
8234 081 82
34
9238 95
75/
1
4 811:
8911 9338
884 904
8434 8814
8412 87/
1
4
8314 83/
1
4
845a 87
8412 88
834 8814
1
4 100
98/
86/
1
4 8912
SS
92
9471 96
10312 10312
96/
1
4 9714
102_54 104_
8914291/4 9099721112
92 Sale 911
/
4
92,8 24
88/
1
4 ____ 9014 Apr'26
97
97 Sale 9634
--------8834 Apr'26 ..i
97/
1
4 Sale 97/
1
4
9812 10414 Sale 10418
105
203
103 Sale 10238 10314 134
10712 Sale 10712 10812 86
9178 9214 91/
1
4
92
35
1011
/
4 Sale 1014 1011
/
4 139
7958 Sale 7934
80/
1
4 116
6138 65
624 Feb'26 ________
95
96
9414 Apr'26
92/
1
4 -__- 90/
1
4 Nov'25
8114
8114 ____ 814
1
89/
1
4 911
/
4 9138
9138 100
74
74 Sale 74
941
/
4 ____ 9313 Jan'26
10212 ____ 10218
I0218 2
9_3_
9112 Sale 9138
160i4 -_-- 101
0
,
3
14
1
,
04
1:: 19
I
102/
1
4 1044
93/
1
4 94/
1
4
9838 994
11434 1171.4
117 11834
964 9714
80/
1
4 804
117
2 -Hi
1011
/
4 10372
1071
:10912
8134 88/
1
4
7911 83
1034 10412
10213 10334
10158 101/
1
4
10212 10378
101/
1
4 106
8814 8814
100 10112
1(i
..1.:9:4
:838
9884 gm,
10
963
:
:t 19
9
17
9:
1
88/
1
4 0113
8
97712 10
89
1:4
4
2472
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 30.
New York Bond Record-Continued-Page 2
is
a.
Charleston & Savannah 7s__1936,J ./
Chef & Ohio fund & barn 55.1929J .1
lit consul gold Si
1939 M N
Registered
1939 M N
General gold 4335
1992 M
Registered
1992M S
20-year cony 4)3s
1930 F A
80-year cony secured 5&1946A 0
Registered
A 0
Craig Valley let g 5s
1940.7 J
POtts Creek Branch let 46.1948 J
it & A Div le eon g 4s
1989 J .1
2d consul gold 4s
1989
v! arm Springs V lst g be 1941 M S
Chic & Alton RR ref g 3e1949,A
Ct.! dep etpd Apr 1926 int
Railway first lien 334e_. _1951),J J
Ctfe dep Jan '23 & subcoupChic Burl & Q-II1 Div 3;36_1949 J J
Registered
Ii J
Illinois Division 4s
1949.7
Nebraska Extension 45_1927 M N
Registered
M N
General 45
1958 M S
Registered
M S
let & ref 5s
1971 F A
Chic City & Conn Rye 1511-19271A 0
Chicago & East III le 613. -1934'A 0
C OE fll Ry (new co) gen 5,31 1951 m N
Milo & Erie let gold be
19821M N
Chicago Great West let 4s 19591M S
Chic Ind & Loulsv-Ref 65_1947 J J
1947.7 J
Refunding gold fie
1947 J
Refunding 4e Series C
General fa A
1966 M N
May 1966.7 J
General 6e B
Chic Ind & Sou 50-year 46_1958l J
Chic L S & East let 4tts1989,1 D
C M & Puget PA
gu 4e194911 J
Certificates of deposit
ChM&StPgeng4sSerAel9893 J
General gold 3As Par B_ _e1989'J ,7
Gen 4 iis Series C___May 19891.1 J
Registered
Gen & ref Series A 4tis.. _o2014 A 0
Certificates of deposit
Gen ref cony Ser B be_ -a2014 F A
Certificates of depoelt
1935.7.7
le sec ea
1932J D
Debenture 4;Ia
Certificateu of deposit
1925 J D
Debenture 4s
Certificates of depoelt
1934.7 .1
35-year deben ure 4e
Ceelficates of deposit
Chic & Mo Riv Div 5e___1926 .1 J
Ohio & N'weet Ext4e___1886-1928 F A
1888-1928 F A
Registered
1987 M N
General gold 334,
Registered
1987 M N
General 4s
1987 M N
Stamped 4e
1987 M N
General be eamped
1879-1929 A o
Sinking fund fie
A 0
Registered
1879-1929 A 0
Sinking fund be
1879-1929 A 0
Registered
Sinking fund deb bs
1933 M N
MN
Registered
1930 J D
10-year secured 78 g
I5-year secured 834e 4._ _1936 M S
May 2037 .7 D
let & ref g 55
Ohio RI &P-Rathsay gen 4s1988 J J
J .1
Registered
1934 A 0
Refunding gold 4e
A 0,
Registered
Price
Friday,
April 30.
Bid
Ask
1171
10014
210118
-10518
Week's
Range or
Last Sale
Low
11212
101
10518
10214
9511 951
4 9514
_
904
9878 Sale 98%
125
126
129
1(504
_ _ 9813
8714 Sale 86
8838
8814
8212 -8614 8413
9912 100
9834
6914
69
69
5712 Sale 57
55% Sale 5512
8618 Sale 8818
8358 8612 8412
9418 _ _ _ 93%
9978 Sale 9934
9912
9938
9213 Sale 9218
9238
10514 Sale 10478
49 Sale 49
10712 Sale 10678
7713 Sale 7714
10418 _ _ 10358
69 Sale 8828
341
Range
Since
Jars. 1
BONDS
NY,STOCK EXCHANGE
Week Ended April 30.
High
High N o. Low
Feb125
- 752 .
10-138
10113
2 100
10512
5 10238 10558
102 10214
Mar'26
9534
9534 16, 112
July'25
_.
99
122
97% 99
12614 12' 124 15014
129 14312
Apr'26,_ _
Dec'25,
88
6
83- 88
88%
6' 85/4 88%
897e 8412
Apr'26
9834 25, 9834 9834
65
70
70
18
69
69
11 64
5714 147, 5111s 584
51
mit
58
38,
87
21
83% 87
_
Feb'26
8412 8434
93%
2
9138 9378
96114 10014
100
9
I
Mar'25
9314
12, 9053 9313
Mar'26
-1 9118 9238
10514 35 102% 10514
4958 14
4715 56
10712 13 10614 10712
7312 7812
78
158
Apr'26
10153 106
6412 69%
6928 591
11078
10158 1-63.
8713 _
9712 Sale
10512 10738
9013 92
9458 96
4838 49
4838 4912
84 Sale
7212 _ _ _ _
9434 Sale
11178 Apr'26
101 Mar'26 _ _
80
Jan'26
9684
9734 19
10714
10738
2
92 Apr'26
95 Mar'26
4978 21
4758
48
124
50
84
47
84
72 Apr'26
9334
9434 571
9114
9114
3
5014 Sale 49
52
82
5018 Sale 4813
5113 77
4978 Sale 4918
5118 48'
49
50
49
5012 44
10458 Sale 10413
10438 26
50 Sale 4914
51
52
156
4912 Sale 4838
50
50% 40
4934 Sale 49
4912 Sale 4812
5012 66
4912 5034 4913
4912
2
49
50
4914
5011 26
9934 9978 9934
9934 15
9978 100
9953 Apr'26 _
9938 Jan'26
9934 100
_
7634 11
7634 Sale 7634
7212 July'25 - _ _
8814 Sale 88
8814 14
5
88
8814 88
88
107 Sale 107
3
107
10334 104 10334 Apr'26
10312
_ 10334 Feb'26
10134
10112 Apr'26
10012 __ 10012 Jan'26
10138
4
10114
10114
1002 _ __ 10014 Dec'25
10714 Sale 10734
10773 21
31
114 Sale 11312 114
10318 10334 103
10358 118
87
4
874 87
85
8412 Mar'26 _ _ _ _
9134 404
9114 Sale 9078
8812 Apr'26
Oh L & N 0 Mem Div 4s _1951 J D 8813 ____ 88 Apr'28 _ _ _
St L & P let cons g 531_--1932 A 0 10112 ____ 102 Mar'26
Chits St P M & 0 cons 6s_1930 J D 10312 104 10312 Apr'26
Cons Si reduced to 33411-1930 J D 938 ____ 9334 Oct'25
100
10
1930 M B 100 10034 100
Debenture 5e
100 101 100
100
5
Stamped
8738 81
Chic T H & So East 1st 58-.1960 J 13 8718 Sale 84
8112 56
Deal l000,m S 79 Sale 78
Inc IN be
9612 Sale 96
9673 44
Ohio Un Sten let go 434e A _19631.1
1963 J J 104 10414 104
1044
6
let 5e Sabre B
102
10
1944.7 D 102 Sale 102
Guaranteed g be
191334 J 11812 Sale 11812 11834 28
lit fitis Series C
Cbls&WeetIndgeng68Pl932QM 10538 ____ 10334 Apr'26 19521J J 87 Sale 8613
8714 40
Coned 50-year 48
105
1962M S 10478 Sale 10418
95
lit ref btis ger A
104
Apr'26
Oboe Okla & Gulf cons 58_1952 M N, 10312
9714 Apr'26
Chi & D 2d gold 4t3s
193711 311 9714 98
0 I St L & C let g 45.--Aug 1936,Q Fi 9334 9412 9414 Feb'26 ____
9214 Dec'25
Aug 1936,Q F1 9234 94
Regletered
9038 Apr'26
C1n Leb & Nor
1942M 14' 90
4114
Chsa & CI cons let g
Apr'26
10118 ____ 101
1
I
87 I 11
Cleve Cln Ch & St L gen 42_1993 J D 87 Sale 8638
1931.3 J! 9834 ____ 99 Apr'26
20-year deb 434e
____ 10314 Mar'26 _ _ __
1993.7 D 103
General be Serlee B
10338 38
1929,1 1 103 Sale 103
Ref & impt 68 Series A
1941 J .7 10512 10634 10518 Apr'26 --_Si Series C
10338 27
1963.7 .1 10234 103 ,10234
lie Series D
Feb'26 - - _ _
Cairo Div let gold 4s_,1939J J 914 ____I 91
85
9
Chi W & M Div let 2 421_1991 J .1, 8412 8534 8412
St L Div 1st ooll tr g g 4s-1990 MN 8834 _ ___! 87 Apr'26
I 8314 Feb'26
M N 84
Registered
8Pr & Col Div let g 4s____1940 M S 9012 9112 8934 Apr'26 --90
9
9212 90
W W Val Div let g 4s____1940 J J 88
____ 107 Apr'26
0 C C & I gen cons g 8s__1934 .1 .7 107
Clay Lor & W con let g 55__1933 A 0 102 10212 10112 Mar'26 __ _ _
Cleve & Mahon Val g 58_1938 J J 9934 ___ _ I 9838 Dec'25 _ _ __
1935 M N 9614 9934 9638 Mar'26'- - _ _
Cl & Mar let go g 4348
_ 10112 Mar'26
Cl & P gen go 433e Ser A1942 J J 10118
86 Apr'26
1948 MN 853 86
Series C 3tie
1950 FA 8578 ____ 9334 Nov125 - Series D 34411
99
99
Cleve Shor Line let go 00.1981 A0 99 103
9
Cleve Union Term 534e--1972 *0 10712 Sale 10712 108
1973 A0 10312 Sale 103
10414 31
let s f 5n Ser B
1
D 884 ____ 8818
881s
Coal River Ry let gu 4s_1945
20
99
Colorado & South let g 45_1929 FA 9812 Sale 9811
39
Refunding & eaten 434e_1935 MN 97 Sale 9684
97
8718 Jan'26
Col & H V let ext g 4e
1948 AO 8814 __
10
90
,1955 FA 90 Sale 90
Col & Tol let ext 48
8212 Jan'26
Conn & Passum Riv let 45..1943 A0 8512
82 Mar'26
Consol Ry deb 4a
1930 F 14 87
2
73
67
1954 J J 6718
Non-cony 45
2
73
71
Non-cony debenture 45_1955 J J 6718 _
6718
68
Non-conv debenture 40_1956 J
9334 32
Cuba RR let 50-year 5114.__1952 .7.7 93 Sale 9212
8
lettref 730
1936 JO 10678 Sale 10634 107
9712 20
Cuba,Northern Ry 1st 66_1985.7, 9612 Bale 9613
Price
Friday,
April 30.
Peek's
,
Range or
„,*1
Last Sale '
Range
Since
Jars. 1
Bid
Ask Low
lay & Mich let cons 4 tie___1931
J 9814 ____ 9838
Del & Hudson let & ref 4e_1943 MN! 9334 Sale 9334
30-year cony 55
1935 AO 11114 Sale 111
15-year 5341
1937 MN 10412
10412
10-year secured 7s
1930 J D 10711 108 10712
RR & Bdge let gu 4s g1938 F A' 91
94 s9
a6
le 99
538
Den & R 0-let cons g 45_1938'.7
Consol gold 434e
1938• J 9273 9334 9234
Improvement gold 6e__1928
D 9978 Sale 9912
Lion & R G West gen bs_Aug 1955 MN 6512 Sale 651E
DesM&FtDistgu4s,l935 ii 44
49
44
Temporary etre of depoelt
40
42
39
Des Plaines Val let 4tie
1947 3S1-14 93% 0512 9313
Det & Mack-let lien g 4s.._1995 J 0 7113 ____ 72
Gold 45
1995 J D 70
72 65
Detroit River Tunnel 4t45 1961 MN 9812 Sale 9612
Dui Miesabe & Nor gen 5e....1941 1 .1 104
10312
& Iron Range let 5s
1937 A0 10178 103 10214
Dui Sou Shore & All g 5s_1937 1
87 Sale 87
Low
I1114
9773 98/
1
4
9053 9412
1081s 1164
102% 1054
107 110
944 95
8538 91
89
94
94
19
9512 100
108
100
6512 121, 62
7014
44
4712
Apr'26 -39
47
40
7
Feb'25
fir 1.1"
Mar'26
85 65
Mar'26 _ _ _ _
94% 9812
9812 54
Apr'26 - _ - 10312 10313
Apr'26 - __I 1014 1027s
4
85
871s
87 I
Evil Ry Minn Nor Div 181 48-'48 AO
Mar T Va & Ga Div g 5s1930 3 .1
Cons let gold 542
1956 MN
Ellen Joliet & East le g 511941 MN
El Fano dr W let 53
1965 * 0
bit consul gold 7e ext 1930 MS
tat eons g 4s prior
1996 1 .1
Registered
1997 J J
let cense! gen Ilan g 4e
1996• J
Registered
1996 • J
Penn el/11 trust gold 4s
1851 FA
rie year cony 4e Ser AI953 A0
do Seriee B
1953 * 0
(Sec eon v 44 Serles D _ _ _19.53 * 0
Erie &Jersey 1st a f 6s.... 1956 S i
Genesee River 1st s f 551957 J
Erie & Pitts au g 3345 B
1940 .1 J
Series C 334e
1940 J J
91
Mar'26 _ _ I 91
100% 101
Apr'26 _
Apr'26 ----, 10214 10471
10118 103
102% 104
261-"2.
104
10712
7 10714 10813
7412 79%
7938 75
7214 Sale
77021142 Sale
Sale
10814 Sale
10734 Sale
8818 ____
8818 ___
Fla Cent & Penn let ext g 5e_1930 J J
Control gold 58
1943 J J
Florida East Coast 1st 434e 1959 .1 D
1st & ref be Series A
1974 M
Fonda Johns & Glov 4Sis_1952 M N
Fort St U D Co 1st g 4%6_1941 .1 J
Ft W & Den C 1st g 5t3s
1981 J D
Ft Worth & Rio Gr 1st g 4s 1928 J J
Frem Elk & Mo Val let 8e
1933 A 0
10012 -- 9914
10012 102 10012
9714 Sale 9714
9912 Sale 9913
60 Sale 5912
9218 ____ 9014
10514 ---- 10512
97
9712 96
10812 110 10514
9933 34
Apr'26
9714
9934 449
6018 11
Dec'25
Jan'26
Apr'26
Apr'26
1-03
96
107
GH&SAM&Pletbe
1931 MN
2d extens Is guar
1931 J J
Galv Hous & Bend let 551933 A 0
J J
Ga Caro & Nor lst gu g 5s-1929 J .1
Georgia Midland let 38
1946 A 0
Gr R& text 1st gu g 434s
1941 3 J
Grand Trunk of Can deb 76.1940 A 43
15-year a f 6e
1936 M
Great Nor gen 75 Series A.,,.1936 J J
Registered
J J
let & ref 43.(e Series A__1961 3 J
General 534,Serbia B
1952
J
855. 5.84 General
Series C
1973 J J
104 10835 Green Bay58
&
West
deb
ctfs
A.__
Feb
10854 10515 Debentures ctts B
Feb
10334 1°384 Greenbrier Sty 1st gu 4e
1940 M N
1801, 102
Gulf Mob & Nor 1st 534e_1950 A 0
10012 10012 Gulf & S I 1st ref & t g
be___61952 5 .7
101 10112 100
10014 10034 10014
0613 Sale 9614
9858 Sale 0814
100 10012 1004,
71
42 , 7112
95
97 I 0534
11514 Sale 11414
10714 Sale 107
114 Sale 11312
11318
9634 9634
10618 Sale 106
10112 Sale 101
7614 82
7914
14
16
15
89
__-- 8838
105
____ 10412
105 Sale 10454
10012
3
10014
25
97
98% 25
10018
2
72
9
/6
Mar.
11512 24
10714 25
114
169
Apr'26
11
97
10612 73
10134 61
Feb'26
15
22
Jan'26
Apr'26
105
7
100 10034
10018 101
ors 974
96
98%
10018 10013
63
7214
9534 97
11434 118
10678 107%
10914 11412
11214 11318
93 97
10255 108,8
,1
9714 104.s
78% 7914
1312 193e
88% 88%
101 10412
1034 105
11074 11212
101 10112
79% 770
92
9731
10314 10834
8978 92
95 95
47
5234
4578 5215
8135 8434
7014 72
9038 97
91
9114
4814 5375
4714 5
_
312
4712 .014
47
53
10212 106
47
53'8
4634 5314
4553 5315
46% 53
4713 533s
47
53
9812 9934
997
998
0938 9913
7458 78%
oxi 101%
fj
1-11i;
1
1111
/
4
99s, 114,
/0358
85
87
8412 8412
8712 9
_
2
.
8814 °°'4
8654 88
10134 102
102% 194%
9133 9212 92
10053 ____ 10058
10513 10512 10478
103 105
104
___- 10
04
3
10738 10778 10712
7913 Sale 7834
6934 Sale
9718
Hocking Val let eons g 4345_1999 J J
Registered
1999 J J
Housatonic Ry cons g 58_.......1937 MN
H & T C 1st g int guar
1937 J J
Waco & N W let 6s
1930 M N 10134
__
Houston Belt & Term let 64_1937 3 1 9812 1-0-0
Houston E & W Tex lst 3 5e_1933 m N 10018 _ - _1st guar 5a red
1933 M N 101
___
Hud & Manhat 5s Series A1957 F A 97 Sale
Registered
F A
Adjustment income 5s__._1957 A 0
High No,
Feb'26
9413 23
11212 208
10412
2
1075
, 2
_9
_
Ap9
r11261 _7
6938 De°
7.236
0 4 183
Fe
ator:2g
9634 m
7134
70
114
3
7212 83
8
70
23
144 8
18
38
108
10838
10734 10812
92 Mar'26
8912 Mar'26
34
12
71i
04
6814
65
Ns, 9815
674 73%
6714 74%
7318 85
104 1083s
10414 10812
88
92
89
8911
98 100
9814 100%
95% 9714
97
9971
5938 64%
1-061;
98
10814
14
9138 95%
4
16
951k 9834
up 103%
1004 101%
9612 9914
101 101
100 10112
924 98
97
97
7814 Era
10134 Mar'26
9914
9914
1
101 Mar'26
10112 Mar'26
97
97% 241
2
501
Illinois Central let gold 4a___1951
'
S 86
96 1 9712 Apr'26
Registered
1951 J J
---- 93 Mar'26
1st gold 334e
1951 ▪ J -3-3T4
77
9°
Registered
• J 825
8 __ __ __ __ 0
687314
5
83
234 m
JItanr:20
77
83%
Extended let gold 3tie_1951 A0
941s 9°711
let gold 35 sterling
1951 MS 8933 -61-14
1% Feb'26
- 0
70
1004
10218
Collateral trust gold 4s
1952 A0
4
100 10212
Registered
AO
2
8
0334 Nov;32i5
11575 11834
let refunding 45
1955 MN 93 Sale
19
15334 10514
Purchased lines 334e
1952 5' 8234 _ _- 8412 Nov'26
81
8714
Registered
5'
low, 105
Collateral trust gold 45_1953 MN 8712 gra-e- 8718
8833 19
10233 104
Registered
MN
218
5
2
j
D
Aup
e
il0Yc:
e32
96
9714
Refunding be
1955 MN
fa% 9414
15-year secured 53'4e
1934 J J
38
15-year secured 83.36 g__1936 J
-1- 08159-:::11-4 42 581--la-- -81 'l e1118I11112
0 8 890 927 40:2857:1:814:4 :3 MM
a:8909
'
rr9r:25126
854:
1
Ap
5Rn; 9058 Cairo
Bridge gold 4e
1950 J D
9033 Jan'26
Litchfield Div let gold 3s..1951 J J 17
loots 101
:616
23:7
:
i-4
4: S11":811_247lie71g 74
Jan'26
Loulev Div & Term g 35361953 5' 8214 ____ 8134 Mar'26
85 87
“
Registered
5'
---- 7838 Jan'26
9714.9,%",
Omaha DIv is gold 3s__1951 FA -75114 ---- 7334 Apr'26
10238.
0.'4
St Louis Div 5c Term g 3e_1951 J , 7314 -- -- 7414 Feb'26
10134 10373
Gold 33-4s
1951 J
8512 ___-, 8512
8512
3
105 107
Springfield Div is g 3%8.1951 '.7 8373 ___. 8212 Feb'26
rigs4 103%
Western Linos 1st g 4s
1951 P A 9018 _--- 8934 Feb'26
911s
91
Registered
1951 FA
84 Au3'26
8134 85
III Central & Chic St L & N 0
8212 87
Joint let ref 5s Series A
I963 3D 102% Sale 1023, 10278 90
8344 8314
Gold 59
1951 • D 10414 10712 10414
10414
1
89
8934
Registered
D 10114 ---- 10214 Apr'26
8734.1)0
__
Gold 334a
1951 J D 79 ---- 7813 Feb'26
15674 40ro4 Ind Bloom& West let ext
A0
4e_1940
91 ----I 8814 Aug'25
1014 10212 Ind Ill & Iowa let g 4e
1950 J
92 ---- 9134 Feb'26
Ind & Louisville 1st go 42_1956 • J 8014
38 Ind Union Ry gen 5e Ser A__1968
9658
'
5 10314 Sale
-- - 17
09338 Ma
l0
e3216
4
4
10115 10112 Gen & ref be Series B
'
5 103
1965
- 10218 M9.1'216
4
8315 86
lot & Grt Nor 1st 88 Ser A 1952 J'
10458 1-66 10538 106
21
65, Series A 1952 Aprl 6312 Sale 6612
694 81
ifs; fobT2 Adjustment
Stamped
Apr
75
10512 108
Int Rye Cent Amer let 5s___1972 MN
9
10034 10414 Iowa Central 1st gold 5e____1938 J D 7612
61 Sale 6
770
64344
2 DGe'
6
76
12354
7
8834 8818
Certa of Deposit
6058 6018 Apr'26
9814 9914
Refunding gold 4s
1951 MS 1712 19
18
Apr'26
9512 „
971
.3 James Frank & Clear 1st 43_1959 JD 89% 9134
8978
2
8978
8718 ,
8 8
Ka A & R let gu g 5e
874 90
1938 .1 J 102
101
Apr'28
8213 Kan & M let
81
A0 8512
gu 411
1990
1
7512 82
2d 20-year 5s
1927 J J
102 10
70578 10805: 2
884 73 KC Ft S& M cons g 6s
1928 MN 10214 Sale 10218
10214
8
8811 73
K CFtS&M Ryref g 46_1938 AU 92 Sale
9178
9254 21
8812 70
K C & M R & B let go Ss__.1929 A0 997
2
8- 100
100
8834 9334 Kansas City Sou 1st
gold 3f1-1950 A0 7514 -i53
- 4 7512
7512 11
105 107
Ref & impt be
Apr 1950 J J 9814 Sale 98
129
991s
98
9214
foI981.10014
a Due Jan. 9 DUe Feb. 4 Due May. o Due Oct. p Due Dec. s Option sale.
vF
92% 9771
93
93
824 85
88's 8334
71
71
8815 91
167; Ii84
81% 844
85
883s
106.3
;10Y10214 194
11112 11313
9038 90%
74
74
8034 8114
7838 78%
7312 7334
7414 74%
811e 854
8212 8212
8934 89%
9912 102%
104 1054
10214 1024
7812 7812
894 9l8i
79% 29%
100% 10314
10078 1024
103 10614
66
7372
76
6012
604
1778
8832
-511
6558
65
231/1
911
/
4
101 101
83 85%
100 10114
1001e 103%
5914 9213
98% 100
76
74
93/
1
2 9918
2473
New York Bond Record-Continued-Page 3
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 30.
•
zt
s.
Price
Friday,
April 30.
Week's
Range or
Last Sale
Ask Low
Bid
High N 0 •
85
88
Kansas City Term let 0-.1960 J J 8712 Sale 8712
8712 Apr'26
J
Kentucky Central gold 4s__1987
11
85
Kentucky & Ind Term 4)0_1961 j J 83 Sale 81
8714 Mar'26
1961 j j 8512 89
Stamped
1017
8
2
1017
8
4
1013
West
let
it
55-1937
.1 J
Lake Erie &
1941 J J 10012 _ _ 10012 Apr'26
2d gold Se
8112
3
Lake spore gold 345
1997 J D 814 Sale 8112
1997 J D
---- 7934 Apr'26
Registered
40
99
8
Debenture gold 411
1928 M S 99 Sale 98,
9734 11
1931 M N 9714 9712 9714
25-year gold 44.
96 Dec'25
1931 MN
Regbytered
10414
7
leh Val Harbor Term 58-1954 F A 10414 10514 104
9838 Apr'26 - Leh Val N Y let go g 43411-1940 J J
85
26
Lehigh Val (Pa) cone g 4e-2003 MN 85 Sale 8412
80 Feb'26
Registered
MN
9512 10
9412
2003 MN 9412 95
General cons 4)45
10412
9
Lehigh Val RR gen S.Series_2003 MN 10412 Sale 104
Leh V Term Ry let ati g be 1941 A 0 10314 1033 10314 Apr'26
884 Apr'26
Leh & N Y let guar gold 46._1945 MS 8814 89
110
4
Lex & East 1st 50-Yr 5611U-1965 A 0 108 110 109
8512 Apr'26
1952 MN 85
Little Miami 45
109
1
110 109
1935 A 0
Long Dock consol g 66
10012 Feb'26
Long laid let con gold 55_61931 Q J 10042
61931 Q J 5412 ____ 9412 Apr'26 - lst consol gold 42
9118
1938 J D 91% - - -- 9118
5
General gold 4e
1
97
1932 1 D 9278 _ _ _ _ 97
Gold 48
1
874
1949
S 8634 ---- 8758
Unified gold 4s
9912 Apr'26
Debenture gold 55
1934
D 9912 98
10
97
20-year p m deb be
1937 MN 9712 98
88
9
s 88 Sale 88
Guar refunding gold 46_ _1949
_
Nor 8b B let con g gu 56_01932 Q 5 9958 1004 995g Apr'26
2
100
Loulelana & Ark let g 56_ _1927 M S 100 10018 100
8814
8912 8814
3
Lou & Jeff Bdge Co gu g 45-1945 MS 89
10312 Apr'26
N 104
Louisville & Nashville 56-1937
9512
9
95
1940 J J 9514 96
Unified gold 45
5
Collateral trust gold be- _1931 M N 10014 10214 10112 10112
23
1064
8
1075
10718
10712
secured
76
1930
M
N
10-year
16
let refund 548 Series A..2003 A 0 10814 109 10812 109
107 I
6
2003 A 0 10534 107 10634
let & ref 58 Series B
9978 83
1st & ref 4345 Series C-2003 A 0 9912 Sale 9812
1
,• 10614 107 10614 Mar'26 1930
N 0 & M lst gold 66
;
.▪ 104 105 10358 Mar'26 1930
2d gold 65
9212 9138 Feb'26 - - -Paducah & Mem Div 48._194 FA 92
6614 Apr'26
St Louis Div 2d gold 3s..,1080 M s 6614 68
9938 Apr'26 -.
Mob & Monte let g 4345_ _194 M S 9918 101
8812 11
South Ry joint MOL1OD 45_1952 .1 .1 8734 Sale 8734
9314 Apr'26
Atl Knoxv & Uhl Div 45..1955 ▪ N 9134 94
993 Apr'26 -Lousy CM & lox Dive 44832 MN 998l00
1934 3
10134 Mar'26 102
Mahon Coal RR let be
63
6314 14
Manila RR (South Lines) 48_1939 MN 6318 64
67 I
1
1959 MN 67 Sale 67
let 48
100 Mar'26
__
Manitoba Colonization 56_ _1934 J D 100
Apr'26 85
Man GB & NW 1st 3446_1941 .1 J 8138
2
102
Mich Cent Det & Bay City 55.'31 M s 10078 102 102
10014 Dec'25
Registered
1940
955 Apr'26 Mich Air Line 45
_
1951
79 Mar'26
s 8314
J L & S Ist gold 345
_ 83%
2
8518
let gold 3345
1952 MN 8518
2
9812
9812 9838
20-year debenture 46
1929 AO 98
5
95
9312
Mid of N S let eat 58
1940 AO 9312 95
MOw L S & West Imp g 55..1929 F A 10018 10134 10012 Apr'26
MB & Nor let ext 44s(blue)1934 J D 9412 _ _ _ _ 9412 Dec'25 -_
9434 Mar'26
Cons ext 434s (brown)_ _ _1934 J D 9412 95
Apr'26 _MU Spar & N W 1st gu 46_1947 ▪ s 9118 9112 91
81,
8 Dec'25
MOw & State L let gu 31.45_1941 J .1 8234 87
•M I --, -66-
1927 ID
Minn & St Louie let 7e
1934 MN
let consol gold be
Temp etre of deposit
MN
let & refunding gold 46_ __1949 MS
Ref & ext 50-yr be Ser A__1962 Q F
let guar g 78
1927 J D
M St P&SSM con g 4s Int gu'38 JJ
1st cone bs
1938 J J
list cons be eu as to Int.._1938 J i
/0-year coil trust 1345
1931 MS
let & ref Se Series A
1946 JJ
1949 MS
26-year 5350
let Chicago Term 51 46_ _1941 MN
hilssielippl Central let be_ _ _1949 JJ
Mo Kan & Tea-let gold 45.1990 J D
Mo-K-T ER-Pr 1 be See A.1962 JJ
40-year 413 Series B
1962 J J
10-year 68 Series C
1932 JJ
Cum adjust Se Sex A Jan_1967 A0
Missouri Pacific (reorg Co)
let & refunding bs Ser A..1965 FA
let & refunding 138 rim. D..1949 FA
let & refund Sc Ser E Int_1955 MN
General 42
1975 MS
Mo Pao 3d 7s eatat 4%
1938 MN
__ 102 103 Nov'25
7
60
60
60
62
.56
2
56
5978 56
20
10
20 Sale 10
14
1
13k 1478 14
99 102 102 Sept'25
9112 63
9012 9034 9012
9934
6
9912 Sale 9812
9934 49
9934 Sale 9914
3
103
103 10312 103
102 Sale 102
10214
7
9212 41
92
9212 9114
93 Mar'26
9212
__
933
Apr'26
9314 - - - 8738 32
868 8712 87
1017j 77
8
10078 Sale 100,
86
63
86 Sale 85
1033
17
103 Sale 103
9312 312
9234 Sale 924
Mob & hr prior lien e 58-1945 J J
Mortgage gold 4s
1945 J J
Mobile & Ohio new gold 135_ _1927 J D
let extended gold Se
61927 Q J
General gold 48
1938 MS
Montgomery Div let a 58.1947 FA
St Louis Division 55
1927 J D
Mob & Mar let gu gold 4e...1091 MS
Mont C let gu g 65
1937 J J
let guar gold 15s
1937 J J
Morrie & Essex let gu 334e_ _2000 J o
Nash,
/ Chatt & St L let 511_1928 AO
N Fla & 13 let gu g bs
1937 FA
Nat Ry of Mex pr .1en 4945._1957 J J
July 1914 coupon on
Assent cash war rct No 3 on.
Guar 70-year s f 45
1977 AO
Assent cash war rot No 3 on.
Nat RR Met prior lien 4)4s.1926'.8
July 1914 coupon on
J J
Assent eaah war rct No 3 on.
let consol 45
1951 AO
Assent cash war rct No 3 on.
100
99 Sept'25
4
8118
7934
7934
10138
102
7
101,
8
101 10112 10614 Apr'26 _ _ _ _
9012 9112 9038 Feb'26 _
1
100
100
100
9912 10014 99'2 Apr'26
89
8834 Apr'26
90
11018 11012 1.09,
8 Mar'26 _
1
102341
10234 -- -- 10234
78341
1
78
7834 7834
101 Sale 101
101381
8
10134 ---- 10134 Feb'26 _ _ _ _
30 Sept 24
_
____
19
Apr'25
1734
1734 Sale 1712
6
8712 June'24
_
20l 2134 2018 20141 4
3812 July'24
_
24 Sept'25'
_
-2514 11".13-4 30
Apr'26'
28
Apr'25:__
1514 1614 1412 Apr'26'____
97
10614
10614
7038
247
98
Sale 97
10612 54
Sale 10534
10638 96
Sale 10534
7034 301
Sale 7018
Apr'26 _ _
90
J
1945 '
9518
_ _ 9514
New England cone 58
Consol le
1945.8' 8311 -- 8314
NJ June RR guar let 45_ __ _1986 FA 8518 ____ 8514
NO& NElse ref&Imp 4348 A '52 J J 0618
96
87
86
New Orleans Term let 40.-1953 J J 86
N 0Texas & Met n-e Inc 58_1935 AO 10038 Sale 10014
1954 AO 10012 Sale 100k
let be Series B
1954 AO 10512 Sale 10518
let 5348 Series A
N & C Bdge gen guar 4 44..-1945
9634 - - - _ 9634
NYB&MB 1st con g 58_1935 AO 102 Sale 102
NY Cent RR cony deb 66_1935 MN 108 Sale 10734
MN
10612
Registered
1998 FA 8912 Sale 8814
Consul 45 Series A
2013 AO 97 Sale 97
Ref & lmpt 4346"A •
Ref & ImPt 55 Series C__ _2013 AO 10534 Sale 10518
A0
10318
Registered
a one Jan. Is Due July. cs Due Oct. s Option sale.
Mar'26
8314
8514
96,
8 16
86
1
10012 14
10034 159
10538 56
Apr'26
102
108
6
Jan'26
8978 38
9712 40
10534 190
Apr'26
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 30.
Price
Friday,
April 30.
Bid
All Low
High
Low
High
1.4 Y Central & Hudson River85
88
8712
8034
86
Mortgage 31.4a
1997J J 8012 Sate 8018
7834 Apr'26
_
Registered
1997j
81
89%
Debenture gold 40
85% 8714
9614
1934 M N 05's Sale 954
10012 102
Registered
M N 9514_ _ 9418 Jan'26
97
9512 g;le 9512
1942.8
9838 101
30-year debenture 4s
93
Feb'25
Registered
78% 8112
7934
784 Sale 784
80
Lake Shore colt gold 3346_1998 F A
77
78
78
7618 79
Registered
1998 F A
98% 99
Apr'26
Mich Cent coil gold 334s 1998 F A 8014 -- 81
9614 97%
80
Registered
1998 F A 8014 _- 80
96
1937 A 0 9434 Sale 9434
102 10414 N Y Chic & St L let g 41
9218 Mar'26
9512 9/142
Registered
1937 A 0 92% __
25-year debenture 4s
-- 9578 Apr'26
8258 85
1931 M N 95%
10312
80
80%
2d 13s Series A B C
1931 M N 10312 sale 10318
10458
Refunding 534s Series A....1974 A 0 10312 Sale 10314
92
9512
104
1004 10412
Refunding 534s Set B_1975 J j 1034 Sale 10338
9418
944
944 95
N y connect lstgu4i4e A 1953 F A
10212 104
102
1st guar 58 Series It
1953 F A 10114 102 102
885s 90%
90
90
1054 110
NY & Erie let ext gold 4s_ _1947 m N
9714 -- 94 Nov'25
8435 8712
8d ext gold 4349
1933 M
10038 Mar'26
4th ext gold be
109 10912
1930 A 0 10018
5th ext gold 48
1928.5 D 9814 ____ 9838 Mar'26
1001g 1001t
9712 Mar'26
944 96
N Y& Greenw L gu g 5s__1946 M N 9712 __
794 Apr'26
904 91 18 N Y & Harlem gold 334e_2000 MN 7938
97
97
80 July'24
8 N Y Lack & W
& ref be 1973 MN
84% 87,
102
97% 9912
1st & ref 4148
1973 M N 9934 -- -- 102
94
98
Y LE &W 1st 7s ext_1930 M S 106- _ 107 Dec'25
85
88
N Y & Jersey let 5s
1932 F A 101 102 10114 Apr'26
90 Mar'26
Y & Long 13ranch gen g 48_1941 M S
99% 100%
704 Jan'26
994 101
NYNH& Hart n-e deb 4,1_1947 M S
60 June'25
864 8914
Registered
M S
1024 104
Non-cony debenture 3346_1947 m S 6612 6912 6618 Feb'26
644
0314 95%
6614 64
Non-cony debenture 330-1954 A 0 64
7134
7112 Sale 7112
101 104
Non-cony debenture 46-1955 J J
7214
10514 108
Non-cony debenture 4s_ __1956 M N 7214 Sale 7134
64
65% 6334
19612 11014
Cony debenture 3345
1956 J J 64
1044 10814
19481 J 10014 Sale 9912 10014
Cony debenture fls
9712
9712
96
9978
Registered
J J
9918 99
9914
10478 107
1940 A 0 99
Collateral trust 68
6238
1034 103%
1957 M N 6218 6214 61
Debenture 45
8814
8814
Harlem R & Pt Ches let 481954 M N 8838 89
9138 9132
6512 6612 N Y & Northern 1st e 5e._..1927 A 0 10014 100k 10014 Apr'26
7238
723 Sale 71
9878 99% N YO&W ref lst g 4s_June 1992M
65
8518 8818
General 4e
1955 J D 6414 Sale 6414
9014 9314 N Y Providence & Boston 48.1942 A 0 8534 -- 8612 Apr'25
8614
8 92
8614
9914 99% N Y & Putnam 1st con gu 45-1993 A 0 85,
10154 101% N Y&RB lst gold 5s
1927 M S 10018 10038 10018 Apr'26
85
6012 64
3/ Y Susq & West let ref Ss..l9371 J 84 Sale 84
70
6578 6978 70
6212 67
2d gold 430
1937 F A
6818
6818 743 6818
100 10034
General gold 58
1940 F A
85
9712 -- 9758 Apr'26
85
Terminal let gold 58
1943 M N
751
10078 102
NY W'ches & B let Ser 434s'46 5 .1 7458 Salo 7414
-0Y58 9538
79
8038
83
8512
9734 9812
904 95
10018 10034
935s 98
91
89
60
56
19
14
64
6334
23
1614
Nord Ry extl el 6345
1950 A 0
Norfolk South Ist & ref A bs 1961 F A
Norfolk & South let gold 58_1941 M N
Norf & West gen gold 6s_ _1931 M N
Improvement & ext 6s
1934 F A
New River let gold
1932
N & W Ry 1st cons g 413_1996 A 0
Registered
1996 A 0
Div'l Ist lien & gen g 45_1944 J
1929 M S
10-year cony 65
Pocah C & C joint 46_ _1941 J D
Nor Cent gen & ref Esi A_ __ _1974 M S
North Ohio let guar g 65..._1945 A 0
Nor Pacific prior lien 413_ _ _1997 Q J
1997 Q .1
Registered
General lien gold 36 ___a2047 Q F
a2047 Q F
Registered
Ref & impt 434sser A_ _ __2047 J
Registered
J J
2047 J J
Ref & impt 65 ser B
J .1
Registered
2047 J J
Ref & impt bs ser C
2047J J
Ref & impt bs ser D
Nor Paz Term Co let g 65_ _1933 J
1938 A 0
No of Cal guar g bs
1930 J J
North Wisconsin let 62
857e 9112
97
,
2 9954
9734 9934
10234 104
100% 103%
8912 92%
93
93
93 9334
8458 874
9614 10178
Og & L Cham lst gu 46 g_ _1948 J J
8011 86
1936.8 D
10212 10414 Ohio River RR 1st g be
1937 A 0
9012 9534
General gold be
1927.8 J
Ore & Cal let guar g Ess
1946.5 D
8914 98
Ore RR & Nay con g 46
101k 10612 Ore Short Line-let cons g &LAO J J
10134 10638
1946 J J
Guar eons be
7034
Guar refund 4s
1929.8 D
65
88
90
Oregon-Wash let & ref 46_1961 .1 .1
Pacific Coast Co let g bs_ _ _1946 I D
Pac RR of MO let ext g 45_ 1938 F A
763-4 11-573 2d extended gold be
1938 J .1
10138 10312 Paducah & Ills let s f 4345_1955 J
10078 10614 Paris-Lyons-Med RR 65_ _ _1958 F A
90
90%
S f external 7s
1958 M S
9914 101
Paris-Orleans RR s f 76
1954 M S
4912 10012 Paullsta Ry 7s
1942 M
87
8834 Pennsylvania RR-cons g 481943 M N
10958 10938
Consol gold 48
1948 M N
10111 10234
45 sterl stpd dol___May 1 1948 MN
7858 81%
Consol 434s
1960 F A
10034 101%
General 4348 Ser A
1965.8 D
101% 101%
1958 J D
General 55 Ser B
10-year secured 713
1930 A 0
15-year secured 63411
1936 F A
1912
15
F A
Registered
40-year gold bs
1964 M N
-1.73-4 22
Pa Co--Gu 334e colt tr A reg 1937 M S
Guar 3345 coll trust Ser B_1941 F A
Guar 334s trust etfs C_ __ _1942 J D
28's 331
Guar 334s trust ctis D_ _1944 J D
Guar 15-25-year gold 4s....1931 A 0
13
1634
1952 M N
Guar 45 Ser E
9514 9514
81
8412
8412 8514
9238 96,
8
84
87
9614 10034
96 10034
10218 10512
9412 9634
9934 102
10438 10878
1064 10612
85% 8978
9214 9712
10113 10534
10318 10318
Peoria & East 1st eons 4.3-1940 A 0
1990 Apr.
Income 45
Peo & Pekin Un
5,4s_ _ _ _1974 A 0
Pere Marquette 1st Ser A 68.1956 .8 JO
1956.8 .1
let 45 Ser B
1943 MN
Phila Balt & W lst g 4/3
1974 F A
Gen bs Series B
Philippine Ry let 30
-yes 545 1937 J J
1932.8
Pine Creek reestd 65
1940A 0
PCC&StLgu434sA
1942 A 0
Series B 44s guar
1942 M N
Series C 43413 guar
1845 M N
Serlee D 4s guar
Series E 3345 guar gold,,.,,.l949 F A
1953.8 D
Series F 46 guar gold
1957 M N
Series 0 45 guar
8038 Sale
79
86, Sale 8438
8534 8638 9912
106 107 10612
10912 110 110
10714 109 10712
9238 Sale 92
_ 9212
9112 9212 9134
145
9212 Sale 9212
104
_ _ _ _ 10312
9618 Sale 9512
9078 Sale 89;8
8718
6518
6312
935 _ _ _ 9338
11238
11339 Sale 113
10014
102)4 Sale 102
10238 Sale 10134
10914 -- 10934
10438
10438
10258
103
-ar2 Sale
10r232 Sale 10214 16212
8612 ____ 8612 Oct'25
__
1334
____
Sale
8734
85
85
82 Dec'25
8312 Apr'26
9634
9634
8712
8734
83
8458
85
3812 39'2 374
102
10214
10312 Sale 10312
8718 Sale 87113
9434
9312
11014 ---- 10812
4234 Sale 4234
10618 -- 10512
9738 ____ 9758
9738 ____ 9734
9738 ____ 973
9312
_ 92.8
9318 ____ 9214
9278
9312 ____ 9338
No
Lou
18
48
12
26
2
1
17
17
125
116
5
1
764
76%
944
944
9238
Mob
8112
78%
9614
944
97
76. 7934
78
76
81
77
78
80
92% 96
92
9219
93t2 9714
10234 105
984 10458
9814 104
944
92
10018 102
8911 90
/60-12 1-0W5.2
9838 98%
94
974
7914 7914
2
9938
102
100',
90
90
7012 7012
24
20
24
30
128
5
112
67
1
86
14
1
2
5
1
104
6211 -41-2
6134 644
7134
68
6718 7214
64
61
9734 10014
96
9712
9618 9912
58
6234
84/
1
4 8814
100 10014
6734 72%
6212 6511
1F13;
1 813-14
100 10034
7738 85
64
7012
63
744
9758 99
6938 76
8034 65
7714 82%
7754 8638
8" 85
9912
98
Apr':.8
1061
1064 10654
5 110 110
110
107 1074
Mar'26
004 9314
9238 33
Apr'26
89
9212
Apr'26
904 9154
Apr'26
138 15614
8
9278
9278
91
Apr'26
10038 10334
31
97
88
97
106
91
8618 91
Apr'26
86
8718
6534 32
6154 6534
Apr'26
60 6312
9312
9312 10
87
Apr'25
11414 57 1681; 11114
11014 11014
Apr'26
10234 53
9814 10234
10258 50
9814 1023s
3 10954 10934
10934
1 10112 10514
10438
Jan'26
102% 102%
7712 78
77
771E
10138 ____ 10138
10138
101 1011/ 100 Dec'25
10038 10034 1004
10012
9212 Sale 9154
9212
1067 10711 107 Apr'26
10678 Sale 10678
107
98 Sale 9778
98
8678 Sale 8612
86721
9178 95
92
92
9258 ___ 9214 Apr'26
101
____ 10012 101
9658 ____ 9614 Mar'26
7778 Sale 77
78
8514 Sale 8514
8614
85 Sale 8414
854
101 Sale 10034 10034
938 ____ 9414 Mar'26
94
9412 94
9458
94
95
94
94
10114 Sale 10118
10112
9834 Sale 983,
9918
10612 Sale 106
10634
10734 Sale 10712
1078
11312 Sale 11318
11312
10912 Jan'25
84
8358
83
965
8712
Range
Stud4
Jan. 1
Week's
Range or
Last Sale
13
3
73
7712
10012 102
10 folii; 10154
20' 894 9212
10434 107
49 1054 107
70
9678 98
76
8314 87
2
9118 96
9112 9278
5 100 101
_
9614 964
60
734 781s
100
82
87%
53
82 87
2 10034 102
94
944
14
9111 9954
2
914 95
16
9878 10134
106
9414 9918
107 1021
,10634
162 107 1084
63 11118 11312
8
983s
II' 1E-
10
10
83I
82
9614 9672
8612 88
119
21
85
384 44
Apr'26
10378 69
2
8714
Mar'26
Apr'26
13
44
Mar'25
Apr'26
Apr'26
Apr'26
Dec.2
Feb'26
Feb'26
Apr'26 __-_
7938 8718
414
35
1004 10214
10118 10378
8518 8714
934 93%
10618 10812
4012 444
967 975
96% 9734
9738 97%
9272 93
93
9358
2474
BONDS
N. Y.STOCK EXCHANGE
Week Ended April 30.
New York Bond Record -Continued --Page 4
e
...a.
Price
Friday,
April 30.
Week's
Range or
Lail Sale
13
aza
Ask Low
iBid
High No.
Pttta
Cita & St L (Conducted)
9418
Series H 48
9334 Sept'25 _
1960 F A
Series I cons guar 430_1963 F A 9618 9734 9614 Mar'26 _ __ _
21
Series J 4 As
9718
1964 M N 9712 9734 974
General M 58 Series A...-1970 3 D 10234 108 10214
10234 23
Gen mtge ba Series B
1034 104
1975 A 0 10318 Sale 10234
Pitts & L Erie 2d g 58
101 101
Dec'25 _
a1928 A 0
Pitts McK & Y istgu6&_1932j J 106
106 Aug'25 ____
Pitts Sh & L E Ist g 5s
102 Apr'26 _
1940A 0 101
1st consol gold fa
10018 Oct'25 ___
1943 3 J 10014
Pitts Va & Char 1st 48
9114 May'25 _
1943 M N 92
Pitts Y & Asb 1st COLIB 58-1927 M N 9978 ____ 100 Apr'26 ____
lat gen 48 series A
9112 Mar'26 _
19483 13 9134
_
lot gen 68 series 13
10278 Jan'26.
1962 F A 10012
Providence Secur deb M
1967 ast N 6018 63 64 Mar'26
Providence Term 1st 4a
8318 Apr'26
8414
1916 M
Range
Since
Jan. I
Low
High
951, 9-64
974
96
100 1024
994 10318
-!i_i_14
lifi_li:19934 1004
9112
91
10212 10238
64
64
8318 8318
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 30.
j
Price
Friday,
April 30.
!
!Bid
redgC
0a
l4dn
804
gen 4a-19
92
44
8 iyi 8
31 99933384
Weeks
Range or
Last Sale
1m i
pm4:
Ask LOto
High N 0•
ec:2
20
5 -_ -_-_-.
10
100139212
90
2112 34
Dar
100
CrcrI1Nashtjl
e
extended
noad
19333 3 94% ---- 95% Mar'26 ---Vandal% cons a 49 Ser A___195.5 F Al934 --__1 8814 Mar'26 ---Consol 43 Series B
1967 M NI 884--1 8738 Dec'25 ---Vera Cruz & P let gu 4)2s
1934 2 J 23 14 1 20 Sept'25
24
a&
Assenting 1st 482s
19341____I --__ 2312 23
Virginia Mid 58 Series F
1931,,1 j, 100 ___- 100 Dec'25 ---1936 m N 1 102
___ 102 Apr'26 ---General 59
Pa & Southrs'n let gu 59_2003 .1 31 10078 103 100 Mar'26 ---1
1st cons 50-year Is
1958 A 0 9158 9312 93
93
Virginian 1st bs Series A
1962 m NI 103 Sale 10212 10312 1.19
Nabash 1st gold Ea
1939 M N. 10214 10258 10212 103 I ,..;
1939 F A 101 10134 101
2d gold 5a
10154 J-..
1
Nei O f 5)28 ser A
104
a*
1975 M S 1034 Sale 103
Debenture 1305 registered-1939 M 5 --------9334 Feb'26 ----.
8438
*
let lien 50-yr g term 48_1951 J J, 8438 Sale 8428
Det & Cl,! ext 1st g bs_ -- _194113 j' 10212 __ 10214 Mar'26 ---5
es D
adio
87
vinles
s1 D
g3
1v34
,
1at g 411_1939 J JI 87 Sale 87
Om
19413A 0, 8218 83 82 Apr'26 ---1
90
1941 M 8 9012 ____ 90
Tol & Ca Div g 4aOct'25 ---Warren 1st ref gu g 3328
2000,F A1 ____ 77
Apr'26
---1948
Q
m
82
8
8
84
Wash Cent let gold 49
Term
Wash
let 40_yar
1945 F A, 8334 85
8312 Apr'26 ---u 3828
40
suer
1945 F AI 91 ---- 9038 Apr'26 ----
Ran04
Since
Jas. 1
Leto
High
997 flitiF2
9512 951g
88
8814
11"
26
101
i"
9911 100
9034 934
994 10312
10114 104
984 10178
9812 1044
84 ra3r
4
101 1024
9512 974
Reading Co gen gold 48
1997 31 9718 ____ 96 Mar'26
8414 87
i1.4
4478 May'25
Registered
31
774 83
Jersey Central coil g 48___1951 AO 9034 9114 904
91
Se
87
• Gen & ref 412o Ser A
9414 9712
1997 J J 9714 Sale 9634
9712 20
9934 10018
Richm & Dana deb 68etpd_1927 AO 10018 10012 10018 Apr'26
8484
.
Rich & Meek 1st g 48
76
80
75 Dec'25 _
1948 MN
83 88,
7
192
9
1-0;2
912
2
RIchm Term Ry 1st gu 58___1952 J J 10278 ____ 10134 Apr'26
83
9114
Rio Grande June 1st gu 58_1939 J D 9914 100
99
99
Rio Grande Sou 1st gold 48_ .1940 33
-__ ---.
512 Dec'25 ____
9658 98%
W Min W & NW lat"gu 56-1930IF A: 974 ____ 9858 Marr
Guaranteed (Jan 1922 coup on)33
4 -iii
6 May'25 ____
6678 71
-1511.2 12- 9112
Rio Grande Went 1st gold 48_1939
es Maryland 1% e 4a ___1952,A
7
9138 30 -gig -9.1-58 Wt
0 7058 Sale 7018
Sa
ale 8
9234
,
Mtge & coil trust 4s A ____1949 AO 8
744 83
West N Y & Pa 1st g bs_. 19371.1 J 101 Sale 101 Apr'26 ---- 1004 10218
92
334,
8
94
378 29
8358 864
9478
89
R I Ark & Lords 1st 432s_-1934 MS
105
Gen gold 48
1943'A 0 864 87
86
Income g ba
Rut-Canada 1st go g 45
764 77
Apr 1 1943 Nov --------- 4534 te111;
3800i2::::
77 Feb'26.
1949• J 7758
110-7g.
8812
90
Western Pee let Ser A 58,.,..1946 M El 10038 Sale 10014
Rutland let con g 4828
1
87
0s :
11
8812
1941 • j 8812
4
... 10034 10612
St. Jos dr Grand lel 1st g 4s 1947• J 8218 -83-12 8112
11
784 83_
let gold Os Series B
1946 m 8 10378 Sale 10378
83
86%
8338
9812
1
974 97% West Shure 1st 48 guar
9712
fit Lawr & Adir 1st g 55
2361 J J 85% 86% 8578
64 17
1996 3,
9712
83 8512
2d gold 68
Regist red
e
1996 AO 102 10212 101 Sept'25 _
100
997
8
6
951
8
9
64
2
1
6
2
---:
Wheeling
&
L
Ap
8
r5
Bt. L de Cairo guar g 48
E
1st
g
10
8
0
6
12
1
8
0
51
0
/
4
9614
5(c-2
1
3
9
6
2
6
1
j
A
O
j
8
9
9
5
347
8
1931 J J 9618 97
9614
1004 1024
101
St L Ir M
Wheeling 131v let gold 58_1928 J .1 1004 ____ 101
S gen con g 58_1931 AO 10012 10034 10012 10078 13 10014 101
98% 9978
9712 91
954 9712
UnUle6 dr ref gold 48
Ext'n & impt gold 58
194
30
9 F A 9955 --- 994
1929 33 9738 Sale 9678
9978
.1
807s 88%
Series
A
93
Refunding
4825
1966
M
Sept'25
S 8614 -87
8634
8634
J
Registered
81
8712
:
-469 -319.- -9
RR lot consol 48
Riv & G Div ist g 4.9
M 5 8718 Sale 87
935
1933 MN 93 Sale 924
6414 784
100 2 IV 10 k & East 1st gu g 58
1942 J D 6878 6914 6878
69%
3
St LM Bridge Ter gu g 5s
1930 AO 9934 10114 100 Apr'26
1021s
1024
8
77
5
8
W
8312
Sale , 8314
1369 II & S F let gold bo
1938 J D 10212 10412 10212 Apr'26 ---38334
St L & San Fran (reorg co) 41950
.• 1
854 38
80
80
Winston-Salem 8 B let 4&_A960 J32
88
_
80 Apr'26
88
8812 88
Registered
Ii
8018 8412
99
318 10
93
9,
5:: Wis Cent 50-yr lot gen 48._1949 J J 8334 Sale 8334
8412 39
9813 --le 9834
9912 97
Prior lien Ser B 58
1950 J
9012 24
8612 904.
Sup ea Dul div & term let 40'36 M N 8912 90
10258 22 109 103
Prior lien Ser C Ss
8918
1928 13 10218 Sale 10218
Wor & Con East let 4828-1943 J .1 80
82
10258 123
Pr'or lien 5828 Ser D
7614 Mar'26 ----, 764 7614.
1942 31 102 Sale 102
Cum adjust Ser A 68____51955 AO 9612 Sale I 9614
9714
1 ...,I
INDUSTRIALS
Income Series A (So
51960 Oct. 9012 Sale 8934
9078
85
9712
0
995
i
"00
92
1:
,
/
1
43' 10
:11 Adama Express coil tr g 4a 1948 M El 8514 87
1
8712 .1
&Louis & San Fran Ry gen 66'31 3, 10538 __ 10513 Mar'26 539520 10
86
ung 105
101
Ajax Rubber let 15-yr s f 65_1936 J D 10312 10412 10314 1034
Sale '101
General gold 68
10112 10
1931 Ii
41a
Cs
2 113
738 Alaska Gold M deb 68 A
10
84
214
83
St. L Peo & N W 1st gu 58_1948 3' 1035
1925 M S
418
b
418 Feb'26 ---___10338 Ape26
4
414
944 944
St. Louis Sou let gu g
Cony deb 65 Series B
1926 M S
418 6
44 Feb'26 ---5
MS 95 8-9712 9418 Apr'26 ___
90
12
9112
St L S W 1st g 4s bond ctfa 1989 MN 8658 Sale 865/1
tipine-Montan Steel 78...._195.5 M 13 91 Sale 91
8713 54
75
8112 km Agrie Chem let ba
2d g 413 income bond ctfa.P1989
1928 A 0 103
lir 2
0,
1s 10234 10414
8114 100
____ 103
8114 Sale 80
1941 F A 10414 Sale 10418 1044 " 10334 105
9438 Sale 94
Consol gold 4s
1st ref s 1 7325 g
9412 65
9132 95
1932
35
9512 1014
894
9738 Amer Beet Bug cony deb 6s-1935 F A 9612 Sale 9614
let terminal Ar unifying 68.1952
97
96 Sale 96
9738 20
9814 10112
9034 American Chain deb a f 6s 1933 A 0 10112 Sale 10012 lop, 22
St. Paul & K C Sh L 1st 4321 1941
86
A 9014 9012 8978
9034 42
9312 974
9612
4
SC Paul & Duluth let 5a
Am Cot Oil debenture 5(9_1931 141 N 9612 Sale 96
10138 ____ 994 Mar'24 ____
1931
If- Iii
1st coned! gold 48
.1 10558 10678 10558 Mar'26 ----1 10558 106%
8812
89 Feb'26 _
1968
St Paul E Gr Trunk 01947
Amer lee deb 78__Ju.y 15 119
93
39
6j
_ . 110 125 125 Mar'26 ----, 118 1344
9018 91
924 ____ 91
Jan'26 _______
8t Paul Minn dc Man con 48_1933
96
97
Am Mash & Fdy of 68
1939 AM un 10211 10112 Apr'26 ---- 10014 103
9658 _-__ 97
Feb'26
42
, 98 100
Am Republic Corp deb 68_1937 A 0 9934 Sae
100
0034 3
Registered
9214 July'25 ___
99 10114
ii;
jai
lit consol g 46
Am
Sm
&
R.
let
55
A1947
A 0 10014 Sale 10
30-yr
ger
90
934
logig
10934
109
1933
5 107
109
107
1st M 68 Series B
1947 A 0 10712 Sale 1074 10734 22 106 10834
Registered
107 Mar'26
9962 100
Amer Sugar Ref 15-yr 65-1937 J J 10414 Sale 10414 10512,3
0.2
, 10234 10612.
Si reduced to gold 4328___1933
9958 Sale 9955
5
9934
9672 981s
9813 AO .I.
9812 99
Am Telep & Teleg coil tr 48_1929
9618 Sale 9734
Registered
10
99
99
1933
94
92
94
g 974
94l 9512 944 Apr'26 _
9:8
964
Convertible 42
1936 IA S 94 Sale 94
Mont eat 1st gold 44
1937
11,212
924 9212
20-year cony 412s
1933 m S 10012 101 10114 10112
, 10012
Registered
9238 Mar'26 _
'oak
894 6938
30-year coil tr ba
1946 J D 103 Sale 10234 10314 "
Pacific ext guar 48 (sterling)'40
8934 904 8913 Apr'26
ceps 101
710175 10458
35-yr 4 f deb 58
1960 3 .1 10012 Sale 10012 10034 263
St Paul Union Depot 6s___.1972
10412 Sale 10312 10458
20-year a f 5128
1943 MN 10512 Sale 105
10534 190 103 10634
5s
84
88
I? 10314 10434
Am Type Found deb 68__1940 A 0 10314 Sale 10312 134
88% 54
J J 8814 Sale 884
S A & A Parse 1st gu g
9534 98
10012 1024 Am Wat Wks & Elm 58
98
,
1934 A 83 9738 Sale 974
10234 Apr'26
Santa Fe Pres & Phen 59_1942 MS 10212
42 68
km Writ Paper s f 7-69_1939 J J 464 Sale 46
4612 It
Jan'26 ___ 110 110
110
Say Fla dr West 1st g 6s____1934 AO 10734
46
Temp interchangeable Ms dep. ___. 46 Sale 46
131 414 544
10134 Dec'25
1st g 58
1934 AO 102
1
Scioto V & N E lat gu 4a 1989 MN 8918 9012 8918 Apr'26
7814
Anaconda Cop Min let 68_1953 F A 10358 Sale 1034 10334 102 1014 10412
Seaboard Air Line 548
1950 AO 8014 81% 8112 Apr'26
784 82
15-year cony deb 78
1938 F A 10538 Sale 10412 105% 73 1024 107%
65
81
Gold 45 stamped
1960 AO 81 Sale 8012
9912 237
9678 102
8773 Andes Cop Min deb 7560% pd'43 J J 9912 Sale 994
76
62
81
Adjustment be
Oct 1949 FA 8038 Sale 8018
3878 228
6
88
99
1:
:1
9514 1001s
99 3834 4.::14,
o-Chilean Nitrate 78_1946 M N 9814 Sale 9734
35
73
Refunding 48
1959 A0 73 Sale 7214
8612 1,24
874 105
87
87
Sale
Amnia
(Comp
..zue)
7828_1939
200
let & cons fle Series A__ _1945 MS 95 Sale 9434
9814
9872 44
941s 9878
Mem Bridge & Ter 68_1964 M 8 9878 Bale 9814
9238 26
Atl & Birm 30-yr 1st g 48.(11933 MS 92
9036 92%
924 100
9; Armour & Co la real est 41481939 J D 92 g Sale 92
924 37
9612 55
1e 9
92
5/
1
4
12
Seaboard-All Fla 1st gu Si A_1935 P A 9512 Sale
Ma
59
93
945
8
93
Sale
93
100
1003
_943
_1
J
.1
8
Armo
Armour
5.
Coot
Del
51
,
25.
1
100
_
100
Seaboard & Roan 1st 5e
1926 J J 100
1034
134
102
10234
103
Sale
1
03
0
1
14
38
5
1023
4
Associated 0116% gold notes 1935 M
1013
So Car & Ga let ext 5328
- 4 10134 Apr'26
1929 MN 10114 ___- 99% Mar'25 ---D
995
8
let
bs
1947
3
iiii:i
Atlanta
Gas
L
12
10418
1035
8
FA
1936
S&NAlaconagugba
28
20
Jan'26 ---I934 J 1:1 2634 ____ 28
10534 10855 Atlantic Fruit 78 etfs dep
1083
°
41 Apr'26
Gen eons guar 50-yr 58.-1963 AO 10812
20% 2013
2314 394 2018 Jan'26 -854 904
Stamped ctfs of deposit _______ ____
9014 10
8814
13o Pan Col 4o(Cent Pee col)k1949 3D 89
Sale 10013 101 1 241 9938 1004
3
101
3
58
1937
Atlantic
Retie
deb
Sept'25
85
3D
Registered
9814 91
20-year cony 49
June 1929 MS 98 Sale 9734
2 10214 105%
023
178
4 Baldw Loco Works let 58-1940 M N 10314 104 10378 10378
19
0934
0 10
20-year cony ba
1934 3D 101 10212 10034 Apr'26
2 103 1064
134
104
18012 19
0
9434
78
1937 J J 104 :
Baragua (Coup Az) 712s
10118 29
20-year e Si
1944 MN 101 10138 100%
97 101
10
9
0
814
2
,
19
6
1940
J
D
903
4
Corp
deb
65
997
8
87
Barnsdall
9034 52
San Fran Terml let 48-1950 AO 9018 Sale 8934
97 10078
85
8538 Belding-Hemingway 69
1936 3 J
Apr'26
AO
Registered
27 10088 10372.
ale
102
10312
102
1948
J
J
er
Pa
D
bs
19
0
4
414
‘t
et
u
94
1031
1
4
Bell
3
9414
10
83
51
3 Apr'26
So Pao of Cal-Go g bs
r1937 MN
ale 10238 10318 196 100 10878
1960 A 0 103
Jan'26
So Pee Coast 1st gu g 4s____1937 3, 9414
41
951310018
ale 9834 100
90
93
Beth Steel lot & ref bs guar A_'42 M N 100
228
93
'
3 9258 -9178 9212
So Pac RR let ref 48
1955
ale 96
8314
30-yr pin & imp 51 58. _ _ _1936 3 J 98
0
98
94
8 17
53. 93 984
954 994
ale
Cons 30-year 68 Seriee A 1948 F A
128 104 107
Southern-lit cons g 5s--1994 J J 10678 Sale 10612 107
9338
cons 30-year 582s Series B 1953 F A 9278 ale 9278 9338 188 874
103
10184
103 Mar'26
Registered
J D
8114 8512 Bing & Bing deb 6,828
: 904 gg
1950 M S 9212 9434 94 AWN --8514
Develop dr gen 48 Ser A__1956 A 0 8518 Sale 8478
107Is 11154 Booth Fisheries debit 68-1926 A 0 ____ 84
70 97
8214
834
a
86
1113
4
1114
1103
4
Sale
Develop & gen 68
0
1956 A
91% 47, 90 9514
Botany Cons Mills 6338._..1934.A C 9112 Sale 91
178 112 117
117
Develop & gen 6348
1956 A 0 117 Sale 11614
25 101 103
1942.A 0 103 Sale 10212 103
1 10134 10512 Brier Hill Steel let 53-38
Mem Div 1st g 4328-58
____ 10512 10512
1996 .1 J 104
71
76/4
Sale
8914
1
D
7288
7212
7334 32
1943
B'way
&
7th
Av
lst
e
g
Ss_
86
5
8838
et Louis Div 1st g 48
19511 J 8838 Sale 8838
704 73
Apr'26
---lot
70
3
73
'25
---4
74
atmpd
June
994
100
Ctfa
of
dep
East Tenn reora lien e 58-1939 M
10014 1024 100 Mar'26
9314 95
19413 J 944 Sale 9312
874 92
Brooklyn City RR 5a
95
i
Mob & Ohio coil tr 411_1938 MS 9114 92 914
9112
1044 47 103 10534
9
892
11 992
833i4 Bklyn Edison Inc gen be A 1949 3 .1 1034 Sale 103
1
83%
Spokane Internet let g 54_1956 J .1 80
8412 8334
1 103% 10818
19303 2 10378 1044 1038s 10358
General 68 Series B
9912
1
Superior Short Line 1st 5s_..81930 M
994 -- 9912
9214 9634
9614 237
1968 J J 96 Sale 9534
961a 9734 Bklyn-Man R Tr See 68
Term Assn of St L 1st g 430_1939 A 0 9712
9734 Apr'26
61
64
6214 63% 64
64
7
M
N
'41
101
10
6
Bklyn
Qu
Co
dr
Bub
con
gtd
bs
lot eons gold 58
1944 F A 102 103 10214 Mar'26
774
72
7538 Apr'26 --__
1941 3 J 75% 79
8434 .8733
let 58
87% 17
Gen refund f g 4a
J 8634 8718 87
1953
52 102
a02
--_- 92 June'25
88
J
J
9818
48_2002
Brooklyn
R
Tr
let
cony
g
Apr'26
Tex & N 0 con gold ba
1943J J 100 10134 102
Nov'25
---------13811
J
notea_A921
3
103
1013
3-yr 7% secured
45
106
Texas & Pao lat gold ba_2000 J D 10512 10534 104%
___ 12314 May'26 -- __
93
1: 10011
32
ir
99
CUs of deposit stamped _______ ,_-__ _e4
10018 10
La Div B L 1st g be
19313 J 10018 10038 10018
881, -9113-4.
9212
6
Sate 9214
1950 F A
Bklyn Un El let g 4-58
45
Tea Pac-Mo Pm Ter 530_1964 M S 103 Sale 102% 103
884 9212
18
F
A
924
_--9212 Apr'26 --__
1950
Stamped guar 4-58
2 10016 101
Tol & Ohio Cent hit gu be 1935 J
101% Sale 10113 10114
10314
8 10172 10378
4 Bklyn Un Gas let cons g 50._19415 M N 10314 Sale 103
101
100
12
Mar'26
Western Div 1st g 58
1935 A 0 10034 -- 10078
--__ 110 11234
Apr'26
____
11234
1123
4
N
M
A-1947
9718
100_4
6s
let
lien
&
ref
Series
10012 18
General gold be
1935 J D 10038 101 100
137 126 135
D 13312 Sale 13312 134
84
37%
Cony deb 53.2s9J
37% Jan 26
Toledo Peoria & West 4a...._1917 J .1
55
92
92
92 Mar'26
11933263
1
8733 522 Buff & Elmo Iron 8 f bs
8912 13
Tol St L & W 50-yr g 48
1950 A 0 8934 ____ 8911
8734 9014
--__
Apr'26
___.
0
9014
9014
A
1952
9755 WO
Bush Terminal 151 48
98 Mar'26
T0IWV&Ogu433sA._,,.1931 J J
9412
90
9412 Apr'26 --__
J 3 951g 98
1955
......
---Consol
58
Dec'25
965
5
J
Series B 48213
19331
8912 ____
9534 100
18
99
Bush Term Bldgs5s gu tax ex 1950 A 0 99 Sale 9734
90 Nov'25
Series C 48
1942 M S
Wig 111-4
Tor Ham dr Buff 1st g 46
19413 1 D 884 ---- 8814 Apr'26
Cal G dr E Corp unif & ref bs_1937 MN 101 10178 10118 10113 10 10014 1014
75 10312 1054
69 80
1933 A 0 104 Sale 10334 104
Cal Petroleum St g 63.3s
7038 20
Ulster & Del 1st CODS g 58___1928 3D 69 Sale 69
904 994
9812 17
4018 48
1942 A 0 9734 Sale 9734
Camaguey Bug let if g 70
2
42
42
1st refunding g 48
43
1952 AO 41
6 1014 10114
Sale
104
1044
N
10414
924
95_
'42
M
Canada
76
138
Lines
let
coll
8
1
54
95
Union Pacific 1st g 49
1947 3' 9412 Sale 9414
1034
1014
Apr'26
-914 93'4 Cent Dist Tel let 30-yr 58-1943 J D 10234 ___- 103
9334 Apr'26
3'
Registered
1
9334 9914
954
12:
0
09014 Cent Foundry let o f 68
994
1931 F A 9412 9634 9514
3 108
20-year cony is
994 27
1927 33 9938 Sale 9938
100
10114
224
10114
10018
.1
101
Sale
9
012
611.-1945
J
86
let
lien
5
f
Cent Leather
let de refunding 48
9012 38
904 Sale 9018
e2008 M
let lien dr ref 58
10912
e2008 MS 10818 109% 10814
1033
4
10212
15
10-year perm secured 66_1928 3' 10258 10234 102% 10234
IP
II Due Jan. 4 Due May e Due June, 5 Due July. 4 Due Aug. 9 Due Nov. a Option sale.
2475
New York Bond Record-Continued-Page 5
Price
Friday,
April 30.
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 30.
Central Steel 1st g 5 f 88_1941 MN
Ch L & Coke 1st gu g 684_1937 J .1
1927 F A
Chicago Rya 15158
1932 A 0
Chile Copper 69 Ser A
Cineln Gas lc Eleo let & ref ba '56 A 0
1961 A 0
1
Jan
due
B
6598 Tier
Clearfield Bit Coal 151 49_1940 J .1
colo F & I Co gen e I 58_1943 F A
1934 F A
Col Indus 10 & coil be gu
1927 J .1
Columbia G & E 151 58
1927 .1 J
Stamped
19p3 191
Col & 9th Ay 1st gu g 5s
Week's
Range or
Last Sate
High
High No Low
Bid
Ask Low
4 11514 118
11714 11712 11712 11712
3 10112 10214
10178 Sale 10172 1014
6534 81
7212 64
7213 Sale 72
10818 291 10512 10913
10734 Sale 10714
102%
8 102 10313
102% 10258 10214
105
3 10212 105
10478 Bale 104%
824 821s
8218 Feb'26
93%
91
9338
6
93% Sale 93
8334 87%
87% 48
8718 Sale 884
10012 22 100 10114
1004 Sale 10018
100% 24 100 101
10018 Sale 10018
Oct'25
10
1932 .7
Columbus Gas 1st gold be
Commercial Cable let g 0_42397 Q J
Commercial Credits!68.- _1934 M N
1935 .7 .1
Col tr at 559% notes
Commonwealth Power 69-1947 M N
J
Computing-Tab-Ree s f 10_41941
Conn Ry & L lat & ref g 4599 1951 .1 .1
1951 J J
Stamped guar 4595
Cons Coal of Md 1st & ref 58.1950.3 D
(N Y)deb 5504_1945 F A
Consol
Cons'd Pr & Leg let 650_4_1943 M
Bag Mills 650_1944 F A
&
Pap
Cent
Consumers Gas of Chic gu 58 1936 .1
1952 MN
Consumers Power 1st 5a
Copenhagen Telep est 68_4_1950 A 0
1931 MN
Corn Prod Refg e 12 be
1934 MN
let 25-Year sr 58
Crown Cork cir Seal 1st s t 69_1943 F A
19351 J
Cuba Co cony f 6e
1930 J J
Cobs Cane Sugar cony 75
Cony deben stamped 8% 1930 J J
Cuban Am Sugar let colt 89_1931 M S
Cuban Dom Sue 1st 750..41949 M N
.1
cumb T & T 1st & gen 68_ _1937
Cuyamel Fruit let 69 hit cite '40 A 0
9914 10018
995 100 1001 Apr'26
8058
75
8058 10
8014 80
80
99 1004
9912 12
9912 Sale 99
9234 9912
93 Sale 9234
9314 19
10414 26 10234 105
104 Sale 10334
10513 15 10438 106
10514 10512 10514
9012 92
8712 ____ 9012 Mar'26
924
90
9034 Apr'26
90% 92
7812 86
80
74
79 Sale 7812
10612
10414
10514
85
106 Sale
1054
10414 It.blit
10478 Mar'26
7378 82
75
9
75 Sale 75
981a 10112
3
10114 10114
10114
9713 10214
10034 Sale 10014
10118 62
99 10034
99 100 100 Apr'26
____ 9038 July'24
99
3 1-61-34
1 1170-1101% 10212 10112 10112
8254 86
86
37
88 Sale 8312
9218 9832
98% 409
9832 Sale 9634
96
937 Sale 9334
93
943
36
99
9612 100
58
9812 Sale 98
10834 Sale 1084 10834 10 10612 10913
9114 1.014
99
456
99 Sale 9812
11 10014 102
10134 Sale 10134 102
94
1
9334 95%
9334 9412 94
Denv City Tramw 1st con 58 1933 A 0
Den Gas& E L 1st & ref a I g 59'51 MN
M N
Stamped
Defy Corp(D G) let sf 79..1942 M S
Detroit Edison 1st coll tr 58_1933 J .7
1st & ref be Series A_July 1940 M S
1949 A 0
Gen & ref bs Series A
let &ref 68 Series B_July 1940 M 8
1955J D
Gen & ref be ser B
Del United let cons it 4345_1932 J .1
1941 M N
Dodge Bros deb 63
Mid (Jacob) Pack let 68_1942 M N
Dominion Iron & Steel 59_1939 J J
1942 J J
Donner Steel 1st ref 78
Cu Pont(El) Powder 4599..1936 .1 D
D4121112111144 Lt 1st & roll 68_1999 I J
19t coil trust 5598 Series B.1949 J J
97 Sale
9612 Sale
84 Sale
10112 102
10158 102
1013 Sale
1075 Sale
101 102
924 93
9434 Sale
75 Sale
49
48
94 Sale
10912 110
106 Sale
10534 Sale
BONDS
N.Y.STOCK EXCHANGE
Week Ended AprI130.
Range
Since
Jan. 1
c4
9218 Aug'25
97
44
9513
95
9612 20
84
8
8412
10112 10238
4
10114
10134 13
10132
2
10114
10712 10818 12
10112 10112 10!
9218
9218
2
944
9512 196
75
7518
9
9878
50
12
94
9412 23
10912 Apr'26
10534 10614 114
10558
10514
4
Prim
Friday,
April 30.
Ask Low
Bid
Kings County El 151 g 45_1999 F A 80 Sale 80
1949 F A 8014 Sale 7912
Stamped guar 45
Kings County Lighting 5e.-1954 J J 100 Sale 100
1954.3 .1 10812 109 109
let & ref 650
Kinney(011)dr Co7%% notes'36 J D 103 107 105
Lackawanna Steel 1st be A4-1950 PA S 9818 Sale 97
Lac Gas L of St Lretkext 59_1934 A 0 10014 Sale 10014
1953 F A 104 Sale 10312
Coll & ref 5345 Series C
98
Lehigh C & Nav s f 4598 A-1954 J J 9838
Lehigh Valley Coal 1st g 58_1933 J J 101 102 10011
4012
Lex Ave dr P F 1st gu g be._1993 M 5 ____
121
Liggett & Myers Tobacco 7541944 A 0 12012 12118
122
A0
117
Registered
1051 F A 103 Sale 103
as
98
F A 9818
Registered
1944 A 0 12012 12012 11812
Lorillard Co(P)79
_
11534
A 0 115
Registered
1951 F A 10118 101% 101
be
9614
FA 9414
Registered
Louisville Goa & Electric 53_1952 M N 9934 Sale 9912
19303 .1 90 Sale 90
Louley Ry let con 58
Lower Austrian Hydro-Elec Co1944 F A 8314 Sale 8314
lets t63415
931s 9512
91
84
101 10238
10058 102%
100 10234
106 10812
10018 101%
90 97
971s
93
83
72
48% 6234
92% 974
99% 10958
10514 107
105 106%
1942 A 0 100 Sale 99%
Manati Sugar 7%5
Manhat Ry(N Y) cone g 48_1990 A 0 6612 Sale 66
20131 D 6012 63 604
2d 45
1942 M N 1147 115 11478
Manila Electric 715
Manila Elec Ry & Lt s f 55-1953 M S 9178 9412 9134
Market St Ry 715 Series A_ _41940 Q .7 98 Sale 97%
Metr Ed let & ref g 69 Ser 1341952 F A 108 Sale 1073
1953 J J 100 Sale 100
let & ref 58 Series C
1953 J D 104 Sale 104
Metropolitan Power 69
724
7212 73
F A
45_1938
El
(Chic)
Met West Side
1941) M S 10234 Sale 10234
41Id-Cont Pete 1st 6595
midvale Steel &09005,11 59 1936 M 5 96 Sale. 9534
99
98
MilwElecRy&Ltref&ext4545'31 1 31 98
1951.7 D, 997 Sale 994
General & ref 55 A
9512 Sale 9512
1961 J
1st & ref 5s B
1953 M S 10414 Sale 1044
1st & ref g 63 Scrim C
Milwaukee Gas Lt 1st 4234_1927 M N 9914 Sale 9914
1943 J .1 10114 Sale 10034
Montana Power 1st be A
Montreal Tram 1st dr ref 55_1941 .1 J 9718 Sale 97
92%
1955 A 0 9232 94
Gen & ref 9 f 58 Ser A
_1939 J J 87 Sale 87
Morris & Co 1st St
80
81
Mortgage-Bond Co 4s Ser 2.1966 A 0 80
9612
10-25-year bs Series 3...1932J J 9612 97
1934.3 D 8812 Sale 8712
Murray Body 1st 650
Mu Fuel Gas 1st gu g 584_1947 M N 10218 103 10214
10138
Mut Un gtd bonds ext 4% 1941 M N 99
Nieman Elec guar gold 4s.._1981 J
1931 J D
National Acme 750
Nat Dairy Prod 6% notes 1940 51 N
Net Enam & Stampg 1st 0_1929 J D
Nat Starch 20-year deb 684_1930 J J
1952 M N
National Tube 1st bs
19483 D
Newark Consol Gag 58
New England Tel & Tel 584.1952 J
N Y Air Brake 1s1 cony 68_1928 M N
New Orl Pub Sery 1st Is A..1952 A 0
19551 D
let & ref to ger B
NY Dock 50-year 1st g 49_41951 F A
NY Edison let & ref 6599,4_1941 A 0
1949 A 0
let lien & ref 5811
N Y Gas El Lt & Pow g 58_1948 J D
1949 F A
Purchase money g 48
N Y L E.te West C &RR 550 1942 MN
NYLE&WDock&Imp5s_1943 J .1
1930 F A
N Y Q El L & P lst g Ea
N Y Rys 1st R E & ref 494_1942 J J
Certificates of deposit
30-year ad1 Inc 584.44Jan 1942 A 0
Certificates of deposit..........
NY RYS Corp Inc(is____Jan 1965
J
1965
Prior lien (3s Series A
1951 M N
N Y & Rich Gas let 69
NY State Rys 1st cons 4595_1962 M N
1962 MN
1st con 6599 serial B
NY Steam 1st 25-yr 68Ser A 194731 N
N V Telep let & gene!4%8_1939 51 N
30-year debens f 69_ __Feb 1919 F A
20-year refunding gold 65_1911 A 0
J
Niagara Fall Power let be_ _1932
Jan 1932A 0
Ref & gen 68
Mag Lock at 0 pr ist Se A __1955 A 0
No Amer Cement deb 6%s A 1940M S
1952 M S
Nor Amer Edison 138
Secured a f g 6%s Ser Et 1948 M S
1947
Nor Ohio Tree & Light 6s
Nor States Pow 25-yr be A _1941 A 0
A 0
Registered
let at ref 25-yr 65 Ser B__ _1941 A 0
North W T let fd g 4598 gtd_1934 J J
Range
Since
Jas. 1
Week's
Range or
Last Sale
High
High No, Low
7714 go
80
14
7713 804
804 17
9832 10053
5
10058
109
1 106 110
104 107
Apr'26
984 98%
9812
9
5 10014 10118
10038
104
50 10258 105
98
98
Jan'26
6 1004 101
10118
3978 401s
Feb'253
2 118 1264
1214
122 122
Jan'28
ggh 103%
8
1034
Oct'25
11513 1164
Apr'26
Oct'25
10138 13 114 fils;
Oct'25 _ _
977g 100
63
100
89ts 911,
2
90
85
13
21
100
67
65
3
62
1
11478
Apr'26
98% 42
22
108
10114 55
10412 15
5
724
104
55
9614 211
9818 36
9978 42
95
96
10438 25
9958 50
10134 38
9834 25
2
92%
8738 26
Mar'26
Apr'26 _
8812 43
Apr'26
Feb'26
62 Sale 62
6212 44
9812 9914 9814
99
10
41
98
9732 Sale 96%
2
101
101 103 101
9914 101 101 Mar'26
10314 103% 10314
10312 16
102i2
10278 Apr'26
19
102% Sale 10214
103
6
10112 102 10134
1017
96 Sale 95
96
189
96 Sale 9512
96% 256
8512 8572 85%
86% 24
116 11612 11534
11638 53
10312 Sale 10314
10378 21
10412 105
4
0412 105
9012 9078 90
90% 19
101
0012 Apr'25
1
01%
101%
1155.8 1621; 014 Apr'26
55
Apr'26
55
Apr'26 _
Vs. 834 812 Apr'26
9
5 Apr'26 _ _
6
3532 Sale 334
37 1208
8714 Sale 868
8714 47
__
02 Apr'26 - 102
74
57
56% 5712 55
1
73
7332 72
72
104 Sale 0312 10412 16
9812 Sale 9812
9878 21
111 Sale 1034
11114 42
10858 Sale 0838
10878 55
8
10234
1024 Sale 0214
10513 106
0514
10618 15
101 Sale 0012 10114 23
4
9812
98
9812 98
1033
29
10434 Sale 0334
24
10578 Sale 0538 106
9612 73
954 Sale 953
46
100
9934 Sale 9934
9314 Jan 25
106 Sale 0514
10612 20
9814 98 Apr'26
___
East Cuba Sue 15-yr f g 750'37 M
Ed El III Bkn let con g 494_1939 J J
-.1995 J
Ed Elea III let cons g
M S
53_Bloc Pow Corp(Germany)650'50
Elk Horn Coal 1st & ref 6%9.1931 J D
Bob 7% notes (with warete '31 .7 D
1931' MN
Empire Gas dr Fuel 750
1st & ref 650(wIth wareta)'41 A 0
Eqult Gas Light let con 56..1932 M S
Federal Light & Tr 1st 594_1942 he S
1942 M S
1st lien 69 stamped
30-year deb 69 Ser B
Federated Metals s f 78
1911 M S
Flak Rubber let s f 8s
Ft Smith Lt & Tr 1st g 58_ _1936 M S
Frameric Ind & Dev 20-yr 7%9'42 1 J
Francisco Sugar let ef 7548.1942 P4 N
1 D
French Nat Mall SS Lines 791949.
1054 Sale 10534 108
94% Sale 94% Apr'26
10512
105 Mar'26
88%
88% Sale 88
100 Sale 9938 100
46
46
24
10438 108%
93
99%
103 105
8578 8934
99 100
10234
97%
100
96
10238
94
93
116
82
9112
105
8114
77
31
1
75
5
4
11
19
12
42
9
26
10114 1-0197% 98
99% 10033
9211 97%
100 10433
96
93
97
91
11312 11613
7514 86
93
88
104 107%
7912 8112
Gas &El of Berg Co cons g 591949 J
Gen Asphalt cony 65
Gen Electric deb g 3595
Gen:Elec(Germany)75 Jan 15.'95 J J
Gen Refr 1st f g 68 Ser A4_1952 F A
Goodrich (B F) Co let 650.1947 J J
Goodyear Tire & Rub later 1941 MN
d1931 1, A
10-year s t deb g 85
4.1940 F A
Gould Coupler 1st 9 f
Granby Cone M S & P 65_con65,4'28 MN
1928 M N
Stamped
Cony deb 7e
1930 al N
Gray & DaViAlst cony 9 f 715_1932 F A
Gig Cons El Power(Japan)784 1944 F A
Great Falls Power lets f 584_1940 M N
10078 Mar'26
100% 10078
105
10512 17 1041a 1064
88
894
88
1
87
9813
5
95
984
9734
102
102
87 10013 10233
106
107
70 104 107
12032
12134 48 120 122
11018
11014 98 10934 112%
90
91
90
12
931s
1 100 101
100
9912 10012 100
10013 101
100 Sale 100% Jan'213
14 100 10912
104 Sale 10134 104
964 109
10434 Sale 10434 10518 31
9238 51
9214 Sale 9112
90% 9333
6 101% 10412
104 Sale 102% 104
1
8734
8734 27
87%
86% 88
8634 ____ 8512 Aug'25
ii1; -91
95
31
95 Sale 94
2
113141
__
9638 Apr'26
0412 9612 Ohio Public Service 734s A__1946 A 0 11258 11314 13
2
112 I
1947 F A 112 Sale 12
101 Sale 10012 10114 70
994 102
let 08 ref 79 series It
104 I 11
95
15
94 Sale 94
9914 Ohio River Edison 1st 654_ _1948 J J 10314 Sale 03
94
1944 F A 9534 Sale 95
9634 49
83
41
83 Sale 8214
8514 Old Ben Coal 151 68
79
102% 1031 103 Apr'26 _ _ 10038 103
Ontario Power N F 1st 594_1943 F A 10012 Sale 10012 10114 22
1025
102% Sale 10218
48 10113 103
Ontario Transmission 59......1945 M N 9934 _ _ 9934 Apr'26
5
10778
10278 Sale 10212 103
1941 F A 10778 108 10778
50 10034 10312 Otis Steel 85
103
24
9612 18
9612 Sale 9534
9434 97
let 25-yr f g 750 Fier B 1947 F A 1024 Sale IO27
944 Apr'26
47
9912 Sale 9912
10014
91% 9412 Pacific0& El gen & ref 59_41942 1 J
10334 Sale 10338
10014 33
10334
9 102% 10413 Pao Pow & Lt lebkref 20-yr 58'30 F A 100 10014 100
9934 Dec'25
100
10134 23
1937.3 1 10134 Sale 101
Pacific Tel & Tel 1st 55
1004 64
100 Sale 9958
10214 23
9834 1004
1052 M N 101 Sale 100
Ref 141 be series A
9 10114 10134 Pan-Amer P & T cony s t 68_1934 M N 10714 Sale 10612
10112
10118 Sale 10114
10778 179
11
Apr'25 _
10538 71
1930 F A 10534 106 10514
let 10-year 75
13
412 Aug'25
97
78
Paramount-Bdway 1st 550_1951 JJ 9634 Sale 96%
1012 klar'25 _
_
9414
15
93 Sale 93
_
Park-Len st leasehold 6%9..1953 J
74 Sale 7112
7434 1357 1212 7434 ?attar Passaic G & El e0118 ris 1949M S 102
10118 Mar'26
74 1946
73% Sale 71
11012 16
62
74
Peon Gas AC let cons g 68_ _1943 A 0 11038 111,2 11038
77 Sale 73
7712 791
10112 14
64
1947 M S 10114 Sale 10034
7712
Refunding gold 5.9
94 Sale 93
11
9412 212
10534
8514 9411
4 Philadelphia Co coll tr 68 A.1944 F A 105 Sale 105
/
9312 10
9014 9478 9312
10112 31
884 9512
l&-year cony deb 5%94_1938 M S 10038 10012 10033
83
8734 88 Apr'26
17
824 90
1021
Phil& & Reading C dr I ref 58.1973 I J 10212 Sale 10178
9234 Sale 91
98 5iE8 8934 98
95 Sale 94,2
954 63
10518 Sale 10412 10518 15
9138 9514 Pierce-Arrow Mot Car deb 881993 M
9914 114
99 Sale 9834
15
107
Dec 15 19311 0 10634 Sale 10612
Mem Oil 8 f 85
9613 100
113 Sale 1112 11312 626 10812 11614 Pillsbury Fl Mills 20-yr 69__1943 A 0 10213 103 10114
8
10278
9834 Apr'26
Pleasant Val Coal Mast 55_1928 J J 9872 _ _
105 Sale 105
2
10512 24 100 111% Poeah Con Collieries 1st Sf 591957
93
9112 9212 92
10258 Sale 102
103
5
61 10014 10338 Port Arthur Can & Dk 60 A_1953 F A 104 10.5 104
10412
10412 Sale 10418 105
53 101% 10514
1953 F A 10334 104 10312 Apr'26
1st M as Series B
10714
107 10712 105
102
17
6 105 1074 Portland Elec Pow let 65 B_1947 M N 102 Sale 10114
105 Sale 10434
10518 27 103% 108
3
102
10114 Sale 10118
Portland Gen Elec 1st 58_1935
92
92
9312 92
5
9512
6
92
90
Portland Ry 1st & ref 59.....1930 151 N 9512 Sale 95
10314 Apr'26
10212 _
9272 30
9272 Sale 9112
102 10314 Portland Ry Lt & P 1st ref 551942 F A
12312
12312 Sale 1234
4 12078 12312
0034 110034 20
1947 M N 10012 101
1st I & ref 6s Ser B
_ - -- 0632 131107
10
let & refund 7199 Ser A 1946 M N 1(17
Porto Rican Am Tob 85_4_1931 M N 10534 ____ 057g ZApr'26
13,5A
2'2) t
Hackensack Water let 45_1952 J
Hartford St Ry let0
1930 M S
Havana El Ry L & 11 gen 58 A'54 M S
Havana Elea consul g 58_4_41952 F A
Hershey Choc 1st & m115%91910 J
Hoe (It)& Co 151 634 stemp.l934IA 0
Holland-Amer Line Os (.11a0 1047!M N
Hudson Co Gas Id g 58
1940 141 N
Humble Oil& Refining 5345 1932.3
Illinois Bell Telephone bs___1956'.1 D
Illinois Steel deb 454s
1940A 0
Ind Nat Gas & 011 5a
1936 M N
Indiana Steel 1st 55
1952 on N
Ingersoll-Rand let be
Inland Steel deb 550
19
194551, N
Inspiration Con Copper610.1931 51 S
Interbore Metrop coil 4598 1956 A 0
Co °Us dep
Guaranty
Ctf deD stpd amid 111% sub_ _ _
Interboro Rap Tran 1st 584.1966
Stamped
1932 A 0
10-year Se
10-year cony 7% note9_1932 M S
lot Agile Corp 1st 20-yr 584_1932 M N
Stamped extended to 1042.... M N
Inter Merean Marines t 694.1941 A 0
1947 J J
International Paper be
1955M s
Ref et 6933er A
tat Telep & Teleg cony 5591, 1945 M
lateens Works 6*(flat price).1947 .7 .1
Kansas City Pow & Lt 69_1952 M S
Kansas Gas & Electic 69_1952 M
Kayser (Julius)& Co 1st el 78'42 F A
Kelly-Springt The8% notee_1932 M N
58_1936 J
Keystone Telep Co let 58_1937
A 0
Kings County El & P g
1997 A 0
Purchase money 68
d Due May. s Option sale.
102 Sale 101l
9712 Sale 97%
100 101 100
9514 9534 95
10214 Bale 10214
94 Sale 9314
91
93
91
11512 Sale 11512
82 Sale 8011
9034 Sale 90
10434 Sale 10438
8214 Bale 81
10218
105 107
89
90
98 Sale
10512 10614
10612 Sale
12114 Sale
11014 Sale
8314 87%
9914 103
594 67
53 62
102 11514
894 94
9718 9912
104 108
9684 10114
10212 10412
714 7414
1014 10414
9234 9614
99
97
9838100
gots 97
10034 1008
99 99%
9972 102
984 9834
921s 93
88
84
lib
80
964 98
8312 93%
98% 10213
101% 1024
5813 84%
98 10014
9512 9878
1004 103
9958 101
10134 103%
10012 10278
10078 10312
10078 102%
9634 96
904 9612
8113 8612
115 117
102 104
104 105
8918 914
1011* 102¼
1004 103%
52 60
60
46
554 104
34 104
37
22
8714
82
10034 102%
8984
54
7934 82
1014 10412
9919
97
10078 11114
10713 10913
10034 103
10434 10613
99 1014
9712 100
10114 104%
10378 106
92% 9619
97s4 10012
3
1-08 11
7
6
9612 98
11218 1134
11038 112
10114 1044
974
95
99% 1014
99% 9934
10514 10834
10034 103%
9712 10013
9918 101
101 102%
9872 10212
104 112%
10378 10778
9212 97
85% 96
100 1014
11014 111
98% 102
10313 10534
98% 10112
9912 10212
103 1084
10312 10772
101 14 109%
9812 9834
904 93
102 10412
10112 103,2
99 10214
99% 1112
92% 9512
8834 93
99 10214
10858 108/
2
1
1054 1081e
2476
THE CHRONICLE
New York Bond Record-Concluded-Page 6
{Vol- 122
Quotations of Sundry Securities
All bond prices are"and interest" except where marked ''f."
BONDS
N.Y STOCK EXCHANGE
Week Ended April 30.
Price
Friday,
April 30.
Week's
Range or
Last Sale.
Range
Since
Jan. 1
Standard Oil Stocks Par NI. Ask
R311road Equipments PITO)Batts
Anglo-Amer Oil vot st___£1 *1738 .1758 Atlantic Coast Line _____ 5 05 4 90
Non-voting stock
485 475
El •1718 1712
luipment8Ms
E
Bid
Ask Low
High No Los
High Atlantic Refining
100 11812 11858 Baltimore & Ohio 65_ _
5 10 501)
Pressed Steel Car cony g 55_ _1933 J J 9512 Sale 95
96
31
9413 98,5
Preferred
480 470
100 115 11812
Equipment 4 Ms & 52
Prod dr Ref s t 8s(with warnts)'31 J D 111
_ 11112 Mar'26
110/
1
4 112/
1
4 Borne Scrymser Co
100
10 4 90
230
250
5
65Pitts
equip
&
Buff
Roch
Without warrants attached__ 1 D 111 11112 111
11214
5 1093411214 Buckeye Pipe Line Co.__ 60 •52
5212 Canadian Pacific 44s & 68- 4 95' 4 70
Pub Serv Corp of N J see 68_1944 F A 1044 Sale 10314
104 94 100 10412 Chesebrough Mfg new
505 400
25 •67
68
J68
RR
Central
of
N
Pub Seri, Else & Gas 1st 53401959 A 0 10518 Sale 10334
105
25 10334 10534 Continental 011 v t c
5 10 5 00
10 *2158 2134 ChEq
csase
8 o 65
pamkeendr
t00
m111
let ref 5 Ms
1964 A 0 10518 10514 1044 109
39 10378 10512 Crescent Pipe Line Co
5 00 4 80
50 *1312 15
Pub fiery El Pow & Ltir 65_1948 A 0 10714 Sale 10714
10738 28 106 108
Cumberland Pipe Line_ _100 11012 114
485 480
Equipment bs
Punta Alegre Sugar deb 7s_1937 J J 10712 Sale 10612 10712 51 104 111
Eureka Pipe Line Co_
50 Chicago Burl & Quincy 65
4 85 4 70
100 49
Remington Arms fis
1937 M N 8034 Sale 8014
8212 20
801
/
4 88
Galena Signal Oil com _ _100 2058 21 ChEg
icaugiopm
&en
Ntogi
h8West 65- 5 10 5 00
Repub I & 8 10-30-yr 5s s f _1940 A 0 9912 Sale 9912' 10014 23
9714 10014
Preferred
old
81
85
100
10 500
5
Ref & gen 545 Ser A_ _ _1953 J J 9412 Sale 94
94/
1
4 38
9213 9458
Preferred new
85 Chic R I & Pao 4 Ms & 58
500 480
100 83
Rime Steel 1st 75
881. 88
1955 F A 88
8812 19
88 9075 Bumble 011 & Ref
•87
4 70
25
90
6712
4
Equipment
65
Robblrer & Myers 5 f 7s
63
1952 J D 58
58
58
58 6812
1
New
•67
871z Colorado & Southern 68
5 20 5 00
Rochester G118 & El 7s Fier B_1946 M S 112 11212 112
113
1J 112 114
Illinois Pipe Line
5 15 5 00
100 14334 14412 Delaware A Hudson 65
Gen Mtge 5 Mt Series C _ _ _1948 M S 104/
1
4 105 10514
108
1
10514
10518
Imperial Oil
*3412 35
5 05 4 90
4Ms & 5s
Rogers-Brown Ira 3 Co 7s
1942 M N 6512 Sale 67
70
10
67 7334 Indiana Pipe Line Co_ _ _ 50 .6413 66 Erie
10
0
48
50
30 5
Equipment6s
International Petroleum_ _t .3318 3338 Great Northern 65
StJosRyLtflt&pr&1937 MN 9414 9512 9414
911
/
4
97
9412
8
National Transit Co_ _12.50 .
18
5 10 500
1614
Equipment
59
St Joseph Stk Yds 1st 430.1981 J J 9718
96
Jan'26
9534 96
New York Transit Co_ _ _100 45
4 85 4 70
47 Hocking Valley 55
St L Rock Mt & P 55 stmpd .1955 J 1 8014 Sale 8014
81
817s Northern Pipe Line Co_ _100 7218 74
14
78
5 15 500
•
Equipment Os
St Louis Transit gen imp 54_1924 A 0 7612
7612 Apr'26
7012 7612 Ohio 011
•61
62
4
75 4 65
55-25
dr
44s
Central
Illinois
St Paul City Cable cons 5s_ _1937 .1 J
9512 -68
9534
9514 9534 Penn Alex Fuel Co
3
9534
505 4 90
20
25 •18
Equipment 65
Saks Co s f 7s
1942 F A 11012 Sale 11014
11058 45 10718 11058 Prairie 011 & Gas new...,. 25 •5618 5638
- 4 90 4 75
Equipment
&
75
Saxon Pub Wks(Germany) 7s'45 M S 9534 Sale 9514
96
9234 9678 Prairie Pipe Line new...
29
5 20 5 00
_ _100 12312 12412 Kaungau
medrinTih81_g_an_
ni a
San Antonio Pub Seri let 68.10.523 .1 104 Sale 103
104
5 10138 104
Solar Refining
5 00' 4 80
100 201 202
Sharon Steel Hoop let 8s Ser A'41 M
10712 10778 10712 10712
4 10738 109
Southern
Pipe
Line
6512
Southern
Co.
.100
67
10 4 85
5W5
Kansas
City
Sheffield Farmi 1st dr ref 6%13.'42 A 0 107/
1
4 10712 107/
1
4 10712
2 10678 10812 South Penn 011
5 05 4 90
100 159 162 Louisville & Nashville 6s
Sierra & San Fr an Power 58_1949 F A 9412 Sale 9412
9478 19
9112 05
New
475
.3954 4014
25
85
4
Equipment
Ms
__
8
Sinclair Cons Oil 15-year 75- 1937 M
9614 Sale 9534
9612 79
9334 9714 Southwest Pa Pipe Lin es.100 52
4 95 4 75
53
&
1st In col tr Eis C with warr 1927 1 D 10858 Sale 10712 1087s 423 105 113/
1
4 Standard 011 (California) 25 •5534 554 Michigan Central 5s
Minn St P & SS M 43486,59 510 485
1st lien 6%s Ser B
91
1938 „I' D 91 Sale 9014
91
87
55
New
*5513 5534
Equipment 64* & 7s--- 5 20 4 00
Sinclair Crude 0113-yr 6s A_1928 F A 10034 Sale 10134 10078 103 10014 101
Standard 011 (Indiana)_. 25 .6412 6434 Missouri Kansas &Texas 88. 525 505
3-yr 6% notes B Feb 15_1926 F A 1004 Sale 10034
10078 12 100/
1
4 101
Standard 011 (Kansas)._ 25 •2714 28 Missouri Pacific (is & 64s
525 500
Sinclair Pipe Line s f 5.2___ _1942 A 0 9312 Sale 90
91
90/
1
4 136
87
Standard 011 (Kentucky) 25 .118 120 aloblle & Ohlo 4 Ms& 5s-- - 500 470
Skelly OH M% notes
14312 904 11138 14312 Standard 011(Nebraska).100
1927 A 0 141 Sale 133
264 265 NeEw00YloprinkeCnten0t.r_a_l_4_4__s__&.:5_v 4 70 46))
Smith (.k 0) Corp let 0Ms 1933 M N 10012 101 10012 101
10012 10212
New
5
.44
70
85 4 9
4
4434
50
Standard 011 of New Jer_ 25 4478 45
Equipment 78___
South Porto Rico Sugar 75 .1941 J D 107 10312 108
10958 15 107 109/
1
4
Preferred
4 701 4 55
100 118 11818 Norfolk & Western 4%5_.
South Bell Tel & Tel lots I 5E11941 J J 1021
/
4 10212 10214
10278
10312
10118
5
Standard 011 of New York 25 *31
3118 Northern Pacific 78__ ____ • 5 00 4 75
Southern Cob Power 68_ _1947 J
9858 Sale 9812
97/
1
4 9914 Standard 011 (Ohio)._..b00
9878 18
313 317 Pacific Fruit Express Th.
84 051 4 75
'Tweet Bell Tel let & ref 55_1954 F A 103 Sale 1021
/
4
103
21t, 10038 10358
Preferred
100 11714 120 Pennsylvania RR ea 55 dr-611 5 05 4 65
Spring Val Water g 58
1948 M N 984
Apr'26
S91
/
4 9914 Swan &
9914
17
18
5 00 4 75
100
Ms8
Erie
Lake
Pitts
&
Standard Milling 1st ba
1930 M N 10112 Sale 10012 10112 19
083810112 Union Tank Car Co_ _ _ _100 9012 9034
5 20 500
Equipment 68
1st dr ref 545
1945M S 10054 Sale 1001. 10134
974 10034
9
Preferred
100 11518 11534 Reading Co 445 & 55___ _ - 4 75 480
Steel & Tube gen s f 7s Ser C 1951 3 J 108 Sale 10778
108
33 10712109
Vacuum Oil new
4 95 4 75
25 •10014 10078 St Louis & San Francisco 55
Sugar Estates (Oriente) 7s...1942
9912 _ _34
1
4 Sale 9834
98/
8913 100
Washington 011
535 405
10 •
Seaboard Alr Line 5 Ms & (is
Superior 011 1st 5 f 75
9514 Apr'26
1929 FA-I 9578 9
95 9712
Other Oil Stocks
4
4%s-75 4 60
•
Co
Pacific
Southern
Syracuse Lighting 1st g 58_1951 J D 10114 - - - 101
1011
/
4
100 101 14 Atlantic Lobos 011
490 475
*134 178
Equipment 75
Tenn Coal Iron & RR gen 55_1951 J J 10218
-- 10312 Apr'26
1034 10378
Preferred
so .
405 470
314 4 Southern RY 4 Ms & 55
Tennessee Eh c Power 1st 65_1947 J D 10513 Sale 105
10534 72 10255 10534 Gulf Oil new
25 •85 86
5 10 500
Equipment 65
Third Ave 1st ref 413
1980 J J 62 Sale 60
6212 187
55/
1
4 65/
1
4 Mountain Producers_
5 20 5 00
10 .2538 2512 Toledo & Ohio Central 65_
Ad) Inc 55 tax-ex N Ya1960 A 0 6138 Sale 6012
63
/
4 5578 Mexican Eagle Oil
411
5
464
8 Union Pacific 75
5 .
4 90 4 75
ThlrdAvellylstg5i,
19373 .8 96
9834 96
9634 12
9378 9634 National Fuel Gas
100 138 145
Toho Else Pow 1st 75
1955 M S 92/
1
4 Sale 92
9212 43
9012 924 Salt Creek Cons 011
10 *812 834
Tobacco Stocks
Tokyo Else Light 6% notes_192S le A 98 Sale 974
9814 129
97 9858 Salt Creek Producers__ 10 *32
3214 American Cigar common 100 114 117
Toledo Edison ist 78
1941 M S 10812 Sale 10814
10812 48 108 10934
100 97 100
Preferred
Toledo Tr LA P 5 % notes 1930
98,4 '9812 9814 Apr'26
98 993s
_
Pullin Utilities
Amer Mach & Fdy new-100 /67 69
Trenton
& El lat g 55_1949 M S 1021
/
4 _
10218 Apr'26
1004 10218
Amer Gas & Elm
070
2:2 74 13ritish-Amer Tobao ord. £1 .2734 2811
tt :
Trumbull Steel lin 5 f 65_ ,...l940 F A 0511 gale 9538
9534 50
9514 97
8% pret new
El 82713 2814
9112
BearerTwenty-third St Ry ref be_ _1962 J J 7234 73/
1
4 7212
734 33
81
7318
Deb 68 2014
25
100 Imperial Tob of G B & Irel'd .24
Tyrol Hydro-El Pow 7 Ms_ _1955 M N 96 Sale 96
964
9534 9755 Amer Light & Tree comM_A
3
lOO
N 2
*0
95
9 210 Int Cigar Machinery _ --100 90 100
Preferred
106 108 Johnson Tin Foll & Met-100 60
Undergr'd of London 4;0_1933 J J 954 _ _ _ _ 96 Apr'26
96
94
Amer Power & Lt common_
199 154
612 55,2 MacAndrews & Forbes 100 40 I -iiIncome 85
1948 J .7 95,4
95 Mar'26
90 95
Preferred
94
100 93
100 100 103
preferred
Un1011Bag & Paper lst M 88_1942 MN 10478 male 10478
10478
Deb Gs 2016
1 104% 10518
100 36
38
0812 Mengel Co
Union Else Lt & Pr 1st g 58_1932 M S 10138 10134 10112 10112 10
1021
/
4 Amer Public Util corn...,.100 9
10055
Tob_ _100 88
72
7
7
7
12
Rican-Amer
Porto
80
Ref
ext 5s
1933 M N 10012 10114 10058 101
7% prior preferred__ _ _100 86
10 10018 10154
89 Universal Leaf Tob com_100 62 85
Ist g 5M8 Series A
19543 J 101 Sale 10112 102/
1
4
100,
4% panic prof
3 1024
9
100 97 100
100
88
Preferred
Union Elm Ry (Chic) 542_1945 A 0 79
_ 7834
7914
77,E 80
Associated Gas dr El pf___t 849
7
52
100 125 130
Young (.7 8) Co
Union 011 1st lien a f 55_1931 J J 101 103 10038 Apr'26
1001s 10112
Secured g 6%s 1954....J&J 101
100 105 110
02
preferred.30-yr 68 Ser A
May 1942 F A 10538 Sale 10434
10538 12 10038 10512 Blackstone Val CldrE corn 50 890
94
.
1st lien f 55 Ser C
Sale
1935F A
9714
96/
1
4
9714 30
95/
1
4 98
Cities Service common
20 *4114 411
/
4 Rubber Stocks (Cleveland)
United Drug 20-yr 68_0ct 15 1944 A 0 10558 Sale 104/
1
4 10512 20 10312 10812
Preferred
(t)•
10
100 8412 85 Falls Rubber com
United Fuel Gm lin s f 58. _1938
J 10178 Sale 10178 102
/
4 104
Preferred B
25 •
7 1011
10 *73
184
Preferred
United Rya Inv be EMU Issue 1926 M N 9934 Sale 9934
9934 10015
9934
Preferred B-B
10
corn
113
.10512
&Rub
Ire
Firestone
1
---Stamped
9934 100
9978 Mar'26
9972 100
Cities Service Bankers Shares
100 101 -- -199 .20
7414
6% preferred
Urdterl Rys St L 1st g 45_ __1934 J J 7714 78
78
784 10
7415 79
Com'w'Ith Pow Corp new_ t *3412 38
1
4 99
7% preferred____ .--100 97/
United S8 Co 15-yr 85
1937 M N 90 Sale 90
9112 23
90 95
Preferred
cum.
25 *150 160
100
85
Rub
86
Tire
General
dr
United Stores Realty 20-yr Se '42 A 0 104 Sale 10334 104
Else Bond & Share pref.
18 103 105
100 ____ 110
_100 106
0712
Preferred
EY Rubber 1st & ret bs Ser A1947
Sale
J 94/
944
1
4
95
91/
Elm Bond & Sh Secur
1
4 15
33
254
6812 6912 Goodyear Tire & R com_100 31
la-yr 7)4% see notes
1930 F A 108 Bale 10778 10814 68 10812108/
1
4 Lehigh Power Securities_ t *15
1334 Goody'r TAR of Can pf 100 r89 I 9012
U S Steel Corp(coupon.._ 41963 MN 107 Sale 10612 107
Mississippi Riv Pow corn 100 60
336 105 107
70 , India The & Rubber-100 180 164 •
f 10-60-Yr 58)registered _41963 81 N
106 Apr'26
10558 106
Preferred
I 95 100
92
94 ' Preferred
Utah Lt & Tree 1st & ref 55..1944 A 0 9012 Sale 89/
1
4
9012 136
First mtge 55 1951_ 4110
864 9013
0012 Mason Tire & Rub corn-It)) .12 114
99 100
2
Utah Power & Lt 1st 58_1944 F A 9714 Sale 9634
9714 _ _71
95 9712
S F g deb 75 1935__M&N 102 - - - 100
8 i 12
Preferred
Utica Elec L & P 1st 155_1950 -1 J 10214 Sale 10212 Apr'26
10052 10212 Nat Pow & Lt Prof
Miller Rubber corn new_100 35 ! 3512
Utics Gals & Elm ref & eat 5s 1957 J J 102 Sale 10178
10212 io 10018 10255
Income 75 1972
100 10134 102
912 190 112
Jar-1
5 1900
Preferred
Vergentes Sugar 1st ref 78- _1942 J D 9734 Sale 9734
9812 55
9012 9912 North States Pow corn_ 100 103 105 1 Mohawk Rubber
100 ____, 37
Victor Fuel 1st f be
1953 .7 11 58
6412 58
6412
534 6412
Preferred
05
0 10112
12
6
I 75
Preferred
Ys-Caro Chem 1st 75
1947.3 D 10612 108 106 Apr'26
105 107/
1
4 Nor Texas Elea Co com_1
10
90
9
SelberlIng Tire & Rubber (t) *2034 2111
Certificates of deposit__________
_ 10512 Apr'26
1051
/
4 106
Preferred
100 40 "6i100 9312 95
Preferred
RUA as to payt 40% of prin
Pacific Gas& El let pret-100 98
99
1st 75
10514 107 107
107
1947
Power Securities coin
3 105 108
0101
I
Sugar Stocks
Ctf of deposit
10612 Sale 10612 107
Second preferred
94 10412 10954
20 Caracas Sugar
50 .1121 312
Ctf of deposit stPd
10612 10634 10712 Jan'26
1087s 10812
Coll trust t3s 1849,.. _J&D
*5 :8
;8
45
Cent Aguirre Sugar corn- 20 *80 I 82
7%s with & without war_ _1937
110 Feb'28
107 11112
Incomes June 1949...F&A 077
80 Fajardo Sugar
100 138 '140
Centre of dep without warr_
93
9635 36
93 1134 Puget Sound Pow & Lt__100 49
93,4 9
51
Federal Sugar Ref com 100 50 I 55
Certifs of den with warrants.
107
Jan'26
_
107 107
6% preferred
86
100 84
100 60
Preferr d
75
V.Iron Coal & Coke let g 58 1949 M S 9114 04
98
98
911
/
4 08
7% preferred
101) 10612 10812 Godschaux Sugar. Inc.. It) *212 412
Va Ry Pow 1st & ref be
1934 J J 9334 Sale 9834
9712 991.1
1st & ref 544s 1949_ _J&D 101 102
9914 78
100 15
20
Preferred
Walworth deb 6 Ms(with war)'35 A 0 94 Sale 93
94
93 95
Republic Ry & Light__ _100 80 1 85 Holly Sugar Corp corn..(5) 834
4
36
1st sinking fund 6s Ser A_ _1945 A 0 9412 95/
95
9114 95
1
4 94
Preferred
10
100 101 '105
100 80
82
Preferred
Warner Sugar Refin 1st 75_1941 J
93 Sale 9214
03
91 100
South Calif
preferE
23
re0
dison com _100 118 , 119 Juncos Central Sugar_ _ _100
Warner Sugar Corp 1st 7s_ 19393 J 7914 Sale 7834
7955
78 884
8
100 130 140 National Sugar Refining_100 .
1.
10 - 1-1-2 Wash Wat Power s f 561939 J J 102 Sale 10178 Apr'26
10112 10214 Standard G&EI 7% pr pf 100 10034 10112 New Niquero Sugar.._ _100 50
75
Westches Lts g 5s etmpd gtd 1950.3
10214 103 102
10214
102 10338 Tenn Elec Power 1st pf 7%! 99
9912 Santa Cecilia Sug Corp pf100
1
4
West Ky Coal 1st 78
1944 M N 101
_ _ _ _ 101
10112
1 100 10215 Western Pow Corp pf _ _100, 95
98 Savannah Sugar coin
(5) •140 150
West Penn Power Ser A Se. 1946 M
10112 Sale 10114
101/
997s 102,5 West Missouri Pr 7% pref __I 94
1
4 24
97
100 112 120
Preferred
1st 7s Series D
1946 M S 10534 10614 10512 106
25 1054 10834
78
Sugar Estates Oriente pf_100 75
Ist bs Series E
1963M S 102 Sale 10138
Short Term Securities
1023.1 28
99/
1
4 102/
1
4
lst 5 Ms Series F
1953 A 0 105 10512 10514 Apr'26
Anaconda Cop Min 6529 J&J 10258 103
10438 108
Miscellaneous
Indus.
&
West Va C & C let 65
19503 J 8318 Sale 8318
Chic R I & Pao 59 1929_J&J *994 10014 American Hardware
84
81
91
25
25 .79 81
Federal Sug Ref 6s'33_M&N 92 ' 98 Babcock & Wilcox
100 117 119
Western Electric deb 58
1944 A 0 10212 Sale 10238
Missouri Pacific 55 '27.J&J 10018 10038 Bliss(E W)Co new
103
55 10018 103
20
*19
(t)
Western Union coil tr cur 55_1938 J J 103 Sale 103
103
Se '29..Fdrea 10234 10314
8 102 10338 Sloss-Sheff
60
50 *55
Preferred
Fund dr real eetate g 4 M5_1950 M N 9712 9778 9714
9712 18
981
/
4 974 Wis Cent 5%s Apr 15 '27... 10012 10078 Borden Company corn..(5)•94
96
15-year 6Ms g
1936 F A 11314 11334 11212 11314 25 111 11314
25
Celluloid Company
100 22
Westinghouse E & M 7s_ _ _1931 M N 10578 Sale 10534
106
224 105 10814 Joint Stk Land Bk Bonds
70
100 65
Preferred
1
White Sew Mach 6s(wIth warr)'36
9412 96
5Ms Nov 1 1951 opt 1931__ 10214104
J 95 Sale 9412
9518 20
114 116
_100
pref_
_
Childs
Company
Wickwire SPen Steel 1st 75_.1935
J 60 Sale 60
60 7012 58 Nov 1 1951 opt 1931__ 10012 10214 Hercules Powder
6012 27
100 142 145
Certificates of deposit
60,4 8014 58 May 1 1952 opt 1932.. 101 10214
6014 Mar'26
100 113 115
Preferred
Certificates of deposit stamped MN
88
7012 7012 44is Nov 1 1952 opt 1932_ 10014 10113 International Silver pref _100 100
7013 Mar'26
wlekwire EIP Steel Co 7s Jan 1935 MN 5114 Sale 5018
5018 6812 4Ms Nov 1 1952 opt 1932 _ _
5112 13
99 10014 Lehlgh Valley Coal Sales 50 .83 88
Willys-Overland 5 f 6%s_ _ _1933 M S 10212 10234 10212 10278 27 102 1031.4 44is May 1 1963 opt 1933
10014 10112 Phelps Dodge Corp
100 122 127
Wilson & Co 15t 25-yr s f 68_1941 A 0 99/
58 Nov 1 1963 opt 1933_ 10114 10234 Royal Baking Pow com_100 155 165
1
4 Sale 992 100
087k 101
75
Registered
448 Nov 1 1984 opt 1934.._
93 Feb'25
9912 10034
100 100 102
Preferred
10-year cony s f tls
44 71
44 Sale 44
44
44* Oct 1 1985 opt 1935- - 9934 10034 Sinster M anufacturing__ _100 320 324
2
Certificates of deposit..........__
__
43 72
Pao Coast of Portland, Ore42
4478
t5 Apr'26
£1 .512 712
' Singer Mfg Ltd
10-yr cony f 743s
91931
45 83
55 1955 opt 1935__M&N 10114110334'
40
45 Apr'26
50
Certificates of deposit.......... 41
41
5s 1954 opt 1934___M&N 101 102/
44
41
45
5
72
1
4
Winchester Arms 7 Ms
1941
102 Sale 102
102
5 10158 10234
Younrn Sheet & T 20-yr 85_1943 J J 10378 Sale 102
10312 77 1014 10312
1
1
a Due Jan. d Due au,.
s Uue DYC.
• option
sale
t•Q
•Per share. t No par value. b Basis. d Purchaser also pays accrued dividend.
tNew stock. fFlatprics. k Last sale. n Nominal. x Ex-dividend. y /ex-right IEx-stock dividend. s Sale mice.
Canadian quotation.
BOSTON STOCK EXCHANGE-Stock Record...Brit'crPage
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CEN7'.
Saturday,
April 24.
Monday,
April 26.
Tuesday,
April 27.
Wednesday, Thursday,
AprU 29.
April 28.
FridaY.
April 30.
Sales
for
the
Week.
STOOKS
BOSTON STOOK
EXCHANGE
Range Mese Jas. 1 1926.
Lowest
1
Highest
2477
PER SHARE
Range for Preview
Year 1925.
Lowest
Highest
1
Railroads
100 159 Jan 9 175 Feb 13 156 Feb 16434 Jan
16912 170
157 Boston & Albany
16814 16814 16814 170 5_-__ 170
168 168 *168 170
302 Boston Elevated
7712 7734 7712 7712
100 7718 Apr 14 8214 Jan 11
*7734 78
78
78
7734 78
7514 Mar 86
Jan
7734 78
100 89 Feb 27 102 Mar 20
102 Do prat
97
9812 9812 9812 9812 97
97
-- 97
•9612__ 59612
92
Jan 10414 Dee
- *2115
100 11518 Jan 16 122 Jan 7 109 Mar 130 Dec
34 Do let pref
-__ ____ ____
___ 116 116
116 1-16
*2114 11-6
____
___
10412 105
100 9812 Jan 9 112 Jan 2
60 Do 2d preferred
105 1115 *10214 105' *211794 Mar 110 Dec
*102
_ _.*102 105
44 -45
44
45
4312 45
.100 35 Mar 30 4814 Jan 7
3.012 Boston & Maine
10
Apr 4912 Dec
42 -4312 4214 4314 4211 43
*39
41
42
Do pref
100 32 Apr 14 4712 Jan 6
107
_--38
6 Dee
1112 Apr
*35 - - 38
*35
39
64 -64
17
--------936 Do series A let pref_100 59 Apr 16 66 Feb 4
6312 65
Apr 65 Dec
*63 63-14 6312 64
63
64
92
94
90
92
90
100 84 Apr 15, 95 Feb20
523 Do series B 1st pref
88
90
29 Apr 8712 Dec
*83 -- 87
85
85
80
25
Apr 794 Dee
100 74 Apr 151 85 Feb 20
--------265 Do series C let pref
80
78
80
74
57214
-- *73 ---- 74
120 Do series D let pref
___ 113 113 *114 120
100 105 Jan 29 124 Apr 30
124 124
118 120
*112
Dec
3512 Apr 118
*112
94 Apr 16 9812 Jan 4
98
98
97
97
97
96 Dec 99 Nov
166 Prior preferred
59612 97
97 -974 97
97 -97
_ _ - ___ __ _ Boston &Providence
*178
___ ____
___ *178
__ 5178
100 217512 Mar 19 182 Jan 29 167
Feb 180 May
*178
524 -53
524 -53
52 -53
53
610 East Mass Street By Co_100 51 Apr 22 61 Jan 6
53 -53
51
26 Sept 6212 Nov
*52 -53 *178-6212 5912 60
6212 560
6212 *60
100 5912 Apr29 71 Jan 2
--------60 Do let pref
73 Dec
60 July
5
6212 *60
--------------Do prat B
*55
53
100 57 Apr 14 69 Jan 13
*55
58
53
51 Aug 70 Dec
*
58 *__-- 58 5
40
43
43
4314 4314 4312 4312 *41
100 40 Apr 29 4914 Jan 29
--------440 Do adjustment
35 Sept 50 Dee
ii614 42
____
56
56
*56
57
59
23 May 56 Dec
100 50 Feb 10 60 Feb 3
75 Maine Central
55
574 *56
57
57
100 3178 Mar 30 4514 Jan 4
950 NY N H & Hartford
3634
3778 388 3634 ---28 Mar 4634 Dec
3712 374 38% 53734 384 *3712 38
537
83,2 83,2 83
83 ____ *83
84
------------66 Northern New Hampshire_100 81 Apr 8 88 Jae 6
70 Feb 90 Des
*82
Oil
Jan 125
__ __ Norwich & Worcester prat _100 120 Apr 22; 124 Mar 18 100
__
__ *120 ____ ____
__ *120
120 120 5120- *120
11312 I-1-4
114 1-1-4 5114 11-5 *114 1-1-5 *114
96
Jan 113
100 111 Jan 6' 120 Jan 29
48 Old Colony
Oct
114 114
10 Vermont & Massachusetts.100 9934 Mar 12; 10314 Feb 4
____ ____
87 Feb 101 Dec
5100 -- *100 10012 5100 10012 5100 10012 100 I-110
Miscellaneous
1
5 Dec
212 Mar
5 Jan 7
314 Mar 29
--------1,120 Amer Pneumatic Service_ _ _25
4
4
4
4
5334 4
4
4
4
4
50 2113 Mar 3 24 Jan 29
23
23
1612 Mar 244 Dec
145 Do pref
23
2312
2314 2314 2314 2314 2314 2314 *2212 24
1
4 14512 14612 1,192 Amer Telephone di Teleg-100 141 Mar301 15034 Feb15 13038 Jan 145 Dec
146 14612 14618 14634 14614 146/
14514 14534 14588 146
0512 9312 5512 53
5112 5312 93
51
53
6111 May 87 AIM
No par 50 Apr 20 71 Jan 2
5312 1,365 Amoskeag Mfg
51
51
No par 7312 Jan 27 78 Feb 23
7514 7514 75
_ _
7014 May 8634 Au
*75 ------------20 Do pref
75
575
- _ *75
21 *218
5118 -21 *218 -21- 5218
16 Aug
14
Jan
____
__ ____ __ Art Metal Construe, Inc__ 10 20 Jan 16 2112 Jan 23
21
21 5218
521.2 Apr 14 6334 Jan 19
*5438 56
*544 56
70 Alias Plywood t 0
56
*5512 56
464 Aug 6712 Dec
56 -55512 56
55438 56
97
97
97
1078 1078
11
912 Aug 21 Dec
Apr 27 1714 Jan 2
No par
40 Arlen, Tack Corp
____ ____
*10
11
11
•10
510
*1538 16
1518 Mar 25 2012 Jan 14
51518 16
--------100 Ber.con Oil Co corn T C
5154 16
15% 157s *1588 16
8512 85
974 Nov 1412 00
85
8512 85
8512 85
388 Bigelow-Hartf Carpet_No par 8412 Apr 30 9812 Jan 2
85
8112 85
86
85
*10812 ___ *10312 ___ 109 109 510312 ------------10
Jan 10814 Ani
Walton Cons Gas pref 63§%100 10512 Jan 25 109 Apr 28 103
5
_
_
60 -60
60
108041
2814 Jan 74
60
60
59
59
558
60
*57
90 Dominion Stores, Ltd__No par 58 Apr 6 6812 Feb 1
60 -60
*113 _ __ *113
Do pref A
100 104 Jan 5 112 Jan 26
__ ___ ____ ____ __
__ *113
5113 _ __ 5113 _
99 June 100 Dec
212 212 5_ --- _-3 '
*__ 3
•____
112 Apr
6/
1
4 &pi
312 Jan 21
2 Mar 31
10
5_ _ __ _-3
--------50 East Boston Land
*34 4
*312 4
312 312 *312 4
3 July
412 Jan 19
312 Mar 8
5
165 Eastern Manufacturing
634 Jar
534 4
6212 63
25 57 Apr 15 8812 Jan 22
63
42 Max 8978 Dec
63
6312 6312 64
60
865 Eastern SS Lines, Inc
63
6312 -6-412 61
*4112 43
*4012 43
Jan 464 001
No par 3834 Apr 15 45 Jan 6
42
42
*4012 42
40
40
*4112 43
35
105 Do pref
592
95
95
*92
*92
89
100 9s Apr 22 994 Jan 9
592
95
95
Jan 100 Jul]
20 1st pref
95
95
95
*92
2212 2278 *2212 23
20 Mar 31 26 Feb 5
22 23 2234 2312 --------874 Economy Grocery Stores
23
18 Aug 2312 Sep,
22
212 213
212 213
Jan 213 Maj
213 214
100 2207 Jan 15, 250 Feb 11 200
602 Edison Electric Illum
21434 215
213 215
214 214
*14 212 *112 212 *112 212 *112 212
I Mar 16'
10
2
2
212 Jan 8
100 Elder Mfg Co (v t c)
*112 2
534 Oa
2 Dee
515
15
15
Oct 38
17
18
Jaz
--------100 Galveston-Houston Elec 100 ls Apr 26 251/ Feb 251 17
*15
*15
515
17
17
511
12
12
*11
___ _ _
____ __
*11
12
1134 Apr 12 17 Jan 22
General Pub Ser Corp cow____
__ ___
*11
12
12
511
3412 35
35
35
No par 3414 Apr 20 4058 Jan 12
35
35
43- July
35
35
3238 -Aug
265 Gilchrist Co
35
_35
35
35
95
967
9612 98
98
99
2,018 Gldette Safety Razor-NO par 881:Mar 30 11313 Feb 6
95
95
95
97
9512 96
5712 Jan 11512 Da
5104 11
25 1012 Jan 12 12% Feb 11
*1012 11
1012 1012 *1012 11
1512 JUII1
11 May
30 Greenfield Tap &Die
*1012 11
6012 60
__ 604 60
No par 58 Apr 16 6834 Feb • 4
60
72 00
52 May
177 Hood Rubber
60 -60
60
60 5_ ___ 60
524 Jac 80 00
Internat Cement Corp_No par 6612 Jan 7 6814 Feb 9
..lb .iE .v.i() Ai i.lb .iE
-l0 .43 i.
57 10 .43 47.
International Products-No pa .10 Jan 21 .25 Mar 24 .os Dec
2 Jai
5.25 1
'
5.25
I
•.25 1
Do pref
100 50 Mar 31 .55 Jan 5 .10 Dec 1012 Jai
____ ____ ____
'
5.25 I
5.29 1
529?1
/
4 _ __
529312- - 529312 _ _ 529312 _
9512 Nos
8212 Jan
9312 9312 --------15 Kidder, Peab Amp A pref_1(10 293 Apr 15 9514 Jan 9
7 Mar 24.
-858
112 *8
*812 -834 58
614 Apr
934 Feb 1
111 Libby, McNeill & Libby_ 10
58
8
-8
9
/
1
4 Jai
8
8
812
1
4 521014 1058 1014 1012 1014 1014
25 1014 Apr 22 1214 Jan 18
*21014 1012 *21012 10/
1378 Jai
1114 Aug
1014 1038
100 Loew's Theatres
81
8134 81
8134 8012 8112 5280
28012 82
68 Feb 85 De
81
81
81
365 Massachusetts Gas Coe__.100 80 Apr 201 864 Feb 26
6712 6712 6712 68
100 65 Jan 8 7018 Feb 20
674 68
6312 Jan 70
6712 68
68
68
6712 68
Oa
220 Do pref
105 105 5105 110
105 105
106 106 *105 106 5106-Oa
Jan 197
25 Mergenthaler LInotype_No par t105 Jan 24 :106 Jan 28 167
*8
812 *7
1
4 Jai
8
8
*7
8
8
sli 1-012 1,580 Mexican Investment. Inc 10 734 Apr 221 1034 Jan 7 74 Sept 16/
*7 8
*92
92
92
100 89 Apr 91 98 Jan 4
*92
94
94
Miss Illy Pow atpd pref
*92
93
592
8712 Jan 964 Nol
--_- ____ ___
93
314 314
314 312
634 331
334 Dec
412 Jan 5
31s Apr 29
10
338 338
3/
1
4 3%
318 34 --------353 National Leather
2412 *2212 2334 *2234 2334 *2212 2334 2234 2234
234 *23
5 1512 Jan 91 2814 Feb 19
23
1138 Dec 17 De
105 Nelson (Herman) Corp
2 Jam
.50 .50 *45 .50
.50 .50
.50 .95
.50 .50
.75 .85 8,685 New Eng Oil Ref Co tr Ufa- .20 Jan 21 .95 Apr 29 .10 Dec
534 Apr 12 8e9,
8 Feb 251 1012 Jan 6
100
*74 1012 5712 1012 5712 1012 5713 1012 *713 1012
9/
1
4 1014
110 Do pref (tr WO
98
99 5298
99
99
99 *298
99
98
98
98
99
50 New England Pub Sery prior pf 98 Mar 2 100 Jan 6 ---------------.
4 Mar 15
__
4 5_ _ _. 4 5____
•___ _
4
11 Pal
27 DecD
8 Feb 18
4 s____
4
New Eng South Mills__No par
____ ___.
Jai
20 Dec 55
5._ _ _ 20 'P.__ 20 *____ 20 5_ _ 20 5._
100 20 Mar 251 28 Jan 29
Do pref
20
99 Apr 12218 Nol
1
4 113
11234 1127 11234 11-27112 11212 11214 11234 112/
112 112
8 1,361 New Engl'd Telep & Teleg.100 1107k Apr 11 11838 Feb 17
90 Sept 100 Mal
*92
92
94% *92
*92
9434 92
9434 *92
10 No Amer Util 1st pf full paid- 89 Feb 15 96 Feb 25
9434 ---- -20 May 28 Ma
18 Feb 11 27 Feb 25
1918 *19
•19
2014 19
2012 *1918 2012 19
____ __19
125 let pref 25% paid
1
4 Job
214 Oct 82/
1 2912 Apr 13; 30 Jan 14
_ Orpheum Circuit, Inc
100 30 Apr24 55 Jan 2. 50 Dec 8112 Jai
:18- -174 itili -iii 16- -iii- ;fii- _ -1-,214 Pacific Mills
-56- If- "ie 17- -lir
1
4 Jan 12
32 Aug 75
Oa
_ ._ 5240
_ *240
5240_.5240
__ *240
_ __ ____ ...-- ____ _ Plant (Thos(3), let pref.- _100 40 Mar 251 68/
1514 Aug 18 Ap
10 15 Feb 81 17 Jan 12
1-614 *16 16-14 1614 -1614 16
516 1614 *16
15 Reece Button Hole
_ ___ ._ __
1-6
11
/
4 Nov
2/
1
4 Jai
184 Apr 28
1/
1
4 Jan 19;
114
184
*158 134 "138 134 5158
184 *134-- --- -25 Reece Folding Machine__. 10
9912 100
9914 Dec 101 De
9912 100
99
679 Swed-Amer Inv par pref 100 99 Feb 61 106 Feb 19
9934 *9912 10012 9912 1-00
10012 16612
100 111 Apr 211 117 Feb 20 10914 Apr 120 Fel
113 113
379 Swift & Co
11214 113
11214 113
11212 11212 11212 113
11212 11212
4512 Apr 734 Do
25 54 Mar 312 70 Jau 4
6012 6012 *6012 62
•60
61
61
61
90 Torrington Co
*60
62
60
60
3
Oct
7 Jan 5 15/
5
712 JAI
1
4 Feb 11
117s 11
1178 117 *11
1178 *11
117g *11
117g ___
- - - ___ - - _ Union Twist Drill
4034 July 59 No,
Feb
20
471
52
3
4
47
Mar
31
Mach
Corp
25
47
/
1
4
4778
47
/
1
4
Shoe
47
/
1
4
48
4734 4712 48
4734
794 United
4712 -4734
2812 Jan 29
Oe
25 28 Jan 2 2812 Jan 25
ns 2814 2814 2824 2814 2814 2814 2812 2812 2812 2812 2812 • 355 Do pref
1412 Aug 1934 Jai
18
181
177 1814 18
1814 1858 1834 1834 1812 1812 3,921 Waldorf Sys.Inc,new eh No par 17 Jan 6 20 Feb 11
1814
5 Jan 34 De
397 397
39
•38
39
39
40
39
39
3914 --------630 Walth Watch ell B com_No par 29 Jan 18 40 Feb 5
17/
1
4 Jan 67 De
100 52 Jan 23 59 Feb 10
57
56
56
1.170 Do pref trust ctfs
57
57
56
57 •
56
56
56
56
57
65
Jan 105 De
100 102 Jan 29 11012 Apr 13
*2104 110 *2104 110 ez_. __ 110 52_ _ __ 110 52__ _ _ 110
Do prior pref
__
_ _ ___
1634 June 27/
1
4 Jul;
20 1634 Apr 22 23 Jan 27
*1712 1814 18
18
630 Walworth Company
18
1712 174
17
17
184 17
18
Jan 5012 Jut
46
37
46
50 44 Mar25 504 Feb 18
4534 4534 4512 45/
140 Warren Bros
464
1
4 46
*46
4612 46
46
375
8
Jan
*4112 4212 42
4312
Jul;
4214
Mar
11
39
Apr
15
50
pref
42
Do
let
5
*41
42
*41
42
*41
42
__-- _--44
4012 Jan 48 De
44
50 42 Apr 16 47 Feb 10
*43
44
*43
44
70 Do 2d pref
44
44
*43
44
____ _--11 Mar 217a De
•1314 14
1334 Apr 17 1718 Jan 2
____ __ •1314 14
Will & Baumer Candle cora__
___ __ __
*1314 14
*1314 14
Mlulua
•.06 .20 5.08 .20 5.08 .20 5.06 .20 *06 .20 5.16 .20
Ja
25 .05 Mar 15 .20 Feb 1 .05 Dec .25
Adventure Consolidated
•.05 .25 5.05 .25 *05 .25 5.05 .25 5.5 .20 5.05 .10
Ja
Algomah Mining
25 .10 Feb 2 .10 Feb 2 .10 Mar .25
.78 .85 542.85 .90
3 Ja
25 .25 Mar 27 .90 Jan 4 .50 Dec
.85 .85 *a.80 .90
.80 .80 5.85 .90 1.450 Arcadian Consolidated
97
5934 10
9/
97 10
9% 10
1
4 Mar 1538 Fe
10
912 Apr 14 1234 Jan 2
5
1014 1034 1,840 Arizona Commercial
10
10
10 3112 Apr 29 5584 Jan 4
35
3612 3412 3612 34
2814 July 6014 Oc
3414 3314 34
1,570 Bingham Mines
311
/
4 3314 3112 32
1458 1434 1412 1434 1418 15
1434 147e
1
4 mar al 1512 Jan 7
1238 June 187a Ja
25 13/
1414 1438 1438 1478 1,598 Calumet & Hecla
.36 .36 •.30 .5() 5.30 .50 5.30 .50
1 .30 Mar I .50 Jan 2 .20 May .90 Au
500 Carson Hill Gold
.35 .35 5.30 .40
1512 1512 *215
1512 15
18 Dec 33
1518 15
Ja
25 15 Apr 15 20 Jan 4
1
4 15
1514 14/
15
895 Copper Range Co
15/
1
4
*318 312 "34 312
3
3/
314
4 Feb 3
3/
1
4 3/
1
4
*3
3
3
8 June
1
4
6/
1
4 Ja
3 Apr 22
435 East Butte Copper Mining. 10
5(4.50 .75 5a.50 .75 *a.50 .75 *a.50 .75 5a.50 .70 5.50 .70
114 Jan 20 .04
Jan
138 Ja
Franklin
25 .50 Jan 4
5.50 1
5.50
5.50 1
1 134 Fe
112 5.50 I
.50 .50 *1
25 .50 Feb 25 .80 Feb 13 .50 Juns
50 Hancock Consolidated
*16
174 1614 164 16
*164 17
1512 July 23
Ja
1614 154 154 1512 15,2
1 14 Mar 29 2114 Jan 4
175 Hardy Coal Co
•1
I
114 'l
138
1 Dec
2 Jan 11
114 *1
312 Fe
14
14 *1
14 *1
Helvetia
25 .80 Mar 27
159 159
168 16012 159 160
180 160
1594 1694 15912 160
1 141 Mar 29 175 Feb 8 121 Mar 165 De
1,215 Island Creek Coal
•1004 102 510012 102 *100 102 *100 102 *100 102 *100 102
9414 May 10012 De
1 9912 Jan 4, 10212 Jan 20
Do pref
1018 *10
•10
1014 10
1012 10
5912 1012 1014 1034
10
978 Apr 2018 Ja
25 10 Apr 151 1314 Feb 10
360 Isle Royale Copper
114
1
•1
114 *1
1
14 14
1
174
1
1
143=
114 Apr 28 .50 June
25 .50 Jan 21
545 Keweenaw Copper
5118
138
1
1
511
/
4 112
.90
1
114
114 •1
3 Ja
1 Apr
11
/
4 Jan 4
25 .90 Mar 10.
78 Lake Copper Co
112
*14
1
112 51'4 112
I'A 1'X
N la
1 Dec
212 Mar 15
1 Feb 1
25
*1'X I% *1'4 11
50 La Salle Copper
/
4 *118
114
2
134 2
511
*178 2
244 Ja
*134 2
2
134 Jan 26
5
2
238 Feb 20 .95 Sept
•134 2
100 Mason Valley Mine
.25 .25 5.35 .50 '
5.35 .50 *35 .
114 la
5.35 .50 5.35 .50
25 .25 Mar 16 .70 Feb 13 .40 May
10 Mass Consolidated
.95 .95
.95 .95 5a.90 11
511.95 114 5a.95 114
3 Ja
/
4
25 .90 Apr 8
.95 .95
1/
1
4 Jan 5 .50 Nov
500 Mayflower-Old Colony
3212 32
32
2512 June 41
324 3212 33
3a
3312 23218 33
3278 3278 32
25 30 Mar 30 37 Feb 10
515 Mohawk
Ja
18 Mar 25
*2012 2034 2012 2034 2014 2012 2014 2014 20
2014 2018 2014
5 19 Mar 3 2114 Feb 13
1.955 New Cornelia Copper
5.10 .18 5.10 .18 5.10 .18 5.10 .18 5.10 .18 __ __
.05 Jan 30 .10 Jan 7 .10 July .85 Fe
New Dominion Copper
___ __
5_ _ _ 25 5_ _- - 25 *--- 25 •_ _ _ _ 25 5- - -- 25 5
25 Apr 31 AU
100 24 Apr 20 25 Feb 4
.- _ - -25
New River Company
•50
52 5_ _ _ _ 52 5_ _ __ 52
53
40 June 65 Au
550
100 50 Jan 4 72 Feb 11
____ 52
53
*50
Do pref
77 Jan 27
438 July
5,2 512
634 Ja
518 Apr 24
5
524 514 *512 6
54 54
578 5,2
395 Maiming Mines
5/
1
4 512
258 24
334 Jan 9 .89 June
15
2% 2%
2,2 274
222
Vg
378 No
2 Apr 13
212 212
2/
1
4 212
935 North Butte Mining
138
138 *al
138 cal
.90 1
1 Apr 29 .15 Nov
51
1/
25 .50 Jan 4
138
1
4 Ja
.99 .99 cal
293 011bway Mining
15/
15
15
1
4 1518 15
16
1634 Dec 27
25 1434 Apr 1 1972 Feb 10
1612 1612
IAN 1534 *1514 16
Ja
435 Old Dominion Co
1112 1112 1112 11
1112 114 1114
1112 *11
10/
1
4 June 1878 Bet
1112 1112 *11
1
4 Mar 29 15 Jan 2
65 P'd Cr'k Pocahontas CoNo par 10/
1912 1834 1834 *1834 1912 1812 1912 1912 21
25 1858 Apr 20 2373 Feb 25
19 Apr 3948 js
1912 1912 19
1,185 Quincy
2812 2812 2812 2834 29
29
2812 Apr 48
3012
29 5228
29
29
29
610 St Mary's Mineral Land_ _ _ 25 228 Apr 16 3812 Feb 10
Ja
5512 6
6
*512 6
*512 6
6
*914 934
*514 534
714 Nov
958 Jan 4
514 AIR 1
11 Na
25 Seneca Mining
.50 .50 515 .60 •.40 .60 5.40 .60
10 .45 Apr 23 .80 Jan 5 .50 May
.50 .55
600 Shannon
5.45 .60
112 38
5.30
.50
.55
.55
.35
Apr
21
5.52
.54
Pis
-10
.54
1
Mar
Boston
Copper.55
.60
.70, May
200 Superior &
*AO .60 5.40
2 J8
938
9
9'4
1
4
8 Jan 6 1134 Feb 5
5
9
812 9/
8/
1
4 8/
37a Jan 13544 Jo
1
4 2,900 Utah-Apex Mining
818 818 *84 8%
IN
158 134
158 134
2
2
14' 134
184
134
1 .50 Jan 8 21314 Mar 13 .40 July .98
2,8 9.190 Utah Metal & Tunnel
J8
.60 .60 '
5.50 .60 •.50 .60
25 .43 Mar 2 .75 Feb 23 .22 Nov
5.50 .60 1,169 Victoria
5.50 .60 5.50 .60 '
114 Js
.17 .17 5.17 .25 5.17 .25 5.17 .25
25 .15 Jan 23 .25 Feb 9 .10 Dec .48
120 Winona
.20 .20 5.17 .25
Is
As
illnranrInt _ __
_ 29 AO Feb 1 AR MA!S2
.47 40
nn *a.411 .50 5%1.40 .50 *a.50 .50 50.40 .50 ____
.1.6
•
• Bid and faked price*
no sales on this day. 5 Rx-right.. I 1Si-dividend sod lights. a ex-cllvIdead
I Ex-.took dividend
a Assesemen• paid.
t New stock,
2478
THE CTHROITICILB
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Apr. 24 to Apr. 30, both inclusive:
Bonds-
Friday
Last Week's Range Sales
Sale
ofPriem.
for
Price. Low. High Week.
Amer Tel & Tel 55.. _1960
10035 10035
Amon Elec Co 530 w 11946
9534 9534
Atl0& WI SS L 55 _ _1959 71
70
71
Brown Co ser A 631s w I'46
9634 9634
Chic Jct Ry & US Y 58240
loom
wog
Duke-Price Pw Co 6s w no
loo 10035
E Mass St RR 435s SerA'48
6234 6234
58 ger B
1948 6834 67
684
Fla Public Service 6s 1955
98
98
Hood Rubber 7s
1937 10554 105 10535
Ilseder Butte 78w L_1948
9435 94%
Int Pow See Corp 7s_ _1936
9934 9954
Kendall Mills Inc 6%81944
99
99
Mass Gas 4315
1929
99
99
43111
1931
9734 9731
5355
1946
102 102
Miss River Power 5s_ _1951
9954 100
New Engl Tel & Tel Eu 1932
10134 10135
Swift & Co 53
1944
10035 10034
Western Tel ,u Tai sa _1032
Mote 10031
Range Since Jan. 1.
Low.
$1,000 9734
2,000 9534
15,000 67
5,000 9634
13,000 99
15,000 100
5,000 62
12,450 65
5,000 98
15,000 10434
8,000 9436
5,000 9934
2,000 99
2,000 9834
8,000 96
3,000 9934
9,000 99
5,000 10034
11,000 9934
3.000 9814
Mar
Apr
Mar
Apr
Jan
Apr
Mar
Mar
API*
Jan
Apr
Mar
Mar
Jan
Jan
Feb
Mar
Feb
Jan
Mar
High.
10034
9534
74
97
101
10035
65
70
98
10534
9431
100
99
9975
9834
10534
10031
10135
101
10134
Apr
Apr
Feb
Mar
Mar
Apr
Jan
Jan
Apr
Apr
Apr
Feb
Mar
Apr
Apr
Apr
Jan
Apr
Mar
Jan
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Apr. 24 to Apr. 30, both inclusive,
compiled from official sales lists:
Stocks-.
Friday
Sales
Last Wars Range for
Sale
ofPriem
Week.
Par. Price. Low. High. Shares.
BondsChicago City Ity 5s.. _ _1927 7134 7134 7234
Chic City & Con Rye 513'27
49
49
Chicago Railways 5s_ _1927
72
7235
55, Series A
1927 4974 4935 4971
45, Series B
1927
33
33
Commonw Edison 55_1943
10135 10231
liat 55
1953 10154 10154 10134
HousG G Cos f g 6%81931 9734 9734 98
Peoples G.L.& CChic G L & C 1st 55_1937
10134 10134
High.
Low.
390 42
1,240 7234
1.450 38
%
400
100 1331
370 15
525 8134
1,825 4254
420 22
600 125
36 11334
25
3
280 11;4
9
470
75 5871
1,000 10835
1,200 1654
734
75
100
53.4
180 49
1.095 26
275 2335
26 91
705 4234
Apr 48
Jan 8634
Mar 5835
Mar
2
Apr 26
Apr 31
Mar 92
Apr
Mar '
it?m
Mar 1
Apr 117
7
Apr
Mar 25
Jan 1435
Mar 8131
Apr 11234
Jan 2331
Apr 1034
935
Feb
Apr 5535
Mar 32
Mar 33
Apr 96
Mar 5034
Feb
Mar
Jan
Mar
Feb
Mar
Mar
Feb
Mar
a
Mar
Jan
Jan
Feb
Jan
Mar
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Mar 7936 Jan
Mar 5634 Jan
Jan
Apr 82
Mar 5631 Jan
Jan
Mar 40
Mar 10234 Feb
Mar 10135 Apr
Feb
Apr 99
21,000 '67
22,000 4734
5,000 67
10,000 45
19,000 30
2.000 10035
5,000 10035
40,000 9534
8.000 10154 Apr 10131 Apr
*No par value.
Low.
High.
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Apr. 24 to Apr. 30, both inclusive, compiled from official lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
72
5034
8034
146
105
1934
99
1834
196
9
23
5235
Apr
Mar
Apr
Jan
Apr
Apr
Apr
Jan
Feb
Jan
Apr
Apr
Apr
Apr
Jan
Jan
Jan
Mar
Jan
Mar
Apr
Apr
Mar
Apr
Apr
Mar
Apr
Mar
Mar
Mar
Apr
Apr
Apr
Mar
Mar
Apr
Apr
Apr
11 72
460 49
34 7834
38 142
50 105
615 12
75 9834
185 17
118 187
50
8
391 2235
37
2231
Apr
Mar
Jan
Apr
Apr
Jan
Apr
Jan
Mar
Mar
Mar
Mar
100
8235
9935
9934
10034
9475
9535
10431
9235
9031
9934
9134
8131
10034
69
48
6734
9731
9131
Mar
Apr
Apr
Ma
Apr
Jan
Feb
Jan
Apr
Feb
Apr
Apr
Apr
Mar
Mar
Mar
Jan
Jan
Jan
tastaaaa%a2dc,444c,4d
84,500
1,000
1,000
1,500
1,000
3,000
4,000
1,000
1.000
13,000
1.000
5,000
2,000
1,000
14,000
12,000
1,300
10,000
11.000
==
101 101%
8235 8234
10031 10034
9935 9931
10235 10231
9535 9535
98
9831
10531 10534
9235 9235
9234 9275
9934 9934
9534 9634
82
82
10034 1003.4
7034 71
50
4934 50
71
7131
9834 98%
9474 9435 9471
High.
Low.
99
2834
10
45
130
4034
1
2631
.80
11034
2935
24
2434
93
45
102
10834
109
124
36
534
3035
11735
138
10
20
20
12
90
81
5634
2035
2135
20
96
42
20
13
t%gattat4:1552tiltigtitistiriUtng25t5gta5 5t1r,a5aaNgrs ti
72
50
80%
142
105
1834
9831
1835
195
8
23
5234
16
1,022
28
10
163
20
26
5
210
19
759
150
161
50
238
3
25
95
28
681
550
368
175
72
80
17
11
8
10
5
109
132
244
54
60
147
46
56
NNQONWM=.
-N Q
..^.0..W0
0 0t.
0.0.0004C.005010
.000.N.C.1-.
BondsBernheimer-Leader 70_1943
Carolina Central 4s_..1949
Ch & Po Tel of Va 1st 55'43
Commercial Credit 65_1934
Consolidated Gas 5s_ _1939
General 4355
1954
Consol G,E L&P 4%8.1935
534% notes set E_1952
Consol Coal ref 4358_1934
Fair de Clarks Trac 58_1938
Houston 0116%a
1935
Md Electric By 6345_1952
Sparrows Point 43-Is
Stand Gas Equip 1st 651929
United Sty & E 4s__1949
Income 4s
1949
Funding 5s
1936
6% notes
1927
65. when issued_ _ _1949
• No par value.
9935 99%
3234 33
10 10
46
46
135 136
4031 4034
1
1
26% 2634
80 .82
11274 11335
2935 3031
2435
24
2435 2534
9334 9331
50
5035
103 103
110 110
11134 112
126 12635
37
38
534 576
3235 34
118 119
138 138
10
10
20
2031
20
20
12
12
91
91
84
84
5631 58
2136 2131
23
2334
2031 2034
97
97
45
4574
20
2135
13
13
=x;xxx
Amer Wholesale pref _ _ _100 9934
Arundel Corp new stock_ • 3254
Baltimore Brick
loci
Balt Electric pref
50
Baltimore Trust Co__ _50 136
Baltimore Tube, prat _100
Blumberg Bros pref._ _100
Central Fire Ins
10
Cent Teresa Sug pref_ _10
Chas& Po Tel of Balt pf100 11335
Commercial Credit
•
Preferred
25 24
Preferred B
25
Rights 6% pref
100
Con.sol Gas E L & Pow_ •
6% preferred
100
634 % preferred
100 110
7% preferred
100 112
8% preferred
100
Consolidation Coal- _ _100 38
Delion Tire dr Rubber___
534
Eastern Rolling NI new stk.
Fidelity & Deposit
50 119
Fidelity Trust
100 ______
Finance Co of Amer_ _ _ _25 ______
Finance Service, Class A 10
Class B
10
Guaranty Co of Maryl'd_ _•
Hare & Chase, pref._ _ _100
Houston 011 pref tr ctfs_100
Manufacturers Finance_25 5636
First preferred
25
Second preferred
25 23
Trust preferred
25 2035
Maryland Casualty Co_ _25
Mereh & Miners, new_ _• 45
Monon Vali Trac, pref _25 2035
Mortgage & Accept. corn..
Mt V-Woodberry MillsPreferred v t r
100
New Amsterdam Cas Co 10 50
Northern Central
50
Penna Water & Power_100
Real Estate Trust
100
Silica Gel Corporation__ •
Standard Gas Equip't _ _100
United Sty dc Electric__ _50 18%
U S Fidelity & Guar_ _._50 196
Wash Bait & Annan_ _ _50
Preferred
50 23
West Md Dairy, Inc, pt _So 5231
Range Since Jan. 1.
00•0001sONC,
-.*.N.0
N
4,461 2735 Jan 3734 Feb
Apr 1935 Jan
9
300
Mar 98
Mar
131 94
85 71
Apr 9535 Jan
20 103
Apr 10334 Apr
3.150
834 Feb
235 Mar
1,750
1
Mar
534 Feb
6,200
34 Mar
35 Feb
290 92
Apr 98
Mar
2,465 80
Apr 9275 Mar
11,755 1535 Apr 2534 Feb
3,125
7
Apr 17
Feb
340
635 Feb
335 Apr
100 3535 Apr 3735 mar
24,450 4034 Mar 7235 Mar
4,500 64
Mar 73
Mar
100
334 Jan
474 Apr
Mar 40
Feb
20 32
3,150 2634 Mar 3176 Jan
1,900 28
Jan 3435 Feb
12 14
Apr 1635 Jan
160 8735 Jan 91
Jan
162 8834 Mar 93
Jan
4,115 12
Apr 1234 Apr
955 8935 Mar 95
Apr
270 9534 Mar 100
Feb
580 1034 Jan 2234 Feb
335 Apr
200
7
Jan
125 3034 Mar 35
Jan
Apr 6135 Feb
60 43
72 9934 Jan 101
Mar
915 13734 Apr 144
Jan
534 Jan 1034 Feb
510
340 73
Mar 93
Feb
25 1031 Mar 1334 Jan
510 5034 Apr 60
Jan
28 11335 Mar 11734 Jan
50 9735 Mar 10035 Jan
60 80
Apr 9535 Jan
230 47
Jan 50
Feb
100 28
Jan 31
Feb
10 106
Feb 10935 Feb
440 1634 Mar 25
Jan
2,180 1034 Apr 3235 Jan
410 2534 Mar 3034 Feb
565 2734 Mar 3335 Jan
10 26
Jan 3035 Feb
100 80
Apr 85
Apr
30 3134 Mar 39
Jan
765 122
Mar 171
Jan
450 3731 Apr 4034 Feb
100 32
Jan 3235 Feb
85 112
Apr 125
Jan
700 19
Mar 2834 Jan
1,125 37
Jan 4535 Apr
20 9034 Feb 92
Mar
Mar 2934 Feb
350 25
90 31
Mar 38
Jan
22 9134 Apr 95
Jan
41 49
Mar 51
Mar
Apr 9034 Jan
561 60
Feb
50 2934 Jan 35
Mar 1434 Jan
9
650
Feb
734 Mar 10
1,023
Jan
2
100
33.4 Feb
Mar 1931 Feb
280 16
3,820 109
Mar 13434 Jan
695 9735 Jan 11135 Feb
400 10634 Jan 12334 Feb
236 Apr
27,000
134 Apr
Mar 4934 Feb
75 41
Mar 100
Jan
475 98
Feb
1,450 5234 Mar 65
Apr
Feb 128
100 125
Jan
375 1935 Mar 26
431 Jan
234 Apr
215
425 2634 Apr 2775 Apr
Mar 32
Jan
1,055 26
Jan 99
Jan
20 93
Apr 96
Mar
150 93
Apr 98
Feb
25 91
530 1434 Mar 2134 Feb
Feb
100 1934 Mar 24
50 1934 Mar 2231 Feb
925 3336 Mar 5931 Jan
Jan
60 12831 Apr 137
185 12854 Apr 13135 Mar
Apr
130 10034 Jan 103
Jan 11636 Mar
25 112
Apr
Jan 138
470 128
Feb 10734 Apr
640 105
6,810 3634 Apr 5814 Jan
950 1931 Mar 2534 Jan
Jan
120 1231 Mar 16
Apr 2531 Jan
90 22
Mar
Apr 98
160 93
Mar 3035 Mar
40 30
Jan
9,850 7135 Mar 93
Apr 117
Feb
1,495 110
4,585 1434 Apr 2234 Jan
25 1134 Apr 1534 Mar
411
Range Since Jan. 1.
Thompson (J It)
25
43
4435
Union Carbide & Carbon.* 82
8135 83
United Biscuit class A _ _ _• 45
4434 4535
United Iron Works v t c_50
1
1
Un Light dr Pow A w I new.
1434 1434
B w I new
•
24
15
Preferred CIA w 1 a_._*
87
85
Preferred cl B w I a__ 5 4554 45% 4535
United Paper Board-100
25
26
U S Gytmum
20 139% 13934 143
Preferred
100
114 114
Unto Theatres Cone cl A..5
3
3
3
Vesta Battery Corp
10
1234 13
Wahl Co
• 10
934 10
Ward(Montgomery)&Co 10
62% 6334
Class A
• Ill
10835 111
Williams 011 0 Mat com..• 1935 19
20
•
Wolff Mfg Corti
8
831
Wolverine Portland Cem 10
635 631
Wrigley Jr
•
5134 5135
Yates Machines part pfd..• 2731 27
2835
YellowTr&Coach Mfgli 10
2454 2635
Preferred
100
94
9534
Yellow Cab Co Inc(Chic)• 45
45
46
Range Since Jan. 1.
..0..07,VO.W .MODW1-0.500MuZWVWN...4 NNOWMV.MNMMM
etc
VNM..c.le..0mccAoiNp.caN
N
Adams Royalty Co, corn_• 29
2834 30
All America Radio cl A_5
9
9
Amer Pub Serv, pref_ _ _100 96
96
96
American Shipbuilding _100 71
71
7135
Preferred
100
103 103
Amer States necur Corp A •
234
234 231
Class B
•
134
136
134
Warrants
34
35
34
Armour & Co (Del), pf _100 92
93
92
Armour & Co, pref._ _ _100 82
80
88
Common el A v t c_ _ _25 1534
1535 19
Common cl It v t a.. _ _25
7
834
Armour Leather
15
335 4
Mimic Invest't Co,corn- •
3535 3534
Auburn Auto Co, com__25 5434 49
5531
Balaban & Katz v t c_..25 67
6635 7034
Beaver Board v t c B_
•
435 434
Preferred certificates_100
36
36
Bendix Corp class A_ _ _ _10 2634 2635 28
Borg & Beck, corn
10 30
29
3134
10
Bunte Bros
1434 1435
Cent Ill Pub Serv, pref_- _• 89
8835 89
Cent Ind Power, pref--100
89
8934
Cent Pub Serv (Del),corn.. 1231
12
1234
Central SW.7% pref _ _• 93
9235 95
Prior lien preferred
97
9635 9734
Warrants
16
16
1634
Chic City & Con Ry, pref_•
334
3.31 334
•
Chicago Fuse Mfg Co_
3135 3334
Chic N S & MIlw, com_100
4435 4435
Prior lien preferred-100 100
9935 100
Commonwealth Edison_100 13934 139 13934
Consumers Co new
5
631 7
631
Preferred
77
100
7835
Continental Motors
11
11
• 11
25 55
Crane Co
55
55
Preferred
100
11534 11534
Crown(Wm)Pap 1st pfd..• 9735 9735 9735
Cudahy Packing Co__ _100
83
80
Cuneo Press A
47
50
4734
Decker (Alf)& Cohn,Inc_.
30
30
Deere & Co pre:
108 108
10(
El Household Utll CorP_1(
18
1734 1834
• 11
Elec Research Lab
1035 11
Evans & Co, Inc, cl A_ _ _5 293.1 26
2934
Fair Co(The)
•
29
30
,
Fitz Simons & Con D & D_
28
28
Foote Bros(G&M) pref_10(
85
80
Gossard CO(H W)
34
34
•
Great Lakes D & D. _100 135
13435 140
Greif Bros CooP'ge A com • 3934
3734 40
Hammerhill Paper Co_ _10
32
32
Hart,Schaffner & Marx 100 114
114 114
Hupp Motor
10
2134 22
Illinois Brick
25 4531
4535
44
Illinois Nor Utilities pf _100 91
91
91
Jaeger Machine Co com_ _• 2631
2534 2634
3135 32
Kellogg Switchboard_ _ _25
Ky Hydro-Elec pfd_ _100
9374 94
Ky Utilities Co pref
50
50
50
Kraft Cheese Co
25 6535 63
6634
Kup'heimer & Co(B) Inc_5
35
35
La Salle Ext Univ (111)_ _10
934
935 10
Libby, McN&Libby,new 10
831
8
8
Lindsay Light__
10
2
2
McQuay-Norris M fg
•
1635 1631
Middle West Utilities_ _• 10931 10931 113
Preferred
100 10434 104 10431
Prior lien preferred _100
114 11434
Rights
134 234
134
Midland steel Products_•
44
4434
Midland CBI prior lien_100 9834 9834 9834
Morgan Lithograph Co_ _• 5,534
5334 5634
Nat Carbon pref, new_100
126 126
•
Nat Elec Power A w I_
2035 2134
National Leather
10
235 335
234
National Standard com_ _• 2734 27
2735
No Amer Car Corp corn- -• 27
27
2835
Nor West Util pr in pref100
9535
93
7% preferred
100
95
94
Omnibus prat A w L _ _ 100
93
93
Voting trust etfii w I a_ _" 1454 1435 16
Penn Gas & Elec w I
•
1974 20
Pick Barth & Co pref A_ •
20
20
Pines Winterfront A_ _5
4235 44
Pub Eery of Nor Ill
• 129
129 130
Pub Serv of Nor III_ _ _100 129
12834 129
Preferred
100
101 10135
Ho% 11535
7% preferred
100
Quaker Oats Co
•
135 138
Preferred
100 10531 10534 10734
Real Silk Hosiery Mills_10 4034 3634 4234
Reo Motor
10 2031 2034 2034
Ryan Car Co (The)_ _25
_ _25 1331
1334 1335
So Colo Pr Elec A com _25
24
24
South w Gas&E17% pf _100
96
95
Sprague-Sells Corn el A 30
30
30
Stewart-Warner Speedom• 75
75
7834
Swift & Company
100 112
112 114
Swift International
15 1574 1534 1674
Tenn Prod Corn com
• 1134 1134 1134
prem. MI.
Friday
Baia
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Apr. 24 to Apr. 30, both
inclusive, compiled from official safes lists:
Friday
Saks
Last 1Veek's Range for
Sale
ofPrices.
Week.
Stocks-Par.Price. Low. High. Shares.
Alliance Insurance
10
4935 4931
Amer Elec Pow Co pref _100 11134 11134 111%
American Stores
• 6634 6434 6635
Baldwin Locomotive.. _100
105% 106%
Bell Tel Co of Penn, prat- 112
111% 112
But& Susq Corp pf v t c100
43
43
Cambria Iron
50
39
39
Range Since Jan. 1.
Low.
High.
Jan
Jan 59
5 36
134 102% Jan 111% Apr
Mar 9435 Jan
3,790 60
50 0935 Apr 106% Apr
Jan
154 109% Mar 112
Jan
Apr 53
15 43
Mar
50 3834 Jan 40
MAY 1 1926.1
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Stocks (Concluded) Per, Price, Low. High Shares.
•
50
164 1634
Congoleum Co Inc
30
30
400
Cense! Traction of N J..100
50
East Shore G & E 8% p1.25 2534 254 2534
100
50
132% 13234
Elsenlohr (Otto)
182
774 774
Electric Storage Batt'y _100
100
585
644 6734
General Asphalt
34
34
5
Giant Portland Cement_50
2,004
Insurance Co of N A_ _ _10 5231 514 5254
50
50
25
25
Keystone Tel pref
387
69
70
Keystone Watch Case- --• 70
_100
950
254 24
Lake Superior Corp
50 10834 10894 11231 5,285
Lehigh Navigation
60
8234 8234
100
Lehigh Valley
100
484 484
Lehigh Vali Transit pref_50
10 2631 2534 264
750
Lit Brothers
10
395
334 331
Man Rabbet*
520
Penn Cent Lt & Pr cum pf• 72 34 72 34 7294
5131 5234 19,307
Pennsylvania RR
50
50 77
454
7474 80
Penns Salt Mfg
50
724 7434
716
PhIla Co (Pitts)
50
38
38
35
Preferred (5%)
4834 49
220
50
Fret (cumul 8%)
25 4674 453/ 4831 43,678
PhIla Elm of Pa
2,061
431 5
Power receipts
5531
473
Phila. Rapid Transit_...50 5454 53
4131 42
220
Phila & Rdg Coal & Ir_ •
50 .59
436
5834 59
Phila Traction
50
309
13
PM la dr Western
1334
50
3534 36
Preferred
120
10
Scott Paper Co, pref._.100 984 9831 9834
Tono-Belmont Devel_ _ _1
745
231 3
1
940
534 534
Tonopah Mining
50
3934 3931
990
Union Traction
50 9934 9234 102
30,723
United Gas Impt
•
3634 3631
US Dairy Prod "A"
100
•
18
1831
Class "B"
245
80
Victor Talking Mach_ _1
80
25
44
44
West Jersey de Seashore_50
19
49
Westmoreland Coal new.50 .
50
70
Range Rims Jan, 1.
Low.
High.
Feb
1574 Apr 21
Feb
29
Apr 35
Mar 2694 Feb
25
1234 Apr 2034 Feb
Jan 7934 Mar
73
Mar 6731 Mar
56
Apr 50
Feb
34
49
Mar 64 34 Jan
Apr 294 Jan
25
Jan 70
Feb
60
44 Jan
234 Apr
9734 Mar 12034 Feb
8034 Apr 8334 Jan
4831 Apr 484 Apr
Mar 3334 Jan
25
8
Jan
234 Jan
Mar 91
Feb
71
4834 Mar 5574 Jan
Jan 91
Feb
71
6634 Feb 7634 Apr
Jan
37
Mar 38
Max
4894 Apr 50
4131 Mar 6734 Jan
5
Apr
334 Apr
Jan 5774 Feb
51
374 Apr 4834 Feb
Feb
5634 Jan 65
11
Mar 1494 Jan
Apr
3434 Jan 36
Jan 101
Feb
89
Vie Apr
434 Jan
4111, Jan
734 Feb
38
Jan 4394 Jan
8431 Mar 14434 Jan
Apr 384 Mar
35
1734 Apr 1834 Apr
Mar
80
Mar 80
Jan
43
Mar 47
49
Apr 56
Jan
BondsAmer Gas & Elec 55_2007
me° & Peoples tr ate 4s'45
Inter-State Rys coll 4s 1943
Keystone Telep 1st 55_1935
Lehigh Cdr Nay cense 45'54
Lehigh Val gen cons45_2003
Lehigh Val Coal 1st 581933
Penns RR cons 48_ _ _ _1943
1930
75. _
Peoples Pass tr ctfs 43_1943
Phil Balt & Wash 1st 45.'43
Phlia Co cons & coil tr 58
unstpd sk fd dr red_ _1951
Phil& Elec 1st 5 f 45. _ _1966
1960
1966
1st 65
1947
534s
1953
5345
5345
1972
Vnrk RAIlwavn 1st 8s1937
93
94
19,500 8994 Feb 94 34 Mar
60 34 614 13,500 5734 Jan 6534 Feb
.55
55
1.000 55
Apr 564 Feb
7.000 91
Jan 9254 Feb
9134 92
98 34 99
27,000 9734 Apr 99
Apr
8434 8494 1,000 8434 Apr 8434 Apr
101 1014 9,000 10034 Mar 1014 Apr
984 984 1,000 984 Apr 984 Apr
10734 10734 1074
1,000 10734 Apr 108
Mar
64
64
2,000 6334 Feb 68 34 Jan
9334 9334
1,000 9334 Apr 9334 Apr
9334
61
55
10334 10334 1,000 10394 Apr 103 34
874 8734
1,000 84
Feb 87 34
10231 1024 10231 8,000 102
Jan 10334
10354 103 10334 52,000 102
Mar 10431
10731 10731 10754 4,000 10334 Mar 1074
10734 1074 3.000 10334 Mar 10734
102
102 10231 13,000 1004 Apr 10231
95;4 0514 9514 10110 0514 Jan OR
Apr
Apr
Apr
Feb
Jan
Jan
Apr
Jan
2479
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Per. Price. Low. High. Shares.
Fay & Eagan pref
100
Formica Insulation
•
French Bros-Bauer
*
Giant Tire
•
Gibson Art
•
Preferred
100
Globe-Wernicke
100
Preferred
100
Gruen Watch
•
Preferred
100
Hatfield-Reliance pre:_100
Kahn & Kohn particIp_ _20
Participating
100
Kodel Radio pref
20
Kroger
10
Paragon Refining
25
Procter & Gamble
20
8% preferred
100
6% preferred
100
Pure 0116% pref
100
8% preferred
100
U El Can common
•
Preferred
100
U S Playing Card
20
TJ S Ptg & Mb,corn_ _ _100
Preferred
100
US Shoe, preferred_ _ _ _100
Western Paper"A"
•
Wurlitzer 7% pref
100
8% preferred
100
65
24
15
3434
3831
11751
88
934
39
104 34
101
103
43
204
116
7
154
162
11431
94
108
55
102
13834
8754
100
47
3034
110
106
55
65
2034 24
15
15
3431 3434
38
384
11731 11731
88
88
9331 934
39
39
10431 10434
101 101
103 103
4334
43
2034 22 34
116 rini
7
731
15334 159
162 162
11334 11431
95
94
10734 108
56
55
102 102
138 139
8734 8734
99 100
47
47
28
3034
1094 110
106 106
46
147
50
5
420
20
3
1
205
22
3
10
40
50
367
124
503
8
22
135
14
153
10
62
23
12
18
230
75
20
Range Since Jan. 1.
Low.
55
20
15
34
3634
116
88
9231
3834
10334
101
10034
4231
2034
10474
634
13934
160
11034
8534
105 34
47
99
137
81
92
47
27
107
105
Apr
Apr
Apr
Apr
Feb
Feb
Apr
Mar
Jan
Jan
Apr
Apr
Apr
Mar
Mar
Apr
Jan
Feb
Feb
Jan
Jan
Apr
Mar
Apr
Jan
Jan
Apr
Apr
Jan
Mar
High.
88
27
16
40
40
11734
92
96
41
106
103
103
4334
2134
12151
934
160
163
116 34
9634
11031
63
10354
145
94
100
58 34
3131
110
106
Feb
Feb
Mar
Mar
Mar
Apr
Mar
Apr
Mar
Mar
Apr
Apr
Apr
Feb
Apr
Jan
Jan
Jan
Apr
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Apr
Apr
BanksFirst National
100 325
325
325
7 325
Feb 335
Apr
Public UtilitiesCncinnatl & Sub Tel_ _50 83
8231 83
Clne Gas & Eie
100 9034 9034 91
Ono Gas Transporta_ _100 116
116 116
CN&CLt&Treom_100 8534 854 8531
Preferred
66
66
100 66
Ohio Bell Tel, pref.__ _100 10931 109 1094
Apr 8434
237 81
Mar 9534
185 88
25 11294 Feb 116
50 814 Jan 8654
Apr 66 34
300 64
216 109
Apr 11194
TractionsCincinnati St Ry
50
*
Columbus Ry "B"
Ohio Traction common _ 100
Preferred
100
458
25
100
64
Railroads° N 0&T P eommon
3394
9634
7
78 34
10(1 280
33
3334
9631 9654
7
7
77
79
277
280
32
94 34
6
69
20 270
Mar
Mar
Apr
Apr
3334
97
7
80
Anr 285
Feb
Mar
Apr
Mar
Jan
Mar
Feb
Apr
Apr
Apr
Mar
* No par value.
St. Louis Stock Exchange.-For this week's record of
transactions on the St. Louis Stock Exchange see page 2456.
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from April 24 to
Pittsburgh Stock Exchange.-Record of transactions April 30, both inclusive, as compiled from the official lists.
at Pittsburgh Stock Exchange Apr. 24 to Apr. 30, both As noted in our issue of July 2 1921, the New York Curb
inclusive, compiled from officials sales lists:
Market Association on June 27 1921 transferred its activities
Friday
Sales
from the Broad Street curb to its new building on Trinity
Last Week's Range for
Range Since Jan. 1.
Sale
ofPrices.
Place, and the Association is now issuing an official Sheet
Week.
StocksPar. Price. Low. High. Shares.
Low.
High.
which forms the basis of the compilations below.
•No par value.
Am Vitrified Prod com_50
Preferred
100
Am Wind Glass Mach pf 100
Am Wind Glass Co pf _100
Andes Petroleum
•
631
Arkansas Nat Gas com_ _10
634
Bank of Pittsb N A
50
Carnegie Metals
10
Colonial Trust Co
100
Devonian 011
10 1234
Duquesne Light pref_ 100
First Nat Bank
100
Houston Gulf Gas
Tones & Laughlin pref.. _100
:,one Star Gas
25 32
Monongahela Nat Bk _100
Nat Fireproofing com
50
Preferred
50
Ohio Fuel Corp
25 34
Oklahoma Natural Gas._25 29
Pittsburgh Brew corn
50
Pittsburgh 011 & Gas- _ _ _ 5
434
Pittsburgh Plate Glass_100
Pittsb Steel Fdy corn_ _._•
Preferred
100
Rich & Boynt part pref _ •
Salt Creek Con 011
10
San Toy Mining
1
Stand PlateGlassprlorpf 100
Stand SanIt Mfg corn.. _25 103
Tidal Osage 011
10
9
U 8 Glum
25
West'house Air Brake_ _ _50
West Penn Rys met_ _ _100
31
31
90
90
8874 89
109 109
634 634
57.4 634
156 156
1734 18
250 250
1234 13 34
11334 115
320 320
6
64
115 115
32
3274
320 320
1331 134
35
35
334 3431
29
2934
534 531
454 44
280 281
3031 3031
75
75
3834 3834
8
8
3e
3c
78
78
103 10431
9
9
17
17
11454 11434
92
92
150
15
70
100
1,000
4,350
39
110
25
560
85
1
2,315
100
1,917
8
60
10
2,964
485
230
210
105
20
41
16
15
500
100
274
140
65
10
801
3034
90
8874
1064
634
54
141
16
220
1234
112
320
534
114
30
320
13
34
33
28
3
431
273
30
74
3834
8
3e
78
10174
834
17
106
90 34
Apr 3334
Apr 9434
Apr 9134
Jan 112
Apr
634
Feb
7
Feb 156
Jan 21
Feb 280
Apr 17
Mar 115
Apr 325
Apr 10
Jan 116
Apr5634
Apr 320
Apr 1894
Feb 39
Apr 36 34
Mar 34
Jan
7
Mar
6
Mar 310
Feb 36
Apr 7694
Apr 3834
Apr 10
Jan
4c
Apr 85
Apr 11874
Mar 10
Apr 1954
Mar 12794
Jan 92
Jan
Jan
Jan
Feb
Apr
Jan
Apr
Feb
Feb
Jan
Apr
Mar
Feb
Feb
Jan
Ap
Feb
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Apr
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Apr
* No par value.
Cincinnati Stock Exchange.-Record of transactions at
Cincinnati Stock Exchange Apr. 24 to Apr. 30, both inclusive, compiled from official sale lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. MU. Low. High. Shares.
Amer Laundry Mach__ _25
100
Preferred
Am Products
25
Amer Rolling Mill
100
Preferred
Amer Seeding Mach_ _ _ _50
100
Preferred
American Thermos
Preferred
Buckeye Incubator_ ...100
100
•
Carey (PhIllrn
100
Campbell Mfg
Champ Fibre pref _ _ _100
Churngold Corporation_ _•
City Ice dr Fuel
Cooper Corp new pref..100
Crown Overall pref ..100
Dalton Adding Machine100
20
Eagle-Picher Lead
•
Early & Daniel
115
125
2434
494
110
29
69
16
42
32
180
65
1044
60
24
10254
102
65
• 28%
4234
114 116 34
125 125
24% 2434
49% 51
1094 110
29
29
69
70
16
16
42
42
3134 32
180 181
65
65
104 34 105
54 34 61
24
24 34
1024 10234
102 102
85
65
28
2831
4234 4234
1.104
10
80
1,069
139
149
45
50
25
43
85
100
35
462
203
11
Range Since Jan. 1.
Low,
108
124
24 34
4734
10894
29
69
1534
4131
30
175
55
103
5334
234
100
101
84 82
526 26 34
55 37%
Mar
Mar
Apr
Mar
Jan
Apr
Apr
Apr
Mar
Feb
Apr
Feb
Mar
Apr
Apr
Mar
Mar
Apr
Mar
Mar
High.
14034
125
2794
59
III
29
75
20
44
3334
181
65
105 34
78
2534
108
103
71%
3334
4231
Jan
Apr
Mar
Feb
Mar
Apr
Feb
Mar
Mar
Jan
Apr
Apr
Jan
Feb
Jan
Jan
Apr
Feb
Feb
Apr
Friday
Sales
Last Week's Range for
Sale.
Week.
ofPrices.
Par, Price. Low. High. Shares.
Week Ended April 30.
Stocks-
Indus. & Miscellaneous.
Ala Great Southern pref _50
*
A IllIIIITIU/11 Comm new_
Amalgam Leather pre:_100
100
American Arch Co
Amer Cigar common...AO°
Amer Cyanamid class A.20
Class B
20
Preferred
100
Amer Eleo Corp v t o____• 11
Class A
25
4merlean Gas & Elec com • 7234
Preferred
• 9234
American Home Products.*
Amer Lt & Trae nom---100
Amer 111ach & Fdy,corn_ _• 67
Amer Multlgraph corn •
• 55
Amer Pow & Lt com
Preferred
• 9354
Amer Rayon Products__ • 30
Amer Rolling Mill corn_ _25
Amer Seating Co
100
Am Sumatra Tob (new co)
Voting tr ctfs w 1
Am Superpow Corp CIA.' 2331
Class B
• 25
Prior preferred
25
American Thread. pref___5
331
Amer Writing Pap,com 100
Assoc Gas& Elec Class A_• 2934
Atlantic Fruit & Sugar •
Auburn Automobile. com25 55
Babcock & Wilcox Co_100
Balaban & Katz com v t c 25
B1gelow-Hartf Carpet com•
Blackstone Val G&E com50
Bliss (E W) new w I
• 194
Bloomingdale. Inc. com •
Preferred (7%)
100 10331
Blyn Shoes Inc corn
10
liorden Co new
50
Botany Consol Mills com_.
Bradley Fireproof Prod...1
Bridgeport Mach com ._ _•
9
Brill Corp (new) class A-•
•
Class B
Brill° Manufacturing corn•
•
Class A
Brtt-Arner Tob ord bear _El 2774
Ordinary registered_ _ _ £1
Brooklyn City RR
le
100 205
Bucyrus Co,corn
Buff Meg dr E Pow com..• 2534
Preferred
25 2494
Burdines Inc corn
•
• 4934
Can Dry Ginger Ale
Car Luz & Power. corn _ _ 25
24
Celluloid Co, com
100 2334
Central Steel corn
100
Centrifugal Pipe Corn- •
Checker Cob Mfg class A.°
100 100
65
6534
80
80
120 120
116 116
40
44
4134
39
8834 8834
1054 12
23
23
7294 7534
9034 9294
2534 2634
206 211
6634 69
20
20
5334 5534
9234 9334
3131
30
50
50
270 270
tio
Range Since AIX. 1.
Low.
High.
100
200
50
100
200
200
10
1,200
100
2,000
1,500
2,800
325
1,300
200
8,600
420
3,100
100
10
9454
5434
74
119
110
3694
354
88
9
2134
64
9034
244
195
66
19(4
484
92
294
4834
250
Mar
Jan
Jan
Apr
Feb
Jan
Jan
Feb
Mar
Mar
Mar
Apr
Mar
Mar
Apr
Apr
M
Apr
Feb
Apr
Mar
110
76
86
1323.1
11734
464
47
96
1194
2434
9954
9534
2794
264
6954
2334
7934
96
354
5954
335
Jan
Feb
Mar
Feb
Mar
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Apr
Feb
Jam
Jan
Jail
Feb
Feb
300
16
15
23
2454 3,000
2434 2534 4,400
900
2434 25
100
334
334
200
75c 750
2934 30 34 2,800
1
154
800
1,600
50
5534
123 123
30
70
70
400
8534 8534
25
200
92
94
1,000
183.4 20
27
2831
1,400
103 1037
800
%
200
334 34
9354 95
700
12
100
12
750 85c
2,900
8
934 5.400
3934 4034
500
19
19
100
634 731
600
100
20
20
800
27
2831
27
27
200
74 734 2,800
205 205
200
2434 254 1,400
24
25
800
1631 164
100
48
4934 9,900
2
231 10,300
2334 2334
80
654 6531
100
2.300
1754 1831
5
7
400
15
1934
2131
23
34
10c
2534
89e
4134
114
64
8594
904
1834
27
10134
394
914
12
63e
734
37
18
634
20
264
2634
734
179
2354
24
1634
404
14
15
60
1634
5
Apr
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Mar
Mar
Mar
Jan
Mar
Apr
Apr
Apr
Apr
Feb
Feb
Apr
Jan
Mar
Feb
Apr
„Ian
Jan
Feb
Mar
Apr
Apr
1831
3714
39
2634
4
75c
3554
24
73
149
72
9834
1184
204
3254
10434
634
110
13
114
1534
5734
33
734
21
2731
2731
954
335
3834
2591
2134
goy(
24
26
7434
27
994
Ape
Jan
Jai
Feb
Jam
Jan
Jan
Feb
Mae
Jam
Mar
Jan
Jar
Apr
Max
Apr
Feb
Jai
Mar
Jan
Jan
Jan
Jan
Apr
Apr
Max
Apr
Feb
Feb
Feb
Apr
Jan
mg
Mai
Apr
Jan
Jan
Feb
2480
Chic Nipple Mfg Cl A-50
Class B
50
Childs Co, pref
100
Cities Service corn
20
Preferred
100
Preferred B
10
Cohn-Hall-Marx Co
•
Collins & Aikman Co cora•
Preferred (7%)
100
Colombian Syndicate
Corn-wealth-Edison Co 100
Com'wealth Power CornCommon
•
Preferred
100
Warrants
Consol Dairy Products •
Con Gas, E L&P Bait coin'
Consol Laundries. wt._ -•
Continental Baking,com-A•
Common B
•
8% Preferred
100
Continental Tobacco_ _ _ _•
Copeland Products IncClass A without warets•
Courtaulds Ltd
£1
Cuban Tobacco v t c
•
Cuneo Press corn
•
Class A
50
Curtiss Aeropl & M.corn.'
Preferred
100
De Forest Radio Corp...'
Dinkier Hotels CoClass A with Dumb ware
Doehler Die Casting
•
Dominion Stores Ltd_
•
Dubiller Condenser & Rad•
Dunhill International....'
Durant Motors, Inc
•
Duz Co clam A
•
Eastern Roll Mill, corn- •
Edison El Ill Boston- _100
Edmunds& JonesCorrad100
Eitingon &WM Co,com-•
Elec Bond & Share. Pt 100.
Elec Bond & Share Sec__ -•
Elec Investors without war.
Electric Railway Secure..'
Electric Refrigeration_
Empire Power Corp
•
Emporium Corp w 1
•
Engineers Public Serv corn*
Preferred full paid
•
Preferred 7%
Eatey-Weite Corp class A-•
Fageol Motors Co. com-10
Falardo Sugar
100
Fed'i Finance Corp,c1 A_
Fedi Finance Corp, al B-•
Federal Motor Truck-10
•
Federated Metals
Firestone T & R,7% 0(.100
Ford Motor Coot Can-100
Forhan Co. class A
•
Foundation CoForeign shares Class A-•
Fox Theatres CI A. corn.'
Franklin(H it) Mtg.corn.'
100
Preferred
Freed-Eisemann Radio...'
•
Freshman (Chas) Co.
•
Oared Corporation
General Baking class A.-.•
Range Since Jan. 1.
Low.
4234 42% 4241
900 42
2634 2541 26%
900 2534
114
114 114
10 113%
4141 40% 41% 10,600 37%
8434 83% 8434 5,800 82%
300
7% 7%
7%
7%
200 2334
2331 24
3454 34
3534 2.000 3234
1,900 95%
98
9641 9834
211. 2% 24,800
2
2•Is
137% 141
70 137
34
8434
41%
49%
22%
84
12%
9244
1134
IS
30
48
15%
77%
244
19%
63-4
34
107
69
38
36%
2154
5%
138
31
12
•
z9834
476
19
24
4
22%
4%
52%
6%
81%
General Elec new w I
Can't Fireproofing. com_ •
Gen'l Gas & El of Del B__• 32%
•
Oen'l tee Cream Corp
Gen'i Pub Serv 7% prof...' 101
• z94
Gillette Safety Razor
Gleasonite Products corn 10
Glen Alden Coal .. .• 161
32
Goodyear Tire & R.com1Of
Grand (F AV) 5-10-25c St.. 57
Great Atl & Pac Tea (Ield
100
Corp), let prof
134
Grimes Ra & Cam Rec_ •
Happiness Candy St el A.•
6%
•
Founders shares
Havana Elec & Ctn. prof.'
Hazeltine Corporation...' 10%
Hellman (Richard), InoPrat with warrante- -• 3131
Hayden Chemical
•
Hires(Chas E)Co_ • 24
Class A common
Hollander(A)& Son corn
'
• 51
Horn & Hardart Co
Preferred
Imp'lTobofGB&,Ire..gl
Industrial Rayon Class A.• 12
Int Cone had Frs she- -10
Internat Utilities class B.•
Johns-Manville. Inc
•
Kraft Cheese
25 65
Lambert Co common_
•
Land Co of Florida
•
Landay Bros Inc class A. •
Landover Hold CorpClass A stamped
Lehigh Coal & Navig_50 111
Lehigh Power Securities
New Cons Corp
• 13%
Lehigh Valley Coal Sales.50
Lehigh Vail Coal etfs new.
4041
Libby, McN & Libby...10
Libby Owens SbeetGlass 28
Marconi Whale(London £1
5%
McCall Corporation
•
Mengel Co
100 39
Mercurbank (Vienna)
441
American shares
5
Mesabi Iron
Metrupot, Chain Stores • 30
Middle West Utilities.com•
Priorlien stock
100
Preferred.
.1110
Midland Steel Prod
•
Midvale Co
Miss Riv Pow, pref__ _100
Mohawk & Hud Pow coin.' 2334
Mohawk Valley Co _ • 35
Moore Drop Forge Class A•
Music Master Corp
•
Nat Elea Power, Class A.• 21%
Preferred
100
National Leather.
3%
10
Nat Pow & Lt prof
• 100
Nat Pub Sere Cl A corn • 20%
Class B common
•
Nelson(Herman)Co
6
New Eng Telep & Teleg 100
[VoL. 122
THE CHRONICLE
Friday
Sales
Last Week's Rang
for
Sale
Week.
ofPrices.
Stocks (Cont(nued) Par Price. Low. High Shares.
High.
Feb 4334
Apr 27
Jan 125
Feb 42%
Apr 8434
Feb
734
Apr 333-1
Mar 39%
Apr 10134
Mar
1134
Mar 143
34
8434
4134
334
49%
22%
82
12%
92
11%
35% 6,200
85%
400
45
700
300
331
5041
3,100
22% 9,400
85% 3,300
14% 15,900
92% 1.900
200
12
29
82
3031
334
4444
22
65
1044
8834
1134
Mar 4231
Mar 88
Mar 76
Apr
534
Jan 68
Mar 2834
Mar 12134
Mar 3034
Mar 101
Apr 1634
18
3244
54
28
48
1534
7734
234
1834
3234
55
3034
48
17
79
3%
17
30%
54
26
43
15%
77%
144
Apr
Mar
Apr
Feb
Jan
Apr
Apr
AP
200
500
300
2,400
200
700
200
6,300
2734
34%
64
3134
50%
233.4
89%
1034
Ma
25ff
200 20
20% 2034
1241 1234
18
100 12% AD
Apr 6734
25 58
58% 5834
900
434 4%
11
434 AP
800 18% AD
1834 19
2834
8,300
13%
8
Ma
634 631
100 11
1334 1334
21
AD
46%
200 29
34% 3441
AD
Apr 212
25 212
212 212
98
30 98
98
AD
98
300 33
33% 34
Ma
3741
106 10734
670 104% Jan loom
67
69% 22.600 56% Mar 86
37% 3934 7,400 30% Mar 7434
53( 6
200
444 Jan 10
62
65
17.500 5244 Ma
9034
2231 23%
1,200 2234 Apr 32
3834 36%
200 33
Mar 39,4
21% 22%
1.400 2134 AP
2914
100 97
98
98
Ma 104
86
88
300 86
8734
AP
400 24
27
2734
Jan 28
531 544 4.900
444 Mar 103-4
90 12444 AP 1119
134 138
30
31
200 30
Apr 35%
12
13%
800 12
Mar 1754
41
42%
300 32
Mar 45,4
17
500 15
1734
Apr
22
340 z9731 Apr 100
z9731 99
445 507
360 440
Apr 655
1534 15%
500 13% Mar 20
17%
2234
26%
82%
4
2234
2%
51%
6%
80%
47
32%
4931
100
z94
5
157%
31%
57
1.600 16ff
1934
24
5,500 1934
100 2034
2634
25 82
8231
4% 2,100
3Si
2734 35,300 1794
431 3,900
234
5344 8.000 4434
734 10.900
5%
8331 99,000 8031
100 40
47
100
3234
28
400 4734
49%
175 100
101
9834 8,600 89
100
5
5
162
4,300 13814
33
1,400 2934
500 50
5814
11734 117%
134 I%
634 854
631 8%
69%
69
1034 1134
Mar 55
Mar 3434
Mar 33
Jan 86H
Mar
83-4
Jan 2834
Feb
7
Apr 7934
Mar
liff
Apr 8334
Mar 57
Mar 49
Mar 5634
Mar 106%
Mar 114
Apr
5
Jan 166
Apr 50
Mar 85
• 200 11634 Apr 11734
1,000
7
1% Apr
1,800
834
6% Apr
7%
300
Jan
6
1,3Z,0 64% Apr 713(
200
8% Apr 173.4
3131 31%
1% 1%
100
200
24%
2831
53
11031
2434
600
200
600
Mar
30
134 Apr
23%
27%
41
105
24
934
2
454
130
8034
37
21
32
3644
234
Mar 26
Apr 36%
Mar 6234
Apr 11034
Feb 25
Apr 1934
834
Apr
Mar
93,4
Mar 159
Apr 8831
Apr 4131
Mar 4751
Mar 37
23%
28
51
105
24%
11%
2
5%
137
6434
4034
2834
34
200
2,800
800
234
900
5%
400
139
300
65
41% 11,000
600
30
100
34
9
108
9%
111
1,100
8
300 103
1344
83
4034
8
144
531
39
3631
1344
8354
41%
834
145
534
39
39
Max 22
9,200 10
8834
300 80
Mar364
Mar 4531
5,600
9%
200
734 Mar
30 14034 Apr 219
634
300
534 Mar
Mar 43
100 37
Apr 52
350 34
ft
434 431
144
141
30
3031
11034 113
11334 114
103% 104
44
44
24
24
9334 9334
23
2334
33
35
64
64
25c 30c
2131 2134
9834 100
3% 3%
98,4.100
20
20%
1134 12%
2241 2331
111 112
so
4
100
900
134
200 2534
1,800 109
220 98
240 97
41
100 23H
100
100
1,200 92
20%
1.300 30
100
10
3,000 610
1,000 5534
825 9834
sx
1,200
350 97
400 15%
700 10
1,000 1934
140 109
934
Apr
Mar 120%
431
Jan
234
Mar
Mar 4934
Mar 135
Jan 12234
Jan 111%
Mar
.1165 4834
2544
96
Mar 2)-ff
3744
Mar 67
Apr
354
Mar 2634
Apr 10031
Apr
-iff
Mar 10234
Mar 24
Mar 1231
Mar 26
Mar 118
Friday
Saks
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par Price. Low. High. Shares
New Meg & Aria Land__ _1
10%
Y Telep 6 if % pref__100 112%
Northeast Power corn '20%
Northern Ohio Power Co
' 15
Nor Out Lt & Pr corn-100
100
Preferred
'3or States P Corp oorn_100
100
Preferred
Pacific Steel Boiler
•
Parke, Davis dr Co
25
Ponder(Davkl)Grocery A • 42%
Class B
• 2344
Jan Poona Water & Power_100 145
Jan Peoples Drug Stores. Inc.' 25
Feb Pillsbury Flour Mills_ _50
Jan Pitts dr L E RR,com_50 153%
Feb Pratt & Lambert, Inc-- •
Feb Procter & Gamble corn_.20
Puget Sound P & L com 100
Feb
emits
,Bakeries Class A-25
Jan
Class B
30
Feb
Preferred
Jan
100 96%
Pyrene Manufacturing _10
Rand-Kardez Su now w 1.• 37
Jan
Jan Rem NelariTYPew,com A•
10 2034
Jan don Motor Car
Feb Richmond Radiator corn.'
ttickenbacker Motor
4%
-•
Feb
JAB Royal Bakg Powd com_100
Feb Safety Car Sag & Ltg_ _100
•
Jan St Regis Paper, corn
Schwartz (Ber'd) Cig A_ •
Jan Serval Corporation A....' 2331
Certificates of deposit__ 23
Jan
Jan Sierra Pac Elm Co com_100 25
Jan 81111ca Gel Corp corn v t a_ _•
Jan Singer klanufacturing _ _100 325
JAB dnia Viscosa. ord.(200 lire)
Feb
Dep recta Chas Nat Bank
Feb SOU Calif Edison vim_ _101) 11834
25 29%
New common
Apr
100
Apr
7% pre series A
100
6% pref series B
Jan
pref 8% -100 125
Jan
Jan Southern Cities Utilltles100
Voting trust ctfs_ -100
Jan
Jan Southern G & P Class A .• 2331
Jan South'n Ice& Util class A •
Feb d'eaatern Pr & Lt. corn-. 2734
Common new w
•
Jan
Participating preferred_* 64
Jan
Feb
$7 preferred
834
Apr
Warrants to pur corn *1k.
Jan Southwest Bell Tel prof 100
Jan 4tand Pohllehlow CI A..25 15
Fet Standard Tank Car, corn.'
874
Jan Stromberg-Carla Tel Mfg..
• 40
Jan Stroock (S)& Co Inc
• 23%
Fel, Stets Motor Car
•
Jan Superheater Co
112
Jan Swift di Co_
16 15%
Max Swift International
Jan Tampa Electric Co_ __100
New stock
1C0
1%
Jan Thompeon(RE)Racito no•
Jan Tim kett-Detrolt Axle___10
Jan Trans-Lux Day Pict Screen
•
8%
Feb
Claw A com
rruroboll Steel, coin . 21
Jan
10
Apr Truscon Steel
Jan rubble Artif Silk Ci B ..• 175
834
Jan Tung Sol Lamp Wks corn.*
Jan
Class• .
•
Apr United Elec Coal Cos v t e• 23%
Jan United Gas Ttoprovem't 51
99
Jan United Lt&P corn A new_• 14
Jan United Profit Sharing_ _1
Feb U S Gypsum common.- _20
Feb
S Light & Heat corn....11
..1(
Preferred.
Apr
S Rubber ReelaimIng. • 1534
Jan
Mar U S Stores Corp class A •
• 31
Jan Universal Pictures
Utilities Power & Lt B. _ •
Feb Utility Share Corp
Option warrants.
Jan
Jan
Van Camp Packing. wet.50 21%
Jan Victor Talk Machine...100 81%
Feb Warner Quinlan Co w 1. _ • 27%
Feb Western Auto Supply earth
Preferred with warrants.
Feb Western Power prat_...100 95
Jan White Sewing Mach, prof.'• 4634
(Wilson & Co (new) w IJan
i -lass A
100
(Preferred (new)
Jan
Jan Y•lloa Taxi Corp. N Y..* 17
Apr
Jan
RightsJan
Jan Amer Mach & Foundry...
134
Jan MiddleWest Utilities
Jan
Former Standard 011
Jan
Subnidlarles.
Mar
Anglo-Amer Oil (sot sh).£1
Jan
Vot shares ctf of dep• _ El ifst
Feb
1
Non-voting shares
Apr Borne Scrymser Co. 100
Feb Buckeye Pipe Line...._50 53
Cbesebrougb Mfg ____ .25 67%
Jan Continental Oil v to _10 21%
Feb Crescent Pipe Lines_ __25
Jan Cumberland Pipe Line_100 111%
100
Feb Eureka Pipe Line
Jan Galena-Signal 011,com.104
Jan
New preferred
100
Old preferred
Feb
100
Jan Humble Oil & Refining-25
Old ex-rights
8731
New
Jan
6734
Illinois Pipe Line
Jan
100 14434
• 35
imperial 011 (Can)
Jan
Jan Indiana Pipe Lines
50
Feb National Transit_...12.50 1631
Feb Northern Pipe Line__..100
Feb Ohio Oil
25 61%
25 1834
Mar Penn Mex Fuel
Jan Prairie Oil & Gas
25 5834
Feb Prairie Pipe Line
100 123%
Jan Solar Refining
100 202
Jan South Penn 011
100
Jan
New w 1
25
Jan Southern Pipe Line__ _100
Mar So West Pa Pipe Lines_100
Jan Standard 011 Calif new.... 55%
Jan Standard 011 (Indiana)..25 6434
Jan Standard 011 (Kansa/)..25 27
Apr Standard 011(KY)
25
Mar Standard 011(Nob) _ _ _100 264
Feb Standard 011 of N V. .25 31%
JAB
Jan
Oct
Mar
Apr
Jan
Jan
Mar
Mar
Jan
Feb
------
Jan
Jan
Jan
Jan
Apr
Jan
Jae
Jan
Feb
Apr
Jan
Feb
Jan
Mar
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Apr
Apr
Jan
Jan
Jan
Feb
Jan
Jan
Apr
Jan
Feb
Jan
Mar
Jan
Jan
Jan
100
300
4,500
2,700
800
600
30
4
141
123
4834
10%
15%
1634
23
1154
310
100
1,700
1,800
100
100
50
200
200
400
100
24,300
12,600
3,300
100
6,900
70
3,400
2,500
600
700
4.000
25
350
3.000
240
400
900
1,300
12%
11534
29
10934
97
123
27
25
22
2431
2134
2234
59
9834
7
11134
14
634
28
39
1934
132
110
1441
250%
55%
134
8%
Apr
Mar
Mar
Feb
Mar
Mar
Apr
Mar
Mar
Jan
Mar
Mar
Mar
Apr
Mar
Jan
Apr
Apr
Mar
Apr
Mar
Apr
Apr
Apr
Mar
Apr
Mar
Mar
1334 Apr
Jan
142
Feb
35
Jan
112
9931 Feb
Mar
125
49
Jan
33% Jae
2734 Feb
Mar
32
4834 Jan
4134 Feb
6634 Apr
Apr
100
35% Feb
Mar
114
Feb
19
1434 Jan
Apr
38
45% Feb
3134 Jan
Apr
145
1163-4 Feb
2234 Jan
330 , Feb
Apr
57
5% 'Jan
113-S Jan
12% 12%
11844 119%
2934 2934
110% 110%
98% 98%
8%
1034
2334
162
834
1734
2334
9234
1334
12
141
1934
631
1534
20
29%
1444
High.
17
11354
3634
2634
74
84%
136ft
10134
1634
111
50%
36%
174
34%
48
18234
60%
163
6634
42
3934
9634
1144
45
52%
2534
23
9H
213
129
90
13
30%
2376
2834
2244
385
1,400
325
9,900
4,900
200
70
1,800
125
1,700
20
2,100
3,900
510
800
200
880
100
340
500
400
900
260
100
2,200
200
2,100
400
5,100
70
2234 2334
2534 253-4
27% 3134
3034 3134
6234 66%
100 100
8% 10%
11334 113%
14% 15
8
93,4
34
3534
40
4134
2231 2434
145 145
112 113
1544 1634
270% 28031
5534 57
1% 134
934 034
Low.
Apr
Apr
Mar
Mar
Mar
Feb
Mar
Apr
Apr
Apr
Apr
Apr
Mar
Mar
Feb
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Apr
Mar
Apr
Jan
Apr
Mir
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Apr
1034 1231
112 11234
2034 2034
1431 1544
72% 7241
79
78
102% 10531
100% 101
1141 13
111 111
4234 43
23
24
140 14734
25
25
37
3734
145 153%
5334 53%
154 161
50
5031
39
3934
29% 30
9434 96%
1134 11%
37
39%
32
3434
20
21
1634 1734
444 5%
160 180
126% 129
50
50
12
1234
2334 2444
2234 2331
25
2534
17% 18%
320 325
5 -- 5a-27% 28
Range Sines Jan. 1.
so
of
11034
1744
11
45
78
9934
9934
11
111
4244
23
130%
20
38
130
51
14294
45
35
24
91
1031
3434
3034
19%
is
834 3,000
734
10%
200
8%
24%
30
22
184
590 181
8%
600
734
1831
800 17
28
30
23
103
24,500 84
1444 20,100 12%
12
100 11
141
10 125
25% 7,500 16
7
2,000
544
1534
600 1334
23
500 10
3134 1,200 29%
400 14
15
Apr 14
13%
Jan
Mar 30%
Apr 240
Mar
Mar 2034
Mar 4434
Mar 14454
Apr 28
Jan 14%
Mar 158
2534
Ma
Ma
7%
2134
Ma
Apr 27
Apr 41
Apr 18
10%
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Apr
Feb
Feb
Jan
Feb
Feb
2% 2%
2041 25
85
80
26
2731
400
650
1,800
2,200
234
20%
68
23%
Apr
Apr
Apr
Mar
6
Feb
Mar
38
96% Jan
Feb
29
26%
97
4634
8%
1634
4534
1731
100
60
2,600
500
200
300
8,700
22
9134
38
834
14%
42
9
Ma
Ma
Ma
Apr
AP
Mar
Mar
Jan
28
Jan
99
50% Feb
14% Feb
3044 Jan
73'% Jan
17% Apr
Apr
50c
1% Air
AV
1
2% Apr
.2634
95
4534
844
1534
4434
1631
506 75c
194 2
500
20,500
17% 1734 2.900 17
173,1 1734
100 153.4
173.4 17%
100 16%
235 235
10 226
53
5334
310 651.
%
95 i
67
200
67%
20% 2144 24,600
1431 14%
200 1334
110 119%
200 120
49
50
150 49
21
21
125 19
83
83
20 78
8034 8034
100 50%
62% 6834
6234 6834
143 14434
3334 35%
65
65
16
1834
72% 7234
60
62
1834 19%
53% 5634
12334 124
199 202
15934 180
3934 40
66
86
51% 5134
55% 58
83
8531
2831 28
118 120
257 264
30% 31%
Mar 1931
Mai 1834
Mar 1841
Jan 255
A
AJam
p,
r 5934
73%
2574
18
Apr
Apr 137
Apr 63%
Apr 3234
Mar 85
Apr 97%
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Feb
Jan
j Jan
Jan
Apr
Jan
73491a.rr 68% Apr
5253
68% Apr
34
134% Mar 14434 Apr
Mar 88% Jan
10,000 3
12%
6
Mar
70
Jan
50 58
2031 Jan
2,000
8034 Feb
50
05.4
3,000 5
an
: 67% Jan
79
NA
jiD
Jan
Mar 23
500 15
Mar 604 Feb
25,000 48
Mar
12734
Mar
450 122ff
Jan
r 212
40 19
31
9,4 Mar
Jan
197
110
Jan
50
1,200
7454 Mar
so
Mar
A; 56
14
4 M
so 14
5
691
5834 Feb
12,400
704 Jan
24,000
36% Jan
3,600
13454 Jan
1,000
Apr
340 2
16825
1851
14 5f14145A
Msrar
ar
arat 267
48.200 30% Apr 4714 Jan
36,300
35,900
MAY 1 1926.]
THE CHRONICLE
Friday
Sales
Former Standard Oil
Last Week's Range for
Subsidiaries
Sale
Week.
ofPrices.
(Concluded)
Par. Price. Low. High. Shares
Standard 011(0)corn-100
315
Preferred
118
100
Swan & Finch
17
100
Vacuum 011
100% 99
sa
Other 011 Stocks.
Amer Contr Oil Fields- _5
Amer Maracaibo Co
•
Arkansas Natural Oa. 10
Atlantic Lobos 011. com *
Beacon 011 Co corn
•
Cardinal Petroleum CerD10
Carib Syndicate
Creole Syndicate
Crown Cent Petrol Corp_•
Derby Oil& Refg pref _ _ _ _•
1
Gibson Oil Corp
1
Glenrock 011
10
Granada Oil Corn
10
Gulf MCorp of Pa
25
International Petroleum..•
Kirby Petroleum
•
Lago Oil& Tr Corp el A_ _•
Lago Petroleum CorP
•
Leonard Oil Developm1-25
•
Lion 011 & Refining
Livingston Petroleum_ •
Margay 011 Corp
•
Mexican Panuco 011----10
Mexico 011 Corp
10
Mountain & Gulf Oil
1
Mountain Producers-- 10
National Fuel Gas
100
New Bradford 011
New England Fuel Oil- •
New England Oil
New York 011
25
North Cent Tex 011
•
Ohio Fuel Corp
25
Peer Oil Corp.
•
Pennock 011 Corp
•
Red Bank 011
25
Reiter-Faster 011 Corn-Royal-Can Off Syndicate
Ryan Consol Petroleum-a
Salt Creek Consol Oil._ _10
Salt Creek Producer8..
Tide Water Assoc 011- *100
Preferred
109
Venezuelan Petroleum _6
Wilcox Oil& Gas new____•
Woodley Petroleum Co_ •
"Y" OR & Gas
1
o
634
834
15%
890
12%
12
13
Pas
8c
8534
33%
24
193(
9%
8%
224
234
43(
25%
140
034
1154
78e
29%
22
30e
5%
834
32
244
9734
6%
254
23e
315
119
1734
10034
Range Slime Jan. 1.
Low.
High.
10 30234 Mar 362
30 11634 Feb 119
150 15% Mar 23
4,900 94% Mar 10934
4%
300
4
734 4,600
5
700
6%
534
1%
400
14
154 1,900 144
6,200 708
1
14% 33,900
94
12
4,300 10
234 1,500
14
144
200 1234
Pa
4.600 88e
454 11.000 950
80
1,000
80
51e
100 48c
5,30
88
82
3335 31,500 284
300
2%
234
1934 60,900 1813
9% 1.400
834
9% 14,500
63(
23
2,100 22
300 71c
80c
234 2,200
13.4
4% 6.900
11%
4,000
90
80 •
1% 1,100
1%
24% 2534 11,900 23
135 140
30 131
634 8% 3,000
5%
534 534
200
2
800 60e
1,000 60c
11% 1114
100
8
934 3,200
834
33
33%
200 33
75c 84e
3.400 70c
20
21
1,000 1834
26% 29% 4.100
(1%
19
22
8,500 14%
220 30e 12.000 200
534 534
300
4%
834 8%
800
8
30% 32
7,000 28%
23% 2434 7,900 21
9733 97% 2.100 9714
3( 29,700
63(
44
2534 25%
800 22
534 534
200
5%
10c 240 427,000
5.5
434
634
6
14
1534
75c
1134
11
234
13
1
43.4
Sc
51c
85
32
234
18
9%
83(
22
74c
2%
434
9c
Apr
654
Mar 1434
Mar
6%
Apr
3%
Mar 1934
Apr
34
Mar 22%
Mar 15%
Mar
754
Mar 14%
Mar
334
Mar
634
Apr 15c
Jan
1
Apr 93%
Ma
373(
Jan
3%
2534
AP
AP
13
12%
AP
Apr 254
Ma
154
Jan
2%
54
Mar
Apr 12e
Mar
1%
28
AP
AP 159
Ma
84
Ma
534
Apr 60c
Mar 17
Apr 12%
Mar 36
Apr
234
Mar 22;1
Feb 2954
Jan 2434
Apr 6845
Apr
734
Apr 10
Apr 38
Apr 27
Mar 9934
Jan
734
Mar 274
Jan
834
Jan 24e
Jan
Apr
Jan
JAI/
Feb
Jan
Jan
Mar
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Mar
Feb
Jan
Jan
Jan
Feb
Jan
Apr
Apr
Jan
Feb
Jan
Feb
Feb
Apr
Feb
Jan
Jan
Feb
Jan
Mar
Mar
Mar
Apr
Mar
Apr
Mining Stocks.
Anions Globe Copper_ -1
lle
16e
Carnegie Metals
10
17% 17%
Chino Extension
1
445
40
Consol Copper M Irma_
2%
1
234 334
Cresson Con G M & M_ -1
234 234
Dolores Esperanto,Corp..2
50c
50c
Engineer Gold Mines.1d41 6 13
12% 1434
Eureka Croesue
1
30
4c
First Thought Gold Mln 1
5e
8c
Forty-nine Mining Co.._ _1 130
100
140
Golden Centre Mines.. _6
1% 2
Goldfield Consol Mines_ _1 10e
Sc
10e
Goldfield Florence
1 100
9c
10e
Hawthorne Mines, Inc. _1
14e
18c
Heels Mining
2k 17
184 17
Hollinger Consol 0 M_
174 184
Jerome Verde Devel._ _50e 760
76e
78
Jumbo Extension Mining 1
lc
1
Kay Copper Co
134
1
lure 134
Kerr Lake
5
1% 14
Mason Valley Mines
5
2
2
National Tin Corp
4c
50c
4
New Cornelia Copper .5
20
20%
New Jersey Zinc
100 193
185 193
Newmont Mining Corp-10 524 51
52%
Niplesing Mines
6
5%
535 534
• 17
Noranda Mines Ltd
15% 1734
Ohio Copper
1 680
490
65c
Parrnac-Porcupine
240
200
25c
Plymouth Lead Mines_ _1
130, 14c
Premier Gold Mln,
234 24
Red Warrior Mining
1
250
250
Reorg DivideAnnexMinlOc
70
70
745
San Toy Mining Co
1
4e
4c
South Amer Gold & Plat...1
4
434
4%
Spearhead Gold Mining...1
3c
4c
Took Hughes
1
334
334 334
Tonopab Belmont Devel
2•14
Tonopah Extension
1 450
460
52c
Tonopah Mining
1
534 534
US Contin'l Mines new...
90
90
9c
United Eastern Mining 1
380
38c
United Verde Extens..50c 28% 28% 2834
Utah Apex
8%
834 934
Utah Metal & Tunnel....
2
214
Walker Mining
1
1
1
West End Extension Min..1
4c
4c
BondsAllied Pack, deb 85-1939
Debenture 88
1939
Aluminum Coot Am 7s193:,
Amer G & E deb 68 vr 12014
American Power & Light68 old with warr--2016
Amer Rolling M11168..1936
Amer W Wks & El 65_1975
Anaconda Cop Min 69.192c
Andian Nat Corp 65_1940
With warrants
Without warrants
Aiwa Gas & Elee 60_1955
Assoc.()Sim Ilardw 6411'33
Atlantic Fruit 343
1949
AtIG&WISSL 58..1959
Bait do Ohio RR.58-2000
Beaver Board Co 339- -1933
Bela° Canadian Pap 681443
Bell Telep of Can 50_ _1955
Berlin City Elee 6340_1928
1929
)411
Beth Steel equip 78_ _1935
Batton & Maine RR 681933
Brunner Turb & Eq 73.48'55
Buffalo Gen Elea 541_..1956
Canadian Nat Rye 78.1936
Carolina Pow do Lt 58.1956
1966
Cities Service 65
New w 1
(Mies Serv is, Ser 0-1986
Cities Serv 78. Ser D _1966
Cities Sent 88 ser E._ _1966
Cities Serv Pr & Lt85_1944
79
65
106% 108%
9934 9934
98
97%
102%
9394 93%
1024 102%
10,200 lit Jan 210 Feb
20
173.4 Apr 2131 Feb
1,000
3c Jan
6c Feb
27,300
114 Apr
334 Apr
800
234 Mar
24 Jan
500 50e Ma
84c Mar
1.600 11
Ma
184 Feb
19,000
30 Apr
70 Jan
7.000
50 Ma
100 Jan
26.000
fa Feb 190 Apr
2.700
1
Mar
234 Jan
17,000
4c Feb 10c
Apr
11,000
80 AP
180 Feb
29,000 12o Apr 32e Feb
500 154 Mar 1934 Mar
600 1734 Jan 19% Feb
100 76c Apr
1% Feb
2,100
lc Apr •4c Feb
8,300
1% Jan
24 Mar
400
1
Jan
14 Feb
100
154 Ja
2% Feb
4,000
4c Ma
Jan
7e
600 19
Mar 214 Feb
300 180
Mar 210
Jan
1,300 4634 Jan 5733 Feb
5,600
534 Apr
75( Jan
9,700 1234 Mar 1834 Feb
10,800 47o Mar 760 Jan
7,000 20c Mar 35c Feb
4.000
80 Jan 2843 Mar
3,200
234 Jan
234 Mar
3,000 20e
Jan 35c Feb
6c Apr
2,000
7c Apr
5,000
3c Mar
4c
Jan
3,300
334 Feb
534 Feb
20 Feb
3.000
54) Jan
211“ Jan
2,700
34 Feb
1,900
24 Apr
434 Jan
12,000 48o Apr
14 Jan
200
Jan
5
7% Feb
3,000
70 Jan 10e Jan
1,000 380 Apr 47e Jan
1,100 27
Mar 33
Feb
4,60
64 Feb 1134 Feb
1,00
13( Feb
24 Mar
10
1
Mar
11146 Jan
2.000
3c Nov 17e
Jan
80
$9.000 75
Ma
89
Jan
65
5,000 65
Apr 80
Jan
107
22.000 106% Jan 10734 Feb
9934 167,000 98% Apt 99% Apr
98 160,000 96
Jan 98
1034 3,00 101
Jan 10334
94% 59,000 9231 Mar 9414
103
35,000 102% Mar 103%
140 140
1,000
99
9934 2,00
934 9354 9434 44,000
96
95
96
58.000
22% 21% 23
25,000
71
6934 71
82,000
974 9734 9754 308,000
95
944 95
25.000
10034 10034 10034 20,000
10034 10034 100% 57.000
99
9934 18,000
9834 98% 28,000
104% 10434 10434 28,00
97 34 98% 21,000
9534 954 2,00
1024 1014 10254 78.000
1113( 111 11134 22.000
98% 984 98% 225,000
92
91% 92
91,000
9134 92
41,000
12934 12934 12934 53.000
10334 103 10334 60,000
109 109
2,000
954 9534 9634 853,000
135
58
9234
95
19
63
9434
934
100
994
98
97
1034
944
95%
994
110
9734
91%
91%
1254
101)4
109
934
Feb
Mar
Mar
Jan
Mar
Mar
Mar
Feb
Jan
Jan
Mar
Mar
Jan
Jan
Apr
Jan
Jan
Mar
Apr
Apr
Feb
Jan
Jan
Jan
148%
100%
954
9834
3334
76
99
98
100%
1004
9935
98%
10414
98%
101%
10234
112
9934
934
94
131
104
1094
9831
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Apr
Feb
Apr
Apr
Apr
Apr
Jan
Apr
Feb
Apr
Apr
Apr
Mar
Mar
Mar
Mar
Feb
Apr
Bonds (Concluded)Cons G,E L & P 60 A_1949
Consolidated Textile 80'41
Cosg-Meeh Coal 6348 1954
Crown Will Paper 745'51
Cuban Telep 7348-1941
r)udahy Pack deb 5%8.1937
1946
50
Detroit City Gas 68..1947
Duke-Prier Pow 1st 68 1966
Minden-Schad Co 6s-1935
Elm Refrigeration 65.-1936
Eat RR of France 70.1954
Europ'n Mtg&Inv 635s '50
Federal Sugar 85
1933
1931
Fisk Rubber 534s
Florida Pow & Lt 158_1954
Galena-Signal Oil 75_1930
General Petroleum 60_1928
_ .. Aug 15 1940
1st 58
German Can Elm 840.1940
Goodyear T & R 58_ -1928
Goody'rT&RofCa1548.31
Grand Trunk Ry 645_1938
Great Cons Elec 6345-1950
Gulf 011 of Pa Ss
1937
Serial 5348
1928
Hamburg Elec Co 70-1935
Hood Rubber 78
1936
Indep 011 & Gas6340_ _1931
Ind Gen Serv 5s
1948
Keith(B F)es__ _Oct 1948
Keystone Telep 53.4s..1951.
Krupp (Fried), Ltd. 751929
Laclede Gas L 648- -1935
Lehigh Pow Secur 88_ _2026
Leonard 'Veto Inc 7340'46
with stock porch warr'ts
Libby, McN ac Lib 76_1931
Liggett Winchester 78_1942
Loews Inc68 with war 1941
Long Island Ltg Co65.1945
Manitoba Power 5340_1951
Maas Gas Cos640---1940
Morris & Co 7445- _1930
Nor States Pow 645_1933
1933
848 gold notes
Ohio Power 50 Ser B_1952
Otis Steel 58
1941
Pan Amer Petm168 _ _ _1940
Park & Titford 6s_ _ _ _1936
Penn-Ohio Edison 69-1950
Penn Pow & Light 58_.1952
1953
55 Series D
1941
Phila Elea 88
1947
534a
Mina Eleo Power 534s-1972
Phila Rapid Transit 681962
Pure 011 Co 6 Hs
1933
Rand-Kardex Bur 5148 '31
Rhine-Main-Danube Corn
1950
75 Swim "A"
anine-Westphal El P 75'50
Sauda Falls Co 55._ -.1955
1935
Schulte RE Co 80_
fis without corn stock1935
Servel Corp 65 w I. -1931
Shawsbeen Mills 70.-1931
ilemans & Halske 70_ _1928
1935
is
Sloss-Sheff Steel & 185 1929
1934
Solvay & Cie 68
Southeast P & L 60._-2025
Without warrants
Sou Calif Edison 50..-1944
Southern Gas Co 634s.1935
Stand ()Ref N Y 6350-1933
Stutz Motor of Am 7345'37
1939
Sun 011 5348
Swift & Co 55 _Oct 15 1932
Texark & Ft Smith 5548.60
['hymen (Aug) l&S 75 1930
_1931
ridal-Osage 011 78
Trans-Cont'l Oil 7s...1930
United Elm, Westph Power
Corp(Germany)8345'50
1931
United 011 Prod 8s_
United Rye of Ray 7 ,8'30
U S Rub ser 634% notes'27
Serial 634% notes..1925
Serial 634% notes_ _1929
elerlal 64% notes _ _1930
Serial 63.4% notes_ _1931
Serial 614% notes..1932
Serial 634% notes-1933
Serial %% notes 1934
Serial 84% notes_ _1931
Serial 634% notes _ 193(
Serial 654% notes _193'
Serial 6it% notes...193i
Serial 634% notes_ _193.
Serial 834% notes...1944
44 smelt & Ref 54a-193:
Valvoline 011 (is
193:
Webeter Mills 854s....193k
Foreign Government
and Municipalities.
Antioquia (Dept of) Col
194(
78 Ser A
1945
75. Series B w 1
Austria (Prov of Lower)
195G
73.4e
Baden (Germany)70..1951
Buenos Alres(Prov)7 48'47
78
1933
1952
75
Caidas(Deptof)Co1734s'46
Cologne (City) 84s_ _1954
Danish Cons Munio 5340'56
Denmark(Kg)5345 _1955
1970
65
German Cons Munio 78'47
Indust Mtge Bk of Finland
ist M con 0 1' 75.. _ 1944
Italian Pub Util Inat 75'52
Leipzig 741
1047
Medellin (Colom) 8.14_ _1948
Nether'ds (Kingd) 65 B '72
Oslo(City)5345
1946
Rhinelbe Union 7n....1946
Russian Govt 6350- -1919
634s certittcates_ _ _ _1919
1921
5345
534% certificates__ _1921
SantaFe(Argentina)7e 1942
Baron State Mtge Inv 75'45
Switzerland (love 5145 1920
2481
Friday
Last Week's Range Sala
Sale
ofPrices
for
Price. Low. High. Week.
107
83
Range Since Jan. 1.
Low.
High.
107 107
$8,000
83
8334 4,000
91% 92% 3,000
99
99
18,000
111 111
9,000
93% 39,000
93
9534 32,000
95
106 34 106% 20,000
100% 101% 1150000
95;4 9533 8,000
102 10334 85,000
82% 83 115,000
10,000
9534 98
9034 91% 21,000
98% 9734 120,000
934 9434 215,000
102 10234 6,000
101% 10154 63,000
9834 99 589,000
80.000
98
97
9834 9834 18,000
14,000
9834 99
109 10934 7,000
85
85% 91,000
99% 10034 10,000
2,000
101 101
96% 9734 30,000
9,000
104% 105
9734 99 183.000
984 9834 5.000
5,000
100 100
54,000
86% 89
943.4 9534 30,000
5.000
99% 100
9534 38,000
95
105%
83
90
99
10834
9234
9433
104%
100%
9534
10034
7734
92%
9034
9534
9144
102
101%
93
93%
9734
9834
10134
86
98%
100%
94
10434
953.4
97
100
83
9034
98
93
Feb
Apr
Apr
Feb
Jan
Jan
Jan
Jan
Apr
Apr
Mar
Mar
Jan
Apr
Apr
Mar
Jan
Mar
Maid
JIM]
Mar
Apr
Mar
Apr
Feb
Jan
Jan
Jan
Mar
Apr
Apr
Apr
Jan
Jan
Mar
101
10144
974
105
10054
9834
100
89
95%
1004
953(
Apr
Feb
Jan
Feb
Mar
Jan
Feb
Feb
Apr
Jan
Jan
Feb
Mar
Feb
Jan
Apr
Mar
Jan
Apr
Feb
Jan
Apr
Apr
Jan
Feb
Jan
Apr
Feb
Feb
Apr
Apr
Apr
Apr
Feb
Feb
9634 964 9735 32,000
104% 104% 10434 13,000
1074 10844 4.000
99% 99 34 99 34 12,000
101% 10134 39,000
98 395,000
9734 97
1024 10134 1023.4 73.000
1054 1054 105% 11,000
76.000
11254 112 113
10354 10334 10334 59,000
9734 9734 9734 82,000
9834 9834 98% 41,000
101% 101 102
79.000
98
96
1.000
96
10134 994 101% 95,000
9934 9934 9934 19,000
9934 98% 99 34 35,000
107% 10735 2,000
1074 10754 10,000
10234 100 102% 274,000
10034 100 100% 13,000
103 103% 29,000
103
105% 10534 106
48,000
9334
10434
107%
9934
99%
94%
99%
10434
108
1024
94
974
9934
96
98
9734
9734
106
106%
1003(
9734
10234
10134
Mar
Jan
Jan
Apr
Mar
Apr
Jan
Jail
Mar
Mar
Jan
Mar
Apr
Mar
Apr
Ma
Mar
Jan
Jan
Mar
Jail
Jan
Mar
9734
105
1084
9915
102
98
1034
10534
131
104%
9734
98%
1044
118
106
9934
9934
108
1073(
102%
10034
10334
115
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Jan
Apr
Mar
Jan
Feb
Jan
Apr
Apr
Apr
Feb
Apr
Air
Feb
Jan
96
97
31,000 94
95% 96
96,000 9334
95;4 96
34,000 94
93
92
27.000 92
834 83% 83% 7,000 83
10334 1023( 104% 374,000 993.4
10034 101
101
18.000 99%
9934 9934 99% 37,000 98)4
96% 97% 40,000 94
103 103
4,000 102
104 104
104
4,000 102
Jan
Ma
Ma
AP
Apr
Ma
Fe
Jan
Jan
Jan
Jan
98
9e
96
9834
864
1044
10233
994
9734
10334
104
Feb
Apr
Feb
Jan
Jan
Apr
Jan
Jab
Feb
Mar
Apr
9334 94% 259,000
9934 100
30,000
9834 9835 7,000
10534 106% 39,000
105 107
4.000
99% 99% 32.000
9834 9834 71.000
10234 103 178,000
95% 96% 60,000
103% 10434 38,000
9434 4.000
94
89
984
95
1054
101%
974
9654
1004
93
1034
923(
Mar
Ja
Ma
Ma
AP
Jan
Jan
Mar
Jan
Jan
Mar
94%
100
ne
107%
120
994
9834
10354
97
1054
98
Apr
Apr
Jan
Jan
Jan
Feb
Apr
Apr
Feb
Mar
Jan
843(
3034
101 54
10034
10134
102
10154
101
100%
10034
10034
101
100%
100%
10034
Apr
Jan
Jar)
Mar
Apr
Jan
Jan
Mar
Mar
Mar
Mar
Moe
Mg'
Ma
87 34
45
110%
102%
1024
10334
1024
10234
10214
10234
10234
102%
102%
1024
1024
102;4
10234
102
10434
101
Feb
Feb
Apr
Mar
Jan
Apr
Apr
Jan
Apr
Apr
Apr
Jan
Feb
Mar
Apr
AIN
Apr
Feb
Apr
Jan
99
111
93
1064
10134
10334
95%
97
9434
98%
9714
109
8534
10034
97
95
9834
98
96
93%
994
105%
107
99 34
9834
102%
95%
10434
94
86
87
8734
3034 3034
110% 11034 11034
101 10134
10134 10134
103 103
1023.4 10234 102%
10234 102 102 34
10234 102 10234
102% 102
10234 1014 10234
1024 102 10234
10234 1014 1023.4
102 1024
101% 102 34
102
102 102 34
1014 10234
10134 10134
104 10434
96% 9854 97
%
914
9834
994
100
96%
8734
97
9934
100%
9534
9634
933(
107%
9534
9634
1534
1434
14
934
9334
102
83,000
2,000
7.000
3,000
4,000
3,000
8.000
10,000
19,000
7,000
24.000
14.000
32.000
14,000
18,000
4,000
4,000
7,000
4,000
6.000
9134 91% 17,000
9134 9134 7,000
100%
Ms
Mt.
100
100
10354
984
Ja
Je
Ja
AP
Jar
90
9134 Ap.
983.4 9834 15,000 9834
9334 9334 1,000 93
99% 10034 96,000 "34
99 100
44,000 99
96% 97
47,000 9
963.4
964 9635 1.000
87
8734 128.000 85
9634 97
30.000 964
99
993,' 69,000 9998
100 10034 47,000
34
95
94:
9854 166,000 "
Ma
Fel
10734
92
9034
99%
112
954
9554
108%
10134
9834
107
8434
96%
9834
98%
943.4
104
10254
99
9934
99%
99
10935
so
92% Apr
9134 Apr
984
95%
10134
10034
9714
96%
884
99%
99%
1014
97
Mar
Feb
Feb
Apr
Apr
Apr
Feb
Feb
Jan
Jan
Apr
Jan 99
9634 97
22,000
92
9234 42.000 92
Mar 93
Apr 94%
934 36.000 92
93
9934 99 34 4.000 98
Jan 100
10734 10734 8,000 1084 Mar 1094
95% 9534 93,000 93
Mar 9734
9634 97 202,000 963.4 Mar 97%
ar 1734
1534 154 1.000 13
14
1434 24,000 1234 Apr 17
1234 14
37,000 1234 Apr 174
1334 1334 6,000 1234 Apr 17
9334 9334 16,000 9214 Jan 9454
9334 94
31,000 9234 Mar 9434
10134 102
31,000 10134 Mar 102%
Jan
Mar
Apr
Feb
Feb
Mar
Apr
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Apt
Ap
Mat
Jar
Apt
JMaran
Mar
•No par value. k Correction.
Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. s Option Bale. o Er-cash
and
stock dividends. 15 When issued. x Ex-dividend y Er-rights, t Ex-stock div.
•
2482
putstment and
gailroad gritelligaut.
Weeks.-In the table which
follows, we sum up separately the earnings for the third
week of April. The table covers 14 roads and shows 7.18%
increase over the same week last year.
Latest Gross Earnings by
Third Week of April.
1926.
1925.
Increase. Decrease.
-Gross from Railway--Net from Railway- -Net after
1926.
1925.
1926.
1925,
1928.
5
Buffalo Rochester & Pittsburgh223,451
155,881
March
273.451
1,454,181 1,253,956
881,178
525,279
From Jan 1 4,282,405 3,752,152
831,178
Buffalo & Susquehanna9,418 -12.926
-9,776
March
103,872
189,870
40,521 -35.781
From Jan 1
534,498 -28,331
300,217
Tares
1925.
120.879
430.285
6,018
28,321
Canadian National RyeMarch
21,255,004 18,233,944 4.191,845 1.635,723
From Jan 1_57,004,263 51,436,454 7.137,887 2,520,250
Atl & St Lawrence-5,566 -27,813
2,179
-5,164
8,084
March
220,234
225,857
35,888 -35,045
10,989
18,866
From Jan 1
890,800
78,838
674,776
4,152 Canadian Pacific16,209
2,117,212
March
14,261.819 12,631,547 2,824,178
11,359
From Jan L40,344,958 36,614,771 8,531,067 3,855,681
708
Central of Georgia31,024
642,109
877,521
774,334
818,438
March
2,949,863 2,679,919
41.819
1,298,872
From Jan 1 8,008,927 7,204,285 1,975,891 1,821,880 1,603,825
150,537
18.339 Central RR of N J700,483
5,041
March
5,022,787 4,593.635 1,445,399 1,081,557 1,092,108
From Jan 112,121.532 13,257,548 2,103,838 2,992,793 1,050,473 1,936,111
Total (14 roads)
66,489 Central New England17,368.707 16,204,533 1.230.663
187,539
Net increase (7.18%)
279,191
1.164.174
213.039
305,548
March
634,250
770,441
573.750
345,769
650,262
426,716
From Jan 1 1,632,285 1,908,066
In the following we show the weekly earnings for a number Ches & Ohio LinesMarch
10,457,349 8,907.717 2,734,761 1,988,142 2.175.475 1,539.685
of weeks past:
From Jan 1 30,226,213 26,823,591 7,921,739 8.122,028 8,243,881 4,782,898
Chicago & Alton487,913
March
499,708
2,449,465 2,382,299
Increase ,or
Previous
Current
04
8,165
39
28
7 1,3
12
16
1,6
18
19
From Jan 1 7,196,356 7,261.781 1.440,154 1,535,777 1,3
56
Decrease.
Year.
Year.
Week.
Chicago Burl & Quincy2,103,383
2,725,659
$$
March
13,015.297 12,129,252 3.787.582 2,990.258
1st week Jan. (15 roads ___- 16.483.387 15.2k149 +1.282.238 8.29
From Jan 1_37,390,813 36,959,864 10,197,967 8,212,767 7,249,996 5,706,845
2d week Jan. (15 roads ____ 16,801.718 15,778,084 +1,023,834 8.50
& East Illinois103,570
ad week Jan. 15 roads ____ 17.314.742 16,078,124 +1.238.618 7.71 Chicago
302,834
204,074
408,413
March
2,354,417 2,080,880
-42,764 0.18
453,587
4th week Jan. 15 roads1 _-__ 23.422.885 23.485,449
773,556
765,628
From Jan 1_ 8,881,587 6,450,390 1,093,352
+881,388 5.17
1st week Feb. 15 roads).,__
17,503,007 16.641.621
week
+503,889 2.91 Chicago Great Westerneek Feb. 15 roads)____ 17,767,844 17.263 755
225,728
322,950
304.019
402,720
March
1,959,876 1,835,808
4-723,510 4.27
8d week Feb. i15 roads)____ 17.674.105 18.950.595
767.529
From Jan _ 5,648,532 5,695,250 1,089,966 1,013,258 • 830,522
4th week Feb. (15 roads)--- 17,941,175 16,783,858 +1.157.517 8.90
4.96 Chicago had & Louisvillei-.
l816,586
1st week Mar. 14 roads)....... 17.011,615 16,195.029
350,881
340,843
433,800
728.540 4.35
2d week Afar. 14 roads)___- 17.403.986 18,675,448
1,545,642 1,464,001
432.307
March
880,048
910,535
8d week Mar. 14 roacts)_-_- 17.723,131 16.555.077 1 .188.054 7.05
From Jan 1 4,381,602 4,132,588 1,143,478 1.053,186
3.709,984 16.09 Chicago Milwaukee & St Paul9th week Mar. 15 roads--_. 26,826.156 23,116,172
1,202,578
1.131.763 7.02
1st week Apr. 114 roads)____ 17.846,125 16,514.382
1.751,528
12,905,835 12,152,162 2,503,581 1,960,991
March
2d week Apr. (13 roads)_.... 17,013,487 15.921,491 +1.091.998 6.85
From Jan 1 36,658,099 38,871.895 6,486,232 6,651,766 4,224,127 4,377,888
3d week Apr. (14 roads)._ _ _ 17.368.707 16.204.533 +1.164.174 7.18
Chicago & North Western797,089
11,956,641 10,871,904 2.158,337 1,802,138 1,354,589
March
We also give the following comparisons of the monthly
From Jan 1 33,767,362 32,633,329 6,413,988 5,085,522 4,001.718 2,875.864
totals of railroad earnings, both gross and net (the net before Chicago River & Indiana125,663
155,101
163,009
198,310
579,852
582,770
March
the deduction of taxes), these being very comprehensive.
418,080
437,682
541,719
563,749
From Jan L 1,673,475 1,737,330
They include all the Class A roads in the country, with a total Chicago
R I & Pacificmileage each month as stated in the footnote to the table.
10,259,676 9,728,084 1,912,892 1,874,147 1,317,471 1.150,018
March
From Jan 1_29,402,288 29,106.233 5.241,760 5,855,270 3,406,434 4,082,087
&
I
It
Chic
Gulf
Net Earnings.
Gross Earnings.
99,487
77,251
112,574
95,375
528,454
482,351
March
Meath
372.748
258,289
411,552
312,662
From Jan 1 1,469,784 1,579,850
Increase or
Increase or
Decrease.
Decrease.
1924.
1924.
1925.
1925.
Chicago St Paul Minn & Omaha248,803
316,089
374,584
433,522
2,214.867 2,104,858
March
885.835 1,041,850
$
$
$
$
S
$
From Jan 1_ 6,312,793 6,587,001 1,040,545 1,426,264
Mar__ 485.498.143 504,382.978 -18,864,833 109,230,088 114,877,751 -5,447,885 Clinchfield239,127
&prU _ 472,591.665 474,287.788 -1.898,103 102,881,475 97,471.885 +5.389.790
220,273
294,145
280,271
788,044
729,258
March
873,151
May _ 487,804,385 478,549.801 +11,114,584 112,859,524 98,054,494 +18.805,030
568,035
838,170
748.031
From Jan 1 2.075,188 2,248,920
rune - 506,002,036 484,774,329 +41,227,707 130,837.324 101,487.318 +29,350,008
fuly._ 521,538.604 480,943,003 +40,595.801 139,806,752 111,786,887 +27,819,885 Colorado & Southern*19,443
*51,118
829.019
928,888
March
&us__ 554,559,318 507,537,554 +47.021,764 168.558,886 134.737,211 +31,821.455
*281,118 *310,066
From Jan 1_ 2,895,688 2,900,720
Min-- 584.443.591 540,083,587 +24.381,004 177,242.896 159,218,004 +18.028.891
City
Denver
az
Worth
Ft
180,895.428
+12,054,757
168.840,871
ilct __ 590,161.046 571.578,038 +18.585.008
198,730
227,069
258,555
285,389
838,607
935.414
March
goy__ 531,742,071 504,781,775 +28.960,298 148.157,616 131,381,847 +16.775,789
815,413
785,883
993,586
945,708
From Jan 1_ 2,805,022 2,800,825
Deo- 523,041.784 504,450,580 +18.591,184 134.445.634 124,090.958 +10,354,878
Trinity & Brazos Valley1925.
1928.
1925.
1928.
200,858 -21.888 -11,789 -29,602 -19.889
134.528
March
238,948
fan __ 480,062,657 484,022,695 -3.980,038 101,270,877 101,323.883 + 948.994
280,780 -108,299
From Jan 1_ 468,442 1,017,580 -85,184
-38.008
6eb __ 450.227 310 454.198 055 -1-5029255 99 480.660 99.518.658
Wichita Valley24.140
35,416
34,878
44,955
115,848
120,270
March
Note.-Percentage of increase or decrease in net for above months has been:
144,890
159,051
178.188
187,652
431.722
From Jan L 405,086
March. 4.74% dec.; April, 5.53% inc.; May, 17.49% inc.; June, 18.91% inc.:
Columbus & GreensJuly, 24.88% inc.; Aug., 23.28% Inc.; Sept., 11.32% Inc.; Oct., 7.14% inc.; Nov
-326
27,821
2,150
130,029
29,047
187,479
March
12.77% Inc.: Dec., 3.69% inc.; Jan. 1926, 0.93% Inc.. Feb. 0.04% dec.
10,603
71,880
16,187
78,123
391,081
479,797
From Jan 1
1925, against 236,048
In March the length of road covered was 236,559 miles in'
miles in 1924: in April, 238,864 miles against 236,045 miles: in May, 236.863 miles Delaware & Hudson390,621
502,976 1,161,075
against 238,098 miles;in June. 238.779 miles, against 236,357 miles; in July,236,782
4.249,714 3,839.132 1.249,113
March
542,758 1,298,781
807,831 1,634,243
miles, against 236,525 miles; in August, 236.750 miles, against 238,546 miles; in
From Jan 1 8.857,305 10,985,237
September, 236,752 miles, against 236,587 miles; In October. 238,724 miles. against Delaware Lack & Western238,564 miles; in November, 238.728 miles, against 235.917 miles; in December,
7,808,888 7,204,383 2,382,338 1,755,240 1,715,147 1,183.875
March
238,959 miles,against 238,057 miles;in January, 1928,236,944 miles,against 236,599
From Jan 1 18,255,629 20,770,507 3,834,223 4,821,338 2,291.812 2,973,195
miles in 1925; in February, 238,839 miles. against 238.529 miles.
Denver & Rio Grande*440,313 *424,130
2,444,888 2,317.031
March
Net Earnings Monthly to Latest Dates.----The table
*1,455,325 *992,930
From Jan 1_ 7,412,829 7,246,573
following shows the gross and net earnings for STEAM Detroit
& Mackinac14,340 -15,355
4,187
-5.200
railroads reported this week:
128,708
117,188
March
-2,474
27,985 -30,108
390
372,680
From Jan 1_ 343,832
-Gross from Railway- -Net from Railway- -Ned after Taxes
1925.
1928.
1925.
1928.
1925.
1926.
Detroit Terminal58,488
36,911
17,299
30.334
$
191,958
$
236.803
March
43,836
157,078
82,298
97,357
534,525
Ann Arbor609,135
From Jan 1
100,042
,194
.
88
107,285
91,401
482,029
489,933
March
269,278 Detroit Toledo & Ironton253,450
320,606
323,104
From Jan 1 1,413,968 1,358,151
*266.000 *275,000
1,221,000 1,113,000
March
*717.000 *835,000
Atlanta & West PointFrom Jan 1_ 3,359,000 3,198,000
52,196
38,200
66,384
280,483
55,320
March
274,708
Det & Tol Shore Line115,254
121,470
156,635
185.881
From Jan 1
128,196
789.408
213.783
762,171
148,831
238,699
304,797
458,498
March
446,278
652,497
516,808
723,088
American Ry Express994,515
From Jan 1_ 1,338,771
163,015
168,245
January _ .-20,859,807 21,102,581
Dul Missabe & Northern102.064 -400,778 -345,398 -487,148 -411,202
Atch Top & Santa Fe115,127
March
299,953-1,087,381-1,029,831-1,201,127-4,228,254
15,711,311 14,602,756 4,616,200 3,011,359 3,270,725 1,920,278
March
From Jan L 349,971
From Jan 1_43,983,752 43,793,160 12,408,550 11,198.104 8,580,792 7,556,526 Dul So Shore & Atlantic80,618
34,781
89,623
63,781
444,951
Gulf Colo & Santa Fe438,872
March
165,277
310,038
285,354
151,134
398,242
254,282
238,134
377,953
March
2,223.290 2,408,382
From Jan 1_ 1,272.077 1.340,338
747,934 1,400,318 Duluth Winnipeg <lc PacificFrom Jan 1_ 6,382,419 7,231,994 1,027,834 1,859,027
68,522
38,842
80,431
48.815
241,811
Atlanta Birm & Atl211,977
March
157.814
43,278
87.713
83,590
190,783
54,106
581,137
117,298
98,032
460.880
888,708
March
600,014
From Jan 1
108,829
189,977
148,184
211,862
From Jan 1_ 1,508,300 1,362.075
Elgin Joliet & Eastern801,489
928,830
890,714
Atlantic City2,443,185 2,325,821 1,021,832
March
285,998 -13,317 -38.751 -38,637 -59,447
318,579
From Jan 1_ 8,391,025 8,794.017 2,172,380 2,268,046 1,887,935 2.003,573
March
-298,128
779,813 -145,757 -230,040 -221,855
797,490
From Jan 1
Erie Railroad782,772
Atlantic Coast Line9,438,180 8,508,782 1,922,774 1,150,616 1,554,436
March
10,624,791 9,455,543 4,214,837 3,919,138 3,584,102 3,367,585
March
From Jan 1 23,822,829 24,027,405 2,573,930 2,430.893 1,474,031 1,383,512
From Jan 1 28,788,188 25,322,018 10,701,242 9,382,872 8,998,573 7,908,979
Chicago & Erie520,785
746,959
Baltimore az Ohio577.472
810,820
March
1,576,248 1,325,823
March
19,596,489 18,793,465 4,167,027 3,898,671 3,282,302 3,050,588
From Jan 1 3,487,448 3,491,921 1,384,231 1,314,250 1,192,544 1,153,671
From Jan 1 58,789,281 53,980,997 11,808,702 9,973,042 8,935,582 7,434,830
NJ&NYRE8,827
2,803
Bangor & Aroostook130,733
12,581
138,443
7,583
M arch
242,085
297,381
13,050
306,497
368,445
11,902
March
748,940
856,053
381,330
From Jan 1
23,840
378.604
23,966
549,755
547,313
730,294
From Jan 1_ 2,081,877 2,091,348
707.576
Evans had & Terre Haute50.055
Bessemer & Lake Erie102.737
57,167
198,254
253,074
108,320
March
209,845
13,075
248.880
March
187.105
740,852 1,013,196
9,407
228,926
212,084
803,399
245,888
From Jan 1_ 860,258
370,130
467.008 -120,365
From Jan 1_ 2,045,185 2,685,002 -30,528
Florida East CoastBingham & Garfield927,723
3,732,727 2,711.487 1,421,125 1,041,037 1.280,385
March
4,612
445
15,583
March
49,783
9.439
55,244
From Jan 1_10,358,496 7.730,785 3,823,825 2.854,422 3,245,555 2.508.093
7,120
738
39,063
Feoni Jan 1_
139,237
32,478
154,398
Ft Smith & WesternBoston & Mine9,784
21,382
28,882
15,288
March
141,119
992,612
133,950
March • 7%562,712 .8,668,116 2,304,055 1,259,675 2,049,340
98,933
48,251
115,835
64,708
451,216
416,890
From Jan 1
From Jan 119,504,452 19,443,707 4,354,409 3,311,593 3,575,805 2,508,138
$
$
Buffalo Rochester &Pittsburgh_
324,472
289,393
Canadian National
4,466.208 3,870,491
Canadian Pacific
3,043.000 2,669,000
Duluth South Shore & Atlantic_
98,821
101,000
Great Northern
1,697.000 1,686,011
Mineral Range
7.027
11,179
Minneapolis & St Louis
268.091
251,882
Mobile & Ohio
366,290
377,649
Nevada California & Oregon_ _ _
5,527
4,819
St Louis San Francisco
1,731,771 1,700.747
St Louis Southwestern
453.219
411,400
Southern Railway System
3,972,671 3,822,134
Texas & Pacific
610,228
591,889
Western Maryland
368,140
373,181
$
35,079
595,717
374,000
$
. MAY 1 1926.]
THE CHRONICLE
-Grossfrom Railway- -Na i'roni Railway- -Net after Taxes
1925.
1928.
1925.
1926.
1925.
1928.
Galveston Wharf36,278
53,278
4.459
21,459
104,683
158,899
March
141,899
29,718
80,718
192,942
319,472
522,721
From Jan 1
Georgia Railroad112,911
125,655
124.498
142,455
562,766
540,195
March
200,207
262,035
295,010
238,334
From Jan 1 1,530,068 1,496,526
Florida
Georgia Jr
38,022
44,574
56,282
160,174
63.307
196,585
March
127,583
60,743
148,640
80,483
519,414
398,148
From Jan 1
Grand Trunk Western408,971
215.527
289,600
1,098,892 1,455,285
477,109
March
376,705
599,287
953,879
From Jan 1_ 4,616,813 4,019,380 1.159,109
System
Northern
Great
937,431
825,099
7,787,607 7,179,078 1,702,462 1,551,223
March
From Jan 1_21,388,941 21,085,902 4,721,881 4,453,610 2,514,274 2,274.557
Gulf Mobile & Northern131,307
165,749
123,089
163,853
545,508
March..... 540,413
330,797
422,207
357,211
481,983
From Jan 1 1,544,754 1,547,557
Island
Gulf & Ship
73.281
99,767 -64,512
321.608 -38,863
March ___ _ _ 348,403
311,137 -100,142
226,280
939,145 -22,573
From Jan 1 1,052,647
Hocking Valley.341.000 *143,000
1,544,000 1,242,000
March
.88,000 *602,000
From Jan 1_ 4,261,000 3,712.000
System
Illinois Central
14,876,357 14,249,688 3,332,004 3,600,606 2.301,639 2,427,687
March
From Jan 1 44,638,734 42,750,022 10,743,076 10,687,359 7,590,738 7,306,949
Illinois Central Co12,906,092 12,332,615 2,922,721 3,062,607 2,030,133 2,018,743
March
From Jan 1 38,709,493 37,038.317 9,377,275 8,994,929 6,855,395 6,019,599
ValleyMiss
Yazoo &
537,999
271,506
408,944
409,283
1,970,265 1,917,073
March
287,350
935,343
From Jan 1 5.929,241 5,711,705 1,365,801 1,672,430
International Great Northern212,030
219.200
1,449,798
254,897
286,191
1,419,009
March
667,345
887,647
541,138
727,121
From Jan 1- 4,118,251 4,264,993
Southern
K11118118 City
421,952
372,105
529,828
466,361
1,607,735 1,535,852
March
880,953
From Jan 1- 4,565,007 4,263,761 1,503,125 1,163,159 1,179,165
Texarkana & Ft Smith140,454
108,149
122,940
92,247
226,390
257,162
March
292,153
265,656
693,026
344,090
313.175
From Jan 1_ 709,548
Lake Terminal325
--6,890
87,803
6,291
-656
88,564
March
-5,721
11,894 -23,671
-8,808
266,791
From Jan 1 • 239,549
Lehigh & Hudson River255.081
145,577
68,113
123,177
54.705
345,106
March
225,012
191,754
182,212
154,484
749,349
734,022
From Jan 1
England
Lehigh & New
161,583
83,683
148,988
69,616
459,973
384,414
March
200,395
83,179
164,244
110,677
869,168 1,139.425
From Jan 1
Lehigh Valley7,151,864 6,625,860 1,935,346 1,779,842 1,542,595 1,410,594
. March
From Jan 115.969,367 18,198,409 1,919,938 3,726,609 1,238,220 2,814,352
Los Angeles dc Salt Lake189.087
375.880
327,547
242.954
2,132,391 1,873,170
March
507,313
922,156
359,163
758,024
From Jan 1 5,805,365 5,524,611
Louisville & Nashville12,802,632 11,243.631 3,147,415 2,390,823 2,510,663 1,867,750
March
From Jan 1_37,051,599 34,231.002 8,710,178 7,289,870 6,881,887 5,721,951
Louisv Henderson & St L113,269
87,757
93,897
335,273
111,015
321,780
March
286,696
294,480
359,387
354,754
993,903
From Jan 1- 1,034,397
Maine Central493,166
398,818
392,737
1,999,488 1,848,891
507,183
March
804,291
715,767
From Jan 1 5,179,477 5,125,498 1.040,907 1,105,566
Midland Valley144,533
104,837
127,634
87,974
345,906
356,980
March
421,873
392,423
371,117
342,006
983,839 1,067,543
From Jan 1
Minneapolis & St Louis62,454
900
124,345
65,290
1,224,764 1,197,173
March
421,013
533,338
227,759
335,130
From Jan 1 3.490.839 3.813,494
Minn St Paul dc S S MMinn St P&SSM System549,377
671,633
305,301
429,534
3,515.085 3,514,535
March
830,794 1,095,133
From Jan 110,051,495 10,346,307 1,541,868 1,812,204
Mississippi Central32,353
130,535
36,730
47,847
26,308
133,572
March
386,339
117,922
105,221
87,357
78,590
396,936
From Jan 1
Mo-Han-Texas721,821
776,949
939,300
965,972
2,754,990 2,736,184
March
From Jan 1 8,057,883 8,265,644 2,699,699 2,906,157 2,074,250 2,302,712
Missouri Pacific11,037,489 10,712,493 2,464,664 2,140,612 2,024,352 1,716,577
March
From Jan 131.927,512 31,777,896 7,138,622 6,429,913 5,750,500 5,162,023
Mobile & Ohio422,948
401,677
518,362
487,333
March
1,737,344 1,666,910
977,317
From Jan 1 4,903,397 4,688,181 1,360,374 1,236,536 1,079,188
Nash Cbatt & St Louis410,333
428,153
351,126
March
503,360
2,219,307 2,089,031
From Jan 1 6,092,581 5,951,623 1,293,614 1,136,910 1,068,147
956,388
Newburgh & South ShoreMarch
178,206
40.289
40,810
26,495
28,020
168,237
From Jan 1
494,369
523,254
99,188
135,008
60,405
96,025
New Orleans Gt NorthernMarch
247,848
71.886
65,592
52,511
46,307
239,880
From Jan 1
259,150
772,182
719,793
218,155
200,123
158,750
New Orleans Texas & MexicoMarch
259,463
48,358
81,351
272,766
22,579
59,299
From Jan 1
800,859
819,024
196,274
250,403
120,197
184,007
New York Central33,395,950 30,292,180 7.645,504 7,275,749 5,468,360 5,062,789
March
From Jan 192.869.688 88,125,596 20,361,373 18,902,252 14,116,441 12,865,946
Indiana Harbor Belt951,191
957,972
258,054
275,489
March
197,928
229,388
639,485
751,721
From Jan 1 2,675,850 2,732.750
511,555
646,091
Michigan Central8.483,516 7,382,858 2,771,782 2,097,590 2,245,510 1,666,487
March
From Jan 1 22,773,972 21,002,585 7,143,942 5,900,137 5,687,299 4,639,472
CCC&St Louis7,798,330 7,111,924 1,925,979 1,792,765 1,435,970 1,356,822
March
From Jan 1 22,143,221 21,787,640 5,143,716 5,704,214 3,803,594 4.375,544
Cincinnati Northern400,682
336,971
140,042
100,354
112,888
March
78,113
413,417
346,911
335.178
277,905
From Jan 1 1,174,800 1,088,638
Pittsburgh & Lake Erie2,873,878 2,887,594
558,540
597,082
360,862
423,091
March
From Jan 1 8,335,626 8,839,899 1.651,382 1,872,117 1,092,989 1,328.957
New York Chicago & St Louis
4,821,472 4,604,142 1,492,562 1,441,836 1,240,192 1,193,661
March
From Jan 1 13,418,908 13.336,935 3.738,874 3,594,044 2,983,169 2.848,752
Connecting-New York
152,703
165.828
230,646
257,297
114,703
124,576
March
891,574
418,640
484,829
681,043
304,640
364,579
From Jan 1
N Y N ii & Hartford
3,334,465
10,569.799
2,825,081
2,884,500
11,543.152
2,295,108
March
From Jan 131,063,065 30,516.991 7,346;719 7.373,248 5,998,970 6,206,489
WesternN Y Ontario Jr1,124,475
238,731 -32,531
758,993
188,728 -78,637
March
29,306 -182,290 -109.012
2,581,739 -12,192
2,136,411
1
From Jan
2483
--GrossfrontRaUway
1926. 1925.
-Nafrom Railwayafter Taxes
1926.
1925.1926.
1925.
N Y Susq Jr WesternMarch
505,189
381,039
146,185
59,527
118.908
29,878
From Jan 1 1,162,226 1,185,521
127,210
165,214
39,460
80,094
Norfolk SouthernMarch
918,432
320,690
305,878
925,517
272.529
257,696
From Jan 1 2,308,523 2.241,116
600,964
858,800
514,849
460,448
Norfolk & WesternMarch
9,450,578 7,846,360 3,667,799 2,304,181 2,916,624 1,704,003
From Jan 126.752.114 23,908,818 9,740,826 7,460,448 7,485,588 5,659,631
Northern Pacific911,170
March
7,535,219 7,017,433 1,575,354 1,270,944
602,919
From Jan 1 20.781,013 20,408,977 4,107,689 3,605,041 2,118,125 1.604.588
Pennsylvania SystemPennsylvania CoMarch
58,234,574 52,522.631 11,210,956 8,279,446 8,726,798 6,050,753
From Jan 1 184203,431 155648,580 27.470,907 24,010,736 21,497,067 18,817,192
Long Island365,921
330.898
March
406,349
295,441
2,930,979 2,627,977
856,847
895,093
734,331
702,073
From Jan 1 7,904,422 7.445,487
Monongahela170,556
209,406
154,435
232,700
March
426,140
517,387
838,933
573.324
756,963
524,982
From Jan 1 1,789,531 1,374,826
Toledo Peoria & WesternMarch
114,691
123,820 -10,301 -23.370 -17.301 -29,570
From Jan 1
350,951
412,417 -19,513 -7-28.950 -40,547 -46,963
West Jersey & Seashore99,566
91.029
82,058
110,088
March
926,715
969,590
114.264
51,112
51,591
114,100
From Jan 1_ 2,533,262 2.560,790
Pere Marquette590.118
710,180 1,121,994
3,836,664 3.168,055 1,327,603
March
From Jan 1_10,281,493 9,341,032 3,028,206 2,133,344 2,428,065 1,723,112
Perkiomen2,134
19,574
22,056
26,426
90,754
March
91,722
116,490
114,689
101.077
299,521
137,881
315,314
From Jan 1
ShawmutPittsburgh dr
30644
12,352
30,435
12,047
98,108
March
141,792
84,865
41,135
84,458
40,492
304,857
395.281
From Jan 1
Pitts Shawmut & Northern- 31,169
23,595
27,964
20,920
145,920
161,088
March
72,531
83.344
63,400
75,361
438,661
437,850
From Jan 1
Pittsburgh & West Virginia213,998
112,580
158,394
73,093
356,556
453,613
March
560,645
381,235
405,949
260,576
From Jan 1 1,266.363 1,097.453
, .
Port Reading84,979
140,055
123,527
'65,392
262,194
181,843
March
358,067
315,900
311,165
265,589
614,503
711,778
From Jan 1
Reading CoMarch
9,189,930 7,537,578 2,815,678 1,568,808 2,222,394 1,206,957
From Jan 122.589,211 22,718,369 5,129,712 5,389;272 '3;799.754 4,280,182
Richmond Fredericksburg & Potomac477,450
469,466
391,703
1,223,290 1,179,966
399,083
March
From Jan 1 3,404,578 3,222,112 1,298,190 1,214,044 1,052,683 1,022,885
Rutland127,592
60.468
94,809
502,936
38,702
March
602,800
87,820
225,767
148,232
22.134
From Jan 1 1,571,705 1,460,799
St Louis-San Franzisco7,257.526 7,026,060 2,075,797 2,024,978 1#727,330 1,665,842
March
From Jan 121,288,247 20,900,162 6,380,7144 6.203,304 5,25%531 5,080,194
• St Louis-San Fran of Texas35,428
34,952 . 31,594
181,793
32,614
March
147,836
124,999
582,407
181,369
116,116
174,038
From Jan 1_ 462,320
Fort Worth & Rio Grande112,490
-3,528
4,878 •
786
99,415
March
16,224
38,101
3,756
25,951
358,011
From Jan 1_ 320,011
St Louis Southwestern430,914 .. >475,074
379,020
549,290
1,543,441 1,558,569
March
From Jan 1 4,608,986 4,634,291 1,495,530 1,391,265 1.275,801 1,208,508
of
T
St Louis S-W
626,597 --66,218 --28,728 --94,076 --56,286
573,263
March
--1,903 -,126.744 --83,411
From Jan 1 1.793,203 1,946.969 --42,982
Seaboard Air Line1,810,581 1,530,161
2,101,597
1,761,431
5,688,049
6,856,734
March
From Jan 118,844.445 15,441,471 5,090,174 3,780,433 4,217,882 3,106,747
Southern Pacific SystemSouthern Pacific Co17,574,922-16,818.104 4,938,093 4,255,962 3,44.9,411 2,843,355
March
From Jan 1_47,224,776 45,820,749 11,546,860 9,680,779 7,503,050 5,554,342
Atlantic S 8 Lines178,748 -10,781
171,967 -25,291
986,855
1,129,389
March
387,808 -297,011
354,012 -341,234
From Jan 1 3,039,709 2,769,272
Southern Railway SystemSouthern Ry Co13,737,111 12,604,504 4,198,169 3,863,481 3,392,941 3,108,827
March
From Jan 137,044,854 35,595,766 10,522,261 9,812,600 8.062,330 7,708,467
Alabama Great Southern287,245
275,769
247,605
322,293
898,074
March
943,587
538,494
671,773
605,112
779,828
From Jan 1 2,598,219 2,488,571
Cin N 0& T P562,814
586,076
639,925
692,652
2,051,542 1,898,058
March
From Jan 1 5,856,321 5,601,110 1,983,082 1,922,538 1,618,926 1,681,059
Georgia Southern dr Florida112,261
203,052
229,886
136.535
470,286
729,679
March
514:624
401,088
479,080
615,017
From Jan 1 2,047,508 1,450,208
New Orleans & Northeastern152,939
185,257
240,559
200,470
524,723
589,771
March
386,646
522,399
445,077
600,228
From Jan 1 1,587,926 1,456,378
North Alabama69,285
52,224
45,085
63,160
139,797
128,327
March
145,266
170,629
127,654
155,254
382,728
373.881
From Jan 1
Staten Island R
43,212
1,237
27,697 -13,813
224,642
245,284
March
245,264
106,476 -15,127
59,072 -81,909
684,692
623,752
From Jan 1
Tennessee Central57,463
252,950
63,806
62,550
58,355
March
282.883
123,684
155,839
137,680
112,102
733,491
From Jan 1_ 809,905
Texas & Pacific2,872,824 2,796,175
March
From Jan 1 8,585.559 8,237,580
Ulster & Delaware82,534
83,344
March
229,428
193,902
From Jan 1
Union Pacific8,868,757 7,548,889
March
From Jan 123,486,182 21,905,747
Oregon Short Line2.969,916 2.459,727
March
From Jan 1 8,293.443 7,459,324
Ore-Wash Ry & Nay Co2,324.695 2,130,636
March
From Jan 1 6,322,909 6,118,753
St Jos & Grand Island275,726
316,429
March
825,148
924,656
From Jan 1
Union RR (Penn)931,281
908,490
March
From Jan 1 2,525,293 2,687,019
UtahMarch
From Jan 1
108,397
398,347
126,667
463,810
578,797
831,313
438,612
584.358
1,918,338 1,852,895 1,455,308 1,431,844
--4,478
--42,848
--34,739
--10,228
--60,098
--9,107
51,239
2,746,528 2,367,446 2,048.204 1,698,133
7,047,689 6,358,724 4,968,036 4,316,211
542.529
459,726
214,409
801.083
2,126.337 1,821,391 1,352,838 1.084,738
322,696
919,731
288,757
866.126
151,411
405,717
118,512
355,867
99,583
304,699
57,563
219,421
76,707
234,793
40.995
169,715
127,889
252,410
145,276
164,147
106,600
198,544
134,276
131,147
30,034
129,958
38,454
, 161,569
20,550
101,505
27,112
138,956
2484
THE CHRONICLE
-Grossfrom Railway- -Netfrom Railway- -Net after Taxes
1926.
1925.
1926.
1925.
1928.
1925.
VirginianMarch
1,710,001 1,433,570
From Jan 1 5,192,135 4,756,048
WabashMarch
5,957,205 5,596,112
From Jan E16,652,235 16.129,067
Western MarylandMarch
1,815,911 1,625,211
From Jan 1 5,533,129 4,802,131
Western PacificMarch
1,104,738
977,000
From Jan 1_ 3,122,735 2,909,000
Western Ry of AlabamaMarch
343 042
306,718
From Jan 1
880,600
832,906
Wheeling & Lake ErieMarch
1,725,903 1,521,553
From Jan 1 4,643,487 4,270,677
704,092
368,192
482,515
568,083
2,230,290 1,779,948 1,825,167 1,412,636
1,574.961 1,273,134 1,260,107 1,040.329
4,106,108 3,498,894 3,255,744 2,800,494
511,837
1,606,093
438,787
431,837
373,787
1,364,467 1,371,093 1,179,467
.203,511
.678,683
*226,000
*548,000
122,119
260,764
100,162
240,343
101,468
215,488
82,652'
194,523
504,688
1,240,026
389,331
947,867
363,303
849,379
265,220
610,082
-Deficit.
*After rents.
Charges.
Balance.
Income.
$
New York New Haven & Hartford
March'26 *2,919,832 1,813,714 1,106,118
From Jan 1 to March 31 *6,364,221 5,454,144
910,077
New York Ontario & Western
119,076
42,270
March '26 *161,346
117,849 -205.475
'25-*87,626
From Jan 1 to March 31 '26-°186,855
353,336 -540,191
351,847 -478,708
'25-'126.861
Western Maryland
247,052
160,585
March '26 *407,637
57,917
252,956
'25 *310,873
From Jan 1 to March 31 '26 *1,294,661
746,331
548,330
763,811
306,343
'25 *1,070,154
-Grossfrom Railway- -Available for ml.- -Surplus after Ches.1926.
1925.
1926.
1926.
1925.
1925.
$
$
$
$
$
I
St Louis San Francisco (incl sub lines)March
7,581.115 7,376.585 1,725,188 1,660,871
439,481
401,083
FromJan 1_22,314,101 22,063,706 5,150,704 5,124,967 1,346.350 1.343,465
Total Net
Income.
St L Southw (inc) St L Southw of Tex) Mar '26 *385,427
'25 *330,754
From Jan 1 to March 31 '28 .1,152,497
'25 *1309.487
Fired
Balance.
Charges.
$
$
233,373
152,054
230,496
100,258
701,936
450,561
413,222
696,265
-Grassfrom Railway- -Available for Int.Net Income
1928.
1925.
1926.
1925.
1926.
1925.
$
Missourl-Kansas-Texas LinesMarch
4,379,066 4,587,221
963,488 1,043 509
372,688
448,462
From Jan 1.12.971,938 13,908,618 2,866.264 3.086,453 1,093.653 1,251,205
Gross
Earnings.
ConsPaniev•
Gulf Coast Lines
March '26
'25
From Jan 1 to March 31 '26
'25
1,383,254
1,312.275
3,653,696
3,594,111
Net After
Taxes.
Fixed
Charges.
$
*322,662
145,351
*422,612
111,464
*692,805
446,004
*955,105
345,938
Balance,
Surplus.
$
177,211
311,148
246,801
609,167
•Includes other income.
Electric Railway and Other Public Utility Net
Earnings.-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
[VoL. 122.
Gross
Net after
Fixed
Balance.
Earnings.
Taxes.
Charges. Surplus.
Companies.
$
Portland Electric
Mar '26
984,612
188,779
399,655
210.876
Power Co
'25
943,847
385.108
179.582
205.526
12 mos ended Mar 31 '26 11,168,752 4,518,261 2.490,564
2.027.697
'25 10.828.061 4,317,962 2,329,498 1.988.464
Public Serv Corp
Mar '26 8,852,272
1,470326
of New Jersey
'25 7,690,862
820.074
12 mos ended Mar 31 '26 97,700.718
11.878.255
'25 89.171,644
7,377.525
Southern Calif
Mar '26 1,956,392 1.185.093
688,346
494,747
Edison Co
'25 1,821,961 1.146.125
739,156
406,969
12 mos ended Mar 31 '26 25,431,234 17,069.782 6,076.846
10,932.936
'25 21,739,660 9,690,195 4,970.209 4.719,986
Tampa Elec Co & Feb '26
408.752
171.563
176.717
5.154
Sub Cos
'25
258.567
123,362
127,813
4.481
12 mos ended Feb 28 '26 3,652.584 1,514.717
62,213 1.452.504
'25 2,458.430 1,069.324
55,062 1.014,262
Third Ave Ry
Mar '26 1,214,258 *221,144
-1,064
222.208
System
'25 1.224,937 *216,012
-9,368
225,380
9 mos ended Mar 31 '26 10.855,001 *2.002,725 2,022.687 -19,962
'25 10,783,857 *1,836,304 2,027.341 -191,037
* Includes other income. g Includes depreciation. jBefore taxes.
k Includes taxes.
Month of March12 Months End. March 31
Surplus
Surplus
Gross.
Net.
All. Chges.
Gross.
Aft. Chges.
Net.
$
$
$
.
$
$
Baton Rouge Electric Co1926
75,903
28,928
23,271
292,309
219.761
842,827
1925
60,225
20,245
14,722
199,794
720,774
259,442
Blackstone Valley Gas & El Co & Sub Cos1926
472,681
160.309
113,723 5,209,585 1,947,079 1,495,177
1925
403,532
149,624
115,635 4,728,071 1.675,246 1,226,909
Cape Breton El Co Ltd1926
48,007
6,619
797
90,467
21,556
563.873
1925
48,229
5,589
-138
43,918
638,246
112,337
Col El & Pow Co & Sub Cos1926
285.170
162,513
91,011 2,981.814
527,253
892,784
1925
217,798
83,834
61,366 2,384,592 1,031,670
765.201
Ed El Ill Co of Brockton1926
159,978
54,471
53,717 1,693,513
572,074
568,605
1925
142,735
53.675
54,247 1,607,653
604,716
602,108
The El Lt ds Pow Co of Ab & Rockland1926
45,693
2,645
2,485
101,674
106.000
558,971
1925
38,247
4.841
4.451
62,799
448,215
66 082
El Paso El Co (Del) & Sub Cos1926
223,045
82,207
68,343 2,613,245
778.910
958.233
1925
204,331
64,104
48,475 2,441,430
847,154
632,188
Fall River Gas Wks Co1926
82,315
16,439
16,437
239,253
997,502
242,216
1925
79,516
15,969
15,909 1,008,620
260,671
261,949
Haverhill Gas Lt Co1926
56,352
8.921
8,917
134,914
653,353
135,021
1925
45,645
5,868
5,659
624,594
148,865
148,456
Houghton Co El Lt Co1926
43,328
14,141
10,521
508,810
156,751
112.187
1925
41,620
11.879
7,798
507,029
138,491
89,342
The Key West Elec Co1926
24,782
7,968
5,414
282,309
77,018
107,683
1925
21,801
8,485
6,031
244,932
95,883
64.966
The Low El Lt Corp1926
142,880
41,604
40,178 1,651,602
566,270
561,235
1925
136.662
47.431
47,140 1,5.54,856
530,497
519,000
North Tex El Co & Sub Cos1926
227,844
84,463
54,291 2,447,993
430,144
779,147
1925
224,935
78.818
49,886 2,626,694
550,844
889,669
Puget fid Pr & Lt Co & Sub Cos1926
1.095,013
415.447
207,301 12,998,718 4,949,736 2,681,031
1925
1,045,562
415,182
235,320 12,564,455 4,643,560 2.614,567
Say El & Pow Co1926
181,186
61,225
30,499 2,035,781
746,048
378,122
1925
156.198
53,799
22,477 1,895,438
715,157
339,692
Sierra Pac Elec Co & Sub Cos1926
98,717
51,794
48,312 1,146,472
501,156
453,917
1925
89,018
40,408
34,586 1,117,369
426,778
352,874
Month of February-- -12 Months Ending Feb. 28BI Val G & E Co & Sub Cos1926
462,340
177,479
130,478 5.140,436 1,936,394 1,497,090
1925
421,096
172,811
138,210 4,689,380 1,612.622 1,166.840
Year-
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Y
Year.
Year.
Companies.
$
$
Alabama Power Co
Mar 1,018,258
805.717 *510,542 *430,880
12 mos ended mar 31---12.389.231 *9.244,691 *5,615.490 *4,592,273
cElec Pow & IA Corp
Mar 4,010,671 3.635,809 *1,664,288 *1,526,737
12 mos ended Mar 31...46.643,759 42.769,143*19,411,862*17,278,566
sGeorgia Ry & Pow Co_Mar 1,413.953 1.546.527
*469,989 *528,961
3 mos ended Mar 31_ _ _ _ 4.336,793 4,737,133 *1,515,294 *1,631,792
Phila Co & affil corp_Mar 6.268.482 5,667,532 02,232,584 a1,156,468
3 mos ended Mar 31____18,632,028 18.112,633 06,820,213 a5,970,028
FINANCIAL REPORTS.
Sou Can Pow Co & subs.Mar 116.968
95.884
76,972
52,669
6 mos ended Mar 31_ -_ - 705.620
585,128
476,839
318,799
Financial Reports.-An index to annual reports of steam
cSouthwest Pow & IA Co Mar 1.167,142 1.040,339 *522.849 *468,975
12 mos ended Mar 31_ -14.155,893 13,007,693 *6,901,030 *6.193.761 railroads, public utility and miscellaneous
companies which
Winnipeg Electric Co_ Mar 481,795
473.687 *144.061 *125,633 have been published during the
preceding month will be given
3 mos ended Mar 31_ _
1,453,826 1,438,054 *462.032 *410,905
on the last Saturday of each month. This index will not
•After taxes. a After depreciation and taxes. c Earnings of subsidiary
companies only. z Includes Gainesville Ry. Co., Atlanta Northern Ry. include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Co. and Atlanta Coach Co.
Gross
Earnings.
Companies.
Net after
Taxes.
Fixed
Charges.
Balance,
Surplus.
April 24. The next will appear in that of May 29.
Wabash Railway Company.
(10th Annual Report-Year Ended Dec. 31 1925.)
The remarks of Pres. J. E. Taussig, together with comparative income account and comparative balance sheet as of
Dec. 31 1925, will be found under "Reports and Documents"
on subsequent pages. Our usual comparative income azcount and table of statistics were puLlished in V. 122, p.
2185.-V. 122, p. 2185, 1916.
United States Steel Corporation.
(Results for Quarter Ended March 31 1926.)
After the close of business on April 27 the directors declared a quarterly dividend of 13
4% on the common stock,
payable June 29 to holders of record
June 1. This establishes the junior shares on a regular 7% annual dividend
basis, as compared with extras of
of 1% each and regular
dividends of 1 X% paid quarterly since March 29 1924.
(See also dividend record on common shares under "General
Investment News" on a subsequent page.) The regular
quarterly dividend of PA% on the preferred stock was also
declared payable May 29 to holders of record May 3. This
is the 100th dividend on the preferred stock.
In his talk to newspaper men after the directors' meeting
Judge Gary said:
Eastern Tex El Co Feb '26
378,816 *138.967
87.977
50,990
(Del) & Subs
'25
205,893
*65.785
14.166
51,619
12 mos ended Feb 28'26 3,837,047 *1.236.190
563.885
672,305
'25 2.423.385 *858.642
217.712
640.930
El Paso Elec Co
Feb '28
227.749
*92,411
13.337
79,074
(Del) & Sub Cos
'25
203,849
*77,171
20,090
57,081
12 mos ended Fab 28'26 2,594,531 *943,484
184,442
759.042
'25 2,441,261 *882.020
241,910
640,110
Honolulu Rapid
Feb '26
*81,353
530,778
k11,004
19.774
Transit Co. Ltd
'25
*85,510
530,004
k11,054
18.950
2 mos ended Feb 28 '26
165,979 *560.757
k22,002
38.755
'25
174,178 *559.052
k22,103
36,949
Mar '26
*86,915
531,730
*11,004
20.726
'25
*90,425
530,285
k10,883
19,402
252.471
3 mos ended Mar 31 '26
*592,487
*33,006
59.481
'25
263,559
*189,338
k32.985
56.353
Mar '26
Idaho Power Co
202,397
*98,280
56,417
41.863
'25
192,927
*93,166
57,716
35.450
12 mos ended Mar 31 '26 2,858,845 *1,524,734
683.810
840,924
'25 2,812,194 *1.450.426
749,015
701,411
Interboro R T Co Mar '26 5,512,614 2,045,504 1,350,011
695.493
'25 5,253,6511.663.0711,288.928
374,143
9 mos ended Mar 31 '26 45,980,808 16,572.922 11,908,619 3.664,303
'25 43,811,226 13.758,606 11,588,873 2,169.733
Lake Shore Elec
252.216
39.557
Feb '26
35,019
4,538
Ry System
240,291
'25
40,402
3,195
2 mos ended Feb 28 '26
508,896
80.362
69:490
10,872
504,928
'25
88,198
74,424
13.774
New Bedford Gas Mar '26
g46,254
360,143 *109,102
62,848
& Edison Light Co
g58,180
'25
320,961 *113,657
55,477
12 mos ended Mar 31 '26 4,030,263 *1.504.679 g596,937
907,742
'25 3,646.667 *1.363,695 g613,649
750,046
Penns Coal & Coke Mar '26
041,879 -46.471
521,160 *-4,592
At the suggestion of Mr. M•rgan, unanimously concurred in by the
Corp & Subs
'25
475,197
g41,831
*10,921
-30,910 Finance Committee, we have decided
to place the common stock on a regular
3 mos ended Mar 31 '26 1,846.258 *107,568 g127,773 -20,205 7%
basis,
of declaring at the rate of 5% per annum and an extra
'25 1.552.432 *-25,309 g133,375 -158.684 of 50 centsinstead
each quarter. You probably have observed and knew all the
MAY 1 1926.]
THE CHRONICLE
2485
time that the dividend declared on the pref. stock is the 100th dividend on
that stock, which is worthy of notice. While some of you will not be here.
perhaps, I am hoping that the time may come when the 100th dividend
regularly will be paid on the common stock. This is not a promise or a
prediction, hut it is a hope, and with some people expression of hope is
almost equivalent to the expression of expectation.
BALANCE SHEET DEC. 31.
[Kansas City Southern By., Texarkana & Fort Smith By.)
1924.
1925.
1924.
1925.
AssetsLiabilities
Invest.in road &
Common stock_ 29,959,900 29,959,900
equipment__ _110,225,431 108,814,009 Preferred stock_ 21,000,000 21,000,000
Commenting upon general conditions as affecting the Depos.
in lieu of
Grants in aid of
Steel Corporation, Judge Gary said:
mtgd.prop.sold
4,247 1.026,731
construction__
7,483
7,483
973,647
849,464 1st M.3% g.bds 30,000,000 30,000,000
Our business conditions are about the same as have been reported. We MISC. phys. prop
Ref.& Imp.M.56 21,000,000 18,000,000
think, for the season of the year, especially in view of spring being so back- Inv.In affil.cos.:
Stocks
2,030,208 2,016,208 Equip.Trust No.
ward, that our business is very good. There is a little effort on the part
• Bonds
34 6% notes_ _
804,915
804,915
636,000
669,600
of some one, representing perhaps some circles or some interests, to disNotes
173.825
29 Equip Tr. 514% 1,404,000 1,512,000
courage business by suggestions that there is a substantial decrease. I
Advances_
1,352,612 1,607.788 Misc,fund. debt
15,236
18,283
do not think there is any real justification for that.
10,328 1,010,328 Liab. & commit'
Of course, no one can predict with a feeling of certainty what is going to Other investmls
ments in conhappen, but it does seem to me that the general business of this country Secure. In course
of acquisition_ 25,092,863
nection with
is in very good shape, and that there is cause for congratulation, that there
securs. being
1,685,537 1,775,150
is so much business being transacted in this country, that the demand for Cash
acquired
19,337,510
everything of necessity and comfort is so great, and that there is plenty of Special deposits_ 1,113,556 2,279,815
2,253
191,129 Lns.& bills pay.,
money to pay for purchases. The present outlook for crops is good. That Loans & bills rec
U.S. Govt.
1,014,119
may change, and probably will as to some locations, but there is no reason Traf. & car serv.
bals. rec'ble. _
718,419
490,735 Traf car-serv.
to expect poor crops now, so far as our information goes.
bals. payable_
736,526
Labor conditions are good. The feeling between employee and employer Net bal.rec.from
638,209
agts. Ar cond'rs
102,052 Audited accts.&
250.274
woo
is as good, I think, as it has ever been in this country. Certainly much
wages payable 1,957.054 2,082,081
767,727
749,082
better than it has been at times. Employers and employees both are dis- Misc. accts. rec.
60,952
posed to co-operate and do what they can for the benefit of the whole Material & supp 1,873,738 2,061,806 Misc.accts.Pay.
60.068
Int. & divs. rec.
5,176
838 Int.& divs.mat'd
population.
unpaid
13,490
8,757
570,518
499,338
It seems to me that the attitude of our Congress, taken as a whole, at the 0th.cur. assets_
15,671
13,571 Unmatured dive.
present time is very satisfactory. Of course, many things are said in Con- Work.fund advs.
W3
35,311
35,439
562,154
int. & rents_ _
542,449
gress that ought not to be said, and frequently positions are taken that are Other def. assets
Other curr. Habil
122,020
110.077
not justified. But in general I think the majority of the members are Rents& ins.prem
paid in adv _
71,905
62,071 Other def'd nab_
333,268
504,778
striving to ascertain what is the real desire of the country at large and to
2,550 Tax liability__ _ 1,407,612 1,324,035
act accordingly. Certainly the leaders of national affairs are doing every- Dise.on Id.debt.
Accr'd depr. eq. 1,956,562 1,636,016
thing that is practicable and proper to advance the best interests of the Prop.aban.,ehgd
to over. exps_
89,993 Other unadl.cred
589,217
country. When we compare ourselves with other nations we ought not
647,644
U. S. Govt. inAdd'ns to prop.
to be proud nor boastful, but very grateful.
613,105
277,099
come
guar'ty_
through incl &
INCOME ACCOUNT FOR QUARTER ENDING MARCH 31.
641,212
Other accounts_
848.532 surplus
418,416
400,609
Net after Taxes. etc.- 1926.
Appr. surpl. not
1925.
1924.
1923.
tomil
January*
$13,810,149 $13.027,058 $14.771.103 310.561,241
771,245
spec. invested
721,276
February*
14,385,381 12,357.801 16.238.867
Prof.& loss cred.
9,527,181
March*
16,865,755 14.498,133 19,065.475 14,691.647
balance
15,064,688 14,305,984
Total (see x below)__ -345,061,285 339.882.992 $50,075,445 $34.780,069 Total
148.139,443 125,454,898
Total
148,139,444 125,454.898
Deduct-V.122, p. 1915. 1452.
For sinking fund,deprec.
and reserve funds- 14,317,715 13,848.770 13,274,972 12,252,744
Interest__
--------- 4,374.863 4,505,931
4,631,637 4.751,774 The Studebaker Corporation, South
Bend, Ind.
Prem. on bonds redeem_
293.750
323,000
250.000
257,500
(Report for Quarter Ended March 31 1926.)
Total deductions
318.986,328 318.677.701 318.156.609 $17,262,018
Pres. A. R. Erskine, Apnl 24, says in brief:
Balance
326.074.957 $21.205,291 $31.918,836 $17,518,050
Div. on pref. (U(%)_..- 6.304,919 6,304.919
6.304,919 6,304,919
The total net sales of the corporation and subsidiary companies for the
Div. on common_ -(13(%)8,895,293(UO6353781(1306353781(1306353781 quarter ending March 31 amounted to $37.397,451,
an increase of 6%
extra U4%)...2,541,512 2.541,512
do
over the same quarter last year. Net profits derived from sales, with
other net income, after all charges, increased depreciation, and reserve for
Balance, surplus
$10,874,745 $6,005.079 $16,718%624 $4,859,351 taxes, amounted to $4,028,921, an increase of 12% over last year. These
*After deducting interest on subsidiary co.'s bonds outstanding, viz.:
profits were at the rate of $2 08 per share on the outstanding common stock,
as compared with $1 84 last year. Regular dividends of 134% on the
1926.
1925.
1924.
1923.
January
preferred
and $1 25 on the common stock were paid during the quarter.
$699,059
$655.853
$685,765
$698,547
February
698.314
655.698
684,507
698.070 and remaining earnings of $1,548,146 were carried to surplus. Preferred
March
696,803
655,221
684,022
697,989 stock to the amount of $155,000 was retired during the quarter, thereby
mons owl
x After deducting all expenses incident to operations, comprising those reducing the amount outstanding to 37,830.000.
Business in the second quarter is in good volume, and we expect it to exfor ordinary repairs and maintenance of plants, estimated taxes (incl. eatceed that of the first quarter.
mate for Federal income taxes) and interest on bonds of subsidiary co.'s.
Unfilled Orders as Previously Reported (V. 122, p. 2126).
RESULTS FOR THREE MONTHS ENDED MARCH 31.
Mar.31 1926.Dec.31 1925. Sept. 30 1925. June 30 1925. Mar. 311925.
1926.
1925.
1924.
4.379,935
5.033,364
30,573
29.937
3,717,297
29.4353.710.458
4,863.564 Number of automobiles sold
-V. 122, p. 2343, 2206.
Net sales
$37.397.451 $35,205.221 $35.603,490
before
taxes
Net profits
4,605.727
4,113.817
4.036.620
Less reserve for income taxes
576,806
508,036
494,361
Kansas
City Southern Railway.
(26th Annual Report-Year Ended Dec. 31 1925.)
A complete annual report will be ready for distribution about May 15,
which will be furnished stockholders and others upon application.
GENERAL STATISTICS FOR CALENDAR YEARS.
1925.
1924.
1923.
1922.
Mileage operated
865
854
842
842
StatisticsPassengers carried
724.364
1,041,183
1,323,840
1.248.468
Pass.carried 1 mile
51.675,305 59,875,457 70,450,352 63,233.107
Rev. per pass. per mile
3.385 cts. 3.432 cts. 3.439 cts. 3.482 cts.
Rev,freight carr'd (tons) 7,303,324
6,958.838
7.046,132 5,465,179
Rev.fr't carr'd 1 mile_ -1592,310,943 1542245,437 1684014,389160.7715528
Rev, per ton per mile_ _ _ 1.095 cts.
1.098 cts.
1.074 cts.
1.084 cts.
Rev. per mile of road_ _ _
824.466
$24,616
$26,719
$24,195
COMPARATIVE STATEMENT OF OPER. FOR YRS. ENDED DEC. 31.
[Kansas City Southern By., Texarkana & Fort Smith Ry.)
Operating Revenues1925.
1924.
1922.
1923.
Freight
$17,439,572 $16,927,685 S18.086.262 316,336,125
Passenger
1,749,399
2,054.819
2,422.776
2,201,624
Mall, express, &c
1,684.725
1,602,246
1,632,050
1,447,440
Incidental &joint facility
291.459
439,262
344,011
375,991
Gross revenues
$21,165,155 $21,024,012 $22,485,099 $20.361,180
Operating ExpensesMaint. of way & struc
$2,843,100
33,547.641 $2,562,346
Maint. of equipment_ _ _ 3.473,567 32.972.755
3,858,494
4,274,864
4,100,872
Traffic
634,671
577,128
533,644
502,350
Transportation
6.607.757 6,794,325
7,401.645
7,023,099
Miscellaneous operations
18,067
34,113
17,655
5,121
General
1.040,909
1.037,122
954,668
902.220
Transporta, for invest
Cr.32.267
Cr.17.410
Cr.21,306
Cr.12,548
Total operating exps_314,585,804 315,256,529 316.708,811
$15,083.460
Net revenue
$6,579,352 $5,767,484 $5,776.287 $5,277,720
Taxes
1.350,568
1,280,811
1,435,907
1,315.676
Uncollectible revenues_ _
9,713
5,292
10,310
5,524
Operating income_ - __ 35,219,070 34.481,381 $4.330,070
33.956.520
Rentfrom equipment_ _ _
89,259
99.913
99,150
97,529
Joint facility rent income
172,996
165.754
171,018
145,171
Inc.from lease of road__
935
880
891.302
1,252
Miscell. rent income_ ___
9.785
9,383
10,144
8,429
Misc.non-op. phys.prop
22,688
28.190
28.985
42,377
Dividend income
168,750
2,113
jugs
Inc. from funded secur__
960
Dr.1,543
Inc. from unfund. secur.
accounts
and
77,535
157,335
110,388
94.900
Miscellaneous income_ _ _
347
293
427
1.672
Total non-op.income_
$553,683
$462,710 $1,312,174
$391,714
Gross income
$5,772.753 $4,944,091 $5,642.244 $44.348,234
DeductionsHire offr't cars,deb.bal_ 8568,712
$547,180
$673,293
$465,274
Rent for equipment- 107,863
107,941
112,152
80,797
Joint facility rents
311,324
227,550
277,692
254,294
161,578
Rent for leased roads
125,414
30,637
Miscellaneous rents_ __ _
611
654
983
Cr.2,592
2,832
Misc,tax accruals
106
119
Int. on funded debt_ _ _ _ 2,062.832
1,899,587
1,856.527
1,864,308
unfunded
debt
421,368
Int. on
31,130 Cr.103.652
79,027
22,333
Misc,income charges_ _ _
22,724
21.059
20,596
33,659,454 32,962,287 32,868.810
Total deductions
$2,113,299 $1,981,803 $2.773,434
Net income
Preferred divs. (4%)_ _ _
840,000
840.000
840.000
Income balance transferred to prof.& loss $1,273,299 81.141,803 $1,933,434
Net profits, all sources
$4,028,921 13.605.781 $3,542,259
Preferred dividends (114 %)-----137,025
, 147,000
150,500
Common dividends
(31.25)2,343,750(31)1,875.000(31)1.875.000
Balance to surplus
Previous surplus
$1,548.146 $1,583,781 $1,516,759
33.409.038 30.212.603 24,533,734
x Profit and loss surplus
$34.957,184 331.796.384 $26,050,493
x Includes special surplus of 35.670.000 as of March 31 1926. $5,265.000
as of March 31 1925 and $44,860,000 as of March 31 1924.
Consolidated Balance Sheet.
Mar. 31 '26 Dec. 31 '25.
Mar. 31 '26 Dec. 31 '25.
Assets
-$
LiabilitiesReal est., buildPreferred stock_ b7,830,000 7,985,000
ings, &c
a59,626,566 58,766,314 Common stock _c75,000,000 7o,000,000
Investments.. _
763,656
331,771 Deposits on sales
Sight drafts__ _ 5,943,925 1,979,628
contracts....
497,840
494,907
Inventories
29,412,902 29,182,376 Accounts pay'le. 6,311,041 6,137,849
Acets and notes
Reserve for Foil
rec'le,less res. 7,326,581 8,463,963 & Can. taxes_ 2,472,594 2,457,388
Deferred charges,
Sundry creditors
455,529
insurance, &c.
558,694
and reserves_ _ 4,168,320 3.729,715
Cash
9,441,046 11,635,695 Res. for conting. 3,000,000 3,000.000
Housing devert_ 1,459,497 1,488,175 Special surplus
Goodwill, patent
5,670,000 5,670,000
account
rights,&c_ _ 19,807,277 19,807,277 Surplus
29,287,184 27,739.038
Total
134,236,979 132,213,897 Total
134,236,979 132,213,897
a Plant and property at South Bend, Ind., Detroit, Mich., Walkerville„
Ont., and at branches. Jan. 1 1926. $67,477,592: plus additions during the
year, less realizations, $1,295,664; less total reserve for depreciation.
89.146.690. b Preferred stock, 7% cumulative, authorized, 150,000 shares
of $100 each. 315.000,000, whereof issued $13,500.000: less retired undiv
provision of charter, $5.670.000. c Represented by 1,875,000 shares of no
par value.-V. 122, p. 1779, 1303.
Nashville Chattanooga & St. Louis Ry.
(75th Annual Report-Year Ended Dec. 31 1925.)
President J. B. Hill reports in substance:
Results.-Revenue from the transportation of freight represented 72.16%
of the total operating revenue. Approximately 60% of the freight tonnage,
or 4,077.619 tons, originated on line. Revenue received from the transportation of passengers represented 20.1% of the total revenues, which is
only 0.3% less than in each of the two preceding years.
Automobile Competition.-As highways improve, local travel is leaving
the railway more and more for the private automobile and commercial bus
line. While the number of passengers carried decreased 359.205 under the
number carried in 1924. yet the average haul per passenger increased 10.5
miles and the average revenue per passenger increased 32 cents. The increase in through travel was no doubt due to the heavier movement to
and from Florida.
Valuation of Property.-The final hearing before the I.-S. C. Commission
of protests to our tentative valuation was concluded March 5 1926. It is
not known when the Commission will announce the final value of the property as determined by them.
Capital Stock.-No change has been made in the outstanding capital stock.
Funded Debt.-The funded debt was decreased by payment of one note
under Equipment Trust No. 42 for $86,500, leaving 10 annual payments
under this agreement to be made. Payment under equipment trust, series
32.761,703 "B," in the amount of 3120.000, was also made, leaving 12 notes of this
$2,586,531 issue due annually. The annual installment of $12,500 was paid May 1
840,000 1925 to the U. S. Government on the purchase of 5 decapod locomotives.
with 4 annual payments yet to be made.
Additions and Betterments.-Expenditures for improvements were made
$746,531 during the year as follows: Roadway, $1,354,752; equipment, $246,792.
2486
OPERATING STATISTICS FOR CALENDAR YEARS.
1922.
1925.
1924.
1923.
Average miles operated_
1,259
1,259
1,259
1,268
Revenue tons carried_ _ _ 6.820.302
6,935,048
5,994,427
7,336,264
Tons rev. fgt. carr. 1 m_1306166,837 1311457,197 1377145,903 1197443.204
Tons carried one mile per
mile of road (density)- 1,131,743
1,029,238
1.124.793
1,190,752
Avge.rev. per rev. ton_ _
$2.68
$2.54
$2.46
$2.46
Avge.rev. per mile road_
$12,757
$14,326
$13,755
$13,539
No.ofrev. pass. carried_ 2.212,234
2,859,270
2.571,439
2.916,708
No. of rev, passengers
carried one mile
141,015,793 136,849,020 145,094,797 134,651,804
No. of rev. pass. carried
1 mile per mile of road
115,293
106,990
112,003
108,701
Avge. amount received
from each passenger
$1.64
$1.74
$2.19
$1.87
Avge. rev, per pass. mile
3.47 cts.
3.34 cts.
3.52 cts.
3.49 cts.
Av. rev, per mile of road
$3,717
$3,840
$4,021
$3,825
INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenues1922.
1924.
1923.
1925.
Freight
$17,317,770 $17,044,426 $18,027,477 $16,055,719
Passenger
5,060,565
4,678.037
4,815,185
4,834,798
Mail
592,827
580,876
630,327
624,489
Express
564,525
600,348
620.381
618.332
474,606
Miscellaneous
500,537
598
823
517,198
.
•
Railway oper. revenus $24,000,050 $23,601,646 $24,801,787 $22,353,763
Operating ExpensesMaint. of way & struc $3,486,474 $3.573,811 $4.405,882 $3,339,580
5,464,098
Maint. of equipment__ _ 5,215,623 5,325,381
5,919,108
818,197
Traffic
914,280
883,475
946,124
8,820,897
Transportation
9.466,281
8.567.232 8.806,185
65,356
73.233
Miscellaneous
146,104
74.815
708.899
742,181
General
851,251
811,831
9,339
Transport'n for inv.-Cr.
37,113
27,712
25.334
Operating expenses._ _$19,185,096 $19,480,969 $21,453,047 $19,207,688
Net rev. from ry. oper
$4,814,954 $4,120,676 $3,348,740 $3,146,075
420,000
701.900
Tax accruals
759,516
651,900
16,991
4,671
4,596
3,673
Uncollectibles
• Operating income
$4,050,842 $3,465,103 $2,642,169 $2,709,083
Non-Oper. IncomeHire of equipment
Dr.259,148 Dr.$149,752 Cr.$305,292 Cr.$295,710
241,858
228,706
Joint facility rents. &c_ _
207,291
249.511
801
Inc.from lease of road_ _
801
801
801
124.219
Misc, physical property_
40,113
51.810
48,630
72.980
Inc.from funded securs_
58,906
63,879
66,913
107.103
Inc.from unfund. securs
130,116
77.411
108,514
Dividend income
4,130
11,670
10,610
6,944
441
Miscellaneous income
49,903
Gross income
.$4.344,412 $3.723,975 $3,399,454 $3,556,326
DeductionsJoint facility rents
$149,747
Rent for leased roads
3806.506
$806,506
$806,506
3806.506
734
Miscellaneous rents__ _ _
1,817
1.580
1,067
17,884
Miscell. tax accruals_ _ _ _
60,484
18,100
18.100
Interest on funded debt_
929,216
900,219
940,556
943,699
Int. on unfunded debt
17,346 .
713
1,723
1,276
Dividends (7%)
1.120.000
1.120.000
1,120,000
1,120,000
Total deductions
12,935,370 $2.888,466 $2,890,648 $2.995,804
$560,522
Net income
1,409.042
$835,509
$508,806
• ,
•
GENERAL BALANCE SHEET DECEMBER 31.
1924.
1925.
Liabilities-AssetsRoad 4: equipm't_48,924,989 48,041,814 Capital stock
16,000,000 16,000,000
.
Prem.on cap.stk.
10,480
, 10,480
Impts. on leased
railway property 3,166,008, 2,447,636 Fund,debt unmat.18,455,000 18,674,000
Traffic, &c., bals_ 375,648
312,249
Sinking funds_
Vouchers & wages_ 1,866,717 2,073,089
Deposits In lieu of
2,486
2,486 Misc. accts. pay'le
58,603
44,969
mtged.prop.sold
603,463 Interest matured
3,800
12,360
Misc. phys. prop__ '710,8.59
2,504
3,392
Inv. In OM. s_ 1,017,946 1,035,068 Divs. matured__._
co- 1,093,402 1,257,061 Funded debt maOther investments.
tured, unpaid_
9,000
1,808.954 1,737,475
Cash
'Unmat. int. accr'd 243,237
247,466
Demand loans and
72,790
44,889
10,000 Other curr.
10,000
deposits
15,255
8,315
760,000 Deferred liabilities
Time drafts & dep_ 716,000
8,465 Tax liability
188,056
203,651
12,548
Loans & bills rec_
101,395
274,073 Prem.on fund.debt 101,395
Traf.,&c.,bal. rec_ 315,818
193,210 Accr. depr. equip_ 7,141,974 6,749,162
Balance from sets,. 215,849
950,012 Accr. &pen, misc.
Misc,accts. recle_ 1,016,883
38,663
physical prop'y_
42,481
Materials & supp_ 2,630,150 2,597,932
899,643
29,966 Other unadj. cred_ 943,583
33,681
Other curr. assets_
31,095 Add'ns to property
18,620
Working fund adv.
362,987
thru Inc.& surp_ 363,095
59,898
63,102
Other def'd assets_
725.737 Profit and loss_ _ _16,367.665 14.979,571
Other unadj.debits 495,901
Total
62,253,176 60,774,394
62,253,176 60,774,394
Total
Note.-Contingent liabilities: (a) L. & N. Terminal Co. 50-year 4% gold
and
L. & N. RR. Co.,
St.
L.
By.
endorsed
by
N.
C
&
bonds outstanding
32.601.000. (b) Memphis Union Station Co. 1st M.5% gold bonds guar.
by N. C.& St. L. By. and other interested railroad companies, $2.500,000.
(c) Paducah & Illinois RR. Co. 1st M.43,5% gold bonds endorsed by N. C.
Ac St. L. By. and 0. B. & Q. RR. Co., $4,285.000. (d) Fruit Growers'
Express Co.'s obligations for purchase of facilities and lease of cars, 4
annual installments of $19,509 with interest at 6% guaranteed by N. C. &
St. L. (Maximum principal liability). $78,034; grand total, $9,464,034.V. 122, p. 2036, 1759.
Pittsburgh & West Virginia Ry. Co.
(9th Annual Report-Year Ended Dec. 31 1925.)
Chairman P. E. Taplin, Pittsburgh, March 31, reports
in brief:
The operating revenue shows an increase of $700,000, or 16% over the
preceding year, while the operating expenses, notwithstanding, remained
about the same. The result of this saving is that the operating ratio was
reduced to 61% for the year 1925, against 70% for the year 1924, and 79%
for the year 1923. This was not accomplished at the expense of good
maintenance, but by greater efficiency. As a matter of fact, more money
was spent on maintenance of way than during the preceding year. $542,000
was spent on car repairs in 1925, against $415,000 in 1924, due to rebuilding
a large number of coal hopper cars; there remains yet to be done in 1926
the rebuilding of several hundred more cars before the equipment is in the
proper condition.
1.400 new cars have been purchased since Dec. 1 1925 at a cost of approximately 32,500.000. against which has been sold $2,000,000
%
equipment notes (V. 122, p. 1023).
15-year_
We aim to keep the road and equipment in the best possible condition,
to take care of a large volume of coal traffic when this develops, which we
trust will not be delayed a great while longer, although the Jacksonville
agreement with the United Mine Workers of America runs until April 1
1927. In the meantime we are devoting our efforts to securing merchandise
shipments with the following results:
Total.
Merchandise.
Coal.
100%
28
1923
72%
100
7
1924
38%
62%
100%
1925
50%
50%
Great credit is due the traffic department in this matter.
The cash position of the company is strong again,after retiring $9,100,000
pref.stock one year ago and the prospects for earnings during 1926 are good,
notwithstanding the exceedingly poor outlook in the coal end of the traffic.
A plan was evolved for a change of capital structure by the issuance of
pref. stock, but, in view of the qualified approval of the I.-S. C. Comralssion. it was deemed advisable to abandon the plan, and in lieu thereof to
place the stock on a 6% dividend basis. (V. 120, p. 1870, 1916.)
[VoL. 122
THE CHRONICLE
During the year the net increase of investment in road and equipment
was $13,235.
COMBINED INCOME ACCOUNTS OF PITTSBURGH & WEST VA.
AND WEST SIDE BELT RR. FOR CALENDAR YEARS.
• 1922.
1924.
1923.
1925.
Railway oper. revenue_ _ $4.856,384 $4.164,733 $3,844,587 $2,835,601
Railway oper. expenses_ 2,967.268 2.901,327
3,020,328 2,236,824
Net revenue
$1.889,116 $1,263,406
Railway tax accruals- - _
561,327
498,228
Uncoil. ry. revenues_
647
300
$824.259
481,112
46
$598,777
365,285
17
Ry. oper. income_ --- $1,327,142
Dividend income
Hire & rent of equip.(net)
782,291
Inc.from sec.& accts__ 299,519
Miscellaneousincome_ _ _
40.114
3343,101
720,000
979,483
44,597
42,237
3233.474
560,000
564,229
50,556
30,327
$764.877
220.000
812,073
437.746
215,070
Gross income
$2,449,067 32,449.767 $2,129.418 $1,438,587
Deduct-Interest, &c_ _ 69
120
132,839
22,727
544,242
Dividends (6%)
544.242
542,260
161,136
Rent for leased road_ _ _ 253,275
397,491
302.617
134
Miscellaneous charges_ _
150
20,258
4,401
Balance, surplus
$1.898,478 $1,577,762 $1,331,632
GENERAL BALANCE SHEET DEC.31:
1925.
1925.
1924.
Assets$
Liabilities$
$
Inv. In road & eq _32,893,637 32,880,400 Common stock.. _30,235,100
Misc. phys. prop_ 281,669
344,642 Equip. trust ctfs__ 2,700,000
Inv. In MM. cos.:
Traf.,&c.,bals.pay. 136,024
Stks.-Pitts.Ter.
Accts.& wages pay 314,985
Coal Corp
149,062 4,048,159 Misc, accts. pay__
13,820
Stk.-W.S.B.RR68,333
417
68,333 Divs. mat'd unp'd
Adv.-W.S.B.RR. 5,255,415 5,255,415 int. mat'd unpaid_
427
Notes-W. S. B.
20,250
Unmat'd int. neer_
RR
1.064,585 1,064,585 Negot.rec. for coal
Stocks-P.& C.C.
company stock_ 149,062
RR
1
1 Unred. pref. stock
Other investments 100,076
par ac prem.)_ _
4,516
Mat'l & supplies
192,913
235,315 Deferred liabilities
es
1.436
Bal.from agts.,&e.
25,853
7,310
6,925 Other liabilities_ _ _
Cash
2,507,907
479,846 Tax liabilities-- 505,328
LOBOS ar bills rec.
2,500 Operating reserves
Special deposits
s5,360 2,734,810 Accrued depreciaTraffic, &c., bats_ 329,311
146,521
thin equipment_ 686,771
Misc. accts. rec. _ 181,658
96,868 Unadjusted credits 4,233,599
Int. & disc. rec...
417
Additions to propAdv. In transit__ _
5,228
2,776
erty through In
Deferred assets_ _ _
1,460
1,178
come & surplus_ 131.939
Unadjusted debits 582,612
594,814 Profit and loss bal.
4,467,429
ance
$733,005
1924.
$
30,235,100
3,000,000
235,215
380,888
9,826
37,938
22,500
3,920,700
2,602,740
44,823
357,859
6351
1,153
17
4,199,976
131,182
2,147,292
Total
43,626,952 47,962,288
43,628,952 47,982,288
•
Total
a Includes $4,579 for pref. stock redemption.-V.122.p. 2036. 1916.
Long Island Railroad Co.
(44th Annual Report-Year Ended Dec. 31 1925.)
President W." W. Atterbury, New York, April 7, wrote
in substance:
Income.-Total operating revenue increased $1,791.407, or 5.1% over
the preceding year.
Passenger.-The number of rail passengers carried. was 100,922,813, an
Increase of 8.5%. The total number of passengers carried in and out of
Pennsylvania Station in 1925 was 39,038,975, an increase of 18.7% over
1924, and the traffic to and from that station continues to show a larger
increase in growth compared with Flatbush and other points.
The number of passengers carried on commutation, family and school
tickets increased 11.5% over the preceding year, representing 64% of the
total passengers carried but only 42% of the passenger revenue.
The growth of commutation business within the Cityof Greater New York
continues to emphasize the urgent need of rapid transit lines in the Boroughs of Queens and Brooklyn to relieve the congested terminals of this
company. This company's appllcation for increase in commutation rates
Is still pending before the Transit and Public Service Commissions.
Freight -Freight tonnage was 8,016,763. an increase of 5%. Notwithstanding the strike in the anthracite region,fuel tonnage decrease only 1.1%.
Tonnage of products of the soil and sea moved from Long Island points
was slightly in excess of the preceding year, while building material tonnage
Increased 15.7,. The number of buildings of all kinds erected in Queens,
Nassau and Suffolk Counties was slightly less than the preceding year.
165 new industries located along the line of your road as compared with
140 the preceding year.
Operating Expenses, Taxes, Joint Facility Rents.-Operating expenses increased 1.1%. The large increase in maintenance of way and structures
expenses was more than offset by the decrease in transportation expenses,
due chiefly to the adjustment of Pennsylvania Station joint transportation
operating expenses under the Transit Commission order.
Taxes amounted to $2,185,104, an increase of $615,370. or 39%.$415.000
of which increase was Federal income tax. Taxes represent 6% of railway
operating revenue and 22% of net revenue from operation.
The decrease in joint facility rents was due chiefly to the adjustment of
the rental of facilities in Pennsylvania Station as a result of the Transit
Commission's decision.
, Fixed Charges.-Deductions from gross income increased $161,008. The
major portion of this increase was in the interest paid on unfunded debt,
$142:428, attributable to real estate mortgages payable (matured), and
interest on advances. Rent for leased roads decreased $74,716. due to the
merger of New York Brooklyn & Manhattan Beach By. with this company on June 11925.
Net Results.-The net income for the year shows a substantial improvement over the preceding year, but it will be noted that the major portion
of the improvement resulted from the adjustments above referred to for the
use of Pennsylvania tunnels and station heretofore charged under the agreement in effect between both companies, but which charges
not approved by the Transit Commission. The remainder of the were
increase was
due to increased business and operating efficiency.
The net result for the year was credited to profit and loss and against
that account were charged the heavy losses incurred by the company in
connection with its ownership of the traction lines. Nevertheless, it is a
great satisfaction to record that for the first time in 26 years the profit and
loss account has changed from the debit to the credit side, the amount to
the credit of that account at the close of the year being over $810,000.
Road and Equipment Improvements.-The net increase in investment in
road and equipment was $14,338,701, of which $9,658,621 represents the
acquisition of the New York Brooklyn & Manhattan Beach By.. and the
balance represents the net amount expended to give better service to the
public in the way of new facilities, equipment and electrification.
Subsidiary Trolley Lines.-The Glen Cove RR. proceedings in voluntary
dissolution have been concluded and the receiver discharged.
The Nassau County Ry. discontinued operations on Dec. 31 1924. The
proceedings in voluntary dissolution are under way.
The Long Island Electric By. and the New York & Long Island Traction Co. were sold under foreclosure early in 1926. Company was inter
ested in these trolley lines through holdings of securities of its Long Island
Consolidated Electrical Companies, and advances made directly to these
lines to keep them in operation. These lines were purchased. or built, to
give more service to the public and increase the earnings and protect your
property. The use of motors and trucks on improved highways made them
very unprofitable. They are the chief reason for the heavy charge to Profit
and loss of $2,000,000, as the investment has been entirely wiped out through
dissolution or foreclosure, and, together with the New York Brooklyn &
Manhattan Beach By. Co. merger, are largely responsible for the decreases
In "investments In affiliated companies.' The communities have had the
benefit of these lines, but the burden of the losses is thrown on the Long
Island RR., and there is no source to which it can look for recoupment or
to bear at least a part of the large outlays.
MAY 1 1926.]
THE CHRONICLE
Kaufman Act Electrificalim.-In 1923 the so-called "Kaufman
Act"
became a law. It prohibited the use of any motive power,except electricity,
in the operation of railroads within New York City after Jan. 1 1926. The
Legislature, in 1925. passed an Act extending the time referred
to for a
period of 3 years. The Governor vetoed this bill.
Company, in conjunction with other railroads affected, procured
from
the
U. S. District Court in the latter part of Dec. 1925 an order temporarily
restraining interference with the operation and management of your railroad
and with the conduct of its business by reason of its failure to comply
with
this electrification law. Argument in the matter has not yet
been had.
and the proceedings are still pending in the Federal Court.
Grade Crossings.-In Nov. 1925 an amendment to the New York State
Constitution was adopted by the people providing that the
Legislature
may authorize the creation of a State debt not exceeding in the aggregate
$300.000.000. to provide moneys for elimination under State
supervision
of railroad crossings at grade within the State, at the expense of the State,
railroad companies, cities, towns and villages. Of the expense
crossing elimination to which any of the proceeds of such a debt of a grade
are applied
25% shall be borne by the State, 25% by the city, town or village
and 50%
by the railroad company.
Legislation to make effective the amendment to the Constitution
referred
to was passed by the Legislature before adjournment April 23. Such legislation prescribes the method of eliminating existing grade crossings
under
the new conditions established by the adoption of the grade crossing amendment referred to. This legislation would affect approximately
600
grade
crossings on this railroad, the total cost of eliminating which
would approximate $95,000,000.
Funds for Improvements.-Company again found it necessary to
the Pennsylvania RR. for loans to carry on the capital expenditure rely on
prove the property and equipment and eliminate grade crossings. s to imIn the
important program for additional work in 1926 it must look to
the same
source to provide the funds. Company has been unable to pay the
Pennsylvania RR. any dividend on its holdings of almost all of the
outstanding
capital stock, and, in addition, is prevented from pa
a full rental for
the use of the Pennsylvania Station and Tunnels.
e
rig Island RR.
is not receiving a proper return on the fair value of the road
and equipment
investment it has provided for public use. It cannot,
therefore, provide
the facilities or service it desires to furnish, and, consequently
the public
is compelled to submit to overcrowding and other inconvenien
ces which the
company would gladly attempt to overcome if its net
results were adequate..
No greater aid to the development and prosperity of
Long Island exists
than the Long Island RR.,and yet it does not sufficiently
share in the prosperity it created through its passenger and freight service.
tax payments,
supply purchases, and the work it gives to thousands
of citizens. Indeed,
in its efforts to add to Long Island's prosperity it is often arrested
by those
who do not realize that ample freight and passenger transportat
are the sure road to increasing the wealth of the island andion facilities
New York City. Company serves such a rich territory that its of Greater
net returns
should be ample in every year to attract the necessary capital
Island to finance the improvement and expansion of its railroad,on Long
stations
and equipment.
TRAFFIC STATISTICS YEARS ENDING DECEMBE
R 31.
1925.
1924.
1923.
1922.
Mileage operated
397
397
397
397
No. of pass. carried- _100.922,813 92.991.010 86,166,896
79.656.891
No. pass. carr'd 1 mile_ _1573336.916 1439596.563 1341075,39
5
1239167.16
0
Avge. rev. fr. each pass_
23.9 cts.
23.8 cts.
24.0 cts.
24.1 cts.
Av.rev. p. pass. p. mile.. 1.536 eta.
1.536 cts.
1.554 cts.
1.551 cts.
Revenue tons carried.. _ _ 8,016,763
7.637,851
7,917.977
6.027.860
Rev, tons carr'd 1 mile_ _163,293,728 160,730.558
171,100.792 134,569.409
Average revenue per ton
$1.32
11.33
21.32
$1.48
Av. rev. p. ton p. mile
6.493 cts.
6.326 cts.
6.128 cts.
6.626 cts.
OPERATING RESULTS FOR CALENDAR YEARS.
Revenues1925.
1924.
1923.
1922.
Freight
$10,603,283 110.205.163 $10,511,943 $8.937,569
Passenger
24,162,883 2z,143.572 20,732,638 19,250,024
Mail, express, &c
2.103,126
2,729.150
2,840,838
2,763,948
Total oper. revenues_ -$36,869,292 $35.077,885
$34,085.419
$30,951,540
Operating ExpensesMaint. of way & struc__ $5,446,210 $4,418.567
$4,189,220 $3.317,775
Maint. of equipment___ 6,166,480
5,733,044
5,745,004
5,118,248
Traffic expenses
294,110
261.244
267,709
214.778
Transportation
14.099.458
15.38.177 14,567,095 13,591,051
Miscellaneous operations
130,148
140,501
1
General
853,143
797.078
785,677
690.297
Transp. for inv.--Cr
17.517
7,757
7.211
5.115
Operating expenses_ _ _326.972,032 826,680,854
$25,737.089
$23,173,819
Net earnings
$9,897,260 $8.397,031 $8,348,332 $7,777.721
Uncollectible revenues
25,226
23,702
11,417
30.570
Taxes
2.185,104
1.569.734
1,788,318
1.795,861
Operating Income_ _ _ _ 17,686.930 $6,803,595
$6,548,596 $5.951,290
Hire of equipment
749.022
651,718
955,068
555,100
Joint facilities rents (net)
361,037
1,012,883
1,591.562
428.737
Net ry. oper. income. 26,576.870 $4,538,994
$4,001,966 $4,967,454
Non-operating income__
629,518
642.844
1,075,128
585,313
Gross income
$7,206,388 $5,181.837 $5,077,094 $5,552,767
DeductRents for leased roads
$104,084
$178,801
3178.801
$204,547
Miscellaneous rents_ _ _ _
168,496
140.025
167,449
283.851
Miscall,tax accruals.._ _
22,553
16,302
19,170
14.238
Int. on funded debt.... 2,624,828
2,564,722
2.465,924
2.457,083
Int. on unfunded debt
415,436
273,008
556.441
•
376,302
Miscellaneous charges_ _
31,345
32,866
33.179
51,717
Net income
$3.839,646
$1,976,114
$1,656,559
$2,165,028
Profit and loss debit_ _ _ - $1,006,826
$2.969.208
$4,560,762
16,323,138
Add-Net deb,during yr.
13,731
64.575
402,652
Additions to property a2.022,668
through inc.& surp_
Cr.544,340 Cr.481.064 Cr.438.468
Amount to credit of
profit and loss
$810.153 def$462,486df$2.488,144 df$4,122.294
Chiefly writing off losses incurred in
connection with the Long Island
nsolidated Electrical Companies, Now
York & Long Island Traction, &c.
BALANCE SHEET DECEMBER 31.
1925.
1924.
1925.
1924.
AssetsLiabilitiesRoad & equip_ _111,266,088 96,927,387 Capital stock.._
34,110,250 34.110,250
mpts. on leased
Funded debt(see
rail property6,622,500
"Ky. dr Ind."
epos. in lieu of
Section)
49,747,433 48,229,426
mtg.prop.sold
776,835
304,497 Penn. RR. Co
Misc. phys. prop
489,538
386,689
advances
6.243,417
3,043.171
nv In atilt. cos.:
Equip. tr. 01111g. 9,243.475
9,105,409
Stocks
765,968
2,017,006 Real est. mtges.
282,500
425,000
Bonds
243,089
287,001) Accts. & wages. 1,579,521
1,528,940
Notes
1,050,884
1,358,878 Tref., &c., bats_ 2,454,693
2,434,021
Advances- 76,630
2.346,9411 Matured let... _ 3,387.117
3,387,662
476,838
0 her invesun'ts
M0,048 Fund, debt ma854,351
C sh
744,805
tured. unpaid 1,631,082
1,631,082
164,474
Special deposits.
165,297 Accrued interest
76,829
refire, &c., bal.
62,728
and rents__ __
688,408
2,852,835
Agents & cond's 1,016,565
937,807 Miscellaneous _
357,023
1,588,791
2,107,418
Mat'ls & !mop_
2,631,329 Taxe.
657,485
368,521
t., diva., &c.,
Insur., Sc..res.
339,736
15,039
receivable....
25,751
44,988 Accr'd depreen _ 8,234,996
7,576,658
Loans& bills rec.
1,010 Other unadjust.
965,857
Miscellaneous- 1,593,042
accounts
1,187,161
1,590,194
oth.unadj.accts.
803.611
439,908 Dot, liabilities..
154,458
162,183
559,186
Deferred assets
204,189 Add'ns to mop.
Deficit
462,486
thr. Inc.& aur.
611,003
P. dc L. balance
810,153
Total
-V. 122.
121,719.912 118.049,051
p. 2036, 1452.
Total
121,719,912 118,049,182
2487
Fonda, Johnstown & Gloversville RR.
(55th Annual Report-Year Ended Dec. 31 1925.)
RESULTS FOR CALENDAR YEARS.
Operating Revenue1925.
1924.
1923.
Freight revenue
$453,288
2454,615
$569,014
Passenger,steam divis
36,978
39.038
51,811
Passenger, elec. dill's
689,449
722,405
778,124
Mail, express, &c
66.129
63,807
72,269
1922.
$487.220
42.105
816.465
63,858
Total oper. revenue-- $1.245,843 $1,279,865
$1.471.219 $1.409.648
Operating ErpensesMa nt. of way & struc-$165,077
1164,159
$165,596
1166.202
Maint. of equipment_ _ 149,363
147.509
157.015
129.941
Traffic expenses
7,936
7.518
7,581
9.187
Power
68,948
70,880
88.571
74.870
Transportation
351,051
361,643
394,409
368.181
General expenses
78.782
84.172
85.523
82.100
Total oper.expenses.. $821.157
$835,882
$198,695
8830.481
Net rev,from ry. epee_ _
$424,687
$443,983
$572,524
$579,167
Railway tax accruals.- _
86,200
92.235
94,713
76.265
Railway oper.income. $338,487
$351,748
$477,1111
1502.903
Miscellaneousincome_ -20.414
18.791
21,431
18.440
Non-operating income__
65.121
62.347
62,479
50.315
Gross income
8424,021
1432.886
1511.728
1571.657
Deductions
381.068
377,588
312.259
882.642
Divs.on preferred stock_
30.000
30.000
31.000
30.000
Bal. to profit & loss...
$12,954
$25.298
$136,461
$159,014
GENERAL BALANCE SHEET DEC. 31.
1925.
1924.
1923.
1924.
AssetsLiabatt1443
Invest. In rd and
Common Meek__ 2.300.000 2.1500,000
equipment
10,210,791 10,201.907 Preferred sleek- 5110.000
500.000
Imprvts. on leased
Funded debt
11.9410.000 7.000.000
railway prop
23,270
24,379 Loasis&billapsy. 155,600
110,000
Miscel. phys. prop 441,267
439,686 Accts. payable- 141,1102
140,894
Invest. In aff11. co_ 227,044
227,044 Aecr. liabilltdes
72,774
72,447
Other invest
8,600
8,600 Unadj. credits_ _ _ _ Dr.11,S14 Dr.5,994
Cash
57,943
49,796 Ace. depree
6241.610
645,009
Loans & bills rec.14,245
12,237 Surplus
434,011
421,189
Accts.receivable-50,781
56,913
Materials & suppl_
124,583
112,961
Deferred assets_ _ _
30,591
15,425
Disc,on fund.debt 158,687
164.601
Unadj. debits...... 131,520
70,804
Total
11,479,323 11,383,545
--V. 120, p. 2543, 2263.
Total
11,479.123 11.383,645
Florida East Coast Railway Co. (Flagler System).
(Annual Report-Year Ended Dec. 31 1925.)
GENERAL STATISTICS FOR CALENDAII YEARS.
1925.
1924.
1923.
1922.
Average miles operated776
763
764
764
Tons freight carried_ _ _ _ 4,230,580
3.300,453
2,504.779
1,878.372
Tons carried one mi e_._978.744,175 728.361,701 556,630,650
422.728.890
Avge.rev. per ton per m. 1.641 eta.
1.641 eta.
1.691 eta.
1.892 cts.
Passengers carried
1.394.559
1,044.508
964,624
851.998
Pass.carried one mile_ _ _260,801,308 154,561,740 122.431,351 100,366,132
Av.rev,per pass. per m- 3.751 eta.
3.701 eta.
3.753 eta.
3.758 as.
Our usual comparative income account was published in
V. 122, p. 2323.
GENERAL BALANCE SHEET DEC. 31.
1925.
1924.
1928.
AssetsS
LiabilitiesS
by. in road and
Common stock___37,500,000
equipment
89,980,589 68,975,047 Equip. obligations 6,800,000
Dep.In lieu of prop
25,121
8,694 1st mtge. bonds_ _12,000.000
Miscel. phys. prop. 256,100
178,428 1st & ref. m.bonds30,000,000
Impts. on leased
Traffic & car serv.
railway property
4,075
5,042
balances payable 1,204,575
Inv. In MM. cos.:
Audited accts. and
Stocks
224,699
224,699
wages payable__ 3,949,031
Advances
303,672
301,534 Int. mat'd unpaid_
16,040
Other investments 2,157.997 2,159.247 Miscell. accts. pay.
30,502
Cash
4,003,420 9,417,953 Unrnat'd int. accr. 599,187
Special deposits .... _ 7,484,331
45,532 Unmet.rents aocr_
10,988
Time drafts & dep. 700,000 1,000,000 Other curr.!labile_
58,227
Loans & bills rec._ 1,224,904 1,654,681 U. S. Govt. def.
Agts.& conductors 806,487
278,018
liabilities, &c_
Miscell. accts. roc_ 906,816
682,928 Other def.
. liana_
411,631
Mat'l & supplies._ 4,267,002 2,888,821 Accr. deprec. rd.- 665,073
Int.& diva. receiv.
3,036
3,036 Accr. deprec.on eq 2,578,173
Rents receivable._
8,750
8,750 Tax liability
533,352
Working fund adv.
4,125
3,853 Oth. unadj. credits 130,222
Other curr. assets_
41,738
Additionsro
propto
ugh
Unadjusted debits 2,826,845 1,401,242
erty through
come & surplus
342,591
Profit and loss. 18,400,1l3
Total
115,229,706 89,237,509
--V 122. p. 2323. 1758.
Total
192.4.
37.500.000
3.975,000
12,000,000
15,000,000
321,563
1,678,758
3,892
20,417
299,500
10,988
1,044
701,483
2,271,142
431,923
206,576
192,416
14,622,807
115,229,706 89,237,509
Ford Motor Co. of Canada, Ltd.
(Report for Five Months Ended Dec. 31 1925.)
PRODUCTION FOR STATED PERIODS.
5 Mos.End.
Years Ended July 31
Dec. 31 '25. 1924-25.
1923-24.
1922-23.
Cars
26.885
70.816
79.807
70,328
Tractors
2,298
4,543
3,785
3,395
INCOME ACCOUNT FOR STATED PERIODS.
5 Mos.End.
Years Ended July 31
Dec. 31 '25. 1924-25.
1922-23.
Total sales & other inc_ _116,194,142 $40.488,812 1923-24.
$43,459,138 $38,556,183
Expenses, Inal. maint.,
operation and taxes-- 15,219,825 34,356.485 39.739,951
33,449.986
Net profits
1974,317 $6,132,327 $3,719,188 $5,106,198
Previous surplus
24,001.213 19,609,861 16,594,170 12,537,973
Total surplus
$24,975,530 $25.742,189 $20.313,358 $17.644,170
Dividends paid
(10'7)700 000(20)1400,000 (10)700,000 (15)150,000
Adj.of prey. yrs.inc. tax
975
3,497
Reserve for contingencies
340,000
Profit & loss, surplus324,275.530 124.001.213 119,609,861 116.594,170
COMPARATIVE BALANCE SHEET.
Dec.31'25 July 31 '25
Dec.31 '25 July 31'25
Assets3
Liabilities$
$
S
Plant account_ ...22,378,774 22,093,614 Capital stock
7,000.000 7,000,000
Patents
1
1 Accounts payable_ 2,119,058 2,276,023
Cash
2,269,820 4,691,240 Accrued
payroll.
Can. Govt. bonds_
1,834,375
Sc
141,490
261,339
Accts.receivable__
777,077
996,915 Reserve for income
Deferred charges__
56,527
tax
165,512
827.619
715,676
Inventories
7,272,413 4,670,569 Deprcc'n reserve... 7,379,999 6,665,083
Investments
5,866,999 5,866,999 Contingency res've 500,000
500,000
Adv. to atilt. cos
3,622,086 1,100,111 Surplus
24,275,531 24,001,213
Total
42,243,697 41,419,336
-V. 122, p. 1771.
Total
42.243,697 41.419,336
THE CHRONICLE
2488
Alabama Great Southern RR. Co.
(49th Annual Report-Year Ended Dec. 31 1925.)
CORPORATE INCOME STATEMENT FOR CALENDAR YEARS.
1922.
1923.
1924.
1925.
Operating RevenuesFreight
$7,799.556 $7,401.183 $8,051.920 $6,171,637
2,065,295 2,159,451' 1,845,890
Passenger
2,000.339
493,948
614,241
603.139
Mail, express. &a
636.663
13.329
27.607
23,832
Dr.3,287
Incidental & it. facility_
[VoL. 122.
Boston & Maine RR.-Chairman of Board, &c.
Homer Loring has been elected Chairman of the Board. He is also
Chairman of the executive committee. The other members of this committee are W. Rodman Peabody, Thomas Nelson Perkins, Reginald Foster,
T. Jefferson Coolidge and George von L. Meyer.-V. 122, p. 2186.
Boston & Revere Beach & Lynn RR.-Earnings.--
Balance.
Int. & Tax. This. Paid.
Net.
Gross,
Cal. Yrs,
31,227
351,000
3106.181
8158.408
31,468.468
1925
2,903
51,000
104,280
158.186
1,518,271
1924
13,346
51,000
101,240
163,265
1,583,930
Total oper. revenues_ _$10,433.271 $10,093,450 $10,853,219 $8,524,804 1923
17,379
34.000
93,951
143,422
1.519,762
1922
Operating Expenses$994,417 -V. 120, p. 2142.
Maint. of way & struc_ - $1.345,526 81,439.706 $1,267,688
1.737.193
2,084.705 2.301,856
Maint. of equipment_ -- 1,883,124
217,624
261,346
248,618
255,060
Traffic
Chesapeake & Ohio Ry.-Control of Pond Fork & Bald
3,178,754 3,519,753 3.266,259 Knob
3,100,422
Transportation
RR.65,888
76.431
82.440
131,242
Miscell. operations
285.239
The I.-S. C. Commission on April 7 approved the acquisition by the
289,347
301.070
285,785
General
of control of the Pond Fork & Bald Knob RR. by purchase of
859
company
44
21
9
inv.-Cr_
for
Transport,
its capital stock and control of its railroad by lease.
The report of the Commission says in part:
Total oper.expenses.. _ $6,951,150 $7,335.272 $7,716,378 36,565,760
"The Pond Fork was incorporated in West Virginia on June 5 1919. It
Net rev,from operations $3,482,122 $2,758,178 $3,136,841 $1,959,044
490,600 is controlled by C. Crane & Co., through ownership of its outstanding
641,842
554,690
717,973
Taxes
3,848 capital stock. The railroad of the Pond Fork is single track and standard
4,909
3.521
3,274
Uncollectible revenues._
Fork
Cr.413,061 Cr.429,078 Cr.124,203 Cr.178,335 gauge. It extends from a connection with the applicant'stoPond
Hire ofequipment
a point at
159.021 branch at or near West Junction in a southeasterly direction
144,750
141,967
174,655
Joint facility rents
or near Rock Lick, a distance of approximately 13.1 miles, all in Boone
operated feeder
Operating income_ _ _ _ $2,999,281 $2,487.078 32.469,543 31.483,909 County, W. Va. The Pond Fork line is an independently
line and connects with no railroad other than that of applicant. ConstrucNon-Operating Income•
1921.
in
completed
and
1917
in
begun
$7.024
was
line
the
of
tion
118,552
$9.990
$10,872
Miscou.rent income_ _ _ _
5,658
"Cost of reproduction based on current prices is represented to be approx16.424
4,326
9,999
Income from rail leased_
137,526 mately $570,000. Our valuation of these properties under Section 19a
134.974
137,388
407,604
Dividend income
of the Act has not been completed. The Pond Fork's equipment, consisting
Inc. from funded & un142,611 of a locomotive, a small gasoline passenger coach, and a few light-weight
162.891
164,895
210.684
funded securities
22,651 flat cars, will not be leased by the applicant but will be conveyed to the
10,625
15.002
2,142
Miscellaneousincome_ _ _
lumber company.
capital
"The applicant has arranged to purchase the entire outstandingtherefor
Gross income
$3,640,581 $2,818,680 82,793.010 81,799,379
stock
of the Pond Fork, consisting of 500 shares (par $100), paying
Deductionsapplicant's
the
in
available
are
funds
$19,450 3250.000 in cash. The necessary
$19,451
$19.451
319,451
Rent for leased road__
147 treasury and no securities are to be issued at this time in connection with
190
192
155
Miscellaneous rents_ _ _ _
189,740 the proposed acquisition. The applicant represents that there is no
209,162
Separately oper. prop
1,094 available market value of the Pond Pork's stock but that its value is not
2,267
2,675
1,538
Int. on unfunded debt
1,341 less than the price to be paid. The Pond Fork has no bonds or short
5,809
3,774
6,867
Miscell. income charges_
475,944
term notes outstanding. The current assets and current liabilities of the
475,944
475,944
475.944
Interest on funded debt_
- 29,232 Pond Fork will be taken over by the Lumber company as of the date the
49.747
153.387
138,287
Int. on equip. obliga'ns_
236.625
applicant acquires the Pond Fork's stock."
236,625
253,526
236,625
dividends_
preferred
7%
548,100
548,100
587,250
548,100
7% ordinary dividends
Directorship Order Vacated.3297,706
The I.-S. C. Commission on April 30 formally vacated and set aside its
Bal.car.to cr.of p.&I. 32,213.623 $1.322.480 31.245.712
SwerinThe profit and loss, Dec. 311925. shows: Credit balance Dec. 31 1924. order of Jan. 27 1923 authorizing 0. P. Van Sweringen, M. J. Van
W. A. Col$9,236.448; add credit balance of income for the year 1925, 32,213.623: gen, Otto Miller, J. J. Bernet, J. R. Nutt, C. L. Bradley and
and
Ohio
By.,
&
Chsapeake
the
directors
ston
of
of
hold
to
positions
$11,393.788.
1925,
31
balance
Dec.
credit
net miscellaneous debits,$56,282;
certain of its subsidiaries.-V. 122, p. 2324.
-V.121. p. 2999.
GENERAL INVESTMENT NEWS.
STEAM RAILROADS.
Railroad Executives Call Upon President Coolidge to Urge Passage of WatsonParker Railway Labor Bill.-Say workers support it and that no other
machinery now exists for handling disputes over wages.-New York
"Times" April 25. Sec. 1. p. 7.
Car Surplus.-Class I railroads on April 15 had 284,396 surplus freight
cars in good repair and immediately available for service, according to
reports filed by the carriers with the Car Service Division of the American
Railway Association. This was an increase of 10,177 cars over the number
reported on April 8. Surplus coal cars in good repair on April 15 totaled
130,152, an increase of 3,068 within approximately a week while surplus
box cars in good repair totaled 107,127, an increase of 7,448 during the
same period. Reports also showed 25,186 surplus stock cars, a decrease of
1,133 under the number reported on April 8. NI hole surplus refrigerator
cars totaled 13,345, an increase of 725 cars compared with the same previous period.
Car Shortage.-Practically no car shortgage is being reported.
Atchison Topeka & Santa Fe Ry.-Fresno Interurban
Control.by the
The I.-S. C. Commission on April 19 approved the acquisition
Atchison of control of the Fresno Interurban By. by purchase of its capital
stock, and control of its railroad by lease.
The report of the Commission says in part:
and
"The Fresno was incorporated In 1914 in California. It ownsmiles
operates a single-track standard-gauge railroad approximately 1734Fresno
in length extending from a connection with the applicant's line at
in a general easterly direction to a point about 2 miles northwest of Minkier,
all in Fresno County, Calif. Its line has been heretofore operated as an
electric interurban railway. Steam motive power is used during periods
in
of heavy traffic. Operation of a portion of the line was commenced
1916. It has been extended from time to time in accordance with the
of
original construction plans, and it is represented that the remainder
the line into Minkler will be completed within a reasonable time, the right
of way having been acquired for that purpose. the Santa Fe Land Im"The Fresno has been controlled since 1921 by
consists of
provement Co. The outstanding capital stock of the Fresnoacquire
this
The applicant proposes to
350 shares of common, par $100. shares,
at par
company
the
from
Land
qualifying
directors'
except
stock,
inbonded
outstanding
entire
the
owns
for cash. The Land company
debtedness of the Fresno. consisting of $149,300 of matured first mortgage
the
to
advanced
also
had
company
Land
the
1925
30
Nov.
bonds. Up to
Fresno $145,000, which has been used for additions and betterments.
in the
The applicant will purchase the investment of the Land company
$315.000.
aforesaid mortgage bonds and cash advances for approximately
rate of
which amount represents such investment with interest at thewith
the
6%. No securities are to be issued at this time in connection
proposed acquisition. The Fresno's investment in road and equipment,
less depreciation, as of June 30 1925, was $461,767. It is represented that
this amount is substantially the actual value of the properties.lease to be
"The applicant proposes to operate the Fresno line under a
executed after the approval of this application. By the terms of the
proposed lease the Fresno leases its line of railroad and appurtenances to
the applicant, its successors, and assigns, for the term of 10 years, and
thereafter from year to year,subject to the right of either party to terminate
the lease upon 90 days' notice. The applicant agrees to pay all interest
which during the term of the lease shall accrue upon any indebtedness,
except to the applicant, incurred by the Fresno with the applicant's consent;
during
all taxes, assessments and governmental charges which shall accrue
the
the term upon the demised properties; all rentals and other sums which
agreeor
lease
any
under
term
the
Fresno shall become liable to pay during
over to the
ment existing on the date the Fresno shall turn its railroad
applicant relating to the use of any facilities or appurtenances of the demised
may be
railroad, or under any lease or agreement which during the term
all expenses
made by the Fresno with the consent of the applicant; and
its
perpetuating
and
maintaining
in
necessarily incurred by the Fresno
which shall
organization. The applicant further agrees to waive all interest
owned
Fresno
the
of
indebtedness
of
evidences
upon
term
the
during
accrue
by the applicant, except interest properly chargeable to capital account on
the books of the Fresno for funds advanced by the applicant."-V. 122,
p. 2324. 2178.
Atlanta & West Point RR.-New Director.-
has been
W. R. Cole, President of the Louisville & Nashville
122, p. 345.
RR.'
elected a director, to succeed the late W.L. Mapother.-V.
Baltimore & Ohio RR.-Control of Cinainnati Indianapolis & Western Approved.acquire
control
The I.-S. C. Commission has authorized the company to
of the Cincinnati Indianapolis & Western RR. by purchase of its capital
stock. .The B. & 0. which had applied for authority to obtain control of
'the shares, will pay 324 50 a share for the pref. and
not less than 80% of
$1450 for the common stock, or a total of $2,086,500.-V. 122, p. 1605.
1451.
Chicago Milwaukee & St. Paul Ry.-Court Orders Sale
of Road.-Date and Upset Price to Be Fixed Later.-Judge
Wilkerson in the U. S. District Court at Chicago, Feb. 27,
entered a decree ordering theforeclosure and sale of the properties of the road. Herbert A. Lundahl, Chicago, was appointed Special Master. The date of sale and the upset
price will be fixed at a later date.
Judge Wilkerson handed down the decree after overruling the five amendments which were suggested as to the form of the decree in the foreclosure
sale by Nathan L. Miller, former Governor of New York, and counsel for
the minority bondholders, who have filed a petition to intervene in the
receivership proceedings.
The sale directed by this decree shall be Made at public auction to the
highest bidder under the direction of the Special Master. The decree further provides that the sale shall be made at the main entrance of the passenger station of the railway company in the city of Butte, Mont., being on
the premises subject to the mortgages foreclosed by this decree, and directed
to be sold on a day and at an hour to be fixed by the court.
On the 21st day following the conclusion ofthe bidding,the Special Master
shall report the result of the sale at the Federal Court Building at Chicago
for such orders, judgments or decrees as may be deemed proper or advisable.
The Special Master shall offer the property in five iparcels and then in its
entirety. The date of the sale will be fixed by the Court upon the application of the complainant trustees under the mortgage.
In his argument Mr. Miller told the Court that his clients, the holders of
$16,000,000 worth of junior bonds, did not demand the postponement of a
foreclosure; and that he agreed the only way out of the financial and legal
tangle was for the sale to be ordered. He contended, however, that the
upset price, the date of the sale and the conditions of reorganization should
not be fixed by the Court without further deliberation. The Court, he
added, should take official cognizance of a fact, now generally known, that
there would be no other bidders for the assets of the system than the corporation's own bankers in New York, Kuhn, Loeb & Co. and the National
City Co.
Judge Wilkerson's comment on the argument of Attorney Miller was as
follows:
"One suggestion made here is one which in substance would require all
prospective bidders who have a plan of reorganization to submit the proposed plan to the Court in advance of the sale.
"Under the provision as suggested the respective bidders who desire to
submit a plan of reorganization would be excluded from offering their bids
at the sale. unless they accompanied the bid by a certified copy of an order
of the Court determining that such plan is just and equitable, and contains
a fair and timely offer of participation upon just and equitable terms in
the reorganization thereby proposed to all persons entitled thereto.
"This suggestion, in my opinion, presents serious practical difficulties
which might lead to confusion in the procedure. The Court is required to
pass upon the fairness of a plan which is not offered in such a way as to be
binding upon the one who offers it, even if it is found satisfactory to the
Court.
"There is also uncertainty as to the stanaing of a bidder whose plan had
been given preliminary approval by the Court, if the Court, upon further
consideration, should decide that the offer should not be accepted when
reported by the Master. . . . To cut off all bidders in this case whose
bids have not been submitted to the Court in advance goes further than
has been attempted in any case which has been brought to my attention."
In regard to the argument of the junior bondholders' counsel that there
should be a reservation of the right to modify the plan of organization, the
Judge stated this point might be dealt Within connection with the confirmation of sale.
Judge Wilkerson defined the status of the I.-S. C. Commission in the
action as well as in cases of a similar character. For many months the
Commission had conducted a probe into the road's financial condition and
methods, factors which made the receivership unavoidable.
"A suggestion had been made to me." he continued. "that there should
be some provision touching the approval of issued stocks and bonds by the
I.-S. C. Commission. In this respect it is my view that this Court has no
right to hamper a judicial department of the Government.
"The Supreme Court very recently has dealt with the rights of parties in
cases of the wilful and arbitrary refusal of the administrative boards to act
when, under the law, it is their duty to act.
"It must be borne in mind that the I.-S. C. Commission has not been
clothed, and under our plan of government cannot be clothed, with power
that is essentially judicial in its character.
"Confusion will be avoided if, while courts remember that they cannot
legislate, at the same time administrative boards exercising delegated legislative 'power, bear in mind that they have not been clothed with responsibility for the exercise of judicial power."
Fraud Charges Against Bankers and Directors Withdrawn.
Nathan L. Miller, counsel for the Jameson committee in the hearing
before Judge Wilkerson in Federal Court at Chicago, April 26, withdrew
that portion of his petition of intervention in which it was charged that
there had been a breach of trust by members of Kuhn, Loeb Sr Co., and
certain directors of the St. Paul, in the acquisition of the properties of the
Chicago Terre Haute & Southeastern. Mr. Miller said: "Since that charge
was made, information has come to me, and this is my first opportunity to
make public retraction of these charges."
MAY 1 1926.]
It
r
THE CHRONICLE
2489
present easterniterminus of the company's line at Tilton, Miss., where it
Junior Bondholders Get a Month to Summon Witnesses.a connection with the New Orleans Great Northern RR.in an easterly
Attorneys for the junior bondholders obtained a second adjournment forms
direction
to a connection with the Gulf & Ship Island RR., at Oakvaie.
April 28 of the hearing in Federal Court at Chicago of the receivers' applicaa distance of 7 miles.
tion for permission to pay approximately $400,000 in interest on bonds of Miss.,
The
company
was incorp. on June 24 1892 in Mississippi. Its railroad
the system's Terre Haute and Gary subsidiaries. The hearing, which extends from a connection
the Illinois Central RR.at Norfield, Miss.,
re-convened April 26. after several weeks' recess, was continued until late In an easterly direction towith
Tilton Miss., a distance of about 30 miles.
In May, so that the junior bondholders, representing about $16.000,000 in
The
company
enterinto
proposes
to
a contract with the lumber company
securities, may summon out-of-town witnesses to show that purchase of the for the use of the latter
traces between Tilton and Oakvale,
two subsidiaries was unwise and that payment of interest on their securities Miss., for an indefinite company's
terminable
by written notice given by either
period
halted.
-V.
ought to be
122, p. 2035. 1758.
party 6 months prior to the effective date of the cessation of the contract.
The applicant is to pay for such service the sum of$9,000 per year.representChicago Rock Island & Pacific Ry.-Notes Sold.- ing
6% of the amount invested by the lumber company in
line in
Speyer & Co. and Dillon, Read & Co. have sold at 99.32 question. It is agreed, however, that there shall be a reductionthe
from this
amount of rental computed at the regular log contract rate for all logging
and int., to yield 4.86% $6,000,000 2-year 432% secured that
may be done over the line by the lumber company on its own account.
gold notes.
V. 121, p. 3000.
Dated June 1 1926, due June 1 1928. Principal and interest (J. & D.)
New York Central Lines.-Venner Loses Suit.payable in New York in U. S. gold coin, without deduction for any tax,
assessment or governmental charge (other than Federal income taxes
Clarence H. Venner, a minority stockholders of the Michigan Central
exceeding in the aggregate 2% per annum) which company or the trustee RR., lost in the U. S. Supreme Court April 26 in his fight to enjoin an issue
may be required to pay, or to retain therefrom, under any present or future of equipment trust certificates by thti New York Central Lines. He conlaw of the IT. S. of America, or of any State, county, municipality, or other tended that the purchase of equipment contemplated by the issue had not
taxing authority therein. Denom. $1,000. Entire issue (but not a part been authorized by the P. S. commissions of New York, Illinois, Michigan
thereof) red. at par and int., on any int. date upon 30 days' notice.
and Ohio, and that the transaction was an unlawful loan of credit by the
Security.-The notes are to be secured by deposit with the Central Michigan Central, resulting from what he charged was a monopolistic
Union Trust Co. of New York as trustee under a trust agreement of $8.700,- domination over that road through stock control and interlocking directories
000 face amount. Chicago Rock Island & Pacific Ry
@FedFRASER