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The
nunrrcilti§cl
financial
rontrie
INCLUDING
Railway& Industrial Compendium
Public Utility Compendium
State & Municipal Compendium
Railway Earnings Section
VOL. 124.
SATURDAY, MAY 14 1927.
Thruntelt
Bank and Quotation Section
Bankers' Convention Section
NO. 3229.
course, must be made sufficiently attractive to induce holders to accept new securities rather than
Terms of Subscription—Payable in Advance
cash. The nature of these propositions will be
Including Postage-12 Mos. 6 Mos. awaited
with interest. Security markets, no doubt,
Within Continental United States except Alaska
$10.00
$6.00
In Dominion of Canada
11.50
6.75
Other foreign countries, U. S. Possessions and territories__ _ 13.50
7.75 have been strongly influenced by the expression of
NOTICE.—On account of the fluctuations in the rates of
confidence on the part of the Government. This,
remittances for European subscriptions and advertisements mustexchange.
be made
In New York funds.
however, is only indirect evidence; the direct eviSubscription includes following Supplements—
COMPENDIUMS—
dence in the situation may be summarized as folPUBLIC UTILITY (semi-annually)
BANE AND QUOTATION (monthly)
RAILWAY & INDUSTRIAL (semi-annually) RAILWAY EARNINGS (monthly)
lows:
STATE AND MUNICIPAL (semi-annually)
BANKERS' CONT1NTION (yearly)
(1) Gold is still flowing into the country, due not
Terms of Advertising
Transient display matter per agate line
cents
45
only
to the country's powerful position in internaContract and Card rates
On request
Cameo° Orrzcs—In charge ot Wed. H. Gray. Western Representative.
tional
trade, but also to the fact that it is the safest
208 South La Salle Street, Telephone State 0613.
Logout( Ovvica—Edwards & Smith. 1 Drapers Gardens.
London. E. 0. and best investment market in the
world, so that
WILLIAM B. DANA COMPANY, Publishers,
liquid funds are constantly tending to come here
Front, Pine and Depeyster Streets, New York
for safety and profit.
Published every Saturday morning by WILLIAM B. DANA COMPAN
(2) The deflation and depression in Europe, folY
President and Editor, Jacob Seibert; Business Manager. William
Treas..William Dana Seibert; See., Herbert D.Seibert. Addressee of aU. D. Riggs
Office of Co lowing the orgy of post-war inflation, has tended
to
hold down the world level of commodity prices.
The Financial Situation.
This condition, persisting over a period of years, has
During the week there have been many outstand- develop
ed the hand-to-mouth policy of purchasing on
ing developments in the security markets, including
the part of American industry and led in turn to
the calling of the Second Liberty Loan 41/
4s, the small inventories, rapid turnover and other condiquick absorption of a number of large bond issues tions current
of
efficiency, all tending to reduce the
and an upward surge in security prices which car- demand for
money in business.
ried the Dow-Jones industrial stock average and
(3) Railroad and automobile transportation are
bond average to new high ground in all time and the at maximu
m of efficiency and extent of operation,
a
railroad. average to a higher price than has been
thus providing for the quick transportation of goods
reached since 1909. Notwithstanding these moveand shortening the time required for carrying of inments the volume of trading has not been excepventories, this again reducing the requirement for
tional, the transactions on the New York Stock Exmoney in business. (4) On the other side of the
change having been under 2,000,000 shares daily.
picture business on the average was never more
The Dow-Jones industrial average has reached
active. Profits are at an excellent level, at least
new high ground five times since April 21, touching
for the large producers, labor is fully employed at
166.66 on that day, 167.36 on the next day, 168.25
highest wages, and the savings available for investon Wednesday, May 4, 168.15 and 169.25 on Monday
ment were never so great. These funds are pouring
and Tuesday, respectively, of this week. Simulinto the investment market, not only taking up the
taneously, the railroad average reached a high
of more than $500,000,000 in new securities which
on
134.08 on Monday of this week, a figure comparing
the average are being issued month by month, but
with the high in all time on Jan. 22 1906, of 138.36,
tending to bid up the prices of securities already
and a subsequent high on Aug. 14 1909 of 134.46.
outstanding. Of course, too much confidence should
The bond average, which reached 97 in the latter
not be placed upon this picture which might represent
part of March, stood at 97.77 on Monday of this
the
past more than the future. An investor should
week.
be
keenly
alert for any indication of approaching
The calling of the Second Liberty Loan bonds
is reversal, particularly protracted gold exports, reof most significant financial interest. Most of these
newed inflation in Europe, breakdown of railroad
/
4% interest, and they run
bonds bear 41
until 1942. efficiency, wide demand
for increase in wages
The calling indicates that in the opinion of Secrestrongl
y
resisted
by
business
, a decided and contary Mellon and others of the Treasury Department
tinued
falling
off
in
busines
profits, or a prospect
s
the Government can easily borrow money during
of adversely changed political conditions.
/
4%. There is,
this period at materially less than 41
The week opened with an offering by J. P. Morgan
therefore, in this quarter an expectation of continu
- & Co., the First National Bank of New York and the
ing easy money conditions, such as prevail at presNational City Co. of $50,000,00 Erie Railroad reent. The call was accompanied by a promise of exfunding and improvement 5s, 1967, at 941/
2, yielding
change propositions to be made later on. These, of
5.30%. On Wednesday a syndicate headed by J. P.
PUBLISHED WEEKLY
2802
THE CHRONICLE
Morgan & Co., the Guaranty Co. of New York, the
First National Bank, the National City Co. and Lee,
Higginson & Co. offered $48,000,000 Chesapeake
Corporation convertible collateral 5s, 1947, at 94,
yielding 5.50%. These two issues coming in the
same week, give decided evidence that the proposed
Van Sweringen merger is making rapid progress.
The Van Sweringens are endeavoring to form a fifth
Eastern trunk line system which it was originally
proposed should include the Chesapeake & Ohio,
Nickel Plate, Erie,Pere Marquette and Hocking Valley, together comprising about 7,800 miles. The system as a whole, if so composed, would consist of two
belts of railway connection between Atlantic seaboard and Central Western gateways, the first extending from New York, through Buffalo, Toledo
and Detroit to Chicago and St. Louis, the second
consisting of the 'Chesapeake & Ohio and extending
from Norfolk, Va., to Chicago, and traversing one
of the principal coal fields in the United States.
The original proposal of consolidation was denied
by the Inter-State Commerce Commission on account of disapproval of certain financial arrangements, although the plan as a whole so far as physical operation and public interests were concerned
was approved. A second plan has not yet been formally proposed, but application has been made for
the Chesapeake & Ohio to issue additional stock in
order to acquire controlling interest in Pere Marquette and Erie. By this it is understood that the
Chesapeake & Ohio is to be made the controlling road
of the Van Sweringen system, which will be held
together by ownership of majority stocks. It is
understood that controlling stock is already in the
possession of the Van Sweringen interest. The Erie
issue is meant to clean up all short-time obligations,
provide for construction program and add to working capital.
The Chesapeake issue is evidently to enable the
Van Sweringens to rearrange their holdings in a
way compatible with the ideas of the Inter-State
Commerce Commission as to the interests of the public and other financial elements. Both issues are
steps of progress toward the formation of this new
trunk line and afford distinct encouragement to security holders in respect to the essential progress
that has been made and is being made in connection
with the railroads of the United States. Testimony
on Thursday indicated that the Virginian Railway
might be included in the Van Sweringen group and
raised some doubt as to how far the combination
would embrace all the roads originally contemplated.
Among other notable issues of the week were $30,2s,
1
000,000 Empire Oil & Refining first collateral 5/
Co.,
&
Stuart
1942, offered on Wednesday by Halsey,
over
yielding
Inc., and Hallgarten & Co., at 96,
5.90%, and $60,000,000 City of New York 4% bonds
and corporate stock on Thursday by a syndicate
headed by Blair & Co., Hallgarten & Co., New York
Trust Co. and Lehman Bros. This corporate stock
contained a coupon rate of only 4% for the first
time in eighteen years; the $42,400,000 of the stock
matures in 1977, and was re-offered to the public at
102.19, yielding 3.90%. The remainder, $17,600,000
bonds, matures serially 1928-1967 and is offered to
yield from 3.50% on the earlier maturities to 3.90%
VOL 124
eral Motors Corporation was not a surprise, as the
payment of a semi-annual extra dividend has come
to be the expected thing, nor was the amount,$2 per
share, out of line with general expectation. If it be
assumed that this rate will be continued, the stock,
paying a regular dividend of $8, would receive a
total during twelve months of $12, making the yield
at present price something more than 6%. A semiannual extra dividend of $2 gives an appearance of
greater stability than would a larger amount, which
would necessarily have been looked upon as an extraordinary distribution representing extraordinary
earnings. A $12 total rate, representing only about
60% of the current rate of earnings, lends hope that
it can be maintained, and will, therefore, probably
prove more of a stabilizing factor on the price of the
stock than would have a larger dividend such as has
been paid during the past year or two.
The May 1 estimate of the growing winter wheat
crop, issued by the Department of Agriculture on
Monday of this week, makes a generally favorable
showing. The condition of the growing grain, notwithstanding some untoward circumstances, is
higher at this time than in any year back to 1921.
The acreage abandoned during the winter just closed
is below the average of recent years, being less than
the loss in six of the ten preceding years, while the
estimate of yield from this year's harvest is in excess of the actual production of five of the ten years
since 1916. Compared with the crop harvested last
year, the present outlook for 1927 is promising. The
condition on May 1 this year is 85.6% of normal, and
this compares with 84.0% a year ago. The area remaining for harvest this year is placed by the Department at 38,701,000 acres; a year ago the estimate
was 37,085,000 acres. The indicated yield of winter
wheat is now placed at 593,940,000 bushels, as
against the estimate of 548,908,000 bushels for the
1926 harvest, made by the Department of Agriculture at the corresponding date last year and based
on the May 1 condition. The actual harvest last
year, however, was 626,929,000 bushels, or 78,021,000 bushels larger than the estimate of yield in May.
The area harvested last year was 36,918,000 acres,
which was 167,000 acres less than the area indicated
on May 1 1926.
The condition of 85.6% of normal for May 1, as
now given by the Department, compares with 84.5
on April 1 this year an improvement of 1.1 points.
A year ago there was a fractional decline in condition between the same dates—in fact, the winter
wheat crop harvested last year showed a decline in
condition for each month after May to the end of the
harvest. The acreage declined also, as noted above,
and yet the final yield was considerably higher than
the earlier figures indicated. Generally the condition figures show an improvement from April 1 to
May 1, as they did this year, but last year was an
exception. For the latter months of the winter
wheat growing season a decline generally appears.
The Department announces that while really excellent condition figures are shown in only a few
States, "strikingly low conditions are confined to
restricted districts." The latter comprise chiefly a
narrow stretch, extending southward from the southwest corner of Nebraska, including adjacent poron the later ones.
tions
of Colorado, Kansas, Texas and New Mexico.
after
The declarati.on on Thursday afternom,
Nebraska, which is the second largest State
And
yet
Genby
the close of the market, of an extra dividend
MAY 14 1927.]
THE CHRONICLE
in production of winter wheat, shows a condition of
94% of normal on May 1 this year, as against 80%
a year ago; in Kansas, where about 25% of the total
crop of winter wheat is raised, the condition is 86%
against 83% a year ago, and for Illinois the figures
are 84% and 72%, respectively, this year and last.
Oklahoma and Texas both show a decline this year
from last, but there is a marked improvement over
1925, when the winter wheat crop in those two States
was almost a failure. The condition of the winter crop
in Oklahoma this year is 80%, against 94% a year
ago, and in Texas 75% as against 96% May 1 1926.
Production in these five States for this year promises to be considerably in excess of 50% of the entire
harvest of winter wheat. In other important States
the outlook is good, among them Indiana, where the
condition is 89% against 78% a year ago; Ohio,82%
in contrast with 81%; Missouri 82% this year and
77% last year. A marked improvement appears for
the Pacific Coast States this year, especially for
Washington. Winter killing for the current year's
wheat crop will account for 3,550,000 acres, which
compares with only 2,216,000 acres for the crop harvested last year. In the ten years, however, 19171926, inclusive, there were four years in which the
winter killing was less than during the winter just
closed, but for the other six years winter killing was
much larger than during the past winter, notably in
1917, with 12,881,000 acres, and 1925 with 9,504,000
acres.
The crop report issued this week also deals with
the prospects of rye the present year. Production
of rye is indicated as 47,861,000 bushels on the May 1
condition of 88.3% of normal. Last year's rye crop
totaled 40,024,000 bushels, and the ten-year average
is 67,001,000 bushels. The estimated acreage of rye
May 1 is 3,592,000 acres, compared with 3,579,000
acres sown last autumn, and with 3,513,000 acres
harvested in 1926.
The end of the revolution in Nicaragua was apparently achieved only by means of threatened forcible
intervention by the United States Government. A
dispatch to the New York "Times" from Washington, May 7, stated that General Moncada, military
leader of the revolting Liberals, agreed to lay down
his arms only after Colonel Henry L. Stimson, special emissary of President Coolidge, had addressed
a note to him containing this clause: "That the
forces of the United States will be authorized to accept the custody of the arms of those willing to lay
them down, including the Government's, and disarm
forcibly those who will not do so." This situation,
the dispatch added, indicates the adopting of a
course by the United States Government which
marks a development of a stronger hand in dealing
with small Latin-American countries where political
disorders are frequent. Dr. Juan B. Sacasa, President of the Liberal Government set up at Puerto
Cabeza, Nicaragua, issued a statement Monday protesting against the continuation of Adolfo Diaz at
Managua as President of the country and against
the disarming of his troops by United States Marines. On the following day Rear Admiral Latimer,
Commander of the United States Naval Forces in
Nicaraguan waters, took the preliminary steps looking to the disarmament of the Conservative and
Liberal forces. A proclamation, issued by his orders, stated: "The United States Government, hav-
2803
ing accepted the request of the Nicaraguan Government to supervise the elections in 1928, believes general disarmament necessary for the proper and successful conduct of such elections and directs me to
accept the custody of the arms and ammunition of
those willing to give them up, including those of the
forces of the Government, and to disarm forcibly
those who do not peaceably deliver up their arms."
Eight hundred additional American Marines were
dispatched to Corinto Wednesday to augment the
force of 2,200 already there. They were requested
by Admiral Latimer, it was stated, because of the
possibility that some of the native soldiers on both
sides may refuse to lay down their arms, and take
to the hills.
Severe fighting in China between the Southern
factions on the one hand and the Southern and
Northern rivals for supremacy on the other hand,
appears to have been resumed. The greatest Chinese
battle since the defeat of Marshal Wu Pei-fu near
Chinwingta in 1924 was fought in the southern part
of the Province of Honan, according to a Peking dispatch of May 7 to the Chicago "Tribune." The exact
date of the battle as well as the result was said to be
uncertain, although it appeared that 30,000 Southerners engaged the forces of the Northern Marshal,
Chang Tso-lin. The arrival of 2,000 wounded at
Hankow led to reports there that the Southerners
suffered a defeat, with probable total casualties of
8,000, but in Peking it was assumed that the Northerners'losses were heavier, as Marshal Chang's headquarters failed to mention the battle. Neither side
permits correspondents to go to the front, so that it
was impossible to obtain details, for the area in
which the fighting occurred has long since been
evacuated by the foreigners. General Chiang Kaishek, head of the Nanking Nationalists, has declared
that his enemies are the Hankow Nationalists, the
Northern militarists and the foreign imperialists.
Shanghai dispatches of May 10 (Associated Press)
report him in contact with the Northern forces in
Anhwei Province. These dispatches also said a
large body of Honan armed peasantry, known as the
Red Spears, acting in sympathy with the Northerners, had reached a point on the Peking-Hankow railway, capturing a train belonging to the Hankow
Nationalists.
The Government of the Hankow Nationalists,
dominated by Russian Communist influence, was
reported as isolated, impoverished and on the verge
of dissolution. Michael Borodin, assumed to be the
leading spirit in this Government, was interviewed
April 30 by a correspondent of the New York
"Times." Questioned as to the connection of Moscow with the revolution, Borodin denied there was
any connection, adding: "If the Nationalist Party
of China were renamed to-day it could not be called
Communist. It is impossible to communize the Chinese, simply because it is impossible to communize
poverty. The Chinese are different from the Russians or the Americans. It might be possible to
communize the United States, where you have vast
wealth. China is poverty-stricken and Communism
is impossible. Hence, theories change. We seek, of
course, to aid labor and the farmers." Borodin also
denied that Moscow was providing funds for the
revolution. The same correspondent subsequently
interviewed Eugene Chen, Foreign Minister of the
2804
THE CHRONICLE
Hankow regime. Chen asserted that the rule of
China would soon be in the hands of the Nationalists. Shanghai he described as "the centre of reaction and the haunt of political lepers, where one
must either become the tool of foreign imperialism
or else come in armed conflict with it." The Nationalists' objective can only be achieved, he said, by defeating the enemy on the front decisively, followed
by Nationalist occupation of Peking, where historic
wrongs must be redeemed and the period of subjection and national humiliation come to an end. In
the event of a blockade of the Yangtze River by the
Powers, Chen declared, the Powers would suffer
more than the Nationalists because the latter would
instantly convert the blockade into a vigorous boycott and blockade which might well endure for at
least a generation. The Foreign Minister decried
the presence of over thirty foreign warships in the
river at Hankow and the sending of foreign troops
to Shanghai. "You seek to defend property and
lives," he said,"but you are creating more hard feeling among the masses than all our propaganda ever
could. It is this foreign imperialism we are against.
We want a free country and desire to end the superGovernment that is now misruling China, in the
guise of Peking diplomats,'and run our own nation."
Widely different views regarding the split in the
ranks of the Nationalists in China were reported
from London and from Moscow. In a long statement read to the House of Commons on May 9, Austen Chamberlain, Foreign Secretary of Great Britain, detailed the dramatic changes which have already occurred in the Chinese situation and told of
their repercussion on British policy. When the
five-Power identic notes regarding the Nanking outrages were sent to Eugene Chen, said Sir Austen,
Chen was Foreign Secretary of a Government which
appeared to have all of China south of the Yangtze
River in its grasp. To-day, he continued, that Government was but the shadow of a name, the residue
of that Communist section of which the Nationalist
Party had purged itself in a manner and to a degree
of which the foreign Powers would have been incapable. Sir Austen then announced that, unless
such action is forced upon the Government, Great
Britain would not reoccupy her concession at Hankow, although, he declared, such a course would have
been amply justified by the fact that the Nationalist
Government had made no attempt to observe the
spirit of the agreement with the British, signed at
Hankow. "We have decided that present applications of sanctions for the outrages at Nanking or
failure to observe the Hankow agreement is inexpedient, however justified," Sir Austen explained. "I
believe that similar reasoning has led other interested Governments to a like conclusion. In these
circumstances we do not intend to address any further note to Eugene Chen. We have so informed the
other Powers. We have added that we reserve full
liberty of action as to the future, and particularly
respecting any further outrages which may be perpetrated on the British flag, British nationals or
British property."
The Moscow view was revealed in a public meeting, May 10, when M. Zinovief made a most violent
attack on the majority of the Central Committee of
the Communist Party. He accused the committee of
betraying Lenin's principles in their whole Chinese
[Vox,. 124.
policy, describing it as un-Communistic, opportunistic, short-sighted and as the result of blind, disastrous self-confidence. "The cause of the Chinese
Communists is the cause of the revolutionary Russian proletariat itself," he said. "The Chinese problem is a problem of Soviet home affairs and the setback suffered by the Chinese Communists is a defeat
for the Soviets, and yet they (the majority) have
preferred to treat it as if it was a mere problem of
bourgeois foreign policy." In a rejoinder, M. Bukharin, editor of the party organ, the "Pravda,"
pointed out that it was easy to talk like M. Zinovief,
but the road to Chinese revolution, just as to world
revolution, was long, painful and difficult. He declared that the Administration's policy in China
squared with the facts in the case. "What is now
most urgent," M. Bukharin argued,"is a courageous
leading of an .agrarian revolution. The peasants
must be armed. Peasant unions and committees
must be formed. All measures must be taken to urge
on the peasant rear guard of the Chinese revolution,
which will be the ultimate decisive factor in the
whole struggle."
The British Government's Trade Union Bill, designed to make general strikes illegal, reappeared
in the committee of the House of Commons May 11
for the consideration of amendments. The bill
passed the second reading May 5, after a bitter debate, and a prolonged struggle over the measure is
certain, both in the committee stage and when the
bill is presented for final passage. As promised by
speakers during the debate May 5, the Government
the following day incorporated an amendment in the
bill bringing lockouts as well as strikes within its
scope. Another Government amendment, clearing
up ambiguity as regards "class" strikes, reads as
follows: "It is hereby declared that any strike is
illegal if it has any object besides the furtherance of
a trade dispute within the trade or industry in
which the strikers are engaged, and if the strike is
designed or calculated to coerce the Government
either directly or by inflicting hardship upon the
community." The fight against the bill was continued outside Parliament after the second reading.
Labor organized great demonstrations over the weekend in protest against what it called "the Blackleg's
Charter." These were held at more than twenty
great industrial centres throughout England, audiences being asked to swear solemnly that, recalling
the sufferings of the pioneers of trade unionism, they
would pledge themselves to safeguard the heritage
won and to hand it on undiminished to those who
come hereafter. Winston Churchill, on the other
hand, speaking for the Government before 10,000
persons in London, hlay 6, said that British freedom
was threatened by a new danger, and that a struggle
had been joined "in which in one form or another,
we shall occupy probably the remainder of our
lives." Further remarks by Mr. Churchill, as reported in the New York "Times" were: "A rival
power is seen to be seeking to establish itself within
the nation, a power which challenges our democratic
institutions, which is organizing itself to coerce
Governments and Parliaments by other than constitutional processes; a power which demands a different set of loyalties from those which are due to the
State; which has its own diplomacy and foreign policy; which has communicated with foreign peoples
MAY 14 1927.]
THE CHRONICLE
through its own channels and by its own agents. It
is a power setting itself up as a judge on all great
issues of peace and war, and claiming even to have
civil servants specially affiliated so that at some
critical moment the action of the lawful Government
may be paralyzed and the State subverted. This
amazing process has gone far enough."
The reappearance of the bill on Wednesday ip the
committee of the House of Commons was marked by
a change in the tactics of its Labor opponents from
clamor to critical argument. At the opening of the
discussion the Opposition made various attempts to
prescribe how the bill should be amended, but these
were ruled out of order, though the movera obtained
from the Speaker a ruling that amendments dealing
with the political use of employer's funds and with
discrimination against trade unionists would be in
order. Amendments to the number of 400 were submitted by the Opposition, and these will be debated
during the next ten days.
A sudden and unexpected raid was made by the
London police late Thursday on the offices of Arcos,
Ltd., the trading organization of all Russian Cooperative Societies in England. Parts of the offices
of the Soviet Trade Delegation also were entered and
searched. The British Home Secretary was consulted before the raid was undertaken. On information supplied by police authorities, it was said, he
gave permission for application to be made to a
magistrate for a search warrant. A London dispatch of Thursday, reporting the incident, said:
"The Foreign Office holds the view that for the present, at least, the matter does not affect them, but the
view was expressed in certain political quarters tonight that the raid was preliminary to the cancellation of the trade agreement with Russia and the
breaking off of relations with the Soviet Government." The British Labor Party was said to be
taking action on the raid and making plans to interrogate the Government about it in the House of Commons. Information regarding the character of the
evidence sought was not forthcoming. Three possible explanations for the raid were suggested by
"Tass," the Russian news agency: "First, surrender on part of the Home Office to die-hard influences
in the Government, in which case the consequences
were not likely to be serious. Second, the raid may
have been for the purpose of planting forgeries, such
as was alleged by the Moscow Government to have
been the intention of the raid on the Soviet Embassy
compound in Peking. Third, the raid was possibly
designed as further provocation to the Soviet Government."
The
-World Economic Conference of the League of
Nations, which began its deliberations May 4, got
into full swing in the past week. The last plenary
session planned for several weeks was held May 7,
the conference being then divided into commissions.
The Russian delegates held forth at the final full
meeting of last week and laid before the conference
their program for the economic readjustment of the
world under which the Soviet and capitalistic States
could exist side by side in peace and collaborate in
commercial relations. M. Sokolnikoff, outlining the
program, said that the conference had been necessitated by the failure of the capitalist system, and that
if an improvement in the economic relations between
2805
the Soviet and the capitalist countries resulted from
the deliberations at Geneva, prosperity and the
cause of world peace would be advanced and the
conference justified.
Later M. Ossinski gave his antidote for the economic ills of the world in eleven points, as follows:
1. The annulment of all war debts and all relative
war payments, as the only means of liquidating the
contradictions inherited directly from the conflict.
2. The increase of the salaries of industrial workers.
3. The re-establishment of the eight-hour day and the
introduction of a six-hour.day in mines and other
occupations harmful to health. 4. The establishment of complete real liberty for trade union organizations among the working classes and the absolute
right to strike. 5. The introduction of real assistance for the unemployed, chiefly by means of increased taxes on the wealthy and by reducing all
forms of unproductive consumption. 6. A decisive
warfare against increased prices for industrial merchandise. 7. The abolishment of all barriers for the
passage of surplus populations from one State to
another. 8. The abolishment of systems of protectorates or mandates, the withdrawals of all troops
from colonies and the recognition of the rights of all
peoples to political and economic liberty. 9. The
cessation of all military intervention in China. 10.
The cessation of all forms of political or economic
boycott against Soviet Russia and the establishment
of relations based on the recognition of the inevitable
co-existence of two different systems; the Soviet to
receive credits to increase her purchasing power in
exchange for concessions; the establishment of technical collaboration; the renouncement of all attempts against the indissoluble institutions of the
Socialist system, particularly against the monopoly
of foreign commerce. 11. A complete and effective
world disarmament, with the complete disorganization of all armed forces on land and sea, the workers' organizations and peasants to control the liquidation of all equipments and installations.
A dispatch to the New York "Times," reporting
this program, said: "Many delegations, standing
crowded around the speakers' stand, applauded the
orator when he mounted the tribune, but later received his speech with stony silence." The America(n delegates, it was saidi, ;were frankly unimpressed. The actual work of the conference was
taken up Monday by three large commissions. They
are the Industrial, the Agricultural and the Commerce Commissions, American delegates sitting on
each of them. One of the proposals submitted for
discussion by the Commerce Commission is directed
at the American Tariff Commission, according to a
dispatch of May 11 to the New York "Evening Post."
The proposal was submitted by the famous economist, Professor Gustav Cassel, of Sweden, who advocated the abolition of all special methods of investigating the cost of production of foreign producers by the aid of special agents. The United
States delegates, to the surprise of the Europeans,
expressed themselves in favor of the resolution,
pointing out that the present situation had caused
more trouble than good and that the National Chamber of Commerce had already made a strong argument favoring a recall. A resolution passed yesterday by the Commerce Commission was especially
welcomed by the American delegates, who interpreted it as directed agaainst British trade restric.
2806
THE CHRONICLE
tions on rubber. The resolution deplored the results
of "import and export prohibitions, arbitrary systems and disguised discriminations," on the ground
that they destroy the normal play of competition and
imperil essential supplies of some nations and no
less indispensable markets of others, bringing about
artificial organization, production, consumption and
distribution. The return of real liberty in international trading was advocated. The resolution was
the more gratifying to the United States representatives as Henry M. Robinson had already taken
occasion to remark invidiously on the Stevenson
plan of rubber restriction.
A further stage in the Japanese financial crisis
was reached on Thursday, when the three weeks' moratorium declared by the new Government of Premier Tanaka officially ended. An Exchange Telegraph dispatch of May 9 from Tokio said that preparations for ending the moratorium were progressing. Emperor Hirohito, it adds, has signed the
finance bills passed by both houses of Parliament
authorizing the Bank of Japan to adjust the situation for reopening the Bank of Formosa and other
private banks which show solvency. The limit fixed
for guarantees is 700,000,000 yen ($350,000,000) in
addition to the 200,000,000 yen ($1,000,000) authorized at the close of the last session. The Japanese
Legislature, in passing the Government's bills, inserted an amendment by which advances are allowed
to banks which can produce promising prospects as
well as mortgageable assets. This amendment
caused no little apprehension in Japan as it was
interpreted as opening the door to political influence in the distribution of Government credit and
was supposed to spring from the peers' desire to rehabilitate the Fifteenth Bank, in which most of the
members of the Upper House have deposits. Such
fears were allayed by the appointment on May 10 of
Junnosuke Inouye as Governor of the Bank of
Japan. A dispatch from Tokio to the New York
"Times," reporting the appointment, said: "Mr.
Inouye is probably the ablest banker Japan possesses and his professional competence to handle the
present situation is rated very high." Satisfaction
with the appointment was general, the correspondent adds, as the Bank of Japan is the agency through
which Government's aid must be extended. In regard to the new Governor of the Bank of Japan the
dispatch said: "M. Inouye is known to the bankers
of America and Europe as a careful, conservative
financier, too well versed in the principles of sound
finance to be led into illusory short-cuts. Five years
ago M. Inouye realized the necessity of business deflation. When yen exchange was 25% under par he
opposed the removal of the gold embargo on the
ground that it would crush export trade, but last
October, when yen was only 2 cents below normal, he
urged the Government to abolish the embargo in
order to enforce a financial adjustment. It is certain that Mr. Inouye will make the greatest efforts
to prevent further inflation through the operation of
the Government's relief bills, and he is confident
that deflation can be avoided."
It was announced in Rome Thursday (Associated
Press) that Italy's industrial and agricultural workers are to accept a 10% cut in wages. New contracts
providing for the reduction, it was added, will speed-
[voi,. 124.
ily be made between the employers' and employees'
confederations in all branches of industrial and agricultural production, under the terms of the recently announced charter of labor. A semi-official
statement says that requests for the wage cut were
made by the confederations of industrial and agricultural employers and that officials of the workers'
confederations consented when appealed to by the
Goveimment. Ten per cent cuts have already been
made in the cases of the farm workers of Brescia,
Pavia and Mortara, while a 5% decrease has been
accepted by 12,000 port workers at Genoa.
The monarchical demonstration in Berlin last
Sunday proved a flat failure. Three sons of the
former Kaiser were included in the Army of 60,000
veterans in uniform who marched through the German capital. The Princes wore the gray steel helmet and uniform without insignia, and took part in
the grand review that terminated the demonstration.
But the city, according to the Berlin correspondent
of the New York "Times," received the steel helmet
host with placid apathy. Scarcely 20,000 of the
Berlin public assembled to view the parade, though
one or two clashes occurred later. These were instigated chiefly by the Communist opponents of the
League. None of the four Nationalist Ministers, nor
any Other representative of the Federal, State or
municipal Governments—except the Chief of Police
—were present.
Evidently, however, with the view to placating
French sentiment regarding the matter, Foreign
Minister Stresemann, one of the four Nationalist
Ministers in Chancellor Marx's Cabinet, emphatically declared that he would resign rather than tolerate any change in the Reich's present foreign policy. Speaking before an organization of the German
People's Party, he denied that any such change was
contemplated, or that, as intimated by the Paris
"Temps," he is occupying an isolated position in the
German Cabinet.. In his Ministerial declaration he
observed that the whole Ministry had dedicated itself to a continuance of the policy initiated by himself and associated with the Locarno settlement.
"If the manifestations in Germany connected with
the traditions of the old army are interpreted as implying a departure from that policy," Dr. Stresemann affirmed, "it is a wholly false conception. Organizations of this sort existing in Germany are
really and simply a psychological reflex of the onesided German disarmament. They would lose their
significance, perhaps even their existence, the moment the disarmament of other peoples should follow
the German disarmament." Concerning GermanPolish relations, the Foreign Minister recalled that
these are regulated through the Locarno Treaty compelling arbitral settlement of any differences arising
between the two countries.
The State Bank of Poland yesterday lowered its
rate of discount from 8/
1
2to 8%. Otherwise official
discount rates at leading European centres continue to be quoted at 7% in Italy; 6% in Austria;
5/
1
2% in Denmark and Belgium; 5% in Paris, Berlin and Madrid; 41/
2% in London; 4% in Norway
and Sweden, and 3/
1
2% in Holland and Switzerland.
In London the open market discounts were firmer,
so that short bills finished at 3 11-16@334%, against
3%@3 11-16%, while three months closed at
8@3 11-16% the week previous.
/
3 11-16%, against 35
Money on call in London was appreciably higher
8%,the
/
early in the week, but closed yesterday at 33
disopen
market
Paris
At
Friday.
same as last
in
at
Switzerland
and
8%
7
/
2
at
remain
rates
count
ago.
week
a
as
same
the
%,
8
33/
An increase of £356,738 in gold bullion was reported by the Bank of England for the week ended
May 11. This follows last week's decline of £561,169. Total gold holdings now stand at £153,958,678,
against £148,262,303 at the same time last year and
£153,616,864 at the corresponding date in 1925. The
proportion of reserve to liability dropped to 32.68%,
from 33.66% last week, and 33.44% two weeks ago.
Notes in circulation decreased £1,415,000, while reserve increased £1,772,000. Loans on Government
securities rose £1,535,000, and loans on "other" securities £5,318,000. Public deposits expanded £360,000, and "other" deposits £8,265,000. Notes in circulation now stand at £136,169,000, compared with
£141,651,590 a year ago and £147,606,235 two years
ago. The bank's official discount rate remains un2%, to which it was reduced on April
1
changed at 4/
20. Below we give a detailed comparative statement of the various items in the Bank of England
return back to 1923:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1923.
1924.
1926.
1925.
1927.
May 14.
May 16.
May 12.
May 13.
May 11.
b136,169,000
Circulation
Public deposits
12,758.000
102,095,000
Other deposits
Gov't securities
47,824,000
Other securities. _ _ 47,221,000
Reserve notes dc coin 37,540,000
Coin and bullion_ _a153,958,878
Proportion of reserve
to liabilities
32.88%
Bank rate
4 yi%
141,651,590
21.264.451
102,150,784
46,130,328
68,671,750
26,380,713
148,262,303
147,606,235
17,425,543
102,159,081
33,302,144
78,331,998
25,760,629
153,616,864
124,541,525
17,359,039
102,440,759
41.522,755
72,589,177
23,391,267
128,182,792
123,476,495
15,660,255
106,723,312
44,131.180
72,226,346
23,798,509
127,525,004
21.35%
5%
2154%
5%
1934%
4%
1914%
3%
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 transfetred to the
Bank of England on the British Government's decision to return to geld 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 geld coin and bullion
held up to that time in redemption account of currency note issue.
The Bank of France in its weekly statement as of
May 11 reported a decrease in note circulation of
702,120,000 francs, offsetting to that extent last
week's large increase. Total notes in circulation
now stand at 52,616,959,965 francs, against 52,643,172,795 francs last year and 42,991,216,250 francs in
1925. The French Treasury reduced its obligations
to the Bank by repaying 400,000,000 francs, bringing total advances to the State down to 28,900,000,000 francs, compared with 34,850,000,000 francs in
1926 and 23,950,000,000 francs the previous year.
Gold holdings remained unchanged at 3,683,507,441
francs, against 3,684,128,987 francs in 1926 and
3,682,038,449 the previous year. Two weeks ago
463,000,000 francs were transferred from gold held
abroad to the account of gold abroad "available,"
this unquestionably representing the French gold
released by the Bank of England. Since then no
further change has been recorded. Other important
changes in the various items were: Bills discounted
diminished 1,256,091,000 francs, and Treasury deposits 38,551,000 francs. Trade advances increased
24,710,000 francs, silver 35,000 francs, and general
deposits 1,886,818,000 francs. Purchase of gold and
silver coins to May 12 under the law of Aug. 10 1926
totaled 2,106,200,000 paper francs, compared with
2,085,900,000 to week ended May 5.
2807
THE CHRONICLE
MAY 14 1927.]
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
May 11 1927. May 12 1926. May 13 1925.
for Week.
Francs.
Francs.
Francs.
Gold Holdings—Francs.
Unchanged 3,683,507,441 3,684,128,987 3,682,038,449
In France
Unchanged .1,864,326,907 1,864,320,907 1,864,320,907
Abroad
Unchanged 5,547,828,349
Total
342,436,016
35,000
Inc.
Silver
Bills discounted _ _Dec.1,256,091,000 1,934,955,523
Trade advances Inc. 24.710,000 1,673,869.349
Note circulation Dec. 702,120.000 52,616,959,965
43,035,017
Treasury deposits_Dec. 38.551.000
General deposits_Inc.1,886,818,000 9,156,492,636
28,900,000,000
Advances to State_Dec. 400,000,000
5,548,449,895
333,983,191
4,432,810,152
2,475,908,953
52,643,172,795
2,582,870
2,553,211,000
34,850,000,000
5,546,359,357
317,440,408
4,703,921,360
3,084,702,458
42,991,216,250
42,974,269
1.999,610.610
23,950,000,000
• Of this, 463,000,000 francs is reported as gold "available abroad," representing
presumably the French gold released by the Bank of England.
The German Reichsbank in its return for the week
ended May 7, reported a decline in note circulation
of 172,225,000 marks. Total notes in circulation
now stand at 3,503,967,000 marks, against 2,941,366,000 marks last year, and 2,386,499,000 marks in
1925. Other daily maturing obligations fell 9,592,000 marks, while other liabilities increased 3,216,000
marks. On the asset side of the account gold and
bullion decreased 479,000 marks. The decline
brought total gold holdings down to 1,849,778,000
marks, compared with 1,491,543,000 marks in 1926,
and 1,014,271,000 marks the previous year. Deposits
abroad remained unchanged, but reserve in foreign
currencies fell off 43,547,000 marks. Bills of exchange and checks declined 136,165,000 marks, silver
and other coins 1,365,000 marks, advances 39,436,000 marks, and investments 39,000 marks. Notes on
other German banks increased 9,165,000 and other
assets 33,355,000 marks. Below we give a detailed
comparative statement back to 1925:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
May 7 1927. May 7 1928. May7 1925.
Week
Retchsmarks. Retchsmarks. Retchsmarka.
Retchsntarks.
Assets—
1,491,543,000 1,014,271,000
1,849,778,000
479,000
Dec.
Gold and bullion
Unchanged 101,249,000 260,386,000 117,887.000
Of which depos.abr'd_
Res've in for'n curr_ Dec. 43,547,000 127,005,000 347.670,000 338,090,000
Bills of each. le checks Dec. 136,165,000 1,931,361,000 1,219,839,000 1,492,258,000
66,238,000
94.665.000
Silver and other coin_ _Dec. 1.365,000 101,920,000
12,090,000
19,829,000
15,905,000
Notes on oth.Ger.bks.Inc. 9,165,000
7,674,000
6,778,000
27,119,000
Dec. 39,436,000
Advances
89,022,000 200.281,000
92,851,000
39,000
Dec.
Investments
1.163,430,000
Inc. 33,355,000 484,973,000 835,687,000
Other assets
2,388.499,000
Notes in circulation Dec. 172,225,000 3.503,967,000 2,941,366,000
754,361,000
Oth.dally matur.oblig.Dee. 9,592,000 580,924,000 622,087,000
Inc. 2,316,000 188,742,000 181,707,000 825.324,000
Other liabilities
The showing made by the Federal Reserve banks
in their weekly return on Thursday contrasted
rather strongly with the statements for the two previous weeks. Whereas rediscounting operations
had been on the ascending scale, sharp reduction is
shown for the week under review. But what has attracted the most attention is the appearance of a
new item in the return for the large amount of $59,548,000 termed gold held abroad. This is evidently
some of the French gold recently released by the
Bank of England, but the only reference to the
acquisition of the gold made by the Federal Reserve
Board in its comments for the week is that "during
the week the Federal Reserve Bank of New York
purchased abroad $59,548,000 of gold, the purchase
being participated in by all Federal Reserve banks.
This gold is now held earmarked by one of the foreign correspondents of the New York bank and is
shown in a statement against a new item,'gold held
" To obtain the means to make the pur'
abroadi
chase the Reserve banks evidently sold United States
Certificates of Indebtedness, the holdings of which
were reduced during the week from $155,724,000 to
$92,313,000. In addition, however, rediscounting
of bills secured by Government obligations for the
2808
THE CHRONICLE
System fell $51,500,000 and "other" bills $14,100,000, so that total bills discounted were reduced to
$441,977,000, which compares with $476,414,000 at
this time a year ago. Holdings of bills bought in the
open market also fell off, namely $11,200,000. Total
bills and securities (earning assets) declined $139,200,000, while declines were also shown in deposit
s
of $63,500,000, in member bank reserve accounts of
$54,800,000, and in Federal Reserve notes in actual
ciraulation of $2,400,000. Gold 'reserves (not counting the foreign gold) were augmented $26,200,000.
At New York there was a small loss in gold, namely
,
$2,900,000. Here, also, shrinkage occurred in virtually every item. Rediscounts of all classes of bills
were reduced $24,800,000. Open market purchases
fell $9,300,000. Total bills and securities decline
d
$50,100,000. In deposits at the New York Reserve
Bank there was a contraction of $43,200,000 and in
member bank reserve accounts of $30,700,000, while
the amount of Federal Reserve notes in actual circulation dropped $8,200,000. The effect of lessened deposits, as also the increase in gold holdings, was to
raise reserve ratios. For the banks as a group the
reserve ratio mounted 2.0%, to 80.0%. At New
York there was a gain of 3.1%, to 84.8%.
Last Saturday's statement of the New York Clearing House banks and trust companies was feature
d
by the complete wiping out of surplus and the establishment of a deficit-in-reserve of well over $25,000,000. This, moreover, was brought about in the face
of reduced deposits and was due to a big contraction
in the amount of reserves of member banks kept with
the Reserve Bank. Loans expanded $5,660,000. Net
demand deposits fell $71,599,000 and time deposits
$190,000, to $690,942,000. The grand total of demand deposits fell to $4,590,742,000, which is exclusive of $33,717,000 of Government deposits, a falling
off in the latter item for the week of $9,309,000. Cash
in own vaults of members of the Federal Reserve
Bank increased $1,829,000, to $45,134,000, but this
total is not counted as reserve. State banks and
trust company reserves in own vaults increased
$382,000, and the reserves of these institutions kept
in other depositories rose $170,000. As noted above,
member banks drew down their reserves at the Federal institution $40,102,000, and the result was to
cause a loss in surplus reserve -totaling $30,195,110,
which, after eliminating last week's excess reserves
of $4,449,390, left a deficit-in-reserve of $25,745,720.
The calculations are on the basis of 13% legal reserve requirements against demand deposits for
member banks of the Federal Reserve System, but
not including $45,134,000 cash in own vaults held by
these members on Saturday last.
A slight stiffening of rates occurred in the money
market in the past week, the rate on call loans advancing to 41/4 and 41/
2% after ruling at 4% for
practically the whole of the previous week. Bank
withdrawals of funds available for Stock Exchange
borrowing were heavy all week, totaling more than
$100,000,000. The 4% rate for call funds held on
Monday and also for renewals on TuesdaT, but a
quick jump to 41/
2% occurred on the latter day
when withdrawals of$30,000,000 began to tighten the
market at the same time that demand for funds increased. The withdrawals were only slightly less
on Wednesday and Thursday, the renewal rate rul-
[yin. 124.
ing at 41/
4%. Additional calls yesterday to enable
the banks to strengthen their Clearing House position sent the figure to 41/2% again, after renewals
had been at 4/
1
4%. The heavy withdrawals were
due, of course, to the fact that last Saturday's return of the New York Clearing House banks and
trust companies showed over $25,000,000 deficiency
below the required reserves. For the corresponding
week last year, it was pointed out, the call loan rate
ruled at 31/
2%. "Street" trades in call money at
lower than Stock Exchange rates, which have been
a feature of the money market for the last month,
were, of course, absent. Time money was easy all
week, with transactions at 4% to 41/
2% for all maturities up to six months. A slight recession to
4/
1
4% for 45-60 days'lending occurred Tuesday. The
Federal Reserve Board statement for the member
banks of the System, which appeared on Monday,
showed a further increase in brokers' loans against
stock and bond collateral by the New York reporting member •banks of $36,932,000. The loans are
now more than $200,000,000 larger than they were
in the middle of February, when the present upward
movement began. The strong and active stock market and the large amount of new financing were suggested as the principal factors responsible for the
continued expansion. Gold imports for the week
totaled $18,000,000, virtually all from England, and
assumed to be a part of the French gold recently released by the Bank of England. Much comment was
caused in the market by the appearance in the Reserve Bank statement for the week ending May 11 of
the item "gold held abroad, $59,548,000." But this
item has already been explained above.
As to specific rates for money, call loans covered a
range of 4@41/
2%, the same as last week. On Monday 4% was the only figure named. On Tuesday a
high rate of 41/
2% was quoted, although the low was
still 4% and this was the basis for renewals. On
Wednesday and Thursday all loans were at 41/
4%.
Increased firmness set in on Friday, and after renewals had again been at 41/
4% there was an advance to 41/
2%.
Time money displayed a slightly easier tendency,
especially in the shorter maturities, and the close
was 41/
4% for sixty days, against 4/
1
4@4%%;
4-1/
4@4%% for 90 days, against 4%%,and 4%7
0 for
four, five and six months, against 4%@4V2% a week
ago. Trading was not active; large borrowers evidently took little interest in the market, while offerings were plentiful.
Commercial paper was only moderately active and
quotations were still at 4(g41/
4% for four to six
months' names of choice character, the same as heretofore; names less well known still require 41/
4@
41/
2%. Local as well as out-of-town banks continue
in the market as buyers and offerings which were
only moderate, were quickly absorbed. New England mill paper and the shorter choice names are
still passing at 4%.
Banks' and bankers' acceptances were a trifle
easier in undertone; actual quotations, however,
remained unchanged,except for the shortest periods.
Trading was quiet with the aggregate turnover of
moderate proportions. The market was a dull affair,
devoid of news features of any kind. For call loans
against bankers' acceptances the posted rate of the
American Acceptance Council continues to be quoted
MAY 14 19271
THE CHRONICLE
2809
believed to be part of the metal that was released
to the Bank of France by the Bank of England
on payment of French war debts to Great Britain.
As the day-to-day rates, sterling exchange on
Saturday last was quiet but steady; demand bills
were not changed from 4.85 5-16 (one rate) nor
cable transfers from 4.85 13-16. On Monday the
market continued dull and inactive, with quotations
still ruling at 4.85 5-16 for demand and 4.85 13-16
SPOT DELIVERY.
30 Days for cable transfers.
60 Days.
90 Days.
A slightly firmer tone prevailed
3%@)8%
3,1@3%
'
Prime eligible WC
3)4@l3%
demand moved up a fraction to
on
and
Tuesday
FOR DELIVERY WITHIN THIRTY DAYS.
/i and cable transfers to 4.85%. Wednesday
3,4 bid 4.853
banks
le 61mber
/
e
73)g bid prices were firmly held at the levels of the preceding
non-member banks
day, namely, 4.858A for demand and 4.853/i for cable
been no changes this week in Federal transfers; trading was fairly active, a brisk inquiry
have
There
/6..,
Reserve Bank rates. The following is the schedule being noted with light offerings. Dulness marked
of rates now in effect for the various classes of paper trading on Thursday and demand remained at
at the different Reserve banks:
4.85%, and cable transfers 4.853'. Friday's market
was a trifle easier and the range was 4.85%@4.85%
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
MAI 13 1927.
for demand and 4.85%@4.853' for cable transfers.
Closing quotations were 4.853/i for demand and
Paper Maturing—
/i for cable transfers. Commercial sight bills
After 90 After 6 4.855
Days, but
but
Within 6 WPM* 9 finished at 4.85, sixty days at 4.81, ninety days at
Within 90 Days.
Months. Months.
FEDERAL RESERVE
BANK.
4.783/8, documents for payment (sixty days) at
Com'retar Secured
Aorta & by U.S. Bankers' Trade Apricot.* Agricurt 4.813
4, and seven-day grain bills at 4.84. Cotton
and
and
Livestock Govern't Accep- AccepPayer. °Dago- tances. lances. Livestock Livestock and grain for payment closed at 4.85.
Payer. Payer.
Bona.
Keen interest was aroused over the fact that
a
Boston
a
a
4
4
New York
4
4
4
shipments of gold amounting to $18,000,000 were
a
4
4
4
Philadelphia
4
4
4
4
Cleveland
received this week. This gold was received by the
4
4
Richmond
4
4
4
4
4
4
Atlanta
4
4
4
American Exchange Irving Trust Co., which an4
4
Chicago
4
4
4
4
St. Louts
4
4
4
4
a
nounced that it was for account of a correspondent
4
Minneapolis
4
4
4
4
KADBILEI City
4
4
4
4
a
abroad; $6,000,000 came on the Aquitania on May 7,
Dallas
4
4
4
4
a
Ban Francisco
4
4
4
4
4
46,000,000 on the Scythia on May 10 and $6,000,000
•Including bankers' acceptances drawn for an agricultural purpose and secured
n the Berengaria yesterday, May 13; the Irving
by warehouse receipts. &e
Trust had previously received a similar shipment of
Quiet strength characterized the market for step ng $6,000,000, making, therefore, $24,000,000 altoexchange this week and although quotations at no gether. The general belief is that this gold is for
time achieved the high point of the previous week, account of the French Government and is part of
the bulk of the business passing was transacted be- the precious metal released by the Bank of England
tween 4.85 5-16 and 4.858
/i for demand bills. So far to the French Treasury on the payment of its debt
as underlying conditions are concerned, there is very to Great Britain. The Bank of England bought
little in the way of important news developments to £415,000 in gold bars and sold £51,000 in sovereigns
report. A steady volume of buying, emanating to a for export to India and other countrie3, and revery large extent from steamship companies to meet leased £500,000 for the account of the South African
tourist requirements, continued a feature of market Reserve Bank.
operations, while the light supply of commercial bills
offering constituted a powerful aid in supporting price
A greater degree of activity prevailed in the Conti•
levels. Talk is still heard in a desultory way of the nental exchanges, with sharp up-and-down movepossibility of another cut in the Bank of England's ments in lire and marks the feature of the week.
discount rate, but some division of opinion appears to What appeared to be a renewal of speculative particihave arisen on this score. It is pointed out by bank- pation caused sharp fluctuations in the Italian unit.
ers that the volume of credit at present available is At the opening there was an advance from 5.293/2 to
amply sufficient for immediate needs, and that if 5.52; subsequently realizing sales for profit-taking, as
the Bank rate were to be lowered another % of 1% well as selling by the Italian National Institute of
it would undoubtedly-lead to withdrawals of foreign Exchange, brought about a recession to 5.32. Still
balances. At the same time it is understood that the later this was followed by an accession of firmness that
British Treasury is considering a new conversion loan carried the quotation up to 5.46, with the close slightly
in the not distant future, which, if consummated, under this figure. Bidding was nervous and erratic
might lead to a lower discount rate. However, if and rate variations at times extremely wide. Specuthis should happen, bankers opine that the lowering lative operations have apparently been on a large
would be merely temporary and the 43/2% rate scale; but it is believed that the authorities have the
would be reinstated in the fall. On Thursday matter well in hand and will take action to prevent
assurance that no change had been made was the undue advances. Notwithstanding complaints resignal for a general firming up. On Friday freer garding Italian trade, financial developments in Italy
selling induced on easier turn and there was a decline continue favorable and it was claimed that announceto 4.85%. Arrival of a large amount of gold this ment of the merger of five Italian steamship lines
week aroused no little interest, although it is conceded created a highly favorable impression. Neverthethis represents some special transaction; ostensibly less, none of these developments was thought to warsent here to stabilize French exchange rates and rant the large volume of buying that has prevailed
strengthen France's foreign balances, the gold is during the week.
at 334%. The Acceptance Council makes the discount rate on prime bankers' acceptances eligible for
purchase by the Federal Reserve banks 3%70 bid
2% asked for bills running 30 days; 334%
and 31/
bid and 35A% asked for 60 days and 90 days; Ws%
bid and 334% asked for 120 days, and 4% bid and
3/
78y0 asked for 150 and 180 days. Open market
quotations follow:
2810
[Vol,. 124.
THE CHRONICLE
A sudden and sharp drop in the fixed price of German Reichsmarks came as something of a surprise.
The quotation fell from 23.69 to 23.65, although later
on there was a recovery to 23.68. The weakness was
variously attributed to political troubles in the Reichstag and to reports that foreign balances in Germany
were being reduced because of the larger returns on
money obtainable in some other markets. Offerings
of marks were not especially large but the demand was
extremely narrow. For a time, it seemed probable
that there would be an advance in the German Bank
rate as a drop below 23.65 for marks would have
opened the way for gold exports; it is understood,
however, that the Reichsbank solved the problem by
sales of its foreign exchange holdings. Other branches
of the foreign exchange market were dull and featureless. Belgian exchange remains in a rut. Greek
2,
exchange is still selling within a fraction of 1.323/
and the minor Central European division has been all
but motionless; even Rumanian lei ruled between
0.63 and 0.64 on quiet trading.
The London check rate on Paris closed at 124.02,
unchanged. In New York sight bills on the French
centre finished at 3.90% (unchanged); cable transfers
at 3.91% (unchanged); and commercial sight bills
at 3.89% (unchanged). Antwerp francs finished at
13.89 for checks and 13.90 for cable transfers, as
against 13.893/i and 13.903/ last week. Final quotations for Berlin marks were 23.68 for checks and
23.69 for cable transfers, in comparison with 23.69
and 23.70 a week earlier. Italian lire closed at 5.423/
for bankers' sight bills and at 5.433/ for cable transfers, against 5.273/ and 5.283/2 last week. Austrian
schillings have not been changed from 143/
8. Exchange on Czechoslovakia finished at 2.96% (unchanged); on Bucharest at 0.63, against 0.63; on
Poland at 11.50, against 11.40, and on Finland at
2.523/ (unchanged). Greek exchange closed at 1.32
for checks and at 1.33 for cable transfers, against
1.323/ and 1.333/2 a week ago.
As to the former neutral exchanges, trading was
inclined to be spotty; brief intervals of languid activity,followed by long periods of dulness, with the whole
market, in a word, neglected. Rate changes, as a
result, were insignificant. Dutch guilders remain at
close to 40.01. Swiss francs were still firmly fixed at
around 19.223/
2, while the Scandinavians were all but
motionless with the exception of Norweigan krone,
which veered from 25.86 to 25.79 on small spurts of
speculative activity. Spanish pesetas opened strong
and advanced a few points to 17.70, but later declined
to 17.51, which was the close.
Bankers' eight on Amsterdam finished at 40.003/2,
against 40.013/
2; cable transfers at 40.013/2, against
40.023/2, and commercial sight bills at 39.993/2,
against 40.003/2. Swiss francs closed at 19.2234 for
bankers' sight bills and at 19.233 for cable transfers,
2 a week earin comparison with 19.223/ and 19.233/
lier. Copenhagen checks finished at 26.68 and cable
transfers at 26.69 (unchanged). Checks on Sweden
closed at 26.74 and cable transfers at 26.75,against
26.743/ and 26.753/2, while checks on Norway finished
at 25.79 and cable transfers at 25.80, against 25.82
and 25.83. Spanish pesetas closed at 17.51 for
checks and at 17.52 for cable transfers, which compares with 17.67 and 17.68 a week earlier.
levels. Argentine paper pesos advanced to 42.36,
then closed at 42.32 for checks and at 42.37 for cable
precisely the same figures as a week ago, while
Brazilian milreis finished at 11.84 for checks and at
11.85 for cable remittances, in comparison with 11.83
and 11.84 the previous week. Chilean exchange was
steady and ranged between 12.12 and 12.01, closing
at the latter figure, as against 12.03 last week. Peru
closed at 3.65, against 3.65 last week.
As to the Far Eastern exchanges, interest featured
in the movements of Japanese yen. Considerable
excitement prevailed and traders reported fairly
heavy speculative buying, particularly in futures.
Ending of the Japanese moratorium on Thursday was,
of course, the feature of the week and a good deal
of nervousness was shown over the probable outcome, although confidence was expressed in a good
many quarters over financial condition , in Japan.
No one is willing to predict the date for a return
to the gold standard; but until that time comes, it is
expected that speculation in yen will figure largely
in market dealings. Closing quotations were 47/@
47%, against 473/2@47% on Friday of last week.
The so-called silver currencies were steady, and
without important change. Hong Kong closed at
49%@49%, against 49%@49 15-16; Shanghai at
/ (unchanged); Manila at 493/2@49K
621
/
4.@628
/
8@56/
against 4932@49%, Singapore 561
3 (un/
8@363/2, against 3614@36%,
changed); Bombay,363
and Calcutta, 36%@363/
2, against 363'@36/.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
MAY 7 1927 TO MAY 13 1927, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in United qwws Money.
May 7. . May 9. May 10. , May 11. May 12. May 13.
EUROPE.14095
Austria. ,,chillIng
.1390
Belgium. belga
.007290
Bulgaria. lev
Czechoslovakia, kront .029618
Denmark, krone._ _ _ .2668
England, pound star
4.8579
ling
.025214
Finland, markka___
France,franc
.0392
Germany, relchemark .2370
Greece, drachma__ _. .013311
Holland, guilder.-- .4002
Hungary, pengo
.1747
.0838
Italy, lira
.2585
Norway. krone
.1146
Poland, zloty
Portugal. escudo..._ .0513
Rumania,leu
.006303
Spain, peseta
.1767
Sweden,krona
.267
Switzerland, franc... .1923
V ugoelavla,
.017579
ASIAChina.6463
Chefoo, tael
Hankow,tadl
.6363
Shanghai, tael _ _ .6184
Tientsin, tael
.6500
Hong Kong. dollar. .4933
51exlen n dollar
.4531
Tientsin or Pelyang,
.4342
dollar
.4317
Yuan, dollar
Melia, rupee
.3616
.4745
Japan. yea
SIngsPore(B.S.), dollar .5596
NORTH AMER.1.000772
Canada, dollar
1.000063
Cuba, peso
.467000
Mexico, peso
Newfoundland, dollar .998344
SOUTH AMER.Argentina, peso (gold/ .9623
.1179
Brazil. mike%
-.1207
Chile. Peso
1.0083
Uruguay, peso
8
.14064
.1390
.007255
.029616
.2868
.14059
.1390
.007232
.029814
.2668
4.8582
4.8578
.025207 .025207
.0392
.0392
.2387
.2370
.013295 .013284
.4002
.4002
.1747
.1746
.0537
.0547
.2582
.2583
.1136
.1135
.0515
.0514
.006310 .006313
.1769
.1765
.2675
.2874
.1923
.1923
.017585 .017580
$
.14059
.1390
.007241
.029613
.2888
.14055
.1390
.007233
.029614
.2668
.14066
.1390
.007238
.029614
.2867
4.8585
4.8585
4.8575
.025201 .025196 .025202
.0392
.0392
.0392
.2387
.2368
.2368
.013280 .013257 .013267
.4002
.4002
.4002
.1746
.1747
.1746
.0542
.0541
.0541
.2582
.2582
.2582
.1136
.1132
.1132
.0513
.0513
.0513
.006307 .006277 .006272
.1768
.1760
•1763
.2874
.2674
.2675
.1923
.1923
.1923
.017579 .017580 .017588
.6450
.6358
.6182
.6450
.4942
.4519
.6442
.6383.
.8172
.8475
.4935
.4519
.6438
.6367
.6174
.6471
.4933
.4522
.6438
.8358
.8175
.6471
.4936
.4522
.6488
.6421
.6204
.6529
.4924
.4531
.4358
.4329
.3615
.4748
.5598
.4363
.4333
.3620
.4757
.5596
.4363
.4333
.3629
.4776
.5600
.4383
.4333
.3831
.4782
.5600
.4375
.4346
.3629
.4758
.5598
1.000620 1.000479 1.000437 1.000450 1,000381
.999844 .999813 .999625 .999888 .999625
.466833 .486833 .466567 .466867 .46666_7
.998063 .997813 .998125 .998000 .987816
.9823
.1180
.1205
1.0087
.9822
.1179
.1203
1.0104
.9623
.1180
.1205
1.0124
.9623
.1180
.1205
1.0101
.9821
.1180
.1203
1.0066
The New York Clearing House banks, in their
operations with interior banking institutions, have
The South American exchanges were dull but firm gained $4,766,266 net in cash as a result of the
with rates prevailing at or slightly above last week's currency movements for the week ended May 12.
MAY 14 1927.]
THE CHRONICLE
2811
Their receipts from the interior have aggregated ployed while the customs barriers that suffocate the
$5,664,266, while the shipments have reached $898,- economic development of nations exist." In Argentina, where duties are laid principally upon indus000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING trial articles, the tariff has a fiscal rather than a
INSTITUTIONS.
protective character. In the United States, on the
Gain or Loss
Out of
Into
hand, "almost all the duties falling on Argenother
to
Banks.
Banks.
Banks.
Week Ended May 12.
are "of an altogether protective naproducts"
tine
$898,000 Gain 84,766,266
$5,664,266
Banks Interior mamment
ture, and become prohibitive in some cases."
As an illustration, Mr. Duhau cited the case of
As the Sub-Treasury was taken over by the Fedduty in this country on Argentine beef, of which
the
eral Reserve Bank on Dec. 6 1920, it is no longer
an insignificant quantity is at present imported
only
possible to show the effect of Government operaUnited States. Thanks to what he admitted
the
into
tions on the Clearing House institutions. The Fedsupply, over-production of beef in
excessive
an
was
eral Reserve Bank of New York was creditor at the
the British market, whose
"glutting
was
Argentina
Clearing House each day as follows:
has lowered prices conpower
purchasing
reduced
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK siderably, seriously harming our cattle
producers."
AT CLEARING HOUSE.
he
hand,
If,
other
contended,
the
the United
on
Aggregate
Friday,
Saturday. Monday, Tuesday. Wednesd'y, Thursday,
Week.
for
13.
May
12.
May
11.
May
10.
May
the
of
importation
allow
9.
would
May
States
350,000,000
May 7.
$
pounds of Argentine beef annually, that amount,
$
552,000,000
Cr.
000
100,000
000
102,000
81,000,000
98,000,000
83,000,000 88,000,000
while only about 5% of the total American consumpNote.—The foregoing heavy credits reflec the huge mass of checks which come
operation of tion, would represent 28% of the average exportato the New York Reserve Bank from all parts of the country In the
These large credit balances,
the Federal Reserve System's par collection scheme.
however, reflect only a part of the Resetve Bank's operations with the Clearing tion of Argentine dressed beef for the past ten years,
In
H01180 Institutions, as only the Items payable in New York City are represented
located outside of
the daily balances. The large volume of cheeks on Institutions
and 23.3% of a total export which he calculated at
New York are not accounted for in arriving at these balances, as such cheeks do
not pass through the Clearing House but are deposited with the Federal Reserve 1,500,000,000 pounds annually. The only persons in
banks.
House
Clearing
local
the
of
account
the
for
Bank for collection
this country, he urged, who would be harmed by such
The following table indicates the amount of bul- a concession would be "the small group of marginal
producers," while the larger producers would conlion in the principal European banks:
to supply 95% of the American consumption.
tinue
May 13 1926.
May 12 1927.
introduced by Mr. Duhau, declaring
resolution
A
Banks of—
Total.
Silver.
Gold.
Silver. I Total.
Gold.
of Pan-American interchange
development
"the
that
L
S
148,262,303 must be sought principally in the gradual reduction
153,958,678 148,262,303
England 153,958,678
France a_ _ 147,300,268 13,680,000160,980,268147,365,154 13,359,000160,724.154
994,000 54,437,950
Germany b 87,426,450 e994,600 88,421,050 53,443,950
of customs duties," brought John H. Fahey, former
Spain— -- 103,864,000 28,058,000 131,920,000101,475,000 26.668,000128,143.000
39,127,000
3,421,000
35,706,000
49,980,000
4,021,000
Italy
,
of the Chamber of Commerce of the United
President
Netheri'ds 34,898,000 2,272,000 37,170,000 35,660,000 2,151,000 37,811,000
Nat. Belg_ 18,180,000 1,151.000 19,311,000 10,954,000 3,653,000 14,807,000
a defense of the American tariff as one
to
States,
2,294,000
3,563,000
16,731,000
SwItzeri'd. 18,372,000 2,814,000 21,186,000
12,742,000
12,336,000 12,742,000
12,336,000
Sweden..
take account of a wide variety of foreign
must
which
12,522,000
860,000
11.662,000
11,468,000
762,000
Denmark _ 10,706,000
8,180,000
8,180,000 8,180,000
Norway _ 8,180,000
conditions, and which in a number of its important
Total week 641,160,396 53,750,600694,910,996582,181,407 54,669,000636,850,407
Prey. week640,726,628 53,928,600694.655,228579.203,807 54,690,600,633,894,407 schedules, he declared, was not properly to be classed
a Gold holdings of the Bank of France are exc naive of gold held abroad,amounting as prohibitive. Mr. Duhau nevertheless carried his
the present year to £74,572,866. b Gold holdings of the Bank of Germany are
exclusive of gold held abroad, the amount of which the present year Is £5,062,430. point to the extent of securing from the Committee
C AB of Oct. 7 1924.
on Resolutions, by a narrow majority of one vote, a
Conference
Commercial
resolution setting forth that "in the interests of the
The Pan-American
at Washington.
greater development of Pan-American commercial
a study should be made of the desirabilintercourse
Pan-American
Commerthird
The meeting of the
reduction of the high customs
gradual
last
the
of
week
Washington
at
brought
Conference
ity
cial
together some 400 delegates, representing not only duties that may prevail in each country," the study
the Governments of the United States and Latin to be undertaken by groups of business men repreAmerica, but a wide range of business and industrial senting the different countries, and the various ininterests as well. The fact that the Chamber of dustries affected. It is to be feared that such a
Commerce of the United States was holding its ses- study, if it is actually undertaken, will have little
sions at the same time in Washington led to a cer- effect in breaking down the high protection sentitain overlapping in the programs of the two bodies, ment which supports the present American tariff,
but the program of the commercial conference as a quite aside from the economic futility of lowering
whole was quite distinct, and what was said and duties in one country in order to bolster up an overdone threw a good deal of light on some of the prob- production of some staple commodity in another.
lems of inter-American trade, and the difficulties
A second topic, brought forward by Victor M.
that still impede the all-round commercial co-opera- Cutter, Vice-President of the United Fruit Co., at a
tion between the United States and the 'republics to joint meeting of the Conference and the United
the south which it is so important to have developed. States Chamber of Commerce, was of more practical
Three topics in particular took precedence of significance for the future of inter-American trade.
others in the proceedings of the commercial confer- Premising that "the day of ruthless monopoly and
ene. The first was the tariff. In a spirited address the predatory business man is past," and that "we
on May 4 Luis Duhau, President of the Argentine have begun in both North and South America an era
Rural Society, called attention to the obstacle which of business understanding which always precedes
the American tariff placed in the way of trade be- social, political and cultural harmony," Mr. Cutter
tween Argentina and the United States. The motto declared that American business men "must realize
of the Argentine agrarians, "Buy from those who that greater efficiency is needed in foreign trade
buy from us," was not, he said, a final aim nor an than in domestic," and that "there must be built up
expression of a permanent international economic what is now entirely lacking—a North American
policy, but "only an emergency measure to be em- personnel, eager to go to foreign fields, which will
2812
THE CHRONICLE
[VoL. 124.
understand the social and cultural life and language not be done wholesale can often be attained with
of Latin America as well as the business facts." measurable satisfaction in detail, and where particu"Friends are not made," he continued, "and busi- lar duties or classifications work hardship or finanness is not developed, by calling for warships or cial loss they can, from time to time, be modified.
rushing for protection of the home Government. It There are important branches of trade with Latin
is built by thorough investigation of conditions, America in which the United States does not share
sound and efficient management, and the rendering as much as it might, and an intelligent study of busiof service." South Americans should not fear large ness methods and conditions on both sides, joined
corporations or large aggregations of banking capi- to the systematic training of young men for business
tal, for "in largely undeveloped countries capital careers abroad, will continue to help, as it has almust be employed in large units"; they should rather ready helped, to redress the needless inequalities in
"encourage their Governments in promoting wise the balance. In relatively undeveloped countries
laws which will furnish a stable basis for the invest- like those of Central and South America, the need
ment of large sums of capital, which will prevent of foreign capital is large, precisely as it was in the
monopoly or exclusive privilege, but which will not United States until comparatively recent years, and
while American capital will be unwise if it presses
hamper the development of trade."
On May 2, the same day on which Thomas W. its offerings too urgently, it is for the Latin Amen.
Lamont, at the dinner of the American Section of can countries to make investments of foreign capital
the Chamber of Commerce of the United States, cau- safe and its proper returns secure. Every meeting
tioned American investors against rash or excessive of an open forum, accordingly, like the Pan-Amerilending abroad (see the "Chronicle"for May 7, pages can Commercial Conference, cements such mutual
2685-2687), Secretary Hoover emphasized before the understandings as already exist, and paves the way
Pan-American Conference the view that "no nation for further progress and reciprocal commercial adshould itself borrow, or should permit its citizens to vantage.
borrow money from foreign countries, and no nation
The Proper Time for Political Thought by
should allow its citizens to loan money to foreign
the People.
countries, unless this money is to be devoted to
productive enterprise." "If nations would refuse,"
Governor Ritchie of Maryland, speaking at the
Mr. Hoover declared,"to allow the lending of money annual dinner of the Bureau of Advertising of the
for the balancing of budgets for purposes of military American Newspaper Publishers' Association, at
equipment or war purposes, or even that type of pub- the Waldorf, on April 28, discussed the relation of
lic work which does not bring some direct or in- the press to politics. He said, among other things,
direct productive return, a great number of blessings according to the New York "Times" report: "I grow
would follow to the entire world. There could be more and more doubtful of the extent to which we
no question as to the ability to repay; with this in- can look to our political leaders for the sort of leadcreasing security capita(' would become steadily ership in political thinking we need, especially when
cheaper, the dangers to national and individual in- they aspire to office. . . . Nor do I believe we can
dependence in attempts of the lender to collect his count on the publicists and scholars and academidefaulted debts would be avoided; there would be cians to shape and direct political thought. Sound
definite increase in the standard of living and the statesmanship and sound government must, of
comfort and prosperity of the borrower. There course, draw their strength from sound political
could be no greater step taken in the prevention of philosophy and sound political science." Continuwar itself." It was explained by the Department of ing, the report says: "In developing his thought
State, on behalf of Secretary Kellogg, that while that the public was indifferent to politics, Governor
"all loans proposed to be made by American bank- Ritchie said that he did not refer to apathy on issues
ers to foreign countries came before the State De- within parties. 'I refer,' he added, 'rather to the
partment to permit the Department to advise apathy and indifference which is so manifest toward
whether it had any objection," no proposed loans to the fundamental realities of our political life and
Central or South America had been objected to since institutions at a time when political issues of the
Mr. Kellogg became Secretary, and "the principle most fundamental and far-reaching character are
of objecting to loans to them on the ground that the coming to the surface and must be thought out and
money borrowed was not to be used for productive fought out. The sporting and the emotional side of
purposes had not been applied."
politics probably makes as strong an appeal as ever,
President Coolidge, addressing a joint session of but is there not a palpable decline in the deeper pothe Conference and the Chamber of Commerce on litical consciousness of the people and in their inMay 3, assured the assembled delegates that "our terest in political thought and thinking?'"
associates in the Pan-American Union all stand on
We have here suggested to us three kinds of politan absolute equality with us. It is the often de- ical thinking—that of the scholar dealing with pure
clared and established policy of this Government to theory, that of the citizen not bound by school or
use its resources not to burden them but to assist party, and that of the partisan either seeking office
them; not to control them but to co-operate with for himself or working for the success of party. Do
them." It is through the practice of this mutual we not need them all? Will not a blending of the
assistance and co-operation, joined to the cultivation three in the thought of the time offer a foundation
of mutual understanding and forbearance in all mat- for the study of the voter by which he may educate
ters of difference, that the development of healthy himself in the duties of citizenship? How are we
relations between the United States and Latin Amer- to choose our leaders, rather than merely to follow
ica, in commerce, politics and social intercourse, is them, unless we have spread before us the entire
to be achieved. Any such thing as a wholesale revi- political situation? One of our deficiencies as a
sion of tariffs is out of the question, but what can- people lies in the fact that we so often do not distin-
MAY 14 1927.]
THE CHRONICLE
2813
guish between pure politics and partisan politics. manufacturing industries, and then applied to agrias a means of
The one tends toward theory, the other toward prac- culture as a means of equalization,
this
have
proposition put
tice. An idealist in politics may lead us into specu- aid? Are we likely to
the necessary
Shall
people?
the
lative undertakings that, for example, might carry squarely before
put
the Governthus
indirectly
taxation
of
us into wars for the establishment of an impossible function
to
state
it that
wish
you
if
so
do
longer
any
or
ment,
dream of universal freedom; a practicalist in poliof
industry?
the
control
of
business
the
way,
into
tics might lead us into the creation of an organized
machine wherein Government undertakes to become The outstanding issue brought about by the drift
a guardian and benefactor of the interests of indi- toward paternalism is the power of control by Govviduals and classes. Either is dangerous to the per- ernment. Was this the intention of the framers?
We offer these as illustrations. Read the political
petuity of our institutions. Theory and practice of
and say if the concern of so-called leaders is
news
common
a
on
somewhere
must
unite
government
not over winning issues? And now what shall be
ground of the greatest good to the greatest number.
As far as the influence of the press is concerned the attitude of the people while political leaders thus
only an independent attitude toward political af- adumbrate the coming campaign. Half of them do
fairs can accomplish desirable results. And the not vote. Are they, back of these skirmish lines,
press is growing more free and fearless with every thinking in terms of pure politics? Do they see the
the corroding influyear and every campaign. It is our belief that more creeping danger of bureaucracy,
party shall they
Which
sectionalism?
selfish
of
ence
matter touching the fundamentals of our peculiar
insidious
concern over
such
shows
each
when
follow
ever
than
Government is printed generally to-day
farmrecognize
Constitution
the
Does
farmer?
the
in
educative
before. This form of press publicity,
the
say
and
,
manufacturers
miners,
merchants,
ers,
and
parties,
our
do
Yet,
is
abundant.
its nature,
No;
the
alike?
we cannot dispense with parties, live up to what Government must treat them all
recognizes
world
in
the
erected
they already know of fundamentals? It is not so Government we have
much that political leaders mislead the people as certain inalienable rights of individuals, certain
that they mislead the parties and thus prevent the duties and responsibilities of citizenship, certain
voter from putting into effect his knowledge of the purposes of political rule, but it knows no occupaessentials of good government. However much the tion, no section, and no class! Nor does it know
voter may be schooled in the principles of a pure po- "labor" or "capital." Will the people think along
litical economy he is swamped in the emotionalism this line and demand a party embodying firmly this
of parties. Notwithstandinethis, he cannot make principle, or will they drift along the sheltering
his influence felt save through party adherence. shore of legislative paternalism until some day there
There are countless citizens who think only in terms will be class or sectional war?
Let the people in advance of the campaign demand
of party. The independent, on the contrary, the
their parties something real, tangible, fundamenof
holds
rarely
He
little.
"mugwump," accomplishes
Let leaders arise, not from the parties but from
tal!
the
worshiping
Partisans
the balance of power.
colleges
edicts of party control parties and follow party the people! Let advisers come, not from the
press
Let
the
the
citizens!
of
camps
but from the
leaders.
of
There
is no
opinion!
shades
and
sides
What must come,if we are to preserve our original present all
thinking
and
think,
men
that
than
need
crying
government, is a sense of division between what is more
Does it matter
economic politics and that which is partisan politics. mold parties to the public service.
There is
serve?
it
does
that
save
serves,
one
which
Governor Ritchie has brought out an important disthe
platform
as
according
choice
for
room
ample
tinction. He has stated a far-reaching truth. And
the remedy must be found in an unselfish patriot- declarations are clear or cloudy, are fundamental or
ism. As long as interests and classes seek the Gov- expedient, are philosophic or partisan. There is a
ernment for aid and help, where none in fact exists, form of nationalism in attending to our own busiwe shall not be able to perceive who are the false ness. Shall we search the world for a foreign policy
and who are the true political leaders. Groping for that we may adopt and promulgate? There is a
a year or two in advance of a national convention kind of politics that rises above parties and still uses
for available issues and candidates confuses the peo- them by holding them in leash. And there is a form
ple. It is often said that our Government is now of preparation that concentrates on underlying prinfixed in form, that we must concern ourselves with ciples and from these discovers policies. Intelligent
its machinery, its operation. This is not true. Its political thought is needed, and is needed now.
changing machinery may change its form, in fact is
doing so. The original organic form is being changed
Religious Liberty.
by incorporation of boards and commissions.
Separation of Church and State under our form
We have had campaigns over trusts and tariffs.
of
government forbids any organic union between
parlittle
as
accomplished
these
really
While
have
tisan political questions, they may become effective the two. No law, under the Constitution, can progrounds of division among the voters if they are scribe religious belief or prevent the holding of office
related solely to their influence'upon the form and because of adherence thereto. Yet in the case of the
practice
functions of our Government. It is policies as re- admission of Utah, relinquishment of the
Church,
Mormon
the
by
polygamy,
of
sanctioned
lated to principles in administration that furnish a
the law
against
was
on
it
the
asked
was
that
ground
dividing line. But the issues must be sharp and disfrom
Senators
the
informed,
As
land.
we
the
are
of
tinct. To accept a "tariff for revenue only" is to
PoChurch.
Mormon
the
are
State
of
members
this
accept a part of "protection." Revenue from this
whatabandoned,
source, it may easily be shown,is not now necessary. lygamy as a civil practice has been
and no longer is
belief,
the
be
may
religious
ever
be
of
taxation
used
The real issue is shall this form
there anywhere
is
Nor
score.
by the Government to protect (in the old sense) question raised on this
2814
THE CHRONICLE
[Tea. 124..
in the United States, as far as we can observe, any
On the other hand, we do not have to prefer any
effort put forth by any sect or denomination to se- man for office to show our freedom
from religious
cure control of the Government in behalf of a re- bias just because inconsiderate or intolerant
persons
ligious faith, either through law or the holding of raise a religious issue against him.
The office is
office. We do worship God according to the dictates more important than the man,
whatever may be his
of conscience without stress and without conflict in religion. If he be not qualified as a
statesman he
so far as the State is concerned, save in possible should not be nominated. To call him
upon the carminor instances where early "blue laws" are invoked pet because of his religion may have two
results. He
to prevent certain popular observances that, con- may be nominated through sympathy
coupled with
flicting with such laws, are opposed to a religious an egoism of political freedom, or he may
be rejected
interpretation of social and business duties on the because unavailable from the party standpoint
of
day commonly called Sunday. Therefore we have preferring a candidate against whom no
religious
no religious issue which affects our Government. question can be raised. In either case
injustice is
And it is supreme over any possible religious attack done a citizen. And in either case
injury will un• by reason of any sectarian belief.
doubtedly be done to the party. To raise a political
It must be true as a consequence that any polit- bugaboo of Church control of State because of
the
ical party desiring ascendancy in the administration religious adherence of a candidate is to lose
sight of
of government will commit a fatal blunder that will the qualifications necessary to successful adminisallow itself to become divided over a quasi-religious tration. It is to thrust religion into the
State.
issue such as the policy of refusing a man the right Every loyal citizen is bound for the good of statesto aspire to office because of his religious belief. manlike rule to exorcise this question from his mind.
Our Presidents have been of varying faiths. JefferIt is one of the unfortunate features of party rule
son, the author of "religious liberty," was in his time that emotional issues and extraneous and trivial
accused of verging upon infidelity; and prepared a ones take hold upon the thought of the people to the
version of the "true "sayings of Jesus that would exclusion of serious and imperative principles of
not be accepted by the churches of to-day. President government. Slowly, unmistakably, a democracy
is
Taft was a Unitarian, a sect that accepts the "divin- changing into a bureaucracy. Slowly,
surely, the
ity" of Christ, but not the "deity." Our political Constitution is being undermined and nullified.
Fear
practice has, in the main, been consistent with our of the growing power of the Executive
has not
Constitution. On the other hand, religion has not served to stay the growing power of the legislative
altogether purged itself of intolerance and bigotry, division, creating bords and commissions
in themand we are confronted with a revival of bitterness selves independent of both. How to
prevent this
over tenets of faith that, entering politics, bodes trend, how to return to the original
conception of
no good to the country. While there has been a government, is a political platform that
dwarfs the
growing union between our religious denominations, religious issue and the wet or dry one as
well. Yet
a softening of the asperities over beliefs, questions we approach a general election talking
of these
of interpretation as presented by authority and sci- things and holding up candidates before
the people
ence, have thrust themselves upon legislators and to be judged by one or the other or both, neither
of
attempts have been made in some of our States which is fundamental. For if the prohibition amendthrough the control of teaching in the public schools ment is contrary to constitutional rights the deed is
to maintain the literal authority of the Scriptures done and can only be undone by the constitute
d
as against the theories of science as to the origin of processes of repeal or by a bold new decision
of the
man. But these are indirect rather than direct at- Supreme Court. True, a party may take
the ground
tempts at control.
of repeal, but neither has the courage. And to talk
Behind, then, any attempt to proscribe a man religion or prohibition in a campaign
is merely to
from office because of his personal religious belief, waste time. Meanwhile the Governmen
t is changing
lurks a possibility of political division contrary to its form.
the spirit of our constitutional religious liberty.
Religious liberty pertains alone to the individual.
And it must awaken grave concern to the leaders of It cannot be injected into
Government. "In God
the political party, which dates its lineage from the we Trust" on a coin means
no more than that the
great advocate of religious liberty himself, that there people reverence the Cause
of All. It is a passing
should arise at this late day a possible division tribute to the common sense
of a purpose in life. It
therein over the candidacy or the fitness of any man does not define or describe
God. And when a belief
because of his religious belief. The party will cut a does that it must appeal to the
individual mind. If
sorry figure before the people at large if such a ques- a man refuse to swear upon the Bible
he may affirm.
tion shall dominate a national convention charged Crystallization of a creed is only a
stated unity of
with presenting candidates for the Presidency. The belief. In the same way, no man can
infuse his pertime to prevent this is now. Members of any party sonal faith into the administration of the law. We
are bound by its political principles. They are are happily not a Godless people, but we do not put
recreant to their representative capacity in that God into the Constitution or the law.
The justice
party when they allow their religious preferences to we strive to erect is'independent of particular creeds,
sway them from presenting the "best man" for office though it may obtain from the good in all of them.
regardless of his religious belief. And in so far as So that a religious division is no part of our civil
they do allow themselves to be thus swayed from concern, a religious belief no part of our autonomy.
their duty as partisans to consider only the fitness It therefore cannot become a party issue. Running
of candidates, whether for or against, they not only a Protestant against a Catholic is of no more conimperil the party, but they tend to lower an election cern to our real Government than running a redto a quarrel over a question that has nothing to do, haired man against a black-haired one. And if this
sounds harsh to anyone, let him inquire into the perunder our Constitution, with good government.
MAY 14 19271
2815
THE CHRONICLE
sonal religious liberty he accords to his fellow citizen.
If a President should seek to put his particular
-Church into the Government, he could not do so. It
is impossible that a condition such as is asserted by
some to prevail in Mexico could ever arise in this
country. But if it could or ever should there is but
one duty of the Chief Executive of the nation—to
acknowledge and enforce the supremacy of the State.
What is meant by religious liberty, is the right of a
sect or denomination or "church" to exist and function under the protection to the freedom of worship
—as long as it does not advocate a creed contrary to
the full observance of our laws. A Church is but an
association of individuals tied together by a common
belief. Deny the right of our churches to exist on
an equality under law and you deny the right of the
individual to worship according to the dictates of
conscience. We ought as a people to put this budding controversy out of our minds. It is unworthy
of a free people. It arouses enmity, fosters bigotry,
takes the mind away from the essentials of fitness
for office. Banished from our thought, we will more
easily select our candidates. That is a big job.
Gross and Net Earnings of United States Railroads
for the Month of March
537 in net, and the Nashville Chattanooga & St.
Louis $221,697 in gross and $52,505 in net. The
Southern Railway on its part suffered a falling off
of $903,832 in gross and of $734,455 in net. This last
is for the Southern Railway proper. When the Alabama Great Southern, the Cincinnati New Orleans &
Texas Pacific; the Georgia Southern & Florida, the
New Orleans & North Eastern and the Northern Alabama are included, the decrease for the whole Southern Railway System reaches no less than $1,492,750
in gross and $1,195,274 in net. There are just a few
exceptions of roads in the South where instead of
decreases we find increases—of which the Yazoo &
Mississippi Valley, with $289,552 gain in gross, and
$24,904 gain in net, may be cited as a notable example—but in these instances the cotton traffic constitutes such an important item of freight as to overshadow everything else, and this cotton traffic the
present year by reason of the size of the crop has
been much in excess of that of a year ago.
The anthracite carriers also show diminished
earnings, many of them heavily diminished. This
1926.
Inc.(÷)or Dec.(—) follows, not because of anything inherently wrong in
Month of March—
1927.
236,948
+856 +0.36%
Miles of roads
237,804
movement or mining of anthracite in the present
earnings
$529,899,898
8529,467,282
+8432,616 0.08% the
Gross
394,208,249 395,402.991 —1,194,742 0.30% year, but because the movement last year was of
Operating expenses
74.39%
Ratio.of expenses to earnings
74.68%
very exceptional proportions. In 1926 a strike at
Net earnings
$135,691,649 $134,064,291 +51,627,348 1.21%
the anthracite mines, which had lasted for almost
But while the changes in the grand totals are thus six months, was brought to a close the latter part of
extremely small, they are net results of extremely February in that year and the long suspension of the
wide and diverse exhibits by different roads and dif- mining and shipping of coal was followed in March
ferent sections of the country. The distinctively 1926 by mining on a huge scale and this large volume
Southern roads, meaning by that the roads east of of coal was rushed to market with great energy and
the Mississippi and south of the Ohio and Potomac, haste. The present year in March,on the other hand,
have done poorly almost without exception. The anthracite mining marked the usual tail end of the
reason lies on the surface. The South is going season, and hence was relatively light—perhaps
through a period of depression occasioned by the big more so than ordinarily. The contrast between these
drop in the price of cotton which occurred last two extremes caused general losses to the anthracite
autumn—a decline which has only in part been re- carriers the present year. And the losses are not
covered since then, though there has been appre- only numerous, but many of them are heavy. Thus
ciable improvement in the interval—and by the col- the Lackawanna has fallen behind $1,177,643 in the
lapse of the real estate speculation in that part of gross and $1,178,117 in the net; the Reading $1,097,the country, especially in Florida. And on that 098 in the gross and $940,956 in the net; the Lehigh
point it is significant that the roads running Valley $992,127 in the gross and $856,170 in the net;
though Florida, or connecting with that State, make the Delaware & Hudson $906,134 in the gross and
the poorest showing of all. We may note, for in- $919,341 in the net; the Central Railroad of New
stance, that the Atlantic Coast Line reports $1,968,- Jersey $186,513 in gross and $349,444 in net; the
606 decrease in gross and $1,513,437 decrease in net; Erie $460,765 in gross and $959,047 in net; the Onthe Florida East Coast $1,454,002 decrease in gross tario & Western $284,271 in gross and $241,285 in
and $712,911 decrease in net; the Seaboard Air Line net; besides which numerous minor roads suffered
$929,046 in gross and $412,364 in net; the Louisville decreases in gross and net, such as the New York
& Nashville $425,341 in gross and $658,656 in net; Susquehanna & Western, the Lehigh & Hudson and
the Central of Georgia $332,665 in gross and $67,- the Lehigh & New England.
Earnings of United States railroads, treating the
roads as a whole, are no longer making the gratifying exhibits they did a short time ago. The special
favoring circumstances which so long existed to
swell the total of the earnings, gross and net, are
disappearing one after another, and with that the
case the record of steady improvement, to which we
had become accustomed, is also being checked. Some
of the separate roads and groups of roads are still
doing quite well, but these are simply exceptions
that prove the rule. Our tabulations this time cover
the month of March and for that period the changes,
as compared with the corresponding month, are so
slight as to be really inconsequential. Total gross
operating revenues for March 1927 at $529,899,898
compare with $529,467,282 for March 1926, showing
an increase of only $432,616, or less than one-tenth
of 1%. Similarly, the net earnings (above operating expenses, but not above taxes) at $135,691,649
for March 1927 compare with $14064,291 for March
1926, the increase here being $1,627,348, or only a
little over 1%.
"aa1/4
2816
THE CHRONICLE
[Vor.. 124.
Several of the Western transcontinental lines also expansion in the coal traffic is seen in the returns of
make poor returns, the unfavorable influences here all the roads where coal constitutes an important
having been the short spring wheat crop of last sea- item of the freight movement. Taking first the roads
son and the comparatively low level of farm values. in the Pocahontas region, the Chesapeake & Ohio
The exhibits in this case are not uniformly unfavor- shows a gain of $1,309,031 in gross and of $208,523
able, but most of the roads and systems report either in net; the Virginian Railway $465,326 gain in gross
decreases or make quite indifferent comparisons and $431,808 gain in net, and the Norfolk & Western
with a year ago. The Northern Pacific reports $214,- $144,275 in gross and $14,862 in net. Coming to the
527 decrease in gross with $33,566 increase in net, great East and West trunk lines, the Pennsylvania
and the Union Pacific $860,350 decrease in gross and Railroad is the largest coal carrying system in the
$441,776 in net. The Great Northern, on the other country. It shows, however, only $563,953 gain in
hand, has $147,276 increase in gross and $245,558 in- gross on all the lines directly operated east and west
crease in net, while the Milwaukee & St. Paul reports of Pittsburgh, though no less than $3,787,842 gain in
$303,470 increase in gross with $32,558 decrease in net as a result of increased efficiency of operations.
net, and the Chicago & North Western $73,104 in- The Baltimore & Ohio is another large coal-carrying
crease in gross and $195,843 increase in net. The system and in this case the addition to gross is
Chicago Burlington & Quincy has added $241,212 to $1,435,914 and the addition to net $1,285,910. Nugross and $709,538 to net, and the Southern Pacific merous other but less important roads and systems
$488,915 to gross and $206,107 to net.
in trunk-line territory might also be mentioned
The unqualifiedy favorable returns come from the which have enlarged their revenues both gross and
roads running through or connecting with the South- net.
west. Oil development has been a stimulating inIt is the gains contributed by these coal-carrying
fluence all through this territory, producing a grow- roads in different parts of the country and the great
ing volume of traffic, both direct and indirect. Be- improvement in the earnings of the roads connecting
sides this, the last cotton crop was of unusual size in with or traversing the Southwest that have served
Arkansas and Oklahoma, as well as in Texas,in addi- to offset the heavy losses reported by the anthracite
tion to which the 1926 winter wheat crop in the same carriers and by Southern roads, as likewise by sevterritory was by no means of small proportions. The eral of the transcontinental lines serving the spring
Rock Island has a direct connection with the Semi- wheat territory of the Northwest, leaving the grand
nole oil fields in Oklahoma and enjoyed a gain for total of the earnings of all the roads in the country,
the month of no less than $1,696,750 in gross and of treated collectively, showing only relatively small
$1,224,626 in net. The Atchison has enlarged its changes as compared with the corresponding totals
gross by no less than $2,186,438 and its net by $496,- for the month of March last year. It should also be
495. The Texas & Pacific has gained $533,430 in remembered, however, that in comparing with the
gross and $343,445 in net; the Missouri-Kansas- month in 1926 we are comparing with totals that
Texas $512,383 in gross and $226,370 in net; the showed very material improvement over those of the
Missouri Pacific $150,543, in gross and $139,430 in year immediately preceding. Our compilations for
net, and the International Great Northern $198,776 March 1926 recorded $43,668,624 gain in gross, or
in gross and $36,007 in net, etc., etc.
8.99%, and $24,561,652 gain in net, or 22/
1
2%. On
One other large and general influence served to the other hand, the fact should not be overlooked
swell traffic during March and consequently also that these gains in March 1926 followed losses in
revenues. We refer to the fact that it was known both of the years immediately preceding. Thus for
in advance that there would be a general suspension March 1925 our statement registered $18,864,833 deof bituminous coal mining in virtually all the Union- crease in gross and $5,447,665 decrease in net, while
controlled soft coal mines throughout the country. for March 1924 the loss in the gross reached no less
With this knowledge, feverish energy was displayed than $30,628,340, though the loss in the net was no
in getting out all the coal possible, and a ready mar- more than $2,514,076. This last, namely the circumket was found for all the coal mined, since everyone stance that the shrinkage in net earnings was relawas engaged in stocking up with coal to be prepared tively very much smaller than that in the gross, was,
for the contingency named—railroads, dealers and of course,a most gratifying feature. In other words,
consumers alike, all enlarged their supplies for the the falling off in the gross was offset in considerable
occasion. As indicating what a factor the bitu- part by reductions in expenses, reflecting growing
minous coal movement must have been in enlarging efficiency of operations. This growing efficiency in
railroad traffic and railroad earnings, it is only nec- operation has continued ever since. And the further
essary to turn to the statistics given out by the back we go the more striking the record becomes in
United States Bureau of Mines. For the week end- that respect—barring 1923, when weather condiing March 5 13,262,000 tons of bituminous coal were tions were extremely unfavorable and a gain of $59,mined in the United States, against 10,460,000 tons 806,190 in gross brought with it an addition of only
in the corresponding week of the previous year; for $3,419,324 to net earnings—which last, however, was
the week ending March 12 the comparison was 13,- the reverse of what happened in 1922, when a gain of
778,000 tons, against 10,690,000 tons; for the week $16,059,426 in gross was attended by a reduction of
ending March 19 13,000,000 tons, against 10,263,000 $38,577,773 in expenses, yielding $54,637,199 gain
tons; for the week ending March 26 13,373,000 tons in net, and the reverse also of what happened in
against 9,526,000 tons, and for the week ending 1921, when though the gross revenues showed a deApril 2 11,054,000 tons against 9,040,000 tons. This crease of $1,483,390, the net recorded an improvegives a gain for the five weeks named of 14,488,000 ment of $18,656,316. All this merely indicates that
tons, or nearly 30%, the amount mined in 1927 hav- as the country gets further and further away from
ing been 64,467,000 tons, against only 49,979,000 the period of Government control of the railroads,
tons in the five weeks of 1926. The result of this with its lavish and extravagant administration, rail-
MAY 141927.]
THE CHRONICLE
road managers are once more gaining control over
the expenditures of the roads and are able to effect
important economies and savings.
Weather conditions are not, as a rule, a great
drawback to railroad operations in March (January
and February being the bad winter months) and the
weather the present year did not exert any serious
adverse influence except in several of the Rocky
Mountain States, more particularly in Colorado and
Wyoming, where repeated snowstorms occurred all
through the winter months of 1927, making railroad
operations difficult, and where even towards the
middle of April an unusually severe spring blizzard
was encountered, seriously interrupting traffic.
The latter extended also into South Dakota and into
western and northwestern Nebraska. In 1926, likewise, the winter for the country as a whole did not
interfere with railroad operations to any great extent, though temperatures then were low and the
season backward, whereas in March 1925 the reverse
was true, the weather then being mild and the season far in advance of the ordinary. In 1924 the
weather was also mild and the roads suffered
no setback on that account. Back in 1923
on the other hand, weather conditions in March
were extremely adverse. Moreover, in 1923 the
winter was very severe also in January and February, with heavy snows, making the adverse effects
cumulative and entailing outlays of great magnitude
on that account. In discussing the severity of the
winter weather in our review of March 1923 we
pointed out that in nearly the whole of the northern
half of the country quite unusual weather conditions
had prevailed. Here in the East in the last week of
the month the Weather Bureau in this city on several days reported the lowest March temperature
records during its existence. And the cold persisted
right up to the close of the month. On the night of
March 31-April 1, the latter being Easter, the official thermometer registered a temperature of as low
as 12 degrees above zero. Previously the temperature in this city on March 31 had never been below
25. Furthermore, dispatches from Washington,D. C.,
in that year reported the coldest 1st of April ever experienced at many points east of the Mississippi
River, with the mercury in Washington down to 15
degrees,7 degrees under the record set April 19 1875,
and lower than ever registered after March 21 in any
year since the establishment of the Washington
Weather Bureau in 1870. But the cold in 1923 was
not so much of a drawback as the snowfalls and the
snow blockades. Added to the numerous snowstorms
in February, which had then so seriously increased
operating costs, more particularly in New England
and northern New York, there were, in 1923, other
snowstorms during March,some of these in the West
attaining the dimensions of blizzards. The result
was that virtually everywhere outside of the South
operating costs were heavily augmented. It was because of this that out of $59,806,190 increase in gross
earnings in March 1923, $56,386,866, as already
stated, was eaten up by augmented expenses, leaving
only $3,419,324 increase in the net.
It has already been noted that the loss in the net
in 1925 and 1924 came after four successive years of
increase. On the other hand, prior to 1920, March
net had been steadily dwindling for a long period
past, until the amount had got down to very small
proportions. For instance, in March 1919 there
2817
was a loss in net of no less than $52,414,969 in face
of an increase of $10,676,415 in the gross earnings,.
and furthermore, March 1919 was the third successive year in which the March expenses had risen
to such an extent as to wipe out the gains in gross
receiptb-hence producing a cumulative loss in net.
In the following we give the March totals back to.
1906. For 1911, 1910 and 1909 we use the Inter-State Commerce figures, which then were slightly
more comprehensive than our own (though they are.
so no longer), but for preceding years, before the
Commerce Commission had any comparative totals
of its own, we give the results just as registered by
our own tables each year-a portion of the railroad
mileage of the country being always unrepresented
in the totals in these earlier years, owing to the refusal of some of the roads then to give out monthly
figures for publication.
Gross Earnings.
Year.
Year
Given.
Year
Inc.(+)or
Preceding. Dec. (-).
NeffEarnings.
Year
Given.
Yea,'
(+)or
Preceding. Dec. (-).
March.
$
$
$
$
$
$
1906 _ 129,838,70: 116,861,229 +12,977,479 40,349,748 36,312,90
+5,036,842
1907 --- 141,602,50 128,600,109+12,980,393 40.967,927 40,904.11
+63,814
1908 ___ 141,193,819 162.725,500-21,531,681 39,328,5
45,872,1
1909 .....205,700,013 183,509,935 +22,190,078 69,613,713 55,309,871 -6,543,631
+14,303,842
1910 ___ 238,725,772 205,838,832 +32,887,440 78,322,811
+8.664.106
1911 _-227,564,915 238,829,705-11,264,790 69.209,357 69,658,7
78,357,4 -9.148.129
1912 ___ 237.564,332 224,608,6541+12,955,678 69,038,98 68,190,493
+848.494
1913 ___ 249.230,551 238.634,712 +10,595,839 64,893,14 69,168,291 -4,275,146
1914 ___ 260.174,257249,514,0911 +660,166 67,993,951 64,889,423
+3,104,528
1915 ___ 238,157,881253,352,099-15,194,218,
68.452,432 67,452.0
+1.000.350
1916 __ 296,830,406 238,098,84g +58,731,563 97,771,590 68,392,
1917 ___ 321,317,560 294,068,3451+27,249,215 88,807,486 96.718,70 +29.378,627
-7,911,240
1918 ___ 362,761,238 312,276,881 +50,484,357 82,661,33
-4.748,470
1919 -_- 375,772,750 365,096,336 +10,676,415 29,596,482 87,309,806
52,414,969
1920 ___ 408,582,467 347,090,2771+61,492,190 40,872,77 82,011,451
27.202,867
+13,669.908
1921 ___ 456,978.940458,462,339 -1,483,390 58 538 9 : 39,882,602+18,656,316
1922 ___ 473,433,886 457,374,460+16,059.426 113,468.843 58,831,6
+54,637,199
..._
, . 1
, . ,
. ,
117.117,122113,697.79:
1924 ___ 504,016,114 534,644,454-30,618,340114,754,51 117,668,590 +3,419,324
-2,914,076
1925 --,
, ,
109,230,086 114,677,751 -5,447,665
1926 -__ 528,905.183 485,236,559 +43,668,624133,642,7.109,081,1021+24,561,6
52
1927.__ 529.899,8981529.467,2821 +432.616 135,691,649 134,064,291
+1,627.358
Note.-Includes for March 96 roads in 1906 94 in 1907; le1908 the returns
were
based on 152,058 miles of road; in 1909, 233,702; in 1910, 239,691; in 1911, 244,081;
In 1912, 238,218; in 1913. 240,510; In 1914, 245,200; In 1915, 246,848;
in 1916.
247.363; In 1917, 248,185; in 1918, 230,336; in 1919, 228,088; In 1920, 206,319;
In
1921, 234.832; in 1922, 234,986; In 1923, 235,424; in 1924, 235,715; In 1925, 236459:
In 1926, 236.774; In 1927, 237,804.
We have already discussed at length the returns
of the separate roads and therefore present without
further comment the following table in our usual
form showing all the changes for the separate roads
during the month the present year for amounts in
excess of $100,000, whether increases or decreases,
and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FORITHI
MONTH
OF MARCH 1927.
Increase.
Atch Topeka & S Fe (3)- $2,186,438 Chicago Indiane& St L. Increase.
$118,320
ChicagoIt I & Pacific(2) 1,696,750 Trinity & Brazos Valley116,135
Baltimore & Ohio
1,435,914 Bangor & Aroostook_ __ _ b It 106.467
Chesapeake & Ohio
1.309,031 Indiana Harbor Belt.. _ _ _P
11104,016
Illinois Central
832,959
Pennsylvania
a563,953 Total(46 roads)
$15,763.332
Texas & Pacific
533.430
t-, Decrease.
Cleve Cin Chic& StLouis
529,631 Atlantic Coast Line
$1,968,606
Missouri-Kan-Texas (2)512,383 Florida East Coast
1,454.002
Southern Pacific (2)_ _ _ _
488,915 Del Lack & Western_
1,177.643
Virginian
465.326 Reading
1,097.098
Colorado Southern (2)-306,026 Lehigh Valley
992,127
Chicago Milw & St Paul
303,470 Seaboard Air Line
929,046
Kan City Mex Or of Tex
299,583 Boston & Maine
911.757
Yazoo & Miss Valley
289,552 Delaware & Hudson_ .. _ _
906,134
Bessemer & Lake Erie
266.781 Southern Railway
c903,832
Buff Roth & Pittsburgh..
251,991 Union Pacific (4)
860.350
Chicago Burl & Quincy_
241.212 Michigan Central
721,672
Chicago & East Illinois227,237 N Y N H & Hartford- _
474,010
Chicago & Alton
225,606 Erie (3)
460.765
Wabash
217,783 Louisville & Nashville__ _
425.341
Western Maryland
209,100 New York Central
8374.258
Internet Great Northern
198,776 Central of Georgia
332.665
New On Tex & Mex (3)195.986 Georgia Muth & Fla_ _ _ _
316.009
Wheeling & Lake Erie
182.309 N Y Ontario & Western_
284.271
Monongahela
174,755 netroit Toledo & Ironton
263,818
Detroit Grand Hay & MU
174,030 Nashville Chatt & St L.
221,697
Chicago & Illinois Miell'd
160.134 Northern Pacific
214.527
Missouri Pacific
150,543 Central of New Jersey
186.513
Great Northern
147.276 Chicago New On & T P_
140.029
Norfolk & Western
144,275 Central New England
127,618
Kan City Mex & Orient137.474 West Jersey kSea Shore
118.341
Hocking Valley
134.233
Terminal Ry Assn of St L
125,532 Total (30 roads)
$15,862,129
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati
Chicago & St. Louis
and the Grand Rapids & Indiana.
b The New York Central proper shows $374,258 decrease. Including
the various auxiliary and controlled roads, like the Michigan Central,the
"Big Four," &c., the whole
going to form the New York Central System,
the result is a decrease of $403,466.
c This is the result for the Southern Railway proper. Including the
Alabama Great Southern, the Cincinnati New Orleans & Texas Pacific.
the Georgia Southern & Florida, the New Orleans & Northeastern and the
Northern Alabama, the whole going to form the Southern Railway System.
the result is a decrease of $1,492,750.
MO
Note.-All the figures in the above are on the basis of the returns
filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate
returns so as to make the results conform as nearly as possible to those
given in the statements furnished by the companies themselves.
2818
THE CHRONICLE
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH OF
MARCH 1927.
Increase.
Decrease.
Pennsylvania
$1,513,437
43,780,842 Atlantic Coast Line
Baltimore & Ohio
1,285,910 Del Lack & Western_.._ _ 1,178,117
959,047
Chicago R I & Fag (2)
1,224,636 Erie (3)
Illinois Central
940,956
852,799 Reading
Chicago Burl & Quincy__
919,341
709,538 Delaware & Hudson......
Cleve Cin Chic & St L__
515,586 Lehigh Valley
856,170
Atch Topeka & S Fe (3)
c734,455
496,495 Southern Railway
Virginian
712,911
431,808 Florida East Coast
Texas & Pacific
658,656
343,445 Louisville & Nashville__ Great Northern
645,671
245,558 Boston & Maine
Bessemer & Lake Erie__
441,776
237,698 Union Pacific (4)
Missouri-Kan-Texas (2)412.364
226,370 Seaboard Air Line
Chicago & Alton
349.444
214,050 Central of New Jersey_ Chesapeake & Ohio
310,949
208,523 NYNH& Hartford___
Southern Pacific (2)_ _ _ _
241.285
206,107 NY Ontario & Western.
Chicago & North West-195,843 Georgia South & Fla...._
230.497
Detroit Grand Hay & Mil
213,210
155,218 Michigan Central
Hocking Valley
165,723
144,247 Long Island
Missouri Pacific
151,342
139,430 Detroit Toledo & Ironton
Monongahela
110,596
131,492 Chic New Orl & T P__ Wheeling & Lake Erie__ _
b105,680
116,413 New York Central
Bangor & Aroostook_ _ _ _
114,796
Chicago & East Illinois- $11,851,627
108,813 Total(26 roads)
Total (28 roads)
$12,085,617
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis
and the Grand Rapids & Indiana.
b These figures merely cover the operations of the New York Central
Itself. Including the various auxiliary and controlled roads, like the
Michigan Central,the "Big Four," &c.,the result is an increase of$225,340.
c This is the result for the Southern Railway proper. Including the Alabama Great Southern, the Cincinnati New Orleans & Texas Pacific, the
Georgia Southern & Florida, the New Orleans & Northeastern and the
Northern Alabama, the whole going to form the Southern Railway System
the result is a decrease of $1,195,274.
When the roads are arranged in groups or geographical divisions according to their location, we
find what would be expected in view of the diverse
character of the results on the different roads and
in the different sections, namely, that there are some
wide disparities between the exhibits of the different
groups. In the so-called Western district, comprising roughly the roads in the western half of the
country, there is improvement in each of the three
regions, but most pronounced in the Southwestern
region, where so many systems enjoyed such bounteous gains; and the improvement is least pronounced, in fact hardly more than nominal, in the
Northwestern region, where the short spring wheat
yield was an adverse factor. In the Southern district the distinctively Southern region shows the
poorest results of all, with a heavy loss in gross and
net alike. On the other hand, the Pocahontas region,
by reason of the large coal traffic, records notable
improvement in gross and net alike, the same as in
preceding months. In the Eastern district the New
England region, and the Great Lakes region, have
suffered reductions in both gross and net, but the
Central Eastern region, comprising the big coalcarrying roads, reveals gains in gross and net. Our
summary by groups is as follows. We now arrange
he groups to conform with the classification of the
Inter-State Commerce Commission. The boundaries
of the different groups and regions are shown in the
footnote to the table.
[VoL. ]24.
NOTE.-We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region.-This region comprises the New England States.
Great Lakes Region.-This region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region.-This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg, W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Pocahontas Region.-This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg,
W.Va.. and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
Southern Region -This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT,
Northwestern Region.-This region comprises the section adjoining Canada lying
west of the Great Lakes region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central Western Region.-This region comprises the section south of the Northwestern region, west of a line from Chicago to Peoria and thence to St. Louis, and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region.-This region comprises the section lying between the Mississippi River south of St. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
Western roads, as a whole, had a somewhat larger
grain movement, though a somewhat smaller livestock movement, while Southern roads, as already
stated, had their cotton traffic increased by the size
of the new crop. The Western grain movement was
smaller in the items of corn, oats and barley, but
these losses were offset by large gains in wheat and
rye, the receipts of these two cereals at the Western
primary markets for the four weeks ending March 26
the present year, being 17,141,000 bushels and 1,370,000 bushels, respectively, against 13,797,000 and 910,000, respectively, in the corresponding four weeks
of 1926. For the five cereals, wheat, corn, oats, barley and rye, combined, the receipts for the four
weeks this year were 48,141,000 bushels, as against
46,176,000 bushels in the same period last year. The
details of the Western grain movement in our usual
form are set forth in the table we now subjoin:
WESTERN FLOUR AND GRAIN RECEIPTS.
Wheat.
Corn.
Oats.
Barley.
Four Weeks
Flour.
(bush.)
(bush.)
(bush. (bush.)
Ended March 26. (bbls.)
1927
1,000,000 1,333,000 7,912,000 3.191,000 453,000
793,000 7,262,000 2,350.000 422,000
1926
933,000
Milwaukee166,000
631.000
712,000 651,000
123,000
1927
606,000
718,000 732,000
114,000
155,000
1926
St. Louis9,000
1927
494,000 1,652,000 1,555,000 1,606,000
1926
425,000 1,420,000 1,547,000 2,220,000
35,000
Toledo338,000
1927
971,000
304,000
1,000
1926
430,000
378,000
458.000
Detroit1927
180,000
205,000
54,000
1926
38.000
35,000
52,000
Peoria69,000 1,655,000
1927
254,000
732,000 136,000
1926
214,000
158,000 2.028,000
636.000 127,000
Duluth1927
2.149,000
2,000
65,000
55,000
1926
1,340,000
6,000
424,000
16,000
Minneapolis1927
4,939,000
697,000
955,000 665,000
1926
5,626,000
902,000 1,499,000 1,197,000
Kansas City1927
3,070,000
855,000
241,000
1926
1,799,000 1,674,000
355,000
SUMMARY BY DISTRICT AND REGIONS.
Omaha & indianapolisGross
Earnings
RegionDistrict and
1927
1,049,000 3,749,000 1,083,000
Inc.(4-) or Dec.(-)
1926.
1927.
March1926
889,000 2,914,000 1,039,000
$
Eastern DistrictSioux City-5.58
-1,385,217
23,453,381 24,838,598
New England Region (10 roads)
1927
98,000
256,000
234,000
2,000
96,280,375 100,103,856 -3,823.481 -3.82
1926
Great Lakes (33 roads)
203,000
154,000
264,000
5,000
Central Eastern Region (32 roads) 124.484,774 122,029,032 +2,455,742 +2.01 St. Joseph1927
395,000
553,000
120,000
244,218,530 246,971.486 -2,752,956 -1.12
Total (75 roads)
512,000
1926
811,000
374,000
Southern DistrictWichita74,237,078 80,182,413 -5,945,335 -7.41
Southern Region (30 roads)
1,070,000
34,000
1927
24,000
24,688,755 22.847,372 +1,841,383 +8.05
pooskontas Region (4 roads)
434,000
201,000
1926
28,000
98,925,833 103,029,785 -4,103,952 -3.98
Total (34 roads)
Total of AllWestern District1,871,000 17,141,000 18,403,000 9,255,000 1,972,000
1927
54.203,490 53,830.093 +373,397 +0.69
Northwestern Region (18 roads)
1,686,000 13,797,000 18,518,000 10,417,000 2,534,000
1926
83,391,757 80,302,510 +3,089,247 +3.85
Central Western Region (22 roads)
+8.44
+3,826,880
49.160.288 45,333,408
Jan. 1 to March 26.
Southwestern Region (33 roads)
186,755,535 179,466,011 +7,289,524 +4.06 ChicagoTotal (73 roads)
2,928,000 3,743.000 24,799,000 10,838,000 1,578,000
1927
+0.08
529,467,282
+432,616
(182
529,899,898
Districts
All
roads)
Total
1926
3,059,000 3,195,000 31,453,000 8,139,000 1,638,000
Net Earnings
MilwaukeeDistrict & RegionInc.(-I-) 07 Dec.(-)
443,000 3,962.000 2,609,000 2,251,000
1927.
1926.
-Mileage319.000
1927
March$
2
$
%
572.000 4,399,000 2,516,000 2.130,000
1926
422,000
Eastern District- 1927. 1926.
-11.32
7,282,138
-823,439
6,458,699
7,479
7,289
England
Reg'n
St.
Louis
New
1927
1,443.000 5,149,000 4,634,000 5,052,000 136,000
Great Lakes Region 24,731 24,946 22,686,432 26,666,421 -3,979,989 -14.93
Cent. Kest. Region_ 27,164 27,088 31,768,265 26,944.139 +4,824.126 +17.90
1926
1 317,000 6,115,000 6,202,000 8,223,000 205,000
Toledo+20.698 +0.03
3,096,000 1,164,000 2,029,000
5,000
59,184 59,513 60,913,396 60,892,698
1927
Total
1,551,000 1,804,050 1,104,000
1,000
1926
Southern District39,479 38,726 19,678,135 23,548,823 -3,870,688 -16.44 DetroitSouthern Region
587,000
635,000
264,000
1927
Pocahontas Region_ 5,556 5.554 9,051,670 7,588,652 +1,463,018 +19.28
259,000
205,000
243,000
3,000
1926
45,035 44,280 28,729.805 31,137,475 --2,407,670 --7.73 PeoriaTotal
243,000
6,229,000
2,039,000
334,000
1927
819,000
Western District291,000 7,417,000 2,157,000 380,000
1926
626,000
Northweet'n Region 48,311 48,425 10.357,910 9,746,582 +611,328 +6.26
+2,089,568 +9.82 DuluthCent. West. Region 51,224 50.883 23,353,921 21,264,353 +1,313,434
6,389,000
136,000
118,000 149,000
1927
+11.90
Southwest'n Region 34,050 33,847 12.336,617 11,023,183
5,446,000
18,000 3,313,000 161,000
1926
+4,014,330
42,034,118
+9.55
Minneapolis
133,585 133,155 46.048,448
Total
15,302,000 3,634,000 2,991,000 2,334,000
1927
22,311,000 3,572,000 5,681,000 4.141,000
1926
+1,627,358 +1.12
Total All Districts-237.804 236,948 135,691,649 134,064,291
Rye.
(bush.)'
110,000
100,000
111,000
28,000
3,000
24,000
16,000
47,000
21,000
17,000
8.000
899,000
334,000
159,000
403.000
1,370,000
910,000
513,000
347,000
467.000
313,000
250,000
13,000
52,000
56,000
177,000
74,000
19,000
10,000
2,349,000
1,469,000
801.000
1.306.000
Flour.
(bbls.)
Jan.1 to March 26.
Kansas City1927
1926
Omaha ce
1927
1926
Mous City1927
1926
85. Joseph1927
1926
Wichita1927
1926
Total of 4111927
1926
2819
THE CHRONICLE
MAY 14 1927.]
Wheat.
(bush.)
Corn.
(bush.)
Oats.
(bush.)
Barley.
(bush.)
323 bales, as against 77,256 bales in 1926; 143,979
bales in 1925; 76,701 bales in 1924, and 144,181 bales
in March 1923. At the Southern outports, where
the size of the crop is most clearly reflected, the
receipts of the staple were 893,604 bales in the month
the present year, against 495,262 bales in March 1926
and 649,078 bales in March 1925, as will appear by
the following:
Rye.
(bush.)
851.000
13,190,000 4,327,000
7,771,000 7,182,000 1,438.000
3.775,000 12,075,000 3,523,000
2,778,000 11,020,000 3,571,000
445,000
743,000
300,000
759,000
1,551,000 2,317,000
1,544.000 2,893,000
334,000
615,000
160,000
804.000
144.000
210.000
132,000
640,000
4.047,000
2,094,000
14,000
4,000
RECEIPTS OF COTTON AT SOUTHERN PORTS IN MARCH AND
SINCE JAN. 1 1927-1925.
5,509,000 57,695,000 64,469,000 31,100,000 6.789.000 4,628,000
5.424,000 54.513.000 77,566,000 37,969,000 8,669,000 3,596,000
March.
The livestock receipts for the month of March
1927 comprised 20,707 carloads at Chicago, as
against 22,660 in March 1926; 8,883 carloads at
Omaha, as against 10,120 cars, and 7,759 carloads
at Kansas City as against 8,441.
With regard to the cotton movement in the South,
gross shipments overland in March 1927 were 122,-
Since Jan. 1.
Ports.
Galveston
Kansas City
New Orleans
Mobile
Pensacola
Savannah
Charleston
Wilmington
Norfolk
Total
1927.
1926.
1925.
1927.
1926.
1925.
230,117
231,890
225,372
22,804
444
87.469
53,435
14,656
27,417
123,359
101.136
143,547
11,891
556
63,787
25,796
7,670
17,520
185,238
180,170
138,210
12,160
1.115
52,830
26,144
16,401
36.810
749,604
803,875
676,572
66,979
1,718
240,480
116,483
38,384
90.454
556,371
390,959
495,388
34,802
1,138
150,986
79,159
22,750
66,874
793,194
620.870
492,704
37,698
2,231
146,246
84,070
40,274
104,789
893,604
495,262
649,078 2,784,549 1,798,427 2.322,426
The Foundations of Security.- The Lnited States as an Example.
By
HARTLEY WITHERS, formerly
Editor of "The Economist" of London.
[Copyrighted by the William B. Dana Company for the "Commercial and Financial Chronicle."
It has so long been evident that the best security for property is its wide diffusion, that it is rather surprising that
the property-owning classes have not been more eager to
fortify their own position by welcoming any change which
will increase their numbers from below. The economic
strength of France with her host of conservative peasant
proprietors, the stability of Switzerland and other countries
where the distribution of wealth has prevented the appearance of glaring differences between possession and poverty,
are an instructive contrast with the recent experiences of
England, which has seen her whole industrial fabric shaken
and dislocated by the efforts of those in the lower ranks of
the social scale to improve their position, in the face of circumstances which made the attempt inopportune.
Even in England, however, the country in which industrial peace has been so gravely menaced, it is evident that
the improvement already secured in the distribution of
wealth has gone far enough to build a strong bulwark
against the tide of aggression that is fed by discontent.
Discontent that tries to correct evils is always welcome, but
when it proposes to correct them by measures that are likely
to cause universal distress, the need for a bulwark becomes
pressing.
At the Easter meeting at Leicester of the British Independent Labor Party, one of the subjects discussed was the
repudiation of the British war debt. One speaker advocated that that part of it which was due to inflation should
be written off; there are obvious dificulties in the way of
arriving at any satisfactory certainty as to how much of
the war debt would come under this definition, and so it
was hardly surprising to find that a more full-blooded enthusiast came forward with the view that the only way to
deal with the war debt was to repudiate the whole. As to
the consequences of any such attempt on the economic position of any country which undertook It, and the inevitable
reactions on its productive power (and so on the supply of
comforts and necessaries to its inhabitants of every class)
there is no need to dwell. Not only are they self-evident,
but the enthusiasts of the Independent Labor Party, which
might have risked such inconveniences in the hope of getting a better world out of the ruins of the old one, was
brought up short by the awkward fact that its own political
friends would be hard hit, if any such madness came within
miles of being practical politics. It was only necessary for
one of the delegates to observe that debt repudiation would
make the Co-operative Wholesale Society bankrupt and inflict the same discomfort on practically every other cooperative society, and no more had to be said.
Exclusive copyright in the United States.]
Thus we see that, as in agricultural countries, the division
of the land among a class of peasant proprietors is a secure
foundation for economic stability-however great may be
the surface fluctuations of Governments and of political
parties-so in industrial communities large accumulations
of working class capital in Government securities are the
best defense possible against revolutionary measures of an
extreme type, because they hit the classes to which revolutionary measures are most likely to appeal. In other words,
capitalist society needs to have a wide foundation and to be
built like a pyramid with its base broadening out, instead of
like a skyscraper which rocks its head in every tempest.
In the United States, at present the standing example of
successful industrial development, we find that owing to
high wages, steady prices and the restriction of immigration, wealth is now so well distributed that there is said to
be no practically popular opinion behind any attempt to
attack "big business." In that fortunate country the way
up from the bottom to the top is so clear that those at the
bottom are said to feel no envy or jealousy of those who have
arrived, but to regard them merely as people who have gone
further along a road which is open to everybody who will
take the necessary trouble and get the necessary share of
good luck. The effect of this sentiment in smoothing out
the relations of different classes must be quite incalculable.
But it appears from the report of the delegation which lately
was sent by the British Government to investigate industrial
conditions in America that it was only owing to a happy inspiration on the part of the American employers faced by
the determined front of labor, that industry took the path
which has led it into its present favorable situation. "There
is no doubt," says this report, "that in the first place the
policy favored and actually put into operation by employers
for the purpose of recovering from the depression of trade
in 1921 was a general reduction of wages. Whenever the
organization of the workers was strong, this was strenuously
resisted and with considerable success. . . . The resistance to the policy of wage reduction as an item in deflation
was sufficiently great to enable other counsels to receive
consideration. . . . The policy changed to the reduction
of costs other than by further wages reductions, and tlii•re
was a concentration on increasing productivity and reducing
costs and a general increase of efficiency which, with the
maintenance of the purchasing power of the people at the
highest level, has had a far-reaching effect on American
industry generally."
This change of mind on the part of the employers has
been helped in its effectiveness by the attitude of organized
2820
THE CHRONICLE
labor which, far from any attempt at restricting production,
"attaches," according to the same authority, "the utmost
importance to the efficiency of management, and to the
efficiency of the workman so that he can develop the maximum of productivity without over-working or over-exertion,
and thus justify his high standard of living."
[This British delegation has been cruelly deceived. "Organized labor" does endeavor to restrict production and does
not seek to promote "the efficiency of the workman so that
he can develop the maximum of productivity." Every tenet
[VOL. 124.
of labor unions in this country is opposed to such doctrines.
—Ed. "Chronicle."]
In countries less fortunately situated than the United
States industrial problems are more complicated and difficult. But hope for a less uneasy future is encouraged by the
growing recognition of the facts that high and well-distributed purchasing power means a steady demand for commodities, and that a surplus out of which the working
classes may accumulate capital and investments is the surest
foundation for a society based on capitalism.
Indications of Business Activity
I
STATE OF TRADE—COMMERCIAL EPITOME.
ever there is an opportunity and are p anting in the rich
Friday Night, May 13 1927.
and fructifying silt. Efforts will be made to assist the
Trade is still more or less in irregular shape owing largely farmer
with loans to procure seed, implements, livestock,
to weather conditions. Parts of the country have had heavy and
so forth, in accomplishing the admittedly big job of
• rains. Some have had snows and hail, and comparatively reorganizing
the flooded farms as soon as the water retires.
low temperatures have been widespread. There has been
There is some talk to the effect that what with lateness of
too much rain in parts of the Southwest. It is too soon, of the
season and the floods there may possibly be a decrease
course, for the Mississippi floods to have retired. It is in
the crop this year of 25%. But this is purely tentative.
noticeable, however, that failures in trade are fewer. An- In
the nature of things nothing can be known about the size
other point is that the April retail trade was the largest of
of the crop for many months to come. Meanwhile, however,
any month this year. It is admitted that whOlesale buying the
world's consumption of American cotton this season
Is not on a large scale. On the contrary, it is cautious. bids
fair to exceed anything ever before known. With the
If Mr. Hoover is right in his estimate that the Southern Increase
in the world's population and the spread of civilizafloods did damage to the amount of $250,000,000, it may for tion,
the tendency naturally is to increase the consumption
a time be reflected in some decrease in trade with the South. of
cotton, the cheapest clothing known to mankind, the
Farmers cannot at once get back to their farms; their buy- cheapest
which the fauna and the flora of this planet has
ing power has naturally been to some extent impaired. Iron afforded.
and steel trades are more or less depresqed. The April outCoffee has declined in a dull market, with some pressure
put of automobiles was smaller than that of March. The to sell
beginning to be noticed in Brazil on the eve of a big
movement of lumber is still on a smaller scale than that of crop.
It may be a different proposition during the coming
last year. Building permits for April were smaller than season, for
the so-called "Defense Committee" to sustain
In the same month of 1926. The increase of sales by chain coffee prices,
although it has managed very well in that
stores for April was greater than that of mail order con- direction in the
past. Raw sugar has been more active at
• cerns. Department store sales for that month also made a some advance in
prices, with Cuban,production practically
showing.
good
Both chain stores and department stores completed and only about 25 mills
now grinding. One
showed better results than most of the mail order houses. trouble, however,
is that the season has been rather backFor the four months ending April 30 there is an average ward and that refiners'
trade has recently proved disapincrease in chain store business of 14.7% and in chain and pointing. Pig iron has
declined in some cases 50 cents a
mail order concerns an increase of 8.8%. There is an aver- ton and the competition of
Dutch and East Indian iron has
age decrease for that period in mail order houses pure and reappeared, hot to mention the race for
business among the
simple of .6 of 1% and in department stores of .4 of 1%, American companies themselves.
Steel has been quiet, as
while for the same time in wholesale houses reporting usual at this time of the year,
and production fhows a tenthere is a decrease of 3.7%. The buying power of some of dency to decrease. Recently some
items advanced, but it
the grain States has, of course, been increased by an ad- may be doubted whether steel prices
at this time show any
vance within about a month of 12 cents in wheat and corn. tendency as a rule towards
improvement. Cotton goods have
•But in some directions retail trade has undoubtedly suf- been less active, though
the movement of finished goods on
fered from cold and inclement weather this spring. Petro- old business has been
large. The business in cotton textiles,
leum production has made a new high record, and some according to the
statement of the Cotton Textile Merchants
products have declined. The large oil producers have met Association, is in
far better shape than it was a year ago.
with a view of concerting measures to put a stop to over- The output of goods
is larger and sales more than keep pace
production and, as usual, they want Government help.
with it.
Wheat has advanced somewhat on bad weather and
On the Stock Exchange, the market, though again more
delayed seeding in this country and Canada. Meanwhile or less irregular,
has reached new high levels in not a few
the consumption in the United States is increasing, while cases, and the trading,
even though reduced, has continued
the tendency of production is apparently rather downward on a large scale,
despite the fact that money of late has
than upward. Export demand of late has fallen off. But been up to 4,%.
1
In Berlin stocks of late have been designificantly enough, despite the enormous world's ship- clining.
London to-day was quiet and more or less unsetments to Europe week after week, and the indications that tled. Yet the
tendency of the better class of stocks there
this week they may reach the imposing total of 19,500,000 was to maintain firm
quotations. Bonds have been in
bushels, Liverpool prices advanced to-day. What is more, steady demand
here, especially for the railroad and utility
European stocks do not increase. Plainly enough, Europe issues. In some
cases values were a little lower to-day, but '
was in a worse way for wheat than it has admitted. Indian on the whole recent prices have been
pretty well maintained,
corn has advanced 2 to 3 cents, with a much better demand so much so that new issues
of bonds have naturally inand a larger speculation. New high prices have been re- creased in a hospitable market.
cently reached owing to a delay in crop preparations. PlantAnnouncement has been made of the formation of a print
ing is backward in the surplus States, and at the same time cloth group in the Cotton-Textile Institute
for the purpose
the cash demand has been sharp. The visible supply from of promoting the interests of the cotton mills engaged in this
appearances
will decrease rapidly. Large operators class of goods. The group was formed at
present
a meeting of the
are taking hold of corn and oats owing to delayed seeding, Lawyers' Club here on the 12th inst. by Walker D. Hines,
and the prospects of a good cash demand. It looks as President of the Institute, who outlined the fields of activity
though there might be a large decrease in the oats acreage. for the group. At Manchester, N. H., it is stated that the
The May deliveries of oats have been small and recently Elliott Manufacturing Co. and the Everett Knitting Co. of
Lebanon are making direct sales to the public. Both these
the export demand increased very noticeably.
Cotton has declined moderately on the idea that the big concerns are large manufacturers of knit goods, ezo. The
Mississippi Valley floods may not, after all, do so much retail department plan of these mills is in accord with the
harm as was at one time feared. There is a hopeful feeling recently adopted practice of mills in other parts of New
and the Southern farmers are returning to their farms when- England. Charlotte, N. C., cotton mills find trade slow
2821
THE CHRONICLE
MAY 14 1927.]
MOMMMN
INDEXES OF WHOLESALE AND RETAIL TRADE.
and claim that margins of profits are anything but satisfacRetail Trade,
Wholesale Trade.
tory.
The auction sales at Shanghai are making a better showing.
Mar. Feb. Mar.
Mar. Feb. Mar. '
1927. 1927 1926.
1927 1927. 1926.
In the Italian Mills wages will be reduced 10%. French mills
Dept. Store qatos85
83
are doing little business and there is short time at Roubaix, Total
81
128 138 130
Adjusted
79
Groceries
128 106 130
Tourcoing and in Normandy. Most German cotton spin- Meat
Unadjusted
75
70
Store
Dept.
Stocks
93
90
goods
to
Dry
ning mills are working at 100% and have orders enough
Adjusted
140 139 141
73
73
Shoes
106
142 131 142
Unadjusted
107
Hardware
keep them going at that rate for three months at a small Drugs
133
Mail Order Sales130
113 118 111
Adjusted
profit. Weaving mills in Germany are sold ahead for six
132 107 Inn
Unadiusted
months. Belgian mills are doing a satisfactory business.
Adjusted.
better
somewhat
a
doing
been
British mills have recently
business with India, but the bids are often too low. CzechoMonthly Business Indexes of Department of Commerce
slovakia mills are working at nearly full time. In Austria
-Gain in Output of Raw Material in March.
YokoAt
low.
so
are
mills are making little money as prices
The Department of Commerce presented as follows, under
hama the silk trade has been dull and prices tend downward.
of May 2, its monthly indexes of production, comdate
has
trade
lines
some
in
though
that
Calcutta reports state
stocks and unfilled orders.
modity
done.
been
been quiet, in others a good business has
Production.
Sales of 618 department and other retail stores which made
The output of raw materials in March was larger than in either the prepreliminary reports to the Federal Reserve System were ceding
increases being registered over both prior
1926,
month or March of
8% larger in April of this year, than in April, 1926. Sales of periods in all groups, except crop marketings, which were lower than in
was lower than in March of last
4 mail order houses were 6.6% larger than a year ago, while February, and forestry production which
Manufacturing production, after adjustment for differences In
those of five and ten cent chain stores were 22% larger. year.
in
March, showing a gain of 3%
level
high
working time, reached a new
The S. S. Kresge Co.'s sales for April amounted to $10,787,- over March a year ago. All industrial groups, making no allowance for
output than in February. As
540 an increase of 25.57% over April 1926. Sales for the first working time differences, showed larger
compared with a year ago, industrial production was greater in all groups
four months of this year amounted to $36,235,317 an increase except nonferrous
printing, and automobiles,
and
metals, lumber, paper
of 13.19%over the corresponding period last year.
each of which declined.
Commodity Stocks.
The flood situation in the south and in portions of five
Stocks of commodities held at the end of March, after adjustments for
Middle Western States caused some decrease in business. seasonal
variations, were smaller than at the end of the previous month, but
Chicago mercantile executives are planning it is said a gener- greater than a year ago. All groups showed smaller inventories than in the
the
in
aid
to
areas
stricken
the
to
preceding month, except raw foodstuffs, which Increased, while as compared
ous extension of credit
with last year, larger stocks were general throughout all groups.
replacement of stocks by capable retailers.
Unfilled Orders.
On May 10 it was wintry in northern Rocky Mountain
Unfilled orders for manufactured commodities, principal iron and steel
States and many persons were marooned in snowdrifts and and
building materials, showed an increase over the preceding month, but
were rescued with difficulty. Three persons froze to death were smaller than a year ago. As compared with February. unfilled orders
in Wyoming. Over 200 persons died and 800 were injured for iroc and steel showed no change, while building materials increased.
with a year ago, iron and steel orders were smaller, while
as tornadoes and storms swept through seven States, i. e., Contrasted
building materials showed no change.
Nevada, Arkansas, Texas, Kansas, Illinois, Iowa and
The Index numbers of the Department of Commerce are given below:
Wyoming. Heavy rains in the Upper Mississippi Valley
1927.
1926.
prevented the Mississippi River from falling to something
Feb.
March. March'
originated
"twister"
or
tornado
The
level.
normal
its
like
Production (Index numbers: 1919 equals 100)113
108
97
in Texas and was very destructive to property as well as life Raw materials-Total
137
153
130
Minerals
99
118
On the 12th inst. it was 55 to 65 degrees here after being
113
Animal products
103
93
70
Crops
up to 76 early in the week. Chicago was 48 to 54 on the
103
114
126
Forestry
129
132
137
grand total (adjusted)
12th, Milwaukee 50 to 54, Cincinnati 52 to 56, Duluth Manufacturing,
120
138
142
Total (unadjusted)
97
106
119
Foodstuffs
58 to 68, Memphis 68 to 72 and Winnipeg 56 to 72. To117
113
133
Textiles
151
127
day New York temperatures were 52 to 66 degrees and the
152
Iron and steel
149
176
170
Other metals
forecast was for fair weather to-night followed by showers
127
159
140
Lumber
89
85
98
Leather
to-morrow.
127
106
117
Paper and printing
Indexes of Federal Reserve Board on Production,
Employment and Trade.
The Federal Reserve Board's index of industrial production
together with index of manufactures and minerals and
indexes by groups for manufactures and by individual products for minerals (as made public May 2) follows:
INDEX OF INDUSTRIAL PRODUCTION.
(Adjusted for seasonal variations. Monthly average 1923-25=100.)
Mar. Feb. Mar.
1927 1927. 1926
108
108
108
Minerals131turninous
Anthracite
Petroleum
Iron ore
Copper
Zinc
Lead
Silver
139 130
95
89
124 124
a
a
100 •111
114 114
115 *113
94 "98
106
129
99
a
109
109
117
95
ManufacturesIron and steel
Textiles
Food products
Paper and printing
Lumber
Automobiles
Leather and shoes__
Cement, brick, glass
Non-ferrous metals_
Petroleum refining__
Rubber tires
Tobacco mfrs
117
114
100
111
93
103
96
123
107
135
122
118
IF*
112 "109
110 "107
122 120
'—'08
CDCOZ"—•
wei.P.NWOPCWAN....10.
Total
Manufactures
Minerals
Mar. Feb. Mar.
1927 1927. 1926.
115
104
96
113
105
113
94
110
108
119
107
117
• Revised. a No figures available for these months.
INDEXES OF EMPLOYMENT AND PAYROLLS IN MANUFACTURING
INDUSTRIES.
(Without seasonal adjustment. Monthly average 1911100.)
Employnienl.
Total
Iron and steel
Textiles-Groups
Fabrics
Products
Lumber
Railroad vehicles
Automobiles
Paper and printing
Foods, dic
Leather, JO
Stone, clay, glass
Tobacco, &c
Chemicals. &c
Payrolls,
Mar.
1927.
Feb.
1927.
Mar.
1926.
Mar.
1927.
Feb.
1927.
Mar.
1926.
93.9
90.3
96.6
98.3
94.5
91.1
78.0
122.4
109.0
84.1
88.6
115.9
78.9
78.2
93.6
90.1
96.9
98.5
94.7
91.7
79.2
117.3
109.0
84.9
88.9
110.1
79.0
77.8
97.3
93.8
97.1
97.1
97.1
98.9
87.1
138.3
107.4
84.9
88.3
116.8
83.3
77.0
109.9
100.1
110.8
111.3
110.3
103.7
87.0
153.4
152.2
99.1
93.2
144.9
80.9
111.7
108.5
98.7
111.0
111.7
110.3
102.6
89.3
140.2
150.8
99.3
95.6
136.8
79.2
108.9
113.0
103.4
109.8
108.2
111.8
111.9
94.5
170.7
147.9
99.3
93.2
144.3
88.4
104.5
Chemicals and oils
Stone and clay products
Tobacco
Automobiles *
Miscellaneous
Commodity Stocks (Index numbers: 1919 equals 100)AdjustedTotal (revised)
Raw foodstuffs
Raw materials for manufacture (revised)
Manufactured foodstuffs
Other manufactured commodities
(Adjusted for seasonal element)Total (revised)
Raw foodstuffs
Raw materials for manufacture (revised)
Manufactured foodstuffs
Other manufactured commodities
Unfilled OrdersTotal (1920 equals 100)
Iron and steel
Building materials
107
197
126
192
138
132
261
157
173
115
127
266
154
198
299
204
69
199
196
307
183
68
196
168
250
164
65
172
191
279
201
68
197
182
251
196
69
192
158
198
173
80
169
48
36
94
so
36
105
55
43
105
176
oo
•Included in miscellaneous grout).
Decrease in New York State Factory Employment
During April.
April reports from a representative list of New York State
factories indicated that the number of workers employed by
manufacturing concerns was lower, for most industries,
than in March. In issuing this statement on May 11,
Industrial Commissioner James A. Hamilton based his
conclusions on reports from approximately 1,400 firms
employing more than four hundred thousand workers.
In his summary the commissioner says:
A decrease at this time of year Is not unusual, as factory employment
frequently reaches a peak in March. This year, however. March failed to
show an increase and this fact together with a decline at least as large as
usual in April leaves the employment index for the month from 4 to 5%
lower than a year ago. The employment level for the first four months
of 1927 was lower than for the same period in any year since 1922.
Decreases in payroll were even more conspicuous on April returns than
reductions in the working force. Many firms reported that their plants
were closed for Easter holidays, a fact which undoubtedly exaggerated the
decline in payrolls.
The building season opened fairly early this year. Many manufacturers
of building materials began increasing their forces in March and most of
them reported additional gains in April. The largest increases were in the
brick industry where a number of plants which were closed during February
and March reopened in April. Saw and planing mills were busier this month
THE CHRONICLE
and manufacturers of lime, cement and plaster, paint, and heating and
ventilating apparatus reported larger forces than in March. Employment
In the heating apparatus industry has been moving up steadily since last
December.
There were scattered gains in other industries but, in the majority of
cases, employment was lower. The automobile industry showed further
Improvement and ship building was using more workers although payrolls failed to advance.
Heavy reductions in the clothing industry were, to some extent, seasonal.
After Easter, the demand for clothing decreases and employment, for the
group as a whole, seldom rises very much until September. The net decrease In employment for the month of April amounted to about 6% for this
group of industries. In the New York City district the decline was a little
more abrupt. Most of the textiles also moved downward.
Employment in the metal industries, with the exception of heating
apparatus, automobiles and ship building, which advanced, was somewhat
lower than in March. Manufacturers of machinery and of railroad equiment,including repairs,reduced operations by about 2%. Among the food
Industries, tendencies in both directions appeared. There was a good
increase in employment in the manufacture of beverages where warm
weather brings increased sales, and smaller increases in the manufacture of
condensed milk and sugar. Canneries, on the other hand, reported a 5%
drop and cereal products, a seasonal reduction.
[Vol.. 124
an increase of $4,745,900 over April 1926, a percentage gain
of over 54%. Neisner Bros., Inc., one of the smaller chains,
again led from the standpoint of percentage increase, with
a sales gain of 91.7%, while J. J. Newberry & Co., another
of the smaller chains, is second in percentage increase, win'
a gain of 64.9%.
April-
1927.
1926.
Increase.
F. W. Woolworth
J. C. Penney Co
S. S. Kresge
S. H. Kress & Co
W.T. Grant
McCrory Stores
F. & W. Grand
Metropolitan Stores
J. J. Newberry Co
McLellan Stores
Nelsner Bros., Inc
Isaac Silver & Bros
$22,350,352
13,507,425
10,787,540
4,329,199
3,363,678 '
3,308,409
1,188,765
1,000,030
1,086,719
909,102
535,922
465,039
Four MonthsF. W. Woolworth
J. C. Penney Co
S. S. Kresge
S. H. Kress & Co
W.T. Grant
McCrory Stores
F. & W.Grand
Metropolitan Stores
J. J. Newberry Co
McLellan Stores
Neisner Bros., Inc
Isaac Silver & Bros
$62,833,220
$14,338,939
29.5%
$75,444,946
36,916,145
36,235,317
15,085,621
10,606,708
11,224,303
3,436,811
3,148,602
3,080,417
2,727,674
1,615,116
1,444,797
$7,528,975
9,732,129
4,225,178
1,151,353
1,718,118
1,895,697
609,398
565,418
1,113,437
751,354
746,693
350,789
11.09%
35.8%
13.2%
8.2%
19.32%
20.3%
21.6%
21.8%
56.6%
38.0%
85.9%
32.0%
$3,383,356
4,745,909
2,196,555
564,970
801,302
850,233
401,844
251,952
427,742
335,644
256,503
122,929
17.84%
54.1%
25.5%
15.0%
31.27%
34.5%
51.7%
33.6%
64.9%
58.5%
91.7%
35.9%
Industrial Productive Activity in April Based on Consumption of Electrical Energy Sets New
High Record.
A new high record for industrial productive activity was
set by the manufacturing plants of the nation duringAmil.
Based on the consumption of electrical energy the rate of
17.0%
$200,966,457
$30,388,509
productive activity was 2.5% over that recorded in March
1926, the previous record month, and 4.1% higher than in
March of the current year, "Electrical World" reports. All Business Conditions in Richmond Federal Reserve
District.
of the important primary industries of the country, with the
exception of the iron and steel mills, and the stone, clay and
Favorable and unfavorable factors are cited by the Fedglass industry, reported April activity above that of March of eral Reserve Bank of Richmond in summarizing the business
this year.
situation in the district. In Its "Monthly Review," dated
Industries which made substantial gains over April of last April 30, the bank says:
year were the metal group, leather and its products, textiles,
It is difficult to compare the aggregate volume of business done in March
paper and pulp, and rubber. Compared with April 1926 a with that of March 1926, sane barometers of trade showing less and others
more activity than a year ago. The greatest decline was in construction
lower rate of activity occurred in the lumber, automotive, work. Building permits issued in March totaled 46.3% less in valuation
and stone, clay and glass industries. The rate of production than permits issued in March 1926, last month being the sixth consecutive
of general industry in April was 5% higher than in April month in which the work provided for fell below that of the corresponding
month of the preceding
Retail trade in March, as reflected by delast year. The rate of activity is based on consumption of partment store sales, wasyear.
approximately 8% below March 1926 trade, and
electricity by some 2,000 large manufacturing plants scattered the volume of sales during the first quarter of 1927 was nearly 4% below
sales during the first quarter of 1926. Wholesale trade was not
throughout the nation and in various industries, the total aggregate
more than fair last month. Labor is not so well
as in April 1926,
amount of energy used approximating 10 billion kilowatt except in the textile and coal mining industries.employed
Fertilizer sales are lower
than a year ago. Business failures have recently been more numerous and
hours per annum.
have been higher than those of the early months last year.
Further improvement occurred in the textile industry. liabilities
Finally, many bank failures during the past winter in the district tied up
The textile mills of the nation operated far above any pre- deposits and left many communities without adequate credit facilities for
viously recorded rate of production, April activity being 3.7% this year's agricultural operations.
In spite of the evidences of weakness in the present situation, however,
above March, and 26% over April of last year. The reports favorable factors
are not lacking. Member banks in the Fifth District are
received by the publication indicate that this high productive rediscounting only about half as much with the Reserve bank as in April
activity in the textile mills was not confined to either the 1926, yet debits to individual accounts in clearing house banks during the
five weeks ended April 13 slightly exceeded debits in the oorresponding
New England or South Atlantic States, but was general in five weeks last year, and both time and
demand deposits in member banks
are considerably higher than a year ago. Coal production in West Virginia
its distribution.
is
benefiting
from
the
suspension
of
operations
in union fields. The textile
Production of automobiles during the month of April was industry is
operating full time, as
indicated by record cotton consumpabout 5.2% under April of last year. The total production tion figures for March. Finally, theisweather
this spring has been favorable
of automobiles during the first four months of the year has on the whole for agricultural work, and at the present time prospects for
good
crops
are
apparently
better
than
they
were
in April 1926.
been approximately 7 2% under that of the same period in
1926.
In the metal group the iron and steel mills and the rolling Royal Bank of Canada on Amount of Electrical
Energy Generated in Canada.
mills reported productive operations of about 2.7% under
In its current monthly letter the Royal Bank of Canada
March, while the fabricating branches of the industry, which
includes both ferrous and non-ferrous metal working plants, presents the following electric power statistics:
was 5.9% higher in April than in March. Industrial produc- useThe amount of the electrical energy generated in Canada for Canadian
during February
exceeded that generated during the same month
tion in the United States in April, with a comparison adjusted of 1925 by 10%. In1927
Ontario and Quebec the excess amounted to 13%•
The average number of kilowatt hours generated daily during December.
for number of working days (monthly average 1923-25
January and February, as compared with the corresponding figures for the
equals 100), follows:
previous year, are given in
All industrial groups
Metal group
Steel pits and rolling mills
Metal fabricating plants
Leather and its products
Textiles
Lumber
Automotive
Stone,clay and glass
Paper and pulp
Rubber and its products
April
1927.
126.1
123.3
126.9
119.1
106.4
134.7
117.2
136.8
103.9
130.8
129.4
March
1927.
121.1
121.7
130.5
112.4
103.5
129.9
109.7
122.8
114.4
120.2
119.1
April
1926.
120.0
110.6
---91.8
107.1
128.4
143.8
115.3
114.1
121.5
Twelve Leading Chain Stores Report Record April
Sales Due to Large Easter Business.
Sales of the leading chain stores for April set new high
records for the month with a total of $62,833,220, an increase
of $14,338,939, or 29.5%, over April 1926. Chain store officials are unanimous in reporting a most satisfactory Easter
business, which placed April sales far above the average for
the year.
For the first four months of the year the same stores
report total sales of $200,966,457, a gain of $30,388,509, or
17%, over the same period of 1926. J. C. Penney Co. again
led all other chains from the standpoint of dollar gain, with
the following table:
Average Number Kilowatt Hours Generated Daily Throughout Canada for
Canadian Use.
1926-27.
1925-26.
December
31,381,000
26,573,000
January
31,621,000
27,676,000
February
31.941,000
28.880,000
Average Number Kilowatt Hours Generated Daily in Ontario and Quebec for
Canadian Use.
1926-27.
1925-26.
December
25,082,000
20,883,000
January
21,994,000
25,829.000
February
23,156.000
26,129,000
Clay Herrick of Guardian Trust Company of Cleveland
Looks for Continuance of Business During Current
Quarter at Approximately Present Rate.
That the situation at the present time "suggests that business will continue during the present quarter at somewhere
near the present rate, with due allowance for seasonal
changes," is the conclusion of Clay IIerrick, Vice-President
of the Guardian Trust Co. of Cleveland in his "Report on
Business Conditions" under date of April 29. Mr. Herrick
says that "both favorable and unfavorable factors are in
MAY 14 1927.]
THE CHRONICLE
evidence, the latter including the growing intensity of competition, the agricultural situation, the lessened volumes
from automobiles and building construction, and losses to
both farming and commerce in the flooded districts."
2823
"And again with equally unprecedented earnestness the producers have
renewed the old debate as to how best these recurrent attacks may be avoided
or their ill effects diminished. Overproduction is like the weather, everyone
talks about it, but no one has ever really done anything about it.
We now come to the real purpose of this communication, namely to suggest for the consideration of your distinguished Board a plan of procedure
Which, if it is viewed with favor by you and you were willing to announce
to the industry that a procedure of the general character indicated would
have your approval, would, we believe, accomplish some very real results
in the conservation of our oil resources.
The procedure which we have to suggest is that, instead of the interested
producers purchasing full interests in definite subdivision of the wildcatter's
block of acreage, they purchase undivided fractional interests in such block
of acreage. Suppose, for example, ten operators, including the wildcatter,
thus come to own the entire block and the test well in common. Suppose
the enterprise be managed through a committee or board representing operators and royalty owners and each participant reserves the right to claim
his 10% of the oil from every well that may be drilled on the property.
Would not this course end the mad scramble 'whereby each operator now
feels obliged to drill as many wells as possible and to produce as much oil as
possible before his competitors beat him to it. Would not the producers
in this simple fashion eliminate this greatest obstacle to the intelligent
development of production.
We feel quite sure you will appreciate that the usefulness of this suggestion
Is largely dependent upon the medium through which it is presented,first to
the wilcatter, and second, to the operators with whom in the past he has
dealt. Your Board, if it feels the proposal contains practical promise, is
Without question the authoritative source to focus immediate attention
on this possibility, and we trust, therefore, that you will look upon it with
favor.
Loading of Railroad Revenue Freight Goes Above
One Million Cars Notwithstanding the Floods
and the Coal Strike.
Loading of revenue freight, despite the Mississippi floods
and the bituminous miners' strike, exceeded one million cars
for the week ended on April 30, according to reports filed
on May 9 by the rail carriers with the Car Service Division
of the American Railway Association. Revenue freight
loading for the week totaled 1,026,440 cars. This was the
fourth time so far this year that loadings in any one week
have exceeded the million-car mark. The total for the week
of April 30 was an increase of 71,225 cars over the preceding
week this year, substantial increases in the loading of all
commodities being reported except coke, which showed a
slight decrease. The largest increases over the week before
were in the loading of miscellaneous freight, coal, grain and
grain products, ore and merchandise and less than carload
Following the conference on May 9, Secretary Work issued
lot freight. Compared with the corresponding week last
year, the total for the week of April 30 was an increase of the following statement:
The Government's position relative to overproduction evils, the necessity
31,032 cars, while it also was an increase of 42,367 cars
for avoidance of waste, and actual conservation of petroleum in the ground,
above the same week in 1925. Other details follow:
in the report which was submitted by the Federal Oil Board
Miscellaneous freight loading for the week of April 30 totaled 395,414
cars, an increase of 8,844 cars over the corresponding period last year and
36,784 cars above the same week two years ago.
Coal loading totaled 162,583 cars, a decrease of 3,052 cars under the
same week in 1926 due to the strike of bituminous miners, but 11,829
cars over the corresponding week in 1925.
Loading of merchandise and less than carload lot freight for the week
totaled 265,178 cars, an increase of 2,274 cars over the same week last
year and 4,715 cars above the corresponding week two years ago.
Grain and grain products loading totaled 43,582 cars, an increase of
5,609 cars over the same week in 1926 and 7,514 cars over the same week
in 1925. In the western districts alone, grain and grain products loading
totaled 23,262 cars, an increase of 132 cars over the same week last year.
Livestock loading amounted to 29,363 cars, a decrease of 2,480 cars under
the same week last year and 1,097 cars below the same week in 1925. In
the western districts alone, livestock loading totaled 22,942 cars, a decrease of 2,070 cars below the same week last year.
Forest products loading totaled 70,325 cars, 7,234 cars below the same
week last year and 8,113 cars under the same week in 1925.
Ore loading amounted to 48,827 cars, 28,016 cars over the corresponding
week in 1926 but 10,316 cars below the same week two years ago.
Coke loading totaled 11,168 cars, a decrease of 945 cars under the same
week last year but 1,051 cars above the same week two years ago.
All districts except the Eastern, Central Western and Southwestern
reported increases in the total loading of all commodities compared with
the same week in 1926, while all except the Northwestern and Southwestern
reported increases compared with the same period in 1925.
Loading of revenue freight this year compared with the two previous
years follows:
1927.
1926.
1925.
Five weeks in January ___ 4,624,749
4,428,256
4,456,949
Four weeks in February__ 3,823,931
3,677,332
3,623,047
Four weeks in March
4,016,395
3,877,397
3,702,413
Five weeks in April
4,890,749
4,791,006
4,710,903
Total
17,255,824
16,773,991
16,493,312
Is clearly stated
to President Coolidge last September. "More than two years ago, when the
President created this board to counsel with the oil industry 'in the interest
of the Government and the industry alike,' the thought was expressed by
certain elements in the oil world that there Was no overproduction and no
danger of such a menace: that the industry would be able to better meet
Its own problems if unhampered by Federal suggestions. But after painstaking efforts and one of the most intensive surveys ever made by any
agency of the Government,the President's Board pointed out the prevalence
of certain existing and potential evils.
"To the credit of the industry, it may De said, these menaces were readily
acknowledged, and immediately steps were taken by the greater portion of
the industry to observe as far as possible some of the suggestions which this
Federal board advanced.
"The present plight of the industry is recognized fully by this Board,and
I feel that the leaders of the oil world now realize that the Government is
ready and willing to assist in every proper manner to meet the crisis. There
are certain Federal statutes which, of course, govern, as well as the police
laws of the several States and other local acts and regulations which can
not with impunity be brushed aside, even in an emergency. But the
Federal Oil Board will be glad to counsel and advise with the industry
and do everything within reason and the scope of the law to assist."
Mr. Teagle's announcement regarding the conference on
May 9 (made public May 12) read:
"Following a conference in Washington on Monday of this week between
Secretary of the Interior Work, Chairman of the Federal Oil Conservation
Board, and Walter C. Teagle, President of the Standard Oil Company of
New Jersey, a meeting has been arranged for today at Mr. Teagle's office
at which will be considered the prodem of overproduction of oil in the
Seminole area in Oklahoma, which has occasioned much concern among oil
operators of the country generally for several months.
"The meeting will be attended very generally by the executives of the producing and purchasing companies operating in the Seminole field, those
present beinOlenriDawes of the Pure Oil Company, Judge Caster of the
Empire Gas and Fuel Company, W. M. Irish of the Atlantic Producing
Company, H. F. Sinclair of the Sinclair Producing Company, Mr. Jacobson
of the Amerada Oil Company, George S. Davison of the Gulf Oil Company,
J. E. Van Eck of the Roxana Petroleum Company, Amos L. Beaty of the
Beaty of the Texas Corp., E. L. Shea of the Tidal Oil Company, W. S.
Fitzpatrick of the Prairie Oil and Gas Company,H.L. Pratt of the Standard
Oil Company of New York, R. W. Stewart of the Standard Oil Company
of Indiana, J. E. Dunn of the Barnsdall Oil Corp., James Vessey of the
Carter Oil Company, and others.".
Government Assistance Sought to Curb Overproduction of Crude Oil—Umpire in Seminole Area
Named by Oil Interests.
The problem of over-production of crude oil in the Seminole area in Oklahoma was the subject of a conference this
Mr. Teagle's statement relative to the meeting on May 12'
'week in Washington between Walter C. Teagle, President
of the Standard Oil Co. of New Jersey, and Secretary of the follows in full:
The condition of overproduction of crude oil at the present time is not
Interior Hubert Work, who is also Chairman of the Presilocal situation existing in any one particular district. but general, applying
dent's Federal Oil Conservation Board. The matter was a
to Oklahoma, California and Texas. At the moment, what is known as the
also discussed at a meeting of oil interests in this city on greater Seminole area is attracting the greatest attention. Were it not,
May 13. Following this meeting a statement issued by Mr. however, for the fact that in California and West Texas production is in
excess of current consumption, and oil is going into storage, it is probable
Teagle said:
that the overproduction represented by the Seminole pool in Oklahoma
would have been absorbed by the industry without undue disturbance.
Overproduction is the direct result of too much drilling and, therefore,
any constructive program must deal first with the cause of overproduction,
I. e. the present drilling activities. Those present at the meeting, while
owning the bulk of the production at Seminole, realized fully that the question of overproduction from the standpoint of conservation of our natural
resources and the economic utilization of oil products was general rather
than local and that any comprehensive plan looking to an amelioration of
overproduction would not be effective if applied only to Seminole. It was
the concensus of opinion at the meeting that insofar as Seminole was concerned any program adopted must be a part of the more comprehensive
plan which would apply in all producing areas in which there is a prospect
of large new development. Therefore, a committee consisting of W. C.
Teagle, A. L. Beaty, G. S. Davison, Henry Dawes and R. W. Stewart
Federal Oil Conservation Board
In conferring with Secretary Work on May 9 Mr. Teagle was appointed to confer further with the which
would not be inconsistent
to develop if possible a plan of procedure
himself
and
W.
S. Parish, for- With the public interest.
filed a statement, signed by
it was decided
concerned,
Insofar as the Seminole situation itself is
mer President of the American Petroleum Institute, which
that the companies present would not start or complete any wells during
said in part:
the next two weeks in the greater Seminole area, except such as may be
"Overproduction of crude oil, that bugaboo of the oil producer which has necessary, and that Ray H. Collins of Tulsa, Oklahoma be appointed as
so often and so violently harassed the petroleum industry of the 'United an umpire or arbiter to determine the necessity of any such wells and that
States, has recurred in a form so malignant as to seem to be without prece- the companies would be governed by his decision. Mr. Collins is also to
dent in all past history.
be requested to make a survey of the field and assemble data as might
"It was the consensus of opinion at the meeting that in so far as Seminole
was concerned any program adopted must be a part of the more comprehensive plan which Would apply in all producing areas in which there is a
prospect of large new development. Therefore, a committee consisting of
W.C.Teagle, A. L. Beaty,(1.5. Davison, Henry DaWes and R. W.Stewart
was appointed to confer further 'with the Federal Oil Conservation Board
to develop, if possible, a plan of procedure which would not be inconsistent
With the public interest.
"In so far as the Seminole situation itself is concerned, it was decided
that the companies present would not start or complete any wells during
the next two weeks in the greater Seminole area,except such as may be necessary,and that Ray H. Collins. of Tulsa,Okla,be appointed as an umpire
°dabber toidetermine the necessity of any such wells and that the companies
Would be governed by his decision."
2824
THE CHRONICLE
[You 124.
bear on a further restriction of drilling therein and report his recommenda- of twelve large companies controlling 80% of the production of North
tions to a further meeting to be held here on May 25th.
and South America, and the other Federal regulation and control of this
As to the action taken on May 12, the New York "Times" basis industry.
"It does not take smart men to cut the price of any commodity when a
of yesterday (May 13) said in part:
slight overproduction of raw material occurs, especially when three groups of
No legal obstacle appeared yesterday to prevent application of the umpire companies are substantially owned by the same stockholders and then the
system to Seminole itself, since all of that field is within Oklahoma. Mr. three groups are dominated in policy by four or five officers elected by the
Collins functioned in a similar capacity there for a brief period late last same stockholders. It does, however, take men of courage to work out and
year. Leaders of the industry admitted, however, that they were not put into effect a plan which will avoid such destruction as has been wroguht
sure how far they would be permitted to proceed with the "more compre- by the recent drastic reductions in prices of both crude and refined products."
Mr. Gray denounced pessimistic utterances by leaders of the industry as
hensive plan which would apply in all producing areas," to which the operators referred in their statement. . .
not in keeping with the expansion of their companies. The Humble 011
Crude oil prices in the Midcontinent territory, which includes the Semi- & Refining Co., he said, is laying a 10 and 12-inch pipe line from remote
nole field, are below the cost of production except in the case of gusher fields in Texas to its Corpus Christi-Laredo line, over 400 miles, for which
wells, oil operators said. The price average is between $1.10 and $1.15 a $25,060,000 in bonds was recently sold. The Gulf Pipe Line is spending
barrel. Six reductions have been made since last November. Refining $10,000,000 building a pipe line to the Big Lake area.
companies in most cases have lowered the price of gasoline as a result.
"If the industry is in such dire distress as some of the leaders Would
The earnings of all producing and refining companies have suffered from have us believe," said Mr. Gray, "why this feverish haste in building trethe lower prices. Several companies are said to be facing financial embar- mendous transportation facilities into the remotest sections of western Texas
rassment. Even the major companies have seen their profits dwindle.
in order to let loose what they claim will be another flood of oil. Explanations are due and should be forthcoming. What is lacking in the industry
Independents May Object.
is fairness, a better spirit and more optimism on the part of the leaders.
While Mr. Teagle made it clear yesterday that the agreement affecting
"I do not believe that the drastic cuts recently made are justified. When
the Seminole district had the approval of the principal interests represented the present wave of pessimism has passed, perhaps there will be nine comin the conference here, there were indications that other producing co.'s panies producing 85% of the crude oil in North and South America, instead
were withholding their assent. He said the companies rep resented at the of twelve companies producing 80%. Some large companies will have been
conference controlled between 75 and SO% of the production in Seminole.
absorbed and many smaller companies Will have sold out."
The principal Standard Oil companies, including particularly the Standard of New Jersey, the Standard of New York and the Standard of Indiana,
Secretary Mellon was quoted as stating on May 12 that
are recognized as the moving spirits in the effort to stabilize conditions in
problem of over-production was not one as to which the
the
industry, and, since the companies which worked out the tentative plan
announced yesterday hold the whip-hand,the general impression is that their States should act, the "Herald Tribune" reporting him to the
views will prevail.
following effect in its advices from Washington:
The Seminole field has been the industry's most prolific producer less
The Federal Government has no authority to take any action to prevent
than a year, but output is now averaging around 350,000 barrels a day.
Mr. Teagle said the field held the key to the petroleum situation and in- the present overproduction of oil and the most likely way out is for events
dicated his belief that effective limitation there would go far toward re- to run their course as they have done in the past, Secretary of the Treasury
Mellon indicated to-day.
lieving the general stress.
Any Government action, the Secretary believes, rests with the States,
The steps being taken to reduce output were reflected in the stock market
for
he cannot see that the Federal Government can take any action, even
yesterday by stocks of the more prominent oil companies. Price advances
were for the most part of moderate size, but the entire oil group was firm, unofficially. Numerous methods have been suggested to remedy the situation, Mr. Mellon said, but no authority exists to put them into effect.
in striking contrast with its heaviness during several weeks.
It has been suggested that an agreement be made to drill in such a manner
That the establishment of a dictatorship for the Seminole area Will lead
ultimately to "unit control" in the industry seemed to be the opinion of oil as to prevent an excessive amount of oil being brought into the market
executives yesterday. Henry L. Doherty, President of the Cities Service at any onetime. It also has been suggested that the specific amounts to be
Co., has advocated such a plan, but the principal Standard Oil companies produced be assigned to each field, thereby preventing an overbalanced
production.
have never agreed with the suggestion.
But the only possibility of control lies with the State Legislatures, and
The so-called Doherty plan for "unit control" follows:
"That no land shall be drilled for oil until opened up by a Government such control, in the opinion of the Secretary, is a long way off. Some
States, he explained, have a constitutional provision whereby the right to
permit.
"That all land within drainage distance of existing production shall be own real estate extends to the land underground, and there will have to be
a
lot of work done before limitation can be reached through this channel.
opened for drilling. For example, all land within 2,000 feet of a producing
There always have been periods of overproduction, the Secretary said,and
well shall be opened for drilling, and as fast as a new well is brouglt in, a
they
usually have run their course and directed themselves, due to falling
radius shall be established opening up all land within 2,000 feet of each new
prices
and the ensuing reduction in drilling and prospecting. Secretary
well. This will enable existing pools to be driven to their boundaries and
Mellon said that he could not predict how long it would take for the present
without opening up others and distinct pools.
"That permission to drill land INA subject to drainage shall be granted period to run its course. This would depend on the amount of oil underonly when an oil exploration district has been formed. No drilling shall be ground in the fields now being worked, and it is impossible to predict how
done on the outer strip of one-half mile except with the consent of all land- large that is.
owners within one-half mile of the proposed well, and wells located in this
Under date of May 11 Associated Press advices from
strip can only be drilled for exploration purposes."
In its issue of May 12 the "Times" also referred to the
attitude of the independents as follows:
Oklahoma City stated:
Efforts to curtail production in the Seminole oil field of Oklahoma—
perhaps the largest single contributing factor to the national depression
in the oil market—have been in progress ever since the field began its
Some Independents Resentful.
prodigal yield
While no official statement to that effect could be obtained, it was indiThe State Corporation Commission has under advisement the request of
cated yesterday that some of the independent oil companies have been re- oil producers of the Seminole area to intervene and bring about an equitable
sentful of the attitude of the Standard Oil companies since the crisis in the regulation of output if possible.
oil industry became acute. The principal producing companies of the
No restrictions are in effect at present, however, and a mad race on the
Standard 011 group have taken the lead in price reductions, not only in crude part of competing producers is in progress.
oil but in gasoline as well.
Some indication that the problem might automatically be solved by
E. W. Marland, President of the Marland Oil Co., sent out yesterday a gradual depletion of the field was seen yesterday when a decline of 7,480
statement to be published in The Oil and Gas Journal, which was inter- barrels from the prodaction of the preceding 24 hours was registered.
preted in many quarters as a veiled attack on some of the larger companies. Production for the day ending at 7 o'clock yesterday morning was 346,000
"Apparently chaos reigns, but not so," he said. "The law of the survival barrels.
of the fittest continues to operate uninterruptedly and the fittest are as usual
earnest in the argument that there should be no other law. The large
Regarding a meeting of Seminole operators to-day (May
companies become smaller. The day of tbe individual producer is passing.
14), the "Wall Street Journal" of last night said:
The survivors of the struggle Will enjoy happier times."
"The industry," Mr. Marland said further in his statement, "now is in a
A meeting of Seminole pool operators has been called for to-morrow in
chaotic condition resulting from the discovery of new gusher fields in Tulsa by Ray Collins, umpire named by representatives of 75% of Seminole
Oklahoma,Texas and California, where the cost of drilling for and producing area's production. He will seek agreement from all operators not to
of large quantities of oil is far less than the average production price in old complete any new wells for two weeks.
The agreement arrived at by the two-day conference of oil executives
"The great volume of production from these new fields is, with few bound only about 75% of the Seminole production. The meeting to be
exceptions, the result of heavy gas presure and is only possible accompanied held to-morrow is to try to bring the producers of the other 25% in line
by the waste of enormous volumes of gas. Had the recommendations of the with the two-week agreement.
Federal Oil Conservation Board been followed the present overproduction
Present arrar gement is the third attempt since last November to limit
would have been made impossible."
Seminole production. One period of such plea lasted a month ad was
not renewed, being followed by a big spurt in production as soon as pipe
Efforts Centered on Oklahoma.
The main aim of the oil operators, it was indicated following yesterday's line capacity was in. The second agreement, in February, also expired
conference, will be to bring about an agreement for the shutting in of a good without renewal because no real shut dawn could be effected. Production
in February was 240.000 barrels a day and has since climbed to peak of
part of the production in the Seminole area. The daily output there is
running around 350,000 barrels. Production has been mounting in other 360,000.
Committee of Fire.
areas and there have been indications recently that the West Texas territory
The committee of five oil executives, appointed at the New York confermay become as troublesome ultimately as Seminole.
Oil production for the entire country reached a new peak In the week ence to confer with the Federal Oil Conservation Board, will take up, with
ended May 7, during which the daily yield was 2,506,400 barrels as compared Washington authorities the subject of over-production in the course of the
next week or two.
with 2.449.950 barrels in the week before.
Their program, according to the conference's statement, is to seek to
The general price level of crude oil in the midcontinent territory is the
lowest it has been in several years. 011 producers say that the average develop a comprehensive plan covering all fields of large or prospective
production
in order to correct overproduction.
price is below the cost of production.
This would mean a scheme more or less country-wide in scope as their.
Gasoline prices have been reduced recently throughout the country and
is
too
much
oil not only in Seminole but in Texas and California as well,
progress.
is
still
in
revision
the downward
Announcement yesterday that a determined movement to curtail produc- with prospects of much new production in the last two States.
That such a program, going beyond State lines, might find some Federal
tion had immediate response in the stock market, the quotations of many
laws a stumbling block, is indicated by the statement of the conference
petroleum issues advancing briskly.
that the committee would seek to develop a plan "which would not be inGray Opposes Drastic Cuts.
consistent with public interest."
A pertinent factor in the situation is the statement by Secretary of ihe
William H. Gray, President of the National Association of Independent
York
telegraphed
to
New
yesterday
from
statement
his
Treasury
Producers,
In
a
Mellon, that there was little the Federal Government could do
Oil
home in Tulsa, said that the drastic cuts in crude oil prices are unnecessary In the matter and that restricting production was purely a State matter.
and should have been avoided and that there are only two remedies to relieve Here, he pointed out. State laws and constitutions in some instances prothe situation. "One of them," he said. "is honest co-operation of the leaders hibited interference with oil production.
MAY
14 1927.]
THE CHRONICLE
2825
So far as it has gone, result of conference on stopping of new wells in
Seminole for a fortnight is a step in the right direction but,taking the situation as a whole, a rather meagre one.
512,350 barrels over the output during the corresponding
week of 1926. The American Petroleum Institute estimates
that the daily average gross crude oil production in the
The "Wall Street News" reported the following from
United States for the week ended May 7 was 2,506,400
Washington yesterday:
barrels as compared with 2,499,950 barrels for the preceding
It is hardly likely that, unless some general arrangement of restricting week. The daily average
production east of California was
production in various fields can be arrived at. Seminole operators will
be willing to take the full burden of bringing about smaller production by 1,862,500 barrels, as compared with 1,841,750 barrels, an
restricting the yield of their properties alone.
increase of 20,750 barrels. The following are estimates of
Francis E. Loomis,former Assistant Secretary of State. who is representing California oil prod Jeers, asked the Department of Justice for an opinion daily average gross production by districts for the weeks
as to whcther an agreement between oil producers to restrict production ended on the dates mentioned:
would be in violation of the anti-trust laws, it was learned to-day. Ile
outlined the plan orally to Assistant Attorney-General Donovan several
days ago, but was advised to submit a written prospectus. It is understood
the written plan has not yet been presented.
Assistant Attorney-General Donovan is to-day in New York City to
confer with Government attorneys regarding the gasoline "cracking" case
pending in Indianapolis, and it is believed here that he will confer with
New York oil men relative to their proposed drilling agreement in the
Seminole field.
Gasoline Prices Fall to Lowest Point in Four YearsCrude Prices Unchanged.
Following the reductions in crude oil prices of the last
several weeks, gasoline prices have continued to decline,
reaching on May 10 the lowest price in four years, when
the Standard Oil Co. of Indiana posted a price of 14e. tank
wagon throughout its territory. Before this action took
place, however, a local price change was made May 9 in
Denver, Col., when independents advanced the price of gasoline from 15 to 18c. a gallon. Continental Oil Co. also advanced the service station price of gasoline lc. at Denver,
making the new price 18c., including 3c. State tax, meeting
the independents.
In Louisville, Ky., on May 9, the Standard Oil Co. of Kentucky cut tank-wagon gasoline prices 3c. a gallon at Atlanta,
Ga., and Tampa, Fla., effective as of May 6.
The report of the 2c. reduction in tank-wagon price of
gasoline by the Standard 011 Co. of Indiana occurred the
day following, that is, May 10. At the same time kerosene
was reduced lc. per gallon. The new tank-wagon price of
gasoline in Chicago is 14e. and service station price 16c.
The new price of kerosene is 12c. The reductions are effective over the entire territory of the company. The cut
was met by Sinclair Consolidated Oil Co. and Texas Co.
On the same day the Standard Oil Co. of Nebraska announced a reduction of 2c. per gallon in gasoline throughout Nebraska. The new price is 16/
1
4c. per gallon plus 2e.
State tax. Other companies, it is reported, will make the
same reduction.
On May 11 the Texas Co. advanced the price of gasoline
in Denver, Col., lc. a gallon to 18c. at service stations, meeting the price of Independents, who listed this price May 9.
The Standard Oil Co. of New Jersey on May 12 advanced
the price of export gasoline %c., making the new price
24.40c. a gallon in cases.
The retail cost of gasoline declined to 11c. a gallon in
Rochester, N. Y., on May 13, it was announced upon the
completion of plans for the opening of a new filling station.
The price was reported to apply only to "independent"
gas.
Other grades will sell at 15 and 16c., the latter price
prevailing for both the standard product and bonzoal
mixture.
Other dealers selling gas at 13 to 18c. have not yet announced their intention to meet the reduction,
according to
available information.
Press dispatches from Washington, D. C., on May 13 dedared that a gasoline "price war" was being staged
there.
The Standard 011 Co. of New Jersey, the Texas Co. and
the
Tide Water 011 Co. cut prices 2c. a gallon at service
stations
to 17c. a gallon, meeting price cuts made by the Penn Oil Co.,
the American Oil Co., a subsidiary of the Pan American
Petroleum & Transport Co., and other independent
companies. The 17c. a gallon prices include a tax of 2c.
The
Penn Oil Co. has been underselling all its competitors and
it
Is now expected to make a further cut of 2c. a gallon to 15c.
In the wholesale market in Chicago on May 13 the following prices were quoted: United States motor grade gasoline,
6%e.; kerosene, 41-43 water white, 4%@4%c.; fuel oil,
24-26 gravity, 95@97%c.
Crude Oil Output Reaches New High Record.
A further gain in crude output during the week of May 7
increased the daily average by 6,450 barrels over the daily
output during the week of April 30. While the current
week's daily increase was considerably less than that during
the preceding week, it brought the total per day up to
2,506,400 barrels, a new high record. This was a gain of
DAILY AVERAGE PRODUCTION.
(In Barrels)May 7 '27. Apr.30'27 Apr.23'27 May 8 '26.
Oklahoma
745.250
733.' I
721,850
465.400
Kansas
115.110
114.9 I
115,650
105,150
Panhandle Texas
134.900
130,80
124.700
18.200
North Texas
88,85011
89.9
90.750
79.650
West Central Texas.-185.200
184.3
186,000
82,400
East Central Texas
40,400
40.8 I
41,169
56.300
Southwest Texas
35,750
36.2 I
36,550
38.750
North Louisiana
45,650
47.1
49,850
55.050
Arkansas
110.050
104.0 I
108,500
175.750
Coastal Texas
138.400
134.00
138,700
81.900
Coastal Louisiana
16.200
17.7 I
21,000
13.900
Eastern
112.000
110.5 I
109,000
105.000
Wyoming
62850
66.75
62,000
74.050
Montana
15.100
15.05
15.0
27.900
Colorado
9,550
9.65
9,95
7.000
New Mexico
7,250
7.100
6,400
3.650
California
643,900
658,200
641,000
604,000
Total
2,506.400 2,499.950 2.478.100
1,994.050
The estimated daily average gross production of the Mid-Continent
field including Oklahoma, Kansas, Panhandle, north, west central, east
central and southwest Texas, north Louisiana,and Arkansas, for the week
ended May 7 was 1.501,150 bbls., as compared with 1.481,000 bbls. for
the preceding week, an increase of 20,150 bbls. The Mid-Continent
production, excluding Smackover, Arkansas heavy oil, was 1,415,300
bbls., as compared with 1,401,400 bbls., an increase of 13,900 bbls.
In Oklahoma, production of North Braman is reported at 6.350
against 6,450 bbls.; South Braman. 3,500 bbls., against 3,450 bbls.; Tonkawa, 22,950 bbls., against 22.750 bbls.; Garber, 16,150 bbls.. against
16.100 bbls.; Burbank. 42,000 bbls., against 42,300 bbls.; Bristow-Slick,
27,250 bbls., no change; Cromwell, 13,150 bbls., against 12,850 bbls.;
Papoose, 7,150 bbls., against 6,750 bbls.; Wewoka. 20.850 bbls., against
21.400 bbls.: Seminole. 291.000 bbls.. against 288,850 bbls.. and Earlsboro,
63,500 bbls., against 53.000 bbls.
In Panhandle, Texas, Hutchinson County Is reported at 109.250 bbls.,
against 105,500 bbls., and Balance Panhandle, 25,650 bbls., against
25.300 bbls. In east central Texas. Corsicana Powell, 19.000 bbls.. against
19,100 bbls.; Nigger Creek, 5,500 bbls., against 5,650 bbls.; Reagan
County, west central Texas, 27,300 bbls., against 26,600 bbls.; Crane and
Upton Counties, 64,450 bbls., no change; Brown County, 25.400 bbls.,
against 29,500 bbls., and in the southwest Texas field, Luling, 17.500
bbls., against 17,700 bbls.; Laredo District. 14.400 bbla., against 14.550
bbls. Lytton Springs, 2,000 bbls., against 2,100 bbla. In north Louisiana
Haynesvllie is reported at 7.750 bbls., no change; Urania. 8.100 bbls.,
against 8,550 bbls., and in Arkansas Smackover light, 11,100 bbls.. against
11.250 bbls.; heavy, 85,850 bbls., against 79,600 bbls.. and Lisbon. 4.200
bbls.. against 4,250 bbls. In the Gulf Coast field, Hull Is reported at
18.950 bbls.. against 19,850 bbls.; West Columbia, 11,600 bbls.„ against
9.900 bbls.; Spindletop, 53.450 bbls., against 50,700 bb/s.: Orange County,
5,600 bbls., against 5,500 bbls.. and South Liberty 3,550 bbls., against
3,000 bbls.
In Wyoming, Salt Creek is reported at 45,350 bbls., agabut 49.100 bbls..
and Sunburst. Mont., 12.500 bbls., no change.
In California, Santa Fe Springs Is reported at 42.500 bbls.. no change;
Long Beach, 91,500 bbls., against 93,000 bbls.; Huntington Beach. 76,000
bbls., against 77,000 bbls.; Torrance, 23,000 bbls., no change; Dominguez,
17,500 bbls., no change; Rosecrans. 10,500 bbls., no change; Inglewood,
36,500 bbls., aglinst 37.500 bbls.; Midway Sunset, 89,000 bbls.. no change;
Ventura Avenue, 49.200 bbls., against 53,800 bbls., and Seal Beach,
53,000 bbls., against 50.000 bbls.
Lumber Movement Quieter-Shipments and New
Business Fall Off.
An increase in production with a falling off in shipments
and new business in the softwood lumber industry is indicated in telegraphic reports received by the National Lumber Manufacturers Association for the week ended May 4,
from 312 of the larger commercial softwood lumber mills
of the country, as compared with reports from 311 mills
for the week earlier. In comparison with the same period
a year ago there were decreases in all three items, particularly
heavy in new business. The 144 hardwood operations show
some increase in production, with shipments and new business about the same, when compared with reports for the
previous week. Compared with the corresponding period
a year ago, however, there is about a 30%j-decrease in production-doubtless, due to the floods in the Mississippi
Valley-a notable increase in shipments and a tremendous
increase in new business, reports the Association in its
weekly summary,from which we quote the following details,
Unfilled Orders.
The unfilled orders of 177 Southern Pine and West Coast mills at the end
of last week amounted to 523.313,371 feet, as against 528,303,829feet for
177 mills the previous week. The 105 identical Southern Pine mills in the
group showed unfilled orders of 226,596,111 last week as against 224,921.3W
feet for the week before. For the 72 West Coast mills the unfilled orders
were 296.717,260 feet, as against 303,382,439 feet for 72 mills a week earlier.
Altogether the 292 comparably reporting softwood mills had shipments
99%, and orders 94%, of actual production. For the Southern Pine midi
these percentages were, respectively, 102 and 105, and for the West Coast
mills 97 and 77.
Of the reporting mills, the 270 with an established normal production for
theweek of 183,554,331 feet, gave actual production 99%. shipments 97%.
and orders 93% thereof.
2826
.
THE CHRONICLE
The following table compares the lumber movement, as reflected by the
reporting mills of seven saftwood, and two hardwood, regional associations,
for the past three weeks indicated:
Past Week
Mills•
292
144
350
291
141
134
Production_ 191,653,000 14,503,000 235,477,000 22,681,000 181,577,000 12,245,000
Shipments _ 189,519,000 20,596,000 249,722,000 18,263,000 209.396,000 21,620,000
Orders
179.623,000 24,107,000 244,485,000 16,011,000 202,529,000 24,460,000
•Fewer West Coast mills are reporting this year; to make allowance or this and
29,000,000 to production, 28,000,000 to shipments and 20,000,000 to orders in comparing softwood with last year.
The following revised figures compare the lumber movement of the same
regional associations for the first eighteen weeks of 1927 with the same period
of 1926:
Production.
Orders.
Shipments.
Hardwood.
First 17 Weeks of1927.
1926.
1925.
1924.
Average number of mills_
78
104
120
128
Production (feet)
1 240,145.935 1,713,991,288 1,726,723.424 1,723,572,181
New business (feet)
1,336,758,224 1,799,987,162 1,736.349,252 1,637,888,412
Shipments (feet)
1 274,477,915 1,759.829,993 1,745,384,951 1,776,100,643
Corresponding Week- Preceding Week 1927
(Revised)
1926.
Softwood. Hardwood. Softwood. Hardwood. Softwood. Hardwood.
Softwood.
Softwood. 'Hardwood.
Lumber Production and Shipments During Month of
March.
The "National Lumber Bulletin," published monthly by
the National Lumber Manufacturers' Association of Washington, D.C., and Chicago, Ill., on May 7 1927 reported the
following information regarding the production and shipment
of lumber during the month of March:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS'ASSOCIATION FOR MARCH 1927 AND MARCH 1926.
March 1927.
Softwood. 'Hardwood.
1927.3,359,988,000 502,188,0003,499,559,000 528,246,0003,617,962,006555,976,000
1926.4,055,594,000 95,339,0004,228.006,000476,003,0004,249.719,000478.990,000
The mills of the California White & Sugar Pine Association snake weekly
reports, but not being comparable, are not included in the foregoing tables.
Twenty of these mills, representing 64% of the cut of the California pine
region, gave their production for the week as 20,012,000. shipments
23,827,000, and new business 27,364,000. Last week's report from 20
mills, representing 61% of the cut, was: Production 18,120,000 ft.,
shipments 22,425,000 and new business 26,132,000.
West Coast Movement.
The West Coast Lumbermen's Association Wires from Seattle that
new business for the 72 mills reporting for the week ended May 4 was
23% below production, and shipments were 3% below production. Of
all MCI A' business taken during the week, 34% was for future Water delivery,
moulting to 19.897.703 ft., of which 16,327,703 ft. was for domestic
ergo delivery and 3,570.000 ft. export. New business by rail amounted
to 35.849,636 ft., or 61% of the week's new business. Thirty-six per cent
of the week's shipments moved by water, amounting to 26,249,144 ft., of
Which 19,172,407 ft. moved coastwise and inter-coastal, and 7,076,737 ft.
export. Rail shipments totaled 44,770,538 ft., or 60% of the week's
shipments, and local deliveries 3,127,958 ft. Unshipped domestic cargo
orders totaled 105,612,798 ft., foreign 67,525,672 ft., and rail trade
123.578,790 ft.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for
105 mills reporting, shipments were 2.24% above production and orders
5.07% above production and 2.77% above shipments. New business
taken during the week amounted to 62,091,871 ft. (previous week 69.002,745); shipments 60.417,150 ft. (previous week 62.303,861) and production 59,093,221 ft. (previous week 56,448,225). The normal production
of these mills is 65,987,510 ft. Of the 104 mills reporting running time,
79 operated full time, 19 of the latter overtime. Four mills were shut
down, and the rest operated from 2 to 5)4 days.
Effect of Flood on Operations.-Information received from Louisiana
and Arkansas mills located within the flood area indicate that no serious
damage has been suffered up to this time. There is some effect on logging
and milling operations, but of temporary duration. The injury is primarily to btisiness rather than to operation, as some transportation lines
are temporarily crippled and the mills they serve are unable to promptly
route shipments. River conditions have had little if any damaging effect
upon mills in the flood area. From what can be learned, pine operations
in general will go through the present stress without any serious handicap.
In fact, it has been excessive rainfall rather than overflow waters from
the rivers that has caused most of the hardships this far suffered.
The Western Pine Manufacturers Association of Portland. Ore., with
two more mills reporting, shows slight increases in production and shipments, and new business considerably more than that reported for the
previous week.
The California Redwood Association of San Francisco, Cal. with one
more mill reporting,shows some Increase in production, a material decrease
in shipments and new business about the same.
The North Carolina Pine Association of Norfolk, Va., shows production
about the same, a notable decrease in shipments and more than a 65%
increase in new business.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
With one more mill reporting, shows some increase in production, a slight
decrease in shipments, and orders considerably below those reported for
the preceding week.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. (In its softwood production) with two more mills reporting,
shows production and shipments about the same, and a slight reduction in
new business.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reported from 15 mills (two more than reported for the
week before) production about the same ,a small decrease in shipments and
a fair gain in new business.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
from 129 units (one more mill than reported for the week earlier) a big
increase in production,shipments about the same and new business slightly
below that reported for the preceding week. The normal production of
these mills is 21,672,000 feet.
West Coast Lunibermen's Association Weekly Report.
Seventy-two mills reporting to the West Coast Lumbermen's Association for the week ended April 30 manufactured
71,977,134 feet, sold 76,699,151 feet and shipped 87,369,292
feet. New business was 4,722,017 feet more than production and shipments 15,392,158 feet more than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
April 16.
April 9.
April 23.
April 30.
Week Ended72
72
72
72
Number of mills reporting
62,455,044
70,365,678
73,875,636
71,977,134
Production (feet)
78,143,629
76,813,391
78,011,872
76,699,151
New business (feet)
80,714,783
72,108.650
89,714,250
87,369,292
Shipments (feet)
Unshipped balances:
126,749,611 129,626,037 130,971,655 127,605,461
Rail (feet)
99,883,477
Domestic cargo (feet)_ _ 109.935,389 104,802,553 111,442,190
77,960,772
80,850,081
Exports (feet)
78.583,587
66,697,439
Total (feet)
[Vox. 124.
303,382,439
313,012,177
323,263,926
305,449,710
Production.
Shipments.
Association.
Hardwds. Softwoods Hatdteds Softwoods.
M ft.
Mills. M ft.
M ft.
M ft.
16
California Redwood
Calif. White & Sugar Pine Mfrs
20
Southeastern Forest Products_
52
North Carolina Pine
North'n Hemlock & Hardwd. Mfrs 35
9
Northern Pine Mfrs
6
Southern Cypress Mfrs
143
Southern Pine
73
West Coast Lumbermen's
43
Western Pine Mfrs
Lower Michigan Manufacturers.._ 12
21
Individual Reports
438
Total
48,192
2,240
7,799
9,226
67,457
35,207
40,461
10,291
29,995
17,174
31,631
5,868
332,889
296,335
107,350
2,623
19,445
929,269
31,719
2,123
7,413
11,205
42,557
101,547
9,757
29,432
21,153
39,003
5,187
339,243
296,207
133,515
2,132
19,164
52,460 1,038,897
March 1926.
Association.
Production.
Shipments.
Aooe.
No.of Hardwds. Softwoods Hardwds. Softwoods.
Mills. M ft.
M ft.
M ft.
M ft.
California Redwood
15
Calif. White & Sugar Pine Mfrs_ _ 20
Southeastern Forest Products_ _
10
North Carolina Pine
50
North'n Hemlock & Hardwd. Mfrs 42
Northern Pine Mfrs
9
Southern Cypress Mfrs
10
Southern Pine
161
West Coast Lumbermen's
95
Western Pine Mfrs
45
Lower Michigan Manufacturers_ _
11
Individual Reports
32
Total
Total
Total
Total
Total
54,622
3,123
9,458
18,599
45,092
80.304
12,391
32,092
17,227
23,004
8,743
373,748
384,839
145,769
1,228
43,447
500
85,802 1,167,884
production March 1927, 996,726 M ft.
production March 1926, 1,253,686 M ft.
shipmeats March 1927, 1,091,357 M ft.
shipments March 1926, 1,250,488 M ft.
33,031
3,010
7,197
20,790
32,877
104,279
11,310
29,091
14,629
31,532
12,916
366,241
395,597
148,485
2,205
37,298
64,028 1,186,460
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
March,
1927Alabama ____
Arkansas....__
California____
Florida
Georgia
Idaho
Louisiana_ ___
Michigan_.._
Minnesota___
Mississippi__ _
Montana
Product'n Shipm'ts
Mitts M Feet
M Feet
14
16
31
12
10
16
39
19
5
35
10
March,
1927.
Produc'n. Shipm'ts.
Mills M Feet. M Feet.
25,779
23,462 Nor. Carolina 17
33,731
33,948 Oklahoma ___
3
65,890 .123.373 Oregon
39
25,979
25,029 Sou. Carolina 12
4,843
4,405 Texas
36
32,353
51,040 Virginia
15
73,593
78,548 Washington
55
24.798
20,309 Wisconsin..... 29
29,836
27,278 Others *
25
103,732 110,097
27.043
24.610
Total
438
5,087
8,972
141,700
7,074
76,944
15,550
210,714
50,990
32,118
5,879
7,149
171,373
7,100
76,031
14,094
201,436
43,163
43,033
090 720 1091 257
• Includes mostly individual reports, not distributed.
Automobile Prices and New Models.
The new line of Dodge Bros., Inc., four-cylinder cars mentioned last week, page 2667, met with such success that production has been increased 10%, according to an announcement made by President E. G. Wilmer. This line will soon
be complemented by a line of six-cylinder models which are
already in production and will be introduced about June 1.
These models comprise a four-passenger coupe, a four-door
sedan and a new type of cabriolet roadster.
Reports from Detroit indicate that the Hudson Motor
Car Co. has announced a new custom-built roadster with
rumble seat, priced at $1,500. The Oakland Motor Car Co.
has introduced a Pontiac six de luxe delivery chassis, listing at $585. The Studebaker Corporation has brought out
a custom coupe with a rumble seat In the Erskine line listing at $995.
A price reduction, reported to have taken place April 5,
was disclosed in a dispatch from Chicago on May 12 which
said that the Yellow Truck & Coach Manufacturing Co. has
cut the price on standard yellow cab model C5 $200, to
$2,250.
Rumors to the effect that a new Ford will be put on the
market June 1 are indicated in the following extract from
"The Sun" of May 11:
Those who keep in touch with operations of the Ford Motor Co. say that
organization is hiring tool makers at its Highland Park plant and that they
are being put to work on new stuff. It is believed that the new car or cars
that Mr. Ford has in preparation, are to snake their appearance in June,
but there is nothing official to confirm it. Reports have it that new cars
are being tried out adjacent to the Fordson plant and that they are four-
MAY 14 1927.]
THE CHRONICLE
cylirider cars with four brakes, gear shift, oil pump and water pump. The
engine stroke is said to have been lengthened in the new job and the car
is said to be much faster.
Increase in Canadian Exports of Pulp and Paper in
March.
According to the report issued by the Canadian Pulp and
Paper Association, the exports of pulp and paper in March
were valued at $17,234,858, an increase of $4,257,893 over
the previous month, but slightly below the total for March
1926. The Montreal "Gazette" of May 3, from which the
foregoing is taken, says:
2827
Stocks on hand April 1 amounted to 162.438,000 yards. On April 30
they were 176,681,000 yards, or 35.1% lower than on the corresponding
date a year ago.
The reports compiled by the Association are based on yardage statistics
on the manufacture and sale of more than 200 classifications of standard
cloths, and represent a large part of the production of these goods in the
United States.
The summary,in yards,follows:
Per Cent
of Change.
1927.
1926.
Production
237,185.000
211,948.000
+11.9
Sales
252,301,000
169,258,000
+49.1
Shipments
222,942,000
190,434,000
+17.1
Stocks on hand-April 1
-35.2
162.438,000
250,555,000
April 30
176,681,000
-35.1
272,069.000
Unfilled orders-April 1
445,171,000
258,007,000
+72.5
April 30
474,530,000
+100.4
236,831.000
Exports of wood-pulp in March were valued at $4,407,371, and exports
of paper at $12,827,487, compared with $3,239,761 and $9.737,204, respectively, in the month of February.
For the various grades of pulp and paper details are as follows:
March 1927
March 1926PulpTons.Tons.
Mechanical
19,688
562,056
27,095
7k,752
Sulphite, bleached_ - 23,305
1,902.369
21,170
1,670,195
Sulphite,unbleached 16,180
879,442
27,054
1.595,714
17.388
1,063,504
17,809
1,098.008
Sulphate
Paper-
Newsprint
Wrapping
Book (cwts)
Writing (cwts.)
All other
76,561
4,407,371
93,128
184,502
1,959
6,280
2,022
12,104,884
221,597
•
51,362
16.239
433.405
173,171
2,899
5.406
2,736
Formation of Print Cloth Group in Cotton Textile
Institute.
Announcement was made on May 12 of the formation of a
Print Cloth Group in the Cotton-Textile Institute for the
purpose of promoting the interests of the cotton mills engaged
in this class of manufacture. The group was formed at a
5.131.669 meeting at the Lawyers' Club, 115 Broadway, called by
11,460,211 Walker D. Hines, President of the Institute, who outlined
383,525
48,189 the following fields of activity for the group:
22,964
506,621
12,827,487
12,421,510
For the first three months of the year the total exports of pulp and Paper
were valued at $43,660,840, as compared with a total of $44,042,022 in the
corresponding three months of 1926. a decline for this year of $381,162.
The decline was due to a decrease in the shipments of wood-pulp, the
value of which amounted to $11,312,187 in the first quarter of the current
year, as compared with $13,501,570 in the corresponding period of 1926.
Exports of paper, on the other hand, increased appreciably, the total for
the first quarter of 1927 being $32,348,653, as compared with a total of
$30,540,432 in the first quarter of 1926.
Details for the various grades are as follows:
-3Months 1927-3Months 1926Tons.
PulpTons.
Mechanical
45,803
1,296,911
84,716
2,465,680
Sulphite, bleached
61,972
4.860,890
52.057
4,120,641
Sulphite,unbleached 48,327
2,661,477
74,579
4,228,493
Sulphate
40,798
2.492,909
43,358
2.868,756
PaperNewsprint
Wrapping
Book (cwt.)
Writing (cwts.)
All other
196,900
11,312,187
254,710
13,501,570
468,030
4,708
12,288
3,846
30,677,339
534,419
107,879
30,824
998,192
428,135
5,954
9,360
4,040
28,315,776
789,208
87,118
32,077
1,316,253
The collection and dissemination of more complete information for the
benefit of the members of the group.
A study of problems relating to cost accounting.
The analysis of existing and possible new uses for the product and the
extension of domestic and foreign markets.
The President, acting on the recommendations of those
present, appointed an advisory committee for the group consisting of John A. Law, Chairman, Spartanburg, S. C.;
J. W. Bowen, Vice-Chairman, Fall River, Mass.; J. P.
Gossett, Williamstown, S. C.; J. E. Osborn, Fall Fiver,
Mass.; James C. Self, Greenwood, S. C.; John Skinner,
Cohoes, N.Y.,and William H. Winchester, New York, N. Y.
There were present representatives of 48 mills, with an aggregate spindleage of almost three and a third million, located
in all parts of the country.
Tornado Destroys Cotton Crop in Asia-Turkestan
Forwards Seed to Replant Fields Wrecked by Wind
and Heavy Rain.
Associated Press ad-vices from Tashkent, Turkestan, May
10, are reported as follows in the New York "Evening Post":
32,348,653
30,540,432
Pulpwood exports for the first quarter amounted to 507,106 cords, valued
A tornado followed by heavy rains is reported to have destroyed 75%
at $4,665,311. This is an increase over the shipments for the first quarter oj
of the cotton crop in several districts of Western Asia. In the Andijan dis1926, when the total exports were 362,359 cords, valued at $3,331,998.
trict it is estimated 12,000 acres of plantations were destroyed. Several
dams were broken and irrigation works seriously damaged,flooding villages
Establishment of Bureau by Silk Trade to Eliminate in Ferghana Province, the main cotton centre of Turkestan.
In the Chushpap and Bagdad districts 8,500 acres are submerged. The
Trade Evils.
Government is forwarding tons of cotton seed for distribution among the
An announcement made by the Silk Association of Amer- peasantry whose crops were destroyed.
ica, Inc., says:
A recent inquiry conducted by the Sales Managers' Group of the Silk Wool Trade Plans Curb on Production to Halt Losses
Association of America, Inc., indicates that trade abuses in the silk inMost Disastrous Year in Its History Reported
dustry have aroused the attention of many silk manufacturers.
by Spinners at Parley.
As an initial step toward bringing about improved conditions, the Group
has established a bureau for the elimination of certain trade evils, to be
That the wool and worsted yarn industry has passed
known as the Research Bureau of the Sales Managers' Group of the Broad
Silk Division. Co-operative action will be possible through the action of through the most disastrous year the trade has ever exthis bureau, which is functioning from the association offices. Suggestions perienced, that things threaten to go from bad to worse
are being received at this bureau, showing to what extent the silk manu- and that radical
steps are necessary to avert the continufacturing concerns will assist in seeking a remedy to cope with these adverse
conditions. The bureau is also collecting data on the exact state of trade ation of astounding losses which have made inroads on
customs to-day. Membership in the group already numbers over one hun- surpluses and capital were facts generally subscribed to
dred, and details relating to the operation of the bureau have been placed
on May 11 at the annual meeting of the National Associin the hands of an executive committee.
How far-reaching are the plans of the bureau may be shown by the ation of Wprsted and Woolen Spinners at the Waldorfvariety and scope of the questions in which it is interested. They are such Astoria Hotel in New York, says the New York "Journal
questions as: Production and consumption problems; unjustified return
of goods; repudiation of contract; rulings on depreciation of merchandise, of Commerce," which in its account of the meeting, also
such as shrinkage of georgette and other silks; responsibility of seller in says:
cases where goods dyed several shades different from that ordered, are
A special committee which has been investigating the demoralized conrefused by buyers; return of merchandise for alleged imperfections; unjust- dition of the market, and whose preliminary
report was placed before the
or excessive claims; claims made after goods have been cut or made into convention, was authorized by resolution to continue its work with the
garments; return of goods after they have been on sale.
view of devising a constructive plant by which co-operation and coordination could be effected in an effort to improve the situation by united
of productive capacity and otherwise. The meeting pledged supUnfilled Orders for Cotton Textiles Reached a New control
port to any plan which could aid in bringing about stability.
High Level in April-Gain in Production.
Year Worst in History.
Unfilled orders for standard cotton textiles increased at
"The record of the worsted and woolen industry the past year has perthe rate of more than a million yards a day during April and haps been a record of the most disastrous year our branch of the trade
reached a new high level, according to reports for the month has ever experienced," was the assertion of Thomas H. Hall, retiring
president, in his
address to the association. "The aggregate
just compiled by the Association of Cotton Textile Mer- losses, with inroadsannual
on surpluses and capital, have been astounding.
chants of New York. The volume of unfilled orders on April
"Such a record for so basic and necessary an industry as ours, during
30 was 100.4% larger than it was on that date last year. aof period of unusual prosperity among other industries and in the midst
country's otherwise general prosperity, would seem tothose in
Sales during the month were 49.1% greater than during April andour
outside our trade to need very careful analysis and explanation, espelast year, says the Association under date of May 9, its state- cially since, in spite of the period of distress, we are at this moment
going from bad to worse.
ment adding:
"It must be the consensus of opinion of those engaged in our trade,
Unfilled orders on April 30 amounted to 474,530,000 yards as against
that we have been and are largely overproducing all required demand.
445,171,000 yards on April 1, an increase of 6.6%.
"In answer to those who attribute our distressed situation to underProduction during April 1927 amounted to 237,185,000 yards, an inconsumption of wool manufactures, let us measure and calculate with
crease of 11.9% over April 1926.
Sales were 252,301,000 yards, or 106.3% of production. In April 1926 our available statistics as near as possible the present actual wool
consumption.
the ratio of sales to production was 79.8% •
Statistical Analysis.
Shipments during April were 222,942,000 yards, or 94% of production.
in
increased
volume
April
Shipments
17.1% over the
1926, when the ratio
"Reports of wool consumption issued by the Department of Commerce
for January, February and March, 1927, are based on returns received
to production was 89.8%•
2828
THF CHRONICLE
from 581 mills, while 67 mills fail to report. The mills reporting represent a spindleage equipment of 3,504,291 spindles. The mills not reporting include some of the largest units and represent a spindleage equipment of 1,022,482 spindles, or approximately 22% of the combined
spindleage of the 548 unit mills totaling those that do and do not report.
"The report shows that the 581 mills reporting consumed 146,589,174
pounds of all classes grease equivalent wool in the first three months of
the year, equivalent to a yearly basis of consumption of 586,356,696
pounds.
"An estimated consumption by the 67 mills not reporting based on
their relative spindleage equipment would amount to 165,000,000 pounds
yearly basis, calculated on a basis of 22%, which is the ratio of these
mills to the whole. This added to the reported consumption would result
in a yearly consumption of about 750,000,000 pounds, figuring the balance
of the year on reports for the first three months.
Ruinous Competition Continues.
"An estimated consumption by the 67 mills not reporting, if figured
relatively on unit mill basis and not spindleage equipment, would
show only about 10.q% consumption of the combined 648 mills or a
total of about 650,000,000 pounds yearly basis consumption for the
combined mills; while computations have often been figured on this
latter basis, it is apparent it would not be a fair basis. The
above
calculation basis would indicate no abnormal underconsumption by
former comparison of all class wool consumption.
"We have been and are continuing the practice of a ruinous competition to make sales that bids fair to wipe out a considerable part of our
important industry unless measures are instituted to check this course.
We must measure our production with a consumptive demand,
and in
turn base our costs on a 60 to 65% average production at most.
"Your executive board has endeavored in every possible way
to find
ways and means for any concerted action to the end of
relieving the
situation. It is earnestly hoped that formulated plans resulting from
your committee's efforts will materialize."
April Figures of Raw Silk Imports, Stocks,
Deliveries, &c.
A decrease in the consumption of raw silk in the United
States during April is evidenced in the figures made public
on May 5 by the Silk Association of America, Inc., the
statement showing approximate deliveries to American
mills during April of 47,853 bales, as compared with 49,242
bales during March. The imports during April amounted
to 46,486 bales, against 38,600 bales in March. The
amount of raw silk in storage at the end of April was 31,749
bales, comparing with 33,116 'bales at the end of March.
Thefollowing are the statistics made public by the Association:
[vol. 124.
totals for all "contract markets," as reported by the Grain
Futures Administration of the United States Department of
Agriculture, were made public May 6 by L. A. Fitz, Grain
Exchange Supervisor, at Chicago. For the month of April
the statement shows total transactions at all markets of
1,339,357,000 bushels, compared with 1,915,179,000 bushels in
the same month in 1926. On the Chicago Board of Trade
during April of this year the transactions totaled 1,132,389,000 bushels, against 1,634,583,000 bushels. We give below
the details-the figures listed representing sales only, there
being an equal volume of purchases:
VOLUME OF TRADING.
Expressed in Thousand Bushels. 1. e., (000) Omitted.
Date-April 1927Wheat.
Corn.
Oats.
Rye. Barley. Flax,
1
29,921
8,573
2,043 2,486
2
23,992
4,334
871 1,670
3. Sunday.
4
25.637 4.940
800 1,695
5
15,801
3,631
1.233 1,635
6
30,004 13.206
1,957 1,950
7
28,242
8,205
1.030 1,568
8
18,023
8,287
1,070
845
9
43,430 10,336
1,915 1,701
10. Sunday.
11
40,439 15,732
2,131 1,765
12
26.457 20.737
4,801
853
13
40,227 16.444
2.273 1,347
14
27,003 12,927
3,331
808
15. Holiday.
24,408 16,014
16
6,013 1,075
17. Sunday.
25,327
18
8.754
2,114
923
25,144 11,493
19
2,991 1,433
21,318 10,685
20
1,851 2,277
44,619 13,018
21
5,124 2,264
23,997 11,211
22
2,443 1,572
16,768 9,455
23
2,175
850
24. Sunday.
28,893 10.694
25
5,466 1.820
17.886
8,213 5,288 1,958
26
37,094 15,651
27
6.241 2.863
4,721 2,766
30.278 16,428
28
36,090 11.685
29
7,849 3,074
31,329 16.728 11,607 4,147
30
Total.
43,023
30,867
33,072
22,300
47,117
39,045
28,225
57.382
60,067
52,848
60,291
44,069
47,510
37.118
41,061
36,131
65,025
39,223
29,248
46,873
33,343
61,849
54,193
58,698
63.811
Chic.Bd.of Trade,total. 712,327 287,381 87,338 45,343
1,132,389
Chicago Open Board_
29,900
9,602
758
149
40,409
Minneapolis C. of C
47,948
21,107 7,012 3,168 3.340
82.513
Kan. City Bd. of Trade 31,382 13,L81
54
4
18
5:0
88
17
2
Duluth Board of Trade *81.198
---- 7,861 -52 2.796
St. Louis Merch. Exch_
13,732
-8'63
4,595
Milwaukee C. of C
1,347
1,609
1,407
535
4,898
N.Y. Produce Exch.,..
9.794
-- -50 -_
9,844
Seattle Merch. Exch...
806
--- 806
Los Angeles Or. Exch_
0
San Francisco C.of C.
0
Baltimore C. of C
Total all mkts. Apr.'27 845.494 313.035 110.654 60,900 3,138 6.136 1,339,357
Total all mkts. yr. ago_1,395.728 291.553 159.012 57,511 6,552 4,823 1.915,179
Chic B.of Tr. year ago.1,208.957 270,427 117,083 38,116 --------1,634,583
* Durum wheat with exception of 390 wheat. x Hard wheat with exception of
484 red wheat.
European. Japan.
AU Other.
Total.
OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
Stocks April 1 1927
24,483
869
7,764
33,116
FOR APRIL 1927.
Imports month of April 1927*
225
39,616
6,645
46,486
("Short" side of contracts only, there being an equal volume open on the "long"
Total amount available during Apr
("Short"
side
of
contracts only, there being an equal volume open on tho "long" elite.
1,094
64,099
14.409
79,602
Stock May 11927..a
835
24,706
Corn.
Wheat.
6,208
Oats.
31,749
Rye.
Total.
April 1927Bushels.
Bushels.
Bushels.
Bushels.
Bushels,
Approximate deliveries to Ameri1
83.673,000 82.385.000 *46.535.000 14.559.000'227,152,000
can mills during April.b
259
39.393
2
8.201
82.047.000 82.402,000 46,431,000 *14,675,000 225,555,000
47.253
3 Sunday
•Imports at New York during current month and at Pad Ic ports previous to the
4
82,181.000 82.648.000 46,313,000 14,414,000 225,556.000
time allowed In transit across the Continent (covered by man tests numbers 54 to
5
70.
81,924.000 82.800.000 46.032.000 14,481.000 225,237,000
Inclusive), a Includes 4,436 bales held at railroad terminals at end of month (part
6
82.301.000 82.771.000 45,474.000 14.419.000 224,965,000
Of manifests 64, 68 to 70).
7
82.349.000 82,693,000 45.290.000 14.537.000 224.869,000
SUMMARY.
8
82,786.000 *82.913.000 45.423.000 14.544.000 225,666,000
9
82,690,000 82,383.000 45,282,000 14,580,000 224,935,000
10 Sunday
Imports During the Month.'
Storage at End of Month.,
11
83,911.000 82,039.000 45,159,000 14.485.000 225,594.000
12
*84.362.000 81,714.000 44.504.000 14,390.000 224,970.000
1927.
1926.
1925.
1927.
1926.
1925.
13
83.350,000 79.994.000 44.069.000 14.355.000 221,768,000
14
January
48.456
81,693,000 80.400.000 44,346,000 14,438,000 220,877,000
43.650
37.084
52,627
47,326
58,732
14 Holiday
February
33,991
38,568
39,046
43,758
43,418
60,249
16
March
33,600
81,962,000 79,680,000 44,045,000 14,400,000 220,087,000
31,930
31.571
33,116
35,948
46.663
17 Sunday
April
46,486
31,450
32,648
31,749
30,122
39,271
18
May
80,721,000 79,683.000 43,871.000 14.282,000 218,557,000
35.120
41,512
31,143
42.517
19
June
80,768.000 79.283.000 43.506.000 13,435,000 216,992,000
35.612
41.074
29,111
44,016
20
July
81,213,000 79.300.000 43,096.000 13,579,000 217,188,000
37,842
35,595
27,528
35.598
21
August
79.050,000 79.756.000 43.025,000 13,082,000 214,913,000
46,421
40,468
28.006
32,017
22
September
79,835,000 80.072.000 43.082.000 12,866,000 215.855,000
50,415
52,375
34,459
42.708
23
October
79.142,000 79.945,000 42.701,000 12,687,000 214,475,000
48,403
43,530
35.094
39,423
24 Sunday
November
59,670
49,238
47,130
46,813
25
December
79.257,000
80,154.000 42,574.000 12,192.000 214,177.000
45,119
45.495
52.478
49,824
26
78.593,000 79.359.000 42.076.000 11,894.000 211.922,000
27
76.223,000 79,306.000 41,316.000 11,972,000 208,817.000
Total
167,533 604.200 489.634
28
75.036.000 78,289.000 40.177.00012.337.000 205,839,000
Average monthly
41.883
42,017
40,803
40:512
36;iii
44,819
29
70,592.000 76,115.000 38.033.000 12.148.000 196.888,000
30
z69,165,000 274,318,000 z36.413,000 z10,877,000z190.773,000
Approximate Amount in Transit
Approximate Deliveries
between Japan and New York
Averageto American Mills.**
-End of Month.
April 1927
z80.193.000 80.416.000 43,551.000 13,585.000 217,745.000
April 1926
96.935.000 57.876.000 46,132.000 13.177.000 214,120.000
1927.
1926.
1925.
1927.
1926.
1925.
March 1927
86,896.000 *84.959.000 48,396.000 15,099,000 235,350.000
February 1927
87,976.000 77.933.000 49.714.000 *15.683.000 231.308.000
48.307
.711.111.1ary
46.148
39.885
17.700
14,800
18,900
January 1927
90.024.000 68.526,000 48,960.000 13,468.000 220.978,000
42,860
42,476
37.529
February
19.000
14.400
12,400
December 1926_ .. _ _ 04.547,000 60.192.000 46,278,000 13.099.000 214,116.000
49,242
39,400
45.157
March
21.700
18.400
12,705
November 1926___*108.933.000 63,758.000 *50.015.000 15,144,000.237,850,000
47,853
37,278
40.040
April
25,000
18.700
16.969
October 1926
100,156.000 54,427.000 49,162.000 13,823,000 217,568.000
34.099
38.266
May
18.000
19.100
September 1926_....102,235.000 z46,780.000 46.899.000 12,814,000 208.728,000
37,644
39,575
June
18.300
15,000
August 1926
99.118.000 53.554.000 42,730.000 13,014,000 208.516,000
39.425
44,013
July
23,000
19.500
July 1926
87.023.000 52.198.000 z31,397.000 12,393.0002183,009,000
45,943
44,047
august
24,000
27.600
June 1926
z84,845.000 60.624.000 36.631,000
9.751,000 191,851,000
43,962
September
41,684
23,900
19,162
May 1926
85,808.000 53,831,000 37,618,000 z8,359,000 185,616.000
47,768
46,815
October
32.400
27,800
•High. z Low.
47.634
41,848
November
19,700
23,500
39,771
42,484
December
26,500
29,100
RAW SILK IN STORAGE MAY 1 1927.
(As reported by the principal warehouses in New York City.)
April Steel Ingot Production Shows Decline.
Steel production in the United States during April proves
to have been smaller than during March. This follows in
part, but only in part, from the fact that there was one
working day less than in the previous month. According
to the monthly statistics published by the American Iron
Transactions in Grain Futures During April on
& Steel Institute, compiled from companies which in 1926
Chicago Board of Trade and Other Markets.
made 95.01% of the steel ingot production in that year,
Revised figures showing the volume of trading in grain the output of steel in April was 3,923,867 tons,
of which
futures on the Board of Trade of the City of Chicago, by 3,340,852 tons were open-hearth, 565,634 tons
Bessemer
days, during the month of April 1927, together with monthly and the remainder all other grades. The calculated monthly
188.262 501.546 501,343
Total
47,066
41,796
41,779
20.850
Average monthly
21)5a8 20.145
•Imports at New York during current month and at Par fie ports previous to
Continent
across
transit
(covered
the
by
in
allowed
manifests
time
numbers 54 to
the
70 inclusive). a Includes re-exports. b Includes 4.436 bales held at railroad
terminals at end of month (part of manifests 64, 68 to 70).
MAY 14 1927.]
THE CHRONICLE
production for all companies on this basis is 4,129,952 tons
in April as compared with 4,534,926 tons in March. The
average daily production was 158,844 tons in April with
26 working days and 167,960 tons in March with 27 working
days. In April last year the daily production was 157,915
tons. In the following we show the details of production
back to January 1926:
MONTHLY PRODUCTION OF STEEL INGOTS, JAN. 1926 TO APRIL 1927.
Reported for 1926 by companies which made 95.01% of the steel ingot
production in that year.
Months.
1926.
January__
February_
March__.
April_._.
OpenHearth. Bessemer.
3,326,846
3,023,829
3,590,791
3,282,435
581,683
556,031
635,680
601,037
Approx. Per
Calculated
Monthly liforuhly No.of DatlyPro- Cent
of
ProduatonProduction Work- duaton
AU
Sag all Cm, OperaAU CompasSesI
Other. Reporting„Companies. Days.OrossTons Hon.
1
13,664 3,922,193.4,132,210 26 *158,931.88.51
12,818 3,592,678 *3,785,051 24 *157,710 *87.83
15,031 4,241,502 *4,468,617 27 *165,504 *92.17
13,652 3,897,124•4,105,799 26 *157,9151*87.94
4 moo.... 13,223,901 2,374,431 55,165 15,653,497,*16491 677 103 *160.113*89.17
May
June
July
August._
September
October_ _
November
December
Total
1927.
January
February_
March__.
April
3,201,230
3,036,162
2,911,375
3,145,055
3,089.240
3,224,584
2,915,558
2,788,479
516,676
498,764
526,500
627,273
612.588
630,526
592.239
493,172
10,437
9,441
12,372
12,003
12,660
12,348
9.605
8,919
3,728,343°3,927,979
3.544,367*3,734,153
3,450,247 *3,634,993
3,784.331 *3,986,966
3.714,488 *3,913,383
3,867,458 *4,074,544
3,517,402*3,705,744
3,290,570 *3.466,766
26 *151,076°84.14
26
143,62l *7998
26 *139,807 *77.86
26 *153,345 *85.40
26 *150,515 *83.82
26 *156,713 *87.27
26 *142,529°79.38
26 *133,337+74.26
37,535,5846,872,169 142,95044,550,703*46936 205 311
3,041,283
3,042,232
3,701.418
3,340,852
545,690
565,201
590.716
565,634
io InK TRx 0 OA, 0.11
10,586
13,237
16,499
17,381
n'l
I
3.597.509•3,786,453
3,620,670 *3,810,830
4,308,633 *4,534,926
3,923,867 4,129,952
7m ln
AKII A70112 0•19 1R1
*150,920 *84.05
26
24
27
26
I
*145,833*81.10
*158.785 *88.43
*167,960 *93.54
158,844 88.46
1112
1,7 QQ, Q7 0/
•AdJus ed.
The figures of "per cent of operation" are based on the "theoretical capacity"
as of Dec. 31 1925 of 55,844,033 gross tons of ingots.
Decrease in Unfilled Tonnage of United States Steel
Corporation During April.
The United States Steel Corporation in its monthly statement issued May 10 1927,reported unfilled tonnage on books
of subsidiary corporations as of Apri130 1927 at 3,456,132
tons. This is a decrease of 97,008 tons under unfilled orders
on March 31, and a decrease of 344,045 tons below the
Jan. 31 figures. On April 30 last year orders on haRd stood
at 3,867,976 tons and at the same time in 1925 at 4,446,568
tons. In the following we show the amounts back to 1922.
Figures for earlier dates may be found in our issue of
April 14 1923, p. 1617:
1926,
End of Month 1927.
January
3,800,177 4.882.739
February .... 3,57,119 4,616,822
3,553,140 4,379,935
March
April
3,456,132 3,867,976
May
3,649,250
3,478,642
June
July
3,602,522
August
3,542,335
September_._3,593,509
October
3,683,661
November.
3,807,447
December_
3,960,969
1925.
5,037,323
5,284,771
4,883,584
4,446.568
4,049.800
3.710,458
3.539,467
3.512,803
3,717,297
4,109,183
4,581,780
5,033,364
1924,
4.798,429
4,912,901
4,782,807
4.208,447
3,828,089
3,262,505
3,187,072
3,289,577
3,473,780
3,525,270
4,031,969
4.816.676
1923.
6,910.776
7,283,989
7,403,332
7,288,509
6.981,851
6,388,261
5,910,783
5.414.663
5,035,750
4,672.825
4,368,584
4,445,339
1922.
4,241,678
4,141.069
4,494,148
5,096,917
5,254.228
5,835,531
5,778,161
5,950,105
6,691,607
6,902,287
6,840,242
6.745,703
Steel Operations and Sales Show Some RecessionPrice Increases-Pig Iron Price Steady.
Both sales and production of steel show a diminishing
tendency, declares the "Iron Age" of May 12 in reporting
the results of its observation of market tendencies of the
week. So far this month new orders and specifications
together call for about as much rolled steel as in the first
ten days of April, but mills are for adjusting operations to
an expected reduced demand paralleling the trend last year,
in which July was the low point. Lacking many large single
purchases, the market appears quiet, but this comes in part
from comparison with its busiest periods, the "Age" goes
on to say in its preliminary summary, from which we quote
further as follows:
Steel making operations in the Pittsburgh and nearby districts are put
at 75% against 80% two weeks ago. Some recessions are reported in the
South and in the Chicago district.
Prices are no lower than they have been. The recent rise In sheet quotations has driven in a fair volume of business and much of this at advances
of $1 and $2 a ton and some even at the levels obtaining in December. The
firmness against concessions points to a test coming before the month is
out, when renewed buying becomes necessary.
Corresponding firmness is developing in strip steel, with a revival of the
effort made some time ago, and shown in all markets, to exact quantity
differentials on the cold-rolled product.
Production of steel ingots in April, averaging 158,844 tons per day, made
the month as predicted the largest April in the industry's history. Following immediately the best record of any month, that of March, the four
months' output is practically equal to the record breaking volume of the
first third of 1926. Yet the unfilled orders of the United States Steel Corp.
were on April 30 smaller than at any time in thirty-two months.
The facts are interpreted as establishing the increasingly closer ordering
for needs. A survey of consuming industries points to no rapid change in
the large diversified consumption shown by the statistics of shipments.
That the Steel Corp.'s unfilled tonnage dropped on April 30 to a figure
under a minimum not reached until June 30 last year is considered in the
light that since the beginning of the year the falling off in the backlog of
2829
orders has been 505,000 tons against a reduction for the same period a year
ago of 1,165.000 tons.
In pig iron, some new business is coming from the automobile industry,
which is expected to take as much tonnage this month as in April. In a
number of important centers, however, melt is diminishing, and buyers are
not expected to consider third-quarter requirements much before June. At
Cincinnati lagging specifications have resulted in concessions of 50c. to $1
a ton by Lake furnaces. In New England also there is sharper competition,
particularly among furnaces located east cf Buffalo.
Scrap shows signs of having struck bottom at Pittsburgh, where a steel
company bought 10,000 tons of heavy melting steel at $16. A decline of
50c. a ton is reported at both Chicago and Philadelphia. Further price
recessions are reported from Detroit, where increased offerings of scrap for
May delivery are concomitant with tapering purchases by mills and
furnaces.
Better accord among the oil producers, looking to a curtailment of production, is expected to mean the abandonment of some 30,000 tons of plate
work for storage tanks. Chicago, on this account, does not regard June
as promising, and 2c. there for plates is not uncommon on 25-ton lots.
Rail mills now look for an 80% scale of operations into June, and then
will be waiting on the next half-year's orders. Meanwhile track accessories
demand has expanded, particularly in spikes.
The Reading RR. has inquired for 1,000 gondola cars and the Lackawanna
has bought 300 steel hopper cars. The purchase of the 3,500 or more freight
cars for the New York Central is expected this week.
An addition to the Baldwin Locomotive Works, at Eddystone, Pa.,
taking 8.000 tons, a viaduct in New York calling for 5,800 tons and miscellaneous work in New York of about 10.000 tons figure in the week's structural steel contracts amounting to 39.500 tons. Pending projects amount
to 22,500 tons, the largest being 5,000 tons for an apartment building at
Portland, Ore.
A gain in bolt and nut buying is not regarded as sufficient to prove broad
acceptance of the new price list. Joobers continue to object to the extra
charge for broken cases.
Imports last year of fluorspar, 25,000 tons in excess of sales, were apparently mistaken by foreign producers, particularly the French, as a measure of consumption, and as a result excessive shipments to this country
are now pressing the market at $2 to $3 a ton below domestic prices.
Pig iron in the Cleveland district of England has been reduced $1.20 a ton
to attract business, and there is a disposition there to shade steel prices,
especially of plates.
The composite price of the "Iron Age," for finished steel has advanced
to 2.353c. per lb., after the dip two weeks ago to 2.339c. The pig iron
composite price remains for the second week at $19.13 per gross ton as shown
in the following composite price table:
Pig Iron.
Fenathed Steel.
May 10 1927, 819.13 per Oros,Ion;
May 10 1927,2.353 Cents per Pound.
2.3390. One week ago
$19.13
2.3670. One month ago
19.21
2.4 7e. One year ago
20.71
One year ago
1.689e. 10-year pre-war average
15.72
10-year pre-war average
Based on average of basic Iron at ValBased on steel bars, beams, talk plates.
plain wire, open-hearsh rails, black pipe by furnace and foundry Irons at Chicago,
and black sheets, constituting 87% of the Philadelphia, Buffalo, Valley and Sirmingham.
United States output.
High.
Low.
Low.
High.
1927__2.453e., Jan. 4 2.330c., Apr. 26 1927_819.71, Jan. 4 318.96, Feb. 15
1926_2.453e., Jan. 5 2.4030., May 18 1926__ 21.54, Jan. 5 19.46, July 13
1925_2.560c., Jan. 6 2.396c., Aug. 18 1925._ 22.50, Jan. 13 18.96, July 7
1924_2.789c., Jan. 15 2.460c., Oct. 14 1924._ 22.88, Feb. 26 19.21, Nov. 3
1923-2.824e., Apr. 24 2.4460., Jan. 2 1923_ 30.86, Mar. 20 • 20.77. Nov.20
One week ago
One month ago
Steel ingot production in April was unable to subdue
tradition of the decline beginning with the second quarter
and fell off 5% from March, but it did soar to a new pinnacle
for April. The month's total was 4,129,952 gross tons.
This compares with 4,534,926 tons in March, all-time-high,
and 4,105,799 tons last April, declares the May 12 issue of the
"Iron Trade Review" from whicl• we add the following
extracts:
•or pig iron, reveal a robustStatistics of production for steel, as well
ness that is beclouded by hand to-mouth , ,Ing. In each month since
January more steel has been made than in c• ; ; arable months of last year,
rroduction of steel at 16.and with the year one-third gone, cumulat
ci of 1926.
262,161 tons is only 1M % under similar p
kage in both new business
Heavy finished steel has shown further 51
no
in,
re
past
week,
but
so than is to be expected
the
and production during
for this season. In the absence of normal demand from major consumers,
such as freight car and automobile manufacturers, the volume of steel
being absorbed by the general rua of the industry appears to be the greater.
Business is better than the steady inflow of small orders from diversified
sources indicate casually, as evidenced by the Aril ingot figures. The
price situation in heavy finished steel lines still tends toward easiness.
Steel works operations for this week average 82%.
Pig iron continues dull and weak. Both Bessemer and basic iron fell off
50 cents in Mahoning valley, to 19.18, respectively. Practically all makers
of cold rolled strip steel are now quoting new quantity differentials, which
have the effect of imposing an extra on small purchases. With the leading
independent makers of sheets at Chicago in line, the sheet industry now is
solidly behind the new levels of 2.25, Pittsburgh, for blue annealed. 3 cents
for black, 3.85 for galvanized, and 4.25 for full-finished. A few small sales
were made at these levels, but since most consumers covered their second
quarter needs before the advance, a real test of the market is postponed
until the third quarter requirements come out in about a month.
April car awards, totaling 3,350, have been the lighest for any month
since October, and brought the total for the opening four months this year
to 28,325, as compared with 35,535 in the corresponding period last Year.
The "Iron Trade Review's" composite price on 14 leading Iron and steel
products this week Is $36.85. This compares with $36.62 last week and
$36.64 the previous week.
Lake Superior Iron Ore Shipments in April.
Shipments of iron ore from Lake Superior district in April
this year ran much heavier than in April last year. Navigation opened unusually early the present year. Total movement for the month in 1927 was 1,560,086 tons, as against
the small tonnage of 9,664 during April 1926. Back in April
1925, however, shipments aggregated 2,120,670 tons. In
1924 they were 659,387 tons. Below we furnish a compila,
tion of shipments from the different ports in April of the
past four years:
2830
PortEscanaba
Marquette
Ashland
Superior
Duluth
Two Harbors
THE CHRONICLE
April 1927.
148,122
59,831
128,044
518,055
546.506
159,528
April 1926.
April 1925.
288,823
53,197
235,289
534,137
683,604
325,620
Fox,. 124.
April 1924.
98,342
12,117
72,028
224,064
136,847
115,989
The "Coal Age" index of spot bitumous prices on May 9 was 175 and the
corresponding weighted average price was $2.11, a decline of 2 points and
3 cents from the figures of the preceding week. Dumpings at lower Lake
9,664
ports during the week ended May 8 included 1,184,803 tons of' cargo coal
and 36,678 tons of vessel fuel.
The hard-coal situation is improving steadily. Demand is active, being
Total tont;
1,560,086
9,664
2,120,670
659,387 stimulated by the advance in company prices, scheduled for June 1. Stove
is stronger, pea is steady and egg and nut ere working into a better position.
The steam sizes are satisfactory. Anthracite production for the week
Despite the Continuance of the Bituminous Strike, ended April 30 totaled 1,925.000 net tons, the highest for any week since
Dec. 4 last.
the Market Shows No Ill Effects.
Increasing softness characterizes the Connellsville coke market, despite a
For the week ending April 30 8,500,000 tons were again marked curtailment of output. Demand is light and spot prices are declindumped into cars at open-shop mines, and those working ing.
"on parole" in the outlying districts, after having served a
sentence of three years under the Jacksonville agreement,
say that a conservative estimate for stock above ground
as of April 1 was seventy-five to eighty million tons; and
consumption since and now ten million tons weekly, declares
the May 12 market review issued by the "Coal and Coal
Trade Journal." A quick calculation would indicate a
reduction in stock of but two to three million tons weekly,
a rate of stock reduction that would string out the present
visible supply for six or more months along with present
production, continues the "Journal," from which we quote
further as follows:
But it should not be forgotten that many open-shop mines are idle because
of slack demand and because a few are having trouble and because the
production might be increased a million tons or more per week. So to even
the casual observer the closed-shop operators and miners have the alternrtive of a quick and sensible settlement et a competitive wage scale or the
prolonged agony of waiting with the forlorn hope of expecting a settlement
that at best cannot furnish more th n temporary work _ nd that, unprofitable to both operator and mines.
In central Pennsylvania much is hoped from the joint conference of
operators to which the miners have elected their delegates, and arrangements for which are complete except the date of the ceremony. They have
been carrying on when they could, since April 1. under a "trial marriage"
plan. It is hoped that when the joint conference ends neither operator
or miner will be left "waiting at the church," but will have gotten together
on a profitaole basis to both. Their average daily production for April
is reported at about one thousand cars daily less than during March. It
is also reported that the membership in the union has decreased 40 in
the last year.
In western Pennsylvania mines, including those that have changed from
closed to open shop, are reported as producing sufficient coal to supply the
present slack demand. It is remarkably quiet there for the "no man's land"
of the present strike. If a passerby or consumer is requested to "cone rnd
look a tour strike," the reply is "Wrere is it; we can't see it." But perhaps
as is often the case, the quiet is ominous, and a sudden explosion may occur
that will spread a conflagration throughout the district and over into
northern West Virginia and Ohio and the real battle will be on. So far
there have been only minor engagements, but a major struggle is not finpossible.
Ohio continues to report a considerable movement of open-shop coal in
prepared sizes from West Virginia and eastern Kentucky into their home
market, and of continued shipments to the Lake ports. A £3111Yil production is reported in the Bellaire district, and also a large emigration of miners
to other sections looking for work. Illinois and Indiana are reported as
still "marking time." and watching slowly decreasing stocks, looking for a
market opportunity that will justify resumption on a modified scale.
•
Consumers of bituminous coal show no indications of
deviating from their consistent attitude of indifference toward
the suspension of operations in the Central Competitive
Field and the Southwest, the "Coal Age" reported on May
11. Non-union coals are finding it anything but easy to
make inroadsinto the States where such tonnage might most
reasonably be expected to displace union coal. The Bureau of Mines stock report reveals that 75,000,000 tons of
bituminous were in consumers' bins on April 1, a recordbreaking total, continues the "Age," adding:
Bituminous Coal Output Shows Gain in Full-Time
Week-Anthracite and Coke Also Gain.
In the full-time week of April 30 the output of bituminous
coal increased 484,000 net tons; anthracite 263,000 net tons,
and coke 7,000 net tons, over the output in the respective
classes during the preceding week, according to statistics
furnished by the United States Bureau of Mines. Though
the miners' strike was in progress during the week ended
April 30, the daily average output in the bituminous fields
was around 1,403,000 net tons, comparing with 1,521,000
net tons per day during the corresponding week of 1926,
continues the Bureau,from which we quote the following:
The total production of soft coal during the week ended April 30 is
estimated at 8,421,000 net tons. In comparison with the preceding week,
this is an increase of 484,000 tons, or 6.1%.
Estimated United States Production of Bituminous Coal(Na Tons).
Including Coal Coked.
1926
1927
Cal. Year
Cal. Year
to Date.a
Week.
to Dale.
Week.
April 16
167,225,000
9,306,000
8,001,000
188,264,000
1,861,000
Daily average
1,551,000
1,334,000
2,094,000
April 23_b
176,496,000
9,271,000
7,937.000
196,201,000
Daily average
1,323,000
. ,
April 30_c
185,621,000
204,621,000
9,125,000
8,421,000
Daily average
1,521,000
1,822,000
1,403,000
2,008,000
a Minus one day's production first week in January to equalize number of days
In the two years. b Revised since last report. c Subject to revision.
ANTHRACITE.
The total output of anthracite during the week ended April 30 is estimated at 1,923,000 net tons, comparing with 2,098,000 net tons during
the corresponding week of 1926.
Estimated United States Production of Anthracite (Net Tons).
1927
1926
Cal. Year
Cal. Year
Week EndedWeek.
to Date.
Week.
to Date.a
April 16
1,762,000
22,055,000
2,086,000
15,382,000
April 23
1,662,000
23,717,000
2,087,000
17,469,000
April 30
1,925,000
25,642,000
2,098.000
19,567,000
a Minus one day's production first week in January to equalize number of day
In the two years.
BEEHIVE COKE.
During the week ended April 30 the output of beehive coke was estimated to be 176,000 net tons, a gain of 7,000 net tons over the production
in the week of April 23.
Estimated Production of Beehive Coke (Net Tons).
- 1927
Week Ended
1926
Apr.30 Apr.23 May 1
to
to
1927.11 1927.c
1926.
Date.
Date.a
Pennsylvania & Ohio
140,000 136,000 170,000 2,568,000 3,986,000
16,000 16,000 14,000
West Virginia
285,000
275,000
5,000
3,000 12,000
Ala., Ky., Tenn. & Ga
95,000
325,000
7,000
7.000
6.000
Virginia
124,000
159,000
5,000
4,000
5,000
Colorado Fe New Mexico
69,000
100,000
3,000
3,000
3,000
Washington dt Utah
79,000
63,000
176,000 169,000 210.000 3,811,000 4,908,000
United States total
Daily average
29,000 28,000 35,000
31,000
48,000
a Minus one day's production first week in January to equalize number of days
in the two years. b Subject to revision. c Revised since last report.
Current Events and Discussions
The Member Banks of the Federal Reserve System
Reports for Preceding Week-Brokers' Loans
in New York City.
The Federal Reserve Board's condition statement of 669
reporting member banks in leading cities as of May 4 shows
increases for the week of $132,000,000 in loans and discounts,
$7,000,000 in investments, $116,000,000 in net demand
deposits, $14,000,000 in time deposits and of $76,000,000 in
borrowings from the Federal Reserve banks. Member
banks in New York City reported increases of $91,000,000
in loans and discounts, $10,000,000 in investments, $65,000,000 in net demand deposits and $49,000,000 in borrowings from the Federal Reserve Bank.
Loans on stocks and bonds, including United States
Government obligations, were $64,000,000 above the total
reported on April 27, of which $60,000,000 was reported by
banks in the New York district. "All other" loans and
discounts were $68,000,000 more than a week ago, banks in
the Chicago district reporting an increase of $39,000,000
and banks in the New York district an increase of $27,000,-
000. Loans to brokers and dealers, secured by stocks and
bonds, made by reporting member banks in New York City
were $37,000,000 above the April 27 total, loans for their
own account having increased $43,000,000, and for out-oftown banks $39,000,000, while loans for others decreased
$45,000,000. As previously explained, the figures for these
member banks are always a week behind those for the Reserve banks themselves. The statement goes on to say:
Holdings of 'United States securities increased $12,000,000. a somewhat
larger increase being reported by banks in the New York district. Holdings
of other bonds,stocks and securities were $5,000.000 less than a week ago.
The principal changes in net demand deposits during the week were increases of $63,000,000, $36,000,000 and $19,000,000 in the New York. Chi
cage and Cleveland districts, respectively. Time deposits were $14,000,000
above the total reported a week ago, the principal changes in this item
Including a decrease of $10,000,000 at banks in the New York district and
increases of $9,000,000 and $6.000,000 in the Chicago and Cleveland districts, respectively.
Borrowings from the Federal Reserve banks were $76,000,000 larger than
on April 27, banks in the New York district reporting an increase of $51.000,000, and those in the Boston and Chicago districts increases of $13,000,000 and $9,000,000, respectively.
On a subsequent page-that is, on page 2872-we give the
figures in full contained in this latest weekly return of the
MAY 14 1927.]
THE CHRONICLE
2831
plies of coal are said to be large with production generally in excess of demand. A Welsh firm is reported to have received a contract for supplying
the Egyptian railway with 100.000 tons of coal during May, June and July.
The retail price of household coal has been reduced by 3 shillings a ton.
BELGIUM.
Increase (-I-) or Decrease (—)
During
A revision in the Belgian tariff is now in progress and will entail increases
Year.
Week.
+$132.000,000 +$480,000,000 In the tariff coon icients. Total imports in March were valued at 2,740,000,Loans and discounts, total
—18,000,000 000 francs and exports at 2.558,000,000 francs. Tax collections relating
—5,000.000
Secured by U. S. Government obligations
+69,000.000 +331,000.000 to the year 1926 received up to the end of March totaled 2,355,000.000
Secured by stocks and bonds
+68.000,000 +167,000.000
All other
+7,000.000 +337,000,000 francs as compared to budget estimates of 1,850,000.000 francs. Collections
Investments, total
+63,000.000 received during the first quc rter amounted to 262.000.000 francs as com+12.000,000
United States securities
—5,000,000 +274,000.000 pared to 200.000,000 francs during the same period last year.
Other bonds, stocks and securities
+66.000,000
Reserve balances with Fed. Reserve banks_ +45,000.000
FRANCE.
— 15,000.000
—3.000.000
Cash in vault
+116.000.000 +275,000.000
Net demand deposits
Primary industries remain sluggish and operations in many cases being
+14.000,000 +540,000.000
Time deposits
—76,000.000 carried on with small profits or even at a loss. Representatives of those
—10,000.000
Government deposits
+19,000.000 industries are not optimistic regarding early Improvement in the general
Total borrowings from Fed. Reserve banks_ +76,000.000
economic situation and, in fact, do not expects marked expansion in trade
before fall. Manufacturers are disturbed by the possibility of a further
The Week With the Federal Reserve Banks.
improvement in the franc, notwithstanding official reassurance to the conbetter among the commerdial groups whose
The consolidated statement of condition of the Federal trary. The feeling is somewhatduring
the spring buying season and who
sales are usually stimulated
Reserve banks on May 11, made public by the Federal now report a slight improvement in business. Short term money continues
Reserve Board, and which deals with the results for the plentiful and the situation with regard to long term loans has improved.
the policy of encouraging investment in longer term issues, the
twelve Reserve banks combined, shows declines for the week In line with
interest rates on one year National Defense bonds has been reduced from
of $139,200,000 in bill and security holdings and of $54,- 4 to 3%,while the rate on two year bonds remains at 5%. Unemployment
700,000 in member bank Reserve Bank deposits, and an continues to decline. There is greater activity in coal sales, although stocks
are accumulating. Following record exports and heavy production during
increase of $27,700,000 in cash reserves. Holdings of dis- the
first quarter of this year. the iron and steel industry is now curtailing
counted bills declined $65,700,000, of Government securi- its output because of the slack domestic and foreign demand. Buyers are
market
back and additional price cuts are anticipated in France. The
open
holding
in
ties $62,400,000, and acceptances purchased
textile markets show varying tendencies with few outstanding features.
$11,200,000.
There is a rising tendency in leather prices which,however, are still generally
The Federal Reserve Bank of New York reports a decline of $24,800,090 under world market prices. The retail shoe trade is better, but calm perin holdings of discounted bills, the Chicago bank a decline of $24,400.000. sists in the factories. With the continued improvement in spring automoand San Francisco of $14,100,000. The New York bank also reports a bile sales, the leading French manufacturers are increasing production.
decline of $9,300,000 in open-market acceptance holdings, and St. Louis a Sales of American automobiles are also better. Railway activity has been
decline of $2,300.000. The System's holdings of Treasury certificates were lower because of the Easter holiday season. The general agricultural out$63,400,000 below the preceding week's total and of Treasury notes $600,000 look is promising with spring sowings approaching a more normal level.
below, while holdings of United States bonds increased $1.600.000.
GERMANY.
During the week the Federal Reserve Bank of New York purchased
Progress In the textile industry continues to be the outstanding feature of
abroad $59,548,000 of gold, the purchase being participated in by all Federal
Reserve banks. This gold is now held earmarked by one of the foreign the general industrial improvement now prevailing in Germany. Even
correspondents of the New York bank and is shown in the statement against though there is a tendency on the part of the public to substitute cotton for
a new item "Gold held abroad."
wool, woolen mills are able to report a good amount of business. The
The principal changes in Federal Reserve note circulation for the week industry as a whole has orders booked for many months ahead. The same
comprise a decline of $8,200,000 reported by the New York bank, and situation is true of the iron and steel industry. It is also especially signifiincreases of $4,000,000 reported by Philadelphia, $3,800,000 by Cleve- cant that the improvement is due principally to an increase in domestic
land, and $2,800,000 by San Francisco.
sales rather than in export shipments. With a slight tendency towards
in wages, the general purchasing power is correspondingly growing;
The statement in full, in comparison with the preceding Increase
this condition, however, is also bringing a slight advance in the prices of
be
last
will
date
year,
week and with the corresponding
manufactured products.
ITALY.
found on subsequent pages—namely, pages 2872 and 2873.
The cabinet council recently approved a 40 to 70% reduction in the
A summary of changes in the principal assets and liabilities
cost of living bonuses paid to various grades of Government employees.
of the Reserve banks during the week and the year ending Similar bonuses paid to M I nistersand Undersecretaries have been eradicated;
the reason for this action is to be found in the recent rise in the value of the
May 11 1927 is as follows:
Increases (÷) or Decreases (—) lira. Reductions on the railroad rates of numerous classes of freight were
During
also authorized.
Year.
Week.
SPAIN.
+$27,700,000 +$267.600,000
Total reserves
Spanish bark clearings are stql large and indicate a continuance of the
+26,300,000 + 266.600.000
Gold reserves
—139.200.000 —182,200.000 specJlative purchases of the peseta. The steadiness of the exchange situaTotal bills and securities
—65.700,000
—34,400.000 tion has helped stabilize commercial operations and greatly favors Imports.
Bills discounted, total
+ 5.400.000
—51,500,000
Secured by U. S. Govt. obligations
far exceed budget
—14,200,000
—39,800,000 Increases are evident in Goverument collections and so
Other bills discounted
—11,200,000
+4.900,000 expectations by approximately 9,500,000 pesetas. Business turnover is
Bills bought in open market
—62,400,000 —142.400,000 reported normal with substantial imports. Collections are fair and the
U. S. Government securities, total
—29,700.000 credit situation is slightly improved. Bourse operations are somewhat
+1.600.000
Bonds
—600,000
—72.900.000
Treasury notes
—63,400.000 —39.800.000 reduced due to the April holidays, but money is plentiful both for investCertificates of indebtedness
—2.400.000
+42,800.000 ment and business. The crop situation is less favorable on account of the
Federal Reserve notes in circulation
—63,500.000
+ 80.100.000 lack of rain which threatens cereals, but fruits, nuts and grapes are in no
Total deposits
—54.700,000
+78,000.000
Members' reserve deposits
situation is somewhat spotty with the
+4,000.000
—10.100.000 immediate danger. The industrial
Government deposits
coal mining crisis continuing and with an increasing number of industries
crisis in the lead mines continues on
The
coal.
national
obliged to use
Summary of Conditions in World's Market According account of the low prices paid miners by the refiners. Iron Mining conditions continue their improvement, but the tanning Industries are still someto Cablegrams and Other Reports of the
what backward. Steel plants are working full time for Government and
Department of Commerce.
railway orders and the textile industries continue active. April imports
the United States were normal with a tendency towards increases in
from
The Department of Commerce at Washington releases for r,.reirts
of automotive products.
the
14)
following
(May
today
publication
summary of
FINLAND.
conditions abroad, based on advices by cable and other
The labor situation had clarified somewhat at the close of April. The
efforts of the Paper Workers' Union to call a general strike on May 1 have
means of communication:
met with DO success. The shipping companies were alai() to comprom se
CANADA.
with their own sailors individually and thus averted trouble. The Railway
Sales of producers' goods such as farm equipment, industrial machinery Administration granted insignificant increases to certain classes of their
and materials, mining supplies and power equipment, continue at satis- workshop employees and their operations will be carried on without interfactory levels, but cooler weather has affected to some extent the demand ruption, but the workers in the paper industries postponed the strike date
for some spring lines, notably clothing, footwear and dry goods. Agricul- to May 15 and it is hoped in Finland that the employers will be able to negotural implements, automobile, locomotive and tire factories are increasingly tiate with their workmen before that time, and avoid e strike. Demands
active. Motor vehicle dealers are enjoying excellent business and imports for increase in wages varying from 25% to 50% and for collective agreements
of trucks and passenger cars during March totaled 4.397 units, valued originated with the Trade Unions. A strike in this industry would involve
at over $4,000,000. The March output of leather footwear was nearly about 18 000 workers.
A slight seasonal revival was noticeable in Finland during March. The
1.800.000 pairs; the total for the first quarter of the year was 4.705,6813
continued mild spring weather encouraged both industry and trade. The
pairs.
Commercial failures during the first four months of the yeat numbered demand for lumber was weaker as a result of the large quantities already
817, about 6% more than a year ago, but the total liabilities. $13.700.360 contracted. Prices remained unchanged, but were slightly higher than iast
were about 9% larger. Security prices continue to advance; the bond year, and shipments during March were larger. The pulp market was dull
market is characterized at present by high prices for Dominion, provincial and unsettled, with some hesitancy among the buyers. Conditions in all
and municipal securities, owing to the increasing amount of funds available other industriesremained practically unchanged except for the slight seasonal
and the curtailment of public borrowing. The wholesale price of many Improvement. Both imports and exports wete active during March, the
commodities declined in April, but there was an advance in grain and flour former showing a very large increase, while exports fell off slight:y. The
which kept the average up. Potato prices are advancing because of Increas- slight stringency in the money market which prevailed during February
demand and limited supply. Wheat prices are strong with an active de- was relieved during March. Financial conditions were somewhat bettee
mand; exports in May from the Port of Montreal are estimated at thirty than noruial at that time of the year.
million bushels. Spring wheat flour prices at Montreal advanced twenty
SWEDEN.
cents per barrel during the week ended May 7, but are sixty cents lower
On April 17, an agreement was reached which terminates the threatened
than a year ago.
lockout in the paper and sawmill industries. At the conclusion of the
UNITED KINGDOM.
lengthy session of the Arbitration Commission, the agreement concluded
The number of unemployed workpeople, as revealed by the Ministry was the practical continuation of the old agreement. with the exception
1,044.800
on
was
registers.
April
25. This that wages per hour were increased by 0.02 crowns (f/0.00534). The new
of Labour unemployment
Is the lowest figure reached since the last of April 1926 when the aggregate contract is to be in force until February 1. 1929. The prevention of the
so reported was 1,034.000. BoweNer, there has been more short time lockout, as a result of this settlement encouraged the stock market.'with the
working recently than usual, especially in the coal mining industry. Sup- result that there was an Improvement in lumber and woodpulp.
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:
2832
THE CHRONICLE
[VOL. 124
declined from 223,006,000 rupees for March 1926 to 222,200,000 rupees
LITHUANIA.
Preliminary statistics indicate that the State Budget for 1926 was realized for March of the current year.
Among the principal imports, motor cycles, motor trucks, sugar, white
with a surplus of 7,000,000 'Its (one lit worth $.10)• Total revenues
amounted to 235,160,000 lits, as against 241,940,000 fits estimated, and and colored piecegoods, and aniline dyes registered Increases, while autoexpenditures to 228.160,000 fits, as against 236,220.000 fits estimated. mobiles, unbleached piecegoods, and machinery—exclusive of electrical—
Actual returns from indirect taxes which totaled 101.350.000 lits were decreased. Imports of electrical machinery remained at about the same
6,000,000 lits below estimates, but the returns from other taxes and from figures.
The decline in exports appears to have resulted from declining price levels
State enterprises were above budget estimates.
rather than from loss in volume, as all principal items except skins and tea
POLAND.
showed increases in volume.
The general trend of economic conditions in Poland continues favorable.
Considerable variation was showr in the source of India's imports during
The advent of the spring season carried with it a general revival of activity March as compared with the corresponding months in 1926. Germany's
In trade as well as in the principal industries of the country, especially in share of the trade remained at about 7% of the total impost trade, while
the textile, metal and machinery industries and in building operations. that of the United Kingdom declined from almost 54 to 46%. Japan
Condition of the Dank of Poland remains favorable, the gold reserves show- increased its share from 6 to 7%,and the share supplied by the United States
ing an increase of 3,000,000 zlotys in April, as compared with the middle of rose from 5.9 to 9%.
March, and the net supply of foreign exchange, 1,400,000 zlotys, after proAUSTRALIA.
viding 14,000,000 zlotys for meeting abroad State obligations which fell
The Australian wheat export to oversea markets is commencing to move
due on April 1. With an increase of about 30,000,000 zlotys in the amount in good volume. Shipments for the last week of April were considerably
of notes in circulation (660,000.000 zlotys in April versus 630,000,000 greater than the preceding week and nearly double those of the second week
zlotys in March), the rate of cover against the notes declined to 56.25% in of the month. While good rains have fallen in some sections, thus rel:eving
April from 57.80% in March. State revenues from the two principal nroughty conditions, the rrecipitation is spotty and has left many sections
sources—taxes and monopolies—for the first three months of the calendar badly in need of relief and has delayed wheat planting. Poor pasturage
year usually the most unfavorable ones for tag collections, yielded 477,- is reported from some sections of Queensland. It is reported that about
600,000 zlotys, equivalent to 28.6% o/ the annual budgetary estimates. 25% of the last Commonwealth loan offered In London was left in the hands
The receipts of all State revenues fcr March totaled 182,b00,000 zlotys, of the underwriters.
against 141,200,000 zlotys in February and 158,700,000 zlotys in January,
BRAZIL.
leaving a surplus of 25,000,000 zlotys for the month.
Business conditions are still unchanged in Brazil, but many importers
CZECHOSLOVAKIA.
expect improvement during the second half of the year. The milreis has
A current of optimism concerning economic conditions still prevails in remained steady at slightly below the official rate of $0.119. The coffee
Czechoslcvalcia in spite of the abrogation of tariff conventions with Austria market is uncertain due to the political situation. Nevertheless, conditions
and the uncertainty of the outcome of further negotiations. Although pro- continue excellent and the latest official estimates for the new Minas
duction figures have not yer been made public, it is announced that the iron Geraes crop place it at around 5,700,000 bags, making a probable total of
and steel industry exceeded its quota, under the provision of the Continental exports from Rio de Janeiro of5,750,000 bags;from Victoria at least 750,000
Raw Steel Agreement, in the first quarter. With the program of direct bags;from Santos 14.715.000 bags; and from other ports 500,000 bags; thus
taxation reform,the Finance Minister foresees a tax reduction of 500,000,000 totaling 21,715.000 bags. Santos entries have been reduced to 30,000 bags
daily, effective May 7.
crowns.
MEXICO.
RUMANIA.
The business situation in Mexico continues depressed without any sign
Collections of State revenues during the month of March,for the account
of the 1927 budget (the books on the budgetary finances for 1926 remain of improvement. Although official figure; are not yet available, it is beopen until June 30, 1927), according to data published by the Ministry of lieved that petroleum production has increased somewhat as a result of the
Finance, totaled 2,621,000,000 lei (present rate of exchange. $0.0063), opening of the Salinas field and the policy of the Mexican Government of
against expenditures for the month of 2.543.200,000 lei. These figures granting more drilling permits to certain companies. The Federal Governcompare with 2,201,000,000 lei of revenues and 3,644,000.000 lel of ex- ment is proceeding with Its irrigation program though on a reduced scale.
penditures for March, 1926. For the first quarter of the 1927 budget,
revenues tctaled 6,219,000,000 lei and expenditures, 5,495.000,000 lei, thus
leaving a surplus of 724,000.000 lei. However, with the total revenues Gold Shipments from Abroad—Federal Reserve Stateestimated in the budget for 1927 at 33.390,000.000 lei, the proportionate
ment Reveals "Earmarked" Gold Held Abroad of
yield for the quarter should have amounted to 8,347,500,000 Id.
GREECE.
In an effort toward budget equilibrium,the Government program of economy continues,with reductions in the budgets of all branches of ext enditure.
Announcement is also made of an increase in all postal, telephone and telegraph rates effective May 1. Results of these measures and effect of increased duty on wheat and sugar are expected in Greece to be indicative of
future Government policy along economic lines. The unemployment
problem is still serious, and little change is reported in the cost of living.
JAPAN.
The special session of the Diet which was convened on May 3 considered
legislation governing advances to banking institutions. As a result the
Diet approved legislation which guarantees the Bank of Japan against
possible loss to the extent of 500,000,000 yen on advances made to other
banks. The Diet also authorized the Bank of Japan to lend 200,000,000
yen to the Bank of Taiwan. The purchase abroad of iron and steel, and
machinery is being discouraged in an effort to curtail imports.
$59,548,000—Bank of France Holdings in London.
The fact that the weekly consolidated statement of the
Federal Reserve System, issued on May 12, carries for the
first time an item, "Gold held abroad," and opposite this
item an entry of $59,548,000, has attracted no little attention,the New York "Herald Tribune" of yesterday(May 13),
one of the daily papers which commented thereon, discussing
it as follows:
Beyond calling attention to this item and one other, Federal Reserve
officials refused last night to offer any information as to its meaning. The
cther item pointed out was that of "Total United States Government securities," and its significance in relation to the new gold item lies, clearly, in
the fact that at the same time this acquisition of'$59,548,000 gold was being
recorded, holdings of United States securities were declining by almost
the same amount—to be exact, by $62,383,000.
CHINA.
The nature of the transaction that is revealed in the reserve statement is
Shanghai is quiet, and there has been a slight easing in of war risk in- fairly obvious, if its significance is not so apparent. What has happened Is
that
the twelve banks have purchased $59,548,000 gold abroad, leaving it,
anadvanced
Shanghai
have
banks
at
surance rates on property. Chinese
other million dollars in Mexican currency to the Nanking Nationalist earmarked,'with a foreign correspondent, and that they have then sold in the
Government under Chiang Kai-shek, thus bringing the total of such ad- open market approximately the same amount of holdings of Government
vances to date up to 7,000,000 Mexican dollars. The Nanking Govern- securities. The two phases of the transaction are offsetting ones. The
ment has now completed plans for the issuance of Treasury Lean Bonds effect of buying gold, even though the metal is not transferred to the vaults
to a total of 30,000,000 Mexican dollars, instead of 14,000,000 as prev- of the Reserve banks here, is to create an expansion of buying power in
iously reported. The bonds are to be secured by the two and one-half the money market by that much.
per cent. import tariff surtax and are expected to sell at 93. The situation
Think Gold of French Origin.
at Hankow and in the Yangtze Valley remains unchanged, with a friendlier
The seller of the gold must be paid for it, and the probability is that he
attitude being accorded foreigners both on the part of the Hankow labor
element and the Nationalist Government at Hankow. The resumption of will use the proceeds to purchase short time paper or some other form of
business, however, is not considered possible by reason of the embargo upon investment in this market. The only Way to "wash" this transaction,
silver and the enforcement of currency restrictions which permits circulation therefore, Is for the Federal Reserve banks to exercise their prerogative of
only of bank notes of the Central Bank of China. Chinese banks in Han- "open-market operations" and take up the slack in the market by disposing
kow have reopened, but foreign banks remain closed because of the currency of a corresponding amount of their holdings of earning assets.
Another question not answered by the Reserve Bank officials, out one
restrictions mertioned above. Bank notes of the Central Bank of China
which were sent to Shanghai were not accepted by Shanghai bankers, and which all but answers itself, is that of the origin of the gold. Unquestionably
the purchase represents part of the Bank of France holdings in
such
notes
prohibited
the
circulation
of
Government
has
now
the Nanking
to Kiangsu and Chekiang provinces. Preliminary figures of the Chinese London. As a result of the payment of a Wartime obligation to the Bank of
Maritime Customs collections for the first four months of this year reveal England, some $90,000,000 in French gold holdings were released in
London and became available for international transactions. Of this
a decline of approximately 5 million Haikwan taels ($3,795,000), compared
with the same period last year. Collections of sales taxes also show declines $90,000,000 three consignments, totaling $18,000,000, have been sent to
this country within the last fortnight. This leaves a balance of $72,000,000,
for this period.
provided no more has left for this country. This is the largest available
PHILIPPINE ISLANDS.
"free"
gold supply of which anything is known. Most other monetary
Philippine business shows no change from the quiet tone of recent weeks.
gold
is held for reserve purposes, and there is no country at this time which
Although arrivals of copra increased slightly during the week ended May 6, is in a
position to sell any such amount as $59,000,000 to us.
supplies are still below normal and only three oil mills are operating full
The only other important special fund created recently Was that built
time. As a result of the scarcity of supply, the copra market is somewhat up by France
through the purchase with paper francs of the gold, silver
firmer. The provincial equivalent of resecado (dried copra) delivered at and foreign
exchange holdings of the French people. The exact size of this
manna is quoted from 12.75 to 12.78 pesos per picul of 139'pounds. (1 peso reserve
has
not
been shown in the Bank of France statement, although the
trading.
equals $0.50.) Abaca trade continues weak, with very light
at 36 pesos amount of paper francs expended to acquire it is published weekly. It is
Prices for most grades remain unchanged, grade F being quoted
believed to have amounted altogether to some $70,000,000.
icul• I 31' JUS 23' JUK, 19.50; and L. 18.50. Abaca production of
per p.
Of this total $20,000,000 was transferred to the United States early this
the past week was slightly heavier.
year, but whether that figure represents the total amount of gold Drought
INDIA.
in by this offer to the populace is not known. It may be that the remaining
Indian Jute crop places the output at $50,000,000 represented silver coins, in which case the gold reserve has
A revised estimate of the 1926-27
previous
forecast.
than
the
more
bales
been entirely transferred here, or it may be that there still remains some
950.000
11,850,000 bales, or about
outturn of 7,851,000 bales for the 1925-26 gold in the vaults of the Bank of France from this fund.
This compares with an estimated
9,000,000 bales. The outlook in all
crop, the final figures for which were
Not Included in Reserves.
good. Overseas trade for the month
the principal commodity markets is
One of the first theories propounded to account for the action of the
exports,
while imports were well mainof
reduction
of March resulted in a
compared with March. 1926. The total Federal Reserve Banks in making this geld purchase was that it might
tained with only slight declines as
370,227,500 rupees in March, 1926 to 338,- represent an attempt to prevent further gold inflation in the New York
value of exports declined from
and imports during the same month money market. It seems doubtful, however, if that could have been the
300,000 rupees in March of this year,
MAY 14 1927.]
TBM CHRONICLE
purpose behind the move, despite the fact that the item "gold held abroad"
is not included in the reserves of the system in the newest statement.
The status of gold held abroad, it is understood, if it is earmarked gold,
is virtually the same as if it were held in the vaults of the banks here. Some
authorities question the validity of this ruling, but for banking purposes
thus far it has prevailed. In recent years, needless to say, it has been a
more or less academic point.
Reference to the sixth annual report of the Federal Reserve Bank of New
York reveals that in 1919 this bank purchased from the United States Grain
Corporation 730.000.000 German marks,or $173,000,000 in gold, which was
forwarded to the Bank of England,reduced to gold bars and held earmarked
for the New York institution. In commenting on the return of this metal
to New York the bank's report says:
"The gold was deposited in the New York Assay Office and is being reWhen this gold reached London from the Conmelted and re-assayed.
tinent in the fall of 1919, it was included in the reserves of the Federal Reserve banks; consequently, its subsequent importation to the United States
had no effect on the reserve position of the Federal Reserve banks."
The probaoility would appear to be that the week's transaction represented a combination of the Federal Reserve banks' practice of conducting
foreign exchange operations and of carrying on open market operations,
with the foreign exchange transaction the primary one. It may 'well be that
the system, which already has more gold than it needs, believes that it can
dispose of the gold later more advantageously than now, and that meanwhile there is no point in paying freight and insurance to bring it here and
to its ultimate market.
The receipt in New York of $6,000,000 in gold from
Europe, believed to have been released by the Bank of
England for French account, was noted in our issue of
April 30, page 2526. Another shipment of $6,000,000 in
gold, consigned to the American Exchange-Irving Trust,
arrived on May 7. As to this the New York "Journal o
Commerce" said:
As was the case when the first shipment of$UWON came in, the bank's
officials had nothing to say about the matter except that it had been shipped
for the account of a correspondent. In the financial district, however, it
was surmised that the gold was In continuation of the movement reported
last week, and that it was sent here by the French Government from
London.
Regarding the receipt of the third shipment of $6,000,000,
the "Evening Post" of May 10 stated:
Another shipment of $6,000.000 in gold was received to-day by the
American Exchange-Irving Trust Co. "for the account of a correspondent
abroad," it was announced at the bank.
This was the third shipment of the same amount, presumably from the
same source, received in the last ten days, bringing the total for the movenient to $18,000,000. Although officials here continued to treat as confltial the depositor's identity, it was pretty well understood the gold came
from the £18,000,000 released last month by the Bank of England to the
Bank of France.
Increase French Reserves.
It WAS believed virtually all of this metal would eventually find its way
to New York to build up the reserves of the Bank of France here. If this
proves the case, about $70.000,000 still remains to be shipped. This will
substantially increase the supplies of yellow metal held in the vaults of the
Federal Reserve Bank.
The receipt of still another shipment making $24,000,000
in all, was announced yesterday, the "Sun" of last night
saying:
The American Exchange Irving Trust Co. this afternoon received a
fourth shipment of gold from England. Like previous shipments, the
amount was $6,000,000 and the original ownership probably French.
Regarding the $59,548,000 gold held abroad by the
Federal Reserve, the New York "Times" of yesterday
said in part:
2833
Since Premier Poincare took hold of the feeble franc the French, having
restored the Morgan credit of $100,000,000, have repaid the Bank of England $165,000,000, have purchased in France $100,000,000 worth of gold,
and the latest statement of the bank shows, under the mysterious heading,
"Miscellaneous," 16,000,000,000 francs worth of assets.
This is known to be in foreign securities, and 16.000,000,000 francs'
worth represents more than $600,000,000 worth. So that, since M.
Poincare's regime started, the Government and the Bank of France have
acquired nearly $1,000,000,000 worth of gold credits. The amount of
gold and gold credits the Bank of France now has amounts to about
75%
gold value of the whole of France's circulation.
The Bank of France has been obliged to print only 4,000,000,000 or
5,000,000,000 francs of extra notes to accomplish this end. Most of the
foreign credits were obtained through the return to France of money sent
abroad last year and recent heavy foreign purchases of French Government
securities. This week, although the bank spent 1,878,000.000 in the
exchange market, circulation showed an actual decrease of 700,000,000.
This was rendered possible by the bank cutting its liquid assets by 1,250,000,000 and by its using part of the heavy increase of nearly 2,000,000,000
francs in current deposits. The State also repaid 400,000.000 francs.
reducing advances to the Government to 28,900,000.000.
France Again Reduces Interest on National Defense
Bonds.—Saving of 1,200,000,000 Francs.
A saving of 1,200,000,000 francs for the national sinking
fund, which was created by a solemn national assembly
last summer, has been realized through reductions of the
interest rates upon national defense bonds, which constitute
one of the chief sources of the fund, says the cablegram from
Paris May 7 (copyright) to the New York "Times." The
latest reduction announced on May.7 applies to one-year
defense bonds, reducing the rate from 4 to 3%. The cable.
gram points out that:
On April 12 these same oonds were reduced from 5 to 4%,while two-year
bonds were reduced from 6 to 5. These latter remain at 5%. a fact which
is expected to bring them much into public favor.
Interest reductions will enable the sinking fund to save 400.000,000 francs
annually, it is estimated, at the same time consolidating short-term obligations.
How Bank of France Lists Gold Reserve—"Gold
Abroad" Falls Under Two Distinct Classifications—
Gold Fund on Deposit.
A cablegram from Paris May 8 (copyright), is printed
as follows in the New York "Times" of May 9:
The Bank of France now publishes the position of its gold reserve In Its
weekly statements under three headings. The first includes gold actually
in the vaults of the bank, amounting to 3,682 million francs. The second
is entitled "gold at the free disposal of the bank" or "gold available abroad."
This item includes gold still deposited with the Bank of England, but
earmarked for the Bank of France. The third heading is "gold unavailable
abroad"; it includes 1,400 million francs in gold still retained by the Bank
of England as security for loans to the French Treasury during the war.
The total gold reserve is 5.547,000,000.
The increase of 396.000,000 francs in private deposits at the Bank of
France last week included deposits of the Caisse d'Amortissement, which
represented not only continued subscriptions to the defense bonds, but also
deposits which in reality are convertible into gold and which are not thus
converted now because the Bank of France intends to maintain gold balances in different markets, particularly New York. The total under that
classification now amounts to 462,000,000 francs, representing gold restored
by the Bank of England under the recent London debt repayment.
The purchase of the gold directed renewed attention to the dominant Albanian National
Bank Sends Gold to Rome Mint.
position of the United States In the distribution of the world's supply of
gold. This country holds, roughly, $4,600,000,000 of monetary gold,
A special cablegram (copyright) from Tirana (Albania),
almost 60% of the world's supply, and the largest hoard ever accumulated April
30 to the New York "Times" said:
by any nation in history. The new purchase will be added to this supply,
The Albanian National Bank reports gold and silver coins to the value of
though it will remain in London, where it will be "earmarked" for the
$69,800 have been collected and sent for coinage to Rome during 1927.
Reserve banks. . . .
The new coins, mostly nickel and copper denominations, to the amount of
Prices at Record Levels.
$495,400, were delivered in the same period.
In some quarters the checking of the flow of gold from Europe to this
The bank will pay a dividend of 5% for 1926.
country was regarded as a gesture toward readjusting money rates, the
action being somewhat less drastic than an advance in the rediscount rate.
It was shown that stock market prices have risen to record high levels and Details
of Transaction Involving Repayment Bank of
that brokers' leans have risen more than $200,000,000 since the middle of
February, being now only $200.000,000 less than the highest total
France to Bank of England—Release of Gold.
on
record, estaalished in January 1926.
Writing from London April 28, Arthur W. Kiddy, foreign
Of the gold held abroad $16,495,000 is credited to the Federal Reserve
Bank of New York, the other banks in the system holding the remainder. correspondent of the New York "Evening Post," has the ,
The New York bank reported a decrease of $16,046,000 in holdings of following to say in advices to
that payer (copyright) ,
United States Government securities, the total of which is now $38,517.000.
Total holdings of United States securities of the 12 banks in the System Published in its issue of May 10:
.
I am unable to congratulate the French press, which is usually supamount to $253,890,000.
posed to be officially inspired, with regard
to its treatment of the recent
To Aid Return to Gold.
repayment by the Bank of France to the
Bank of England of the outThe enormous balances built up by France are expected to serve her in standing amount of 433,000,000,
against
which
a little over £18,000,000
case of a return to the gold standard. Other countries resuming gold pay- in gold was deposited with
the latter institution.
ments have obtained credits here for the protection of exchange, the most
In my last letter I set out in
detail the history of his ransacion, and
notable case having been that of Great Britain, which obtained $300,000,000 I then explained how
entirely mistaken the French press was in assertcredits hero two years ago. The balances of France will serve the same ing that this gold,
deposited as collateral with the Bank of England, was
purpose and at the same time yield a return in interest. The balances also embodied in the Bank of
England's general reserve. Needless to say
will be available in the event of a funding of the French debt to the United that, when the repayment was
formally effected April 22, not only was
States.
the gold, amounting to a little over
£18,500,000 released at once, but,
of course, it made no difference at all to
the figures of the Bank Reserve.
Bank of France Is Piling Up Credits—Heavy Purchases
of Foreign Gold Securities Cause Comment in Paris.
The following Paris advices, May 12, are from the New
York "Times," copyright:
To-day's weekly statement of the Bank of France shows nearly 2,000,000,000 francs purchases of foreign gold securities in the past week, bringing
the past month's total up to 5,000.000,000 francs, or $200,000,000. Ostensibly these purchases were necessitated by the bank's fight to keep the
franc from rising in value. Whether there were additional reasons for
piling up foreign credits may be a secret.
French Press Expected Return
Meanwhile, however, the French press, which by that time had
admitted that the gold was not included in the Bank
of England's general
reserve, made much of the fact that the gold would
now come back at
once into the vaults of the Bank of France
and increase the stores of
the precious metal on the spot. That, of course, was
a perfectly reasonable supposition, and most people here kept quite an open mind with
regard to it.
At the same time, bearing in mind that the big hole made in French
external balances by the repayment to the Bank of England of £33,000,000, some people were disposed to wonder whether the Bank of France ,
2834
T-FrE CHRONICLE
might not use some of the released gold to increase her balances abroad,
and especially it was thought that there might be a desire to increase
her dollar credits.
Gold Not Returned to France
Accordingly, the Bank of France return, being the first one following
this interesting operation, was eagerly awaited. The question was
whether any change at all would be shown in the items of gold held at
home and abroad. If the view of the French press was right, then, of
course, there would be a fall of the equivalent of about £18,350,000 in
the stock of gold held abroad and a corresponding increase in the total
held internally.
The figures, however, showed that there has been no addition to the
amount held internally, while the £18,350,000 has been subtracted from
the gold definitely held abroad and put into a separate category as "free
gold abroad. In other words, it is-evidently intended to use the whole
or part for increasing credit balances at foreign centers.
Moreover, there is little doubt that the greater part will go, or by this
tune may have gone, to the United States, though I believe it is not
altogether impossible that some maj be deposited with banks here to
increase the London balances.
Little Effect on Credit
Whether, however, the gold is used on your side or our side of the
Atlantic, it is not expected to have much effect in expanding credit.
If it goes to New York it is assumed that the Federal Reserve Bank
will do its best to prevent any effect in the way of undue inflation,
though your totals have now become so large that even £18,000,000 of
gold might not have any abnormal effect.
It is unlikely that fresh credits will be raised here from the Bank of
England, and if the Bank of France were to deposit the gold as collateral
with the joint stock banks the credits given by them would have to be
obtained by calling in a corresponding amount from the open market.
A further interesting point to note about he French repayment to
the Bank of England is the effect produced upon the Bank of England
figures themselves. Although the final date of repayment was April 22,
the repayments really commenced about a week earlier, and consequently
the bestreflection of the operation upon the bank's figures is really to be
found by comparing the return made today with that of a fortnight ago.
When this is done we get—after allowing for other factors operating
during the fortnight—a pretty faithful reflection of the entire operation.
Thus the loan to the Bank of France was always expressed in the
bank return from week to week under the heading of "Other Securities,"
and under that heading the decline for the fortnight is 232,400,000, and
what is interesting to note is that this:teavy shrinkage brings the total
of "Other Securities" down to the lowest level since he beginning of
1917, which practically coincides with the period when the original loan
of £70,000,000 was made to the Bank of France.
firm,. 124
the Bank of Japan and to provide for compensation o7 any
losses resulting therefrom, and also the outline of the Act
relative to the loan to the financial institutions in Taiwan
(Formosa), Acting Commissioner Wikawa says:
Both of them passed the two Houses of the Imperial Diet on May 8, and
were promulgated and enforced on the following day, May 9. The number
of the former Act is 55 of the Year 1927; and the latter, 56 of the same year.
Imperial edict stipulated in the fourth paragraph of Article I of the afore
9.
said Law No. 55 was promulgated and enforced on the same day, May
The number of the Imperial edict is 106 of the year 1927.
and
enforced
promulgated
1927)
dated,
12,
(No.
By a Treasury ordinance
are stipuon May 9, the detailed regulations relative to the special loans
is
lated. The Chairmanship of the Special Loans Investigation Committee
the
will
and
committee
Japan,
of
to be filled by the Governor of the Bank
the
high
from
among
Minister
Finance
the
by
selected
be composed of those
Treasury officials and directors of the Bank of Japan.
Minister of Finance,
On the following day Mr. Junncsuke Inouye,former
was again appointed to the Governorship of the Bank of Japan, succeeding
Mr. 0. Ichiki.
We give herewith the new legislation, the amendment
inserted by the Diet being printed in italics:
the Bank of Japan.
An Act relative to the Special Loan to be made by
therefrom.
and to provide for compensation of any loss resulting
[Law No. 55, Second Year of Shovra, 1927.1
is not suspending the
(1) In the event that any bank, which at present
purpose of meeting
repayment of the deposits, should require a loan for the
and in the event that
a situation caused by the withdrawal of its deposits,
Bank of Japan for the
such an advance shall be deemed necessary by the
the Bank of Japan is
stabilization of the financial situation of the country,
Finance Minister to
authorized to make special loans stipulated by the
such bank by means of the discount of bills.
to any bank
The provisions in the preceding paragraph shall be applicable
deposits, has a
which, though at present is suspending the repayment of the
possibility in the future of reopening its business.
shall be made
The special loans provided in the foregoing two paragraphs
with the consultation of the Special Loans Investigation Committee.
ComThe organization and the competence of the Special Loans Investigation
mittee shall be presented by an Imperial Diet.
of
Bank
the
by
(2) The period in which such special loan may be made
Act.
Japan shall be one year computed from the date of enforcement of this
(3) The period of the bills to be drawn for the renewal purpose of the bills
of said special loans shall not exceed ten years from the date of enforcement
of this Act.
Bank
(4) The Government is authorized to enter into a contract with the
loss
of Japan for a compensation up to 500,000.000 yen on account of any
of
to be sustained by the latter as a result of such special loans. The basis
determining such loss shall be stipulated by the Finance Minister.
Why Money Remained Easy.
Loan
Special
the
by
determined
(5) Such loss and its amount shall be
In that respect, therefore, we are now getting back a little nearer tc Loss Investigation Committee to be established by an Imperial edict.
be made
normality. As against this shrinkage in other securities Government
(6) The compensation of any loss to the Bank of Japan shall
securities advanced by £19,000,000 during the fortnight, and that ad- with 5% national loan bonds. The Government is authorized to issue such
of
-investment
re
England's
of
Bank
vance doubtless represented the
loans to the extent necessitated by said purpose.
durthe French money in British treasury bills, a circumstance which, in its
(7) Discounts of bills by the Bank of Japan which have taken place
turn, explains how the operation was facilitated in the money market ing the period from April 22, Second Year of Shows (1927) to the date preof
balances.
conditions
French
the
to
without stringency being caused by the calling in of
ceding the enforcement of this Act, and which conform
As the difference between £32,400,000 and £19,000,000 is over the special loans, shall be deemed special loans provided in this Act.
£13,000,000, the final point arises as to how that amount was provided. An Act relative to the Loan to the Financial Institutions in Taiwan (ForThe answer is to be found in the fact that public—that is, government mosa)[Law No. 56, Second Year of Shown. 19271.
Japan to advance
—deposits fell during the fortnight by about £13,800,000 to an abnor(1) The Government is authorized to order the Bank of
in Taiwan
mally low level.
a loan to the Bank of Taiwan or any other financial institutions
was
market
money
the
why
of
necessary for
Here we have the final explanation
(Formosa), if in the opinion of the Government, it is deemed
Incidentally,
England.
of
Bank
for the
also
the
to
and
transfer
large
(Formosa),
easy in spite of this
soon the sake of the civil administration of Taiwan
too, we also get a suggestion as to the likelihood of dearer money
maintenance of our credit abroad.
of
sake
low
unusually
because, these Government deposits having fallen to an
(2) The limit ofsuch loan shall be 200,000,000 yen.
level, they will have to be made up shortly to a higher amount.
(3) The Government is authorized to enter into a contract with the
Bank of Japan for a compensation of any loss up to 200,000,000 yen to be
sustained by the latter.
Japanese Diet Adjourns Following Adoption of Finan- (4) Other provisions are almost the same as in the first bill.
cial Measures—Reopening of Bank of Taiwan—
Mr. Wikawa also states that the bill relative to the exBank Moratorium Ends—J. Inouye Appointed
post fact approval of the moratorium edict of April 22
Governor of Bank of Japan.
passed the Diet on May 8th. In a cablegram from Tokio,
The enactment of the financial measures of relief, the reop- May 7, the New York "Times" said in part (copyright):
opposition this afternoon carried by a majority of sixteen a resolution
ening of the Bank of Taiwan and the termination of the 21- in The
the Diet condemning the Privy Council for its action on April 17 in declinof
course
the
marked
day bank moratorium declared April 22
ing to approve an Imperial Ordinance which the late Government proposed
events in Japan the present week. In indicating the situa- to relieve the financial crisis. The vote was 210 to 194.
The House adjourned after the division, but reassembled later to resume
tion with the expiration of the moratorium period, Acting discussion
of the Government's financial bills, which, it is expected, will be
Financial Commissioner Wikawa says:
carried through the lower house to-night. If this expectation is fulfilled,
of
Continued calmness is seen in Tokio banking circles. The amount
showed a decrease in
comparison to that of the previous day. Calmness prevailed in other cities
Yokohama,
in Japan proper and Korea. Stock Exchanges in Tokio. Osaka,
ac., reopened to-day, with stock prices generally firmer than that of pre19274
13
May
dated
advice
moratorium days. [From the official
note issues and general advances by Bank of Japan
The Associated Press accounts from Tokio on May 8 reporting the adoption of the financial measures said:
LoWer
Both Houses of the Diet have passed the financial relief bill. The
not only to
House adopted an amendment providing that aid shall be given
Whose
banks which have already reopened, but also to those still suspended.
an Imperial
prospects of recovery are reasonably good. For this purpose
investigation.
ordinance will be issued appointing a special commission of
of the
Following the passage of the financial relief bill the special session
for to-morrow.
set
been
has
ceremony
Diet adjourned. The formal closing
The signing of the bills by Emperor Hirohito was announced May 9. In referring to the ending of the moratorfrom _Tokio
ium yesterday, Associated Press cablegrams
no
runs were
and
payments
resumed
banks
"the
that
stated
reported." It was expressed as the general belief that the
of
financial crisis had passed. The reopening of the Bank
Comto
Acting
according
and
10,
May
on
Taiwan occurred
A few
missioner Wikawa calmness featured its reopening.
s
withdrawal
some
and
proper
Japan
in
called
loans were
of
resumption
the
but
branches,
were reported from Javan
In furnishing us with
the bank was otherwise unmarked.
loan tobe made by
special
the
the outline of the Aot relative to
the special session will have accomplished its double purpose of enabling
the Opposition to blow off steam and carrying the Government's indispensable financial measures.
To-day's resolution of censure simply affirms that the lower house deems
the Privy Council's action unfair. It is an expression of opinion which may
in the future deter the Privy Council from interfering so drastically with the
Executive Government, but it involves no immediate steps.
The financial measures and the incidents leading to their
passage were referred to in our issues of April 23, page 2371;
April 30, page 2523; May 7, page 2673.
Japanese Internal Conversion Loan.
The "Wall Street News" of May 9, stated:
An internal Japanese loan of 75,000,000 yen 5% series 40 is to be floated
to-morrow May 10 in Japan at a price of 92.50 yen for cash subscription and
92 yen for subscription by bond to yield over 6%. The purpose of the
issue is for conversion of the 5% loan series "TA." The bonds are redeem-
aole on or before Dec. 1 1939.
Break in Prices on Berlin Bourse Banks to Restrict
Credits for Speculative Purposes—Question of
Increasing Discount Rate.
According to Associated Press accounts from Berlin, May
12, the fear of a discount rate increase, coupled with the
overbought condition of the market, caused a heavy bear
movement on the Berlin Stock Exchange that day, in which
MAY 14 19271.
CHRONICLE
2835
During the period from Oct. 16 to Dec. 15 last. $128,500 of American
bonds were purchased for $134,902, and a portion of the Italian issue in
the face value of 173,500 lire bought for a total of 150,945 lire in advance
Farbenindustie yielded 13 points, Vereinigte Glaztsoff (Rayon Trust) on account of the contingent to be redeemed up to Oct. 15 1927.
lost 36. and German General Electric, 10.
In addition to above specified loans the German Parliament has passed
Dr. Hjalmar Schacht. the Reichsbank's head, and other bankers have several laws under which the Government is authorized to raise funds on
of
price
the
pushing
repeatedly warned that speculative activities were
short term obligations from the Reichsbank and the Reichs Post.
stocks to a high level out of all proportion to dividends and earnings.
Out of a total of 939.789,120 marks which the Government may still
Yesterday (May 13) the Associated Press reported that a borrow from the Reichs Post, only 110,000,000 were actually taken as of
Berlin Bourse Dec. 31 last.
virtually all the speculative favorities, except the Steel Trust,
lost from 10 to 40 points. The accounts added
tremendous slump in prices occurred on the
following the announcement that Berlin banks have decided Confidence Shown in German Mark—Gold Discount
to restrict credits for speculative purposes. The cablegrams
Bank Now Grants Export Credits in Home Values.
of yesterday went on to say:
from Berlin May 1 to the New York "Times"
Advices
Declines offrom 10 to 40 points occurred throughout the trading list, the
public, which hitherto has been reluctant to sell, became panicky and threw (copyright) said:
The Gold Discount Bank has hitherto extended credit for the encouragelarge holdings on the market at any price.
All classes of industrials were hit. Vereinigte Glazstoff Farbriken shares ment of exports only in sterling values. It now announces that it will
dropped 130 points on the day and a big brewery concern's shares declined
similarly. The severity of the break led to rumors of the formation of a
banking syndicate for the support of concerns which have been hardest hit
by the slump.
Yielding to strong pressure from Dr. Hjalmar Schacht, President of the
Reichsbank, the Berlin banks agreed to effect a gradual but considerable
restriction of all credits for speculative or discount purposes, thefirstreduction amounting to 25%, becoming effective about June 15. The restriction
will apply to industrial concerns as well as the private clientele of the banks.
A sharp decline in security prices was threatened when the news reached
the Bourse. As a precautionary measure the Bourse administration decided that shares sold for future delivery will not be quoted officially if a
decline of more than 12% in their market value should occur.
The announcement caused pessimistic comment on the Bourse, where it
is reported that Dr. Schacht threatened the banks with legislative measures
unless they agreed to the restriction scheme. It is thought that Dr.
Schacht's action was prompted by desire to avoid an increase in the bank
discount rate. An increase,following the reduction of the rate from 6 to 5%
in January, might be regarded by Dr. Schacht as a blow at the prestige of
the Reichsbank.
Industrial leaders declare that restriction of bank credits not only will
affect stock prices adversely but also will handicap the industrial life of
the country. It is pointed out that the reorganization of Germany's
industries has not been finished and can be carried out successfully only if
the Bourse is able to absorb the new shares which Germany's industries will
be obliged to market.
hereafter grant credit also in reichsmarks.
Since the bank's own liabilities are reckoned in.sterling this innovation
Is taken to imply absolute faith in the permanent stability of the reichsmark.
German Experts Disagree on Efficacy of Dawes Plan.
In a cablegram under date of May 1 from Berlin (copyright) the New York "Times" stated:
Former Finance Minister Reinhold,in the course of a speech which sharply
criticized She policy of the present Minister, Koehler, and which demanded
reduction of the income and sugar taxes, predicted that the Allies themselves
will ultimately find the Dawes reparations plan excessively burdensome and
will agree to reduction. Meantime, however, he declared that Germany
must adhere strictly to the policy of fulfilling its engagements.
Financial experts generally expect no difficulty in meeting engagements
during the present third year of reparations payments. Interest on railroad and industrial bonds, also the yield on the transport tax, have been
fully up to requirements, and the yield of the "controlled tax" has been
so abundant that the Cabinet last September declared itself able to pay
300,000,000 marks beyond absolute immediate requirements. These
experts do not agree with Reinhold that the ir.terest burden will itself be
unbearable; but they agree with him in predicting adverse trade balances
for some time to come and, therefore, argue that the transfer of cash may
present the really insurmountable difficulty.
Bank of England May Issue Notes for One Pound
and Less.
Attains
Germany Cutting Down Her Debt—Treasury
The statement that it is reliably reported in financial cira Liquid Condition Without the Assistance of
and 10 shillings
cles that the Bank of England notes for
Authorized Credits.
From its Berlin Bureau the "Wall Street Journal" an- will probably be available in about 18 months' time was contained in a cablegram from London, May 1, to the New York
nounces the following in its issue of May 9:
In accordance with the annual report of the German Minister of Finance. "Times," which added:
portraying status of the Reich's debts, it appears that during the calendar
year 1926 a total of 272,777.000 marks was paid off from internal debts,
while external loans were reduced to the extent of approximately 23,000.000
marks.
The following table shows all the outstanding Government obligations as
of Dec. 31 1925 and 1926, respectively, in marks.
Dec.31 1926. Dec. 31 1925.
Debt to the Rentenbank
946,286,586 1.077,646,991
226.476,000
Debt to the Reichsbank
217.442,000
18,410,900
18.854.157
Treasury notes of 1923.due on Sept. 2 1935
1,234,296
Treasury notes of 1923, due on Dec. 1 1932
1.263,066
Treasury notes of 1923, series K,redeemable
964,450
by drawing in lots
713,250
Non-interest-bearing Treasury notes of 1924,
series E
132,603,682
Since the Bank of England note issue is restricted to denominations of
not less than £5, this is taken to mean that amalgamation of the bank's
own note issue with the war-time Treasury notes is expected to take place
at the expiration of that period.
The fixing of such a date would show that the expectations entertained
at the beginning of the year had been abandoned; for the prediction at that
time was that the bank note issue of something like £170,000,000 and the
currency notes of £294,000,000, or thereabouts, would be united under the
direct control of the Bank of England &ring 1927, with the bank's gold
holdings considered as a reserve against the combined note circulation. In
spite of the present change in the predicted date, there is still a feeling
that conditions may conceivably arise which will result in transfer of the
entire note issue to the Bank of England within a shorter period than
eighteen months.
Total
1,44.559,059 1,457,336,319
External Loans—
International loan of 1924:
American issue
$100,566,800 $104,415,200
Total ofissues in pound sterling
£20.961,900
£21,315,900
Swiss issue
SwIrs.14.508.000
14,761,000
Issued in Sweden
Fr.24,376,000
24,802.000
Italian issue
Lire.96,326,500
98,129,000
The mark value of all external debts on Dec. 31 last totaled 907,467,460.
bringing the aggregate sum of all Government obligations to 2,092,026.519
marks, or approximately 35 marks per capita.
Germany not in Position to Redeem Old Marks,
According to Minister of Economics.
Berlin advices (copyright) to the New York "Times"
May 4 state:
Internal Debt. Largely Reduced.
The most important item among the internal obligations of the German
Government ret resents its debt to the Rentenbank. This loan was taken in
the original amount of 1,200,000,000 marks at the end of 1924,the contract
providing repayment spread over ten years in annual installmerts of
60,000,000 marks each, or 600,000.000 marks in all. The remaining
600.000,000 marks are, under the contract of the Government with the
Rentenbank ard the latter's charter, to be covered out of interest payments
from land-owners whose property had been mortgaged on behalf of the
Bank. In corformity with this plan the German Government refunded
60.000,000 marks to the Rentenbank and the itterest payments received by
the bank from its mortgagors and applied to the sinking fund amouned to
71,360.404 marks, or a total of 131,360,404 marks. Accordingly, out of a
total of 946,286.586 marks owed by the Reich to the Rentenbank on
Dec. 31 last, only 480,000,000 marks will have to be repaid during the
following eight years.
Government debt to the Reichsbank, which amounted to 226,476,000
marks on Dec. 311925. was reduced 9,034,000 marks during 1926, leaving
217,442,000 marks at the end of the last year. In addition to the above,
principal payment interest was paid on April 1, 1,000.000 marks: July 1,
1,761,630 marks: Oct. 1, 1,000,000 marks: and Jan. 1 1927, 1,761.630
•
marks. totaling 5,523,260 marks.
External Loan Service Soilsfactory.
Under the London agreement the sinking fund requirements of the 1924
International loan as well as its interest service are to be provided for by
the general agent of reparations from annual payments of the German
Government. The fiscal year established for this loan runs from Oct. 16
to Oct. 15. During the last fiscal year the respective amounts ofredeemable
bonds were bought in the market where prices permitted such operations.
Such purchases were made particularly in America, the redemption of dollar
bonds having been provided for at 105. In respect to the redeemable
portions of the loan issued in Holland, Belgium, Switzerland,England and
France, however, drawings by lot were found more advantageous as market
prices were in most cases above redemption rates.
Those Americans who are still holding old German banknotes, hoping for
revalorization, are doomed to disappointment Speaking before the Reichstag Law Committee, the Minister of Economics, Dr. Curtius, declared to-day
that the condition of the Reich, while undoubtedly improved, would not permit of any change in or extension of the present revalorization laws. The
Minister added that a step in this direction would be not only dangerous,
but unjust.
The President of the Reichsbank, Dr. Schacht, supporting this viewpoint,
asserted that the economic situation of the country was far leas favorable
than was generally assumed. Schacht pointed out that redemption of the out.standing banknotes, with a nominal value of 128,000,000,000,000 marks, was
absolutely impossible, as the capital of the Reichsbank amounted to less than
1,000,000,000. He said that a change in the law, which calls for paying one
gold mark for 1,000,000,000,000 paper marks, would be in violation of the
London Dawes plan settlement and would deprive Germany of foreign credits, which would be necessary for a long time.
A motion of the Democratic Socialists for a change in the present law was
rejected by the united vote of the Government parties.
Luncheon at Bankers' Club to Bavarian Delegation.
At a luncheon given last week at the Bankers' Club by
the Equitable Trust Co. of New York and Harris, Forbes &
Co. to a delegation of Bavarian officials and bankers, Dr.
Wilhelm Krausneck, Minister of Finance of the Free State
of Bavaria, spoke of the growing association of American
and German business and of the increasing interest with
which Germany to-day is studying American political and
economic institutions. With Dr. Krausneek are Augnit
Mader, State Commissioner of the Bavarian State Bank;
Friederick Moroff, Managing Director of the Bavarian State
Bank, and Dr. Fritz Beike, Chairman of the Bavarian Investment Corporation. A. W. Loasby, President of the
2836
THE CHRONICLE
[VoL. 124.
the fulfillment of the agreements which have all the requisites of a legal
contract. All strikes and lockouts are declared illegal, for every labor dispute must be settled either directly between the interested parties or indirectly through the co-operation of the labor courts. In its general characteristics, the corporate State, as conceived by the Fascist regime, represents the sum total of the activities and powers of the country. All efforts
must therefore be directed toward the fostering of national interests so as
to avoid all danger or losses which result from conflicts or struggles between productive forces of the nation.
Cut of 10% in Wages of Workers Proposed in All
During 1926 the workers enrolled in the Fascist labor syndicates numBranches of Industry in Italy.
bered 2,600,000. In that year these syndicates stipulated 1,060 labor contracts, all of which ensured irnprovement in labor conditions to all the
Reporting that Italy's industrial and agricultural workers workers
concerned. National agreements, which are enforced throughout
are to accept a 10% cut in wages, Associated Press cable- the Kingdom, were stipulated for the employees of water, gas, electric industry, food, furniture, paper, printing, building, chemical, textile and
grams from Rome on May 12 said:
industry, for the workers in the hotels, theatrical trades and for
The first nation-wide application of the fundamental principle of the glass
fields.
• Fascist-Syndicalist State, as laid down in the recently promulgated Charter clerks and workers in the rice
Financial Policy.
of Labor, namely voluntary co-operation between capital and labor for
the benefit of improved national economy, is scheduled to be made within
The financial policy of the Italian Government rests upon the following
a few days.
main theories: Progressive reduction of paper money beginning with the
Workingmen in all branches of Italian production will be called upon withdrawal of the paper issued by the State or issued by the Central Bank
to make their contribution in the form of acceptance of a 10% wage for the account of the State; strengthening of gold reserves; maintenance
reduction. Employers also will be expected to make a corresponding of a satisfactory budget surplus; encouragement of productive efforts and
- contribution by proportionally reducing the cost of production, and thereby, enterprises within the nation. As a result of all these co-ordinating activimake possible a substantial cut in the the cost of living in Italy and ties, it is hoped that a gradual revaluation of the lira will be attained. A
increased sale of Italian products abroad.
confirmation of the determined spirit of the Italian Government in carryNegotiations between representatives of the Fascist confederations of ing on the above program for the final reconstruction of the country is
employers and employees for the stipulation of new wage contracts pro- offered, during the past few years, by the reduction in the paper circulaviding for reductions, which have been going on for several weeks, have tion. The general movement is recorded in the following table:
reached the final stage, it was semi-officially announced to-day.
MOVEMENT IN THE ITALIAN PAPER CIRCULATION.
This morning Premier Mussolini conferred for some time with Finance
(In Millions of Lire.)
Minister Volpu on the general situation resulting from the increase in the
value of the lira, while this evening the heads of the National Fascist
Index
Paper Issied by 3 Banks of Issue.
Syndicates converred with Augusto Turato, Secretary-General of the
Numbel
Paper
Grand 1q9 13
Fascist Party.
Issued by
For
For
Date.
Total
E uall
the State.
Account of Account of Total.
It is certain, says "Popolo Di Roma," which usually speaks authori100.
Commerce. State.
• tatively, that representatives of the workers "will demonstrate their
patriotism by consenting to request their employers for a 10% wage cut" Dec. 1913
499.1
2,782.8
2,283.5
2,283.5
3,593.2
657.2
2,936.0
Which will be applied to every branch of national production, both industrial
2,201.1
734.9
1914
5,050.1
1,082.1
2,069.3
3,968.0
1915
1,898.7
and agricultural.
6,329.7
1,317.3
2,554.2
5,012.4
1916
2,592.0
The new wage scale will be established for a comparatively long period,
1,747.8 10,172.8
8,425.0
1917
2,592.0
5,833.0
in accordance with the wish of the Fascist Grand Council that "the new
499
2,124.1 13,874.4
7.165.6 11,750.3
4,584.7
1918
670
2,270.2 18,551.5
1919
wage contracts permit business an ample margin of time to adjust itself
5,651.6 10,629.7 16,281.3
791
2,269.3 21,745.6
1920
8,576.9 10,899.4 19,476.3
to the new financial situation and the difficulties of international com772
2,267.2 21,475.9
1921
10,704.1
8,504.8 19,208.9
petition."
729
2,267.0 20,279.0
1922
9,935.4
8,076.6 18,012.0
•
Reduction in the cost of production through wage cuts, it is declared in
707
2,427.7 19,674.7
1923
9,492.2
7,754.4 17,247.7
737
2,400.0 20,514.2
1924
10,872.7
7,241.5 18,114.2
industrial circles, is absolutely necessary because of the rise in value of
2,100.0 21,449.7
771
12,287.2
7,062.5 19,349.7
1925
the lira. While this rise has reduced the cost of imported raw materials,
1,793.0 20,133.1
724
14,110.7
4,229.4 18,840.1
1926
It also has had the injurious effect of increasing the price of Italian products Jan. 1927
1,763.3 19,760.3
710
13,767.9
4,229.4 17,997.3
abroad, and has thereby made acute competition in the international
In order to have a clear picture of the signit'cance of the changes in the
market.
A number of sectional wage reductions already have been accepted, figures reported in the above table, it is important to keep in mind the
notably a 10% cut by the agricultural workers of Pavia, Brescia, Mortara main characteristics of the Italian economic system, representing a country
and other important farm regions, while 12,000 port workers have con- In a steadily economic development and with a population growing at a
rapid pace. As it is shown above, in 1913 the total Italian paper circula• sented to give up a 5% "high cost of living" allowance.
The "high cost of living" allowance already has been taken away from tion amounted to 2,782 million lire. Such a volume of currency was
virtually all categories of public and semi-public employees because of the sufficient to meet the needs of the country, which had not yet contracted
gradual fall of retail prices, which the Government is trying by every means the internal war debt, nor had attained the agricultural and industrial deto accelerate. Prices, it is admitted, are not falling as quickly as wages, velopment of to-day. Furthermore, the Italian population living in the
but the Government is refusing to consider inviolate the traditional vicious Kingdom in 1913 was about two millions less than the present-day figure.
By 1920 the Italian paper circulation had risen to some 22,000,000,000
circle and is attacking prices and wages simultaneously.
At Turin, Como and other northern cities, the Government reports lire; in 1922 it stood at 20,279,000,000; in 1925 at 21,449,000,000; in 1926
numerous price reductions. Several gasoline companies have announced at 21,033,000,000, and in January 1927 at 19,760,000,000. The confidence
cuts. Several reductions also are reported from Palermo and other parts of the Italian people in their Government which sternly follows a policy
of Sicily in such commodities as sugar and grain. Thus far prices in Rome tending to the revaluation of the lira, has stopped the flight from the lira
few signs of dropping, but the authorities predict that they, too, will which attained a conspicuous development during last summer. As a matter of fact, the tendency to dispose lire in order to attain possession of
fall speedily.
material goods or gold currencies existing then, has been fully replaced by
the tendency to throw away goods in order to obtain lire. This complete
Retail Prices in Italy Reduced from 10 to 50%—Rents reversal in the psychological attitude of the Italian people toward the
national currency constitutes a very important factor, responsible for the
and Restaurant Prices also Cut.
rapid rise witnessed during the past few months by the lire in the interUnder date of May 11 Associated Press advices from national money market. The situation of the Italian Treasury has been
substantially strengthened by the success obtained in the floating of the
Rome said:
The Government announces the beginning of a general reduction in Littorio loan, in which a total sum of over 3,300,000,000 lire was subretail prices, particularly in Northern Italy. In Turin the Confederation scribed, apart from the conversion of 20,353,000,000 lire nominal value of
of Commerce has induced shopkeepers to reduces prices 10% on ordinary Treasury short-term bonds. About 3,000,000 Italians subscribed to the loan,
which represented, after all, a real plebiscite of the Italian people in favor
• articles, and from 25 to 50% on certain commodities.
Similar reductions have been ordered at Como, while at Rovigo the of their Government. So far economic effects from the adoption of the
high cost of living allowance to farm workers has been cut off. At Milan deflationary policy have been limited and absorbed without any undue
restaurant prices have been cut 10% and at Moncalleri a case is reported strain on the national economy as a whole. This is mainly due to the caution and prudence of the Government in carrying out the practical developof a landlord voluntarily reducing his rent from 10 to 20%•
ment of its policies. As a matter of fact, unemployment is much less
severe than in other richer European nations, though it has increased over
EconomiclPolicyrand Financial Progress of Italy— pie corresponding period of the previous year. At the end of January the
figure stood at 225,348, the highest since January 1924, when it reached
Organization of Corporative State-2,600,000
280,765; in February there was, however, a contraction. Wholesale prices
Workers/in Fascist Labor Syndicates.
have been steadily reducing; at the end of March they were about 20%
1926, as is shown in the following table of the wholeIn an account of "The Economic Policy and Financial lower than in Augustby
the Italian Chamber of Commerce of Milan:
sale prices prepared
Progress of Italy," Romolo Angelone, Commercial Attache
WHOLESALE PRICES IN ITALY.
(Index Numbers of the Camera di Commercio e Industria di Milano.)
of the Royal Italian Embassy, states that "from an economic
1913 Equals 100.
Equitable Trust Co. of New York, presided and introduced
Dr. Krausneck. The Bavarian delegation will visit several
American cities, including Chicago, Detroit, Buffalo and
Washington, and will return to Germany, sailing from New
York May 16 on the S. S. "Columbus."
• point of view the most interesting contribution made by the
Italian Government in solving the post-war problems, is the
organization of what is generally called the Corporative
' State." Continuing, he says:
The new machinery for bringing about this gigantic experiment of a nation organized along productive lines has already been set up. Its working
will be of useful assistance in assuring success to the deflationary policy
recently adopted by the Government. The new order is based upon the
recognition of the juridical status of the syndicates (or unions) of employers, and those of manual and intellectual workers, organized for all branches
of industry, agriculture, commerce, and for all the various professions. All
labor disputes are to be settled by direct negotiations between the respective unions. In case of impossibility in arriving at such direct settlement,
the dispute must be referred to specially organized labor courts, to whom
the necessary power for reaching a final settlement is properly granted.
Under this new labor legislation, agreements on wages and conditions of
labor stipulated and accepted by the legally recognized unions of employers
and workers are binding on all employers and workers for the territory and
occupation referred to in .the agreement, whether, they are members of the
organizations or not. Furthermore, the unions are legally responsible for
Dale.
Paper Lire.
(a)
Prices of Gold in Italy Prices in Gold Lire
(b)
(a & b x 100).
100
100
100
409.00
529.3
129.4
421.19
535.8
127.2
443.42
553.5
124.8
646.2
485.85
133.0
500.71
654.4
131.4
449.42
600.4
133.6
440.90
600.8
140.4
I
585.8
417.10
tens
The revaluation of the lira is steadily proceeding, with seasonal fluctuations, which were somewhat accentuated during the past few weeks as a
result of the intervention of a somewhat large speculative interest of
international character. Foreign trade remains at a satisfactory basis,
with the exports on the growing trend.
Total imports in 1926 amounted to 25,775,000,000 lire, as against 26,173,000,060 during 1925, with a reduction of 398,000,000; on the other hand,
total exports for 1926 amounted to 18,607,000,000 lire, while in 1925 they
reached 18,276,000,000, thus increasing by 331,000,000 lire. The trade
deficit which in 1925 was 7,897,000,000, was reduced in 1926 to 7,167,.
End of 1913
1922
1923
1924
1925
1926
Jan. 1927
Feb. 1927
Mnr 1027
MAY
14 1927.]
THE CHRONICLE
000,000 with a betterment of 730,000,000. Recent investigations for the
determination of the invisible items of Italy's balance of international payments show that the said balance was favorable to her during 1926. The
trade deficit of 7,100,000,000 lire was met to the extent of 1,000,000,000
lire by the income derived from national shipping. The total amount remitted by the Italian emigrants residing abroad in 1926 reached 2,900,000,000. During 1926 the number of tourists visiting Italy was less than in
1925, the Holy Year; but if the number was lower, the quality was better,
and the earning in gold larger. It is estimated that the tourist trade contributed about 2,800,000,000 lire to the assets side of Italy's balance of
international payments. Furthermore, the various foreign loans granted
to the Italian industries and municipalities by the American and London
markets have not only balanced, but have left, in her economic transactions
with the outside world in 1926, a substantial surplus in her favor.
Italy looks at the future with legitimate confidence, for the honest
intent of a patriotic Government is fully and earnestly backed by a determined and laborious people.
Soviet Trade Credit—Fox Brothers Obtain Credit of
$5,000,000.
The following is from the New York "Journal of Commerce" of May 10:
Fox Bros. International Corp., a subsidiary of Fox Bros. & Co., Inc.,
announced yesterday that it had consummated an arrangement with
private banikng interests of New York and London which will insure a
credit against acceptance documents on Russian purchases to the amount
of $5,000.000 for the current year. Under this arrangement, American
exporters are to be paid in cash for Russian purchases and the Soviet
Government will be paid in cash for its exports to America through this
channel.
John J. Teal, Vice-President of Fox Bros., said the sole purpose of the
credit and the underlying purpose for which Fox Bros. International
Corp. was formed was to facilitate purchases of engineering equipment
and other things of which the Soviet is in urgent need in the American
market. "Under existing economic and industrial conditions, said Mr.
Teal, "the Russian Government cannot pay cash for its requirements and
the American manufacturers would not be warranted in extending the
long-term credits which are necessary. We are prepared to double the
credit as soon as the export arrangement on which it is based has had a
suitable trial."
Mr. S. Grossbard, Vice-President of Fox Bros. International Corp..
who has had experience in Soviet affairs, will sail for Moscow this week
to inaugurate the credit and to confer with the heads of important Soviet
bureaus.
Purchase of Vienna Bank Stock by Dillon, Read & Co.
Confirming dispatches from Vienna that Dillon, Read
& Co. had purchased 500,000 shares of a new stock issue of
the Weiner Bankverien, officers of the firm said on May 4
that no decision had yet been reached as to whether the
shares would be placed privately or offered to investors.
The New York "Times," in stating this, added:
The new issue amounts to 750,00 shares, the balance of which will be
placed with large European banks.
Many Austrian banks have sold stock in small amounts in the United
States, but this is believed to be the largest transaction of its kind so far
recorded. Dillon, Read & Co. in the past have bought shares in several
large banks in Central Europe.
Rupee Rate Advances—Fractional Change Caused by
Jute Makers' Buying.
The following is from the New York "Times" of May 11:
' Fractional advance in the rupee exchange rate yesterday was caused by
manufacturers of jute bags buying the exchange on Bombay and Calcutta,
anticipating the requirement oflarge quantities ofjute in replacing sandbags
which are now used by the million to stem theflood in the Mississippi Valley.
Growers of Indian jute are expecting an excellent market,owing to floods
not only In the United States, but in other countries. Jute is particularly
suitable for bagging and the majority of the world's Jute supply comes from
India. It is estimated that stocks of bags in the Mississippi region will be
depleted shortly and that the supply must be brought up to the normal
amount kept on hand for flood emergencies.
2837
ing given up attempting to solve the problem of maintaining the solvency
of American universities, have turned their attention to relieving the suffering in the pleasure resorts of Europe and an attempt to instruct the Treasury Department in Washington.
Mr. Aldred also said:
Italy continues to make steady progress, although, at the moment, industry and trade are being adversely affected by the too sudden rise of the
lira. This, however, is but a temporary condition. The Mussolini Government continues to apply itself to the great economic problems of the country and the spirit of the people of Italy is such that there can be no doubt
as to the future of that country.
Naturally, as President of the International Power Securities Corporation
of New York and its allied company in London, the Anglo Foreign Securities Co., Ltd., I gave much attention to the power situation in Italy and
France. The generation of electric energy by water power and its substitution for steam power from coal is the greatest single economic movement
in Italy, as the latter country possesses no coal deposits. During the past
year much progress has been made in electrifying the railroads which, in
time, will be completely electrified. A condition which, while affecting
the economic condition fundamentally, will, in no small measure, contribute
to the comfort of the army of tourists invading that country.
In France the utilization of water power resources is less marked, not
that the people are less alive to the importance of the desirability of this
development, but it, like everything else in France, must wait upon the
political renaissance of the country before measures for the country's good
may be carried out, without the interference of those political factors that
have embarrassed the country during the past few years. Of the fact that
the sober sense of people will eventually prevail, there can be no doubt in
the minds of those who study the past history of France and know well the
capacity and integrity of her people.
The thing that seems to be puzzling France at the moment is how to
utilize the "payments in kind" to be made by Germany RD provided for in
the Dawes agreement, which payments unless utilized lapse at the end of
each year.
In England the labor question still occupies the attention of the people.
The presence of this unsolved problem, coupled with the staggering burden
of taxation, which in many forms fetters business and trade, puts upon the
business men of England a load which would paralyze any other body of men.
Time and only time, coupled with British tenacity, can solve the many
problems facing the British nation. England courts no favors, but looks
for only friendly co-operation on the part of our people.
Max Winkler on Disadvantages of Competition for
Foreign Loans.
According to Max Winkler, Vice-President of Moody's Investors Service, "competition on the part of American bankers for foreign loans is becoming keener each day. Reports
have reached us to the effect that for one single foreign loan
at least a dozen American bankers are submitting bids. The
City of Budapest loan is in demand by no less than 36 different houses, largely American. For the Belgrade City
loan 14 American houses are reported to be bidding." Mr.
Winkler adds:
The inevitable result of this competition is that prospective borrowers
adopt a peculiar attitude towards the lender who, in order to secure the'
business, is obliged to make all kinds of concessions. Thus when the deal
is finally consummated, it is done on terms which are not always fully representative of the credit standing of the borrower in question. In other
words, the biblical saying that the "borrower becomes a slave to the lender"
is reversed, and the lender becomes a slave to the borrower. In the meantime, our bankers, and particularly our investing public are indirectly getting a far less satisfactory deal than they would be getting if there were
more concerted action on the part of our bankers.
The other day, an Argentine municipality invited bids for a loan of about
$4,700,000, to bear interest at the rate of 7% per annum, and to be sold
to the bankers at not below 86. Only two bids were submitted, one at
87.57% and the other at 94.25%. The latter, of course, obtained the loan,
which was subsequently placed in this market at 98.75%, to yield 7.10%.
Sooner or later, our bankers will realize the futility of competition of this
sort, which is not only detrimental to them, but is also depriving their
clients (the investing public) of what might accrue to them otherwise.
Exchange of Interim Certificates for Definitive OM
May 17th Declared Holiday in Madrid, Spain.
Gold Bonds of Free State of Bavaria.
The Anglo South American Bank has received a cablegram
The Equitable Trust Company announces that it is prefrom its branch office in Madrid, Spain, stating that May 17 pared to deliver Free State of Bavaria
definitive external
has been declared a holiday in that city.
20-year 63,6% sinking fund gold bonds, due Aug. 1 1945, in
exchange for interim certificates.
J. E. Aldred Finds Some European Countries Suffering
from Indigestion, Due to Oversupply of American
National City Bank of New York Named as Official
Dollars.
Banker of Government of Chile.
Some of the larger European nations are suffering from
A further development in the banking relations between the
indigestion due to the over-supply of American dollars real- United States and South American countries,
for which
ized from the proceeds of recent loans made by American American investors are supplying an increasing amount of
bankers, says J. E. Aldred, head of the investment banking capital, is represented in the appointment, announced May 5,
firm of J. E. Aldred & Co., who just returned from Europe of the National City Bank of New York as the official and
on the steamship "Duillo" of the Italian Navigation Co. exclusive banker for the Chilean Government in the United
While the ease with which loans are made by the leading States. In determining to rely upon a financial adviser in
European countries does not seem to divert the people of this country rather than upon the results of competitive bidFrance and Italy from their work and industry, he observes ding, Chile, it is pointed out, is following the example of such
that it is rather interesting to note that the pleasure resorts countries as England, France, Belgium and Italy. Formal
of Europe are flooded with Germans busily endeavoring to notification of the appointment was received on May 5 from
rid themselves of their surplus funds. Asked if he had any- the Chilean Minister of Finance, Pablo Ramirez, in cabled
thing to say regarding the foreign debt payments, Mr. Aldred advices to Charles E. Mitchell, President of the bank. Upon
replied:
receipt of the notification, Mr. Mitchell issued the following
During my visits to various countries in Europe I heard no question statement:
raised as to the payment of debts to the United States. Discussion of this
question seems to be confined to our college professors, who, evidently hay-
The Chilean Government, in its reform administration under the able
leadership of Vice-President Ibanez, has for some time been in communica-
2838
THE CHRONICLE
tion with us relative to Its plans for national economies, and we are to-day
in receipt of advices from the Minister of Finance, Pablo Ramirez, to the
effect that the National City Bank of New York has been named in a State
document as the official and exclusive banker of the Chilean Government for
its financial operations in the United States. We are planning to send
shortly our representatives to Chile for the purpose of helpful co-operation
in the development of the fiscal program.
[VOL. 124.
purchase of interim receipts so tendered at the lowest price
obtainable. Notice of acceptance of tenders will be mailed
on May 12 and the receipts so accepted must be delivered to
the the fiscal agents on or before May 17.
Central Union Trust Co. of New York Named as
The National City Bank has been active for years in South
Trustee for $2,000,000 Bonds of Bank of
American financing, operating several branches in Central
Colombia.
and South America, and has participated in the underwriting
of many of the South American flotations in this market since
The Central Union Trust Co. of New York has been apthe war.
pointed trustee for $2,000,000 Bank of Colombia 7% 20-year
sinking fund gold bonds dated April 1 1927.
Mexican National Bank Opens Branch in New York
City.
The Banco Na,cional de Mexico, the first bank in Mexico Republic of Salvador Customs Collections and Debt
Service.
to acquire a charter from the Mexican Government as a bank
The following information, under date of May 3, cornea
of issue, has opened a branch at 52 William St. The office
will be temporarily in charge of Roberto Riveroll, pending from F. J. Lisman & Co.:
1927.
the opening of a permanent agency. The bank has 27
$600,334
April collections
branches and 150 agents. Due to revolutionary disturb- Service on "A" and "B" bonds
87,494
ances and the creation of new laws, the charter as a bank of
$512,840
Available for Series "C" bonds
issue was cancelled and a new charter granted, the bank
$70,000
Interest on sinking fund requirements on "0" bonds
reorganizing under a plan to operate as a commercial bank. January-April collections
$2,462,882
349,976
Throughout the revolutionary period no loss to stockholders January-April service on "A" and "B" bonds
to creditors occurred. Banco Nacional de Mexico is the
$2,112,906
Available for "C" bonds
largest bank of that country, and has a capital of $32,000,000 Interest and sinking fund requirements on "C" bonds
$280,000
Collections for the first four months of 1927 after deducting service reMexican gold. Its principal office is located at Ave. Isabel
on the "A" and "B" bonds, were equivalent to
la Catolica, 44, Mexico City. The New York agency will quirements for the periodand
sinking fund requirements on the Series "0"
over 7.54 times interest
carry on all business customary with agencies of other bonds.
The bankers' representative collects 100% of the import and export
foreign banks in New York, such as collection, bills of exall of which is available for bond service, if needed, and 70% of
change, foreign exchange, discounting of commercial paper duties,
which is specifically pledged for that purpose.
and the financing of importers and exporters. Mr. Riveroll
has managed branches in Mexico, and is familiar with trade
J. E. Sterrett Reviews Dawes Plan in Operation—Plan
conditions and the business houses of Mexico.
a Factor in Economic and Political Stabilization of
European Countries—Disbursements Under Plan.
Republic of Peru Bonds in Definitive Form Available.
A record of economic achievement through international
Commencing Wednesday, May 11, the Guaranty Trust co-operation, due in large measure to the successful operCo. of New York, at its trust department, 140 Broadway ation of the Dawes Plan, was pictured by Joseph E.
is prepared to deliver definitive Republic of Peru external Sterrett, of Price, Waterhouse & Co. of New York, until
secured sinking fund 732% gold bonds, series of 1926, due recently the American member of the Transfer Committee
Sept. 1 1956, in exchange for outstanding temporary bonds.
Finance
Definitive Bonds of $3,000,000 Issue of Department of
Cundinamarca (Republic of Colombia) Ready
for Delivery.
Kissel, Kinnicutt & Co. and Hallgarten & Co. announce
that definitive bonds of the issue of Department of Cundinamama (Republic of Colombia) 20-year external 7% secured
sinking fund gold bonds, series A, due Dec. 1 1946, are now
ready for delivery at the office of Hallgarten & Co., 44 Pine
St., in exchange for the temporary bonds.
National Bank of Commerce in New York Appointed
Registrar for City of Trondhjem (Norway)
Bonds.
The National Bank of Commerce in New York has
been appointed registrar for the $2,750,000 City of Trondhjem (Norway) 30-year 53/2% sinking fund external loan gold
bonds dated May 1 1927.
under the Dawes Plan, in an address before the
Group of the Chamber of Commerce of the United States
in Washington on May 3. Mr. Sterrett, whose remarks
were presented under the head, "The Dawes Plan in
Operation," stated that "Aside from its financial results,
the Plan has marked a starting point for, and has been
a contributing factor in, the economic and political stabilization of the western European countries, which has
come since 1924. One marked effect which can be attributed directly to the Plan, is the renewal in the German
people of confidence in themselves and of hope for their
future." In referring to the disbursements which have
been made Mr. Sterrett said:
The disbursements in the first year were 897 millions of gold marksand in the second year 1,183 millions and for the first six months of
the third year they were 528 millions, making a total of 2,608 millions. The remaining balance of 1924 millions of gold marks does not
indicate any difficulty in transfer but is a necessary working balance
with which to meet drafts under contracts, of which there is always
outstanding a substantial amount, and other forms of transfer payments the totals of which necessarily vary as between months. Emphasis is laid upon this minor point because there has been a mistaken
belief in some quarters that reparation funds have been accumulating
in the hands of the Agent General.
National Bank of Commerce in New York Named as
Trustee for Bonds of Mortgage Bank of Bogota.
Mr. Sterrett said:
The Dawes Plan has been in operation for less than three years, but
The National Bank of Commerce in New York has
even this brief space of time has been sufficient to crate a sort of
been appointed trustee for $3,000,000 Banco Hipotecario de „legend which obscures in many minds the deeper meaning and purBogota (Mortgage Bank of Bogota) 20-year 7% sinking poses of the Plan. In considering what the fruits of the Plan have
been and some of its possible implications for the future, it is desirfund gold bonds, issue of May 1927.
• able to reexamine briefly the historical setting of the Plan and also
Bonds of City of Porto Alegre Drawn for Redemption.
Ladenburg, Thalmann & Co., fiscal agents for the Municipality of Porto Alegre, have drawn $10,000 principal amount
of City of Porto Alegre forty-year 8% sinking fund gold
bonds, external loan of 1921, for redemption on June 1 1927,
• at 105% and accrued interest.
Sinking Fund Notice of Buenos Aires 7% Consolidation
Loan of 1926.
Hallgarten & Co. and Kissel, Kinnicutt & Co., as fiscal
agents for the Province of Buenos Aires 7% external sinking
fund gold bonds, consolidated loan of 1926, have issued notice to the holders of interim receipts for said bonds, requesting tenders of as many of the receipts as will be sufficient to
exhaust $120,605 now held in the sinking fund. The fiscal
agents will apply the sinking fund money available to the
to restate its purposes and some of the means by which it was hoped
those purposes might be attained.
From the signing of the Peace Treaty of Versailles in June of 1919,
reparations became the central economic problem in European affairs.
Nothing could be settled until the reparation problem was solved an&
instead of being left for settlement by an independent body who could
view it as a business problem, it became the football of both national
and international politics. Conference followed conference and the
situation grew steadily worse. The Reparation Commission, representing the Allied Governments, made demands upon Germany for reparation payments, and in the earlier days succeeded in collecting substantial amounts. These demands, however, were not based upon a
scientific study of Germany's ability to pay and had little regard to
their effect upon the German economy. Not only in Germany but in
the Allied countries as well, reparations were at least a contributing
factor in the dislocation of the currencies.
In consequence of currency conditions, especially those in Germany,
business had no assured basis and every transaction which involved
the factor of time, had in it necessarily a large element of speculation.
At the end, Germany was prostrated, its currency became practically
worthless; one gold mark being equal to a trillion paper marks.
Reparations were not being paid, and what looked like an interminable
deadlock was strangling Germany and doing vast injury to the Allied
MAY 14 1927.]
THE CHRONICLE
nations. An effort had been made to collect reparations by force but
the principal result was a crop of deep bitterness.
By one of the greatest of modern miracles, Germany, in the midst
of this situation, stabilized its currency late in the year 1923. The
rentenmark, as the new currency was called, had a value equivalent to
the old mark. It had no gold backing, but merely a mortgage upon
the land, and to some extent upon personal property, yet in spite of
this, the German people had a measure of confidence in this new currency sufficient to enable its equilibrium to be maintained. Obviously,
however, this equilibrium could not have been continued for long without some kind of a settlement of the reparation problem and without
the help of a foreign loan. Demands by the Allies for payments on
account of reparation might, and probably would, have placed a burden
upon the German budget which would have again started the dreary
round of inflation.
It was at this point in December, 1923, that the Reparation Commission appointed two Committees, the first of which, soon known as
the Dawes Committee, was "entrasted with considering the means of
balancing the budget and the measures to be taken to stabilize the
currency" of Germany. The other Committee was to "consider the
means of estimating the amount of exported capital and to bring it
back into Germany." The work of this second Committee was done
with careful thoroughness and its report is a valuable one. It, however, does not form part of the subject which we are now discussing
and is therefore merely mentioned in passing.
The First Committee of Experts, as it is technically known, was
presided over by General Dawes, and most of us remember the eager
interest with which its report was received in April, 1924. The spirit
of the report is indicated by its Chairman in his letter transmitting the
report to the Reparation Commission. In that letter he said:
"Deeply impressed by a sense of its resposnibility to your Commission and to the universal conscience, the Committee bases its plan
upon those principles of justice, fairness and mutual interest, in the
supremacy of which not only the creditors of Germany and Germany
herself, but the world, has a vital and enduring concern.
"With these principles fixed and accepted in that common good faith
which is the foundation of all business, and the best safeguard for
universal peace, the recommendations of the Committee must be considered not as inflicting penalties, but as suggesting means for assisting the economic recovery of all the European peoples and the enti7
upon a new period of happiness and prosperity unmenaced by war.'
As evidencing its attitude toward the problem which has been submitted to it, the Committee, in its report, said:
"We have approached our task as business men anxious to obtain
effective results. We have been concerned with the technical, and not
the political, aspects of the problem presented to us. We have recognized indeed that political considerations necessarily set certain limits
within which a solution must be found if it is to have any chance of
acceptance. To this extent, and to this extent only, we have borne
them in mind.
"As regards past history, it has not seemed necessary to establish
the causes, nor the responsibility for those causes, which have operated to produce the present state of German finances and currency,
except in so far as a recognition of their character is required for the
prescription of remedies.
"Finally, convinced as we are, that it is hopeless to build any constructive scheme unless this finds its own guarantee in the fact that it
is to the interest of all the parties to carry it out in good faith, we
put forward our plan relying upon this interest."
It will be observed that the First Committee was charged with the
duty of finding means of stabilizing the German currency and balancing
the German budget. These objects had to be attained in the light of
Germany's reparation obligations. Indeed, as the Committee said,
"The dominating feature of the German budget is Germany's obligation to the Allies under the Treaty of Versailles." Consequently, any
plan under which the German budget could be balanced and the stability of the currency assured, had to specify a definite basis for
determniing the reparation burden upon the German economy. Upon
this point the Committee was emphatic: "We desire to make it quite
clear that the sums denoted above in our examination of the successive years, comprise all amounts for which Germany may be liable to
the Allied and Associated powers for the costs arising out of the war,
including reparation, restitution, all costs of all armies of occupation,"
and all other similar charges. This is the so called "all-inclusive"
feature of the annuities provided under the Plan. By it the maximum
annual burden upon Germany is definitely limited. It is one
of the
principal safeguards of the German budget and of the German
currency.
The annuities started at 1,000 million gold marks for the first
year,
. which began on September 1, 1924, and will increase
each year until
the fifth year, beginning on September 1, 1928, when the
maximum, or
standard annuity of 2,500 million gold marks is to be
reaohed. All
payments made by Germany on account of these annuities are
paid in
gold marks, or their equivalent in German currency, into the
Reichsbank to the credit of the Agent General for Reparation
Payments; in
the language of the Experts' Report, "This payment is the
definitive
act of the German Government in meeting its financial
obligations
under the Plan."
The funds necessary to meet these annuities are derived in part
from
the interest and the sinking fund on the eleven milliards of
German
railway bonds and from the interest and the sinking fund upon
the
five milliards of industrial debentures. These obligations are
secured
by a mortgage upon the German railways and by a somewhat similar
lien upon the industrial establishments of the country. Another substantial part of the annuity is derived from the yield of the transport
tax levied upon the transportation of goods and passengers in Germany. The remainder of each annuity is a direct charge upon the
German budget and is secured by the so called controlled reevnues,
that is, the yield from the taxes on customs, alcohol, tobacco, beer and
sugar. During the present or third annuity year, this direct charge
upon the budget represents one-fifth of the total annuity. It increases,
however, until in the fifth or standard year it will constitute
one-half
of the annuity.
It is the aim of the Plan to place upon Germany the responsibility
for the raising of these funds and the paying of them into the Reichsbank. There is only a minimum amount of foreign control. The
Reichsbank has seven foreign members out of fourteen upon its general
Council; one of the foreign members acts as a Commissioner and is
in control of the note issue. There are at present four foreign out of
the fourteen members of the German Railway Board and a foreign
Commissioner who has broad powers in the event of a default; and
there is a foreign trustee for the railway bonds. There are seven
foreign out of the fifteen members of the Board of the Bank for German Industrial Debentures; and there is also a foreign Commissioner.
2839
In the case of the controlled revenues there is a foreign Commissioner
who has general supervision over the administration of these revenues
and he also has substantial authority in the event of default. It was,
however, a deliberate aim of the Experts Committee to interfere as
little as was consistent with proper protection with the functioning of
the German Government. Throughout the operation of the Plan this
principle has been adhered to with care.
As has been observed, the obligation of Germany under the Plan is
to pay in German currency, to the Agent General for Reparation Payments, a stipulated annuity, and having done that her obligation is
discharged; she is not responsible for the transfer of this German currency to the creditor Governments. The Experts Committee, in its
report upon this point, said:
"There has been a tendency in the past to confuse two distinct
though related questions, i.e., first the amount of revenue which Germany can raise available for reparation account, and, second, the
amount which can be transferred to foreign countries. •• • • We
propose to distinguish sharply between the two problems, and first
deal with the problem of the maximum budget surplus and afterwards
with the problem of payment to the Allies."
Reference has been made already to what the Committee did in
regard to the first of these problems. Taking up in due course the
second question, the Committee decided that the use and withdrawal
of the moneys deposited in the Reichsbank to the credit of the Agent
General for Reparation Payments should be controlled by a Committee,
known as the Transfer Committee, which consists of the Agent General for Reparation Payments as Chairman and five other members
appointed by the Reparation Commission, one each from America,
France, Great Britain, Italy and Belgium. In the language of the
report:
"This Committee will regulate the execution of the programme for
deliveries in kind and the payments under the Reparation Recovery Act,
in such a manner as to prevent difficulties arising with the foreign
exchange.
"They will also control the transfer of cash to the Allies by purchase of foreign exchange and generally so act as to secure the maximum transfers, without bringing about instability of currency."
The Committee is given broad powers under the Plan and, except in
the event of certain rather remote contingencies, its judgment upon
any question within its field, is final. With regard to the relative importance of the transfer part of the reparation problem, the Experts
stated:
"We are convinced that some kind of coordinated policy with continuous expert administration in regard to the exchange, lies at the
root of the reparation problem and is essential to any practicable
scheme in obtaining the maximum sums from Germany for the benefit
of the Allies."
In his report of November 30, 1926, the Agent General in speaking
of the Transfer Committee, said:
"The Transfer Committee is thus charged with the duty, on the
one hand, of providing the maximum possible amount of transfers to
the creditor Powers, and, on the other, of protecting the stability of
the German Exchange. In discharging this heavy responsibility the
Committee must naturally look to the terms of the Plan and the
London Agreements, but it has at the same time the cardinal advantage
of complete independence of thought and action. The members of the
Committee are not open to instructions from any quarter, and in the
discharge of their duties under the Plan are always free to act according to their own best judgment."
Enough has been said to indicate the general outline of the Plan
and the organization which has been set up to administer it. It may,
however, be added to this point, that the German Government has
faithfully and promptly fulfilled its obligations under the Plan. There
have been a number of questions, any one of which would have been
quite sufficient to have caused a quarrel, and had it not been that both
the German Government and the organization charged with the administration of the Plan, were imbued with a willingness to agree;
and these questions, as they arose, were taken up, as business problems
usually are, for discussion in a spirit of mutual confidence and a
desire to find some acceptable method of accommodation.
Turning next to a brief survey of what has been accomplished under
the Plan, the financial results may be mentioned irst, not merely
because of their own intrinsic importance, but also because their
success has favorably influenced other and more intangible resut
wlshich, when an ultimate appraisement can be made, may well be
found to be the Plan's greatest contribution to the post-war settlement.
The annuity for the first year amounted to 1,000 millions of gold marks
and that for the second year 1,220 millions of gold marks, while the
annuity for the third year, now current, is 1,509 millions of gold
marks. On account of these annuities, and including certain minor
items of interest and exchange, there was actually received by the
Agent General within the two and one-half years to February 28,
1927, a total of 2,732 millions of gold marks. The interest and sinking fund, of the industrial debentures, are payable in semi-annual
instalments and other items, such as the transport tax, cannot be
determined in amount until some days after the close of the period.
It will be understood, therefore, that it is impracticable for the entire
amount of each annuity to be in bank before the close of business
on the last day of the period.
The disbursements in the first year were 897 millions of gold
marks and in the second year 1,183 millions and for the first six
months of the third year they were 528 millions, making a total
of 2,608 millions. The remaining balance of 124 millions of gold
marks does not indicate any difficulty in transfer but is a necessary
working balance with which to meet drafts under contracts, of which
there is always outstanding a substantial amount, and other forms of
transfer payments the totals of which necessarily vary as between
months. Emphasis is laid upon this minor point because there has
been a mistaken belief in some quarters that reparation funds have
been accumulating in the hands of the Agent General.
Out of each annuity there must be paid several items, in the nature
of prior charges, before distribution can be made to the creditor
Powers. One of the most important of these items is that of the
service of the German External Loan of 1924 and there are other
items covering the expenses of the various inter-allied commissions,
such as the Inter-allied Rhineland High Commission, the Military
Commission of Control, which has now ceased to exist, and the expenses of the Reparation Commission in Paris and those of the Office
for Reparation Payments in Berlin. During the first two and a half
years these charges have amounted to about 11% of the total disbursements, and approximately 89% has represented distributions
among the Powers. In the first and second years, approximately 35%
of the total disbursements has been transferred by purchasing with
2840
T
ill CHRONICLE
reichsmarks, foreign currencies which are either remitted to the creditor
Governments or are paid out for their account. The remaining 65%
was paid for deliveries in kind and for expenses within Germany of
the armies of occupation, expenses of inter-allied commissions and
such things. For the current year these figures are not yet available.
Much the largest single item of transfers is that relating to deliveries in kind. For instance, in both the first and the second annuity
years, the payments for deliveries in kind aggregated rather more
than one-half of the total disbursements for each year, and for the
six months of the third annuity year ending February 28, 1927, deliveries in kind were almost exactly 50% of the total disbursements.
Deliveries in kind fall into two groups, the first commonly known
as treaty deliveries, that is, deliveries of coal, dye stuffs and chemicals
which Germany is required by the Versailles Treaty to deliver on
reparation account and, secondly, other deliveries which are made on
voluntary contracts which closely approximate ordinary commercial
ones. Prior to the Dawes Plan, the Allies called upon Germany for
certain deliveries and in so far as these demands wer ecomplied with,
the German Government settled with its own nationals for the goods
delivered. With the inauguration of the Dawes Plan, Germany was
relieved of the direct obligation to furnish goods; as has been pointed
out, her liability under the Plan is limited to the payment into the
Reichsbank of the specified annuities. Moreover, to protect the German economy, it is stipulated in the London Agrement that the programs for deliveries in kind laid down by the Reparation Commission
after consultation with the Transfer Committee, shall be fixed "with
due regard to the possibilities of production in Germany, to the position
of her supplies of raw materials and to her domestic requirements in
so far as is necessary for the maintenance of her social and economic
life and also with due regard to the limitations set out in the Experts'
Report." It is further stipulated "That it (the German Government)
will facilitate as far as possible the execution of the programmes for
all deliveries under either the Treaty or the Experts' Report by means
of commercial contracts passed under ordinary commercial conditions;
and that, in particular, it will not take, nor allow to be taken, any
measure which would result in deliveries being unobtainable under
ordinary commercial conditions."
Practically speaking, deliveries under commercial contracts are a
development under the Dawes Plan. The process is, briefly, as
follows: A German seller, in the ordinary course of his business,
approaches, say, a French buyer and they make a bargain because
they believe the transaction is mutually advantageous. Up to this
point there is nothing to distinguish the transaction and it is a matter
for agreement between the parties whether the contract shall be carried out on reparation account or under ordinary commercial processes.
The parties, however, let us assume, agree that the transaction shall
be carried out upon reparation account. This means that copies of
the contract are submitted to Reparation officials in Paris, who, in
turn, consult with a German Commission, for the purpose of seeing
that the class of goods and other details fall within the provisions
of the regulations which have been developed under the Plan. The
main object of this scrutiny is to insure that the contract does not
call for the delivery upon reparation account of more than the quantities specified in the regulations, of certain materials which must be
imported into Germany at a cost in foreign currency. Inasmuch as
the regulations are known to everyone, comparatively few contracts
call for rejection on this account. Another requirement which has
to be observed is that the total amount of such contracts for any
Power shall not exceed the amount available to that Power on account
of its share at the time. Overdrafts are not allowed. Once a contract
is approved by the Reparation Commission Office, it is sent to the
Transfer Committee for consideration. The machinery works promptly
and quietly and when a contract is approved, the parties proceed with
its execution in the usual way. The contracts vary in their terms
regarding the time and manner of delivery and time of payment. In
some cases a contract may be completed in one shipment, while in
others the shipments extend over a period of several months. Sometimes payment is to be made upon completion of the contract, while
in other cases an advance payment is stipulated; frequently payments
on account are required. These things are arranged between the
buyer and the seller before the contract is signed. When a payment
is due under a contract, the Allied buyer, instead of going to his
bank for a draft payable to the German producer, goes to an authorized
representative of his Government from whom he secures a draft at
five days' sight, (although time drafts are used to a limited extent)
payable to his own order. He then endorses the draft and delivers
it to the German seller (or to his order) who, in turn, discounts it
or deposits the draft in his bank for collection, as he may choose.
In due course the draft is received by the Reichsbank in Berlin and
it presents the draft to the Agent General for acceptance and the
amount of the draft, when due, is paid by the Agent General to the
Reichsbank out of the annuity funds which are on deposit there.
The regulations under which deliveries are made upon commercial
contracts were put into effect on May 1, 1925. Considerable progress
was made in the development of this business between that date and
August 31st, the end of the first year. During the second annuity
year the practice grew and there were submitted to the Transfer
Committee 2,559 contracts with French buyers and 1,091 with Belgian
buyers. These two countries furnish the bulk of the commercial
contracts; Italy's deliveries consist monstly of coal, coke, dye stuffs
and pharmaceutical products, while Poland, Serbia, Rumania and the
other minor Powers are still taking deliveries under contracts which
were made before the Dawes Plan came into existence. Great Britain,
'outside her army costs, receives her reparations in currency under the
Reparation Recovery Act, while in the case of the United States,
her army occupation costs are being liquidated by direct cash payments
and her mixed claims are being paid under an agreement which was
arranged with certain German exporters to the United States.
The goods covered by these commercial contracts comprise all sorts
of things necessary to supply economic wants; coal and a wide variety
of coal products, refractory products, fertilizers, chemicals, iron and
steel, machinery of all sorts, railway supplies, sugar, textiles, horses,
cattle and other animals. There were two large contracts in the
second year that were of special interest, one, a contract for dredging
of the Port of Havre, calling for an expenditure of nearly a million
and a quarter of dollars, and the other, a telephone cable contract
for Belgium, costing nearly 900,000 dollars. In value ,individual
contracts range from millions of marks down to a few thousand.
A perusal of the reports of the Agent General makes it evident that
the deliveries in kind have contributed directly and effectively to the
restoration of the comforts and conveniences of the war torn countries.
[Vat,. 124.
The imagination is touched by the record of such things as the
deliveries to Serbia of railway and street cars to a value of more
than four million dollars; agricultural, textile and other machinery
of a million and a quarter of dollars; mining, bridge, building and
similar material of another million and a quarter; telephone and telegraph apparatus of nine hundred thousand dollars; hospital and
medical supplies costing three hundred thousand dollars. Rumania
received locomotives, cars and rails amounting to more than two
millions dollars, while Greece was assisted to meet its refugees problem
by the delivery to it on reparation account of wooden houses costing
three quarters of a million dollars.
The problems related to deliveries in kind have been the subject
of considerable speculation and discussion and their ultimate effects
cannot yet be measured. The Experts in their report said:
"We have given special attention to the question of deliveries in
kind: in their financial effects, deliveries in kind are not really distinguishable from cash payments, and they cannot in the Jong run
exceed the true surplus of German production over consumption available for export without either upsetting the exchange or rendering
foreign loans necessary."
Deliveries in kind were, however, provided for in the Treaty of
Versailles and were being made pursuant therto when the Dawes
Plan went into effect. The Plan, therefore, did not originate the
practice, but it had to deal with an existing arrangement. The Experts
recognized, moreover, that as a part of a going system, several of
the Allied countries were dependent upon deliveries in kind, and to
Stop them would caus dislocation. Furthermore, they felt that within
reasonable bounds, deliveries in kind mightrepresent a stimulus to
German productivity. They might also assist in making transfers.
These hopes of the Experts appear to have been well founded. Deliveries in kind have gone forward with general satisfaction both in
Germany and in the receiving countries. Especially, it would seem
that the system of deliveries under commercial contracts is helpful as
a means of restoring the channels of trade which had been broken
up by the war. Under these contracts the German producer deals
with a buyer whose credit is safe, while at the same time the purchaser secures from his Government some incidental advantages by
making his purchase upon reparation account. German producers
of a wide range of products, are being brought again into contact
with Allied buyers. These recent antagonists are finding it possible
to do business together, and thus the fabric of international trade
which was torn assunder in the war, is, in part, being restored as
an incidental contribution to reparation payments.
The payments by Germany and the transfers to the creditor Powers
have been accomplished in the face of many real difficulties and of
much hard work. Among other things, it was necessary to procure
a protocol between Great Britain and Germany regarding the Reparation Recovery Act and to negotiate an agreement with Germany providing for the liquidation, in the third annuity year, of contingent
liabilities which would have fallen, with probable detrimental effects,
into the fourth and fifth years. However, goodwill and understanding
on both sides have grown month by month and these have made it
possible to solve the problems that have arisen in the past and this
spirit constitutes a bright promise for the success of the further
operation of the Plan.
Aside from its financial results, the Plan has marked a starting
point for, and has been a contributing factor in, the economic and
political stabilization of the western Eureopean countries which has
come since 1924. One marked effect which can be attributed directly
to the Plan, s the renewal n the German people of confidenc in thmselves and of hope for their future. The post-war period not only
destroyed the German currency and wrecked the fortunes of vast
masses, but it undermined the morale of the people. So serious was
this condition that it was generally expected that a long time must
elapse before morale would be restored. Happily, this prediction has
proved to be unfounded. At the same time, the Plan made it possible for other nations, particularly America, to make loans and extend
credits to German commerce and industry and thus supply the working capital which was necessary to enable them to function. Indeed,
for a while American bankers were so eager to secure German loans
that sometimes it looked as though the life giving stream was dangerously near to a flood stage. While the better class of bankers
arranged loans and credits with discretion and care, others, in the
early months of the Plan, rushed in with almost childlike simplicity.
Before 1924 few American bankers had more than a limited experience
in making foreign loans and it is to be feared that most of them have
followed too closely the methods which had been developed in connection with domestic loans. Sufficient care was not always taken
to adapt American methods to foreign conditions, and some good
business has gone to other centers because of the onerous and inflexible conditions laid down by American bankers. Among other
things, our cumbersome and complicated form of legal documents,
which few laymen here have ever pretended to understand, is a good
deal of a shock to foreign business men who have perhaps an overappreciation of the efficiency of our business methods and practices.
Another highly significant development in Germany since 1924
has been the growth of an internal money market. In April 1924
just about the date of the report of the First Committee of Experts,
the .Reichsbank, in order to protect the currency, instituted a strict
rationing of credit. For months thereafter, the credit situation was
analgous to the food situation in a besieged city where the inhabitants are allowed a quantity of food just sufficient to sustain life.
After the German External Loan was floated, which provided a sound
backing for the German currency, the rationing policy was gradually
relaxed, but it was not until near the end of 1925 that it became
unnecessary. In the autumn of 1924 during the early months of
the Plan, money was scarce and interest rates were high, the day
to day rate being 16% in the middle of October and just under
11% at the end of December. On current deposit accounts the banks
at first paid 6% but reduced the rate to 5% about November, 1924.
Savings bank deposits and life insurance funds had been almost
wholly destroyed by the inflation. To the surprise and gratification
of everyone, the savings banks began at once to show signs of life.
In spite of low wages and a small volume of business, the common
people manifested a gratifying degree of confidence in the new reichmark currency which was established under the Plan. That picturesque
and significant phrase, "The flight from the mark", was no longer
heard. At the end of the first annuity year, August 31, 1925, savings
bank deposits were reported at 1,304 millions of reichsmarks and at
the end of the second year they had increased to 2,591 millions of
reichsmarks. An interesting fact in this connection is that while the
total savings bank deposits in Germany are, as yet, only about 16%
MAY 14 1927.]
THE CHRONICLE
2841
of the pre-war deposits, the annual increase, aside from interest al- technique. The. Germans had such an interest in the restoration of
lowed on deposits, which before the war was of course a large item, their financial situation, and their industrialists needed credit so
is now greater than it was in the years preceding the war. In 1925, badly that they accepted withouthesitation the very severe clauses
on control which the Plan contained. The fact is that everybody
interest rates continued to fall, and short term money was reasonably did
bit, and that a general good will succeeded the greatest posplentiful, partly because of the accumulation of savings and profits siblehis
bad will; confidence replaced distrust, and for two and a half
among the German people themselves, and in larger part, no doubt, years the Dawes Plan has been functioning without difficulty; difbecause of the loans and credits from abroad. Throughout 1925 ferences of opinion have been settled without trouble either directly
there were no public offerings in Germany of domestic security issues, or by arbitral verdicts which everybody accepted; Germany is enjoying
but in the early summer of 1926 offerings began to appear, and the a stable currency and a financial prosperity which increases every
internal market developed astonishing resources. For the whole year day, while the Allies are receiving what is due them."
of 1926 the domestic issues in Germany amounted to about 1,350
miilion reichsmarks as against about 1,700 million reichsmarks of
foreign loans; in other words, about 44% of the total public issues
Completed on 1926 Crop to Members of Burley
of securities in Germany in 1926 were offered upon, and absorbed by, Payments
Tobacco Growers' Co-operative Association.
the domestic market. In addition to these issues there were sold
over the counter, in accordance with the usual practice, a large quanChecks in full settlement and payment for the 1926
tity of mortgage bonds and also a substantial amount of new issues
tobacco crop were mailed to its members on May 7 by the
of capital shares were absorbed.
Had anyone in 1924 predicted the development within this short Burley Tobacco Growers' Co-operative Association, carrying
time of such an internal money market in Germany, he would have millions of dollars into the burley counties
of Kentucky,
been dismissed as a visionary unworthy of credence. Its existence is
a fact, however, and a fact which has much significance for American Ohio, Indiana, West Virginia, Tennessee, Missouri, Virginia
bankers. It would only weary you, even if time permitted, to refer and North Carolina. The Louisville "Courier-Journal" reto other developments within Germany, such as the growth in the ported the foregoing in a Lexington dispatch May
7, which
sales of the cooperatives, the reduction of unemployment and the
progress that has been made in the reduction of costs and the increase went on to say:
Each check is accompanied by a statement from James C. Stone, prod-.
of production that has grown out of the widespread and intensive
study that has been, and still being given in Germany to problems dent and general manager of the burley co-operative, which shows in detail
every
item relating to the handling and sale of the 1926 crop, the amount
of business organization and processes of manufacture.
As we have already seen, the Experts Committee tried to provide deducted from each grade and what the deductions were for, the gross sale
a sense of security that would permit the German economy to proceed price, the amount advanced on delivery and the amount sent in final settlein its reconstruction in an orderly way. The German people have ment as represented by the check.
In his statement Mr. Stone reviews the condition which caused the as-.
responded to this appeal of the Plan and their success has outrun
expectations. The German people know that, upon the economic sedation to sell its 1926 crop at auction, the refusal of the association
side, the Plan has been their salvation. Their currency has been members to carry the outside grower any longer and the slump of approxistabilized and the one external factor which might disturb the sta- mately 8 cents a pound from the average realized from the previous five
bility of the currency, that is, reparation payments, is under the crops. He explains to the growers that the contract under which the 1926
control of the Transfer Committee which is charged with the duty of crop was delivered did not permit the individual sale of each member's
safeguarding the currency. This Committe, as we have seen, is clothed crop and immediate payment for it, because, under the contract, it had
with broad powers. From my intimate knowledge of the character to be received, graded and sold and each member paid the same price by
and the courage of the men who, as members of the Transfer Com- grade, less the actual expense of operation. This expense is higher, Mr.
mittee, are answerable to their own consciences alone for their acts Stone says, because of the relatively smaller amount of tobacco delivered
within the provisions of the Plan, I know that they will not shirk last year.
Discussing the item of expense in connection with his statement to the
their duty and that their ability and foresight are the best assurance
growers, Mr. Stone said:
that crises will be avoided.
Pool Average Higher.
Upon the political side, the Plan has also borne fruits of great
Reports of sales throughout the burley tobacco district show that while
importance. Out of an atmosphere of bitterness and hatred there
has come a measure of peace and goodwill that is quite as surprising the independent market averages $12.55 a hundred pounds, our tobacco
as any of the financial results. This is not the time nor the place sold for $13.25, or 70 cents a hundred pounds more than was paid the outto attempt to appraise the political situation between Germany and sider, gross, for his tobacco. This 70 cents, of course, reduces our cost, as
her former enemies. It is enough to remind you of the agreements compared with those of the outsider, by just that amount.
Oar members also should remember one other factor that has figured
that have been made during the past two years and of those other
projects such as the ones mentioned in connection with Thoiry, in prices the last season. Practically every pound of tobacco dumped on the
which, in the interests o world welfare, let us hope, are not dead loose auction floors by those of our people who broke their contracts was
but merely sleeping. If the policies which were followed from the their best tobacco, and in spite of this fact, we received more money for our
close of the war to 1924 were those of destruction, the Dawes Plan tobacco, as a result of the increased service,such as grading, clean packing,
can fairly claim to be a policy founded upon justice which continues etc., which we rendered to our members and the buyers, and which added
to be a contributing factor in the growth of constructive policies materially,of course,to the expense.
Mr. Stone tells the growers that the amount of tobacco produced In the
outside of any beyond it own field.
to 1925, inclusive, was 1,393.472,433 pounds:
When we look to the future, we often hear around us the voices burley district from 1921
increased price during this period over the price
of the prophets of gloom. Many, speaking in a doctrinaire manner, that the net average
and 1926 crops was approximately 8 cents a pound,
for
1920
realized
the
are convinced that the Dawes Plan must break down, they say there
this increased return to the growers aggregates $111.477.794.
is no hope for it. Other observers are no less certain that Germany and that
he believes was brought into the burley district largely because of the
can continue to pay and that the full annuities can be successfully which of
the association. "And yet," he says, "some people argue that
transferred. Both groups cannot be right and perhaps some mis- efforts
your association has had nothing to do with the increased price received."
apprehension enters into the calculations of both. If the Dawes
Plan was a final, rigid thing like a mortgage, there might be more
New Contract Prepared.
occasion for concern. The Plan, however, is not an inflexible piece
Mr. Stone tells the growers that a new contract has been approved by the
of mechanism fastened on the back of the German Government. It
must be remembered that the annuities fixed by the Experts Com- board of directors, which he believes the growers also will approve when
mittee had to be determined at a time when financial and economic presented to them,and which,in his opinion, will "give every man who signs
conditions in Europe, and particularly in Germany, were much be- it an advantage over those who do not sign it."
Mr. Stone, as in previous statements, directs the attention of the growers
fogged. The Committee had to make its forecasts under these difficult
conditions and to make these forecasts for a period of several years. to the fact that burley farmers have been producing more tobacco than the
annual
consumption indicates is needed to supply the trade and that if
Without yielding in our admiration of what they accomplished, it
would not be surprising if it should be found experimentally that they continue to grow more burley than is consumed,"it simply meanslower
•
some degree of error crept into their forecasts. They recognized prices for burley tobacco."
The deductions in cents per hundred pounds, to retire the 8% preferred
that possibility themselves and like wise men they took care to
guard against unhappy results in such an event. Moreover, and stock of the several district warehousing corporations, included in total
this point seems to be overlooked by many, the Plan itself is not a expenses, are as follows:
Central
1.3464
final settlement. In its report the Experts Committee stated:
.9813
"We would point out finally that while our plan does not, as it Eastern
.7646
could not properly, attempt a solution of the whole reparation prob- Northern
Western
8237
lem, it foreshadows a settlement extending in its application for a
.7792
sufficient time to restore confidence, and at the same time is so Indiana
1.4178
framed as to facilitate a final and comprehensive agreement as to Missouri
1.3052
all the problems of reparation and connected questions as soon as Ohio
circumstances make this possible."
Tennessee
.7044
Events are moving, the will to agree is growing, and it is not West Virginia
1 5220
unreasonable to hope that it will not be long until the final and
ANALYSIS OF EXPENSES.
comprehensive agreement foreseen by the Experts Committee will
The statemerri-of expenses incurred in handling and selling the 1926 crop follows:
become a reality. The questions yet to be settled are delicate and
Cost Per
of a nature easily provocative of quarrels, but the problems can be
Expenses. 100124.
settled in a friendly way if approached in the right spirit. The sitti- Executive officers, board of directors and
ation at present calls for patience and an effort to understand. In
manager of warehouses
.049
$57,658.11
particular, there should be everywhere a restraint upon criticism. Receiving houses' expenses
$342,559.69
Less: Scrap sold and inventoried
.280 •
331,527.39
11,032.30
Apparently, with this thought in mind, the Minister in Foreign
Affairs of France, M. Briand, was reported recently as saying:
Expense of prizing tobacco
buyers_..$22531:248195..2535
.190'
Less: Prizing charge collected from
231,766.32
"I do not understand why public opinion impatiently confuses international politics with motion pictures, whose scenes must be reeled
Grading
department
off at high speed. What is significant is that, thanks to the con1647
4
House expenses
191,1S31.1?
fidence imposed on Dr. Stresemann and myself by our countries, things Sales
.182
Freight on tobacco to sales floor
215,75(1.53
have become possible which two years ago would have seemed Warehouse Dept.: Repairs, roofing, paints,
impossible.
quite
betterment, atc
217,223.94
.159.
187,701.54
Less: Storage collected
29,522.40
The future of reparations may be faced today with confidence, and
for the past, I know of no more satisfying tribute to the work of General office expenses
127,034.04
.107
the Experts Committee and to the administration of the Plan than Community organization
22,997.73
.019.
28,465.46
.024.
a statement in a Paris paper on February 12, 1927, which was penned Legal department
69,389.58
Field service department
by M. Jacques Seydoux, who had then just retired from a long
Less:
Damages collected to date in cash in ,
and honorable career in the French Government service. He said:
61,142.43
.052
8,247.15
1926 cases
27,668.47
.023
"Thanks to it (the Dawes Plan), the question of reparations, Burley tobacco grower
only
aroused
not
Germany
against
the
Allies
but
which
involved the
$1,659,794.66 $1.403
Total
risk of embroiling the Allies among themselves at any moment, was Total 1% reserve
$156,945,05:
taken out of the political field and transferred to the domain of Total pounds received
118,359,923
2842
THE CHRONICLE
Winston Churchill Explains Great Britain's War Debt
Note.
The following copyright cablegram from London May 11
Is from the New York "Times":
[VOL. 124.
accepting. Others were inclined to ,regard the offer as a McNaryHaugen antidote with some questionable aspects.
Not all the pool interests are lined up for a return fight for the
McNary-Haugen farm relief plan. But several are behind it.
The meeting today adjourned without executive action. It was
decided to take the administration offer back to the governing boards
of the nine pools, and let later action determine a course.
The reason why the British Government sent its recent note to the
United States contradicting Secretary of the Treasury Mellon's statements
In a prepared address made at the opening session on
respecting the sums which Great Britain is reciving from her debtors on
the war loans was explained by Chancellor of the Exchequer Churchill May 5, Secretary Jardine said:
to-night at a dinner of the British Bankers' Association.
It is not my purpose to offer the cooperative associations marketing
"I yield to no one in the general admiration which is felt for Mr. Mellon's grain a ready-made plan. In soy opinion, it is the task of the assoposition as a workl statesman and financier," he said. "but it is that very ciations to develop such a plan on the basis of their knowledge and
high reputation which he has which made it absolutely necessary for his experience. In the development of sound plans to aid the grain proMajesty's Government to issue in one form or another a perfectly clear
ducers, research and service agencies, such as the United States Decorrection of certain mis-statements into which he had inadvertently been
partment of Agriculture, should give every assistance that is within
led.
pledge on behalf of the department our earnest
"We have no desire to interfere in the domestic controversies of the their power. I can
in the development of a constructive marketing program.
United States. We know quite well that any interference by us in these desire to assist
duty of the administration and of
controversies would be prejudicial and could do no good; but when a man of Furthermore, I believe it is the
enactment of such legislation as may
that eminence and unequaled financial authority rages statements which Congress to assist through the
the cooperative marketing of
do not correspond with our view of the facts, we owe it to our debtors in be necessary to extend and strengthen
Europe, we owe it to the public opinion of these lands against whom we wheat and other grains.
have had to impose severe demands—we owe it to them to make it absoThe "Star" of May 8 in noting the closing of the Conlutely clear that Great Britain is in no circumstances making anything out
stated:
ference
of the war debt transactions of the late war."
With its eye firmly fixed upon an actual world wheat pool in a few
were
answer
Mellon's
The British note and Secretary
years, the international conference of co-operative wheat farmers closed
given in our issue of a week ago, pages 2681-2685.
late yesterday. It was a conference probably to be historic in the annals
of agriculture.
The pool men from Russia, Australia, Canada and the United States
Wheat
in
Decrease
voted the establishment of a permanent international bureau of coCrop Report of Bank of Montreal.
operative marketing to act as a clearing house for statistical informaAcreage as Result of Late Season.
tion and development plans. It would be a step toward ultimate estabon
based
In its "Crop Report" issued to-day (May 13)
lishment of a world pool.
telegraphic reports received at its head office from its
Rename World Committee.
branches, the Bank of Montreal thus summarizes the general
The vote followed the suggestion of George W. Robertson, secretary
of the international committee, who in a speech, "Is There, a Basis for
situation:
International Co-operation?" answered "yes" and it was echoed by
Wheat seeding in Western Canada is from ten days to two weeks behind
his hearers.
the ten-year average, owing to the backward season, and it is likely that
This international committee was reelected and was empowered to
there will bea decrease in wheat acreage, with an increase in coarse grains.
The weather, however, is now good over the prairies, and operations are take steps necessary to the establishment of the bureau:
C. H. Burnell of Canada, chairman.
gradually becoming general. In practically all districts the seed-bed
George W. Robertson of Canada, secretary.
Is in excellent condition with abundant moisture stored in the ground.
Ernest R. Downie of Kansas.
early
an
get
In Quebec favorable spring weather has enabled farmers to
John Manley of Oklahoma.
start in cultivating their land, while in Ghtario operations are also well
A. J. Scott of North Dakota.
advanced, the season being three weeks earlier than last year. In the
Lew Hutchinson of Canada.
Maritime Provinces the spring opened early, but the weather lately has
This committee also was empowered to add to its numbers, and it
spring
the
Columbia
been cold and development is backward. In British
announced last night these additions:
is three weeks late, but prospects are good.
Saul G. Bron of Russia.
C. Judd of Australia.
W. A. McLeod of Canada.
The conference also heard some advice offered its American members.
International Wheat Pool Conference at Kansas City— Nine states have pools, but none of them so far has attained a
International Bureau Indorsed—Proposals for Govdominance in size comparable to the Canadian Australian, or Russian
ventures. The secretary of agriculture, Dr. W. M. Jardine, attended
ernment Loans for Co-Operatives—Secretary
the conference to offer government money in furthering the state coof
Development
on
Jardine
Agriculture
operative pools. It was apparent the government's offer was an expression of its willingness to help the farmer in ways other than by the
Wheat Pools.
McNary-Haugen bill.
Representatives of wheat pools in all parts of the world
"Watch the Overhead!"
participated in the International Wheat Pool Conference
"You American pools must remember that no pool is stronger than
and
5
May
on
opened
which
Mo.,
held at Kansas City,
its weakest link," said Mr. Burnell of Canada. "You have some weak
closed on May 7. According to Associated Press accounts links. You have a big job ahead of you, and maybe some clean-up
work will have to be done.
from Kansas City assurance of Government support for
"No pool will grew when its overhead expenses are so large memorganizaa suitable national co-operative grain marketing
bership is a burden."
It is the contention of many state poolers that further obligations,
tion from Secretary of Agriculture Jardine on May 7
such as accepting the government money would mean, is not the need
brought forecasts of a federation of American pools from of the pools. Rather it is the thing to be avoided. More members and
delegates to the Conference. These dispatches said:
control or more wheat is the need. To that end the pools are planning
In a conference with Middle Western growers yesterday, May 6, a membership drive enabling it to control 60% of the wheat crop.
More members would cut the overhead, and place the pools upon a
Secretary Jardine announced the Government was ready to give
strong financial support to the right sort of co-operative marketing sound basis, it was pointed out. As in Canada, solid growth of the
pools would be up to the farmers, not the government.
movement.
Long time Government loans totaling $25,000,000 or perhaps more
May Reject Jardine's Offer.
would be available, the Secretary indicated, provided the growers deIt was freely expressed around the conference rooms that Secretary
vised and presented an acceptable plan. The plans should be worked
Jardine's offer would not be accepted.
out in detail by the farmers themselves, he said.
"I know it won't," said W. H. Settle, of Indiana, an ardent
The proposal for a national co-operative organization was in line
McNary-Haugen advocate. "It is nothing but sop, a compromise. The
with a resolution adopted by the 300 delegates urging wheat producers 25
millions he mentioned is a drop in the bucket to what actually
of the chief exporting countries to push negotiations for co-ordination
would be needed."
under a world marketing policy. Russian, Canadian and Australian
Pool
men from Oklahoma and Texas, however, were inclined to favor
delegates joined American growers in support of the resolution.
the government offer.
This, delegates believed, would stabilize prices and eliminate many
The Burnell remarks drew fire from the American poolers. Their
undesirable features attributed to competition between world pools
leaders indicated there might be some "housecleaning" as part of their
operating without a uniform policy.
plans to develop the nation's pools into a power within two years.
The speech of Mr. Robertson was the climax and summary to the
A reference to the fact that pool spokesmen from the
conference. He began
reviewing the co-operative idea. He pointed
nine states had met on May 6 in informal session with out its advantage over by
the grain trade system of the past fifty years,
Secretary Jardine was contained in an item in the Kansas in that it substituted orderly marketing for speculative dumping. It
maintained a fair and even price to the producer through the year,
City "Star," which said:
and did not raise the price to the consumer. It allowed the strong
The secretary assured them the government stood ready to lend as to help the
weak, with general good for all.
much as 25 million dollars to co-operative ventures.
Effect on World Market.
The pool men suggested means of obtaining this money. It was
He explained how wheat prices were the result of international marsuggested the federal intermediate credit act be amended to allow 10wareof
cost
elevators,
the
of
erecting
55%
as
much
as
of
loans
keting conditions, and never could be stabilized fully without world
year
houses and other physical facilities for the co-operative handling of co-operation. This suggested many problems.
"For example," Mr. Robertson said, "it was good news to us to
grain. The act now allows loans only on grain delivered and held for
future sale. The loan enables the pool to pay its members on delivery, hear from our Russian friends that Russian agriculture is working out
short.
are
obviously
loans
The
of its dark days, and soon the Russian wheat plain will take its place
although sale is not until months later.
among the great producing areas of the world.
time.
Jardine.
the
At
Secretary
by
received
well
was
"Yet such an announcement is likely to be met with mixed feelings
suggestion
The
meeting tonight the state pools will decide upon resolutions affecting from other exporting countries. It means that world conditions are
going to be different. What will happen, it is asked, when Russia
the loan offer.
again becomes an important factor in the world's wheat exporting
, On the 7th inst. the "Star" had the following to say:
trade?"
Mr. Robertson's answer was that Russia's wheat would not overSome in Favor of Accepting.
burden the market. The wheat supply has doubled in the last fifty
sesprivate
a
in
offer
the
over
The interstate pool leaders threshed
years, he explained, but there never was any great surplus at any time.
sion today at the Hotel Biltmore. Some of their number favored
MAY 14 1927.]
TTTE CHRONICLE
Orderly co-operative world marketing, he added, would regulate the
supply to suit the demand.
Must Move With Caution.
"We must be careful," he cautioned, "that our international development is not rushed faster than the wheat growers of the world are
prepared to indorse it.
"The immediate problem is not actually international selling. It is to
establish a basis of international co-ordination. The proposed bureau
would build up the general pooling idea, making a foundation of education for a great business organization later.
"The day of the mass marketing of farm products, as Secretary
Jardine phrased it, is here, and the co-operative movement is the
vehicle.'
The date or place of the next international conference was not set,
but Regina, Canada, was mentioned. It extended an invitation to the
conference.
At the next conference the international bureau is expected to be in
operation.
In its account of the opening of the Conference the
"Star" said:
Two Hundred Leaders Here.
More than 200 pool leaders sat in the conference room today. Notables were present, including W. M. Jardine, secretary of agriculture;
J. E. Brownless, premier of Alberta; J. G. Gardiner, premier of Saskatchewan, and A. J. McPhail, president of the gigantic Canadian pool.
The speech of C. H. Burnell, chairman, outlined the plan of the
great Canadian venture. George W. Robertson, secretary, read communications from the wheat interests in South America, Italy, Great
Britain and other countries.
An incident demonstrated the international character of the gathering. A note was handed Mr. Burnell by Saul Bron, chairman of the
Russian delegation.
Secretary Jardine's prepared address, presented under
the title of "The Problems of Grain Marketing Organizations," discussed the Canadian pools.
In Kansas City advices May 8 the New York "Journal
of Commerce" said:
A basis of one dollar a bushel for American wheat as the advance
price to be paid by the American wheat pools is favored by Secretary
of Agriculture Jardine, according to rumors here following his departure for Washington at the close of the international pool conference.
The $1 basis is the one in use in Canada, whereas American pools
advance only 75 cents a bushel.
Indorse Plan.
At the closing session of the conference the proposed 'co-ordination
of all national wheat pools, into an international unit was indorsed.
Secretary Jardine is understood to have been noncommittal on the
financial projects advanced by several pool leaders. One thing certain
has come out of the conference nd that is the Mid-Western State pools
are going to form a national organization and go after at least 60%
of the American production. Secretary Jardine made it plain that the
organization work would have to be perfected by the farmers themselves. When the plans are finally agreed on then they may be submitted to the Government for consideration and if approved he will
throw all his influence with them, he indiacted.
The Mia-West sectional conference was not held owing to a holdover session for the international conference. The matters suggested
by Secretary Jardine before he left for Washington are being considered.
Kessinger Bill Putting Chicago Board of Trade Under
Control of State Commission.
According to the Chicago "Tribune" of May 8 the directors
of the Chicago Board of Trade by resolution adopted on
May 7 to suspend trading in futures after Sept. 30, answered
the State senate, which on May 5 passed the Kessinger
regulatory bill. The "Tribune" added:
The directors declared the board could not continue functioning properly
in the distribution of agricultural products if the Kessinger bill becomes
law.
Members said that would mean the Board of Trade will be driven
out of
Illinois, either to Indiana or Wisconsin.
The Kessinger bill would put the Chicago Board of Trade
under control
of a State Commission of three. That, board members say, would
substitute a political directorate for the board elected by members of
the board
of trade. There had been the impression for several days that the
House
would not pass the bill, but a few politicians, In close touch with the
situation at Springfield, told board members yesterday the bill was likely to
pass
the House.
Action of the Board of Trade directors was taken yesterday
after three
days of conference with grain and financial farm interests.
0. H. Cheney on Losses Through Competition Between
Different Elements in' Food Industry.
"The war on the table," the competition between different
elements in the food industry, is causing untold losses and
threatens more serious disruption unless new ideas of cooperation are developed, 0. H. Cheney, Vice-President of the
American Exchange Irving Trust Co., told the New York
Wholesale Grocers' Association at the Hotel Pennsylvania
on May 4. "It is a war involving billions of dollars," said
Mr. Cheney, "and means business life or death to thousands
of individuals and corporations, great and small. It is a
war in which whole industries are struggling for supremacy
and powerful organized systems of merchandising are battling. It is not simply one war—it is dozens of wars—all
being fought at the same time—each a different kind of war
In which everybody seems to be fighting everybody else."
Continuing he said:
2843
Are the methods used in this new competition really unfair? Is direct
selling unethical? Is group buying unethical? Is the building up of a
private brand by a wholesaler or retailer unethical? Is price maintenance
by a manufacturer unethical? And what kind of a crime is a chain store?
I do not think that ethics or fairness have anything to do with these
developments. The grocery trade must face the truth that those methods
are going to win out which make better profits and give the consumers
more of what they want for their money—and those methods are going to
win out whether anybody else in the trade gets hurt or not.
One queer thing about the new competition is that through the intensity
of competition old-fashioned methods may come back into popularity. One
of the chain store principles at the very outset was "cash-and-carry" as
against the service of the independent. Now, because of the almost furious
competition between the chains themselves, some are going back to the
service idea to hold their trade. Those who are losing out in the new
competition very often save themselves by adopting and adapting some of
the very methods which have been used against them. The independent
grocers are learning better store keeping methods and quantity buying
from the chain stores and the chain stores are learning the advantages of
the right kind of service and the personal touch.
The middleman has come to be considered by too many people as a kind
of boll weevil on our system of distribution. The "big butter-and-egg
man" has come to be a grotesque cartoon character to represent all the
extravagance and waste of our economic system. If the consumer and the
economist have come to feel that way about the wholesaler, it is to a large
extent the fault of the wholesalers themselves. But I do not believe that
the wholesaler is going to get anywhere in rehabilitating himself with the
public and with the trade by simply talking about how good he is and how
important his functions are if he is at the same time doing his best to
dodge as many functions as he can. The best ways to persuade the world
that your are serving is to serve. The only hope of the wholesaler in this
new competition is to become a better wholesaler.
The whole business of ethics in the grocery trade is getting altogether
too complicated to be of any use to anybody. I am not inferring that
ethics are unnecessary in the grocery business or any other business—I
believe that without ethical principles there could be no business and I also
believe that business relations would be a whole lot better if some of the
ethical principles on which they depend were better understood and better
respected. My objection is to the growing habit of business men in pretending that some particular situation is an ethical one when it isn't and
that anything they do is ethical while anything the other fellow does is
unethical. Another idea which is causing a great deal of muddle between
the various factors in distribution is the notion that a code of ethics is a
substitute for honesty or for fair dealing or for intelligent methods. A
code of ethics is useful only to the extent in which it is used.
John Hays Hammond Discusses Before Wharton School
of Finance "Business Leadership and the Next
Fifty Years"—Suggests Bureau of Standard
in Field of Economics.
Declaring that "the great problems which confront our
business life to-day have to do with business, wtih politics,
with social life," John Hays Hammond at a dinner in the
Penn Athletic Club, Philadelphia, on Tuesday night, May 10,
advocated the creation of a Bureau of Standards in the
field of economics. "Such a faculty is essential," he said,
"from which to select the trained specialists to devote to
the study of various problems in the field of economics, of
political and of social relations." Such an organization, he
added, "will also serve as an impartial scientific agency to
which not only the Government but society as a whole can
turn whenever great emergencies present issues or problems on which impartial but competent and authoritative
statements of the facts is essential as a basis for practical
policy." Mr. Hammond was the guest of honor and principal speaker at the dinner, which was held in observance of
the 46th anniversary of the University of Pennsylvania's
Wharton School of Finance and Commerce, the oldest university school of business in this country. As the guests of
Dr. Emory R. Johnson, Dean of the Wharton School, and
Henry N. Woolman, President of the Wharton School
Alumni Association, about 150 men prominent in the financial, business, industrial and educational fields attended the
dinner. Mr. Hammond,in the course of his remarks, said:
I am glad to accept Dean Johnson's suggestion that I speak to you in
terms of the next fifty years, because of my conviction that there are fundamental business, governmental and social problems confronting our republic
that, taken together, constitute a national emergency. The collegiate schools
of business have an important contribution to make to the solution of these
problems. Any school of business needs to see its place and to define its
function not in any narrow, provincial spirit, but in the broadest possible
terms—in the light of its possible contribution to the solution of these
national problems. Any other conception of its function means that we
to-day are not thinking with the broad vision which characterized Benjamin
Franklin when, nearly two hundred years ago, he laid the foundations for
this great university, and which characterized Joseph Wharton forty-six
years ago, when in a great statesmanlike document, he laid the foundations
of your undergraduate school of business.
My life has brought me into close contact with the physical sciences.
My undergraduate work at Yale, my graduate training at the Schools of
Mines at Freiberg, Germany, and my activities as an engineer have enabled me to observe the development of the physical sciences and the marvelous expansion of their contributions te human affairs, and particularly
the relation of economics to the problems of engineering. In the winter
of 1872-73, while still a student at Yale, I heard one of the lectures delivered by John Tyndall, Director of the Cavendish Laboratory of Physics at
Cambridge University, England. A small group of scientists headed by
President Barnard of Columbia and Henry A. Rowland of Johns Hopkins,
had been instrumental in bringing Tyndall to this country for the purpose
of stimulating the development of research in physical science. At that
time the revolutionary changes that have occurred in the last half century
sass result of scientific discoveries and their applications had barely started.
2844
THE CHRONICLE
The great growth of mechanical inventions, of our electrical industry, of
the industries based upon the transmission of sound, and a myriad of others
had started hardly at all. We were in the dangerous position of being
dependent upon Europe for our fundamental scientific discoveries. In that
address, Tyndall warned America that 'if we allow the spirit of our great
Investigators to die out, we shall find ourselves eventually in the condition
of those Chinese mentioned by DeToqueville who, having forgottten the
scientific origin of what they did, were at length compelled to copy without variation the inventions of an ancestry wiser than themselves, who had
drawn their inspiration direct from nature. . . ." He further warned
America that the largeness and the nearness of our material results are
only too likely to cause us to forget the small spiritual beginnings of such
results, in the mind of the scientific discoverer. "You multiply but he
creates. And, if you starve him or otherwise kill him, nay, if you fail to
secure for him free scope and encouragement—you not only lose the motive
power of intellectual progress, but infallibly sever yourself from the springs
of industrial life."
Tyndall's lectures were attended by large and enthusiastic audiences. It
Is of interest to note that he divided the profits realized from these lectures
among three universities—Harvard, Columbia and Pennsylvania—for the
aid of students of science. His lectures and the aid furnished by many
intelligent scientists and men of affairs, have had a profound influence in
forwarding the scientific work that has had such a magnificient flowering
In the industrial expansion of to-day. In consequence of the application
of these physical sciences we have built modern industrial and business
America. Through its grace we are literally showered with material comforts and blessings such as the human race has never before known. As a
nation, we are so thoroughly "sold" to the advantages of the physical
sciences, that we are spending (according to the official estimate) over
$10,000,000 a year on pure science research and over $200,000,000 on applied research in the same fields. We will always need more money in
these fields, for we have learned that these expenditures are abundantly repaid. But viewed nationally, it is not too much to say that we are well
provided, or on the way of being well provided, with facilities for scientific
research in these fields. The national need which brought Tyndall to this
country in 1873 has been met. Through the interest stimulated, our country
has been made stable, prosperous and secure on the physical side.
But in solving one set of problems we have created new ones—infinitely
more complex and perilous. The astonishing economic development since
Tyndall's visit in 1873, has showered us with material blessings, but in no
less degree it has confounded us with many problems which affect the very
foundations of our society.
We face a grave problem of agricultural unrest—a problem which through
'our lack of attention in the economic field has escaped into the political
arena where judicial and scientific attention is difficult if not impossible.
The way we meet our problem of labor relations will decide whether we
ean solve the human problems of working together, or whether we, too, are
headed for the vicious cycle of class consciousness which engulfs so much of
Europe. We are fabulously prosperous, it is true. But have we analyzed
the ingredients of our prosperity? Has our high standard of living been
merely a fool's paradise in which we dwelt while we skimmed the cream
of the richest resources mankind had ever possessed?
If we have been thus living on our capital, as an English industrialist
Insists, must we face the dismal prospect of diminishing returns and diminishing standards for all with the resulting bitter struggles for possession?
And if so, how?
Or, are we in this country, on the verge of a discovery new in the world,
by which higher and higher productivity may mean permanently high standards for all—and social contentment?
We are the most wasteful nation in the world. In a thousand ways we
squander the resources available to solve the economic problem. Can we
be said to be anything but wasteful so long as a business depression sweeps
down on us every seven to ten years, carries with it thousands of business
enterprises to financial extinction and puts millions of people on the
streets? Or, so long as seasonality of operation spells idleness to billions
worth of difficulties and to millions of persons for months each year? War
debts, international relations, defilement of our political institutions, prohibition—I need not mention any more of that endless list of problems which
the revolution of the last half century has showered upon us.
These are problems which the managers of business must solve. They
transcend ordinary individual solution. They should not become political
or journalistic footballs. They are not in their essence political, or even
social, they are intrinsically economic in their nature. For their solution
they require not blind animus or political strategy but careful scientific
inquiry into the facts and honest, fearless conclusions. They are not prob.
lems for the scientistt; they are problems for the economist.
The great problems which confront our business life to-day have to do
with business, with politics, with social life. They have to do, if you will,
with the management of this tremendous machinery of production and distribution which the physical sciences have presented to us. In the words
of a recent address, "the question on which the future depends is whether
men can muster up among them enough mentality and morality to manage
the stupendous powers which applied science has recently placed in their
bands. . . .
Joseph Wharton, with much prescience, realized that society with its
great growth on the physical side had got out of balance and out of control, and needed men trained in the problems of our business and civic life
if it was to manage successfully in this new world of the last fifty years.
We are wise and scientific in our dealing with physical problems; we
are still mediaeval in our dealing with economic, political and social problems. In the physical field we attack such a task as building a bridge by
splitting it up into its separate problems, and then employ scientifically
trained men to secure and analyze all the facts regarding stress, strains
and composition of materials. We follow the method of the engineer. In
the social field, our method seems to be to "outshout" each other—to out.
propagandize each other. That is the method of the mob; it is the very
antithesis of the method of the engineer. It proceeds on the theory that
our problems are to be solved by emotion, prejudice, gullibility and force,
and not by facts. In that direction lies Russia and much of the social
philosophy prevalent in other countries of Europe.
The great problem of our day, therefore, is the systematic and continuous application of the method of the engineer to the economic and social
• field. We fail to grasp the immensity of that task. We assume that the
methods of 1881—the day when Joseph Wharton founded your undergraduate
' school of business—are adequate to-day. In spite of the object lesson before
us in the development, in industry, in government, and in universities of
great organized research laboratories, spending nearly a quarter of a billion
dollars a year to find the fundamental fads and laws of our physical uni• verse, we still use a popgun method in the study of economic problems.
We depend upon the' casual part-time efforts of a few individuals in universities, in business and in goVernment. Our method is still substantially
the method of 1873. Our Imaginations have been unequal even to an appre. elation of our task.
EV
124.
Even our statesmen as a class have become headline readers and their utterances are mere expressions of unconsidered opinion and not engineering
reports based upon fact. . . .
How are we to emerge from the pick-and-shovel stage, in which we now
are, in our dealing with economic and social problems? We must recognize that fragments of time of single individuals working alone will no
more be adequate to meet our national need to-day than were the part-time
efforts of overloaded teachers in 1873 adequate to meet our great need for
the development of the facts and the laws of physics and chemistry.
We need facts, facts and yet more facts; then our opinions will have
some foundation. In view of the number and magnitude of our problems and
the number and complexity of our facts, we need to equip ourselves as
definitely for research for fact finding in these fields as in the last fifty
years we have in the fields of the physical sciences. We need great research laboratories for the organized and continuous study of problems of
business and political and social life if we are to "catch up" in these fields.
In Washington, the Federal Government maintains, as you know, a great
institution known a sthe Bureau of Standards. This Bureau is charged with
the responsibility for the discovery and maintenance of those standards
which are of universal interest in the world of the physical sciences. It
concerns itself with the development of such standards as those of weights,
of measurements, of electricity, of safety and of materials. In fact, this
Bureau is the world's greatest physics laboratory. From a small beginning
twenty-five years ago, it has grown until it now covers 43 acres of space
and has a staff of 800 men and an annual budget of $2,000,000. More than
350 studies are now in progress and more than 180,000 tests are made a
year. In this way the Bureau performs a national service of first importance; it has contributed more to precision of thought in the physical
sciences than has any other institution.
No Bureau of Standards exists in the field 'of economics. In view of their
controversial character, I doubt whether one could function freely under
Governmental, that is to say, political auspices. Yet it must be done under
competent, impartial agency. Without suitable impartial and authoritative
agencies every partisan agency in existence will be contributing towards an
infinitely greater aggregate expenditure on so-called research that leads only
to propaganda and worse confusion. This task is one of the great national
services to social progress and stability to be performed by our universities.
Although various partial experiments have been tried, no institution has
evidenced an appreciation of the size of the task by organizing itself as
definitely for such a service as it has for education. Most of them still
seem to feel that the spare moments of isolated teachers are devoted to
writing text-books, and this constitutes an adequate meeting of the situation.
It is too large a task for a single university. But some institution must
pioneer in a thoroughgoing way with the expectation that others will follow its lead to the end that an organization adequate for national needs
may be developed.
My message to you to-night is that the University of Pennsylvania is a
logical institution to pioneer in this service. You were the pioneer in
business education. Your fifty years of distinguished usefulness in that
field has led to the assembly of a strong faculty, large in number and with
various interests. From such resources in scientific scholarship, a strong
staff for a Bureau of Standards in human affairs might be recruited. Such
a faculty is essential from which to select the trained specialists to devote
to the study of various problems in the field of economics, of politics and
of social relations. I am delighted to hear from Dean Johnson and various
research organization as your next step and have already made a significant
members of the faculty that you recognize this development of a suitable
beginning.
Such an organization should render a national service equal in importance
It will be continuously supplying the world of students, the world of bustto the service rendered by the establishment of the Wharton School in 1881,
ness, the world of statecraft, and the great agencies which mould public
opinion, the fundamental facts and standards of our business, social and
political life. Such a contribution cannot be measured in tangible terms.
It would represent a contribution to the extension of human knowledge on
the front where problems are increasing more rapidly, where the facts are
least understood, where precision of thought is most lacking, and where,
in consequence, opinions divide men most relentlessly. In so far as these
differences which divide men turn "upon the facts and not merely upon
their interpretation, it will be possible by the gradual extension of the
field of exact knowledge ultimately to narrow the contentious field, and
correspondingly to enlarge the- basis upon which useful social action may
rest."
Such an organization will also serve as an impartial scientific agency to
which not only the Government but society as a whole can turn whenever
great emergencies present issues or problems on which impartial but competent and authoritative statements of the facts is essential as a basis for
practical policy. Abundant precedent for such a practice exists in such
studies as those made by your Dean Johnson for the Panama Canal Coin,
mission, the Shipping Board, and the United States Chamber of Commerce,
in the studies made by Dr. Solomon Huebner for the great insurance companies of the country, for the Shipping Board and for committees of Congress, and in the studies made by the members of your Department of
Industrial Research for the United States Coal Commission and other
agencies.
The studies made by such a Bureau of Economic Standards would supply
the schools of business of this and other countries with those more fundamental materials for business education which are essential if business
education is to be based upon a real grasp of business problems and is not
to be mere superficial analysis of business.
Many of our important legislative problems are inherently economic.
No one questions the integrity. of purpose nor the special ability of the
Federal Bureau. of Standards in the realm of scientific research. A Bureau
of Economic Standards would serve as a source of information and in that
way render a great national service to our legislative assemblies in the
field of economics.
Such a development of research will also specifically serve the cause of
education at the University of Pennsylvania by contributing to the continued intellectual alertness and vigor of its faculty by insuring continuous
Contact with vital problems through research. To use the words of John
Tyndall again: "At the present time there is a great cry for technical
education, and it is a cry in which the most commonplace intellect can
join, its necessity is so obvious. But there is no cry for original investigation. Still, without this, as surely as the stream dwindles when the
spring dies, so surely will 'technical education' lose all power of growth,
all power of reproduction."
Furthermorp, a most important by-product of such a research enterprise
would be the training of research workers which business, Government and
society are demanding in such large numbers for staff positions.
And, finally, such a thoroughgoing example would tend to stimulate similar research organization in other universities, just as the establishment of
.the Wharton School led to a new international movement in business education. In this way it will encourage more intelligsdit.national planning and
more statesmanlike economic leadership.
MAY 14 1927.]
THE CHRONICLE
The dominant figure in modern life is the manager of business. With
the tremendous increase in the importance and influence of the economic
features of modern life, leadership in our society has come to rest in him.
I tremble at times to think of the power and responsibility which are his.
The progressive development, the stability and serviceability of modern
society, depend upon the economic judgment, the human wisdom and the
ethical standards which characterize the decisions of business administrators. And the responsibility for seeing that society is so equipped that it
may most effectively meet its biggest economic tasks is fundamentally his.
Joseph Wharton had the genius and the public spirit to anticipate the needs
of the half century just closing. Have we of to-day the similar foresight
to recognize the enlarged needs of the next half century and to make
Pennsylvania not only a great centre of business education, but also a great
centre for research in business and civic problems? A supreme opportunity
lies open.
Resolutions Adopted by United States Chamber of
Commerce.
The United States Chamber of Commerce, at its annual
meeting in Washington, which closed May 5, adopted a
series of declarations covering many current economic
problems. These resolutions may be summarized as follows:
That no further commitment be made on agricultural policies until a
report has been made by the Business Men's Commission on Agriculture,
which should be forthcoming within sixty days.
That in view of the Treasury surplus, the corporation income tax should
be reduced, the Federal estate tax repealed and the remaining war excise
taxes abolished.
That tax administration should be systematized and simplified.
That business men place before the Congressional Joint Committee
defects they have found in the tax law and its administration.
That active interest should be continued by the Chamber and its organization members in promoting efficiency and economy in local and State
government.
That in view of the explicit statement of Chairman O'Connor of the
Shipping Board that the board does not contemplate investment of public
moneys in new ship construction it is necessary only to impress upon the
board the need cf placing private shipping in private operation.
That the elimination of wasteful practices and trade abuses be undertaken
by the formation in each trade of a joint trade relations Committee.
That the work undertaken by the American Law Institute for the reformation of legal procedure be supported.
That postal rates should be revised and that in the revision cognizance
should be taken of the principle that policy services should be charged to
the general Treasury.
That the comprehensive program of the National Conference on Street
and Highway Safety.should have active support.
That for humanitarian considerations certain children and parents of
Americans should be admitted regardless of quota limitation under the
Immigration law.
That State insurance officials should co-oxrate to bring about desirable
uniformity with reference to insurance regulation.
That the President of the United States be authorized to centralize all
public health activities of the Federal Government.
That authority for building and operating toll bridges be granted only
upon definite conditions.
Lewis E. Pierson, Chairman of the American Exchange,
Irving Trust Co., was elected President of the United States
Chamber of Commerce. Judge Edwin B. Parker, of Houston, Texas, and Washington, D. C., was named to fill a
newly created position of Chairman of the board of directors.
2845
tually a decline occurred. However, 1926 was very exceptional for the
great number and size of the stock split-ups which tend to artificially
depreciate these average figures. The result is, even this all-inclusive
average fails clearly to reveal whether or not 1926 was a year of rising
stock prices. Careful estimates of the importance of this and other similar
causes for variation in the average of all listed shares, however, go to show
that the average price for all listed issues was reduced only a few points.
Share prices as a whole appear to have been rather stable over the whole ,
year and the undoubtedly sharp advance in some share issues was largely
offset by the pronounced decline in others.
In the same manner an all-Inclusive average of bond prices
was computed, showing that during both 1925 and 1926 all
listed bond averages have moved upward, the trend being
the slightest in United States Government issues and most
pronounced in American railway bond issues. Not a single
insolvency occurred during 1926 among the members of the
New York Stock Exchange. This is the second calendar
year since 1900 that such a record has been made, the other
being 1916. In commenting upon this feature of the Exchange's year, Mr. Simmons said:
The success with which insolvencies have been avoided can of course be
attributed in very large measure to the questionnaire system adopted by the
Exchange in 1922. The experience of 1926 has only confirmed that of other
years subsequent to 1922, when the initial operation of the system was
attended by a slight increase in the percentage of our member insolvencies.
It is true that generally speaking the past year has been one favorable to the
stock brokerage business. Yet there were not absent in 1926 sharp price
declines and , other such occurrences which could have conceivably resulted
in member insolvencies had the condition of Exchange firms not been
regularly examined and, when occasion warranted, supervised.
Mr. Simmons's report this year contains not only the statistics of members' loans as published each month by the
Exchange, but also shows for the first time the total loans
of the members of the Exchange during the years 1918-1922
which were gathered by the institution at that time, but
never before published. The first of these reports, showing
loans as of Oct. 1 1918, reveals a total of $1,009,000,000, a
figure which declined each month until it reached $985,000,000 on March 1 1919, when an upward trend developed which
carried total loans on security collateral in New York to
$1,756,000,000 as of Nov. 1 of that year. The aggregate
amounts of borrowings reported by Stock Exchange members have consistently been in excess of the aggregate
amounts of stock market loans reported by Federal Reserve
member institutions. This disparity simply reflects the
well-known fact that certain classes of financial firms report such loans to the Exchange but not to the Reserve, and
vice versa. In this graphic record of the two compilations
of brokers' loans, it is interesting to note that the excess of
Exchange over Reserve figures has not increased in proportion to the increase in their total amounts.
The publication of monthly reports of brokers' loans, Mr.
Simmons declared, tends to stabilize conditions in the security market and the money market alike, by reducing the apprehension so often felt concerning the unknown, and by
affording every one an opportunity on the same basis to
draw an informed end intelligent opinion as to whether the
security collateral loan market has or has not become unduly
contracted or expanded. Mr. Simmons continued:
Market Value of Listings on New York Stock Exchange
Jan. 1 $75,543,769,606, According to Annual Report
of President Simmons—Increase of $5,545,331,023 in Year—Average Price of Securities Reached Peak Nov. 1 1925.
The value of securities listed on the New York Stock ExOne noteworthy feature concerning Stock Exchange member loans, apart
change increased more than five and one-half billions of from
their sharp drop last spring and other intermediate fluctuations, has
dollars during 1926, according to figures revealed in the been their net decline during the past year. This decline has occurred in
annual report of E. H. H. Simmons, President of the Ex- a period when new securities continued to come upon our list rapidly and
volume. This apparent paradox may be explained at least
change, presented on May 4 to the members of the Governing in considerable
to a considerable degree by the undoubted extent to which securities preCommittee at a special meeting. The aggregate market viously held undistributed in the market "floating supply" have gradually
value of all stocks and bonds listed on Jan. 1 of this year, been withdrawn from it through outright purchasing by our now numerous
investing public, and immured in the strong boxes of private
the report shows, was $75,543,769,606, as compared with American investors
all over the country.
American
$69,998,438,583 at the beginning of the preceding year, an
Discussing the two records of members' loans, the first
Increase of $5,545,331,023. Of this increase, near four billions was represented in the greater market value of stocks, covering the period from 1918-1922, and the second beginning Feb. 1 1926, Mr. Simmons said:
while $1,658,396,010 was the measure of the increased
worth
It is of course always the relative rather than the absolute size of total
of listed bonds. Ninety-one new issues of stocks and bonds stock market loans which possess significance. As has been previously sugwere added to the Exchange list during the year, the total gested, their growth in the past few years has occurred concurrently with
at the beginning 1927 being 1,420 bonds and 1,081 stocks, as a similar growth in securities listed on the New York Stock Exchacnge, as
wall as in practically all total figures for American banking. It is at any
against 1,367 bonds and 1,043 stocks a year ago. This in- rate significant that on Feb. 1 1926 total Exchange member borrowings
crease Mr. Simmons said, revealed a somewhat less rapid constituted 4.952% of the market value of all securities listed on the
Exchange, but on Jan. 1 1927 member borrowings amounted to only 4.358%
growth than for 1925, when 151 new issues were added to of
the market value of all listed issues on this latter date. Inasmuch as the
the list, but, he added,"It is interesting to note that whereas relationship between total Exchange member borrowings on collateral and
total
market value of all listed securities is a most basic and fundamental
stocks were coming on the list in 1925 more rapidly than
one, this comparison is especially illuminating in regard to the relative
bonds, during last year this trend was reversed." A feature size
of the former item during the past year.
of Mr. Simmons's report for the year is the compilation of
Concerning the New York Stock Exchange, in its position
the average price of securities, based on the entire list, as a market
for international securities, Mr. Simmons said:
weighted according to the actual amounts of every issue.
In general, it is worth pointing out that it is not the aim of this ExThis compilation shows that the price average of all shares change to enter into any particular competition with other exchanges, here
nor is this Exchange
reached its peak on Nov. 1 1925, when it touched 70.47, and or abroad, as a market for international securities,
actively engaged in attempting of its own accord to expand this part of
never during the following year was this top again reached. its present activities.
The extent to which the New York market may in future years develop
The report points out that:
in
This would lead to the conclusion that instead of the rise in share
prices
1926 concerning which there has been so much published
comment, ac-
a wide or predominant function as an international capital market, depends not upon New York Stock Exchange policies, but upon basic economic tom.' in commerce and finance at work throughout the modern
2846
THE CHRONICLE
world. These forces, although thoroughly significant to a wide range of
our national interests, are nevertheless in many respects novel and unfamiliar to the American public. While overlooking no opportunity to provide superior marketing facilities for such new classes of securities as may
through the course of events be brought into the portfolios of our investors
in significant quantities, it still remains the primary duty of the New
York Stock Exchange to establish and maintain such rulings and requirements as may best serve to surround the processes of American security
investment with the utmost possible degree of safety and assurance for
the American investing public.
[VOL. 124.
Section 7, Article XVII of the Constitution is in part as follows:
"A member who shall have been adjudged by a majority vote of all the
existing members of the Governing Committee guilty of . . . a violation of a rule adopted pursuant to the Constitution . . . may be suspended or expelled as the said Committee may determine . . .
Section 1, Chapter XI of the Rules adopted by the Governing Committee
pursuant to the Constitution is in part as follows:
"No member,while acting as a broker,'whether as a Specialistor other-wise.
shall buy or sell directly or indirectly for his own account or that of a partner,or for any account in which either he or a partner has a direct or indirect
Interest, securities the order for the sale or purchase of which has been accepted by him or his firm or a partner for execution; except as follows:
"(Exception (b).) A member may take or supply the securities named
In the order provided the price is justified by the condition of the market
and provided that the member who gave the order shall directly or through
a broker authorized to act for him, after prompt notification, accept the
trade and report it. . . .
Tho New York Stock Exchange has one great function in the business
world and that is to furnish a free and open market in the stocks and securities which are listed. All that the members of the Exchange have to offer
Is service and it must be honest service. Any member who makes improper
use of the machinery of the Exchange or assists another member to use it
improperly Is an enemy of the Exchange and a betrayer of his fellow members.
President Simmons of New York Stock Exchange Asks
Co-Operation of Employees in Elimination of
Fraudulent Stock Promoters.
E. H. H. Simmons, President of the New York Stock Exchange in a letter sent to all employees of the Stock Exchange and its affiliated companies, requested their cooperation in the elimination of fraudulent stock promoters
and securities swindlers. He calls their attention to the
service rendered by the Fraud Bureau of the New York
Stock Exchange and requests that if at any time they or
their families are approached to invest money or to become New York Stock Exchange to Pass on Advertising of
financially interested in any promotion which seems to be
Non-Members Where It Affects Business Relations
questionable, they communicate with the Fraud Bureau of
With Members.
the Stock Exchange or with the Better Business Bureau of
Secretary Cox of the New York Stock Exchange issued
New York, 280 Broadway, and ask for facts in the matter under date of April 23 the following
notice to members:
before committing themselves. "The Better Business BuNew York, April 23, 1927.
reau of New York City," Mr. Simmons said in his letter, To the Members:
Whenever a non-member for whom you transact business contemplates
"has been instrumental In driving a great many of these
giving publicity to his business relation with you in an advertisement or
stock swindlers out of this vicinity, and is actively on the any other printed matter, the Committee on Business Conduct directs
alert to stop their practices. Your co-operation will make that such advertisement or other printed matter be submitted to it by you
before being used. Non-members having stationery coming within this
their work more efficient and the protection of the investor category
may continue to use the same until the approval of the Committee
more secure." The letter follows:
can be secured.
This rule should be brought to the attention of the non-members menNEW YORK STOCK EXCHANGE.
tioned above, and for this purpose additional copies of this circular can be
New York, May 3 1927.
obtained at the Secretary's Office.
To Employees of the New York Stock Exchange and Affiliated Companies:
E. V. D. COX, Secretary.
It has been called to my attention that some of the employees of the
Exchange have been victimized by fraudulent stock promoters and securities
swindlers, so I wish to call your attention to the service rendered by the More Seats Urged on Stock Exchange—New Move to
Better Business Bureau of New York City, which is at your disposal.
Raise Number of Members to 1,200 Follows Increase
If at any time you or your family are approached to invest your money
of Values.
or to become financially interested in any promotion which seems to be
questionable, I request that you communicate with the Fraud Bureau,
The increased value of membership in the New York
established by the Stock Exchange under Mr. Ashbel Green, or the Better
Stock Exchange as a result of recent bidding in the so-called
Business Bureau of New York City, Inc., 280 Broadway, and ask them for
"seat market" has prompted a new movement to increase
the facts in the matter before committing yourself.
The Better Business Bureau of New York City has been instrumental in the number of seats from the present limit of 1,100,
it is
driving a great many of these stock swindlers out of this vicinity, and is
reported in stock market circles. The New York "Times"
actively on the alert to stop their practices. Your co-operation will make
of May 8 in stating this said:
their work more efficient, and the protection of the investor more secure.
Every previous effort to increase the membership has been defeated, but
Sincerely yours,
proponements of the plan now believe that, with the right sort of initiative,
E. H. II. SIMMONS, President.
an expansion of the roster can be brought about. The last proposal to
Increase the membership provided for the sale of twenty-five additional
New York Stock Exchange Has 20-Year Old President seats. It was rejected overwhelmingly. More recently the membership
was sounded out on a proposition to create "alternates" to act for members
on "Boys' Day in Industry."
who
have to absent themselves from the floor. Sentiment was found
The New York Stock Exchange was run on May 5 by a to bemight
so opposed to the move that it was abandoned.
20-year-old President, Albert Frederick Stranahan, who had
It is reported that the next effort will be to increase the membership
been selected to take the place of E. H. H. Simmons, Presi- from 1.100 to 1.200. Discussions are now taking place unofficially among
members and it is likely that a formal proposal will be presented within a
dent, on "Boy's Day in Industry." The.one-day official is short time.
The governing authorities of the Exchange, although they have not so
a Pennsylvania boy, a graduate of Honesdale, Pa., high
expressed themselves publicly, are said to feel that the present market value
school and a pre-medical student at Columbia College, and of
seats,around $200,000,is too high. They do not like to hear the Exchange
he is working his way through school by employment as a described "as the county's most exclusive club" and as the institution
with
ticker reporter on the floor of the Stock Exchange. Other the highest-priced membership. An increase in the number of seats would
tend to reduce the price.
officials of the Stock Exchange also relinquished their
The opposition to any increase in the number ofseats is easily understood,
duties for the day in favor of junior employees.
being based on a desire to keep the profits of the securities business within
as small a group as possible. At present the number of active members—
that is, members who daily appear on the floor of the Exchange is only
New York Stock Exchange Suspends H. E. R. Hall of slightly more than 600. Of the remaining 500 inactive members, however,
many profit by their ownership of seats through the low commission rates
Bruning, Jackson & Co., for Six Months.
to which they are entitled.
Harry E. R. Hall of the firm of Bruning, Jackson & Co.,
There has been some suggestion that the constitution of the Exchange be
60 Broad Street, this city, was suspended from membership so amended that the privileges of membership be enjoyed only by persons
Who actually make use of them by appearing regularly on the floor of the
in the New York Stock Exchange for a period of six months Exchange. There is little prospect, however, that any such
plan would be
on Thursday of this week, May 12. The substance of the approved if pat forward.
The present high price of membership in the Stock Exchange is the
charge of which Mr. Hall was found guilty was that on April
result of the increasing opportunities for trading
and for Com7 last, while acting as a specialist in Erie Railroad second missions. The aggregate market value of all stocks profits
and bonds listed as of
preferred stock he accepted for execution an order to sell Jan. 1 1927, was $75,543,769,606, as compared with $69,998,438,583 at
500 shares of said stock at the market, and then bought the beginning of the preceding year. Ofthe increase, nearly $4,000,000,000
was represented in the greater market value of stocks, while
200 shares of said 500 shares for his own account at a price was the measure of the increased value of listed bonds. $1,658,396,010
Ninety-one new issues of stocks and bonds were added to the Exchange's
which was not justified by the condition of the market and
list during last year, the total at the beginning of 1927 being 1,420 bonds
did not notify the member who gave him the order either and
1,081 stocks as compared with 1,367 bonds and 1,043 stocks a year
directly or through a broker authorized to act for him. before.
Trading on the Exchange is of unprecedented proportions, averaging
Mr. Hall was the floor member for his firm and was admitted
well above 2,000,000 shares a day.
membership on May 15, 1924. The announcement
of
to
his suspension as read from the rostrum of the Exchange by
New York Stock Exchange Election—President SimPresident E. H. H. Simmons, was in part as follows:
mons Re-Elected for Fourth Term—Resolution
A Charge and Specification having been preferred under Section 7,
Article XVII of the Constitution and Section 1, Chapter XI of the Rules
Recording Services of Willis D. Wood.
adopted by the Governing Committee pursuant to the Constitution against
E.
H.
H. Simmons was re-elected to serve a fourth term
Harry E. R. Hall, a member of this Exchange, and a member of the firm of
Bruning, Jackson & Co., said Charge and Specification was considered by as President of the New York Stock Exchange at the annual
the Governing Committee at a meeting held on May 11. 1927. said Harry election held on May 9. All candidates on the ticket proB. R. Hall being present: and the Governing Committee having determined
posed by the Nominating Committee were victorious except
that said Harry E. R. Hall was guilty of the Charge and Specification, said
Sherman B. Joost, who was defeated by Emlen M. Drayton
Harry E. R. Hall was suspended for a period of six months.
MAY 14 1927.]
THE CHRONICLE
2847
for a place on the Governing Committee. Drayton received
270 votes, against 192 for his opponent. The complete
ticket elected was as follows: President, E. H. H. Simmons;
Treasurer, Warren B. Nash; Members of the Governing
Committee for four years, Hamilton F. Benjamin, Louis C.
De Coppet, Morgan Davis, Howard C. Foster, Charles R.
Gay, H. G. S. Noble, Edwin A. Seasongood, Bertrand L.
Taylor, Jr., Arthur Turnbull, Richard Whitney; Member of
the Governing Committee for one year, Emlen M. Drayton;
Trustee of the Gratuity Fund for five years, H. G. S. Noble.
In recording the services of President Simmons in behalf
of the Exchange, the Governing Committee on May 11
adopted the following resolution:
and the receiver ordered and directed to issue presently $500,000 of said
receiver's certificates for the purpose of providing funds, plus funds now on
hand in the possession of the receiver, to meet interest payments now overdue on bonds of the Kansas City Joint Stock Land Bank, Missouri Joint
Stock Land Bank, Wichita Joint Stock Land Bank, Bankers Joint Stock
Land Bank, and Liberty Central Joint Stock Land Bank.
The receiver, therefore, directs all holders of such matured coupons to
present them for payment at the offices of the Kansas City Joint Stock
Land Bank, 15 West 10th Street, Kansas City, Mo.; or at their option at
the First National Bank, Chicago, Ill.; the Chase National Bank, New
York City; New England National Bank & Trust Co., Kansas City, Mo.; or
the Commerce Trust Co. of Kansas City, Mo.
Notice is hereby given to all bondholders of the issuance of said receiver's
certificates, and that the proceeds thereof will be used for the payment of
Interest coupons as above set forth.
W. R. COMPTON, Receiver,
Kansas City Joint Stock Land Bank.
The third year of Mr. E. H. H. Simmons's administration of the affairs
of the New York Stock Exchange is completed, and never in its history
has the Exchange been so prosperous or stood so high in public esteem.
The average daily volume of transactions in securities exceeds all previous
records; the price of memberships (a reliable barometer of Stock Exchange
prosperity) stands at figures hitherto undreamed of, and throughout the
nation the suspicion and distrust which in past years have been an everpresent menace have given place to better and more friendly understanding.
An important factor in bringing about this greater 'well-being of the
Exchange has been the untiring industry and devotion to duty of President
Simmons. He has labored on the one hand to sustain and fortify the
ethical standards of the Exchange in its internal management, and on the
other hand he has strengthened its external relations by enlightening the
public on its methods and its aims.
Be it therefore Resolved, That the Governing Committee, as representatives of the membership at large, do hereby assure Mr. E. H. H.
Simmons of the appreciation felt by his fellow-members of the invaluable
work he has accomplished and of their unstinted co-operation in his labors
yet to come.
Chicago Stock Exchange Expells George A. Cokins.
George A. Cokins of the Chicago brokerage house of
Cokins & Co., has been expelled from membership in the
Chicago Stock Exchange and W. S. Mills was suspended for
one day, according to a press dispatch from that city to
the "Wall Street Journal" yesterday (May 13), which stated
that action of the governing committee was taken because of
violations of Article 1 and Article 2, Section 3, of the constitution of Exchange and because of acts detrimental to
interests and welfare of the Exchange. Charges against both
members grew out of operations in stock of the United Iron
Works, Inc., recently stricken from the list, it was stated.
On April 28, the following resolution was adopted by the New Powers Bearing on Administration of Pennsylvania
Governing Committee of the New York Stock Exchange:
Banking Institutions Conferred on State Banking
In view of the determination of Mr. Willis 0. Wood not to accept a
Superintendent Under Miller Bill Signed
renomination for membership on the Governing Committee, it is desired
By Governor.
to place on record the Governing Committee's appreciation of the faithful,
able and extensive service Mr. Wood has given to the Exchange since his
More sweeping powers are conferred upon the State
election as a Governor in 1911. He became a member of the Committee
on Stock List in 1913, and served on that committee continuously until Secretary of Banking under the provisions of the Miller
the present time, giving to it fatiguing and active service and bringing to House bill, which Governor Fisher approved on May 5,
it a ripe experience and a distinctly independent mind. In addition, according to Harrisburg advices to the Philadelphia
Mr. Wood served on special committees during this period, which dealt
with important and difficult problems. Mr. Wood carries with him in "Ledger," which has the following to say regarding the
his retirement our heartiest best wishes and the assurance that his presence new legislation:
missed.
will be greatly
Receiver of Kansas City Joint Stock Land Bank Authorized to fssue $700,000 in Receivers Certificates—
Notice To Holders of Coupons of Land Banks
In Kansas and Missouri Regarding Payments.
for the Kansas City Joint
Receiver
Compton,
William
Stock Land Bank, was authorized on May 9 by Judge
Albert Reeves of Federal Court at Kansas City, Mo., to
issue $200,000 additional in receiver's certificates, bringing
total to $700,000. Issue of $500,000 was authorized last
week to pay May 1 interest claims, says Kansas City advices to the New York "Journal of Commerce." In a
previous dispatch from Kansas City (May 6) the same
paper stated:
Holders of the Kansas City Joint Stock Land Bank bonds will receive
full payment of the interest which fell due May 1.
This became evident here today following the granting of authority late
yesterday by Federal Court Judge Albert L. Reeves for the issuance of
$500,000 in receivers' certificates, payable October 15, bearing 5% interest.
These certificates will be orior liens on the bank after outstanding bonds
and a first mortgage of $437,500 on the bank building are paid. Interest
due May 1 amounts to $854,600.
The security of the receivership rests upon the fact that every stockholder in the Land Bank is liable for double the face value of the stock.
Affairs of the Institution are in such shape that it is unlikely a stock
assessment will be decided upon. The bank's capital is $3,800,000.
The appointment of William R. Compton as Receiver for
the Kansas City Joint Stock Land Bank was noted in our
issue of May 7, page 2679. On May 11 Receiver Compton
issued the following notice inviting the holders of matured
coupons of that and four other land banks located in Kansas
City, Wichita, Boonville and St. Louis, to present them for
payment.
To Holders of Coupons of Bonds Issued by Kansas City Joirt Stock Land
Bank, Kansas City, Mo.„ and the following banks whose bonds have
been assumed by the Kansas City Joint Stock Land Bank. namely, Missouri
Joint Stock Land Bank, Kansas City, Mo.: Wichita Joint Stock Land Bank,
Wichita, Kan.: Bankers Joint Stock Land Bank, Boonville, Mo.: Liberty
Central Joint Stock Land Bank, St. Louis, Mo..
You are hereby notified that the Kansas City Joint Stock Land Bank is in
the hands of a receiver, and that the undersigned has been appointed
receiver by the Federal Farm Loan Board. Notice Is given that, acting
under the directions of the Federal Farm Loan Board, application was made
to the United States District Court at Kansas City, Mo., for authority to
issue $700,000 of receiver's certificates, maturing Oct. 15 1927, bearing interest at the rate of 6%,to be issued in denominations of $1,000 and multiples thereof, and to be secured by a prior lien on all of the assets of said
bank, excepting the principal of the mortgages pledged with the registrar,
and likewise excepting the first mortgage lien now outstanding against
the bank and office building ofsaid bank at No. 15 West 10th Street, Kansas
City, Mo., in the amount of approximately $437.500; and also excepting
such other llens as may have priority as a matter of law,the interest on said
pledged mortgages above mentioned to be available for the payment of said
receiver's certificates, which application was duly approved May 9 1927.
The new act amends the State Banking Code Act of 1923, which was
enacted that year to conform with provisions of the administrative code,
enacted at the same time.
Under its provisions authority is conferred upon the Secretary of
Banking to publish a summary of the condition of corporations and persons from which the department receives reports, along with such other
information as he may deem useful in publication, at any period.
The act also provides that the Court, upon petition of the Secretary of
Banking, shall order turned over to the 'Secretary the assets belonging to
any institution of which the Secretary has charge. This provision is
believed to apply to banking institutions in Allegheny County, which
have been taken over by the State Department of Banking for liquidation.
Further authority is given to the Secretary of Banking to take possession of the estate of any private banker when the private bank which he
controls has made an assignment. Full rights, powers and ,duties of the
corporation or person is conferred upon the Secretary of Banking when
he assumes possession of a bank.
Where the Court has ordered assets turned over to the Secretary of
Banking of a financial institution of which he has charge, he is given the
authority to sell without Court order either real or personal property at
private sale on five days' notice to the stockholders. Listed securities of
such institutions also may be sold by the Secretary of Banking on any
stock exchange with the permission of the Court.
Any judgment, debt or claim of less than $2,500 may be compounded
or comprised by the Secretary of Banking without a Court order. He is
authorized to subpoena witness when a financial institution is taken over
by his department. The act further specifies that all creditors' tlaims,
except those of depositors' must be received within four months. Proof
of claims not furnished within this period are to be barred from participation in distribution of the funds.
TheIlloyaliBank of Canada Fellowship in Economics.
The current number of the "Monthly Letter" of the Royal
Bank of Canada contains the announcement of a new $1,000
Fellowship in Economics, which will be granted by the Royal
Bank of Canada to the student at a Canadian university who
submits the best paper on one of certain specified subjects
before March 1 1928. This fellowship will be an annual
competition. In its announcement the bank says:
The expansion in all fields of Canadian industry and trade is taking place
at such a rapid rate that the need for trained men is becoming a matter of
major importance to the country. Thoughtful discussion of the internal
and external problems of Canada should assist in developing an informed
public opinion which will demand sound solutions and adjustments of the
economic problems which confront government and industry. With a view
to promoting this serious discussion of Canada's economic problems, to
encouraging advanced courses in econcsnios, banking and trade, and to
assisting capable students who desire to improve themselves in these fields,
the Royal Bank of Canada will grant a graduate fellowship to any student
In residence at a Canadian university who submits the best essay on one of
several specified subjects during the coming academic year. The fellowship
will have a value of $1,000 and will permit the student to do research in
the Economics Department of any of the Canadian universities. The subjects for the essays in 1927-28 will be announced May 20 1927.
The following conditions have been established for the contest:
The essay must not exceed three thousands words in length, and preference will be given to papers which are non-technical in terminology and
most practical in treatment
2848
THE CHRONICLE
The fellowship will amount to $1,000 and may be taken in the Department of Economics or of Political Science at any Canadian university. In
case a student is unable to pursue the advanced study of economics, he may
choose a solatium of $250 in cash and a fellowship of $750 will go to the
student submitting the second best paper.
The papers must be submitted to the Economist's Department of the Royal
Bank of Canada before March 1 1928; they should be typewritten in triplicate and numbered. The name of the student should be submitted in a
sealed envelope with the paper.
The winning paper becomes the property of the bank and at the option
of the bank may be published as the bank sees fit. A non-winning paper
remains the property of the student submitting it.
The four subjects for 1927-28 will be announced in May, after consultation with the Economics Department of the various Canadian colleges and
universities.
The papers will be judged by the Economist's Department of the bank,
and five of the best papers will be submitted for final judgment to a committee of prominent men not connected with the Royal Bank of Canada.
Answers to any questions concerning the interpretation of the rules of the
competition will be given by the head office of the Royal Bank.
Comptroller of Currency McIntosh in Answer to
Representative McFadden Concerning the Spread
of Chain Banking—Comptroller Holds Development Results from State Laws.
A letter in which he called attention to the growing
"tendency toward the organization of holding companies of
unit banks, thereby establishing a vicious form of chain
banking," was addressed on May 2 to J. W. McIntosh, Comptroller of the Currency by Representative McFadden, Chairman of the House Committee on Banking and Currency.
In his letter Mr. McFadden said: "I believe that a word to
your field men to report any accumulation of the stocks of
national banks by holding or investment trusts or other companies proposing to control these unit banks through what
must be termed chain banking would furnish the desired
check on this dangerous movement." In his answer to Representative McFadden, Comptroller McIntosh says that the
corporations which Mr. McFadden holds responsible for
chain banking "are creatures of the State Legislatures,"
that "It is unlawful for a national bank to purchase stock of
another bank, either national or State, or of a corporation
organized under State laws," and that consequently, the
national banks "cannot as corporations engage in the form
of chain banking which you discuss." The following is Mr.
McFadden's letter to Comptroller McIntosh:
May 2 1927.
Hon, J. W. McIntosh, Comptroller of the Currency, Washington, D. C.
Dear Col. McIntosh: I desire to invite your attention to a tendency toward the organization of holding companies, or the utilization of existing
agencies, which are now buying, or will buy, bank stocks in various parts of
the country for the purpose of centralizing control of several or possibly
a large number of unit banks—a vicious form of chain banking. The introduction of the English system of investment trusts into this country is somewhat responsible for the exploitation of a plan which is being eagerly
adopted by clever Americans who desire to exploit their control of the banking resources of the independent banks to their own selfish ends.
Chain banking is wrong in principle and has been so pronounced by the
ablest bankers and citizenry in this country, and should not now be permitted in any form. And my purpose in now addressing you is with the
thought that your good offices may be applied in an administrative way to
stop any tendency of this kind. If supervisory • forces cannot cope with
this tendency, prohibitive legislation must be resorted to. I am, however,
of the opinion that your office, having supervisory powers over national
banks, may stop the movement at least in so far as national banks are concerned.
There is probably no doubt now that in the enactment of the McFadden
banking bill we have declared a national policy as regards branch banking,
which has driven some of the people who were striving for the control of
unit banking in the United States to look for new methods to exploit the
banking resources of the country to serve their own selfish purposes, and
they are undoubtedly interested in this movement.
I have such a high regard for the supervisory power vested in your office
and your splendid corps of examiners that I believe that a word to your
field men to report any accumulation of the stocks of national banks by
holding or investment trusts or other companies proposing to control these
unit banks through what must be termed chain banking would furnish the
desired check on this dangerous development.
It is probably not necessary for me to suggest to you the desirability of
your examining force, when making their regular examinations of national
banks, to inquire particularly into the sales or transfers of the stocks of
the banks, and to see in all cases that ownership of shares are properly
recorded in the names of the real owners on the stock ledgers and transfer
books of the banks, so that the officers and directors may know who really
own or control stock. The importance of this suggestion will, I am sure,
meet with the hearty co-operation of the independent management of the
national banks and will be evidenced in their furnishing every aid possible
to all national bank examiners so the owners of the stock may be known at
least to the management of the banks and the supervisory authorities and
the public ultimately advised that the banks of the country are being properly operated.
Yours respectfully,
(Signed) L. T. McFADDEN.
In addition to the letter to Comptroller McIntosh, the following communication was at the same time addressed by
Representative McFadden to Governor Cressinger of the
Federal Reserve Board:
May 2 1927.
Hon. D. R. Crissington, Governor, Federal Reserve Board, Washington, D. C.
Dear Governor Crissinger: I am banding you herewith copy of letter that
I have this day mailed to Hon. J. W. McIntosh, Comptroller of the Cur-
(VOL. 124.
rency, relative to the reported development of a comparatively new method
of chain banking in the United States through the purchase by holding
companies or investment trusts of the controlling stock interests of banks.
The Comptroller has supervisory power over national banks. You have
the same powers over member banks of the Federal Reserve System. Therefore, to this extent I desire you to apply what I have said to the Comptroller on this subject to the Federal Reserve System, to the end that our
independent banking system in this country may be kept free from this
kind of domination or control.
I feel sure of your entire co-operation in this respect.
Very respectfully yours,
(Signed) L. T. McFADDEN.
Replying to Mr. McFadden's letter, the comptroller of the
Currency said:
I beg to acknowledge receipt of your letter of May 2, in which you invite
my attention to the corporate ownership and control of national bank stock
and which you designate as "a vicious form of chain banking," and in
which you express the hope and desire that I shall use the supervisory powers of any office to prevent the further development of this form of banking control.
The Federal Reserve Board has recently had this question under investigation, and this office, being the Governmental depository for such information for national banks, necessarily possesses complete records of the ownership of the stock.
The National Bank Act itself requires every national bank not only to
keep at all times a full and correct list of the names and residences of all
of its stockholders, with the number of shares field by each, subject to the
inspection of shareholders, creditors and State taxing authorities, but also
requires the bank on the first Monday of July of each year to transmit to
the Comptroller of the Currency a list of such shareholders, verified by
the oath of the president or cashier of the bank.
In addition, the national bank examiners, who examine each bank at least
twice every year, regularly report to the Comptroller every important
change in the ownership of the stock of the bank as may have a bearing
upon the control of bank operations.
In this connection I wish to say that the Comptroller of the Currency,
within the limitation of the powers vested in him by Congress, has heretofore, in every case where any particular ownership or control of national
bank stock appeared to be detrimental to the bank, exercised his authority
to correct the situation. This is the settled policy of this office, and
needless to say, will be continued.
The corporations, however, which you hold responsible for the development of chain banking are creatures of the State Legislatures. They receive
their charter powers from the States. If these include the power to purchase bank stocks, including national bank stock (as is true in many
Instances in many States) their acts in purchasing the controlling interest
In the stock of banks, national or State, are in accord with the State financial policy.
Congress itself has heretofore made no declaration of policy with reference to this form of ownership of national bank stock and so far as the
operations described by you are concerned, they do not violate the national
banking laws as enacted by Congress, the responsibility for the enforcement
of which rests upon the Comptroller of the Currency.
You, of course, know from your experience with national bank affairs, as
a bank officer and as a legislator, that it is unlawful for a national bank
to purchase stock of another bank, either national or State, or of a corporation organized under State laws. Consequently, the national banks, all of
which operate under the supervisory administration of the Comptroller of
the Currency, cannot as corporations engage in the form of chain banking
which you discuss.
I shall be glad at any time to lay before you or your committee the information in the possession of this office relative to the ownership of the stock
of the national banks.
Commenting on the development of holding companies, the
New York "Times" of May 3 said:
The control of banks through holding companies is a development of the
last year or two which has caused much discussion in Wall Street. Through
it banking organizations in New York have acquired control of banks on the
Pacific Coast and at the same time California capital has entered the banking field in New York.
Under the law, national banks are not permitted to purchase stock in other
banks. By forming holding companies or security subsidiaries, however,
control is indirectly purchased. Probably the best-known bank holding
company in the country is the Bancitaly Corporation, an affiliation of the
Bank of Italy of San Francisco. It entered the New York field a few years
ago with the purchase of the Bowery and the East River banks. It merged
them, and has since added other banks to its New York holdings. Other
California banking interests have been similarly active in New York.
Most New York banks, however, have not entered the commercial banking field in other cities, believing that the development of the rapidly
Increasing business of this city was all that they could attend to.
Spring Meeting of Federal Reserve:Board with Reserve
Bank Governors.
The annual spring meeting of the FederalMeserve Board
with the Governors of the various regional banks was held
at the Treasury Department on May 10, says the Washington correspondent of the New York "Journal of Commerce," whose account states:
The meeting was for the purpose of discussing the affairs of the Federal
Reserve System in general, officials state. and held no special significance
in regard to policies of the Board.
While it is believed that the question of rediscount rates was discussed,
It was pointed out that any changes in rates are up to the individual regional
banks, and it Is not thought that any changes have been weed upon.
Members of the Federal Reserve Board and the Governors refused to
discuss in detail the proceedings of the meeting, but it Is understood that
the general business conditions of the country were gone over. The impression was given that generally the situation is satisfactory to officials
of the Federal Reserve System.
Bankers Lending Millions to Veterans.
Loans amounting to more than $40,000,000 have been made
by over 7,000 banks on the security of the adjusted service
certificates issued to the veterans of the World War and
MAY 14 1927.]
THE CHRONICLE
2849
master-General, a placard setting forth the call for redemption will be
General Frank T. Hines, Director of the Veterans' Bureau, displayed
in every Post Office station and branch, including all contract
estimates that the total during the year will reach $60,000,- stations, throughout the United States.
The announcement in the form of an advertisement will be carried on
000, it is stated in an article by Reuben A. Lewis Jr. in the
Monday, May 9, in every daily paper printed in the American language
current issue of the American Bankers Association "Jour- throughout the United States, and in many of the foreign-language newspapers. This same announcetnent will be carried during the week beginnal." He says:
The first clamor for loans came at the height of the New Year's rush and
found the banks hazy as to the right policy. The average certificate had
an immediate loan value of only $88. There were two practical difficulties.
The bank had to be certain that the veteran who applied for the loan was
the identical person whose name appeared on the certificate, and that he
was mentally capacitated to make the loan.
When a number of banks declined to handle these loans, the cry went up
that Congress had given the soldiers a "gold brick bonus" and "tombstone
certificates." The banks, as soon as they became acquainted with the giltedge nature of the security and were reassured by the reasonable policies
announced by the Veterans' Bureau, started to make loans quite generally.
There are now more than 7,000 banks that have made loans to veterans. A
large national bank in St. Paul, Minn., advertised that it would not only
make loans to veterans in St. Paul and vicinity, but would act as a central
agency and accept these loans, without recourse from any bank. What the
St. Paul bank did on a national scale, a number of banks achieved in a
more restricted way.
The loan value of these adjusted service certificates increases about 50%
every year and with the passing of years what is now a small loan will grow
to sizable proportions, the repayment of which is guaranteed by the United
States Government.
It is no longer necessary for a bank to make these loans as a means of
accommodating the veterans, as Congress passed a law at the last session
authorizing the Veterans' Bureau to make loans direct to the holders of these
service certificates. General Hines regards the bureau loan fund as supplementary to bank loans to be employed only where banking accommodations
are found unavailable.
The Bureau has the impression that banks can handle this business at a
profit, but banks think this debatable. One national bank made careful
estimates of the costs of handling the average loan and concluded that it
could clear one-quarter of 1% on the original loan. As expenses of renewing the loan will be considerably less, this business should show a fair profit
in future years. What is now an undesirably small loan will, within a few
years, constitute desirable business, especially as the repayment of principal
and interest are guaranteed by the United States Government. The average
policy has a cash value of $1,000 when it matures in 1947. This year only
$88 can be loaned on the certificate, bttt the loan value increases year by
year until their maturity will require Uncle Sam to lay his hands on more
than two billion dollars to pay them off.
SecretarylMellon Issues Call for Redemption of Second
Liberty Loan Bonds.
A call for the redemption on Nov. 15 1927 of all outstanding Second Liberty Loan 4% bonds of 1927-42 (Second 4s)
4%
3
and all outstanding Second Liberty Loan converted 4/
bonds of 1927-42 (Second 4Y4s) was issued on May 9 by
Secretary of the Treasury Mellon. Interest on all second 4s
and second 424s will cease on the redemption date, viz. Nov.
15 1927. In his notice Secretary Mellon says holders of the
second 4s and second 4Y4s will be entitled to have the bonds
redeemed and paid at par on Nov. 15 1927. Such holders
may, however, in advance of Nov. 15 1927 be offered the
privilege of exchanging all or part of their bonds for other
Interest-bearing obligations of the United States. Later announcement will be made of the exchange offering. Bonds
which are to be redeemed may be presented and surrendered
at any time after Oct. 151927for redemption on Nov.15 1927.
Of the original issue of $3,807,865,000 allotted, $750,361,800
have been redeemed on various accounts and $1,360,166,150
have been refunded into 3;i% Treasury notes of 1930-32. A
balance of nearly $1,697,337,050 is at present outstanding
and the bonds representing this amount are now called for
redemption. In indicating the measures whereby the Treasury Department would seek to reach the holders of the
bonds, the Department's announcement of May 8 said:
ning May 9 in every weekly and semi-weekly newspaper throughout the
United States.
Broadcasting of Calls.
For the first time the radio will be used by the Treasury Department as
a means of reaching millions of bondholders. On Tuesday next, through the
courtesy of the National Broadcasting Co., Assistant Secretary of the
Treasury Dewey will broadcast the announcement of the call from Station
WEAF and associated stations. The company has placed its entire facilities
at the disposal of the Treasury, and the hook-up will include both its
"red" and "blue" networks, extending as far west as Kansas City. Simultaneously, a similar broadcast will be made from San Francisco, to include
the stations on the Pacific Coast.
The importance of acquainting bondholders with the fact that their bonds
have been called is emphasized by the Treasury records of previous calls
for redemption or exchange. These records show that there are still outstanding at the present time in the hands of the public about $30,000,000
in Government securities on which interest has ceased. It is for this reason
that the Treasury Department is making a special effort to see that the
present announcement reaches as many Second Liberty Loan bondholders as
possible, through the press, the radio, and the post offices and banks of the
country.
Original Allotment and Amount Outstanding.
The Second Liberty Loan was offered for subscription on Oct. 1 1917.
Subscriptions amounting to $4,617,532,300 were received from 9,400,000
subscribers. A total of $3,807,865,000 was allotted. The bonds issued were
dated Nov. 15 1917, bore interest at 4%, were payable 25 years after date
of issue, but were subject to redemption on and after ten years after data
of issue at the option of the United States. These bonds carried a conversion privilege which might be exercised in the contingency of the first
subsequent issue of bonds at a higher rate. This contingency arose when
the Third Liberty Loan was issued on May 9 1918, and thereafter $3,707,933,850 of the 4% bonds were converted into 4%% bonds. The terms of
the 4%% bonds were identical with those of the 4% bonds except for the
interest rate.
Of the original issue of $3,807,865,000, $750,361,800 have been redeemed
on various accounts and $1,360,166,150 have been refunded into 3%52
Treasury notes of 1930-32. A balance of $1,697,337,050 is now outstanding
and the bonds representing this amount are now called for redemption on
Nov. 15 1927, the tenth anniversary of the issue; 14,938,073 were originally
delivered on full-paid subscriptions; 19,801,102 bonds have since been delivered on conversion, exchange, etc., against the cancellation of a like part
amount of other bonds. Altogether 34,739,175 bonds have been delivered to
owners. These bonds would weigh 222 tons, and if spread out would cover
almost exactly one square mile of the earth's surface.
During this time 31,114,759 bonds have been.canceled on all accounts,
leaving now outstanding 3,624,416 bonds. Since 1917 interest aggregating
$1,372,006,885 will have accrued and become payable on this loan to May 15
1927, involving the issue and payment of more than 7,750,000 interest
checks and the payment of more than 130,000,000 interest coupons.
Secretary of the Treasury Mellon announces that, in accordance with the
terms of the Second Liberty Loan bonds, requiring six months' notice of
call, he is, on Monday, May 9 1927, calling for payment on Nov. 15 1927,
all outstanding Second Liberty Loan 4% bonds and Second Liberty Loan
converted 4% bonds. Interest on these bonds will cease on Nov. 15 1927.
While the bonds will be paid on Nov. 15 1927, the Secretary said that it
is quite probable that some time prior to that date the Treasury will extend
to the holders of Second Liberty Loan bonds an opportunity to exchange
them for other Government securities. The Secretary explained that this
call does not mean that the bonds will be paid at the present time, but
merely places the holders on notice that their bonds will be redeemed on
Nov. 15 next and will cease to bear interest on that date. If holders of
Second Liberty Loan bonds desire to have their bonds redeemed, they should
present them for payment any time after Oct. 15 and prior to Nov. 15 1927;
but if they desire other Government obligations in place of their Seconds,
they should await a further announcement and notify their bank to keep
them informed of any exchange that may later be made by the Treasury.
The Secretary recalled that when the Government was selling bonds of
the several Liberty Loans, an intensive nation-wide campaign was conducted,
every available facility being used to reach the public and to sell the bonds.
Under the circumstances the Treasury Department recognizes its obligation
to the holders of the Second Liberty Loan bonds to make every effort to
notify them that their bonds are called for redemption. While such an
elaborate canvass as took place in 1917 is out of the question, the Treasury
nevertheless is making a special effort to reach individual bondholders.
Banks and trust companies throughout the country have been asked to cooperate with the Government in spreading the news of this call for redemption and in advising the holders of bonds that the Treasury may offer new
securities in exchange. At the request of the Treasury, banking institutions generally will display in their banking offices placards announcing the
call for redemption. In addition, through the co-operation of the Post-
The official circular issued by the Treasury Department
follows:
REDEMPTION OF SECOND LIBERTY LOAN.
1927—Reprint of Department Circular No. 381—Public Debt.
TREASURY DEPARTMENT.
Office of the Secretary, Washington, may 9 1927.
To Holders of Second Liberty Loan Bonds and Others Concerned:
1. Call for redemption.—All outstanding Second Liberty Loan bonds,
otherwise known as Second Liberty Loan 4% bonds of 1927-1942 (hereinafter referred to as Second 4s) and Second Liberty Loan converted 414%
bonds of 1927-1942 (hereinafter referred to as Second 4Y0), are hereby
called for redemption on Nov. 15 1927, pursuant to the provisions for redemption contained in the bonds and in Treasury Department Circular No.
90, dated Oct. 1 1917 and Treasury Department Circular No. 114, dated
May 9 1918. Interest on all Second 4s and Second 44s will cease on said
redemption date, Nov. 15 1927.
2. Payment 'or exchange.—Holders of Second 4s and Second 4%a will
be entitled to have the bonds redeemed and paid at par on Nov. 15 1927.
Such holders may, however, in advance of Nov. 15 1927, be offered the
privilege of exchanging all or part of their bonds for other inteiest-bearing
obligations of the United States. Holders who desire to avail themselves of
the exchange privilege, if and when announced, should request their bank
or trust company to notify them when information regarding the exchange
offering is received.
3. Presentation and surrender of coupon bonds.—Second 4s and Second
4%s in coupon fonn should be presented and surrendered to any Federal
Reserve bank or branch, or to the Treasurer of the United States, at Washington, for redemption on Nov. 15 1927. (Note.—If it be presented for
exchange, see subsequent announcements.) The bonds must be delivered at
the expense and risk of the holder, and should be accompanied by appropriate written advice (see Form P. D. 1210, hereto attached). Facilities
for transportation of bonds by registered mail insured may be arranged
between incorporated banks and trust companies and the Federal Reserve
banks, and holders may take advantage of such arrangements, when available, utilizing such incorporated banks and trust companies as their agents.
Incorporated banks and trust companies are not agents of the United States
under this circular.
Coupons dated Nov. 15 1927, which become payable on that date, should
be detached from any Second 4s or Second 4%s presented for redemption
on Nov. 15 1927, and such coupons should be collected by the holders
thereof in regular course. All coupons bearing dates subsequent to Nov. 15
1927 must be attached to any such bonds when presented for redemption
on Nov. 15 1927, provided, however, if any such coupons are missing from
bonds presented for redemption, the bonds will nevertheless be redeemed, but
the full face amount of any such missing coupons will be deducted from the
payment to be made on account of such redemption, and any amounts so
deducted will be held in the Treasury to provide for the redemption of such
missing coupons as may subsequently be presented.
4. Presentation and surrender of registered bonds.---Second 4s and Second 4%s in registered form presented and surrendered for redemption must
be assigned by the registered payees or assigns thereof, or by their duly
constituted representatives, to "The Secretary of the Treasury for redemption," in accordance with the general regulations of the Treasury Department governing such assignments, and thereafter should be presented and
surrendered to any Federal Reserve bank or branch, or to the Treasury De-
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[VoL. 124.
partment, Division of Loans and Currency, Washington, for redemption on
Nov. 15 1927. (Note.—If to be presented for exchange, see subsequent announcements.) The bonds must be delivered at the expense and risk of the
holder, and should be accompanied by appropriate written advice (see Form
P. D. 1211, hereto attached).
If assignment for redemption is made by the registered holder of record,
payment of principal and interest will be made to the registered holder
at
his last address of record, unless written instructions to the contrary are
received from such registered holder. If assignment for redemption
is made
by an assignee holding under proper assignment from the registered holder
of record, or by a duly constituted representative of such registered holder
or assignee, payment of principal and interest will be made to such assignee
or representative, at the address specified in the form of advice. Assignment in blank, or other assignment having similar effect, will be recognized,
and in that event payment of principal and interest will be made to
the
person surrendering the bonds for redemption, since under such assignments
the bonds become in effect payable to bearer. In case it is desired to
have
payment of the registered bonds made to some one other than the
registered holder of record, without intermediate assignment, the bonds
may be
assigned to "The Secretary of the Treasury for redemption for account
of
(Here insert name and address of payee desired.)";
but assignments in this form must be completed before acknowledgment
and not left in blank. Assignments in blank, or assignments having
similar
effect, should be avoided, if possible, in order not to lose the
protection
afforded by registration.
The transfer books for registered bonds of the Second Liberty Loan
not close prior to Nov. 15 1927. Final interest due on that date will will
not
be paid by interest checks in regular course but will be covered by
payments
to be made simultaneously with the payments on account of principal.
5. Presentation prior to Nov. 15 1927.—In order to facilitate
the redemption of Second 4s and Second 4%s on Nov. 15 1927, any such
bonds
may be presented and surrendered in the manner herein prescribed,
at any
time after Oct. 15 1927 for redemption on Nov. 15 1927. Such early
presentation by holders, in advance of Nov. 15 1927 will insure prompt
payment of principal and interest when due on Nov. 15 1927. This is particularly important with respect to registered bonds, for payment cannot be
made until registration shall have been discharged at the Treasury Department. It will expedite redemption if bonds are presented to Federal
Reserve banks or branches.
6. Further informatim—Any further information which may be desired
as to the redemption of Second 4s and Second 41
/
4s under this circular may
be obtained from any Federal Reserve bank or branch, or from the
Commissioner of the Public Debt, Treasury Department, Washington, where
copies
of the Treasury Department regulations governing assignments also
may be
obtained. The Secretary of the Treasury may at any time, or from
time to
time, prescribe supplemental or amendatory rules and regulations
governing the matters covered by this circular.
A. W. MELLON, Secretary of the Treasury.
The Mississippi River Floods—The Rivers Falling—
Agricultural Credit Corporation to Assist Farmers—Sugar Parishes Inundated in Southern
Louisiana.
The battle to prevent the Mississippi floods from doing
further damage entered a new phase in the past week with
the continued southward progress of the crest of the waters.
The devastation wrought by the river is believed to be the
greatest in the history of the nation. From Cairo, Ill., down
to Natchez, Miss., and below, the river overflowed or broke
all man-made embankments as the waters from unusually
heavy rains in thirty States united in a grand rush to the
Gulf. The lowlands on both sides of the great stream were
progressively inundated as the high water flowed slowly
southward. By the beginning of the week it was estimated
by the Red Cross in Memphis that 323,000 persons were
receiving relief from that organization. Upwards of 5,000,000 acres of crop lands were said, by the agricultural statisticians of the States affected, to be under water. On the
west bank of the river northward from Red River Landing
naval aviators reported an almost solid sheet of water, more
than four hundred miles long and reaching a width in some
places of forty miles. A similar huge lake extended on the
east bank from.above Greenville, Miss., for sixty miles to
the confluence of the Yazoo with the main stream. The
waters from these inundated areas all converged back into
the Mississippi.
The crest of the great flood was reported last Monday at
Natchez, Miss., not far from the mouth of the Red River,
last of the major tributaries on the way to the sea. Along
the Red, as on the Mississippi itself, great activity was
manifested in attempts to build up the levees and accumulate material against possible breaks. Fear was expressed
that the backing of the waters on the Red might "outflank"
the levee system and thus inundate the Louisiana Parishes
Governor Strong of the Federal Reserve Bank of New of Pointe Coupee, St. Martin, St. Landry, Iberville, Iberia
York issued the following circular calling attention to the and St. Mary. A report to the New York "Times" of May 9.
from a special correspondent, said:
call for the redemption of the bonds:
Now comes the struggle to hold the levees of the Red and the Mississippi,
FEDERAL RESERVE BANK OF NEW YORK.
Circular No. 784—May 9 1927.
CALL FOR REDEMPTION OF SECOND LIBERTY LOAN ON NOV. 15 1927.
To all Banks and Trust Companies in the
Second Federal Reserve District end Others Concerned:
All outstanding Second Liberty Loan 4% bonds of 1927-42 (Second 4s)
and all outstanding Second Liberty Loan converted 4%% bonds of 1927-42
(Second 41
/
4s) are to-day called by the Secretary of the Treasury for redemption on Nov. 15 1927, pursuant to the terms of their issue. There are about
$1,700,000,000 of these bonds outstanding.
westward insithe Red for a distance of about 75 miles and southward along
the Missippi to the Gulf of Mexico.
For the next week the battle will centre at Red River Landing, where the
flood waters of the Red are back-watering for miles in all directions because
of the resistance of the fast moving flood waters of the greater stream.
If the Red River line collapses it will mean the flooding of the famous
"Sugar Bowl" parishes and the impoverishment of thousands of people, the
probable number who would be rendered destitute being estimated from
50,000 to 100,000.
This is the statement of Secretary of Commerce Herbert Hoover, who
arrived in New Orleans to-night to take charge of the flood situation in
Louisiana. Secretary Hoover announced that he would stay on the ground
until the crisis had passed, making this city his headquarters.
"To-night," said Mr. Hoover, "there are 192,000 destitute men, women
and children in the concentration camps of the American Red Cross, and
there are 134,000 others whose plight is just as pathetic on the roofs of
houses and the upper floors of such buildings as have not been swept away
by the flood waters. All of these 326,000 unfortunate American citizens
are being fed and otherwise cared for by the Red Cross.
"But vast as is this army of unfortunates the end is not yet, for more
hundreds are coming to us for aid with the passing of each day and should
the worst come to pass and the "sugar bowl" parishes go under, there is no
way of telling how many more thousand the Red Cross will be called on to
provide for until the flood has passed and they can be returned to their
homes to begin over again the battle of life."
Exchange Offering Possible.
As will be noted from the Treasury's circular, there is a possibility that
the Treasury may afford the holders of Second Liberty Loan bonds an
opportunity between now and Nov. 15 1927 to exchange all or a part of
their bonds for other interest-bearing obligations of the United States. It
is the particular desire of the Treasury that all holders of Second Liberty
Loan bonds be fully acquainted with the possibility of subsequent exchange
offere.
Plan for Notifying Individual Holders.
Many of the bonds of this issue are held by individuals who are out of
touch with the investment market and who, therefore, may not receive
notice of this call for redemption through the usual channels. As one
means of notifying holders of these bonds of their redemption there is being
The city of New Orleans, also threatened by the flood,
forwarded to all banks and trust companies a supply of small printed slips
including an announcement of the call and the possibility of exchange offers. took heart as the waters lowered slightly owing to the blastIt is requested that so far as possible these slips be handed to customers pre- ing of the levee at Poydras, La., 15 miles below the city, two
senting Second Liberty Loan coupons for collection. An additional supply weeks ago yesterday. The crevasse was
widened to 2,500
of the slips will be furnished upon request.
feet,
Wide Publicity Desirable.
Secretary Mellon is endeavoring through the banks, the press and the
radio to notify every holder of these bonds of the call for payment on
Nov. 15 1927. In his announcement to the press he says: "The Importance of acquainting bondholders with the fact that their bonds have been
called for payment is emphasized by the Treasury's records of previous
calls for redemption or exchange. These records show that there are still
outstanding, in the hands of the public, about $30,000,000 in Government
securities upon which interest has ceased."
allowing 200,000 cubic feet of water per second to
escape over Plaquemine and St. Bernard Parishes, thus reducing the intense pressure on the city levees. Dr. I. M.
Cline, meteorologist of the New Orleans Weather Bureau,
predicted on May 7 that the flood stage in the Mississippi
crescent at New Orleans would not exceed 21 feet, even when
the crest is at its peak.
"This prediction," said Dr. Cline, "is based on a study of the action
of
the 1922 crevasse at Poydras, which occurred about 3 a. m. April 27,
and
finally reached a reported width of 1,260 feet and a depth of 60
Bonds Not to Be Submitted Before Oct. 15 1927.
feet at
In view of the possibility of a later exchange offering and in order to the line of the levee. Just before the occurrence of that crevasse the stage
avoid confusion, Second Liberty Loan bonds should not be submitted for on the Carrollton gauge was 21.2 to 21.3 feet.
"Beginning April 28 a slow fall was recorded, continuing until May 4,
redemption before Oct. 15 1927. In advance of that date further information on the exchange privilege, if any, will be given and forms will be when the gauge stood at 19.6 feet. Between May 4 and May 19 there was
supplied for the purpose. A supply of forms for use in presenting bonds for little change in the Carrollton gauge, the stages being 19.6 to 19.7 feet.
redemption to this bank will also be furnished prior to the redemption date. Thereafter the river continued to fall slowly and steadily at New Orleans.
"In the present flood we have a crevasse near Poydras extending to a
Any additional information desired may be obtained from this bank.
width of more than 2,000 feet, nearly twice the width of the 1922 crevasse
Very truly yours,
at that point. If this crevasse deepens to anything comparable with
the
BENJ. STRONG, Governor.
condition in 1922, the river cannot rise materially at New Orleans, notwithstanding the fact that there is a flood of much greater proportions now
The Treasury Department's March offering for the ex- bearing down on Old River, with present indications that with levees
holdchange of Second Liberty Loan converted 414Vo bonds for ing there will be a further rise of at least three feet at Baton Rouge and
three and a half feet at Melville. Every precaution should be taken
against
3% five-year Treasury notes was noted in these columns the stages
forecast."
March 12, page 1457; March 19, page 1617, and March 26,
President Coolidge on May 6 told representatives of newspage 1767.
papers that the Government is seriously considering
not
1
MAY 14 1927.]
THE CHRONICLE
I
only rehabilitation plans together with financial assistance
confuture
for
program
a
also
but
sufferers,
flood
for the
trol of the floods, which the next Congress can consider.
He believes that all engineering plans will have to be revised
and that the program entered on in 1922 to spend $10,000,000
for levees will have to be broadened and Congress and the
States must work out flood control levees, or reservoirs, the
report of the interview said.
In the President's opinion, committees of Congress, which
will be called upon to pass upon flood control bills, should
begin hearings without delay and perhaps inspect the flood
area to be ready to act promptly on the program. This is
advisable, he thinks, because any adequate plans will be
costly and will take years to complete. Sub-committees of
the Senate Commerce Committee and the House Flood Control Committee will assemble at St. Louis on May 29 for a
tour of inspection of the flooded regions. In the meantime,
It was said at the White House, the Red Cross would provide
seeds and food for the flood sufferers, and this was the first
thing to be done.
There was also a conference on May 6 of bankers from
Arkansas with Secretary of the Treasury Mellon and Farm
Loan Board officials in which plans to take advantage of
the Intermediate Credit Banks system were discussed. In
a statement Secretary Mellon said:
The committee from Arkansas has presented a well-developed plan for
the creation of an agricultural credit corporation with a capital from
$500,000 to $1,000,000, a considerable portion of which has already been
definitely assured by the leading firms,, banks and individuals of the State
of Arkansas. The agricultural .corporation will make loans directly to
farmers in flooded areas gradually as the season advances.
The committee asked for advances from the intermediate credit banks on
the basis of three times the paid-in capital of the corporation, and this was
agreed to upon the endorsement of the corporation.
The intermediate credit banks, it was also stated, are in a position to
make advances to State and national banks on paper representing advances
for agricultural purposes and are prepared to receive applications in connection with such business.
. 2851
Judging from previous floods in the Tensas basin, it will require from
10 to 15 days for the crest of this flood to travel down the Tensas basin
to Old River.
The Mississippi in the vicinity of Old River and the Atchafalaya will rise
until May 18 to 25, and, with the levees holding, every precaution should
be continued to protect against the following stages named in warning
issued by the United States Weather Bureau May 1 1927: Angola, 58.5 to
59.5; Baton Rouge, 49 to 49.5; Plaquemine, 44 to 44.5, and Donaldsonville, about 38 feet; on the Atchafalaya, at Melville, 48.5 to 49.5 feet.
A minor break in the Bayou Range levee system, protecting
part of the "sugar bowl" parishes of southern Louisiana,
developed Thursday. The crevasse widened rapidly to
500 feet, allowing the water to rush off in a southeasterly
direction toward Palmetto and Melville, in the Parish of
St. Landry. The water from this break, however, was not
expected to flood a very extensive area and no loss of life
was looked for, as practically the entire population involved
was evacuated to the highlands more than a week ago. A
heavy rain drenched the Red River region Thursday, adding
to the gravity of the situation. The embankments were
soaked and loosened, disheartening the thousands of workers
who were strengthening the levees of the Bayou des Glaises
system in an effort to save the "sugar bowl." A staff correspondent of the New York "Times" said Thursday:
The first break in the Bayou des Glaises line is expected in she big bend
at one end of which is the town of Hamburg and at the other the village
of Rexmere. The flood is lapping over the tops of the levees in a score of
places in the bend and everywhere else is roaring within less than two
inches of the top.
In the meantime the Red Cross relief organization Is preparing to meet
the situation which will follow immediately the Bayou des Glasles crumbles.
Nineteen vessels manned and ready to begin operations at a moment's
notice, are anchored off Simmesport. eight others are stationed between
Simmesport and Melville. and a third flotilla of eighteen is In the vicinity
of Old River. In addition a hundred and fifty flat bottom craft which can
be rropelled in shallow waters are held for emergency duty.
Secretary of Commerce Hoover, in charge of flood relief
at Memphis,indicated May 12 that the flood loss had reached
$250,000,000 and would go higher; how high, he was not
prepared to state. He was hopeful that the waters would
not spread beyond present expectations. The Washington
The work of crop rehabilitation is also to be furthered by Bureau of the New York "Journal of Commerce" reported
the Red Cross, which on May 6 appropriated $500,000 for further:
no
the purpose. Announcement also was made that additional
capital of $500,000 would be raised at once among the banking and other business interests of the State. A further
$500,000 was promised for this purpose by Governor Murphree of Mississippi, who said he would call a *pedal session of the Mississippi Legislature to secure the appropriation.
While all attention was concentrated on the efforts to hold
the Red River levees, reports from further north indicated
that the aftermath of the flood might not be so great in some
areas as was at first feared. The inundated area in southeastern Missouri, where 445,000 acres of tillable land were
submerged was reported in advices to the National Association of Credit Men, as rapidly recovering from the effect of
the flood. About 330,000 acres of the flooded land would
be ready for planting within three weeks, it was said.
The situation in southern Louisiana, however, grew graver
as the main body of water neared. A bulletin, given out
May 10 by Dr. I. M. Cline, Government meteorologist at New
Orleans, and reprinted in the New York "Herald Tribune,"
said:
The Mississippi River at New Orleans will change very little or fall for
several days, and the highest stage, 21 feet, has already been recorded.
The crest of the flood waters which entered Louisiana from breaks in the
levees in Arkansas has passed to the southward of Rayville, La., at Her
Rouge. There has been a total fall to date of one foot, and at Rayville a
fall of eight inches since the highest water was reached. This flood is
separated from the crevasse waters coming into Louisiana from the Mississippi River by the ridge on which Delhi is situated.
The crest of the flood waters, which are entering the Tensas basin through
crevasses in the right bank of the Mississippi (one crevasse at Cabin Teele
being 1,200 to 1,600 feet wide and that at Winter Quarters 900 feet wide
from last reports), is still in Madison Parish. The head of water flowing
through the Cabin Teele break is calculated to be about 13 feet above the
natural bank in that vicinity, and such being the case the river must fall at
least ten feet before the flow there ceases to be a factor.
Tallulah, La., reports water 4 to 6 feet deep and stationary. St. Joseph
and Ferriday each report a rise of 5 inches in 24 hours. Sicily Island, about
the middle of the Tensas basin in northeastern Catahoula Parish, reports a
rise of 1 foot and 3 inches in the last 24 hours.
The crest of a fl000 in the main stream of the Mississippi River in passing from Vicksburg to Old River, a distance of 171 miles, ordinarily traveled at the rate of about 40 miles a day. When crevasse waters pass out of
main stream into the Tensas basin the crest of the flood travels down the
basin at only about one-third the rate at which it travels .in the main
stream. In the floods of 1912, 1913 and 1922 the rate of travel through
the basin, calculated against river distances, was in each case approximately
13 miles a day. The rate calculated for a direct line down the basin
amounts to a travel of only about seven miles a day in direct line.
The waters in the Tensas basin are deeper now than when the waters entered in former years, and it is now estimated that the crevasse waters
may be traveling at a slightly greater rate. Based on an estimated rate of
15 miles a day, river distances, the water from Winter Quarters crevasse
should show up at Old River by May 11, and from Cabin Teele by May 14
or 15.
Until Mr. Hoover returns to Washington President Coolidge will take
steps toward the formulation of any rogram dealing with flood relief,
It was indicated here to-day. It is said to be his view that any rrogram
of permanent relief from the flood menace, which in any event will involve
ailtrotrlations running into many minim s of dollars, cannot be worked out
satisfactorily in a short time and there is need for a very comprehensive
study to be made by engineers and other experts.
The Bayou des Glaises levee finally crumbled yesterday
under the tremendous pressure of the flood. The water
poured through the break at Moreauville, on the Big Bend,
with the accumulated force of the Red River and the swirling
floods over the northern parishes behind it. An area of
60,000 acres, mostly in the southern part of Avoyelles Parish,
was inundated by the break, forcing 25,000 people to seek
higher ground. The water will run through the Atchafalaya
Basin into Grand Lake, and through its bayous to the Gulf.
John M.Parker,former Governor of Louisiana, and DirectorGeneral of Flood Relief in that State, said that 60,000 more
people will be driven from their homes, and nearly 1,000,000
acres inundated. The new flood also is expected to break
down levees on the Atchafalaya River and cause the spreading of that stream's swoolen waters over a huge, thickly
populated region, jeopardizing more than 150,000 people..4
The Atchafalaya River already is swollen to the limit and
the additional waters will cover the "Sugar Bowl" parishes,
entailing a loss, according to estimates of the Louisiana
Department of Agriculture in excess of $10,000,000. The
new break, it was said, would not relieve the pressure on
the levees at New Orleans. Experts of the United States
District Engineer's office in that city said: "The crest has
moved too far southward and is too near the Old River to
be materially affected by the break now." Preparations in
anticipation of the flooding of the sugar district had been
made. These were reported yesterday by a staff correspondent of the New York "Evening Post" as follows:
An armada has been gathered at strategic points. From Simmesport a
fleet of nineteen boats, composed of ten surf boats, four launches, four
Coase Guard cutters and one tug, to-day sailed up Bayou des Glaises after
the breaks.
strung
A second section of the fleet, composed of eight surf boats, wss
third group
along Atchafalaya River from Simmesport to Melville. A
Coast
one
towboats,
was stationed on the Old River, comprised of nine
Guard cutter, six barges and two cattle barges.
These boats headed for the scene.
New Orleans Not Inundated as Result of Mississippi
Floods—Opening of Levee Afforded Ample Protection—Statement by Clearing House.
To correct the impression that New Orleans had, as a
result of the Mississippi floods, been under water, the New
Orleans Clearing House has issued a statement in which it
2852
TRE CHRONICLE
says that "as a matter of fact, no water resulting from the
present Mississippi River situation has touched our city, and
In view of precautionary actions, none will. New Orleans is
In good shape in every way and wants the nation to know
it." An account of this statement and the favorable effect
on business produced through the cutting of the levee, appeared as follows in one of the local paper May 1:
Immediately following the issuance of Governor Simpson's proclamatio
n,
based on the authority of the Secretary of War and Chief of
Engineers, announcing that the levee at Poydras would be cut Friday noon,
thus assuring
entire safety to New Orleans, business in the city after
a few days' decline,
resumed normalcy. Local stocks rebounded from two to
four points, retail
stores regained their usual spring-time activity,
and business in general
bounded forward.
The New Orleans Clearing House issued the following
statement this
morning: "While the river protection of the city of New
Orleans is such
as to indicate an ample margin of safety under all
possible circumstances,
the dditional benefits to the city in the present
situation that will come
frcrn the opening of the levee at Poydras undoubtedl
y mean absolute protection. Pictures of flooded streets, resulting from
a record 14-inch rainfall several days ago, have been sent throughout the
country, and these have
evidently led many people to believe that New Orleans
is under water. As
a matter of fact, no water resulting from the present
Mississippi River
situation has touched our city, and in view of precautiona
ry actions, none
will. New Orleans is in good shape in every way
and wants the nation to
know it."
Still another account correcting the.erroneous impressi
on
of the New Orleans situation says that "people
with a
working knowledge of New Orleans know that ours is
the
strongest levee system along the whole great river, and
that
the precautionary levee cutting below the city, lowering
the
local flood level and relieving the pressure upon our
dykes,
Is an additional and the strongest practical
guarantee of our
security and safety." W egive herewith (also dated
May 1)
this account:
[VoL. 124.
to a report received by the Secretary of Agricultu
re from
the Director of Extension Work, B. W. Warburto
n, who
represents the Department at the flood relief headquar
ters
of the American Red Cross at Memphis. The
Department's statement, Made public May 11, is given as
follows
In the "United States Daily":
Headquarters officials are making credit grants promptly to
counties for
seed and feed. Seed supplies are not difficult to locate, and
are obtainable
at a fairly reasonable price. Cottonseed and seed corn can
be obtained
locally without difficulty, but it may be necessary, says Mr.
Warburton,
to ship in some supplies of cow peas and soy beans.
Losses of Livestock Heavy.
Losses of cattle, hogs and poultry in the flooded area, according to Mr.
Warburton, will be rather large in the aggregate. It is estimated
that,
out of probably 37,000 head of cattle in the flooded area of Mississippi
,
10,000 have been lost. Hogs and poultry have been quite generally
lost
in the wide flooded district. Before the flood there were probably
50,000
hogs in the uooded area of Mississippi.
Livestock losses in Louisiana are expected to be relatively smaller,
farmers there having had more warning of the uood.
Figures on losses of livestock, Mr. Warburton says, are difficult
to
obtain. He believes that losses of mules, horses and cattle in Missouri,
Illinois, Kentucky, Tennessee and northern and western Arkansas are
not
heavy. In these States the flooded valleys were comparatively narrow
and formers could get their animals to high ground within a reasonable
distance.
Work Stock Loss Not Serious.
The loss of work stock, he says, is not a serious'matter so far as this
season's production is concerned, because of the reduction in crop acreage
that the flood will necessarily cause.
There has been considerable losses in stored commodities, such as cotton. Considerable cotton was stored on farms, in gins, and in storage
warehouses in Greenville, Miss., and other places. Many of these towns,
however, are still flooded and the damage to stored products cannot yet
be estimated.
Credit accounts for feed and seed amounting to $75,000 have been
made by the Red Cross to counties in southeastern Missouri. Similar
grants have been made in Illinois and Arkansas. These grants are based
on information obtained as to the number of farmers needing help, the
acreage to be planted, the cost of seed, and the cost of feed
for work
stock for 30 days.
So far relief has been confined to the counties in which planting can
be started within the next few days. In Missouri it will be possible,
Mr.
Warburton believes, to plant most of the flooded acreage with the exception of New Madrid County. Most of the flooded area of Illinois,
especially in the southern part of the State, is still under
water and will not
be planted for two or three weeks.
Dunn gthe past few years Orleanians have been by
turns amazed, amused
and irritated as they learned of the "scare stories"
widely published over
the outside country regarding their city and its
relation to the flood. Many
have received frantic telegrams from relatives
and friends. Incoming
newspapers carrying weird stories under lurid front-page
heads explain the
outside anxieties. The practically total misrepresentations
of our condition
and situation are laughable In the light of the facts,
but provocative of
wrath when we consider the unnecessary worry they have
caused and their
possible harm to the community's commerce and standing
as business, industrial and residential centre.
First, let it be said that New Orleans is and has been doing
usuall"; its people pursuing their vocations and avocations "business as
without interruption; its levees intact. Not one single drop
of flood
Some Lands Draining Rapidly.
river has wetted us and no such intrusion is expected. water from the
New Orleans is
Sections in western and northeastern Arkansas are draining rapidly,
"carrying on" normally, confident of its own safety. Any
visitor here will and
confirm that summary of current local conditions.
many counties have started planting or are ready to plant. In
this
State it is believed that curtailment of acreage will not be large
The misleading reports and rumors so widely bruited
except in
outside probably the
are chargeable in the main to last Tuesday's delay of the
southeastern part and in some of the counties in the St.
official pronounceFrancis
ment regarding the precautionary measure below the
basin, which is still heavily flooded. It is estimated that
Kentucky
city. That delay was
and Tennessee will plant perhaps two-thirds of their normal acreage
due neither to official fault nor to the local press. Governor
in
Simpson with- the
held his proclamation, wisely and properly as we think,
flooded territory.
until
cutting of
In Mississippi and Louisiana, planting will depend on how
the levee line below the city could be officially sanctioned the
rapidly the
by the Federal
water recedes. There have been heavy rains in the last week in
authorities. He wired the Secretary of War for that sanction.
northern
Secretary Mississippi
Davis in reply conditioned his approval of the step upon its
. While some observers believe very small acreage of cotton
sanction by
General Jadwin, Chief of Army Engineers. General Jadwin
will be planted in the flooded district of Mississippi, others believe
was then init not
specting the flood conditions up the river, making his headquarter
improbable that at least half of the normal acreage will be planted.
s aboard
In Louisiana, because of the lateness of the flood there, planting
a steamboat. It was necessary to find and present the matter
to him, secure
may
and wire his approval to the Governor before the proclamation
could be possibly fall below 50% of the normal acreage in the flooded district,
although planting can continue later there than in the
promulgated.
States further
All that required time. Meanwhile the New Orleans newspapers made North.
ready for the issuance of extras announcing the news the moment
Arkansas and Mississippi have taken steps for the
the procorganizatio
n of
lamation was signed. At 10 o'clock Tuesday morning the "Times-Pic
a- finance corporations for relief purposes. Arkansas has sent a delegation
yune" was ready and waiting the word. Not until that night
to
Washingto
n
to
confer
with
Secretary
the
of the
were the
preliminaries as outlined above completed—and not until their completion Mellon, the Chairman of the Federal Farm Loan Treasury, Andrew W.
Bureau, Eugene Meyer,
could the news be released. We could not announce the event
until it had and others, and Mississippi has called a conference of bankers and busitaken place.
ness men to take stock subscriptions.
But it happened that Governor Simpson's telegram to the
While these agencies will not be functioning enough to help
Secretary of
War was released at Washington promptly on its receipt.
providing seed and feed, they will be able, says Mr. Warburton much in
News
, to take
emergency step was contemplated was flashed over the country.that the over the problem of
food and farm rehabilitation after crops are planted.
News
'agencies wired here for confirmation, which could not be
forthcoming until
the emergency measure had been actually ordered.
In a Washington dispatch May 5 the New York "Jaurnal
While we waited for the official order our delay fired the
imagination of of Commerce" had the following to say
in the matter:
news gatherers and writers outside. Apparently reasoning that
our silence
Seed and
amounted to confession of dreadful danger or disaster here,
they turned Mississippi feed requirements for probably one million acres in the
their fancies loose on all six cylinders and printed the fantastic
tales that this year Valley area, exclusive of Louisiana, will have to be financed
alarmed our outside friends. This horrendous stuff was in full
by the Red Cross, or by some other relief agency, if this
career when to be
land is
the order to create the "artificial crevaSse" was signed
planted at all. This is indicated in a report made to the American
Tuesday night.
Red Cross by C. W. Warburton, director of extension
News of that order was expoited in seeming support of the earlier
in the United
tales.
States Department of Agriculture, who is now in Memphis
So the country at large was given for some hours an almost
totally false
impression of the New Orleans situation. Coming on the heels
the department in the flooded area, and assisting the Red representing
of the flood
Cross relief
reports from Greenville, many gave it credence who should have
known bet- forces. All told there are perhaps 10,000 square miles or from 6,000,000
to 6,500,000 acres in the flooded area. Mr. Warburton
ter. For people with a working knowledge of New Orleans know
that ours
estimates that
about half this area is improved farm land. Detailed
is the strongest levee system along the whole great river, and that the
prefigures for Louisicautionary levee cutting below the city, lowering the local
flood level and ana are not yet available. In the rest of the flooded areas efforts will
relieving the pressure upon our dykes, is an additional and
the strongest probably be made to plant around 2,000,000 acres of crops, Mr. Warpracticable guarantee of our security and safety. Instead of causing
alarm burton said.
confidence
inspires
it
wherever the facts are understood.
Financing Impaired.
In justice to us and in order to keep faith with their own readers, the
The ability of the farmers in the flooded districts
newspapers which published the misleading yarns and created the
to finance their own
totally needs is impaired by the fact that agricultural
unnecessary "scare" should make prompt amends by publishing
the facts now flooded have been bad for several years. conditions in the region
concerning the New Orleans situation.
Cotton particularly was
low in price last year, and many large planters
Let it be added here that there was no purpose on the part of the New
were near insolvency
Orleans press and public either to suppress, minimize or withhold news of before the flood. Relief and rehabilitation work, Mr. Warburton says,
should
be
started
immediately, because the longer the Work is
the protective measure or of any other local flood development. New Ordelayed the
more costly and difficult it will become.
leans has nothing to fear, and much to gain, by the widest dissemination of
Estimates
obtained
Warburton
Mr.
by
as
to
the area flooded in various
the truth regarding its position and the uninterrupted conduct of its normal
States bear out the general opinion that the total
activities during the high water siege.
flooded area will run
around 10,000 square miles. For Arkansas the
estimated flooded area is
from 1,250,000 to 1,500,000 acres. In
Mississippi
the flooded area is
Credit Grants to Farmers for Seed and Feed in
reckoned at about 750,000 acres; that of
Missouri at around 300,000
Flooded District.
acres, and the combined flooded area in Illinois,
Kentucky and Tennessee
Agricultural relief measures in the flooded area of the is put at from 150,000 to 200,000 acres. It is considered probable that
the flooded area in Louisiana will run into
large
figures, perhaps comparMississippi Valley are proceeding satisfactorily, according able with those
of Arkansas and Mississippi.
MAY 14 1927.]
T fl h CHRONICLE
2853
"The question is not Communism versus anti-Communism, or Kuomintang
KaiCotton Acreage Estitnated.
versus Communism," he declared. "The actual issue between Chiang
flooded
now
land
political
In Arkansas and Mississippi from 75 to 55% of the
shek and the Kuomintank involves the entire basis of Nationalist
less.
is
acreage
cotton
the
thought and practice.
is normally planted to cotton. In other States
govsorghum and sudan
"The latter categorically rejects the feudal conception of a one-man
Other important crops are corn, cowpeas, soy beans,
flooded
the
in
land
of
amount
the
to
as
ernment in 'favor of the alternative conception of a modern government
grass. Estimates vary widely
Some estimates resting on a strong party foundation. Chiang Kai-shek, however, stands for
areas which it will be practicable to plant this year.
acreage in personal authority and personal government.
from the Greenville, Miss., section put the probable cotton
however,
figure,
This
"This is the real issue. And formulated in these terms there would be
that locality at not more than 20% of last year.
the water goes one decisive judgment from Nationalist China on the issue, namely the utter
will be considerably exceeded, Mr. Warburton believes, if
plant as much condemnation of Chiang Kai-shek. This explains his attempt to paint the
down by the end of May. Farmers will naturally want to
issue Red."
of the flooded land as possible to keep down weeds.
already been
Chen declared that the defection of Chiang Kai-shek does not affect the
Tentative plans for making seed and feed loans have
Cross,
Red
the
to
position of the Nationalist Government vitally, asserting that its military
drawn up. Secretary of Commerce Hoover suggested
$250,000,000 strength is intact on the decisive front in Honan Province.
after a conference with Mr. Warburton in Memphis, that
requirements in
"Among the forces on this front," he said, "is the Fourth Army, known
should be set aside at once for financing seed and feed
its way to Wuhan and enabled the
northeastern Arkansas and southeastern Missouri, where the flood waters as the Iron Army, which conquered
arNationalist Government to reach the Yangtze River. We are entering the
have already receded. The American Red Cross has approved this
is the realizing of the objective of the
rangement. Funds for planting and feed will be disbursed by the Red final stage of the campaign, that
county Northern expedition—the conquest of the national power and authority."
Cross, working in co-operation with local committees and with
extension forces. It is expected that similar arrangements will eventually
Discussing a possible blockade of the Yangtze River by
be made to cover the entire flooded area.
Plans for Creation of Agricultural Credit Corporation
By Bankers of Arkansas to Aid Farmers In
Flooded District—Statement By
Secretary Mellon.
Following a conference which a delegation from
Arkansas had on May 6 with Secretary of the Treasury
Mellon and other Treasury officials, on the question of
financial aid in behalf of farmers who suffered in the
Mississippi floods, Secretary Mellon issued the following
Powers, Chen said the Powers would suffer more than the
Nationalists, because the latter would instantly convert the
blockade into a vigorous boycott and blockade which might
well endure for at least a generation. Chen added that he
does not think a blockade is possible unless the world has
gone mad.
g,
"If it happens," he said, "we still have rice, and being self-sustainin
can hold out indefinitely.
as foreigners
Chen voiced a popular question among the Chinese as well
thirty warships off
when he asked the reason for the presence of more than
of the
Hankow, decrying this show of force as "an emphatic indication
he did not inticlutch of foreign imperialism at the throat of China." But
mate that he was planning a protest.
hands
statbment:
He asserted, however, that the warships were "strengthening the
Senator Joseph T. Robinson, of Arkansas, accompanied by W. A. of the Hankow Government by arousing the spirit of nationalism and thus
of
Company,
Hicks, Vice-President of the American-Southern Trust
gaining supporters for the revolution."
oppression and
Little Rock, and Joe Nichol, President of the Simmons National Bank,
He said he seeks to end what is regarded as intolerable
from
men
business
and
bankers
of
a
group
representing
Bluff,
of Pine
interference with the rule of his own country.
America
"The national power will be ours soon," he asserted. "Unless
the State of Arkansas, conferred today at the Treasury with Secretary
Mellon, Under Secretary Ogden L. Mills, Assistant Secretary, Charles decides otherwise, we wish always to greet her as a friend who interposed
interunder
then
Paul
nation
S. Dewey, Eugene Meyer, of the Federal Farm Loan Board and
the Hay doctrine and sccured some respite for a
Bestor, President of the Intermediate Credit Bank, of St. Louis, with national pillage."
defeating their
respect to financial assistance in rehabilitating the farmers in the flooded
Replying to a question, he asserted that the Powers are
districts.
own end in sending troops to Shanghai.
are creating
you
The Committee from Arkansas have presented a well developed plan
"You seek to defend property and lives," he said, "but
ever could.
for the creation of an agricultural credit corporation with a capital of more hard feeling among the masses than all our propaganda
free country and
front $500,000 to $1,000,000, a considerable portion of which has already It is this foreign imperialism we are against. We want a
China in the
been definitely assured by the leading firms, banks and individuals of the desire to end the super-Government that is now misruling
State of Arkansas. The corporation will make loans directly to farmers guise of Peking diplomats and run our own nation.
British in
the
"The.United States is making a great error in following
in flooded areas gradually as the season advances.
with the American
The committee asked for advances from the Intermediate Credit Banks China. We want to retain our traditional friendship
to the kindly words of
on the basis of three times the paid-in capital of the corporation and this people, but Washington's policy does not live up
was agreed to upon the endorsement of the corporation. The Intermedi- Individuals.
Criticizes Our Legation Staff.
ate Credit Banks, it was also stated, are in a position to make advances
American legato State and National Banks on paper representing advances for agri"This, I think, is largely because certain members of the
cultural purposes and are prepared to receive applications in connection tion and some Americans here are more anti-Nationalist than the typical
with such business.
British 'diehard.'
now with two things,
The people of Arkansas are to be congratulated on their promptness in
Chen declared that Hankow is chiefly concerned
He said that
that
them
taking measures to meet this difficult situation. I can assure
namely, the military campaign and the economic situation. and seeking to
they will receive whole-hearted cooperation on the part of the Federal the labor unions were undertaking to control the workers,
Farm Loan Board.
influence them not to make uneconomic demands.
that it is advisable
"We, as well as the unions, are advising the workers
forthwith.'
to seek, for example, a 100% increase in wages
he said, the unions had
Eugene"-Chen,"Cantonese Foreign Minister, Outlines
Favoring a more gradual rise in the labor scale,
to the more rational policy.
s
agreed
.China—Defie
sts
in
Nationali
Hankow
of
Position
—
to remain. He said the
— _ _.— —
Chen added that the Chinese want the foreigners
Fowerson Blockade Rumor and Threatens Adli Nationalists
are not anti-foreign but decidedly anti-imperialist.
during the revolution,
dangerous
Boycott.
"If the foreigners believe China is too
leave," he asserted, but said it was advisable not to depart, statmay
they
ng
or
National
s
the
Kuominta
of
The aims and aspiration
ing that the Nationalists offer adequate protection.
moot question.
People's Party in China were told at Hankow, April 26, by
Asked about Nanking, Chen replied that it is still a
not the allegation
Eugene Chen to Harry F. Misselwitz, correspondent of the Hankow is not ready to accept guilt, he said, certainly
anti-foreign
the
organized
that the Nationalist authorities "deliberately
New York 'Times," and the latter published an account of attack
and looting."
he
the interview in its issue of last Sunday in a special copy"We must have an inquiry in Nanking as suggested by my note,"
should
righted cablegram from Hankow, April 26, via Shanghai, declared. "It is the only civilized way to settle the guilt, and there
no objection to such a plan."
May 6. The Hankow Government has been isolated since be He again intimated the theory discarded by the foreigners at Nanking
Chiang Kai-shek, conqueror of Shanghai, established his that the Northerners might be proved guilty, adding:
of
"Approximately 30,000 Northerners were captured on the night
own regime at Nanking April 18. Cheng, the Minister for
March 24 as well as on the next day inside of Nanking's walls."
Foreign Affairs of the original Nationalist Government,
described Shanghai as the "centre of reaction and the haunt
of political lepers, where one must either become the tool of
foreign imperialism or, if one has guts, come into armed
conflict with it." "The Nationalist objective can only be
achieved," he said, "by defeating the enemy on the front
decisively, followed by the Nationalist occupation of Peking,
where historic wrongs must be redeemed and the period of
subjection and national humiliation come to an end." He
added that the Hankow. Northern expedition continues to
march on "the Mongolian encampment known as Peking,
leaving other forces of the revolution to deal with the leprous limb of Shanghai." The report of the interview con-
New York Supreme Court Rules That Funds Subscribed
for Establishment of Irish Republic Must Be Returned to Stockholders—Eamon de Valera and
Irish Free State Lose in Contest for Funds.
In ruling on May 10 that the original subscri,bers are
the only parties entitled to the possession of the money
raised through the sale of bonds issued for the purpose
of establishing a Republic of Ireland, Justice Peters of
the New York Supreme Court dismissed the complaint
brought by Eamon de Valera, so-called President of the
Republic, and the Irish Free State, both of whom sought
tinues:
to
obtain possession of funds amounting to $2,500,000 now
Chen scouted the idea that the Hankow Government is Communist, "unof New York.
and freeing on deposit in the Harriman National Bank
less the great Nationalist task of destroying Chinese feudalism
adventure in Communism." He The syllabus of the decision, as given in the New York
an
is
foreign
imperialism
from
country
the
insisted on this point, he said, not because of a desire "to solicit American "Law Journal," follows:
the interest of truth and history and
assistance, or even sympathy, but in
the amity between China and America."
Ile Explains the Issues.
He said that Chiang Kai-shek's charges of Communist domination of
Wuhan (liankow) is an attempt to confuse the point at issue.
equity by the
Historical facts collated and considered in an action in
funds
Irish Free State, a sovereign power, against trustees of certain
of
located in this country, subscribed to two certain loans, the purpose
subeach
Ireland,
which was to establish an independent Republic of
the
in
amount
bond
a
to
him
scriber receiving a certificate entitling
2854
THE CHRONICLE
[Vol,. 124.
subscribed one month after international
recogniti
on
of
said
republic.
With the complaint dismissed on the ground that
Held:
the plaintiff, Irish
Free State, has not title to the funds in question,
The Irish Republic never existed as a
and as he Governgovernme
nt
de
facto,
and
the
ment
of Great Britain and Ireland has made no claim
Irish Free State could not therefore succeed
to the funds, the
it.
only parties entitled to the possession of the
Every government must be treated as
money are the original
a body having perpetual suc- subscribers, and
cession, whatever form, i. e., de jure or
the
two
bondhold
er
committe
de facto, it may assume.
set up counterclaims demanding judgment for es in their answers have
As the de jure Government of Great
the funds. The demand
Britain and Ireland was the only of the Noonan
government in existence in Ireland at
Committee that the funds be awarded to the Irish
the time th Irish Free State State upon condition
Free
came into existence, that government
that the government issue bonds to he full exent
succeeded the existing de jure gov- of the original subscript
ernment and not the Dail Eireann revolutio
ions cannot, in view of the foregoing opinion,
nary
organizat
ion which was be granted.
conducting a rebellion against the de
As the purpose or object for which the
As the funds in question were not jure government.
taken
originally
from
the treasury vanced has become impossible of fulfillmenfunds in question were adof the Irish Free State that governme
t (Thomas v. Hartshorne,
nt cannot claim the same by title 45 N. J. Eq., 215),
paramount.
the relief demanded by the Hearn Committee should
be granted to the extent that a judgment be entered
The Irish Free State was a new
decreeing that
It therefore succeeded the de juregovernment set up by Great Britain. these defendants and all other subscribers to the two loans in the United
Government of Great Britain and States are entitled
to receive, in proportion to their subscripions,
Ireland and not the revolutionary organizat
the
ion which collected the funds proceeds of the money
and so it cannot claim the same by
derivative title through that organi- mulated interest, after and securities in question, together with accuzation.
payment of all proper charges and disbursements taxed or allowed by the court.
Even if the Irish Free State had derivativ
e title to the funds in
question it would not be awarded possessio
According to an Associated Press cablegram from
n
of
the
same
unless
it
adopted
Dublin
the loan contracts and submitted
itself to the equitable juriddiction of May 11 Desmond Fitzgerald,
Foreign Minister of the Irish
the court.
The judgment of the. Irish Free State
Free State, discussing the New York Supreme
court in an action wherein the
Court decertificate holders were not parties is
not res adjudicata as to such cision on the Irish bonds suit, said:
bondholders.
If the Free State had won the case, we would have accepted full
As the plaintiff, Irish Free State, proved
reno title either paramount or sponsibility for the return of the money subscribe
derivative to the funds in question the complaint
d for the republican
must be dismissed and bonds. As it is, the bondholders are likely to get
the funds returned to the subscribers to the
only
about
half what
loan.
they subscribed, afterthe heavy legal expenses are deducted.
The following is also taken from the
The Minister prothised that official Free State commen
decision as pubt
lished in the "Law Journal":
would be forthcoming when the executive council
was
The funds and property in question consist of moneys
on deposit with officially informed of the court's decision.
the defendant Harriman National Bank and certain
securities contained
Belfast Associated Press advices May 11 said:
in safe deposit boxes, all within the jurisdicti
on of this court. Said
funds and property represent the proceeds of
The Irish bond decision in New York, in the opinion of John Barbour,
the balance of subscriptions to two certain loans of an organization which
Ulster
Minister of Commerce, will tend for peace in southern Ireland.
up by force in Ireland a Republic of Ireland which was seeking to set
"The Free State has scored," he added, "to the extent that the
would be free and
Repubindependent of any allegiance whatsoever to the
licans
are
prevented from getting £500,000
Britain and Ireland. Sums aggregating something government of Great because the legal expenses will cut a big . But the bondholders lose,
over $6,000,000 were
hole in their subscriptions."
subscribed by citizens or inhabitants of this country.
The greater portion of the amounts subscribed was transferred to
Ireland
and
used
for
the purposes for which they were subscribed. The
Senator Borah Urges Treaty Between United States
and
ferred amounts in the aggregate to approximately balance not so trans$2,500,00
0,
Other Nations to Outlaw War With China.
and
it
is
this balance which is the subject of this action. • Each
loans subsequently received a printed form of bond subscriber to the
Senator William E. Borah of Idaho, in an
certificate in the
address on
amount subscribed, which read as follows:
foreign relations at Cleveland on May 9, indorse
d a recent
"Republic of Ireland. Bond Certificate &
To —: I, Eamonn suggestion of Premier Briand of France favoring a treaty
De Valera, President of the Elected Governme
nt
of
the
Republic
of
between
Ireland, acting in the name of and by the authority
France and the United States to outlaw war.
of the elected
representatives of the Irish Nation, issue
this certificate in acknowl- Senator Borah went further and advocat
edgement of your subscription of $to
ed a treaty bethe
first
national loan tween the
of the Republic of Ireland. This certificat
United States, Great Britain, France, Italy and
is exchangeable if presented at the Treasury e is not negotiable but
of
the
Republic of Ire- Japan, to outlaw war between any
land one month after the internationl recogniti
or all these nations
on of the said Republic
for one
Gold Bond of
Republic of Ireland. Said Bond and China. On this point Senator Borah said:
to bear interest at five per cent the
per annum from the first day of the
"M. Briand, the Premier of France, stated publicly
seventh month after the freeing of the
a few days
territory of the Republic of since that
Ireland from Britain's military control,
he would favor a treaty between the United States
and
said
Bond
to
be
redeemand
able at par within one year thereafter. Eamonn De
Valera, President." France outlawing war. A splendid proposal! I hope he will follow
up his suggestion by putting his understanding
The uncontradicted purport of the testimony is
of
outlawry in the
to
moneys were loaned for the purpose of establishingthe effect that these form and terms of a treaty. A treaty between two great powers which
a free and inde- would, in fact and efficiency, put the ban
pendent Republic of Ireland. It is admitted,
of
outlawry
on war as an
of course,
republic was established and the court must now determin that no such institution for the settlement of international disputes would be an
e in this action event of transcendent moment.
the title to these unexpended moneys.
"In the light of this suggestion by a
The plaintiff Irish Free State claims possession of
the funds by title speaking for a great nation, it would great and responsible official
paramount, contending that it succeeded the organizat
seem that we might
ion
called
the
exigency
invoke the principle sufficiently at least to silence in this
"Irish Republic," whether this court decides that
this talk
such organization con- about using force, and only
force,
stituted a de facto government or whether it was merely
an organized struggling, bleeding China. It is withinagainst China—weak, wronged,
rebellion against the authority of the duly constituted
the power of five great nations
government of to outlaw war as between these
Great Britain and Ireland. The defendant trustees deny that
five
title and of these five powers with the policy nations and China. The accord
claim that they have a right to continue in possessio
announce
d by the President would
This court by two previous orders has permitted two n of the funds. in its effect put the ban of outlawry on war where outlawry is mos:
bondholder com- needed.
mittees to intervene. One of these committees,
called the "Hearn
"'They that are well
Committee," contends that said plaintiff is not in any
view of the case The thing which China need not a physician, but they that are sick.'
entitled to the possession of the funds which were
demands of foreign powers, control of her own
subscribed solely for tariffs, possession of
her own territory, the execution of her own laws.
the purpose of the so-called Irish Republic, or, in the
alternativ
e,
that
are
things
she is entitled to have, and these five nations
if the court decides that such plaintiff is entitled
have it within
to the funds, then and their power to
in that event, the bondholders are entitled
grant these things. China understands things other
than
to the full amount of their force.She has
subscriptions, with accrued interest; that they have
learned her lesson well. She understands the worth
a lien upon the and dignity of
moneys and securities now within the jurisdicti
national
independe
nce. She has learned it largely
on of the court, and that from her Western
a judgment should be entered in favor of the individua
l bondholders of administering friends. She understands the benefit and advantage
for their pro rata share of the funds now in control
her
own
affairs.
She understands exceedingly well
The other committee, called the "Noonan Committe of the said trustees. the fundamental principles of international ustice,
venture to
and
e," admits
of said plaintiff to receive the funds in question, but contendsthe right hope that these things are to be the fruits of her present I
struggle."
that the
court should require as a condition that plaintiff
In part Senator Borah also
should carry out the
stated:
contract and deliver bonds of the plaintiff, of the
full amount
"The Chinese situation presents perhaps
subscriptions, to the subscribers. This committee says further of the
the most vital foreign probthat if lem since the war. There are
this court has no power to make such a condition because
more than 400,000,000 people in China,
that the said plaintiff is a sovereign power, then the moneys of the fact while some 300,000,000 more sympathize thoroughly with their struggle
in
should be delivered to said plaintiff without conditions. The question for national independence.
plaintiff,
"The President, in his address in
the Irish Free State, in reply contends that it is a sovereign
New York on the 25th of last
power and month, declared: 'The
that, therefore, this court cannot in its judgment render
any affirmative proverbial. We feel forfriendship of America for China has become
judgment against it or prescribe any conditions bindinp
her
the
deepest sympathy in these times of
upon it. While her distress. We have
the testimony and the exhibits are voluminous, the
no disposition to do otherwise than to assist
historical facts upon and encourage every
which the decision of the court must be predicate
legitimat
aspiratio
e
n for freedom, for unity, for
d are not numerous the cultivation of
a national spirit, and the realization of a republican
and are in the main undisputed. The level conclusio
ns
be
to
drawn
form
of
governme
nt. In the turmoil and strife of the present time,
from such facts are vigorously disputed.
we realize fully that forces may be let loose
• • •
temporarily beyond their
power to control, which may do injury to American
national. It
As the plaintiff Irish Free State succeeded the de jure governme
nt guard against that eventuality that our forces are in Chinese is to
Great
Britain
of
waters
and Ireland, and not the revolutionary organizat
and
known as Dail Eireann, said plaintiff has no title either paramoun ion wish to do what China itself would do if peace prevailed. We do not
t or
to pursue any course of aggression against the
derivative to the funds in question, and the complaint must
Chinese
people.
therefore We are
to prevent aggression against our people by any of their
be dismissed. Even if this conclusion be incorrect the complaint must disorderlthere
y elements. Ultimately the turmoil will quiet down and some
be dismissed upon the authority of the MaDae case, for said plaintiff form of authority
will emerge, which will no doubt be prepared to make
claims by paramount title and not by derivative title offering to adopt adequate
settlement for any wrongs we have suffered.'
the contracts.
"This policy thus announced looks to peace. It looks to a
united,
The defendant trustees have no title as owners of the funds in ques- a strong
tion, and their demand that they be left in possession of the same must announce China—China on a basis of equality with other nations. It
s
a
policy
harmony
in
with
principles
of
internati
onal justice
therefore be denied. No good purpose could result from leaving them and
decency.
in possession of the trustees, for the reason that the Irish Republic was
"There is one sentence in the President's address to which
we ma
formed
and the terms of the subscription, i. e., the issuance of well give
never
particular attention. 'In the turmoil and strife of the present
bonds of the Irish Republic, cannot be complied with.
time we realize fully that forces may be let loose
temporarily beyond
MAY 14 1927.] •
THE CHRONICLE
2855
plus the $1.00 subscription price becomes
their power to control which may do injury to American nationals.' time of distribution ($30.25)
The profit is therefore reduced to the extent
In a great conflict, a stupendous upheaval involving political, social, the cost of the coal co.'s stock.
with a corresponding saving in normal and surtax.
cultural and foreign problems, the break-up of centuries of customs of $30.25 per share,
"On the other hand, the rights must be included in income as a dividend,
and practices and beliefs, sinister forces will unquestionably be unbut dividends are subject only to surtax. Besides, not the entire $30.25
leashed. But even so, if we can separate facts from falsehoods, news
need be treated as a dividend, but only $23.96, because the technical
from propaganda, we will not have much difficulty in choosing a wise
computations show that the railroad company had only that much of earncourse and in steering clear of intervention in Chinese affairs or conings since 1913 to distribute. While, therefore, the stockholders must
flict with the Chinese people.
pay a surtax on $23.96,they can claim a rebate for the normal tax on $30.25.
malign
the
and
methods
unconscionable
the
of
something
"We learned
"In many (taxes, the proceeds of the sale of the coal co. stock were treated
effect of propaganda during the World War. It has lost none of its as a reduction of the cost of the railroad co. stock, and then when the
unscrupulous cunning, none of its faith in the driving power of a well railroad co. stock was sold the profit was figured on the basis of the lower
organized and shrewdly directed appeal to passion and patriotism. cost, and both normal and surtax paid on such profit. Here, too, there
Those who are desirous of intervention exaggerate every possible inci- would be an over-payment of taxes because, treating the coal co. rights as
dent which they think calculated to arouse the feeling of the American a dividend would, to that extent, involve the surtax only and save the
people.
normal tax.
"The Secretary of State has been criticized for not properly using
"The Government letters call for additional assessments because the only
information which it is claimed he has for the purpose of arousing adjustment made by the government at this stage is to add to income the
in
events
ourse
what
public opinion in America. No one knows just
value of the coal co. rights as a dividend. A corresponding adjustment
China will take, no one knows when and how this conflict will end
to correct the treatment of the sale of the stock themselves is not made,
But our relation to the struggle is that of furnishing a refuge for our probably because the Government is not in a position to know, from the
nationals and bringing them out of danger; and secondly, through face of the return, how those sales were treated by the stockholder."
sympathetic and friendly cooperation, assisting if we can in the cause
of unity and peace for the Chinese people. No amount of propaganda.
I venture to believe, will change that course."
Hearings on Demands of Engineers on Eastern Roads
Further Modification of Canadian Milk Embargo.
Upon recommendation of the United States Public Health
Service the United States Department of Agriculture announced on May 6 that it had further modified the embargo
against Canadian milk with respect to the Province of Quebec
so that only such milk and cream as emanates from Montreal
is restricted. The recommendation of the Health Service is
based on observations of its representatives as well as upon
asurances received from Canadian authorities that the health
of the people of the United States would in no way be jeopardized by modification of the restructions. Strict quarantine
is to be maintained, however, against all milk and cream
emanating from Montreal, or which is exposed to possible
contamination while passing through that city, until notice
to the contrary is announced by theDepartment. Appropriate instructions modifying the embargo have been issued
to consular officers, collectors of customs along the Canadian
border and field officials of the Bureau of Chemistry. Previous modification of the embargo was noted in our issue of
April 30, page 2536.
for Increased Wages Arranged for May 23.
The Brotherhood of Locomotive Engineers have been
notified by the Conference Committee of Eastern Railroad
Managers that the committee has decided upon May 23
as the date for bringing under way conferences relative to
the demands of the Brotherhood for a 15% wage increase.
The New York "Times" of yesterday (May 13) said:
The communication, which was addressed to A. Johnson, Grand Chief
of the brotherhood, over the signature of J. G. Welber. Vice-President
of the New York Central RR. and Chairman of the Conference Committee, asked whether or not May 23 would be convenient for the engineers,
and as officers of the brotherhood have let it be known that they are
anxious to make a definite report on the wage problem at their national
conve..tion in Cleveland on June 6 the indications are that the date will
be accepted.
The engineers' demands involve an increase In annual payrolls of the
Eastern railroads of about $13,000,000. About 30.000 employees are
affected. The projected discussion on May 23 will be directed chiefly
to a solution of the fairness and necessity of the demands, it was said.
Those concerned in the conference believe that the United States Board
of Mediation will have to be called into service, as was the case in the
recent disputes with trainmen and firemen which resulted in a 734% increase
for the latter employees.
Insurance Companies and Savings Banks Decline to
Invest in Northwestern Railroads—Savings Banks
Decrease Holdings, Says Security Holders
Inter-State Commerce Commission Extends Time for
Committee.
Filing of Depreciation Accounting Statement of
operating in the Northwest
railroads
of
Credit conditions
Railroads—Sept. 1 1928 Dated Fixed.
due to insufficient rate
state
a
deplorable
so
reached
have
on
Announcement was received by railroad executives
and savings
May 10 that the Inter-State Commerce Commission has ex- structure that leading life insurance companies
of
new
overlying
no
the
purchases
virtually
made
banks
the
of
depreciation
effect
tended for one year the date of
accounting order, which was promulgated by the Com- bonds of any of these carriers during the four-year period
mission on Nov. 2, 1926, and'which calls for the presentation ending in 1926. This is the essence of a letter issued May 3
by steam railroads of uniform annual reserves for depreciated by the New York Security Holders' Committee for a Fair
value of their properties. The New York "Times" from Return, of which Archibald B. Roosevelt is Secretary, to
the holders of securities in the Northwestern roads. The
which the foregoing is taken adds:
This latest order, which was a direct result of an appeal to the Commission
by the l'residents' Conference Committee on Valuation of Railroads, involves changing of the latest date upon which the railroads should file
preliminary data on depreciation with the Commission from Sept. 1, 1927,to
Sept. 1, 1928. It also Involves changing of the latest date upon which
appropriate amounts shall be assigned to primary road and equipment
accounts covering property for which the depreciation order is prescribed,
from Jan. 1, 1928, to Jan. 1, 1929.
The chief significance of the postponement is contained, railroad men
agreed, In the facts that this action gives the railroads an opportunity to
present further evidence in connection with the depreciation problem, and
that it also gives the Commission an opportunity to order further hearings
on the subject.
Additional Income Taxes Called For From Stockholders
of Lehigh Valley RR. Co. on Account of Distribution of Rights of Coal Company.
Stockholders of the Lehigh Valley RR. Co. in 1924 are
being called upon to pay additional income taxes for that
year as the result of the ruling recently announced by the
Income Tax Department that the distribution in 1924 of
the rights to subscribe to the stock of the Lehigh Valley Coal
Company at $1.00 per share was a taxable dividend to the
extent of the value of the right, which the Government computes to be $30.25. M. L. Seidman, tax expert of Seidman
& Seidman, Certified Public Accountants, discussing this
matter pointed out that in a good many of these cases the
proposed additional assessments can be turned into actual
refunds, depending on the manner in which the sale of the
coal company or railroad company stock was reported for
income tax purposes. Mr. Seidman says:
"When the coal co. rights were distributed, the Supreme Court ordered
that the stockholders sell either the railroad co. stock or the coal co. stock.
Those who sold the coal co. stock probably in most instances reported the
difference between the sales price and the $1.00 subscription price as a profit,
and had to pay both a normal and surtax on this profit. Since the rights
are now being treated by the government as a dividend, their value at the
members of this committee include Lewis B. Gawtry, W.
Emlen Roosevelt and Van Santvoord Merle-Smith. The committee points out that John W. Stedman, Vice-President in
charge of investments of the Prudential Insurance Co., has
told the Inter-State Commerce Commission that his company, which invested last year about $300,000,000, or more
than $5,000,000 a week, has made no new investment since
1922 in the junior bonds of the Great Northern, Northern
Pacific, the Chicago & Alton, Chicago Great Western, Minneapolis & St. Louis, Soo Lines, Chicago Milwaukee & St. Paul,
Chicago & Northwestern, and the Chicago St. Paul Minneapolis & Omaha. With respect to the Chicago Burlington &
Quincy, the Prudential has made no investment from the
time the rate reduction in 1922 through Dec. 31 1926. At
that time the Prudential already had a large investment in
the junior bonds of the Burlington and was reluctant to increase that investment until it could be determined how
serious an effect that rate cut would have on the road's
earnings.
Philip A. Benson, Chairman of the Committee on Investments of the Savings Bank Association of New York State,
has also told the Commission that 131 of the 149 mutual savings banks which he represents, in response to letters sent to
them regarding their investments in Western trunk line territory, revealed that while their total resources increased
$1,141,500,000 in the four-year period ending 1926 and their
railroad investment gained $108,538,000, their investment
in the Northwestern railroads decreased $4,807,000. Fairman Dick, a partner of Roosevelt & Son, presented an exhibit to the Commission taken from the official statements
of the Metropolitan, Prudential, New York Life, Equitable
Life and Mutual Life, showing that during the four-year
2856
THE CHRONICLE
[VoL. 124
period ending in 1926 the holdings of these life insurance American investor
will no longer have presented to him the
companies in the overlying bonds of the Northwestern rail- constant succession
of new loans for investment at attractive
roads have increased only $1,949,000, as compared with a interest rates and with
the unusually strong provisions for
net increase for the rest of the railroads of the country of safety which were necessary
to appeal to the American in$85,486,000. These companies have total assets of $6,615,- vestor in the past few
years," says Alfred 0. Corbin, member
000,000, have 72,500,000 policies outstanding and investment of the international banking
firm of F. J. Lisman & Co. and
annually over $1,000,000,000. Since 1917 the total railroad President of the First Federal
Foreign Investment Trust.
bonds of the United States formerly legal investments for The reasons he summarizes briefly
as follows:
savings banks in New York State, but since stricken from
Money rates in Europe, while standing at different levels in various counthe list, amounts to $449,585,000. Of this total $443,305,000 tries, have shown a uniform tendency to decline. The recovery in international trade has been slow; many of the great exporting nations have had to
represents bonds of railroads operating in the Northwest. readjust their markets
in accordance with changed conditions, internal and
During the same period $643,666,000 railroad bonds which external. Coal is no longer the mainstay of Great Britain's export trade as
formerly were not "legal" and not including any new mort- :It used to De, and part of the pre-war German export trade in chemicals,
dyestuffs, optical glass and other key products has gone forever because of
gages created since 1917, have been added to the list of egal changes in the corresponding industries
of other countries.
The more efficient operation of business which has become a slogan of
railroad investments in New York, and none of these are
post-war
Europe
a
has
lessened
led
to
demand
for working capital per unit
bonds of Northwestern carriers. Even the Chicago Burlingof production and hand-to-mouth buying, partly voluntary and partly
ton & Quincy, long considered the "jewel" of American rail; compelled by the necessity of rationing, has further lessened the pressure
of businco on banking accommodations. In the banking world itself a
roads, has been receiving very inferior earnings. The
only'
in monetary practice has taken place. Gold is no longer used
reason the Burlington has been able to maintain a good revolutiiiht
as a medium of circulation, but as a geld reserve and basis of note issues. A
credit position, according to Mr. Dick, has been due to its gold dollar in circulation does one dollar's worth of business; as an ultimate
reserve in a well-constructed system of deposit banks, clearing houses and
small outstanding debt.
W. L. De Bost Re-Elected President7ofFNew7fYork
Chamber of Commerce-159th Annual Meeting.
William L. De Bost, President of the Union Dime Savings
Bank of New York, was re-elected President of the Chamber
of Commerce of the State of New York and James Brown,
senior partner of the banking firm of Brown Brothers, was
re-elected Chairman of the Executive Committee at the
159th annual meeting of the Chamber on May 5. The meeting was presided over by Darwin P. Kingsley, First VicePresident of the Chamber and a former President, who was
celebrating his 70th birthday. Mr. Kingsley joined the
Chamber in 1907 and was President for two terms, 1920 to
1922. After Mr. De Bost was unanimously elected President of the Chamber with the entire ticket and standing
committees, Mr. Kingsley paid the former a glowing tribute
"as a distinguished citizen and outstanding man" and said
that the presidency of the Chamber was the greatest distinction a business man could receive. Mr. De Bost, in
thanking the Chamber members for again conferring this
honor upon him, urged the members to individually respond
to the latest appeal of President Coolidge for an additional
$5,000,000 for the victims of the Mississippi River disaster.
He pointed out that the Chamber, since 1859, has been constantly calling upon Congress to remedy this situation and
said that until now "there has been no intelligent response."
James Brown, the re-elected Chairman of the Executive
Committee, presented a report endorsing the National Fire
Protection Association, and Charles L. Bernheimer, Chairman of the Committee on Arbitration, and called the father
of modern arbitration, presented his 17th annual report on
arbitration, both of which were unanimously adopted. The
report of J. Vipond Davies, Chairman of the Committee on
Public Service in the Metropolitan District, urging the Federal Commission appointed in 1922 for the exchange of the
Post Office site for some other city property to get down to
business and remove this eye-sore in the City Hall Square,
"an old, antiquated and utterly useless building." This report and the accompanying resolutions were unanimously
adopted.
Eugenius H. Outerbridge, Mortimer L. Schiff and Newcomb Carlton were re-elected Vice-Presidents to serve until
1931; Junius S. Morgan Jr. re-elected Treasurer, William B.
Scarborough Assistant Treasurer, while Charles T. Gwynne
and Jere D. Tamblyn were re-elected Executive Vice-President and Secretary, respectively. Clark Williams continues
as a member of the Executive Committee at Large to serve
until 1930. John McHugh was re-elected Chairman of the
Committee on Finance and Currency, and Walter E. Frew
and Frederick W. Allen as associated members of that committee.
Police Commissioner Joseph A. Warren was the principal
guest and speaker at the meeting of the Chamber. Commissioner Warren said that the job of Police Commissioner was
not impossible and that if the Chamber now and then would
offer some constructive criticism it would be greatly appreciated.
A,O. Corbin of F. J. Lisman & Co.Says Peak of Demand
for American Funds Abroad Has Been Reached.
"There seems to be good reason to believe that for the time
being at least the peak of the demand for American funds
for working capital purposes abroad has passed, and that the
central reserve banks, it may do the work of fifteen or twenty dollars. The
more efficient utilization of gold has been further promoted in many European countries by the increasing popularity of checks, which, while still not
used to the same extent as in America, are playing their part in making
limited gold supplies go further in carrying the burden of business requirements.
Another reason for the decreased requirements of working capital has been
the tendency of the last few years toward steadily lower prices, so that the
same buying of commodity business can be financed with a smaller amount
of capital now than, say, two or three years ago.
This carries us to the conclusion that working capital requirements will
exert less pressure on money rates in the near future than they have for a
long time. From the viewpoint of the American investor, this means that
foreign capital, which is now beginning to be created in increasing amounts
by the normal process of healthy capitalism, will be wiging to work for less
and less return in the shape of interest as time goes on, and will, therefore,
find European dollar bonds more and more attractive.
Early Opening This Year of Navigation:on:Great Lakes.
The April 15 number of the "Review" of the Northwestern
National Bank of Minneapolis comments as follows on the
early opening of navigation on the Great Lakes:
Earlier than last year has been the opening of navigation on the Great
Lakes. The Soo locks opened April 29 in 1926 and shipping was general
in the week May 6-12. The official date of opening this year was April
15, and the first ore boats were scheduled to start from the Duluth-Superior
harbor a few days later. The Soo is clear of ice. The earliest opening of
navigation was in 1902, on April 6, and the latest in 1904, on May 18,
according to available data. Water in Lake Superior at the close of March
was in excess of one foot higher than the low March stage in 1928, and a
very small fraction of a foot below the average stage of March for the last
ten years. In northern Michigan the copper mines are well supplied with
labor. "Skillings Mining Review" reports: "Not as great an exodus of
labor is expected this spring as in former years due to the fact that the
demand for men in industrial centres of the Middle NVest is not as brisk as
usual at this season." It is now the time of the year when railroads are
increasing the size of regular crews working on road-beds. On most Northwestern lines extra men are being assembled and in some places full crews
are already operating; on the Pacific Coast the maximum number was in
operation as early as February, but on mileage east of the Rockies the maximum will not be reached until May. The usual number of laborers will
be employed this year, which means about 20,000 extra men working on
roadways of the principal lines operating between the Great Lakes and the
north Pacific, in addition to regular crews, or from 40,000 to 45,000 men
in all. Together with repair work and construction of equipment carried
on in machine shops, and up-keep of structures, this maintenance work is a
major industry of the Northwest. Last year the budget of expenditures for
additions and betterments and for maintenance of way and equipment (not
including routine operating expenses and payment of fixed charges), of six
railroads serving the Twin City territory amounted to a sum between
$150,000,000 and $200,000,000. Combined budgets of the six systems for
this year will be approximately the same amount.
Committee on Regional Plan of New York Expects
Financial Center to Remain in Wall Street Despite
Trend of Business in Midtown Section.
Wall Street is destined to remain the financial centre
of New York with an even greater concentration of money
power in the future, despite a probable continuance of the
uptown trend of a certain type of business which formerly
located itself in the financial district, according to a report
on "The Retail Shopping and Financial Districts," made
public on April 13 by the Committee on Regional Plan of
New York and its environs. The foregoing is taken from
the New York "Times" which continuing says:
The report was written by Dr. Donald H. Davenport of Columbia
University in collaboration with Lawrence M. Orton and Ralph W.
Roby, and is published as part of the economic and industrial survey
of the metropolitan district made by the committee.
The report also predicts further congestion in the midtown shopping
and theatrical district, with a great concentration of office buildings
and hotels in a development similar to that of the "Loop" district in
Chicago. It warns that steps should be taken to prevent overbuilding
in this district in order to avoid damage to retail trade as a result of
a congestion so great that shopping might become uncomfortable.
Unless overcongestion is stopped it warns that the theatres and retail
stores may have to move elsewhere.
MAY 14 1927.]
T H PI CHRONICLE
2857
sibility for the quick solution of this great problem and then go ahead and
Banks Bound to District
solve it, instead of permitting those communities that are the immediate
conreport,
the
to
according
exchanges,
organized
Banks and the
of inadequate profinancial district, victims of this national scourge to shoulder the expense
the
preserve
will
which
factor
principal
the
stitute
ownership of the
bound to their tective measures. Since the Federal Government claims
because they attract other activities and are themselves
believe
we
that
country,
see to it that they
the
should
it
take navigable rivers of
location by those other activities. The growth of branch banks to
rather than
people
our
constant
to
a
prove
blessing
to
as
restrained
so
are
report continued,
care of banking needs in various parts of the city, the
fostered a potential and actual menace.
merely increased the strength of the parent institution andinstitution
parent
The first business transacted by the 1927 spring meeting
the concentration of power in the district where the
the establishment
is located. If the banking law is changed to permit
of the Executive Council was approval on May 3 of the acparent
the
of
strength
the
on,
went
it
city,
the
outside
of branches
institutions in the Wall Street district would be still further aug- tion of the Administrative Committee in appropriating $10,mented. Thus it is evident, the report says, that "the commercial banks 000 to the American Red Cross for flood relief. "The memare very firmly anchored and are not likely to move out of the financial bers of the Executive Council of the American Bankers
district."
The report declares that Wall Street, as a very complex piece of Association meeting in Hot Springs, Ark., have been deeply
economic machinery, functions most efficiently when all its parts are impressed by the misfortunes and sufferings brought to their
properly arranged together. Nothing but some such catastrophe as an
area and feel that the burden of
earthquake or a destructive aerial attack, it goes on, would be likely fellow citizens in the flood
to cause the removal of the financial district as a whole to some other thd disaster should be shared so far as possible by the whole
because
report,
part of the city. It belongs where it is, according to the
nation," President M. A. Traylor wired the Red Cross. "Not
of its needed proximity to the Port of New York, the Custom House,
would
it
sympathy but material aid for unstinted relief measonly
because
and
Bank,
Federal
the
and
Reserve
Subtreasury
the
be hard to arrange such a compact and well-organized hcfme for it .ures are urgently demanded, and the American Bankers
anywhere else as the Wall Street district provides.
Association gladly adds to your funds for this purpose the
While the lower end of Manhattan, therefore, "seems deslined to be
that
corporations
international
sum
and
national
of $10,000. With it goes the hope that such immediate
large
the
of
home
the
direct our industrial and financial life," the report continues, changes lightening of the burden of suffering for the stricken people
expansion."
and
are probable "in the direction of further specialization
as may be accomplished will be followed by earnest endeavor
It points out that the concerns which are finding the financial district
less convenient than uptown locations are those "that have no imme- to avert any possible repetition of this disaster." In speakdiate connection with the large industrial corporations, railroads, ship- ing in support of this action, Thomas R. Preston, First Viceping companies, brokerage houses, insurance companies and the banks."
Urges Parking Places.
As an immediate remedy to the conditions against which the report
warns in the theatrical and shopping district it advises that parking
spaces be obtained "convenient to the various centres in this area" and
that provision should be made to care for automobiles while their owners
are transacting business in the shopping centre.
"Perhaps the most effctive measures that could be adopted," the
report continues, "would have to do with the control of the new
buildings permitted within the congested area. Overbuilding should
be discouraged and property owners should not be permitted to overload
the street and transit facilities. The exclusion of buildings that contribute more than their quota to the congestion would do a great deal
to preserve the retail character of the central district."
Elaborating upon the danger of the present and probable conditions in the midtown district to its continuance as a retail centre,
the report went on:
"Within the confines of business blocks that lie north of Thirty-first
Street, south of Central Park, each of Broadway and west of Lexington
Avenue, the valuable ground surface is so little in proportion to the
volume of business that will want to locate there, and is so highpriced, that there will be a tendency to superimpose on the top of the
levels which can be devoted to retailing another set of levels dedicated
to hotel guests and office workers. This will be like what Chicago
has witnessed within the Loop. The tendency is very dangerous to
trade.
Sees Danger in Concentration.
"Up to a certain point a large local concentration of people helps
the shopkeeper, but beyond that point it tends to his ruination. All
Street, south of Central Park, east of Broadway and west of Lexington
the streets in this part of the town are ribw being used, anyway, by
through movement which does not stop to shop. They will probably continue to be used by more or less such traffic. If the streets and sidewalks
are also to accommodate hordes of office workers who are not buyers; so
that it becomes difficult and disagreeable for buyers to get about, the
best shopping district will deteriorate.
"This is not fanciful. Every department store manager knows that
he must allow ample aisle space for his customers to move around in
and that counters and showcases are no good without it. The streets
are to a retailing neighborhood what the aisles are to a shop. It will
not do to let non-buyers fill them up."
"The best retail merchants, including the theatres," the report says,
"have the economic power to capture practically any site they think
desirable outside the financial district. The retail trade can usurp
locations formerly occupied by the finest residences in the city, subject
to the zoning regulations. Striking instances of this have occurred
recently in the midtown Fifth Avenue section.
"Among the facts gathered in the study it was found that more than
seventy theatres and moving picture houses, with a total seating capacity
of more than 100,000, are crowded into the area between Fortieth and
Fiftieth Streets, Broadway and the side streets for a block in both
directions."
President of the association, pointed out that there was
precedent for it, since the association contributed $5,000 to
the San Francisco earthquake relief funds and a like amount
in the case of the Galveston flood.
Approval by the Executive Council of a proposal to make
a thorough investigation of the problem of bank failures in
the United States was the outstanding feature of the second
session of the Council. The proposal was brought forward
by Evans Woollen of Indianapolis, Chairman of the Economic Policy Commission, in presenting his report. The
report said:
The Commission has had brought to its attention the question of the
causes underlying the numerous bank failures throughout the country. The
Commission voted that this was a subject worthy of careful investigation.
A sub-committee was appointed consisting of Walter W. Head, Walter
Lichtenstein and Max B. Nahm, with the Chairman of the Commission as
ex-officio member, to canvass the situation and confer with a similar body
investigating the same subject on behalf of the Federal Reserve Board.
The sub-committee is to report regarding the work needed
to investigate the subject fully and make a preliminary
statement to submit to the convention of the association at
Houston, Texas, this fall. The Commission also alluded to
the fact that the State Bank Division Executive Committee
had requested it to continue its study of installment selling,
but pointed out that information it had collected had been
widely distributed, other exhaustive investigations had been
made and that the Association of Finance Companies in conjunction with a committee of bankers had formulated rules
and regulations in accordance with which installment buying is to be transacted. In view of these facts the Commission stated it preferred to make no further study of this
subject. This was also approved by the Council.
The Executive Manager, Fred N. Shepherd, touching in
his report upon the association membership situation pointed
out that while within the last twelve months there had been
a reduction in the number of members of 340 on account of
consolidations and failures there had been an increase in
membership dues in excess of $9,000,largely as a result of the
enlarged capital funds of member banks. He said that the
various departments of the association "are working in
harmony and in a co-ordinated manner to a greater extent
Spring'Meeting of Executive Council of American than they have ever done before. The various committees,
departments, divisions, sections and commissions are doing
Bankers Association—Investigation of Bank Failmore for the bankers than in the past. This is no reflection
ures Proposed—Solution of Flood Problems
upon preceding years, but I merely want you to know that
Also Sought—Farmers Urged by Dean Ruswe are making progress that is worthwhile."
sell to Adopt Business Methods—
The report of Clark G. Mitchell, Chairman Membership
Membership Figures.
said in part:
Committee,
The final important business transacted by the Executive
Aug. 31 1926 there were 31,145 banks and trust companies in the United
Council of the American Bankers Assocaition at its closing States. April 28 1927 this number had decreased to 30,471, a total of 674
session at Hot Springs, Ark., May 4, was to pass a resolution banks now out of existence. In the face of this mortality your association
in membership 803. In August the membership was 21,252. Between
calling upon the Federal Government to assume its full re- lost
then and the present we lost 2,451 members, but obtained 638 new and
sponsibility for the quick solution of the flood problem in regained 1,210 old members. The membership, therefore, on April 28 was
percentage as
the Mississippi Valley. The resolution, presented by Thomas 20,649, which includes 67% of all banks, exactly the samehoped
the perwere members at the beginning of the fiscal year. It is
of
Preston
First
Tenn.,
Vice
Cattanooga,
R.
-President of the centage will be materially increased before the convention. New York leads
third
Illinois
association ,was in part as follows:
in mmebership with 1,427, Pennsylvania is second with 1,389,
The flood situation in the Mississippi Valley is a matter of grave national
concern. The Mississippi River and its tributaries drain approximately
one-third of our entire area and the drainage from thirty States contributes
to this terrible annual menace. All navigable waterways that participate
in the Mississippi Valley system are owned, operated, supervised and protected by the United States. Because of these facts the Executive Council,
American Bankers Association, meeting at Hot Springs National Park,
Ark., declares it to be our profound conviction that our national Government, through its proper agency, should immediately assume it full respon-
with 1,193, California fourth with 1,113, and Texas fifth with 1,024. The
100% States are District of Columbia, Nevada, New Mexico, Louisiana and
Utah. In Arizona and Rhode Island an additional member would make those
States 100%. New Jersey has recently increased its membership to over
500, California has added 182, Texas 37, Arkansas 15, New Jersey 23 and
Pennsylvania 22.
Following this report, President Traylor pointed out that
while there had been a net loss of 340 members the actual
2858
THE CHRONICLE
Pfau 124.
collections of dues "is almost ten thousand dollars in excess system does not
grow in popularity. The States fear to handicap their
of a year ago, showing that we have gained in assets."
in neighboring States. Yet if income taxation is more just
than general
The report of the Agricultural Commission, Burton M. business concerns by subjecting them to a form of taation not prevailing
property taxation it will in the end be widely adopted.
Smith, Chairman, told of conferences being held to bring
He went on to describe causes keeping taxes up, such as
bankers and farmers together in better mutual understandmany new forms of public services, and declared that it
ing. It said in part:
could not be expected that they would be lowered, but the
Conferences have been held this year in 39 States. Increased interest
is
being manifested in appointment of county key bankers who
represent the public insist upon efficiency and economy in public adminagricultural committees of the State in their respective counties.
Twenty- istration.
five States have sent in the names of key bankers and 11 other
States are
in the process of selecting them. The county key banker
The Council received an invitation through Clark G.
list now totals
1,199 and that these men are functioning is shown by
the fact that 14 Mitchell of Denver, Col., from the Colorado Springs ClearStates have sent in reports showing definite accomplishment
s obtained ing House Association,
to hold the 1928 spring meeting in
through their efforts.
Colorado Springs. The invitation was referred, as usual, to
Dean H. L. Russell, College of Agriculture, University
of the Administrative Committee. In closing the session Oscar
Wisconsin and member of the Advisory Council of the Com- Wells,
former President of. the association, expressed the
mission, addressed the Executive Council on the agricultural
appreciation of the Council at the hospitality accorded by
situation. He said in part:
the Hot Springs bankers and the Arlington Hotel. President
Almost everybody wants to help agriculture. Two things
have hit the Traylor added commendati
farmer hard, but the same things have hit business. They are
on of the manner in which the
increase in
cost o fproduction and decline in prices, which latter has been more
drastic railroads brought the members to the meeting in the face of
in farm products than manufactured products. The
farmer's political flood conditions. These sentiments were approved by the
friends say salvation can be found through legislation. Our legislative
doc- Executive Council.
tors propose price control. The difficulty with this is price control
always
means price elevation, which always produces expansion in
production, and
if this occurs without expansion in consumption you have
inevitable decline
in prices. The remedy works to produce the very opposite
result from
that intended.
The next legislative panacea was to make it easier to borrow,
as if running into debt was the solution of the difficulty. There are farmers who
wish it had not been quite so easy to borrow, because the inevitable
day
comes when they have to pay principal and interest. The third
legislative
reinedy was to make easier the pathway for co-operative endeavor.
All you
have to do is to wave the magic wand "Co-operation" and all the farmer's
difficulties will immediately disappear. I wonder if there is any Government that can make people co-operate. The success of co-operative effort
will lie in organization from the bottom up rather than from the
top down
and it will take a decade or two for the results to be felt.
The farmers have at hand a remedy that can be utilized immediately
with
the definite knowledge that it will secure far better results. If
they will
take a leaf out of present-day business methods they will have relief
in
agriculture they will not have to wait for. Business has suffered the same
as the farmer, yet business came through in a way that is far ahead of
the
farmer. This has been brought about through industrial efficiency, through
Improvement of methods. They have increased labor output per unit
to
the degree the costs of production have actually been reduced by better
methods of carrying on work. Industrial enterprises on a large scale are
spending millions on research. In ten years automobile output per worker
has increased 172%,tires 211%, oil 83%, cement 61%. Compare that
with
others. The packers have increased only 27%, sugar refining 28%, boots
and shoes only 6%. There has been an increase in agriculture since 1913
of 20%. It is doubtful that business has any such opportunity as eists in
agriculture to reduce cost of production through improved methods.
Take
corn—Iowa shows a variation in cost of production from 15 cents to 75
cents a bushel. In Illinois the cost of producing corn on 80-acre fields was
reduced from 52 cents to 20 cents a bushel. The manufacturer who had it
within his power to reduce production costs from 52 to 30 cents per unit
would be tickled to death with the opportunity of meeting competition
under these conditions.
A farmer who is progressive is not the one who is hollering his head off
for legislative relief. The way out for the farmer is (1) to become a
business man; (2) to adopt business methods, to adapt himself to the same
kind of conditions and be as efficiently mobile as is our manufacturer or
our business man in the ordinary channels of his trade; (3) to rely less
upon political promises and more upon individual initiative; (4) to work
toward co-operative endeavor, but in the meantime not to wait for cooperative endeavor to solve all of these problems, because individually he
can do something at the present time. Let us first find the facts, fix the
facts, face the facts, and then follow the facts.
Annual Convention of Association of Reserve City
Bankers at Pittsburgh May 19-21—New York
Delegation.
The New York delegation attending the annual convention
of the Association of Reserve City Bankers at Pittsburgh
May 19-21 will leave in two Special Cars via the Pennsylvania
at 11:40 p. m., May 18. Those making up the party are:
H. L. Servoss, Vice President, United States Mortgage &
Trust Co. (in charge of arrangements); P. S. Duryee,Vice
President, Seaboard National Bank; W. H. Jaquith and C.
F. Park, Vice Presidents, Fidelity Trust Co.; Guy Emerson
and F. S. Bale, Vice Presidents, Bankers Trust Co.; J. D.
Perry, Assistant Vice President, Chemical National Bank;
F. K. Houston, Vice President, Chemical National Bank;
Ernest Stauffen and Francis T. Boyd, Vice Presidents,
New York Trust Co.; R. T. Barr, Vice President, Chase
National Bank; H. P. Turnbull and William H. Suydam,
Vice Presidents, Hanover National Bank; C. R. Parker,
Vice President,Guaranty Trust Co.;C.J.Stephenson,Agent,
Canadian Bank of Commerce; George Drew, Assistant
Vice President, Equitable Trust Co.; William H. Monk,
Assistant Agent, Royal Bank of Canada; Rollin P. Grant,
Vice Chairman, American Exchange Irving Trust Co.;
William Feick, Vice President, American Exchange Irving
Trust Co.; Irving H. Meehan, Secretary, Farmers Loan &
Trust Co.; and C. F. Brown, Assistant Cashier, Tradesmens
National Bank, Philadelphia.
Bill For the Issuance of Florida Charters to Trust
Companies Formed in Other States Withdrawn.
From the New York "Journal of Commerce" we take the
A report of the Committee on State Legislation was pre- following Tallahassee, Fla., advices May 9:
The measure which would allow out of State trust companies
sented by the Chairman, William S. Irish, and was in part
•
as follows:
The program of subjects of State legislation recommended during 1927
Included 25 subjects, 21 having been previously recommended. The four
Mortgage Act; (3) reciprocal exemption of inheritance taxes on intangible
new subjects were: (1) the State Arbitration Act; (2) Uniform Chattel
personal property of non-resident decedents, and (4) an Act making robbery
with dangerous weapons a felony.
A characteristic of many of the laws enacted this year is the general
strengthening of the banking system. A number of States have increased
the minimum capitalization requirements of their banks and provided for
more effectual supervision. Montana in its enactment of a new banking
code is a noticeable example in this respect. Arkansas has limited the
rate of interest which may be paid on deposits to 4%. Many States have
made provisions designed to increase the safety of loans and other investments. Texas has repealed its guaranty law and made provision for the
Incorporation of clearing houses and the exchange of credit information.
No new State has adopted a guaranty law this year, despite the introduction and urging of such laws in many of the States. South Dakota, whose
people refused to allow the Legislature to repeal the guaranty law of that
State, has made certain changes in the existing law in an attempt to make
It workable. The general impression derived from a survey of bank legislation this year is that the bankers have come to a realization that it is
Incumbent upon them to take the initiative in urging legislation which
will make for sound banking and materially reduce the past record of bank
failures, if they would forestall such initiative being taken by the people
In the form of bank guaranty laws and other ill-advised measures. In general, the Legislatures of the different States have enacted a very large
number of laws on a wide range of subjects relating to banking.
•
to obtain
charters for operation in Florida was withdrawn by Senator Alfred
H.
Wagg of West Palm Beach, when the Senate passed an amendment which
virtually killed the purpose of the bill.
The bill was an act to amend an act to prescribe the exercise of trust functions of the right to act as trustees, executor, administrator, registrar of
stocks and bonds, guardians of estate, assignee, receiver or committee of
estates, or any other fiduciary capacity by
corporation or associations
within the limits of the State.
Bankers to Aid in Salvation Army Drive.
Jonas C. Andersen, of the Chase Securities Corporation,
Chairman of the Investment Houses and Private Bankers
Group in the forthcoming Salvation Army Maintenance
Appeal in Greater New York for $517,000, called his committee together at a luncheon on May 11 at the Bankers
Club to formulate plans for the campaign. Dr. Lyell
Rader, an internationally known chemist, who serves in
his spare time as an enlisted man in the Salvation Army,
addressed the committee of bankers and described the work
of the No.3 Corps where he is stationed, located among the
white-lights of Broadway. The luncheon was attended by
the following members: Jonas C. Andersen, Chairman,
Chase Securities Corp.; Hirst F. Broom, Bonbright & Co.;
Thornton Cooke, Chairman Special Committee on State Inc.; Hamilton Candee, Guaranty Co. of New York; J. K.
Cooney, Bankers Trust Co.; Ralph T. Crane, Brown
Taxation, reported in part as follows:
Your committee has epressed the opinion that in most States where bank Brothers & Co.; William H. Eddy, Equitable Trust Co.;
taaxtion is still levied under the general property tax system the banks H. H. Egly, Dillon, Read & Co.; Albert C. Lord, Lee,
would do well to consider a change to the income basis. It was the exHigginson & Co.; Frank M.Stanton, Harris, Forbes & Co.,
pectation that Seddon 5219, Revised Statutes of the United States, having
been liberalized, many States would place their banks upon the income Leon E. Stropp, Kuhn, Loeb & Co.; John Miles Thompson,
basis of taxation. This, however, has not happened. Apparently the income Anglo London Paris Co.;John E.Berdich, Bankers Trust Co.
•
MAY 14 1927.]
THE CHRONICLE
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
A further rise to a new high record was made this week in
New York Stock Exchange memberships, when it was reported to-day that arrangements had been made for the
transfer of a seat for $210,000. Earlier in the week the
membership of J. M.Goldsmith was reported sold to Stanley
R.Jacobs, the consideration being stated as $200,000. This
is the same as the last preceding sale.
2859
Chairman, E. T. Ward, Bank of Montreal; Sec.-Treas.,
J. D.Smith, Seaboard National Bank.
Frank H. Fayant, Vice-P- resident, Lord & Thomas &
Logan, Inc., advertising agents, with offices in New York,
Chicago, Los Angeles, Washington, London and San Francisco, has been elected a member of the Advisory Board of
the Harriman National Bank of New York.
Edward A. St. John was el- ected a director of the Seward
National Bank of this city on May 9. Mr. St. John is
President of the National Surety Co. of this city. On the
same date Arnold F. Smith, formerly Assistant Secretary of
the Lincoln Trust Co. and Secretary of the Madison Safe
Deposit Co. was appointed Assistant Cashier of the Seward
National Bank which began
The following regarding reports of the possible purchase National Bank. The Seward
temporary quarters at Fourth Avenue
7
in
March
business
on
National
National
Bank
of
this
Hamilton
city
by
the
of the
Park Bank, is from the New York "Journal of Commerce": and Thirtieth Street will occupy its permanent quarters in
Reports are current in banking circles that the National Park Bank the Park Avenue Building at 2 Park Avenue early in Nois negotiating with the Hamilton National Bank for the purchase of that vember.
Henry C. Von Elm, Vice-President of Manufacturers
Trust Co., will sail for Europe on board steamer Majestic
to-day (May 14) for a six-weeks tour of the principal cities
of England, France, Germany, and Switzerland. He will
be accompanied by his wife and daughter.
A.
C. Emrey, President of the Hamilton National when
institution.
questioned, stated that negotiations had not yet reached a stage where a
statement could be made, but did not deny that such negotiations were
in progress. John H. Fulton, President of the National Park Bank,
said that he was unacquainted with such negotiations.
The stockholders of the Commonwealth Bank of this city
approved on May 4 plans to increase the capital of the
bank from 00,000 to $1,500,000. The new capital became
effective at the close of business May 11. The price at
The New York State Banking Department on May 2 which the new stock was placed was $360 per $100 share.
authorized the Bank of New York & Trust Co. to increase
The Liberty National Bank in New York, organized less
its capital from $4,000,000 to $6,000,000. The ratification
by the stockholders of the proposed increase in capital was than four year sago, and since known as an uptown banking
institution, with headquarters in the Fisk Bldg. at 57th St.
noted in our issue of April 30, page 2541.
and Broadway, and a branch at 150 Delancey St., has been
Announcement was made on May 3 by Lewis G. Harriman, granted permission by the Comptroller of the Currency to
President of the Manufacturers' & Traders' Trust Co. of open a downtown bank at 50 Broadway, in the heart of the
Buffalo, of the promotion of three officers of the institution financial district,according to Robert W. Daniel, President
and the appointment of a fourth, according to the Buffalo of the institution. This is a reversal of the usual process of
"Courier" of May 4. Joseph E. Chambers, heretofore an •expansion by New York banks. President Daniel states
Assistant Secretary in charge of the municipal bond depart- that the addition of a downtown bank has been made necesment, was made a Vice-President in charge of the same sary by the needs of its customers both in New York and
department; Edward W. Miller, formerly an Assistant Sec- other parts of the country and by the steady and consistent
retary, was made Assistant to the President; Richard S. growth of the Liberty National Bank, whose resources now
Graham, heretofore an Assistant Secretary, was promoted exceed $20,000,000 and will provide complete banking
to Manager of the bond department, and Reginald B. Taylor, facilities and services in quarters especially built and equipped
an employee of the bank since 1925, was appointed an As- for the purpose. The banking rooms will occupy the ground
sistant Secretary. Mr. Chambers, the new Vice-President, and mezzanine floors of the new 34-story office building just
the "Courier" stated, organized the municipal bond depart- being completed at 50 Broadway, and will be opened for
ment of the Fidelity Trust Co. of Buffalo (now consolidated business about Sept. 1. Complete and up-to-date safe
with the Manufacturers' & Traders' Trust Co.) in 1923, deposit facilities with large vaults for the convenience of
going to that institution from O'Brian, Potter & Co., where brokers and others will be provided. The directors of the
he had been in municipal bond work for six years. Mr. Liberty National Bank include:
Chambers previously had been with the municip 11 bond
W. C. Durant, Durant Motors, Inc.; Charles S. Adtrews Jr., Pres.
C. F. Daly, Vice-President Durant Morors, Inc.;
house of Stacy, Braun & Co., of Cincinnati. His study of Bronxville Trust Co.;
Robert W. Daniel, President, New York; August Heckscher, capitalist,
New York State and other States as well as Canadian mu- New
Pres. Loew's, Inc., New York; George Mao
Loew,
York; Marcus
nicipalities covers a period of sixteen years.
Donald, Pres. Nassau & Suffolk Lighting Co., New York; Joseph Paterno,
John Ringling, Chairman of
In an item appearing in our issue of April 23, page 2384, President Paterao Bros., Inc., New York;
Madison Square Garden Corp.; R. Lancabter Williams, 11. L.
reference was made to the proposed union of the Manufac- Board
Maurice
Heckscher,
G.
capitalist, New York;
Williams & Co., Baltimore;
turers' & Traders' Co. and the Peoples Bank of Buffalo to Lewis J. Spence, executive office Southern Pacific Co.. New York; B. D.
form a new bank under the title of the Manufacturers' & Lewis, Vice-President, New York; E. Waring Wilson, Vice-President,
York; George U. Harris, Harris, Winthrop & Co., New York, and
Traders-Peoples Trust Co. This amalgamation will go into New
W.S. Luckett, W.S. Luckett & Co., New York.
effect, it is understood, as soon as it is formally approved
by the State Superintendent of Banks, but the physical
At a recent meeting of the board of directors of the Interunion of the institutions will not take place until October state Trust Co.of New York the following elections occurred:
next, when a new building now in course of erection by the J. Lucas Williams was elected an Assistant Vice-President.
Manufacturers' & Traders' Trust Co. is expected to be ready Mr. Williams was formerly Assistant Cashier of the Irving
for occupancy.
Bank and more recently Vice-President of the Bank of Italy
in California. Claude H. Meredith, who has been with the
The Hanover National Bank of this city on May 6,leased Interstate Trust Co. since it opened for business, was elected
the southwest corner of Varick and Clarkson Sts., where it an Assistant Secretary. Mr. Meredith was formerly conwill establish a branch office during July. The branch at nected with the Hamilton Trust Branch of the Chase National
402 Hudson St. which was acquired through the consolidation Bank, Brooklyn, N. Y. John T. McMahon was elected an
of the Greenwich National Bank with the Hanover National Assisted Treasurer. Mr. McMahon has been specializing
Bank will be discontinued.
in accounting and finance and has been connected with the
Jacob C. Klinch has resig- ned as Trust Officer of the bank since it opened. Zimri C. Oseland was elected AssistChatham & Phoenix National Bank & Trust Co. of this ant Treasurer. Mr. Oseland was formerly Assistant Secrecity, to accept an appointment as First Vice-President of tary of the First Federal Foreign Banking Association, which
the Kings County Savings Bank of Brooklyn. Mr. Klinch merged with the Manhattan Company. Until recently he
was presented with a gold watch by his associates in the was a new business representative of the Bankers Trust Co.
Chatham Phenix Bank & Trust Co. on May 11.
Alteration of the ground floor, basement and mezzanine
of the office building 269 Madison Avenue,for occupancy by
- Institutions on Taxation held the
The Committee of Banking
midtown office of National Bank of Commerce in New
their ninth annual meeting on May 10 at the Hotel Belmont, York is now
under way. It is estimated that three months
followed by a dinner and theatre party. This Committee will be
required for completion. James S. Alexander Jr.,
nearly
all
of
comprises
the
large
organization
that
is an
Second Vice-President, assisted by Ernest H. Schneider,
New York banks, and has been quite active on matters of Assistant Cashier, will be in charge of this office.
taxation, both Federal and State, affecting banks and their
The Central National Bank of this city on May 2 opened a
clients. The following officers were elected for the coming
year: Chairman, J. L. Kahn of Bankers Trust Co.; Vice- new branch office at 5 West Burnside Avenue. Samuel W.
2860
THE CHRONICLE
[voL. 124
Sandberg, whose election as Assistant Cashier was noted in known bankers of that section of the State, was 46 years
of
our issue of April 23, page 2384,is in charge of the new office. age. For two years he was Secretary of Group IV of the New
York State Bankers' Association, and also served as ChairDirectors, officers and employees of the Standard Bank of
man of that group for a year.
New York were the guests of Richard M.Lederer, President
of the bank, at the 45th anniversary celebration, held on
On May 10 Judge Braley of the Massachusetts Supreme
May 8 in the bank's Yorkville office. A buffet supper was Court authorized State Bank Commissioner Roy A. Hovey
served, followed by dancing and entertainment.
to pay a final dividend of 2.04% to depositors in the savings
department of tne defunct Cosmopolitan Trust Co.of Boston,
May
9 the Trade Bank of New York,opened in its new thus
On
making 92.04% dividends to the creditors of this dehome in the Pennsylvania Building, 225 West 34th Street.
partment, according to the Boston "Transcript" of that date.
The bank,founded in December 1922, with an initial capital
Payment of the dividend, which will amount to $117,036.02
and surplus of $300,000 and deposits of $188,000, by Karl
and will be distributed among 12,000 depositors, will be
Schenk, who arrived in this country as a poor immigrant
made, it was stated, at the office of the liquidating agent,
34 years ago, now has capital, surplus and undivided profits
Henry 0. Cushman, 53 State St., Boston, on June 4 next.
of $825,000 and deposits of nearly $5,000,000. It had outgrown the quarters in which it started and on Saturday last Our last reference to the affairs of the Cosmopolitan Trust
its cash and securities were transferred to its new quarters, a Co., which was closed the latter part of 1920, appeared in
the "Chronicle" of March 12 1927, page 1466.
few doors away. Emil Lederer, Vice-President of the United
American Lines, is Chairman of the Trade Bank.
• The Broad & Market National Bank of Newark, N. J.,
has changed its name to the Board & Market National
A luncheon and reception'marked the opening of the Bank Bank Trust
&
Co. of Newark, effective April 22.
of the Manhattan Company's new fourteen story building at
Queensborough Bridge Plaza, Long Island City. Stephen
On May 2 the newly organized Trust Co. of Orange, at
Baker, President of the bank, presided at the ceremonies. Orange,N.J.,began business in a remodeled banking building
The bank has established a branch office in this new build- at 310 Main St. The institution has a capital of $700,000
ing, where it occupies the ground floor and basement.
and a surplus of $250,000, besides an euipment fund of
$100,000. Subscriptions to the stock were payable as folThe Comptroller of the Currency announces the receip lows: $10 per share
on application;$20 per share by Dec. 15
on May 6 of an application to organize the Sterling Nationa 1926; $40 per share
by Jan. 15 1927; $40 per share on or by
Bank of New York, N. Y., with a capital of $500,000t Feb. 15 1927;
$40 per share by March 15 1927, or $150 per
Ward V. Tolbert, 45 Cedar St., New York, is identified share by check upon
allotment. The officers of the bank
with the movement.
are: President, Moses Roth; Vice-Presidents, Meyer AugenThe Westchester County National Bank of Peekskill, blick, Denis F. O'Brien, Michael Loprete and Frederick T.
New York, at its directors meeting April 30 announced it Cramer; Treasurer, Mr. Cramer; Secretary, Commissioner
would pay 43% interest per annum on deposits in its Richard J. FitzMaurice. The directors are; Meyer Augensavings department beginning May 1, without limit as to blick, Dr. Walter F. Barry, Roy M. Cohen, Richard J.
the amount of the individual deposit. This bank has a FitzMaurice, Arthur F. Foran, Michael Loprete, Warren J.
capital of $100,000 and surplus and profits of over $700,000. MacEvoy, James P. Rogers, Denis F. O'Brien, Jacob Roth,
The bank calls attention to the fact that Peekskill with a Moses Roth, Dr. Nefford Runyon, Watson F. Wright,
population of 17,000 has bank deposits of $17,000,000, or Michael Jackson, Arthur L. Bowerman, Frederick T.
an average bank deposit of one thousand dollars per person. Cramer.
The Westchester County National Bank, established in
Announcement was made in Philadelphia on Tuesday of
1833, the oldest one of three banks serving the community,
has deposits of about seven and a half millions. The officers this week (May 10) by the Mitten Men & Management Bank
are: former Congressman Cornelius A. Pugsley, President; & Trust Co. of that city of a proposed consolidation of that
Chester D. Pugsley, Vice-President; Frederick I. Pugsley, institution with the Brotherhood of Locomotive Engineers'
Cashier; H. Alban Anderson, Trust Officer and Assistant Title & Trust Co. of Philadelphia. A special meeting of the
Cashier; Bartow B. Seymour, Assistant Casier; Joseph S. stockholders of the latter bank will be held on May 28 to
Austin, Manager safe deposit vaults, and Arthur C. Lee, take final action on the proposed merger, which has already
been approved by the directors of the institution and the
Manager mail deposits.
BrotherhOod of Locomotive Engineers' Securities CorporaWilliam W. Bisell, President of the New Rochelle Trust tion of Pennsylvania, representing the Brotherhood of LoCo. of New Rochelle, N. Y., died on May 12. Mr. Bissell comotive Engineers' interests holding a majority of its
was 87 years of age. He was one of the founders of the stock. The exchange of stock of the institutions will be on
Bank of New Rochelle, which was established in 1888 and the basis of two shares of Brotherhood of Locomotive Engineers' Title & Trust Co. stock for each share of Mitten Men
was later succeeded by the New Rochelle Trust Co.
& Management Bank & Trust Co. stock. As an alternative
At a regular meeting of the directors of the First National the stockholders of the Brotherhood
bank may take $45 in
Bank of Cooperstown, N. Y., on May 5 $50,000 was added cash per share. Approval of the
stockholders of the Mitten
to the surplus of the bank, making that item now $300,000. Men & Management Bank & Trust
Co. will be asked for an
Successive additions during the last four years have resulted Increase in the capital
of the institution from $3,000,000 to
in an increase of surplus of $200,000 during that time. Dur- $3,500,000. Under the terms
of the merger agreement,
ing the same period the resources of the bank have grown Freas B. Snyder,
President of the Brotherhood bank, will
something like a million dollars and deposits are larger by a be Executive Vice
-President of the enlarged Mitten Men &
very substantial amount. This condition reflects not only Management Bank &
Trust Co. The official announcement
prosperity but is evidence of the confidence in which the of the consolidation,
as
printed in the Philadelphia "Record"
First National is held by its increasing number of customers. of May 11 (from
which paper the above information Is
bank
was established in 1830 as the Otsego County taken) follows:
The
Bank and will shortly make preparations to celebrate its
Mitten Men & Management Bank & Trust
Co. has merged with the
one hundredth birthday. The officers are George H. Brotherhood of Locomotive
Engineers Title & Trust Co. The two banks
will
continue to occupy their respective quarters at Market and
White, President; Charles A. Scott, Vice-President; Frank
West City
Square and the Lincoln Building.
Hale, Cashier, and John F. Moakler, Assistant Cashier. Hall
Approval of stockholders of Mitten Bank will be asked for an
The bank maintains an active trust department under the In the capital stock of the bank from $3.000,000 to $3,500,000. to increase
care for
management and supervision of its board of directors and the present merger.
An invitation has been extended to six representatives of the
Brotherhood
Frank
Hale
and
White,
John
George H.
F. Moakler, Trust Bank,of whom five are locomotive engineers, and the sixth is the
president.
Frew' B. Snyder,to serve on the board of Mitten Bank. These are in
Officers.
addiThe Comptroller of the Currency announces that effective
April 18 the Adirondack National Bank of Saranac Lake,
N. Y., has become Adirondack National Bank & Trust Co.
of Saranac Lake.
Arthur D. White, President of the Rome Trust Co.,
Rome, Oneida County, N. Y., died in that city on May 9
after a brief illness. Mr. White, who was one of the well-
tion to the present personnel of the board, which is composed equally
of
representatives of Mitten Management and P. R. T. employees.
The five engineers selected as directors are: Rush Gramm, chairman
of the legislative board of the Brotherhood of Locomotive Engineers,
a
retired B. & 0. engineer, and a member of the Brotherhood since 1889.
Lawrence V. Byrnes, a Philadelphia & Reading engineer, and local Brotherhood chairman of the Philadelphia division Reading lines. Willis N. Doan,
a Pennsylvania RR. engineer of the N. Y. division, who with Messrs.
Gramm and Byrnes comprise the organization committee which developed
the Brotherhood of Locomotive Engineers Title & Trust Co. Harry
T.
Cooper. assistant to the General Locomotive• Inspector, Pennsylvania
RR. Walter T. Jenkins, a West Jersey and Seashore Railway engineer
MAY 14 1927.]
THE CHRONICLE
2861
anty Trust Building on June 1, will be capitalized, it is said,
at not less than $1,000,000 with a paid-in surplus of not less
than $500,000. Ten thousand shares of stock of the par
value of $100 a share, it is understood, are to be offered at
the price of $150 a share to the stockholders of the Guaranty
A statement issued on May 10 by the Brotherhood of Lo- Trust Co. and to the stockholders of the Guaranty Investment Co.(a subsidiary institution) in the ratio of one share
comotive Engineers' Title & Trust Co. reads:
& Trust Co. today of new stock for every two shares of Guaranty Trust Co.
The Brotherhood of Locomotive Engineers Title
with Mitten Men and stock held, and one share of new stock for every twenty
notified its stockholders of the plan of consolidation
by
Management Bank and Trust Co.. which already has been approved
Investment Co. stock held. A letter,
Bank, and by the B. of L. E. shares of Guaranty
the board of directors of the Brotherhood
interE.
which, it was stated, Mr. Smith was shortly to send to the
Securities Corporation of Pennsylvania, representing the B. of L.
ests holding a majority of its stock.
Guaranty stockholders, was printed in part in the paper
special meeting
The letter to stockholders, which included a call to a
mentioned, as follows:
action on May 28, reads in part as follows:
effectively merged
The entire personnel of the Brotherhood Bank will be
staff of Mitten Bank
with that of Mitten Bank, there being added to the
Press B. Snyder, President of the
the following Brotherhood Bank officers:
Bank, LawBrotherhood Bank will be executive Vice President of Mitten
William L. Riddle, Assistant
rence V. Byrnes, Assistant Vice-President, and
Secretary and Treasurer-
for final
of the
"In accordance with the terms of the agreement, each stockholder
option
Brotherhood of Locomotive Engineers Title & Trust Co. will at his
&
Men
ManageMitten
the
of
stock
for
stock
his
have the right to exchange
of the Brotherment Bank & Trust Co. on the basis of two shares of stock
stock of the
hood of Locomotive Engineers Title & Trust Co.for one share of
(the last
stock of the Mitten Men & Management Bank & Trust Co.,
of his stock
share
each
for
receive
to
or
sale of which was at $150 a share)
deforty-five ($45.) in cash. This option must be exercised by writing
S. W. Corner
livered to Mitten Men & Management Bank & Trust Co.,
after
days
Broad and Market Streets, Philadelphia, Pa., within thirty (30)
the
approval of the said Consolidation Agreement by the stockholders of
Brotherhood of Locomotive Engineers Title & Trust Co.
taken into
"In accepting this proposal, the Board of Directors have
Mitten
consideration the attitude of helpfulness and co-operation shown by
more than
has
Bank
The
Bank toward the working people of this city.
of the defunct Prokept its promises to the stockholders and depositors
the services
ducers & Consumers Labor Bank. whom it saved from loss. In
has made
provided by its safe deposit, trust and savings departments, it
its desire
proven
has
special provision for people of moderate means, and
policies
these
of
all
In
capital
of
labor
becoming
to advance the cause
and the
and features, Mitten Bank closely parallels the Brotherhood Bank,
proposed merger will therefore not only maintain for our stockholders and
depositors the same advantages which they have heretofore enjoyed, but
will provide greater resources on which to build for the future."
Negotiations for the merger of the two banks were conducted by Albert
M. Greenfield.
Six months ago the writer accepted the presidency of and became actively
Identified with the Guaranty Trust Co. of Detroit and the Guaranty Investment Co. Since that time, he has given constant thought to the
affairs of both comparies, and it is his opinion, as well as that of the board
of directors, acting unanimously, that the Guaranty Trust Co. and the
Guaranty Investment CO. should both be more intimately connected with
a banking institution.
We,therefore, plan to open our new office on the ground floor, Guaranty
Trust Building, as the home of a bank, called "The Guaranty State Bank,"
to be organized with a paid-in capital of not less than $1,000.000 and a
paid-in surplus of not less than $500,000. with not less than 10.000 shares of
capital stock of par value of $1.00 each, to be taken up at $150 per share
all to be paid in on or before June 1 1927.
Accordingly, each stockholder in the trust company, as of May 20 1927,
will be offered one share of the new bank stock at $150 per share for every
two shares of his trust company stock holdings; and each stockholder in the
Guaranty Investment Co., as of said date, will be offered one share, at the
same price, for every twenty shares of his holdings.
According to an announcement made by the Guardian
Trust Co. of Detroit on Thursday of this week, May 12,
William Robert Wilson, President of the Guardian Trust Co.
since its organization two years ago, has resigned to become
President of the Murr ay Corporation of America, Detroit,
Robert 0. Lord, President of the Guardian Detroit
and
the
11,
According to the Philadelphia "Ledger" of May
(now in course of organization) has been elected
Bank
Mitten Men & Management Bank & Trust Co. with capital President in his stead. Mr. Wilson will continue'as a member
of $3,000,000, has a surplus account of $1,066,592 and total of the organization Committee for the Guardian group of
deposits of more than $10,000,000, while the Brotherhood of financial institutions and as a director of the Guardian
Locomotive Engineers' Title & Trust Co. has a capital of Trust Co. Mr. Lord, who has been selected to fill the va$750,000, surplus of $250,000, and total deposits of $1,000,000. cancy caused by Mr. Wilson's resignation, has had a long
The Mitten Men & Management Bank & Trust Co. was and successful experience as a banker, having been conorganized as a successor to the Producers' & Consumers' nected with the Harris Trust & Savings Bank, Chiago for
Bank, the labor bank which failed in May 1925. It began 21 years. The early part of his work there, was in the
business on July 1 1926 and since that time losses of both security and trust departments. In 1918 he was made
the former depositors and the former stockholders of the cashier and his work since has been in the commercial end of
defunct institution who accepted the Mitten reorganization the bank's business. In 1919 he was elected Vice-President
plan have been made good. In its issue of Dec. 25 1926, which position he has since held. His selection to head the
"Service Talks," the official organ of the Philadelphia Guardian Detroit Bank now being formed as one unit in the
Rapid Transit Co., which is under Mitten Management, Guardian group of financial institutions was announced
said:
recently.
Mitten Men & Management Bank & Trust Co. began operation July 1
According to a statement issued by the Murray Corpora1926, with a paid-in capital of $1.000,000 (since increased to $3,000.000)
of America. Mr. Wilson has been actively interested
tion
C.
&
P.
the
of
assets
the
for
of wbich $865,000 was paid to the receiver
were
plan
Mitten
the
organization and its predecessor, the Murray Body
accept
not
did
who
depositors
C.
&
that
P.
Bank. All
in
paid, through the receiver—under the Mitten settlement sixty cents on Corporation, since the Guardian Trust Co. was appointed
each dollar of their P. & C. deposit. All P. & C. depositors who did accept
latter company late in 1925. He was in
the Mitten plan were on Thanksgiving Day credited with the full amount receiver for the
of their original deposits. P. & C. stockholders who accepted the Mitten active charge of the receivership and, when the Murray
plan have been this day credited with the full amount of their original
Corporation of America was formed to take over the busisubscription to P. SZ C. stock, this sum being paid by Mitten Management
ness, he was made Chairman of the board.
and not by Mitten Bank.
In a previous item regarding the formation of the Guardian
The board of directors of the Tradesmen's National Bank group of financial institutions, appearing in the "Chronicle"
of Philadelphia has declared the regular quarterly dividend of April 23, page 2386, the election of Mr. Lord, Viceof $3.50 per share at the rate of 14% per annum, payable President of the Harris Trust & Savings Bank of Chicago, as
May 2 to stockholders of record at the close of business President of the new Guardian Detroit Bank, Detroit, was
noted. In this item it was stated that the three Guardian
April 30 1927.
institutions, namely the present Guardian Trust Co. of
The death occurred in Cincinnati on May 9 of Joseph Detroit, the new Guardian Detroit Bank, and the Guardian
Rawson, a Vice-President of the First National Bank of that Detroit Co.,"will have a combined capitalization of approxicity, and for many years prominent in business circles in mately $12,500,000. The capital of the bank will be $5,that city. Mr. Rawson, who was 76 years of age, was the 000,000 and its surplus $3,000,000. The securities company
last Of Cincinnati pork packers who were active in that will have a combined capital and surplus of $1,750,000. The
business 40 years ago, in the firm of J. Rawson & Sons Co., trust company has a capital of $1,000,000 plus surplus and
which was well known throughout the country. He was undivided profits." In this item it was also stated that the
elected a Vice-President of the First National Bank in 1894 Guardian Detroit Bank was expected to open about June 15.
and held the position continuously until his death.
A still earlier item regarding the formation of the Guardian
group of financial institutions appeared in our issue of Feb.
Bruce Peter, Manager of the Madison-Hillard Office of 12 last, page 881.
the Union Trust Co. of Cleveland, was elected Assistant
The "Wall Street News" of May 9 stated that the National
Treasurer of the bank at a meeting of the executive ComUnion Bank of Jackson, Mich., with capital of $400,000,
mittee on May 3.
and the Jackson State Savings Bank of that city, with
Formation of a new financial instittion as an affiliation capital of $300,000, had consolidated under the charter and
of Jackson,
of the Guaranty Trust Co. of Detroit, and to be known corporate title of the National Union Bank
been
has
by
Bank,
announced
State
Guaranty
Frank
with a capital of $500,000.
as the
G. Smith, President of the Guaranty Trust Co., according
The State Bank of Superior, Superior, Neb., an institution
to the Detroit "Free Press" of May 7. The new bank,
ground
floor of the Guar- capitalized at $50,000, was closed on May 3 and its President
which it is planned to open on the
2862
THE CHRONICLE
[Vox,. 124.
and Cashier, Joseph E. Weir and G. S. Aldrich, respectively,
THE CURB MARKET.
placed under arrest for issuing a false statement of its
There was no definite trend to Curb Market trading this
condition, according to advices from that place on May 5
to the Omaha "Bee." It is understood a shortage exists in week, some issues declining while others rose to new high
records. The close was generally strong with utility issues
the bank's funds of more than $50,000.
prominent. American Gas & Electric common rose from
The First National Bank of Dolores, Colo., is being 823, to 85%. American Light & Traction common
lost over
liquidated and has been taken over by J. J. Harris & Co., six points to 244. Blackstone Val. Gas & Elec.
common
sold up from 1453. to 154%, but reacted finally to
bankers, of Dolores.
148.
United Gas Improvement gained some 33. points to 108,
On April 30 the Commercial National Bank of Kansas the close to-dv being at 1073
%. Among industrial issues
City, Kan. (capital $600,000), and -the Commercial State American Arch. advanced from 101 to
108%, reacted to 103
Bank of that place (capital $100,000) were merged under and sold finally at 106. American
Hawaiian Steamship was
the charter and corporate title of the Commercial National conspicuous for an advance from 13%
to 19%, the close
Bank of Kansas City, with a capital of $750,000.
to-day being at 19. Centrifugal Pipe improved from
10%
to 13%, the final figure to-day being 13. Deere & Co.
comEffective April 19, the Citizens' National Bank of Casper, mon ran up from 125 to 138% and finished to-day
at 138%•
Wyo., with capital of $100,000, went into voluntary liquida- An interesting incident was the rise in Ford Motor
of Canada
tion and was absorbed by the Wyoming Trust Co. of Casper. of some 63 points to 463, though it reacted finally
to 445.
Oil stocks were steady with only slight changes. Cumberland
Two Parkersburg, W. Va., banks, the First National Bank Pipe Line advanced from 90% to 93. Prairie Pipe Line sold
andithe Second National Bank, were consolidated on April down from 164% to 1623. and at 163 finally.
30 under the title of the First National Bank of Parkersburg,
A complete record of Curb Market transactions for the
with capital of $454,000.
week will be found on page 2890.
S. Young Tyree, Assistant Cashier of the State-Planters
Bank & Trust Co. of Richmond, Va., has tendered his
resignation, effective June 1, to become a Vice-President of
the Independence Trust Co. of Charlotte, N. C. The
Independence Trust Co. is one of the largest banking institution in western North Carolina, with capital of $1,000,000,
and surplus and profits of nearly $839,000. With the
establishing in the near future of a branch of the Federal
Reserve Bank of Richmond in Charlotte the volume of
business in that city is expected to be considerably increased
and the Independence Trust is making preparation fo
expansion, and to enlarge the scope of its activities. Mr.
Tyree, who is in his early thirties, started his banking career
in 1913 with the National State & City Bank, which later
became known as the State & City Bank & Trust Co. In
Jan. 1920 he was made Assistant Cashier. For a number
of years he has had charge of bank relations and in connection with this branch of bank work, has attended nearly all
bankers' conventions and group meetings held in recent
years, and has hence gained a wide acquaintanceship throughout the Fifth Federal Reserve District. When the State &
City Bank & Trust Co. and the Planters National Bank
merged in March 1926 Mr. Tyree continued with the consolidated institutions, and his resignation is genuinely
regretted by his associates. He takes with him their sincere
good wishes for continued success in his new field.
At the special meeting of the stockholders of the Farmers'
& Merchants' National Bank of Los Angeles on May 5, the
proposed increase in the capitalization of the institution
from $2,000,000 to $3,000,000(noted in our issue of April 16,
page 2237), was ratified, according to the Los Angeles
"Times" of May 6. The new stock, consisting of 10,000
shares of the par value of $100 a share, will be sold to the
stockholders and to the public, it is said, at prices to allow
for an increase in the bank's surplus from approximately
$2,000,000 to $4,000,000, also. Continuing, the "Times"
said:
Each stockholder, according to the resolution, will be allowed to subscribe
for one-half share of the new stock for each share now owned at $300 a
share.
Stockholders will also be asked to agree to waive one-fourth of their rights
in order that employees with ten years of service and ca.tomers of the
bank
will have the opportunity to purchase stock. The waiver provides
for the
segregation of 200 shares for the employees at $300. and 2,300 shares
for
the public at $400.
For the amount sold to the public, the stockholders are to receive
their
proportion of the difference between $300 and $400, according to the
plan.
Consent to the waiver of the rights will be sought in letters that
will be
mailed within the next few days to each stockholder.
According to the "Wall Street News"of May 10, the proposed consolidation of the United Bank & Trust Co. of San
Francisco, and the French-American Bank of that city,
under the title of the United Bank & Trust Co., has been
consummated. Our last reference to the proposed merger
of these important banks appeared in the "Chronicle" of
April 23, page 2387.
A typographical error occurred in our reference last week
(page 2075) to the proposed increase in the authorized capital
of the Bancitaly Corporation from $100,000,000 to $150,000,000. The stock dividend therein mentioned was given
as 30%, whereas it should have been 20%.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Week Ended May 13.
STOCKS(No. Shares).
Ind&Misc
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
09.
89,785
153,186
119,873
182,270
119,669
163,200
44,350
71,920
61,345
65,480
58,480
55,275
828,983
356,850
BONDS (Par
Mining.
value).
Domestic. Por'n Govt.
25,395 $1,848.000
41,300 2,584,000
71,730 2,277.000
46,600 2,618,000
54,360 2,735,000
57,150 2,609,000
$148,000
284,000
345,000
443,000
307,000
317,000
296,535 14,671,000 $1,844,000
COURSE OF BANK CLEARINGS.
Bank clearings the present week will show a small increase compared with a year ago. Preliminary
figures
compiled by us, based upon telegraphic advices from
the
chief cities of the country, indicate that for the week
ending
to-day (Saturday, May 14), bank exchanges for all
the cities
of the United States from which it is possible to obtain
weekly
returns will be 2.6% larger than those for the correspo
nding
week last year. The total stands at $9,900,067,535,
against
$9,650,294,885 for the same week in 1926. At this
centre
there is a gain for the five days of 8.8%. Our comparat
ive
summary for the week is as follows:
Clearings-Returns by Telegraph.
Week Ended May 13.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Total 13 cities, 5 days
Other cities, 5 days
Total all cities, 5 days
All cities, 1 day
Total all cities for week
1927.
$4,561,000,000
648,231,312
440,000,000
434,000,000
120,546,014
129,100,000
149,985,000
155,004,000
142,625,605
142,481,112
104,586,989
95,591,284
51,530,578
1926.
Per
Cent.
$4,192,000,000
+8.8
613,427,953
+5.7
450,000,000
-2.2
393,000,000 +10.4
110,291,948
+9.3
131,700,000
-2.0
152,011,000
-1.3
147,994,000
+4.7
157,892,228
-9.7
145,748,590
-0.1
101,539,820
+3.0
97,876,610
-2.3
58,343,111 -10.7
$7,174,681,894
1,075,374,385
$6,751,825,260
1,075,255,820
+6.3
+0.1
$8,250,056,279
1,650,011,256
$7,827,081,080
1,823,213,805
+5.4
-9.5
89.900.067.535
89.650.294.885
4-2.6
Complete and exact details for the week covered by
the
foregoing will appear in our issue of next week. We
cannot
furnish them to-day, inasmuch as the week ends
to-day
(Saturday) and the Saturday figures will not be
available
until noon to-day. Accordingly, in the above the
last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however,
which we
present further below, we are able to give final and
complete
results for the week previous-the week ended May
7. For
that week there is an increase of 8.4%, the 1927
aggregate of
clearings being $11,391,161,746, and the 1926
aggregate
$10,511,478,308. Outside of New York City, the increase
is 6.6%, the bank exchanges at this centre having
increased
9.6%. We group the cities now according to
the Federal
Reserve districts in which they are located, and
from this it
appears that in the Boston Reserve District
there is an
improvement of 9.9%, in the New York Reserve District
(including this city) of 9.7% and in the Philadel
phia Reserve
MAr 14 19271
THE CHRONICLE
District of 6.5%. The Cleveland Reserve District shows a
gain of 2.4% and the Atlanta Reserve District of 6.9%,
but the Richmond Reserve District has a loss of 3.1%.
In the Chicago Reserve District the totals are larger by 14.8%
but in the St. Louis Reserve District the totals show a
diminution of 3.7% and in the Minneapolis Reserve District
of 7.2%. The Kansas City Reserve District has an increase
of 14.7%; the Dallas Reserve District of 2.3%, and the San
Francisco Reserve District of 3.5%.
In the following we furnish a summary by Federal Reserve
districts:
2863
Week Ended Mag 7.
Clearings at1927.
1926.
Inc. or
Dec.
1925.
1924.
$
$
$
%
5
Seventh Fed sr at Reserve D istrIct-Ch icago
Mich.-Adrian _
281,252
261.741 +7.4
228.801
236,931
Ann Arbor.. _
1,351,772
1,183,540 +14.2
940,432
851.490
Detroit
169,425,573 165,782,791 +2.2 153,052,356 145.348,815
Grand Rani I_
9,358,340
8,776,297 +6.6
7,933,821
6.722,296
Lansing
._
3,025,000
2,880,390 +5.0
2,841,279
2,413,718
Ind.-Ft. Way se
3,609,813
3,047,440 +18.4
2.892,481
2.725,020
Indianapolis. ._
26.679.000
22,980,000 +16.1
17,720.000
18.918,000
South Bend.._
3,901,500
3,465,000 +12.6
3,159,700
2,584,000
TerreHaute_ ._
5,176,206
5,182,728 -0.1
5.156,084
5.885,419
Wis.-Milwauk to
53,561,015
47,544,970 +12.6
42,644,201
39,116,788
Iowa-Cedar R is
3,368,211
2,970,731 +13.4
2,760,767
2,282.483
riUMMARY OF BANK CLEARINGS.
Dee Moines_ ._
15,046,896
12,847,592 +17.2
12,960,709
11,252,667
Sioux City ._
7,613,454
7,496.845 +1.5
7,177,037
6.472.498
Waterloo ..- ._
1,595,384
1,484,145 +7.5
1,385,667
ltsnoT
1,773.403
I1L-Bloomin
gt in
1,798,458
1,709,335 +5.1
Week End. May 7 1927.
1927.
1,385.524
1926.
Dec.
1,519.661
1925.
1924.
Chicago
989,188,172 839,569.941 +17.8 739,526,980
592,758.264
Danville__ -.._
a
Federal Reserve Diets.
a
a
$
a
Decatur
1,495.846
1,421,669 -4.2
1st Boston......12 cities
653,297,736
594,157,960 +9.9
1,401,493
1.262,511
458,598,591
437,618,938
Peoria
6.983,468
3,355,895 +9.9
2nd New York _11 ••
6,724,348,455 6,123,174,7E6 +9.7 6,076,173,352 4,599,755,692
4,891.838
4.937,150
Rockford_
._
4,522,603
_
_
4,141,156 +9.1
3rd Philadelphial0 "
634,406,635
595,649,277 +6.5
3,076.445
567,002,969
2,680,498
4E5,533,750
Springfield.. ._
3,393,097
3,218,835 +5.4
dth Cleveland__ 8 "
434,901,470
386,998,923 +2.4
2,748,632
375,001,471
2,463,290
328,517,732
5th Richmond _ 6 "
207,787,471
214,450,631 -3.1
200,981,836
176,964,961
Total
(20 citl s) 1,311,373,060 1,142,320,841 -14.8
659 Atlanta,.._13 "
196,639,499 , 236,662,883 +6.9
213,813,003
184,293,613
Eighth Fede m 1 Reserve Die trict-St. L culls- 1,013,884,227 852,204,902
7th Chicago -20 "
1,311,373,060 1,142,320,841 +14.8 1,013,884,727
852,204,902 Ind.-Evansville.
7,457,730
6,078,967 +22.7
8th St. Louis __ 8 "
219,841,591
6.282,528
228,208,542 -3.7
202,662,004
5.501,988
198,029,439
Mo.-St. Louis.- 143,600,000 152,300,000 -5.7 133,300,000
9th Minneapolis 7 "
114,938,299
123,776,076 -7.2
120,057,00
131,700.000
107,083,434 Ky.-Louisville
33,868,960
32,446,552 +4.4
260,480,578
100 Kansas City 12 "
30,735,586
748,549,967 +14.7
244,203,290
29,694,584
217,461,118
Owensboro_
._
_
331.848
402,720 -17.7
11th Dallas
74,649,081
379,191
72,940,924 +2.3
65,475,328
448,952
56,401,151 Tenn.-51em p is
19,516,770
21.378.712 -8.7
12th San Fran_17 "
558,499,871
18,652,235
539,587,498 +3.5
482,160,994
17,810,592
411,809,468 Ark-Little Ro sk
12,592,838
13,069,985 -3.7
11,183,801
11,107,904
111.-Jackson
vil e.
647,964
477.941 +35.6
Total
129 cities 11,391,161,746 10,511,478,308 +8.4 10,020,014,068 8,055.672,198
459.697
382,640
Quincy
1,825,681
2,053,665 -11.1
Outside N. Y. City....
4,801,642,859 4,502,048,056 +6.6 4,057,733,597 3,557,115,666
1,668.966
1.382.799
Total(8 citiesI. 219,841,591 228.208,542 -3.7 202,682,004
29 cities
Canada
502,211,803
409,151,262 +22.7
384,949,311
198,029.439
371,406,977
Ninth Federal Reserve Dist rict-Minne spoils
Minn.-Duluth7,264,969
7,690,403 -5.5
8,024,276
5,859,843
We now add our detailed statement, showing last week's
Minneapolis..72,644,775
77,938,041 -6.8
75.793,386
64,052,487
St. Paul._ _ _ .28,441,034
31,505.152 -9.7
29,581,069
figures for each city separately, for the four years:
31,669.906
No. Dak.-Far to
1,988,919
1,882,098 +5.7
1,842.171
1,536,285
S. D.-Aberd to
1,166,447
1,575,386 -26.0
1.416.114
1,138.586
5_
667,155
Week Ending Mau 7.
575,954 +15.8
596.579
532,941
Helena
arin s at2,765,000
2,609,042 +6.0
2,803,408
2.293,386
Inc. or
Total
(7
1927.
cities
I. 114,938.299 123,776,076 -7.2 120,057,003 107,083,434
1926.
Dec.
1925.
1924.
Tenth Federat Reserve Dist rict-Kansa s City
Neb.-Fremon 1..
FlLt Federal Reserve Dist rict-Bostond436,732
429,356 +1.7
488,226
481,382
Hastings_
Matne-Bangor_ _ _947.483
504.514
856.627 +10.6
686.903 -26.5
777,908
651,480
842,855
535,608
Iincoln
alland
5.183,052
.5,512.648
4,545,942 +14.0
5,785,948 -4.7
3,655,215
5.799.095
2,848.123
4,717,950
Omaha
Mas8.-Boeton- 589,000,000 536,000,000 +9.9 404,000,000 392,000,000
41,650,473
42,480,826 -2.0
43.224.439
38,091,865
Kan.-Topeka._
Flxll River_ _
1,934,826
d3,216,780
1,958.850 -1.2
3.523,558 -8.7
2,387,769
4,291,828
1,898.335
3.205.248
olyoke
Wichita
a
d8,059,713
a
8,113,388 -0.7
a
a
7,608,567
a
7.285.373
Liswell
Mo.-Kan.
Cit.
1,273,798
r_
146,451,145 132.356,820 +10.6 127.930.649 113,602.751
1,169,434 +8.9
1,263,885
1,254,000
rnn
St. Joseph...._
a
d6,269,715
a
7,864.791 -20.3
a
7,609,907
a
7,167,834
ow Bedford
Okla.-Musk
og
1,488,271
ee
a
1,409,620 :5.6
a
a
1,582.402
a
1,189,966
a
Oklahoma Ci Ey d25,280,127
81wingfield.6,278,490
6,070,475 +3.4
25,075,599 +0.8
6,015,987
23,039,471
5,390,102
21,282,929
Orceeter
Tulsa
4,105,188
a
4,577,663 -10.3
a
a
a
4,255,474
3,618.000 Colo.
a
Co n.-Hartford.
9-Col
17,087,775
1,265,693
13Pg
16.088,708 +6.2
1,277,626 -0.9
14,585,893
1,198,039
11,945.432
1,102.419
ew Haven.-Denver
8,736,637
20,472,019
7,202,712 +21.3
19,775,957 +3.5
7,365.635
21,041,398
6,406,642
18,828,886
It.I.-Providence
Pueblo
16,080,600
1,361,019
13,477,400 +19.3
1.179,195
+15.4
11,730.600
1,320,191
9,362,800
1.158.873
N. L-Manch'r1,181,736
800,529 +47.6
977,843
860,683
Total(12 citi a) 260,480,578 248,549,967 +14.7 244,203,290
217,461.118
otal(12 cities) 653,297,736 504.157,960 +9.9 458,598,591
Eleventh F le ral Reserve District-Da has437,616,938 Texas-Austin -.
1,475,521
1,777,855 -6.8
3,045,559
1,331,567
Siecond Feder at Reserve D istrict-New York--.
Dallas
47,059,588
44,622,169 +5.5
40,892,162
35,006,547
N.'V.-Albany
Fort Worth.._ d12,433,403
8,257.436
12,847,132 -3.2
7,554,853 +9.3
6,282.987
10,319.177
5,932,091
10,201,743
Inghamton_ _.
Galveston...1,741,035
8,812,000
8,689.000
1,337,900 +30.1
-0.9
1.182.300
6,130,551
1,023,900
5,178,954
uffalo
Houston_
a
53,221,894
a
46,975,709 +13.3
a
a
49,325,063
42,626,825 La.-Shrevep ._
a
Itimira
o t_
5,068.569
1,177,645
5,004,768 +1.3
1,141,748 +3.2
994.687
5,087.879
784,955
4,682,340
Jismwtown--d1,199,171
1,428,591 -16.1
1,526,635
1.250,848
ew York.- - 6,589,518,887 6,009,430,252 +9.6 5,962,280,47
Total(5 cities)74,649,081
• 72,940.924 +2.3
65.475,328
1 4,498,557,533
56,401,151
Itocheeter
Twelfth Fed er al Reserve D lstrict-San Franc!sco14,483,308
12,815,686 +13.0
13,449,819
11,193.549 Wash.-Seattle __
rracuse
45,130,664
43,755,445 +3.1
7,765,320
7,649,103 +1.5
37,781,944
5,879,749
34,733,232
5,248,203
Spokane_
Co n.-Stamford
_
11,869,000
12,474,000 -4.9
4,087.026
4,569,737 -10.6
10,050,000
3,613,909
3,805,476
9,943,000
Tacoma. _
N. J.-Montclair
a
a
1,128,233
a
905,755 +24.6
a
583,755
a
556,513
Yakima
..
orthern N. J1,415,240
1,482,128 -4.5
41,766,500
34,365,452 +21.5
1,492,772
31,053,977
1,161,927
28,775.799 Ore.-Portland_
40,452,043
40,374.427 +0.2
37,309,169
37,359,120
otal(11 cities) 6,724,346,455 6,128.174,786 +9.7 6,076,173,35
Utah-S. L. City
17,689.845
16,930,687
+4.5
18,499,382
2 4,599,755,692 Nev.-Reno
14.076.356
a
a
a
a
a
hird Federal Reserve Dist rict-Philad elphlaAriz.-Phoenix ...
a
a
a
a
a
Pa.-Altoona
-Fresno
Cal.
_
_
3,455,599
1,646,393
3,734,975
-7.5
1,915,296 -14.0
1,545,799
3,105,423
3.135.803
1,484,804
ethlehem.. _
Long Beach_ __
7,98,5,429
5,195,831
7,728,308 +13.3
4,807,834 +8.1
7,191,506
4,541,415
6.899,191
3,770,988
hester
Los Angeles_- 185,687,000 170,710,000 +8.8 146,423,000
1,484,000
1,435,740 +3.4
4,899,279
126,030.000
1,099,229
ancaster
Oakland _ _
20,242,385
2,238,938
22,059,859 -8.2
2,286,181 -2.1
21,567,010
2,998,635
15.914,814
2,618,220
hiladelphia
Pasadena _
596,000,000 560,000,000 +6.4 533,000,000 456,000,000
7,547,906
7,406,536 +1.9
6,436,408
5,552,284
ending
Sacramento.
5,278,580
7,096,352
4,996,902 +5.6
8,961,728 -20.8
4,111,243
9.044,730
3,653,119
8,161,282
Sisranton
San Diego..-_
6,888,798
6,096,963
6,391,371 -4.7
6,525,100 +5.6
5,447,931
6,484,001
5,691.713
3,816,169
rilkee-Barre
5,136,857
San Francisc0_ 194,818,000 187.477,000 +3.9 168,903,000
4,571,680
+12.4
4,445,581
4,239,654
137,700,000
ork
2,809,642
Jose....
San
2,632,733
2.382,106
3,088,409 -14.8
+18.9
2,209,170
2.418,001
1.756,427
N. 1.-Trenton...
1,973,649
7,727,596
Santa Barbera.
1,623.189
6,748,438 +14.5
1,557,802 +4.2
5,769,846
1,347,194
5,219,596
Del.-Wilming'n.
1,248,087
a
a
Santa Moni a_
a
2,380,323
a
2,451,923 -2.9
a
2,159,824
2.146,254
Stockton....
2,377,200
3,002,900 -20.8
2,983,700
otal(10 cities) 634,408,635 595,649,277
1,958,300
+6.5 567,002,969 485,533,750
Total(17 citi s) 558,499,871 539,587.498 +3.5 482,160,994
ourth Feder al Reserve D Istrict-Clev eland.
411,809.468
Grand total (129
Ohl3-Akron--- d6,577,000
5,424,000 +21.2
cities)
.11391,161,746 10511.478,308 +8.4 19020,014,0688.055,672.1
5,640,000
6,550.000
anton
98
3,976,927
4,197,847 -5.3
3,748,407
4,127,483
incinnati
78,393,840
72,759,264 +7.7
Outside New Y rk 4.801,642.8594,602.048,056 +6.6 4,057,733,59
68,747,171
58,690,884
leveland
7 3.557,115.665
127,032,249 113,006,782 +12.4 110,951,940
92,260,306
olumbus
18,761,500
16,789,000 +11.7
15,532,000
13,027,800
13syton
a
a
Week Ended May 5.
a
a
a
ima
Clearings Cl
a
a
a
a
Iansfield
2,014,154
1,864,523 -4.0
inc. Or
2,018,009
1.840,238
aringfield_
_
a
Si
a
1927,
a
1926.
a
Dec.
1925.
1924.
s
oledo
a
a
a
a
a
oungstown -Canada4.873,336
$
4,817,032 +1.2
$
$
5,281,688
%
$
4,229.835 Montreal
Pa.-Erie
a
174,312,722 138,517.418 +25.8 128,298,106 123,573,755
a
a
a
a
ittsburgh. _- 193,272,464 168,140,475 +14.9
Toronto
151.386,355 123,511,335 +22.6 116,579,320 102,729,722
163,084,256 147,791,206 Winnipeg
69,584,433
54,635,565 +27.4
55,502,717
65,716,993
otal(8 cities). 434,901,470 386,998,923 +2.4
Vancouver
31,472,925
19.350,314 +62.6
375,001,471 328,517,732 Ottawa
17,560,107
15,786,444
9.745.684
10,369,503 -6.0
12,313,402
11.247,651
F.Ifth Federal Reserve Dist rict-Richm ondQuebec
7,886,370
6,763,371 +16.3
6,982,547
5,625.564
W. Va.-Hunt'n_
Halifax
1,381,078
3,464,899
1,626,006 -15.1
3,450,936 +0.4
1,767,497
3,188,222
3,104,661
2,026,731 Hamilton
Va.-Norfolk
6,015.197
7,158,761
9,396,066 -36.0
6,114,288 +17.1
8,423,392
5,686,061
5.496,276
8,407,992 Calgary
ichmond
42,212,000
7,953.911
48.972.000 -13.8
6,296,571
+26.3
52.850,000
5,981,842
6,625,176
44.958,000 St. John
S. .-Charleston
d2,330,182
2.082,347 +11.9
3,096,932
2,896,374 +6.9
2,217,372
3,168.783
2,864,274
1,923,215 Victoria
Md..-Baltimore_ 122,840,910 123,494,268 -0.5
2,661,085
2,806,092 -5.2
106,670,944
2,399,759
2,369,275
95,235,023 London
D. 0.-Washlon
33,008,104
3.550,308
28,879,944 +14.3
4,254,757 -16.6
29,052,631
3,071.432
3,364.004
24,414,000 Edmonton
6,164,431
7,036.882 -12.4
6,321.870
3.647.787
Regina
otal(6 cities). 207,787,471 214,450,631 -3.1 200,981,836
4,501,954
5,169,667 -12.9
3,111,498
3,643.819
176,964,961 Brandon
664,043
635.692 +4.4
626,996
583,045
Lethbridge
11th Federal Reserve Dist'let-Anent a601,183
570,530 +5.4
593,454
75.5,003
Saskatoon
Tenn.-ChatVga_
7,739,608
2,141,853
7,581,075 +2.1
2,090,113 +2.5
7,854,213
1,555,626
1.700,564
6,089,063 Moose Jaw
11 noxville
*3,700,000
*3,500,000 +5.7
1,480,745
1,162,671 +27.3
1,180,525
3,200,000
1,233.960
3,195,072
Brantford
ashville_ .,-_
22,128,558
1,195,010
21,616,986 +2.4
1,154837 +3.5
1,091,305
1,709.723
20,187,074
19,667,244 Fort William_ _
Ceorgia-At1inta
48,531,884
962.690
62,541,281 -22.5
883,576 +9.0
1,253,662
60,307,060
1,022.005
51,449,382 New Westminster
ugusta
1,996,186
934,633
2,132,717 -6.4
999,449 -5.5
766.689
1,746,279
640,698
1,811,994
Medicine Hat__ [aeon
2,215,650
341,783
358,875 -4.2
339,767
2,130,686 +4.0
1,710,566
303,161
1,302,732 Peterborough....
a
8.avannah
986,713
1.036,152 -4.8
a
996.712
a
a
896.718
a
-Jacks'ville
Sherbrooke
_
20,409,238
Fla
1,270,505
933,289 +36.1
31,959,483 -36.2
1,053,431
1,038,006
21,459,832
15,613,228 Kitchener
Ilami
6,644,141
1,225,048
1,172,669 +4.5
1,022,084
14,911,466 -14.8
18.289,026
1,179,531
4,055,682 Windsor
25,020,142
Ala -Birm'gham
5.022,897
4,690,412 +7.1
2,149,022
25,740,273 -2.8
24,630,286
3,188.122
27,419,846
Prince
Albert...-.
2,369,677
Mile
482,012
427,860 +12.6
340,609
2,202,594 +7.6
1,963,301
358,467
1,715,990 Moncton
1,680,000
955,331 +10.6
MIss.-Jackson„
1,056.953
1,650,000 +1.3
852,799
1,510.000
848,233
1,157,908 Kingston
326.333
924,967
icksburg
908,733 +1.8
960,964
423,440 -23.2
457,000
786,340
519,023
53,878,082
La.-NewOrleans
60,263,902 -10.6
50,498,366
50,296,451
Tntal(20(41.1,40 5112 2118(13 409 151.262 +22.7 384.949.311 371.406
077
otal(13 cities) 196,639,499 236,662,883 +6.9 213,813,003
a No longer report clearings. b Do not respond to requests for figures.
184,293,613
c Week
ended May 4. d Week ended May 5. e Week ended May 6. •Estimated.
TI-114 CHRONICLE
[Vol.. 124.
Del. & Hudson, Brooklyn Union Gas and Allied Chemical &
THE WEEK ON THE NEW YORK STOCK EXCHANGE. Dye. The final tone was good.
The stock market this week has again shown considerable
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
irregularity. Advances and declines frequently occurred
DAILY, WEEKLY AND YEARLY.
times
at
was
it
and
list,
the
simultaneously in various parts of
United
State,
Railroad,
Stocks,
States
Muntetpaland
<Ike.,
a difficult matter to discern any definite or sustained price
Number of
Week Ended May 13.
Bonds.
Foreign Bonds.
Bonds.
Shares.
toward
directed
been
extent,
a
to
large
has,
Interest
trend.
8699,300
82,243.000
$6,443,000
958,610
the railroad group, though public utilities, specialties, steel Saturday
925.450
8,732,000
3,620,000
1,910,013
Monday
1,252.500
3,553.000
7,360,000
1,634,160
stocks and motor shares have moved alternately to the front Tuesday
1,127,250
2.668.000
8.667.500
1,931,530
Wednesday
moveupward
The
685.550
2,103,500
9,811.000
as the leading speculative attraction.
1,757,760
Thursday
547,000
1,844,000
6.906,000
1,669.700
ment again predominated during the greater part of the two- Friday
55.237.050
518.031.500
in
547.919.500
spots
strong
861.773
9
_
_
__
_
numerous
___
_
Torsi
with
on
Saturday,
session
hour
the public utility list and railroad group. On the report that
Jan. 1 to May 13.
Week Ended May 13.
Sales at
New York Stock
the Van Sweringens were forming a new holding company
1926.
1927.
1926.
1927.
Exchange.
Chesapeake & Ohio shot upward to 1773i, reaching a new
167,922,579
197.042,391
5,029,244
9,861,773
shares_
of
-No,
Stocks
the
high for 1927. Baltimore & Ohio sold up to 122%,
Bonds.
$117,404,950
$120,243,350
Government bonds_ _ $5,237,050 $5,066,500
highest price since 1906, and Union Pacific bounded upward State
239,306,850
363.186,900
and foreign bonds 16,031,500 15,802.000
870,226,700
905.882.050
1911.
Gas
Laclede
39,435,500
since
level
Railroad & misc. bonds 47,919,500
3 points to 1773., its record
soared 14 points to a record top at 233. Brooklyn Union
$69,188.050 $60,304,000 $1,389,312,300 81.226,938,500
Total bonds
AND
Gas climbed into new ground at 106% and Hudson & ManDAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA
BALTIMORE EXCHANGES.
hattan advanced to a new peak at 633/2. Motor stocks continued in strong demand at improving prices, Dodge Bros.
Baltimore.
Philadelphia.
Boston.
Week Ended
preferred leading the group with an advance of 4 points to
Shares, Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
1927.
13
May
76, followed by the common stock with a substantial advance
$26,000
4,308
$14,000
18,148
815.500
15.963
101,800
to its credit. General Motors sold as high as 197, but slipped 3aturday
2.605
43,500
32,266
16,050
28.435
Vlonday
327,800
3,699
21,000
22,408
16,150
27,220
shares
session.
Railroad
moved
the
Tuesday
back fractionally later in
155,100
2.797
33,900
23,132
11.650
30,988
74/ednesday
64,600
2,350
36.200
24,685
25,750
31.318
to the front on Monday, several of the more popular specula- Thursday
123.000
1,089
38,000
38,479
27,000
12,832
Friday
to
and
new
moving
blocks
large
high
in
selling
favorites
tive
16,848 $798,300
146,756 8112.100 159,118 8186.600
Total
levels. Reading was in sharp demand, and reached new
7.819 $190,000
4. Chicago & 'rev, week revised 168.151 5101.200 134.018 $226.200
4 points to 1163
ground on an advance of 23
of
89,
a
Texas
to
gain
3
made
nearly
points
North Western
& Pacific moved forward 5 points and crossed 80 and St.
THE ENGLISH GOLD AND SILVER MARKETS.
Louis-San Francisco improved about 3 points to 115. HudWe reprint the following from the weekly circular of
son Motors advanced over 5 points to 843', though Mack Samuel Montagu & Co. of London, written under date of
Truck recorded a net loss of over a point in the day's trading. April 20 1927:
GOLD.
General Motors rose 2.points to 1973' and slipped back to
The Bank of England gold reserve against notes amounted to Z151.1953/8. National Biscuit, which rose over 12 points last 583.1385
on the 13th inst. as compared with £149,812,030 on the preweek, made a further advance of 10 points, and Cushman vious Wednesday.
Gold valued at £835,000 was on offer to-day in the open market. Of
made a new high record on a 5-point advance to 117. Naamount the Bank secured £680,000. India and the Straits £60,000,
tional Tea, ordinarily an inactive stock, fluctuated between this
and the trade £95,000.
gain
net
a
with
closed
and
a high at 129 and
a low at 112
The following movements of gold to and from the Bank of England
have been announced:
of 15 points.
Apri114. Apr/116. April 19. April 20.
Stock prices were again uneven on Tuesday, some stocks Received
£680,000
18,000
lower
to
Withdrawn
moved
making sharp advances, while other issues
The receipt of £680,000 to-day was in bar gold from South Africa. The
levels. United States Steel common, after slipping back a withdrawals
were in sovereigns destined as follows: Spain, £13,000, and
point or more in the opening hour, moved to the front with India, £5,000. During the four days under review the Bank of England
in
again
has received on balance £662,000, increasing the net influx this year to
a 3-point gain to above 171. Food stocks were
£2,151,000 and reducing the net efflux since the resumption of an effective
Cushman
by
registered
were
high
records
new
and
demand
gold standard to £3,173,000.
which
Biscuit,
Wiles
on an advance of 2 points, and LooseThe following were the United Kingdom imports and exports of gold
also lifted its record 5 points to a new high at 192. The registered in the week ending the 13th inst.:
ExportsImports£19,000
market was more or less irregular on Wednesday, with the Netherlands
£273,500 Germany
22,160
in
France
were
24.670
stocks
Africa
British West
general trend toward lower levels. Motor
20,400
1,849,191 Switzerland
Africa
South
British
110.000
5,307 Spain
sharp demand, attention again being focused on Hudson Other countries
68,500
British India
advance
an
on
year
the
for
high
13,150
Other countries
Motors, which made a new
/s, though it reacted later to below 86.
of 5 points to 881
£253,210
£2,152,668
General Motors sold above 197, but dropped back to 193%
SILVER.
just before the close. The strong stocks of the day included
The market has not been active this week, owing partially to the Inciholidays.
Easter
the
Atlantic Refining, Brooklyn Edison and Union Bag & Paper. dence of
The failure of Suzuki & Co.. one of the largest commercial houses in
Irregularlity again characterized the movements of the mar- Japan, and the difficulties that beset the Japanese Government in affording
an adverse
ket on Thursday, several important issues moving upward the assistance required by the banking interests concerned, had
upon the yen. The value of silver moved yesterday in the reverse
to new high levels, while others equally important moved effect
in exdirection to that of the yen in consequence of Chinese operations
sharply downward. Interest centered around the railroad change. To-day, however, a slight improvement in the yen quotation
spectacular
caused the price of silver to ease.
stocks, Nickel Plate leading the upswing with a
of silver
The following were the United Kingdom imports and exports
advance to a new peak at 208. Erie issues also were in
during the week ending the 13th inst.:
the
for
high
its
at
60
strong demand, the 1st pref. crossing
ExportsImports£311,344
£16,800 British India
day. Ches.& Ohio moved upward 3 points to 177,and then Denmark
countries
15,844
Other
132,900
Netherlands
slipped back to 1753(. General Motors was strong for a United
States of America._ 154,331
6,150
more
lost
Other countries
short time, but yielded to the heavy selling and
£327,188
£310,181
than 2 points in the downward reaction. Hudson Motors
No fresh Indian currency returns have come to hand.
yielded over 2 points, and Mack Truck closed at 114. The
The stock in Shanghai on the 19th inst. consisted of about 69,700,000
strong stocks of the day included Federal Mining & Smelting, ounces
in sycee, 78,400,000 dollars and 5,680 silver bars, as compared with
Paper
&
Bag
Union
Gas,
Laclede
Machine,
Threshing
Case
about 68,200,000 ounces in sycee, 78,800,000 dollars and 7,720 silver
bars on the 9th inst.
and Houston Oil.
Quotations during the week:
Speculative interest was again focused on the railroad
Bar Gold,
-Bar Silver,Per Or. Std.ada
2 Mos.
sensational
making
Plate"
Per Os. Fine.
"Nickel
Cash.
stocks on Friday,
84s. 113d.
2515-16d.
26
April 14
84s. 11 d.
26iid.
vance of 19 points to 223, the highest price of its history. April
26M •
19
84s. l03.d.
26 1-16d.
263-165.
new
imparted
strength
Plate
April
20
Nickel
of
rush
upward
The
84s. 11.1d.
26.041d.
Average for above three days--26.145d.
a
place
in
took
number
advances
sharp
each
to the general list and
The silver quotations to-day for cash and two months' delivery are
of the high-priced stocks, including such issues as Baldwin 3-16d. above those fixed a week ago.
Locomotive, Houston Oil, Ches. & Ohio, Christie-Brown,
We have also received this week the circular written under
By-Products Coke and Radio Corporation. General Motors
and
Threshing
Case
196
as
high
as
sold
date
of April 27 1927:
and
sharply
rallied
GOLD.
£152,244,065
Machine reached a new peak at 1913. Other notably
The Bank of England gold reserve against notes amounted to
previous
strong stocks were United States Steel corn., Producers & on the 20th inst., as compared with £151.583,665 on the
l
Harvester,
Wednesday.
Internationa
Ward,
y
Refiners, Montgomer
MAY 14 1927.]
THE CHRONICLE
About 1864,000 bar gold was available in the open market this week.
The Bank secured the amount mentioned below, the balance being disposed
of as follows: £250.000 taken for a destination not disclosed, 135,000 for the
Indian bazaars, £46,000 for the home trade and £122,000 for the Continental trade.
The following movements of gold to and from the Bank of England have
been announced:
Apr. 21. Apr. 22. Apr. 23. Apr. 25. Apr. 26. Apr. 27.
Received
£403,000
£10,000 £34.000
Withdrawn
£15,000
£86,000
The receipt yesterday was in bar gold from South Africa. Of the withdrawals E89,000 was in sovereigns destined as follows: India, £69,000:
Spain, 115,000, and Germany, £5,000. During the week under reveiw
the Bank of England has received on balance £258,000, increasing the net
Influx this year to 52,409,000, and decreasing the net influx since the
resumption of an effective gold standard to £2,915,000.
The following were the United Kingdom imports and exports of gold
during the week ending the 20th inst.:
ExportsImports£17,500 Germany
Russia
£22,600
848,405 Netherlands
British South Africa
27,715
Other countries
175 France
25,940
Spain
27,000
Austria
41,600
British India
63,300
Straits Settlements
11,552
Other countries
4,640
£866.080
1224,347
In accordance with the new Indian currency arrangements the Government of India announced on April 1 last the following conditions attaching
to the acceptance of gold by the Master of the Mint, Bombay. The rate
as fixed by the Currency Act is to be Rs. 21 As. 3 Ps. 10 per tola of fine
gold (i. e. the price equal to Rs. 13 As. 5 Ps. 4 per full weight sovereign).
Either fine or unrefined gold may be tendered. In the case of the former
the minimum fineness is limited to .990; qualities lower than that can only
be accepted as unrefined. All gold tendered will be melted and assayed
upon receipt. A charge of 2 pies per tola gross weight will be made for
melting and assaying fine gold, with a minimum charge of Rs. 12. The
charges relating to unrefined gold or material found to be brittle can be
obtained from the Master of the Mint. Gold coin will be treated as unrefined gold. No tender less than 40 tolas (15 ounces) will be entertained.
No gold bar exceeding 3,200 tolas (1.200 ounces) will be accepted. Payment of not more than 95% of the value of the gold tendered will be made
on receipt of the gold, provided the Master of the Mint is satisfied that a
preliminary certificate shall be issued.
SILVER.
Although this week is that of the settlement" steamer, Indian demand
been
hearty,
not
has
and bear covering, combined with somewhat scanty
supplies, has kept prices rather above the figure at which India was prepared to buy. Curiously enough, notwithstanding that the premium upon
cash is now less than that which has ruled for some time past, Budla business has not been active. The uncertainty of affairs in China seems to
overshadow other factors and to daunt speculators from taking long views
as to the future of the market. Prices have therefore vacillated to and fro
but within moderate limits.
The following were the United Kingdom imports and exports of silver
during the week ending the 20th inst.:
ImportsExportsUnited States of America__ £192,072 Austria
£23,400
Mexico
92.105 Hungary
64,850
Irish Free State
30,000 British India
86.706
Other countries
1,486 Other countries
8,877
£315,663
£183,833
INDIAN CURRENCY RETURNS.
(In lacs of rupees.)
Arr. 7. Apr. 15. Apr. 22.
Notes in circulation
17820
17830
Silver coin and bullion in India
10395
10388
10398
Silver coin and bullion out of India
Gold coin and bullion in India
IT)fil
'il'id
Gold coin and bullion out of India
Securities (Indian Government)
4046
ioid
4514
Securities (British Government)
543
210
210
Bills of exchange
200
200
200
No silver coinage was reported during the week ending the 22d inst.
The stock in Shanghai on the 23d inst. consisted of about
69.900,000
ounces in sycee, 78.300,000 dollars and 6,240 silver bars, as compared
with about 69.700,000 ounces in sycee, 78,400,000 dollars and 5,680 silver
bars on the 19th Inst.
-Ilar,
Silver, per Oz. Std.Bar Gold,
Quotations During WeekCash.
2 Mos.
Per Oz. Fine.
April 21
26 31-6d.
26 1-16d.
84s.
lid.
April 22
26lid.
263td.
845. 113d.
April 23
26d.
25,d,
84s. II Md.
April 25
25%d.
25.',
/td.
April 26
26 1-16d.
25 15-16d.
RI:: IMI.
April 27
257Ad.
25i4d.
84s. 113d.
26.041d.
Average
25.916d.
845. 11.2d.
The silver quotations to-day for cash and two months' delivery are
each 5-16d. below those fixed a week ago.
2865
CURRENT ASSETS AND LIABILIT1Es.
GOLD.
AssetsUabtittiesGold coin
635,567,294.26 Gold etre. outstanding.. 1,623,761,369.00
Gold bullion
3 067.631,474.28 Gold fund, F. R. Board
(Act of Dec. 23 1913,
as amended June 21
1917)
1 766,301,030.86
Gold reserve
155,420,720.98
Gold in general fund
157,715,647.70
Total
3 703,198,768.54
Total
3,703,198,768.54
Note -Reserved against 8346,681.016 of U. S. notes and 31.330.804 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver
dollars
In the Treasury.
SILVER DOLLARS.
AssetsS
LiabilitiesSilver dollars
474,070,414.00 Silver etfs. outstanding. 468,931,637.00
Treasury notes of 1890
outstanding
1,330,804.00
Sliver dollars in gen.fund
3,807,973.00
Total
474,070,414.00 Total
474,070,414.00
GENERAL FUND.
Assets$
Gold (see above)
157,715,647.70 Treasurer's checks outSilver dollars(see above)
3,807,973.00 standing
4,635,956.16
United States notes_
3,129,247.00 Deposits of Government
Federal Reserve notes._
1,365,751.00
officers:
Fed'I Reserve bank notes
74,596.00
Post Office Departm't
National bank notes....._ 13,562,077.00
Board of trustees.P08- 12,908,872.06
Subsidiary silver coln._.
tal Savings System
5,060,813.69
Minor coin
5% reserve, lawful
2,180,454.97
Silver bullion
money
6,635,213.43
6,423,200.49
Unclassified-CollecOther deposits
334,388.46
tions. &c
97,878,558.45
Postmasters, clerks of
Deposits in F. R banks. 29,968,416.97
courts, disbursing
Deposits In special deofficers, &c
39,251,788.66
positaries account of
Deposits for
sales of certificates of
Redemption of F. R.
notes(5% fd., gold) 141,428,555.03
Indebtedness
215,154,000.00
Deposits in foreign deRedemption of nationpositaries.
al bank notes (5%
To credit of Treasurer
fund,lawful money) 27,260.972.14
Un'ted States
105,212.25
Retirement of addiTo credit of other
tional circulating
Gov'nment officers.
417,764.88
notes, Act May 30
Deposits in nat'l banks:
1908
2,830.00
To credit of Treasurer
Uncollected items, exUnited States
8,061,765.96
changes. aze
98,865,885.71
To credit of other
Governns't officers. 21,401,444.33
331,112,448.71
Deposits in Philippine
Net balance
236,212,773.74
Treasury:
To credit of Treasurer
United States_ __.
806,285.82
Total
567,325,222.45
Total
567,325,222.45
Note.-The amount to the credit of disbursing officers and agencies to-day
8393,343,202.49. Book credits for which obligations of foreign governments was
are
held by the United States amount to 633,236,629.05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made,
under the Acts mentioned, a part of the public debt. The amount of such obligaLions to-day was $43,821,857.
- $1.122,855 in Federal Reserve notes and $13,519,497 In national bank notes are
n the Treasury in process of redemption and are Charges against the deposits for
the respective 5% redemption funds.
Preliminary Debt Statement of the United States
April 30 1927.
The preliminary statement of the public debt of the
United States April 30 1927, as made upon the basis of the
daily Treasury statements, is as follows:
BondsConsols 01 1930
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion Bonds
Postal Savings bonds
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
Treasury bonds of 1947-1952
Treasury bonds of 1944-1954
Treasury bonds of 1946-1056
$599,724,050.00
48,954,180.00
25,947,400.00
49,800,000.00
28,894,500.00
13,229,660.00
$766,549,790.00
$1,939,208,200.00
1,697,337,050.00
2,157,998,350.00
6,314,456,950.00
$12,109,000,550.00
763,948,300.00
1,047,087,500.00
494,898,100.00
2,305,933,900.00
Total bonds
815,181,484,240.00
Treasury NotesSeries A-1927. maturing Dec. 15 1927
$355,779,900.00
Series A-I930-1932, maturing March 15, 1932- 1,360,166,150.00
Adjusted Service Series A-1930
50.000,000.00
Adjusted Service, Series A-1931
53,500,000.00
Adjusted Service, Series B-1931
70,000,000.00
Adjusted Service. Series A-1932
123,400,000.00
Civil Service, Series 1931
31,200,000.00
2,044,046,050.00
Treasury CertificatesSeries TJ-1927. maturing June 15
$378,669,500.00
Series TS-1927. maturing Sept. 151927
1927
229,269,500.00
Series TS2-1927, maturing Sept. 15 1927
169,888,000.00
Series TM-1928, maturing Mar. 15 1928
ENGLISH FINANCIAL MARKETS-PER CABLE.
314.408,000.00
Adjusted Service, series A-1928
19,000,000.00
Civil
Service Retirement Fund Series
The daily closing quotations for securities, &c., at London,
11,900,000.00
1,123,135,000.00
Treasury
Sartngs
reported
by
cable, have been as follows the past week:
Certificates...as
Series 1922, issue of Dec. 15 1921
$68,081,944.10
London,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Series 1922, issue of Sept 30 1922
Frt.,
14,379,624.90
W.End. May 13 May 7.
Series 1923, Issue of Sept. 30 1922
hfay 9.
May 10. May 11. May 12. May 13.
127,490,609.10
Series 1923, Issue of Dec. 1 1923
26 1-16d. 25 15-16d. 25 15-16d. 26d.
Silver, per oz__ 25%el.
26d.
23,138,947.40
Series
1924,
Issue
of
Dec.
1
1923
93,642,188.50
Gold per fine oz 84e.11d. 84,.11d. 84s.10%d. 848.11%d, 848.113d. 848.1130.
326,733,314.00
Consols, 23 %. ____
559-16
55 9-16
559-16
5534
5534
Total
interest
-bearing
British, 537- --. -....
100%
debt
10034
10041
10034
10034
$18,675,398,604.00
Matured
Debt on Which
Has Ceased9534
British, 434 %_
9534
9534
9534
9534
Old debt matured-tssued Interest
prior to AprU 11917,
$2,134,630.26
French RCIItC8
Certificates of indebtedness
315,000.00
Paris)_fr_
Treasury notes
57.50
(in
57.95
57.80
57.85
57.65
18,969,800.00
Victory
334%
notes
01
La
1922-23
War
French
28,500 00
434%
Victory
notes
of
1922-23
77.50
3,481,900 00
78.10
77.85
77.40
(in Paris)_fr. ____
76.70
Treasury Savings Certificates
86.975.00
silver
in
of
price
Now
The
York on the same day has been:
25,016,805.26
Debt Bearing No InterestSilver in N.Y., per oz. (cts.):
United States notes
8346,681,016.00
Foreign..... 50
Less gold reserve
56%
5634
56
5634
56%
155,420,720.98
Deposits for retirement of national bank and $191,260,295.02
Federal Reserve Bank notes
Treasury Cash and Current Liabilities.
43,821,857 00
Old demand notes and fractional currency._
2,046,796.65
and Treasury Savings stamps, unclassiThe cash holdings of the Government as the items stood - Thrift
fied sales, ‘te
3,626,635.40
April 30 1927 are set out in the following. The figures are
240,755,584.07
taken entirely from the daily statement of the United States
Total gross debt
$18,941,170,993.33
Treasury of April 30 1927.
• Net redemption value of certificates outstanding
THE CHRONICLE
2866
[VOL. 124
Bails
Treasury Money Holdings.
Marmutercial tull9AiscManefans
The following compilation, made up from the daily Government statements, shows the money holdings of the
National Banks.-The following information regarding
Treasury at the beginning of business on the first of February,
national banks is from the office of the Comptroller of the
March, April and May 1927.
Currency, Treasury Department:
1927 May 1 1927.
Holdings in
U. 3. Treasury.
Feb.11927. Mar, 1 1927. Apr. 1
$
8
$
$
313,136,369
10,443,186
3.129,247
13,562,077
1,365,751
74,596
5,060,814
100,059,013
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes..
Net national bank notes....
Net Federal Reserve notes
Net Fed'I Res. bank notes
Net subsidiary silver
Minor coin,In
318,408,699
12,404,993
3,356,107
17,943,279
1,440,186
198,756
4,655,616
7.465,953
327,937,694
13,383.695
3,519.330
12,819,648
1,111,724
48,024
4,1,22.298
6,522,271
333,971.832
15,836,907
3.054,856
14,380,818
1,051.606
108,269
4,841.653
5,243,607
Total cash in Treasury_
Lees gold reserve fund...
65,873,499
155,420.721
370,114,662
155,420,721
378,488.548 *446,831,053
155.420,721 155.420,721
Cash balance in Treas'y 210.452,778 214,693,941 223.067,827 291,410,332
Dep.In spee'l depositories:
Acct. certifs. of indebt. 160,366,000 138.060,090 381,681,000 215,154,000
29,988,417
43,524,708
42,964,932
35.134,412
Dep. In Fedi Res. banks_
Dep.In national banks:
8,061,765
8,249.837
7,262,611
7,117.609
To credit Treas. U. 5
21,401,444
21,558,357
21,325,302
21,350.483
To credit dish. officers_
806,286
916,730
1,005,576
899,193
Cash In Philippine Islands
544,770
522,977
521,386
578.923
Deposits In foreign depts.
Dep.In Fed'ILand banks_
Net casn
Treasury
and in banks
Deduct current liabilities_
435,899,398 425,833.748 679,543.229 567,325,222
248.026.953 247.144,052 256,207,142 331,112,449
187,872.445 178,689.696 423,336,087 236.212,773
Available cash balance
* Includes Mav 1, 88,635,213.42 silver bullion and 82,180,454.97 minor coin, cec
not included in statement "Stock of Money...
Government Revenue and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for April 1927 and
1926 and the ten months of the fiscal years 1926-1927 and
1927-1928.
Ten Months
of April
-Month
Receipts.
1925-26.
1926-27.
1927. ' 1926.
Ordinary851,252,919 847,936,408 $510,897,865 8489,462,772
Customs
1,481,325,140
1,703,252,045
54,206,426
Internal revenue-Income tax 53,280,156
744,451,224
Miscell. internal revenue 52,867,419 60,012,135 535,853,473
Miscellaneous receipts:
Proceeds Govt.-owned sec.Foreign obligations25,792,420
26,567,613
2,000
1,883
Principal
90,253,613
90,358,460
87,120
5,005
Interest
33,957,504
47,145,179
837,582
963,221
Railroad securities
30,156,016
61,802,361
165,159 3,524,218
All others
• Trust fund receipts (re39,635,687 s 32,895,403
approp. for investment)- 3,576,700 4,671,679
23,250,680
14,284,654
Proceeds sale of surf,. prop_ 1,232,721 8,197,962
20,038,594
21,550,763
2,221,470 2,358,606
Panama Canal tolls, &c..
Receipts from miscellaneous
sources credited direct to
15,556,626
12,024,256
918.801 a3,054,188
appropriations
23,894,388 15,933,011 152,961,214 140,456,616
Other miscellaneous
3,127.598,606
3.216.333.570
194,712,959
190,379,842
Total ordinary
Excess of ordinary receipts
over total expenditures
chargeable against ordinary
receipts
Excess of total expenditures
chargeable against ordinary
receipts over ordinary re120,131,356 142,154,459
cents
299,493,524
155,680,001
Expenditures.
Ordinary(Checks and warrants paid,
•
&c.)
1,532,707,408
151,575,888 151,358,373 1,550,237,657 669.849,214
General expenditures
141,637,381 141,350,356 661.676,844
Interest on public debt b
Refund of receipts:
23,655,092
15,866,131
1,598,089 1,835,497
Customs
89,044,989 129,562,085
20,963,235 29,132,461
Internal revenue
27,989,082
14,043,810
Postal deficiency
8,225,220
7,016,649
665.602
913,813
Panama Canal
Operations in special accts.:
2,518,681
926,229
1,135,519
137.098
Railroads
c554,391 c26,038,621 c18,175,591
War Finance Corporation_c11,221,757
20,626,419
20,391,379
3,036,366
Board
909,763
Shipping
3,099,499
105,079
701,385
397,353
Alien property funds
c99.295 d115,419,006 119,800,164
230,629
Adjusted service ctf. fund
11,001,906
c347,004
304,419
Civil Service retirement fund- c235,093
Investment of trust funds:
32,321,006
39,070,433
Government Life Insurance 3,534,879 4,593,437
232,004
195,310
49,977
D.of C.Teachers' Retiremt
105,033
99,667
03,000
c5,400
Foreign Service Retirement
342,392
369,943
28,284
41,820
General RR. Contingent
2,563,659.605
Total ordinary
310,477,698 333,334,969 2,488,077,501
Public debt retirements chargeable agst ordin'y receipts:
3,526,450 333,528,400 315,323,700
Sinking fund
Purchases & retirements
995,000
from foreign repayments
Received from foreign governments under debt
92,310,000
92,950,000
settlements
Received for estate taxes_..
retirements
Purchases&
from franchise tax receipts(Federal Reserve &
Intermediate
Federal
567,900
1,231,835
Credit banks)
55,400
67,310
6,000
33,500
Forefeltures, gifts, &c
408.257,000
33,500 3,532,450 428,762,545
Total
Total expenditures chargeable against ordinary ex2,971,916.605
310,511,198 336,867,419 2.918,840,045
celpts
July are included.
Receipts and expenditures for June reaching the Treasury in
a Counter entry (deduct).
fiscal year 1927 to
S The figures for the month include 8162,072.26 and for the of matured series,
date $2,111,814.22 accrued discount on War Savings certificates
$556,051.17 and
and for the corresponding periods last year the figures include
84,744,852.54, respectively.
c Excess of credits (deduct).
of $116,000,000
, d In accordance with established procedure the appropriation
in the fund due on that date
available Jan. 1 1927, and interest on investments service
aggregating
obligations
amounting to 87,400,000, were invested in adjusted
of 4% per annum;$23,800,000
$123,400,000 face amount, bearing interest at the ratethe
service
series held
adjusted
of
face amount of one-year 4% Treasury certificates
1 1927, and the proceeds reIn the investment account were redeemed as of Jan. obligations.
The
difference
of
kinds
like
of
invested in an equal face amount
expenditures
between the amount appropriated and amount charged under ordinary
above is due to variations in the working cash balance required.
APPLICATIONS TO ORGANIZE RECEIVED.
Capital
soma
May 2-The National Bank of Lynwood, Lynwood, Calif
Correspondent, A. J. Schnobrich, Lynwood, Calif.
25,000
May 2-The First National Bank of Rivesville, W.Va
Correspondent, Smith Hood Jr., Rivesville, W. Va.
400,000
May 4-The Civic Center National Bank of Los Angeles, Calif
Correspondent, A. G. Reily, 406 Western Life Bldg.,
Los Angeles, Calif.
May 4-The Echo National Bank ofPort Jefferson Station,N.Y. 50,000
Correspondent, Henry Scherer. Port Jefferson Station,
N.Y.
50,000
National Bank, Hartshorne, Okla
-Hartshorne
May 4
Correspondent, M. L. Harris. Wister, Okla.
500,000
May 6-Sterling National Bank of New York, N.Y
Correspondent, Ward V. Tolbert, 45 Cedar St., New
York, N. Y.
100,000
May 7-The Sierra National Bank of Sonora, CalifCalif.
Correspondent, Harris J. Coffill, Sonora,
APPLICATIONS TO CONVERT RECEIVED.
25,000
May 2-The First National Bank of Claflin. Kan Claflin, Kan.
Conversion of the Citizens State Bank,
Pa
30,000
May 4-The First National Bank of Jermerstown,
Conversion of the Peoples' State Bank of Jennerstown,
Pa.
CHARTERS ISSUED.
Texas... $60,000
May 2-13,067-The Teague National Bank, Teague,
Conversion of the Teague State Bank, Teague, Texas.
President, T. B. Poindexter; Cashier, McNeill DrumSavanMay 2-13,068-The Citizens & Southern National Bank,
3,000,000
nah, Georgia
Savanof
Bank
Southern
Conversion of the Citizens &
in
nah, with a main office in Savannah, one branch
Savannah and eight branches outside of Savannah within
the limits of the State of Georgia. President, Mills B.
Lane; Cashier, H. M. Garwes.
May 3-13,069-The Magnolia Park National Bank of Burbank, 100,000
Calif
President, Earl 1‘. White; Cashier,Earle A.Pendarvis.
May 4-13,070-The First National Bank of Panhandle, Texas- 50,000
President, F. A. Paul; Cashier, E. E. Carhart.
May 4-13,071-American National Bank of Glendale, Calif..... 200,000
President, Roy L. Kent; Cashier, C. T. Johnson.
May 4-13,072-The East Side National Union Bank of Jack- 100,000
Son, Mich
Succeeds East Side Branch of the National Union Bank
of Jackson, Mich. President, Z. C. Eldred; Cashier,
H.A. Reece.
CHANGES OF TITLE.
May 2-2,844-The Third National Bank of Greensburg,Ind.,to
"Third National Bank & Trust Company of Greensburg."
..
May 6-13,038-The Capitol National Bank of Hartford,Connof
to "The Capitol National Bank & Trust Company
Hartford."
VOLUNTARY LIQUIDATIONS.
Pa
$300.000
May 2-2,552-The Second National Bank of Reading,
Effective close of business April 30 1927. Lig. Agent,
John R. Hendel, Reading, Pa. Absorbed by the Reading Trust Co., Reading, Pa.
60,000
May 2-5,733-The First National Bank of Blossom, Texas_
Effective April 20 1927. Lig. Agent, J. D. Norwood,
Paris, Texas. Succeeded by the Blossoms National
Bank, Blossom, Tex., No. 13,052.
100,000
May 2-5,940-The City National Bank of Lafayette, Ind
Effective April 30 1927. Lig. Committee, Roy C.
Street, Sam M. Loeb and Allison E. Stuart, Lafayette,
Ind. Succeeded by a trust company.
30,000
May 2-7,065-The National Bank of Humboldt, Nebr
Effective April 28 1927. Lig. Agents, R. A. Clark,
Nebr.
Humboldt,
Clark,
W.
R.
and
Stella, Nebr.,
Succeeded by the Nebraska State Bank of Humboldt,
Nebr.
75,000
May 3-4,500--The First National Bank of Cooper, Texas
Effective April 28 1927. Lig. Agent, T. B. Good,
Bank
National
First
the
by
Succeeded
Cooper, Texas.
in Cooper, Texas, No. 13,046.
May 3-7,445-The Colonial NationalBank of Connellsville,Pa. 100,000
Effective April 30 1927. Lig. Agent, Title & Trust Co.
of Western r'ennsylvania, Connellsville, Pa. Absorbed
by Title & Trust Co. of Western Pennsylvania, Connellsville, Pa.
25,000
May 3-10,770-The First National Bank of Dolores, Colo
Effective May 2 1927. Lig. Agent, A. F. Harris,
Dolores, Colo. Absorbed by J. J. Harris & Co., Bankers, Dolores, Colo.
25,000
May 4-12,298-The Security National Bank of Sentinel, Okla_
Effective April 7 1927. Lig. Agent, W. 0. Callaway,
of
Bank
First
Nat.
the
by
Sentinel, Okla. Absorbed
Sentinel, No. 9,995.
40,000
May 5-11,666-The First National Bank of Hanna, Wyo
Effective May 2 1927. Lig. Agents, S. D. Briggs,
Hanna, Wyo., and John Quealy, Elk Mountain, Wyo.
Succeeded by Hanna State & Savings Bank, Hanna,
Wyo.
CONSOLIDATION.
April 27-The Hanover National Bank of the City of New York,$5,000,000
N. Y
and the Greenwich National Bank of the City of New
1,000.000
York, N. Y
Consolidated under the Act of Nov. 7 1918, under the
NaHanover
of
"The
title
corporate
and
charter
tional Bank of the City of New York," with capital
stock of $5,000,000.
350,000
April 30-The First National Bank of Parkersburg, W. Va
and the Second National Bank of Parkersburg, W. Va- 156,000
Consolidated under the Act of Nov. 7 1918 under the
charter and title of "The First National Bank of
Parkersburg," with capital of $454,000.
600,000
April 30-The Commercial National Bank of Kansas City, Kan_
and the Commercial State Bank of Kansas City, Kan.. 100,000
Consolidated under the Act of Nov.7 1918,as amended
Feb. 25 1927, under the charter and corporate title
of "The Commercial National Bank of Kansas
City," with capital stock of $750,000.
$4400,000
May 4-11,289-The National Union Bank of Jackson, Mich.... 300,000
and The Jackson State Savings Bank, Jackson, Mich
amended
of
Act
as
Nov. 7 1918,
Consolidated under the
Feb. 25 1927, under the charter and corporate title of
"The National Union Bank of Jackson" (No. 11,289),
with capital stock of $500,000. The consolidated bank
has a main office and one branch located in Jackson.
1927.
BRANCHES AUTHORIZED UNDER ACT OF FEB. 25
J. Location
May 4-12,338-First National Bank of East Orange, N.Streets,
East
Dodd
and
Park
North
of branch, vicinity of
Orange.
N. J.
Amboy,
Perth
Bank,
National
Amboy
Perth
May 7-12,524-The
Amboy Avenue
Location of branch, vicinity of the intersection of
and Barclay Street, Perth .Amboy.
MAY 141927.]
THE CHRONICLE
2867
Auction Sales.-Among other securities, the following,
DIVIDENDS.
sold at auction
Dividends are grouped in two separate tables. Iii the
in New York, Boston and Philadelphia on Wednesday of first we bring together all the dividends announced the
this week:
current week. Then we follow with a second table, in
By Adrian H. Muller & Sons, New York:
which we show the dividends previously announced, but
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh. which have not yet been paid.
100 Petroleum Corp. of America,
70 United Publishers Corp.. pref- 98
The dividends announced this week are:
par $5
Si lot 139 United Publishers Corp., com-
.not actively dealt in at the Stock Exchange, were
350 Nat. Motor Car & Vehicle Co.,
common, no par
$2 lot
4,000 Amer. Multitone Papers
Corp., par $10
$20 lot
8 Marquette Iron Co.,corn., no par.$1 lot
40 Commonwealth Tob. Co.(N.J.)
10 Federal Adding Machine Corp.,
pref.(N.J.), par $10
$155
lot
80 Federal Adding Machine Corp.,
common (N. I.), Par $10
500 Shoshone Mines Security Co.
(Aria.), par $1
30 Clinch Valley Coal & Iron Co.,
preferred
60 Clinch Valley Coal dr Iron Co., $26
common
lot
I Deny.& Rio Or. RR. Co., pref_
50 Radford Land dr Imp. Co
100 Union Cattle Co
mon, no par
6931
57 Nor. Ont. Lt.& P.Co., Ltd., pf. 9131
100 277 Park Ave. Corp
$1,500 lot
BondsPer cent.
$1,000 N. Y. Central RR. Co. 7%
equip. 75, April 15 1932
1104
$3,000 Portland Ry.Lt..k Pow.Co.
let I. & ref. 68, ser. B, May I'
47_ 10031
$2.000 Northern Ohio Trac. dr Lt.
gen. & ref. 68. ser. A, Mar. 1 '47_ 97
$10,000 Wladikawkas By. 4% bds.
loan of 1900; Jan. 14 1919 and
subsequent coupons attached3100 lot
$8,000 Central Hudson Steamboat
Co. 1st 55, April 1 1933; with
April 1 1927 and subsequent
coupons attached
$2,000 lot
58.130 Pathe Phonograph & Radio,
regstd. Be of 1942
$155 lot
By Wise, Hobbs & Arnold Boston:
Shares. Stocks.
$ perch.
10 Stoughton Trust Co
212
524
10 Butler Mill
12 Nashawena Mills
82-8231
15 Pepperell Manufacturing Co_ _ __12034
29 Nashua Mfg. Co.. common_ _ 48
2-8 Pepperell Manufacturing Co_ 1431
2 Vermont & Massachusetts RR_ _11231
30 Boston dv Maine RR., pref.,
=stamped
61
35 units New England Equity Corp.108g
8 Charlestown Gas & Elec. Co.,
157
par $25
1000 Metropolitan Realty, Inc.,
common
50e.
564 General Bond & Share Corp.,
common
534
10 Connecticut Lt. & Pow.,7% pf_116
2 No. Bost. Ltg. Properties. pref__12231
20 Turners Falls Pow.& Elec. Co- _235
60 New Eng. Pub. Serv. Co., corn_ 4531
5 Saco Lowell Shops, 2d preferred__1234
10 Haverhill Gas Lt. Co., par $25.- 75
10 Boston dr Wm'.Elec. Cos., corn.)
15 Boston dr Wor. El. Cos., pref....
500 Consolidated Mercur Goidj
Mines Co., par $5
52 lot
500 Acme Consolidated Gold &
Copper Mining Co., par $1 __
84 United Elec. Light Co., Springfield. par $25
1524
2 Plymouth Cordage Co
108
8 units First Peoples Trust
68-6631
67 Worcester Elec. Lt.Co., par $25_191
Shares. Stocks.
7 Central Mass. Lt. & Power Co..
$er sh.
preferred
10331. ex-dlv.
10 Commonw. Gas & El. Co., pref. 9731
15 Walter Baker Co., Ltd
12215
10 Ludlow Mfg. Associates_ _186, ex-div.
40 New Bedford Gas & Edison
Light Co.. par $25
10731
25 Kidder Participations, Inc., corn. 33
7 North Boston Ltg. Properties,
common. v. t. c
10 Mass. Bonding St Insur. Co__ _.356
200 Kidder Participations, Inc.,
common
26-274
11 units First Peoples Trust
60
22 Haverhill Electric Co., par $25
9331
20 Beecher Falls Co.,
lass A. 35
1 Holyoke Water Power
Inc.,do
552
10 Fall River Gas Works Co.,
par $25
7931, ex-rights
20 No. Bost. Ltg. Properties.
common v. t. c
205-20531
50 Fall River Electric Co., v. t. c.,
Dar $25
62
5 Commercial Property Associates_ 85
4 Seattle Real Est. Trust, par $500- 9034
1 special unit First Peoples Trust_
5
Rights.
$ per right.
1,451 Fall River Gas Works Co.._1 15-16
Bonds.
Per cent.
$100 New University Club of Boston
Real Estate Trust 2d mtge. 68,
1941, series B
20 & int.
$1,000 Salmon River Power Co.
1st 55, Aug. 1952
10331 & int.
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
8 National Shawmut Bank
units Mutual Finance Corp5
3 Webster & Atlas Nat. Bank
23131 1 Seamless Rubber Realty AssSoPer541.
5 Merchants National Bank
409
elates, pref., par $1,000...1001 & div.
3 Atlantic National Bank
28331 87 Mass. Ltg. Cos., 6% pref. nil27 First National Bank
42031
deposited
11131
15 Old Colony Trust Co_33031,ex-div. 6 Boston Insurance Co
606
6Dartmouth Mfg.Co.,corn _103g,ex-div. 10 units First Peoples Trust
5834
3 Nashawena Mills
8434 23 First National Stores. Inc., 1st
10 Lancaster Mills, common
1631
preferred
97
2 Pepperell Manufacturing Co____120
3special units First Peoples Trust
5
10 West Boylston Mfg. Co., pref_ 4531 8 Mass. Ltg. Cos.,6% pref
11131
7 Arlington Mills
13831 5 Fitchburg Gas & El. Co., par 550.140
5-8 Pepperell Manufacturing Co... 1431 20 Fiske & Co., new pref. elf, of dep. 15
5 Soule Mills
161, ex-div. 200 United Electric Light Co..
70 Wamsutta Mills
6831. ex-dIv.
Springfield, par $25
15234-15334
4-8 Pepperell Manufacturing Co--- 1434 6 Attleboro Steam & Electric Co.,
12 Pepperell Manufacturing Co_ _ 12034
par $25
9931
19 King Philip Mills
138
25W. T. Grant Co., common
7431
7 Stony Brook RR
105
1 Converse Rubber Shoe Co., pref_ 60
10 Boston & Chelsea RR., par $50. 3834 50 Blackstone Valley Gas & Elec.
14 Bost. Revere Beach & Lynn RR_ 7534
Co., common, par $50_ _151 g, ex-div.
25 Edison Elee. Illuminating Co.,
15 Merrimac Chemical Co., par 550 8131
Brockton, par $25
74
10 Blackstone Valley Gas & Elec.
13 Amer. Founders Trust, 7% pref.
Co., common, par
__152, ex-div.
B, par $50
4231 13 State Theatre, preferred
$50_6931
25 Springfield Gas Lt. Co., par $25_ 85
25 Western Mass. Co., par $25
5934
5 American Glue Co., pref
117
198 8 rina,e11 Gas Lt. Co.
25
12 special units First Peoples Trust_ 5
Rights.
$ Per right.
5 Saco Lowell Shops, common
734 50 National Shawmut Bank
3131
6 units First Peoples Trust
68
84 National Shawmut Bank
3131
3 special units First Peoples Trust.- 5
200 Fall River Gas Works
2
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, ordinary
334 June 28 Holders of rec. May 24
3
Ordinary (extra)
June 28 Holders of rec. May 24
Preferred
314 Aug. 15 Holders of roe. July 11
Preferred (extra)
3
Aug. 15 Holders of rec. July 11
Chestnut Hill (quar.)
*134 June 4 *Holders of rec. May 20
Chicago & North Western, common.... *2
June 30 *Holders of rec. June la
Preferred
*334 June 30 *Holders of rec. June in
Chic. R. I. & Pacific, common (quar.)
134 June 30 Holders of rec. June 30
Seven per cent preferred
334 June 30 Holders of rec. June 3a
Six per cent preferred
3
June 30 Holders of rec. June 30
Cincinnati N.0.& T.Pac., pref.(qu.)
*131 June 1 *Holders of rec. May 13
Cleveland & Pittsburgh, guar. (quer.)_ _ 8734c. June 1 Holders of rec. May 10a
Special guaranteed (quar.)
50c. June 1 Holders of rec. Slay 10a
*2
Delaware & Bound Brook (quar.)
May 20 *Holders of rec. May 18
North Pennsylvania (quar.)
*81
May 25 Holders of rec. May 16
Phila. Germantown & Norristown (qu.). *51.50 June 4 *Holders of rec. May 20
Pittsb. Bessemer & Lake Erie, pref
$1.50 June 1 Holders of rec. May 14
Pittsb. Youngst. & Ashtabula, pf. (qu.)_
134 June 1 Holders of rec. Slay 200
Southern Pacific Co. (quar.)
134 July 1 Holders orrec. Slay 27
Union Pacific, common (quar.)
234 July I Holders of rec. June 1
Public Utilities.
Amer. Telegraph & Cable (mar.)
*134 June 1 *Holders of rec. May 31
Barcelona Tr., L.& Pow., ord.(Interim) *50c. June 30
Participating preferred (Interim)
*50e. June 30
Central Indiana Power, pref. (quar.)
•134 June 1 *Holders of n3c. May 20
English Electric Co. of Canada, pref.
.114
May 31 *Holders of rec. May 20
Hackensack Water, common (quar.)_
75c. June 1 Holders of rec. May 24a
Preferred (quar.)
8734c June 1 Holders of rec. May 24a
Indianapolis Water Co., pref. (quar.) -- 134 July 1 Holders of rec. June 15a
Jamaica Public Service. pref. (quar.)... 134 July 2 Holders of rec. June 15
Keystone Telep. Co. of Phila., pf.(qu.). 51
June 1 Holders of rec. May 18a
Middle West Pub. UM., pr. lien (qu.)- - *2
June 15 *Holders of rec. May 31
Nebraska Power, preferred (quar.)
134 June 1 Holders of rec. May 16
North Carolina Pub. Serv., pref.(qu.)_ _ $1.75 June 1 Holders of rec. May 16
Northwestern Public Service, pref. (qu.) 134 June 1 Holders of rec. Slay 20
Oklahoma Gas & Elec.. pref.(quar.)_
134 June 15 Holders of rec. Slay 31
Pacific Lighting, common (quar.)
"4
May 15 *Holders of roc. Apr. 30
Preferred (quar.)
•134 May 15 *Holders of rec. Apr. 30
Penn Central Light & Pow., pref. (qu.). $1.25 July 1 Holders of rec. June 15a
Pennsylvania Gas & Elec., class A (qu.)_ "3734c June 1 'Holders of rec. May 20
Class A (extra)
"334c June 1 'Holders of rec. Slay 20
Penna. Water & Pow., new stock (quar.) *50c.
Holders of rec. June 17
Philadelphia Electric (quar.)
50c. June 15 Holders of rec. May 176
Portland Electric Power, 2d pref.(quar.) 134 June 1 Holders of rec. Slay 200
Radio Corp. of America, A pref. (quar.). 134 July 1. Holders of rec. June la
Rochester Gas & Elec., 7% pt. B (guar.)
Hi June I May 15 to May 31
Six per cent pref., series C (quar.)
134 June 1 May 15 to May 31
134 June 1 May 15 to May 31
Six per cent pref., series D (quar.)_ _
Southwestern Power & Light, pref.(qu.) 134 June 1 Holders of rec. May 14
134 May 16 Holders of rec. May 5
Utica Gas dr Electric, pref. (quar.)
Virginia Electric & Power,6% pref.(qu.) 134 June 20 Holders of rec. May 310
134 June 20 Holders of rec. May 310
Seven per cent preferred (quar.)
Washington By.& Elec., corn.& 13f.(q11.) '134 June 1 *Holders of rec. May 14
Wisconsin Public Serv.634% pref.(cu). 134 June 20 Holders of rec. May 31
1% June 20 Holders of rec. May 31
Seven per cent pref. (quar.)
Banks.
2
May 2 Holders of rec. Apr. 25
Amalgamated
June 1 Holders of rec. May 16
American Colonial of Porto Rico (quar.) 2
2
June 1 Holders of rec. May 16
Extra
234 June 1 Holders of rec. May 25
Port Morris (guar.)
53
July 1 *Holders of rec. June 25
Standard Bank (quar.)
July 1 *Holders of rec. June 25
Standard National Corp., corn.(quar.)_ _ *3
"134 July 1 *Holders of rec. June 25
Preferred (guar.)
Miscellaneous.
American Art Works,corn. AL pref.(qu.). 134 July 15 Holders of rec. June 30
$1.50 June 30 Holders of rec. June 15a
Amer. Railway Express (quar.)
Abbotts Alderney Dairies, 1st pref.(qu.) •134 June 1 *Holders of rec. May 20
American Eiectrice Corp., pref. A (attar.) .4334c May 15 *Holders of rec. Slay 5
134 June 1 Holders of rec. Slay 16a
American Sumatra Tobacco, pref. (qu.)_
American Sugar Refining, corn.(guar.)... 14 July 2 Holders of rec. June in
134 July 2 Holders of rec. June la
Preferred ((Mar.)
75e. July 1 Holders of roe. June 17
Artloom Corporation (quar.)
1
June 15 Hol era of rec. Slay 21
Atlantic Refining, common
$1
June 10 Holders of rec. May 314
Atlas Powder. common (quar.)
•114 May 16 *Holders of rec. Slay 9
Beacon Manufacturing (quar.)
*3
June 30 *Holders of rec. June 1
Boston Wharf
"134 June 1 'Holders of rec. May 13
Brill Corporation, pref. (quar.)
Bristol Manufacturing (quar.)
134 June 1 Holders of rec. Slay 9a
Bunker Hill & Sullivan Min.& Constr *75c. May 4 *Holders of rec. Apr. 30
134 May 14 Holders of res. May 5
Cabot Manufacturing (quar.)
112
Canada Foundries & Forgings, pref
June 1 Holders of rec. May 18
Case (3.1.) Thresh. Mach., corn.(qu.)_ '134 July I 'Holders of rec. June 15
Preferred (guar.)
"134 July 1 *Holders of rec. June 15
By Barnes & Lofland, Philadelphia:
Chrysler Corporation, cons.(guar.)
75c. June 30 Holders of rec. June 154
Shares. Stocks.
$ Perch. Shares. Stocks.
$ per sh. Cities Service, Bankers shares (monthly) •1631c June .1 Holders of rec. May 16
15 Merchantville (N..1.) Trust Co_171
12 Guarantee Tr.& Safe Dep. Co
Cleveland Stone (extra)
25c. June 15 Holders of rec. June 5
1 West End Trust Co
387
5 Mine Hill & Schuylkill Haven RR.33031
54
Coca-Cola International (quar.)
*31.75 July 1 *Holders of rec. June 11
45 Columbia Ave. Trust Co
353
2 Little Schuylkill Nay., RR. &
Colorado Fuel & Iron, pref.(quar.)
2
May 25 Holders of rec. May 100
50 Tenth Nat. Bank of Phlia
35031
Coal Co
4231 Congress Cigar (quar.)
*$1
June 30 *Holders of rec. June 14
9 Phila. Girard Nat. Dank
679
5 Tacony-Palmyra Ferry, par $50.- 30
Ccnlon
Corporation
(quar.)
'134
July
30 *Holders of rec. July 20
Girard
Nat.
Bank
Phila.
3
679
25 Reliance Insurance Co., par $10134 July 1 Holders of rec. June 20
27 Phila. Girard Nat. Bank
679
15 Victory Insurance Co., par $10- 2134 Continental Can, Inc., pref. (quar.)
*25e. June 15 *Holders of rec. Slay 14
10 Phila. Girard Nat. Bank
679
16 John B. Stetson Co., common, 2131 Continental 011 (quar.)
Cumberland Pipe Line (qar.)
2
June 15 Holders of rec. May 31
8 Tinge National Bank
136
no par
99
Curtis Publishing Co., corn. (guar.)._ _ _ *50c. May 2 *Holders of rec. Apr. 22
11 Manayunk National Bank
500
61 Phila. Life Ins. Co., par $10.- 14
Mfg.,
Dartmouth
134
corn.
June
Fourth
(quar.)
1 Holders of rec. May 9a
Franklin
St.
Nat.
12
Bank.585
100 Hare & Chase, Inc., common,
Preferred (quar.)
14 June 1 Holders of rec. May 9a
14 Pa. Co.for Ins. on Lives, &c_ _849
no par
$100
$1.25 July 1 Holders of rec. May 31
20 Bankers Trust Co.. par $50,
40 George B. Newton Coal Co., lot Eastman Kodak. corn. (quar.)
Common (extra)
75c. July I Holders of rec. May 31
full paid
7734
1st preferred
80g
134 July 1 Holders of rec. May 31
Preferred (quar.)
10 Bk. of No. Amer. & Tr. Co
39031 50 George B. Newton Coal Co.,
Emporium
Corporation
(quar.)
550c.
June 24 *Holders of rec. June 1
20 Bk. of No. Amer. & Tr. Co
1st preferred
390
80g Essex Company
53
June 1 Holders of rec. May 9a
7 Lancaster Ave. Title & Trust Co.,
380 George B. Newton Coal Co.,
Fifth Avenue Bus Securities (quar.)
•160. July 16 *Holders of rec. July 2
par 550
90
common
1131 Ford Motor Co. of Canada
•515 May 28 *Holders of res. May 21
5 United Secur. Life Ins. & Tr. Co_21634 10 Frankford & Southw. Pass.
$1.25 June 15 *Holders of rec. June 1
10 Colonial Trust Co., par $50_ __ _22334 11 Frankford & Southw. Pass. Ry_22831 Foundation Co.(quar.)
Ry_22734 General Motors Corp., common (quar.). $2
June 13 Holders of rec. May 216
10 Colonial Trust Co., par $50
223
100 Commonwealth Casualty Co..
Common (extra)
52
July 5 Holders of rec. May 21a
10 Colonial Trust Co., par S50......22234
par $10
22
Six per cent preferred (quar.)
134 Aug. 1 Holders of roe. July 54
19 Colonial Trust Co., par $50
222% 15 Manufacturers Casualty InsurSix
per
cent
debenture
stock
(quar.)..
Trust
Co
Aldine
134
Aug. 1 Holders of rec. July 5a
10
267
ance Co., par 510
3434
Seven per cent debenture stock (quar.) .2
138 Aug. 1 Holders of rec. July 5a
5 Aldine Trust Co
264
1 Pennsylvania Academy of Fine
Goodyear Tire & Rubber, prior pref.(qu.)
July 1 *Holders of rec. June 1
16 Franklin Trust Co
511
Arts
3331
Seven per cent preferred (quar.)
"134 July 1 'Holders of rec. June 1
15 Franklin Trust Co
510
50 Phila. Bourse,common, par 550- 2631
Globe Democrat Publishing,
(qu.)
134 June 1 Holders of rec. May 20
15 Integrity Trust Co., par 850....550
BondsPer cent. Guantanamo Sugar, preferredpref.
(quar.)
_
_
Industrial
Trust,
Title
uly 1 Holders of rec. June 15a
&
2
Savings
$5,000 Bellevue Stratford Hotel Co.
5
Higbee Co., 2d pref.(quar.)
June I May 21 to June 1
let mtge. 534s, 1935, guar. by
Co., par $50
450
*50
10
4 May 16 Holders of rec. Slay 10
126
the Phila. Co. for Guar. Mtges 10131 Hoosac Cotton Mills, pref. (quar.)
5 Richmond Trust Co
Illinois Wire & Cable (quar.)
July 1 *Holders of rec. June 15
34 Commonwealth Title Ins. & Tr_62531 55.000 Sesqui-Centennial Exhibition
Internat. Securities Trust A,corn.(quar) 48c.
1x June 1 Holders of rec. May 14
10 Commonwealth Title Ins. & Tr_625
participation certificate
$15 lot
Seven per cent preferred (guar.)
June 1 Holders of rec. May 14
2 Northeastern Title & Tr., Dar $50_ 7531 $6,000 Phila. Elec. Co.5% tr. ctts.,
634% preferred (quar.)
131 June 1 Holders of rec. May 14
795
3 Provident Trust Co
registered, 1948
103
Six per cent preferred (guar.)
134 June 1 Holders of rec. May 14
By A. J. Wright & Co., Buffalo:
International Shoe. pref. (monthly)_ _
34 June 1 Holders of rec. May 15
5 perch. Shares. Stocks.
Shares. Stocks.
S per sh. Interstate Terminal Warehouses, pf.(qu.) 25c. May 5 May 1 to May 5
King Edward Hotel (Canada), corn
May 5 Holders of rec. Apr. 30
2c. 1 Buff. Niag. ,k East. Pow., pref.,
$1
100 March Gold, Inc., par 10c
July 1 *Holders of rec. June 24
Kuppenhelmer (B.) & Co., Inc., cora
'Si
1 Buff. Mag.& East. Pow., no par_ 2931
par $25
26
•114 June 1 *Holders of rec. May 24
Preferred (guar.)
11 Hill Pierce Oil& Ref., par $10-52 lot 100 Buffalo General Laundries.
June 1 Holders of rec. May 21
Lake of the Woods Milling, corn, (qu.).... 3
1,000 Baldwin Gold Mines, par $1. 234c.
pref., par $25
23
Preferred (guar.)
134 June 1 Holders of rec. May 21
1.000 March Gold, Inc.. par 100- 2c.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Leverich Bond & Mortgage Corp.
Common A and B (guar.)
234 May 12 Holders of rec. Apr. 30
25c. June 1 May 19 to May 31
Loblaw Groceterlas, common (guar.)
1% June 1 May 19 to May 31
Prior preferred (guar.)
50c. May 15 Holders of rec. May 4
Medart(Fred) Mfg., com.(guar.)
1% June 1 Holders of rec. May 16
Mengel Company, pref. (guar.)
Metro-Goldwyn Pictures, pref.(guar.)_ _
154 June 15 Holders of rec. May 28
Metropolitan Paving Brick, corn.(guar.) 50e. June 1 Holders of rec. May 14
*1% July 1 *Holders of rec. June 15
Preferred (quar.)
Montgomery Ward & Co.. com.(quar.)_
Aug. 15 *Holders of rec. Aug. 5
*$1.75 July 1 *Holders of roe. June 20
Class A (guar.)
Class A (guar.)
•$1.75 Oct. 1 *Holders of roe. Sept. 20
Motor Wheel Corp., com.(guar.)
*50e. June 20 *Holders of rec. June 10
National Sugar Refining (guar.)
13( July 1 Holders of rec. June 6
2
May 16 Holders of rec. May 10a
Newmarket Manufacturing (guar.)
*500. July 15 *Holders of rec. July 1
New York Transportation (guar.)
Northern Pipe Line
3
July 1 Holders of rec. June 10a
513( June 1 *Holders of rec. May 20
Ogilvie Flour Mills (guar.)
Omnibus Corporation, pref. (guar.) _ _ *2
July 1 *Holders of rec. June 17
Paraffine Cos., new stock (No, 1)
June 27 *Holders of rec. June 17
Paramount Famous Lasky Corp.
$2
July 1 Holders of rec. June 15a
Common (guar.)
•1% June 1 *Holders of rec. May 17
Phoenix Hoeiery, first pref.(guar.)
8234c. June 1 Holders of rec. May 14
Polar Wave Ice & Fuel, A (guar.)
Porto Rican Am.Tob., cl. A (qu.)(No.1) $1.75 July 11 Holders of rec. June 20a
May 16 Holders of rec. May 10a
2
QuIssett Mill (guar.)
134 June 1 Holders of rec. May 20a
Reid Ice Cream, pref. (guar.)
July
1 Holders of rec. June 15
$1.25
Remington Typewriter, com. (guar.).-First preferred (guar.)
134 July 1 Holders of rec. June 15
July 1 Holders of rec. June 15
2
Second preferred (guar.)
*40e. June 1 *Holders of rec. May 14
Royalite Oil Co
35c. June 30 Holders of rec. June 2
Shell Union 011, com.(guar.)
50e. May 31 Holders of rec. May 20
Shippers Car Line Corp., class A (guar.)
$1.75 May 31 Holders of rec. May 20
Preferred (guar.)
*5
June 20 *June I to June 10
Solar Refining
Standard 011 (Ohio), common (guar.).- - *62 Mc July 1 *Holders of rec. May 27
25e. June 15 Holders of rec. May 25
Sun Oil (guar.)
May 31 *Holders of rec. May 12
Taunton & New Bedford Copper (guar.) *2
1234c. June 16 Holders of rec. May 31a
Tennessee Copper & Chem.(guar.)
1% June 1 May 21 to May 31
Timken-Detroit Axle, pref.(guar.)
1
July 15 Holders of rec. June 30
Tuckett Tobacco, corn. (guar.)
1% July 15 Holders of rec. June 30
Preferred (guar.)
$1
July 1 Holders of rec. June 4
Underwood Typewriter, common (qu.)
$1
Oct. 1 Holders of roe. Sept. 3
Common (guar.)
1M July 1 Holders of rec. June 4
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 3
Preferred (guar.)
50e. June 30 Holders of rec. June 10
United Cigar Stores, com.(guar.)
1'134 June 30 Holders of rec. June 10
Common (payable in common stock)
$1
July 1 Holders of rec. June 4
United Fruit (guar.)
*40c. June 30 *Holders of rec. June 15
U.S. Gypsum,cons.(guar.)
el% June 30 *Holders of rec. June 15
Preferred (quar.)
$1
June 15 Holders of rec. May 25
U.S. Realty & Development (guar.)_
1;4 June 17 Holders of rec. June 10
Valvoline Oil, corn. (guar.)
*1M June 1 *Holders of rec. May 21
Vesta Battery Corp.. preferred (quar.)
1
June 15 Holders of rec. May 10a
Warnsutta Mills(guar.)
July 1 Holders of rec. June 15
Ward Baking Corp.,com.el. A (guar.)_ _ $2
134 July 1 Holders of rec. June 15
Preferred (quar.)
Wesson Oil& Snowdrift, ad.(guar.)._ _ *1% June 1 *Holders of rec. May 181
*61
June 30 *Holders of rec. June 15 1
White Motor (guar.)
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atchison Topeka de Santa Fe, cons.(qu.) 134 June 1 Holders of rec. May 6a
750. June 1 Holders of rec. May ea
Common (extra)
June 30 Holders of rec. June 20
4
Atlanta & West Point
334 July 11 Holders of roe. June 15a
Atlantic Coast Line RR., com
134 July 11 Holders of rec. June 15a
Common (extra)
134 June 1 Holders of rec. Apr. 16a
Baltimore & Ohio, corn. (guar.)
June 1 Holders of rec. Apr. lea
1
Preferred (guar.)
*2M June 30 *Holders of rec. May 31
Boston & Albany (guar.)
Canadian Pacific, com (guar.)
234 June 30 Holders of rec. June la
Catawissa, 1st & 2d preferred
234 May 23 Holders of rec. May 13a
May 18 Holders of rec. May 9a
Central RR. of New Jersey (guar.)
Chesapeake & Ohio. pref. (guar.)
334 Nay 1 Holders of roe. June ea
2
June 30 June 19 to June 30
Colorado Southern, first preferred
234 June 20 Holders of rec. May 28a
Delaware & Hudson Co. (guar.)
234 May 28 Holders of ree. May 12
Georgia Southern & Florida, 1st & 2d pf_
134 June 1 Holders of rec. May 160
Hudson & Manhattan RR., corn
1% June 1 Holders of rec. May (ia
Illinois Central, common (guar.)
Internat. Rys. of Cent. Amer.. Pf. (qu.) 13‘ May 16 Holders of roe. Apr. 30a
July 1 Holders of rec. June 15
1
Maine Central, corn.(guar.)
134 June 1 Holders of rec. May 16
Preferred (guar.)
New Orleans Texas & Mexico (guar.).-- 1 14 June 1 Holders of rec. May 140
N.Y.Chicago & St. Louis, corn.(guar.). 214 July 1 Holders of roe. May 16a
Preferred (quan)
134 July 1 Holders of rec. May 16a
Norfolk & Western, common (quar.)
2
June 18 Holders of rec. May 31a
Norfolk & Western, adj. pref. (guar.).- May 19 Holders of rec. Apr. 30a
Pennsylvania RR.(guar.)
87340. May 31 Holders of roe. May 2a
Pere Marquette, com. (in corn. stock)._ •20
Subj. to stockholders meet. MaY18
Reading Company, first pref. (quar.)-- - 500. June 9 Holders of rec. May 23a
St. Louis-San Francisco. preferred (qu.) 1;4 Aug. 1 Holders of rec. July 15e
Preferred (quar.)
134 Nov. I Holders of rec. Oct. 15a
Wabash Ry.. prof. A (guar.)
134 May 25 Holders of rec. Apr, Illa
Western Railway of Alabama
4
June 30 Holders of rec. June 20
Public Utll Meg.
Amer. European Securities, pref. (qu.)._ $1.50 May 14 Holders of rec. Apr. 30a
Amer. Power & Light, common (quar.). 250. June 1 Holders of rec. May 18a
Corn. (one-fiftieth share corn. stk.)„ (I) June I Holders of rec. May 18a
Amer. Superpower Corp.. part. of. (nu.) 500. May 16 Holders of reo. Apr. 21a
Amer. Water Works at Elec.. corn. (qu.) 40c. May 18 Holders of rec. May 2a
1% May 18 Holders of roe. May 2,
First preferred (guar.)
Associated Gas & Elec.. $13 pre (guar.). r$1 M June 1 Holders of rec. Apr. 30a
e6 M preferred (guar.)
41% June 1 Holders of roe. Apr. 30a
Baton Rouge Elec. Co., prof. A (qu.)... 1% June 1 Holders of rec. May lea
Blackstone Val., G.& El.. corn. (qu.)_ $1.25 June 1 Holders of rec. May 10a
Preferred
June 1 Holders of rec. May 10a
3
Brazilian 'frac., Lt.& Pow., ord.(guar.) 1% June 1 Holders of roe. Apr. 30
Brooklyn Edison Co. (guar.)
2
June I Holders of rec. May lie
134 May 15 Holders of roe. Apr. 30a
Cedar Rapids Mfg. & Power (guar.)_ _
1% June 1 Holders of rec. May 16a
Central Arkansas Fry. at Lt., pref (qu.)_
Central Gas & Electric. pref.(guar.).-"11.75 June 1 *Holders of rec. May 15
Central Ill. Public Serv., pref. (guar.).* $1.50 July 15 *Holders of rec. June 30
Central & South West UM.. pref.(altar.) 134 May 16 Holders of rec. Apr. 30
1% May 16 Holders of rec. Apr. 30
Prior Ilen (euar-)
Chicago Rap.Tran., prior pref. A(mtrile) 650. June 1 Holders of rec. May 170
600. June 1 Holders of rec. May 176
Prior preferred B (monthly)
Cleveland Electric mum., prof. (quar.). 134 June 1 Holders of rec. May 160
Columbia Gas & Eleo. Corp., cons. (qu.) $1.25 May 15 Holders of rec. Apr. 20s
134 May 15 Holders of rec. Apr. 20s
Six per cent preferred (guar.)
June 1 May 22 to June 1
Community Power & Lit, artie. pf.(qu.) $2
Connecticut Ry.& Ltg. com.& pf.(qu.) $1.1212 May 14 May 1 to May 15
62
Mc
July 1 Holders of ree. June 15a
JAIL,
com.
(qu.).
P..
L.
&
G.,
E.
Cons.
2
July 1 Holders of rec. June 15a
Eight per cent pref., aeries A (quar.)
Seven per cent pref., series B (guar.). 1% July 1 Holders of reo. June 15a
1% July 1 Holders of rec. June 15a
634% preferred, series C (qaar.)
Six per cent preferred. series D (guar.) 134 July 1 Holders of rec. June 15a
Consolidated Gas, New York, corn.(qu.) $1.25 June 15 Holders of rec. May 10a
134 July 1 Holders of rec. June 15
Consumers Power,8% pref. (guar.)-1.85 July 1 Holders of rec. June 15
am% Preferred (quar.)
1% July 1 Holden of rec. June 15
Seven per cent preferred (guar.)
500. June 1 Holden of rec. May 16
Six per cent preferred (monthly)
50c. July 1 Holders of rec. June 15
Six per cent preferred (monthly)
[VOL 124
THE CHRONICLE
2868
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Consumers Power (Concl.)55e. June 1 Holders of rec. May 16
6.6% preferred (monthly)
55c. July 1 Holders of rec. June 15
6.6% preferred (monthly)
Duquesne Light, lot pref., series A(MO - 134 June 15 Holders of rec. May 14a
134 June 15 Holders of roe. May 31
East Kootenay Power, prof. (quar.)
Eastern Shore Gas & El., pref. (guar.)._ 50c. June 1 Holders of rec. Mayd14a
Empire Gas& Fuel,8% pref.(monthly)* 662-3c June 1 *Holders of rec. May 14
Seven per cent preferred (monthly) _* 58 1-3c June 1 *Holders of reo. May 14
20c. July 1 Holders of rec. June 130
Federal Light & Traction. com.(quar.)
Corn.(In eons. stk.[1-100 of a share])-- 1150. July 1 Holders of roe. June 13a
134 June I Holders of rec. May 140
Preferred (guar.)
$1.50 June 1 Holders of roe. May 100
Havana Electric EY.. pref. (guar.)
Havana Electric & Utilities, 1st pf.(qu.) $1.50 May 16 Holders of rec. Apr. 25
$1.25 May 16 Holders of roe. Apr. 25
Cumulative preference (quar.)
134 May 14 Holders of rec. Apr. 30
Illuminating & Power Secure-, Wet. Wei
Kentucky Utilities, junior pref. (quar.). *134 May 20 *Holders of rec. Apr. 30
June 1 *Holders of roe. May 18
Keystone Telep. of Phila.. pref. (guar.). *$1
Laclede Gas & Elec., prior lien (quar.).. *134 June 1 *Holders of rec. May 15
4c June 25 Holders of rec. May 310
Louisville Gas & Elec., class A (quar.).. 433
June 1 Ma,15 to May 31
Massachusetts Gas Companies, pref.... $2
$1.50 May 16 Holders of rec. Apr. 300
Middle West utilities (guar.)
Mohawk & Hudson Pow., 2d pref. (qu.) $1.75 June 1 Holders of rec. May 200
Mentreal Water & Power, com.(quar.)_ 6234e May 14 Holders of rec. Apr. 30a
134 May 14 Holders of rec. Apr. 30,
Preferred (guar.)
200. June 1 Holders of rec. May 140
National Power & Light, com.(quar.)
North American Edison Co., pref.(rm.). $1.50 June 1 Holders of rec. May 16a
$1.75 May 16 Holders of rec. Apr. 30a
North West Utilities, pref.(guar.)
134 June 1 Holders of rec. May 20
Northern States Power, pref.(guar.) _ _ _
134 June 1 Holders of roe. May 18
Ohio Edison,6% pref. (guar.)
1.85 June 1 Holders of rec. May 18
8.8% preferred (guar.)
134 June 1 Holders of rec. May 18
7% preferred (guar.)
50c. June 1 Holders of roe. May 18
d% preferred (monthly)
550. June 1 Holders of rec. May 18
6.8% preferred (monthly)
Penn-Ohio Edison134 June 1 Holders of rec. May 21
7% prior preferre I (guar.)
Aug. 2 Holders of rec. July 20
Penn.-Ohio Pow.& Lt., 8% pref. (qu.). 2
134 Aug. 1 Holders of roe. July 20
Seven per cent preferred (quay.)
800. June 1 Holders of roe. May 20
7.2% preferred (monthly)
60e. July 1 Holders of rec. June 20
7.2% Preferred (monthly)
80e. Aug. 1 Holders of rec. July 20
7.2% preferred (monthly)
550. June 1 Holders of rec. May 20
0.6% preferred (monthly)
55o. July 1 Holders of rec. June 20
6.6% Preferred (monthly)
6.8% preferred (monthly)
55c. Aug. 1 Holders of rec. July 20
Phila. Suburban Water, pref. (guar.).- 134 June 1 Holders of rec. May 110
Public Service Corp. of N.J.,6% pf.(qu)
M May 31 Holders of rec. May 6
Southern California Edison, corn.((Mar.) 50o. May 15 Holders of roe. Apr. 20a
Southern Colorado Power, pref.(guar.). 134 June 15 Holders of rec. May 31
Class A. common (guar.)
50o. May 25 Holders of roe. Apr. 300
June 15 Holders of rec. May 310
Standard Gas & Electric,8% Pref.(01.)- $1
Tampa Electric Co., com.(guar.)
50o. May 16 Holders of rec. Apr. 250
Corn.(stock div. 1-100 share corn.elk.) (u) May 16 Holders of rec. Apr. 25a
Tennessee Elec. Power 8% 1st pt.(qu.). 134 July 1 Holders of rec. June 15
Seven per cent first pref. guar.)
134 July 1 Holders of rec. June 16
1.80 July 1 Holders of rec. June 15
7.2 per cent first pref. (guar.)
Six per cent first pref.(monthly)
50c. June 1 Holders of rec. May 16
Six per cent first pref.(monthly)
50c. July 1 Holders of rec. June 15
7.2 per cent first pref.(monthly)
60c. June I Holders of rec. May 16
7.2 per cent first pref.(monthly)
60a. July 1 Holders of rec. June 15
1
United Rya.& Elec., Ball.. com.(qu.)
May 16 Holders of reo. Apr. 300
Utility Shama Corp., partic. pref.(quar.) 30e. June 1 Holders of roe. May 13
West Penn Electric Co.,7% prof.(guar.) 114 May 18 Holders of rec. May 2
114 May 16 Holders of rec. May 20
Six per cent preferred (guar.)
West Penn Rys., pref. (quar.)
134 June 15 Holders of rec. May 25
Wisconsin Power & Light, pref.(guar.)._ *$1.75 June 15 *Holders of rec. May 31
Joint Stock Land Bank.
Denver
4
July
1 Holders of rec. June 250
Miscellaneous.
Adams Royalty (quar.)
*50e. July 1 *Holders of rec. June 15
Allis-Chalmers Mfg., corn. (guar.)
$1.50 May 16 Holders of rec. Apr. 230
Aluminum Manufacturers, corn. (quo:.) .50c. June 30 *Holders of rec. June 15
*50c. Sept.30 *Holders of rec. Sept.15
Common (guar.)
*50e. Dee. 31 *Holders of rec. Doe. 15
Common (guar.)
50o. May 16 Holders of roe. Apr. 300
American Can. corn.(quan)
American Chicle, common (guar.)
750. July 1 Holders of rec. June 15a
Prior preferred (guar.)
134 July 1 Holders of rec. June 15a
Six per cent preferred (guar.)
*134 July 1 *Holders of reo. June 15
American Felt. pref. (guar.)
*135 June 1 *Holders of rec. May 17
American Home Products Corp.(guar )_ 200. June 1 Holders of rec. May 14a
Amer. Laundry Machinery, corn. (qu.). $1
June 1 Holders of rec. May 23
American Mfg. Co., corn. (guar.)
114 July 1 Holders of rec. June Mc
Common (guar.)
134 Oct. 1 Holders of rec. Sept. 180
Common (guar.)
114 Dec. 31 Holders of roe. Doe. 160
Preferred (guar.)
134 July 1 Holders of rec. June 160
Preferred (quar.)
114 Oct. 1 Holders of rec. Sept. 180
Preferred (guar.)
134 Dec. 31 Holders of rec. Dee. 160
American Metal, com.(guar.)
750 June 1 Holders of rec. May 20a
Preferred (quar.)
15.4 June 1 Holders of rec. May 2I0
Amer. Multigraph corn. (guar.)
40e. June 1 Holders of rec. May 140
American Radiator, corn. (guar.)
$1.25 Juno 30 Holders of rec. June 150
Preferred (guar.)
194 May 16 Holders of rec. May 30
Amer. Rolling Mill, com. (guar.)
*50c. July 15 *Holders of rec. June 30
Common (payable In common stock). .15
July 30 *Holders of rec. July 1
•134 July 1 *Holders of rec. June 15
Preferred (quar.)
American Seating, corn. (guar.)
•75c. Juiy 1 *Holders of rec. June 20
Common (extra)
25c. July 1 Holders of rec. June 20
Common (extra)
25c. Oct. 1 Holders of rec. Sept.20
Amer. Smelting & Refining, pref.(guar.) 154 Juno 1 Holders of rec. May gcs
American Tobacco, corn. & coin. B (qu.) $2
June 1 Holders of rec. May 100
Anaconda Copper Mining (quay.)
750 May 23 Holders of rec. Apr. 16a
Artloom Corp., pref. (guar.)
134 June 1 Holders of rec. May 180
Associated Dry Goods, 1st pref.(guar.)
134 June 1 Holders of rec. Apr. 300
Second preferred (guar.)
134 June 1 Holders of rec. Apr. 300
Associated 011 (guar.)
50c. Juno 25 Holders of rec. June 40
Extra
400. Juno 25 Holders of rec. June 4a
Babcock & Wilcox Co. (guar.)
134. July I Holders of rec. June 200
Quarterly
194 Oct. 1 Holders of rec. Sept. 200
Quarterly
134 Janl '28 Holders of rec. Dec. 200
Quarterly
144 Apr1'28 Hold. rec. Mar. 20280
Balaban & Katz,corn.(monthly)
25o. June 1 Holders of rec. May 20
Common (monthly)
25c. July 1 Holders of rec. June 20
Preferred (guar.)
194 July 1 Holders of rec. June 20a
Bamberger (L.) & Co., pref.(guar.)...134 June 1 Holders of rec. May 14a
Preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 130
Preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 12a
Bankers Capital Corp., prof.(guar.)---- $2
July 15 Holders of rec. June 30
Preferred (guar.)
$2
Oct. 15 Holders of rec. Sept.30
Preferred (guar.)
$2
Jan16'28 Holders of roe. Dec. 31
Beacon 011, pref.(quay.)
$1.8734 May 16 Holders of rec. May 2
Beech-Nut Packing. corn. (guar.)
80c. July 9 Holders of rec. June 256
Preferred (guar.)
134 July 16 Holders of rec. July 16
Belding CortIcelli, preferred (guar.).--134 June 15 Holders of rec. May 31
Bethlehem 8t**1. preferred (guar.)
154 July I Holders of rec. June 30
Blo h Bros. Tobacco. common (guar.).- 3734o May 15 Holders of rec. May 10
Common (guar.)
3734e Aug. 15 Holders of rec. Aug. 10
Common (guar.)
87 Mc Nov. 15 Holders of rec. Nov. 10
Preferred (guar.)
154 June 80 Holders of reo. June 25
Preferred (quar.)
134 Sept.130 Holders of roe. Sept.25
114 Dec. 31 Holders of roe. Dee. 28
Preferred (guar.)
Bond & Mortgage Guarantee (guar.).- 4
May 14 Holders of rec. May 7
$1.25 June 1 Holders of rea. May 160
Borden Company, corn. (guar.)
Boas Manufacturing, com. (guar.)
$2.50 May 16 Holders of rec. API% 30
134 May 16 Holders of rec. Apr. 30
Preferred (guar.)
Brach (E. J.) & Sons, common (quar.) _ *700. June 1 *Holders of rec. May 2
British Columbia Fishing, com. (quar.) $1.25 June 10 Holders of yea. May 31
Common (quar.)
$1.25 Sept. 10 Holders of rec. Aug. 31
$1.25 Dec. 10 Holders of rec. Nov.30
Common (guar.)
$1.25 3-10-28 Holders of ref. Feb.28'28
Common (guar.)
154 June 10 Holders of rec. May 31
Preferred (quar.)
154 Sept. 10 Holders of rec. Aug. 31
Preferred Mar.)
MAY 14 1927.]
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
British Columbia Fishing (Cone.)Deo, 10 Holders of tee. Nov.30
Preferred (guar.)
114 3-10-'28 Holders of rec. Feb.28'2
Preferred (quar.)
May 16 Holders of roe. May 12
$2
Brookside Mills
500. June 1 Holders of rec. May 20a
Brown Shoe, corn.(auar.)
Brunswick-Balke-Collender, corn.(TO_ 760. May 15 Holders of rec. May 5a
June 15 Holders of rec. Apr. 23
$1
Buckeye Pipe Line (quar.)
75e. July 1 Holders of rec. June 20
Bucyrus Company, cool.(quar.)
1% July 1 Holders of rec. June 20
Preferred (quar.)
BUMS Brothers. com.,,class A (quar.)... $2.50 May 16 Holders of rec. May 2a
50c. May 16 Holders of rec. May 2a
Common, elms B (guar.)
131 July 1 Holders of rec. June 13a
Preferred (War.)
Prior preferred (quar.)
134 Aug. 1 Holders of rect. July 15a
50e. May 18 Holders of rec. May 2
Butler Brothers (guar.)
$1
June 15 Holders of rec. May 31a
California Packing (quar.)
500. June 1 Holders of rec. May 14a
California Petroleum (quar.)
Calumet dr Heela Consol. Copper (quar.) 50o. June 15 Holders of roe. May 31a
11$ May 16 Holders of rec. Apr. 30
Canada Cement. pref. (quar.)
1% May 16 Holders of rec. Apr. 30
Canadian Converters (quar.)
e30e. June 30 Holders of rec. May 20
Canadian Westinghouse
114 June 30 Holders of roe. June 20
Caufleld 011, common (quar.)
•131 Sept.30 *Holders of rec. Sept.20
Common (quiz'.)
*114 Dec. 31 *Holdere of rec. Dee. 20
Common (quer.)
111 June 30 Holders of rec. June 20
Preferred (quar.)
'
413( Sept.30 *Holders of rec. Sept.20
Preferred (gear.)
*I% Dee. 31 *Holders of roe. Dec. 29
Preferred (quer.)
1% May 16 Holders of rec. May 6a
Casein Co. of America (Del.) (guar.)
1
May 16 Holders of rec. May 6a
Extra
*30c. May 25 *Holders of rec. May 14
Caterpillar Tractor (guar.)
15c. May 16 Holders of roe. May 6
Centrifugal Pipe Corporation (guar.).
Century Ribbon Mills. prel.(guar ).... 1% June 1 Holders of rec. May 200
June 1 *Holders of rec. May 21
Chicago Flexible Shaft Co., pref.(guar.)
May 15 *Holders cf rec. May 7
Chicago Mill & Lumber, corn. (quar.).. *1
33 1-3e June 1 Holders of rec. May Wm
Chicago Yellow Cab Co.(monthly).
600. June 10 Holders of rec. May 27a
Childs Company, cora, no par (quiz'.)...
14$ June 10 Holders of rec. May 27
preferred (quar.)
July 1 Holders of rec. May 270
Childs Co.,com.(pay.ln no par corn stk.) fl
Oct. 1 Holders of tee. Aug. 26a
Common (payable In no par corn. stk.) fl
Common (payable in no par corn. etk.) fl
Dee. 30 Holders of rec. Nov 25e
6234c June 30 Holders of roe. June 3a
Chile Copper Co.(guar.)
Chrysler Corp.. preferred A (quar.)__._ $2
June 30 Holders of roe. June 15a
$2
Preferred A (guar.)
Sept.30 Holders of rec. Sept. 15a
Jan 3'28 Holders of roe. Dec. 188
$2
Preferred A Ce.l'ar.)
•14 June 1 *Holders of rec. May 15
Cities Service. common (monthly)
Common (payable in common!lock)._ 4114 June 1 *Holders of rec. May 15
Preferred & preference B (monthly)._
June 1 *Holders of rec. May 15
&sc. Juno 1 Holders of roe. May 100
City Ice & Fuel (quar.)
50e. Sept. 1 Holders of tee. Aug. len.
Quarterly.
common
5
June 1 Holders of rec. May 27a
City Investing,
Common
231 July 1 Holders of rec. June 27a
Cleveland Stone (qua?.)
50e. June 15 Holders of rec. June 60
Quarterly
500. Sept. 15 Holders of rec. Sept. ba
Coca-Cola Co., new no par stock (quar.) $1.25 July 1 Holders of rec. June ha
Consol. Bond & Share Corp.. pf. (4111.)- 131 May 15 Holders of rec. Apr. 15
Consolidated Cigar. pref. (quar.)
134 June 1 Holders of rec. May 140
Continental Can, Inc.. corn. (guar.).- $1.25 May 16 Holders of rec. May 5a
Cosgrove-Meehan Coal. pref. (quit.).... •Im July 1 *Holders of roe. June 27
•13.4 Oct. 1 *Holders of rec. Sept. 28
Preferred (guar.)
Preferred (guar.)
•14$ Dec. 21 *Holders of rec. Dec. 19
Cuneo Press. class A (mar.)
SI
June 15 Holders of roe. June
Cushman's Sons, Inc., corn. (quer.) _ - $1
June 1 Holders of rec. May 16a
CMI1111011 (Payable In $A pre! stock). _ KIM Sept. 1 Hoidens of roe Aug
Seven per cent preferred (quar.)
14$ June 1 Holders of rec. May 16a
$8 preferred quar.)
52
June 1 Holders of rec. May 16
Davie Mills (guar.)
*1
June 25 *Holders of rec. June 11
Decker (Alfred) & Cohn,com.(quar.)
*50e. June 15 *Holders of rec. June 4
Preferred (guar.)
•131 June 1 *Holders of rec. May 20
Deere & Co., pref.(guar.)
134 June 1 Holders of roe. May 140
Preferred (ace't accum. dive.)
75e. June 1 Holders of rec. May I4a
Diamond Match (guar.)
2
lune 15 Holders of rec. May 31a
Dominion Bridge. Ltd. (quar.)
1
May 16 Holders of rec. Apr. 30
Bonus
2
May 16 Holders of rec. Apr. 30
Dow Chemical, corn. (quar.)
$1
May 16 Holders of rec. May 5
Preferred (guar.)
131 May 16 Holders of rec. May 5
Eagle-Picher Lead, corn. (qua?.)
400. June 1 Holders of rec. May I40
Common (quar.)
*40e. Sept. 1 *Holders of rec. Aug. 15
Common (quer.)
•40e. Doe. 1 *Holders of rec. Nov. 15
Preferred (guar.)
•141 July 15 *Holders of rec. June 30
Preferred (quar.)
•114 Oct. 15 *Holders of rec. June 30
Early & Daniels, common (quar.)
6214e July 1 Holders of rec. June 20a
Common (extra)
25e. July 1 Holders of rec. June 20a
Common (quar.)
6254e Oct. 1 Holders of rec. Sept. 200
Common (extra)
25o. Oct. 1 Holders of rec. Sept 200
Common (qua?.)
6231c Jan 1'28 Holders) of roe. Dec. 200
Common (extra)
25o. Jan 1'28 Holders of rec. Dec. 200
Preferred (guar.)
$1.75 July
Holders of rec. June 200
Preferred (guar.)
$1.75 Oct.
Holders of rec. Sept. 200
Preferred (quar.)
$1.75 Jan 1'28 Holders of rec. Dec 200
Erie Steam Shovel, corn. (quar.)
62 Me June
Holders of rec. May lea
Preferred (quar.)
Holders of rec. May 16a
114 June
Eureka Vacuum CleanerCommon (payable in common stock). f5
Aug.
Holders of rec. July 200
Fairbanks, Morse & Co.. Con, (qUar.)
750. June 30 Holders of rec. June 15a
PretNITed Mint
14.1 June
Holders of rec May 141
Fair (The). common (monthly)
200. June
Holders of ree. May 2Ia
Common (monthly)
20e. July
Holders of rec. June 20a
Common (monthly)
200. Aug.
Holders of rec. July 21a
Preferred (Quit.)
•11$ Aug.- *Holders of rec. July 21
Famous Players Can'n Coro., let pf.(qu.) 2
June
Holders of rec. Apr. 30
Fanned Products Co.. new stock
The. May 1 Holders of reo Apr. 29
Federal Motor Truck (qua?.)
200. July
Holders of rec. June 18
Stock dividend
.1231 July 6 Holders of rec. June 18
Finance Service Co.(Baltimore), corn._ 4
June 1 Holders of roe. May 16
Preferred (qua?.)
1% June 1 Helders of rec. May 16
Firestone Tire & Rubber. 7% Pref. Ole1
131 May 15 Holders of recs. May I
edam% Foreign Investment Trust. $1.75 May 18 Holders of roe. May
First
'
,
8
Fish (tubber, 2d pref. (guar.)
11$ June 1 Holders of roe. May 16
Fitzsimmons & Connell Dredge & Dock
(quar.)
*50o. June 1 *Holders of roe. May 20
Foote Bros. Gear & Mach..com.(au.).- 344e. July 1 June 21 to June 31)
Common (guar.)
30e. Oct. 1 Sept. 21 to Sept.30
Common (guar.)
30e Jan 1'28 Doe. 21 to Dee 30
Preferred (quar.)
IM July 1 June 21 to June 30
Preferred (guar.)
114 Oct. 1 Sept.21 to Sept.80
Preferred (quar.)
1.1$ Jan 1'2 Dee 21 to Dec.80
Formica Insulation (quit.)
*25e. July
*Holders of rec. June 15
Quarterly
*25e. Oct.
*Holders of rec. Sept. 15
Quarterly
*Mc. Jan118 *Holders of reo. Dec. 15
General Asphalt, pref. (quar,)
1% June
Holders of rec. May 16a
General Box, pref. A and B (quar.)
•500. June
*Holders of rec. May 20
General Cigar, pref. (Suer.)
1% June
Holders of rec. May 24.
Debenture preferred (quar.)
I% July
Holders of roe June 240
General Development (quar.)
250. May 2 Holders of roc. May 10
General Outdoor Advertising, Cl. A (qu.) $1
May 1 Holders of rec. May 5*
Preferred (guar.)
May 1 *Holders of rec. May 5
Gillette Safety Razor (quar.)
June
Holders of roe. May 2
$1
Extra
12 Mc June
Holders of roe. May 2
C. G. Spring & Bumper, corn. (quiz'.).. 200. may I Holders of rec. Apr. 25a
Common (extra)
Sc. May 1 Holders of rec. Apr. 25a
Goodrich (B. F.) Co.. corn.(guar.)
June
Holders ofrec. May 16a
51
Preferred (quar.)
Holders of
11$ July
June Ifak
Holders of tee. May lea
°ahem Mfg., let pf.(acet.accum.div.)- 118,4 June
Omura (H. W.) Co., corn.
Holders of rec. May 20a
33 1-30 June
Common (monthly)
Holders of roe. June 20a
33 1-3e July
May 1 Holders of rec. May 7
Great Lakes Dredge & Dock (quit.) _
2
Greenfield Tap at Die Corp.,6% pf.(qui
Holders of rec. June 15
114 July
Holders of rec. June 15
2
8% preferred (quar.)
July
Guenther Publishing Go.
5
Preferred (quar.)
May 20 Holders of rec. Jan 20e
Quarterly
Aug. 20 Holders of rec. Jan. 20.
5
QuarterlY
Nov.20 Holders of rec. Jan. 20a
6
roe
Name of Company.
2869
Per
Whets
Cent. Payable.
Books Closed.
Days Inclurtre.
Miscellaneous (Continued).
Gulf States Steel, first preferred (quar.) 1% July 1 Holder's of rec. June 150
First preferred (quar.)
1% Oct. 1 Holders of rec. Sept. 150
First preferred (quar.)
1% Jan.T28 Holders of rec. Dee. 150
Hamilton Bank Note
6e. Aug. 15 Holders of rec. Aug. I
Harbison-Walker Refrae., eo.n .(quar.).. 1% June 1 Holders of rec. MAY 200
Preferred (quar.)
114 July 20 Holders of rec. July 9a
Hart, Schaffner & Marx. corn,(quar.)
114 May 31 Holders of rec.May 170
Hartman Corporation, class A (guar.). 50c. June I Holders of rec. May 17a
Class B (quar.) In class A stock
(0) June 1 Holders of roe. May 17.
Hayes Wheel, pref. (quar.)
•144 June 15 *Holders of rec. May 30
Hazeltine Corporation Bluer.)
25c. May 24 Holders erre°. May 4
Hercules Powder, preferred (quar.)
134 May 14 Holders of rec. May 5
Hibbard,Spencer,Bartlett Co.(monthly) 30c. May 27 Holders of rec. May 20
Monthly
300. June 24 Holders of rec. June 17
Hires (Charles E.), class A (quar.)
50c. June 1 Holders of rec. May 143
Hollander(H.)& Son, Inc., corn,(quar.) 6234e. May 16 Holders ofree. Apr. 29a
Hollinger Consolidated Gold Mines_ _
2
May 20 Holders of rec. May 4
Holmes Manufacturing. pref. (guar.).-May 16 'Holders of rec. May 2
Homeetake Mining (monthly)
50e. May 25 Holder sof rec. May 203
stood Rubber ProduAsPreferred (quar.)
.1.131 June 1 *Holders of rec. May 20
Horn & Hardart of N. Y.. pref. (quar,). •11$ June 1 *Holders of rec. May 12
Household Products (quiz'.)
8714c June 1 Holders of rec. May 16a
Illinois Brick (qua?.)
60o. July 15 July 3 to July 15
Quarterly
60o. Oct. 15 Oct. 5 to Oct. 16
Illinois Pipe Line
*6
June 15 *Holders of rec. May 16
Imperial 011 (qua?.)
250. June 1 May 15 to May 30
Extra
1241c June 1 1May 15 to May 30
Indiana Pipe Line (qua?.)
Si
May 14 Holders of tee. Apr. 22
Ingersoll-Rand Co.,ohm.(quer.)
75c. June 1 Holders of rec. May 9a
Inland Steel, common (qua?.)
6244c June 1 Holders of rec. May 158
Preferred (quar.)
11$ July 1 Holders of rec. June 156
Internat. Combustion Engineering (qu.) 50c. May 31 Holders of rec. May 20a
International Harvester. pref. (guar.).- 11$ June 1 Holders of rec. Slay 104
laternational Paper, corn. (quit.)
50e. May 16 Holders of rec. May 24
International Silver, corn. (quar.)
1% June 1 Holders of rec. May 158
Interstate Iron & Steel, common (quar.) 51
July 15 Holders of rec. July 8
Common (guar.)
$1
Oct. 15 Holders of roe. Oct. 8
Common (quar.)
$1
Jan.1618 Holders of reo. Jan. 9'28
Preferred (quar.)
•1% June 1 *Holders of rec. May 20
Intertype Corporation, corn.(quar.)
25e. May 16 Holders of rec. May 21
Jaeger Machine (guar.)
6210. June 1 Holders Of roe. May 20
Jewel Tea, pref.(quit.)
4.1)( July 1 *Holders of rec. June 15
Preferred (acct. accum. dividends)
4%7
July1 *Holders of rec. June 15
Jones & Laughlin Steel, coin. (quar.)__. 1% June 1 Holders of rec. May lea
Kinney (G. R.) Co., pref. (quit.)
2
June 1 Holders of rec. May 21a
Kirby Lumber, common (qua?.)
11$ June 10 Holders of rec. May 31
Common (quit.)
111 Sept. 10 Holders of rec. Aug. 31
Common (quit.)
1% Dec. 10 Holders of rec. Nov. 30
Knox Hat, Inc..rior pref.(qua?.)
51.75 July 1 Holders of rec. June U
Prior preferred (guar.)
51.75 Oct. 1 Holders of rec. Sept. 15
coed preferred
$3.50 Aug. 1 Holders of rec. July 15
Kroger Grocery & Baking, coin.(quar.)_ *50e. June 1 *Holders of rec. May 16
Common (payable In common stock)_ _ of5
June 1 *Holders of rec. May 16
Krumkal & Kruskal, Inc. (ouarterlv)...... 50c. May 16 Holders of roe. Apr. 290
Lanston Monotype Machine (quer.). _ _ _
111 May 31 Holders of rec. May 210
Lehigh Coal & Navigation (quar.)
$I
May 31 Holders of rec. Apr. 30a
Extra
25e. May 31 Holders of rec. Apr. 300
Lehn &Fink (Otar.)
750. June 1 Holders of rec. Slay lea
Liggett&M ers Tob „corn. & com.B(qu.) 75c. June 1 Holders of rec. May lea
Lima Locomotive Works, corn.(quar.)_ _ 51
June 1 Holders of rec. May 140
Loose-Wiles BiscuitOld corn.(one share of new no par corn) 25 July 1 Holders of rec. June la
New no par common Bluer)(No. 1).- .404). Aug. 1 *Holders of rec. July 11
Lord & Taylor, first pref. (qua?.)
134 June 1 Holders of rec. May 17a
Louisiana Oil Refining. Pref.(quar.)
134 May 16 Holders of res. May 58
Ludlow Mfg. Associates (quar.)
$2.50 June 1 Holders of rec. Slay 4
$1.25 May 16 Holders of roe. Apr. 294
Macy (R. H.) & Co., corn.(NO. I)
Madison Square Garden Co. Mara.- 2543. July 15 Holders of roe. July 6
25e. Oct. 15 Holders of rec. Oct. 5
Quarterly
Mandel Brothers, Inc.(No. 1)(guar.)._ •621$0 July 2 *Holders of roe. June 2
3731e June I. Holders of rec. May 16
Slanhattan Shirt, corn. (quit.)
*51
Marmon Motor Car, corn.(guar.)
June 1
50c. June 1 Holders of too. May 16a
Martin-Parry Corp. (qua?.)
Massey-Harris Co.. Pref.(quit.)
134 May 16 Holders of roe. Apr. 30
June 1 Holders of rec. May 16a
May Department Stores, corn. (quar.) ,$1
Sept. 1 Holders of rec. Aug. 15a
$1
Common (qua?.)
50e. June 1 Holders of rec. May 140
Maytag Company (quar.)
25e. June 1 Holders of rec. Slay 14a
Extra
McCrory Stores Corp., class A & B (qe.) 400. June 1 Holders of roe. May 200
134 Aug. I Holders of tee. July 208
Preferred (q ear.)
114 Nov. 1 Holders of roe. Oct. 20a
Preferred (quar _
260. June 1 Holders of rec. May 2a
McIntyre Porcupine Mines Mar)
McLellan Stores, cum. A and 13 (qUar.) 250. July 1 Holders of roe. June 20
25c. Oct. 1 Holders of rec. Sept.20
Common A and B (quar.)
250. Jan 228 Holders of rec. Dee. 20
Common A and ft Bloat.).....
Mercantile Stores Co., Inc., corn.(quar) $1
May 16 Holders of rec. Apr. 30
Preferred (quit.)
$1.75 May 16 Holders of rec. Apr. 30
Merrimac Manufacturing. MM.(quar.)_
131 June 1 Holders of rec. Apr. 27
3714e May 16 Holders of tee. May 20
Miami Copper Co. (quer.)
Mid-Continent Petroleum, pref.(quarl
131 June 1 Holders of rec. May 140
Miller Rubber, pref. (guar.)
2
June 1 Holders of rec. May 10
51
Mohawk Mining (quar.)
June 1 Holders of rec. Apr. 30
Montgomery Ward & Co., corn. (qua?.) $1
May 16 Holders of roe. May 54
Morse nest Drill (qua?.)
$1.25 May 18 Holders of rec. Apr. 280
Motor Wheel Corporation, pref. (quar.)_ 2
May 16 Holders of rec. Apr. 30
MunsIngwear, Inc. (qua?.)
750. June 1 Holders of rec. May I7a
National Hellas Hies Co., pref.(quar.)
51.75 June 1 Holders of rec. May 290
National Biscuit. Corn.(qua?.)
51.25 July 15 Holders of rec. June 300
Preferred (quit.)
134 May 31 Holders of rec. May 170
National Brick, preferred (quar.)
131 May 16 Holders of rec. Apr. 30
National Casket. common (quar.)
$1.50 May 15 Holders of rem May 23
National Dairy Products, corn
133 1-3 June 17 Holders of rec. June 7a
Nat'l Department Storm, 2d pref. (qu.)
154 June 1 Holders of rec. May 160
National Food Products, Class A (quar.) 62140 May 16 Holders of roe. May 53
National Lead, corn,(payable in stock). (e) May 26 Holders of rec. May(k)2
/National Lead, new (guar.)
*51.25 June 30 *Holders of rec. June 10
Seven per cent preferred (quar.)
114 June 15 Holders of rec. May 203
National Refining, cont. (guar.)
3714e May 15 Holders of rec. May 1
National Supply, common (quar.)
May 16 Holders of rec. May 50
$1
Neld Manufacturing (quar.)
1
May 14 Holders of rec. May 53
Extra
2
May 14 Holders of rec. May 53
Nelson (Herman) Corp. (guar.)
30o. July 1 Holders of roe. June 20
Stock dividend
Cl
July 1 Holders of recs. June 20
Quarterly
30o. Oct. 1 Holders of roe. Sept. 4
Stock dividend
Cl
Oct. 1 Holders of rec. Sept 19
New Cornelia Copper Co.(qua?.)
*50e. May 23 *Holders of rec. May 84
Nineteen Hundred Washer, class A (qu) 500. May 15 Holders of rec. Apr. 18
North Central Texas 011 (quiz'.)
160. June 1 Holders of rec.' May 10
Ohio 011 (guar.)
*50e. June 15 *Holders of rec. May 14
Extra
•25e. June 15 *Holders of recs. May 14
Ohio Seamless Tube, corn. (quit.)
50e. May 15 Holders of roe. May 2
011 Well Supply (quar.)
50c. July 1 Holders of tee. June Ila
Ontario Ste-el Products, oom. (guar.)... •1
May 18 *Holders of roe. Apr. 80
Preferred (quar.)
•114 May 16 *Holders of me. Apr. 30
Oppenhelm. Collins Co.. corn. (quar.)
May la Holders of reo. Apr. 29a
SI
Orpheum Circuit, corn. (monthly)
162-3e June 1 Holders of roe. May 20a
Otis Elevator, preferred (quiz.)
131 July 15 Holders of rec. June 303
Preferred (quiz'.)
144 Oct. 15 Holders of rec. Sept. 304
Preferred (quit.)
114 JanW28 Holders of res. Dec. 314
Overman Cushion Tire. Into, corn. MO $1.75 July 1
Owens Bottle. common (quer)
760. July I Holders of rec. June 150
Preferred (quar.)
134 July I Holders of rec. June 156
Packard Motor Car, monthly
20e May 31 Holders of too. May 14a
Monthly
20e. June 30 Holders of rec. June 15a
Monthly
20e. July 30 Holders of rec. July 15a
Monthly
20e. Aug. 30 Holders of rec. Aug. 153
Page-Hershey Tubes. corn. (quit.)
The. July 1 Holders of rec. June 18
Preferred (guar.)
11$ July I Holders of rec. June 18
Paths Exchange. Inc., pref. (quar.)_
June I Holders of rec. May 11
2
Pender (David) Grocery, class A (guar.) 8714e June 1 Holders of rec. May 20
2870
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
[VoL. 124.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending May 7. The
figures for the separate banks are the averages of the daily
results. In the ease of the grand totals, we also show the
actual figures of 6ondition at the end of the week.
Miscellaneous (Concluded).
Penmans, Ltd., com. (quar.)
$1
May 16 Holders of roe. May 5
Peoples Drug Stores,Inc.,8% pref.(qu.) 2
May 16 Holders of rec. May 1
Phillips-Jones Coro., corn. (quar.)
$1 June 1 Holders of rec. May 20a
Pick (Albert),Barth & Co., part.Id.(tiu.) 4351c. May 16 Holders of rec. Apr. 25
Pines Winterfront, class A dr B (guar.)- 550c. June 1 *Holders of rec. May 16
Pittsburgh Steel, preferred (guar.)
131 June 1 Holders of rec. May 14a
Prairie Oil& Gas(guar.)
*60c. May 31 *Holders of rec. AM*. 30
Pressed Steel Car, preferred (quar.)
131 June 30 Holders of rec. June 1 a
Procter Sc Gamble Co., corn.(quar.)_._ $1.75 May 14 Holders of rec. Apr. 25
Pro-phy-lac-tic Brush, pref. (guar.)
•31.75 June 15 *Holders of rec. June 1
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Pullman Company (guar.)
2
May 16 Holders of rec. Apr. 350
(Stated in thousands of dollars-that is, three ciphers (000) omitted.)
Pure Oil, common (guar.)
37510 June 1 Holders of rec. May 100
Common (extra)
12510 June 1 Holders of rec. May 100
Purity Bakeries, class A (quar.)
75c. June 1 Holders of rec. May 14a
New
Class B (guar.)
50c. June 1 Holders of rec. May 14a
Capital Profits Loans,
Reserve
Preferred (guar.)
15( June 1 Holders of rec. May 14a
Week Ending
Discount. Cash
Time Bait
with
Net
Q. R. S. Music, corn.(monthly)
15c. May 15 Holders of rec. May la
May 7 1927. Nat'l, Mar.23 IncestDe- CircaOn
Legal Demand
Quaker Oats, preferred (guar.)
1;$ May 31 Holders of rec. May 2
State, Mar.23 tnents, Vault. Deposi- Deposits. posits. lotto.
Reid Ice Cream Corp.. Prof. (guar.)
13( June 1 Holders of rec. May 20
(000 omitted.) Tr.Cos.Mar.23
tories.
*131
Reliance Manufacturing, pref. (guard
July 1 *Holders of rec. June 20
Republic Iron & Steel, com.(quar.)_.. $1
June 1 Holders of rec. May 14a Members of Fed. Res.Bank.
Average. Averag Averag Average. Average Avg.
Preferred (guar.)
151 July 1 Holders of rec. June 14a Bank of N Y &
Rolls-Royce of America, pref.(guard-- 81.75 May 16 Holders of rec. Apr. 30
Trust Co _
6,000 12,401
74,396
_
430 7,210
53,228 8,8821
RUBS Manufacturing (guar.)
1;$ May 15 Holders of rec. Apr. 30
Bk of Manhat'n 10,700 16,204 168,830 3,092 17,957
130,842 26,691:
St. Joseph Lead (guar.)
50e. June 20 June 10 to June 20
Bank of America 6,500 5,412
74,914
3,873
85,469
1,068
11,187
Extra
250. June 20 June 10 to June 20
National City... 75,000 66,126 812,534 3,872 78,557 *814,215 167,682
96
Quarterly
50c. Sept.20 Sept. 10 to Sept.20
ChemicalNat__ 5,000 18,919 137,279 1,221 16,083
346
122,959, 2,989
Extra
250. Sept.20 Sept. 10 to Sept. 20
Nat Bk of Corn_ 25,000 42,881 371,655
16,694 _322,528
550
42,406
Quarterly
500. Dec. 20 Dee. 10 to Dee. 20
ChatPh N B &T 13,500 13,655 219,874 2,537 23,012
163,950 45,427 6,134
Extra
25c. Dec. 20 Dee. 10 to Dec. 20
Hanover Nat_ _ 5,000 26,811 140,594 1,964 16,423
125,628 2,800 -June 1 Holders of rec. May 16a Corn Exchange. 11,000
Savage Arms, common (guar.)
81
16,550 209,947 5,074 24,610
177.777 31,494 _ _
First preferred (guar.)
*131 July 1 *Holders of rec. June 15
National Park _ 10.000 24,988 157,122
7,073 4,693
842
124,437,
16,356
1
'134
*Holders
of
rec.
Aug.
1
Second preferred (guar.)
Aug. 15
Bowery & E R_ 3,000 3,686
70,716 1,820 7,352
50,923 21,568 2,977
Schulte Retail Stores,common (guar.).- 87W June 1 Holders of ree. May 15a First National_ 10,000 77,69
562 24,570
185,651 14,979 6,474
8731c Sept. 1 Holders of rec Aug. 15a Am Ex Irving T 32,000 29,170 335,856
Common (guar.)
446,598 4,094 52,794
396,380 39,579
Common (guar.)
871.4c Dec. 1 Holders of rec. Nov 15a Continental_
410
1.000 1,286
7,895
126
6,016
921
*30c. May 14 *Holders of rec. May 6
Scotten-Dillon Co. (guar.)
Chase National_ 40,000 38,761 620,924 6,409 73,970 *577,865 45,628 2.475
Shell Union OIL preferred (guar.)
151 May 16 Holders of rec. Apr. 29
Fifth Avenue__
500 3,215
27,686
723
27,405
3,638
Sherwin-Williams Co., com. (guar.)...- 50e. May 16 Holders of rec. AM. 30
Commonwealth.
800
679
13,320
475 1,302
8,999; 4,543
25c. May 18 Holders of rec. Apr. 30
Common (extra)
Garfield Nat'l_ _ 1.000 1,887
18,059
464 2,844
865 _17,6911
131 June 1 Holders of rec. May 14a Seaboard Nat'l_ 6.000 11,445 128,886
Preferred (guar.)
43
2,802
823
124,129
16,303
M June 1 Holders of rec. May 18a Bankers Trust_ 20.000 36.945 342,594
Simon (Franklin) Co.. pref. (quard
827 35,801 *304,100 38,987 _
May 18 Holders of rec. May 2
Sinclair Consolidated Oil, pref.(guar.)-- 2
U S Mtge & Tr_ 3,000 5,053 62.094
739
6,544
55,7011
7,299
50e. June 15 Holders of rec. May 16a Guaranty Trust 30.000 31,854 446,294
Skelly 011 Co. (guar.)
1,242 47,712 *422,058 53,615 _ $1
May 16 Holders of rec. May 2
Smith (A.0.) Corp., com.(guar.)
Fidelity Trust_ _ 4,000 3,285
42,777
589 5,001
37,465 4,001
131 May 16 Holders of rec. May 2
Preferred (guar.)
New York Trust 10,000 22,550 166,353
539 17,749
129,715 27,619
Spalding (A. G.)& Bros.,first pref.(qu.) 13.1 June 1 Holders of rec. May 14a Farmers L & T 10,000 20,260 147,002
506 14,609 *109,973 20,739
June 1 Holders of rec. May 14 'Equitable Trust 30.000 23,927
2
Second preferred (guar.)
286,878 1,673 30,343 *322,563 25,933
Spear dr Co., pref.& 2d pref.(guar.). _
131 June 1 Holders of rec. May 16a
6251e June 15 Holders of rec. May 16a Total of averages,369.000 555,6535,531,077 42,261596,009
Standard 011 (California) (guard
4,429,468621,417123,238
56251c June 15 *Holders of rec. May 16
Standard 011(Indiana) (guar.)
1------•25c. June.15 *Holders of rec. May 16
Extra
Totals, actual condition May 7 ,540,729 45,134 562,708c4,390,484619,226123,286
540e. June 15 *Holders of rec. May 27
Standard Oil of N.Y.(quar.)
Totals, actual condition
l
A:er. 305,535,135 43,305 2,810 4,461,313619,44223.167
Standard 011 (Ohio), pre/. (guard
151 June 1 Holders of rec. Apr. 29
Totals, actual condition Apr. 235,424,197 42,889606,291 c4,347,496629,24823,188
Standard Sanitary Mfg., corn. (guar.)._ $1.25 May 20 Holders of rec. May 5
131 May 20 Holders of rec. May 5
Preferred (guar.)
State Banks Not Me mbers of Fed'I Res've Bank.
131 May 16 Holders of roe. Apr. 30
Stanley Works, pref. (guar.)
State Bank.._. 5.000 5,817 107,962 4,784 2,494
39,568 63,578
Stewart-Warner Speedometer (guar.)
$1.50 May 16 Holders of rec. May 50 Colonial Bank__ 1,400 3,270
34,976 3,596 1,667
29,145 5,998
81.25 June 1 Holders of rec. May 10a
Studebaker Corp., com. (guar.)
Holders of rec. May 10a Total of averages 6,400 9.088 142,938 8,380 4,161
1$1 June
Preferred (guar.)
68,713 69,576
Swan & Finch 011 Corp., pref. (guard_ _
131 June 1 *Holders of rec. May 10
Thatcher Manufacturing (guar.)(No. 1) *90c. May 16 *Holders of rec. May 4
Totals, actual condition May 7 143,099 8,705 4,592
69,644 69,568
Thompson (John R.) Co.(monthly)._ . 30e. June 1 Holders of rec. May 23a Totals, actual 0. nettion Apr. 30 144,316 8,431 4.446
70,482 69,602
Thompson Products, common (guard
July 1 *Holders of rec. June 20
*$3
Totals, actual co naltion Apr. 23 144,543 . 8,205 4,396
69,957 69,724
Preferred (guar.)
151 June 1 Holders of rec. May 21
11‘ May 16 Holders of rec. May 2a Trust Compan lee Not Membe rs of Fed'I Res've Ban k.
Tide Water 011, pref. (quar.)
June 4 Holders of rec. May 13a Title Guar & Tr 10,000 20,237
Timken Roller Bearing (guar.)
$I
67,176 1,917 4,362
41,666 1,095
25e. June 4 Holders of rec. May liza Lawyers Trust_ 3,000 3,463
Extra
24.268
927 1,988
19,600 1,015
Tobacco Products Corp., class A (guar.) 151 May 18 Holders of reo. Apr. 27a
Union Buffalo Mills, first preferred
.1351 May 16
Total of averages 13,000 23,701
91,444 2,844 6,350
61,165
2,110
6210 Aug. 10 Holders of rec. Aug. la
Union Storage (guar.)
Quarterly
62540 Nov. 10 Holders of roe. Nov. la Totals, actual condition May 7 91,533 2,832 6,385
60,614 2,148
I
Holders of rec. May 160 Totals, actual c. ndition Apr. 20
Union Tank Co. (guar.)
$1.25 June
90,250 2,724 6,361
60,546 2,088
$1 June 1 *Holders of rec. May 10 Totals,
United Biscuit, class A (guar.)
actual condition Apr. 23 89,108 2,660 6,262
59,197 2,060
United Drug, corn_ (quar.)
231 June 1 Holders of rec. May 160
• 131 Aug. 1 Holders of rec. July 15a Gr'd aggr., avge.388,400588,4435,765,459 53,485606,520 4,559,346693,10323,238
First pref. (guar.)
U.B. Cast Iron Pipe & Fdy.,coin.(qu.)_ 234 June 15 Holders of rec. June la Comparison with prey. week _ _ +75,238 -862 +1,656 +38,305--1,473 +23
Common (guar.)
234 Sept. 15 Holders of rec. Sept. la
23$ Dec. 15 Holders of rec. Dec. la Or'd aggr., act'l cond'n May 75,775,361
Common (guar.)
56,671 573,685 4,520,742696,94223,286
1% June 15 Holders of rec. June la Comparison with prey. week -- +5,660 +2,211-39,932 --71,599 -190
Preferred (guar.)
+119
131 Sept. 16 Holders of rec. Sept. la
Preferred (guar.)
151 Dec. 15 Holders of rec. Dec. la Ord aggr.. act' cond'n Arr. 305,769,701 54.460 613,617 4,592,341
Preferred (guar.)
691.13223.167
81
June 1 Holders of rec. May 20a Or'd aggr.. act't ond'n Apr.
U.S. Hoffman Machinery (guar.)
235.657.848 63.754616,949 4.476,650 701,03223,188
May 14 Holders of rec. Apr. 20a Gr d agar.. act
United States Rubber, 1st pref.((Mar.). 2
'n Apr. 165,636,263 51,228593,57754,456,592711,690 23,338
United States Steel Corp.
(led agar.. act' ond'n Apr. 95,647,595 56,027660.561 4,429,489 682,468 23,364
common
(payable
in
40
June
1
Holders
of
rec.May(n)2a
Common
stock).
(led agar.. act' ond'n Apr. 25.767.217 50.707584.708 4,645.830686,229 23,340
Common (guar.)
134 June 29 Holders of rec. June 7a Gird aggr.. act' ond'n
Mar.26 5,633,159 54.305657.722 4.481.960 669,942 23,318
134 May 28 Holders of rec. May 2a
Preferred (guar.)
Universal Pipe & Radiator, com.(guar.) *50e. July 1 *Holders of rec. June 15
Note.-U. S. deposits deducted from net demand deposits in the general total
Common (extra)
•250. July 1 *Holders of rec. June 15
Preferred (quar.)
151 Aug. 1 Holders of rec. July 150 above were as follows: Average total May 7, $39,431,000. Actual totals, May 7.
151 Nov. I Holders of rec. Oct 15a $33,717,000; Apr. 30, $43,026,000; Apr. 23, $43,392,000; Apr. 16, $49,762,000;
Preferred (quar.)
Apr. 9, $69,635,000; Apr. 2, $76,056,000. Bills payable, rediscounts, acceptances
50c June 20 Holders of rec. May 31
Vacuum 011 (guar.)
and other liabilities, average for week May 7, 8665,761,000; Apr. 30, 8636,518,000;
Extra
50c. June 20 Holders of rec. May 31
Van Raalte Co., first pref.(guar.)
134 June 1 Holders of rec. May 18a Apr. 23, $616,046,000; Apr. 16, 8648.947,000; Apr. 9, $656,372,000; Apr. 2, $611,Vanadium Corporation (guar.)
750. May 16 Holders of rec. May 2a 568,000. Actual totali May 7, $691,596,000: Apr. 30, $655,976,000; Apr. 23,
Virginia-Carolina Chem., prior pt.(qu.)_
154 June 1 Holders of rec. May 17a $659,792,000; Apr. 16, 8619,584,000; Apr. 9, $745,839,000: Apr. 2, 5573,051,000.
*Includes deposits in foreign branches not included in total footings as follows:
Vulcan Detinning. preferred (guard__
134 July 20 Holders of rec. July 90
Preferred (account accumulated diva.) 2
July 20 Holders of rec. July 90 National City Bank, $247.205,000; Chase National Bank, $12,049,000; Bankers
Preferred A (guar.)
134 July 20 Holders of rec. July 90 Trust Co., 838.572,000; Guaranty Trust Co., $72,904,000; Farmers' Loan Az Trust
Co., $2,601,000; Equitable Trust Co., 394,868,000. Balances carried in banks in
Wayagamack Pulp & Paper (guard
750. June 1 Holders of rec. May 16
Weber & Ilelibroner. Prof. (guard
141 June 1 Holders of rec. May 160 foreign countries as reserve for such deposits were: National City Bank, 846,205.000:
Chase National Bank, $2,133,000; Bankers Trust Co., 82.091,000: Guaranty Trust
Welch Grape Juice. com.(guar.)
25c. May 31 Holders of rec. May 20
Co., 83,509,000; Farmers' Loan A, Trust Co., $2,601,000; Equitable Trust Co..
Preferred (quar.)
131 May 31 Holders of rec. May 20
White(J. G.)Engineering Corp., pf.(qu.) 131 June 1 Holders of roe. May 15
$9,775,000.
White (J. G.) Manag't Corp., Pref.(Q11.) 134 June 1 Holders of rec. May 15
c Deposits in foreign branches not included.
White (J. G.) Co., preferred (quar.)
134 June I Holders of rec. May 15
Will & Baumer Candle, com. (guar.)... 25e. May 16 Holders of rec. May 2
Williams 011-o-Matie Heating (quar.)
The reserve position of the different groups of institutions
537540 May 16 *Holders of rec. May 2
Wire Wheel Corporation, preferred
33.50 July 1 Holders or rec. June 20
on the basis of both the averages for the week and the
Wolverine Portland Cement (guar.)
150. May 16 Holders of rec. May 5
Woolworth (F. W.) Co.(guar.)
$1.25 June 1 Holders of rce. Apr. 280 actual condition at
the end of the week is shown in the
Wright Aeronautical Corp. (quar.)
25c. May 31 Holders of rec. May lea
Wrigley (Wm.) Jr. ec Co.(monthly).... 25e. June 1 Holders of roe. May 20a following two tables:
June
200
of
rec.
25e. July 1 Holders
Monthly
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANES
•From unofficial source; 1 The New York Stock Exchange has ruled that stock
AND TRUST COMPANIES.
quoted
ex-dividend
this
on
date and not until( urther notice. S The
Will not be
New York Curb Market Association has ruled that stock will not be quoted ex
dividend on this date and not until further notice.
Averages.
a Transfer books not closed for this dividend. cl Correction. e Payable in stook.
Payable in common stuck. C Payable in scrip. is On account of accumulated
Reserve
Cash
dividends. as Payable In preferred stock.
Reserve
In
Total
I Reserve
Surplus
Resests.
in Vault. Depositaries' RUMS.
Resuired.
Cushman Az Sons common stock dividend Is payable in $8 preferred stock on the
valuation of 8100 for preferred stock
Members Federal
$
Reserve Bank_
596,009,000 596,009,000 594,473,350 1,535,650
jTo be declared at meeting on May 19.
172,660
State banks*
8,380,000 4,161,000; 12,541,000 12,368,340
N V. Stock Exchange rules that Nations' Lead shall not be quoted ex-dividend Trust companies*..
19,250
2,844,000 6,350,0001 9,194,000 9,174,750
27.
on May 2 and not until May
1,727,56
0
Total
May 7
11,224,000 606.520.000617.744,000 616,016,440
1 Payable to holders of coupon No. 10.
Total April 30__._ 11,028,000 604,864,000 615,892,000 611,083,760 4,808,240
763,220
n N. Y. Stock Exchange rules that U. S. Steel, common, be ex the 40% stock
Total April 23.. 11,077.000 596,081,000 607,154,000600,394.780
dividend on June 1.
Total April 16_ _ _ 11,076,000 596,545,000 607,621,000 599,754,130 7,866,870
SSW:Oct to approval of stockholders
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
r Payable either in cash or class A stock.
and trust companies, but in the case of members of the Federal Reserve Bank,
common.
it Tampa Electric, common stock dividend is 1-100 of a share of
includes also amount of reserve required on net time deposits, which was as follows:
$18,787.•National Lead Co. stack dividend is one-half share common Stook and one-half May 7, $18,642.510; Apr. 30, $18,684,600; Apr. 23, $18,902,910; Apr. 16,
530; Apr. 9, 818,317,820: Apr. 2, 818,009,660.
share 6% class B pref. for each share of common stock.
MAY 14 1927.]
THE CHRONICLE
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:
Actual Figures.
casts
Reserve
Reserve
In
On Vault. Depositaries
Members Federal
Reserve Bank_
State banks*
Trust companies
$
8,705,000
2,832.000
Total
Reserve.
a
Reserve
Required.
2871
Surplus
Reserve.
$
$
$
$
562,708,000 562,708,000 589,339,700 -26,631,700
4,592,000 13,297,000 12,535,920
761,080
6.385,000 9,217,000 9,092,100
124,900
BOSTON CLEARING HOUSE MEMBERS.
May 11
1927.
Total May 7-11,537,000 573,685,000 585,222.000 610,967,720 -25,745,720
Total April 30.— 11,155,000 613,617,000 624,772,000 620,322,610 4,449,390
Total April 23_ _ 10,865,000 616,949,000 627,814,000 605,523.730 22,290,270
........., A ••••11 1 a
to floe. ono cog K77 nnn And 071 nnn am 1KK mcn
1 'ix Acil
•Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank Includes also the amount of reserve required on net time deposits, which was as follows:
May 7. $18,576,780; Apr. 30, $18,583,260; Apr. 23, $18,877,440; Apr. 16, $19,199.670; Apr. 9, $18,320,460; Apr. 2, $18,423,450.
Changes from
Previous Week.
May 4
1927.
April 27
1927.
$
s
s
s
Capital
71,900,000 Unchanged
71,900,000
71,900,000
Surplus and profits
96,062,000 Inc.
48,000
96,014,000
96,309,000
Loans, disc'ts & Invest- 1,011,974,000 Dec. 5,905,000 1,017,879,000
1,004,917,000
Individual deposits
666.628.000 Dec. 13,984,000 680,612,000 674,815.000
Due to banks
154,673,000 Dec. 5,144,000 159,817,000 152,866,000
Time deposits
234.717,000 Dec.
255.000 234,972,000 234,212,000
United States deposits_
13,639,000 Dec. 3,519,000
17,158.000
17.472,000
Exchanges for Cl'g Erse
37,241,000 Dec. 9,899,000
47,140,000
34,817.000
Due from other banks
80,435,000 Dec. 7,998.000
88.433,000
96,288.000
Res've in legal depoales
80,065,000 Dec. 1,255,000
81.320,000
79,523,000
Cash In bank
9,438,000 Inc.
338,000
9,100,000
9,587,000
Res've excess in F.R Bk
19.000 Dec.
733.000
752.000
5114 nrin
State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
Philadelphia Banks.—The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for the week ending May 7, with comparative
figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below.
Reserve
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by State Banking Department.)
Differencesfrom is not a part of legal reserve. For trust
companies not
May 7.
Previous Week.
Loans and investments
$1,307,875,000 Inc. 8453,600 members of the Federal Reserve System the reserve required
Gold
4,995,900 Dec.
4,800
is 10% on demand deposits and includes "Reserve with
Currency notes
23,821,900 Dec.
826,800
Deposits with Federal Reserve Bank of New York
104,788,200 Dec. 3,178,900 legal depositaries" and
"Cash in vaults."
Total deposits
1 364,157,900 Inc. 15,971,300
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y. City exchange, and U.S. deposits_1,282,497,700 Inc.
8,350.900
Reserve in deposits
176,639,200 Dec.
177,200
Percentage of reserves, 20.1%.
RESERVE.
—state Banks— —Trust CompaniesCash in vault*
840,214,600 16.62%
894,517,000 14.87%
Deposits in banks and trust cos_
12,749,700 05.27%
29,157,900 04.58%
Total
552,964,300 21.89%
8123.674.900 19.45%
•Includes deposits with the Federal Reserve Bank of
State banks and trust companies combined on May 7 wasNew York. which for the
$104,788,200.
Banks and Trust Companies in New York City.—The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES
/N
GREATER NEW YORK.
Week Ended—
Jan. 8
Jan. 15
Jan. 22
Jan. 29
Feb. 5
Feb. 11
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar 19
Mar 28
Apr. 2
Apr, 9
Apr. 16
Apr. 23
Apr. 30
May 7
Loans and
Investments.
Demand
Deposits.
Total Cash
in Vaults.
Reserve in
Depositaries.
$
6.954,175,000
6,819,657,900
6,755,555,500
6.710.870.100
6,728,899,400
6,670,129.400
6,657.735,000
6.682.585,900
6.770,284.900
6,769,161,6(10
6,932,195,300
6,947.733,100
6,954,724,700
6.981.549.800
6,921,592,500
6,938,221.200
6,997.642,400
7,073.334.000
$
5,898,416.700
5,789,308,200
5,801,064,500
5.714,684,400
5,721,854.900
5,642,353,800
5,545.046,000
5,549,193,800
5.645,318,300
5.635,476,400
5,793,224.500
5,788,391,100
5,799,657,600
5,757.598.200
5,691,228,400
5,748,649,000
5,795,187.800
5.841.843.700
$
91,552,900
91,267,300
81,093,000
85,754,700
83,192,800
86,676,800
84.366.800
86.470,300
83.732.500
83.956.400
82.581.000
82,657,800
83,196,200
83,475.800
83,546.900
83.285.000
83,996.400
82.302R00
$
786,239,700
757,056,100
746.207.200
731,499,000
731.203,500
721,361,700
726.327,800
715,260,100
732,128,700
731,343.200
757.650,30(
751.432,10(
755.811.601
750,173,40(
745,625,303
743,109,505
752,031,00(
7A2 Ste on/
New York City Non-Member Banks and Trust
Cornpanies.—The following are the returns to the
Clearing
House by clearing non-member institutions and
which are not
included in the "Clearing House Returns" in the
foregoing:
RETURN OF NON-MEMBER INSTITUTIO
NS OF NEW YORK
CLEARING HOUSE.
(Stated In thousands of dollars. that it. three
ciphers 10001 omitted.)
CLEARING
NON-MEMBERS Capital.
Week Ending
May 7 1927.
Members of
Fedi Res've Bank.
Grace Nat'l Bank__
State Banks.
Not Members of the
Federal Reserve Bank
Bank of Wash. Ills
Trust Company.
Not Member of the
Federal Reserve Bank
Mech.Tr., Bayonne
$
1.000
Loans
DieNet
counts.
Profits. Investrunts.
etc.
i
1.940
Cash
in
Vault
Reserve
with
Net
Net
Legal Daman
Time
Depots- Deposits.Deposits
tortes.
Average. Average Average. Average,
$
8
$
$
$
46
14.165
1,133
7,349
3,984
400
1,060
11,130
942
465
7,765
3.537
500
693
9,086
334
187
3.732
5,814
3,693
34,381
+332
1,322
—34
1,785 .18,846
—32
+266
Gr'd agar., Apr. 30
Geri aggr., Apr. 23
Gra 561gr.. Apr. 16
rx.04 .00r Air 9!
3.693
3.693
3,640
34.049
33.586
33,667
55 suln
1,356
1,311
1.321
1,817
1.723
1,684
18,580
17,872
17,729
1 252
t712
17v55
5540
a United States deposits deducted, $27.000.
Bills payable. rediscounts. acceptances and other liabilities, 32,473,000.
In reserve, $102,260 decrease.
13,335
+62
13,273
13.043
13,061
I, ine
Excess
Week Ended May 7 1927.
Membersof
Trust
F.R.System Companies
Capital
50,255,0
Surplus and profits
154,878.0
Loans, disc'ts & investm'te 940,701,0
Exchanges for Clear.House 38,320.0
Due from banks
101,198,0
Bank deposits
'137,364,0
Individual deposits
629,829,0
Time deposits
154,124,0
Total deposits
921.050,0
Res've with legal deposits_
Reserve with F. R.Bank_. 70,494,0
Cash in vault.
9.516,0
Total reserve & cash held__ 80,010,0
Reserve required
69,307,0
Excess res. gv cash in vault10,703,0
5,000,0
17,849,0
46,142,0
425,0
20,0
1,006,0
26,022,0
2,379,0
29,407,0
4,103,0
1,348,0
5,451,0
4,105,0
1,346,0
April 30
1927.
April 23
1927
855,225,0
172,727.0
989,482,0
35,076,0
100,337,0
133.624,0
650,360,0
157,683,0
941,667.0
3,969.0
69,401,0
11,334,0
84,704,0
72,771.0
11,933,0
$55,225,0
172.727,0
991,242.0
33.534,0
104.449,0
138,441.(
653,249.(
157,145,0
948,835,0
3,605,0
69.744,0
11,544,0
84,893.0
73.205,0
11.688,0
1927
Total.
55,225,0
172,727,0
986,843,0
38,745,0
101,218,0
138,370,0
655,851,0
156,503,0
950,457,0
4.103,0
70,494,0
10.664,0
85,461,0
73.412,0
12.049,0
•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 May 11 1927 in
comparison with the previous week and the corresponding
date last year:
May 11 1927. May 4 1927. May 12 1926
Resources—
$
Gold with Federal Reserve Agent
Gold redemp fund with U. S. Treasury
372,192,000
12,446,000
352.192,000
13,958,000
368,595,000
8,962,000
Gold held exclusively ,.est. F. R.notes. 384,638,000
Gold settlement fund with F. R. Board_
205,743,000
Gold and gold certificates held by bank
494,934,000
366,150,000
245,434,000
476,641,000
377,557,000
212,398,000
367,651,000
1,085,315,000 1,088,225,000
34,152,000
32,216,000
957,606,000
44,426,000
Total gold reserves.
Reserves other than gold
_
Total reserves
Non-reserve cash
BUM discounted—
Secured by U.S. Govt. obligations.Other bills discounted
1,119,467,000 1,120,441,000 1,002,032,000
15,244,000
13,967,000
17,261,000
Total bills discounted
Bills bought in open market
U. R. Government securities—
Bonds
Treasury notes
Certificates of Indebtedness
Total U.S. Government securities.Foreign loans on gold
102,073,000
37,308,000
119,484,000
44,664,000
84,204,000
22,841,000
139,381,000
53,126,000
164,148,000
62,435,000
107,045,000
70,181,000
8,442.000
13,012,000
17,063,000
7,317.000
12,937,000
34,309,000
11,762,000
39,562,000
25,825,000
38,517,000
54,563,000
77,149,000
2,028,000
Total bills and securities (See Note)
231,024,000
281,146,000
256,403,000
(toll hell abroad
Otic from tweak Dana
,tose Nom,
Uncollected items
Bank premises
All other resources
16,495,000
660,000
163,522,000
16,276,000
2,802,000
660,000
177,822,000
16.276,000
3.144,000
778,000
169,243,000
16,714.000
5,538,000
Total resources
1,565,490,000 1,613,456,000 1,467,969,000
Ltahiluter—
Fed'I Reserve notes In actual circulation. 403,086,000
Deposits—Member bank. reserve
887,255,000
Government
2,799,000
Foreign bank (See Note).
1,160,000
Other deposits
25,114,000
411,237,000
917,971,000
2,258,000
1,611.000
37.706,000
367,812,000
843,694,000
5,649,000
1,599,000
10,396,000
Total deposits
Deterred availability Items_
Capital paid In
Surplus
All other liabilities
959.546,000
139,243,000
38,761,000
61,614,000
3,055,000
861,338,000
140,463,000
35,223,000
59,964,000
3,169,000
Total liabilities
1.900
Or'd aggr.. May 7
Comparison with prev. week
1,900
1.900
1,900
1900.
Two Ciphers(
00)
omitted.
916,328,000
142,287.000
38,770,000
61,614.090
3,405.000
1 565,490,000 1.613,456,000 1,467.969,000
Ratio of total referees to deposit and
Fed'I lies've note liabilities combined
84.8%
81.7%
81.5%
Contingent liab:lity on bills purchased
for foreign correspondence.
44,885,000
42,851,000
17,553,000
NOTE.—Beginning with the statement of Oct 7 1925. two new Items were adders
n order to show separately the amount of balances neld abroad and amounts due to
foreign correspondents. In addition, the caption, "All other earning assets," pre,
ormolu made of Federal intermediate credit bank debentures, was changed to "Other
ecurities." and the caption "Total earning assets" to "Total bills and securi flee
The latter term was adopted as a more emirate description of the total of the dle
imuuts effeeptances and securItlea acquired under the provisionsof Sections 13 and 1r
of the Federal Reser., Rel. Srhleh it was stated, are the only ItemsIncluded thereir.
2872
THE CHRONICLE
[VOL 124
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, May 11 and showing the condition
system
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the
year.
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve batiks. The Reserve Board's comment upon the returns for the
latest week appears on page 2830 being the first item in our department of "Current Events and Discussions."
BUSINESS MAY 11 1927.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
23 1927. May 12 1926.
May 111927. May 4 1927. Apr. 27 1027. Apr. 201927. Apr. 13 1927. April 6 1927. Mar.30 1927. Mar.
3
$
$
$
IS
$
$
8
$
RESOURCES.
1,471,677,000
1,631,543,000 1,571,158,000 1.628.235,000 1.658,165,000 1,628,860,000 1,630,855,000 1,613.495,000 1,619.911.000
Gold with Federal Reserve agents
46,657,000
51.105,000
52,021,000
45,304,000
48,740,000
51.299.000
40,618,000
50,456,000
49,235,000
Gold redemption fund with U. S. Treas.
1,665,516,000 1.671.016.000 1.518,334,000
Gold held exclusively eget. F. R. notes 1,680,778,000 1.621,614,000 1,668,853,000 1,709,464,000 1,677,600,000 1,676,159.000 620,488,000 608,963,000 646,954,000
Gold settlement fund with F.R. Board._ 640,522,000 694,657,000 638,802,000 598,325,000 622,994,000 613,278.000 735.895,000 753,657,000 638,292,000
Gold and gold certificates held by banks. 748,854,000 727,632,000 733,202,000 727,539,000 730.049,000 733,509,000
2,803,580,000
3,070,154,000 3,043.903,000 3,040.857,000 3,035,328,000 3,030,643,000 3.022,946,000 3,021.899,000 3,033.636.000
159,644.000 163,159.000
164,199,000 162.728,000 166.501,000 167,852.000 160,280,000 160,490,000 160.794,000
2,966,739,000
3,234,353,000 3,206,631,000 3,207.358,000 3.203,180,000 3.190,923.0003,183.436,000 3,182,693,000 3,193,280,000
Total reserves
60,486,000
66.465,000
63,759,000
59,972,000
61,480.000
66,089,000
65,769,000
60,430,000
63,106,000
Non-reserve cash
BIM discounted:
213,306,000 259.088.000 268,421,000 251,574,000
248.722,000
308,583,000
246,820,000
256.588,000
257,083,000
obligations_
Secured by U. S. Govt.
188,716.000 224,740,000
184.894,000 199.059,000 186,965,000 167,623,000 177,045,000 188,642.000 196,937,000
Other bills discounted
456,023,000 457.137,000 476,414,000
401,948,000
425,767,000
507,642,000
414.443,000
443,553,000
441,977,000
Total bills discounted
228,162,000
233,051.000 244.220,000 241,899,000 247,396,000 256.724.000 239,221,000 237,409.000 231,259,000
Bills bought in open market
U. S. Government securities:
61.950,000 100,923,000
68,206,000
74.870,000
78,099,000
73,911,000
70.673.000
69,598,000
71,214,000
Bonds
71,733,000 163,223,000
88,380,000
85,377,000
88.836,000
90,957,000
93,626.000
89,311,000
00,369,000
Treasury notes
132,116,000
92,313,000 155,724,000 158,341,000 165,292,000 188,409.000 181,688,000 196,516,000 208,564,000
Certificates of indebtedness
396,262,000
342.247,000
Total U. S. Government securities_ 253,896,000 316,279,000 318,325,000 332,829,000 355,344,000 341,935,000 353,102,000
4,635,000
2,000.000
2,500,000
2,500,000
2,500,000
1,500,000
1,800,000
1,800,000
1,800,000
Other securities (see note)
7,401,000
Foreign loans on gold
1,112,874,000
1,032.643,000
1,049,034,000
985,604,000
1,040.335,000
996,168,000
1,005.577,000
1.069,941,000
030,724,000
Total bills and securities (see note).—
59,548,000
Gold held abroal
778.000
660,000
660.000
659,000
659,000
659.000
660,000
660.000
660,000
Due from °reign banks (see note)
656,512,000 676.857.000 653,714,000 725,306,000 734,298,000 643.961.000 602,896,000 644,812,000 690,879,000
Uncollected items
59,651,000
58.471,000
58,485,000
58,558.000
58,561,000
58,614,000
58,567.000
58,588,000
58,883,000
Bank premises
16,804,000
11,683,000
13,057.000
12,982,000
13,022,000
12,753.000
12,998,000
12,954,000
12,743,000
All other resources
-5,016,529,000 5,086,087,000 5,004,664,000 5,062,722,000 5,099,278,000 4.945,172,000 4,970,584,000 5,008.018.0004,908,211,000
Total resources
LIABILITIES.
1,718,345,000 1,720,754,000 1.718,257,000 1,729,751,000 1,743,827,000 1.727.429,000 1,711,337,000 1.701,642,000 1,675,535,000
Ir R. notes In actual circulation
Deposits—
2,326,222,000 2,269,513,000 2,249,695.000 2,264,762,000 2,231,951,000 2,274,464.000 2,300,454,000 2,193,512,000
2,271,491,000
Member banks—reserve account
27,484,000
5,700,000
31.869,000
13,527,000
22,842,000
29.360.000
24,138.000
13,445,000
17,432,000
Government
4,955,000
5,759,000
5,546,000
4,925,000
4.913.000
4,697,000
6,013,000
4,945,000
4,404,000
Foreign banks (see note)
19,733,000
17.424.000
15,622.000
15,064,000
15,296,000
14,966,000
14,538,000
32,352,000
44.684,000
Other deposits
Total gold reserves
Reserves other than gold
Total deposits
Deferred availability itemsCapital paid in
Surplus
All other liabilities
2.325,769,000 2,389.296,000 2.313,860.000 2,299.606.000 2,307,267,000 2,265,467,000 2,327,501,000 2,329,337,000 2,245,684,000
601,162.000 605,250,000 601,649,000 663,162,000 678,127,000 582,633,000 562,660.000 608,526,000 627,899,000
128,888,000 128.962,000 128,806,000 128,410.000 128,280,000 128,212,000 127.602,000 127.567,000 122,408,000
228,775,000 228,775,000 228,775,000 228,775,000 228,775,000 228,775.000 228,775,000 228,775,000 220,310,000
16,375,000
12,172,000
12,709,000
12,656.000
13,002.000
13,018,000
13,317,000
13,050,000
13,590,000
5,016,529,000 5,086,087,000 5,004,664,000 5,062,722,000 5,099,278,000 4,945,172,000 4,970,584,000 5,008,019,000 4,908,211,000
Total liabilities
Aatto of gold reserves to deposit and
71.5%
75.2%
74.8%
75.3%
74.8%
75.4%
74.1%
75.7%
75.9%
F. R. note liabilities combined
Ratio of total reservs to deposit and
75.7%
79.2%
78.8%
79.7%
78.8%
79.5%
79.5%
78.0%
80.0%
liabilities
combined
note
It.
F.
Contingent liability on bills purchased
64.735.000
156,828.000 148.990.000 146,943,000 146,069,000 148,269,000 147,819,000 147,698.000 147,946,000
for foreign correspondents
3
$
3
I
$
$
3
$
$
Distribution by aturities—
122,602,000 107.296,000 115,041,000 102,980,000 136,092,000
1-15 days bills bought In open market_ 123,201,000 129.307,000 121.147,000 119,831,000 337,315,000 312,414,000 364,820,000 370,035,000 340,706,000
324.707,000
351,538,000
416,986,000
352,486,000
1-15 days bills discounted
1,120,000
9.140.000
5,206,000
370,000
6,490.000
8,105,000
300,000
1-16 days U. S. certif. of indebtedness.
1-15 days municipal warrants
36,946,000
68.518,000
53,777,000
68,371.000
64.950,000
68,368,000
68,003,000
59,553,000
52,939.000
18-30 days bills bought in open market
32,237,000
25,881,000
22,153,000
23,799,000
21,960,000
20,360,000
21,037.000
20,942,000
21,260,000
16-30.days bills discounted
4,689,000
550,000
10-30 days U. B. certif. of indebtedness.
16-30 days municipal warrants
42,420,000
56,206,000
53,125,000
48,143,000
50,274,000
43,282,000
38,412.000
41,594,000
43,831,000
31-60 days bills bought in open market_
51,145.000
32,075,000
36.630.000
34.724,000
32.717,000
35,084,000
36,778,000
35,094,000
34,265.000
31-60 days bills discounted
52,527,000
200,000
49,206,000
50,387,000
53,877,000
55,774,000
31-60 days U. S. certif. of indebtedness.
warrants
municipal
81-60 days
10,019,000
11,999,000
13,242,000
12.820,000
15,152,000
12,263,000
10,815,000
10,906,000
9,424.000
61-90 days bills bought In open market_
26,983,000
20,252,000
21,380,000
19,695,000
21,983.000
21,930,000
21,661,000
19,205,000
18,764.000
61-90 days bills discounted
74,709.000
76,644,000
74,064,000
74,454.000
50,000
570,000
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
2,685,000
1.556.000
2,224,000
2.591.000
3,746,000
3,652,000
3,522.000
2,860,000
3,656,000
Over 90 days bills bought in open market
25,343,000
8.894,000
11,040.000
11,316,000
11,792,000
12,362,000
12.639,000
15,415,000
15,202,000
Over 90 days bills discounted
73,780,000
124,165,000
118.666,000
35,669.000 111,847,000 107,954,000 107,931,000 107,265.000 107,254,000
Over 90 days certif. of indebtedness_
Over 90 days municipal warrants
2,947,635,000 2,927,452,000 2,926,576,000 2,837,464,000
F. R. notes received from Comptroller... 2,962.273,000 2,967,460,000 2,978,801,000 2,075.025,000 2,970,910,000 835,133.000 829,156,000 833.073,000 839,157,000
860,978,000 857,388,000 839,783,000 838,658,000 845,364,000
F. R. notes held by F. R. Agent
2,093,503.000 1,998,307,000
Issued to Federal Reserve Banks._ 2,101,295,000 2,110,072,000 2,119,018.000 2,136.367.000 2.125,546,0002.112,502,000 2,098,296.000
How Secured—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Board
By eligible paper
305,054,000
411,604,000 409,605,000 409,605,000 408,606,000 404,605,000 401,604.000 401.604,000 400,640.000 106,175-000
99,834.000 106.974.000 101,884,000
96,986,000 100,683,000
92,139,000 101.375,000
107,624,000
1,060,448,000
1,112,315,000 1,069,414,000 1,117,255,000 1,154.573.000 1,123,572.000 1.129,417.000 1,104,917.000 1,117.387,000 682,765,000
649,557,000 715,324,000 654,902,000 641,656.000 650,279.000 620,0.52.000 670,937.000 666,442,000
_
2,286,482.0002,283.137.000 2,299,821,000 2,279,139,000 2,250,907.000 2,284,432.000 2,286,353 000 2,154,442,000
2,281,100,000
Total
and amounts due
NOTE.—Beginning with the statement of Oct. 7 1925, two new items were added in order to show separately the amount of balances held abroad was changed to
debentures,
Bank
Credit
Intermediate
Foreign
of
up
made
Previously
assets."
earning
to foreign correspondents. In addition, the caption. "All other
accurate description of the total of
"Other securities, and the caption," "Total earning assets" to "Total bills and securities." The latter item was adopted as a morestated, are the only items Included.
of Sections 13 and 14 of the Federal Reserve Act, which, it was
the discounts. acceptances and securities acquired under the provisions
therein.
CLOSE OF BUSINESS MAY 11 1927
WEEKLY STATEMENT OF ReqouRcnq kni) LotRD.ITIES OF EACH OF THE 12 peneRm. RESERVE IIVSKS AT
so ciphers (00) omitted.
Boston. New York. Phila. Cleveland
(Ural Reserve Bank of—
$
$
$
$
RESOURCES.
122,413,0 372,102,0 110,221,0 197,607,0
Gold ritb Federal Reserve Agents 9,138,0
12,446.0 7,061,0 2,520,0
Treas.
U.S.
with
fund
ed'n
Geld
384,638,0 126,282,0 200,217,0
Gol I held excl. agst. P.R. notes 131,551,0
F.R.Board 42,957,0 205,743,0 47,216,0 55,611,0
Gold sttle't fund with
28,684,0 58,086,0
494,934,0
29,860,0
Gold md gold =Innate's
Richmond Atlanta. Chicago. St. Louis. Afinrseap. Kan. City Dallas. San Pron.
Total
$
$
$
$
$
$
$
$
$
60,153,0 157,279,0 244,143,0 17,165,0 54,229,0 57,973,0 32,053,0 197,025,0 1,631.543,0
49,235,0
2,055,0 2,464,0 2,013,0 2,053,0 2,013,0 3,208,0 1,623,0 2,641,0
62,208,0 159,743,0 246,156,0 19,218,0 56,242,0 61,181.0 33,676,0 199,666,0 1,680,778.0
26,573,0 15,154,0 127,742.0 21,930,0 13,630,0 28,861,0 18,831.0 36,274,0 640,522,0
5,402,0 4,684,0 56,172,0 15,343.0 7.332,0 7,554,0 9,009,0 31,794,0 748,854,0
313,914,0
94,183.0
202,182,0
179,581,0 430,070,0 56,491,0 77,204,0 97,696,0 61,516,0 267,734,0 3,070,154,0
1,085,315.0
204,368,0
Toilil gold reserves
34,152,0 5,355,0 9.512,0 9,136,0 14,043,0 24,753,0 19,200,0 4,311,0 5,692,0 7,615.0 8,701,0 164,199,0
21,729,0
as other than gold
3,234,353,0
226.097,0 1,119,467,0 207,537,0 323,426,0 103,319,0 193.624.0454.1123,0 75,691,0 81,515,0 103,288,0 69,131.0 276,435,0
63,106.0
Totsil reserves
15,244,0 1,670,0 3,717,0 6,679,0 5,229,0 10,048,0 3,730,0 1.589,0 2,348,0 3,007,0 3,410,0
6,435,0
nerve cash
No
257,083,0
Bills dIscounted:
18,200,0
1,548,0
32,046,0
4,721.0
25,320,0
8,560,0
102,073,0
4,846,0
8,569,0
2,898,0
28,805.0
19,497,0
184,894,0
Be.. by U.S. Govt. obligations 13,935,0
37,308,0 13,568,0 11,783,0 13,121,0 29,492,0 19,123,0 8,820,0 3.400,0 11,113,0 2.353,0 20,878,0
Oth w bills discounted
441,977,0
30,078,0
3,901,0
15,834,0
6,298,0
43,829,0
21,681,0
34,338,0 47,928,0 17,389,0
33,432.0 139,381.0 38.888,0
233,051.0
Totsil bills discounted
53,126,0 13,576,0 20,402,0 10,392,0 11,457,0 31,616,0 14,200,0 12,422,0 11,230,0 10,268,0 '21,051,0
ought in open market..._ 23,311,0
71,214,0
3,724,0
5,019,0
U. B. Jovernment securities*
10,338,0
5,615.0
277,0 23,236,0 5,333,0
8,442,0 1,200,0 3,983,0 1,918,0
2,129.0
90,369,0
Bon ls
392,0 6,547,0 10,110,0 5,139,0 4,978,0 9.152,0 15,668,0
13,012,0 5,145,0 16,719,0 1,408.0
2,099,0
92,313,0
10,190,0
6,272,0
6,929,0
2,886,0
TresBurr notes
11,694,0
1,881,0
7,753,0
3,613,0
9,457,0
11,742,0
17,063.0
2,833.0
Cart "sates of indebtedness....
20.443.0 29,582.0 253,896.0
22,245,0
13.640,0
39,240,0
23,196,0
5,207,0
4,282,0
32,396,0
18,087,0
38,517,0
7,061,0
wines.
'JOtSJ U B. 0...v..
MAY 14 1927.]
THE CHRONICLE
amSOURCES (Coneluded)Two ciphers (00) omitted.
Boston.
New York.
IS
$
Cleveland. Richmond Atlanta. Chicago. St. LOWS. Minneap. Kan. City Dallas. San Fran.
$
1,500,0
$
$
3
300,0
$
$
$
3
$
mat.
$
$
1,800,0
231,024,0 72,051,0 96,627,0 37,280,0 50,377,0 118,784,0 54,785,0 32,360,0 49.309,0 34,612,),
89,711.0 930,724,0
16,495,0 5,717,0 6,310,0 3,097,0 2,441,0 8,218,0 2,561,0 1,786,0 2,203,0
2,084,0 4,168,0
59,548,0
660,0
660.0
63,574,0 163,522,0 55,943,0 61,933,0 54,146,0 27,564,0 80,512.0 32,626,0 12,572,0 40,672,0
3,946,0
16,276,0 1,737,0 7,119,0 2,302,0 2,898,0 8,176,0 3,957,0 2,774,0 4,459,0 24,068.0 39,380.0 656,512,0
1,752,0 3,487.0
58,883,0
39,0
2.802,0
156,0 1,084,0
340,0 1,820,0 1,543,0
878,0 1,838,0
608,0
397.0 1,238,0
12,743,0
368,361,0 1,565,490,0 344,811,0 500,218,0 207,163,0 283,953,0 682,104,0 174,228,0 134,434,0 262.887.0
135,051,0 417,829,0 5,016,529,0
Other securities
Total bills and securities
Gold held abroad
,Jue from foreign banks
Uncollected Items
Bank premises
Al- other resources
63,804.0
4,466,0
Total resources
LIABILITIES.
F. R. notes in actual circulation_ 130,370,0
Deposits:
Member bank-reserve ace't 148,046,0
Government
750,0
Foreign bank
346,0
Other deposits
140,0
Total deposits
Deferred availability Items
Capital paid In
Surplus
Ill other liabilities
Phila.
2873
403,086,0 124,763,0 214,300,0 66,199,0 171,268,0 222,871.0 42,654,0 63,000.0
64,734,0
887,255,0 132,406,0 187,378.0 67,850,0 69,513,0 334,490,0 81,401,0 47,570.0 87,166.0
2,799,0 1,393,0
859,0 2,624,0 1,000,0 1,345,0 1,200,0 1,286,0 1,582,0
1,160,0
443,0
489,0
240,0
189,0
636,0
198.0
138,0
171,0
25,114,0
163,0 1,135,0
86,0
101,0 1,188,0
241,0
119,0
175,0
916,328,0 134,405,0 189,861,0 70.800,0 70,803,0 337,659.0 83,040.0 49,113,0 89,094,0
142,287,0 50,958,0 57,031,0 51.031,0 26,549,0 70,142,0 32,310,0 10,759,0 35,140,0
38,770,0 12,944,0 13,844.0 6,189,0 5,108,0 17,023,0 5,292,0 2,997,0 4,215,0
61,614,0 21,267,0 23,746,0 12,198,0 9,632.0 31,881,0 9,939,0 7,527,0 9,029.0
3,405,0
474,0 1,436,0
746.0
593.0 2,528,0
993,0 1,038,0
675,0
149,282,0
61,603,0
9,027.0
17,606,0
473,0
36,615,0 178,485,0 1,718,345,0
58,141,0 170,275,0 2,271,491,0
1,569.0 1,025.0
17,432,0
161,0
323,0
4,494.0
32,0 3,858,0
32,352,0
59,903,0 175,481,0 2.325,769.0
25,561,0 37,791,0 601.162.0
4.258,0 9,221,0 128,888,0
8,215,0 16.121,0 228,775,0
499,0
730.0
13,590.0
Total ILAbliities
368,361,0 1,565,490,0 344,811,0 500,218,0 207,163,0 283,953,0 682,104,0 174,228,0 134,434,0 202,887,0
135,051,0 417,829.0 5,016,529,0
Memoranda.
Reserve ratio (per cent)
80.8
84.8
80.1
80.0
75.4
81.1
80.0
60.2
72.7
67.1
71.6
78.1
80.0
Contingent liability on bills purchased for foreign correspondls 11,612,0
44,885.0 14,864,0 16,412,0 8,051,0 6,348,0 21,367,0 6,658,0 4,645,0 5,729,0 5,419,0
10,838,0 156,828,0
.R. notes on hand (notes reed
from F. R. Agent less notes in
circulation)
27.530,0 128,241,0 38,458.0 24,739.0 16.940,0 29,163,0 52.978,0 3,366,0 4,668,0
9,936,0 5.587,0 41,344.0 382.950,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE
OF BUSINESS MAY II 1927
Federal Reserve Agent alBoston. New York, Phila. Cleveland. Richmond Atlanta. Chicago. St. Loafs. Minneap. Kan. City
(Two ciphers (00) omitted.)
$
$
$
$
$
$
$
5
3
$
ll'at.notes reed from Comptroller 247,300.0 823.407,0 193,521,0 277,329.0 106.113,0 275,841,0 456.949,0 68,760,0 86,375,0
101,510,0
F.R.notes held by F. R. Agent._ 89,400,0 292,080,0 30,300,0 38,290,0 22,974,0 75,410,0 181,100,0 22,740,0
18,707,0 26,840.0
F.R.notes issued to F. R. Bank 157,900,0 531,327,0 163,221,0 239,039,0 83,139,0 200,431,0 275,849.0
46.020,0 67,668,0 74.670,0
Collateral held as security for
F.R.notes Issued to F. It. Bk.:
Gold and gold certificates.... 35,300.0 235,104,0
8,780,0 36,468,0 16,457,0
7,750,0 13,507,0
Gold redemption fund
18,113,0
22.088,0 13,144,0 13,917,0 3,685,0 4,822,0 2.143.0 1,115,0 1,722,0 4,113,0
Gold fund-F.R.Board
69.000,0 115,000,0 106,077,0 175,000,0 20,000,0 136,000,0 242,000,0 8,300,0 39,000,0 53,860,0
Eligible paper
56,743,0 180,503,0 44,973,0 62,517,0 29,963,0 45,535,0 78,999.0 31,163,0 18,615,0 26,923.0
Total collateral
179.156,0
Dallas. San Fran
Tom).
$
$
$
60,239,0 264,929,0 2.962,273,0
18,037,0 45,100.0 860,978,0
42.202,0 219,829.0 2,101,295,0
18,238,0 40,000.0 411,604,0
2,815,0 19,947,0 107.624,0
11,000,0 137,078,0 1,112,315,0
14.128,0 59,495,0 649,557,0
552.695.0 164.194.0 260.214.0 90.116.0 202.814.0 323.142.0 48.328.0 72.844.0 84.896.0
46.181.0 256.520.0 2.281.100.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of
the resources
and liabilities of the 669 member banks from which weekly returns are obtained.
figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the These
statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the
for the latest week appears in our department of "Current Events and Discussions," on page 2831.Reserve Board upon the figure.
I. Data for all reporting member banks in each Federal Reserve District at close of business May 4 1927. (Three
ciphers (000) omitted.)
Federal Reserve District.
Boston. New York
Number of reporting banks
Loans and discounts, gross:
Secured by U.B.Gov't obligations
Secured by stocks and bonds
All other loans and discounts._
Total loans and discounts
Investments:
U. S. Government securities
Other bonds, stocks and securities
36
Phila,
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
92
49
71
67
7,119
59,834
329,439 2,390,202
627,415 2,895,869
$
9,888
394,932
383,355
$
20,006
619,183
786,547
963,973 5,345,905
788,175 1,425,736
148,177 1,057,144
271.457 1,247,508
109,517
280,905
s
s
31
24
$
5,376
151.026
357,851
65
$
S
5,393
20,684
105,328 876,991
392,453 1.281,930
45
3
4,470
194,935
295,522
3
2,980
76,831
147,264
$
4.433
107,277
300,813
$
2.733
81,031
236,990
514,253
503,174 2,179,605
494,927
227,075
412,523
320,759 1,308,934 14,485.039
81,640
123,975
64,399
55,760
110,865
96,827
52,484
59,720
317,788
462.127
145.537
112,204
779,915
205,615
120,159
207,692
659,790
45,109
13,356
377,130
220,942
5,823
53,811
117,093
615,378 2,959,520
39,739 247,858
10,961
46,496
328,760 1,807,649
237,757 1,079.154
16.365
8,513
69.835 261,837
110.009 526,965
700,542
47,866
7,594
404,318
235,053
4,380
54,686
143,825
347,234
24,153
5,598
200,316
125,059
1,237
45,828
86,583
620,215
53,707
11,840
484,285
151.114
2,108
113,888
206,840
71,897
73,640
390,422 653,857
Total loans and investments
1,383,607 7,650,557 1.178,597 2.079,593
Reserve balances with F. R. Bank
97,498 803,378
85,538 139,550
Cash in vault
..
18,996
72,322
15,228
29.117
Net demand deposit')
899,989 5,775.348 767,481 1.051.681
Time deposits
434,745 1,402,305 263,928 906,897
Government deposits
15,704
47,486
18,207
12,317
Due from banks
69,164 154,095
61,451 106,231
Due to banks
157,382 1,233.566 181,171 252,409
Bills pay. dr redis. with F. R. Bk.:
Secured by U.S.Gov't obligations
11,870 106,144
6,865
30.789
All other
5,418
35,772
4,637
10,881
419,634 2,304,652
Total borrowings from F.R.Bank
17.288
141.918
11.502
41.670
Total.
97
271,132
382,725
Total Investments
34
58
669
$
$
11,493
154,414
323,160 5,650,335
974,281 8,680,290
59,047
27,324
257,804 2,601,894
247,046 3,329.014
86,371
504.850 5,930,908
407,130 1,813,784 20,415,947
29,923 108.979 1,723,298
9,184
20,631
261,323
280,505 779,421 13,156,883
107,132 938,514 6.102,600
5,127
18,839
156,086
67,819 147,005 1,205.648
101,786 226,953 3,344,582
4,048
5,685
3,517
15,061
38,894
13,899
6,125
3,625
3,495
313
4,601
4,423
1,885
140
30,893
13,400
249,128
113,254
0 722
It 578
52.703
0.750
2.8118
0.024
2(195
44902
259 9521I
2. Data of reporting member banks in New York
City, Chicago, and for the whole country.
All Reporting Member Banks.
•
Reporting Member Banks in N. Y. City.
Reporting Member Banks in Chicago.
May 4 1927. Apr. 27 1927. May 5 1926. May 4 1927. Apr. 27 1927. May
5 1926.
Number of reporting banks
669
670
705
54/
54
59
45
LOMA and discount°, gross:
$
45
46
5
5
$
$
secured by U. B. Gov't obligations
$
5
5
154.414,000
$
159,581,000
172,301,000
57,224,000
61,790,000
57,233,000
Secured by stuck@ and bonds
14,423,000
15,786,000
5,650,335,000 5,581,400,000 5.318,982,000
21,105.000
2,063,138,000
1,993,078,000,2,0
08,082,000
other
loans
discount,
and
All
659,157,000 655,853,000 581,318,000
8,680,290,000 8,611,826,000 8,513,461,000
2,541,865,000 2,516,569,000'2,401,540,000 716,174,000 685,096,000
697,113,000
Total loans and discounts
14,485,039,000 14,352,807,000 14,004,744,000
4,662,227,000
4,571,437,000
Investments
4,466,835,000 1.389,754,000 1.356.735,000 1.299,536,000
U. B. Government securities
2,601,894,000 2,590,056,000
Other bonds. stooks and securities_ 3,329,014,000 3,333,721,000 2,539,257,000 956,931,000 948,319,000 905,449,000 181,454,000 182,998,000 165,892,000
3,055.208.000 923,964,000 925,132,000 889.364,000
216,558,000 221,458,000 205,114,000
Total investments
5,930,908,000 5,923,777,000 5,594,465,000
1,880,895,000 1,871,451,000 1,794,813,000 398,012,000 404,456,000 371,006,000
Total loans and Investments
20,415,947,000 20,276,584,000 19,599,209,000
6,442,888,000 8,261,648,000 1,787,766.000
Reserve balances with F. R. Banka
1,723,298,000 1.678.827,000 1.657,721,000 6,543,122,000
741,388,000 708,476,000 690,839,000 171,848,000 1,761,191,000 1,670,542,000
Gash in vault
261,323,000
169,165.000 182.876,000
264,396,000
276,752,000
58,243,000
58,554,000
84,656,000
Net demand deposits
20,089,000
13,156,883,000 13,041,263,000 12,881,714,000
20,486,000
20,876,000
Time deposits
6,102.600,000 6,088,298,000 5,562,208,000 5,171,922,000 5.108.543,0005,045,593,000 1,220,074,000 1,186,925,000 1,160,974,000
951,033,000 949,629,000 835,962,000 527,432,000 521.978,000 502.690.000
Government deposits
156,086,000
166,083,000
232,173,000
44,810.000
47,863.000
41,113,000
Due from banks
1,205,648,000 1,139,996,000
8,903,000
10,328,000
9,679,000
111,197.000 109,751,000 101,200,000 173,178,000 144,401,000 173,945,000
Due to banks
3,344,582,000 3,182,369,000
1.167,828,000 1,110,512,000 1.109,224,000 380,169,000 353,888,000 402,844,000
Bute payable and rediscounta with
Federal Reserve Banks:
249.126.000
Secured by U.S.Gov't ohusetime__
189,458,000
222,146.000
90,200,000
51,600,000 113,950.000
20,433,000
5,040.000
21,580,000
Ail other
113,254,000
96.581,000
121,490.000
35,659,000
25,427,000
4,728.000
6,495,000
5,653,000
13,897,000
362,380.000
Total borrowings from P. It. bke
286,037,000
343,636,000 125,859,000
9.768.000
77,027.000 127,847,000
26,928,000
27,233,000
---Leans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks In New York City:
For own account
978.588,000 935.588,000 974,957,000
* Revised figures
For account of out-of-town banks
1,182,391,000 1,143,294,000 1,007,731,000
For account of others
758.947,000 804,112,000 506.703,000
Total
2,919.926,000 2.882.994,000 2,489,391,000
On demand
2.204,321,000 2,181,875,000 1,721,935,060
On time
715,605,000 701.119,000 767,456,000
May 4 1927.
Apr. 27 1927. May 5 1928.
-
THE CHRONICLE
azeitt
Igaitiurs'
STOCKS.
Week Ended May 13.
Wall Street, Friday Night, May 13 1927.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 2864.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended May 13.
Sales
for
Week
Range for Week.
Lowest.
I
Highest.
Range Since Jan. 1.
Loral.
Par Shares $ per share. 15 Per share. $ per share.
Railroads—
Buff Hoch & Pitts pf_100
20 1063May 10106%May 10 103
50 493(MaY 10 50 May 7 40
Buff & Susqueh pref _100
Caro Clinch &0stpd 100
280 101 May 12 102%May 10 9834
30 102%May 9 1023iMaY 9 100
C C C & St L pref_ _ _100
Duluth 89 & A pref_100
100 4)(May 10 434May 10 4
8534
Great North pf cUs_100 1,900 88 May 9 88%MaY
Havana & Elec Ry ctfs_ * 500 23%May 1 324%MaY 11 2354
Preferred ctfs
100 200 80%May 13 82 May 7 80
Hocking Valley
100
290230 May 10245 May 12 00
1:11 Cent Leased Line_100
60 80%May 10 8334MaY 11 7634
100
50 234May 12 23'(May 12 1
Iowa Central
Morris & Essex
50
120 8334May 10 85 May 11 80
NY & Harlem
130179 May 12 182 May 9 16834
50
100 4231 May 13 4234May 13 343.4
N Y State Rys pref__100
10 83%May 11 833.4May 11 81
Northern Central---50
Northern Pacific cUs_100 1,800 873lMay 7 88 May 9 8434
50 13834May 11 1383.4May 11 136
Rensselaer & Sara_ _100
231
SILO:lin-San Fran rts- -- 59.100 334May 7 434MaY
100 5334May 12 5334May 12 5334
Twin City Rap Tran-100
140 102 May 11 10234MaY 9 99
100
Preferred
9734
100 99)4MaY 9 9934Ma3'
Vlcksb Shreve & Pac_100
Highest.
per share.
Feb 110
Apr 50
Feb 10234
Apr 10434
Mar 734
Mar 8834
May 2634
Mar 8234
Jan 245
Mar 8334
Jan 634
Feb 85
Mar 185
Jan 5034
Mar 8334
Apr 88
Apr13834
Mar 431
May 6534
Apr 10634
Jan 9934
Mar
May
May
Jan
Apr
May
Jan
Apr
May
May
Feb
May
Apr
Mar
May
May
May
Apr
Feb
Mar
May
Industrial & Miscall.
Apr 23
Feb
Albany Pert Wrap Pap-• 350 19 May 10 20 May 13 18
May 10034 Jan
100
100 97 May 11 97 May 11 97
Preferred
Amal amated Leather
100
100 97 May 11 97 May 11 97 May 108 Feb
Preferred
Jan 9894 Mar
200 94 May 11 95 May 7 90
Am Chicle prior prat __*
Amer-La France Fire Eng
Apr 9034 Jan
100 600 67 May 13 73 May 9 65
7% preferred
20 105 May 12108%May 12 0134 Jan 110% Mar
Amer Piano pref._ _ _100
May 48
May
American Seating v t c_* 2,900 47 May 13 48 May 12 47
130 100HMay 910034MaY 9 9434 Jan 10034 Mar
American Snuff pref _100
210 1103.lMay 1211331May 10 0734 Feb 11334 May
Am Type Found pref.100
Apr
May 12
Am Writ Paper ctfs____• 1,500 10 May 9 1034May 12 10
Apr
800 2754May 11 2834May 12 2534 Apr 32
Preferred certifs.. _ _100
Bamberger(L)&Co 0100 1,100 10834May 13110%May 10 0634 Mar,110% May
Jan 5934 Feb
• 7,700 54 May 10 57 May 9 40
Barnet Leather
JaU10731 Mar
410 105 May 7107 May 9 01
Bayuk Bros, let pref..100
Feb 122
May
130 102%May 9122 May 11 00
Second preferred_ _100
• 2,300 16 YMay 12 17%May 12 1634 May 1734 May
Beacon 011
Mar
20 117%MaY 1111734May 11 11434 Jan 119
Beech Nut Pack pref-100
Apr 1134 May
Brooklyn Edison rights_ 23,500 1034MaY 7 1134May 11 9
Feb
100
301073(May 10 108 May 10 10534 May,109
Byers & Co pref
Apr
100108 May 7108 May 7 10834 Jan 109
Central Alloy Steel p1100
Central Leather cUs_100 900 103(May 7 1034May 13 731 Jan,! Ion May
Mar
Jai* 67
Preferred certifs...100 5,200 64 May 10 6634May 12 54
100 10034May 7100%May 7 10034 Apr110134 May
Cert-Teed Prod 26 pf.100
Apr 4734 May
10 473.4May 9 4734MaY 9 39
Chicago Yellow Cab_ •
May 4934 Apr
City Stores class A._ _ _•
900 41 May 11 41 May 11 41
52
May
May
12
May
5034
52
Commonwealth Power.'20,000 50%May 12
Mar 9634 May
Consol Gas prat $5..._'18,300 9534May 9 9634May 13 93
Jan 12534 Mar
50 12434May 12 12434MaY 12 120
Continental Can pref.100
Jan
Apr 91
88
CrownWillamettelstpt• 200 88 May 10 8854MaY
Apr 11034 Apr
20 109348lay 9109% MaY 91 107
Cushman'sSonspf7% 100
May
Feb111
103
10.
May
13111
10934May
Preferred 8%
• 110
1MaY 9 10534 Ja11116% May
100 880 114 May 91163,
Deere & Co pref
Apr
Jan 108
140 107 May 7108 May 12 101
Devoe & Reyn let pf 100
May
Feb 133
860 123 May 9133 May 12 115
Diamond Match_ _ _ _100
50
100 6 May 9 6 May 9 6 May 831 Apr
Durham Hosiery
May
120 123 May 7124 May 13 11934 J 124
Eastman Kodak pref_ 100
Jan 1234 Mar
100 11 May 9 11 May 9 9
Elk Horn Coal Corp---•
Ap 2534 Mar
10 22 May 10 22 May 10 20
50
Preferred
900 3234May 12 3434May 12 3234 May 3734 Mar
Emporium Corporation.*
Mar
25
100 434May 12 434May 12 334 Feb 8
Fairbanks Co
May
Mar 15
10 15 May 13 15 May 13 12
Preferred
Feb
14
Jan
1234
• 100 133jMay 9 1334MaY 9
Fifth Ave Bus
400 114 May 711434 MaY 9 1093.4 Jan 114% Feb
Franklin-Simon pref.100
Jan
125
Apr
11834
May
7
125
9
200
May
Baking
124
prat—.
General
Gen Gas & Elsa al B...' 600 38 may 9 3834MaY 9 3534 Apr 4234 Feb
Mar
Ma 94
270 92 May 9 9231May 11 90
Glidden Co prior pref 100
10 118 May 9,118 May 9 11634 Jan 118% Mar
Gold & Stk Telegraph100
Apr
Guantanamo Sugar 01100
10 10034May 71100)1MaY 7 9534 Jan 101
Hackensack Water_25
10 24 May 12, 24 May 12 2331 Ap 2634 Apr
May
Ma
2934
12
%May
2534
25
40 2534May 9 27
Preferred A
Feb 10934 Apr
Hayes Wheel pref___100
80,10834May 10 10835May 10 100
Ap 3534 May
Hollander & Son (A)_--• 12,300' 333lMay 12 357lMay 7 32
Mar
Feb 112
Indian Refining pref.100
100 110 May 9110 May 9 102
May
Internat Paper rights-- 6,900 931May 91 11 May 11 934 May 11
Jan
72
Mar
13
May
6434
68
13
10
Salt_100
May
International
68
May
International SlIver_100 5,900 16934May 7175 May 9 13534 Mar 175
Apr
1
Island Creak Coal
300 58 May H) 563.4May 12 4834 Mar 60
Feb 121 34 May
250 120 May 9121%May 9 117
Jones & L Steel pref._100
20 108%May 101063jMay 10 10634 May 11654 Jan
Kelsey Wheel Inc pref100
Apr 8634 Jan
100
200 81 May 7, 84 May 9 70
Kinney Co pref
Mar
Jan 40
100 40 May 10 40 May 10 34
Kuppenheimer
May
Jan 130
460 110 May 11 130 May 7 95
Laclede Gas pref_ _ _ _100
May
4834
May
46
11
4834May
new_25
Bisc
8,600 46 May 12
Loose-Wiles
Jan1193( Mar
100
100 1183.4May 13 11834May 13 118
let preferred
Jan
Mar 75
McCrory Stores C A---• 100 693(May 13 70 May 13 55
11634 Jan
Mar
97
McCrory Stores prat100 1,100 100 May 10 100%MaY 7
Jan 181% May
• 400 178 May 13 181 May 7 124
Macy Co
May
Jan 120
20 120 May 10120 May 10 119
Manhattan Shirt pref 100
May
Jan 110
30 10934May 10110 May 12 103
Mathieson Alkali pref100
Apr
Apr 100
10 100 May 13100 May 13 98
Milw El Pr & Lt pf_ _100
Apr
123
Jan
pref.100
13
13
300
May
May
120
Power
120
11834
Montana
May
Jan 97
230 9134May 9 97 May 10 80
Mullins Body pref _ _100
Apr 4431 Apr
National-Bell Hess......' 1,500 38)(May 12 3934MaY 7 38
100 600 93 May 13 9334May 9 9234 Apr 9634 Apr
Preferred
•12,100 61 May 7 6334May 10 5934 May 6334 May
Nat Dairy new w 1
150 118 May 10 11834May 13 11434 Jan 118% Apr
100
pref
Supply
Nat
May
Feb269
100 1,850 252 May 7269 May 13 238
National Surety
May
Jan 110
100 110 May 10 110 May 10 105
N Y Steam 1st pf (7)--•
M
Jan,
8231
13
11
May
4734
51
4934May
570
Northwestern Teleg_50
Jan
90 50 May 10 50 May 10 4334 Apr 75
Norwalk T & Rub pf_100
Jan
Mar
10834
7
10234
107%May
107
10
130
May
pref.100
Supply
Well
Oil
Jan 9534 May
100 400 94 May 9 95)(May 13 81
Omnibus Pr A
Ma,
Jan 119
30 118 May 9 119 May 9 115
Owens Bottle pref._ _100
Jan
140
Mar
124
7
May
131
11
May
130
70
_100
_
Pacific Tel & Tel—
Mar 2734 Feb
Patin° Min &Enter pf 25 1,300 21 n May 7 2234May 11 20
Apr
May
108
11
May
10034
108
7
May
104
200
_100
pref_
Ford
&
Penick
May 10034 May
10 90 May 12 90 May 12 90
Pettibone Mull let p1100
Apr
Jan 45
20 4234May 10 423'4May 10 40
50
Phila Co 5% pref
1
Apr 4331 Jan
May
3034
35
13
May
35
100
Pitts Term Coal pref_100
Apr 83
Mar
20 7534MaY 7 76 May 9 74
100
Preferred
1 75
Apr 9134 Jan
Porto-Ric Am Tob A_100 2.100 75 May 12 7934May 1
May
May 183
175
700 180 May 12 183 May
100
Pullman Co Ws
Feb
100 9734May 11 9734May 1 9734 Mar 100
Reid Ice Cream pref.100
3734
Apr
Apr
4634
42%May
13
3934May
73,800
•
Remington-Rand
Apr102% Apr
100 1,600 100 May 71003lMay 1 99
lot Preferred
Apr
110
Apr
1
May
10034
104
13
May
103
400
100
2d Preferred
Mar
13431 May 136
10 1043(May 713431 May
Reynolds Ton Cl A....25
Jan
1 10534 Feb 110
May
10108
May
108
10
_100
pref_
S
Wm
sherwln
Jan
500 106 May 10 106%May 1 10431 Mar 108
sloss-Sheff St & Ir pf-100
May
1334 May' 14
700 13HMay 13 14 May 1
snider Packing
Sales
for
Week.
Range for Week.
Lowest.
I
Highest.
[VOL. 124.
Range Since Jan. 1.
Lowest.
Highest.
Per share $ per share..
per share.
Par. Shares $ per share.
Ind. & Misc. (Cond.)
% Apr
34 Apr
%May 7 1813May 11
Sou Calif Edison rts_ _ 45,500
Mar
Jan 110
100 106)1MaY 121063(May 12 103
Spalding Bros let pf_100
May 1734 May
Tidewater Assoc 011_ • 4,300 17 May 13 1734May 12 17
100 90% MaY 13 903iMaY 13 9034 May 9031 May
100
Preferred new
Jan
Jan 123
10 122%May 9122%May 9 120
Underwood Ty pew pf 100
Apr 49
Jan
510 40 May 10 42 May 7 40
United Dyewood pref 100
U S Distributing new _• 2,200 14%May 12 15%MaY 7 1434 May 1634 Apr
May 8.5% Apr
,May 9 81
100 1,200 8234May 12 833(
Preferred new
Apr 6734 Jan
10 60 May 9 60 May 9 50
Van Raalte let pref 100
Apr
•24,900 a63lMay 12 383(MaY 7 3231 Feb 41
Victor Talk Mach
Jan 9634 Apr
• 1,700 90% MaY 12 92%May 9 90
6% preferred
Feb 10031 Apr
100 1,100 98 May 10 9834May 10 97
7% prior pref
200 108%MaY 9 108%mila, 9 10831 May 10834 Apr
Vs El & Pr prat (7)_ _100
Vulcan Detinning _ 100 230 203(May 10 2434May 7 1634 Jan 2034 API"
Jan 11831 Apr
20105 May 12 106 May 9 90
Preferred
100
600 263IMaY 12 2634May 12 2634 May 2634 May
Warner-Quinlan
Mar 8634 May
100 86%May 11 8634May 11 82
Westinghouse El let pf50
May
230105 May 7107 May 12 10034 Jan 107
West Penn Pr 6% pf_100
White Sewing Machine.*16,700 30 May 9 3134May 10 2134 Mar 3134 May
•No par value.
For New York City Banks and Trust Companies see
page 2893.
New York City Realty and Surety Companies.
Bits.
50
228
348
285
Alliance R'Ity
Amer Surety_
Bond&MC.L
Lawyers Mtge
Lawyers Title
As Guarantee 288
AU Prieds dollars per share.
Bid. Ask.
Bid. Ask.
147
153 Realty Assoc'
(Bklyn)com 246 252
264 267
93
let pref____ 90
91
2d prof __ 88
438 442
315 335 Westchester
625
Title & 'Tr_ 5.50
Ask.
53 Mtge Bond...
229 Nat Surety
353 N Y Title &
Mortgage...
290
U 8 Casualty.
203
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
Bid.
Asked.
Maturity.
Int.
Rate.
Sept. 15 1027..,.. 3h%
June 15 1927- ... 334% 9981,1 100
Sept.15 1927-- 334% 29nn 99"ss Mar. 15 1928... 334%
Dec. 15 1927— 434% 100un 100nss Mar. 15 1930-'32 334%
Bid.
Asked.
99nn 998831
99 1ss 99nas
991,14 100
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Daily Record of U. S. Bond Prices. May 7 May 9 May 10 May 11 May 12 May 11
101,ss 100nn 101,11 100nss 100ns
1111gb 101
First Liberty Loan
334% bonds of 1923-47__ Low 100nn 100nn 100nss 100nss 100nss 100ns
Close 1008831 1008812 100.831 1008833 1008733 100ns
(First 3Si a)
10;
145
9
122
12
53
Total sales in $1.000 units__
---.
---------------1 1813
Converted 4% bonds ofH
---Total sales in $1,000 units__ _
Converted 434% bonds?!lab 103,ss
of 1932-47 (First 431s) Low. 103831
Close 103833
1
Total sales in $1,000 units._ .
---Second Converted 431% High
---bonds of 1932-47 (First Low_
Second 434,
-Total sales in $1,000 units_ _ _
,ss
-High 100
Second Liberty Loan
4% bonds of 1927-42._ _. Low_ 100433
Close 100',,
(Second 4s)
Total sales in $1,000 units__ _
Converted 4%% bondsrIgh 1008332
Low_ 100113s
of 1927-42 (second
Close 100nss
414s)
109
Total sales in 81,000 units __
High 1008833
Third Liberty Loan
434% bonds of 1928_ _ Low. 1008133
Close 1008833
(Third 43(s)
67
Total sales in $1,000 units__
High 1041ss
Fourth Liberty Loan
434% bonds of 1933-38..1 Low. 103nn
Close 103nn
(Fourth 434s)
237
Total sales in $1,000 units_..
{High 1143n
Treasury
Low 1138032
43(s, 1947-52
Close 1138831
7
Total sales in $1,000 units_ _
(High(High1088,32
108",4s.
Low_ 108n
1944-1954
Close 1088133
208
Total sales in 41,000 units_
High 105ass
334s, 1948-1958
110w. 1058882
Close 105.833
3
Total sales in 31.000 units. _ _
-----------• -- -103",, 10310,1 1031ss 103',,103%
103833 103633 103833 103831 10383,
103831 103833 103,ss 103,ss 103%
21
16
10
35
100
---.
-___
----- -- -----.
-___
---_
- --- -,.-------------
- 1833
109
100loss
100nst
163
1008,12
1008833
1002831
27
104,1n
ss
104,
104,ss
311
114,st
114831
1144st
104
109831
108nss
109883
49
1081133
1058132
108832
144
01i31
10100',,
1001ess
267
1008832
1008833
100uss
56
ss
104,
103nas
103ns
301
st
114,
113883
113883
35
109833
109,ss
109'ss
294
106833
10643
106231
AII
-------
-----__
-----.
-1;ss
100
100811
1001,ss
277
1003533
1008833
100nn
136
103nss
103uss
103uss
123
----____
0-1E111
10100,ss
100oss
109
100n33
1008l3I
100nss
78
103nss
103nss
103nn
156
____
___.
____
- 1;3
100
100nas
11
100,
141
100873
100,13
100ns
13:
103ns
103ns
103ns
61
113883
113883
Ion,
51
10913,
108283
108183
1
106
106
106
1
1-10981s
-1
__-- 109
108",,1088833
108oss 1088831
11
7
106833 106833
1058833 105,831
10841 10522n
Al
LI
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 let 4310
35 2d 434,
11 3d 434,
to 103,ss 175 4th 431s
100,ss to 100,ss
2 Treasury 4s
10011,2 to 100,.12
100"
1031032 to 104,12
1081032 to 108"32
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 4.8534®
4.8534 for checks and 4.853404.857'4 for Cables. Commercial on banks,
sight, 4.8504.853j; Sixty days, 4.81 @4.81 31; ninety days,4.7874 @4.7934.
and documents for payment (sixty days), 4.81 H(414.8134. Cotton for
payment, 4.85@4.8531. and grain for payment, 4.85(4)4.8534•
To-day's (Friday's) actual rates for Paris bankers' francs were 3.8974 for
short. German bankers' marks are not yet quoted for long and short bills.
Amsterdam bankers' guilders were 39.99% for short.
Exchange at Paris on London, 124.02; week's range. 124.01 high and
124.02 low.
The range for foreign exchange for the week follows:
Cables.
,
Checks.
Sterling, Actual—
4.85
High for the week
4.8534
4.85%
Low for the week
4.8534
Paris Bankers' Francs—
3.91%
High for the week
3.90%
Low for the week
3.90%
Germany Bankers' Marks—
23.70
High for the week
23.69
23.66
Low for the week
23.65
Amsterdam Bankers' Guilders—
40.0234
40.0134
Illgh for the week
40.01%
Low for the week
40.00%
Domestic Exchange,—Chicago. par. St. Louis. 15(4)25c. par $1,000
discount. Boston, par. San Francisco, par. Montreal, $0.625 per
$1,000 premium. Cincinnati, par.
New York Stock Exchange -Stock Record, Daily, Weekly and Yearly
2875
OCCUPYING no e PAGBn
Pa. was oaomp N. -.at of'sects usually losayfve.••• preceding
page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 7.
Monday,
May 9.
Tuesday,
May 10.
Wednesday, Thursday,
May 11.
May 12.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PICR SHARE
Range Sttsee Jan. 1 1927
On bats of 100-share tots
PER SHARE
Range for Precious
Year 1926
Friday,
May 13.
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share $ per share Shares
$ Per share $ per share $ per share $ per share
Railroads.
Par
182 18258 181 18278 18058 183
17934 1817 1794 18112 17918 181
Atoll Topeka & Santa Fe_100 16134 Jan 6 18838 Apr 23 122
*10212 1028 1028 10278 10212 10212 10212 10258 10212 10212 10212 10258 37,400
172 Dec
1,100 Preferred
100 9938 Jan 5 103 Apr 25 9418 Mar
Mar 102 Dee
Atlanta Birm & Atlantio_100
58 Jan 3
178 Feb 3
12 May 10 Jan
i2 lii- iiiis Ili" i8234 18312 18533 fiili *iioi- iii- iii- fa
7
;760
Atlantle
1747
Line
Coast
RR-100
Apr
6
205
Jan
3
18112
121 12258 12278 124
Mar 28212 Jan
12258 12312 12212 12314 12078 12234 12034 12214 50,000 Baltimore & Ohio
100 10612 Jan 4 124 May 9 8312 Mar
*77
78
*77
78
77 78
Sept
*774 7712 7714 78
*7712 78
600 Preferred
100 7314 Jan 3 78 May 4 6712 Jan 10934
9118 9314 91
9112 94
9214 9012 92
9018 91
7378 Aug
0018 9014 4,800 Bangor & Aroostook
50
44
Jan
6
9412
Apr 29 33 Mar 46 Feb
11058 11058 *11014 111
110% 11034 110 110
11034 11034 *110 111
250
Preferred
100
Jan 10 11134May 5 977 Feb 103
6814 66
6534 6612 66
87
6558 66% 6412 6538 6418 6514 24,000 ElkIn-Manh Tree v t o_No par 10112
6418May 13 707 Jan 20 544 Mar 7778 Dec
8712 8712 8712 88
8778 88
Dee
8734 87% 8714 8712 8714 8758 5,000 Preferred v t c‘
No par 8558 Apr 2 88 Jan 4 78 Mar 8954
1118 1112 1114 1114 11
11
11
1112 1034 1034 1138 114 1,500 Brunswick Term
Deo
912 Jan 25 1518 Jan 7
& Ry See_100
100 10014 •100 102 100 100 *98 103 *98 101
812 Mar 1858 Nov
*98 101
70 Buffalo Rochester & Pitte_100 8014 Jan 8 115 Mar 10 6934
Mar 8734 JulY
*6034 63 *6034*61
63
6234 6234 *61
6234 *61
63
10 Canada Southern
100 59 Jan 18 6234May 11
58 Jan 61 June
17934 18038 179 1-1014 179 18012 1797 18012 179 18012 179 17934 4,800 Canadian
Pacific
100 165 Jan 6 19212 Feb 28 14612 Jan 17014 Dec
*300 305 *300 305 304 306 *302 306 *300 305 *300 305
500 Central RR of New Jereey_100 285 Jan 4 309 Apr 1 240
1ar 305 Jan
176 17714 17412 17738 17434 17614 17358 17612 17412 177
1754 17958 59,300 Chesapeake & Ohio
100 1514 Jan 25 17958May 13 112 Mar 1784 Sept
75* 758 *734 814 *734 8
8
818
758 753
8
8
700 Chicago & Alton
100
434 Jan 8 1038 Feb 9
414
1212 1258 1212 1278 1214 1214 *12
Sept1158
Feb
1214 1114 12
1114 1138 3,200 Preferred
100
74 Jan 5 137 Feb 8
618 May 1814 Feb
*261 300 *261 295 *261 295 *261 295 *261 295 *261 295
C C C & St Louis
100 275 Jan 31 302 Feb 16 17314 Mar 275 Aug
*35
38 •35
37
38
38
•3512 38
*3512
38
*3512
38
100 Chic & East Illinois RR._ 1003012 Jan 10 39 May 3
3312 6312 5358 5334 53
30 Dec 37 Feb
54
53
554 5312 54
54
541 10,300 Preferred
100 43 Jan 6 5578May 3
3612 Mar 5134 Feb
1918 1958 1878 20% 194 2018 1812 1934 1714 19
1734 1918 31,900 Chicago Great Weatern-100
812 Jan 6 2212May 2
734 Mar 1218 Sept
3634 36
36
3814 3612 377
3338 3714 3238 3512 33
3584 74,200 Preferred
100 2314 Jan 7 4938 Feb 8
1614 Mar 3158 Sept
*147 15
154 1478 1558 15
15
1514 1434 1434 1458 1434 7,700 Chicago Milw & St Paul-1150
9 Jan 4 1738 Feb 9
814 Dec 1412 Jan
147 148 1434 1514 147 1534 15
1514 15
15
144 147k 9,200 Certificates
9 Jan 4 1714 Apr 6
100
734 Dec 14 Jan
2312 234 235* 2434 2414 25
2412 2514 2438 25
244 247 24,000 Preferred
100 1858 Jan 3 2614 Apr 6
1412 Mar 24 Aug
2314 2312 2314 2438 244 247
2434 2514 2458 2434 2412 24's 10,600 Preferred
certificates-..100 187s Jan 3 28 Apr 6
14 Apr 2358 Aug
3658 3838 13638 8838 8612 87'4 103,200
8634 8712 8612 8938 8712 89
Chicago & North Weetern_100 7838 Jan 27 13938May 9
654 Mar 8334 Sept
137 137 *13314 139 *13314 137 *135 137 *135 137
*135 137
100 Preferred
100 12414 Jan 3 137 May 9 11812 Jan 12812 Apr
9934 10012 9912 100
10018 1004 9978 101
9312 9978 9958 9958 12,500 Chicago
Rock Isl & Pa.:110'3_100 6812 Jan 4 10138 Apr 21
4012 Mar 7114 Dee
10812 10812 *10814 10812 10812 10858 10834 10834 109 109
10912 110
1,100 7% preferred
100 10234 Jan 4 110 May 13
96 Mar 108 Dee
10114 10114 10114 10112 10112 10158 10112 10112 *101 10112 10112 102
in.• 6% Preferred
1 ”W--...
100 9514 Jan 28 102 May 13
--8314 Mar 98 Nov
10434 105 *10512 1064 10512 106 •105 106's
105 105 *104 105
1,000 Colorado & Southern
100 84 Jan 3 106 May 12
52 Mar 9814 Oct
784 *76‘ 7812 *76
*7612 7812 *76
7812 *76
7812 *76
78's
First preferred
100 70 Jan 4 76 Apr 21
62 Mar 74 Oct
73 •704 73 *7034 73
*71
*7034 73 *7034 73
*7034 73
Second preferred
100 68 Jan 14 7212May 5
59 Jan 72 Sept
757
7534 74
74
75
7514 738 7478 7318 7312 7358 737
6,300 Consol RR of Cuba pret-100 6878 Apr 6 77 May 6
6834 Nov7212 Dee
20612 20812 205 207 202 20512 20238 20734 11,700
2084 20938 20834 211
Delaware
&
Hudson
17118
100
Jan
28
Apr26
2153
15014
16412
16412
4
Mar 18312 Sept
16538
164 16414 164 185
164
164 164
165 16512 3,300 Delaware Lack & Western_ 50 14014 Jan 27 173 Mar
23 129 Mar 15312 Jan
6212 637
621
62 63
62
6134 6134 6138 6112 60 60
2,600 Deny & Rio CR West prer_100 414 Jan 5 664 Apr 21
May
3712
5534 5438 5578 5438 55
5518 564 55
47 Jan
544 56
5414 5513 62,700 Etle
100 3912 Jan 3 5634 Apr21
224 Mar 42 Dec
5758 5814 5734 5838 5818 5884 5878 6014 5918 60
574 58
38 54,400 First preferred
100 5238 Jan 4 6038May 13
3334
Mar
5514 5514 55
5514 Dee
55'z 554 551 *55
55'2 5558 57
57
3,600 Second preferred
100 49 Jan 4 57 May 12
30 Mar 5014 Dec
8818 8834 8838 8934 8834 8958 8858 88a 8838. 894 8812 57
8834 23,100 Great Northern preferred_10
Jan 4 9118 Feb 19
2014 2014 2014 1934 90
20
6812 Mar 844 Dec
1934 20
19
1912 1938 1938 2,900 Iron Ore Propertiee_No par0 7958
19 May 12 234 Feb 4
7112 71
18 Dec 2714 Feb
7338 7018 71
70
7113 69 69
70
6812 70% 8,800 Gulf Mobile & Northern_100 3518 Jan 6 7534May 3
*109 112 *109 112 *109 111 *110 111
254 Apr 4114 Sept
110 110
11038 111
300 Preferred
100 105 Jan 14 11214 Apr 27
95 Mar 10912 Sept
61
6312 6212 643
6312 65s 6334 653
634 6478 6358 8458 38,200 Hudson & Manhattan-_100
4012 Jan 3 6578May 10
*90
91
3458 Jan 4112 Dec
89 89
90
901 •88
91
*85
89
*86
89
300 Preferred
100 78 Jan 6 90i2may 10
12373 12412 12414 126
8734 Mar 80 Dee
12534 12638 12612 127
12512 12512 12514 12514 5,900 Miele
Central
100 12118 Jan 10 13034 Apr 8 11312 Mar 131 Sept
*122 125
124 124 *122 128
12514 12514 *122 128 *122 128
200 Preferred
100 120% Jan 12 12912 Apr 8 11512 Mar 12912 Sept
*7718 78
7714 7714 7714 7714 77
79
*77
79
*77
79
20 Railroad Sec Series A__1000 74 Jan 4 80 Apr 12
*2514 2812 27
7114 Jan 77 June
27
*2534 261 *2534 2612 2612 2612 2658 27
700 Int Rye of Cent America-100 23 Apr 20 27 May 9
*6112 65
24 Dec 31 Feb
*62 64
*62
643 *8214 65 *83
65
*63
65
Preferred
100 62 Apr 29 6512 Feb 9
4434 4478 44
62 Mar 66 June
453
4378 441 *43
4334 *4134 43 •42
43
8,800
Interboro Rapid Tran v t9-100 41 Apr 12 5218 Feb 26
59
2411 Jan 5334 Dee
59
5734 5938 58
59
5812 5914 5734 59
5612 5812 11,700 Kansas City Southern
100 4114 Jan 4 6212 Apr 11
*69 694 *67 6958 69
3414 Mar 5138 Sept
69
69
6914 *6834 69 *68
89
300 Preferred
100 64% Jan 7 70 Apr 16
*123 124
6058 Mar 68% Sept
12312 124
12278 1241 12214 12214 122 12214 *12112 1224 3,100
Lehigh Valley
50 9934 Jan 6 12612 Apr 23
13838 1394 13734 1391 *13712 139'8 13914 14112 139 139
7512 Mar 106 Dec
13834 14018 6,200 Loutsville
& Nashville
100 12838 Jan 14 14112May 11 118 Mar 144 Seth
*8714 90
*8714 90
*8714 90
*8714 90 *8712 8812 *8712 884
Manhattan
guar_100
Elevated
85 Jan 26 90 Feb 11
84 Mar 9234 Apr
50
5078 5078 52
5014 5038 4958 5114 4914 49'2 4834 494 5,600 Modified
100 4712 Mar 30 5478 Febr28
guaranty
3818 Jan 6178 May
*5
6
*5
6
*5
*5
6
6
518 54 *518 6
100 Market Street Rallway____100
412 Feb 2
64 Mar 25
418 July 10 Feb
21
21
*20
24 •20
24 •20
24 *____ 21
*15
24
100 Preferred
100 18 Feb 10 2112May 4
1911 Oct40 Feb
47$8 4712 47 47
*46
47
458 4634 46
46
4558 4558
900 Prior preferred
4158
100
Feb
4812May
7
4
394
June 514 Feb
*12
16 •12
16 •12
16
•12
16
*12
16
*1212 16
Second preferred
100 1158 Mar 15 16 Mar 30
1134 Oct2212 Feb
*318 388
3
34
314 338
314 *3
3
314 314
314 3,600 Minneapolis & St Loule_100
138 Jan 13
458
Feb
37 Jan
3
118
Dec
32
32
3212 3314 33
33
32
33 *32
33
317 32
1.600 Minn St Paul & 88 Marie_100 27 Jan 6 40 Feb 4
257 Dec 524 Feb
••50
53 .50
53 •50
54
*5112 53
51
51
*48
51
100 Preferred
100 50 Apr 28 5834 Feb 8
50 Dec 79 Feb
*62 6338 6338 6338 *6214 6338 •63
6338 *63
634 •63
6338
20 Leased lines
100 5814 Mar 25 6312 Apr 14
60 Oct6678 Feb
4718 474 47
4758 4612 4758 4712 4814 464 477
4658 4714 28,100 Mo-Kan-Texas RR-__No par 314 Jan 6 504 Apr 23
2912 Oct4718 Feb
10314 10338 10318 1033s 1034 10312 10358 104
10312 10334 1034
5,700 Preferred
100 9534 Jan 4 10458 Apr 21
82 Mar 9858 Dee
5318 5378 5318 554 5334 5634 5534 5714 548 5714 5434 10334
5638 84,200 Missouri Pacific
100 378 Jan 4 62 Apr 23
27 Mar 45 Sept
10334 10412 10358 10538 10418 10812 10718 10812 10534 10814 1054 1075
8
53,700
Jan
Preferred
4
9018
100
11112
Apr
23
7112 Mar 95 Sept
*4
5
*4
*4
5
5
*4
5
*4
5
*4
5
Nat Rys of Mos let pref_100
418 Mar 9
512 Feb 3
434 Apr
834 Jan
•158 2
*158 2
*134 2
*134 2
*134 2
*134 2
Second preferred
158 Apr 7
24 Feb 2
100
134 Oct418 Jan
*141 1427 140 140
140 140
14212 143
143 143
14018
14018
300 New Orl Texas & Mexico-100 121 Jan 8 14834 Apr 4 120 Mar 1324 Jan
1484 14912 149 15012 149 15038 14812 14978 14718 14834 147
14812 64,600 New York Central
100 13714 Jan 27 15158 Apr 8 117 Mar 14711 Sept
19134 193
192 19212 19114 19214 19212 19714 19712 208
20934 223 62,100 N Y Chic dr St LOWS Co-...100 186 Jan 8 223 May 13 130
Mar 2044 Sept
10638 10612 10712 10712 107 107
107 107
10612 1071 *106 107
700 Preferred
100 102 Mar 8 10712May 9
4914 4934 4912 5038 494 497
Mar 106 July
497
49
4838 4938 484 49 26,200 N Y N H & Hartford
foo 4158 Jan 4 5858 Feb 16 93
2814 2814 2814 2914 29
3058 Mar 4838 July
29
2712 2838 274 2758 28
28
._100234
2,900
Western.
Ontario
N
Y
3414
15
Jan
&
Feb 18
*10
1934 Mar 2878 Feb
12
11
11
•10
12 •10
12
*10
12
10
300 N y Railways pre cus_No par 10 Apr 13 1534 Jan 14
10
6 Jan 2014 Feb
*12
16
*12
16
*12
16
•12
16
*12
16
*12
10
New York State Rallway8-1001 14 May 3 22 Feb 3
*4914 51
13
•5012 52
Dec 2818 Jan
4914 52
504 5012 48
491 *49
514
Southern
94Norfolk
100
Jan
3718
14
5634
Mar
18038
12
17978 18214 17934 18012 17934 181
17914
2778 Apr 4438 Sept
178 179'2 179 180% 6,500 Norfolk & Western
100 156 Jan 4 18412 Apr 2 13914 Mar 17078 Oct
*85
*85 87
87
*85
87
*85
87
*85
87
*85
87
Preferred
100 84 Feb 3 8612May 6
87 8734 8738 8834 8758 8811 8758 88
8312 Nov 8538 Aug
8814 8714 877 16.800 Northern
87
Pacific
100 78 Jan 3 9112 Feb 18
*154 20 •1518 20
*1518 20
6534 Mar 8212 Aug
*1518 20 •15
20 *15
20
Pacific Coast
100 1514 Feb 3 2714 Feb 15
6138 61
6134 6118 6158 61
61
15 Oct 48 Jan
6138 8118 6138 61
6114 20,234 Pennsylvania
50 5834 Jan 3 6234 Apr 5
35 *33
3314 331 *33
4858 Mar 5718 Oct
35
3234 33'1 3214 3484 3214 35
2,100 Peoria & Eastern
100 20 Jan25 3534May 3
12012 12034 121 123 1233e 12378 *12212 1231 1224 1231 12212 12358
1578
Oct 2634 Jan
100 1144 Jan 8 12638 Mar 2
5,600 Pere Marquette
93 93 •9212 9434 *9312 941 *9312 941
94 94
67 Mar 122 Dec
*9312 9412
200 Prior preferred...... _100 93 Jan 22 954 Jan 11
*9212 923 *9212 9234 9212 9234 93 93 *924 93
79 Mar 96 July
*9212
93
500 Preferred
100 894 Jan 4 93 Apr
12558 12558 12414 125's 124 1244 *123 197 •124 127 •1244
7034 Mar 9178 July
100 12212 Jan 18 148 Feb 218 85
114 11458 114 11634 11534 1174 11512 11634 11334 116's 11414 12512. 2.400 Pittsburgh & West va
Mar 13514 Dec
1155* 83,700 Reading
*41
42
50 94 Jan 4 11712May 10
42
4112 411 *4178 42 *4112 42
*41
79
Mar 1014 Dee
4134 42
300 First preferred
50 4012 Jan 13 4212 Feb 18
464 4614 4614 4614 4614 4634 4634 4634 464 464
*46
3934 Dec 42 Apr
4612
1,200
sae
Second
50
051 •53
preferred
4334
Jan
12
55
*53
50 Feb 16
55
*52
53
40 Mar 4534 Dec
52
52 •52
55
100 Rutland RR pref
100 43 Jan 7 5914 Feb 8
11212 1134 113 1131 114 11314 113 1145* 11258 113'2 11234 113
42 Apr 614 Aug
034 003 89958 9978 9978 100
St Louis-San Francisco
100 10034 Jan 6 11614 Apr 23
100 100
85 Mar 10312 Dec
100 1001 *9912 10014 35,600
600
Preferred
A
100
96 Jan 26 10014May 12
7514 744 7478 75
72
73 73
77
754 751 •7412 75
8312 Apr 974 Des
6,700 St Louis Southwestern
100 61 Jan 6 7858 Apr 21
8414 8414 84
*84 88
8458 85 86
574 Mar 74 Feb
*85
87
*85
900 Preferred
3038 302 30
100 767s Jan 8 88 Apr 6
31
304 30% 3058 3158 3034 3113 30 87
72 Mar 8014 July
3012
5,200
Seaboard Air Line
100 281s Mar 31 4114 Feb 17
35
35
*34
*344 35
35
35
3538 354 351 *34
2712 Mar 51 Dee
3512
2.300 Preferred
100 3212 Apr 28 4334 Feb 4
112% 11338 113 113% 11338 11414 113 11378 11214 1131 11218
3112 Mar 4838 Feb
11234 35,000 Southern Pacific Co
100
10614 Jan 28 11512 Apr 8
9618 Mar 1124 Dee
124 1247s 125 1263 12512 12813 12514 12612 12412 1257 125 126
17,800 Southern RallwaY
9714 97 97'2 974 9714 97
100 119 Jan28 127 Jan 3 10358 Mar 1314 ERMA
*97
97
*9834 97
964 9634 2.400 Preferred
77
100 94 Mar 10 98 May 5
7514 76
804 7834 8212 797 827s 7314 81
874 Apr 9512 Aug
7834 81
39.300
Texas & Pacitio
36
36
363 *3512 36
100 537 Jan 7 8312 Apr 23
36
*34
36
34
34
424 Mar 6158 Jan
33%
34
3,000
Third
100 3334 Apr 11 41 Feb 8
175 1771 176 177
17514 177
1744 1761 175 176
134 Jan 43 Apr
17412 17614 33,700 Union Avenue
Pacific
100 1591/ Jan 27 17714May 7 14112 Mar 16838 OM
8318 831
82% 8234 83 83
8312 83'2 8378 8378 834 8312
2.000
Preferred
100
6818 6858 68 68s 6712 68
77 Mar 6 8378May 12
7434 Jan 814 Aug
6758 684 6612 68
6614 6634 21,500 Wabash
95 95
100 4012 Jan 4 7534 Feb 28
9458 95
95 95
9458 95
9434 9434 9434 95
3378 Mar 52 Jan
3,600 Preferred A
98 •91
95 *91
100 76 Jan 3 9618 Apr 11
*92
95 •91
95 *91
68 Mar 7838 Jan
95
*91
95
Preferred B
100 65 Jan 15 93 Mar 28
36% 3758 367s 377
374 3834 3712 3853 388 38% 37
Mar 72 Jan
57
38
38,500 Western
100 1334 Jan 6 4434 Feb 7
4934 4934 4912 5012 5014 5212 50
11 Mar 1858 Jan
504 4834 50
4914 5014 5,900 SecondMaryland
2814 274 2712 2734 281 *27
preferred
28
28
100 23 Jan 7 5812 Apr 6
28
1658 Mar 245* Sept
28
2758
2758
1.300
Western
Pacific new
100 2518 Apr 26 3912 Feb 9
5712 58
2712 Dec 3914 Jan
573 58
5714 574 5712 571
58
575 58
58
9.000 Preferred new
777 777 *70
100
Apr 20 76% Feb 7 72 Dec 8634 Sept
9018 *70
*75 80
80 •77
90's 80
85
200 Wheeling & Lake Erie Ry-100 55
8012 90
92
92
9234 95
2712 Jan 3 130 Feb 8
18 Mar 32 Jan
9434 961
9614 9612 97
97
2.800 Preferred
100 474 Jan7 97 May 13
37 Mar 504 Jan
Industrial
&
Miscellaneous.
92 •9014 9112 *9012 91
915* 9188 92
9014 90
90
90
1,900 Abitibi Power & Paper_No par 83 Jan 27 94 Apr 6
7034 May 98 Sept
7634 734 75 *73
•75
7718 7734 7734 *75
77 •7314 76
400 Abraham & Straus_ No par 6214 Mar 20 824 Apr 20
43 May 72 Dee
•11112 1124 *1114 1121 *11112 1124 *11112 1121 *11112 11214 •11112 112
Preferred
100 1104 Feb 1 11312 Feb 30 10418 Mar 112 Dee
- *172 _ __ *172
__ *172
__ *172 -___ •172
__ ___
All America Cables
100 13934 Feb 16 182 Apr 20 131
Jan 155 July
- -71 137 137 *135 116
•175-13814 1384 •13612 13
13518 136 *13534 139
-700 Adams Express
100 124 Jan 5 139 Feb 25
9978 Mar 136 Sept
*1178 124 12
12
12
12
*1114 124 *1134 1214 1178 1178
300 Advance RumelY
100
912 Jan 3 1534 Feb 9
8 Dec 22 Sept
•Bid and wsked prices s Ex-dividend. a Ex-righta.
New York Stock Record -Continued-Page 2
2876
Pot sales during the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 7.
Monday, 1
May 9.
Tuesday, 'Wednesday, Thursday,
May 11.
May 12.
May 10.
Friday,
May 13.
Sales
for
the
Week.
I
STOCKS
NEW YORK STOCK
EXCHANGE
rCIL bli AKE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
PEI{ SHARE
Range for Previous
Year 1226
Lowest
Highest
Shares Indus. & /Mace'. (Con.) Par $ per snare 3 per share $ per share 5 per share
2878 Dec 6584 Sept
100 3014 Jan 25 41 Feb 9
400 Advance Rumely pref
43 Nov
33 Apr 22
512 Mar 5
918 Jan
1
700 Ahumada Lead
164
28
19
Apr
10714
Jan
May 1464 Dec
13412
par
Ine____No
Reduction,
4,700 Air
718 Oct 16 Feb
9 Jan 4 13% Mar 25
No par
10,500 Ajax Rubber, Inc
78 Oct
2 Jan
214 Feb Pi
114 Jan 6
900 Alaska Juneau Gold Mln__ 10
31,100 Allied Chemical & Dye_No par 131 Jan 25 14634 Apr 18 106 Mar 1487 Dee
100 120 Mar 11 122 Feb 18 11834 Mar 1228 Dee
300 Preferred
7814 Mar 94% Jan
100 88 Jan 25 11034May 6
10,000 Allis-Chalmers Mfg
100 109 Feb 9 11212 Apr 21 105 Apr 11112 Dee
6,200 Preferred
1434 Oct 21 Sept
100 Amalgamated Leather_No par 1534 Mar 24 24% Feb 11
2414 May 327 Aug
No par 27% Apr 28 3758 Feb 7
14,900 Amerada Corp
Oct 3438 Jar,
9
8,8 Apr 6 1438 Feb 14
600 Amer Agricultural Chern_100
3538 Oct 9612 Jan
100 281 1 Apr 6 5134 Jan 10
400 Preferred
345
Oct
46
4
Mar
5018May
6
Jan
41
10
700 Amer Bank Note
55
Jan 5812 July
50 5612 Jan 4 60 May 7
110 Preferred
2012 Sept 3834 Feb
300 American Beet Sugar_ _No par 1818 Apr 28 234 Mar 14
55 Nov 83
Feb
100 48 May 4 6018 Jan 3
300 Preferred
16 May 3438 Jan
13 Jan 20 1838 Feb 28
1,600 Amer Bosch Magneto_No par
5
3814May
2
3512May
par
No
new
F
&
Shoe
Brake
7,300 Am
100 11714 Feb 7 128 Mar 12 11014 Mar 12814 Feb
100 Preferred
3014 Mar 50 Aug
15,500 Amer Brown Boyer' El_No par 2078 Apr 29 3912 Jan 5
8612 Mar 9718 Jan
100 8438 Apr 26 98 Feb 1
Preferred
Mar 6318 Aug
387
28
Feb
4
503
25
31
4358Mar
50,200 American Can
Jan 13018 Dee
100 126 Jan 14 130 Mar 9 121
500 Preferred
9112 Mar 1147 Jan
4,700 American Car & Fdy---No par 9912 Jan 28 10714 Feb 28
100 12618May 12 13034 Mar 22 12012 Oct 13014 Dec
50 Preferred
2314 Mar 2614 July
American Chain, class A_ __25 2514 Jan 7 3018 Mar 1
Jan
Oct 51
31
No par 36 Jan 26 52 Mar 17
44
1,000 American Chicle
4412 4414 445g 44
44
43
45
4314 *4312 45
*43
Oct 4714 Jan
28
35 Jan 4 48 Mar 17
par
certificates
No
Do
1,800
44
*4334
4
443
*44
4414
44
4438 43
*43
4338 4312 4312
Jan
8
103
4%
Aug
9
1414May
10
20
Am
Syndicate_
Druggists
938
Amer
42,600
1312 1334
1338 1278 14
13
1318 137
133 14
133 1414
Jan
100 127 Jan 17 138 Feb 28 10578 Mar 140
1,200 American Express
•130 13212 13214 13214 13112 13112 132 13212 *130 1318 13134 13134
1414 Nov 42% Jan
187* Feb 17 2512Mar 29
& For'] Power_No par
2158 228 215* 2214 2158 2134 2112 2134 2134 2318 7,200 Amer
2212 23
Feb
98
Oct
79
20
Apr
8612
99
par
15
No
Feb
Preferred
2,100
97
9678 9678 9612 9634 97
9712 97% 9612 9738 9634 97
1712 Feb
7 May
73* Apr 26 1012 Feb 8
700 American Hide & Leather_100
8% 878
9
818 812 *8
*812 9
9
9
9
9
33's May 8714 Feb
100 48 Mar 1 5434May 6
500 Preferred
5312 533* 533*
5334 •53
*53
54
*53
5312 5312 5334 54
8 Dee
305
Oct
8
235
17
8
Mar
303
34
Products.
par
3
No
Jan
1.600 Amer Home
3212 3212 32% 3212 3212 3234 323 3212 3212 3212 23238 32% 14,700
100 11118 Jan 28 13714May 10 109 Mar 136 June
American Ice
136 137
13614 137
13414 13614 135 13634 136 13714 136 137
4 June
883
Oct
8112
100
7
May
84
96
7
Jan
Preferred
2,700
95
95% 9434
9514 952 95
9534 9534 96
95
951 96
314 July 41134 Feb
4518 4438 4458 4414 4412 3,200 Amer Internal Corp_ _No par 37 Mar 23 4714May 6
45
4618 4518 46
4534 4534 46
Dec 158 Jan
5 Apr 8 10 Jan 3
8
97
E___10
P
France
La
5.5001American
1
54
51s
5
518
•5
54
514 538
514 538
538 512
100 2018 Apr 5 3012 Jan 12
2558 Oct 52% Jan
274 8,5001Arnerican Linseed
27
28
26
2614 2578 257
258 2638 2512 2838 26
Jan
100 463 Mar 19 7118 Jan 3
67% Oct 87
8,1001 Preferred
6214 6412 12414 65% 6514 6658 66% 6812 6818 69
6014 62
9014 Mar 119% Jan
LocomotIve_No par 10534 Jan 19 11514 Mar 1
American
7,800
111
11014
4
1093
;10912
8
1107
10012
110 11134 110 11038 11012 111,s
100 11912 Feb 23 124 Apr 2 116 Aug 12414 Dec
600 Preferred
121 121 •121 122
12634 12034 12034 121
12078 1207 *119 121
6514 Oct 801 Aug
500 Amer Machine & Fdy_ _No par 7314 Jan 3 86 Feb 21
80
80 •78
7712 *77
*77
81
*77
81
7712 7912 *77
100 12518 Jan 6 149 Mar 29 114 July 125 Dec
Preferred
140
*135
140
*135
0135 140 *135 140 *135 140 *135 140
44
par
12
20
Apr
8
Jan
407
Ltd__No
4314 Dec 5738 Feb
Co
Metal
Amer
1,100
42
4218 42
42% 417 4178 4218 4214 4214 4214 42
*42
100 108 Jan 6 111 Mar 17 11312 Apr 120 Feb
500 Preferred
11012 11012 *11112 11212 *11112 11212
11012 11012 11012 ii012 *11012 111
54 Jan 27 6414 Apr 23
par
_No
4 May 7212 Sept
505
Light__
&
Power
Am
8,700
6138
6118
8134
6138
6212 6152 6212 815* 8214 6112 62
62
25 11012 Jan 21 127 May 9 10114 May 12238 Aug
12314 1258 12212 12312 12358 1247* 9,600 American Radiator
125 126
124 127
123% 124
7738 Mar 90 Dec
__100 87% Apr 4 94 Feb 2
Express_
Railway
Amer
1,300
94
94
4
933
92
92
913* 913
92
91
91
94
*91
397 Nov 74
Jan
100 American Republice___No par 3518 Jan 4 8012 Feb 9
48
*45
48
48
48
*45
48
4534 *45
4734 *45
*45
42 Apr 7034 Aug
2,900 American Safety Rasor___100 48 Jan 28 6112 Mar 28
*4912 50
50
4918 4934 50
5014 5014 507
4934 50% 50
634 Jan 7
312 Mar 23
538 Dec 1178 Mar
par
_N0
Comm
100
&
Ship
Amer
5
4
*43
412
42
*412 5
*412 5
*412 5
*412 5
14818 14912 40,800 Amer Smelting & Refining_100 13258 Jan 25 1531 2 Mar 4 10958 Apr 152 Aug
148 149
15018 15134 14914 15012 14838 150
1503* 151
100 11914 Mar 16 1267sMay 4 11278 Mar 12238 Dec
400 Preferred
125 125 •124 12512 125 125
•125 12512 *125 12512 125 125
100 11928 Jan 17 130,8 Mar 10 12134 Oct 166 Feb
American Snuff
127
*123
127
•123 12714 *123 12714 *123 127 *123 127 •123
40 May 47 Aug
4412 4514 7,400 Amer Steel Foundriee_No par 4112 Apr 29 4612 Feb 14
4414 4334 4414 44% 457
4438 44
44
44
44
100 113 Jan 7 115 Jan 13 11014 Sept 115 Feb
100
114
Preferred
114
115
511314
115
*11314
115
*11314
'11314 115 *11314 115
6514
7
4May
913
Apr 8714 Nov
25
Jan
79
100
Refining
Sugar
Amer
14,300
4
893
*8912
9038 9134 904 9158 9012 91% 894 9112 8918 9012
100 10778 Mar 3 11178May 7 100 June 11012 Nov
111 11112 III 11112 11138 11138 1113* 1113* 1.600 Preferred
11134 11178 111 111
2914 Aug 44 Dec
3 58% Apr 16
Jan
4112
par
_No
c_
t
v
Tob
Sum
Am
16,500
527
52
5212
5138
7
5312 5214 54
5458 53
53
"5418 54
2512 July 4118 Feb
34 May 9
26 Apr 1
2,100 Amer Telegraph & dable_100
3378 3212 33
33
34
34
*3312 34
3134 3134 3318 34
100 14914 Jan 3 17238 Apr 8 13958 June 151 Dee
16434 16558 10,900 Amer Telep & Teleg
185 16518 165 16514 165 16538 16538 166% 16478 166
Mar 124% Sept
6
Mai
132
11138
7
Jan
120
com____50
Tobacco
American
2,000
13112
*130
s
1313
8
131 132 2130 1314 13112 13112 1313
"130 131
50 11914 Jan 5 13134May 9 11018 Mar 124 Sept
130 13034 13018 13034 10,900 Common Class B
12912 131
12934 12978 130 13134 x12812 130
Jan 113 May
106%
9
Mar
11578
4
Jan
11018
100
500 Preferred
11418 1147
114 114 *114 115 *114 11412 11418 11434 *114 115
Jan 135 Feb
500 American Type Founders_100 125 Jan 7 148 Feb 18 114
135 135 *13514 136
13512 1354 135 135 *13418 136
"13414 136
Apr
74
4
Jan
433
29
Apr
8318
3
Jan
6214
Eleo___20
&
Works
Water
m
•
10,200
8138
8014 80
80
814 7934 8078 8014 81
8118 8112 81
100 10412 Mar 1 11078 Jan 21 10112 Mar 10814 Jan
preferred (7%)
list
200
110
*10912
10912
10912
109%
1095*
8
1095
*109
8
1095
*10812 10918 *10812
19 June 427 Jan
13 333* Jan 5
Apr
1814
100
Woolen
A.Aerican
10,900
8
197
1912
2018
19%
1938 198 198 1912 1858 2014
197 20
66 Apr 9014 Dee
100 51 Apr 13 8612 Jan 7
5678 5578 5578 5614 563* 4,100 Preferred
54
553* 56
5678 5518 56
12 Aug
56
1138 Mar 7
558 Jan
1 Jan 3
Amer Writing Paper pref_100
1218 Feb
17
Feb
1014
28
Si,May
Apr
712
Smelt___25
&
Lead
Zinc,
Amer
1,800
9
*818 878 *818 834 *818
734 938 •818 9
May
20
54
18
Feb
*713 731
Deo
51%
5
Jan
42
25
498 4814 4834 4812 4834 7,900 Preferred
5014 4912 4934 48
4634 4631 47
4112 Mar 51% Aug
5,000 Anaconda Copper MinIng_50 45 Feb 0 4912 Jan 12
4538 46
4578 4612 457 46
451 46
4484 Jan
4534 4534 4534 46
8June
347
18
Jan
42
12
Mar
38
par
M141'd_No
Danis,
Archer,
500
4112
4112 *41
4112 4112 4112 4112 41 12 41% *41
42
*41
Oct
100 106 Jan 4 10812Slay 10 100 Mar 108
20 Preferred
*107 108 *107 10812 107 10812 •107 10812 *107 10812 *107 10712
9014 May 977 Jan
100 86 Apr 13 9618 Feb16
8718 1,100 Armour & Co (Del) pref
87% 8712 87
88
86% 8678 8658 8718 88
87
251
May
85
1318
7
Jan
8
157
Feb
4
814May
Class
Illinois
A-28
of
93* 978 7,600 Armour
95* 978
958 93*
93*
9
84 9
812 834
918 Jan 6
4534 May
17
512May 5
Jan
25
57
2,100 Class 13
57
578
534 534
578
512 53*
5% 57
514 512
80
Apr 93 Feb
100 60 Apr 13 8614 Jan 27
500 Preferred
71
*69
70
68
69
89
67
*64
67
.62
67
*63
18
Jan 20
Apr 3134 Jan
25
1
Apr
21
par
Corp_No
1,300 Arnold Constable
4
243*
233
4
233
4
233
24
4
*233
24
4
233
24
24
2312 2312
1918 Jan 2338 Oct
500 Art Metal Conetruction____10 22 Jan 11 27 Mar 12
2412 2412 2412 2412 2412 *2312 2412 *2312 2412
*2312 2412 24
4684 Sept 6312 Jan
No par 49 Apr 4 5434 Jan 6
800 Artioom Corp
50
50
51
*50
51
*50
5034 '5012 51
50
5012 51
100 112 Apr 4 113 Feb 8 108 Mar 113 Deo
Preferred
11414
11414
13
'113
*113
114
*113
11414
*113
.113 11414 *113 11414
3714 Mar 547 Jan
No par 39:2 Feb 9 4178 April
4238 435* 5,700 Assoc Dry Goods
423* 427
424 4358 4314 4312 4234 42% 4234 43
96 Mar 10212 Jan
100 9712 Mar 3 10334May 11
200 1st preferred
103 103
10334 10334 *103 104
.10112 104 *10112 104 *103 104
102
19
Apr
May 110 De
108
23
Mar
105
100
200 24 preferred
10714 10714 *107 109 *107 109 *108 110 *107 111
108 108
4434 Jan 60 Ma
25 45 May 3 5014 Feb 19
Associated Oil
43
*45
48
545
48
*45
48
*45
48
4912 *45
*45
Jan
42
25
6
Mar
29
par
Oct 683* Jan
3018
Line_No
SS
1
W
&
G
All
1,700
35
343 3514 35
3534 3534 3538 357 *3514 36
34
34
3314 Oct 5614 Jan
100 2934 Mar 25 3812 Jan 8
300 Preferred
35
*32
35
3412 *31
3312 32
*31
34
*31
34
*32
97 Mar 12838May
11778 Mar 1
Jan28
107
100
Atlantic
5,900
Refining
111
111
100 11512 Feb 1 118 Mar 11 11518 Oct 120 June
11012 11012 110 11012 108 10812 109 11112 111 11224
200 Preferred
11634 117 *116 117 .116 117 *116 117
.116 117 *116 117
54 Mar 84 Nov
No par 5612 Mar 17 6212 Jan 20
400 Atlas Powder
61
61
*6012 61
60
5934 5934 60
*5934 60
*5934 60
94 Jan 9738 Dee
100 98 Jan 6 105 Slay 5
4
Preferred
130
10212 1023
10212 104 *10212 104
104 104
104 104 *10212 104
Oct 1712 Jan
8
738 Mar 14 1218 Apr 7
No par
Tack
Atlas
10,2
*10
1012
.10
1114
*10
1012
*10
1012
*10
1012
*10
7% Oct 28 Jan
414 Mar 22 1014 Jan 3
47
47
900 Austin, Nichols&Co vto No par
4% 47
*434 5
47
*478 5
478 5
4%
5
Jan
61
54
03 Jan
Nov
12
May
33
100
300 Preferred
34
34
34
33
36
*34
36
*34
36
*34
37
.32
218 Feb
38 Jan 7
14 Oct
14 Jan 3
Auto Knitter Hosiery _ _No pa
9278 Mar 16734 Dec
23
Feb
4
2012
18
Jan
1431s
Wks_100
Locomotive
Baldwin
163.500
200
4 igi; iiiiiis 189
2 14 1611
.11
.18834 1-9-01-2 1.8§- 1-9
105
11
47lay
11914
Mar
Nov
1203
14
Jan
118
100
300 Preferred
12034 12034 *12014 12178 *120 12178
231s May 332 Jan
12014 12014 *120 12034 120 120
25 23% Apr 29 3512 Feb 26
2.534 2638 18,400 Barnedall Corp class A
2614
2538 2518 2614 26
2212
28
Oct3912
2578 2614 2538 2638 25
Jan
Feb
3212
30
Apr
22
25
700 Class 13
245* 2458 *2434 2518
2418 2418 2412 25
25
25
25
39 Mar 555* Nov
*24
No par 4912 Jan 25 743453ay 10
7434 7234 7434 12,000 Bayuk Cigars, Inc
74
7434 7234 74
6918 683* 7234 73
5214 Oct7178 Feb
68
Apr 29 60% Feb 15
1
501
20
3
Packing
Beech
1,700
Nut
54
8
*525
5312
5212 53% 525*
*5212 53
53
53
26 Dec 3934 Jan
*5218 53
187, Apr 29 2714 Jun 7
1912 2,400 Belding Ilern'way Co__No par
1958 1958 1912 1934 1914 193* *1912 1934 19
3714 Slay 51% Sept
1912 1934
100 4334 Jan 27 58% Apr 7
5058 5112 5014 5034 5014 50% 21.800 Bethlehem Steel Corp
5112 503* 513
99 June 10578 Dee
12
5114 5112 51
11110lay
3
Jan
4
1043
100
1,900
Preferred (7%)
111 11118 110% Ill
28
7
June 42 Dee
11
Jan
8
11038 11058 11012 11038 11058 1105 11058 111
413
24
Mar
100 Bloorningdale Etroa____No par 34
35
'1 3714 3812 *3714 384 *3734 3834 33
384 *3712 384 '
•38
100 10912 Jan 20 11314 Apr 18 10414 June 110 Deo
50 Preferred
11014 11014 *1007s 11014
11058 1103* *11014 111
1.11034 11134 *11034 111
5312 Dec 5618 Dec
No par 53% Jan 5 58 Mar 14
5514 5512 5512 1,300 Bon Anal. class A
5518 5518 5538 5538 547g 5518 5518 5514 55
934 Jan
418 Mar
838 Apr 14
814 Jan 28
No pa
734 1,500 Booth }Tiberias
718 7% *7
738 8
734 734
734
734 *7
*7
342 Oct 5112 Jan
56125Iay 10
11
Jan
45
100
2,100
55
1st
preferred
*51
55
*51
56
53
5314 5314 5612
*51
53
18 Jan
41
May
20
5
51
Jan
2812
4
May
18
Mills
A__50
Class
300 Botany Cons
2012
203* *20
*20
1912 20
18
18
18
*17
18
Oct 3712 Jan
*17
24
29
29
3,100 Briggs Manufacturing_No par 2814 Apr 23 363 Feb 23
28% 283* 2834 2878 29
Jan
3
May
10
2812 2914 2814 2812 2838
Feb
1%
'z
11
Apr
%
100
Empire
British
Steel
4
3
*53
54
"58
34
*38
54
558
34
*58
34
*58
156 15612 9,400 Brooklyn Edison. Inc
156 157
100 14812 }ela 11 16912May 9 133 Mar 163 Sept
4 a154,8 158
18412 16512 16514 18912 16734 1683 10514 10614 10418 10558 106 10914 53.000 Bklyn Union Gas
88 Mar 98 Dee
13
10914May
4
Apr
8958
par
No
10612
4
1034 10638 1063* 1073* 1043
29'1 June 4858 Jan
3012 Feb 1 3512 Apr 23
No pa
345* 3538 347 3514 3312 3518 3414 3414 *3312 3434 6,500 Brown Shoe Inc
347 347
100 109 Feb 7 118 Apr 22 107 June 1113 Mar
Preferred
118 *114 118 *114 118 •114 118
'114 118 *114 118 *114
10
Jan
8
s Mar 39 Sent
243
13
387
2714
29
2834
29
2714May
par
29%
2,400
2912
Srunsw-Balke-Collan'r_No
8
2934 294
2934 30
30
30
99
99
1,500 Burns Bros new clAcom No par 9414 Mar 18 12534 Jan 20 121 Mar 144 July
9634 9634 9834 98
97
97
98
*97
9612 98
2612 Nov 44 Feb
Mar 18 3434 Jan 27
2312
2312
2312
2312
1614
par
4
233
3,500
com____No
B
class
2312
New
2334
2312
2334 2514 2214 2312
97 Mar 10312 June
100 04:8 Apr 113 100 Jan 3
Preferred
9412 *94% 9612 *94% 9612 *94% 9612
*94% 9612 *9418 96% *94%
7712 Apr 124 Dec
94
300 Burroughs Add Mach_No par x90 Mar 2 128 Feb 28
*93
94
94 '9214 9412 94
94
*9258 94
59212 94
163 Mar 3414 July
4 Jan 12 4414 Mar 17
293
39
40
3912
39
par
4014
1,300
____No
4014
Bush
new
Terminal
4038
*4014
405* 4058
Apr 93 Aug
*4014 41
88
5
21
Jan
Slat
8
977
97
9114
*94
100
97
Debenture
*94
97
97 '96
*94
97
*95
98
*98
991 Jan 104 Nor
11314
1033* Feb 14 115 Apr 11
190 Bush Term Bldg& Pref
11311
100
4
1133
11314
11312
11314
11312
4
6,4 Feb
47
Dec
47
4
2
518Slay
19
Mar
34
3
11324 11324 113 4 113 4 113,
5
3,600
Zino
dc
Copper
Butte
478 5
478 478
5
5
5
5
6
174 Mar 71 Selo
5
100 5012 Jan 3 8134 Feb 15
1,900 Butterick Co
5312 5312 533 533
5312 *5312 54
53
5318 54
55
7% May 1614 Jan
1184
4
7
Apr
Jan
4
73
55
10
Mining
503
Superior
dr
Butte
9
9
918
938
518 9%
912 *913 938
912 *9
4,9
63 June 90 Sept
8012 817 8458 5,600 By-Products Coke____No par 66 Jan 29 86 Apr 9
8018 8014 7914 8012 80
28 afar 447, Nev
8178 8078 81
81
5934 6012 8,300 Byers & Co (A M)___ _No par 42 Jan 3 8812 Mar 30
6138-6218 - 61:11s 6112 5912 61
a,7.. am, 11158 62
_
Ex-dP,Idend. a Ex-divldend and ex-rights.
z
day.
tills
on
sales
no
prices;
•Bid and asked
$ per share $ per share I $ per share' $ per share 5 per share $ per share
3212 *3118 3412 *3112 3412
*3212 3412 *3212 3412 *3212 3412 32
37
312 3%
334 •238 334
*338 358
4
4
38 *35
157 158
158 180
15834 1595 15834 1607e 15734 16014 160 161
934 10
10
934 10%
934 1034 10
934 10
934 98
138
*114
11 1
114
15
138 18 '114
1% *138 18
114
1378 14038
13834 13912 138 139
1385 13834 13812 13912 13738 139
12114
12114
12114
12114
*121
12114
12112
*121
12114
*121
12114
4
*1203
107 10818 10612 10812
10814 10912 10812 10914 10834 i0915t 10718 109
11034 111
1107 11078 1107 11078 11034 1107 11034 1107
III 111
1612 *1512 1612
*1512
1712
*1534 1612
*1612
17
*16
17
17
3012 30
308 2934 3038
29
2918 2934 2834 2934 288 29
1014 1014 1012 1012 1014 1014 *1014 1012 *1018 1012 1012 1012
53414 35
*3414 35
35
3418 3438 *34
34
34
*3314 35
4912
*47
48
4934 4912 4912 4812 4812 *4712 4912 48
*48
5912
*5912 5934 5912 5912 5912 5912 5912 5912 *58
5934 60
2012
2034 2118 *2014 2112 2012 2012 *20
2234 *2034 23
*20
53
*50
53
*50
53
*50
498 50 '4914 63
*4812 53
1412 143*
1538 1512 143* 15
1512 1518 1518
*1514 1534 *15
3714 38
38
37
3712 3734 364 3738 3612 36% 3658 3718
124 124 *12014 125 *12014 125 *12014 125 *12014 125
•12312 124
2234 2134 2212 2212 23
2214 2234 2138 2212 2158 2238
22
86%
86% *82
8638 *82
8638 *82
*8014 8638 *8014 8638 *82
48% 4818 4812
477 4838 4814 49
4834 4912 4812 4914 48
129 129 *12812 12934 *129 12934
*128 129 *128 129 *128 129
1027 10412 10334 1047 10334 10434 10314 10314 10234 10314 103 10334
126% 12618 *12614 130
*12614 ____ *12614 130 .12614 130 *12814 130
igi- fig-,,-
New York Stock Record ---Gontinued----Page 3
For sales during the week of stocks usually inactive. see third page prece
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 7.
Monday,
May 9.
Tuesday,
May 10.
Wednesday, Thursday,
May 11.
May 12.
Friday,
May 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
2877
PER SHARE
Range for Preriew
Year 1926
Lowest
Highest
Lowest
Highest
Spar share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscell.(Con.) Par $
per
share $ per share 3 per share $
6618 6714 6634 6838 67
6734 6658 6734 6578 67
Per char.
6312 6634 18,400 California Packing_ _ __No par 6014 Apr 1
70 Jan 5
6614 Oct 17912 Feb
2512 2578 2538 2534 2512 2614 2558 26% 25
2578 26
2534 17,900 California Petroleum
25 21 12 Apr 28 32% Jan 18
294 Oct 3818 Feb
158
15.8
• .155
112
134
112 *112
138
158
158
158
158 2,000 Callahan Zino-Lead
112
10
Jan
3
2%
Jan
17
112 Mar
238 Jan
6718 671s 67
68
*67
67
6734 6734 67
6718 *67
68
700 Calumet Arizona Mining
10 6412 Apr 13 70 Apr 21
*1588 16
5512 Mar 735 Aug
16
16
1534 1534 1558 1534 1534 1534 1558 15581
900 Calumet & /Isola
25 1412 Jan 4 17 Apr 20
1338 Mar 184 Aug
4434 4418 4414 44
4414 4412 44
44
43
4412 44
44
5,100 Canada Dry Ginger Ale.No par 36 Jan 5 464 Apr 5
3212 Oct 49 Sept
17912 183
17712 178
183 18478 18478 188
18612 190
188 19514 27.000 Case Thresh Machine
100 132 Jan 27 19514May 13
6212 Jan 176 Aug
*110 11312 *11012 11212 11212 11212 11312 115
11538 116
117 117
1,3001 Preferred
100 111 Feb 28 117 Jan 12
06
Jan 11812 Aug
2634 2634 2612 2678 2612 2612 2614 2612 2638 27
*2612 27
2,100,Central Alloy Steel_ __
.No
par
24
Apr
1 31 Apr 14
2812 Oct 3314 Aug
*103,8 1034 1058 105s 1078 1078 1058 1058 *1014 10% *1012 1058
800'Central Leather
100
838 Jan 3 1078May 10
7 Nov
7034 7034 71
7112 72
72
2012 Jan
7134 72
71% 7178 *70
72
900 Preferred
100
54
Jan
14
72
Apr
2
4314 Apr 6834 Jan
*1312 15
15
15,4 15
15
1434 1434 1434 1434 14
14
700 Century Ribbon Mills __No par
1012 Jan 26 1612 Mar 18
1014
*80
82
82
Oct
*80
77
7934 *77
327 Jan
*77
84
80
*77
80
30, . Preferred
100 70 Jan 24 83 Apr 22
7814 Dec 90
6114 6112 6114 6134 604 6112 61
6112 6034 61% 6114 62
Jan
6,300 Cerro de Pasco Copper_No par 59 Apr 28
Feb 24
5712 Jan 7312 Aug
5114 5212 5134 55
5078 51
5414 5534 54
55
5358 5414 104,000 Certain-Teed Products_No par 42 Jan 25 6312
5534May 11
3618 May 4912 Jan
*10712 1101s *10812 11018 *10812 11018 11018 11018 *10838
*108% ---100 let preferred
106
Feb
100
1
1103
4
Mar
7
100
12
May 10614 Nov
1214 12
12
12
12
*1134 1214 *12
1212 *12
1212
600,Chandler Cleveland Mot No par
813 Jan 6 14 Mar 22
812 Nov
253s 2538 25
2578 25
2518 2478 2514 2438 2538 *24
26 Feb
25
6,0001 Preferred
No par 2118 Jan 25 26141May 6
2034 Dec 4514 Feb
*13212 13312 132 13212 131 13113 *130 131
130 130 *129 130
1,000 Chicago Pneumatic Tool_ _100 12012 Jan 3 13714 Mar
2
9412 Apr 12814 Dec
5853 5834 5712 5834 58
5834 5834 5914 5712 5712 5738! 5734 2,800.I Childs Co
No par 43% Mar 31 5958May 5
4518 May (3638 Jan
3638 3678 3678 3714 36% 36% 3612 3678 3658 37
365s 37
14,100 Chile Copper
25 34% Jan
3914 Mar 21
30 Ma
*2214 26
*2214 26
*2214 26
36% Jan
*2214 26
*2214 26
*2214 26
Chino Copper
6 2218 Jan
24 Apr 11
16 Mar 26 Nov
4978 4978 50
51
4978 4978 4912 5212 5118 5378 5334 5778 17,900 Christie-Brown tern
par
No
ctfs
34%
Jan
5
5778May 13
2912 Oct 63% Jan
44
4358 44
4438 4312 4414 4334 46
4512 4634 4538 4614 206,900 Chrysler Corp
No par 3818 Jan 28 4634Slay 12
2812 Mar 54% Jan
108 108
10814 10812 10312 10858 109 109
109 109% *109 10912 1,900 Preferred
No par 10273 Apr 11 10938May 12
93 Mar 108
6114 6034 61
*5834 6014 60
60
Jan
60
*5778 6034 60
60
1,100 Cluett Peabody & Co No par 6678 Mar 1
6634 Jan 24
80
119 120
11712 119
Dec 6812 Jan
*118 119
11812 11914 11734 11812 11812 11812
570 Preferred
100 11114 Jan
120 May 4 10314 Jan 116 Sept
10614 10738 106 10714 10658 110
10912 11212 110 111% 11034 11312 42,000 Coca Cola Co
pa?
No
3962
Apr
27
19912
Apr 22 128 Mar 174% Dec
8012 8012 8012 8012 7812 8014 8014 8134 8012 8138 8012 8178 10,200 Collins & Allman
No par 63 Jan 4 8614 Feb 28
3434 May 6912 Dec
Preferred
100 126 Jan 4 165 Mar 9
98% May 13813 Dec
-;ii4 V6- -88i2 -9/4 88)4 -66i8 87 -};6.78 86
888 -g6is
1-4-5-",100 Colorado Fuel & Iron
100
8
Jan
425
4 9118May 5
27%
Mar 4J% Oct
76
7612 77
76
7612 *75
76
*75
76
27512 7512
76
800 Columbian Carbon v to No par 66% Jan
8512 Mar 18
55% Jan 7034 Dec
9358 9412 93% 9438 9314 9373 9314 9358 92
93
9314 6,100 Colum Gas A Elec new_Ne par 8278 Feb 11 96% Apr 16
93
85% Nov 91 Dec
*105 105,4 10518 10512 10514 106
10612 10634 107 107
10718 10714 3,600 Preferred new
100 9913 Jan 24 10714May 13
9878 Nov 10158 Nov
16,s 16
1614 16
16
1614
1614 1614 *1514 1634 17
17
1,900 Commercial Credtt____No par
1418 Feb
20% Feb 21
1612 Nov 4713 Jan
*19
2112 *19
2014 2014 20% *19
2013 *19
21
*19
21
Preferred
26 19 May
23 Mar 10
2114 Nov 2614 Jan
*2014 22% *2014 2234 .2014 2212 *2014 2212 *2014 2212 *20
2212
200 Preferred B
25 19% Feb 1
23 Jan 7
20
Nov 27% Jan
74
7512 76
75
*70
7612 *7612 78
*76
78
*76
78
900
1st preferred (63.4%)
100 74 May 9 8518 Jan 12
8512 Dec 9912 Feb
43514 4478 45
*4312 48
45
*4378 46
4312 4378 *4312 44
500 Comm Invest Trust___No par 4118May
• 5634 Mar 14
5412 Dec 72 Jan
9512 9558 *9512 97
*9512 97
*9512 97
9512 9512 *9512 97
300 7% preferred
100 95 Apr 21
9812 Jan 27
97 June 104
8858 88% 89
8934 89
Jan
8918 8918 8913 89
89
8878 897s 1,700 Preferred (61*)
100 8858May 7 95 Mar 14
89 May 100
34512 35334 349 35234 34812 35012 348 34914 345 35312 10,000 Commercial Solvents B
346 346
Jan
No par 223 Jan 3 35734 Apr 14 11814 Jan 237
Nor
2034 2118 2034 211s 2034 2134 2138 22
2112 2034 2134 41,800 Congoleum-Nalrn Inc...No par
21
1714 Jan 26 22381May 4
1212May 293* Sept
6058 6114 6012 8138 5338 6034 60
6034 5978 6038 5934 601* 7,700 Congress Cigar
No par 47 Mar 11 6178 Apr 18
*14
38 .
•____
88
40'2 Slay 57 Dec
14
14
14
14
14
38
14
14
700 Conley Tin Foil stpd
No par
14 Feb 1
58 Jan 5
% Dec
8114 8114 83
1 Mar
79
8012 8138 7934 8012 7912 8012 8012 801 17,100 Consolidated Cigar
No par 75% Apr 30 8512 Feb 17
4514 Apr 8714 Dec
101 102 •100 102 *100 102 •100 102 210012 1001
*9812 101
600 Preferred
100 99 Mar 22 10212 Feb 2
91 Mar 10738 July
114
*114
158
1%
114
114 *114
114
114
114
114
1,100 Consolidated Distrib'rs No par
13
114 Apr 4
212
4
112 Aug612 Jan
9974 10038 10012 101% 2100 1007* 1005* 10134 9934 101
100 1011 71,200 Consolidated Gas(NY)No par 94 Mar 9 10912 Feb
Jan 10
87 Mar 11538 Aug
634 7
618 638
658 7
65s 7
618 658
618 61 100,500 Consolidated Textile___No par
318 Mar 14
7 May 7
114 May
3734 38
3734 3834 3712 3812 3512 3914 3713 371* *3712 38
414 Nov
10,100 Continental Baking cl ANo par 3312 Apr 30 74% Jan 6
5012 Oct 9378 Aug
412 434
434 4%
458 478
412 458
412 458
412 458 7,700 Class B
418May 2 1014 Jan 5
No par
75 Oct 1518 Sept
8034 80% 81
82
81
8114 81
82
8112 811
811
81
4,100 Preferred
100 72 Apr 1
9714 Jan 13
87
Oct 9612 Aug
64% 65
65
6512 6434 65
6334 65
6478 65
6478 65
7,600 Continental Can, Inc_ _No pa
5834 Apr 9 7312 Jan 3
70 Mar 9212
162 163
162 163
161 16134 15914 15934 159 159
15934 160
2,900 Continental Insurance__
25 135 Jan 27 16414 Apr 4 122 Mar 14434 Jan
1214 1218 1212 12
12
Jan
1314
1212 13,4 1212 127
1212 123 67,200 Continental Motors_ _ No pa
1138 Jan
97 May 137 Dec
1334 Jan 6
5912 601,, 60
6034 5958 6018 5934 60
5958 6038 6014 6258 53,300 Corn Products IleflnIng____25 46% Jan 28
12 6258May 13
355 Mar 5153 Dee
•129 1301
.*129 13012 *128 131
130 130 *129 131 *129 131
100 Preferred
100
128
Jan
11
13034 Apr 14 12212 Jan 13014 Dee
7058 715
7012 7018 7034 7012 7112 70
70
70
71
71
2,600 Coty, Inc
No pa
56 Jan 3 7514 Mar 20
4412 Mar 62 Dec
.85
871„ 8512 86
86
88
8612 8812 87
88
87
88
4,400 Crucible Steel of Amerloa__100 77 Jan 4 9634 Mar 4
64
Apr 8234 Dee
10612 10612 *106 10634 10612 106,2 *10634 10912 •10678 10912 *10634 10912
300 Preferred
100 103 Jan 18 109 Mar 17
96
Mar 104 Dee
3134 31% 3214 3012 3178 2812 3012 29
31
2914 2958 30
12,000 Cuba Co
No par 2614 Feb 2 3414 Jan 8
014
284 0 t 533 June
014 *9
914 9%
918 918
912 *9
914
9
938
900 Cuba Cane Sugar
No
pa
Apr
8
11
103
4
Jan 5
43
853 May 1112 Jan
4314 4212 43
41% 4212 41% 4134 4134 4212 42
42
4,500 Preferred
100 39% Apr 5 5034 Jan 4
3512 June 502* Dec
2514 *2412 25
25
*24
25,2 2334 24
2414 2438 2412 2,900Cuban-American Sugar
24
10 2238 Apr 6 2812 Jan 3
2014 Aug 3038 Jan
*104 10712 *104 10712 *104 10512 *104 10712 *104 10712 *104 10712
Preferred
100 102 Jan 31 1047* Apr 21
9734 Jan 105 Nov
•15
1512 *15
17
*15
18
•15
151. 15
*15
15
1512
100 Cuban Dom'can Bug new No par 1333 Apr 29
18 Jan 21
1513 Sept 2014 June
4512 4512 45
4534 *45
4512 *45
46
4512 4512 46
5001Cudahy Packing new
46
4312 Apr 8 5278 Feb 23
sO
5118 Nov 55 Dec
109 111
111 117
116 11812 117 117
11478 11478 *11478 116
6,3001Cushman's Sons
No
103
par
Apr
4 11812May 10
7712 Mar 198 Dee
3212 33
3314 34
34511 3578 3513 3513 *3514 3513 35
3512 2,0001Cuyamel Fruit
No par 30 Apr 28 3578May 10
32 Nov 51
Jan
*2634 2718 27
27
30
27
29
3038 2938 3038 2914 30
25,800 Davison Chemical v t e_No par 2614 Apr 28 3212 Mar 1
2318 Oct 4634 Feb
14412 14412 144 14414 145 146
145 14538 146 14614 146 148
2,1001Detrolt Edison
100 13312 Jan 21 148 Slay 13 12312 Mar 14112 Dec
3978 3978 3978 40
40
4014 4038 4078 4014 4012 3934 40
2,000Dovoe & Raynolds A__No par 37% Jan 25 4273 Feb 2
31
Oct 10418 Feb
2158 2058 2138 2014 2118 1978 2038 1934 2073 83,600 Dodge Bros Class A., .,No par
1958 2112 21
17% Apr 22 2712 Jan 6
2114 May 4714 Jan
72
7614 743* 76
7434 7534 747 7538 7412 7514 7458 75
17,500 Preferred cent}
No par 70 Apr 28 85 Feb 14
7913 May 90 July
*838 812
838 812
812 812
838 838
812 812
812 812 1,700 Dome Mines, Ltd
No par
734 Apr20 1114 Jan 4
8
Oct20 Mar
6312 64
6412 65
64
6478 64
6438 •6312 6438 8438 6438 3,400 Douglas Pectin
No Par 46 Jan 3 65 May 9
19 Mar 46 Nov
116 11612 *116 117 *116 117 *11612 117
11612 11612 211434 11414
300 Duquesne Light let prof ___I00 11414 Mar 2 11612May 4 11112 Mar 11634
146 14678 1464 14812 147 14834 146 149
Aug
14534 14614 14534 14612 11,200 Ea/311118n Kodak Co__ _No par 12614 Jan 28 149 Slay 11 10638 Mar
13634 Dee
2718 2734 277* 2838 2712 2778 2718 275* 27
27
2634 2678 13,100 Eaton Axle & Spring _ No par 2418 Mar 21 2812 Mar 28
23
24312 24412 24414 24612 241 24434 241 245
240 24313 241 24338 24,900 E I du Pont de Nem new _No pa, 188 Jan 25 2537 Apr 22 15434 Oct324 Feb
Nov18112 Dec
112 112
11112 11112 11218 11218 *112
•112 11214 112 112
600 6% non-vot deb
100 10512 Feb 5 11218May 10 10034 Apr 11018 Dec
•131.3 13%
137* 1373 1312 1312 *1312 1378 134 1312 *13% 1333
300 Elsenlohr & Bros
25 1178 Jan 3 1612 Feb 16
1084 Oct2012 Feb
8258 8438 8334 8412 82
8334 8234 8314 82
83
82
8318
18,900
Electric
Autollte
No
par
Jan
6312
13
8412May
9
1838 19
6134 Mar 82 Feb
1812 1912 1812 19
1813 1914
1812 1914
1812 1834 37,200 Electric Boat
No par
1312 Mar 2 2038 Apr 20
203* 21
4 Mar
2038 2078 2038 2033 20
16 Dec
2012 20
2012 20
2034 21.300 Electric Pow & Lt
No par
1612 Jan 27 2138.May 5
11018 11018 11018 11038 *11013 11134 *11058 11134 *11058 11134 *1105
1514 Oct3412 Feb
8
1113
4
300
for
ctfs
Allot
pref
pd_
40%
_
1037
8
Jan 28 11218 Apr 21
*10912 ____ *10912 ____ *110
9912 Mar 115 Feb
*111
____ *111
____ *111
Allot ars for pref full pd___ 10812 Apr 8 11134 Apr 18 10212 Oct
1104 Feb
10012 10012 10118 1015s 102 102
10178 102
1022* 10238 10212 10214 1.300 Preferred
No par
2612 267* 2613 27
2658 2678 26
8912 Mar 9814 Sett
2634 2534 2614 2534 2614 11,400 Electric Refrigeration_ _No par 96 Jan 14 103 Apr 20
2212
Apr
12 3738 Jan 3
70
7114 70
33% Dec 7812 June
713* 6834 6912 68
6878 67128 68
67
60
9,000 Elea Storage Battery No par 6314May 3 7912 Jan 6
*8
11
8
8
.813 11
7118 Mar 94% Aug
*812 11
*813 11
*812 11
100 Emerson-Brant Cla,s A _No par
6638 6638 6638 6938 6818 7112 69
713 Jan 4 13 Apr 14
614 Dec
701* 68
814 Dee
6914 6712 68
22,100
Endicott-Joh
nson
Corp.._
_ 60 64% Jan 28 7112May 10
*11834 12134 *11834 12114 *11834 ____ *11834 12114 .11834 --6512 Mar 7238 Feb
*11834 -Preferred
100 11638 Jan 6 12112 Mar 28 114
25
2438 25
25
*2434 25
25
28
Jan 120 Sept
27
2734 .27
2
2773
2
;2:155
Engineers
Public
Serv
__No
par
2134
104
10414
10414
Jan 11 28 May 11
104
*10412 105
10458 105 .104 105 *104 105
19% Oct 2412 July
700 Preferred
No par 9334 Jan 8 105 May 11
2938 2938 2918 2938 2838 2918 2858 29
9214 Nov 9612 Aug
28511 20
2858 2878 4,100 Erie Steam Shovel
410512 106 *10512 106 *10538 106 *10538 10534 .10513 106
5 24% Jan 3 3114 Star 25
2112 Oct 25% Nov
*10512 106
Preferred
100 10112 Jan 6 1074 Jan 17 100
13978 142
14012 141
*13814 140
14034 14278 *14213 143
Oct 102 Nov
1427 14278 2,400 Equitable Office Bldg
pfd_100 11814 Feb 5 14278May 11
6938 6878 69
685s 6978 6912 6912 69
99% June 1324 July
688 69
6834 6913 4,900 Eureka Vacuum Clean_No
par 8078 Jan 25 7212 Apr 19
•184 1938 *1834 195* •1834 1938 *1834 1938 1834 1834 *19
43 May 68% Dee
197*
100
Exchange
4371, 38% *38
Buffet Corp_No par
3812 3834 4213 40
1518 Jan 25
1934 Apr21
43'2 3834 4014 30
14% July
17
A9r
40
8,700 Fairbanks Morse
11178 11178 *110 112
No par 3714May L 4312May 11
•11012 112
112 112 *111
____ *110 114
37% Dec 59% Feb
400 Preferred
109'2 10912 109 110
100 10718 Feb 7 112 Mar 2 10612 Nov 115 Feb
10914 11034 10812 10978 10814 10912 10912 111
15,600
Famous Players-Laelty_No par 10512 Mar 30 11434
118 1183s *117 11812 11814 11814 11812 1181 118% 119 *119 120
Feb 24 103% Jan 12712 June
400 Preferred (8%)
100 116 Apr 25 12438 Jan 12 115 Mar 12412 Dee
4518 4612 4518 46
4412 45
4518 458 4414 4478 4412 45
8,600 Federal Light dc Tram
97
16 3713 Jan 17 47 Slay 3
97
97
97
97
9718 98
99
*98
99
28 Mar 4712 Dee
98
98
290 Preferred
No Par 9112 Feb 23 99% Mar 31
•107 114 *107 114 *107 114
112 112
11312 120
88 June 94 De*
119 119
1,500 Federal Mining & Smelt'g-100 60 Feb
*9214 94
*9214 94
*92
94
9 120 Mar 12
03
93
9313 94
*93
41 May 11134 Jan
94
1,300
Preferred
100 7512
*2412 25
*2412 25
*2412 25
2412 244 2414 2414 *2418 2412
81 Mar 105 Jan
300'Federal Motor Truck _ _No par 23 Jan 28 97 Mar 12
1144 11414 113 11434 11234 11414 112 112
112 112 .11012 112
23
Oct 3438 Aug
1.700 Fidel Phan Fire Ins of N Y_ 25 9312 Apr 18 30% Jan 10
Feb 23 193 Jan 6 160 Ayr 20014 Jan
*102
1023
4
4
1023
*102
*10112
10234 *102 1023 *102 10234 1023 10234
100 First Nat'l Plc. 1st pref., _ _100 9713 Jan
2214 2214 2012 2214 2014 21
1
1914 2114 21
103 Mar 4
2134 2012 21% 22.900 First Nat'l Stores
96 May 107 Feb
No par
1914May 1
1712 17% 1773 1712 174 1738 1718 177
30 Feb 7
1714 1734 1714 1738 12,700 Fisk Rubber
28 Nov 4938 Feb
No par
857s 86
86
18 Jan 24 20 Apr 20
86
85
8612 86
86
86
86
1414 May 2614 Jan
*8512 86
800 lert preferred stamped_ __100 81 Jan
*98 10018 *98 100
90
99
*98 100
5
8914
*98 100
Apr 5
7678 Apr 8414 Mar
98
98
300 In preferred cony
100
97
Jan
24
54% 5514 547 5514 5434 5514 5434 5534 55
101 Apr 21
56% 56% 57% 138,900 Fleischman Co new.,
94 June 107 Mar
2
4
No
par
4618 Feb 1
7112 7412 6918 7334 6978 72
735* 7014 73 8 74
5778May 13
324 Mar 5612 Feb
68
708 45,400 Foundation Co
59
No par 68 May 1
5978 59
6014 5878 60
59
88% Apr 1
6038 5812 5938 5812 5538 16,300 Fox Film Class
7314 Dec 17934 Jan
A
66,4 6878 6813 6912 6718 6834 67
6858 67
Jan
8518 Mar 85
7014 6818 6938 78,300 Freeport Texas Co__ No par 54% Apr 25 7412 Jan 6
4014 41
4018 4118 4012 4112 41
4018 41
7434 Apr 9
415
1958 Jan 36 Deo
4038 4114 23,400 Gabriel Snubber A _ _No par 3414 Jan
Ns par 2918 Jan
4158May 12
*10,4 1034 *1014 1034 1018 1014 1018 1038 1014 1012 1014 1012 2,800 Gardner
25% Nov 42 Feb
Motor
7
No
par
5014 4914 50
612 Jan 27 11% Apr 22
4818 47
4914 4934 49
49
48
538 Nov
4918 4918 9,800 Gen Amer Tank
934 Jan
Car
No par 46 Jan
•10014 110 *10914 110 *10914 110
10912 10912 *10914 110 *10914 110
50% Feb 25
39 Mar 55% Jan
100 Preferred
7614 7334 743* 7418 7638 7534 7714 758 777 24,300
100 106% Mar
10912 Apr 3(
9912 June 109 Dee
7534 7612 74
General
Asphalt
115 115 *113 118
100 7212 Apr 28 96% Mar 2
11678 11678 11634 117% 117 118
50 Mar 9414 Aug
117 117
900 Preferred
5712 5712 5712 5713 57i2 58
58
100 113 Apr 28 144% Mar 2
5838 58
94% Mar 14018 Aug
58
5758 5734 3,700 General Cigar,
Inc new_No par 52 Jan 26 8978 Feb 24
46 Mar 5913 Feb
*12014 125 *12014 ____ 122 122 *12014 125 •12014 125 *12014 125
100
Preferred (7)
100 116 Jan
4117% 123 *11718 123 *11718 123 .11718 120 *11718 123 *11718 123
134 Feb 24 109
Jan 118 Dee
Debenture preferred (71_100 116 Jan 11 11318 Apr 26 10914 Apr 11812 Feb
5514 55,2 6512 5578 5534 5534 *5512 56
*5512 56
Gen Outdoor Adv A_ __No par 54% Apr 11 5812 Feb 9
4313 4378 4234 4314 43
51 Mar 5635 Aug
2 4278 4278 433
4334 13312
4 V% 1623
421
Trust certificatee____No par 37 Jan 18 4678 Mar 2
9818 9912 98
2658 Mar 39% Dee
98% 97% 99
97
9814 97
9832 99
99
50,700 General
81 Jan 27 10014MaY 5
79 June 9512 Aug
11% 1112 1112 1112 1138 115s 1112 11% 1112 118 1138 115* 8,600 General Electric New __No pa
Electric special__ __10 114 Jan 3 1138 Jan 5
11
4012 41
41
1134 Dee
417
Jan
40
4134 42
42
43
4212 427
40
5,500 General Gas & Elea A__No pa
47% Feb 2
34 Apr
34 Mar 59
Jan
*1316 and asked prices; no sales on this day. z Ex-dividend. a Ex-rights. c Ex-dividend
100% In stock.
I
New York Stock Record-Continued -Page 4
2878
Foe Woe during ,he weak of stocks usually Inactive. see fourth page prom:radios
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 7.
Monday,
May 9.
Tuesday,
May 10.
Wednesday, Thursday,
May 12.
May 11.
Friday,
May 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
S per share $ per Share $ per share $ per share $ per share $ per share Shares Indus. & Miscall. (Con.) Par
200 Gen Gas & Eleo pf A (7)No par
•10213 10412 *102 10312 *102 10312 *102 10312 *103 10312 10312 105
No par
100 Preferred A (8)
*115 116 *115 116 1 116 116 *11512 11712 *11512 11712 *11512 11712
No par
100 Preferred B (7)
104 104
*101 103 *101 10312 *102 10312 102 lO3lz *102 104
19212 19612 421,500 General Motors Corp No par
19618 197
19518 19712 19478 19712 1933g 19714 19334 196
100
1214 12158 6,300 7% preferred
12034 12138 12012 12112 12112 122
12058 12034 1205* 121
100
6% preferred
- - _ -_
_ •I05
_ *105
_ •105
_ *105
*104_ *105
214 OOOOOOO Gen Ry Signal new___ _No par
11012 11111 1-1-1-34 111 1-1-234 111 1-1-i 111 112-34 11012 ffi
54
4,300 General Retractoriee- _No par
4 5312 53
1
53/
49
55
*48
52
49
51
*46
47
No par
4 10,700 Gimbel Bros
1
4612 46/
47
4634 4733 4658 478 46
4412 47
46
*45
100
100 Preferred
*102 105 *104 10512 10412 10412 *10312 105 *10312 105 *10312 105
No par
2012 2058 34,200 Glidden Co
4 21
/
2118 2052 2118 21
2014 20
20
218 201
5378 15,000 Gold Dust Corp v t e No par
4 5212 53
1
53/
4 53
1
53
5214 .527
5234 5414 528 53/
No par
5558 5614 5512 5618 6,500 Goodrich Co (B F)
5514 55% 5412 5512 5518 56
553* 56
100
300 Preferred
10012 10012
101 101 *100 10114 10118 10118 •100 10112 *10078 101
10934 11012 110 11034 110 1103* 11014 1121*1 112 11328 111 11278 13.300 Goodyear T St Rub pf v t o_100
100
-100 Prior preferred
4 *109 10978 *10914 10978 *10914 109% 109 109
1
•109 110 *109 109/
6418 6478 63% 6414 6418 6418 6414 64l2J 6414 6414 634 643* 4,200 Gotham Silk Hosiery_No par
No par
3.300 New
64
63
63
6412 648 638 6412 63% 643* 6414 64.331 63
100
1,483 Preferred new
10812 10834 10814 10814
*10614 10712 10614 10612 10618 10614 10612 108
No par
A
Coupler
Gould
400
912
*9
9
9
9
4
1
9
4 9/
1
9/
912 912
*812 9
Pr_100
3612 36% 363 12,100 Granby Cons M Sm &
4 365 3712 363* 3678 3618 3658 36
/
3718 371
11,300 Great Western Sugar tern ct125
11512 116
11514 117
11412 115
115 11634 11512 116
11518 117
100
40 Preferred
118 118 *118 119 *118 119
119 119
*118 119 *118 119
4 478 26,300 Greene Canapes Copper__ 100
/
4 4712 461
/
461
4434 4814 463 4812 4612 48
4434 45
par
_No
Sugar__
Guantanamo
*93*
2,200
912
912
914 912
912 *914 912
912 9%
4 912
1
9/
100
2,000 Gulf States Steel
5134 5214 515* 515
53
5312 53
53
5212 5212 53
53
100
60 Hanna let pref ',lase A
5734 5734 *5734 5912
*5734 597
4 *5712 59
/
5712 571
*5712 60
800 Hartman Corp class A_No par
*2534 2612
2512 2512 2558 27
263* 2634 *2558 2658 *2512 29
No par
2734 28
2714 277
2734 2878 2734 2834 273* 2818 *2734 2858 4,900 Class B
Va par
600 Hayes Wheel
26
*25
26
2534 2534 *2634 2612 25/
4 2512 2512 2512 *25
1
25
100 Helme(0 W)
95
9434 9434 *93
95
*93
*93
95
95
*93
*93
95
No par
100 Hoe(R) & Co
27
27
29
*27
28
*26
*26
28
*2512 28
*26
27
100
Homestake
200
Mining
6112
6112
*61
•60
60
6112 60
*61
61
61
*60
61
800 Househ Prod.Inc.tem cttNopar
4 4912 4934 4934
/
4 4934 491
/
4918 4914 4933 4912 *4912 4934 *491
11758 12112 11912 12234 12034 12712 12714 133 149,200 Houston 011 of Tex tern etfs100
119 12012 11612 119
No par
Howe Sound
3,700
5
4
1
3818 3818 3814 38/
3912 3912 3814 385* 3818 3914 *3834 39
No par
78% 7912 7934 8412 8318 8438 844 888 8312 8712 8312 85% 100,700 Hudson Motor Car
Corp____10
Car
Motor
Hupp
30,800
2114
8
207
2112
21
8
217
2018 2012 2038 215* 218 2134 2118
2014 16,900 Independent 011 de Glae_No par
1912 2014 20
197
2012 .19
2114 2038 2112 20
21
No par
600 Indian MotocyMe
16
16
17
1678 *16
*16
16
1612 1612 *16
1612 16
10
300 Indian Refining
4 818 *812 9
1
7/
0
87
734 78 *812 9
*834 9
10
5,760 Certificates
8
8
*812 9
733 75
*812 9
712 778
712 712
300 Ingersoll Rana new____No par
93
4 9334 *92
1
*91/
95
*02
94
*92
z9412 95
95
95
No par
4 4334 7,100 Inland Steel
1
4358 43% 243/
4312 44
4212 43/
44
4234 43
4 43
1
100
300 Preferred
115 115 *11312 11614 *11312 1148 *11312 117 *114 11614
115 115
1814 1814 1,100 Inspiration Cons Copper___20
19
18
1834 1734 1734 *18
1878 1878 *187 19
par
Rubber___No
Intercont'l
2,000
1312
1312
1334 1334 1312 135* 1358 137
1378 137
138 1334
No par
300 Internal Agricul
6% 658
*612 7
*612 7
7
*6
63* 658 *634 7
100
preferred
Prior
800
3414
3414
35
35
34
34
35
*34
3478 3478 *34
348
8612 8514 86% 18,700 Int Business Machines_No par
8618 8934 8612 8914 85
87
8014 8112 85
4 5312 5312 5313 1,400 International Cement_ _No par
/
*531
5334
5314 5378 5312 5312 53
54
53
100
300 Preferred
4 *10834 110
1083
10834
10834 10834 10834 10834 *10834 11012 *10834 110
4934 5114 5034 5314 5158 527,2 5112 5278 131,700 Inter Comb Eng Corp__No par
4934 5112 5012 507
100
33,500 International Harvester
16212 16314 163 16412 164 16912 167 16912 167 16134 16714 172
100
600 Preferred
13014 13014 *13012 131 z12958 12958 12912 12912 130 131 *12912 132
732 7% 2,300 lot Mercantile Marine-__100
714 74 *71
4
1
75s 818 *734 8
718 7/
4 71/4
/
100
39,400
Preferred
8
455
433*
4514
44
4518
4612 4414 46
45
4518 453
445*
7558 66,500 International Match pref35
7634 725* 7438 7238 755* 7334 7558 74
73
4 74
1
69/
87,300 International Nickel (The)25
57
4 5938 5634 5838 5718 5n 5614 5714 56
1
5914 57/
58
100
Preferred
•104
_
_ _ •104
*104
__ *104
*104___ *104
par
4934 -5014 60 -5038 50 -5078 507 -51-12 5118 -51-71 5118 517g 15,700 International Paper__ _No
100
1,400
Preferred
(7%)
4
973
9712
8
973
9712
973*
9712
9712
4
/
971
4
/
971
8
4 *973
/
9712 971
par
_No
Shoe__
International
177
*175
•175 185 *175 185 *175 180 *175 185 *17514 177
Internat. Telep & Teleg___100
13434 136
13412 135
135% 136% 135% 13714 13534 13658 13514 13638 15,600
par
No
Corp
10,400
Intertype
27
2618
27
2618
2734
2712 2714 2833 27
*2312 2412 24
No par
3.300 Jewel Tea, Inc
6512 6578 *6512 66
6434 6434 6478 6612 6512 66
65
65
100
Preferred
*120 122 *120 122 *120 122 *120 122 *120 122 *120 122
5,800 Jones Bros Tea. Ino,2tpd 100
4 2312 2214 2318 2212 24% 2312 2334 *2312 2414 3,400
/
2318 2338 231
No par
Jordan Motor Car
4 1918 1878 188
1
4 19
1
1812 18/
1912 1812 19
187s 1918 18/
10
u _ ____ __ Kansas G lf
Kan City P&L 1st pf A_No par
600
11414
8
3
1-11
11414
4
ific
nil;
11414 1-111-4 *11.3- 1-1-4" - *ffi- 1141-2 ..iiipar
_No
0._
t
Coy
(.1)
Kayser
12,700
5214
5112
5134 5212 513* 5238 5114 52
52
5078 5078 51
25
235 2434 2314 2414 40,300 Kelly-Springfield Tire
25
23
2214 2338 2214 2314
23
22
100
200 8% preferred
70
*69
72
*69
70
69
70
70
*69
*69
70
*69
100
900
6% Preferred
70
*68
73
*69
70
4 7034 70
1
70/
6912 71
70
*66
100
Kelsey Wheel, Inc
85
*70
86
*79
85
*81
*79
86
*79
*8112 86
86
No par
16,300 Kennecott Copper
4 65
1
4 64% 648 6458 64% 64/
1
6412 64/
4 6412 65
1
64% 64/
58 2,600 Keystone Tire & Rubb_No par
.12
12
12
58
*12
12
12
12
12
58
*12
No par
Kinney Co
30
*29
32
*29
32
*31
32
*31
33
*32
*3012 33
25
500 Kraft Cheese
57
*56
57
4 5712 *56
/
561
58
5712 *56
57
56
56
10
(5 13) Co new
4 5118 513* 5112 5112 5114 5112 5118 513* 5,000 Kresge
/
5118 513* 5134 511
100
Preferred
300
11312
11312
11312
*113 11312 *113 11312 *113 11338 *11314 11312 11312
700 Kresge Dept Stores____No par
*1512 17
17
17
1678 1678 *1612 1634 *1612 17
17
16
100
Preferred
70
*60
70
*60
70
*60
70
*46
*5612 70
70
*56
9.000 Laclede Gas L (St Lotd8)_100
228 235
228 235
22812 23412 226 22912 225 229
22012 233
2812 12,500 Lago Oil & Transport_No par
2814 28
2714 27
2758 2634 278 27
2712 275* 27
No par
724 9.500 Lambert Co
70
7112 7278 7112 7112 7214
71
71
7058 695* 713
No vas
812
400 Lee Rubber & Tire
812 48
818 814 *8
814
818 818 *8
812
*8
Fink
No par
&
Lehn
3,200
4
1
34/
3312 3412 *34
3478 3438 3478 35
35
3312 3312 34
No par
400 Life Savers
23
*2234 2312 23
23
*2234 2334 23
23
23
23
23
Tobacco_25
Myers
&
Liggett
1,700
10312
10312
*10212 1028 *103 10378 10338 10434 10412 10412 *102 10412
25
10212 1028 103 10314 5,900 Series B
10178 10178 102 10234 10214 10234 10278 103
100
100 Preferred
128 128 *128 130
.126 128 *126 128 *126 128 *126 128
No par
6912 3,400 Lima Loa Wks
z68
7012 7112 7014 7012 69% 70
7112 7112 7034 71
14,800 Liquid Carbonic certlfs_No par
54
5334 5234 5433 54
53
54
4912 4912 5378 63
49
No par
573* 10,600 Loew's Incorporated
56
567
56
5638 5678 5612 578 5612 578 5612 57
No par
618 618 1,800 Loft Incorporated
4
/
618 61
618 618
615
6
614 614
614 614
No par
600 Long Bell Lumber A
3612
*36
36
3612 *3612 365* 36
3612 3612 3612 36
•36
100
18912 19214 11,000 Loose-Wiles Biscuit
18414 192
191 192 *184 190
171 17412 172 186
100 2d preferred
100
171 171 *185 200 *185 200 *190 200 *180 200 *180 200
25
41,600
Lorillard
2912
274
29%
2514
27
26
2714
25
257
26
25
25
100
400 Preferred
11212 11212 112 112 *112 11334
*112 114 *112 114 *11212 114
128 128 5,600 Louisiana 011 temp ctfs_No par
1314
1234 13
13
1278 13
1318 128 13
13
400 Preferred
100
93
*91
93
*9112 92
92
9112 *91
91
92
93
*92
268 3,400 Louisville 0& El A____No par
28
2638 *26
26
2638 26
264 2614 2618 263* 26
300
Steel
Ludlum
par
No
2818
*2712
4
273
*28
2812
4
283
*2712
2
2812
2
4
283
75* 73*
*28
900 Mackay Companies
100
11912 11912
120 120
120 120
120 120 *11912 120
120 120
100
200 Preferred
7058
*68
70
4 *68
1
70/
7033 7033 *7012 7114 7012 7012 *68
No par
11534 117% 11434 11634 11334 11538 11378 11658 11334 11434 1135 11434 123.700 Mack Trucks, Inc
100 1st preferred
100
*110 112 *110 112 *110 11134 *11012 11134 *111 11134 111 111
200 2d preferred
100
108
*105
10614
*106
10614
10614
10614
4
*1053
4
/
1061
*10512
10512
10512
No par
1%100 Magma Copper
*3312 3412 •3358 3414 *3334 3414 *3334 34
34
3412 34
34
3,900
Mallinson
16
R)
(H
par
Co_No
&
*15
16
16
1512 16
1652 1652 1512 1612 1512 16
Manati Sugar prof
72
100
*70
72
nO
72
*70
72
*70
72
*70
72
*70
Supply__
par
No
Eleo
Manb
2.600
69
6812
6914
69
6912
6912
6912 7014
70
70
6934 70
300 Manhattan Shirt
*2834 29
25
4 2812 2812 *2834 29
/
*2834 2934 *2834 2934 2912 291
Manila Electric Corp.-No par
*4334 46
4 46
1
*43/
*4334 46
*4334 46
*4334 46
*4334 46
Maracaibo 011 Expl____No par
900
1412
*1312
1378 1378 1312 14
137 14
14
1378 1378 14
39 159,300 Marland 011
No par
4 38
/
3718 3634 3812 378 391
393* 3634 3914 36
39
No par
3334 331 3333 3334 3512 3,100 Marlin-Rockwell
3318 *33
*3214 3318 *3214 3318 33
/vo par
200 Martin-Parry Corp
4 *1734 1812
/
*1734 1812 *1734 181
18
1812 18
5758 1758 *18
800 Mathloson Alkali Works___50
10012 10114 100 10012 *100 102
102 10278 101 101
*102 104
25
7212 27134 7238 10,800 May Dept Stores new
7212 72
72
72
7133 7214 7158 7234 71%
3114 3112 22,400 Maytag Co
No par
315 3212 318 32
314 3034 3114 307 3234 *70
31
7212 *70
7212
*70
200
yg
par
No
McCrory
B
Class
Stores
7212
*70
72
7212
*7233 727
*253* 26
2,900 McIntyre Porcupine MInee__5
26
*2558 2614 2512 261a 2512 2512 26
26
26
Metro-Goldwyn Pictures 9L27
4
1
4 *2512 2534 *255* 2534 *2533 2534 *2558 25/
1
4 *2512 25/
1
*2514 25/
800 Mexican Seaboard 011-No par
6s
*614
614
614
612
618
614
*6
6
6
612
*6
5
1512 1512 1533 153* 1514 1512 1,300 Miami Copper
15% 1528 1678 1678 *1612 1578
3112 3178 11,200 Mid-Continent Petro__No par
3034 3114 3078 32
3112 3132 3012 3114 3012 31
100 Mid-Cont Petrol prof
100
*99 102
*99 102
100 100
*98 10012 *9812 10212 *9812 100
238 234 12,000 Middle States Oil Corp____10
258 278
234 278
278 3
2% 3
28 3
10
18
4 1% 1,800 Certificates
/
11
17
178
18
178
178
2
2
178
178
800 Midland Steel Prod Dref-__100
1088 10878
10878 109 *10812 110 *10812 110
In, 1071, Inn Inq
• NM sad asked prices; Po Pied on
Sal. asp
•101-al•uimai •s•-dges.
ran ailIIISLI,
Range Singe Jan. 1 1927
On basis of 100-share tots
Lowest
Highest
ran ass AM.
Range for Previous
Year 1926
Lowest
Highest
5 per share 3 per share $ per share $ per share
96 May 100 Deo
100 Jan 3 10712 Jan 24
11314 Star 22 116 Slay 10 10512 Apr 113 Sept
Jan
4 Apr 96
1
92/
96 Jan 13 104 Slay 13
14512 Jan 25 198 May 4 11314 Mar 22534 Aug
4 Dec
/
11812Mar 9 122 Jan 7 11312 Jan 1221
9814 Apr 105 June
104 Mar 7 10518May 4
6012 Mar 937a Aug
821* Jan 14 12014 Apr 6
Jan
36 May 49
38 Jan 14 55 May 11
4114 Nov 78% Jan
3712 Mar 24 4934 Apr 11
Jan
8
1113
Nov
100
30
Apr
8
1057
18
Mar
9938
158 June 2534 Jan
1812 Jan 26 22 Mar 10
4112 Mar 56% Feb
42 Mar 9 5414May 11
3912 Nov 7034 Feb
4234 Jan 3 5834 Mar 3
9412 Dec 100 Feb
95 Jan 3 10118May 10
9612 Dec 1098 Aug
9818 Jan 27 11358May 12
105 Jan 7 10934 Apr 22 10414 Dec 109 Sept
3314 Mar 6912 Nov
573* Jan 12 678 Mar 25
4712 July 6878 Nov
58 Jan 12 673* Feb 24
104 Jar 26 10912 Apr 9
98 Jan 13
Oct 2112 Jan
8
8 Mar 18
1618 Mar 367 Dec
3118 Jan 27 40 Apr 25
4 Dec
1
89 Apr 113/
109 Jan 26 1194 Feb 28
4 July
1
11612 Feb 26 1217e Jan 17 10812 Mar 118/
Dec
4
1
/
34
Apr
4
93
10
4812May
2914 Jan 27
1078 Feb
5% Jan
8 Jan 25 10 Jan 4
5132 Oct 938 Jan
5158May 13 84 Feb 28
45 June 6012 Dec
56 Jan 31 67 Jan 19
Oct 2812 Nov
26
4 Mar 29
1
25 Jan 22 27/
243* Dec 30 Sept
2312 Feb 9 293* Apr 18
Jan
17% Dec 46
1512 Feb 15 28'2 Mar 31
68 Mar 88 Dec
7612 Jan 14 10178 Mar 17
3512
Aug
May
1712
"
14
4 Feb
1
22 Jan 31 33/
4712 Jan 63 Oct
60 Jan 25 6318 Jan 15
40 Mar 4838 Jan
4314 Jan 3 5014 Mar 17
Jan
5014 Mar 71
6018 Jan 11 133 May 13
Jan 45 Sept
27
377k Feb 14 41% Apr 18
Jan
12314
Oct
4
403
11
8May
887
4814 Jan 24
17 Mar 2888 Jan
19 Apr 22 2358 Jan 10
Jan
198 Mar 34
18 Apr 28 3254 Feb 1
1412 Dec 2414 Feb
13 Mar 30 1838 Apr 13
734 Oct 131 Feb
712May 12 1118 Mar 14
4 Feb
1
4 Oct 12/
1
7/
738May 5 1012 Mar 14
Jan
4 Mar 104
1
80/
92 Jan 10 9612 Apr 2
4 May 4334 Dec
/
341
41 Feb 15 47 Apr 18
111 Jan 3 115 Slay 7 10834 Mar 115 Feb
2034 Mar 2858 Nov
1734May 11 2512 Jan 12
12 Dec 2134 Feb
1112 Jan 3 1534 Mar 12
918 Dec 2614 Jan
23
Fob
618 Apr 23 10%
Jan
5638 Dec 95
33 Mar 20 65 Feb 14
3818 Mar 567s Dec
5318 Jan 13 8934May 10
Jac
8
717
Oct
8
443
4514 Jan 21 54% Apr 22
Jan
10214 Jan 21 10912May 6 10178 Oct 106
3312 Mar 6412 Jan
4318 Jan 28 64 Mar 1
1353 Jan 18 172 May 13 11214 Mar 15018 Dec
12634 Jan 12 131 May 12 118 Jan 129 Dee
6 Sept 1288 Feb
8% Feb 7
4 Jan 4
1
6/
27 Mar 4638 Feb
37% Jan 6 4734May 6
5312 Mar 6638 Feb
62 Mar 2 7634May 9
3238 Mar 4614 Jan
4 Jan 3 6058 Apr 25
1
38/
4 Jan 10412 Dee
/
10358 Mar 2 10614 Feb 2 1011
4 Ain
1
4418 Apr 83/
4628May 4 6078 Mar 7
89 May 100 Dec
9612 Jan 3 10014 Mar 15
Jar
160 Jan 21 180 Apr 20 135 May 175
12214 Jan 25 13858 Apr 20 111 Mar 133 Jar
1812 July 29 Jay
1912 Jan 31 2918 Apr 2
4 Del
/
25 Jan 661
6612May 10
5312 Jan
117 Mar 18 12612 Mar 15 11512 Jan 12712 Nov
9 Dec
1912 Fet
1058 Jan 3 2714 Apr 6
12 Nov 66 Fell
1512 Mar 3 2212 Jan 5
14 Mar
al Jan
14 Jan 11
14 Jan 11
4 Mar 115 Noe
1
112 Feb 10 115 Apr 21 107/
4 Dec
/
3314 May 511
49 Apr 29 5714 Jan 31
9 Oct 2112 Fell
912 Jan 27 285* Apr 21
4312 Oct 7434 Feb
35 Feb 2 758 Apr 21
45 Dec 7314 Feb
44 Jan 19 76 Apr 21
4 Nov 126 Feb
1
76/
65 Mar 25 90 Mar 31
4934 Mar 6414 Nov
60 Feb 9 6338 Apr 22
4 Jan
/
21
12 May
1 Mar 11
4 Jan 3
1
/
39 Nov 8218 Jan
2114 Feb 11 45 Jan 5
5658 Dec 68 Nov
50 Feb 10 627a Feb 25
4 Mar 82 Jan
1
42/
457k Jan 28 55 Jan 7
11018 Feb 9 11312 Mar 11 11212 Nov 11434 Feb
1518 Mar 33% Jan
14 Apr 14 1712 Feb 8
7014 Mar 9314 Feb
60 Apr 27 80 Jan 4
17334 Jan 27 235 May 5 146 Mar 19614 Dec
191s May 2412June
2012 Jan 13 3212 Apr 9
3912May 72 NoV
66 Jan 28 7434 Mar 16
614 Dec 14 Jan
7 Jan 4
938 Mar 14
3034 Mar 4118 Jan
4 Jan 19
1
323* Apr 27 37/
1714 May 25 Dec
2114 Apr 16 2478 Feb 17
721s Mar 103 Dec
08712 Feb 10 10434May 10
7234 Dec
Mar
71
13
10314May
.8658 Feb 10
4 Jan 12934 May
1
12434 Jan 27 12934 Apr 5 119/
5312 Mar 6`./34 Jan
62 Jan 6 76% Apr 26
4 Oct 58% Nov
1
43/
4818 Mar 15 5938 Feb 14
3414 Mar 48% Dec
4678 Jan 4 63% Mar 17
Oct 1114 Feb
6
758 Jan 20
6 Feb 23
4134 Dec 5012 Feb
3212 Apr 26 43 Mar 7
88 Mar 17712 Dec
150 Jan 18 19214May 26
157 Mar 11 171 May 7 12014 Mar 175 Dec
2734 Oct 4214 Feb
2312May 2 3278 Jan 3
11138 Mar 18 11812 Jan 13 11118 Apr 120 Aun
12 Mar 1978 June
1212 Apr 29 1818 Jan 5
93 Dec 98 Dec
90 Apr 6 97 Feb 5
10
May
28
2234 Mar 2618 Feb
.Jan 3
233
4 Feb
1
2258 Oct 58/
2618 Jan 12 3314 Mar 18
Oct 138 Feb
11912May 3 12732 Feb 25 122
68 Mar 7318 Feb
70 Mar 17 72 Jan 27
898 Nov 159 Jan
8814 Jan 24 118 May 6
109 Jan 25 11112 Apr 22 10712 Nov 113 June
Oct 10854 Sept
102 Jan 18 10614May 12 102
34 Apr 447k Fell
2912 Feb 9 3618 Mar 7
281g Jan
125* Nov
1112 Apr 7 18 May 2
55 June 82 Feb
69 Apr 1 77 Feb 23
4 July
1
44 Oct 87/
5318 Jan 25 72 Mar 14
2178 Oct 3278 Jac
2414 Jan 18 3134 Apr 22
4 Mar 453* Sept
/
271
40 .180 22 46 Mar 10
1612 Oct 28 Feb
1312May 4 2234 Jan 18
4914 Mar 633* June
36 Apr 28 5812 Jan 17
2411 Oct 33 Mar
27 Jan 10 38 Feb 9
17 May 23 Jna•
1712 Apr 13 2434 Feb 24
6211 May 10612 Jan
82 Jan 6 10958Mar 29
6912 Dec 70 Dec
6714 Jan 27 7334 Apr 27
19 Mar 2412 Sept
2358 Jan 15 3234May 10
Jan
72 Mar 121
5612 Mar 4 7512 Jan 3
2214 Oct 30 Feb
2412 Mar 14 2712 Feb 28
Nov
2512
2214 Jan
2434 Jan 3 2614 Feb 21
914 Feb 16
6 Feb 1334 July
534 Apr 30
1738 Om
11 Mar
1434 Feb 8 1612 Feb 28
Jar
2
2712 July 37
29 Apr 29 39 Jan 21
90 Mar 10414 Dec
97 Apr 28 05 Feb 3
Jar
212
Nov
314
3
Jan
4
3
Feb 8
138
138 Dec
214 Feb 8
12 Oct
Ile Jan 25
106 Apr 11 11912 Feb 17 107 Mar 13312 Fell
New York Stock Record-Continued-Page 5
2879
For sales during tn• week of stocks usually Inactive, see fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 7.
Monday,
May 9.
Tuesday,
May 10.
Wednesday, Thursday,
May 11.
May 12.
Friday,
May 13.
$ per share $ per share $ per share $ per share $ per share $ per share
*3284 33
33
33
33
33
33
327s 3278
33
*3234 33
985g 1008 977 99% 9834 10038 9914 10134 10038 10112
9934 101
8812 6834 6434 65% 64
65
6412 6514 6412 66
65% 6834
•353 9
858 8% *858 88
878 9
*812 9
*8
834
4
458
4
4
4
4
378 4
212 358
334 358
1038 *10
11
*10
*10
1038 10
1012 10
10
*10
11
36 3758 3714 3734 308 3714 36 3624 357 36% 36 3614
*2414 2412 2414 2424 2414 2414 2378 24
2334 2424 25
2612
1758 1712 178 2012 1918 2038 19
1912 1934
20
1834 19
3612 3612 37
37
•3812 37
3712 3712 *37
3712 372
38
3118 317k 3114 3112 3034 31
3014 3058 3034 32
3114 328
6318 63% 6318 638 6312 638 6312 6434 6324 6418 63
638
9
538 *512 6
58 558 *5
53
*534 6
558 558
128 138
133 13634 13112 134
122% 129
12934 13258 13058 13134
*135 141 *134 140 *135 140
135 135 *13514 14014 *136 14014
4312 437
4358 4378 4312 4378 4358 44
4338 4378 4314 435
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On Casts of 100-share lots
Lowest
Highest
PER SHARE
Range for Previess
Year 1926
Lowest
Highall
Shares Indus.& Miscall.(Con.) Par i per share $ per share $ per share 8 per share
700 Miller Rubber ct18-___No par 315 Jan 25 3634 Apr 12
30 May 4424 Feb
31,200 Montana Power
100 8112 Jan 28 10134May 6
691* Mar 86% Nov
75,200 Montg Ward & Co Ill corp_10 803e Feb 8 70 Apr 22
56 May 82 Jan
400 Moon Motors
No par
734 Apr 13 1212 Jan 6
934 Nov 3758 Feb
9,500 Mother Lode CoalitIon_No par
212May 13
71 Feb
458 Jan 3
4 Nov
400 Motion Picture
958 Apr 26 16% Mar 18
No par
1034 Dec 231 June
5,300 Motor Meter A
No par 3212 Mar 31 3834 Apr 18
338 May 8338 Feb
8,400 Motor wheel
No par 2034 Jan 3 2778 Mar 29
1918 Nov 3678 Feb
7,400 Mullins Body Corp
10 Jan 5 2012May 9
No par
8 Nov 1934 Feb
590 Munsingwear Co
No par 36 Feb 25 397 Jan 11
3458 Apr 3824 July
5,400 Murray Body new
No par 2918 Mar 23 43 Feb 23
32,600 Nash Motors Co
No par 6014 Apr 25 7312 Jan 6 -52 -Mar -7078 -Dee
400 National Acme stamped-100
5 Feb 15
658 Jan 7
5 Nov
127, Jan
49,100 National Biscuit
25 9434 Jan 27 138 May 9
74 Jan 102 Dec
100
Preferred
100 130 Jan 10 135 May 11 126
Jan 13112 Apr
7,300 Nat Cash Register A WINO par 397s Jan 3 457k Mar 21
3712 Oct 54 Jan
National Cloak & Suit
100 18 Jan 22 4478 April
18 Nov 57 Jan
Preferred
100 61 Jan 31 973 Apr 16
58% Nov 9212 Jan
, 8012 -8-2-34 825 -8313 82% -8-314 82 -82-12 815s ii18 21.200 Nat Dairy Prod tern ctrallo par 7038 Jan 3 8312May 10
7
7978 -803
53 Apr 80 Jan
2818 2534 2534 2518 2518 *25
*2512 26% *25
500 Nat Department Stores NO par 24% Eeb 7 2758Mar 1
2512 2514 2514
24 Oct4258 Jan
•911/ 9112 *9118 9112 *9118 9112 *911 9112 *91% 9112 *9112 9113
1st preferred
100 90 Apr 18 9414 Jad 10
8934 Oct 97 Jan
2352 2338 2312 2312 2258 2318 227 247
2418 2438 233 2438 7,800 Nat Distill Prod otfa___No par 17 Feb 8 2712 Feb 16
1213 May 34 Jan
4624 47
48
*47
46
Ws 46
46
*4612 48
47
47
800 Preferred temp otf __No par 43 Mar 22 5512 Feb 21
371 Aug 7318 Jan
2312 2434 2414 2434 *2212 24
22
22
24
2478 2413 2412 2.200 Nat Enam & Stamping-100 19% Apr 29 3014 Feb 28
2118 July 481 Jan
*75
7218 *74
82
82
7514 7514 77
72
80
*78
700 Preferred
80
100 6918 Apr 29 8312 Jan 28
76 July 8934 Jan
19214 193
19412 1964 19412 1951 19412 19614 19514 19518 196 19712 5.000 National Lead
100 160 Jan 27 200 Apr 1 138 Apr 181 Deo
•13014 1308 13078 13078 13112 132 *13012 13212 *13012 13212 *13612 13212
300 Preferred
100 11714 Feb 3 132 May 10 116
Jan 120 May
2258 2314 2214 2224 2212 227
2278 23
2258 2234 2218 227 19.500 National Pr & Lt otls_No par 1958 Jan 28 2378 Mar 24
1634 Mar 3858 Jan
8112 8012 8112 76
8112 814 81
8014 77
78
82
12,900 National Supply
78
5512 Jan 88 Dec
50 76 May 11 9534 Feb 18
112 12912 127 137
*105 111
12412 12412 12612 12812 12912 12912 5.200 National Tea Co
No par 108 Apr 18 137 May 10 11612 Nov 238 Jan
1412 1458 1412 148 1412 1412 1458 1412 1458 1412 1412 1412 7,000 Nevada Congo'Copper
1158 June 1614 Nov
5 13% Feb 10 15 Jan 3
441/ 441
4334 45
44
4472 4434 4478 5,200 N Y Air Brake
448 4558 4434 45
3612 Jan 4612 Sept
No par 4058 Jan 8 477 Feb 11
1358 1438 1334 14
*1334 1412 135 135
•1358 14
1358 1358 2,100 N Y Canners
20% Nov 8434 Jan
No par 1318 Apr 21 21% Jan 3
*49
50
49
50
*48
*48
50
49
*48
*48
50
50
100
Preferred
7014 Dec 85 Apr
No par 43 Mar 30 72 Jan 13
*39
40
397 *39
*39
*39
3712 3812 *38
40
40
40
300 New York Dock
32
Oct457 Feb
100 34 Jan 14 4312Mar 25
7612 374
7612 *74
7612 *74
7612 *74
*74
7614 *73
7612
Preferred100 721s Feb 9 7734 Mar 25
69 May 77 Dell
29
29
2912 *29
2912
2918 29% *284 29
*2834 2912 *29
200 Niagara Falls Power pf new_26 274 Jan 31
2958May 2
2724 Mar 2912 Dee
48
4812 4734 4814 4734 48
4834 49
4814 49
4734 4814 9,500 North American Co
10 455 Jan 14 507
,Feb 25
42 Mar 67 Jan
5118 52
52
*51
5134 5134 *5112 52
52
*51
5112 518 1,300
Preferrea
49 Jan 5258 Aug
50 50 Jan 10 52 Mar 23
10114 10114 10114 10114 *101 10112 10078 10112
101 101 *10034 102
700 No Amer Edison pref--No par 9658 Jan 6 10112May 13
9118 Mar 97 Dec
358
*3
312
312 334 *35
35, 35
312 312
314 312 2,300 Norwalk Tire at Rubber_..__10
418 Oct15% Jan
3 May 2
538 Feb 10
'10% 1112 *1012 1112 *1012 1112 *10% 1112 *1012 1112 *1012 1112
Nunizally Co (The)____No par
1234 Dec 1712 Jan
1018 Mar 28 13 Jan 19
53
3314
3312
337g
3314
333
4
3312
33
333
4 3334 34
3312
3312
2,800 011 Well Supply
25 31% Jan 28 4058 Feb 7
30 July 3658 Oct
1412 1358 14
1312 138 1314 138 1318 1313 5,500 Omnibus Corp
1418 1438 14
No par
11 Mar 25 1558 Apr 4
12 Oct 2214 Feb
6314 6412 *6312 8412 *6312 6412 *6312 64
64
64
6312 64
1.200 OPpenheim Collins & CoNo par 5812 Feb 8 6778 Feb 28
47 Jan 6358 Sept
3112
3112
3158 3112 3112
3134 315 3134 3158 3184 3138 3134 1,700 Orpheum Circuit. Inc
1 3018 Jan 4 35 Apr 7
2712 Mar 331 Nov
•10612 10912 *10634 10912 *10612 10912 *10612 10912 *10612 10912 *10612 109%
Preferred
100 103l2Mar23 10718 Apr 12 101
Jan 105 Apr
11978 12278 12012 122
119 119
119 119
12012 12012 11912 12058 6,200 Otis Elevator
50 z103 Feb 2 131 Jan 18 106 May 136 Dee
*113% 115 *11312 115 *11312 115 *114 115
115 115 *114 115
50
Preferred
100 108 Feb 16 11814 Mar 22 10234 Jan 10912 Aug
1012 1012 1012 1012 1018 1012 1058 1012 1014 1014
1038 1058 2,500 Otis Steel
No par
714 Feb 10 1214 Apr 14
8 Oct 1412 Jan
*74
741 *74
741
7214 7412 7214 7258 7214 7214
7212 7212
800 Prior pref
100 6112 Feb 8 78 Apr 14
63 Nov 74 Sept
79% 808 8018 81
*80
81
80
7912 7912 79
80
7912 1,300 Owens Bottle
25 75% Jan 18 8412 Mar 14
5334 Mar 9034 Des
*56
*5612 60
*5612 60
60
*57
59
*57
59
*57
59
Outlet Co
NO par 5234 Jan 24 61 Feb 23
44 May 5514 Dee
*108
*10812 _ _ *110
___ *109
_ _ *109
_ •109
__ _ _ _
Preferred
100 107 Jan 27 110 Apr 7
9712 AD 107% Dec
36 -36
36 -36-1
3534 -36
36 -3i
364 16-34 36 -36% 4,600 Pacific Gas at Elec new
25 31 Feb 18 37 May 5 -- - ----- ,-,
114 114
114 114 *114
138
114
114
118
114
114
114 5,900 Pacific 011
No
par
118May
ni May -831e -Feb
12
7
Jan
18
35
3514 3514 353
358 3534 3558 3612 3512 36
r3514 35I 33,400 Packard Motor Car
10 3334 Apr 28 3712 Mar 14
315 Mar 451 July
1413 1378 1414 1358 1414 137 1418
127i 14
14
1334 1418 30,000 Paige Det Motor Car-No par
778 Mar 22 1412May 4
9 Nov 2812 Jan
58
58
58
5812 5858 584 *58
*5734 58
58
58
59
2.900 Pan-Amer Petr & Trans
50 5618 Apr 5 658 Jan 19
561g Mar 76% Jan
5812 5918 5818 5913 5814 5834 5858 5958 5834 595
5914 5934 34,500
Class B
5678 Mar 7858 Jan
50 5638 Apr 5 668s Jan 20
237s 24
2314 2418 23
2312
23
23
2312 2312 2312
2312 4,200 Pan-Am Went Petrol B-No par
19 Mar 30 377 Jan 24
30 Oct46 Jan
1134 123
1112 13
10
1112 11
11
11
11
11
1112 7,500 Panhandle Prod & Rel_No par
8 Apr 29 1878 Jan 17
411 Jan 32 June
*51
63
71
65
63
63
*51
66
*51
70
*51
68
300
Preferred
100 63 May 9 8134 Jan 17
51
Jan 992s June
*2112 221 *22
227
2212 *22% 227 *2212 228 1,200 Park & Tilford tern Otis-No par 20 Jan 27 25 Feb 28
2112 22
22
185
8 Oct 281s Jan
634684
658 6s
678 678
634 64
7
7
634 7% 2,800 Park Utah C M
1
6 Jan 3
8 Mar 4
5% Sept
812 Feb
441 448 4414 4414 443 4412 4414 46
46
47
4512 468 8,900 Pathe Exchange A____No par 37 Feb 14 50 Apr 18
3214 Nov 83 JO
2414 25
*25
25'4 25
25
2472 25
25% 26
26
2614 5,800 Peerless Motor Car
238 Nov 3112 Nov
50 20 Apr 29 32 Jan 8
26
2734 2658 2773 26
27
2512 2614 2512 27
2614 2718 44,200 Penick & Ford
No par 21 Jan 17 2778May 9
167, Jan 24 Dec
•14
16
•14
16
*14
16
*14
16
*14
*14
16
16
Penn Coal at Coke
7 Aug 19 Oct
50 1014 Jan 19 1714 Apr 27
3734 378 378 3818 3734 384 3718 3814 37
3712 367 3734 7.600 Penn-Dixie Cement__ _No par 325, Apr 7 395 Jan 13
38 Dec 41 Dec
*9834 100
*984 99
9918 9958 *984 100
*984 9914 *9834 991
Preferred
100
99 Nov 10012 Noy
100 9834 Mar 8 997 Jan 13
422
84
84
54
34
58
58 Oct
34
118 Feb 14
58
3,500 Penn-Seaboard SO vto No par
58
58 Jan 3
58
34
34
214
140 142'2 14034 14284 14012 141
14012 141
14012 14134 *13912 141
4.800 People's 0 L at C (Chic) 100 126 Jan 14 14234May 9 117 Jan 131
*103 105
103 103 *102 105 *1003 104 *100 104
10434 106
59% Mar 91 Dec
700 Philadelphia Co (Pittab)___50 8514 Jan 18 110 Mar 25
5212 5212 5212 5212 525 *5238 5234 *5238 5234
6212 52% •52
45 Oct 51% July
500
8% preferred
50 50 Jan 6 53 Feb 10
4212 414 424 4158 4212 19,300 Phila & Read C & I--No par 4112 Apr 2 4738 Mar 4
4234 4314 427s 4314 4258 4314 42
3614 Apr 4858 Feb
*413 4314 •42
•42
*42
44
44
43
*41
43
*41
43
3634 June 46% Jan
Certificates of int___No par 4034 Apr 11 47 Mar 4
•47
51
*47
51
.47
51
*47
51
*47
51
*47
51
45 Dec 5534 Jan
Phillips-Jones Corp____No par 47 Jan 3 52 Mar 7
*32
3278 3238 327 *3212 325
, 32
321
3124 3.400 Phillip Morris at Co. Ltd
3018 3212 30
16 Apr 41 Dee
10 30 May 13 411 Jan 10
4212 4412 4314 484 431 4414 192,200 Phillips Petroleum__ __No par 3934 Apr 28 6014 Feb 16
4378 4418 4212 44% 4214 43
40 Mar 5758 Des
45
45
45
45
4418 4418 45
48
49
5038 49
31 Mar 4614 Nov
6 42 Jan 7 51 Mar 17
4924 6.100 Phoenix Hosiery
*104 1094 *104 10912 *104 10934 *104 10934 104 10412 *104 10954
94 Mar 103 Oct
20
100 103 Jan 5 106 Mar 7
Preferred
1512 1558 1518 16
1514 1534 1512 1578 1514 1534 151
1514 10,300 Pierce-Arrow Mot Car No par 1278 Apr 27 2338 Mar 8
19 May 431k Jan
*64
6512 6414 66
65
64
6434 654 6334 64
6312 64's 2,600
100 56 Apr 27 10212 Jan 3
Preferred
761 Apr 12714 Aug
h
34
3
4
52
34
34
%
%
%
34
84 Jan 4
%
*38
12 Oct
11Mar25
1,600 Pierce 011 Corporation
25
138 Jag
•18
19
*171 19
*1814 19
*18
1812 19
19
*18
19
200
100 1312 Mar 24 19 May 12
Preferred
1118 Nov 271t Jag
332 312
34 312
314 312
328 318
33, 8,800 Pierce Petroi'm tern otffiblo par
37 Jan 13
3% 358 *314
212 Mar 22
21 Aug
7 Jag
*35
38
3534 36
•3618 38
*36
3
3778 *3612 38
37
38
1,300 Pittsburgh Coal of Pa
100 3234 Mar 22 42,1' Apr 5
29 June 4212 Jag
7334 7334 7312 735
75
*74
74
74
*74
76
*74
76
100 708* Mar10 7912 Apr 5
800
preferred
70 June 85 Jan
*97
99
99
*97
99
*97
*97
99
9812 9812 *95
98
400 Pittsburgh Steel prat
11 101 Jan 18
Apr
100
9513
94 Mar 10018 Dot
9752 9858 9714 1008 99 1003, 98 10012 98
9934 9812 9938 45,600 Postum Co, Inc
No par 9238 Mar 16 10234 Jan 14
75%
Mar 1247 Fe6
6412
63
6412
643
4 6218 6412 6112 6214 611 6312 21,200 Pressed Steel Car new
64
6358
100 3612 Feb 5 70 Mar 28
341s May 44 Not
88
89
9014 8912 9034 9014 9178 91
88
9213 91
9124 12.100
100 7612 Feb 5 9212May 12
Preferred
771 Dec9534 Jaz
278 2812 2724 2818 2724 2812 2734 2812 2812 3014 29
31
42,000 Producers & Refiners Corp-50 1634 Jan 5 32 Feb 10
11 Mar 2034 Oci
44
44
44
44
4412 4334 44
44
4312 44'2 44
4512
770
Preferred
50 3678 Jan 6 50 Feb 9
3034 May 4158 OM
3812 3818 381
3818 3858 377 3812 377 3858 38
3818 3914 31.500 PubServCorpotNJfleWNopflr 32 Jan 6 3912 Apr 11
3114 Oct3358 Nov
10014 10014 *100 10114 1005 10114 *10012 10114 *101 10114 *101 10114
300
6% preferred
100 9812 Feb 19 10114May 10
9812 Apr 101
001
114 114 *11312 114
11334 114 *11314 114
114 114
1137s 1137s
500
100 10812 Jan 5 11558 Mar 23 103% Jan 110 Noz
7% preferred
130 132
130 130
*130 132 *130 132 *130 132
130 130
300
8% preferred
100 125 Jan 10 13112May 8 115 Mar 12434 Noz
108
108
108
10814
108
10814
109
108 10814 10814 10814 1,600 Pub
*108
Serv Eleo & Gas pfd_100 102 Jan 4 10814May 11
97 Jan 1041g Sept
__
Pub Service Eleo Pr pref_100 1135, Jan 18 11618 Mar 31 106
Jan 114 A111
177 17924 179 17912 179 18114 180 18414 13,200
17858 17-812 178 178
Company
Apr
17214
1891
Pullman
100
12
Jan
3
14514
Mar 19912 Sept
4114
*4012
41
4114
4112 41
4112 *40
41
4114
4072 40%
800
50 3418 Mar 22 46% Jan 3
Alegre Sugar
33 Apr 491 Det
2738 277s 12634 27
27
278
2758 2818 2758 277 16,500 Punta
2738 28
Pure Oil (The)
25 26 Apr 28 3312Mar 4
2514 Oct 31
Jaz
•11212 114 *11212 114 *11212 113 *11212 114 *11212 114 *11212 114
100 11158 Jan 11 113 Feb 24 106 Apr 112%Juni
8% preferred
, 56
57
*5414 56
56's 5672 5638 563
*56
5712 *56
57
1,100 Purity Bakeries class A____25 4234 Mar 31 58 May 3
47
Oct 4958 Nol
674 6712 68
717
7058 71
70
71
697g 7078 16978 69% 8,800
Class B
4184 Jan 3 7178May 9
No par
4112 Nov 44 De
_
*105
.*105
_ _ *105
__ *106
__ .*10312 _ - _- _
100 10114 Jan 8 105 Mar 10
Preferred
99
Oct 103 Da
4518 -4512
4538 46-14 46
--8 4538 -46
*1054614 4i% 455 -4774-824 76,200 Radio Corp of Amer-No par 4118 Apr 13 5634Mar
1
32 Mar 613, Not
50
*49
497 498 *49
4958 495
50
50
50
4912 4934 . 700
Preferred
50 49 May 3 53 Feb 28
4458 Mar 53% Da
•4518 4612 *4478 4612 4458 4458 *43% 4612 *44
4612 *4314 4612 IL 80 Rand Mines. Ltd
No par 40 Jan 5 4638 Apr 25
32% Apr 4158 Oo
151 1518 1518 1518 1518 1512 *1518 1514 1518 15% 15
15
1,800 Ray Consolidated Copper-10 1412 Feb 7 1512 Mar 1
1012 Mar 1634 Not
47
4534 4612 45
4514 4418 45
4612 4634 47
43
4414 6,000 Real Silk Hosiery
10
391/
Jan
25
49
Apr
20
371/
Nov 5014 Oa
9814
*98
*98
9814
9814 *98
98
*98
9814 98
97
97
400
Preferred
100 91 Jan 29 89 Mar 2
9314 Dec 100 Noi
*40
41
41
*40
*40
41
41
41
403 *40
41
41
300
Reid Ice Cream
No par 381k Jan 24 4312 Mar 15
393 Dec 58
Jaz
*612 718 •6% 718 *612 ____
*6
7
*6
7
*6
7
Reis (Robt) & Co
No par
71 July
6 Mar 19
9 Jan 10
1858 Fel
- ---- ---- - -- - -- - - --- - ---- ---- ---- ---- - - -- Remington Typewriter____100 11212 Jan 12 210 Apr 20
8312 Apr 127 Fel
•iiii.2 1-1-7-12 *11512 11712 115% 11512 *11512 11712 11712 11712 .11512
11712
100
7% let preferred
100 110 Feb 18 11712 Feb 10 106 Apr 118
Oe
*11512 12114 *115 120 *116 11978 *116 11078 4,116 1197s *115 1197
8% 2E1 preferred
100 111 Jan 6 126 Apr 25 105 Apr 11514 Ate
•084 97
934 98
934 97
934 1114 1014 1012 1014 1012 6,000 Replogle
Steel
No pa
918 Apr 30 1312 Jan 10
8 Oct 157s Jai
6534 6534 65% 66
66
6418 6518 1.700 Republlo Iron
6614 8612 6612 8518 66
& Steel
loo 56i2 Jan 4 7578 Mar 11
44 May 635 Jaz
104 10414 1,000
103 103 *103 10312 10312 10312 10312 104 *10314 104
preferred
100 9658 Jan 3 10434 Mar 11
9114 Mar 99 Sept
54 5%
5
v514 584
v614
614
534
58 58
558 524 1,300 Reynolds Spring
No par
4 Feb 21
4% Oct 1058 Jaz
Apr
19
65,
123
12212
123
12158
1223
4
1227
123
8
1227
12234
12312
12312
12318 6.200 Reynolds (RJ) Tob Class B 25 9818 Feb 24 124 Jan 14
90 Mar 12178 Not
5812 0112 91
93
9212 96
9212 9312 91
9158 91
91% 7,009 Rossi& Insurance Co
Jaz
7618 Dec 100
25 74 Jan 13 96 May 10
•50
5038 4934 50
*4934 50
5014 5012 5058 5058 50
5018 1.800 Royal Dutch CO(NY shame)
4812 Apr 27 5412 Feb 9
4758 Oct 5758 Jaz
3912 40
3914 40
3978 40
397 404 397 397
*3912 40
2,800 St Joseph Lead
3658 May 48% Fel
10 39 May 4 4378 Mar 4
5914 5818 5884 2,100 Safety
5914 5734 5914 59
5934 5984 59% 5934 *58
4218 Mar 5512 Not
Cable
No par 5234 Jan 3 6412 Mar 9
53
55
53
5214 533
5812 *53
55
56's 5678 55
56
1.500 Savage
6714 Nov 10212 Fel
212 212
212 212 *238 2%
212 2%
214 214 1,500 Seneca Arms Corporation-100 5214May 13 7212 Mar 5
214 214
212 Dec 1058 Jaz
copper
No par
17s Mar 30
334 Jan 10
5914 6018 5883 5812 *58
60
59
•8812 59
5813 5812 5914 3,400 Shubert Theatre Corp_No par 5612
52 Mar 705s Jul]
Jan 12 66 Mar 10
53
534 83
5358 53
5312 z5214 527 29,100
5312 53
5312 53
Schulte
Retail
Mar 13812 Jaz
4
8May
4212
543
Stores
18
-No
47
Jan
par
_ *117
_ *117
__'117
_ *117
_ *117
Preferred
100 11614 Jan 22 120 May 5 112% Jan 120 Sept
11'8111
2
-11
-- *1114 8
-1-1-% 111 -1-1-3-4 1111,900 Seagraye Corp
11-12 11
•117*1112 -12-12 11
121,Mar 1434 May
No par 1078 Apr 25 138* Jan 3
•End and asked plias: no Baled on this day. a Ex-dividend. e Ex-rights. n Ex-dielgend
one Share at Standard 08101Oalliosnla new.
2880
New York Stock Record-Continued-Page 6
For gales during the week of stocks usually Inactive, see sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 7.
Monday,
May 9.
Tuesday,
May 10.
Wednesday, Thursday,
May 11. I May 12.
Friday,
May 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Snits Jan. 1 1927
On basis of 100-share lots
PER SHARE
Range for Prevfon•
Year 1926
Lowest
Highest
per share
51 Jan 17
56% Jan 17
43% Apr 28
25% Apr 29
1074 Jan 27
16 May 13
334 Jan 6
10714 Jan 4
1612 Apr 29
97 Jan 8
25 Apr 29
123% Jan 20
154 Jan 25
11312 Mar 4
3158 Jan 3
1838May 13
712 Mar 22
834May 13
73 Feb 24
2012 Jan 27
104 Feb 21
54 Jan 25
5718 Jan 3
70% Jan 4
84 Jan 6
5018 Apr 28
3518 Apr 29
4 Feb 25
114,
2978May 2
2 Mar 29
9012 Jan 4
5114 Mar 15
32% Apr 29
4914 Mar 18
118 Feb 10
212 Feb 28
30 Mar 21
334 Mar 30
1958 Jan 25
7 Apr 27
312 Apr 12
812Mar 1
1112Mar 9
858May 1
51 Apr 11
45 Apr 19
49 Jan 3
12 Apr 29
1512 Jan 25
2414 Jan 11
47 Jan 28
2234May 12
87 May 8
78 Jan 3
934 Apr 11
108 Apr 16
334 Apr 30
10 May 4
45 Jan 29
3812 Jan 25
9914 Jan 26
3834 Apr 27
94 Jan 3
82 Apr 4
125 Jan 5
159 Jan 25
5812 Jan 6
11312 Jan 28
1612 Mar 2
98 Jan 14
2712 Jan 25
8134 Jan 27
202 Jan 25
112 Mar 14
5114 Feb 14
5158 Feb 1
69 Mar30
10714 Apr 4
54 Apr 6
51 May 9
10014May 10
33% Jan 13
45% Jan 18
15312 Jan 28
11158 Jan 28
129 Jan 28
87 Jan 4
123 Jan 14
$ per share
563s Feb25
6914May 13
4778 Feb 10
3134 Feb 7
111 Apr 18
2234 Feb 16
4238May 9
110 Feb 10
22% Jan 20
10314 Jan 31
3738 Feb 21
13414 Apr 6
19712May 2
12834 Apr 25
3412 Feb 23
453g Jan 13
20 Jan 7
13 Jan 20
80 Feb 14
28 May 9
110 Mar 19
5812May 13
6314May 12
8014May 13
9212May 12
60% Jan 19
4138 Feb 5
11814 Feb 11
3418 Jan 18
414 Jan 3
10314 Mar 12
6814 Apr 20
5412 Mar 1
57 Apr 8
122 Feb 23
813May 12
3478 Jan 17
612 Feb 18
2514 Jan 21
13% Feb 3
Jan 14
1338 Jan 14
1412 Apr 8
1314 Jan 13
58 Jan 17
58 Jan 17
6514 Apr 9
1638 Jan 12
2134 Mar 1
3458May 7
50 Feb 24
294 Jan 13
8934 Apr 25
9534 Feb 18
11038 Jan 5
11612 Jan 18
5 Feb 14
1514 Jan 6
60% Apr 18
7114May 12
12238 Apr 6
5612 Jan 6
1124 Apr 13
100 Jan 6
14034May 12
1827g Apr 20
60 Jan 12
13212May 13
i9 Apr 7
1033* Apr 26
3714 Mar 2!
95 May 7
234 Apr 25
115 Jan 5
60% Jan 12
6134 Apr 25
89 Feb 28
11012 Mar 15
6658 Feb 7
674 Feb 28
111% Apr 8
42 Mar 24
49 Mar 4
17214 Apr 11
1247* Apr 11
13314 Apr 29
8212 Mar 21
125 Feb 16
$ Per share $ Per share
4414 Mar 5938 Sept
47 Mar 69% Jan
4012 July 48% Jan
24 Mar 31 Nov
103 Mar 114 July
15% Aug 28% Jan
28% Oct 544 Jan
10512 Nov 10912 July
1634 Oct 24% Feb
90 Mar 994 June
2658 Mar 37% June
103 Apr 14212 Aug
92 Apr 1694 Dee
110 Oct 121 Dec
30 Dec 33 July
41
Oct 5512 July
1712 Oct 3534 Mar
10 Dec 17% Feb
72 Apr 8212 Jan
1834 Apr 31% Feb
101
Jan 10714 Deo
51 Mar 69 Feb
53% Mar 5758 Feb
6718 Oct 924 Feb
80 Mar 90 Feb
5258 May 6358 Sept
37% Dec 46% Jan
115 Nov 11918 May
3212 Dec 3314 Dec
312 Nov
107g Feb
75 Mar 96% Nov
61 Nov 9278 Jan
4734 Dec 7714 Jan
47 May 62 Sept
11412 Feb 12212 June
14 July
334 Feb
3018 Mar 4158 Jan
1 July
514 Dee
194 Apr 34% Sept
858 Apr 17% Bent
4 Nov 1412 Jan
10% Oct 2078 Feb
11 Apr 1471 J811
1058 Dec 16 Feb
48 Mar 58 Aug
534 Nov 57% Dee
39 Oct 52% Nov
12 Oct 1912 Jan
/6-5; Dec
4214 May
27 Nov
8714 Nov
44% Mar
95% Apr
103 Mar
3 Mar
15 Aug
4314 Nov
35 May
7712 Mar
3714 Jan
93 Dec
8318 Feb
11478 Mar
134 Mar
554 Mar
98
Apr
17 Dec
90 Mar
1358 Mar
52 Mar
150 May
10014 Mar
39 Mar
45% Jan
45% Mar
9914 Apr
4818 Mar
5014 May
10112 Mar
30
Oct
42
Oct
117 Apr
11378 Dec
1244 Mar
564 Jan
112 Mar
Jan
5011 Sept
3914 Jan
103
Jan
85% Nov
1185s Sent
11838 Sept
512 July
27 Jan
63% Jan
7114 Jan
100% Deo
58% Sept
9514 Dec
109% Aug
125 Jun
174 Dee
59 July
126 Nov
38's May
9812 Dec
344 Dee
904 Dec
24812 Aug
118 Dec
6112 Feb
59% Feb
8412 Dee
11478 Nov
71% Jan
8814 Jan
109 Jan
4978 Jan
50 Jan
16012 Dee
117 Dec
13034 Dec
67 Dec
123 Des
Utah Copper
10 111 Feb II
. *115 125 *115 125 *115 120 *115 125 *115 120 *115 125
3112 32,600 Utilities Pow & Li A---Ne par 27 Jan 8
2914 2914 3114 30
2812 2834 28% 28% 28% 2918 29
48
1,900 Vanadium Corp
47
4614
No par 37 Jan 20
48
4814 48
47
4712 47
48
48
48
57
14,300 Vick Chemical
5612 5734 57
No par 48 Jan 3
56
5638 56% 57% 5734 5812 5712 58
1,400 Virg-Caro Chem
8
8
*734 8
No par
7% 8
734 734
734 Mar 1
734 7%
.7% 8
*27
30
27
900 6% preferred
2612 2812 26% 26% 2658 2658 27
100 2n8 Apr 4
2614 27
*7614 78
*7614 77
200 7% preferred
7618 •76
*76
*76
78
78
78
100 74 Mar 18
76
*4812 51
100 Virginia Iron Coal & Coke 100 43 Feb 9
50
*49
*49
50
4812 4812 *48
50
*49
50
4,200 Vivaudou(V)
34% 3314 34
3314 3358 3318 33% 3338 34
No par 3212 Jan 24
3414 34% 34
Preferred
100 104 Mar 30
*102 107 *102 107 *10014 110 *10014 10478 *10112 10412 *10014 104
22
2218 2158 2134 2114 2134 1,400 Waldorf System
22
2214 22
*2218 2214 •22
No par 2114May 13
2014 2138 1,300 Walworth Co etfs
21
2112 21
2112 2112 *21
2158 21
No par
18 Jan 14
*21% 22
90
*85
90
*85
*87
90
*85
90
*88
90
Ward Baking Class A.-No par 8918 Apr 13
90
*87
2114 1,800 Class B
21
*21
2012 2112 21
21
21
No par 19% Apr I
20% 2012 2012 21
*86
88
8734 88
600 Preferred (100)
8814 8814 *86
88
88
88
89
No par 84 Apr 9
*88
3412 34% 34% 35% 34% 35% 3358 3412 9,300 Warner Bros Pictures A___,.10 23% Mar 21
35
337s 3412 35
84
100 Warren Bros
83
*79
83
8112 8112 *81
*80. 83
*79
83
NO par 65 Jan 14
*80
63
63
6212
63
63
2.900 Weber & Helibr, new e_No par 5612 Jan 5
6534 6534 6512 6534 8334 6514 63
161 16338 •160 162
3,100 Western Union Telegraph-100 14412 Jan 8
16312 16412 16212 16212 162 162
162 164
162 153% 15312 15612 15414 15534 155% 15814 15712 15912 15712 15834 25,600 Westinghouse Air Brake---50 13312 Jan 4
73
7334 7258 7314 7278 7412 12,100 Westinghouse Elea & Mfg--50 87% Jan 4
7378 7332 74
7314 73
73
1612 1612 *1614 16%
1612 1612 *1612 17
600 Weston Elec Instrum't_No par
15 Jan 8
*1614 16% *1614 17
33% 33% *3338 337g *33% 33,2
300 Class A
34
*3338 34
No par 3014 Jan 6
*33% 3412 34
107 107
10634 107
10634 10634 *10534 106
120 West Penn Eleo el A !AI No par 9778 Jan 4
105 105
107 107
108 109
10834 10834
460 Preferred
100 102 Jan 4
10814 10834 10812 10834 10812 10834 10912 109
115 115
11514 11514
90 West Penn Power mei-.100 111 Jan 15
115 115 *115 11514 115 115
115 115
2338 2414 2378 2438 2438 2438 1,600 White Eagle 011 &Refg-No par 22 Apr 25
2312 2312 234 2314 2338 2338
4734 488 4734 4812 4734 483* 9,400 White Motor
484 4712 487
50 4538 Mar 31
484 4914 48
32
*3112 32
500 White Rock Min Bp etf_No par 26 Jan 26
32
*3134 3212 31
3212 3212 3212 32
*32
5058 51
51
51
1,700 White Sewing Mach pt_No par 46 Feb 18
51
5014 5058 505 50% 51
50% 51
.88
84 3,300 Wickwire Spencer etf__No par
12 Jan 26
"8
78
34
34
34
34
34
58
%
%
201a 2034 2014 2058 2014 2134 201 2114 2034 2114 60,200 Willys-Overiand (The)
5 1912 Jan 24
2012 21
9018 90
90
*8912 9018 *8912 9018
200 Preferred
100 88 Mar 26
*8914 9018 *90
90
90
11
11
11
11
11
11
1114 11
*10
11
Wison & Co, Inc. new-No Tor 10 May 5
11
*10
11
18
1812 1914 1,500
18
173* 1758 1712 1712 18
1614May 5
No par
1818 18,8 18
6012
603
8
607
8
6012
*6014
62
*6012
62
400
6018
Preferred
100 58 Apr 7
6018
64
*60
14012 14234 14014 14114 140% 14134 19,800 Woolworth (F W) Co
11,184
34 14338 141 142
25 11734 Jan 11
14012 142
32
*3114 3134 3138 3138 31
3112 31
32
4,6
40
00
0 Worthingt
WorthingtonA & M
100 2012 Jan 27
31% 3134 .
5
,5
*52
53
52
52
52
52
52
52
Preferred
100 46 Jan 22
52
52
*50
53
*45
48
46
46
46
*45
300 Preferred B
45
45
45
100 40 Feb 2
45
46
*44
2818 28513 2734 28
2914
29
2,800
297
2
2912
Wright
par 2412 Apr 5
2912
Aeronautioal-No
29
2814 2814
53
53
5312
700 Wrigley(Wm Jr)
5078 Jan 4
*5212 5312 52% 5312 53
53
53
*5212 83
T
T
ro
uw
a
ns
&
No
"
25
r 7014 Jan 8
743
cosch____100
4
4
743
4
*74
743
7484
7412
7434 7412 7478 2
7412
658 2
76
938 156
1,3
(700
0 Yellow Truck
2734 2858 2712
2838 77
25 Jan 14
278 29
2812 2858 297
28
93
92
3
4
93
93
1.200 Preferred
100 8912 Apr 11
9234 9234 9234 93
*9284 0334 924 93
8838 8838 8912 3,600 Youngstown Sheet & T_No par 851s Jan29
88
89
8812
8812
88
8818
88%
8812 8812
day. a Ex-dividend and ex rights a Ex-dividend. a Ex-rights. x Ex-divldend.
•Bid and asked prices; no sale• on this
11518 Apr 20
3112May 13
5212 Mar 30
ASteMay 10
1054 Feb 14
3644 Feb 14
8734 Feb 11
51 Jan 4
3534 Jan 31
108 Feb 3
25 Feb 7
2412 Apr 1
10512 Mar 17
3358 Feb 18
9534 Feb 3
4512 Jan 6
9014 Feb 18
6.534May 6
16412May 9
15912May 12
76,
8 Mar 28
1838 Feb 15
3434 Apr 20
110 May 4
110 Apr 28
11512 Apr 6
2712 Feb 15
5838 Feb 28
3612 Apr 2
59 Jan 17
112 Feb 14
24% Mar 3
95 Jan 11
1758 Feb 21
32% Feb 23
8434 Feb 23
1443* Apr 22
3258 Apr 20
5412 Mar 1
46 May 12
3514 Jan 6
5312May 11
77 Apr 25
30% Apr 19
99 Jan 3
9714 Mar 24
93 Apr
2758 Dec
29 Mar
431.1 July
9 Oct
3138 Oct
83 Oct
40 May
28 Mar
94% Jan
17 Jan
1214 June
99 June
2114 Oct
8812 Oct
12 Juno
43% Apr
53 Apr
13412 Mar
10514 Mar
65 May
1334May
2714 Jan
8813 Jan
954 May
108 Mar
2518 Apr
51% Apr
22 Oct
4612 Oct
38 Dec
18 May
884 Oct
6 May
14 May
42 May
12014 Dec
19 Nov
44 Nov
3714 Nov
2412 Mar
47 Apr
6012 Mar
20 May
914 Apr
69 May
118 Nov
37 Feb
43 Aug
52 Aug
254 Feb
69 Jan
9818 Jan
604 Nos
3612 Dec
110% Dec
23 Dec
2314 Jan
195 Jan
85% Feb
1104 Jan
8914 Sept
69 Dec
8512 Jan
157% Sept
148 Deo
7912 Feb
1912 July
324 Oct
9812 Oct
1024 Des
115 Sent
29% Feb
90 Feb
38% Feb
$ per share $ Per share $ per share $ per share $ per share $ DOT share
54
5418 5434 54
54
5412 54
5418 5312 54
54
5514
6712 66
*65
6612 *65
6712 6612 6612 *6534 66
66% 6914
4434 4434 *4434 46
*45% 46
453* 46
4634 4634 *4614 4712
28
28
273* 27% 271 2734 2778 283* 2814 2838 2818 2838
*10834 11018 *10834 11018 *10834 111 *10834 111 *108 110 *108 110
1714 1734 1714 1712 171 1712 1714 178* 16
*1734 18
1718
3812 3812 38% 423* 41
417s 40
42
4112 42
41
42
*109 111 *109 111
110 110
109 109 *109 11014 *109 11014
1778 1818 17,4 18
1714 1712 173* 173* 175 18
1758 177
*99
9912 9918 9918 997 9978 993 9934 993* 993* 99
99
2718 27s 2638 273* 26
2614 2612 2714 268 2788 2658 27
127 127 *125 12812 126 12812 127 127 *126 128
127 127
19114 19314 191 19214 187 19178 18712 19512 186 19012 184 18712
*127 128 *127 128 *127 128
128 128 *127 128 *127 128
3314 33% 3312 338 3334 34,4 3318 34
3318 3318 3314 3312
2114 2114 211* 2118 21
21
20% 2118 2014 2058 183 2018
9
8% 918
918
8% 9
8% 9
84 918
9
9
*1014 12
*1018 12
*10% 12
1018 1018 *10% 12
*101s 12
*79
80
80
80
*7912 8212 •7912 8212 *7912 80
7912 7912
26% 2714 2714 28
273* 2778 2634 2714 25% 2634 25% 263*
010958 110
1095 10958 4'105 105 *107 110 *107 110
107 110
57
5718 57
5712 57
5714 5718 5718 5634 5734 578 5812
62% 625s 621* 6218 63
63
63
63
63
6314 6314 6314
74
74
7412 764 77
7714 7612 79
7634 7814 78
8014
91% 9112 *9114 9112 91% 9112 9212 921 *92
93
*92
93
55
55% 55
5512 5412 5518 5434 553* 551g 56
5518 5358
.361s 37
3614 371
3612 37
36% 37% 364 3714 37
3714
Shares Indus. & Miscall.(Con.) Pa
14,700 Seare,Roebuck & Co nowNopa
3,200 Shatuck (F GI)
No par
1,800 Shell Transport & 'Trading-52
No par
17,600 Shell Union Oil
Preferred
100
22,800 Simms Petroleum
10
No par
16,000 Simmons Co
100
40 Preferred
17,300 Sinclair Cons Oil Corp_No par
600 Preferred
100
24,000 Skelly Oil Co
25
1,300 Slow-Sheffield Steel & Iron 100
21.500 South Porto Rico Sugar_ __100
10 Preferred
100
23,800 Southern Calif Edison
25
7,800 Southern Dairies ol A-No par
9,700 Class B
No par
No par
200 Spear & Co
200 Preferred
100
No par
11,000 Spicer Mfg Co
100
100 Preferred
28,600 Standard Gas & El Co.No Par
1,900; Preferred
50
100
15,800 Standard Milling
100
100 Preferred
36,000 Standard Oil of Cal new.No par
38,700 Standard Oil of New Jerasy_25
Pref non-voting
100
-564 104 -50i8 -3-0c5;
-3153* 307 -3-5:100 Standard Oil of New York_ _25
id% -301.8
*3
318
3
3
318 318
314 314
318 314 *3
314
800 Stand Plate Glass Co__No par
9918 9918 9934 103
No par
10112 10112+10034 10112 10112 10184 4,200 Sterling Products
102 102
6258 63
63
6338 613* 63% 61
6212 6012 61
5912 6034 12,800 Stewart-Warn Sp Corp_No par
35
35
3514 3514 35
35 4. 3312 35
*34
35
*34
35
300 Stromberg Carburetor_No /jar
5314 53% 53% 5334 27,200 Studeb'rCorp(The) new No par
5412 25234 533* 5278 537
54
5414 54
120 120 *120 123 *119 123 *119 123 •119 123 •119 123
2001 Preferred
100
812 71
6% 612
718 8
834 718
712 8%
718 788 87,800 Submarine Boat
No par
3118 3118 31
31
31
31
31
3112 3034 3112 31
3112 1,5001Sun Oil
No par
412
412
412
412
414 414 10,1001Supertor Oil
4% 414
4
414
414
No par
42
*23
*23
28
23% 2318 *23
25
23
2314 2318 2318
25
400'Superior Steel
100
1018 10% 101 1018 *912 10
*912 10
978 978 *978 1014
300,13weeta Co of America
50
412 412 *4
*412 5
*412 434 *412 434
100,Symington temp etfs__No par
*412 6
412
11% 11
11
1184 1134 1114 1112 *1114 1134 *11
9001 Class A temp cife---No Pm
*1012 1114
.•
*1234 1314 *1234 1314 *1234 1314 *1234 127
1212 1234 13
13 117411 400'Telautograph Corp....._No par
11% 1158 1134 1134 11
1134
858 934
84 918
84 88 36,300 Tenn Copp &0
No par
'Tex
Texas Company (The)
25
I 467g 17-1-4 47 471* 47 47'8 -iii's -al; -ii- 171; -47r8 473i -19.500 Texas Corporation
6278 6478 6334 6434 6214 6374 8214 6318 6214 6312 623* 6312 173,900 Texas Gulf Sulphur new No Par
1278 1278 12'2 127
123* 1234 1214 1234 1214 1212 5,800'Texas Pacific Coal & 011_. 10
1212 122
1818 1818 1814 1912 181s 181
20,900,Texas Pat Land Trust new1
183* 19% 1812 1934
3312 3312 6,400,The Fair
3312 3458 3414 3412 333* 34
3338 3458 *3312 34
No par
4914 4912 4914 4912 4912 4912 4912 4912 4912 4912 4912 4912 1,200 Thompson (I R) Co
25
2312 2,200 Tide Water 011
2334 2478 24
2478 248 24% *2334 2434 2234 2234 23
100
8734 87
_
*8712 88
1.200 Preferred
100
*87
88
88
88
88
88
88
88
18,300 Timken Roller Bearing_No par
9172 9238 9114 923* 912 92
9112 9318 91
9212 9114 92
28,700 Tobacco Products Corp__..100
9812 99
9834 10038 1003* 1011s 10014 101% 9934 10112 9912 100
11134 11214 1,800, Class A
100
11014 11014 11112 11112 *11114 11112 1115* 112
11112 112
37
378 4
4
378 4
4
4
4
11,800,Transc't'l Oil teractf newNopar
372 4
4
1078 107g •
*1012 1118 *1012 1118 *1012 11
4.1058 108 '
.$4 100 Transue A Williams St'l No pa
51058 11
5414 55
56
5634 8.400 Underwood Typewriter _.- _25
55
5612 58
5518 5534 5618 5612 587
94,300 Union Bag & Paper Corp 100
61% 64
60
6234 60
6114 6312 6758 6812 7114 654 70
11614 11712 11614 11734 11734 1207* 11712 12112 11714 11978 11734 11812 36,800Union Carbide & Carb_No par
4314 4334 22,800 Union Oil California
4358 44
25
4358 4412 438 443* 4312 4334 433* 44
*106 109
106 106 *10614 109
107 107 *106 108 2.ur 500 Union Tank Car new
100
107 107
8978 112,0001United Cigar Stores
a89
25
874 8712 87% 9114 90
8914 91
9114 9018 911
14038 14012 *14058 ____ 14088 1408 14058 14034 14058 14058 •1403* ---- 4e, 350 Preferred
100
United
Drug
100
8
176
6,100
17312 175
1745
17178 17178 171% 172
172 176
17034 172
59
5918
700 let Preferred
50
59% 5914 59% *59
5932 5858 59
*59
593$ *59
No pa
12918 13114 129 13212 7,000 United Fruit
128 12912 129% 12912 12834 132
*128 130
United Paperboard
100
*16
1912
*16
24
1914 *16
*16
24
24
•16
*16
19
100 Universal Pictures 1st pfd-100
*100 102 *100 102 •100 102
102 102 •100 104% •100 103
32
31
3134 17.300 Universal Pipe & Rad__No par
32
3212 3134 32% 3112 3212 31% 32% 31
100
1,300 Preferred
9414 9514 *9114 .9414 *9114 9414 *9212 9414 *9212 94
9414 96
8,100 US Cast Iron Pipe & Fdy_100
227 22934 22712 233
228 22812 227 22712 226 23112 226 230
100
100 Preferred
*113 11434 114 114 *11312 11413 *113 114 *113 11412 *113 11412
300 US Diatrib Corp tern etf No par
5512 5512 *53
*5314 5612 5312 5312
*5314 56
56
*53
56
Hoff
Mach
vtoNo
par
U
S
Corp
2,300
59
59
59
595
8
58%
59%
5812
*59
5914
*5812 5914
5914
7778 7614 7878 7612 7734 16,400 U B Industrial A1°01101.-100
7512 7512 7534 7634 7534 76% 76
300 Preferred
100
10934 109 109
go8 um,*108 10934 *108 109% *108 109% 10814
57
573* 5,200 US Realty & Impt new.No par
57
57
5438 5612 5612 57 56 57 57 57 525
52
5314 74,100 United States Rubber
100
8 54
5314 5458 51
54% 5114 52% 52% 54,8
100
10212 10312 102 10312 102 1038 9,800 let Preferred
10438 10412 101 10411 10014 102
37% 37% 3714 1,600 US Smelting, Ref & Min -50
*36
3712 3634 3712 3718 37% 3734 3734 37
200 Preferred
50
4.47% 4814 4814 4814 *4712 4814 4712 4712 *4712 4812 *4712 48
16814 16918 168% 169% 168 17118 170 1715s 168% 170% 16858 17158 124,100 tinned States Steel Corp--100
New w 1
1205, 12184 1211$ 12134 12012 121% 122 1233s 12118 122% 12078 12358 179,000
100
13012 13118 131 1311s 131 13114 130% 131% 13038 1304 20.900 • Preferred
131 131
200 U 8 Tobacco
*7514 80
No Par
*754 80
7512 7512 7512 7512 •7514 77
*754 78
100 Preferred
100
125 125 *125 127 *128 128 *125 128 '125 128 *125 128
r
•
Lowest
Highest
-14 -
644 Oct
332 Jan
84 Jan
99 Feb
143.1 Dee
3058 Dee
81% Dec
128 Dec
44% Jan
80 Feb
85 Feb
39% July
59% Feb
724 Aug
3958 Sept
1074 Sept
9514 Aug
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
2881
Jae. 1 1909 the Exchange neetbott of quoting bonds was changed and prlcal are sow "and interest '—except for income and defaulted bonds
BONDS
R. Y.STOCK EXCHANGE
Week Ended May 13.
•
7.
:SS
2a• t
2-..,
—
Price
Friday.
May 13.
Week's
Range or
Last Sale
.1
g :g
al
Range
Since
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 13.
Plitt
Friday,
May 13.
Week's
Range or
Last Sale
.1„
Rang.
Since
Jan, 1,
High
Hioh No Low
Bid
Ask Low
High No. Low
Ask Low
840
U. S. Government.
8814 9212
9034 Sale 9012
9034 30
Japanese Govt I loan 4s____1931 J J
First Liberty Loan4 102
1
98/
1954 FA 100 Sale 99/
4 1004 186
1
1 /3 100142 Sale 100,120011n 444 100,4210114s
30-year s 64s
84% of 1932-1947
9212 98
.1 D 101022 ___ 1014, Apr'27 --- 10014, 102
9512 48
Oriental Development 138-1953 MS 9518 Sale 95
Cony 4% of 1932-47
4 10278
/
1947 FA 101 Sale 101
1 D 10341 Sale 103,22 103,0,2 182 102'',,((13'',, Lel Lists (Germany) 5178
4 10 1001
/
1011
Con! 44% of 1932-47
0938 100
9
100
Lower Austria (Prov) 7148_1950 JO 9912 Sale 9938
.1 D 102142
102,42Apr'27 --__ 102.41103
lid cony 434% of 1032-47
MN
101
14774
.1334
9714
08_
93)1
15-year
Sale
97
Lyoug
4
of)
973
(City
Loan
Second Liberty
9712 132
2 100 101
9712 Sale 97
934 9771
.10041
Marseilles (City of) 15-yr 68_1934 MN
M N 100,s2 10042 1004
421 of 1927-1942
_
MN 100122 Sale 100,22 100,322 1159 109,g) 101'st Mexican Irrigation 411s
1943 MN
30 Mar'26
Conv 434% of 1927-1942
6 -56" 11"
3578 Sale 3578
3612
Assenting it 1 414s _____ 1943
Third Liberty LoanM S 10024,Sale 100242100142 529 1002141101"tt Mexico(U 8) anti 68 of 1899 £ '45 QJ
60
50
Feb.27
50
44% of 1928
3938 60
1945
4218 Sale 4112
Assenting 59ot 1899
4 39
1
42/
Fourth Liberty LoanA 0 103132:Sale 103112110442 1181 10311431041.n
42
42
Assenting 55 large
3958 4284
64% of 1933-1938
1954 JO 28
34 July'26
Gold deb 49 01 1904
1947-1952 A 0 1131122 Sale 113212, 104132 197 110,1111.1"t1
Treasury 4348
28 Sale 27
2484 3484
50
28
1944-1954 1 D 108=282 Sale 10S',l09'. 567 106.11109532
Assenting 48 of 1904
Tremont 45
1948-1966 M S 106
Sale 105232:1061132 351 10341106.st
27 Dee'26
Assenting 4s of 1904 large
Treasury 345
2558 Sept'26 _
Assenting 4s of 1904 small
State and City Securities.
10038 1014
I
4
1
100/
27-59 2758
-2'712 -2114 2738 Jan'27
10078
Assenting 4 of 1910
NY City-41,8 Corp stock _1960 M 8
10212 10538
28
1964 M 8 1047
10431 71
27
Assenting 45 of 1910 large
64
4 10434
8 1053261s 31 12
1001/4434e Corporate stock
10258
8
1025
4 2714
1
/
22
small
2412
39
0
1910
A
Sale
4501
4
1966
/
241
Mar'27
8
Assenting
11)25
8
1047
2714
106
Corporate
stock
434s
_
43
41
10258 10514
44
494
1972 A 0 105/
4314 Apr'27
4 106 10514 Apr'27
1
Trees 68 of'13 assent (large)'33 1
448 Corporate Stock
10712 10712
4234
5
43
4112 48,2
_ 10714 Mar'27 -1971 1 13 109
Small
4558 Corporate stock
AO
92
9214
Sale
10912
92
10858
92
/
.
124
_
J
-'52
634s
(City,
Apr'27
1085
ext'l
Milan
10918
stock_July1967
Italy)
____
9214
8
Corporate
6348
4 1024
/
991
10858 1011 s Montevideo (City of) 79____1952 ID 10078 Sale 10078
6
101
1965.3 D 10812 ____ 10658 Jan'27
4148 Corporate stock
10612 12 10512 101312
1983 M 8 10812 _--_ 10812 Apr'27 --_. 10638 10812 Netherlands 65 (flat prires)_ _1072 MS 10612 Sale 10612
4 vs Corporate stock
_ _ 10012 Apr'27 ___.
99 10(158
4
1
10338 58 10314 103/
1959 M N
30-year external 69 WA_ _1954 AG 10314 Sale 10314
4% Corporate stock
99 10034 Norway 20-year extl 65
25 1014 104
1943 FA 10258 10234 10238
103
1958 M N 10014 101 10034 Apr'27
4% Corporate stock
1944 PA 10234 Sale 10258
1957 M N
4 10114
1
98/
49 10114 104
103
20-year external Os
'
_ 10114
10114
4% Corporate stock
1952 AO 10212 Sale 10212 103
20 100 10334
9812 Nov'26
1956 M N 99/
4
1
30-year external 138
4% Corporate stock
1965 J I) 10018 10012 100
9834 101,
4
1955 M N 991
4 Oct'26
1
40-year f 548
98/
10011 33
4
/
4% Corporate stock
MN 1024 Sale 10234
MN
108.3
1955
4
1
/
Apr'27
89_
105
1
s
8 10038 10312
10858
-year
30
109
_1957
....
108
(City)
9tock
Oslo
10312
Corporate
44%
9914 991
4 9912
/
1946 FA
9912
97 100
10534 10834
4
N 108 109 108/
4 May'27
1
Sinking fund 548
434% Corporate stock_ _ _I97 m
MN
4 03
1
89/
4 103
/
15 100 103
93 May'27
Panama (Rep) exti 548-- — 1953 J D 103 Sale 1021
9312
84% Corporate stk_May 1954 SIN
8978 9114 Peru (Rep of) extl 8s (of'24).1944 A0 10312 Sale 10312 1041
4 25 10312 107
/
9212 ____ 9114 Mar'27 - --.
34% Corporate stk_Nov 1954
10:412 105
1944 AO 104 10412 10412
Apr'26
10412
89
1955 NI N 9212
Ext1138 (ser of 1926)
33.45 Corporate stock 48.1981
9934 103
_19411 MN 100/
4 Sale 10012 10112 46
1
1 1 ____ ____ 10212 Oct'26 - -_
Extt sink Id 745
New York State Canal 1m
S
M
10258
9834 101
10014
_
_
_
Sale
100
Mar'27
10258
4
1
/
(of
70
102
4
1
/
____
sec
1913(1
100
f
s
......_
Eati
-,
734s
1926)-1956
4s Canal
4 85
/
761
1940 AG 83 Sale 8234
83/
Apr'26
_ 102
4 40
1
1984 1 1
Poland (Rep of) gold 68
43.4s Canal impt
9314 9912
1950 33 98 Sale 98
Extl sink Id g 812
9834 231
Highway improv't 448_1963 M S --------111 Dec'26
10512
8 10314 10534
Porto Alegre (City of) 812_ __ _1961 JO 10512 Sale 10474
louden Gov't and Municipal's
9712 Queensland (State) eat'517s 1941 A0 113 Sale 11212 114
94
12 111 114
4 31
1
95/
Antioeula (Dept) Col 713 A 1945 1 1 9578 Sale 9514
9712
2;
96
94
4
/
1947 VA 10512 Sale 10512 106
7 104 10614
25-year external 65
1945 1 1 9558 Sale 951
External s f is ear B
4 10612
1
9758 100
9914 51
Rio Grande do Sul exits f 85_1946 A0 10578 Sale 10514
4 26 103/
1
105/
Argentine Govt Pub Wks 85_1980 A 0 99 Sale 9834
10218 106
4
/
1948 AO 10434 sate 10412
1041
Rio de Janeiro 25-yr 8 f 8s
Argentine Nation (Govt of)—
AO
100
4
973
121
10214
105
1947
104
D
1
85
Sale
10412
9914
esti
10412
99
4
21
983
Sale
1925_1959
25-yr
June
Sink rind 66 of
9724 100
9112 797
1952 AO 91 Sale 91
9034 924
1959 A 0 0938 Sale 9834
Rome (City) extl 6345
0912 7.
Eat! 8 f 6e of Oct 1925
4 Rotterdam (City) extl 64-1984 MN 10434 105 105
/
4 1001
/
971
4 108
1
9912 9,
3 103/
10518
Sink fund 14 Series A__ _1957 NI 6 9912 Sale 99
9738 100/
4 Sao Paulo (City) 5 f 8s__Mar 1952 121 N III Sale 11034
1
111
9912 E
12 10712 Ill
External 65 series B_ _Dec 1958 J 0 9834 Sale 9834
9914 8,
9734 100
10612 Sale 10612 107
994 Sale 9834
12 10412 107
San Paulo (State) extl 51 89_1936 1
1060 MN
Ext1 e f 69 of May 1926
A
.3.3
100
F
98
11.
1950
10612
105 108
8s
f
8
Sale
see
1061
108
0918
External
Sale
99
4
1053
984
Sanitary
Works_
Exti as
4 9914
1
98/
9918 51
984 10012
4
/
External s 78 Water L'n_1956 MS 99 Sale 9812
981
9914 48
Extl 65 Pub who (May '27) _'61 M N
12,
92
9334 Ms
89
92
95
Santa Fe (Prov. Arg Rep) 7s 1942 MS 95 Sale 9414
34
argentine Treasury 58 g._1946 m 8 92 SS-le 9058
9753 10284
9714 98,2 Seine, Dept of (France)ext.' 78'42 J J 10214 Sale 10134
10212 190
0818 fl
Australia 30-yr 59_ July 15 1955 J 1 9818 Sale 9734
4 Sale 101
/
974 102%
10114 105
10112 33
10312 2
4 Sale 10258
1
Serbs, Croats & Slovenes 89_1982 MN 1011
1943 J D 102/
Austrian (Govt) 5 1- 7s
9114 97
9818 100,4 Solasons (City of) ext1138
3.
1936 MN
4 Sale 95/
1
100
95/
4
1
97
4 Sale 9912
1
73
Bavaria (Free State)034s _1945 F A 99/
D 104 10438 10412
7,
111 114
1939
113
105
7 10312 105
Sweden 20-year ds
Belgium 25-yr ext a 1 745 g_1945 3 D 11234 Sale 11234
4 105
1
1954 MN 105 Sale 1044
108 1091.2
105
1941 F A 109 Sale 10812
10938 7)
External loan 545
52 102/
20-year a t Ss
11234 Sale 11212 113
964 10212 Swiss Confed'n 20-yr Cf 88..1940
4
1
4 5
/
1011
103 11114 113/
1949 M S 10114 Sale 101
35-year external 614s
4 Sale 1041
/
4 106
1
9258 98
4 10514 54 102/
/
9738 18
Switzerland Govt ext 534s 1946 AO 1041
1955 3 3 9738 Sale 97
Externals f 6s
75
10212 10554 Tokyo City 5e loan of 1912 I952 MS 77 Sale 77
79/
7734 21
4
1
1955 1 D 10518 Sale 10478
10534 14
External 30-year 8 f 7s
1961 AO 8712 Sale 8712
4 104
/
8618 90/
10334 249 1011
Extl s f 514s guar
4
1
1956 51 N 10334 Sale 10314
8812 175
Stabilization loan 78
.
10314
9912 1014
1121s 114
6
1945 MN 11312 Sale 11312 11312
Trondhjem (City) eat' 648_1944 J J 100 10014 100
Bergen (Norway) a 1 8s
D
9518
8
Sale
94
1945
1013
4
,
99
75_
943
0
(Prov)
975g
Sale
101
4
10014
3
10014
A
Austria
68_1949
514
9
Upper
sinking
fund
35-year
4 11012 10918
/
4 112
1
984 10034 Uruguay (Republic)extl 88_ _1946 PA 1091
10912
9934 6
4 Sale 9914
1
5 108/
1950 A 0 99/
Berlin (Germany)64e
4 Sale 9512
1
95/
10312
95
9612
1960 MN
10234 1041
4
/
96
83
Externals f 69
Bogota (City) ext'l 5! As _1945 A 0 10318 Sale 10318
94 Sale 94
MN
9214 9711
5
10412
10312
10414
9434 144
10512 Yolonania (City) extl (15..._1961 J
10412 Sale
Bolivia (Republic of) 88_ _ 1947
9612 7
0412 98
Railroad
1958 1 1 96 Sale 9512
Extl sec 78 tern
_ _ 10434
1943 JO
4 10434
1
4 Ala Gt Sou 1st cone A 5e
/
10434
9338 971
4 Sale 9634
/
7 102/
9734 8
Bordeaux (City of) 15-yr 68.1934 M N 971
10014 101- 10014 May'27
10014 10012
1928 MN 10447 104 10812 Ala Mid 1st guar gold 59
107
Brasil (VII of) external 88_ 1941 1 D 10612 Salo 10614
8914
8738 8914
96
89
8
9314 391
Alb & Sugq let guar 314s _194(1 AO 8834 90,4 8914
Externals I 614s of 1926_ _1957 A 0 9278 Sale 9212
_ 85 Mar'27
847s 55
9412 9913 Alleg & West lot g Cu 43_ .1998 A0 8818
87
97
1952 3 .13 9618 Sale 9618
78 (Central Railway)
4 if 9634 May'27
1
9514 9834
1942 MS 96/
1041
8 10278 107
Alleg Val gen guar g 4$
7348 (coffee eecur) I(flat)1952 A 0 10338 Sale 10338
Q.3
4
/
4 82
/
811
791
82
4
/
811
4
/
1995
811
105
July
1
4s
1st
10218
1
4
g
105
Arbor
4
/
1031
Sale
8
1037
Ann
S
M
_1935
7e_
Bremen (State of) ext'l
9234 97
4
/
9714 273
9914 10214 Atch Top & S Fe—Gen g 48_1995 A0 97 Sale 961
13
10114
Buenos Aires (City) extl 6451955 1 1 10078 Sale 10012
AO
92
95
96
9414
96
91
15
Registered
9134 29
Bulgaria (Kingdom) a f 78-1967 J ..I 9134 Sale 9138
_ _ 8914
8714 9714
8918
1
964 9834
Adjustment gold 48_ _July 1995 Nov 8912
52
98
Caidas Dept of(Colonibia)7345'4(> 1 1 9712 sale 9713
4 Sale 8818
/
891
8753 96
90
July 1995 M
33
Stamped
193i A 0 10112 Sale 10112 10134 10 10014 102
Canada(Dominion of) 58
MN
85
8818
4 Sale 8818
/
881
8818
1
4
/
Registered
10214 38 10138 1021
1929 F A 102 Sale 10158
10-year 5145
85
8834 8934 85 May'27
_
4
1
89/
3
1955.
Cony gold 48 011909
10534 65 104 1054
1952 M N 1054 Sale 10518
58
8784 8934
8912
8834 90
8912 — 11
1936 F A
8
0913 23
984 99,
Cony 45 011905
9912 Sale 99
4348
D
J
i
8934
86
8934
_
55
60
Apr'27
88
_
_
9
19
_1
1910
of
issue
421
10612
g
10312
1
Cony
106
9814
1954
106
98
1
JP
Carlsbad (City) a f 811
9914 100
100
9934 1-(ki 100
1928 M
98
2
9912
East Okla Div let g 4s
19
98
Cauca Val (Dept) Colom 734e '46 A 0 98 Sale 98
8812 90
91
89 May'27
1965 J J
89
47 106,4 10933
Rocky Mtn Div let 4s_
Chile (Republic) ext'l N189_1941 F A 10812 Sale 10812 109
4
1
Sale
92
92
J
48_1958
9214
4 92/
/
10114
901
1st
9912
L
7
Short
4
/
71
101 14
Trans-Con
20-year external s f 79
_1942 m N 9934 Sale 1001
974 9914
99
1
25-year externals f 8s._ 1946 SIN 10812 Sale 10812 109
35 1064 109
Cal-Ads 1st & ref 4148A 1962 M S 99 Sale 99
J 109 11012 10434 Mar'27
10434 10434
1946 J D
9312 All Knoxv St Nor 1st g448_1944J
5a
91
External sinking fund 13s_ _1960 A 0 92/
0234 487
4 Sale 9112
1
9834 100
9338 Atl & Chart A List A
4 Sale 9112
/
9858 9912 9834 Apr'27
921
91
External s f 88
1961 F A
9214 244
10334 106
1944 J J 103 106 106 May'27 _ _
93,4 961
4
/
Chile Mtge Bk 8348 June 30 1957 J D 9512 Sale 941
4 443
1
95/
4
/
let 30-year 58 series B
96
4
1
8 1 64s of 1926__June 30 1961 1 D 9714 Sale 96/
971 123
8818 8912 8634 Dec'26 _ _ _
9814 Atlantic City let cons 4s___ _1951
Chinese(Hukuang Fly) 5a_ 1951 1 D 2534 27
30
25
24
25
2
9714 9612
9714 42 -124 97)4
Atl Coast Line let eons 4s July '52 M 8 97
1930 M N 10314 Sale 10318
9934 10212
1
Chrlstianta (0910) 30-yr 81691954 M S --------10214
4 25 103 10512
1
103/
10214
10-year secured is
Cologne(City) Germany6481950 M 8 94 Sale 9812
9914
8
975
6
8
4
1
11/012
99/
97
9858 98/
4 9812
1
9914 88
General unified 434s
N
Colombia (Republic)634s,.1927 A 0 10034 ____ 10138 May'27
9912 10138
MD
23
911/ 9318
64
95
9234 Sale 0212
9278 18
L &N coll gold 48_ __Oct 19
1003
4
/
Copenhagen 25-year 015349_1944,J -1 10018 Sale 10018
811
9914 10112 All & Deny 1st g 4s
8
8112 Sale 8114
787
8153 18
Cordoba (Prov) Argentina 79194V 3 99
97.,2 9912
99,4 99
19
9914
7114 7534
g 13 1.1
45
94
7314 74
4
1
73/
744 14
2445
1944 M S 10014 Sale 10014
1
10014
10018 101 12 Atl & Yad let g guar 48_
Cuba 54 of 1904
1949 A 0 8412 8514 8512 May'27
8218 86
_
10014
External 69 of 1914 ger A_1949 F A 10014 Sale 10014
8 10014 102
10518 10 10212 10518
Austin & NW let gu g 611-1941 J J 10214 10414 10518
9414 Sale 94
External loan 445 tier C 1949 F A
9414
9338 9538 Bait &Ohio lst g 4s____July 1948 A 0 9614 Sale 96
16
935s 97,2
9634 98
1953 / 1 10158 Sale 10138
Sinking fund 5349
10234 15 1014 10338
4
1
94/
92
C2
8 hi
43
96
93
93
July 19
94 May'27
__
Registered
Cundinarnarea (Dept-Col) 79 '48.3 0 04 Sale 934
9418 44
9334 96
4
1
99/
97
9878 Sale 9834
20-year cony 434e
9938 199
(Isechosloyakta (Rep of) 8s 1951 A 0 10812 108/
4 10812 10834 22 106 110
1
9918 9818
Registered
9818 Apr'27
4 10834 29 1044 109
/
Slaking gund 88 eer B - —.1952 A 0 10834 Sale 1081
4 104
1
isetf9
R
d dr gen 58 series 4_ 19
unu
4 104
1
110
198 100/
5
249,
99
105E8 gtZle- 103/
External s f 711e aeries A 1945 A 0 10512 Sale 10514
10534 71 10434 10314
A O
j
4
/
D 10734 138/
4 10712 108/
1
4 95 10434 1091
1
11114 44 10938 111 12
Danish Cone /Munich)88 A 1946 F A 11114 Sale 11014
4
/
10034 1031
10-year Cs
Sale
8
1025
4
1
/
102
103
20
1946 F A 11114 Bale 111
Series B a f 89
11112 19 1094 11112
10758 111
Ref & gen Co seriee C
11014 Sale 10978
1995
111
101
105
Sale 10412 10512 2
1942 J 1
Denmark 20-year Os
4 10512
1
103/
9258 96
PLE&W Va Sys ref 48_1941 M N
9518
9518
8
957
96
32
Dominican Rep Cuet Ad 54e '42 M 8 99 Sale 9834 May'27 _ _
9834 1004
4 10334
/
Southw Div lst 58
1034 81 1011
10314 Sale 103
1940 A 0 9834 9914 9834
99
1
9834 110
let sec 5145 of 1926
8634
&CM Div 1st ref 45 4_1959
82
501 1 1
3 86 Sale 85/
4
1
8638 43
102
6 10012 10412 To!
Dresden (City) external 78..1945 hi N 10112 102 10134
Ref & gen 521 series D_ _2000 M S 10338 Sale 103/
10038 104
4
1
123
104
4 102/
1
4 10234 2
1
10214 10418 Bangor & Aroostook 55
Dutch East Indies extl 69_1047 1 J 10212 102/
1024 10218
1043 J J 10218 ____ 10218 Apr'27
8
Sale
10212
10212
M
external
1962
68
2
2
4
1023
10214 103/
49-year
4
1
Con ref 4s
8514 87
8614 Sale 8614
8634 27
1953 M 8 10138 Sale 10138
30-year external 545
10112
10084 10234 Battle Crk & Slur let go 38..1
6612
J
1j
89
195
84
6612
4 68
1
65/
61312
2
4 10158
/
1053 M N 10112 103 1011
10058 103
80-year external 5115
9612 9612
3
Beech Creek 1st gu g 4s
9612
1936 J J
9614
Sale
9612
Sale
109
10614 10914
10914
El Salvador (Remit)) 8s ...._,1948J J 10914
J J
Registered
9412 9512
9412
Mar'27
9538 3
93
Vinland (Republic) eat! 5s 1945 M S 9638 Sale 9518
97
2d guar g 68
09
99
0934_--_ 99
Jan'27
10012 6
9814 102
External sink fund 712_ _ _ _1950 M S 10014 Sale 10038
4
/
Beech Crk Ext let g 34s
3 82
A 0
363
8154 811
1951
8158 Mar'27
84
0918 6
1056 M S 99 Sale 9838
98 10078 Big Sandy 1st 4s
Externals f 61411
9338
91
92
4
1
/
93
_
9314
May'27
4 1
/
991
90
9918 Bost & NY Air Line 1st 4s_ _11955
Finnish Mun Loan 8145 A 1954 A 0 9814 Sale 9814
A
F D
4
1
44 3
785s 83/
83
8
4 83
1
/
83
83
Sale
9814
s
64
0814
External
series 13
1954 A 0
9574 9912 Bruns de W 1st gu gold 48_ _ _1938 3 J
9918
9534 9652(
4 97
/
981
4 Apr'27
1
96/
13
110
10814 110
French Repub 25-yr ext'l 85_1945 M S 10934 Sale 10934
Buffalo R & P gen gold 5s
4
1
101 103/
1937 54 S 10374 ____ 10378
10378
11378 14
105 113/
4
1
20-year external loan 745_1041 1 D 113 Sale 113
4
1
944 99/
Consol 414a
M N
1957 ai
9958 305
9914 Sale 9818
10412 111
1949 J D ,104 Sale 10334
90 10412
External 7s of 1924
95
95
Registered
88-95 Mar'27
10758 29
1949 A 0 10714 Sale 107
10612 10912 Burl C & Nor let 58
German Republic ext'l 7s_
101 10218
10118 102'- 102 May'27
10214
Sale
4
AgrIc
4
4
1023
Cent
101
11023
S
Bank
M
1035
75_1950
8
German
Canada Sou cons gu A 55___ _19
5 105 10734
2 A 0 10674 10714 10678
64
93
107
10112 10378 Canadian Nat 43-48.Sept 15 1954 NI S 9834 99
1954 MN 1/10314 104 10314
10378
99
95
Gras (Municipality) 88
14
99
9834
10514 17
1044 10634
4 100
/
991
6-year gold 414s_Feb 15 1930 F A
01 Brit & Irel(UK of) 648_1037 F A 10434 Sale 10434
4 16
1
99/
9934 Sale 9934
1
11918
2
11918
1164 11018 Canadian North deb 5 1 7s 1940 J D 116 Sale 11558
1929 F A 11918 Sale
10-year cony 5145
1164 16 11434 118,4
10514 2
103/
4 107
1
Greater Prague(City) 7148_1952 MN 10458 Sale 10458
2 11738 119,4
25-year s f deb 6348
119
119 11914 119
9612
9612 98
1964 M N
96
934 97
4 99
1
97/
Greek Government 712
9858 22
10-yr gold 44a_ ___Feb 151535
j 9858 Sale 9812
F A
9 3
146
4 100,4
1
99 10014 Canadian Pac 11y41% deb stock__ J J 85/
Haiti (Republic) 5 f Os
1952 A 0 9934 Sale 99/
834 8612
8578 75
Sale 854
4
1
10312 108
9812
96
Heidelberg (Germany)ext 734950 J .1 10412 Sale 10412 105
52
984
Col tr 44s
1946 M 5 98 Sale 9712
4
100
3 J 9978 Sale 9958
4 10178 Carb dr Shaw lst gold 45
1
97/
Hungarian Muni()Loan 7 .45,1845.
9558 9812
1932 M
4 9812 9812 May'27
1
92/
4 6
1
96/
Sept 1 1946 J I 9658 Sale 9534
9514 99
834 86
External s f 75
86 Apr'27
Caro Cent 1st cone g 48
86
5
103
10014 105
6 10238 10334
Hungary (Kingd of) a f 748_1944 F A 10212 Sale 10234
10312
3 102 1-0312 10314
J 13
Caro Clinch & 0 let 30-yr 551
1' j
48
93
19
3
100
Ind Bank of Japan 6% notes.1927 F A 100 Sale 100
9912 10078
34 10738 109
109
1st & con g 65 series A
1952 J D 108 78Sale 108
9714 33
9012 9214
it&,(Kingdom of) ext'l 79._1951 J D 9512 Sale 9512
924 974 Cart & Ad let gu g 4a
1931.3 D 9212__ 9214 Mar'27 _
4
96
83
8612
9358 9678 Cent Branch U P 1st g 431_1948 J D 8512 1618 8512
8512 26
Hellen Cred Consortlutn 7s A1937 M S 9514 Sale 9412
9512 10
4 Sale 941
/
4
/
1417 M S 941
94
4 10571
/
1041
97
10578 Apr'27
Extl see a f 78 ser 13
Central of Gts let g 158_Nov 1945 F A 106
4
/
984 42
10214
9058 101
5
10514
10514
rtaiisn Public Utility ext 79_1952 J J 9714 Sale 961
10634
—
55
Consol gold
1945 M N 10514
15=1
2882
BONDS
N.Y.STOCK EXCHANGE
Week Ended May 13.
New York Bond Record-Continued-Page 2
.
4
a.
Price
Friday.
May 13.
Week's
Range or
Last Sale
az
Central of Georgia (Concluded)Bid
Ask Low
High No.
10-year secured fle_June 1929 .1 D 102 10238 10228
3
1024
Ref & gen 534s aeries B.-1959 A 0 106 Sale 10514
7
106
Chatt Div pur money g 46_1951 S D 9012 Sale 9012
1
9012
Mac & Nor Div lets 5e__1946 SJ 103 105 10234 Apr'27
Mobile Division be
1946 J .1 10312 105 104
Apr'27
Cent New Eng let gu 48
1961 J J 86 Sale 844
8
86
Central Ohio reorg 434s
1930 M S 9914 100
9912 Apr'27
Central RR of Ga coll g 58-1937 M
4
10053 10114 10053 101
Central of N J gen gold 58.-1987 J J 11614 Sale 11614
6
11614
Registered
1987 Q
6
11558
116
116
Cent Pea let ref gu g 45
1949 F A 9234 9313 93
9312 25
Registered
F A 924 Sale 9158
3
9213
Mtge guar gold 3lie_ _Aug 1929.7 D 9812
9812
9812 10
Through St L let gu 48-19541 A 0 91
1
9214 9112
9112
Guaranteed g 58
1960 F A 10353 Sale 10314
10378 62
Charleston & Sayn'h 15178_1936 1 .7 1184
11812 Oct'26
-Ohm & Ohio fund &!mot 58_1929 J J 10012 10034 10034 101
4
oonsol gold ba
1939 M N 1064
4
1064
107
Registered
1939 Si N
1
105
105
General gold 4348
1992 M 8 9914 Sale 99
9934 72
20-year cony 434s
1930 F A 10014 Sale 100
10014 69
Craig Valley let be
1940.7 J 10073
10078 Feb'27
Potts Creek Branch lst 45_1946 J J 8914 92
92
7
92
R & A Div lst con g 45_1989 J J 8912 9034 8812 May'27
24 consol gold 48
1989.7 J 8684
8678 Apr'27
Warm Springs V lat g 58_1941 Si B 10014
---- 10018 Feb'27
Chic dr Alton RR ref g 3s1949 A 0 7212 Sale
7212
7234 20
CU dep stpd Apr 1926 Int__
72
72
73
6
72
Railway first lien 334s
1950
65 Sale 8612
67
58
Ctfe dep Jan 13 & sub coup
644 77
6414 Bale 8412
(711147 Burl & Q-III Div 330-1949
1
8834 ---- 8834
8834
Registered
J J 8734
8612 Dec'28
Illinois Divbdon 48
1949.7 .1 9714 ---- 9714
9712 16
General 4a
1958 M S 97 Sale 9634
9712 52
let & ref 4345 ser B
1977 F A 984 Sale 9858
9914 363
lst & ref be series A
1971 F A 10678 Sale 1064
107
10
Chicago .1 East Ill let 6s, 1934 A 0 106
106
Apr'27
& E Ill Ry (new co) con 581951 Si N 86 Sale 86
8712 224
Ohio& Erle lat gold ba
198215 N 10758 Sale 10714
10758 11
Chicago Great West let 45_1959 M S 73 Sale 73
7414 436
CM Ind & Loulsy-Ref 61-1947 .7 J 116
11614 May'27
Refunding gold be
1947.7 J 1034
10314
10358
7
Refunding 45 Series C
1947 J J 9034
9114 Apr'27
General 58A
1966 MN 10212 Sale 1023s
7
10234
General SIB
May 1966.7 .1 10814 10878 10818
10812
3
Chic Ind & Sou 50-year 4e_ _1956 J J 971s ____ 9414
1
9414
Ohio L El & East lst 4358---1969 J D 9034 ____ 9712 Apr'27
Range
Since
Jan. 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended May 13.
Price
Friday,
May 13.
Week's
Range or
Lasi Sale
Range
Since
Jan. 1.
1
2
cc'
51'
Low
High
102 10234
104% 10614
88% 91%
10234 104
101% 104
7812 86
9914 10034
9913 10113
112 11614
1124 116
9114 9353
9033 9212
9734 9834
8912 93
10113 103%
Bid
Ask Low
Higk No
Cuba RR 1st 50-year 58 g__ _1952 J
9738 Sale 9634
58 L417412 H
98
9‘4
8
let ref 7345 ger A
1936 S D 10814 10812 10834 10834
1 107 10912
tat lien & ref 65 ser B
1936 S D 10012 10112 994
9938 10212
Cuba Northern Ry let 65_19665, 10413 10434 10412 May'27
99% 104%
7
10434
Day & Mich let COOS 434e_ 1931 1 .1 99
9934 9934 Apr'27
98% 99%
Del & Hudson let dr ref 4a
1943 MN 95 Sale 95
87
97
30-year cony be
1935 A0 13512 Sale 13412 140
131
4'4
2 14
92
714
712 76 19
15-year 534e
1937 MN 1045* Sale 1043*
25 103 10714
105
10-year secured 75
1930 S D 10658 Sale 1064
9
15
0
6
%
156
07
7
4
107
D RR & Bdge lst gu 48 6_1936 FA
Den & R G lat cons g 46_ 1936 S i 92 Sale 9
92
6'4 AP9
r.2237
4 33
Consol gold 4348
1936 53 944 Sale 9433
3
944
Improvement gold 58- _ _1928 S D 994 Sale 994
8
9
969
4111
:100
963714
10014
Den Alt G West gen 5s_Aug 1955 MN 8812 Sale 884
73% 8978
300
894
Des M & Ft D 1st gu 4s._1935
'
S 35
34
45
36
35
Apr'27
Temporary ctfs of deposit__
31
344 34 May'27
33% 35
10018 foil; Des Plaines Val let gu 4345_1947 MB
7314 74
7
95
634 Aug'26
10338 107
Del & Meek let lien a 48.. 1995 S D
70i 753
May'27
1024 105
Gold 48
1995 3D 65
65 May'27
85 851s
974 9934 Detroit River Tunnel 4348.-1961 MN 9913 68
9718 100
34
994 10113 Dul Missabe & Nor gen 58_1941 is 104 Sale 9834 100
____ 10484 Apr'27
10334 10434
10034 101
Dul dr Iron Range let 55
1937 A0 1024 1024 10278
55
1013
75
:
1 103
1027
3
9138 92
Dul Sou Shore dc All g 5e.„1937 S i 84
85
85 May'27
8734 9013
8534 8712 East Ry Minn Nor Div let 48.'48 A 0 934
94
Apr'27
994 1004 East T Va & Ga Div g 58_ _1930 J J 10114 _96
94
212
100
94% 10
10212 Apr'27
71
7338
Cons 1st gold bs
1956 M N 107 Sale
0712
99
06
394 177
3 177
107
7112 72
Elgin Joliet & East 1st g 58_1941 Si N 103 10434 107
102 10484
5
10313
10318
6114 6814 El Paso dc B W 1st 58
1965 A 0 1084
104114 10611
- 10614 Apr'27
60
67
Erie 1st consol gold 78 ext_ 1930 M
10612 1-0678 10658
31 106 10712
107
86% 8914
1st cons g 48 prior
19965
8614
8
98
1118
4 100
854 Sale 8412
99
855
8
Registered
10073
79
Jan'27
9483 9713
let consol gen lien a 48
1996 J J 7814 Sale 78
494
784
9312 9712
Registered
1998.7 .7
76%
72
29
76
76
974 9914
Penn coil trust gold 40
1951 F A "9514 -6653 9914 9914 7
10512 107
60-year cony 4e series A 19133 A 0 84$3 Sale 8414
14533333
1,42
8
13
5
,82
4
2 110550
18
4:
53
110007
7
140
8514
106 106
Series B
1953 A 0 8412 Sate 8412
8533 280
8088 874
Gen cony 48 series D
1953 A 0 1094 Sale 1087s
84% 113
1661
112
105 10814
Ref&tmptSswi
1967 M N 9411 Sale 9412
9434 47
6914 7414
Erie &Jersey let of Bs__ 1955 J J 11334 Sale 113
11334 33
11373 11614
Genesee River 1st a f 58_1957 J J 11334 115 11312 114
114
4 11
04
158
1%
26 10
1033s 10338 Erie Os Pitts gu g 334e B___ _1940 35
8834 ___
8812 Nov'26
9114 9114
Series C 3345
1940 J J 89
'
W.
"6"
_
_
89
Apr'27
994 103
Est RR eat! 5 f 7s
1954 MN 100 Sale 100
1004 178
10834 1081z
921g 9512 Fla Cent& Penn 1st ext g 58_1930
_ 10053 Apr'27
'
3 10012
964 9712
Consol gold 55
1943".7 10158
101ss 101%
10158 10158
Florida East Coast 1st 4 Ma_1959 S D
08la Sale 9818
9734 9812
2
9818
M & Puget Sd 1st gu
_1949 S i 634 _ _
63
6314
2
6538 64
1st dc ref 511 serlea A
1974 MS 9838 Sale 9618
9414 10114
186
967
U S Tr earths of deposit
s
6312 Sale 6313
6358 12
5534 644 Fonda Johns & Gloy 434s
1952 MN 6114 62
61
6113 10
61
Ch M & StP gen g 48 Bar A_41989 I
87 Sale 87
874 16
88
85
Fort St IT D Co let g 430_1941 • J 944
95
95
5
Registered
8314 Mar'27 _ _
Q J
8314 8314 Ft W &Den C 1st g 535e
1961 ID 1071
10
96%
4 106
6
93634
10634 Mar'27
General gold 334s ser B__51989 J J 7312
77 May'27 _ _
755s 78
Ft Worth & Rio Or lat g 48_ _1928 3.7 984
97% 9512
3-98
__34 983
1
9833
Gen 430 Series C__ _May 1989 53 97
9714 9658
9714 11
9478 98
Frem Elk & Mo Tel lot681933 AO 10714 10912 108 8 Apr'27
10712
10814
Gen & ref ser A 434s_Jan 2014 AO 6413 65
6434 May'27 _ _ _ _
57
6512
Guar 'Fr certifs of deposit
6334 Sale, 6412
69
65
5674 654 GH&SAM&P let 5e
1931 MN 10034 101 1007e
10078
2 100% 101
Gen ref cony ser B bs_Jan 2014 FA 63 Sale 63
5512 64
6312 72
26 extens 58 guar
1931 S i 10114 -- 10078 Apr'27
9975
10
90
8,
28
5 100
Guar Tr certife of deposit
6314 Sale 63
6312 15
5534 8418 Galv Hous & Heed let 58
1933
A0
foo 100 Apr'27
let sec 65
1934.73 103 Sale 0353 104
14 10314 10612 Ga & Ala Ry lat cons 58.0ot 1945 S i 9713
9934
4
Debenture 4148
1932 S D 634 6412 8334
884 6434 Gs Caro & Nor let gu g 5s 1929 S i 9913 9934 9958
6414 65
10014 1004 10038
10033
2
Bankers Tr certife of deposit
6334 Sale 6334
56
6434 Georgia Midland 1st 38
6414 81
1946 A0 75
7458 Apr'27
76
70
5142
7
999.5
2:5
2 11000
Debenture 4e
1925 SD 6334 6412 634
64
5613 6453 Grit & I ext lstgu g 4348_1941 ii 9878 100
90
97,8 98%
9814
1
9814
US Mtge & 'Fr Ws of dep_ _
64
6334 Sale 6314
5613 6513 Grand Trunk of Can deb 76_1940 A0 11512 Sale 1144
116
1
0
16
4
%
3
8
16
0
1514
11573
19
15-year debenture 45
5812 8414
1934 S i 634 64
6334
15-years f 6s
6334 10
1936
MS
1077
8
Sale l0734
24
108
Farm L & Tr Ws of dep.... _
6358 65
8333 635g 6338
8412 Grays Point Term 1st 5e
1947 3D 9818 ____ 9514 Mar'26
Ohio 1c N'weat gen g 334E1_1987 MN 84 Sale 8278
784 84
42
84
Great Nor gen 714 eerie@ A
1934 Si 1144 Sale 11414
1-1-1/
115
362
Registered
Q F 7414
744 7612
7413 Jan'27 _
Registered
ii
114
114
2 114 114
General 48
904 9634
1987 M N
9634
9334 Sale 9334
7
let & ref 434s series
35 10034 Sale 10014
97
1003
4
32
100
4
Registered
Q F 89
94
9214
9214 0214
General 535s series B
9214
3
1952 ii 10934 Sale 10934
112
66
Stpd 48 non-p Fed In tax '87 MN
9012 9412
944 Sale 9418
9413
General 58 series C
5
1973 is 10334 1044 10458 10518
02% 101%
7 198
Gen 434s etpd Fed Inc tax_1987 MN 109 11014 10834
11 105 109
109
General 434s series D
1976 ii 98 Sale 9734
9818 32
Gen be stpd Fed Inc tax _1987 MN 11312 114 11312
11312
2 10814 11312 Green Bay & West deb °Us A..___ Feb 8513 90
854
9
83
8518
41
1 85
3
99,154
Oinking fund 65
1879-1929 AO 10278 10318 103
10114 10353
103
Debentures ctfs B
Feb 23
24
23
21
2512
23
Registered
AO 10233 10312 10238 May'27
101 10234 Greenbrier Ry let gu 43____1940 MN 9313 Sale 9312
9312
1
Sinking fund be
1879-1929 A 0 1007s -- 10133 10138
2 100 10134 Gulf Mob & Nor let 5345__ _1950 A0 10534 10634 10534
10534
5
Registered
1879-1929 A 0 10012 10118 10012 May'27 _
10018 10214
1st M Is series C
1950 AO 10178 Sale 1011
. 1024 36 1$
0
9 114
2 10
9662
31
1
Sinking fund deb be
1933 MN 10212 103 10212 10212
1 101 10212 Gulf & S I 1st ref & ter g 58 _D1962 35 107 10834 107 May'27
10814 107
Registered
10113 10138
MN 1014 10258 10133 Apr'27
10-year secured Ts g
1930 S D 1084 Sale 10614
Hocking Val 1st cons 54340,1999 Ii 10334 Sale 1034
10634 43 106 107
9
57
5.
,
38
4 19
104
054
:
5
1
45
I6-year secured 6350 g..
1936 M
1 3
Registered
8 111% 113
113 Sale 11234
1999 ii
9534 Mar'27
let dc ref g ba
May 2037 S D 109 Sale 109
110
Housatonic Ry cons g be
21 10212 110
1937 MN 6534 1-60- 9934 Apr'27 _
9812 9934
Chic R I& P Railway gen 4a-1988 55 9118 Sale 9012
91
H
4
T
C
873
let
&
glut
8
91
1937 S i 10118 Sale 10134 Apr'27
guar
10018 101%
Registered
__
is 884 ---- 87% Apr'27
8612 8778
Waco & N W div lst Lis _1930 MN 10134
10134
_
Refunding gold 48
1934 A 0 9438 Sale 9418
9214 95
9484 131
Houston Belt & Term Ist 50_1937 ii lows flif - 0034 Mar'26
1003
4
1
Registered
AO
934 Mar'27 _
925s 9373 Houston E & W Tex lat g 5E4_1933 MN lows
10118
10134
0
50
51i2
41
4
10
6.1113
;
4
Oh 58 L & N 0 Mem Div 48_1951 S D
9013 May'27
8914 91
let guar be red
1933 MN lops
101
10018 101
Ch St L & P 1st cons g 5a___1932 AO 10238 10312 1024 Jan'27 __
10114 10213 Hud & Manhat be series A_ _1957 FA 10058 Sale 100 Apr'27
1003
98
4
51
1003
4
St
P
M & 0 cons 68_ _1930 S D 10313 10338 10338
Chic
1034
2 10318 104
Adjustment income 58 Feb 1957 A0 9214 Sale 9134
93
84
184
9314
Cons 65 reduced to 334s_ _1930 S D 9614
_
96
9614
_ 9814 May'27
Debenture be
1930 M
100
19
99% 99% 994
9915 100
Illinois Central 1st gold 4a
1951 5.7
9412 Mar'27
94
95
Stamped
100
100 Sale 100
9958 10014
4
Registered
1951 J
9253 Apr'27
92% 9288
Chic T H & So East let 541_1960 J D 99 Sale 99
934 9914
9914 82
1951 .75 8712 90
let gold 33.45
744
Jan'27
.
.
7
.
4_1
8
743
Dec 1 1960 M S 94% Sale 944
Inc gu be
9434 24
8734 9534
1 .1
Registered
8234 Jan'25
Chic Un Sta'n Istgu434aA..1963 .1 J
9914 Sale 9853
9914 32
9714 9912
Extended let gold 3301_1951 A0 8711
8838 Apr'27
87 191
;
1963 J J 10412 10538 10434
let 55 series B
10434
3 104% 10534
1st gold 3s sterling
1951 M
754 ____ 73
Jan'27
73
7468
1944 .1 D 10334 104 1034
Guaranteed g 58
10334
2 1014 10538
Collateral trust gold 4s
1952 A0 92 Sale 92
9238
9012 93
1963 .7 .1 11712 118 11712 1174 21 117 11834
151 6345 series C
A0
Registered
8912 Mar'27
8912 891s
Chic & West Ind gene 6e_n1932 QM 10513 ---- 10534 Mar'27
10512 106
1st refunding 48
1955 MN
974 Sale 97
9733 26
9314 97%
1952 J
Consol 50-year 48
8912 Sale 89
8653 90
90
51
Purchased lines 3345
1952 J
8614 8938 8833 Apr'27
85
114
1962 M S 10514 Sale 105
let ref 530 ser A
10512 48 10312 10512
Collateral trust gold 46-1953 MN 8934 Sale 891s
90
79
81
Choc Okla & Gulf cone Be_ _1952 MN 104 ---- 10414 Apr'27
10314 10414
MN
Registered
8512 Oct'26
1937 J 5100 ---- 974 Apr'27
Cln H & D 2d gold 434e
973s 9734
Refunding ba
1955 MN 108 110 108 May'27
0I St L & C let g 4s-Aug 1936 Q F 973898
Apr'27
97
954 9714
15-year secured 634e
1934
J 101 Sale 101
10112 74 15
0P 1
11
33 1i
Registered
Aug 1036 Q F 9612
9518 Jan'27
9518 954
15-year secured 634s g
11312 22 111% 11312
1936 JS 11234 -- 11234
1942 M N 93% 9334 9334 May'27 _
Cin Leb & Nor gu 48 g
9014 9334
40-year 434s
Aug 1 1966 FA 994 Sale 99
9934 282
98%
9934
Cln B & CI cons 1st g 6a___ _1928 J J 10014 Sale 0014
100
10038
10014
1
Cairo Bridge gold 45
1950 S D 9314 ---- 9333 Mar'27
92% 9338
Cleve Cm Ch & St L gen 40_1993 1 D 9314 ---- 9313
95
95
89
3
Litchfield Div 1st gold 38_1951 S i
7753
775g
1
7512 7814
1931 .7.7 9938
20-year deb 435e
9934 May'27
9833 100
Loulsy Div & Term g 334a-1953 S i 8418 864 8312 Mar'27
8314 84%
1993• D 112,8 114
General bs Series B
10734 113
13 May'27
ii
Registered
814 Aug'26
Ref & impt 65 series A-1929 .7 J 10234 103
0234 1031g 22 102% 10314
Omaha Div let gold 3e_ __ _1951 FA
7653
Vi58
764
771k
76
1941 J J 10514
wiles0
106 108
-- 08 May'27
St Louis Div & Term g 38_1951 j
794 82 784 Apr'27
7612 79
1963 .7 J 1044 Sale 044
ros eerice D
10514 96 10314 1051a
Gold 334e
1951
8538 ____ 86
Apr'27
88
87
Cairo Div 1st gold 48--1939 .1 J 94% ---- 95 May'27 -9313 9514
Springfield Div lst g 3348-1951 j
84 Sept'26
CIa W AM Div let g 43_1991 J J
9012 Apr'27
86
9012
Western Linea let a 4&__.1961 P A 9212 ____ 914 Apr'27
90 Sale 8958
St L Div let coll tr g g 4s..1990 MN
90
10
87% 91
III Central & Chic St LAN0
MN
_ _ 8714 May'27 -Registered
Joint let
1983 S D 105 Sale 10434 1054 24
fea:is 10533
1-i61411;
g 4a- --I940 MS 9618
"Os TO; Gold 544 ref 55 eerlea A 1951 S D 107
Spr & Col DIY
064 Apr'27
Bale 107
107
1043
8 107
10438
9712
97
91
W W Val Div let g 4s--1940 J
971z 9613 Apr'27
S D 103% 107 10312 Mar'27
Registered
10312
10312
OCC&I gen cone g lle_-__1934 J .7 10878 ---- 0913 May'27
10714 10918
Gold 334s
1951 S D 79% _
784 Feb'26
Clev Lor & W con let g 5e-1933 A 0 10234 ---- 0258 May'27
10233 10314 Ind Bloom & West let eat 441_1940 A0 9342
934
933s
4 -His Wei
10012 10012 Ind Ill & Iowa let g 48
Cleve & Mahon Val g 65--_1938 5 J 10014
0012 Apr'27
1950 55 9418
9453
944 10
93% 94%
1935 MN 99
Cl&Marlstgug4Js
98% 9834 Ind & Louisville let gu 4a
9934 9858 Apr'27
1956 J
8638
_ 8612 May'27
84
87
Cleve & P gen gu 4345 oar B-1942 A 0 10238 ---- 994 Aug'26 - -Ind Union Ry gen 55 oar A 1985• J 1024 10212 10213 Mar'27
10318
10218
101
1942 1 J 1024
_
Mar'27
100
Series A 4345
01
Gen dr ref 5i1 Berke B
1965• J 1024 10312 10278 Apr'27
10
02
1,
18
4 10
001
27
14
1948 MN 893 9014 8514 Oct'26
!aeries C 3345
Int & Ort Nor 1st 65 sec A 1952 5, 107 Sale 10634 10714
33 105% 10734
_
1950 F A 882 -- 8453 Sept'28
Berle@ D 330
Adjustment 65 fuer A July 1962 Aprl 95 Sale 944
9612
393
83%
98
gi"
Cleve Shoe Line 1st go 4341-1961 A 0 10312 -- 10314
10334 11
Stamped
Aprl 85
86
85
85
5
Cleve Union Term 5345
10914 17 10858 11034
1972 A 0 109 110 109
1st 5s series 13
1956 S i 9912 10012 10013 10034 19
99% 10034
151s1 15s aer B
10553 15 10313 10558 Int Rys Cent Amer 1st 5s
1973 A 0 105% Sale 1054
1972 MN 7711 Sale 7612
7712 39
7712
76
Coal River Ry 151 fru 4s..1946 J D 907s -- 9035 May'27 -- -885s 904
lot colt tr 6% notes
1941 MN 9234 Sale 9234
9234
4
Colorado & 0outlk1et g 48-1929 F A 99 Sale 99
994 27
984 9912 Iowa Central 1st gold 58
S
D
5134 57
19313
5213 May'27
4
9
6
0
9
2
::
55
58
9412
2
9722
98
Refunding & exten 434s-1935 MN 98
4
96% 99
98,2
Certificates of deposit
52
57
52 May'27
Col & H V let ext g
91% 9412
9413 May'27
1948 A 0 9412
Refunding gold 48
1951 M
1838 194 1814
112
5
24
9
17
1934 15
Col & To,let ext 411
9012 9012 James Frank & Clear 158 ds..1959 SD 934 96
9012 Mar'27
94
1955 F A 91
94
94
138
1
Conn & Passum Riv lat 68_1943 A 0
88 Nov'26
Coneol Ry deb Ite
1930 F A
8238 Dec'26
9414
KaA&GRletguif 5s
1938 S 's 10234
103 May'27
103
57
10
5
1,8
7812
Non-cony 45
7512
"
foil
2
78s Kan & M lat gu
19545 J
7512 Sale
1990 A0 8614 88
de
8614 Mar'27
691, 7714
Non-cony debenture 4e
11
75
1955 J
7412 7834 7413
2d 20-year 5a
1927 S i 994 ____ 10012 10012
100 10012
Non cony debenture 4a_....1956 J .1 75
691e 77 KO Ft S & M cons g 68
7714 7534 Apr'27
1928
1014 1014 10133 1014
5 101% 101%
I Due Feb. e Due Mari VDUS Dec8
1
io
2883
New York Bond Record-Continued-Page 3
BONDS
N.Y.STOCK EXCHANGE
Week Ended May 13.
Price
:
13
3
Friday,
t
o. May 13.
Week's
Range or
Last Sale
Range
Since
Jan, 1.
BONDS
N.Y STOCK EXCHANGE
Week Ended May 13,
Price
Friday.
May 13.
Week's
Range or
Last Sale
Range
Stnes
Jan. 1.
BOO
High No, Low
Ask Low
High New York Central (Concluded).
Bid
Ask Low
Hia) N o. Low
At99
Consol 45 series A
1998 FA 9478 Sale 9358
92
9911 10
94
02
9514
938 22
9278 Sale 9278
90
9514 83
1
Ref & 'mot 4345' A"
2013 A0 10078 10118 101
100
100
10134 42
9775 10134
28
2013 A0 10712 Sale 10714
Ref & Rapt 55 @eft* C
75
86 10514 108
734 75%
7434
108
7412 75
27
AO
Registered
101
10512 Jan'27
9914 101
0978 100 10014
105% 10512
91% N Y Central & Hudson River88
9138 35
9034 Sale 9034
2
80Ia 8518
1997 23 8518 Sale 84
8112 9012
8
8518
Mortgage 3345
9014
9014 ____ 9014
1997 ii
8518 9112
5
Registered
8214
78% 831s
8214
8514 ---- 87 May'27
1934 MN
9758 Sale 9758
Debenture gold 45
8812 9012
9014 Mar'27
9814 55
89
9612 9814
MN
96
Registered
102% 10234
1024 10238 10238 May'27
96
Feb'27
96
101%
1942 J J 9714 ---- 9738
99
4
30-year debenture 48
10138 103 10114 May'27
98
11:i
9412 98
3
8011
8212
93 Feb'25
Registered
8212 Sale 8212
Lake Shore colt gold 3346_1998 F A 8214 8234 8112
8214
82 Apr'27
8212 20
80
1998 FA
81 Mar'27
9912 9958 9834
Registered
9814 9934
9958 37
7834 81
6
8212 Sale 8212
Mich Cent coil gold 3Sis.._1998 PA
8378
9912 31
9812 Sale 9838
97% 9912
7934
1998 PA 82 Sale 82
2
96 Dec'25
82
Registered
9614
8214
1937 AO 954 Sale 954
9
N Y Chic & St L let g 4s
104% 106
106
106 107 10538
9538
9414 96
9512
1
1937 A0 05 Sale 95
7
9812 10014
10014
100 10012 10014
Registered
95
951s
1931 MN 98 Sale 9778
8
27
25-year debenture 48
9018
0018 Sale 9018
98
8614 9134
9618 98
1931 MN 103 Sale 10234
10 10218 10314
103
2d 13s series A B C
84
8912
8912 Apr'27
88
9
10612 80 10418 1067s
Refunding 534s series A _ _1974 *0 10614 Sale 10534
9934
97 100
9938 0934 9938
9 10312 108
Refunding 5345 series B 1975 J J 10614 Sale 10558
108
10734 Sale 107
10658 38 10418 107
23
92
98
9738
98
10212 10512 NY Connect let gu 4%6 A 1953 PA
10334
9433 99
- - 104 May'27
1953 FA 10438 10412 10412 May'27
10218 10212
10212
let guar 58 series B
_ 10218 Mar'27
103% 105
N 91
9134 Oct'26
90
9058 N Y & Erie let ext gold 45_1947
9034 -- 9058 Feb'27
5
981k Ili
9878 Mar'27
1933 MS 9812
3dextgold434e
11212
11214 11234 11212
10012 Apr'27
1930 AO 10018
4th eat gold be
8712 9212 90 Mar'27
98% 10012
5 1
99 Mar'26
1928 in 9914
5th ext gold 45
108;4
08 4 110
10912
10838 110 109
9°1931122
100
100
-9911
10084 101
101
Apr'27
106
N Y & Greenw L gu g 58_1946 MN 100
9814 ____ 98
85% May'27
NY & Harlem gold 334s
Feb'27
2000 MN 85
98
98
81% 85%
8212 Mar'27
MN
9312
92% 94%
9312 9418 93
8234 82%
Registered
9318 9438
9534 -- 934 May'27
NY Lack & W let & ref 5e__1973 M N 10218
80 July'25
90
89
8914 May'27
8914
1973,M N 101
1034 Apr'27
First & ref 4345
99 10034
9934 10012 10014 Apr'27
fati
7 106 106
106
Feb'2
9934 27
9818 9934 NYLE&W lat 79 ext___ _19301M S 10558
994
9912 100
1932 F A 10034 101
5
_- 10055 Apr'27 -- 100% 101%
8834 9034 NY&Jerseylet5s
9034
9034 Sale 8934
90 Dec'26
100 10034 N Y & Long Branch gong 451941 M S 9014
10034 Apr'27
101
91
Apr'27
91
91
Apr'27
100 10034 NY&NE Bost Term 48_1939 A 0 91
100 10018 100
Apr'27
7 ________
NYNH&Hn-cdeb4s
19471/1211 80513 1212 83
74
83
____
7212 76
Non-cony debenture 3345_1947 M S 82
8958 92
9234 ____ 91 May'27
Lou & Jeff Bdge Co gut 4s_1945 M
20
80
2 106% 10658
7912
6934 7312
Non-cony debenture 330_1954 A 0 70 Sale 707
10612 Sale 10612 10612
Louisville & Nashville 55 1937 M
957k 9812
6
Non-cony debenture 45
1955 J J 80 Sale
76
8034
9812 12
1941)ii 9818 Sale 9818
Unified gold 45
23 9734 ____ 95 Mar'27
76
8314
Non-cony debenture 45
1956 M N 7912 Sale i 7912
95
95
7714 80%
Registered
7114 80
759;82 Sa
Fi
;
le ' 697
Cony debenture 334it
1956 J J i5
69% 734
10118 102
10112
Collateral trust gold 58_1931 MN 10112 Sale 10112
10938 74 10512 10912
1948 J J 109% Sale 10918
10434
5 103% 106
Cony debenture 1321
1930 MN 10412 Sale 10412
10-year secured 78
107
Apr'27 ____ 103 107
J J
Registered
10812 13 105 110
let refund 5145 series A 2003 AO 10838 Sale 10814
10378 82 103 10514
1940 A 0
__le 10314
Collateral trust 621
10658
2 10534 10634
2003 AO 10658 10712 10658
let & ref 58 series B
15
1957 M N
72 Sale 72
Debenture 48
10358 91
6911 76
73
998 10318
let dr ref 4148 series C_ __ _2003 AO 10212 10358 10278
Apr'27 ____
Harlem R & Pt Ches 1st 48 1954 M N 9018 9034 90
89
90
10334 1038
1930 ii 10358 104 10378 Apr'27
N 0& M 1st gold (is
2
100
9978 100
1031'a 10334 NY & Northern 1st g bs__ _ _1927 A 0 100 Sale 100
2d gold 68
1930'3 10358 105 10334 May'27
21
79
NYO&W ref lst g 48..June 1992 M S 7834 Sale 7834
9378 95
95
____ 95 Mar'27
764 79%
Paducah & Mem Div 45..1946 FA
1
M S
6834
7218 Dec'26 -_ _
Registered 95,000 only
66% 6834
St Louis Div 28) gold 35_1980 MS 6834 Sale 6834
General 4s
19553 D
10038 10118
Mob & Montg let g 4%s_ _1945 MS 10038 103 10118 Apr'27
73 -711-1;
7655 10
7614 -7658 7655
8912
1
8712 9012 NY Providence 42 Boston 48.1942 A 0 892, ____ 8612 Dec'26
8912 9012 8912
South RY joint Monon 45.1952 J
9212 10
9678 14
0678 Sale 9678
89e 9212
9312 9678 N Y & Putnam let con gu 46 1993 A 0 9112 ____ 9218
Atl Knoxv & Cln Div 4a_ _1955 MN
1 100 10012 NY&RB 1st gold 56
6
1927 M S 9934 10012 9978
10014
99% 100
9978
Lousy CM & Lox Div g 43.413'31 MN 10014 Sale 10014
9412 41
10318 10318 N Y Susq & West let ref 65_1937 J J 93 Sale 93
8712 9412
Mahon Coal RR 1st be
1934 .1 .1 10312 104 10318 Apr'27
N 6978 Sale 6934
65
9
1937 F A
70
7234 80
80
80
9012 95
66
70
Manila RR (South Lines) 49_1939
2d gold 434s
8114 80
1940 F A 7934 Sale 7612
8114
2
7312 8114
79
7118 80
General gold 55
let 48
1959 MN
3
12
8
100
100
80
1943 M N 9934
Apr'27
9818 100
100 101
Terminal 1st gold 56
Manitoba S W Colonita'n 68 1934 in 100 101 101
8234 95
7814 834
8312 Oct'26
Man GB &N W 1st 3%8_1941"3 8818 90
NY W'ches & B 1st ser I 4145'46 J J 82 Sale 82
M 10134 Sale 10134
2 10118 1614
10134
Mich Cent Pet & Bay City 55.'31
Q /61
1960 A 0 0758 Sale 97%
9834 96
101
Dec'26
9314 9834
Nord Ry ext'l f 6%6
Registered
9034 93/
9514 957a Norfolk South let & ref A 55_1961 F A 9312 Sale 9234
Mich Air Line 46
1
4
935s 128
1940 ii 9578 ____ 9578 May'27
J J
1 10014 10114
101%
92 Nov'26
Norfolk & South let gold 515_1941 M N 10114
Registered
- - 10138
2 10914 1064
10612
10612
31,&Eilst gold 3%6
- Norfolk & West gen gold 65_1031 M N 106
1951 MS 8534 ____ 79 Nov'26
24
10812 108%
89
Improvement St eat (11_1934 F A 10958 110 10812 Apr'27
15t gold 312e
854 1912
89 Sale 8834
1952 MN
10634 107
9958 40
New River let gold 6s_ _1932 A 0 10618 -- 10634 Apr'27
20-year debenture 46
9818 992
1929 AO 9918 Sale 9918
47
AO
9212 97
97
97
Mid of N J 1st ext 55
29
N & W By let cons g 45_ _J996 A 0 9634 Sale 9658
963
4
963
4
9714
95
9818
1940
1
9278 95
95
95
1996 A 0
10112
Registered
Milw L S & West imp g 5s._1929 F A 10034 10158 10112
3 100% 10112
30
95
95
95 Sale 9414
93
DWI 1st lien & gong 40_1944 J
Mil & Nor lst ext4145(1880)1934'P 9634 9712 9512 Dec'26
7 158 180
17812
17812
1929 NI
10-yr cony.62
9512 97
9658 Apr'27
Cons ext 48s (1884) ___ A934 3D 9634 OS
2
9278 96
951
Pocah C & C joint 45_ _1941 J D 9514 Sale 954
1
9214 95%
9518 Sale 954
Mil Spar & N W let gu 45._ _1947 M
9518
Jan'27
107
105% 106
106
North Cent gen & ref bs A1974 M
Milw & State L tat gu 3345_1941 ii 8312 -- -- 8318 Dec'25
9
9918
9818 9812
A 0
3 98
9412 9918
_1
19
99
45
7Q
North 01210 1st guar g 55
232
97
9538 Sale 95
9114 97
99
North Pacific prior lien 4s_1997 Q J
98
Minn & St Louis let 78
26
1927 in 100 Sale 9812 100
9512 9434
6
92
9434
90% 94%
Registered
100 10012
100
let guar g 76
9953 100 100
1927 J I
6912 37
8312
654 691>
Gen'l lien gold 3s__Jan 2047 Q F 6912 Sale 6812
2
5114 57
let consol gold 55
1934 MN 5278 5578 5312
Jan2047 Q F 6714 --__ 6758 Apr'27
6358 67%
MN 5118 55
Registered
3
5114 55
53
53
Temp ctts of deposit
8
100
96 100
Ref & impt 4345 series A2047 J .1 10018 ____ 9912
17% 23
2018
1st & refunding gold 4a___1949 MS 1934 22
2114
12
J .1 9234 ---- 8534 Feb.25
Registered
13
1514
Ref & ext 50-yr 55 tier A._1962 Q F 1314 1458 1312 May'27
65 118 116
115
M St P&SSM con g 45 hit gu'38 23 8712 8734 8714
Ref & impt 68 series B____2047 J J 115 Sale 11412
87
887a
8734 25
11014 Mar'26
J .1 111513
9612
Registered
lit cons 55
96
2
98%
1938 ii 97518 9778 9612
fesi
let cons 58 gu as to int_ _ _1938 ii 9712 Sale 9658
Ref & In:1ot 58 series C _2047 J J 10658 10712 10612 10714 24
9612 98
9778 20
10714 12 10318 10714
10-year coil trust 6%a_
Ref & kept 55 series D_ _2047 J J 10658 10712 10638
1931 M S 10012 Sale 10012 10078 32 100% 102
10934 109%
let & ref (is series A
9934 102
10014
7
Nor Pac Term Co 1st g 66_1933 J J 1094 -- 10978 Apr'27
1946 ii 9934 Sale 9934
1938 A 0 10614 -- 10614 May'27
25-year 5.145
10518 10914
8212 89
8258
8258
85
1
83
Nor of Calif guar g 68
1949 M
let Chicago Term ef 48._ _1941 M N
10278 103%
1930 J J 10212 ____ 10318 Mar'27
0714 ____ 9734 Jan'27
974 9734 North Wisconsin let 65
9512 41712
9712 Apr'27
Mississippi Central 1st 55.._1949 J J 0312
1
1948 J J
Mo Kan & Tex let gold 46 ..l990 3D 8838 -883-4 8812
85
85 Sale 85
18
86% 8978 Og AL Chem 1st gu 45 g
89
8138 9634
MO-K-T RR pr lien Is ser A.1962 32 10314 Sale 103
10312 48 101 10312 Ohio Connecting By let 48_1943 M S 9514 ____ 9458 Mar'27
40-year 45 series B
1936 J D 10412 10512 10278 May'27
13
10
82
41S 102
8512 8834 Ohio River RR 181 g 55
1962 -3 J 8834 Sale 8814
847g
8834
10-year 65 series C
10234 Sale 10234
1937 A 0 10314 ____ 103 May'27
1932
1014 103
General gold 55
10314 33 102% 104
Cum adjust Se ser A Jan_1967 A u 10414 Sale 104
10014
96 10534 Oregon & Cal 1st guar g 56_ _1927 J J 100 10014 100
10434 174
4 100 10012
885, 9311
Missouri Pacific
4
9312
Oregon RR & Nay con g 45_1946 J D 93 Sale 93
let & refunding 55 ser A_ _1965 FA 100 Sale 9912
10014 151
10914
1 107 1094
Ore Shore Line let cons g 58_1946 J J 109 Sale 10914
9934 101
let & refunding (is ser D.1949 FA 10712 Sale 10712 10734 69 10612 109
1946 J J 1094 10914 10912 May'27 -- -_ 1071s 10912
Guar cons 58
Genera! 4s
7778 568
76
1975 MS 7738 Sale 7634
1929.7 D 9914 Sale 9918
7914
Guar refunding 46
98% 994
9912 77
99 10012 Oregon-Wash lot & ref 4E1_1961 J J 9038 Sale 90
lst & ref 5s Ber F
1977 MS 9914 Sale 99
9934 499
9314 9412 95
Apr'27
927k 95
Mo Pac 3d 7s ext at 4% July 1938 MN
9
86s
0174 93
91.
9110
9°2 35
Pacific Coast Co 1st g 5s.,1946 J D 9034 9178 91
9455 95
eRlion
f dMo
u g 49_ _1938 F
95 May'27 -- -Pa2
d
9334 95
99
Apr'27
1945 ii 10018
10211
99
Mob & Sir prior lien g 5s
99
extended gold 68
19383 J 10218 ____ 10218
102
3
10212
1945 ii 8734 ____ 8714 Mar'27
1st m gold 46
8618 8714 Paducah & Ills late f 4 %6_1955 J .1
99
98
99
Apr'27 -- -Small
1945 3' 823s-. _ 8212 Apr'27
82
8212 Paris-Lyons-Med RR 138_ _ _1958 F A 9512 Sale 95
874 65%
Mobile & Ohio new gold 68..1927 JO 10038 101 10118
10014 10134
1014
Sinking fund external 78_1958 M S 10112 Sale 10112 lgn In
9612
10212
let extended gold 6e__3u1y1927 Q J 10018 10014 10018 Apr'27
9918 10012 Paris-Orleans RR 5 f 75
1954 M S 100 1003s 100
9514 1014
10078 87
9334 May'27
General gold 48
1938 MS 9412 95
93
9518 Paullsta Railway 71!
4 10112 103
1942 M
103
10212 10234 10234
Montgomery Div let g 58_1947 PA 10034 10238 10114 Apr'27
10038 10114 Pennsylvania RR eons g48_1943 M N 97 Sale 9712
9512 98
13
98
J
997
8
10014
994
Apr'27
Louis
Division
foi
1927
99% 10014
St
Consol gold 4s
1948 M N 9712 ____ 9655
9414 9714
97'2 15
__ 9418 Apr'27
Mob & Mar 1st gu gold 45._1991 MS 925
9114 9712
M
N
es
sterl
stpd
dollar_May
1
1948
9434 97/
1
4
5
975
8
975
8
9612
98
113
114 113
3 11112 11312
1937 ii 113 8-Mort C let gu g (is
Consolidated 434s
1960 F A 10412 Sale 10412
57 102 105%
105
J
J
11112
Mar'27
Registered
11112 11112
141
General 434s series A _
9914
10212
_
19053
10212
10114
10112
Sale
let guar gold 58
1937 ii 104 10534 104 Mar'27
10318 104
General 56 series B
63 1067s 111
1968 J D 11014 Sale 110
111
8418 17
8412 8378
Morris & Essex let gu 3146.._2000 JO 84
8012 85
10-year secured 75
1930 A 0 10614 Sale 10614
10634 64 10614 10732
10018 12 10014 10112
Nashy Chatt & St L let 56_1928 AO 10038 10058 10038
15-year secured 6346
49 111% 11314
F
A
1936
1131
1
0
13
2
58
34
S
s
a
a
l
1
0
12
3
:
1
5
le
e
NFla &S 1st gu g 55
102% 10312
1937 PA 10238 10434 10312 Apr'27
F A 11118 ____ 11114 Oct'26-30 Sept'24
Nat RI of Mex pr lien 415s...1957 3,
40-year gosterledd 58
38 ioi" 141
,2
1984 M N
1033
1634 13
16 Sale 16
Assent cash war rot No 3 on
14
20 Pa Co gu 3%s coil tr A reg1937 M S 8718 ___ 89 Mar'27 _-_89
89
8712 Aug'25
-years 145
Guar 70
1977 AO
Gun. .7146 coil trust ser B_1941 F A 8612 89
88
8912
3
8614
8614
2078 20 "1812 10
20
2012 2018
Assent cash war rct No 3 on
- Guar 3349 brust ctfs C__ _ _1942 J 0 8614 ____ 8638 8612 4 85 8612
3812 July'25
8434 8812
Nat RR Mex prior lien 4345_1928 iJ
8
8812
Guar 3%6 truat ctfs D
8512 ____ 88l2
_1944 J
ii
24 Sept'25
July 1914 coupon on
983
4
Guar 15-25-year gold 48 _1931 A 0 9834 Sale 9814
8
9
,
712 00
6
9834 10
5
23 Veit;
2334 Sale 2358
2414
Assent cash vA.r rot No 300
Guar 48 series E
1952 M
-- -- 9014
9014
9014
28
Apr'25
1951
Fa Ohio & Det 1st ret 4%s A'77 A 0 98 Sale 9712
let consol 45
9638 9834
9834 188
AO
1812
June'27
_
90
114
14
2
s 1004
April 1914 coupon on
80
5
414
1 10,
9114 41
Peoria & Eastern 1st cons 421_1940 A 0 907 Sale 9014
1412 25
1-438 134
1234 1612
14
Assent cash war rot No 800.
47
Income 45
April 1991) Apr. 46% 48
47
1
106
Peoria & Pekin Un let 5%6_1974 F A 10534 106 106
994 10034 Pere Marquette let ser A 58.19563 J 10478 Sale 10458
1945 3, 100 10112 10012 Apr'27
104% 30 10355 105
New England eons 55
8778 89
1945 J j 8778 ____ 8878 Apr'27
92
Consol guar 4s
89
9058 May'27 ---1st 4s series B
19563 J 90 92
8512 Jan'27
_
9538 978
1
85% 8512 Phila Bait & Wash let g 45_1943 M N
9712
9712
98 100
NJ June RR guar let 45.._ -1986 PA
,1 8434- -4 9734 Apr'27
9714 983
96% 9734
General bs aeries B
NO & NE lot ref&imp 445 A'52
1974 F A 192 11312 11214 Apr'27 _-__ 11012 1124
6814
8914
6
42
9
8718 8914 Philippine By 1st 30-yr sf481937 J .11 4314 4355 4314
4312
New Orleans Term 1st 48_ -1953 ii 8812 8914 89
10018 11 100 101
10612 10634
10655 May'27 ____
Pine Creek registered 60-1932 J
NO Texas & Mex n-e Inc 56_1935 AO 10058 Sale 10014
32 1001s 10112 PCC&StLgu 410A
101
1954 AO 10034 101 10018
9958 1014
1
10114
1940A 0 10114 Sale 10114
let 54 series B
1 10014 10114
10458 29 104% 104%
10034
1956 FA 10514 10512 10414
Series B 4)4s guar
1942 A 0 10034 10112 10034
1st 55 series C
10512 10 10434 10534
1954 AU 10512 Sale 10478
Series C 4345 guar
1942 M N 10118 10218 10114 Apr'27 ____ 10114 10114
let 5tis series A
9714 939,
,set
115
1
9714
9714
N & c jog° gen guar 4%51945
____ 9614 Mar'27 ____
9718
1945 M N 96
Seim
D
4.
guar
NYB&MBIstcong58_993/& 0 101 102
101 Mar'27
967
1
9658
'e 9658
9658 Sale 9658
10034 101
Series E 3;19 guar gold__ _1949 F A
974 1005.
10812 110 10634 10812
_--- 97% Apr'27 ____
19533 0 96
Series F 46 guar gold
NT Cent RR cony deb 66_1935 M N 10734 Sale 10734
96
____ 96% May'27 --__
11614 Mar'26
M Ni
Registered
Berke 0 4s guar_ ........16157 MN
____96% _97
C Ft 93 & M Ry ref g 4s__1936 AO
KC&MR&B 1st gu 56_1929 AO
Kansas City Sou lot gold 35-1950 AO
Apr 1950 .1 I
Ref & Impt 58
Kansas city Term let
_1960 ii
Kentucky Central gold 48_1987 ii
Kentucky & Ind Term 4345_1961 ii
1961 ii
Stamped
Lake Erie & West let g 58._1937"3
J
1941
26 gold 55
Lake Shr de Mich S g 3346..1997 in
1997 in
Registered
Debenture gold 45
1928 M S
1931 MN
25-year gold 4s
Registered
1931 MN
Leh Tel Harbor Term 58_ _ _1954 FA
Leh Val N Y 1st gu g 4;48_ _1940 ii
N
Lehigh Val (Pa) cons g 45_2003
MN
Registered
2003 MN
General cons 4145
Lehigh Val RR gen 5s series_2003 MN
Lab v Term RI let gu g 58_1941 AO
AO
Registered
Leh & N Y lst guar gold 49..1945 MS
Lax & East let 50-yr 58 gu__1965 AO
Little Miami gen 45 Ser A __I962 MN
1935 AO
Long Dock consol g 65
Long Isld let con gold baJuly1931 Q J
let consol gold 46_ ___July1931 Q J
1938 JD
General gold 48
1932 in
Gold 49
1949 M
Unified gold 45
1934 3D
Debenture gold 55
1937 MN
20-year p m deb 55
Guar refunding gold 48__ _1949 MS
Nor Sh 11 let con gu 5s. Oct '32 Q J
Louisiana & Ark let g 55_1927 M S
7878
sus
\
2884
New York Bond Record-Continued -Page 4
BONDS
N. Y.STOCK EXCHANGE
Week Ended May 13.
Pitts Clxi Chic & St L (Concluded)
Series H 45
1960 43 A
Series I cons guar 4l.._.1963 F A
Series J 43-is
1964 MN
General M 68 Berta A
1970 J D
Registered
J D
Gen mtge 55 series B
1975 A 0
Pitts & L Erie 241 g 58___Jan 1928 a 0
Pitts McK & Y let gu 61-1932 3 J
2nd guar 65
1934 .1 .1
Pitts Sh & L E lst g 51;
1940A 0
15t consul gold 58
1943 J J
PItta Va & Char 1st 48
1943 M N
Pitts Y & Ash lst cons5e_1927 MN
let gen 45 series A
1948
D
let gen 5s series B
1962 F A
Providence Secur deb 42
1957 M N
Providence Term let 41
195651 8
Reading Co Jersey Cent cell 4s_ A 0
Registered
Gen & ref 4 Ms series A.-1997
Rich & Meek 1st g 4s
1948 M N
Ilichm Term Ry let gu 56„-1952 J J
RIO Grande Juno 1st irti 58_1939 J D
Rio Grande Sou let gold 4s 1940 3 .11
Guaranteed (Jan 1922 coup on) J
Rio Grande West let gold 4s.1939 J
Mtge & coil trust 4s A1949 A 0
R I Ark & Louis Ist 410-19
34 M 8
Rut-Canada let eu g 4s
1949
J
Rutland let con g 4 Ms
1941 .1 J
St Jos & Grand Isl let g 41_1947 J J
St Lawr & Adlr lst g fa
1996; J
25 gold Os
1996 A 0
St L & Cairo guar g 4s
1931.9
St L fr Mt & S gen con g 58_1931 A 0
Stamped guar 52
1931 A 0
Unified At ref gold 4e
1929 J J
Rly & Div 1st g 412. _ _1933
N
St L
Bridge Ter eu g 5a__ _1930 A 0
St L & Ban Fran (reorg co)4s 1950 J J
Registered
J J
Prior lien series 11 58
1950 J J
Prior lien series C as
1928 .1 J
Prior lien 531sserleaD
1942._
J
Cum adjust ser A 6s July 1955 A 0
Income series A tis_July 1960 Oct.
Price
Fridad,
May 13.
Bid
14
Week's
Range or
Last Sale
Ask Low
Sale
0458
7
95
9934 Sale
82
80
10172 - 10034 ----
9914
100
41
2
8014
8014
10252 Apr'27 -10072 10078
4
74 Dee'26
734 r---- 6 May'25
90I 9314
9238 Sale 925s
93
9
8714 13
84
8714 Sale 8612
87%
9433 9712
9712 31
9714 Sale 9678
8213 8512
84
8514 8378 Apr'27
9112 9512
95
95
9514 15
8634 89
8814 8914 8814 Apr'27 _
100 100
100
100
Feb'27
10518 10714
106
10534 Mar'27
9714 May'27'
9614 9712
971g 98
10072 Sale 10078
10138 35 10014 10134
10038 Sept'26 - 073 -941
40
9834 Sale 9858
99
9312 95
9414 Sale 9414
9434 44
100 101
101 10134 10014 Apr'27
88 Sale 8712
8812 1566
8412 8812
8212 Oct'26 - -10112 Sale 10134
9914 102
88
102
10138 Sale 10132 10172 42 100 10252
103 Sale 102
37 10112 103
103
10012 Sale 10014
99 102
10114 89
9514 9914
9812 Sale 98
9834 167
105 1057s
1004 10178
105 10512
984 9812
8812 89
83
81
9418 9838
95
9934
9278 98
10134 102
92
93
98
98
718 9812
10778 1083b
10714 10714
9934 10052
9512 9814
954 954
91
9212
10514 10714
II A & Ar Pass let gu 4s__1943
./
Santa Fe Pres & Pben 5s___1942 MS
gay Fla & West lst g 68
1934 A 0
lit gold 58
1934 A 0
Scioto VA NE let gu g 40_1989 M N
Seaboard Air Line g lis
1950 A 0
Gold 45 stamped
1950 A 0
Adjustment 68
Oct 1949 F A
Refunding 45
1959 A 0
tst & cons 6/4 series A
1945M S
Atl de Birm 30-yr 1st e 45.111933 M 13
Seaboard All Fla let go 86 A.1935 F A
Series 13
1935 F A
Seaboard & Roan 5s extd
1931 .1 J
So Car & Ga 1st ext5 Ms
N
1929
B&NAlaconsgug5s
1936 F A
Gen cons guar 50-yr 611-1983 A 0
So Pac cell 45(Cent Pao coil) k'49 J 13
Registered
J D
20-year cony 4s
June 1929 M
20-year cony 5e
1934.8 D
20-year gold Ls
1944 M N
Elan Fran Terml lst 4s...._1950 A 0
Registered
A 0
So Pao of Cal-Gu g 58
1937 M N
So Pao Coast 1st gu If 48......1937 J J
So Par RR let ref 4s
J
1955
Registered
J J
Southern-let cons g 5s____1994
Registered
J
Devel & gen 4$ series A.-.1956 A 0
Develop & gen Os
1956 A 0
Devel & gen 61'(e
1956 A 0
Mem Div ist g 58
_1998
J
St Louis Div 1st g 42
1951 2 J
East Tenn reorg lien if 54--1938 M S
Mob & Ohio coll tr 4a
1938 M
Spokane Inten)at let g 5s__.19553 J
3unbury & Lewiston 1st 4s1938 J .1
SuPenor Short Line let 58-.11930 M 13
9218 13,
9212 Sale 9112
2
10214 Sale 10214
10214
10932 10912 10918
10918 13
102/
Apr'27
1
4
9478 May'27 8232
83 Apr'27
8114 8214 8212
8232 39
84 Sale 84
85
54
7134 Sale 7134
7212 62
96 Sale 9512
9614 117
9212
9672 97
9212 25
9534 Sale 9514
9612 55
9614 Sale 9512
9612 13
100 10034 100
Apr47
4
1004 Sale 10034
10
105
____ 1044 Apr'27
112
11172
____ 11175
1
9218 93
91
924
8
87
88 88
88
1
9918 Sale 994
9914 72
10212 Sale 10114
10212 31
10114 Sale 10114
10114 -924 12
9258 Sale 9218
____ 93 May'27
90
____ 10618 May'27
106
9514 ____ 9512 Mar'27
9778 115
964 Sale 9614
_
9512 May'27
_
101512 Sale 10812
10912 38
10412
_ 104
Jan'27
89 Sale 8814
8915 170
11534 Sale 11534
11612 33
12214 Sale 12214
12252 24
1
10714 10838 10714
10714
1
914 9212 914
9152
94
10112
Apr'27
9234 9434 9312 Apr'27
8724 8912 8914
2
8912
9318 ____ 9212 Jan'27
994 ____ 10012 Sept'26
8882 924
102 • 10214
10834 1094
142.4 103
91
95
811s 84
8112 8778
834 8812
71
7634
9434 993s
9114 94
94
985s
94
9612
100 10038
10034 101%
10372 10412
11014 11214
8814 9212
86
88
984 9912
10014 103
100 103
901a 9414
87
93
10412 10618
9514 95.2
9312 9778
9518 9512
1064 10978
10352 104
88
894
11332 11612
11914 123
10614 108
894 9234
94
94
9352
92
8412 8912
924 9212
Term Assn of St L 1st g 410_1939 A 0
1944 F A
let cons gold ra
1953.9
Gen refund s f g 4s
Texarkana & Ft Slat 5Mil A 1950? A
19431 J
Tex & N 0 con gold 56
Texas & Pee 1st gold 54.--2000 J D
1977 A 0
Gen & ref Us series B
1931.9 J
La Div B L 1st g Be
Tex Pac-Mo Pao Ter 510-1984 M S
1935 J .1
Vol & Ohio Cent let gu 62
1935 A 0
Western Div 18t g 5s
1935 J
General gold 5e
Toledo Peoria & West 43._._1917 J J
A 0
50-Yr
Vol
19313 J
reiWV&Oeu44sA
lift guar 4 Ms series B _ _ _1933 J J
1942 M S
1st guar 48, series C
1946 J D
for Ham & Buff let g 4s
9918 10014 100 May'27
10312 10334 10314
10312
30
8934
8918 90
90
10532 Sale 105
10534 34
10012 1004 100 Apr'27
35
10714 108 10714
108
100 Sale 9978
10032 162
5
10032 10072 10078
10078
7
10514 Sale 10518
10514
9
1014
10112 10112
10012
10012 May'27
10014 10034 10014 Apr'27
_32 15
Jan'27
503.4
9034
9034
99
Jan'27
99
9652 Dee'26
9918
9412 -957-2 94
Jan'27
Apr'27
94 9112 91
83
_
9112
2
83
Ulster & Del let eons g 55._ -1928 3D 6212 Sale 6212
1952 AO 3978 4134 42 Apr'27
1st refunding g 41
9778 Sale 9712
9814 73
Union Pacific let RR & Id et 48'47 J
5
9612
9612
3.9 9734 98
Registered
6
9978
1927• J 994 Bale 9934
20-year cony 4s
2
9934
▪ J 9934 Sale 9934
Registered
9612 127
1st Hen & ref 48.- --June 2008 MS 9912 Sale 9514
5
11218
112
11218
2008
11214
MS
.June
52.
ref
&
lien
18t
i0-year Perm secured 86-1928 ii 10134 Sale 10112 10134 38
Gue May. • Due Jose. 3 Due Aug.
•
Week's •
Range or ,
Last Sale
ss4:
1933
1
10434 10532 105
115
1014 -- 10114 Apr'27
10614 1085g 10514 Feb'27
9858 9912 9812 Apr'27
8772 89
8712
8812 68
3
83 Sale
83
9573 21
9558 9534 9512
.50
9834 Sale 9813
99
9412 Sale 9412
9514 24
10124 10212 10134 Apr'27
9218
93 Mar'27
98
9532
Jan'27 - -9712 ____ 98
9814 25
1083s 109 1083s
10838
107
_ _ 10714 Apr'27 - - -2
1904 10012 10012 10012
1
9732
- 9712 Apr'27 -9112 ---- 9512 Jan'27
9214
9214
8
102
____ 10634 May'27
e 4e1950
Price
Friday,
May 13.
High
BM
Ask Low
Mon No .'
N J RR & Can gen 4s____1944 MS 9434 9614 9434
1
9434
10012 10012 Utah & Nor let ext 414
I' 9734 9834 98
Apr'27
9952 10314 Vandal's cons g 45 series A-1955 FA 94
____ 9714 Apr'27
100 10312
Consul 4$ series B
1957 MN 93 ____ 9012 Oct'26
10634 111134 Vera Crux & P 1st gu4 S4ii_...1934
July 1914 coupon on
▪ .1 24
2412 24 Apr'26
10834 111
Assenting 1st 41.s
1934
3
2414
2414
99 10078 Virginia Mid 55 series F
1931 ISIS 10034 Sale 10034 10034
1
10572 106
General 613
1938 MN 10212 Sale 10212 10212
5
Vs & Soutlaw'n 1st go lis.--2003
10258 ____ 10218 Apr'27
10172 10214
let cons 50-year 58
96 Sale 96
1958
9618 14
100,2 100,2 Virginian let 55 series A
10634 Sale 10614
1962
10732 122
Wabash 1st gold 511
10334 Sale 10333 104
1939
30
2d gold 55
1939
10214 Sale 10212 10212 27
-9
.2174 94
34
Ref s f 5Ms series A
10434 Sale 10412 105
1975
10452 1065s
Ref & gen 55 series B
A 10114 Sale 101
1976
1014 230
7134 75
Debenture B Os registered_1939
.1 99 ___- 8314 Feb'25
let lien 50-yr g term 45.„1954
87
8812 8812 Apr'27
Del & Chi ext let g 5s_ __ .1941
104
____ 105
Apr'27
92 100
Des Moines Div let g 411_1939
9234 ____ 9212 May'27
2
Om Div Ist g 3Ms
1941 AO 8612 ---- 8612
8612
98 10012
Tol & Ch Div g 46
1941 M
9114 ____ 9012 Feb'27
7912 8238 Warren let ref eu g 33.4e.,,,,,,,2000 FA
81
_-__ 8112 Apr'27
102 103
Wash Cent 1st gold 4s
1948 Q
88
8912 8814 Apr'27
10052 10114 Wash Term let gu 31.48
87 Apr'27
90
1945 FA 87
1st 40-year guar 4.1945 FA 9155 ____ 88 Apr'27
St touts & San Fr Ry gen 68_1931 J J
General gold 511
1931 J J
St L Peer & N W Bit gu 5s_ _1948 J
St Louis Sou let gu g 4/
1931 M S
St L 8 W Ist g 4s bond ctfit _1989 MN
2d g 4s Inc bond ctts_Nov 1989 J J
Consol gold 49
1932 J D
let terminal & unifying 55_1952 J
St Paul & K C Sb L tat 43.s_1941 F A
St Paul & Duluth 151 55
1931 F A
let consul gold 45
1968.9 13
St Paul E Or Trunk 4Ms1947 J
St Paul Mimi & Man eon 40.1933 J J
1st cense' g 68
1933.9 .1
Registered
J .1
65 reduced to gold 4122_1933 J J
Mont ext 1st gold 41
1937.8 D
Registered
.1 D
Pacific ext guar 45 (sterling)'40
J
St Paul Union Depot 58----1972 J
et L & w
BONDS
N.Y.STOCK EXCHANGE
Week Ended May 13,
High No, Low
10012 Jan'27
10212 104 10314 Apr'27 ____
10212 - - 10238 May'27
11034 Sale 10934 11034 47
Oct'26
102
11018 Sale 110
11012 96
100 10014 100
5
100
_
106
106 May'27
194
10134 Nov'26
10212 - - 102 Apr'27
10111 10278 10012 Apr'27
9272 _
9114 May'25
100
10014 Dee'26
9334 _
94 Mar'27
106
10652 Jan'27
2
714 80
7134
72
8414 --_- 8452 Aug'26
95
Range
Since
Jan. 8.
983s 100
1024 10334
874 90
10334 10632
100 1014
10512 10812
9912 10032
100 1004
11:1,4 10i4
ie0 10212
10014 102
10018 10114
15
15
99
1
99
8934 9
"tii" 147
90
911s
5612 64
3934 42
9478 9934
9378 9612
9952 10018
944 9954
9134 9612
1083s 113
10138 103
W Min WAN W let en 511_1930 P A
West Maryland let g 45
1952 AO
West N Y & Pa 1st e 5a
1937 33
Gen gold 48
1943 AO
Income g 55
Apr 1 1943 Nov
Western Pao 1st ser A 5s__-1948 M
1st gold 69 series B
1948 M
West Shore 1st 48 guar
2361 33
Registered
2361 33
Wheeling & Lake Erie
Wheeling Div 1st gold 513_1928
Eat% & lmpt gold 5e
1930 FA
Refunding 4145 series A_ _1966 MS
Refunding 5s series B
1966 MS
RR 1st consul 45
1949 M
Wilk & East 1st gu g
JD
Will & S F let gold 52
1938 JD
Winston-Salem 8 B 1st 42__1960
Wis Cent 50-yr 1st gen 4s._ _1949
Sup & Dul div & term 114e'36 MN
Wor & Con East let 4 Ms_ _1943
100 ____ 10014 May'27
10018 ___ 100 Apr'27
9338 95
93
93
0012 Apr'27
8932 904 90
9014
80
7912 Sale 794
10434 ____ 0452 Mar'27
8932 90
8932 May'27
8312
827g 834 824
9158 Sale 9118
92
9218 ____ 89
Jan'27
INDUSTRIALS
Adams Express colt tr g 45_ _1948 51
Ajax Rubber let 15-yr St 85 1936
Alaska Gold M deb 65 A____1925
Cony deb 65 serial B
1928
Alpine-Montan Steel 7s...-1955 51
Am Aerie Chem 1st 58
1928 A
let ref s f 7MB g
1941
Amer Beet Bug cony deb 68_1935
American Chain deb 5 f 6s_ _1933 A
Am Cot Oil debenture 55_193l MN
Am Dock & Impt gu Os
1936
Am Mach & Fdy 5 Os
1939 AO
Am Republic Corp deb 6s 1937 * 0
Am Sm & R let 30-yr 55 ser A '47 AO
let M 65 series B
1947 A0
Amer Sugar Ref 15-yr 6s
1937
Am Telep & Teleg cell tr 45_1929
Convertible 4s
1936 ▪ S
20-year cony 41.4e
1933 M
30-year coll tr 58
1946
Registered
3D
35-yr s 1 deb 5s
1980 1
20-year 8 f 5‘is
1943 MN
Am Type Found deb 88
1940 AO
Am Wat Wks & El col tr 58_1934 AO
Deb g fts ger A.
1975 MN
Am Writ Pap let If 6s
1947
9034 31
10
'
8
217
a
Fe
lb
°
3
512 312 Apr'27 -94
24 Sale 9
94
4
3
9434 33
103
Oct'26
54
itiois 6;1. 10053 101
93
2
1
10258 103 10252 10252
97 Sale 9712
9752 10
10578
10534 Apr'27 -10334 1-05 10334 Apr'27 -9914 9934 9912
9912
2
10134 Sale 10132 102
52
10734 108 10772 108
11
10434 Sale 10434 105
35
9914 Sale 99
9938 124
95 Sale 95
2
9512
9912 10078 100
1
100
104 Sale 104
10412 69
103 June'213
15514 Sale 10318
10312 196
10718 Sale 10712 10758 137
10472 106 1054
3
10011
100 Sale 994 10014 23
103 1031 10212 10312 35
34
8412 Sale 8412
85
Anaconda Cop Min let 68_1953 F A
Registered
15-year cony deb 76
1938 F A
Andes Cop Min cony deb 7.1943.9 .1
'tufo-Chilean 7s without war2451____
Antilla(Comp(Aim)7Ms 1939'J J
Ark & Mem Bridge ai Ter 55_1984 M 8
Armour & Co let real set 4325'39
D
Armour & Coot Del 514s.._ _1943 J J
Associated 01163.4 gold notes 1935,M S
Atlanta Gas L let 58
1947!J D
Atlantic Fruit 7s ctis dep.._1934 J D
Stamped ctfs of deposit
Atl Gulf & W !SS L col tr 55_1959 J J
Atlantto Refg deb 5e
1937 3 J
1
Baldw Loco Works 1st 5s___1940 M N
Baragua(Comp As) 7 Ms--1937 J
Ramsdell Corp Os with warr 19403_
D
Deb 6s (without warrant)-1940 J D
Belding-Hemingway 68
1936.3 J
Bell Telephone of Pa 5s
19483 J
& ref EA series C
1950 A 0
Berlin Elee El & Undg 63.45_1956 A 0
Beth Steel let & ref be guar A '42 M N
30-Yr m & imp if f M
1938
J
Cons 30-year 613 series A 1948 F A
Cons 30 year 6 Ms series 13_1953 F A
Bing & Bing deb 8 M5
195051 13
Booth Fisheries deb s f (is.._ _1926 A 0
Botany Cons Mills 835s
1934 A 0
Brier Hill Steel let 6345_1942 A 0
B'way & 7th Av 1st 256-.1943 J D
Ctfs of deo tamed Dec.'28 Int _--Brooklyn City RR Ca
1941 .1 J
Bklyn Edison Inc gen 5a A 1949 J J
General es series B
29303 J
Bklyn-Man R T sec Oa
1968 3 J
Bklyn Qu Co & Sub con gtd 53'41 MN
1st-Se
19413
Brooklyn R Tr 1st cony g 4e.10023
3-yr 7% secured notes__ 1921 .1 J
Ctf8 of deposit stamped ______ - Bklyn Un El 1st g 4-6a
1950 F A
Stamped guar 4-55
1950 F A
Bklyn Un Gas 1st eons g 54._1945 M N
1st lien & ref Os series A_ _1947 M N
Cony deb 53.45
1938 J J
Buff & Busq Iron 5 f 5s
10322 D
Bush Terminal 1st 45
1952 A 0
Consul 5s
1955 1 J
Bush Term Ridge 58 gu tax-ex'
110 A 0
Cal & E Corp unit & ref 58_1937 MN
Cal Petroleum cony deb St 581939 F A
Cony deb s f 6 sis
19.48 M N
Camaguey Bug 1st s f e 7s_1942 A 0
Cent Dist Tel ha 30-yr Si.-1943
Cent Foundry lets f 8s..May1931 F A
Cent Leather let lien Cf 85_ _1945 J
9872 100
9914 May'27
8352 Sale 8352
8414 241
10218 10212 102
Apr'27
8912 Sale 894
8912 32
45 Feb'25
994 9912 9932
9934 37
5
103 1034 lO272 10334
8912 Sale 89
8912 32
8712 Sale 8712
884 26
5
10
22
31
9012 Sale 9012
103
8,
31 105
913 103
811
10414 Bale 10414
108
414
4 123
:Dee'26
10912 Sale- 1100844
109
106 Sale 10512 10612 127
9532 831
9434 Sale 944
9512 9534 9512
9578 10
10112 10134 10012 Apr'27
8912 Sale 8938
90
85
9014 Sale 90
9012 103
10214 Sale 10214
1024 13
1014 ____ 10314
10314
5
1552 24
1552 Dee'26
155,
Jan'2Z
18
_
7214 -7237214 22
4 714
10118 Sale 10118
10152
7
10712 Sale 10712 10712
10738 ___- 10712 May'27
9534 Sale 9852
9934
911
9034 Sale 9018
95 Sale
9512
104 Sale 104
1044
10434 105 105
1054
9634 Sale 9634
9743
10118 Sale 10078
10114
1003g Sale 10012 1004
10312 Sale' 10314
1037s
10132 Sale 10114
102
9312
9312 Sale 9312
10214 ____ 10112 Feb'27
8014 Sale 80
804
10514 Sale 10514
10534
7,554
7412 Sale 7412
7418 7438 7312
74
034 Sale 9312
94
10434 Bale 10412 10514
104 105 10472 105
100 Sale 9934 10034
6312 64
64
641
78,s 81
7912 Mar'27
8812 Aug'26
13812 Nov'25
12812 Nov'25
96
98' 97
98
9658 Sale 9612
97
10534 ___ 10534 10534
11518 ____ 11.514 Apr'27
18618 Sale 17812 18734
9214 Jan'27
9158 9312 9158 May'27
9834 9912 99
991
1%
0 12
8 110011%12
10
10115212
9414 Sale -94
943
9812 Sale 9812
1911
994 Sale 9934 100
1034 --__ 10318 May'27
98
9812 98 May'27
102 10214 10134 102
1St%
2
_
247
58
8
38
11
84
33
38
155
105
2
24
18
41
3
34
28
5
520
1
14
8
11
293
6
12
9
159
110
25
Range
Maw
Jan. 1.
Low
9418
97
9212
High
9134
98
9714
23
9734
10014 10034
10238 102711
102 1024
94/8 OS
10212 10732
103 10415
100111 10314
10318 10514
10014 10178
85l 8812
10312 105
8812 93
8314 8612
90
91
80
8212
8714 8814
85M 87
9218
88
9814
7614
10112
88
9912
8414
10212
90
hihi
Iowa 10418
-oi-
881. 00
88
8871
9934 101
9912 100
9013 9312
10013 10012
8714 9014
7214 8034
104 10452
8652 90
8214 864
92
89
89
89
9212
89
10578 10938
3
31.
318 312
9212 9712
1-64-1
;
9238 98
101 10311
95
9834
10512 10514
10312 104
99
9934
10018 10234
10734 109
104 10634
9814 9912
9314 97
981s 10013
10234 10434
16-11;
wista lints
101
10311 108%
98 10014
100% 10314
8312 88
10378 10472
IOW's 111-9-11
105 10872
gels gm,
9312 9714
10014 10214
881. 831.
8718 9514
10034 104
10314 10314
18
18
701s 7672
10012 10214
106 10712
10818 10814
9614 10614
893,1 9412
95
9812
10234 10512
1027s 10512
9634 9714
100 10214
9838 10034
1011s 10414
9714 102
92
9414
10118 10118
80
92
1031s 10114
7214 7912
7238 76
9278 95
10318 10814
10214 105
gels 10112
6312 se
79.3 794
-61- 98
94
9715
10218 10672
11318 11514
156 1878492* 9214
90
.
7 92
gals 9914
9914 101113
1013s 103
9878
92
9712 10214
9534 101
10214 10331
9834 98
101 10215
F
BONDS
N.Y.STOCK EXCHANGE
Week Ended May 13.
Pries
Friday,
May 13.
Week's
Ranpe or
Last dale
1go43
Range
Sines
Jan. 1.
High No. Low
HIgh
Ask Low
BM
17 11838 125
125
Central Steel let g Si 8e_-__1941 MN 124 Sale 12314
9814 L0112
10034 13
10014 Sale 100
Ceepedes Sugar Co lets f 7 Ms'39 M
95% 97
97 2802
Chesap Corp cony 58 May 15 '47 MN 9578 Sale 9534
1
68
68
53
68
Chic City & Conn Rye 5eJan1927 AO
10214 14 102 103
g 58.-1937 3 .1 10214 -- 10214
CbOL&COke let
137
84
7434 84
1927 FA
8378 Sale 8312
Chicago Rye 151 58
10214 15 101 10212
Clnain Gas & Elm let & ref 155'58 AO 10173 -- 102
2 10438 10514
Jan 1 1981 AO 10434 Sale 10434 10434
5 Ne ear B due
MN
97% 104
10178 77
8
1015
Sale
101%
L81613-1944
&
Pow
Berv
Cities
J
8512 8512
8512 Mar'27
Clearfield Bit Coal let 45-1940
8
96 10014
10014
100%
Colo F & I Co gen e 5e___ _1943 FA 10012
77
96
9312 9812
Col Indus let & colt 55 g9-1934 P A 9534 Sale 95%
MS
Oct'25
10
Col & 9th Av let go g 51_-_1993
13 -5518 Ili;
97
Columbus Gas let gold 5e___1932 ii 97 Sale 9634
82
77
8012 12
Commercial Cable let g 48_2397 Q J 80% 81% 8012
7
9314 97
9414
: 91
941
94
Commercial Credit s f 88_1934 MN
9014 92
1935 J
9112 9318 9112 May'27
Col tr e f 534% notes
19 10438 10514
: 105
Commonwealth Power 613_1947 MN 10412 Sale 1041
3 10434 10612
106
Computing-Tab-Rec s f 6s_ _1941 ii 105 106 106
9612 9614
9614 Apr'27
Conn Ry & L lst & ref g 434s 1951 J
1951 • 3 9718
9434 9812
9638 Apr'27
Stamped guar 434e
9838 101%
1936 AO 100 Sale 98% 100
104
Consolidated Cigar s f es
Consolidated Hydro-Elec Works
99 101
10014 11
of Upper Wuertemberg 75_1956 J J 100 10014 100
78
14
83.8
81
Cons Coal of Md let & ref 511_1950 J O 80 Sale 80
10614 64 10512 10614
Gomel Gas(NY)deb 5 An 1945 FA 10618 Sale 106
811a
98
75
75
75
76
75
Cont Pap & Bag Mills6 3.4s_1944 FA
4 10114 10214
Consumers Gas of Chic gu 591936 J O 10134 Sale 10134 10214
1952 MN 103 Sale 103
10318 18 102 1033]
Consumers Power 1st 5e
98
1946• D 9878 Sale 98714
1
98%
9874
Container Corp 1st Gs
1
9912 101
Copenhagen Telep ext 8L-1950 AO 100 10012 10012 100%
N 10178 102 10178 101%
1 1011e 103
Corn Prod Refg let 25-yr sf55'34
9334 10312
Crown Cork & Seal 1st et 68.1942 P A 10134 Sale 10112 10134 24
9958 101
10
Crown-Willamette Pap 135_ -1951 J J 10038 Sale 100% 101
95
97% 25
9934
97 Sale 97
Cuba Cane Sugar cony 73-1930 J
9814 102
Cony deben stamped 8%_1930• J 100 Sale 9912 10014 122
10814 36 10712 10834
Duban Am Sugar let coil 813.1931•B 10818 Sale 108
99 101
10012 19
Cuban Dom Sug let 750_1944 MN 10014 Sale 100
3 10134 102 10134 10134 14 10012 102%
'
1937
Comb T dt T 1st & gen 54
9334 96
80
Onyamel Fruit let s 1 6s A _ 1940 AO 9334 Sale 9334
94
'3 95% Sale 95%
97
90
29
96
Davison Chemical deb 6 Ne_1931
98 10112
10112 20
_ 101
Den Gas& E L let& ref ci g 5351 MN 100%
MN 100% Sale 100% 100%
9814 10034
3
Stamped as to Pa tax
81
73
1
73
Dery Corp(D 0)1st 51 7s1942 MS 138
72% 73
7 10138 103
Detroit Edison let coil tr 5s_1933 J J 101% Sale 101% 10214
4 10212 103%
let & ref 55 series A _July 1940 M
10312
103% -- 10338
10218 104%
1949 AO 10234 1-0318 10318 May'27
Gen St ref 58 series A
let & ref tte series B__July 1940 MS 108% Sale 107% 10814 17 10712 108.2
1955 J D 19312
1 101% 10312
Gen&ref5eserB
10312 10312
3 9214 -9i12 9212
'
9212 9512
9
Vet United 1st COOS g 4%5_ _1932
9312
N 9112 Sale 90
9112 293
96
89
1940
Dodge Bros deb Bs
89%
86
3
Dold (Jacob) Pack 1st 65_1942 MN 88
88
8612 86
48 .67
Dominion Iron & Steel 54-1939 MS 66
31
67
64%
67
4914 6514
Certificate.] of deposit
65
6514 12
6514 66
Donner Steel let ref 713
95% 98
12
1942 J
97
97 Sale 96
Duke-Price Pow 1st 13e ser A '66 MN 105 Sale 10478 10514 46 10478 10512
Duquesne Lt let & coil 13e._ _1949 J J 105 Sale 105
10518 84 105 10612
3 105 Sale 105
'
let coil trust 53:s series 13_1949
14 10478 10612
105
East Cuba Bug 15-yr s f g 754'37 MS
Ed El III Bkn 1st con g 45___1939• J
Ed Elec III let cone g 5s.. _1995 J J
Else Pow Corp (Gorraany)6s5•56
Elk Horn Coal lst & ref 6%4.1931
Deb 7% notes (with warets'31
Empire Gas & Fuel 7)45__ _1937
1st & ref 634ifiwith waretar41 A
fOluiP Gas Light let con 5s.._1932
Federal Light & Tr 1st 54_ _1942
let lien s f 58 stamped._ _ _1942
let lien 613 stamped
1942
80-year deb fle ser B
1954
Federated Metals s f 74
1939
Flat deb 7e (with warr)
1948
Without stock purch warrants..
Flek Rubber 1st s I 84
1941 MS
Ft Smith Lt & Tr let g 54
1936
Framerio Ind & Dev 20-yr 7Ils'42 J J
Francisco Sugar let ef 7303.1942 MN
French Nat Mall SS Lines 7e 1949 J
Gam & El of Berg Co cons g 581949 3D
Gen Asphalt cony 6s
1939 A 0
Gen Electric deb g 334&_._i942 FA
Gen Elec(Germany)713Jan 15_'45
.▪ 1
B f deb 6 Ne with war
1940 ▪ D
Without warets attach'd '40 3D
Deal Petrol 151 ef be
1940 P A
Den Retr let If g 6s eer A
1952 P A
Good Hope Steel dr I sec 7e_ _1945 AO
Goodrich (B F) Co let 630_1947 J J
Goodyear Tire dt Rub let 88_1941 MN
10-year If deb g 85.7'lav 1931 P A
Gotham Silk Hosiery deb 66.1936 J
Gould Coupler lets f
FA
Granby Cons M S& P con Be A'28 MN
Stamped
1928 MN
Cony deb 7s
1930 MN
Registered
Ot Cone El Power(Japan)76_1944 FA
lst & gen s f 6Sis
1950 J J
Great Falls Power let 5154.-1940 MN
1061
106 Sale 10534
9634 96 May'27
96
10858 ____ 10858 Mar'27
9858 Sale 995*
9914
9914
9912 10014 9914
977 9912 Apr'27
97
110 Sale 10912 1101
105% Sale 10412 106
10012 1008 10018 Mar'27
97
9614 Sale 9614
967
9614 Sale 96
1031
10312 104 10314
100
99 100 100
89
89 Sale 89
105
104% Bale 104
951
9434
95%
116 Sale 11512 116
891
89 Sale 89
104 Sale 10312 1041
107
10634 10714 107
100
9914 Sale 99
10214 ____ 1023* May'27
107 107% 10634 10718
9234
9212 ____ 9212
10512
10478 Sale 104
13412
129 130%
it Sale 10012 10112
10112 Sale 101
1013*
10314
10314 105 10314
10278
10214 Sale 10214
10718 Sale 10718
10712
12112
12114 Sale 121
11058 Sale 11038
11058
10014
100 Sale 100
84 Sale 8212
84
101 Sale 101
101
101 10112 101
101
146 Sale 144
150
143 Mar'27
_
9714 Sale 97
97%
94 Sale 94
9434
10412 105 103%
10414
17
32
3
270
118
102
11
1
10
13
144
43
14
9
65
2
220
19
19
20
56
65
90
1
19
33
18
164
47
20
1
1
61
_
231
15
2
Hackensack Water let 44_19523'
8838 Apr'27
1930 MS
Hartford St Hy 1st 4s
95 May'27
Havana Elec consol g 5a_ _ 1952 FA 97
98
98
6
Deb 5348 series of 1926_ 1951 MS 89 Sale 89
8938 18
Hershey Choc 1st A coil 53401940 3, 10212 10234 10212 103
22
Noe(I)& Co lstO34s ser A _1934 AO 10012 Sale 100
101
16
Holland-Amer Line 6e W00_1947 MN
9814 Sale 98
9812 47
Hudson Co Gas 1st g 5s
1940 MN 10212 Sale 10212 102%
5
Humble Oil& Refining 5348_1932 ,f
102 Sale 102
10214 55
Deb gold 5e when Issued_1937 A 0 9834 Sale 98%
99
221
Hell
Mole
l'elephone be. _1956 J D 10414 Sale 10414
10412 57
Illinois Steel deb 4 1.45
1940 AO 9958 Sale 9914
99% 36
Wieder SteelCorp a f 7e
1946 AO 10134 102 10134
8
10134
Ind Nit Gas & 011 56
1936 MN
4
9818 Sale 9818
9814
1952 MN 10478 Sale 10438 104% 12
Indians Steel let Es
Ingersoll-Rand 1st 65 Dec 311935 J J 100 101
9934 Dec'25
_
Inland Steel deb 53.45
1945 M N 10234 Sale 10214
103
17
Inspiration Con Copper634s.1031 M
10112
8
10138 10112 10114
Interboro Metrop coil 4 345._ 1956 AO --__ 1812 11
Apr'25
Guaranty Tr Co ctfs dap......
13 Nov'26 -- _
Interboro Rap Tran let 55.-1966
7734 Sale 7714
7834 51
J J
Stamped
7834 313
77 Sale 7714
1932 AO 81 Sale 81
8258 91
10-year 65
7%
cony
notes__ _1932 M
98% 179
10-year
98 Sale 9734
83
82
knt Aerie Corp 1st 20-yr 58.1932 MN
8212 84
2
Stamped extended to 1942___ _ MN
73
7212
2
7118 74
10112 122
Inter Merc.an Marines f8e_ _1941 AO 100:18 Sale 100%
'3 9734 Sale 98
1947
International Paper be
9834 38
1955 MS 10134 Sale 101
102
46
Ref s f 6s eer A
1941 AG 9812 Sale 9734
98% 121
Cony deb as
cony
Teleg
045 M
11134 261
&
5345
Telep
11114 Sale 111
tat
11114 41
Jurgen'Works Os(flag prtce).1947 3, 11012 Sale 109%
10414 30
Kansas City Pow A Lt 5e-- _1952 MS 10334 Sale 10334
10512 75
Kama Gas & Electric Os- 1952 MS 10538 Sale 10514
108
34
Kayser (Julius) & Co let s f 7.42 FA 10778 Sale 10778
99% 21
%elm (13 F) Corp let 64..._1946 MB 9912 Sale 98%
10534 35
14541y-8pringf Tire 8% notea_1931 MN 10514 Sale 10518
2885
New York Bond Record-Continued-Page 5
BONDS
N.Y.STOCK EXCHANGE
Week Ended May 13.
J4.
Prica
Friday.
May 13.
Week's
Range or
Last Sale
13
43A
Rants
8thes
Jan. 1.
Ask Low
BM
High
High No. Low
.1 96 Sale 96
1
Keyeton Telen Co let 511-1935
96
96
93
Kings County El & P g 58___1937 AO 104
1037s Mar'27
10312 103%
1997 1,0 12634
_ 1268 May'27
Purchase money 611.
12414 12634
1
Kings County Kiev let g 4s__1949 P A 84 -Fig 85
85
86
82
1949 P A 85 Sale 85
1
85
Stamped guar 4e
116
81
1954 S i 104
__ _ 10438
1 10114 106%
Kings County Lighting 5e
10438
1954 33 11718
117
1 11214 11714
First & ref 63111
117
10412 21 10074 10514
Kinney(GR)& 00 734% notes'36 3D 104 115 104
11 102 104
Kresge Found'n coil tr 6s_ _1936 3D 104 Sale 10312 104
19
102
Lackawanna Steel 1st Es A_ _1950 MB 102 Sale 101
924 102
Lae Gas L of Bt L ref&ext 55_1934 * 0 10114 Sale 10034 10114 19 10014 10214
1953 FA 10538 10512 104%
37 10334 106
Coll & ref 534e series C
108
33
9934 10014 99%
1
Lehigh C & Nay Sf 445 A 1954
99%
9712 9974
6 101 102
Lehigh Valley Coal let g 55_ -1933• J 10114 10158 10114
10132
-▪ 1 9512
Jan'27
97
let 40-yr go int red to 4%J933
97
97
1934 FA 101
10134 Apr'27
101 104
1944 FA 10118 -- 99% Apr'27
let & ref s 1 513
9978 10014
FA
10112
1954
10014
May'27
let & ref 55
9934 1014
---10112 Apr'27
1964 FA 101
let & ref 5e
99% 1014
101
1974 FA 101
Apr'27
let & ref s 1 be
100 101
MS
4012 Feb'26
Lex Ave & P F let fru g 54-1993
12218 14 120 1-233Liggett& Myers Tobacco 74-1944 AO 122 1-ii12 122
4
1951 P A 102% 10434 103%
13 10214 104
104
54
FA 9914 ____ 101
Feb'27
10114 10114
Registered
10712 188 104 112
Liquid Carbonic Corp 613_1941 FA 10714 Sale 105
10334 163 101 10574
Loew's Inc deb 6i3 with warr._1941 * 0 103 Sale 102%
9834 9614
98
9634 36
99
Without stook per warrants96
5 115 120
Co 11512 116 11512 11534
1944 Lorillard (P) Co 75
1951 P A 98% Sale 9712
9814 36
54
96% 1004
P A
9712 Apr'27
96% 147%
Registered
10178 35
99% 10174
Louisville Gee dr Elea (Ky)58 52 MN 10112 Sale 10114
4
9712
99
94
Louisville Ry let cons 5e____1930 33 9612 9714 97
Lower Austrian Hydro Elec Pow8972 WI
9
9212
1944 P A 92% 9212 9212
6)45
let
7 10378 log
1048
Mallati Sugar 1st f 7340--1942 *0 103% Sale 10378
0714 737,
7378 222
Manhat Ry(NY)cons g 4e_1990 *0 72 Sale 713*
eis
15
113
2013
D 5834 6212 62
88
2d 4a
93s4 98
9712 12
9614
Manila Elea Ay & LI 5 f 55-1953 MS 9614 98
Mfrs Tr Co ctfe of panic in
10514 5
105 10514
A I Namm & Son let 62._ _1943 3D 105 Sale 105
9912 110
Market St Ry Meer A Apr111940• J 9938 Sale 98%
9614 9914
Metr Ed 1st & ref g 8s eer 13_1952 FA 10814 10834 10814 May'27
10514 10834
1953 33 10114 10134 1014
10114
76 10
1 100
3
let & ref 55 series C
80
134
10612
2 105% 10041
Metropolitan Power 1st 135 A1953• D 10018 107 10614
79
Met,- Was Side El(Chic) 45_1938 P A 7834 Sale 78%
10412 10 10438 105
Meg Mill Mach 7s with war_1956 3D 104 10512 1043±
S 104 Sale 104
10414
3 104 10514
Mid-Cont Petrol let 6 yie_ 1940
9912 Sale 9914
9978 189
9714 997
Midvale Steel &0cony sf581930 M
ma 902
9912 13
Milw Else Ry&Lt ref&ext 4346'31 • J 9918 Sale 99
1951 3D 10078 - 00
188
97
90
10
2
99174
100
94 10114
98
9
General & ref 5e A
1
40
1961 3D 100 Sale
lst&refssB
10214 14 1014 10234
I943 33 10214 Sale 1015±
Montana Power let be A
994 29
9558 9915
Montreal Tram 1st & ref 55._1941 J J 102 Sale 99
_ _ 9918 Apr'27
9614 1003.
Gen & ref e f 5e series A 1955 *0 9638
8538 85
83
5934
Morrie & Co lets f 4 Ns_ __ _1939 33 85 Sale 85
81 Dec'26 -Mortgage-Bond Co 45 ear 2_11996364 A0
_
975 May'27
1932 3J 9734 98
4
113series 3
10-25-year be se
9634 93312
19
9
3D 95% Sale 9534
Murray Body 1st 834s
10178 May'27
10112 102
10534 108
Mutual Fuel Gas 1st go g 5e-1947 MN 101%
N 10178
10134 Apr'27
1015* 1004
94% 96
Mut tin Tel gtd b ext 4% ._1941
3
ur
igT
frs
10678 103%
& Son-See .
I)guaj
Alec
E
(
6014 Sale 6014
6114 42
6014 6214
97
NammNassau
9912 Nassau
9
9838 102
9812 100
National Acme let s f 7 Sis 1931 J D 101% 101% 10012 101
17 100 10314
1023
9812 Nat Dairy Prod 6% Dotes-1940 MN 10212 Sale 10114
95
2 101% 104
10212
10518 11912 Nat Enam & Stampg let 5e_1929 3 D 10212 104 10214
998g 9934
9934 Apr'27 --__
9934 100
98 11034 Nat Starch 20-year deb 5e 1930 J
1952 M N 10412 Sale 10412 104% 22 10332 104%
99% 101
National Tube 1st s f 58_
10258 10314
97
95
Newark Consol Gas cons 5s_1948 J D 10234 10338 10234 May'27
1041± 13 103 10434
95
9878 New England Tel & Tel be A 1952 J D 10438 Sale 1045*
9535 97%
9738 101
106I MN 9738 Sale 9718
103 104
let g 4)44 series 13
935 98
86
953
97 10014 New Orl Pub Serv let 58 A 1952 A 0 9514 Sale 943*
9514 73
935* 97
91
89
FIrst&ref5esariasH...1955J D 9514 Sale 9412
10112 13 10014 1023i
gsh wgi2 NY Air Brake 1st cony 0s.1928 MN 101 Sale 101
8514
843± 87
8514
1
86
8512
A
F
48_1951
g
let
91% 97
N Y Doek 50-year
11612
8 1154 1168*
115 11614 N Y Edison let & ref 6 Ne A.1941 A 0 11578 118 11614
48 A 0 103% Bale 10358
874 9014
944
10414 13 10295 10438
First lien & ref 5e B g 5a 19
5 106 108
10738
107% 108 1073e
9812 105% N Y Gas El Lt & Pow
93% 11
9314 9344
108 10912
Purchase money gold 433_1949 F A 9312 93% 9314
101 July'26
9434 10014 NYLEAWCARR 5348_1942 MN 10114
jai; in);
10178 Mar'27
.1
102% 10278 NYLE&W Dock & Imp 5e1943
1 10012 1015±
101
1930F A 101 Sale 101
106 11212 NY&QEIL&Pletg 5e
6712 Dec,26 _ _
93
91
N Y Rye 1st R E & ref 48_1942 J J
_
62 Mar,27
103 10512
Certificates of deposit
7 Dec'26
512 15
113% 13814
30-year ad) lee 5e_,._Jan 1942 A 0
_ _511 - 1-1
512 Mar'27
9914 102
Certificates of deposit
1
2512 30)
2712 127
2512 Sale 2511
100% 102
NY Rye Corp Inc 6e_ __Jan 1965 Apr
8534
81
21
Sale
8318
8312
J
83
19662
A
series
101 12 10312
613
lien
Prior
10434 13 102 105
99% 103.2 N Y Richm Ofte let tis._ -1951 M N 10434 -- 10458
29
57 Sale 5614
57
5334 5914
10578 108
NY State Rye let cons 445_1962 MN
82
71
7538 Sale 75% 7614
10
1982 IsO N
120114 12214
let cons 6%4 series 13
11018 111% N Y Steam let 25-yr 68 ear A.I947 MN 10614 Sale 10554 10614 19 10514 107
60
100
9818 10012
9834 10014 NY Teiep let & gene f 434s-1939 MN 100 Sale 995
14 110 11188
11014
8212 87
30-year deben 5 f 64_ _Feb 1949 F A 11014 Sale 110
101 102
20-year refunding gold 88_1941 A 0 10834 Sale 10778 10812 32 107% 109
9714 98%
100
4
983
D
97%
Sale
4
983
101 102
19403
6s
1st
Rock
N Y Trap
10114 Sale 10014
10134 14 10014 10314
127 159
Niagara Falls Power let 5e 1932 J
10314 106
143 143
Jan 1932 A 0 104% 10514 10534 May'27
Ref & gen 6s
10214 12 10014 10234
94% 9912 Nlag Lock &0 pr let 5. A--1955 A 0 10214 Sale 10214
9514
90
925* 25
92% 9414 No Amer Cement deb 6344 A.1940 M S 9134 Sale 91%
9838 28
9514 9834
10234 10612 Nor Ohio Tme & Light fis_ _1947 II 13 98 Sale 97
Noen States Pow 25-yr 5s A _1941 A 0 101% Sale 10034 10134 37 100 101%
gm: 88%
10514
2 1044 105
let & ref 25-yr (is series 13_1941 A 0 10512 Sale 105
98 1005±
99 10012 Apr'27 ____
98
9312 95
North W T Ist fd g 4%4 gtd-1934 J
9514 98
11514 11 114 116
8838 90% Ohio Public Service 7345 A-1946 A 0 11538 11512 11538
1 11334 11514
101% 10334
1947 F A 11412 11434 11414 1144
lat & ref 7if series B
1 10514 107%
10718
98 10112 Ohio River Edison let 8s__ 19483 J 10618 10634 10718
90
4
911
913*
91
9112 95
9112 10112 Old Ben Coal 181 08
1944 F A
3 101 10212
102 103% Ontario Power N F let 54-1943 F A 10214 Sale 10134 10214
5 10034 10134
10112 10112
102 10234 Ontario Transmission 54
194510 N 10111s
97 10014 Otis Steel 1st M Osser A..._1941 M S 9512 Sale 95%
95% 35
9312 964
995 10178
10234 10412 Pacific Gaa & El gen & ref 55-1942 J
10112 Sale 10118
10178 23
10038 11
9934 10114
9634 9978 Pao Pow & Lt let&ref 20-yr 5e'30 F A 10038 Sale 100
100 103
3 10114 1027s
102 1021 10218
1021
1937 J
Pacific Tel & Tel let 55
98
38 10112 10314
1952 M N 102113 103 10212 103
9812
Ref mtge 5s series A
10312 10614 Pan-Amer PAT cony e f 68_1934 MN 10312 Sale 10318
98 1023* 10618
1031
10 10412 10514
10514
1936 F A 10518 10514 10518
lot lien cony 10.yr 78
92 100%
ioiTa
116
95
Pan-Am Pet Co(of Cal)eonv 6e'40 J D 9412 Sale 94
10014 10138 Paramount-Bway let 5)46_1951 J J 10312 Sale 99%
98 1004
10012 16
9314
- Park-Lex et leasehold 634s-- 1953 3
85
58
90
8978 Sale 9814
10214 10341
10314 Apr'27
Pat & Pinwale0& El eons 58.1949 M 8 10278
"iir2 793* Penn-Dixie Ceownt 68 A _ _ _ _1941 M S 10014 Sale 100 lOO'2 54 9914 101
75% 7914 PeopGas&C1stconsg6sl943A 0 113% Sale 11358 11358 35 1134 115
82%
79
10254 104 1013± 102%
103 Sale 102
1947 M
Refunding gold Se
9914 9914
9678 99
994 Apr'27
M S 9914 101
Registered
81% 90
10354 36 10314 10674
Philadelphia Co coil tr tte A..1944 F A 10312 Sale 1033±
51 1004 10414
6712 83
15-year oonv deb 5 Ns_ _1938 M 8 104 Sale 10314 104
9912 1024
95% 10278 Nitta & Reading C & I ref 54_1973 J J 10112 Sale 10112 102
9
9112 10714
97
28
9912 Pierce-Arrow Mot Car deb 881943 M El 9912 Sale 99
995
9912 10378
99% 103
10
101
Pierce 011 deb e f 8s_ _Dec 15 1931 J D 100 102 100%
9714 9878 Pillsbury Fl Mills 20-yr 6s_ _1943 A 0 10312 104 10312 1043±
4 10214 10518
99,2 100
1
10878 11214 Pleasant Val Coal 1st g is 58_1928 J
100
100 -__ 100
9115 9212
1
104314 11114 Poe-al:Con Collieries 1 et f 5519573 J
9112
9158 921 9112
4 103s 1054
10534
103 105% Port Arthur Can & Dk (18 A.1953 F A 105 10534 105
10438 105
10334 10534
10424 ---- 105 Mar'27
1953
let M fle series B
16 10014 102
101
10634 108,- Portland Elec Pow 1st
13_1947 MN 101 Sale 10034
98
1005$ 10138 10034 May'27 ____ 100 101
9978 Portland Gen Elec let 5&.1935 J
9414 97
1
9534
9534
99 10614 Portland RI let & ref 54_ _ _ _1930 MN 96% 97
2886
THE CHRONICLE
New York Bond Record-Concluded-Page 6
[vol.. 124.
Quotations of Sundry Securities
All bond prices are "and interest" except where marked
BONDS
N. T.STOCK EXCHANGE
Week Ended May 13.
Price
Friday,
May 13.
Portland Ry & P 110 ref 621.1942 FA
let lien & ref 6e series B___1947 MN
let & refund 734e series A_1946 M
Preened Steel Car cony g 6a_ _1933 .1
Prod & Ref s 18e(with war'te)'31 ID
Without warrants attached_ -- 'ID
Pub Serv Corp of NJ sec 81_1944 P A
Pub Serf Elec & Gas 1et53431959 AO
let & ref 51.4e
1984 AO
Punta Alegre Sugar deb 7s_1937 J J
Rand Rardex 534s (with wart)'31 .1
Without stock pur warrants.-Remington Arms Se
1937 MN
Repub 1 & B 10-30-yr 5881_1940 AO
Ref & gen 634s series A_ _1953 is
Rhelnelbe Union 7s with war 1948 J J
Without elk purch warls_1946 is
Rhine-Main-Danube 7e A _ 1950 MS
Rhine-Westphalia Elea Pow 787,0 MN
Rime Steel let of 7e
1955 FA
Robbins & Myers let al 76_1952 J D
Rochester Gas etc El 7e set B_1946 MS
Gen mtge 634s series C__ _1948 M S
Roth & Pitts C&Ipm 5a_ _1948 MN
Rogers-Brown Iron gen&ref 75'42 MN
Stamped
MN
St Jos Ry
& Pr 1st 5e____1937 M N
St Joseph Stk Yds let 4Sia__1930 J J
1111 L Rock Mt & P 58 stmpd_1955 J J
BS Paul City Cable cone 5e_ -1937 J J
Ban Antonio Pub Serv lst(le_1952 J J
Saxon Pub Wks(Germany) 7s'45 F A
Gen ref guar 6S4s
2951 MN
Sehulco Co guar 6A111
1946 5
Guar s f 63.4s Series B_ _ _ _1946 A 0
Sharon Steel Hoop let &fear A '41 M
Sheffield Farms
& ref 6Hs'42 A 0
Siemens & Halske s f
_ _1935 J J
St 634s allot ctfs 5% pd_ _1951 M S
Sierra & San Fran Power 55.1949 F A
Silesia Elec Corp e I 6 he_ _1946 F A
Sheehan-Am Exp col tr 7s__.1941 S' A
Simms Petrol 6% notes__ _1029 M N
Sinclair Cone Oil 15-year 75_1937 M 13
let l'n col tr 6e C with war_1927 J D
let lien 634a series B
1938 J D
Sinclair Crude Oil 3-yr fie A-1928 F A
Sinclair Pipe Line e 1 5e
1942A 0
Smith(AG)Corp let 6341_1933 MN
South Porto Rico Sugar 7s..1941 S D
South Bell Tel & Tel let s I 681941 is
Southern Colo Power 8s A..1947 J
!Tweet Bell Tel let & ref 58_ _1954 FA
Spring Val Water 1st g 5e
1943 MN
Standard Milling 1st 66
1930 MN
let & ref 555e
1945 M
Stand 011 of NJ deb 5s.Dec 15'46 FA
Stand 011 of N Y deb 430_1951 S D
Stevens Hotel let Se Hr A.__1945 S i
Bugs/ Estates (Oriente) 7e_1942 M
Superior Oil let 51 7e
1929 FA
BYracuse Lighting 15t g 56_ _ _1951 J D
Tenn Coal Iron & RR gun 58_1951 S i
Tenn Copp & Chem deb 6s_ _1041 AO
Tennessee Men Powlst 6a
1947 J D
Third Ave let ref 48
1960 is
Adj Inc Ife tax-ex N Y Jan 1960 AO
Third Ave Ry let g fs
1937 S i
Tobo Elec Pow let Te
1955 MS
6% gold notes _-__July 15 1929 S i
Tokyo Elea Light 6% notee_1928 P A
Toledo Edison let 7s
1941 MS
Toledo Tr L & P654% notes 1930 ii
Trenton G& El let g 5a._ _1949 MS
Trumbull Steel let e 1 Gs__ _1940 MN
Twenty-third St Ry ref 5e__ A962• 5
Tyrol Hydro-Elee Pow 754e-1955 MN
t7jigaws El Pow a f 75
1945 M
enderilr'd of London 43-0_ _1933 is
Income 138
1948
Union Elea Lt & Pr(Mo)55_1932 MS
Ref & ext 56
1933 MN
Un E L&P(111)1stg 5SO eer A1954'IS
Union Elev Ry(Chic)58- _1945 AO
Union Oil let lien elSe
1931 is
80-yr es series A
May 1942 P A
let Hen s f 5e series C Feb _1935 AO
United Drug 20-yr(Se_Oct 15 1944 AO
United Fuel Gas lets f 8s___1936 • J
United Rye St L let g Se.
1934 Si
United SS Co 15-yr Ss
1937
N
United Steel Wks(Germany)78'51 A0
United Stores Realty 20-yr Se '42 AO
US Rubber let & ref baser A 1947 .1 .1
Registered
is
10-yr 754% secured notes-1930 P A
13 13 Steel Corpfcoupon Apr 1963 MN
Sf 10-60-yr 5elregist„ Apr 1963 MN
Universal Pipe & Red 6E1_1936 3D
Utah Lt& Trac 1st & ref 6,1__1944 AO
Utah Power & Lt let 5e
1944 FA
Utica Elea & P let 54
1950 ii
Utica Goa & Elea ref & eat 581957 S i
Vertientea Sugar 1st ref 78_1942 ▪ D
Victor Fuel let f 58
1953 S i
V alron Coal& Coke let g fs 1949 MS
Vs Ry Pow 1st & ref 56
1934 S i
Walworth deb 6558(with war)'35 A0
let sink fund Miseries A_ --1945 A0
Warner Sugar Rein let 78_1941 J O
Warner Sugar Corp let 7s-- _1939 J
Wash Water Power s f 59.._ _1939 ▪ J
Wenches Ltg g 5e etnipd gtd 1950 S D
Wait Ky Coal let 7e
N
1944
Walt Pean Power set A 5s1948 MB
M
let 635e series F
1953 A0
lstsec6seerieeO
1956 J D
1950 is
West Va C C 1st 68
1944 AO
Western Electric deb fsi
Western Union coll tr our 68_1938 is
Fund & real est g 434e_ _ -1950 MN
1938 P A
15-Year 8 Sia g
1951 J O
25-year gold 55
WorhouseE & M 20-yr g 58_1946 MS
Westphalia Un El Pow 6545.1950 S D
Wheeling Steel Corp let 53451948 J
White Sew Mach 8a(with war)'38• J
Wickwire Spell STI let 7e.....1935 is
Wickwire Sp St'l Co 7s Jan 1935 MN
Willy.-Overland at 6Si a_ _1933 M S
Wilson & Co 1st 25-yr s f 86_1941 AO
1941 AO
Winchester Arms 71.4'
Tounrn Sheet & T 20-yr 68.1943
Week's
Range or
Last Sale
g
re;
Range
Since
Jan, 1.
Mob No.
Bid
Ask Low
954 Sale 95
9514 33
101 Sale 1007
23
101
6
10714 ____ 10714
10712
3
31
95 Sale 9518
06
113
____ 11118 Apr'27 - 111
____ 11034 May'27 -10614 Sale 106
10614 43
105 10514 105
12
105
1051 Sale 105
1054
8
108 Sale 10712 108
13
180
1
____ 190
190
102 Sale 10178
35
102
19
98
978 Sale 9712
10214 Sale 10214
10238
5
10118 Sale 10118
10214 29
11834 Sale 1224 12312 22
10114 Sale 10058
101
85
103 Sale 10234 10314
7
103 Sale 10258 1034 21
975 Sale 9613
27
975
60 Sale 60
1
60
1
11112 Sale 11112 11112
10514 ____ 106
106
6
9013 92
9213 Jan'27
3712 Sale 3712
3712
1
20
35
38
Apr'27
Low
High
91% 9618
10013 102
10612 108
9412 973s
11118 11118
110 11112
103/4 10612
10434 106
104 10598
107 11112
10212 19018
100 102
9518 98
10018 10312
98% 10214
11811 12634
99% 10412
102 10412
1014 105
93% 98
5912 65
111 11214
105 10614
9212 9212
3713 4978
3534 50
07
9734 97
2
9718
9734 Sale 9734
4
9734
79
7978 794 May'27
_
954 9534 9634 May'27 -- -10612 ____ 106
10613 10
10238 Sale 1024
10234 42
988 Sale 98
99
151
101 Sale 10012 1013
77
100 Sale 10014
10138 17
10838 109 1085s
10834
6
10838 Sale 108
10838
3
1025 Sale 10238
10338
6
104 Sale 104
10513 108
9934 Sale 9938
99% 31
96 Sale 9534
9614 76
9913 Sale 9812 100
76
99 Sale 99
10014 14
10012 114
998 Sale 9934
9978 Sale ! 9934
9978 82
9714 160
968 Sale I 9612
100 Sale 100
10018 67
9212 Sale I 9213
43
93
10134 Sale 10134 102
11
10834 Sale 10838
109
17
10338 Sale 10338
10334
3
104 10414 104
10414 40
10414 Sale 104
10413 34
9914 ____ 10038 Apr'27 _ _
101 Sale 10014
26
101
10238 10314 10234 10234
2
10218 Sale 102
10214 224
9514 Sale 9514
9512 85
10098 Sale 10014
101
27
100 Sale 100
10013
5
10014 10034 10014 Apr'27 20
1037 ____ 10334 Apr'27 15
104 Sale 10334
104
3
9812 Sale 9813 10012 24
10612 Sale 1063
10714 19
69 Sale 6834
71
226
6212 401
61 Sale 6038
9934 15
9934 Sale 99
9858 41
97 Sale 98
9634 Sale 9638
978 41
9814 Sale 9814
9812 46
10814 25
10818 10878 108
10014 25
100 Sale 997
10238 ____ 10238 Apr'27 _ _ _
10012 Sale 9934
100
19
_ 6634 66% May'27
101 10114 101
10112
7
95% 9712
9734 97%
• 7558 8114
9514 964
10511 107%
101 104
97% 9913
99% 10112
98 101%
1074 10912
107 10814
102% 10338
104% 106
95 100
9514 9814
9812 1014
99 105
9714 102,
4
9918 10214
9214 10238
99% 1014
9112 9538
101% 10234
107 10914
10212 104
10018 10412
102% 10412
9812 10018
100 102
101% 10334
10134 10234
9518 96
99 101
9812 1004
9934 10214
10234 10334
103 10538
9812 10114
10518 10712
71
63
5612 6212
9534
97
94% 9934
95
9914
98
9912
107114 1084
9834 10014
102% 102%
9712 10114
66% 5712
99 10214
98 Sale
95% 974
9714 ____
102 Sale
10134 10214
10212 10314
8.5
83
10113 ___
10734 108
9822 99
1074 Sale
105 Sale
7914 8014
9512 Sale
10112 Sale
10514 Sale
94 Sale
9512 100
9534 95
96% 96%
10114 10212
10114 10234
10114 105
844
81
10111 102
1074 109
97% 9978
10612 10812
10212 105
78
81
90
9712
101 10214
103% 1054
94
96%
9138 94%
10354 10614
10812 10812
10534 108
8714 90
9398 95%
97% 9934
98
9878 13
9534 Mar'27
967 Mar'27 _ _
102
11
102
102 May'27
10212 10234
4
8334 Apr'27
102 May'27
10734
1
10734
9812
99 I 62
1074
108
17
105
17
105
Apr'27
81
9634 49
9513
10113 10178 11
10518
10514 23
94
9638 152
94% Feb'27
10578 Sale 10534
10618 33
10734 Sale 10734
10812 147
108
5
108
8934 Sale 8912
8978 49
9514 Sale 947
9538 52
984 Sale 984
9914 33
102%_
102% Oct'27
_
10313 104-12 10313
10312
1
10038 Sale 100
10012 28
5714 80
5714 Apr'27
_
_
948 ____ 95 May'27
9934 Sale 9914
9934
16
964
9538 9612 9538
7
954 Sale 95
9534 27
107 10714 1067e
107
22
9314 94
9312
94
6
103
____ 103
Apr'27
_
10238
103
1
103
10134 10.214 10238
10238
1
10134 Sale 10112 012
7
10234 10314 10212 10213
1
105 Sale 105
10514
3
10214
10218
10238 38
78 Sale 78
79
16
10238 Sale 1028
103
104
10258 Sale 10238
103
9
9812 9912 9811
99
11
11213 Sale 11138
11212 17
103 Sale 10212 103
97
10234 Sale 10212 1027o 57
97
9738 9634
9738 15
9914 Sale 99
9912 40
10714 Sale 10678
10713 99
44
48
4112
41
4
3812
42
3838 41
39
10214 Sale 10214
10213 29
10038 Sale 100
10034 76
1047 Sale 106
106
20
106 Sale 10458
105
86
5
10.3-3-4
9834 101
5614 5712
94% 95
9852 100
92
9612
9314 97
9172 10711
781s 9814
1024 103
10238 10313
10112 10258
1004 10214
10014 10312
10412 105%
100 102%
78
80
10112 103
10112 10514
9712 100
11114 11213
101 10314
101 10314
9814 9912
9614 100
9714 10814
40
58
35
52
10114 10372
974 1027s
10412 1061:
10354 105
Standard Oil Stocks Par
Ask,
Per Cf. Basis
Public Utilities
Angio-Amer Oil votstock_El *1038 20
American Gas & Electric-1 *8414 8412
Non-voting stock
El *1834 1914
*10012 10112
8% Preferred
Atlantic Refining
100 11012 111
Deb 68 2014
MAN 105 10512
Preferred
100 116 117 Amer Light & Tree com_100 246 247
Dome Scrymser Co new __ _ *50
52
Preferred
100 115 120
Buckeye Pipe Line Co_ - -50 *5212 54 Amer Pow & Light prel 100 10114 1014
Chesebrough Mfg Cons__25 *93
94
Deb Se 2016
Marti; 104 10414
Continental 011 v t a
10 •517% 18 Amer Public Utilcorn__100 58
CumberlandPipeLlne___100 91
93
7% prior preferred__ __100 92 -94 Eureka Pipe Line Co_ __ _100 5012 52
Pattie preferred
100 8712 8834
Galena Signal 011 com___100
814 10 Associated Mee 554s'46A&O 9834 8914
Preferred old
52 Associated Gas & Elea com.t
100 45
174 1812
Preferre•I new
42
100 36
Original preferred
1752
54
Humble 011 & Refining_ _ _25 *5698 57
93
$6 preferred
*91
Illinois Pipe Line
100 313912 141
5634 preferred
*9711 100
Imperial 011
*4413 444
*101 104
57 preferred
Indiana Pipe Line Co__ _50 *6712 68 Blackstone Val Cl&E com _50 149 151
International Petroleum_ --t *3018 3014 Com'w*Ith Pr Corp pref _100 9712 98
National Transit Co. 12.50 *1612 1634 Elea Bond & Share pref _100 10814 10914
New York Transit Co ___100 3212 33 Elect Bond & Share Becur-t *7112 724
Northern Pipe Line Co..100 78
80 Lehigh Power Securities_t 19
1914
Ohio Oil
25 5534 56 Mississippi Riv Pow pre1.100 101
Penn Mex Fuel Co
17
25 *16
First mtge 58 1951_ _ _Jdr./ 10112 1-021-2
Prairie Oil & Gas new___ _25 *47% 4818
Deb 59 1947
M&N 9512 9712
Prairie Pipe Line new.
__JOB 163 16312 National Pow & Light prof _t *10612 107
Solar Refining
100 184 188 North States Pow com_ -100 116 11614
Southern Pipe Line Co-50 •1614 1712
100 10412 10512
Preferred
South Penn Oil
25 *3512 3534 Nor Texas Elect Co com_100 30
32
Southwest Pa Pipe L1nee.100 •65
72
68
100 70
Preferred
Standard 011 (Californta)--t *55
5514 Ohio Pub Serv, 7% Pref-100 1061z 10712
Standard 011 (Indiana)25 *56718 6738 Pacific Gas& El let pref._25 52512 25%
Standard Oil (Kansas)_ -25 *1634 1718 Power Securities corn
10
Standard Oil (Kentucky).25 •I1314 11412
34
•30
Second preferred
Standard 011(Neb)
93
4634
25 •46
Coll trust Se 1049_ __J&D •92
Standard 01101 New Jer_25 *37
91
3714
Incomes June 1949__F&A •88
Standard Oil of New York.25 *3034 30% Puget Sound Pow & Lt..-100 3213 3312
Standard 011(Ohio)
89
100 310 320
100 87
6% preferred
New
25 7812 80
100 107 109
7% preferred
Preferred
100 118 119
let & ref 5345 1949_ _J&D 10034 10134
Swan & Finch
100 1512 1612 South Cal Edison 8% pf _ -25 *35
Union Tank Car Co
2
100 106 108 Stand 43 & E 7% Pr 01-100 10834 f661Vacuum 011
25 *11118 11134 Tenn Elea Power let prof 7% 10612 107
Washington Oil
10
Toledo Edison 7% pref_-100 10712 10814
100 116 118
8% preferred
Other 011 Stocks
Western Pow Corp pref _100 10012 102
*1
Atlantic Lobos 011
118 Chic it Stk Ld Bk Bonds
Preferred
101
ao *213 312 5345 Nov 1 1951 opt 1931__
Gulf 011
100
26 •891.3 91 56 Nov 1 1951 opt 1931_
Mountain Producers
10 *2418 2414 56 May 1 1952 opt 1932_
100
National Fuel Gas
99
100 252 258 4445 Nov 1 1952 opt 1932__
New w I
*2514 2534 434e Nov 1 1952 out 193299
Salt Creek Consol 011_10 *638 612 412s May 1 1963 opt 193399
Salt.Creek Producers_ _10 2812 2834 58 Nov 1 1963 opt 1933__
100
98
434e Nov 1 1984 opt 1934_ _
Railroad Equipments
98
434s Oct I 1965 opt 1935..
Atlantic Coast Line fie
5.00 4.85 PatCoast of Portland,OreEquipment634e
4.65 4.62
Se 1955 opt 1935-M&N 10114 103
Baltimore & Ohio 8e
5.00 4.90
55 1954 opt 1934.__M&N 10118 10252
Equipment 454e & &L.._ - 4.60 4.50
Sugar Stocks
Buff Koch & Pitts equip (ki
4.85 4.70 Caracas Sugar
3
50
Canadian Pacific 434e & 6a. 4.70 4.50 Cent Aguirre Sugar com_ _20 *108 109
Central RR of N 6e
5.00 4.85 Fajardo Sugar
100 *153 154
Chesapeake & Ohio tie
4.90 4.80 Federal Sugar Ref eom__100 30
40
Equipment6548
4.70 4.60
100 50
75
Preferred
Equipment5s
4.60 4.50 Godchaux Sugars,Ins
3
*1
Chicago Burl & Quincy 6e__ 5.00 4.90
100 17
Preferred
22
Chicago & North West Se_ 5.00 4.90 Holly Sugar Corp com____1 •33
35
EquipmentS Xs
4.75 4.65
100 80
Preferred
83
Chic it h& Pao 410& 53.-. 4.80 4.65 National Sugar Reflning_100 142 144
Equipment Os
5.05 4.95 New N1quero Sugar
100 65
70
Colorado & Southern
5.10 5.00 Santa Cecilia Sug Corp pf100
Delaware & Hudson Os__ _
5.00 4.90 Savannah Sugar corn
•iii- 140
Erie 434e & 58
5.00 4.75
100 .117 120
Preferred
Equipment 6s
5.25 5.10 Sugar Estates Oriente 01_100 76
79
Great Northern 68
5.00 4.90 Vertlentes Sugar pf
100 60
70
Equipment 58
4.65 4.53
Tobacco Stocks
Hocking Valley 55
4.65 4.55 American Cigar corn....l00 114 119
Equipment65
5.00 4.90
Preferred
100 100
Illinois Central 43.2e &
4.55 4.45 British-Amer Tobaa ordEl *25
26
Equipment ffs
5.00 4.85
Bearer
El *2414 2512
Equipment 7s& 654s
4.70 4.60 Imperial Tob 01 GB & Irel'd *2413 28
Kanawha & Michigan 68._. 5.20 5.00 Int Cigar Machinery New 100 *46
49
Kansas City Southern 15)48
5.10 4.85 Johnson Tin Foil & Met_100 60
75
Louisville & Nashville 612_
5.00 4.90 MacAndrews & Forbes__100 4112 43
Equipment6 SI
4.69 4.60
Preferred
100 102
Michigan Central 56 & Se_
4.95 4.75 Mengel Co
100 29
MinnSt P&SSA1 454s& 58 5.10 4.85 Universal Leaf Tob com _ _ t *42
44
Equipment 6345 & 73-- 5.10 4.80
Preferred •
100 105 107
Missouri Pacific 65 & 634e_ _ 4.90 4.75 Young (5
Co
100 104 110
Mobile & Ohio 55
4.75 4.60
Preferred
100 107 112
New York Central 4548 & 58 4.56 4.45 Rubb Stks (Cleve's! quotas')
Equipment88
4.85 4.75 Falls Rubber corn
*4
Equipment75
4.70 4.65
Preferred
25 *8
15
Norfolk & Western 4
4.55 4.45 Firestone Tlre & Rub com.10 129 132
Northern Pacific 7e
4.80 4.75
6% preferred
100 10512
Pacific Fruit Express 72_-- - 4.70 4.65
7% preferred
100 101 102
Pennsylvania RR eq 55 & Sc 4.95 4.50 General Tire & Rub COM_ _25
150
Plash & Lake Erie 5348W. 4.75 4.65
Preferred
100
11012
Equipment65
5.00 4.80 Goody'r R & R of Can p1,100
Reading Co 4 Me & 511
4.50 4.40 India Tire & Rubber new__ t
27
St Louis & Ban Francisco 58. 4.75 4.60 Mason Tire & Rubber com_t
238 234
Seaboard Air Line 6548 & da 5.15 4.91)
Preferred
100 22
25
Southern Pacific Co 434e--. 4.50 4.40 Miller Rubber preferred..100 *10112 10212
Equipment75
4.65 4.62 Mohawk Rubber
100
16
Southern Ry 4548 & 55
4.65 4.55
Preferred
100
45
Equipment68
5.00 4.90 Selberling Tire & Rubber_ t
24
Toledo ,k Ohio Central 6e5.05 4.90
Preferred
100 99
Union Pacific 75
Water Bonds.
4.65 4.62
Arkan Wat let Se'58 A.A&O 9434 9514
Short Term Securities
Birm WW let5li&L'54.Ade0 103 104
Anaconda Cop M11368'29J&J 10218 10238
let M Se 1954 ser
991 100
Chic RI & Pao 5e 1929_550 10034 101
Butler Wat Co e f 56'27.5&J
M&S 10034 101
5% notes 1929
5e Sept 2 1931_ _M&S 1 981 98
412% notes 1928_ _ _J&D 99% 10012 CityW(Chatt)5149'54A SAD 10314 10412
Federal Bug Ref Se'33.MAN 87
let M 5e 1954
90
-TAD 99 100
Missouri Pacific 58'27_ _J&J 100 10014 City of New Castle Water
Sloss-Shen S & I 80'29-F&A 10214 103
58 Dec 2 1941____5&D 1 93 95
Clinton WW let 542'39_F&A 95
Indus. & Miscellaneous
Com'w'th Wat lets YisA '47 103 104
American Hardware
80 Connellsv W 5sOct2'39A&O
25 •78
9312
92
Babcock & Wilcox
100 118 120 E51 L & lot Wat Si'42.J&J 98
97
Blies(E W)Co
24
•22
1st M fle 1942
J&J 103 104
Preferred
Huntington 1st 811'54_ _111,413 104
50 .58
Borden Company cora. .50 *108 110
55
1954 961 9712
Celluloid Company
23 Mid States WW 68'38 MAN 100
100 21
Preferred
72
100 70
MonmConW 1st 58'56AJ&D 9412 "iii
Childs Company pref. _100 120 122 Mown Val Wt 534s 50 J&J 10012 10034
Hercules Powder
100 188 198 Muncie WW iSa Oct 2'39 A01 95
Preferred
100 114 117 StJoseph Water 5e 1941A&O 974
Internat Silver 7% pref .100 116
Shenango ValWet 58 56A&0 9419
Lehigh Valley Coal Sales_50 •96 "ii" So PItte Wat let 581900 &kJ 97 98
Phelps Dodge Corp
100 115 120
let M 5e 1955
FAA 98 99
Royal Baking Pow com_100 189 192 Ter H WW 65 '49 A J&D 102
Preferred
let M 6.2 1956 ser B__F&A 95
100 101 103
Binger Manufacturing..100 373 376
Wichita Wat let 8s'49.M&S 103
Singer Mfg Ltd
•
let M 55 1958 aer B__F&A 95
•Per share. t No par value. S Basle d Purchaser also pays accrued dividend.
r New stock. f Flat price. k Last sale. is Nominal. z Ex-dividend. y Ex-rights.
Canadian quotation.
Sale price.
BOSTON STOCK EXCHANGE-Stock Record s..
Brre
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 7.
Monday,
May 9.
Tuesday,
May 10.
Wednesday, Thursday,
May 12.
May 11.
Friday,
May 13.
Sales
for
the
Week.
STOCKS
2887
Page"
Range Since Jan. 1.
BOSTON S COCK
EXCHANGE
Lowest
Highest
Range for Preotous
Year 1926
Lowest
Highest
Railroads.
Shares
100 171 Jan 7 185 Apr 27 169 Jan 17512 Dee
--------69 Boston & Albany
180 180
182 182 *17812_ *17812 182
182 182
100 81 May 10 94 Jan 16
171 Boston Elevated
77 May 8512 July
/
4 8158 8112 8112 8114 8112
81 -8112 811
82
82
82
82
100 9812 Apr 27 102 Mar 22
Preferred
89 Feb 103 Dee
------------70
10012
10012
*10012
__-*10012
*9934 10012
100 100
100 109 Mar 30 130 May 13 11211 Dec 122
Jan
27 1st preferred
___ 130 130
*116
___ *115 116 *116
116 116 *115
100 101 Jan 20 10712 Feb 28
9812 Jan 112 Jan
--------196 26 preferred
10414 10414 *10414 10412 105 10512 *105 10512 10414 105
100
6118
Mar
7
64
May
13
Boston
&
Maine
7.110
35
Mar
5812
July
63
63
6112
6112
64
6212
6034 6214 6134 62
61
60
100 56 Jan 22 65 Apr 26
Preferred
32 Apr 6112 Dee
_ _
_ ____ ____ ___
_
_ _ _
69
*66
pref
100 76/
1
4 Jan 15 86 Feb 6
59 Apr 86 Dee
86
;ii 16. ii -81 *iii4 -t; --------380 Series A let
iii 85 86 135
100 125 Jan 8 139 May 3
84 Apr 130 Deo
143 Series B hat pref
125 125
127 127
130 130
*120 135
125 135 *120
100 104 Feb 15 115 May 10
74 Apr 110 Sept
112 115
515 Series C let pref
108 110
115 115
110 110
*103 ____ *110 115
100 155 Jan 15 165 Apr 21 105 Jan 165 Deo
162 162
177 Series D let pref
157 160
__ 160 160
*155__ *160 165 *140
10412May 6 111 Apr 25
94 Apr 10712 Dee
--------110 111
153 Prior preferred
110 110
110 110
110 1-10 *109 110
100 196 Jan 18 205 Mar 30 217512 Mar 20712 Dee
20 Boston & Providence
198 198
*196 198 *196 198 *196 197 *196 197 *196 197
28
Jan
Oct 61
105 East Mass Street Ry Co__ 100 2.5 Feb 4 30 Feb 26
30
28
28
28
28
28
28
*28
*2814 30
30
*28
Jan
100 64 Feb 8 71 Jan 11
5911 Apr 71
let preferred
*64
65
*64
65
___.
__ ____ -*64
65
65
*64
65
*64
Mar
14
67
60
Jan
5
May
69
Jan
100
56
25
61
61
Preferred
B
-*6112
62
62
62
*61
61.12
*6112
*61
62
*61
100 42 Apr 1 4814 Jan 4
40
Apr 494 Jan
4312 --------355 Adjustment
4312 4318 4318 4312 4312 *43
4314 *43
45
100 4712 Jan 13 74 Mar 29
49 Sept 60 Feb
541 Maine Central
7012 7014 7012 7014 7012 70
70/
1
4
7012 7012 70
100 4118 Jan 6 5834 Feb 16
31/
1
4 Mar 48/
4818 4918
791 N Y N H & Hartford
4934 49
1
4 July
4934 4814 49
1
4 5018 49
1
4 49/
49313 49/
81
Apr 984 Dec
*10012 ____ *10012 ____ 10012 ---- 10012 ___ - *10012 ---- ---- ---- ______ Northern New Hampethire_100 9212 Jan 13 10114 Mar 9
4
140
Feb
16
120 Apr 132 Dec
10 Norwich & Worcester pref_100 127 Jan
140 140 *140 ____
__ ____
__
*138 140 *138 140
100 122 Jan 4 133 May 10 111
Jan 125 Sept
43 Old Colony
31
_ _ *140-*131 I35
131 1_ _ 131 133 *131
*131 134 *132
9934 Mar 107 Dee
25 Vermont & Massachusetts-100 107 Jan 6 116 Jan 31
____ ____
112 112
-- *111 113 0111 113
*111 114 *112 113
Miscellaneous.
418 Mar 1
2 Nov
5 Jan
214 Jar 3
255 Amer Pneumatic Service-25
318 318
1
4
318 3/
3
3
318 318 *318 338
*314 312
18 Dec 2414 June
60 1512 Jan 12 21 Mar 17
--------179 Preferred
19
1812 19
1812 1812 *1812 1912 19
1812 19
8 16412 16514 1,453 Amer Telephone & Teleg-100 1494 Jan 3 172 Apr 7 13912 June 15034 Feb
16434 16514 16434 16512 16434 16512 16518 16614 16434 165,
4812 July 71
No par 48 Jan 17 70 Mar 14
Jan
870 Amoskeag Mfg
62
61
61
61
6234 6112 6212 62
6114 63
64
63
7212 Nov 78 Feb
No par 7358 Jan 10 85 Mar 7
Preferred
__ _ ___
____
*80
85
*80
85
*80
85
85
*80
8
*80
Jan
25
4178
Ma
r
30
4
A___..
363
1,226
Assoc
Gas
At
Elec
class
/
1
4
4034
40
/
1
4
40
3
4
40
4
40
/
1
4
403
4
405
8
40
/
1
4
403
40
/
1
4
*4012 4034
4 Jan
64 Jan 19 59 Feb 10 -624 -Apr 133____ ____ ______ Atlas Plywood tr ratio
56
*55
56
*55
56
*55
56
*55
56
*55
814 Oct 174 Jan
No par
8 Jan 22 12 Apr 7
____ ____ ______ Atlas Tack Corp
*1014 12 *___ 12 *____ 12
* _ _ 12 0_ _ _ _ 12
2012
Jan
3
1418
Apr
5
May
_
153
4
2012
Jan
°Ns_
_
Co
corn
tr
____
__
___
Beacon
Oil
1712
*____
17
_-*____
1712*_
1712
174 *____
•
74 Nov 9812 Jan
*83
84
_84
316 Bbgelow-Hartf Carpet No par 77 Feb 17 8612 Jan 7
83
84
83
84
84
85
8412 85
*83
114May 2
5 Jan 3
T
C
___
class
A
Colduk
Corp.,
1
*.50
1
0.50
1
0.50
1
0.50
1
0.50
804 --------380 Dominion Stores. Ltd__No par 67 Jan 28 84 Apr 22 isi May -71- -Dm
8112 82
80
82
80
81
82
82
82
112 Dec
312 Jan
334 Feb 3
112 Jan 26
10
_ ____ _ East Boston Land
2
____
*134
0134 2
*134 2
*134 2
*134 2
312 Mar
734 Mar 17
'7/
1
4 Oot
312 Jan 11
5
70 Eastern Manufacturing
*5
6
_-6
*5
6
*5
514li
54r
512 534 *534 6
44 Nov 8812 Jan
25 45 Jan 4 70 May 6
2,550 Eastern SS Lines, Ins
74
74
74
72
71
73
73
72
72
70
70
70
34 Nov 45
Jan
--------773 Preferred
No par 35 Feb 15 43 May 10
43
43
43
42
42
43
43
4112 4178 42
9014 Oct 991z Jan
100 8784 Feb 17 0812May 9
--------255 let preferred
07
9612 6812 *9612 98
*06
97
97
97
97
14 Nov 26 Feb
12 Feb 3 1434 Jan 18
Economy Grocery Stores
12
12 •
12 *
*1134 12 *
+1134 12
Jan 250 Feb
100 217 Feb 18 259 May 13 2207
1,277 Edison Electric Ilium
25712 259
252 253
252 25212 252 253
252 25212 251 252
27 Apr 26 2934 Jan 26
--------705 Federal Water Serv corn
28
28
28
28
284 28
28
2812 28
28
Apr
20
30
Jan
31
June
1
4
-27 -001
2212
Eleo__100
Galveston-Houston
--------100
__ *2318 25
*2318_ *2318 _ __ *2318
24
24
Jan
11 Dec 17
/
4 *1314 -1414 *1314 1414 *1314 1414 *1314 1414 ____ ____ ___ ___ General Pub Sera Corp corn- 1114 Jan 11 14 Feb 3
*1314 141
Feb
2112
Jan
4
pref
19
Cred
&
Inv
let
__
272
Germ
1912
19
19
1918
1918
*19
*1918 1912
20
*19
3414 Apr 4058 Jam
No par 354 Apr 29 38 Mar 15
830 Gilchrist Co
3514 3534 ____-.
3414 35
3534 3534 3512 3534 3512 3578 *3512 36
8812 Mar 1134 Feb
No par 8412 Mar 22 9514 Jan 11
658 Gillette Safety Razor
88
8814 8812 8814 8834
8812 88
88
83
8778 8812 88
10 May 14 Sepi
25 1018 Apr 5 1212 Mar 2
*10 1230Greenfield Tap & Die
12
*10
12
1014 1014 *10
12
*10
12 Jan 17 13 Mar 14
368 Hathaway Baking corn
1234 12
1-2
1234 012
1234 *12
12
*12
12
12
12
par
36
Jan
3
45
14 -Dec -684 -Feb
May
5
47
No
Rubber
Hood
41
2,276
41
41
4012
42
40
41
41
411
/
4
4114
41
3934
15 Kidder,Peab Amen A pref_100 94 Apr 25 9512 Feb 3 x93 Apr 96 July
9412 9412 *9414 - -- *9414- -- --r, - _.*9414 _
09414 _ _
612 Aug
1034 Dec
104 Jan 6
914 Mar 2
32 Libby. McNeill & Libby ___ _10
*938 1-0
*9/
1
4 10
9/
*938 10
1
4 -07s
5958 1-0
*958 1-0
10 Jan 18
6 July 1218 Jam
25
6 Jan
- -638 638 *612 634 *612 634
64 64
80 Apr 9412 No
1,137 Massachusetts Gas Coe_100 84 Mar 25 9212May 11
9212 ----9112 92
9012 92
9114 9212 92
90/
1
4 -9612 9012 91
1
4 Feb
65 Jan 70/
75 Jan 25
100 70 Jan
--------190 Preferred
74
7314 74
74
7414 74
7414 74
7334 74
146 Mergenthaler lAnotype_No par 108 Feb 18 112 Jan 21 1104 June 5110 May
111 11114 111 111 *111 11114 11114 11114
110 110
110 110
Jam
89 Apr 96
10 Miss Rh,Pow stpd prat__ _100 95 Jan 22 101 May 11
*101
_ _ 101 101 *101
*101
_
*101
_
412 Jaz
1
4 Jan 20
2 Aug
10
214 Mar 24
4/
305 National Leather
2/
1
4 -2-58
212 -212
212 234
212 13-4
212 112
*212 234
Feb
14
3118
Jan
Apr
16
154
2912
2312
Jul,
5
30
3014 3,970 Nelson (Herman) Corp
2834 2834 2838 2834 29
297s 2912 30
*2834 29
Jan .95 Api
-------------------------- -------100 New Eng Oil Ref Co tr Ws__ .20 Feb 1 .25 May 7 .20
.25 .25 0_ _ _ _
5 Mar 30
3 July 1012 Jas
312 Jan 11
100
Preferred tr ctfe
4
_
_ ____ __
4 *_
4 *_ _
4 *_ _
•_ _
4 0_
98 Apr 18
91 Jan 1
97 New England Pub Serv 67 pre
0-i -if
67 97 9"ii2 9712 *6i ____ 64 96 66i2 97 --------54
974 Jan 26 103 Mar 18 -95 Septfof &iv
Prior preferred
102 10212
102 102
*10134 103
1011
/
4 10134 *10134 1-03
314 Feb 23 .50 Dec
8 Fet
134 ____ ____ ______ New Eng South Mille_No pa .75 Apr 14
134 *1
134 *1
134 *1
*1
134 *1
878 Feb 2,1
2 Dec 28
Jal
2 Apr 1
100
4
--------150 Preferred
*312 5
412 412 '"' 4
412 5
412 412
798 New Eng Telep & Teleg_100 11512 Jan 4 130 Mar 22 11078 Apr 11834 Fel
1264 127
128 128
126 12614 12614 12634 12614 12612 12612 127
Feb
29
96
Fel
5
95
89
Feb
Jan
paid__
90
lull
pf
--------125 No Amer Utll let
93
94
__
*9112
_ *9112*9112
__ *9112
14/
1
4 Dec 27 Tel
40 Jan 6 4612 Feb 23
5 1st pref 50% paid
____
*45
46
*45 -i6
*45 -4-6
*45 16
45 -45
3512 July 55 Jar
100 35'S Mar 28 4312 Jan 7
41
4012 41
4014 4114 1,030 Pacific Mille
4112 40/
1
4 4138 41
404 4134 41
5
42
5
8
Jan
3
40
Mar 6814 Jai
Feb
20
30
2918 291s --------230 Plant (Thoe 0), let pref-100
*28
29
30
30
2718 271s *27
15 Feb 174 AU1
10 15 Mar 17 1612 Feb 10
175 Reece Button Hole
•1514 1558 1514 1558 1512 1512 1512 1512 1553 1558 -------11
118
Dec
2 Noi
4
158
Jan
Mar
1
10
Machine
Folding
50 Reece
112 ____
135 *138
112 *Ds
138 138 *Vs
*138 112
98 May 110 An'
565 Swed-Amer Inv part pref-100 10512 Jan 5 119 May 9
1.
17.7.
8
115 115
117 119
117 11834 118 118
1175* 11778 11778 .
Feb 24 111
Apr 11814 Do
120
3
115
Jan
100
Co
Swift
&
481
11512 11612 11714 11714 118 119
11512 116
11512 116
11512 116
54 Mar 72 Say
25 66 Jan 3 7014 Feb 23
--------50 Torrington Co
68
*68
69
68
69
068
7014 *68
7014 *68
9/
1
4 Jan 31
4 Mar 3
7
64 6/
64 614 3,555 Tower Manufacturing_
6
1
4
*434 5
5
614
64 61
Mar
22
4
1812
Jan
161
/
4
Shoe
Co
''
C
1734 --------130 Traveller
01858 1712 17
17
*17
1712 1712 1712 *17
7 Jan 1511 Tel
5 11 Jan 4 1412 Jan 24
--------10 Union Twist Drill
*1012 11
12
11
II
12
*11
12
*11
*11
47 Mar 534 AM11
25 50 Jan 3 58121May 12
58
58
5,169 United Shoe Mach Corp
5634 57
5678 5738 5718 581
55
5512 5538 .57
Apr
7
28
Jan 30 Jun,
29
/
1
4
Jan
3
28
25
Preferred
29
29
881
29
29
29
291
/
4 29
2918 2938 2914 2912 29
82 Nov 135 Tel
87
2,321 U S & Foreign See let pref I pd 83 May 3 89 Jan 3
8678 86
1
4 86
84
84
8412 88
84
37
35
86/
82
Feb
4
60
Apr
30
May
90 AD
74
paid
pref
75%
let
73
7712 79
79
79
586
*73
74
7312 77
78
78
77
518 Jan 26 11 Apr 30
*5/
1
4 6
*518 6
*51s 6
054 6
*51
/
4 8
---- _ - _ -- _ Venezuela Holding Corp
17 Jan -2234 Oti
2218 2134 22
2112 -2-22218 2218 22
2214 2214 2214 22
1,330 WaldortSys,Ino, new dr No par 2112May 13 2712 Feb 23
29
Jan 41 De
--------140 Walth Watch al B oom_No par 4012 Jan 21 5412 Apr 21
52
52
54
*50
53
*50
54
*50
54
*50
481s Nov 61 De
100 61 Jan 3 77 May 12
77
7512 7512 *7.5 . 77
*75
77
77
--------100 Preferred trust °Us
*75
77
100 110 Mar 14 116 Apr 5 101 Sept112 De
*117 118 *117 118 *117 118 0117 118 *117 118
Prior preferred
1234 May 23
J11
20 17/
1
4 Jan 18 2434 Apr 1
22
2034 2034
35 Walworth Company
44 Mar 69 De
50 6518 Jan 13 91 Feb 18
82
82
823s 1,905 Warren Bros
39 Apr 48 De
50 44 Jan 6 50 Feb lf
454 --------40 let preferred
42 Apr 47 Tel
52
____ ____
50 45 Jan 17 52 Apr 14
32 2d preferred
1634 ____ _ _ __ ______ vgin & Banmer Candle nom- 14 Jan 12 174 Mar 15
10/
1
4 Aug 1712 Ja
Mining.
•__
.25 *____
.25 *____
.25 •____
.25 0_ ___
.25 •____
.30
Adventure Consolidated____25 05 Jan 14 .20 Feb 10 .05 Mar .40 Jut
11
/
4 Au
4..-2-5 .45 0.25 .45 0.25 .45
.25 .25 0.20 .45 0.30 .50
110 Arcadian Consolidated-- 25 .25 May 5 .89 Jan 15 .25 Mar
612 612 *614 634 *612 678
*658 7
612 612
*64 7
914 May 1234 Ja
150 Arizona Commercial
6
638 Apr 28 1014 Jan 6
*45
46
*4412 46
45
45
29 June 55/
*4412 4612 *4412 46
45
45
45 Bingham Mines
10 30 Jan 3 49 Apr 21
1
4 Ja
16
16
1
4 Au
1534 16
1532t 1578 1534 1534 1.163 Calumet & Heels
1534 16
1314 June 18/
1
4 Jan 7 17 Apr 20
25 14/
1534 16
_ 0.40 _ __ ___ ___ Carson Hill Gold
*30 .50 0.25 .50 •.25 .60 0.25 .60 *.40
1 .10 Jan 7 .60 Apr 29 .10 Dec 50 Ja
Ja
.
12.38 1218 .
1
4 1234 1234 1212 125s 1212 .
1
4 12/
1214
455 Copper Range Co
13 May 20
26 12 May 2 1434 Jan 19
125s 1234 12/
*134 2
*134 2
4 Fe
*134 2
0134 2
214 Oc
*134 2
East Butte Copper...
Ban
112 Apr 29
Inn, .10
234 Jan 4
*134 2
.3' *a.25 .65 *a.25 .65
.75 *a___ _ .75 *a.25
.65 0a.40
Franklin
`25 .05 Feb 1 .80 Mar 17 .25 Nov114 Ja
*a40
.30 .30 0.25 .30 '
0.25 .30
114 Jul
*_
.30 •.25 .30 0.25 .30
100 Hancock Consolidated_
_
25 .25 Apr 16 .75 Jan 13 .27 Dec
*15
•i4i2 16
*1412 16
1634 16
*144 16
01412 16
16
85 Hardy Coal Co
14 Mar 214 Ja
1
14 Apr 26 18 Jan 7
1
0.60
1
____
1
0.60
1
8.60
_ _ _ ___ Helvetia
Oct2 Ja
0.60
1
+.60
25 .60 Apr 28 .85 Jan 6 .75
5538 5512 5512 5534 5712 5712 -5-9--34 3,218 Island Creek COSI
5434 5512 55
1 47 Feb 28 61 Mar 18
5412 55
preferred
___
____
_
1 105 Feb 16 107 Apr 13
9912 Jan 108 Jul
*105 107 *105 107 *105 107 *105 107 *105 107
9/
1
4 9/
1
4 *9/
1
4 1014
9/
1
4 _-978
ili Isle Royale Copper
*9/
1
4 1014
934 9/
1
4 *912 10
25
912 Feb 19 11/
1
4 Jan 19
912 June 14 Au
11
/
4 *134 2
slag
134
1/
1
4 134
21*
*134 2
Jan
2/
1
4 Set
2
2
75 Keweenaw Copper
.50
25
Feb
4
112 Jan 6
2/
1
4
11
60 Lake Copper Co
1/
1
4 Jul
.90 .90 0.90
/
4 °.90 118
Oct
.90 .90 0.90
114
114
25 .80 Jan 7
*.90
11
/
4 Mar 18 .60
*.75
I
1
--------40 La Salle Copper
5.75
24 Mt
.80 .80 0.75
1
25 .50 Mar 28 .90 Apr 22 .80 June
1
*.75
112 *110
138
•14
11
/
4
158 *114
20 Mason Valley Mine
11
/
4 1/
1
4 •138
11
/
4 *138
258 Bel
5
11
/
4May 5
134 Jan
2 Jan 4
10 Mass Consolidated
.25 .25 *.25 .50 0.25 .30
25 .15 Apr 8 .85 Jan 3 .15 Dec .75 Jul
*.25 .50 0.25 .50 *.25 .50
.78 .78 2,050 Mayflower-Old Colony
.75 .75
11
/
4 Ja
.70 .70
25 .25 May 3
112 Jan 11 .40 Dec
.30 .30
.25 .35 •.70 .95
39
3814 3814
65 Mohawk
Or
39
25 37 Feb 18 4112 Apr 20
3812 3812 3814 3S'4 39
30 Mar 46
3812 3812 39
22
--------88 New Cornelia Copper
23 *22112 22
22
22'2 22
5 211
/
4 Mar 25 24 Jan 20
1812May 24 Am
23 *222
*222
-----------100 New Dominion Copper
.06 .06 +..__
.15 0.05 .1 •_ _
Jan .20 Jur
.08 Feb 1 .06 Feb 1 .05
*.05 .18
1
4
5 New River Company
1
4 19/
100 18 May 2 19/
18 Dec 25 Fe
1
4May 12
•___ 20 +____ 20 *____ 1934 0_ ___ l97o 19/
--------5 Preferred
66
100 58 Apr 14 75 Feb 8
67/
1
4 *65
*65
45 July 72 Fe
---- 68
65
65
60
*65
2,035
614
Niplesing
Miners
*6
6
5
6
53
5 July 1012 Di
57
8
6
5
/
1
4
61s
4May
ii
1018
Feb
2
614
*
1
4
64 6/
1/
1
4
112
112 1,979 North Butte Mining
112
10
37e Set
11
/
4
134
2 Apr
11
/
4
14.1Mar 24
338 Jan 5
134
134
134
11
/
4
134
2 No
25 .75 Apr 7
Jan
e.95 114 5.95 14 0.95 114 .80 .80 0.95 114 --------13 Ojibway Mining
14 Jan 26 .50
1112 1218 1,163 Old Dominion Co
12
1134 12
1134 1134 1112 12
25 1112May 18 15 Apr 1
13 Dec 20 Jul
12
13
*12
1314 14
Ja
2,21 P'd Crk Poorthontae Co No var
1012 Mar 15
11 Jan 4 14 May 13
nt2 1112 1114 1114
1214 1234 1212 1334
1134 12
215 Quincy
16
16
16
16
25 1414 Feb 17 191s Apr 22
1512 May 25 Jul
16
*1534 16
•1534 16
16
•1512 16
2212 2212
23
135 St Marys Mineral Land_ 25 2014 Feb 17 2514 Jan 6
*22
25 Dec 3812 Fe
*22
23
*2112 23
2134 22
23
*22
Seneca Mining
1
4
9/
1
4 Ill
212 *214 2/
234 Dec
11
/
4 Apr 1
*214 234 *2
312 Jan 14
24 --__ ____
212 *2
82
Jo
170 Shannon
10 .15 May 9 .40 Jan 12 .15 Dec .80
.15 .21 0.20 .30 0.20 .30 +.20 .30 0.20 .30
•.20 .30
Mr
1
Copper_ 10 .15 Mar 23 .40 Feb 23 .20 Nov
0.20 .40 *.20 .40 0.20 .40 0.20 .40 0.20 .40 *20 .40 1,375 Superior & Boston
/
4 Fe
Utah-Apex Mining
54 514
5
434 Oct 111
538 538
514May 4
54 558
514 514
778 Feb 24
514 514
4.518 514
100 Utah Metal & Tunnel
1
11
/
4
+114
138 *114
1/
1
4 *114
1 Jan 3
2 Feb 2 .25 Dec 2% Mt
114
114
11
/
4 *134
138
*114
1
4
300 Victoria
25 51 Feb 10
114May 3 .4() May .75 1/
114 *.90 .99 0.85 .99
.99 .99 0.90
.99 .99
.99 .99
50 wInona..
25 03 Mar 9 .21 Jan 17 .10 Sept .40 Ju1
•„.
117
15 8.07 .15 0.07 .15
.10 .10 0.10 .15 0.10 .15
1410 .,rsi sets/ orleas: 00 sable 00 this gaz. 5 Assessment paid 0 ei-dtOut d1V1Clelia I New stook s Ex-dividend. p Ex-rtgble. s El-dividend and MIMI
02134
82
*4512
*5112
*21614
2212 2112
82
82
4634 *4512
52
*5112
1
4 *21614
16/
2112 *2012
8212 82
4612 *4512
52
*5112
16/
1
4 *21614
*21
22
8238 80
4634 *4512
5112
52
1634 *21614
22
*21
8214 80
46
4512
5112 *5112
1634 *21614
2888
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange May 7 to May 13, both inclusive:
Bonds-
Friday
Last Wears Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
Amer Tel de Tel lig__ _ _1960
103% 103% 81.000 103% May 103% May
Chic Jet Ry & U SY 501940
102 102
6,000 100% Jan 102 May
4s
1940 91
91
91
2,000 89% Feb 01
May
East Mass St RR 4348 A'48
67
67% 7,000 8434 Apr 69
Feb
58 ser B
1948
73
74
8,200 09
Jan 75
Feb
Hood Rubber 75
1937
10254 103% 4,000 101
Apr 104
Jan
Mass Gas 4345
1929
99% 99% 6,000 99,4 Apr 10054 Jan
4345
1931 98% 98% 98% 4,000 97% Feb 99
Mar.
5345
1946
10334 104
7.000 103% Mar 104
May
Miss River Power 58_1951
101% 10/Si 2,000 100% Apr 101% Jan
New Engl Tel & Tel 58 1932
10134 101% 4,000 10034 Jan 101% Jan
New River 55
1934
92% 92% 2,000 90
Jan 93
Mar
No Amer Pr & Lt 5 Ms 1956
92% 92% 1,000 92% May 92% May
Oil Well Invest 5348..1932
96
96
2,000 96
May
99
Apr
PC Poeah Co 75 deb_ _1935 10434 102 10434 30,000 102
Jan 104% Feb
San Diego Sup 56 w I. _1950
100 100
100
1,000
May
100
May
Swift & Co 5s
1944 101% 101% 102
5,000 101
Feb 102% Mar
United Steel Works 78_1951
101 101
1,000 101
May 101
May
Western Tel & Tel 55_ _1932
100 101
11,500 100
May 101% Jan
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, May 7 to May 13, both
inclusive, compiled from official sale lists:
.<73
.
WO. W.. W.P.WWW.IPW
WOW
M
.. 0.0
W 2M
leggott n ,
IWW4.000WW0 000.000014.00W1.000W
.
.I.W8WW&G.WWW...
0,4.00000001.
0.400,0000100000
00M00.00000000000000,0000,o4,0
000M
"
0
§§§§§§8 § 8§§§§n§t§
Abbotta Al Dairy, pref_100
103 10354
Almar Stores
10
1054
1054
Alliance Insurance
10
53
U
American Stores
• 8334 8354 8454
Baldwin Locomotive_ 100
18754 189
Bearings Co of Amer pref._
92
92
92
Bell Tel Cool Penn, prof... 114
114 11434
Congoleum Co, Inc
•
21
2154
Consol Traction of N J_100 5854 49
5954
East Shore G de E8% p1.25
27
27
Elec Storage Battery._100
8754 7154
Fairmount Park
754
7
754
Fire Association, new_ _ _10 54
5334 54
General Asphalt
100
7554 7734
Giant Portl Cement, pref50
44
4434
Horn & Hardart(Phila)com 210
210 210
Horn & Hardart(NY)corn.
52
5254
Insurance Co of N A._ _ _10 59
58
5954
Keystone Telephone. _50
334 354
Preferred
50
18
18
Lake Superior Corp_ _100
134 2
Lehigh Navigation
50 10854 106 10754
Lehigh Valley
so
12354 12354
Leh Pow Sec Corp corn _ _• 1934
1854 1954
Lit Brothers
10 2354 23
24
Louis Mark, corn
•
13
1334
7% preferred
9734 98
9854
Man Rubber
10
1
Si
1
Northern Central
50
8354 8354
Penn Cent L & P cum pf_* 7454 7434 75
Pennsylvania RR
50
61
6154
Pennsylvania Salt Mfg--50 7634 7634 77
Philadelphia Co (Pitts)Preferred (cumul(I%)_50
5234 5234
Phila Electric of Pa
25 5134 48
5154
Power Reels
25 1334 1334 1334
Phil& Insulated Wire
*
64
84
Phil& Rapid Transit_ _..50 55
6214 55
Phila & Read C & I Co_ •
4154 42
Philadelphia Traction_ _50
5654 57
Phila dr Western
50 1354
1334 1354
Preferred
50
3834 39
Reading Company
50
11434 11654
Shreve El Dorado Pipe L 25 22
2134 23
Scott Paper Co pref _100
99
99
Stanley Co of America..* 6934 6934 7054
Tono-Belmont Devel_ _ _ _1
134
134
154
Tonopah Mining
1
Vie
254
254
Union Traction
50 3834 3734 3834
Union Lt de Pow a
• 1434
1354 1434
United Cos of NJ
100
21334 21334
United Gas Impt
50 10734 104 10734
U 13 Dairy Prod "a"
•
30
30
Victor Talk Mach new_ ___ ...... 38% 3854
8%
92
92
7%
9714 9934
West Jersey & Sea Shore_50
43
4334
York Railways pref
50
42
42
BondsAdv Bag & Paper 78_ _ 1943
108 108
Amer Gas de Elec 58. _2007 9934 97 101
Coneol True NJ 1st 551932 87
85
87
Elec & Peoples tr etre 4s'45 5834 5634 5754
Inter-State Rys coll 48 1943
51
51
Keystone Telep 1st 55_1935 9534 9534 9634
Lehigh C di N cons 434554
9954 100
Market St Elev lst 45_1955 8734 8734 8734
North Penn RR
97
97
Peoples Pass tr ars 48.1943
6254 6254
Phila. Co Cons. & coll,
stpd sk fd de red
'51 10154 10134 10154
Phila Elec (Pa) 5e.... _1960 104
104 104
let 55
1966
105 10534
5348
1953
10754 10734
85
1941
10734 10734
Phila Elec Pow Co 5345'72
1043,4 1043.4
Plilla de Reading Term 58'41
105 10534
Phlia Sub Co 434s....1957
9534 9534
United Rys gold tr ctf 4549 88
65
68
* No par value.
ppqt45.3.to.40..po r2-2-rt,2.C.43-4CAN
Stocks-
Friday
Last Week's Range Sales
Sale
ofPrices.
Week.
Per. Price. Low. High. Shares.
Range Since Jan, 1.
Low.
High.
100
10
48
83
147
92
11234
1754
3534
28
8334
534
51
7254
34
208
5054
513.4
334
18
154
10554
100
1554
23
1234
96
%
8154
7134
5654
7534
Apr
May
Feb
Apr
Jan
Jan
Jan
Jan
Jan
Jan
May
Mar
Mar
Apr
Jet.
May
Apr
Jan
May
Jan
Jan
Apr
Jan
Jan
May
Mar
May
Apr
Mar
Jan
Jan
Jan
92
11434
2254
5934
27
7934
834
55
9534
4834
261
55
81
5
1954
234
1193.4
12654
2034
28
1434
101
134
8354
75
6854
7934
4934
4634
9
63
52
4154
53
1154
3834
9454
21
9754
6734
134
234
36
1234
210
8934
2834
3334
8734
97
40
3734
Jan
Feb
Jan
Jan
Apr
May
Mar
Jan
Mar
Jan
May
Feb
Mar
Feb
Apr
Jan
Mar
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Mar
5234 May
54
Jan
1454 Mar
68
Jan
55
May
47
Mar
69
Mar
1554 Mar
39
May
11854 May
2454 Jan
10034 Apr
9054 Feb
234 Mar
23,4 Apr
3934 Mar
1534 Jan
2133.4 May
10754 May
Mar
30
Apr
41
NM Apr
10034 Apr
4734 Mar
May
42
10434
95
82
54
4854
93
9834
8734
9434
8234
Mar 108
Feb 101
Jan 88
Jan 59
Jan 51
Feb 9634
Mar 100
May 8734
Feb 97
May 71
9934
103
10334
105
107
103
10434
9534
83
Jan
Jan
Feb
Feb
Jan
Jan
Feb
May
Jan
10354
1754
55
7334
19754
Feb
Jan
Apr
Jan
Feb
Jan
May
May
May
Mar
Jan
Apr
Jan
Mar
Jan
Jan
Jan
Apr
Jan
Mar
Mar
Jan
Apr
Apr
Jan
Apr
Mar
Apr
May
Mar
Jan
Apr
May
May
may
May
May
May
Jan
May
May
Jan
10234 May
Mar
May
Max
Feb
Feb
May
9534 May
Mar
89
10434
106
10734
10834
10554
10534
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange May 7 to May 13, both inclusive, compiled from official sales lists:
Stocks-
Friday
Saks
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Arundel Corp new stock • 38
35% 36%
Baltimore Trust Co__..50 135
135 134
Baltimore Tube
100
10
10
Preferred
100 27% 25
2734
Beneath (1) pref
25 28% 26% 28%
Central Fire Ins
10 34
3334 34
Century Trust
50 185
185 185
Ches & Po Tel Bait pt._100
116% 117
Commerce Treat
50
54
54
Commercial Credit
•
18
le%
Preferred
25
20
20
Preferred B
25
20
20
Range Since Jan. 1.
Low.
[VoL. 124.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded)Par. Price. Low. Yigh. Shares.
High.
4,860 31% Jan 3634
75 12934 Feb 144
12
Jan
9 10
May 3634
135 25
10 26% May 3634
Jan 37
285 26
Jan 198
84 170
Jan 117%
18 115
May 5734
10 54
423 14% Feb 29
Apr 22%
60 20
Feb 23
95 20
May
Apr
Jan
Jan
Jan
Feb
Feb
Apr
Jan
Feb
Jan
Jan
Range Since Jan. 1.
Low.
Yiyh.
Consol Gas E L & Pow_ *
5634 5854
391 61
Jan 57
Apr
8% preferred
100 108 - 108 108
20 10834 Jan 108
May
634% preferred
100
11134 112
53 11054 May 11234 Mar
8% preferred
100 128
12734 128
40 126
Jan 129
Mar
Consolidation Coal__ _100
31
59 3034 Mar 3754 Jan
3134
Eastern Roll MIII new stk_s 28
2234 2954 1,898 21
Mar 2934 May
Equitable Trust Co_ _ _ _25 74
74
74
4 71
Feb 75
Feb
Fidelity & Deposit
50 215
202 21734 1,365 13534 Jan 21734 May
Finance & Guaranty pref 25 12
1234
12
51 12
Apr 153.4 Jan
Finance Service class A _ _10 1734 1734 173.4
160 17
Apr 1834 Jan
Preferred
10
934 934
2
934 Apr 10
Jan
Houston 011 prat v t a _ _100 9734 9834 9734
17 86
Jan 98
May
Humphreys Mfg Co
•
32
32
25 26
Apr 32
May
Hurst(J E) lst pref
100
70
70
5 70
Feb 70
Feb
Manufacturers Finance.25
30
30
25 30
Apr 44
Jan
Maryland Casualty Co_ _25
107 10934
188 98
Jan 118
Mar
Maryland de Penn RR corn
25
25
105 25
Feb 3134 Feb
Mercantile Trust Co_ - _ _50
405 405
5 400
Feb 409
Jan
March & Miners, new__ __* 3934 3734 3934
878 373.4 Apr 43
Jan
Monon Vail Trac, pref _ _25
2434 2434
175 2334 Mar 25
Feb
Mt V-W Mills pref v t r.100 82
82
82
137 7834 Jan 85
Jan
New Amsterdam Cas Co.10 6534 85
386 52 34 Jan 6734 Apr
88
Northern Central
50
8434 843,4
142 81
Jan 8434 May
Penns Water & Power_100
190 191
50 176
Jan 19134 Apr
Sharp & Dohme, prat _100
10934 110
33 103
Jan 110
May
Corporation...*
Silica Gel
1754 19
1734
457 15
Jan 19
Mar
Un Porto Rico Sugar com_•
37
573 3634 May 3834 Jan
38
United Ry & Electric_ _ _50 2234 22
2234
193 20
Jan 2354 Apr
U S Fidelity & Guar_ _ _50 260
25834 260
311 205
Feb 278
Apr
Wash Bait & Annapolls_50
16
1934
1934 May
1.880
834 Jan
Preferred
50
20
148 18
20
Mar 2434 Feb
West Mary'd Dairy, IncPrior preferred
50 53
5234 53
Feb 53
127 50
May
BondsBalt Sparrows P&C4345'53 9234 9234 0254 85,000 87
Jan 9234 May
Consol Gas gen 434s _ _1954
Jan 100
9954 9954 3,000 99
Apr
Cons 0,E L & P 4%8_1935 9954 9934 9954 7,000 9854 Jan 100
May
6% notes, series A _ _1949
107% 10734
1,000 10734 Jan 10734 Jan
Elkhorn Coal Corp 63is '32 0934 9934 9934 2,000 98
Jan 993,4 Feb
Bender Creamery 88...1946 100
Mar 101
100 10034 8.000 100
Jan
Mary'd Elec Ry 1st 5.1931
9934 2,000 97
99
Feb 9934 May
8345
1952 101
Apr
Jan 101
7,000 91
10054 101
South West Bell Tel 58...._ 10454 10434 10454 5,000 10454 May 10454 May
Un Porto Rican Sug 781931 10134 10134 102
12,000 10034 Mar 10234 Apr
United Ry de Elec 4s.1949 78
78
7934 80,000 7034 Jan 7934 May
Income 45
1949 5974 5834 80
Apr
34,000 51
Jan 60
Funding 55
1938 843.4 8334 8434 28,000 7554 Jan 8534 Apr
0% notes
1930 10034 100 10034 13,000 9934 Mar 10034 May
6% notes
1927
100 100
1,000 100
Jan 10034 Feb
6s, when issued_ _1949
10034 101
Apr
17,000 9754 Jan 101
Wash Balt & Annan 581941 85
7034 9034 518,000 65
Jan 9034 May
West Mary'd Dairy 65.1948 104% 104 10454 6.000 10054 Jan 10454 May
•No par value.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange May 7 to May 13, both inclusive,
compiled from official sales lists:
Stocks--
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Adams Royalty Co corn...8 25
All America Radio cl A..5
Am Fur Mart Bldg pt. _100 97
American Pub Serv pref 100 103
Am Pub Util Co par pfd 100 8734
American Shipbuilding_100 84
Amer States Secur Corp A•
354
Class B
334
•
Warrants
Si
Armour & Co(Del) pref 100 8734
Armour & Co pref
100 8934
Common cl A v t o_25 10
Associated Investment Co• 3534
Auburn Auto Co com_ _ _25 114
Balaban & Katz v t c..,.25 82
Preferred
100
Beaver Board pf v t c_ _100 3534
Bendix Corp cl A
10 5134
Borg & Beck corn
10 6234
Brach & Sons(E J) cora. • 2634
Bunte Bros corn
i0
Butler Brothers
20 21
Celotex Co coin
* 7734
Preferred
100 89
Cent D Pro Corp cl A pfd_
2634
Central III Pub Serie preL• 903
@FedFRASER