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Railway& Industrial Compendium
Public Utility Compendium
State & Municipal Compendium
Railway Earnings Section
VOL. 122.
SATURDAY, MAY 15 1926
lie Throulcie
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The Financial Situation.
The United States Senate quite unexpectedly the
present week passed the McFadden Branch Banking Bill. As passed, the measure is minus the Hull
amendments which it contained when the bill came
from the House of Representatives. But the Senate
has also attached to it a rider, under the provisions
of which it is intended to extend the charters of the
Federal Reserve banks in perpetuity. These are the
two main particulars in which the bill as approved
by the Senate differs from that to which the House
gave assent. The matter now goes to conference
committees of the two Houses and there is grave
reason for fearing that as a result of the juggling
which is usual in such conferences, the Senate
rider for giving perpetual life to the Federal Reserve
institutions may be retained.
That such a serious matter as granting perpetual
life to the Federal Reserve institutions should be
dealt with as a rider to another bill is nothing less
than a scandal. If the Federal Reserve System
were in the shape in which it was originally designed, no objection to extending the charters, even
for an indefinite period, would come, we are sure,
from any quarter. In that shape it was a highly
beneficial institution. But through the war-power
amendments its scope and character have been entirely changed, and in the way the Reserve banks
have since been administered and operated, they have
lost much of their beneficent character and have
become agencies mainly for promoting speculation,
as witness the gigantic speculation in stocks which
Bank and Quotation Sectiot
Bankers' Convention Sectiot
NO. 3177.
came to such a sad ending in February and March
of the current year.
As we have repeatedly pointed out in these columns, these war powers should now be repealed if
the country means to escape ultimate disaster. The
Federal Reserve authorities, of course, are human
and do not want to surrender any of these powers.
Instead, they would reach out for more powers.
But the country has too much at stake and cannot
afford to risk the continuance of the menace. After
the Reserve institutions have once been endowed
with perpetual life it will be well nigh impossible to
get the Reserve Act amended so as to restore the
institutions to their original design, since it will
be a comparatively easy matter to put obstacles in
the way of such an endeavor. It behooves everyone
having the welfare of the country at heart and who
believes in a sound banking system, a system which
cannot be used to promote speculation to the detriment of trade, to see to it that the rider to the
Branch Banking Bill is not retained by the conferees
of the two Houses. But there is no time to be lost.
Immediate steps must be taken to prevent such a
serious mishap to the country.
The British general strike ceased to be an important influence in the security markets early in the
week, when it "began to appear probable that it
could not be maintained and that the coal strike
would have to be settled on its merits. With the
announcement of settlement of the general strike
on Wednesday, stocks in London gave an enthusiastic response, but the response in New York was not
pronounced. The demand for high grade investment securities, particularly bonds, has, however,
continued unabated. The Dow-Jones average of 40
bonds kept about level during the first part of the
week, just under 95.20, comparing with a recent
high of 95.27 on April 30, but advanced to new high
ground on Wednesday and again on Thursday.
Money conditions have continued easy.
Notwithstanding these favorable investment developments, speculative sentiment has become increasingly bearish. There is room for a difference
of opinion as to stock prices. The market engaged
in a violent speculation which culminated in February with many prices at levels far above investment values. There has subsequently been a sharp
collapse, and prices are now, on. the average, not
far above the low points. Probably there are some
prices which are still too high, but the popular sen-
2698
THE CHRONICLE
timent at present appears to be that we are running into a business depression, which will be preceded by lower stock prices. So far the evidence of
business depression has been mostly connected
with commodity price declines. The last reported
car loadings are again ahead of those of a year ago
and ahead of the preceding week. The mail order
business continues to expand, and there are other
evidences that business on the average is still at
nearly full tide. New construction and automobile
manufacturing, which have been looked to for the
first signs of recession are still proceedini at high
figures. On the other hand, there are many evidences of a very highly competitive condition in the
automobile industry. The business of some concerns is increasing at the expense of others, and a
larger proportion of the better class cars is being
sold than heretofore. This changing situation, together with the high prices to which some of the
stocks were boosted a few months ago, have made
the automobile stocks the centre of attacks in all
aggressive bear movements.
On Thursday of this week what appeared to be a
most spectacular attack was made, centring on
Nash Motors. That stock, which has declined relatively little from its recent high, and which has
many times declined to 52 without breaking through,
was sold at that figure in large quantities. Within
a few minutes more than 50,000 shares changed
hands. Almost immediately what appeared to be a
covering movement took place, carrying the stock
2, a level higher than it had reached for
back to 551/
some little time. Vicious attacks of this kind too
frequently succeed, to the loss of many legitimate
investors. In this case the attack apparently was
expensive to those who made it.
The commodity price situation is perhaps more
important than many other factors at present, since
if there are further drastic declines, it may be difficult for business to resist a considerable slowing
down. On that point the Irving Fisher index
monthly averages for the four months January to
April inclusive are of interest. They have been reported consecutively at 159.2, 157.6, 152.9, 150.9.
There are some indications that prices may now be
stabilizing. During the past four weeks this same
index has stood, respectively, at 151:6, 151.2, 150.2,
151.2. The Harvard Economics Committee on Monday reported that their index of sensitive prices
which they point to as deserving much attention at
present seems to be stabilizing. In a number of
commodities there have been rather drastic declines
during the past few months, namely in corn, hides,
cotton and rubber. Some of these appear to partake
of the nature of post-war adjustments, but they have
necessarily had much influence on all indexes. Further movements in commodity prices will be watched
with interest. Certainly the most recent movements
have been encouraging rather than otherwise.
Following a period of comparatively few investment offerings during the continuation of the British general strike, a syndicate headed by J. P. Morgan & Co., Kuhn, Loeb & Co., and Kidder, Peabody
& Co., offered $40,000,000 New England Telephone
/
25, 1961, on Thursday
& Telegraph first mortgage 41
The issue was
4.80%.
morning at 94%, yielding
heavily over-subscribed, giving renewed evidence of
the sound existing investment conditions. The New
[VoL. 122.
England Telephone & Telegraph Co., one of the
principal subsidiaries of the American Telephone &
Telegraph Co., has total assets somewhat in excess
of $250,000,000, and funded debt of approximately
one-third of that amount. The company is currently earning about three times interest charges.
Last year this company was successful in a controversy with the Public Utility Commissioners of
Massachusetts and other New England States, and
succeeded in obtaining an adjustment of rates upward. The American Telephone & Telegraph Co.
has an enviable record in connection with rate controversies. The company follows policies that are
sound from a business and public point of view, and
very rarely proposes rates which are not finally approved both by the public authorities and by the experience of the public. This is one of the principal
reasons why bonds of the American Telephone &
Telegraph Co. and its subsidiaries are regarded as
particularly choice investments.
It is almost needless to say that the May winter
wheat report, issued by the Department of Agriculture at Washington on Saturday last, shows a vastly
brighter promise than the May report issued a year
ago. The prospective winter wheat crop the present
year is put at 548,908,000 bushels, assuming average
variations to prevail from now to harvest. This contrasts with a final yield of only 398,486,000 bushels
last year, the latter the lowest in many years. On
the other hand, in every year back to 1917, with the
single exception of 1925, the winter wheat production has been larger than is now indicated for 1926
and it is probable that this year's growth, though
so much larger than that of 1925, will be under
rather than above the average. Going back to 1914
there are only three years, 1916, 1917 and 1925, in
which the yield was less than is now promised for
this year. The yield of winter wheat for 1926 is
based by the Department of Agriculture on a condition of 84.0% of normal on May 1. This percentage
contrasts with 84.1% of normal on April 1 1926, a
decline of a very small fraction of one point during
the month of April. The May 1 1925 condition of
the winter wheat crop harvested last fall was only
77.0% of normal, and that was exceptionally low,
while that of 1924 was 84.8% of normal on May 1
1924. The May 1 ten-year average of winter wheat
was 83.6%.
As to area, the abandoned acreage due to winter
killing for the current winter wheat crop, now announced in the May report, was not nearly so serious
as in other years. The report indicates that winter
killing amounted to 5.6% of the acreage planted to
winter wheat last fall, or 2,216,000 acres as abandoned. The ten-year average abandonment is 13%.
Allowing for the reduction in area, due to winter
killing, there remains for harvest this year 37,085,000 acres. These figures contrast with only 31,269,000 acres of winter wheat harvested in 1925 and 35,489,000 acres in 1924. The high record was in 1919,
when the area of winter wheat harvested was 49,904,000 acres.
As has previously been noted, there was a large
reduction in the area planted to winter wheat last
fall, the figures comparing as follows: 39,540,000
acres in the fall of 1925, in contrast with 42,317,000
acres in the fall of 1924. Unfavorable weather in
the fall of 1925 caused a considerable acreage to be
MAY 15 1926.]
THE CHRONICLE
sown late, and with a mild winter, it is much of this
area that has been winter killed. Drought in the
Northwest occasioned further abandonment. There
was a considerable loss of area in Kansas, Nebraska,
Colorado, Missouri, Illinois and Indiana. For some
of the less important winter wheat States, where the
area is not large, the percentage of abandonment has
been heavy, such as for South Dakota and Montana.
Still, the crop entered the winter with a condition
of 82.7% of normal, had advanced to 84.1% of normal on April 1 last, and now on May 1 has retarded
only to 84%. The late spring retarded the growth
of winter wheat this year in some d the Northern
States, but the condition in the Southwest and in
Kansas (the latter the leading winter wheat State),
in the West and on the Pacific Coast, is generally
above the ten-year average. For Kansas the area
now counted on remaining for harvest this year is
10,688,000 acres and the condition on May 1 for that
State is 83% of normal. This area is nearly 30%
• of the entire area now estimated as available for
winter wheat harvest in the United States. Oklahoma is the second State in area and the latter shows
4,500,000 acres, with a condition for that State .on
May 1 this year of 94% of normal.
Rye shows some slight improvement during April,
the condition of the crop on May 1 this year being
81.5% of normal, against 80.2% on April 1, an advance of 1.3 points during the month. On May 1
1925 the condition of the then growing crop was
86.8%, while the ten-year average condition for
May 1 is 88.8%. A production this year of 44,791,000 bushels of rye is now estimated, against a yield
last year of 48,696,000 bushels, the latter having
been very much the smallest of any year back to
1916.
• For the fourth successive month the foreign trade
of the United States shows a balance on the side of
the merchandise imports. This is the same as saying
that the country's foreign trade return for the month
of April, which was issued by the Department of
Commerce at Washington on Thursday of this week is
the same in character as the statements for the earlier months of the year. Merchandise exports for
April increased somewhat, but merchandise imports
were less in value than for the preceding months of
1926, with the single exception of the short month of
February, for which month there was a small gain.
Furthermore, while imports for April still exceed exports, so that the balance of trade for that month
on the merchandise movement continues on the import side, the balance against the United States on
merchandise account for April is considerably reduced compared with the amount for the months of
March and February this year. It may be that this
movement in our foreign commerce against the
United States has now run its course. It will be
recalled that it developed rather suddenly at the
opening of the New Year in January last, and was
caused chiefly by a marked setback in the value of
cotton exports during these months, and, on the
other hand, a very material increase in the value of
rubber imports, the latter in considerable part being due to a very large advance this year over a year
ago in rubber prices.
Merchandise exports last month were valued at
$388,000,000 and imports $398,000,000, an excess of
imports of $10,000,000. For March merchandise
exports amounted to $374,420,609, and imports
2699
$433,099,243, the excess of imports .being $68,678,634. Exports last month were $13,600,000 larger than in March, while imports show
a decline for April as compared with the preceding month of approximately $45,000,000. Contrasted with April 1925, merchandise exports in
April this year declined, while imports were much
heavier, the loss in exports being approximately
$10,250,000, and the increase in imports $52,000,000.
For the four months of the current year exports
amounted to $1,512,509,000 and imports to $1,646,188,000, an excess of imports of $133,679,000. For
ten months of the current fiscal year ending with
April exports amount to $4,059,037,000, against
$4,170,288,000 for the corresponding period of the
preceding fiscal year, a decrease this year of $111,251,000, all of which is attributable to the reduced
movement of the past four months. Merchandise
imports, on the other hand,for the ten months of the
current fiscal year were valued at $3,809,020,000,
contrasting with $3,171,394,000 for the same ten
months of the preceding fiscal year, an increase of
$637,626,000. So far this year, covering the period
from July 1 last to the end of April; the excess of
exports amounted to $250,017,000, contrasting with
an excess of exports of $998,894,000 for the like period of the preceding fiscal year.
Exports of gold last month were somewhat larger,
amounting to $17,883,865, as against only $4,224,564 for March, while gold imports in April were
$13,125,633, and in March $43,412,576. Silver exports were $7,612,045 and imports $6,312,429.
The so-called British general strike was called
off between noon and one o'clock, London time,
Wednesday, May 12. It began at midnight, May 3,
and therefore had lasted about nine days. According to an Associated Press dispatch from London
that afternoon, the end came "with as dramatic
suddenness as it began." The dispatch further
stated that "after negotiations on terms suggested
by Sir Herbert Samuel, Chairman of the Royal Commission, the British Trades Union Congress agreed
to call off the general strike, which had resulted in
the stoppage of work by millions of men. In some
quarters the number was estimated as high as 5,000,000." It was added also that "the 1,120,000 coal
miners, in sympathy with whom the general strike
was called, are still out. Determination of their
course will be reached Friday, when their national
conference is scheduled to meet. Prime Minister
Baldwin has announced he will seek to effect resumption of negotiations between the coal miners
and their employers."
As to the terms and conditions under which the
strike was called off, the Associated Press correspondent said: "The terms under which the general strike was ended included resumption of the
Government coal subsidy temporarily, creation of a
national wage board to revise the miners' wages and
reorganization of the mining industry. In announcing to Commons the agreement by the Trades Union
Congress to call off the general strike, Prime Minister Baldwin made a plea the nation should take up
its reconstruction task, leaving behind all malice.
The Trades Union Congress visited Mr. Baldwin and
his Cabinet Ministers at 10 Downing Street at noon
and announced the strike was over. This action was
taken, Arthur Pugh, Chairman, said, to enable re-
2700
THE CHRONICLE
sumption of the negotiations on the miners' grievances, which negotiations the Government had declared could not be resumed while the general strike
lasted. It is reported authoritatively the termination of the general strike was absolutely unconditional. It is understood neither the miners' attitude
nor the effect upon the miners' strike was mentioned
in the thirty-minute interview between the Trades
Union Council and the Cabinet."
Speaking still more specifically with respect to
terms, the correspondent said: "Sir Herbert Samuel's memorandum contains the following points:
First, the coal subsidy to be renewed for such reasonable time as may be required; second, creation of a
national wages board, including representatives of
the miners, mine owners and neutrals, with an independent chairman, to _revise the miners' wages;
third, it is understood there shall be no revision of
the previous wages without sufficient assurances
that reorganization of the coal industry as proposed by the Royal Commission shall be executed;
fourth, a committee to be named by the Government
with representation for the miners, which shall prepare legislative and executive measures necessary to
effect reconstruction of the coal industry. The memorandum suggests that the revised wage scales be on
•simpler lines, if possible, than the old ones, and
that they shall not affect adversely the wages of the
lowest paid men. It also suggests measures to prevent the recruitment of new workers over eighteen
years of age into the industry if unemployed miners
are available, and provides that workers displaced
by the closing of uneconomic collieries shall be
transferred, with Government assistance, as recommended by the Royal Commission. It is estimated
that 250,000 men will be displaced in the mining industry by execution of the plans for complete reorganization of the industry."
Commenting upon the rapidity with which news
of the settlement spread, and also upon other features of the event, the London representative of the
New York "Times" said in a dispatch late Wednesday evening that "the news spread with astonishing
rapidity. It leaped from group to group on the
streets. It was flashed over telephone wires. It was
flaunted in big black type on placards borne by howling newsboys. It was duplicated in the headlines
of newspapers run off the presses in special editions
at mad speed,just as soon as it came from the Prime
Minister's house in Downing Street. It was broadcast by radio." He further observed that, "though
the general strike is over it must not be forgotten
that the .miners' strike, which precipitated the
greater conflict, is still on. Britain to-night is simply back where it was twelve days ago when the termination of the coal subsidy and the breakdown of
the negotiations between the Government, the mine
owners and the miners ushered in the general strike.
"Emperor" Cook, Secretary of the Miners' Federation, to-day made it quite plain that the miners have
not surrendered."
Still other features of the situation were suggested by the London representative of the New
York "Herald Tribune,"in a cable dispatch the same
evening. He said that "the British general strike
ended to-day. Premier Baldwin in his hour of triumph magnanimously told the House of Commons
that 'it is a victory for common sense, not for one
part of the country, but for the whole Kingdom.'
[Vol,. 122.
Nevertheless, the Government has won, and to-night
there are signs that the British labor movement may
be splitting as badly as it did in 1921, when the
Triple Alliance collapsed. The Trades Union Congress's withdrawal of the strike order was unconditional. Mr. Baldwin then offered immediate resumption of mediation in the coal dispute. The
miners' executives, however, have declared for a continuance of the strike, and to-night gave out a statement conveying bitter reproach to the Congress and
hinting at desertion. Meanwhile, the nine-day struggle, having ended as it began, without a shot fired
or a death from violence, must stand as a permanent memorial to the wonderful self-control and
level-headedness of the British public. That public
to-night is celebrating the end of the strike with the
same restraint as it displayed throughout the nineday crisis, but with a feeling gratitude which is almost prayerful in its intensity."
The Paris correspondent of the New York "Times,"
who has been in London,in a long dispatch Wednesday evening, emphasized the idea that the ending of
the strike was a victory for the British people. He
said in part: "Now that the general strike is over
and once more the modern civilized world owes a
debt to Great Britain for the preservation of its institutions, if there is one lesson to be drawn from
the strugggle which came to an end to-day, it is that
organized labor cannot force its will upon a people
calmly determined to fight to a finish against what
it regards as an infringement of its basic rights.
For, let there be no mistake about it, British labor
called off its fight to-day because it saw it was licked
by the British public. For this has not been a fight
by labor against its employers, or against the Government—it is conceivable that it might have defeated either, or both—but what it could not defeat
was British public opinion, which from the first
day made up its mind it did not wish a general strike
to win. From the moment of that decision the
Trades Union Council was defeated. This great
demonstration of the force of public opinion is even
more remarkable when it is remembered that a large
part, perhaps a majority, of British opinion was
sympathetic to the miners' case. One cannot talk
with five Londoners without finding two, and perhaps three, who think the miners have a case deserving the utmost consideration. But when it became
a question of other unions striking to force the Government's hand, to force the public to agree to something whether it wanted to or not, the British saw
the matter in a different light and bucked the strike
hard."
On Thursday the situation took quite a different
turn. The London representative of the Associated
Press cabled that "Great Britain's nine-day general
strike, called off yesterday, switched to-day to what
labor regarded as a widespread lockout by the employers against union men seeking to return to work
on their old status. This development came as one
of the most dramatic since the industrial upheaval
began. It amounts, labor men say, to an endeavor
by the employers to smash union influence so far as
possible. The Trades Union Congress, which conducted the general strike, accepted the gage, and, in
a fighting statement, declared the trades unions
would resist to the utmost 'any attempt to impose
humiliating terms on the workers.'"
MAY 15 1926.]
THE CHRONICLE
That the general strike was far from an actual
end was further shown in a special London cable
dispatch to the New York "Times" Thursday evening: "Those who believed that the collapse of the
general strike would mean an immediate return to
every-day conditions had a rude awakening to-day.
Throughout Britain everything is still askew. It
will be many days, weeks maybe, before the railways, for instance, are in normal running order.
Omnibus service is still topsy-turvey. The newspapers are still publishing ludicrously small sheets
or else not publishing at all. Street cars, in London
at least, are nowhere to be seen. Britons are learning that it is easy to stop a complicated industrial
system, but quite another matter to start it again.
Only the taxicabs are operating to-day exactly as
before the strike blighted traffic. They reappeared
as suddenly as they vanished last week and were in
tremendous demand, since many persons who otherwise would have patronized street cars could not
find any, and if they turned to buses found the latter so infrequent and overcrowded that they resolved to spend more and insure themselves a rapid
and comfortable though expensive ride."
The situation was summarized as follows by the
London representative of the New York "Herald
Tribune" in a long dispatch the same evening: "Today has been a day of chaos so far as the relations
between the trade unions and the employers are concerned. From a welter of conflicting rumors the
position of the three major unions concerned in the
strike appeared to-night P.s follows: The miners
remain out, while their national delegate conference
scheduled for to-morrow to reach a decision on their
future course of action has been postponed. A. J.
Cook, Secretary, says The National Union of Railway Men has ordered its members not to return to
work. The Transport and General Workers' Union
has instructed its men to remain on strike until further orders. Having obtained withdrawal of the
general strike notices, the Prime Minister lost no
time in keeping his pledge about attempting to resume negotiations for a settlement of the coal dispute. To-night he summoned the miners' leaders to
meet him at his residence, 10 Downing Street."
The London cable advices yesterday afternoon and
last evening relative to the British labor situation
were decidedly better. The Associated Press representative said that "the British industrial crisis
cleared rapidly to-day. The railwaymen, who had
remained out despite official termination of the general strike, signed an agreement with the companies. Traffic will be resumed as speedily as
possible. The railway strike was settled on
the following terms, agreed upon between the
companies on one hand and the National Union
of Railwaymen, Associated Society of Locomotive
Enginemen and Firemen and the Railway Clerks'
Association on the other. Those employees who
went on strike are to be taken back as soon as traffic conditions warrant and work can be found for
them. The principle to be followed in reinstatement
is seniority in each grade. The trade unions admit
that in calling the strike they committed a wrongful act against the companies, and it is agreed the
companies do not, by reinstatement of the men, surrender their legal right to claims for damages arising from the strike or from the strikers or others
responsible."
2701
It was added that "Prime Minister Baldwin told
Commons he had framed proposals for settlement of
the coal miners' strike. These were transmitted this
afternoon to the men and the employers. The Government's new mining proposals pledge, immediate
action along certain lines laid down in the Royal
Coal Commission's report. One feature is the establishment of a national wages board, similar to the
present Railway Labor Board. The proposals also
include a subsidy, characterized as 'further financial assistance to the industry to the amount of approximately 0,000,0002 While the subsidy is effective, the miners are to accept an unnamed reduction
in minimum wages other than in subsistence rates,
this amount to be determined in joint conference.
The Trades Union Congress said there was a marked
easement in the tension of the situation throughout
the country, the employers being increasingly inclined to discuss reasonable bases for resumption of
work. Mr. Baldwin's statement of last night had
been followed by a favorable reaction, the unions
said. General reports received from all sections indicated the unions and employers have got together
to such an extent industry should be able to right
itself shortly."
It had been apparent for some days that the socalled general strike in Great Britain could not
succeed for any great length of time. The London
dispatches from day to day furnished additional
evidence in substantiation of this idea. It was made
plain that the people were not in sympathy with
the strike. The Paris correspondent of the New
York "Times," in a long cable dispatch on May 7
from London on his first impressions of the situation, after arriving from the French capital, said:
"What seems the most indicative feature of the situation is that thousands of people who ordinarily
sympathized with the efforts of working people to
get better wages and conditions are now out to help
the Government beat the strike. There are not lacking Englishmen who sympathize with the miners,
over whose case all the trouble started, men who
probably would have been sympathetic with the
miners fight, but who oppose the effort of the labor
leaders to do what they regard as taking the country by the throat. Perhaps half the population of
England feels that way about it."
Referring to the willingness of all kinds of people
to offer their services for all kinds of positions, for
most of which they never had had previous training,
the "Times" correspondent observed: "When college boys act as train porters, when retired army
officers pinch-hit as locomotive engineers, when
apartment house owners punch tickets in the subway, when leisured youths stand in the rain in St.
James's Park taking lessons from London bobbies
on how to preserve order, one cannot escape getting
the idea that England will see it through. In other
words, all surface indications are that the other
80% of the English people will not be buffaloed by
the 20% represented by the strikers and their families. And that swiftly leads to the conclusion that
the labor unions cannot win this fight. There may
be no clean-cut Government victory such as would
swell with pride the hearts of Winston Churchill
and Lord Birkenhead, but there isn't going to be any
great labor victory. And the probabilities are—
especially in consideration of the outcome of other
efforts at general strikes—that labor will be a loser."
2702
THE CHRONICLE
The regular London correspondent of the "Times"
in a dispatch on May 8, gave still another reason
why he thought the strike was doomed to failure.
He began by saying: "The British bulldog suddenly
showed its teeth. The following grim announcement
was made officially by the Government last night:
'All ranks of the armed forces of the Crown are
hereby notified that any action which they may find
it necessary to take in an earnest endeavor to aid
the civil power will receive, both now and afterward,
the full support of his Majesty's Government.'"
Commenting on the official statement, the correspondent stated that "to those who had read between
the lines of Sir John Simon's speech in the House of
Commons Thursday night this did not come as a
great surprise. The famous lawyer's assertion that
the general strike was utterly illegal had given them
an inkling that a way was being paved for justifying drastic Government measures. Upon others,
though, to-day's official announcement fell like a
bombshell."
While in the London cable advices for several
days early in the week there were reports that the
Trades Union Congress would call out 2,000,000 men,
representing the "second line of defense," apparently
very little was done in that direction, except with
respect to employees at the electric light plants in
London. Threats were heard that Organized Labor
would make an effort to paralyze the country's food
supply, as its last "fateful trump card." Commenting
on the probability of such an undertaking being successful, a special correspondent of the New York
"Times" said in a dispatch on May 8, that "if the
country's food supply can be kept above 75%, or
even 65%, of normal (it is now around 90%), it is
difficult to see any other result than the defeat of
the strikers, which should come at the end of three
or four weeks when, it is calculated, the workers'
savings will begin to be used up, strike benefits will
commence to peter out and the bread-earner begin
to feel in his own stomach the need of earning more
bread. It should be remembered that the workers'
wives and children stand to get hungry somewhat
before any other class." Continuing his observations as to the Government's preparation to meet an
effort on the part of the strike leaders to prevent
food from coming into Great Britain from other
countries, the correspondent said: "Over against
that effort the Government has 200,000 motor trucks
and eventually a quarter million of men, exclusive
of any needed number of volunteers, to insure the
food supply of the large cities. The effect of a food
stoppage order by the strikers' chiefs would undoubtedly steel the rest to a stronger and greater
determination to back the Government to the last
ditch in its effort to beat the general strike."
The situation was outlined in a still more encouraging way in a special London cable message to the
New York "Times" on May 9. The correspondent
said in part: "The essence of strategy is robbing
the enemy of his freedom of action. If that axiom
be transferred from the domain of warfare to that
of strikes it must be admitted to-night that so far
the British Government, led by Premier Baldwin,
has robbed leaders of Britain's great general strike
of their freedom of action. At the close of the sixth
day of this gigantic industrial struggle it becomes
increasingly apparent that even if the British Government has not won the game yet it has consistently
[VOL. 122.
forced the play. From the very outset of the great
strike, at midnight last Monday, most of the aggressiveness recorded has been contributed by those seeking to crush the strike. Each day brings increased
railway service. Each day shows a more efficient
organization of the Government's emergency food
distributing services. Each day has shown a bigger
enrollment of volunteers in every branch of strike
breaking. Each day has shown hesitation on the
part of the strikers to play their trump cards. They
have not tried to smash the great food distribution
organization of the Government. They have not
called out the 'second line of defense' and the 'third
line of defense.' Will they? That is the question,
asked in a constantly growing tone of skepticism
by those who have lived through these first six days
of one of the greatest industrial crises in the entire
history of the world."
Significant statements in behalf of the Government side of the controversy were made by Lord
Asquith and Lord Balfour. The statement of the
former appeared in the "British Gazette," the official newspaper of the Government during the strike,
in its issue of May 7. In part he said: "We should
have lost all sense of self-respect if we were to allow
any section of the community at its own will and
for whatever motives to bring to a standstill the industrial and social life of the whole nation. It would
be to acquiesce in the substitution for free government of a dictatorship. This the British people will
never do. We desire at the earliest moment a resumption of negotiations to bring peace and reconstruction to our coal fields. But that anti-social
weapon which has been so unadvisedly drawn must
first be sheathed." The statement of Lord Balfour
was printed in the "Gazette" on May 9 also. He
pointed out among other things that "no revolution
in Great Britain, however triumphant, is going to
diminish foreign competition in neutral markets;
no revolution is going to hasten the changes recommended by the commission in the methods and organization of the mining industry; no revolution is
going to compel the mine owner indefinitely to carry
on his industry at a loss. Revolutionary methods
would be completely powerless except for evil."
Continuing, he asserted that "were it to succeed,
the community would henceforth be ruled not by
Parliament, not by the Parliamentary Labor Party,
not by the rank and file of the trades unions, not by
the moderate members of the Trades Union Council,
but by a relatively small body of extremists, who regard the trades unions, not as the machinery for
collective bargaining within our industrial system,
but as a political instrument by which the industrial
system itself may be utterly destroyed. Such a policy would in the long run be fatal to any country; on
this country it would bring ruin—swift, complete
and irresistible."
The probability of a settlement being reached appeared somewhat brighter, judging from London
cable dispatches under date of May 10. The New
York "Times" correspondent said that "there are
now going on informal conversations looking to the
finding of a formula which will permit the ending
of the British general strike. Neither the Government nor the Trades Union Council officially are
represented, but those undertaking the effort are in
touch with both sides. While secrecy surrounds
MAY 15 1926.]
THE CHRONICLE
these talks,it is evident that they are centring about
the coal industry and there is a report that they
hope to persuade the miners that their best chances
lie in the ending rather than the continuance of the
strike. Should it be possible to satisfy the miners
of this the way might be opened for the strike leaders to rescind the general strike order, which would
fulfill the essential condition Prime.Minister Baldwin makes for the resumption of negotiations with
the trades unions." The correspondent suggested
that "this does not mean any weakening of the Government's determination to show that a general
strike cannot be used to force the Government, but
the idea back of the effort is that a way can be found
to end the struggle without carrying it to the exhaustion stage. It may be that the next few days will
mark an advance in the endeavor to arrange a
method for ending the strike. It is the idea of these
intermediaries that if the struggle can be ended in
the way they plan, there will remain clearly the
issue aroused by the difficulties in the coal industry . with what has been called the constitutional
strike banished into limbo."
The situation the next day continued to look favorable, according to an Associated Press dispatch
from London Tuesday evening. It was even claimed
that the New York stock market was favorably affected by the reports in the dispatch. It stated that
"peace negotiations in the general strike are going
on under the surface. They have not reached an
official status, but a man high in the labor ranks
said late to-day that parleys were proceeding. They
were in such a delicate state, however, he added, that
nothing further could be said now. The labor spokesman said it was possible something tangible would
be forthcoming to-morrow, but emphasized that
nothing definite was in sight now. A special meeting of the general council of the Trades Union Congress was called for 7 o'clock to-night 'to explore
the position at the present time.' J. H. Thomas and
all the other leaders were expected to attend."
According to a special cable message from London to the New York "Evening Post," also on Tuesday evening,"a notable feature of the day's developments in the general strike was the activity of Sir
Herbert Samuel, Chairman of the Royal Commission, who has just returned from Egypt. Sir Herbert was reported to be unofficially in contact with
the miners and mine owners with a proposal for a
resumption of their negotiations. The proposal under discussion calls for a resumption of the Government coal subsidy for two months, which is a longer
term than any yet mentioned, and a reduction of
wages of from 10 to 15%. Coupled with these would
be a radical reorganization of the coal mines along
the lines of the Coal Commsson's report."
There were further indications in the London cable
dispatches filed early Wednesday morning that the
general strike was near to an end. The representative of the New York "Times" said that,"though the
Government and the strikers continued to face each
other in full battle formation throughout yesterday,
the eighth day of Britain's great general strike, there
were signs that the dove of peace was hovering somewhere in the immediate neighborhood. Up to a late
hour last night, however, nobody had quite located
the bird. Many insisted, nevertheless, that they had
distinctly heard the soft whirring of its wings." He
added that "they stuck to their assertion despite the
2703
declaration in last night's 'British Worker,'
the strikers' official organ, that to-day more
workers will join the great strike—the molders and shipyard workers, members of the Amalgamated Engineering Unions and the General Engineering Unions. The strikers' organ also said that
instead of 'dribbling back to work,' according to the
Government's statement, the workers are 'standing
like a rock and more are coming out.'"
Speaking much more definitely, the London representative of the New York "Herald Tribune" said
in a long dispatch, also filed early Wednesday morning, that "definite indication that the breakdown in
Britain's general strike is in sight and may occur
to-day developed at an eight-hour conference between the general council of the Trades Union Congress and the miners' leaders last night and early
this morning at the labor headquarters in Eccleston
Square, finally breaking up at 2 o'clock this morning. At this meeting a proposition for a settlement
was brought up by Ramsay MacDonald, who had
been working behind the scenes for peace all along,
and it was pressed upon the miners by the Trades
Union leaders who are anxious to find an honorable
way out of the crisis. It is understood, however,
that the miners maintained their unalterable stand
'not a penny off pay, not a minute on the day,' and
the labor leaders departed completely worn out
shortly before 2 o'clock in order to snatch a few
minutes' sleep before resuming the critical discussions later this morning. No statement was given
the press, but it was understood that dramatic developments may be expected during the day. It was
indicated that the labor officials will confer with
Premier Baldwin and members of the Cabinet this
morning."
The probable action suggested in foregoing paragraphs was largely carried out. The general strike
was called off suddenly shortly after midday on
Wednesday, as already related, but as the strikers
were not taken back en bloc, particularly by the
transport companies, considerable trouble ensued.
The German Cabinet has been in trouble for some
little time, and has resigned. It arose over an order
recently of the Cabinet for the display of the merchant flag, containing the old monarchist colors.
According to an Associated Press dispatch from
Berlin early Wednesday morning, "the Parliamentary situation reached a critical stage by reason of a
midnight caucus by the Democrats, who adopted a
resolution that further co-operation with Chancellor
Luther was impossible because of his procedure in
the flag issue." The correspondent added that "the
Democrats' defection will force the Centrists to follow suit, which would make Dr. Luther's continuance in office impossible. The resolution is believed
to have been due to the Chancellor's irreconcilable
speech, which is viewed by the Democrats as an affront and insincere."
In his account of the incident the Berlin representative of the New York "Herald Tribune" said:
"The Chancellor accepted full responsibility for the
flag order and elaborated the explanation already
given by the Government. Germany's trade abroad,
he said, had been built up under the black, white
and red colors and these colors were accepted so generally by overseas Germans as the symbol of Germany that it happened in foreign ports that Ger-
2A4
THE CHRONICLE
mans either flew the old colors or none at all. This
fact had caused unending embarrassment to German
diplomatic and consular representatives, so that the
flag order, prescribing the simultaneous flying of
the commercial flag, which resembles so closely the
old colors, and the Republican flag, seemed the only
solution. This at least satisfied the overseas Germans and was in harmony with the Constitution.
In view of the outcry over the flag order, the Government quietly had decided to postpone putting the
order into effect until August, hoping meanwhile to
arrive at some compromise."
The actual downfall of the Luther Cabinet came
later the same day, Wednesday, May 12. The Berlin
representative of the Associated Press said that
"President von Hindenburg accepted the Cabinet's
resignation, but asked it to carry on for the present."
He added that "the resignation followed the adoption in the Reichstag of a no-confidence motion by a
vote of 176 to 146. The Chancellor's defeat came as
a surprise, as a similar motion by the Socialists previously had been rejected, 176 to 144. The Democrats' motion bracketed its rebuke to the Chancellor
with approval of President von Hindenburg's course
during the controversy over the Chancellor's decree.
He had ordered the merchant flag, composed of the
old monarchist colors, flown with the Republican
flag on German Embassies and Consulates. The
Socialists and Communists supported the Democratic motion."
A sensational political situation was said to have
been discovered by the police. The Associated Press
correspondent cabled that "discovery of detailed
plans for the establishment of a German Fascist dictatorship whose object was the 'restoration of the
Hohenzollern Empire in renewed splendor,' was announced by police to-day, following a series of raids.
The police, trying to get at the bottom of it, they
said they regarded it as merely a dream worked out
on paper. Among the documents taken by police
were plans calling for the forcible resignation of
President von Hindenburg, the overthrow of the
Federal and State constitutions by armed force, the
dissolution of all Parliaments, the execution without trial for strikers as well as other opponents, the
expulsion of Jews from Germany and the confiscation of their property. The seized documents, police said, revealed that the ringleaders of the conspiracy maintained a steady correspondence with
the former Kaiser and with Bavarian reactionaries
like Hitler."
In his account of the alleged plan to overthrow
the Government, the Berlin representative of the
New York "Evening Post" cabled Wednesday evening as follows: "The downfall of the Luther Ministry to-day was preceded immediately by the discovery by the police of a royalist plot. The plot was
discovered when the police raided the home of Colonel Nicolai, chief propagandist for the German army
during the World War and now in the service of
Alfred Hugenberg, who finances part of the monarchist press in Germany. In Nicolai's possession
the police found plans to overthrow the Government
and introduce a dictatorship. The dictator listed in
Nicolai's documents is President von Hindenburg,
who denies having known anything about the plans.
The other men, who were to be dictator's advisers,
are Herr Hugenberg and Judge Class, who was one
of the leading German annexationists during the
[VoL. 122.
war, wanting to annex Belgium and parts of France
in his 'Pan-German' empire. The plot implied the
backing of all 'Fatherland associations'—monarchist clubs of various kinds—and it was planned specifically to abolish the Dawes plan, nullify the Locarno agreement and re-establish the military regime. It provided for a concentric attack on Berlin. The documents found in Nicolai's possession
also include plans to shoot a number of leading Republicans, such as George Bernhard, editor of the
‘Vossische Zeitung'; Friderich Stampfer, editor of
‘Vorwaerts,' and Dr. Karaipieker, a leading member
of the Centrist Party. Nicolai's arrest has been
postponed, 'as he is ill in bed,' but Colonel von Sodenstern, editor of the monarchist 'Deutsche Zeitung,' and Colonel von Luck, President of the Olympic Athletic Club, were taken into custody by the
police."
Referring to the resignation of the Cabinet, the
Berlin correspondent of the New York "Times" said
in a cable dispatch on Wednesday evening that "the
President requested Luther and his associates to
continue to perform their Ministerial functions until the crisis has been ended, either through the formation of a new Ministry capable of gaining a Parliamentary majority or by dissolution of the Reichstag and a new general election. Chancellor Luther
paid a second visit to President von Hindenburg tonight and said that, while he was willing to carry
on the duties of Chancellor until a new Government
is formed, he wished to be relieved as soon as possible. Prior to this announcement it was believed
that the President would invite Luther to retain the
Chancellorship and attempt the reorganization of
his Cabinet to satisfy the majority of the Deputies.
Both the Democrats and Socialists were committed
to absolute opposition to the Chancellor and the
only hope of achieving this aim would have been a
fresh alliance with the Nationalists. Since, however, the latter faction was the cause of his downfall to-day, and, moreover, is uncompromisingly antagonistic to his Locarno and League of Nations
policies, the prospects for such a combination were
not bright at any time after the Cabinet defeat."
A special Berlin representative of the New York
"Herald Tribune," in a cable message Wednesday
evening, was disposed to treat the alleged plot to
overthrow the Government lightly. He said: "Two
things stood out clearly and the third rather sketchily in to-day's troubled political air. The two defi
nite things were disapproval of the Government's
recent flag order and the recent tactics of Chancellor Luther. The third thing, the Fascist putscit
conspiracy, is dismissed as a fantastic day dream
by the papers. There has been disclosed a considerable amount of concrete details on the conspiracy
of the Prussian police and the papers of the Demo
crats and the Left. Inasmuch as the alleged putsch
plot was to be executed following the fall of the
Luther Government, the revelations have produced
a situation with at least a momentary touch of
drama. The party tactics at the afternoon session
of the Reichstag appeared so complicated that even
the members themselves were scarcely certain what
was happening after various motions had been voted
on and the House had adjourned."
Word came from Berlin. Thursday afternoon,
through an Associated Press dispatch, that "Dr.
Otto Gessler, as senior member of the resigned
MAY 15 1926.]
THE CHRONICLE
Luther Cabinet, was designated by President von
.
Hindenburg to-day to assume the Chancellorship
temporarily." The New York "Times" representative in the German capital said in a wireless message later the same evening that "the President took
this step after Dr. Luther had visited the Presidential Palace twice asking to be relieved immediately
of all duties as Acting Chancellor and had assured
President von Hindenburg that he would not make
another attempt to form a Cabinet, both because
yesterday's Reichstag action was directed against
him and also because he desired a long period of
rest from political burdens. Dr. Gessler asked to
be permitted to delay his decision on the President's
request until to-morrow at noon, in order to have
time to discuss unofficially with the various party
leaders his chances of success. Considering that
the present issues before -the Reich, namely the settlement of the ex-German ruling families' claims
the flag question on which the Luther Government
fell, and the valorization of pre-inflation bonds,
mortgages and savings, which have widened the gap
between the parties more than ever, the task facing
Dr. Gessler is the biggest possible."
According to a United Press dispatch from Berlin last evening, "Defense Minister Gessler to-day
informed President von Hindenburg that he could
not form a Cabinet on the basis of the Reichstag
Coalition from which the defeated Luther Cabinet
was constructed. Gessler said, however, he would
retain his commission and do his utmost to find
some other foundation for a Cabinet." It was also
stated that "President von Hindenburg probably
will select Foreign Minister Stresemann or Dr.
Curtius, a leader of the People's Party in the Reichstag, to form a Cabinet based on a coalition. This
Government would be temporary, probably resigning six weeks hence after the popular referendum
on the question of expropriation of former royal
property without compensation to the deposed royalties."
It was stated in an Associated Press dispatch from
Berlin last evening that "Count Hugo von Lerchenfeld, former Premier of Bavaria, now is leading in
the race for the Chancellorship of Germany to succeed Dr. Luther. Count von Lerchenfeld is a member of the Bavarian People's Party, but is not identified with its reactionary wing. His wife was formerly Miss Ethel Wyman of Detroit and New York."
Two other European Cabinets have gone down
recently—those of Belgium and Poland. It became
known on May 10 that "M. Brunet, Socialist President of the Belgian Chamber of Deputies, had accepted an invitation to form a new Cabinet, succeeding that of Premier Poullet, which will last only until the end of the present session of Parliament."
It was added that "the Cabinet, which will be one of
'National Union,' will comprise five Socialists and
Democrats, five Catholics and two or three Liberals.
The program of the new Cabinet will be limited to a
solution of Belgium's pressing financial problems,
although the Socialists have insisted that their program of military service reform, rent laws, ratification of the Washington debt agreement and the
eight-hour law be maintained integrally. M. Brunet will be Premier without portfolio, and Emil
Franqui, who was a member of the Belgian Debt
Mission to the United States, has accepted the Ministry of Finance. The Brunet Cabinet will be sup-
2705
plemented by a special financial committee, which
will include M. Franqui, Professor Felicien Cattier,
of the University of Brussels; Jules Jadot, a member of the Belgian Commission to the Washington
Disarmament Conference, and former Premier
Georges Theunis."
Apparently this announcement was premature.
At any rate, the effort to form the Ministry was not
successful. In a special Brussels dispatch to the
New York "Times" on May 12, it was stated that
"M. Brunet, President of the Chamber of Deputies,
to-day failed to form a new Cabinet, and it seems
that Belgium will see a resumption of a procession
of nominees to -the Premiership such as occurred
only a few months ago, after the elections failed to
give any one party a majority. In the present instance, however, Belgium faces extremely seriobs
financial problems, which are the real reason for
the present crisis. The resignation of Finance Minister Janssen marked the end of the Socialist Government and was due to his failure to win his fight
for currency stabilization."
As to Poland, announcement was made on May 10
in Warsaw that "former Premier Witos had succeeded in forming a Cabinet to succeed the Skryzinski Ministry, most of whose members he retains."
The former Premier was to serve in the same position in the new Cabinet. The previous Ministry,
headed by Count Skryzinski, resigned last week over
a question of financial policy.
The situation in Poland suddenly became critical,
as it had in Germany, following the resignation of
the Luther Cabinet. Word came from Warsaw
Wednesday evening, through an Associated Press
dispatch, that "a military revolt started to-day at
Rembertov, ten miles from Warsaw." The situation was further outlined as follows: "Several regiments, forming the garrison there, mutinied and
marched toward the capital. The mutineers reached
Prague, a suburb, where President Wojciechowski
went to make a personal request for their surrender.
This afternoon the Government still was endeavoring to reason with the rebels, but meanwhile, all
measures were being taken to protect the city from
invasion. The Warsaw garrison remains loyal to
the Government. An appeal has been broadcast for
the people to keep order and to obey the legal authorities. The trouble began with the formation of
the new Cabinet under Premier Witos, with Ministers chosen from the Right and Central parties. Adherents of Marshal Joseph Pilsudski, former President, last night staged manifestations and distributed leaflets declaring Pilsudski the only person
fitted to head the Government."
Associated Press cable messages later the same
evening from Berlin, Prague and Warsaw indicated
that the last named city was in a state of seige. It
was stated that, "famous in history as the objective
point of various armies, Warsaw has again become
an armed camp. The Government began taking precautionary measures for the city's defense as soon
as news was received of military revolt designed to
oust Premier Witos, who, except for Marshal Pilsudski, former President and leader of the uprising,
is Poland's most picturesque politician. Machine
guns have been placed atop Government buildings.
Telephone and telegraph lines and bridges are
guarded by troops remaining loyal to the Govern-
2706
THE CHRONICLE
ment. The Cabinet is sitting continuously in an
effort to find a solution to the situation, which appears to be gradually becoming more confused."
The latest developments in the Polish political
situation were reported in part as follows in a special Berlin message to the New York "Times" Thursday evening: "Travelers arriving from the Polish
border bring reports that Marshal Pilsudski, who
started a military revolt yesterday against the Government and advanced into Warsaw with troopg,
succeeded this afternoon in capturing the Presidential Palace and arresting President Wojciechowski
on suspicion. He is reported to be organizing the
army, with Generals Haller and Sikorski as lead.!,
s.
to recapture the Government control. It is estimated that 200 were killed in street fighting in Warsaw."
According to an Associated Press dispatch from
Prague on May 13, "a manifesto by President Wojciechowski, thrown from an airplane, declares +hat
a majority of the army sides with the Government
and that troops are on their way to Warsaw to engage the Pilsudski forces. It appeals for support for
the lawful Government. The inner city is completely in the hands of the Pilsudski adherents, and
the Marshal with his staff has his headquarters in
the Saxon Palace. The Government apparently is
endeavoring to delay negotiations until it is able to
converge the greater number of its forces in the provinces in Warsaw. An aviation corps has reported
for service and an airtight embargo on telephonic
and telegraphic communications has been imposed
throughout Poland to prevent Pilsudski from mobilizing his followers."
In a special cable dispatch from Warsaw to the
New York "Evening Post" under date of May 14 it
was stated that "the battle for possession of Warsaw was renewed to-night with the odds favoring
Marshal Pilsudski and his revolutionists. The twilight shadows brought an unwelcome close to the
brief respite from fighting, due to the truce this
afternoon. The short-lived armistice is believed to
have been arranged by the Government so it could
bring up troops from the provinces to dislodge the
rebellious forces." According to this dispatch also,
"private and authentic advices reaching the Polish
Embassy indicate there is still a possibility of successful negotiations between Marshal Pilsudski and
the Government. The Warsaw citadel—the arsenal
—has surrendered to Pilsudski and the police force
has capitulated. General Losvadecszky has been
appointed to command the Government troops. Pilsudski has declared that the interests of the country must stand above party and that the form of
Government is not important."
A special correspondent of "The Sun" at Danzig
cabled last evening that "Europe's fifth dictatorship
and the first one to arise north of the Fascist Mediterranean countries will be established by nightfall, emissaries of the Pilsudski revolutionists declared here to-day."
The outstanding feature of the British trade statement for April was the decrease in exports of British goods, compared with March of this year, of
£13,650,000 and in total exports of £14,470,000. Imports dropped £6,150,000. Compared with April
1925, exports of British goods declined £8,137,000,
total exports £9,237,000 and imports £9,648,000.
[Vol.. 122.
These figures were not the result of the general
strike in Great Britain, as it did not go into effect
until May 3. The figures for April and the first four
months of this year compared with the corresponding months of 1925 follow:
April
Jan. 1 to Apr.301926.
1925.
1925.
1926.
Imports
£100,710,000 £110,358,208 £422,108,000 £482,274,246
Exports, British goods_ _ _ 52,740,000
60,877,328 242,334,000 269,561,496
Re-exports, foreign goods 11,260,000
52,349,904
12,410,220
48,308.000
Total exports
Excess of imports
£84,000,000
136,710,000
£73,287,548 £290,843,000 £321,911,400
/27,070,660 £131,465,000 1140,362,846
No change has taken place in official bank rates
at leading European centres from 7/
1
2% in Austria;
7% in Berlin, Belgium and Italy; 6% in Paris;
51
/
2% in Denmark and Norway; 5% in London and
Madrid; 4/
1
2% in Sweden and 3/
1
2% in Holland and
Switzerland. In London open market discounts
were easier, and finished at 4 7-16@4/
1
2% for short
bills and three months' bills alike as compared with
4 9-16@4%% last week. Money on call at the
British centre continued firm the greater part of
the week, touching 41/
8%, but closing at 37
/8%, the
same as a week ago. In Paris and Switzerland open
market discount rates remain at 51/
4%,
4% and 21/
the same as the previous week.
The Bank of England in its latest weekly statement, made available for publication on Thursday,
announced another large gain in gold, this time of
£786,804, but reserve of gold and notes in the banking department increased only £332,000, inasmuch
as note circulation expanded £455,000. The proportion of reserve to liabilities moved up to 21.36%, as
against 20.93% last week. At this time a year ago
the ratio stood at 21/
1
2% and in 1924 at 19/
1
2%.
Public deposits, which had been declining of late,
were expanded £4,564,000. "Other" deposits, however, fell £5,200,000.
The Bank's temporary
loans to the .Government itcreased £3,900,000,
but loans on other securities were reduced
£4,873,000. Total gold holdings are £148,262,303, which compares with £153,616,864 in the
corresponding week of 1925 and £128,182,792 a
year earlier (before the transfer to the Bank of England of the £27,000,000 gold formerly held by the
Redemption Account of the Currency Note Issue).
Reserve totals £26,361,000, as against £25,760,629 a
year ago and £23,391,267 in 1924. Note circulation
is now £141,651,000, in comparison with £147,606,235 last year and £124,541,525 the year before that,
while loans aggregate £68,671,000, as contrasted
with £78,331,998 and £72,589,177 one and two years
ago, respectively. No change has been made in the
official discount rate of the Bank of England from
5%. Clearings through the London banks for the
week totaled £768,386,000, as compared with £880,797,000 last week and £774,337,000 a year ago. We
append herewith comparisons of the different items
of the Bank of England return for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT,
1925.
1926.
1924.
221.7.
1923.
1a
91,
si
16.
May 12.
May 13.
May 14.
May
£
£
£
£
£
5141.651,000 147,808,235 124,541,525 123,478,495 121,070,755
loptsits
C
pu
irb
eluic
ladte
21,265,000 17,425,543 17,359,039 15,680,255 12,970,528
102,151,000 102,159,081 102,440,759 106,723,312 126,091,310
Other deposits
Governm't securities 46,130,000 33,302,144 41,522,755 44.131,180 55,447,646
Other securities,,_.68,671,000 78,331,998 72,589,177 72,226,346 75,101,943
Reserve notes & coin 28,361,000 25,760,629 23,391,267 23,798,509 26,258,472
Coln and bullion_a148,262,303 153,616,864 128,182,792 127,525,004 128,879,227
Proportion of reserve
to liabilities
21.36%
2134%
1934%
1814%
1934%
Bank rate
5%
5%
4%
3%
4%
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion Previously held as security for currency note Issues and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
S Beginning with the statement for April 29 1925, includes £27,000,000 of Bank of
England notes issued in return for the same amount of gold coin and bullion held
up to that time In Redemption Account of Currency Note Issue.
MAY 15 1926.]
THE CHRONICLE
Another small gain in the gold item was reported
by the Bank of France in its statement this week,
the amount being 27,000 francs. Total gold holdings
now aggregate 5,548,449,775 francs, as compared
with 5,546,359,357 francs for the corresponding date
last year and with 5,542,613,197 francs the year
previous. In note circulation a decrease of 538,167,000 francs occurred, bringing the total notes in
circulation down to 52,643,172,995 francs, as compared with 42,991,216,250 francs for the same time
last year and only 39,739,206,030 francs in 1924.
The French Government repaid 400,000,000 francs
of its indebtedness to the Bank of France. Total
advances to the State now stand at 34,850,000,000
francs, which compares with 23,950,000,000 francs
in 1925 and 22,700,000,000 francs in 1924. During
the week silver gained 9,000 francs and bills discounted rose 558,223,000 francs. On the other
hand
trade advances fell off 11,156,000 francs, Treasu
ry
deposits declined 16,948,000 francs and genera
l deposits were decreased 108,036,000 francs.
Comparison of the various items in this week's return
with
the figures of last week and the corresponding dates
in both 1925 and 1924 are as follows:
BANK OF FRANCE'S COMPAR
ATIVE STATEMENT.
Changes
Status as of
for Week.
•May 13 1926. May 14 1925, May 15 1924.
Gold HokWigs—
Francs,.
Francs.
Francs.
Francs.
In France
Inc.
27,000 3,684.128,868 3,682.038,449 3,678,292,289
Abroad
Unchanged
1,864,329,907 1,864,320.907 1,864,320,907
Total
Inc.
27,000 5,548,449,775 5,546,359.357 5.542,613,197
Silver
Inc.
9,000
333,983,123
317,440,408
299.022,148
Bills discounted —Inc. 558,223,0
00 4,432,809,794 4,703.921,360 4,367,143,218
Trade advancesDec. 11,156,00
0 2,475,909,199 3,084,702,458 2,610,084,213
Note cIrculatIonDec. 538,167,0
00 52,643,172,995 42,991,216,250 39,739,206,030
Treasury deposIts_Dec. 16,948,00
0
2,582,843
42,974,269
13,229,404
General depoalta Dec 108,036,000
2,553,211,320 1,999,610.610 1,916,623,431
Advances to State.Dec. 400,000,000 34,850,00
0,000 23.950,000,000 22,700,000,000
The Imperial Bank of Germany in its statement,•
issued under date of May 7, showed a substantial
curtailment in note circulation, viz., 144,502,000
marks. Moderate gains were shown in other liabilities and in other maturing obligations-7,623,000
marks and 15,091,000 marks, respectively. As to
the Bank's assets, there was an increase of 6,098,000 marks in holdings of bills of exchange and
checks, and of 7,411,000 marks in notes on other
banks. Advances, however, fell 54,337,000 marks
and other assets 37,256,000 marks. Reserve in foreign currencies was reduced 43,354,000 marks, while
silver and other coins declined 384,000 marks. Another small addition (34,000 marks) to gold
and
bullion holdings, brought the Bank's total stock
of
gold up to 1,491,543,000 marks, which compa
res with
1,014,271,000 marks last year and 441,830,000
marks
in 1924. Outstanding note circulation now
stands
at 3,941,366,000 marks.
The showing made by the weekly report
s of the
Federal Reserve banks formed a striking
contrast
with the statements issued the week preceding,
when
gold reserves were reduced and rediscounting expanded. The statements issued at the close of business on Thursday revealed gains in gold and contraction in rediscounting, at the same time that open
market dealings increased, both locally and nationally. The group banks reported an addition to gold
reserve of $11,000,000. Rediscounting of Government secured as well as "other" bills decreased approximately $70,700,000, so that total bills discounted now aggregate $476,414,000, as against
$547,181,000 last week. Holdings of bills bought in
the open market increased $14,700,000. The reduc-
2707
tion in total bills and securities (earni
ng assets)
and in deposits was, respectively, $55,100,000
and
$40,400,000. A small increase occurred in
the
amount of Federal Reserve notes in actual circul
ation, namely $3,500,000, while member bank
reserve
accounts dropped $37,300,000. The New York bank
gained gold in its transactions with interior banks
to the amount of $31,600,000. Curtailment of upward of $59,000,000 occurred in rediscounts of all
classes of paper, while open market purchases expanded $11,900,000. Total bills and securities fell
$50,800,000. Declines were also noted of $9,100,000
in deposits, $1,500,000 in the amount of Federal Reserve notes in actual circulation and $8,100,000 in
member bank reserve accounts. The effect of larger
gold reserve and contraction in deposits, was naturally to advance reserve ratios-1.2%, to 75.7% for
the System as a whole, and at New York of 3.4%, to
81.5%.
Last Saturday's statement of New York Clearing
House banks and trust companies was featured by
heavy declines in both loans and deposits, accompanied by another small addition to surplus reserve.
In detail the figures showed that the loan item was
reduced $119,835,000, while net demand deposits fell
$107,313,000 and time deposits declined $3,276,000,
to $589,402,000. The grand total of demand deposits is $4,351,670,000, which is exclusive of Government deposits to the amount of $33,217,000. An increase of $3,127,000 was indicated in cash in own
vaults of members of the Federal Reserve Bank,
bringing the total to $47,066,000; although this is
not counted as reserve. Reserves of State banks
and trust companies in own vaults expanded $226,000, but the reserve of these same institutions kept
in other depositories fell $384,000. Member banks
drew down their reserves in the Federal institution
by $10,347,000; but this was more than offset by
heavy curtailment in deposits, so that surplus increased $3,689,190, to $31,750,840, which compares
with last week's excess reserves of $28,061,650. The
above figures for surplus are on the basis of legal reserves of 13% against demand deposits for member
banks of the Federal Reserve System but do not include $47,066,000 held by these member banks in
own vaults on Saturday last.
The trend of money in the local market has been
toward still greater ease. It could not have been
otherwise. The supply simply was considerably in
excess of the demand. Speculative activity in stocks
was reduced to such an extent that the total sales
on the New York Stock Exchange fell below 1,000,000 shares for a five-hour session. Offerings of
bonds, probably because of the European situation
more than any other single factor, were on a smaller
scale. Of course, offerings of European issues were
practically out of the question. General business in
various lines throughout the country has receded
somewhat. This also has lessened the demand for
funds. On the other hand, the reviews of conditions
in the steel industry indicated somewhat more
active buying of some manufactured products,
and
moderate increases in prices as well. As a
result
of these features of the situation and
others that
might be mentioned, call money renewed
and loaned
all day at 33
4% on Thursday, and was said to
have
been obtainable at 31/
2% in the outside market.
Yesterday, however, there was an
advance in the
2708
THE C
CLE
[VoL. 122.
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
afternoon to 4%. Loans were called to the exten •f
MAY 14 1926.
about $20,000,000. After the close of business e
Paper Maturinp—
terday the New York Federal Reserve Bank made
After 90 After 6
the following announcement: "The Government tobut
Days, but
Within 90 Days.
Within 6 WUhin 9
morrow will pay out in the New York district about FEDERAL RESERVE
Months. Months.
BANK.
$23,000,000 and in the entire country will pay out
Com'rcial Recur. by
Apricot.* Agricul.
and
Apricot. U. S. Bankers' Trade
and
in interest about $66,000,000. On the other hand,
&Livest'k Govt.
AccepAccep- Livestock Livestock
Paper, Obliga- Lances. Lances. Paper. Paper.
n.e.s.
the Government calls to-morrow $34,580,000, of
Lions.
4
4
4
4
4
4
which amount $6,938,000 is called from New York. Boston
New York
3%
3M
3X
3%
354
3;4
4
Philadelphia
4
4
4
4
4
This will leave, after the call, $48,570,000 on de- Cleveland
4
4
4
4
4
4
4
Richmond
4
4
4
4
4
posit for the Government with banks in this Atlanta
4
4
4
4
4
4
4
Chicago
4
4
4
4
4
Federal Reserve District. Time money was St. Louis
4
4
4
4
4
4
4
Minneapolis
4
4
4
4
4
dull and practically unchanged at 3/
3
4@4% -Kansas City
4
4
4
4
4
4
4
Dallas
4
4
4
4
4
for the shorter periods, with loans at 41/4 for San
4
Francisco
4
4
4
4
4
nine months reported. There is little or nothing • Including bankers' acceptances drawn for an agricultural purpose and se
by warehouse receipts. Ow.
to indicate permanently higher.rates in the near fuCalling off of the British general strike was the
ture. There will be flurries from time to time, as
there was yesterday.
signal for an advance in sterling exchange values,
Dealing with specific rates for money, call loans which carried quotations for demand up to 4 86 3-16,
this week have covered a range of 332@4%, which or about 13A cents over the low point touched at the
/
2@43/
2% last week. Monday close of last week. As a matter of fact, the overcompares with 31
there was no range, all loans on call being put through whelming influence of England's labor crisis comat 4%. On Tuesday renewals were again made at pletely overshadowed all other considerations in
4%, and this was the high, although before the close foreign exchange, and the market throughout waited
there was a decline to 332%. The range remained upon the day-to-day developments in the struggle
unchanged on Wednesday at 4% high, 33/2% low, between the Labor Party and the Government of
with 4% the renewal basis. Easier conditions pre- the United Kingdom. Almost from the start it
vailed on Thursday and the ruling quotation was appeared to be a foregone conclusion that the strike
lowered to 34%, which also was the high and low would be of brief duration and prices commenced to
for the day. On Friday call funds renewed at climb steadily upward until by Tuesday 4 85% had
3%%, and this was the minimum figure; the high, been reached. Cable advices on Wednesday to the
effect that the strike was actually over was followed by
however, advanced to 4%.
Fixed date maturities were generally easy, although an outburst of firmness that carried demand once more
for a time no trades were made under 4%. Before across the 4 86 mark; thus regaining all of the pre-,
the close sixty and ninety day loans were again vious losses. So intense was the relief felt over the'
quoted at 3%@4%, and four, five and six months' passing of what at one time threatened to become
money at 4@43.4%, the same as a week ago. Time a state of civil warfare that the fact that the coal
funds were in good supply, but the inquiry was light strike itself remained unsettled passed by unnoticed,
and the undertone of the market was buoyant.
and the market exceptionally quiet.
Trading,
however, was not particularly active. Outthe
demand,
but
Commercial paper was in fair
break
of
revolutionary conditions in Poland failed
was
of
trading
small,
so
that
still
supply of offerings is
moderate proportions. Both local and country to exercise any appreciable effect on sterling. In
banks were in the market as buyers. Four to six the late dealings announcement that fresh trouble
months' names of choice character have not been had arisen in England over refusal of employers
changed from 4@43%, with names less well known to restore striking employees to their former union
at 432%, the same as heretofore. New England mill basis, caused some uneasiness and a slight tendency
paper and the shorter choice names are still passing to reaction set in. Before the close, however, announcement that all disputes were in a fair way of
at 4%.
Banks' and bankers' acceptances continue to be being settled amicably sent prices to the highest
quoted at the levels prevailing previously. The turn- point for the week. Some of the buying that sent
over was small, however, with interior banks fur- sterling quotations up was attributed to the liquinishing the bulk of the limited business passing. For dating of short positions.
Referring to the more detailed quotations, sterling
call loans against bankers' acceptances the posted
rate of the American Acceptance Council is now exchange on Saturday last was quiet but steady, and
33. %, against 332% last week. The Acceptance rates ruled at 4 853/i (one rate) for demand, 4 853/
Council makes the discount rate on prime bankers' for cable transfers and 4 81% for sixty days. On
acceptances eligible for purchase by the Federal Monday, after a firm opening, rates advanced slightly
Reserve banks 33.% bid and 32/% asked for bills on better strike news, with the range for demand
running 30 to 90 days, 398% bid and 33i% asked for 4 85 1-32@4 85 11-32, for cable transfers 4 85 13-32
120 days, 33/2% bid and 3/% asked for 150 days, @,4 85 25-32 and for sixty days 4 81 25-32@4 82 3-32;
and 3 8% bid and 332% asked for 180 days. Open trading was fairly active. Rumor of impending
negotiations for settlement of the general strike
market quotations are as follows:
brought increased strength on Tuesday and demand
SPOT DELIVERY.
60 Days.
30 bays.
90 Lays.
moved up to 4 85%; the low was 4 85 5-16, while
33403M
Prime eligible bills
33@33i
3f@3i
FOR DELIVERY WITHIN THIRTY DAYS.
3% bid cable transfers ranged between 4 85 11-16 and 4 863/i
Prime eligible bills
and sixty days at 4 82 1-16@4 823/
2. Wednesday's
There have been no changes this week in Federal market was strong and there was a further advance
Reserve Bank rates. The following is the schedule to 4 85 15-16@4 86 1-16 for demand, 4 86 5-16®
of rates now in effect for the various classes of paper 486 7-16 for cable transfers and 482 11-16@4 82 13-16
for sixty days; sterling was not affected by the Polish
at the different Reserve banks:
MAY 15 1926.]
THE CHRONICLE
2709
outbreak. Rumblings of possible trouble over re- recuperation. There is
nothing new to report in
fusal of British employers to reinstate striking em- either German, Austrian or Russian
exchanges, which
ployees on former terms prevented any further ad- continue inactive at nominal levels.
Greek exchange
vance on Thursday, and demand receded to 4 85%@'remained at around 1.23, though closing
at 1.21M. In
4 85 13-32, cable transfers at 4 8614@4 86 11-32 and the minor Central European group,
the revolt headed
sixty days at 482%@482 23-32. Friday's market was by General Pilsudski caused sensatio
nal weakness
quiet but steady; the range of prices was fractionally in the already rapidly waning
zloty, which broke
higher at 4 86@4 86 3-16 for demand, 4 86%@ through the previous 9.00
rate. This was en4 86 9-16 for cable transfers, and 4 82%@4 82 15-16 1 tirely nominal, however, as
no cable rates were
for sixty days. Closing quotations were 4 82 15-16 received from Warsaw, and
trading locally was
for sixty days, 4 86 3-16 for demand and 4 86 9-16 almost at a standstill.
It is claimed that most
for cable transfers. Commercial sight bills finished banks are transacting business
with Poland by
at 4 86 1-16, sixty days at 4 82 7-16, ninety days at means of dollars or sterling, in preferen
ce to handling
4 80 15-16, documents for payment (sixty days) at the erratic zloty. Recent
advices from London
4 82 11-16 and seven-day grain bills at 4 82 7-16. are responsible for the stateme
nt that the Indian
Cotton and grain for payment closed at 4 86 1-16. Government is again
operating in rupee exchange
No gold was engaged for either export or import with a view to stabilizing
the rate at about $0 36.
this week. The Bank of England reported the pur- This course of action
is said to indicate that the
chase of £853,000 in gold bars.
Currency Committee now sitting in London will
recommend stabilization at about is. 6d. Should
Irregular weakness pervaded operations in Con-' such a course
be adopted it will likely meet with
tinental exchange and although prices moved up- opposition on the
part of Indian exporters who are
ward in sympathy with the improvement in the anxious for a return to
the pre-war basis of is. 4d.
sterling market, the response was half-hearted at and strongly opposed
to governmental intervention.
best and confined to a few currencies. It was It is pointed out that
in the past huge sums have
plainly evident that other and more potent factors been sacrificed in
unsuccessful efforts to stabilize
were at work. As an illustration, it may be noted the rupee at a figure above
its current market
that French francs, after a low quotation of 3.1134, valuation.
rallied on Wednesday less than 4 points to 3.15, then
The London check rate on Paris closed at 158.75,
later slumped to 3.04. Antwerp francs followed suit as compared with 154.75
last week. In New York
while Italian lire, which were the weakest feature of sight bills on the French
centre finished at 3.05,
the major European exchanges, dropped another 2 against 3.131A;cable transfer
s at 3.06, against 3.143/
2;
points on the same day to 3.96%. Lire have been un- commercial sight at 3.04,
against 3.123/
2
,
and
comder pressure practically the whole week. According to mercial sixty days at 2.993,
against 3.08 a week ago.
banking authorities here, short selling of lire has been Closing rates on Antwerp
francs were 3.04 for checks
in progress for months past, and has now reached and 3.05 for cable transfers, in
comparison with
enormous proportions. Trades in lire amounting 3.043' and
3.053. a week earlier. Reichsmarks have
to as much as 5,000,000 have been negotiated and not been changed from 23.81 (one
rate) for both
the short account in New York alone is estimated checks and cable transfers. Austria
n schillings con-.
as close to 200,000,000 lire. Confirmation of these tinue to be quoted at 143/
8, the same as heretofore.
statements is seen in the future market which at Lire finished at 3.39 for bankers
' sight bills and at
the beginning of this year was at a discount of % 3.40 for cable transfers, which compare
s with 3.99%
of a point for one month, while at present the dis- and 4.00% the previous week. Exchang
e on Czechocount for one month's delivery is 43/ points under slovakia closed at 2.963 (unchanged);
Rumanian
4
the spot quotation; sixty days' delivery is 9 points, lei, which scored a rally of more than 5
points early
and ninety days 14 points below spot delivery. in the week, then finished at 0.37,
against 0.3434,
Announcement by Finance Minister Volpi that the while Finmarks closed at 2.5234 (unchan
ged). Polish
Italian Government would protect the lira at any zloties closed at 9.00, against
10.00 last week.
cost, failed to stem the decline and the quotation Greek drachmae finished at 1.21M
for checks and at
was forced down by degrees to below the 4-cent 1.22 for cable transfer
s. Last week the close was
mark, to the lowest level in over a year. Selling of
1.2334@1.23%.
lire was particularly heavy at foreign centres and
resisted all efforts of the Italian Foreign Exchange
Movements in the neutral exchanges, formerly soInstitute to support the rate. In the latter part
called, were not particularly important, on dull, narof the week there was a sudden sharp slump that row trading.
Norwegian krone scored the only sizable
carried lire down to 3.82, a loss of 16 points. It
advance of the week, gaining about 14 points, to
was rumored for a time that the Government had 21.64, with
no specific reason assigned therefor other
withdrawn its support. Subsequently buying orders than
the transfer of capital from elsewhere. Aside
were put forth and there was a recovery of a few from this,
rate fluctuations were confined to a point
points, but still later another and more severe break or two
either up or down. Danish exchange closed
brought the rate down to 3.39, off 43 points. No slightly
higher, while Swedish exchange was steady
specific explanation for the collapse in values, other and
practically unchanged. Swiss francs were a
than the topheavy condition of the market, de- trifle lower, but Dutch guilders
ruled firm and closed
scribed above, was available. French francs were at an advance. Spanish
pesetas were also up,
neglected for the time being, all attention being gaining about 12 points,
to 14.50, but closing at 14.44.
concentrated on the antics of lire, and trading was Bankers
' sight on Amsterdam finished at
40.20
light. A feature of the week was the recovery of against 40.169; cable
transfers at 40.22, against
francs
about
to
Belgian
3 points above the French 40.183
%; commercial sight at 40.12, against
40.083
%,
rate, which was ascribed to the confidence felt in and commercial sixty days
at 39.76, against 39.72%
Brunet'
new
ministry
s
and
its plans for financial last week. Final quotati
M.
ons on Swiss francs were
19.333/ for bankers' sight bills and 19.343/ for cable
transfers. A week ago the close was 19.353/ and
19.363/2. Copenhagen checks finished at 26.22 and
cable transfers at 26.26, against 26.09 and 26.13.
Checks on Sweden closed at 26.72 and cable transfers
at 26.76, against 26.71 and 26.75, while checks on
Norway finished at 21.61 and cable transfers 21.65,
.against 21.51 and 21.55 a week earlier. Spanish
pesetas closed at 14.44 for checks and 14.46 for cable
transfers, in comparison with 14.38 and 14.40 the
week preceding.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
MAY 8 1926 TO MAY 14 1926, INCLUSIVE.
Country and Monetary
[voL. 122.
THE CHRONICLE
2710
Noon Buying Rate for Cable Transfers in New York.
Value in Untied States Money.
May 8.
May 10.1May 11. May 12. May 13. May 14.
$
EUROPE$
$
.14051
.14076
Austria. °chilling ---- .14050
.0318
0309
.0307
Belgium, franc
.007219 .007231 .007211
Bulgaria, ley
Czechoslovakia, krone .029614 .029615 .029617
.2813
.2609
2609
Denmark, krone
England, pound ster4.8595
4.8545
4.8545
ling
Finland, markka
.025207 .025214 .025209
.0315
.0312
France,franc
.0315
.2380
Germany. reichsmark .2380
.2380
Greece.drachma
.012322 .012360 .012320
.4019
.4018
Holland, guilder
.4018
.1754
.1755
.1756
Hungary. pengo
.0400
.0400
.0400
Italy. lira
.2164
.2160
.2151
Norway, krone
.1006
Poland, slot)
.1008
1001
,
.0511
.0513
.0513
Portugal, escudo
.003659 .003770 .003791
Rumania,lets
.1437
.1436
.1437
Spain, peseta
.2874
.2874
.2674
Sweden,krona
.1935
.1935
.1934
Switzerland, franc
Yugoslavia, dinar.... .017613 .017623 .017619
ASIAChina.7471
.7480
.7433
Chefoo. tael
.7423
.7456
.7372
Hankow tael
.7214
.7257
.7186
Shanghai tael
.7550
.7575
.7513
Tientsin tael
.5532
.5525
Hongkong dollar... .5525
.5238
.5200
.5268
Mexican dollar
Tientsin or Pelyang
.5192
.5213
5146
dollar
.5321
.5338
.5275
Yuan dollar
.3635
.3637
3624
India, rupee
.4691
.4662
4678
Japan, yen
.5621
.5621
Singapore (8.EL) dollar .5817
' NORTH AMER.1.001354 1.001344 1.001183
Canada, clIllar
.999406 .999406 .999406
Cuba, peso
484167 .484167 .484500
Mexico, peso
Newfoundland, dollar .998908 .998625 .998375
SOUTH AMER,.9119
.9125
Argentina, peso (gold)!.9129
.1444
.1451
. .1458
Brazil, milrels
.1202
.1202
Chile, peso (paper)_,.., .1202
1 1150.0
I 0510
1 neon
.
$
.14074
.0317
.007222
.029618
.2615
$
.14079
.0314
.007228
.029619
.2616
8
.14073
.0304
.007239
.029616
.2620
4.8628
.025209
.0315
.2380
.012332
.4020
.1754
.0399
.2161
.1000
.0513
.003702
.1445
.2674
.1934
.017622
4.8622
.025208
.0314
.2380
.012325
.4020
.1754
.0383
.2162
.0938
.0514
.003722
.1450
.2675
.1934
.017618
4.8636
.025207
.0308
.2381
.012287
.4021
.1758
.0352
.2160
.0925
.0511
.003716
.1447
2676
.1934
.017619
.7450
.7417
.7198
.7533
.5529
.5221
.7383
.7338
.7139
.7467
.5491
.5188
.7442
.7384
.7175
.7529
.5510
.5196
.5171
.5300
.3632
.4714
.5613
.5142
.5271
.3629
.4720
.5608
.5158
.5288
.3630
.4704
.5817
1.000552 1.000826 1.000681
.999344 .999406 .999125
.484667 .484000 .484000
.998188 .998813 .996594
.9145
.1443
.1204
1.3017
.9148
.1446
.1205
1.0326
.9160
.1446
.1202
1.0318
•One achilling Is equivalent to 10,000 paper crowns.
rency movements for the week ended May 13.
Their receipts from the interior have aggregated
$7,673,478, while the shipments have reached $856,800, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
$7,873.478
Banks'Interior movement
Gain or Loss
to Banks.
Out of
Banks.
Into
Banta.
Week Ended May 13.
8856.800 Gain 86,816,678
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
AT CLEARING HOUSE.
Saturday, I Monday,
May 10.
May 8.
Tuesday, Wednesdy. Thursday, Friday,
May 11. May 12. May 13. May 14.
AYOreeate
for Week.
$
$
$
$
$
$
$
89,000.000 88.000.000 88,000,000 8.5,000 009 63,000,000 91.000.000 Cr. 524.000.000
Note.-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House Institutions. as only the Items payable in New York City are represented In
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
May 13 1928.
May 14 1925.
Banks of
Gold.
England_ - 148,262,303
147,385.154
France
Gerqsany C 53,443,950
Aus.-Hun. b2.000,000
Spain _
101,475.000
Italy
35,708.000
Netherl'ds 35,880,000
Nat. Bela_ 10,954.000
Switzerl'd. 16,731,000
Sweden_
12,742,000
Denmark
11,662.000
No's ay _ _ 8,180,000
Slicer.
I
£
I
Total.
I
Gold.
Slicer.
Total.
I
.£
£
£
£
153,616,864
148,262,303153.616,864
13,359,000 160,724.154 147.281.538 12,680,000159,961,538
d994,000 54.437,950 44,595,000 d994,600 45,589.600
b
I b2,000,000 b2,000.000
132,000,000
b
28,668,000 128,143,000 101,444,000 25,966,000127,410,000
3,421.000 39,127,000 35,587,000 3,361,000 38,948,000
2.151,000 37,811,000, 39,958,000 1,731,000 41,687,000
3,853,000 14,607.000, 10,891,000 3,009,000 13,900,000
3,563,000 2,294,000 19,271.000 3,564,000 22,835,000
I 12,742,000 12,963,000
12,963,000
860,000 12,522,000, 11.636,1 II 1,054,000 12,690,000
I 8,180,000, 8,180,000
8380.000
Total week 584,181,407 54,869,000 638,850,407 587,421,402 52,359,600 639.781,002
Prey. week 581.203,807 54,690,600 835,894,407 588,425,835 52,301,600 640,727,435
a Gold holdings of he Bank of France this year are exclusive of £74,572,836
held abroad. b No recent figures. c Gold holdings of the Bank of Germany this
year are exclusive of £21,133,200 held abroad. d As of Oct. 7 1924.
- - - -Political Unsettlement in Europe.
The European news of the past few days has not
been encouraging to those who have believed that,
in spite of occasional outbreaks or disturbances,
Europe pblitically was settling down, and that the
agitations which were one of the fruits of the World
War had given place to real political stability. The
same newspapers which on Wednesday chronicled
the withdrawal of the general strike order in Great
Britain reported also a serious revolutionary outbreak in Poland and the downfall of the Luther Government in Germany. On Thursday came the news
that M. Brunet, President of the Belgian Chamber
of Deputies, who on Monday had undertaken to form
a new Ministry, had abandoned the task, and that
no other choice for the Premiership had for the
moment been clearly indicated. The Royalist demonstration at Paris on Monday may perhaps be
passed over as of uncertain political significance,
the French Royalists being admittedly more noisy
than numerous, but the injuring of some 118 policemen and 150 Royalists in street fighting nevertheless stamps the outbreak as the most serious that
Paris has witnessed for a long time. At Geneva, the
League conference which has been trying to arrange
a reorganization of the Council which should insure
reported
The New York Clearing House banks, in their the admission of Germany to the League is
upon
insistent
operations with interior banking institutions, have to have found Brazil and Spain still
uncomfortan
to
listen
to
gained $6,816,678 net in cash as a result of the cur- their claims, and has had
South American exchange continues to move irregularly, with wide fluctuations in Argentine pesos,
which after declining to 40.04, shot up to 40.40 for
checks, then closed at 40.25; cable transfers finished
at 40.30; a week ago the close was respectively at
40.22 and 40.27 for checks and cable transfers.
Brazilian milreis opened strong and moved up to
14.63, then reacted, though closing at 14.50 for checks
and 14.55 for cable transfers, as against 14.43 and
14.48 a week ago. Chilean exchange was strong,
advancing to 12.08, but weakened and finished at
11.98, against 12.00 a week earlier. Peruvian
exchange went as high as 3.78, then sagged off but
finished at 3.75, against 3.74 last week.
The Far Eastern exchanges were inactive but
strong, especially the Chinese currencies which profited by higher silver prices; Japanese yen continue
to range at close to 47.25. Indian rupees also gave
a good account of themselves and closed slightly up.
Hong Kong finished at 55.45@55.60, against 55.50@
1@92, against 72@733'1;
/
55.80; Shanghai at 721
Yokohama at 478@4732, against 47M@473'i;
Manila, 4932@49% (unchanged); Singapore, 563i@
2@563/8; Bombay, 363/2@36M,
56 8, against 563/
against 36.30 and 36.50; and Calcutta, 363/2@36%)
against 363@,362.
/fay 15 1926.]
THE CHRONICLE
2711
able inquiry from China as to why seats in the Coun- always monopolized the political field
between them,
cil are reserved for Russia and the United States, and where the terms of office of Senators
and Repto the exclusion of China and other Powers, not- resentatives run for fixed chronological
periods, irwithstanding that Russia openly criticizes the respective of the policies that may
be pursued, the
League and its policy, and American adherence to most pronounced opposition of one
party or the
the League is not to be looked for.
other never even suggests the possibility of danger
If the importance of these incidents is not to be to the State. The Constitution of the United
States
over-emphasized, no more should their significance is the most rigid in the world, but its very
rigidity
be minimized. The Polish outbreak, apparently for affords a strong safeguard against revolut
ion. In
some time in preparation, and less unexpected than Europe, on the other hand, where a multipl
icity of
its sudden appearance in the news might seem to parties, many of them small and often
loosely orsuggest, takes on a serious character from the fact ganized, frequently leaves a Govern
ment without a
that its leader, Marshal Pilsudski, formerly Presi- majority in any one group, the positio
n of a Minisdent of Poland and long a popular military hero and try is likely to be precarious. Where two,
three
Socialist leader, has had substantial support from or more parties must be combin
ed in order to insure
a section of the army. If late dispatches are to be a majority, the mere fact that such variou
s interests
believed, the revolt has so far succeeded as to make have to be consulted makes for
instability. The inPilsudski the virtual head of the State, and to put stability is the greater where,
as in Germany,Poland
the Socialists, who were excluded from the Witos and even France, the advocates of
an older and reMinistry, in a position to wield great if not conclu- pudiated political regime
still clamor for a return
sive power in the Diet. What has happened, appar- to the old system, or where wide
variations in politently, is a revolt against a Ministry which did not ical opinion, from extrem
e radicalism to extreme
represent the opinion of the country, and against reaction, are represented
in the various party
a policy which, whatever its pretensions to economy, groups. As long as the party
situation in Europe
was widely regarded as reactionary and bent upon continues as it is (and there
is no sign that the sysan undue expansion of the army. To what extent, tem is likely soon to change
), we must apparently
if any, the Locarno alliance between Poland and expect more or less freque
nt Ministerial crises, with
France contributed to the Ministerial downfall is or without revolut
ionary threats or accompaninot clear, but before Pilsudski went into political ments, according to
the gravity of the case or the
retirement, in 1922, his dreams of a great and inde- personal influence
of this or that opposition leader.
pendent Poland, free to exercise its ambitions withThe persistence of Monarchist sentiment in Euout dictation from outside, had inspired many of his rope, particularly in
countries which a short time
Socialist followers, and it may at least be suspect
ed ago lived under a monarchy but have since changed,
that his views regarding the mission of Poland have should occasion no surpris
e. More than one of the
not changed in the years during which he has been nations of Continental
Europe is as yet imperfectly
awaiting a return of opportunity.
converted to democracy, as that term is understood
The resignation of the Luther Ministry in Ger- in the United States,
and the memory of the days
many, although unaccompanied by outward
disturb- when monarchy flourished and allegiance was to
ance, may have escaped the pressure of an
attempt emperors, kings or princes still lives. It is not for
at revolution by a narrow margin. The
immediate peoples who have never lived under a monarchy, or
occasion of the resignation appears to have
been a with whom a monarchy has become little more than
vote of lack of confidence, following the
issuance a dignified form, to inveigh against a system which
of a decree requiring that the German mercha
nt still has its devoted adherents. That the European
flag, which carries the old imperial colors, should monarchies which
the World War displaced had
hereafter be displayed side by side with the flag
of their virtues as well as their vices, that their rulers
the Reich on German Embassies and Consul
ates were often able men, that the people were in many
abroad. The resignation was hastened, however, respects well govern
ed and happy, and that kings
by the discovery of an alleged Monarc
hist plot of and princes often showed courage ind devotion in
large proportions, aimed at the establishmen
t of a war as well as ability and skill in peace, will hardly
Fascist dictatorship and the restoration
of the Ho- be questioned. What gives the matter its gravely
henzollerns. Back of both incidents lay a
growing serious aspect at the moment, however, is the fact
dissatisfaction with the policy of the Govern
ment, that, in more than one country, Monarchist sentiwhich was regarded as too unyielding
in the face of ment is being systematically cultivated, Monarchist
party demands, and which in the
matter of the flag ideals are being enthusiastically proclaimed, and a
had apparently refused to compro
mise. It seems return to monarchy is being pictured as a much-toan irony of fate that the overthrow
of the Ministry be-desired good, all with a view to undermining loyand the revelations of Monarchist plottin
g should alty to the existing Republican or Democratic State,
have coincided with the completion of
the first year embarrassing the Government, impeding legislation,
of the von Hindenburg presidency, but
neither the and preparing the way for revolution. It is this
great personal popularity of the Preside
nt, nor the phase of the situation which is illustrated in what
dignified and concilatory course which
he has pur- has just taken place in Germany; it is the same
sued, availed to avert the crisis when the
moment phase which shows itself in repeated Royalist outwas ripe.
breaks in France and Monarchist agitation in
The German and Polish incidents in particular
Poland.
suggest some serious reflections on the actual
state
Back of both of these manifestations of political
of politics in Europe at the present moment. For
discontent lies a factor of even more serious signifione thing, the incidents illustrate the inherent instacance, namely the repeated demands for a dictatorbility of any Government which lacks an assured
ship. The Mussolini spirit has traveled far. and
party majority in the national legislature. In the
Fascism has become an exportable commodity.
United States, Nv here two great parties have almost
Whether because the party situation is disordered.
2712
THE CHRONICLE
or because Cabinets and Ministries are weak, or
because national finances are in confusion, currency
depreciated, or industry uncertain, the call for the
strong man who shall bring order out of confusion
continues to be heard. It was to this call that Mussolini responded in Italy, with results which, while
they have undoubtedly been attended with certain
marked benefits to the Italian people, are of very
uncertain value for other environments. It is the
same call that,appears to have inspired Pilsudski
in leading an armed rising in Poland, and it is the
same that has been openly proclaimed in Germany
and repeatedly hinted at in France. There is nothing to do, apparently, but to await the outcome. Certain it is that the highest political development will
come only to the peoples who learn to govern themselves, but wherever the great experiment shows
signs of failing, or the progress that is desired is
not, apparently, attainable with certainty by the
political means at hand, the demand for a dictator
will probably continue to be heard, and those who
covet arbitrary power will try to seize control.
The General Strike in Great Britain.
It matters not, now that the sympathetic strike in
Great Britain has been called off, whether in the
English mines the lockout preceded the "strike" or
the reverse—the miners' organization refused to accept a "penny less" or concede a "minute more" in
the wage negotiations. Nor is it worth while to try
to establish which side first broke away from the
parleys, since, while they were in progress, an overt
act of stoppage by strike, by union workers entirely
outside the coal controversy, was committed against
a newspaper, the "Daily Mail," for printing its opinion under the constitutional freedom of the press.
Nor is it a justification of the contentions of the
workers to say that they had no intent to interfere
unnecessarily with business, since this term includes
the ordinary association in production by capital
and labor, and "labor" not only broke contracts with
employers, but took itself outside the pale of production, and thus stifled trade and threatened starvation to workers outside unions. That foodstuffs
should continue to be transported was as necessary
to the life of the strikers as to that of the non-strikers. Possible _consequences of a wanton act are a
burden upon the doer regardless of his intent—as
for example, one who throws a stone over a house
and kills a man passing on the other side. The great
thing to consider, to weigh and estimate, despite all
protestations on the part of the strikers, is that in
an attempt to win for the miners wages not granted,
though they have and have had no thought of opposition to the Government, they were in fact against
the Government, for by a "sympathy" strike they
were openly keeping the Government from that protection to outside business which it has a right to
demand and which it is the Government's duty to
afford.
It is not disputed anywhere that the English coal
industry needs to be completely overhauled and reorganized. It is hardly less disputed that it needs
new and modern methods of mining. Many collieries are practically worked out and on a non-paying basis. As a consequence, it was pointed out,
again and again, that, win or lose, the "strike" could
settle nothing permanently, for the readjustment to
meet world mine conditions must come sooner or
later. Perhaps the great mistake the English Gov-
[Vol.. 122.
ernment made was in paying a subsidy to keep a
concern going that was in a failing state. The time
had to come when it could no longer tax the people
to pay "living wages" to a single class unable to
earn them, for the double reason of wasting mines
and archaic mining methods. But that is water
under the wheel now. A prominent paper on this
side says it appears that a succession of errors was
committed. This may be true. But this conflict
had been for some time inevitable. Nor can the temperate observer fail to note that the wage methods
of the unions over there are as outworn and confusing as any other component of the debacle. The involutions and convolutions of the computation under
the wage scale as set up by the unions defy understanding by any but experts engaged in the work.
Reading of them, at this distance, raised a doubt as
to their adequate understanding by the miners themselves. Lacking in machinery, the mines must ultimately be operated on an entirely different basis—
though union leaders, as now in this country, may
demand wages increase to pay for the labor thus displaced. What is most important is to note that
these complications in computing wages are chargeable primarily to the unions, for in and by their
organizations they have dictated the scale, though
it may have, in some instances, been taken advantage of by employers. If this be true, it must appear
that the miners' unions have brought themselves to
the impasse where, the Government refusing longer
to continue the subsidy, they felt obligated to strike
to establish what in the end must be an unjust, inequitable and futile wage scale. Union interference
with direct negotiation between employee and employer, it follows, is responsible for a lack of progress by the English coal industry and it now turns
on the miners themselves and makes hopeless of real
gain the,whole situation.
There are many lessons, in this conflict, to the
workers of the world, and one lies just here in the
long contentions between the two parties in interest
—to which the Government adds a fatal extraneous
factor. Among the sinister influences below and
behind this present trouble are the claims of the
unions through long years to control the uncontrollable. Unless the whole world be unionized into
one great federation of workers in mines,the natural
conditions that govern wage scales must always
offer an obstacle to any partial settlement anywhere.
And when we thus reach the silent control of natural conditions we discover the impossibility of adjustment to a local wage scale or of a local condition
to a general. The more intensive, therefore, becomes local union control, the more out of balance it
becomes with the world condition of coal. We do
not quite appreciate this fact in our own country,
for we have all the coal we need, anthracite and bituminous. This was demonstrated in the recent
anthracite strike, when the use of bituminous broke
at least the dictatorial power of the unions. But
these same unions are going on devising rules for
their workers as to work in the mines and contractual relations with employers which must some time
recoil upon them and they will find themselves tied
in a tangled web of their own making from which not
even a "strike" will release them. It is a result that
cannot be avoided. It is the natural law, against
which they fight in vain who fight in opposition.
So that not only is free government at stake everywhere when union labor power, guiltless of intent
Mer
1926.]
THE CHRONICLE
2713
,
though it may be, seeks to prevent the protection of est. But the miners' unions
having thus petitioned
production, but the unions themselves are in danger for redress, were at
war with the very power they
of final collapse because they will not work with in- had invoked to aid them, and which
had already.fed
stead of against natural law. And briefly though them to the amount of a
hundred million dollars..
fully stated natural law demands free contracts be- Not only did they turn upon
a friend, not only did
tween employer and employee according to instant they throw readjustment
of the coal industry into
conditions.
chaos, but they turned back the clock of their educaThis condition of a "general strike" had to come tional progress for an indefini
te period.
somewhere, some time. It is the logical outcome of
The spectable presented to the thought of the
the organized effort of union labor to control indus- world is unmistakable. A handful
of the population
try. And it must as surely fail in the end, regard- in England, the coal miners,
in an industry peculess of temporary settlements, as that free Govern- liarly susceptible to universa
l competition, through,
ments shall continue to exist. And in the stand unionism, in largely
worked-out mines, precipitated!
taken by the English Government it was fighting the a condition which threate
ned to throttle Govern-,
battles of the world to maintain property rights and ment. Is it any wonder
that 80% of the population,
political supremacy in the highest sense of the term non-unionized
and workers, saw the issue plainly,
Socialism, •syndicalism, communism, and anarchy, and turned
to the Government with sympathy and
stand on the other side. As stated by Premier Bald- offers of active
aid? Is it any wonder that railway
win so aptly and forcibly, in England it was the and other employers,
hazarded by a sympathy strike,
present Government, or an alternative Government bent every
energy to carry on? A dispute in a single
with the Council of the Trades Union Congress at industry involvi
ng a few millions of dollars in
its head. We have had the threat of a general strike wages,caused such
a cessation of work in enterprises
in the United States, where, of course, conditions not directly
connected therewith as to threaten derender it impossible. And if behind all the trouble structio
n to the trade, domestic and foreign, of one
there is to be seen the influence of the fine hand of of the world's
great nations. Hoping in the past for
the Internationale, the scene of the test conflict was adjustment,
the Government chose to temporize by
well chosen. But the English people were deter- granting out
of the pockets of the people a subsidy.
mined and dogged, and there was but one end, whot- Compell
ed finally to withdraw it, the concession
ever the compromises, and that was the suprem icy served
only to whet the miners' appetite for power.
of the Government! What is a strike of sympathy? This mistake
, if it was one, is now in process of corIn the first place it is coercion. In the second place rection. And
it is unthinkable that the Government
it is void of justice, accomplishing nothing, for was not
in the right. It had to triumph, otherwise
though mercy must temper justice, sympathy is not syndica
lism or Communism would plunge all Govmercy—workers in one industry cannot give mercy ernment
s into the confusion, horrors and failures of
to those in another, for they are not parties to the Soviet Russia.
For these reasons it is impossible to
original dispute. Coercion, thus, is conspiracy. And overestimate
the benefits that must accrue to the
conspiracy against the rights of others is a recogwhole world from the failure of the sympathetic
nized crime. In a sympathy strike there is no troustrike in Great Britain. The sporadic attempts now
ble between employer and employees. There is nothbeing made by individual unions at different points
ing to settle, to mediate, to arbitrate. Yet this form
to continue the struggle, notwithstanding the action
of "strike" paralyzes an innocent industry, and in- of the Trade Union
Congress in withdrawing the genterferes with the orderly procedure of interlocking
eral strike order, signify nothing, since they are
and interdependent business. The employers of sym- nothing
but sputterings on the surface and cannot
pathy strikers are entitled to the protection of Gov- affect the general outcome
.
ernment. And for this reason a general strike based
With us in the United States, how much of the
on sympathy passes out of the realm of negotiable tendenc
y toward paternalism is due to the activities
disputes, and preventing the Government from the of unionis
m is hard to say. We have not reached to
exercise of its duty of protection to enterprise and
a consideration by Congress of a direct subsidy to
industry, becomes at once a coercive conspiracy
coal miners, though we have periodical strikes. But
against the Government itself.
we are, at the moment, on the verge of an indirect
And when we view "Government" as the organ and
subsidy to the farmers. But unionism as a whole
servant of the people in their collective political
has obtained an eight-hour day. And it is not averse
capacity, the enormity of the general strike is more
to law making which it considers especially favorclearly to be seen, for not only is the structure of
able to the "workingman." Though it assumes to
Government imperilled, but the rights of persons to
speak for all men who work, it numbers less than
life and liberty are interfered with and destroyed,
four million of the workers. Exempted from the opand the individual suffers deprivation and threateration of the law against the restraint of trade, it
ened death thereby. And so, as a natural consecalls minor and particular strikes, though it joins
quence, in England, the dispute of the coal miners
with employers in advocating a lawful contact and
became a bagatelle, and was lost and swallowed up
contract between employers and employees of railin the fact that there was a direct attack upon the ways indepen
dent of other Governmental agencies
Government. Thus challenged, self-defense by all
of regulation and control. And in this it is to be
its powers was imperative. And in the defense of commended. Further, now that
the English examGovernment, and law and order, there had to be a
ple is before the world it must appear that the path
withdrawal of the general strike, before negotiations
to peace and prosperity is along the line of voluntary
could be resumed. It was an added complication, co-operation in the amicable
adjustment by arbitraan unfortunate one, that the Government, by reason tion "inside the plant." We will
gain all around in
of the subsidy, and by reason of the almost world- this country if we will map the course
of intolerance
wide appeal to Govern ments to intervene in indus- on the part of organized labor
and of a certain intrial and labor disputes, was a direct party in inter- difference and arrogance on
the part of unorganized
2714
THE CHRONICLE
[VOL. /22.
is the characteristic feature of our modern civilization, the American city in its distinctive features
will be found there. Other cities may be larger,
more widely known, more luxurious, with more evidence of art, of letters, of refinement, of culture, but
only with them are to be found the traits which
taken together are regarded as peculiarly American,
a certain temper of mind and spirit the product of
their history developed in the intermingling of the
races so diverse in origin but now Americans all.
Because of this great fact, it is possible to take up
the history of almost any Western city or the tale of
any of its older families and read there the story of
the West, individually, of course, but nevertheless
the story of the influences which have shaped the
community, and even the State, have developed its
institutions and made the type of the manhood and
womanhood which are so distinctive.
Such a personal narrative has just been written
by a Chicago* woman, which will stand out as being
quite as characteristic as many of the popular Western tales, besides having the value of being true.
As it covers nearly the century of Chicago's existence and is a detailed narrative by one who had wide
acquaintance and intimate contact with many of the
men who have been the makers of Chicago, it may
be accepted as typical.
Mrs. Bowen's grandfather came with his bride to
Chicago from Ohio in 1835. As he commanded
rather more capital than did others, and saw the
The American City.
opportunity for investment, the life of his immediate
by
represented
not
is
city
American
typical
The
differed from others only in the fact
descendants
the several large cities on the Atlantic Coast, Bosthat
their
were easier, but they shared
circumstances
ton, New York, Philadelphia and Baltimore. Each
the
that
experiences
were
common to all. It was the
of these has a distinctive character, largely local
time
of
the
War.
Black
Hawk
Fort Dearborn conand historical. The one that greets the visiting forthe
little
stituted
and
settlement
housed the settlers
the
of
eigner is apt to be taken as representative
to
from
Mrs. Bowen's
the
them
Indians.
protect
and
importance
nation. All have wide individual
mother
was
born
third
be
the
there.
white
to
girl
and
pattern
the
set
influence. In various ways they
After a sketch of early conditions, in which the
rehave
we
reason
this
For
leaders.
recognized
are
city grew rapidly, securing its future position, Mrs.
cently called attention to Baltimore's notable moveOct. 8-9
ment in the way of improved city government, the Bowen's story begins with the Chicago fire,
in
West
the
in
will
1871.
Some
situation
the
recall
result of the united action of a small group of imporIn
War.
Civil
years
the
following
the
immediately
tant citizens. Because these gentlemen were recog1867 the transcontinental railroads had been pronized as having no personal or political aim, and
jected but hardly begun. The Union Pacific had just
the
aid
to
but
their purpose was not to overthrow
crossed Iowa and bridged the Missouri to Omaha.
cothe
secured
existing city administration, they
The Mexican cattle trains had barely abandoned the
operation and good-will both of the officials and the
old Cimmeron crossing over the Arkansas River to
public, and in the face of difficulties now so comthe Missouri border, which the Missouri Pacific had
mon they have accomplished results which as subjust
reached at Kansas City. At the north Minnestantiated by three years' experience are widely
sota was out of the world. The line from Chicago
valuable.
and Milwaukee landed its passengers on the banks
The real American city has had its rise and
of the Mississippi at Prairie du Chien and ferried
the
to
belongs
growth in quite other conditions. It
across in the winter on flatboats lighted by
them
and
sea
the
from
Great West, the territory far back
and propelled much of the way with poles,
torches
It
colonies.
original
mainly,outside of the thirteen
advancing
sometimes partly over the ice and partly
is, the broad area of forest and plain stretching from
in
The St. Paul & Pacific had stretched
the
water.
the Alleghanies to the Rockies over which has poured
the
country
across
recently abandoned by the Inthe stream of men of all lands eager to share the undians
to
the
Red
River,
only to go into bankruptcy
developed wealth of the New World and to have a
and
await
the
energy
of
James Hill of St. Paul to
popuhand in creating a new nation. The centre of
it
with
develop
aid
the
of
Canadian capitalists into
adslow
lation has followed them until now in its
the
Great
The
Northern.
road
to Lake Superior was
apIndiana,
vance with the sun it is in western
not
yet
and
opened
Duluth
was
but a modest name
region
a'
West,
proaching the centre of the Middle
for
Sea," yet to
"the
of
Zenith
City
the
Unsalted
vast
its
small,
and
which with its many cities great
was a town
production of corn and wheat and oil and iron and replace the pine stumps. Minneapolis
flour
Government
coal has a character and life of its own. In many of 11,000 inhabitants, with a small
PillsA.
Charles
mill
at
the Falls to be bought by
• ways it is the America of to-day. The resourceful, ness, the energy, the vision and, if not the intelli- bury, a young man from New Hampshire, coming
.gence, the productive and creative ability of the West to try his fortunes and create in time the great
country are largely there. If, as is claimed, the city "Growing Up in Chicago," by Louise de Koren Bowen. Macmillan Co.
capital. There is.too much of organization on both
sides, but far more upon the former than the latter.
The inevitable end may be avoided by conference as
well as by conciliation. London is far more nearly
Great Britain than New York is the United States.
But our large cities are growing rapidly in population. And in them lesser strikes are occurring all
the time. A final outcome, such as this "general
strike" is fostered by failure to reduce the number
here, and by the constant resort to the "strike" as a
weapon. About half of our population is therefore
in daily contact with all the claims and coercive
measures of unionism. Vital is the subject to our
peaceful industrial future. Much can now be done
to avert a final calamity by study and observation.
And it may be said in candor that there are elements
of opposition to "government" in any and every
strike, however individual and limited. Again and
again we assert the right of a man to work when and
where and for whom he will. We seem to realize in
all cases that the public has rights that must be
respected'. And we aver that property has rights,
though the property be small,that must be protected.
Our courts take action on picketing and unions resent injunctions. In and through it all "public opinion" should not fail to express itself upon "labor"
versus "government" before it is forced to do so by
some major and malefic struggle.
MAY 15 1926.]
THE CHRONICLE
•
2715
milling centre of the country. Denver, Col., had departments, were held there.
When in February
2,000 inhabitants, the remainder of the disappointed 1917 we were about to enter
the war she was put
gold seekers who had come to Pike's Peak and been upon the State Council of
Defense with 15 men.
compelled still to "go West." The outbreak of the Seven hundred thousand women
were registered with
Cheyenne-Kiowa war destroyed in 1867 the mail 2,000 local• units in
the State, and 320,000 Active
route east and west through Kansas.
members were soon employed. They were needed in
Meanwhile Chicago was justifying her claim to be all directions from
those who were preparing hosthe metropolis of the West. The Great Fire which pital material and selling
potato chips to increase
destroyed 18,000 buildings, produced the unity of the use of potatoes
in the place of flour, to stenogeffort and consolidation of interests which were raphers in the many
offices, trained nurses for the
needed to replace the great destruction and establish army and the selling of
millions of dollars' worth of
her future. It was the summons that challenged Liberty bonds.
Speakers were supplied in ail directhe energies of the men and women who were to be tions to spread
information of the meaning and neprominent in the days to come, and brought into cessities
of the war, and training courses for women
continued operation the unrecognized abilities of were
opened all over the State that the women might
the men who were not themselves aware of their ex- be made as
effective as possible. The welfare work
istence. This was in fact the material out of which has
become permanent in its enlarged forms, of food,
the cities of the West were to be built, as it was the motherho
od and protection of young girls. .To-day
first commanding manifestation of what is now
Social Welfare and Allied Relief are added.
known in both men and women as the "Western
It is a remarkable personal history of a single life.
spirit." It is to be noted that the result would have
Its real value, however, lies largely in its being one
been very different, if indeed it would have been at
of many similar ones which have been witnessed
all possible, had it not been for the stream of devoted
throughout our land. It is the spirit and devotion
men and women who for nearly a hundred years
in the field that was theirs that have combined to
since the opening of the West by the Act of 1787 had
make the real West, and which continually reapcome from the East to plant Christian institutions,
pear, and in fact are never sought in vain in the
and, beginning in Ohio at Marietta and in the WestAmerican city of to-day, for it is pre-eminently the
ern Reserve, had started in every State colleges and
creation of the men and women of the era now pasaschools for the higher education which were to deing away, but whose work will endure.
velop in universities and keep the lamp of learning
and the blessings of Christian civilization at the
heart of the new land.
The Annual Report of the NewlYork Central
Mrs. Bowen passing out of her girlhood with the
Railroad.
call of the Fire found the field for the unflagging
The New York Central Railroad occupies such an
energy and ever-widening opportunity with which
impregnable position of strength that it is able to
for more than half a century she devoted herself to
make satisfactory income statements in good years
the interests of the city. The story is too full to preand bad years alike. A conspicuous illustration of
sent here in more than a sketch. The experience she
this was seen - in the report for the calendar year
had as a girl with a Sunday School group of more
1924, which embraced a period of bad business,
than 100 lads developing into a series of clubs and
when the company was able, nevertheless, to present
associations, prepared her for the new tasks. Her
a very encouraging income exhibit, particularly in
home was one of the few of the better class that the
the matter of net results. The annual report now
Fire spared. Makeshift wooden shanties were built
to hand for the calendar year 1925 relates to a peto house the homeless crowd. The need was great in
riod when far better business and industrial condiall directions and she addressed herself to it.
tions prevailed and the income return reflects the
The work had long to continue and many were en- improvem
ent. And yet in the one case as in the
gaged in it. In time she got into touch with Jane
other the striking feature is the steady advance in
Addams and Hull House and promptly found a way
operating efficiency through which losses in gross
to help it. Similar opportunity soon followed, first
revenues, when they occur, are in considerable measin aiding one hospital and then another. Experiure overcome by savings in expenses and through
ence with various charities led to joining the "United
which increases in revenues, when the state of trade
Charities Association" and many years of service on
and business permits the same, are rendered correits Board as it expanded to meet the needs of the
spondingly more productive of available net ingreat city. As her own children in time gathered
come.
about her the appeal of the children in the midst of
The calendar year 1924, as already noted, was a
the rush and struggle of the thronging town fixed conspicu
ously bad period of twelve months. It
and absorbed her interest. The Children's Memorial was
the year of a Presidential election, involving
Hospital, School Nurses, the Juvenile Court, Pubissues of great moment and attended by a slump in
lic Playgrounds, Bnys' Clubs, the Juvenile Protec- business during the spring
and summer which has
tive Association, of which she was President for 25 no parallel except the utter collapse in trade which
years, the Municipal Tuberculosis Sanatorium, occurred in 1921, following the war period of
inflawhich reduced the percentage of deaths on the tion. The Central's gross revenues in 1924, as a conUnited Charities lists from 12 to 2%, the Domestic sequence of the industrial prostration referred to,
Relations Court, the Boys' Court, the Psychopathic fell off from those of 1923 in the sum of no less than
Clinic, the Mothers' Pension Act, mark the variety $51,427,853. But the management was able to meet
of her interests.
this by a reduction in expenses to the extent of $45,The Great War, of course, challenged her whole 947,078, leaving, hence, a loss in net of only 0,480,strength and she gave it. She made her beautiful 775, or less than 6%. In 1925 trade again improved
,
home headquarters for all interests. Conferences as stated, but nevertheless there was no repetitio
n
over local concerns, settlements, hospitals, county of the exceptional prosperity enjoyed in 1923—thi
s
2716
THE CHRONICLE
last having been perhaps the most prosperous period
ever experienced by the great East and West trunk
lines in the territory between Chicago and St. Louis
and the Atlantic seaboard. Industrial activity in
1925 did not attain the phenomenal heights reached
in 1923. It happened, too, that the New York Central at its eastern end had to contend with the anthracite miners' strike, which was in effect during
the whole of the last four months of the year, though
the loss here, the report tells us, was more than offset by the increased tonnage of bituminous coal and
coke. On the other hand, however, study of the
traffic stb.tistics shows considerable falling off from
1924 in both the agricultural tonnage and the tonnage of animals and animal products, which presumably reflects the less favorable agricultural
yield in 1925 than in 1924 and also the lower prices
prevailing for many agricultural products, particularly wheat and corn.
That 1925 was not nearly so good a year for the
company as 1923.had been, appears from the fact
that out of the $51,427,853 loss in railway operating revenues sustained in 1924 only $16,387,574 was
recovered in 1925. But the net revenue in 1925
nevertheless proved very much better than that of
1923. In.other words, with an increase of $16,387,574
in- gross revenues in 1925 as compared with 1924,
the augmentation .in expenses was no more than
$10,470,795, yielding, therefore, a gain in net of
$5,916,779. The loss in net in 1924, as we have already seen, was only $5,480,775, and the 1925 gain
of $5,916,779 accordingly exceeds this loss of the
previous year in amount of $436,004. The final result is that the net revenue from railway operations
stands at $95,553,546 for 1925, against $89,636,767
for 1924 and $95,117,542 for 1923. In the final analysis the situation resolves itself into this, that more
net revenue was derived in 1925 from gross earnings
of $385,994,504 than in 1923 from gross revenue.of
$421,034,783. We know of no more striking way of
showing what has been accomplished through growing efficiency of operations than this simple comparison of net revenues for the last three years. The
extent of the growth in efficiency may be expressed
in another way by saying that in 1923 the ratio of
expenses (not including taxes, which keep steadily
rising year by year) to earnings was 77.41%,in 1924
it fell to 75.75 and in 1925 was further reduced to
7524%.
It deserves to be further pointed out that of the
$10,470,795 increase in expenses in 1925 as compared
to 1924, not a dollar was in the transportation expenses,-but the whole of it was in the expenditures
on maintenance account, and in some of the other
[Vol,. 122.
leading heads; $6,633,951 more was spent on maintenance of ways and structures (part of this being
due to maintenance outlays on the Hudson River
connecting railroad and its yards) and $2,000,973
more upon maintenance of equipment, while the
general expenses were larger by $1,790,155, the increase here being almost entirely due to the charging
to the year's expenses of some extra items in con:
nection with pension allowances.
The transportation expenses, so far from being
larger than in the preceding year, were actually
$477,353 less. Yet the system moved 1,348,343,916
more tons of freight one mile and 45,814,644 more
passengers one mile than in 1924. Put in another
way, the lines of the system transported nearly 6%
2% more passengers than in the
more freight and 13/
previous year with an actual reduction in the transportation cost of doing the work. In 1924 the average train load was somewhat reduced under the
great shrinkage in the volume of freight moved. In
1925 the load again increased, the average number
of tons of revenue freight per train mile being 800.99,
against 761.07 fOr 1924. Including company freight,
the average was 892 tons in 1925, against 854 tons
in 1924.
Under the steady development of net income outlined above, the amount earned for the stock makes,
of course, a gratifying exhibit. Through the conversion into stock of the $76,241,500 of 6% convertible debentures and issue and sale of 21,814 additional shares of stock the total amount of stock in
the hands of the public in 1925 was increased to
$383,258,235. On this the company earned 12.69%.
It had $48,627,223 of net income available on the
operations of the twelve months, while the 7% per
annum dividends declared called for only $26,732,833. In other words (after allowing for some minor
items) the company had a surplus of no less than
$21,768,272 remaining after deducting the 7% paid
upon the stock. This, too, is independent of the
company's equity in the undistributed earnings of
its subsidiary and controlled roads.
The financial position of the company is, of course,
a very strong one. Its current liabilities on Dec. 31
1925, including the dividend payable Feb. 1 1926
and all accrued interest and rents, aggregated $55,011,896, while the current assets (including $35,167,841 of materials and supplies on hand) were no
less than $101,263,986, of which $38,376,178 consisted of actual cash. It should be mentioned, too,
that as a result of the conversion of so much funded
debt into capital stock, the ratio of funded debt to
total capitalization is now down to 64.51%, as
against 74.16% at the end of 1923.
Railroad Gross and Net Earnings for March
For the first time in a long while our monthly
compilation of the gross and net earnings of United
States railroads, which this time covers the month of
March, makes an unqualifiedly favorable showing,
recording a considerable improvement over a year
ago in gross and net earnings alike. The reasons
for this lie on the surface. The anthracite miners'
strike, which since the 1st of last September had
been such a serious adverse influence with a large
body of roads, was definitely brought to an end during Feb., and accordingly in March no longer operated to cut down the general totals of both gross
and net earnings. Instead of the long list of losses
contributed by the anthracite carriers month after
month, we have this time an imposing list of gains
from that quarter, production at the mines having
proceeded on a large scale since the return of the
miners to work. Then, also, last year's crop
shortage in certain portions of the West, which has
acted to reduce revenues on certain of the roads in
those parts of the country, is becoming a factor of
diminishing importance with the approach of a new
crop season holding forth much brighter prospects.
The winter wheat promise, for instance, in the
Southwest, more especially in Kansas, Oklahoma
and Texas, is immensely brighter than was the case
MAY 15 1926.]
THE CHRONICLE
2717
nary, but back in 1923 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 offi1926.
Inc. (+1 or Dec.(—) cial thermometer registered a temperature of as low
1925.
Month of March(187rds.)—
236,774
236,500
+274 0.11%
Miles of road
3528.905,183 8485.236,559 +843,668,624 8.99% as 12 degrees above zero. Previously the temperaGross'earnings
395.262,429 376,155,457 +19,106,972 5.07%
Operating expenses
74.73
77.51
Ratio of expenses to earnings-- _
ture in this city on March 31 had never been below
$133,642,754 $109,081,102 +824,561,652 22.50% 25. Furthermore, dispatches from Washington, D. a,
Net earnings
As modifying somewhat the favorable deductions in that year reported the coldest 1st of April ever exand inferences to be drawn from the improved re- perienced at many points east of the Mississippi
sults here disclosed, it is important to bear in mind River, with the mercury in Washington down to 15
that the gains this year follow losses in gross and degrees,7 degrees under the record set April 19 1875,
net both in March last year and in March the year and lower than ever registered after March 21 in any
before. In March last year, our statement regis- year since the establishment of the Washington
tered $18,864,833 decrease in gross and $5,447,665 Weather Bureau in 1870. But the cold in 1923 was
decrease in net, and we then remarked that the show- not so much of a drawback as the snowfalls and the
ing, speaking of the roads collectively, was the most snow blockades. Added to the numerous snow storms
disappointing of any month of that year. It seemed in February, which had then so seriously increased
particularly disapointing because the losses fol- operating costs, more particularly in New England
lowed losses in March of the year before (1924), and northern New York, there were, in 1923, other
when the decrease in gross had reached no less than snow storms during March,some of these in the West
$30,628,340, though the loss in net was no more than attaining the dimensions of blizzards. The result
$2,914,076. There was, however, one gratifying fea- was that virtually everywhere outside of the South
ture then, namely the circumstance that the shrink- operating costs were heavily augmented. It was beage in net earnings was relatively very much smaller cause of this that out of $59,806,190 increase in gross
than that in the gross. In other words, the falling earnings in March 1923, $56,386,866, as already
off in the gross was offset in considerable part by stated, was eaten up by augmented expenses, leavreductions in expenses, reflecting growing efficiency ing only $3,419,324 increase in the net.
•of operations. As we have already seen, this growIt has already been noted that the loss in the net
ing efficiency in operations has continued in evi- in 1925 and 1924 came after four successive years of
dence the current year in showing a much smaller increase. On the other hand, prior to 1920, March
increase proportionately in the expenses than that net had been steadily dwindling for a long period
registered in the gross earnings. And the further past, until the amount had got down to very small
back we go the more striking the record becomes in proportions. For instance, in March 1919 there
that respect—barring 1923, when weather condi- was a loss in net of no less than $52,414,969 in face
tions were extremely unfavorable and a gain of $59,- of an increase of $10,676,415 in the gross earnings,
806,190 in gross brought with it an addition of only and furthermore, March 1919 was the third suc$3,419,324 to net earnings—which last, however, was cessive year in which the March expenses had risen
the reverse of what happened in 1922, when a gain of to such an extent as to wipe out the gains in gross
$16,059,426 in gross was attended by a reduction of receipts—hence producing a cumulative loss in net.
$38,577,773 in expenses, yielding $54,637,199 gain In the following we give the March totals back to
in net, and the reverse also of what happened in
1906.
1921, when though the gross revenues showed a deNet Earnings.
Gross Earnings.
crease of $1,483,390, the net recorded an improve, Year.
Inc.(+)or
Year
Year
or
(-I-)
Inc.
Year
Year
ment of $18,656,316. All this merely indicates that
Preceding. Dec.(—)•
Given.
Preceding. Dec. (-1.
Given.
'
as the country gets further and further away from March.
$
$
$
35,312,906 +5,036,842
1906 ___ 129.838.708116,861.229 +12.977.479 40.349.7481
+63,814
40.904.112
40,967,0271
+12.980.383
the period of Government control of the railroads, 1907
141,503,502128,100,10
..... 141,193,819 162.725.500 21,531.181 39,328.528j 45,872,154 —6,543.631
_
14.303.842
1++8.664,106
55,309,873
with its lavish and extravagant expenditures, rail- 1908_
1909 __205.700.013 183,509.938 +22,190.078 69,613,7131 69,658.701
1910.,... 238.725,772205.838.832 +32,887,440 78,322,811 78.357,48( —9,148.129
69.209,357
11,254,781
road managers are once more gaining control over 1911 ___ 227.564.91.8 238,829,708
+848.494
68.190.493
1912 _ _.237,564,332 224,508,654 4-12,955,678 89,038,9871 69,118.291 —4.275,145
238,634.712 +10,595.831 64,593,141
the expenditures of the roads and are able to effect 1913 __.249,230,551
+1310,11( 67.993,9511 64.889.423 +3,104,528
1914___ 250,174.257249,514,091
67,452,082 +1.000,350
important economies and savings.
1915 __238,157,881 253,352.090 —15,194,218 68,452,4321 68.392,9831+29,378.627
1916 -__ 296,830,408 238.098,843 +58,731.512 97.7715001
88.807.46(2 96,718.701 —7,911.240
+27,249,218
294,068.348
321,317.58
_
_
1917
not,
conditions
are
a
as
Weather
rule, a great 1918 __ 362,761,238 312,276.881 +50,484,357 82,561,3311 87.309,808 —4.748,470
375,772.750365,096,338 +10.676,418 29,596.4821 82,011 451 52,414.969
drawback to railroad operations in March (January 1919___
40.872,7781 27.202,8871+13,669,908
1920 .._ 408.582,467 347.090,27 +61,492,108 58.538,9581
39,882.102 +18,656.316
_ _ 456.978,94 458.462,320 —1.483,391
and February being the bad winter months) and the 1921
1922 —_ 473,433,886 457,374,4(0 +16,059,42( 113,468,842 58.831.1441+54.637.199
+59,806,108
473,747,00
1
533,553,199
___
17,117,1221113,697,7931 +3.419,324
weather did not exert any serious adverse influence 1923
—2.914,076
1924 -- _ 504,018,114534.644,454 —30,628,340 114,754.514 117.618.5
85,495,143 504,362,976 —18.864.832 109,230.088 114,677,751 —5,447,665
___
1925
the present year in March, though temperatures 1028 .. 528.005,183485.236,51. 3.608.824133.042.764" 081 1024-24.965652
Note.—Includes for March 96 roads in 1901' 94 in 1907 in 1908 the returns were
were low and the season backward, whereas a year based
on 152.058 miles of road; in 1909, 233,702; in 1910, 239,691: in 1911, 244,081
1912, 238,218; in 1913, 240,510; In 1914, 245,200; In 1915. 246.848; In 1916:
in
ago in March the reverse was true, the weather then 247,363;
in 1917, 248,185; in 1918, 230,336: In 1919. 226.086: in 1920, 206,319; In
1921, 234,832: in 1922.234,986;in 1953.235.424;In 1924,235,715; in 1925,236.559;
being mild and the season far in advance of the ordi- In
1926. 236.774
a year ago, and the roads in that territory will soon
be called upon to handle an enormous grain tonnage
on account of the new crop.
Our compilations show that as compared with the
same month last year, gross earnings of the Class I
railroads of the United States, that is, the roads
with gross revenues of $1,000,000 a year or over,
show a gain of $43,668,624, or 8.99%, and that this
was attended by an augmentation in expenses of
only $19,106,972, or 5.07% (the ratio of expenses to
earnings the present year having been only 74.73%,
as against 77.51% in March 1925), leaving, therefore, a gain in net in the sum of $24,561,652, or
22.50%. In tabular form the comparisons are as
follows:
nits
THE CHRONICLE
For 1911, 1910 and 1909 we use the InterState 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.
In the case of the returns of the separate roads, the
increases in both gross and net earnings are so general and so numerous that there is little occasion
for enumerating specific instances. Losses, on the
other hand, are equally rare. This means simply
that virtually all classes of roads and all sections of
the country have participated in the improvement,
or perhaps it would be more accurate (in most cases)
to say in the recovery following previous losses. The
Pennsylvania Railroad, on the lines directly operated, reports $5,711,943 addition to gross and
$2,931,510 addition to net; last year these lines
showed $3,367,652 decrease in gross and $2,812,772
decrease in net. The New York Central this time
has $3,103,770 gain in gross and $369,755 gain in
net. This is for the Central proper. With the various auxiliary and controlled roads included, the
result is $4,967,610 gain in gross and $1,160,872 gain
in net. This last follows $4,443,847 loss in March
last year and $1,760,774 loss in net. The Baltimore
& Ohio the present year has $803,024 increase in
gross and $268,356 increase in net, which comes after
$882,511 loss in gross and $87,040 loss in net in
March 1925. In the following we show all changes
for the separate roads for amounts in excess of $100,000, whether increases or decreases and in both gross
and net. It will be seen that there are only two
roads with decreases running above the figure mentioned in the case of the gross and six with decreases
above that amount in the case of the net.
PRINCIPAL CHANGES IN GROSS EARNINGSIFOR MARCH.
Increase.
Increase.
[Vox,. 122.
Increase.
Increase.
Michigan Central
$674,192 Hocking Valley
$216,238
Delaw Lack & Western_ _
627,098 Chicago & East'n Illinois
204,339
Pere Marquette
617,423 Grand Trunk Western__
187,509
Chicago & North Western
556,199 Lehigh valley
155,504
Southern Pacific (7)____
544,625 Great Northern
151,239
Chicago Maw & St Paul_
542,590 Cleve Cinc Chic & St Lou
133,214
Central of New Jersey__
383,842 Buffalo Roth & Pittsb
117,570
Florida East Coast
380,088 Wheeling & Lake Erie_ _ _
115,357
New York Central
5369,755 Pittsburgh & West Va__
101,418
Seaboard Air Line
340,166
Southern Railway
334,688
Total (55 roads)
$23,313,551
Elgin Joliet & Eastern_ _
330,918
Decrease.
Missouri Pacific
324.052 Bessemer & Lake Erie..... $237,273
Northern Pacific
304,410 Missouri-Kan-Texas (2_
159,363
Wabash
301,827 Illinois Central
139,886
Atlantic Coast Lines_
295,699 Gulf & Ship Island
138,630
N Y Ontario & Western_
271,262 Yazoo & Mississippi Vali
128,716
Baltimore & Ohio
268,356 Minn St Paul & S El M__
122,256
Virginian
221,577
Total (7 roads)
Chicago R I & Pacific (2)
$926,124
221,546
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).
S 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 $1,160,872.
When the roads are arranged in groups or geographical divisions according to their location, we
find every group showing an increase in gross aild
every group also an increase in the net, though in
the case of the Southwestern group the gains are
scarcely more than nominal in amount. Our summary by groups is as follows: We have rearranged
the groups to conform with the classification of the
Inter-State Commerce Commission and will follow
that practice hereafter. The boundaries of the different groups and regions are shown in the footnote
to the table:
SUMMARY BY DISTRICTS AND REGIONS.
District and Region.
Gross Earnings
MarchInc.(+) or Dec.(1926.
1925.
)
Eastern District%
S
$
$
New England Region (10 roads)
24.838,598 22,433.428 +2,405,170 10.72
Great Lakes Region (33 roads)
99,958,783 90.125,266 +9,833,517 10.91
Central Eastern Region (30 roads)
121,755,848 110,867,041 +10,888,807 9.82
Total (73 roads)
Southern DistrictSouthern Region (31 roads)
Pocahontas Region (4 roads)
246,553,229 223,425,735 +23.127,494 10.35.
79,909,594 71,993,749
22,841,218 19,367,613
Total (35 roads)
102,750,812
Western DistrictNorthwestern Region (18 roads)
53,830,093
Central Western Region (25 roads)...._ 83,591,343
Southwestern Region (36 roads)
42,179,706
Total (79 roads)
+7,915,845 10.99
+3,473,605 17.93
91,361,362 +11,389,450 12.46
50,417,049 +3,413,044 6.76
77,854,155 +5,737.188 7.36
+1,448 0.002
42,178,258
179,601,142 170,449,462
+9,151,680 5.36
Total all districts (187 roads)
528,105,183 485,236,559 +43,668,624 8.99
District ct Region- -MileageNet Earnings
March1926,
1925.
Inc.(+)or Dec.(-)
Eastern District- 1926. 1925.
New lined Region_ 7,480
7,664
7,282,138 5,295,096 +1.987,042 37.55.
Great Lakes Region_ 24,925 24,957 26,604,376 21,077,420 +5,526,956 26.21
Conn East'n Region 26,942 26,936 26,911,842 20,936,284 +5,975,558 28.53
Total
59,347 59,557 60,798,356 47,308,800 +13,489,556 28.51
Southern DistrictSouthern Region
38,355 38,173 23,389,536 21,231.252 +2,158,284 10.16
5,541
Pocahontas Region
5,530
7,584,102
5,242,304 +2,341,798 44.67
$302,006
45,711,943 Hocking Valley
Pennsylvania
43,896 43,703 30,973,638 26,473,556 +4,500,082 17.03
Total
276,431
New York Central
53.103.770 Virginian
Western District273,537 Northwestern Region 48,658 48,719 9,746,582 8,148,848 +1,597,734 19.60.
Union Pacific (4)
1,864,839 Chicago & East Illinois__
269,744 Cent'l West'n Region 53,932 53,670 22,047,442 17,407.601 +4,639.841 26.65
1,652.352 Central of Georgia
Reading
259,393 Southwestern Region 30,941 30,851 10,076,736 9,742,297
Norfolk & Western
1,604, 18 Georgia Southern & Fla..
+334,439 3.42
259.221
Louisville & Nashville..... 1,558,99V Los Angeles & Salt Lake_
243.6C7
1,549,632 Grand Trunk Western....
Chesapeake & Ohio
Total
133,531 133,240 41,870,760 35.298,746 +6,572,014 18.61
1,185,533 NY Chicago & St Louis_
217.330
Erie (3)
204,434
Atlantic Coast Lines_ _ _ _ 1,169,248 St Louis San Francisco(3)
Total all districts.236,774 236,500 133,642,754 109,081,102 +24,561,652 22.50
204,350
1,168.685 Wheeling & Lake Erie...._
Seaboard Air Line
NOTE.-We have changed our grouping of the roads to conform to the classifies200,225
Atch. Top.& Santa Fe(3) 1,159,627 Buffalo Roch & Pittsb__
190,700 Lion of the Inter-State Commerce Commission, and the following indicates the
1,132.607 Western Maryland__ _ _ _
Southern Railway
confines
of the different groups and regions:
176,476
1,100.658 Colorado Southern (2)_ Michigan Central
153,484
Chicago & North Western 1,084.737 Cinc New On & Tex Pac
EASTERN DISTRICT.
151,699
Florida East Coast
1,021,240 Det & Tol Shore Line_ _ _
N Y N H & Hartford__ _
150,577
New England Region.-This region comprises the New England States.
973.353 Maine Central
Boston & Maine
136,191
Great Lakes Region.-This region comprises the section on the Canadian boundary
896.596 Central New England.._ _
130.276 between New England and the westerly shore of Lake Michigan to Chicago, and
Chicago Burl & Quincy-886.045 Nashv Chatt & St LouisBaltimore & Ohio
127,857 north of a line from Chicago via Pittsburgh to New York.
803,024 Denver & Rio Grande._ Chicago Milw & St Paul_
Central Eastern Region.-This region comprises the section south of the Great
127.557
753,473 Western Pacific
Clev Cinc Chic & St L__
124,155 Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
686,406 NY Susq & Western......Pere Marquette
117,564 Mississippi River to the mouth of the Ohio River, and north of the OhloRiver to
668,609 Elgin Joliet & Eastern__
Delaware & Hudson.. __ _
110,211 Parkersburg, W. Va., and a line thence to the southwestern corner of Maryland
610,582 Chic St Paul Minn & Om
Great Northern
108,345 and by the Potomac River to its mouth.
608,529 Detroit Toledo & Ironton
Illinois Central
107.113
573,477 Bangor & Aroostook_ __
SOUTHERN DISTRICT.
Lehigh Valley
103.599
526,004 Denver & Salt Lake_ _ _ Northern Pacific
Pocahontas Region -This region comprises the section north of the southern
100,457
517,786 Atlanta Birm & Atlanticof
Chic RI & Pacific (2)..._
Virginia,
east
Kentucky and the Ohio River north to Parkersburg,
boundary of
485,509
Central of New Jersey_ _
Total (79 roads)
$42,318,324 W.Va.,and south of a line from Parkersburg to the southwestern corner of Maryland
429,152
Delaw Lack & Western__
and thence by the Potomac River to its mouth.
404.505
•
Southern Pacific (7)._ _ _
Decrease.
Southern Region.-This region comprises the section east of the Mississippi River
374,631
N Y Ontario & Western_
365,482 Bessemer & Lake Erie_ _- $272,344 and south of the Ohio River to a point near Kenova, W. Va., and a line thence
Wabash
361,093 Missouri-Kansas-Texas(2) 208.126 following the eastern boundary of Kentucky and the southern boundary of Virginia
Missouri Pacific
to the Atlantic.
324,996
WESTERN DISTRICT.
Long Island
$480.470
Total (3 roads)
303.002
Note.-All the figures in the above are on the basis of the returns filed
Northwestern Region -This region comprises the
adjoining Canada lying
with the Inter-State Commerce Commission. Where, however, these west of the Great Lakes region, north of a line fromsection
Chicago to Omaha and thence
returns do not show the total for any system, we have combined the separate to Portland and by the Columbia River to the Pacific.
returns so as to make the results conform as nearly as possible to those
Region.
-This region comprises the section south of the NorthCentral Western
given in the statements furnished by the companies themselves.
estern region, west of a line from Chicago to
and thence to St. Louis, and
a This is the result for the Pennsylvania RR. (including the former north of a line from St. Louis to Kansas CityPeoria
and thence to El Paso and by the
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis Mexican boundary to the Pacific.
and the Grand Rapids & Indiana).
Southwestern Region.-This region comprises
MsS The New York Central proper shows $3,103,770 increase. Including tdssippi River south of St. Louis and a line the section lying between the
from St. Louis to Kansas City and
the various auxiliary and controlled roads, like the Michigan Central, the thence to El Paso and bY the Rio Grande
to the Gulf of Mexico.
"Big Four," &c., the whole going to form the New York Central System,
he result Is a gain of $4,967,610.
Western roads had to
diminished
PRINCIPAL CHAN GES IN NET BARI INGS FOR MARCH.
Increase.
Increase.
Pennsylvania
42,931,510 Chicago Burl & Quincy-- $797.326
Atch Top & Santa Fe (3) 1,879,510 Union Pacific (4)
796.396
Norfolk & Western
756.592
1,363,618 Louisville & Nashville__ Reading
748,619
1,246,870 Chesapeake & Ohio
Boston & Maine
746.137
1,044,380 Delaware & Hudson .._
Erie (3)
709.384
1,000,508 NYNH & Hartford_
contend with a
grain movement in March the present year, as appears from the fact that the receipts of wheat, corn,
oats, barley and rye, combined, at the Western primary markets reached only 46,176,000 bushels in the
MAY 15 1926.]
THE CHRONICLE
four weeks ending March 27 the present year, as
against 55,792,000 bushels in the corresponding period of the preceding year. All the different cereals
contributed to the falling off with the exception of
rye, the receipts of which were 910,000 bushels in
1926, as against 687,000 bushels in 1925. The details
of the Western grain movement in our usual form
are set forth in the table we now subjoin:
WESTERN FLOUR
4 Weeks
Flour
Wheat
Ended
(bush.)
(5515.)
March 27.
Chicago933.000
793,000
1926
1,061,000
988,000
1925
Milwaukee114,000
155,000
1926
72,000
401.000
1925
St. Louis425,000 1.420,000
1926
391,000 2,657,000
1925
Toledo430,000
1926
109,000
1925
Detroit38,000
1926
74,000
1925
Peoria214,000
158,000
1926
187,000
37,000
1925
Duluth1926
1,340.000
1925
1,884,000
Minneapolis-5,626,000
1926
1925
5,623,000
Kansas City1926
1.799.000
1925
2,322,000
Omaha and Indianapolis-1926
889,000
1925
1,077,000
Sioux City1926
203.000
1925
129.000
St. Joseph1926
512,000
1925
599,000
Wichita434,000
1926
1925
393,000
Total all1926
1925
Jan. Ito
March 27.
Chicago1926
1925
Milwaukee-1926
1925
St. Louis1928
1925
Toledo1926
1925
Detroit1926
1925
Peoria1926
1925
Duluth1926
1925
AND GRAIN RECEIPTS.
Corn
(bush.)
Oats
(bush.)
Barley
(bush.)
Rye
(bush.)
7,262,000 2,350,000
7,831,000 2,757,000
422.000
620,000
100,000
86,000
606,000
1,258,000
718,000
710,000
732,000
757,000
28,000
60,000
1.547.000 2,220,000
2,181,000 2,726.000
35,000
2,000
378,000
398,000
458,000
211,000
16,000
8.000
35,000
40,000
52,000
84.000
21,000
2,028,000
1,917,000
636,000
837,000
127,000
118,000
8,000
2,000
6.000
144,000
424,000
32,000
16,000
119,000
334.000
262,000
902,000 1,499.000 1397,000
2,333.000 2,517,000 1,463,000
403,000
266,000
1,674,000
3,177,000
355,000
295.000
2,914,000 1,039,000
3,018,000 1,404,000
154,000
398,000
264,000
232,000
811,000
855,000
374.000
110,000
201,000
244,000
28.000
24,000
5,000
2,000
1,000
1,686,000 13,797,000 18,518,000 10,417,000 2,534,000
1,711,000 16,293,000 23.794,000 11,939,000 3,079,000
910,000
687,000
3,059.000 3,195,000 31,453,000 8,139,000 1,638,000
3,772,000 4,417,000 27.701,000 12,955,000 2.710.000
347,000
717,000
422,000
262,000
572,000 4,399.000 2.516,000 2,130,000
811,000 3,874,000 3,271,000 3,273,000
205,000
156,000
13,000
17,000
1,551,000 1,804,000 1,104,000
1,042,000 1,282,000 1,194,000
1,000
1,000
56.000
40,000
243,000
469.000
3,000
37,000
74,000
76,000
291.000 7,417,000 2,157,000
344.000 6,944,000 2,927,000
380,000
320,000
10,000
15,000
11,000
626.000
677,000
205,000
419,000
5,446,000
6,619,000
259,000
138,000
18,000 3,313,000
174,000 2,880,000
Flour
Wheat
(bbis.)
(bush.)
Minneapolis1926
22,311,000
1925
20,966,000
Kansas City1926
7.771,000
1925
8,205,000
Omaha and Indialsapolis1926
2,778,000
1925
4,797.000
Sioux City1926
640,000
1925
486,000
St. Joseph1926
1,544,000
1925
2,489,000
Wichita1926
2,094,000
1925
2,278,000
Total all1926
1925
161,000 1,469.000
302,000 1,990,000
Corn
(bush.)
Oats
(bush.)
Barley
(bush.)
Rye
(bush.)
3,572,000 5,681,000 4.141,000 1,306.000
9,729,000 8,944,000 5,165,000 1,104,000
7,182,000 1,438,000
8,918,000 1,771,000
11,020,000 3,571,000
11,587,000 5,573,000
743,000
1,90L000
759.000
864,000
2,893,000
3,170,000
615,000
320,000
804,000
1,097,000
210.000
152,000
14.000
14,000
5,000
4.000
5,424,000 54,513,000 77,566,000 37.969,000 8,669.000 3,596,000
6,118,000 62,311,000 83,820,000 50,938,000 11,978,000 4.423,000
On the other hand, the Western live stock movement was larger in March the present year. The receipts at Chicago comprised 22,660 carloads, against
20,102 carloads in 1925, and at Omaha 10,120 cars,
against 9,976. At Kansas City, however, the receipts were only 8,441 cars, as against 8,993 cars in
1925.
Like the grain movement in the West, the cotton
movement in the South in March was'smaller than
that of a year ago. Gross shipments overland in
March 1926 were 77,256 bales, as against 1.43,979
bales in 1925; 76,701 bales in 1924; 144,181 bales in
1923 and 141,845 bales in March 1922. At the Southern outports the receipts of the staple were 495,262
bales the present year, as compared with 649,078
bales in March 1925 and 237,789 bales in March
1924. The receipts at the different ports tor the
month and since Jan. 1 for the last three years are
shown in the table which follows:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN MARCH AND FROM
JAN. 1 TO MARCH 31 1926, 1925 AND 1924.
313.000
459,000
1,317,000 6,115,000 6,002,000 8,223,000
1,396,000 7,438,000 7,305.000 9,618,000
2719
Since Jan. 1.
March.
Ports.
Galveston
Texas City, &c
New Orleans
Mobile
Pensacola, .Scc
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Testa!
1924.
1926.
1925.
123,359
101,136
143.547
11,891
556
63.787
185,238
180,170
138,210
12,160
1,115
52,830
76,376
47,187
64,35f
3,752
891
18,272
25,796
7,670
17,520
26,144
16,401
36,810
9,879
1,761
15,311
491 262
649 078
1926.
1925.
9124.
556,371 793.194 467,046
390,959 620,870 191,152
495,388 492,704 315,950
15.703
37,698
34,802
2,231
4,486
1.138
82,512
150.986 146,246
350
84.070
26,731
79,159
40,274
22,750
12,236
65,174
66,874 104,789
237 789 1.798 427 2.322.426 1.180.990
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, May 14 1926.
Climatic conditions have operated against trade in different parts of the country. In the far Southwest it has
been too wet and also in some parts of the West. It has
been unseasonably cold over much of the country during
most of the week. Even in the South the temperatures at
certain times of the day have been wintry, and it has not
been much better in New York. It has been too dry and
cool along the Atlantic Coast generally. Wholesale and
jobbing trade lags. A certain amount of business has been
irrecoverably lost by a late, cold, wet spring. Iron and
steel have been quiet, with some decline in iron and shading of prices, it is intimated, in some parts of the steel
trade. The grain business has been more or less disorganized by the big British strike, though prices in spite of this
have held their own well during the past week. The export
business as a rule has been light, though Canada has on
one or two days reported a good foreign trade. There is
more or less business doing in American durum wheat in
Europe, but other grades are neglected. The winter wheat
crop promises to be 150,000,000 bushels larger than last
year's. Cotton has advanced moderately owing to the lateness of the season over the entire South, and the fact that
the critical month of May has been too cold and wet. Usually a wet May means a rather small crop, although there
have been a few exceptions in the past. To-night there are
fears of unsettled weather in Texas over Sunday and this
accounted for the advance to-day. The domestic cotton
consumption in April, it is true, shows a noteworthy decrease as compared with the high record figures of March
and also the peak total for April of last year. This decrease
is attributable largely to curtailment of the cotton mills in
the South Atlantic section.
Wool has been dull, partly owing to the British strike and
the fact that the big London auction sales have had to be
suspended for a time. Textile industries are for the most
part quiet, whether as regards cotton, wool or silk. And
some goods are said to be offering at below the cost of production, notably wash and silk fabrics, as well as worsteds.
Curtailment of output in cotton, silk and woolen mills continues, with orders for forward delivery in general light.
At times the weather has been somewhat warmer in the
Central West and also on the Pacific Coast and for the
moment this has stimulated retail trade to some extent.
But on the whole May temperatures have been abnormally
low all over the country. That fact has militated against
trade in a hundred avenues of ordinary activity. There is
some falling off in steel production. The output of bituminous coal has been steadily decreasing. That of anthracite coal, however, is at the highest of the year. One result
of the British strike was the increase of shipments of foreign pig iron to this country. General merchandise exports In April fell below the imports, the same as in Janu-
2720
THE CHRONICLE
[vol.. 122.
ary, February and March. Exports were smaller than in Chicago it has latterly been 42 to 60, in Cincinnati 54 to 70,
April 1925; imports were larger. The automobile output In Cleveland 46 to 62, in Milwaukee 36 to 50, at Abilene,
has fallen off somewhat. The same is true of furniture. Texas 54 to 76, and at various other points in Texas 40 to
Building has been less active, partly, no doubt, because of 46 degrees minimum and some of the maximum in differunfavorable weather, though there is not the same scarcity ent parts of the South have been in the 60's. There are
of buildings in this country that there was a year ago, and fears of renewed unsettled weather in the Southwest over
still more so just after the war. Prices of commodities of Sunday.
late on the whole show more advances than declines. This
Is noticeable for the first time in the present month. AmeriWholesale and Retail Trade in Cleveland Federal
can tin plate sold rather freely to Europe, American makers
Reserve District.
getting business that ordinarily goes to Welsh manufacturThe following regarding retail and wholesale trade in the
ers. This was, of course, due•entirely to the British strike.
and cannot last now that the strike has been declared off. Federal Reserve District of Cleveland, is from the May 1
In the West some shoe factories are busier than they were number of the "Monthly Business Review" of the Cleveland
recently. But on the whole trade in this line is not equal Federal Reserve Bank:
Retail Trade.
to that of a year ago.
Sales of 70 department stores in March increased 1.8% over the same
Coffee has advanced somewhat with Brazilian markets month
a year ago, and for the first quarter gained 0.7%. Reports from
higher of late. But the rise was restricted by the evident individual cities differed widely. As compared with March 1925, Cindesire on the part of Brazilian holders during most of the cinnati, Columbus and Dayton made considerable gains, while Cleveland
and New Castle showed declines of 7.7 and 11.9%, respectively.
week to sell, with competition of mild coffee ahead. Sugar
Two factors entered largely into the retail situation in March. First,
has latterly declined, but early in the week there was a rise Easter came on April 12 last year and on the 4th this year; thus the bulk
in prices with quite a brisk demand here. A railroad strike of the Easter trade occurred in March this year, but in April in 1925.
Second, March of 1925 was an unusually mild month in this district, and
In Cuba was begun on the 10th inst., but has latterly been thus received
a larger share than usual of the normal spring trade, while
settled. The British sugar trade has of late been very dull, the past March was very severe, and the usual spring selling was delayed.
as might have been expected, with transportation suspended. The effect of the first factor would naturally be to increase sales during
March 1926, as compared with last year, while the second factor had the
But doubtless the normal transactions will be resumed next opposite effect. Judging by the small percentage
change in sales for the
week. Rubber was active here in the middle of the week, district as a whole, the two factors appear to have about counterbalanced
but has latterly sold less freely, and London prices have each other. It is possible that the large increase in the more Southern
cities may be attributed to some extent to the milder weather normally
weakened under the prospect of dulness of trade for a time found in this section, together with the Easter trade.
Thirty out of 52 separate departments increased in March over the preowing to the slowness with which transportation is being
resumed In Great Britain. The coal trade here has been ceding year. Neckwear and veilings, silverware, leather goods, boys' wear
and gloves, all gained over 20%, while losses of more than 20% occurred
rather quiet than otherwise. It did not benefit much if at in woolen dress goods, women's suits, women's skirts and waists and
all from the British strike. The trouble in the coal busi- blouses. Percentage changes in departments doing the greatest business in
ness across the water is partly a legacy of the war in an March were as follows:
Vo change—Mar. 1926
over-stimulated production due to the demands incident
compared with March 1925.
struggle,
the
great
to
but is also attributable to increasing
Silks and velvets
— 2.8
Men's Clothing
competition as time goes on from oil and hydro-electric
+ 6.3
Men's furnishings
+13.1
power. In all countries the coal trade situation is more or
Boys' wear
+28.8
less abnormal, partly because of a slackness of trade among
Women's coats
—10.8
the great coal using industries. The coal question in most
Women's dresses
+18.7
countries is a knotty one and nowhere is it more difficult
Misses' ready-to-wear
— 2.2
of solution than In Great Britain. Prime Minister BaldMillinery
— 0.2
win has framed new proposals for settlement of the coal
Women's and children's hosiery
+13.8
problem and they were presented to-day to employers and
Shoes
+10.7
the miners. The railway workers have returned to work.
Furniture
+13.4
Draperies, lamps, shades
- 1.0
Normal transportation will be resumed as rapidly as posFloor coverings
— 4.4
sible.
March sales of 60 retail furniture firms in this district decreased 4.8%
The stock market has naturally been more or less affrom last year; 18 wearing apparel firms decreased 2.7%; 3 chain drug
fected by the British strike and to-day was somewhat firms gained 4.2%; five chain groceries declined 0.9%.
weaker, with trading on a relatively light scale for these
WhoWale Trade.
times. Money rates showed some tendency to advance.
This bank's index number of sales of all wholesale firms combined stood
Bonds have been firm, though not at all active. Strikes at 90 in March, as compared with 89 a year ago. March exceeded the
abroad and bad weather in this country have weighed more same month in 1922 and 1925 and was equal to 1924, but was smaller
1921 and 1923, and therefore made a better showing than February,
or less heavily on American trade. But with the labor out- than
which recorded the lowest index number of any February in the past six
look clearing across the water and better weather on this years, and that hardware sales compared favorably with preceding years.
side in the natural course of things near at hand the busi- Shoe sales were well ahead of the two previous years, but were considerably
under 1921, 1922 and 1923. Dry goods and groceries remain depressed,
ness outlook is not regarded as unhopeful, although there both reaching a low point
in March.
is no sign of activity anywhere. On the contrary, there is
As compared with March of last year, groceries increased 0.04%, drugs
and
shoes
5.9%.
15.1%,
Dry
goods and hardware declined 5.3 and 0.6%,
a more or less rigid adherence to the custom that seems to
respectively. For the first quarter of 1926 drugs gained
and shoes
have grown up in this country in recent years of buying a 7.2%, while groceries decreased 2.7%, dry goods 6.3%, and 6.5%
hardware 4.8%.
little at a time, knowing that the transportation system is
so efficient that quick deliveries are certain, supplemented
in some respects by the Innovation in recent times of auto Business Activity in Richmond Federal Reserve District
truck deliveries to the warehouses or homes of buyers.
in March-April This Year at Slighty Higher
At Woonsocket, R. I., one mill of the Manville Jencks
Level Than Last Year.
Co. and another at Georgiaville, R. I., will curtail operations
In March and the early weeks in April business activity
three days per week, owing to dulness of trade. The South- in the Richmond Federal Reserve
District was maintained
ern Yarn Spinners Association of Charlotte, N. C., says at a slightly higher level than
in the corresponding period
yarn market conditions remain unchanged and business in of last year, says the April 30
"Monthly Review" of the
volume is hardly likely to materialize for the next 60 days. Federal Reserve Bank of Richmond,
from which we quote
Demand will be stimulated, however, by continuation of the following:
present curtailment. At Lynchburg, Va., the Consolidated
Building operations in the district as a whole, as measured by the value
Textile Corporation's plant has reduced its working hour of building permits, continued larger than in the corresponding month of
the preceding year, although the number of permits issued was smaller
schedule from 56 to 50 hours weekly, owing to decreased than
a year ago. Retail trade exceeded that of
1925 by 8% and for
trade. Charlotte, N. C., wired that the cotton yarn trade the first quartet, of 1926 sales were 6% largerMarch
than in the corresponding
period
of
last
year.
as a whole was marking time with every likelihood of wideWholesale sales of shoes and drugs were larger than
last year, but sales of groceries, dry goods, hardware and furniture were
spread curtailment within a short time.
smaller. Crop planting this year is about ten days later than in 1926, but
The weather here has continued to be rather too cool for the soil is full of moisture and is in excellent condition for quick growth.
this time of year and also at the West and South. It Continued cold weather held back the apple crop, which is the leading fruit
in the district, until danger from late frost damage had practically
rained here last night and this morning, but cleared off crop
passed. A year ago the drought which began in April retarded agricultural
before noon. The Atlantic Coast, north and south, needs operations and resulted in materially reduced yields
for almost all crops
rain. Drought has prevailed for some time. It has been in the district. So far this year, however, weather conditions have not been
favorable for early plantings, but there is sufficient moisture and prospects
only partially relieved in the last 24 hours. In New York for yields are
more satisfactory than in 1925. Prices, however, for theit was 52 to 66 on the 13th in. and 65 this afternoon. In leading agricultural products, cotton and tobacco, are lower than in 1925.
MAY 16 .19261
Summary of Domestic Business Conditions According
to the Government—Dollar Volume of Home
Business Increases.
The dollar volume of business during the first week of May,
as seen from figures on check payments, was larger than in
either the previous week or a year ago, according to the
weekly statement of the Department of Commerce, released
for publication to-day (May 15). The value of building contracts awarded in 36 states was also larger than either comparative period, while the production of crude petroleum,
although smaller than last year, recorded an increase over
the previous week. Wholesale prices averaged higher but
were more than 3% below the corresponding week of 1925.
Distribution of merchandise by freight continued to record
increases over the previous year, the week ended May 1
showing an increase over a year ago amounting to 2%.
Interest rates on call money for the week ending May 8
showed no change from the previous week but were higher
than a year *earlier. Stock prices averaged lower than in
the previous week but were higher than a year ago. Business
failures in the first week of May were smaller than:in_either
the previous week or the same week of 1925.
Decline in Factory Employment in New York'State
Places April on Level with October.
A decline of more than 1% brought factory employment
in New York State back to the October level. Apart from
the seasonal slackening In January, this is the first definite
step toward a contraction in industrial activity, though the
February and March reports pointed to the approach of a
recession. A preliminary index of employment based on
reports from 90% of the firms Included in the Labor Department's final tabulation was 101 as compared with 103
In March. A year ago the index stood at 100. June 1914,
the month when these studies were started, is used as the
base in computing the index series. The reduction in April
Involved 38 of the 55 industry divisions in the State, but
even so, the contraction was more moderate than a year
ago. Outside of the abrupt curtailment in the steel mills
and a marked slowing up in some of the textiles, there were
only a few large adjustments in working forces. This
statement was issued May 10 by Industrial Commissioner
James A. Hamilton. It was based on reports covering 490,000 factory employees, or 35% of all the workers employed
in manufacturing throughout the State. Commissioner Hamilton's statement continues:
The outstanding changes of the month were the 6% drop in iron and
steel, after the exceptional activity of March, and the weakened position
of textiles. The drop in steel followed naturally upon the falling off in
unfilled orders. The mills are still running above the spring of 1925, however. The turn in silk manufactures likewise followed several months of
high production, but the decrease of 6% wiped out the gains of the fall and
winter. Cotton goods were affected to a much similar extent by the general slowing up in trade and one or two mills increased hours after a dull
March. The woolen industry remained depressed, but carpet manufacturers, with one exception, maintained the high schedules of March.
Automobile Production Still High.
The automobile industry shared with steel the place of first importance
among the metals. In the New York State factories the necessity for cutting down production is still limited to individual manufacturers. Although over 600 workers were released from some of the reporting plants,
there was a small net gain for the industry. This includes a few service
stations which reported a seasonal increase in business, but among the
plants which advanced were several large manufacturers of both automobiles and parts. The gains made by the railroad equipment industry have
been diminishing since the first large advance of October until in April a
further drop in Rochester caused a small decrease for the whole industry.
Repair work was uneven. Other metals lost except for the two industries
—firearms and instruments—which in the past seven months have been
moving steadily upward after an uninterrupted depression of almost two
years. The 2% gain in instruments was only partly due to a seasonal
Increase in photographic goods. Electrical equipment and machinery again
lost severely in April. Since the peak of December over three thousand
workers have been released from the reporting factories. Other machinery
improved a little. Brass and copper were a little below March.
Building Materials Above 1925.
The upward movement in building materials gathered momentum in
April. Forces in the brick yards rose almost 30% while the gain in
cement was somewhat less. In both these industries the winter drop was
less severe than in 1924-1925 and employment is now higher than a year
ago. Planing mills were busier in April, though seasonal fluctuations are
much less marked here. Furniture manufacturers made more small re•
ductions in employment.
Seasonal Reductions in Sewing Trades.
A general slowing up in most of the sewing trades in April meant the
release of over 2,500 operatives. Modistes were still taking on more
workers for the summer season, but manufacturers of men's clothing and
of women's coats and suits reduced forces 8 and 6%, respectively. Dress
manufacturers slowed up less abruptly, while makers of buttons and trimmings used in these trades followed in line. Shirts and collars continued
the slow decline of previous months, but in two or three of the up-State
factories higher earnings followed the reduction in forces. New York City
shoe factories which were not working on summer lines lost further and
2721
THE CHRONICLE
decreases predominated up-State. Individual settlements in some of the
fur houses resulted in a busier month for April. Rubber goods resumed
their downward course after a slight improvement during March.
Employment in the printing trades remained unchanged, but paper goods
lost slightly. Drugs and household chemicals were more active and there
was a seasonal gain in photographic supplies. Industrial chemicals were
irregular and some of the oils were below March.
The usual quiet in food products caused manufacturers to release 3,000
workers in April. Part of the previous month's improvement in the biscuit
factories was lost and candy also started downward after the Easter business. Dairy products and beverages were the only industries which were
affected by the approach of the warmer months. Cigars continued to reach
new lows.
Decrease Os New York City Mostly Seasonal.
In New York City factories, as in the total State, the April reduction
In employment was not as severe as a year ago. Even so, factories on the
representative list for this city are not employing as many workers as in
April 1925. The reduction in the month just past amounted to 2%. A
large part of this decrease was due to seasonal adjustments in clothing
and allied industries, such as shoes and trimmings, where losses ranged
from about 2 to 6%. Decreases in all the food industries excepting WVerases also may be attributed largely to seasonal causes, though in cigars
they were the result of continued depression.
In contrast to these reductions and the slowing up in textiles was the
unusual steadiness of the metals. This group of industries was of primary
importance in keeping the April loss less than last year. In spite of some
fluctuations in the individual plants there was no change for the group.
Drugs and household chemicals, corks, house trim and plaster all responded
to seasonal demands. A few manufacturers of store furniture, picture
frames and pianos continued to slow up. Printing was even with March..
• Largest Drop in Fri-City District.
The April decrease of more than 3% in the Albany-Schenectady-Troy
district was largely the result of a few important reductions in the metals.
Textiles and shirt and collar factories also slowed up, but fewer employees
were involved in the losses. The general policy of contraction in the iron
and steel industry applied to the mills of this district- Machinery and
electrical equipment continued to follow its sharp downward course, though
one or two plants on part time in March reported a seasonal revival in
April. Earnings rose in some of the shirt factories, although employment
still moved downward.
Steel and Chemicals Important in Buffalo's Loss.
The automobile industry presented the only contrast to the general decline which occurred in the Buffalo district. In April the contraction here
was not quite as severe as in the Tr -City district, but it was larger than
the 2% decrease reported in April 1925. However, Buffalo of all the cities
still shows the largest gain over last year. The most important reduction
of the month was in the steel mills, which slowed up after a very active
March. Railroad equipment was about the same as in the previous month.
Some of the heating apparatus shops released more employees and ele•trical equipment manufacturers eliminated some part time by cutting down
forces. Mineral products were somewhat more active.
Another important loss appeared in industrial chemicals. The rest of tie
decreases in this district were largely seasonal.
No Change in Syracuse.
Syracuse, the other automobile centre, reported a further contraction in
this industry, though total employment for the district remained unchanged
as compared with March. The rest of the metals were irregular, with increases predominating. Chemicals improved after the losses of February
and March. There were gains in shoes, textiles and clay products which
more than covered the reductions of the preceding month.
Textiles Responsible for Utica's Small Decrease.
Employment in Utica declined less than 1% in April. The largest loss
was in the textiles, where several manufacturers enforced substantial reductions. Metals were carried upward because of the further advance made
by firearms and tools, but other lines tended to slow up. Leather and
leather goods continued on their upward course. The gain amounted to 9%
in April, but other industries lost seasonally.
Losses Fewer in Binghamton.
Binghamton reported a decrease in April, the smallest since employment
started downward in January. Although there was a further reduction to
the shoe industry, it was limited to one or two plants. The only other
loss of any size was in the textile mills. Earnings were slightly higher in
the cigar factories and employment rose in wood products.
Rochester Clothing Slack.
The usual decrease in the men's clothing industry, continued from
March, made a decline inevitable for this city. The loss this April was
under 2%. A few of the shoe factories were slowing up also and a liquidation greatly increased the decrease for this industry. All the metals except railroad equipment and a few plants making machinery and electrical
equipment were more active in April. The gain in instruments was particularly good. There was also a seasonal increase in chemicals. Textiles
improved after a reduction last month. Food plants dropped a few more
of the workers taken on in February.
Automobile Price Reductions.
Of great interest in the automobile industry:was the price
reduction announced May 10 by Walter P. Chryaler, President of the Chrysler Corporation, on the six-cylinder "70"
line. The reductions varied from $50 to $200 on the different models as shown by the comparative price list below:
Model—
Coach
Roadster
Royal coupe
Brougham
Sedan
Royal sedan
Crown sedan
New Price.
$1,395
1,625
1,695
1,745
1,545
1•,795
1,895
Old Price.
Reduciton.
$1,445
$50
1,626roo
1,795
100
1,865
120
1,695
150
1,995
200
2,095
200
These reductions follow:the introductionrotra new lowpriced six-cylinder line known as the "ChryslerI60," which
was noted in our issue of last week, page 2565,1'and complete the company's line of models priced between_ $1,0001
and $2,000, the mostlhighly competitive price fieldjin tb.
industry.
2722
THE CHRONICLE
Census Report on CottonIConsumed-Consumption
Below a Year Ago.
Under date of May 14 1926 the Census Board issued its
regular preliminary report showing cotton consumed, cotton
on hand, active cotton spindles and imports and exports of
cotton for the month of April 1925 and 1926 and the nine
months ending with April. Cotton consumed amounted to
575,799 bales of lint and 61,952 bales of linters, compared
with 596,541 bales of lint and 59,253 of linters in April last
year, and 634,593 bales of lint and 60,532 bales of linters in
March this year, the Bureau announced. The statistics of
cotton in this report are given in running bales, counting
round as half bales, except foreign bales, which are in equivaent 500-lb. bales.
(VOL. 122.
Increase in Postal Receipts at Fifty Industrial Cities
During April.
Postal receipts for the fifty industrial cities for April 1926
amounted to $3,233,857, as compared with $3,108,132 for
April 1925, an increase of $125,725, or 4.05%. The greatest
percentage of increase was recorded by Tampa, Fla., with
29.93%, with Cheyenne, Wyo., second with 29.43%, and
Lexington, Ky., third, with 24.59%. Tabulated figures
follow:
STATEMENT OF POSTAL RECEIPTS AT FIFTY INDUSTRIAL OFFICES
FOR THE MONTH OF APRIL 1926.
P.C. P.C. P.C.
1926 1925 1924
April
April
Over
Offices1925.
Increase. 112%. °
1926.
192
"
4. 1923.
Springfield. Ohio__ 5226,099 69 $194,340 90 $31.794 79 16.38 48.93 .3.47
3.80794 3.08 20.08
123,636 90
Okla__ - 127,444 84
.22
The amount of cotton on hand in consuming establishments on April 30 Oklahoma,
Albany, N. Y
4.89134 3.84 5.39 21.29
127,349 18
132,240 52
1926 was 1.639,174 bales, contrasted with 1,767.686 bales on March 31, Scranton, Pa
97,978 28
99,618 14
1.639 86 1.67 .3.16 26.89
Harrisburg, Pa..._
107,117 68 '11.12177 *10.38 29.37 0.72
95,995 91
last. and 1,511,008 bales on April 30 1925.
2,29928 2.43 9.46 11.73
97,020 95
94,721 67
The quantity of cotton on hand in public storage and at compressors on San Antonio, Tex
5,47423 6.18 8.56 6.79
94.10554
Spokane,Wash_
88,631 31
April 30 was 3.530,811 bales, against 4,162.268 bales on March 31 and Oakland, Calif_..__ 146,729 01
9,05973 6.58 27.30 14.82
137,669 28
1,666,209 bales on April 30. of last year.
Birmingham, Ala
117,556 80 12,906 47 19.98 12.97 15.73
130,463 27
91,918 70
103,242 29 '1132359 *10.97 4.49 15.17
The number of active spindles during April was 32,893,042 compared with Topeka, Kan
3,59344 4.23 2.66 9.94
Peoria, III
81,258 58
84,852 02
33.233,382 during March and 33,409,936 during April, 1925.
Norfolk,Va
3,476 60 4.90 8.15 7.80
70,989 34
74.465 94
The exports of domestic cotton during April, including linters, amounted Tampa,Fla
73.142 64 21,889 82 29.93 14.09 8.96
95,032 46
to 516,494 running bales, against 519,732 running bales during March and Fort Wayne, Ind
99,19351
5.95394 6.38 8.58 14.03
93,239 57
Lincoln, Neb
.96
1,94105 2.75 5.10
70.691 01
72,632 06
472455 running bales during April of last year.
Minn
1,11736 1.71
1.64 9.03
66,374 60
85,257 24
The imports of foreign cotton during April totaled 33,464 500-1b. bales in Duluth,
Little Rock,Ark...
71,366 09
.47
1.858 73 2.67 5.05
69,507 36
comparison with 45,725 500-lb. bales during March last, and 22,409 500-1b. Sioux City, Iowa
88,29248
.53 2.19 4.89
67,932 42
360 06
balm during April of 1925.
Bridgeport, Conn_.
74,454 57
3,432 84 4.83 3.82 10.94
71,021 73
66,234 80
76,049 96 '9,81510 *12.91 25.90 16.64
Linters consumed during April amounted to 61.952 bales, compared with Portland, Me
St. Joseph, Mo
57.878 27
'42059 ..72 3.92 10.49
58,298 86
60,532 bales in the previous month and 59,253 bales in the same month last Springfield,
Ill
63,587 90
78,754 70 *15,166 80 *19.26 34.87 11.84
year. There were 180,192 bales on hand in consuming establishments on Trenton, N.J
65,568 17
64.240 46
1.327 71 2.07 14.74 16.76
April 30. against 187,298 bales on March 31 and 162,680 bales on April 30 Wilmington, Del
66,555 57
9.440 85 16.52
57,114 72
.26 16.47
67,418 41
62,958 77
4.46184 7.09 4.40 26.89
1925. The number of bales in public storage and at compressors on April Madison, Wis
South Bend,Ind
74.910 75
62.729 23 12,181 52 19.42 12.68 19.03
30 last. was 84.269 bales, compared with 84,658 bales on March 31 last Charlotte, N.
C.-62,424 82
62,901 58
*476 76
+.76
and 40.663 bales on April 30 1925.
Savannah,Ga
47,454 30
46,872 83
12
7:68
34 2
10
3:7
11
781 47 1.67 •
Cedar Rapids,Iowa
49,544 90
46,704 12
2,840 78 6.08 8.77 4.86
Charleston. W.Va.
48,904 87
49,545 65
.640 78 *1.29 •3.82 22.13
Chattanooga, Tenn
68,32302
62.012 22
6,310 80 10.18 1.31 14.73
Schenectady, N.Y48.724 38
.12 6.06 36.27
48,666 45
57 93
Lynn,
46,616
34
Mass
39,606
19
7,01015 17.70 .6.06 31.68
Increase in Postal Receipts at Fifty Selected Cities Shreveport. La
42,284 51
39,941 71
2,342 80 5.86 3.03 16.19
Columbia,S.C
32,162 77
40.362 08 '8,19931 *2C.31 5.91 22.20
in April.
Fargo, No. Dalt.33,975 91
30.092 46
3.88345 12.90 9.14 *3.62
35,916 66
37,502 18 '1,58552 *4.23 22.87 10.96
The postal receipts at the fifty selected cities throughout Sioux Falls, S. D
Waterbury. Conn
34,262 40
36,289 34 '2.02694 *5.58 2.22 20.60
the country for the month of April 1926 showed an increase Pueblo, Colo
27,789 54
8,298 27
.508 73 •1.80
2
Manchester. N. H.
25,207 92
24,433 96
773 96 3.18
of 6.08% increase over the corresponding month of 1925, Lexington, Ky
39,673 13
31,842 07
3...4
3
72
1
3
8
1 13
8
7.83106 24.59 :
8
6
7
4. 3
Aria
31,352 06
28,414 3G
13.84
2,937 67 10.34
according to figures made public May 6 by Postmaster-Gen- Phoenix,
22.635 59
Butte. Mont
22,347 46
23:2
10
2 16.35
288 13 1.29 ;
14.90
27,920 03
25,593 02
2,327 01 9.09
eral New. The total receipts for April 1926 were $30,851,- Jackson, Miss
Boise, Idaho
18.792 00
20,662 00 *1,870 00 .9.05 •12.14 28.60
460, while for April 1925 they were $29,083,231, an increase Burlington, Vt. _ _ 21,322 82
9:
50
04
20.423 67
.15
01 13
899 15 4.40 12.
Cumberland, Md..
16,352 97
13.799 44
2,55353 18.60
of $1,768,229 in last month's receipts over the correspond- Reno, Nev
15,470 45
14,093 94
1,376 51 9.76 .8.83 30.01
14,481 CO
Albuquerque,N .M.
13,409 85
1,072 05 7.09 .2.03 22.71
ing period last year. The city of Jacksonsille, Fla., led all Cheyenne,
11,809 91
Wyo
9.124 22
2.685 69 29.43 •19.48 *17.02
others in the percentage of increase, with 30.36%. Fort
Worth, Texas, came next with an increase of 28.29%. Houston; Texas, was third with an increase of 20.70%, while Baltimore, Md., ranked fourth, showing an increase of 19.75%.
The summary follows:
STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES
FOR THE MONTH OF APRIL 1926.
P.C. P.C. P.0.
1926 1925 1924
April
April
Over
Over
Orer
1925.
Increase. 1925. 1924. 1923.
1926.
Offices-;
New York, N.Y.6,303,19731 5.833,391S2 469.805 79 8.05 8.48 9.09
5,022,244 08 4,907,218 27 115,027 81 2.34 7.41 10.88
Chicago, ill
Philadelphia, Pa_ 1,740.916 55 1,612.277 88 128,638 67 7.98 9.62 5.12
78,166 56 5.94 10.00 8.39
1.393,17409 1,315,007 53
Boston, Mats
1,075.055 84 1,077.811 56
.2.755 72 '.26 7.80 12.28
St. Louis, Mo
844,422 12
78.033 78 9.24 11.82 8.63
Kansas City, Mo. 922,455.90
783,341 15 104.855 96 13.39 9.63 21.52
888,197 11
Detroit, Mich
51,166 37 6.55 9.78 15.34
781,02303
832,189 40
Cleveland, Ohio
608 54
708.213 68
.09 4.92 21.48
Los Angeles,Calif. 708,822 22
18,662 67 2.71 13.49 9.68
689,404 27
San Fran., Calif- 708,066 94
58,923 25 8.85 2.44 20.77
643.255 80
Brooklyn. N.Y
700,17905
.51 14.08
34.076 27 5.67
600,742 63
Pittsburgh, Pa_ 634,818 90
21,978 38 3.43 21.00 12.98
640,386 02
Cincinnati, Ohio
662,364 40
15,515 17 2.87 4.57 •.47
Minneapolis, Minn 556,516 51
541,001 34
98.261 72 19.75 10.07 5.61
Baltimore, Md.._ 595,838 75
497,577 03
18.560 91 4.23 8.57 18.51
Milwaukee, Wh3_ 457,106 72
438,545 81
Washington,D.C. 487.26909
56,943 89 13.23 4.54 10.16
430,325 20
.63
Buffalo, N. Y_ _ 400,020 48 -420.21584 '20.19516 .4.81 9.55
St. Paul, Minn
18.162 29 5.03 6.40 8.34
361,094 76
379,257 05
Indianapolis, Ind-432,227 39
26,847 09 6.62 7.68 29.46
405,380 30
Atlanta, Ca
23.428 45 7.80 1.01 11.76
300,368 21
323,794 66
Newark, N. J__ _ _ 323,676 10
5,695 80 1.79 12.03 16.49
317.980 30
Denver,Colo
21,887 78 7.67 9.00 7.87
285,409 37
307.297 15
Dallas, Tex
33,609 43 12.77 5.33 1.07
263.172 89
296,782 32
Seattle, Wash_
24,107 83 9.84 2.79 18.77
269,025 22
244,917 39
Omaha, Nob
7.38497 2.91 2.00 6.37
260,887 30
253,502 33
Des Moines,Iowa_ 277,766 86
9.17 5.53
256.045 45
Portland, Ore
.40 12.19
244.528 12
229,652 95
Louisville, Ky__ _ - 242,193 16
12,423 59 5.41 4.81 13.48
229,769 57
Rochester, N. Y. _ 261,701 56
.78 13.87
10,376 37 4.13
251,325 19
Columbus, Ohio
2,94015 1.29 5.59 15.04
230,648 76
227.702 61
New Orleans, La
9,57570 4.14 4.56 11.18
240,660 11
231,084 41
Toledo, Ohio
204,247 27
19,324 04 10.45 5.15 15.61
184,923 23
5.52
96
Richmond, Va_ _ 186,751 97
20,013 55 12.00 8.98 12
168,738 42
Providence, It. I_ _ 169,275 79
165,557 96
3,717 83 2.25 3.81
Memphis, Tenn_ 190,371 28
15,158 56 8.05 7.94 4.13
175,212 72
Dayton, Ohio__ _ 192,827 89
8.65988 4.70 29.57 23.15
184,168 21
Hanford, Conn_ _ - 182,864 45
15,498 30 9.26 9.84 6.34
167,388 15
Nashville, Tenn_ _ 150,158 13
5,91719 4.10 9.12 4.73
144,240 94
Houston, Tex_ _ _ _ 154,384 93
26,482 36 20.70 5.63 7.85
127,902 57
51 6.82 10.80
Syracuse, N. Y_
137,312 26
143,602 39
New Haven,Conn. 141,505 94
.23 8.62 6.32
4
8.
723
88 8
130.739 66
13
0:1
Grand Rap.,Mich. 137,045 64
5,46680 4.15 12.18 11.53
131,579 84
Akron,Ohio
13,398 71 11.28 8.95 4.86
118,815 56
132,214 27
Fort Worth,Tex
31,262 65 28.29 9.69 *48.09
141,751 55
110,488 90
Jersey City, N.J_ _ 111.446 05
4157
9
.14 199
.35
390 27
111,055 78
Springfield, Macs. 108,645 15
'2.85780 *2.56 8.19
111,502 95
S.L. City, Utah_ _ 114.030 25
.20 14.42 4.07
229 90
113,800 35
Jacksonville,Fla
25,936 34 30.36 14.17 9.07
111,367 37
85,431 03
Worcester, Mass
100,190 70
5,35793 5.65 2.73 15.46
94.832 77
:1.11
Total
30,851.460 12 29,083.231 51 1,768,228 61 6.08 8.04 10.44
•Decrease.
Jan. 1926 over Jan. 1925, 6.77%; Feb. 1926 over Feb. 1925, 9.53%; March 1926
ever March 1925, 15.02%.
Total
$323385737 $3,108,131 98 $125,725 39 4.05 11.02 12.48
* Decrease.
Jan. 1928 over Jan. 1925, 7.21%; Feb. 1926 over Feb. 1925. 11.08%; March 1926
over Marchr1925, 16.14%.
Lumber Industry now at Seasonal Peak.
The National Lumber Manufacturers Association received telegraphic reports May 13 of the status ot the
lumber industry for the week ended May 8, from 386 of the
larger softwood, and 134 of the chief hardwood, mills of the
country. The 372 comparably reporting softwood mills
showed slight decreases in production, shipments and new
business, when compared with reports for the week earlier,
when, however, nine more mills reported-implying no noteworthy change in the industry, which is now at the normal
seasonal peak, May being the heavy lumber buying month.
In comparison with reports from 366 miles for the same
period a year ago, increases of about 10% in all three factors
were noted. The hardwood operations showed increases in
production and shipments, and a decrease in new business,
when compared with reports from 115 mills the previous
week. Additional data of interest we quote from the
National Lumber Manufacturers Association as follows:
The unfilled orders of 238 Southern pine and West Coast mills at the
end of last week amounted to 713.090,026 ft.. as against 711.535,766 ft.
for 240 mills the previous week. The 131 identical Southern pine mills
in the group showed unfilled orders of 286.810,710 ft. last week, as against
283.086,436 ft. for the week before. For the 107 West Coast mills the
unfilled orders were 426,279,316 ft.. as against 428,449.330 ft. for 109 mills
a week earlier.
Altogether the 372 comparably reporting softwood mills had shipments
101% and orders 100% of actual production. For the Southern pine
mills these percentages were respectively 101 and 106: and for the West
Coast mills 116 and 112.
Of the reporting mills, the 337 with an established normal production
for the week of 228,399,206 ft., gave actual production 101%, shipments
107% and orders 105% thereof.
The following table compares the national softwood lumber movement
as reflected by the reporting mills of eight regional associations for the
three weeks indicated:
Preceding Week
Past
Corresponding
1926 (Revised)
Week.
Week 1925.
Mills
383
372
366
277,971,144
Production
270,762,750
251,819.430
290,871.532
Shipments
274.604,457
250,710,938
274,101,492
Orders (new business)_ _ _270,955,653
250,809,058
The following revised figures compare the softwood lumber movement
of the same eight regional associations for the first 18 weeks of 1926 with
the same period of 1925:
MAY 151926.]
1926
1925
THE CHRONICLE
Production.
4,585,010,508
4,315.896.881
Shipments.
4,803,934,275
4,436,460,436
Orders.
4,805,677,740
4,315,367,396
The Southern Cypress Manufacturers Association of New Orleans
(omitted from above tables because only recently reporting) for the week
ended May 5, reported from 14 mills a production of 4,695,189 feet, shipments 4,600,000 and orders 3.740,000. In comparison with reports for the
previous week, this Association showed some decrease in production, and
slight increases in shipments and new business.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 107 mills reporting for the week ended May 8 was 12%
above production, and shipments were 16% above production. Of all new
business taken during the week 46% was for future water delivery, amounting to 55,037,559 feet, of which 36,887,043 feet was for domestic cargo
delivery, and 18,150,516 feet export. New business by rail amounted to
58,559,284 feet, or 49% of the week's new business. Forty-seven per cent
of the week's shipments moved by water, amounting to 57.353,176 feet, of
which 40,712,198 feet moved coastwise and intercoastal, and 16,640,978
feet export. Rail shipments totaled 60,619,642 feet, or 49% of the week's
shipments, and local deliveries 5,348,995 feet. Unshipped domestic cargo
orders totaled 128,356,898 feet, foreign 140,216,574 feet and rail trade
167,705,854.
Fire Hazard Tends to Curtail Employment.
Logging, lumber manufacturing, general construction and building work
are in large volume, according to the Four L Employment Service, while
smaller industries for the most part are generally active. A dry season has
brought an unusually early fire hazard and reports from several districts
indicate that logging will be suspended or curtailed at an early date, unless
conditions change. Ninety per cent of the fir logging operations are
running, although fallers and buckers have been laid off at many camps.
East of the Cascades logging and lumber manufacturing are at 80% of
capacity.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 131
miles reporting, shipments were 0.66% above production and orders 5.85%
above production and 5.16% above shipments. New business taken during
the week amounted to 75,837,870,shipments 72,113,596, and production
71,643,870 feet. The normal production of these mills is 80,514,566
feet.
Of the 120 mills reporting running time, 88 operated full time, 18 of the
latter overtime. Three mills were shut down, and the rest operated from
two to five and one-half days.
The Western Pine Manufacturers Association of Portland, Oregon, with
three fewer mills reporting, showed a slight increase in production, some
decrease in shipments, and new business about the same as that reported
for the week earlier.
The California White and Sugar Pine Manufacturers Association of San
Francisco, California, (one mill closed down) with three more mills reporting, showed some increase in production, shipments about the same, and
a
notable decrease in new business.
The California Redwood Association of San Francisco, California, with
one less mill reporting, showed a nominal decrease in production, a substantial increase in shipments, and new business somewhat below that
reported the previous week.
The North Carolina Pine Association of Norfolk, Virginia, with three
more mills reporting, showed considerable increases in production and new
business, and approximately a 50% increase in shipments.
The Northern Pine Manufacturers Association of Minneapolis, Minnesota, with one less mill reporting, showed material decreases in production
and shipments, and a heavy decrease in new business.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wisconsin, (in its softwood production) with three more mills
reporting, showed more than 100% increase in production, shipments about
the same, and a marked increase in new business.
March 1926.
The hardwood mills of the Northern Hemlock and Hardwood Manufacturers Association reported from 19 mills, production as 5,039,000 feet,
shipments 2,658,000 and orders 2,240,000.
The Hardwood Manufacturers Institute of Memphis, Tennessee, reported
from 115 units, production as 17,642,416 feet, shipments 15,605,957 and
orders 13,771,121. The normal production of these units is 19.577,000 feet.
For the past 18 weeks (revised figures) all hardwood mills reporting to the
National Lumber Manufacturers Association gave production 495,339,763
feet, shipments 476,003,903, and orders 478,990.211.
West Coast Lumbermen's. Association Weekly Review.
One hundred and nine mills reporting to West Coast
Lumbermen's Association for the week ending May 1 manufactured 110,918,194 feet of lumber, sold 109,480,099 feet
and shipped 125,420,003. New business was about 1% under
production. Shipments were around 13% above production.
COMPARATIVE TABLE SHOWING PRODUCTION
, NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
Week EndingMay 1.
April 24.
April 17.
April 10.
Number of mills reporting
109
108
107
111
Production (feet)
110,918,194 111,671,726 111,684,059 114,403,592
New business (feet)
109,480,099 105,646,834 114,039,294 113,914,880
Shipments (feet)
125,420,003 123,466,503 108,845,256 120,408,621
unshipped balances:
Rail (feet)
157,983,471 167,610,000 173,460,000
180,060,000
Domestic cargo (feet)-- 129,072,082 145,832,484
151,122,895 157,987,839
Export (feet)
141,393,777 142,546,295 140,674,598 145,077,866
Total (feet)
428,449,330 455,988,779 465,257,493 483,125,705
First 18 Weeks of1926.
1925.
1924.
1923.
ProdectIon (feet)
1 759,115,947 1,783,691,836 1,783,742,653 1,733,009,475
New business (feet)
1,870,865,432 1,796,499,916 1,714,075,148 1,932.964,868
1 828,844,984 1,822,834,143 1,847,080,680 1,971,857,084
shipments (feet)
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 issued the following data on the production and shipments of lumber during
March:
Production.
Association.
Shipments.
Mills Hardwds. Softwds. Hardwds
M St.
M
M
California Redwood
15
California White & Sugar Pine Mfrs_
27
Georgia-Florida Saw Mill
10
North Carolina Pine
50
Northern 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
507
54,622
3,123
9,458
18,599
45,092
102,862
12,391
32,092
17,227
3,004
8,743
373,748
384,839
145,769
1.228
43,477
85.802 1,190.442
Softwds.
M
4
33,301
-"Lola
7,179
20,790
32,877
122,195
11,310
29,091
14,629
31,532
12,916
366,241
395,597
148,485
2,205
37,298
64,298 1.204,376
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY BY
MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS' ASSOCIATION FOR MARCH 1926 AND MARCH 1925.
March 1926.
Production.
Association.
Mills Hardwds
M
California Redwood
15
California White& Sugar Pine Mfrs. 27
Georgia-Florida Saw Mill
9
North Carolina Pine
59
Northern Hemlock & Hardwd. Mfrs. 43
Northern Pine Mfrs
9
Southern Cypress Mfrs
12
Southern Pine
178
West Coast Lumbermen's
114
Western Pine Mfrs
37
Lower Michigan Manufacturers_ - _
8
Individual reports
23
47,186
3,378
7,232
10,134
Shipments.
Saftwds. Hardwds. Saftwds.
M ft.
M
MIS.
39,153
64,884
7,885
37,698
16,674
25,481
30,004
16,503 ' 4,400
422,076
396,496
134,857
1,838
5,493
49,230
8,746
32,314
88,416
7,674
37,894
14,049
29,245 •
13,513
401,593
391,421
121,617
2,587
47,435
Total
534
67.930 1,217,298
44.120 1,187.758
Total production-March, 1926, 1.276,244 M ft.; March 1925,
1,285,228 M ft.
Total shipments-March 1926, 1,268,674 M ft.; March
1925, 1,231,878 M ft.
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED
BY STATES
BY MEMBER ASSOCIATIONS.
Alabama
Arkansas
California
Florida
Georgia
Idaho
Louisiana
Michigan
Minnesota
Mississippi
Montana
North Carolina
Oklahoma
Oregon
South Carolina
Texas
Virginia
Washington
Wisconsin
Others.
Total
Hardwood Reports.
2723
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED
MEMBER ASSOCIATIONS TO NATIONAL LUMBER MONTHLY BY
MANUFAC,
TUBERS' ASSOCIATION FOR MARCH 1926 AND MARCH
1925.
Mills.
21
19
34
14
6
17
46
20
5
40
10
12
3
se
18
36
16
65
34
35
507
March 1926
Production.
MI:.
31,633
42,155
114,011
30,338
3,875
49,747
92,190
25,407
23,004
112,880
26,129
4,709
8,443
246,133
8,159
77.854
17,861
242,542
57,128
62,046
1,276,244
Shipments
MIS.
30,741
39,091
129,300
28,811
3,836
61,303
103,571
19,325
23,968
107,458
23,365
3,327
6,372
231.006
10,057
73,102
16,200
254,179
39,131
64,529
1,268,674
• Includes mostly individual reports, not distributed.
Few Changes in Crude Oil and Gasoline Prices.
The week in the crude oil and gasoline markets passed off
very quietly as regards price changes, none at all being recorded in the crude oil trade during the early portion of this
period, while the gasoline wholesale markets reported that
on May 14 the U. S. grade motor gasoline sold at 11 X to
113% cents per gallon, against 113
% to 113% cents previously.
Kerosene prices varied from 93% cents a gallon for 41-43
water white grade on May 8, to 10@IOU_ cents for the same
grade on May 10. On May 10 also the Standard Oil Co. of
New Jersey advanced the tank wagon price % cent throughout its territory to 16 cents a gallon. An advance of %cent
was made in the export price, too, making export oil in cases
19.15 cents a gallon, and water white kerosene 20.40 cents
a gallon.
Late on Friday press reports from Houston, Texas, stated
that the Gulf Pipe Line Co., a subsidiary of Gulf Oil Corp.,
for the first time posted a schedule of prices for Panhandle
crude oil. The schedule, which became effective May 7,
corresponds to that of Kay County Gas Co. (subsidiary of
Marland Oil Co.), and is as follows: Below 31 gravity,
$1 20 a barrel; 31 to 33.9 gravity, $1 35; 34 to 36.9 gravity,
$1 55;37 to 39.9 gravity,$1 70;40 gravity and above,$1 75.
Small Increase Reported in Crude Oil Production.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended May 8 was 1,994,050 barrels, as compared
with 1,990,100 barrels for the preceding week, an
increase
of 3,950 barrels. The daily average production
east of
California was 1,390,050 barrels, as compared with
1,385,100
barrels, an increase of 4,950 barrels. The following
are estie
THE CHRONICLE
2724
[VoL. 122.
mates of daily average gross production by districts for the
weeks indicated:
Slight Decline in April Steel Ingot Production.
A small decrease was reported in the production of steel
DAILY AVERAGE PRODUCTION.
'
In April. This was partly due to the fact that there was
May 8 '26. May 1 '26. Apr.24'26. May 9'25.
In Barrels—
previous month. The regu445.050 one working day less than the
462.150
463.100
Oklahoma
465,400
95.650 lar monthly statement of the American Iron & Steel Insti102,800
105,150
Kansas
105,150
89.850
88.700
96,500
North Texas
97.850
tute, reports the production of steel ingots in April, by
130.250
55.750
55,350
56,300
East Central Texas
83.350 companies, which in 1925 made 94.50% of the steel ingot
79.550
81,350
82,400
West Central Texas
48.850 production in that year, at 3,897,124 tons, of which 3,282,435
39,750
39.050
Southwest Texas
38.750
52,350
51.500
54,450
North Louisiana
55.050
tons were open hearth. 601,037 tons Bessemer and 13,652
401.800
170.700
173,200
175.750
Arkansas
99.000 tons all other grades. On this basis the calculated monthly
93.500
97,750
95.800
Gulf Coast
103.500 production for all companies during April was 4,123,941
102,500
104,000
105.000
Eastern
78.450
72,600
77.550
74.050
Wyoming
with 4,488,362 tons in March, when steel
9,450 tons, as compared
21.450
26,950
27,900
Montana
2.300 production reached the highest figure in the history of the
6.6011
6.800
. 7,000
Coloraao
500 industry. The average .dally production of all companies
3.900
3.900
New Mexico
3.650
598.000
604,500
605.000
604.000
alifornia
in April, with 26 working days, was 158,613 tons, as against
1.994,050 1,990,100 1,955,950 2.238.350 166,236 tons in March with 27 working days and 158,407
Total
The estimated daily average gross production of the Mid- tons in February with only 24 working days. In the followContinent field, including Oklahoma, Kansas, North, East ing we show the details of production back to 1925:
Central, West Central and Southwest Texas, North Louisi- MONTHLY PRODUCTION OF STEEL INGOTS, JAN. 1925 TO DEC. 1925.
made 94.50% of the steel ingot production
ana and Arkansas, for the week ended May 8 was 1,076,650 Reported for 1925 by companies whl^h
In that your.
barrels, as compared with 1,068,150 barrels for the preceding
Approx.
Calculated
week, an increase of 8,500 barrels. The Mid-Continent
Monthly 1)70.0/ Daily ProMonthly
production, excluding Smackover, Arkansas, heavy oil, was Months
Production Production Work- duction
Open
All Cos.
Mg
AU
941,950 barrels, as compared with 935,400 barrels, an in- 1925. Hearth. Bessemer. All Othe, Companies
Reporting. Companies. Days Gross Toss
crease of 6,550 barrels.
27 1155.307
689,996 11.960 *3.965.212 x4.193.281
January *3,263,256
In Oklahoma production of South Braman is reported at Feb____ *2,933.225 602.042 .12,998 *3.548.265 :3.752.352 24 1156,348
13,633 *3,966.214 x4.194.340 26 :161.321
614.860
*3.337.721
.
March
bar4,400
12,750 barrels, against 11,350 barrels; Thomas,
515,715 14.182 *3.388.763 13.583.676 26 1137.834
April___ *2.858,866
rels, against 5,050 barrels; Tonkawa, 38,150 barrels, against 4 mos__ •12,393,068 2,422.613 .52.773 .14368.454 :15,723.649 103 1152.657
37,050 barrels; Garber, 39,750 barrels, against 34,150 bar26 :132,883
13,79C *3.267,059 :3,454,971
497.708
May__ _ *2.755,561
rels; Burbank, 41,150 barrels, against 41,050 barrels; Daven- June_..
12.490 *3.030.194 :3,204 451 26 x123,248
476,945
*2,540,729
457 095 13.547 *2,916.710 13,084.472 26 x118.634
___ *2,446,068
port, 13,650 barrels, against 15,200 barrels; Bristow-Slick, July
12.914 *3.234.933 :3,420,968 26 1131,577
523.734
August_ *2,698.285
13.97; *3,299,771 x3.489.565 26 1134.214
29,850 barrels, against 29,900 barrels; Cromwell, 18,400 Sept ___ *2.738.873 547.121
584.567 15,624 *3.677.30• 13.888,814 27 1144,030
October *3,077.114
barrels, against 18,050 barrels, and Papoose, 12,200 barrels, Nov ... .3.092.194 581.347 17.081 •3.'90M26 x3,902.900 25 1156,116
569.304 15.843 *3.754,943 x3.970.918 26 x152.728
Dec____ *3.169,796
against 12,100 barrels.
FWI.1 414 •tes nal .41 71,1 012 /44 Ian 710 211 rtil G22
6
4531
011
•ne
Tntnt
13,300
at
The Mexia pool, East Central Texas, is reported
*Revised. x Adjusted.
barrels, against 13,100 barrels; Corsicana-Powell, 30,600
barrels, against 30,200 barrels; Wortham, 9,650 barrels, MONTHLY PRODUCTION OF STEEL INGOTS. JAN. 1926 TO APRIL 1926.
Reported for 1926 by companies which made 94.50% of the steel ingot production
against 9,250 barrels; Reagan County, West Central Texas,
In 1925.
33,600 barrels, against 32,200 barrels; Haynesville, North
Approx. Per
Cakuleted
Louisiana, /0,350 barrels, against 10,300 barrels; Cotton
Cent
Daily
No. of
Monthly1 Monthly
BeiseAn Production Production Work- Production of
OpenValley, 8,600 barrels, no change; Urania, 12,150 barrels, M1926. Hearth.
AU Co,. OperaMg
All •
mar.
Other. Companies
Reportino.Compantes Days. OrossTons lion.
against 11,950 barrels; Smackover, Arkansas, light, 17,500
barrels, against 17,650 barrels; heavy, 134,700 barrels, against Jan_ __ 3.326,84) 581,68 13,664 3.922.193 04,150.401 26 *159,633 *88,65
*158,407.'87.97
24
Feb.. _ 3.027.8'2
556.031 12.818 3.832,678'380l,77(
132,750 barrels, and Lisbon, 10,650 barrels, against 10,500 Marrh
*166,236 *92,32
27
3,590.791 635.68) 15.021 4.241.602.4.488.362
158,613 88.09
26
13.652
4.123.941
601,037
3397,124
21,600
3.282.435
.
April
at
reported
barrels. In-the Gulf Coast field Hull is
180.821 89.31
barrels, against 22,200 barrels; West Columbia, 8,900 bar- 4 moq. 12 223 9212.374 421 85.1ar 11.851 497 1,1 5•4 148 103
rels, against 9,250 barrels; Orange County, 11,550 barrels, • Revised. of "per cent o
as:of
"theoretical
the
on
capacity"
based
operation" are
The igures
Against 10,750 barrels; South Liberty, 5,200 °barrels, against Dec. 31 1925, of 56,000.000 gross tons of Ingots.
5,350 barrels; Boling, 6,800 barrels, against 8,400 barrels;
And in the Southwest Texas field Luling is reported at 22,700 Steel Output Declines Somewhat—Steel and Pig Iron
barrels, against 22,950 barrels; Lytton Springs, 6,300 barPrices Drop—Effect of British Strike.
rels, against 6,350 barrels.
Eight days of the general strike in Great Britain have
barrels,
53,600
In Wyoming Salt Creek is reported at
brought indications that a considerable business in steel
against 56,850 barrels.
products and in fuel will come to this country if the conflict
bar50,000
at
reported
is
In California Santa Fe Springs
into weeks, reports the market review issued by the
runs
104,000
rels, no change; Long Beach, 103,000 barrels, against
Age" May. 13. Australian and New Zealand users
"Iron
barrels; Huntington Beach, 46,500 barrels, against 46,000
of British tin plate have just ordered 20,000 boxes from
barrels;
26,500
barrels; Torrance, 27,000 barrels, against
American mills, and Canadian customers of Welsh proDominguez, 20,500 barrels, gaainst 21,000 barrels; Rose- ducers have bought 30,000 boxes here. Other tin plate
Inglewood,
barrels;
18,000
against
crans, 17,500 barrels,
negotiations are under way, and the dislocations already
53,000 barrels, no change, and Midway-Sunset, 94,000
produced by the strike are expected to turn demand to
barrels, against 92,500 barrels.
American mills for various forms of rolled steel, adds the
"Age," giving further data as follows:
United States Steel Corporation Unfilled Orders Show
From Hampton Roads coat shipments for the week, chiefly to South
America and European ports, have been at double the rate of precedFurther Decline.
ing weeks.
In its regular monthly statement issued Monday (May
At Philadelphia last week pig iron imports, at 24.000 tons. were unusually
10) the United States Steel Corporation showed unfilled large, half the total coming from England, apparently hurried in anticipation of the general strike. The strength which eastern Pennsylvania
orders on books of the subsidiary corporations as of April producers
expected, in view of the British situation, did not come, foundry
tons
30 1926 at 3,867,976 tons. This is a decrease of 511,959
Iron In that di•trict having declined 50c. a ton on fairly substantial sales.
Pig Iron production in Enziand has been generally suspended. In the
from the orders on hand March 31 and 748,846 tons from
face of Idle tin plate mills. some business was booked there for third quarter
the unfilled tonnage as of Feb. 28 1926. Last year on April delivery at current prices. Germany reports that the
strike has produced
30 the unfilled tonnage stood at 4,446,568 tons and for the no definite effect on either domestic or export trade in iron and steel.
borne
has
market
out
steel
domestic
The
recent
followof a producindications
the
In
tons.
corresponding date in 1924 at 4,208,447
tion rate in RICESS Of requirements and of the imreasing tendency of buyers
ing we show figures back to the beginning of 1922. Figures to operate on narrower inventories A falling off in April of 512.000 tons
for earlier dates may be found in our issue of April 14 1923, in Steel Corporation unfilled orders and the montb's daily rate of ingot
output for the country only 4.6% IONS than the record race of March point
page 1617.
to some further reduction In mill operations in the next few weeks.
End of Month—
January
February
March
April
May
June
July
August
September
October
November
December
1926.
4.882,739
4,616,822
4379,935
3,867,976
1925.
6,037,323
5,284,771
4,863,564
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
4,782307
4,208,447
3,628.089
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
6,386,261
5,910,763
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
5,635,531
5,776,161
5.950,105
6,691,607
6,902,287
6.840,242
6,745,703
The present readjustment is less marked than that of a year ago. Then
the country's ingot output in April was 15% less than in March. Aloe the
four months of decline in the Steel Corporation's unfilled orders still leave
the total 10% more than that or Aug 31, Just preceding four months of
increase.
New business In May thus far has come in at a better rate than in the first
ten days of April. Steel Corporation bookings since May 1 have averaged
10,000 tons a day more than in the like period last month. With orders
running 32,000 to 33.000 tons a day, the Corporation's ingot production
Is now at about 90% of capacity.
MAY 15 1926.]
THE CHRONICLE
In Pittsburgh, Youngstown and the intermediate district steel mills are
operating this week at about.70% of capacity. The Chicago district rate
Is considerably higher and the industry as a whole is at about 80%, as
against 88% in April.
The effect of present conditions upon finished steel prices has not been
uniform. Sheets and cold rolled strips have shown more irregularity than
some of the heavier products.
Of 35.000 tons of foundry and malleable iron sold by Cleveland interests,
several contracts were for the third quarter at ruling second quarter prices.
In the Philadelphia district a steel maker la inquiring for 20,000 tons of
basic iron for May and June. At Chicago foundry iron Ls 50c a ton lower.
Concessions are reported also in connection with a sale of 16.000 tons of
Tennessee pig iron to an Onlo pipe works and 6,000 tons of pipe iron to an
Eastern plant
Included in 43.500 tons of structural steel awards is 11.300 tons far
Banta Fe RR. bridges, 15.300 tuns in two office buildicas and a school in
New York, and 3,100 tons in a building In Washington. Twenty coal
barges will take 3.200 tons of steel. A municipal viaduct in New York
calls for 4,000 tons. Havana. Cuba, harbor improvements will require
4.500 tons of reinforcing bars, while 3.000 tons is called for by road construction In Pennsylvania.
Canadian structural work will bring some round tonnages to this side.
The contract let for 30 steel gates for Welland Canal locks will require
16.000 tons of steel. There is also the fabrication of steel for the Montreal
bridge superstructure.
At Chicago 35.000 tons of steel for oil tanks is under active inquiry.
The Springfield Havana & Peoria RR. has bought 6.000 tons of 00-1h.
rails of the Inland Steel Co. for delivery in the next three or four months.
For car construction the Southern Pacific Equipment Co.. San Francisco,
Is seeking 3.500 tons of shapes and plates.
Ore carrying rates on the Lakes have been re-established. Shading of
ore prices has developed among small producers on recent sales, as has
happened in the past two years
The'Iron Age- pig Iron composite price dropped this week to $20 29
from $20 46 in the four preceding weeks.
Finished steel fell, also, in view of a 82 difference in sheets and $1 in
plate's. the composite now standing at 2.417c. per lb.. In place of the 2.439c.
of the six preceding weeks. This is the low point of the year and is the
lowest since October.
The usual composite price table stands as follows:
Finished Steel. May 11 1926, 2.417c. per Pound.
Based on prices of steel bars, beams. tank(One week ago
2.430c.
plates, plain wire, open-hearth rails.40ne month ago
2.430c.
black pipe and black sheets, constituting lOne year ago
2.460c.
88% of the United States output.
I10-year pre-war average_1.689c.
Pig Iron, May 11 1926. $20 29 per Gross Ton.
Based on average of basic and foundry(One week ago
$2046
the
basic being Valley quotation a One month ago
Irons,
20 46
the foundry an average of Chicago,10ne year ago_
_
19 71
Philadelphia and Birmingham.
(10-year pre-war average_ 15 72
Finished SteelPig Iron
High.
Low.
Hip..
Low.
1926-__2.453. Jan. 5 2.417c. May 11 1121.54 Jan. 5 52029 May 11
/925--2.560c. Jan. 6 2.396c. Aug. 18 22.50 .Tan. 13 18 96 July 7
1924-2.789c. Jan. 15 2.460c. Oct. 14 22 88 Feb. 26 19 21 Nov. 3
1923---2.824c. Apr. 24 2.446c. Jan. 2 30 86 Mar. 20 20 77 Nov.20
2725
Administration of the United States Department of Agriculture, were made available on May 6 by L. A. Fitz, Grain
Exchange Supervisor, at Chicago. The total transactions
for the month on all markets are shown to have been 1,915,175,000 bushels, as compared with 2,492,868.000 bushels In
April 1925; on the Chicago Board of Trade the transactions
In April this year totaled 1.634,583.000, these figures comparing with 2,215.671,000 bushels in the same month last
year. In the compilation which follows the figures listed
represent sales only, there being an equal volume of purchases.
VOLUME OF TRADING.
Expressed in Thousands of Bushels, C. e. 000 Omitted.
Date-April 1926.
Wheal. Corn.
Oats.
Rye. Barley. Flax.
1
63,649 5,741
2,071
935 ___- ____
72,936
2 Holiday
3
27.170 12,627 3.513
531
43,841
4 Sunday
5
39.706 15.231
3.833
499
59.269
6
34.433 6,096 3,129
591
44,249
7
29.302
8,769 4.658 1,250
43.979
8
47.143 8.662 5.510
909
61.864
9
36,546 10,251
2.971
1,481
51.249
10
26.866 4,920 3,472
763
36,021
11 Sunday
12
28.105 3,973 1,412
973
34,463
13
84,451 10.169 2.771
1,611
99,002
14
51,998 13.594 2,716
884
69.192
15
66.503 15.709 3.476 1,625
87.313
16
55,810 12.268 3.383 1.222
72,683
17
57,669 12.316 4,280 2,237
76,502
18 Sunday
19
57,883 12,393 5,184
1,958
77.418
20
63.179 10.312 3,538 1,419
78.448
21
52.791 11,614 2.825 1,108
68.308
22
71,438 8.714 4.397
978
85.527
23
62.623 8.415 4.393
1.324
76,755
24
32,637 9,431 4,763 1,085
47.918
25 Sunday
26
42.078 9,202 7,856 1.225
60,631
27
43,6(0 11 511
7.672 3.238
28
29.903 10,664 8,023 1,524 --------50.114
29
51.500 15,285 6,945 3,625
30
51.944 22,5f0 14.(02 5.121 ____
94.227
Total Chicago Btl.M Tr _1.208.857 270.427 117.083 38.116 --------1,634.583
Chicago Open Board
53,915 5.863
784
50 --------60.612
Minneapolis C. of C
65,795
38,874 8.075 6.373 2.346 121.463
Kansas City Bd.of Tr__ 36,1e4 12.749
730
Duluth Board of Trade_ *23,129
63
2
34
477
10.802 154 2,477
9
5..5
64
St. Louis Merch.Each6.032
1,600131
7.645
Milwaukee C. of C
1,736
1,541
468 --------4.046
San Francisco Grain Exe
1.09 Angeles Grain Exch_
21
Baltimore C.of C
Total all markets
1.395.728 291.553 159.012 57.511 6.548 4.823 1.915.175
Total all mkts. year ago1.482.1e2 669,696 259.566 75.9e8 3,075 2,341 2.492.868
Chic. B. of T. year ago.1.311.874 622,113 219.671 62,013 _-_
2,215.671
*Durum wheat with exception of 51 wheat.
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR APRIL 1926.
("Short"side of contracts only,there being an equal volume open on the"long"side.)
FOR APRIL 1926 (BUSHELS.)
Corn.
Oats.
Total,
Rye.
April 1926-Wheat.
91,809.000 58,553.000 48,329,000 14,176,000 212,867,000
1
2 Holiday
3
92,240,000 58.730.000 47.833,000 14.128.000 212.931,000
4 Sunday
94,426.000 58.970 000 47.844.000 14.042.000 215.284,000
5
941.114.000 58.720 000 47.954 000 14.056.000 216.844,000
6
941,761.000 58.374 000 47.929 000 14.070 000 217.134,000
7
9R.287 000 57.407 000 47,789 000 13.961.000 217.444,000
8
98.632.000 58,517 000 47.6e9 000 13.738.000 218.656,000
9
99,920,000 58.424.000 47.501,000 13,692,000 219,537.000
10
11 Stuzdai
100.625.000 58.1R2.000 48.291.000 13.559.000 218.637,000
12
99,013.000 57,70e.0e1) 47.033.000 13.654 000 217,409.000
13
14
97.445.000 57.736.000 46,823.000 13.271 000 215.275.000
97.470.000 58,133 000 46.555.000 13.3°4.000 215.522.000
15
95.459.000 58,844 000 441,549.000 13.275 000 214,124.000
16
95,819,000 59.074,000 46,377.000 13.519.000 214,789,000
17
18 Sunday
96,781.000 58.924.000 46,804 000 13,254.000 215.763.000
19
98.665.000 58.416.000 46,328.000 13.123 000 216.532.000
The Steel Corporation is operating better than 90% steel-making capacity, 20
98.547.000 57.587.000 46.355 000 12.897.000 215.386.000
compared with 93% last week. One bright spot in the market is the re- 21
98,845.000 57,672 000 46.100 000 12.800 000 215.417.000
22
newed activity in steel for structural fabrication. Nearly 7.000 tons of 23
97.805.000 57.928 000 45.595 000 12.592,000 213.870,000
plate.' have been ordered for 20 barges. penstock and several tanks. From 24
96,932.000 57.461.000 44,923.000 12.545.000 211,881,000
3,500 to 4.000 tuns will be required for 30 patrol boats for the United States 25 Sunday
57,575.000 44.728.000 12.592.000 212,442.000
28
97,547.000
Coast Guard, 2,000 tons for 13 barges for the United States Engineers
98.235.000 57,762.000 43.809 000 12.326,000 212.132,000
27
at St. Louis.
97,219.000 55.840,000 43.268 000 12.046.000 208.373.000
28
Awards of structural shapes total 41,205 tons, the third largest weekly 29
95,602.000 55,891.000 42.563.000 11.734 000 205.7410.000
93.182,000 54,502.000 40,360,000 11,058.000 199,102,000
total thus far this year. Bridge projects for the Santa Fe involve 11.300 30
tons of this amount. Two other buildings in New York and the National
AveragePress Building, Washington, accounts for nearly 12.000 tons. Pending April 1926
96,935,000 57,876.000 46,132.000 13,177.000 214,120.000
contracts indicate a promising forward demand.
90.729.000 65.755.000 66,556.000 17.838.000 240.878,000
April 1925
95.431 000 59,434.000 50.350 000 14.875.000 220.090,000
Production of steel ingots last month totaled 4.123,941 gross tons, the March 1926
109.023.000 54.717.000 53.644.000 15.015.000 232,419.000
largest tonnage reported In any April. Indicating how moderately slackened February 1926
January 1926
111.992.000 45,959.000 52.998 000 12.713.000 223,662.000
demand for steel affected operations in April.
December 1925.-110 001.000 45.102.000 49.503.000 10,038.000 214.644,000
Unfilled tonnage of the United States Stsve Corporation at the close of November 1925
113,110.000 56,161.000 50.211,000 11.730.000 231.212,000
111.016,000 46,647 000 49,720.000 11,869,000 219,252.000
April, showing a loss of more than one-half million tons from the total on October 1925
September 1925__103,176.000 46.392.000 49,351.000 11,694.000 210.613,000
March 31, again emphasizes the piece-meal character of current buying.
96,016.000 51,983.000 43.652,000 10,924,000 202,575,000
August 1925
Although the British strike entered upon the second week, the immediate
in
the
United
effect
States still is confined to the selling of from 25 to 30
cargoes of coal from American ports and to a market influence on metal Coal Trade Not Greatly Affected by British Strike
markets. Exclusive cables' to "Iron Trade Review" from industrial leaders
Steady.
Prices
in England indicate the strong belief that the present crisis will lead to a
lasting, beneficial settlement. Iron and steel production in England Is
The New York anthracite market last week was quite
Cut about 50%. coal mining is at a standstill and miscellaneous manufacturdull, and prices showed little, if any, change. Stove and
ing activities reduced about 24%. Many plants, using purchased electric
pea sizes were rather scarce, especially the latter. Steam
power, are operating some of them with union labor.
"Iron Trade Review's" composite price on 14 leading iron and steel prod- sizes were moving slowly, barley being the dullest item of
ucts this week is $38 34. This compares with $38 39 the past two weeks.
the steam list, although some wholesalers reported
The appearance of new orders in encouraging volume is
tending to offset pessimism which pervades certain market
districts, declares the "Iron Trade Review" of Cleveland in
its May 12 summary of market.conditions. Additional evidence is appearing in the Chicago district to indicate that
the low point in the present lull passed 10 days or two weeks
ago. Heavy rail placements in that district served to help
sustain operations, while specifications on finished steel
continue to run ahead of shipments. Steel ingot production
in the Chicago territory is slightly below 90% of capacity.
Effects of slackened pace of buying is more pronounced in
the Pittsburgh district where steel making proceeds on a
75 to 80% basis, continues the "Review," adding further
interesting remarks which we quote herewith: .
Transactions in Grain Futures During April on Chicago
Board of Trade and Other Contract Markets.
Revised figures showing the daily volume of trading in
grain futures on the Board of Trade of the City of Chicago
during the month of April 1926, together with monthly totals
for all "contract markets," as reported by the Grain Futures
quite a
brisk movement in domestic buckwheat, reports the "Coal
Trade Journal" on May 12. Local retailers reported that
consumers in general have not started to lay in their next
winter's supply of coal. The coke and soft coal markets
locally were unchanged in market positions and price, adds
the "Journal," giving additional facts of interest as follows:
To date the British strike had not benefited Philadelphia shippers to any
extent, as most of this business goes to the piers at Hampton Roads and
2726
THE CHRONICLE
[VOL. 122.
vicinity. Anthracite demand was keeping up fairly well in spite of the May 8 for the
period ending May 1. Anthracite, however,
warmer weather, and this has been materially helped by the reduction the
dealers made, voluntarily, in their prices to householders. Pea coal was was not affected and reached a total output of 2,098,000
the scarcest item. Steam sizes in general were rather dull, although activity tons, a new high for the year. The output
of coke Is subin buckwheat was still fairly great. The bituminous market continued in
favor of the buyer and large purchasers wore holding off in the hope of stantially unchanged, according to the Bureau, from which
we quote further as follows:
getting even lower prices. Pool quotations were, if anything, a trifle off.
The central Pennsylvania bituminous region began to feel the effect of
Production of soft coal during the week ended May 1, including lignite
the British strike last week, and numerous inquiries were received covering and coal coked at the mines, is estimated at 9,137,000 net tons, a decrease
deliveries at Philadelphia from various British coaling stations. April of 134,000 tons from that in the preceding week. That the loss was pracshowed the smallest production for this year, and operators have been tically all due to the partial observance of May Day as a holiday was shown
making price concessions, in order to keep their mines running, conse- by the record of daily loadings. Compared with output at the correspondquently, prices throughout the region were depressed.
ing time in 1925 the present rate is 14% greater.
The outstanding event in the Pittsburgh fields last week was the steady
gain in non-union production. Competition with the non-union fields of Estimated United States Production of Bituminous Coal(Net Tons)(a),Ind.Coal Coked.
1926-1926
southern West Virginia held prices at a low level. Production of byCal. Year
Cal. Year
product coke was good, but by-product coal was moving slowly. Slack was
Week.
to Date
to Date.(b)
Week.
in a position of temporary quietude. Gas coal showed a slight increase in April 17
9 306,000 169,043,000
7,515.000 146,359,000
Daily average
activity. Industrials were running on reduced schedules. River ship1,551,000
1,612,000
1,860,000
1,253,000
9,271.000 178,316.000
8,030,000 154,389,000
ments continued good The Connellsville coke field was at rock bottom April 24(c)
Daily average
1,595,000
1,545,000
1,338.000
1.841.000
In both output and price.
May 1 (d)
9,137,000 187,453.000
7,987,000 162,376,000
Production in the Fairmont region of northern West Virginia continued
Daily average
1,523,000
1,331,000
1,822,000
1,580,000
to show an encouraging increase last week, but this increase did not affect
the soft coal situation, which was very flat. Prices were practically the b a Original estimates corrected for usual error, which in past has averaged 2%•
Minus one day's production first week in January to equalize number of days in
same as those during the previous week. No contracts were reported as the two years. c Revised. d Subject to revision.
being signed during the week.
Total production of bituminous coal in April is estimated (subject to
Inquiries for British shipment were received in the southern Wes,Virginia slight revision) at 40,090,000 net
tons, with a daily average of 1,501,000,
fields last week. Production was somewhat higher due to shipments going as against 1,709,000 in
March. The trend of output during the month has
to the lakes and prices in general were firmer. especially in Lir: prepared been characterized
by a firmness not apparent during April in the past two
smokeless coals. Smokeless production was almost on a par with that years.
prevailing during the anthracite strike and movement to tidewater increased.
Total production of bituminous coal during the calendar year 1926 to
Despite the warm weather, considerable high volatile coal was moving May 1 (approximately
103 working days), amounts to 187,453,000 net tons.
westward, principally on a spot basis. Some good high volatile contracts Figures for similar
periods in other recent years are given below:
for mine-run and for nut and slack were closed. There was greater firm1920
176,525,000 net tonsi1923
187,486,000 net tons
ness in the Kanawha field due to large shipments to the lakes. Contracts 1921
129,932,000 net tons 1924
168,946,000 net tons
there and in the Logan field were more numerous, but were sthi below nor- 1922
147,593,000 net tons 1925
162,376,000 net tons
mal. Production was on the increase. Pocahontas output was also up
ANTHRACITE.
due to large contracts and a good spot market both in the West and East
The production of anthracite during the week ended May I is estimated
with shipments to tidewater on the increase.
Inquiries were more numerous in the upper Potomac and western Mary- at 2,098,000 net tons-a new high record for the year, and a figure exceedland fields, but there was no real increase in actual orders or prices. The ing that for the corresponding week in 1925 by 9%.
export situation was a little better but many mines were still idle and few
Estimated United States Production of Anthracite (Net Tonal.
contracts had been closed.
19261925
Conditions in the Virginia field were better last week,although operators
Cal, Year
Cal. Year
Week EndedWeek.
to Date.
to Dale (a)•
Week.
there have had no cause for complaint. Output for the year so far was in April
17
2,086,000 15,389,000
1,522,000 25,581,000
excess of that of 1925. Some new contracts were reported as having been April 24 (b)
2087,000 17,476,000
1,880,000 27,461,000
kiay 1
closed. Prices were firm and unchanged.
2,098,000 19,574,000
1,926,000 29,387,000
The effects of the British strike upon the bituminous coal
markets of the United States during the past week were
indirect in character, declares the "Coal Age" this week.
There was an increase in inquiries from buyers who normally
depend upon Great Britain for fuel and a sharp upturn in
the asking prices on low-volatile West Virginia coal at
Hampton Roads. This was reflected in a strengthening in
prices for inland Western delivery. But there was no
feverish bidding along the Atlantic seaboard, continues the
"Age" in its weekly market summary, which then goes on
to say:
a Minus one day's production in January to equalize number of days in the two
years. b Revised.
Total production of anthracite during the calendar year 1926 to May 1
amounts to 19,574,000 net tons. Figures for similar periods in other
recent years are given below:
1922
22,197,000 net tons'1924
29,595,000 net tonli
1923
33,420,000 net tonsl 1925
29,387.000 net tons
BEEHIVE COKE.
The level of beehive coke production remains stationary. Output in the
week ended May 1 is estimated at 221,000 net tons, a slight decrease from
that in the preceding week. The present rate of output, however, Is
greater by about 9,000 tons daily than at the end of April in 1925.
Total production of beehive during the calendar year 1926 to May 1 is
4,968,000 tons, as against 4,108,000 tons during the corresponding time in
There has been a slight appreciation in quotations on central Pennsyl1925-a gain in 1926 of 860,000 tons, or 17.8%.
vania coals, but no broad indications of the secondary reactions which would
Estimated Production of Beehive Coke (Net Tons).
force up prices on American fuels generally because foreign demand was
Week Ended
1926
1925
drawing upon production in this country. As a matter of fact, capacity
May 1 Apr. 24 May 2
to
to
has been so rapidly developed in the non-union fields in recent years that it
1926.b 1926.c 1925,
Date.
Date.a
probably would take considerable foreign buying pressure to duplicate- Pennsylvania and Ohio
178,000 185,000 128,000 4,035.000 3,184,000
West Virginia
14,000 13,000 10,000
even on a small scale-the runaway market of 1920.
278,000
231,000
Ky Tenn.and Georsia..._ 12,000 14,000 15,000
328,000
384,000
Another factor of encouragement in the present bituminous situation Ala.,
Virginia
8,000
6,000
7,000
162,000
159,000
is the opening of the long-delayed lake shipping season. Several cargoes Colorado and New Mexico
6,000
7,000
5,000
101,000
73,000
3,000
3,000
of bituminous and one of anthracite were discharged at Milwaukee in the Washington and Utah
4,000
64,000
77,000
past week and over fifty vessels had been loaded for the head of the lakes.
United States total
221,000 228,000 169,000 4,968,000 4,108,000
Railroad facilities at the lower ports, however, are still badly congested Daily average
37,000 38,000 28,000
48,000
38,000
and the movement is being closely controlled by the embargo situation.
a Adjusted to'make comparable the number of days in the two years. b Subject
The question of prices continues a sore point with many producers.
to revision. c Revised since last report.
During the week ended May 9 there were 343,553 tons of cargo bituminous
and 34,714 tons of vessel fuel dumped at the lower ports. The total for Country's Foreign Trade in April-Balance
Still on the
the season to that date was 1,598,158 tons, as compared with 2,725,344
Side of the Imports.
tons a year ago and 1,764,525 tons in 1924.
The efforts of the operators to trim output to demand are going steadily
The Bureau of Statistics of the Department of Commerce
forward. During the week ended May 1 production was estimated by the
Bureau of Mines at 9.137,000 net tons, as compared with 9.271,000 tons at Washington on May 13 issued its statement on the foreign
the week preceding. Even with this continued curtailment, the machinery trade of the United States for April and the ten months endof production is unbalanced because the demand for the different sizes is ing with April. The value of
merchandise exported in April
very uneven. This is particularly true in the Middle West, where "no bills',
1926 was $388,000,000, as compared with $398,254,668 in
of domestic coal are the rule. Kentucky also is struggling with this prob
lem and West Virginia is not wholly free.
April 1925. The imports of merchandise are provisionally
The Coal Age" index ofspot bituminous prices has moved upward again.
computed at $398,000,000 in April 1926, as against $346,As of May 10 the index figure steed at 161 and the corresponding price
was $1 95. The week preceding the figures were 159 and $1 92. The in- 090,956 in April the pravious year, leaving an unfavorable
crease in the prices on low-volatile West Virginia coals was the major con- trade balance against the United States on
the merchandise
tributing factor to this advance. In the Middle West the price levels
movement for the month of April 1926 of $10,000,000. Last
remained constant.
Notwithstanding the general complaint that the hard-coal consumer is year in April there was a favorable trade balance on the merbackward in storing coal, anthracite production for the week ended May 1 chandise movement of $52,163,712.
Imports for the ten
totaled 2,098,000 net tons-a new high record for the year. How much
of this production may be credited to a fear that prices would advance months of 1925-26 have been $3,809,020,181, as against
cannot, of course, be stated. It is a fact, however, that producers are $3,171,393,919 for the corresponding ten months of 1924-25.
meeting greater resistance in the sale of their product. Premiums, except The merchandise
exports for the ten months of 1925-26 have
on pea, have been shrinking for some time. The slaughter of values in
been $4,059,036,777, against $4,170,288,279, giving a favorsteam sizes by those without facilities for storage goes merrily on.
The spot market in Connellsville coke is dull. Furnace ovens now are able trade balance of $250,016,596 in 1925-26, against $998,reducing their output faster than the merchant operations. Spot furnace
894,360 in 1924-25. Gold imports totaled $13,125,633 in
coke is weaker.
Bituminous Coal Output Declines-Anthracite
Reaches New High Record for Year-Coke
Remains Nearly Stationary.
The observance of May Day at the bituminous coal mines
Interfered with production, reducing the total by 134,000
net tons from the output of the preceding week, says the
United States Bureau of Mines in its weekly data issued
April 1926, against $8,869,883 in the corresponding month
the previous year, and for the ten months they were $188,911,734, as against $118,326,164. Gold exports in April 1926
were $17,883,865, against $21,603,945 in April 1925. For
the ten months of 1925-26 the exports of the metal foot up
$100,750,004, against $228,627,251 in the ten months of
1924-25. Silver imports for the ten months of 1925-26 have
been $58,890,992, as against $63,299,117 in 1924-25, and
MAY 15 1916.1
THE CHRONICLE
silver exports $82,072,996, as against $93,770,474. Some
comments on the figures will be found in an earlier part of
this issue in the article on "The Financial Situation." Following is the complete official report:
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE'UNITED STATES.
(Preliminary figures for 1926, corrected to May 13 1926.)
MERCHANDISE.
10 Months Ending April.
April.
1925.
1926.
Exports
Imports
Mon
Excess of expts
him (+)
Deer.(—)
1925.
1926.
$
$
$
$
$
388,000,000 398,254,668 4,059.036,777 4,170.288,279 —111,251,502
398.000,000 346,090,956 3,809,020,181 3,171,363,919 +637,626.262
in non nen
52,163.712
250.016,596
2727
GOLD AND SILVER.
April.
1926.
Gold.
Exports
Imports
Incr.(+)
Deer.(—)
$
$
228.627,251 —127.877,247
118.326,164 +70,585,570
Excess of expts
Excess of impts
4,758,232 12,734,062
Silver.
Exports
Imports
7,612,045
6,312,429
9,322,618
4,944,807
82,072.996
58,890.692
93,770.474 —11-.697.478
63,299,117 —4,408,125
1,299,616
4,377,811
23,182,004
30,471,357
Excess of expts
Excess of lmpts
110,301,087
88,161,730
EXPORTS AND IMPORTS OF GOLD AND SILVER. BY MONTHS.
1924-25.
$
339.660,368
379.822,746
420.368,140
490.566.814
447,803,577
468.305.949
397,195.833
352.916.815
374,420.809
388,000.000
$
100.750,004
188,911,734
1925.
998,894,360
1923-24.
$
276.649.055
330,659,566
427.459.531
527.171.781
493,572,921
445,748.393
446,443.088
370,676.434
453.652,842
398.254,668
370.945,110
323,347.775
$
302.186.027
310.965,891
381,433,570
399,199,014
401,483,872
426,665,519
395,172.187
365.781.772
339,755,230
346,935,702
335.088,701
306,989,006
Gold.
1925-26.
1921-22.
1922-23.
—
Exports—
July
August __._
September_
October —
November_
December.
January
February
March _....
April
May
June
1926.
$
$
17,883,865 21,603,945
13,125,633 8.869,883
EXPORTS AND IMPORTS OF MERCHANDISE. BY MONTHS.
1925-26.
10 Months Ending April.
1925.
$
301,157,335
301,774,517
313.196.557
370.718.595
379,999,622
344,327,560
335,416,506
306.957,419
341,376,664
325,492,175
316.359,470
319,956,953
a
325,181,138
366.887,538
324.863,123
343.330,815
294,092,219
296,198,373
278,848.469
250,619,841
329.979.817
318,469.578
307,568.828
335,116,750
1924-25.
Exports.
$
$
July____
327,178
4,416,452
August. 2,135,690 2,397,457
Sept.... 6.784,201 4,579,501
Octobr. 28,039.190 4,125,268
Nov____ 24,360,071 6,689.182
Dec...
5.967.727 39,674.653
3.086.870 73.525.943
JanuaryFebruary 3.850.350 50.599,708
4,224,564 25,104,416
March__
April__
17,883.865 21,603,945
May
13.389,967
June
6,712,480
Silver.
1923-24.
1925-26.
$
522.826
2,200.961
862,697
1,307.060
746.794
711.529
280.723
505,135
817,374
1,390.537
593.290
268,015
$
$
8.349.304 9.190.382
8,284.991 8,632.067
7.487,317 10.345.205
8,783,376 9,465.023
8.118,093 9,401,406
7.589,470 11,279,630
9.762,969 11.384.799
7.747.324 6.832.647
8,333,081 7.916.717
9,322.618
6.535.761
8,522,492
1924-25.
1923-24.
$
6,233,163
7,032,221
8,123.460
7.522.845
8,775,474
9,521,083
8,208,644
8.876.713
8.355.278
7.801,689
9,686,517
8,648,499
10 mos.end
AMU-- 4,059,036,777 3,772.033,611 3.322,643.082 2,994,924,775 2,810.001,333
12mos.end.
4.864,581.164 4,311,656,491 3,956,733,373 3.771.156,489
June-
10 mos.
end. Apr 100,750,004 207.023,306 7,955,099 74,460,951 84,447,856 72,648,881
12 mos.
248,729,698 10,208,941
108,828.727 98,785.586
end June
Imports.
July
August
September.
October._.
November.
December.
January
February
Mardi
April
Iday
June
Imports.
July....
August.
Sept___.
October.
Nov___
Dec__
January
February
March__
April—
May
June
325.648,257
340.085.626
349.953,680
374.073.914
376,431.290
396,639.809
416.753.304
388.503.320
443,099,243
398,000,000
278,593,546
254,542.143
287,144.334
310.751,608
296.147.998
333.192,059
346.165.289
333.387,369
385,378.617
346.090.956
327,518.721
325,215,735
287.433.769
275.437.993
253,645,380
308.290.809
291.333,346
288.304,766
295.506,212
332,323,121
320,482,113
324,290,966
302.987.791
274,000,688
251,771.881
281.376,403
298,493,403
276.103,979
291.804,826
293,788,573
329,253,664
303.406,933
397,928,382
364.252.544
372,544,578
320.233.799
178,159.154
194,768.751
179.292,165
188.007,629
210.948,036
237.495.505
217.185.396
215.743,282
256,177,796
217,023.142
252.817,254
260.460.898
10 mos end
AprU____ 3,809,020,181 2,825,302.963 2,652,757,509 2,723,928,044 1,877,777,714
12moe.end.
June....
3.824.128.375 3.554.036.954 3.780.958.965 2.608.079.000
10.204,112
4,861.736
4,128.052
50.740.649
10.456,115
7,216,004
19.351 202
25,415,655
43,412,57
13,125,633
18.834,423
18,149,981
6.656,105
19.701.640
19.862,384
10.274,049
5.037.800
3.602.527
7,337,322
8,869,883
11.392.837
4,426.135
27.929.447
32.856.097
27.803.961
29,795,185
39.757,436
32.641.226
45.135.760
35.111.269
34,322.375
45.418.115
41.073,650
25,181,117
5,238.437
7,273,298
4,504,024
5.601,851
4.049.035
5.746,956
5.762.760
8,861.871
5,539,071
7,127,613 10.066,483
7.041,630 6,465.949
7,082,962 8.517.971
5.828.572 6,929.311
6.481.416 5.269.173
5,863,892 8,172,301
7,338.559 5,979,758
4.928,916 7.900,409
6,660,750 6,220,934
4,944,807 3,907,745
3,390.180 5,639.582
4,918,605 4,870,389
10 mos.
end. Apr 188,911,734 109,458,281 305,352,756 52,578,563 58,354.310 65.522,269
12 mos.
end June
134.145.136 417.025.638
71.607.902 79.939,981
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on May 12, made public by the Federal Reserve Board, and which deals with the results for the twelve
Federal Reserve banks combined,shows a decline of $55,200,000 in holdings of bills and securities, and of $37,300,000 in
member bank reserve deposits, and increases of $16,200,000
in cash reserves, and $3,500,000 in Federal Reserve note
circulation. Holdings of discounted bills were $70,800,000
lower than a week ago, while holdings of acceptances purchased in open market and of Government securities were
$14,800,000 and $1,000,000, respectively, above last week's
figures.
All of the Federal Reserve banks report smaller holdings
of discounted bills, with the exception of Cleveland and
Boston, which show increases of $22,300,000 and $2,800,000,
respectively. The principal reductions in discount holdings
were: New York $59,100,000, Chicago $11,900,000, San
Francisco $9,800,000, Atlanta $4,500,000, and St. Louis
$4,000,000. After noting these facts, the Federal Reserve
Board proceeds as follows:
Open-market acceptance holdings increased $11,900,000 at the New York
$5,100,000
$1,900.000
bank and
at Boston, while the other banks show smaller
In acceptance holdings for the week. Holdings of United Stateschanges
bonds
Increased
and of Treasury notes
while holdings of
Treasury certificates of indebtedness decreased
The principal changes in Federal Reserve note circulation
week include an increase of $3.800,000 at the Chicago bank, of during the
$3.300.000
at Philadelphia,and of
at Cleveland,and a decrease of
at Boston.
$700,000,
$1.800.000.
$2,800,000
$2,700,000
The statement in full, in comparison with the preceding
week and with the corresponding date last year will be found
on subsequent pages—namely, pages 2768 and 2769. A
summary of changes in the principal assets and liabilities of
the Reserve banks during the week and the year ending
May 12 1926 is as follows:
The Week with the Member Banks of the Federal
Reserve System.
The Federal Reserve Board's weekly condition statement
of 705 reporting member banks in leading cities as of May 5
shows increased of $56,000,000 in loans and discounts,
$18,000,000 in investments, $52,000,000 in net demand deposits and $38,000,000 in borrowings from the Federal
Reserve banks. Member banks in New York City reported
increases of $58,000,000 in loans and discounts, $12,000,000
in investments, $7,000,000 in net demand deposits and
$33,000,000 in borrowings from the Federal Reserve bank.
It should be noted that the figures for these member banks are
always a week behind those for the Reserve banks themselves.
Loans secured by stocks and bonds were $29,000,000
higher than a week ago, $20,000,000 of the increase being
reported by banks'in the New York district. "All other"
loans and discounts increased $18,000,000 during the week.
The larger increase of $28,000,000 in this item reported for
the New York district was offset in part by reductions of
$7,000,000 in the Philadelphia district and $6,000,000 each
in the Boston and Atlanta districts. Total loans to brokers
and dealers, secured by stocks and bonds, made by reporting
member banks in New York City increased $26,000,000,loans
for their own account increasing $77,000,000, while loans for
the account of out-of-town banks were $16,000,000 and loans
for account of others $35,000,000 below the amounts reported
a week ago. Holdings of U. S. securities were $6,000,000
and of other bonds, stocks and securities $12,000,000 above
the total reported a week ago. Further comment regarding
the changes shown by these member banks is as follows:
$52,000,000,
$22,000,000
$7,000,000
$7,000,000
Increase (+) or Decreases (—)
Net demand deposits increased
of which
was
During
reported by banks In the Chicago district and
by those in the
Week.
Year.
district. Time deposits increased
Boston
at
all
reporting
banks
Total reserves
and $8,000,000 at banks in the Boston district.
Gold reserves
+11.000.000
The principal changes in borrowings from the Federal Reserve banks
Total bills and securities
Bills discounted, total
include increases of $31,000,000 by banks in the New York district, and
Secured by U. S. Govt. obligations....
and $10,000,000 by those in the Chicago and San Francisco
Other bills discounted
Bins bought In open market
+14.800,000 --54.800.000 districts, respectively.
U. S. Government securities, total
+1.000.000
4-16.300.000
On a subsequent page—that is, on page 2769—we give the
Bonds
+1.900,000
+15.500.000
Treasury notes
+700,000 --107.800,000 figures in full contained in this latest weekly return of
the
Certificates of indebtedness
—1.600.000 +108.500,000
member banks of the Reserve System. In the following is
Federal reserve notes in circulation
+3,500.000
--700.000
Total deposits
—40,400.000
+45.700.000 furnished a summary of the changes in
the principal items
Members' reserve deposits
—37,300,000
+39.500.000
Government deposits
—300,000
+8,000.000 as compared with a week ago and with last year:
+816.200,000
—55.200.000
—70.800.000
—50.600.000
—20.200.000
--$27,500.000
--49,900.000
+99.300.000
1-137.700,000
4-90.400.000
+47.300,000 $8,000,000
2728
THE CHRONICLE
Increase (+) or Decrease (—)
During
Year.
Week.
Loans and discounts, total
+56,000,000 +$819,000.000
Secured by U. S. Government obligations.. +9,000,000
—21,000,000
Secured by stocks and bonds
+29,000.000 +443,000,000
All other
+18,000,000 +397,000.000
Investments, total
+18.000.000 +111,000,000
U. S. securities
—1,000,000
+6.000,000
Other bonds, stocks and securities
+12.000,000 +112,000,000
Reserve balances with Federal Reserve banks +20,000,000
+12,000,000
Cash in vault
—2,000,000
+1.000,000
Net demand deposits
+88.000.000
+52,000,000
Time deposits
+7,000,000 +464,000,000
Government deposits
+40,000,000
—9.000,000
Total accommodation at Fed. Res. banks
+38,000,000 +110,000,000
Announcement is made that through the co-operation of
reporting member banks, the date of issue of this statement
of the member banks, which has heretofore always been a
week behind that of the Federal Reserve banks themselves,
is to be advanced to Monday afternoon at 3 o'clock. The
statement for May 12 will therefore be issued at the Federal
cserve Board's offices at 3 p. m., Eastern standard time,
on Monday May 17, for immediate release.
[VOL. 122.
a Includes United States paper currency In circulation in foreign countries and the
amount held by the Cuban agencies of the Federal Reserve banks.
1/ Does not Include gold bullion or foreign coin outside of vaults of the Treasury.
Federal Reserve banks, and Federal Reserve agents.
c These amounts are not included In the total since the money held in trust against
gold and silver certificates and Treasury notes of 1890 Is included under gold coin
and bullion and standard silver dollars, respectively.
d The amount of money held In trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining It with
total money outside of the Treasury to arrive at the stock of money in the United
States.
e This total includes $17,559,717 of notes In process of redemption, $147,747,183
of gold deposited for redemption of Federal Reserve notes, $9,993,337 deposited for
redemption of national bank notes, $4,365 deposited for retirement of additional
circulation (Act of May 30 1908), and $6,591,790 deposited as a reserve against
postal savings deposits.
f Includes money held by the Cuban agencies of the Federal Reserve banks of
Boston and Atlanta.
Note.—Gold certificates are secured dollar for dollar by gold held In the Treasury
for their redemption: silver certificates are secured dollar for dollar by standard
silver dollars held in the Treasury for their redemption: United States notes are
secured by a gold reserve of $154,188,886 held In the Treasury. This reserve
fund may also be used for the redemption of Treasury notes of 1890, which are also
secured, dollar for dollar, by standard silver dollars, held in the Treasury. Federal
Reserve notes are obligations of the United States and a first lien on all the assets
of the Issuing Federal Reserve bank. Federal Reserve notes are secured by the
deposit with Federal Reserve agents of a like amount of gold or of gold and such
discounted or purchased paper as is eligible under the terms of the Federal Reserve
Act. Federal Reserve bangs must maintain a gold reserve of at least 40%,lacks:flat
the gold redemption fund which must be deposited with the United States Treasurer,
against Federal Reserve notes in actual circulation. Lawful money has been deposited With the Treasurer of the United States for retirement of all outstanding
Federal Reserve bank notes. National bank notes are secured by United States
bonds except where lawful money has been deposited with the Treasurer of the
United States for their retirement. A 5% fund is also maintained In lawful money
with the Treasurer of the United States for the redemption of national bank notes
secured by Government bonds.
Stock of Money in the Country.
The Treasury Department at Washington issued its customary monthly statement showing the stock of money in
the country and the aount in circulation after deducting
te moneys held in the United States Treasury and by Federal
Reserve banks and agents. The figures this time are for
May 1. They show that the money in circulation at that
date (including, of course, what is held in bank vaults of the
member banks of the Federal Reserve System) was $4,854,172,650, as against $4,805,884,836 April 1 1926, and $4,725,190,705 May 11925, and comparing with $5,628,427,732 Summary of Conditions Existing in World's Markets
on Nov. 111920. Just before the outbreak of the European
Based upon Cablegrams and Other Reports
war, that is, on July 1 1914, the total was only $3,402,015,Received in the Department of Commerce.
427. The!following is the statement:
The Department of Commerce at Washington releases
for publication to-day (May 15) the following summary of
om,
0p 00N,
conditions abroad, based on advices by cable and other
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,!:
Canadian trade statistics of imports for consumption and exports of
Canadian produce for the year ended March 31, as compared with those of
the previous fiscal year. show an increase of over $100,000,000, or nearly
20% in the value of imports from the United States. Likewise, an increase
of over $57,000,000, or nearly 14%, is shown in the value of exports to the
United States. Total imports for consumption increased over $130,470,000
In value, or 16%, and total exports of Canadian produce increased over
$246,125,000 in value, or 23%. Trade conditions in both wholesale and
retail circles are regarded as fair. More settled weather has started the
usual improvement in retail trade. Sales of boots and shoes are somewhat
larger, and office supplies are in good demand. Building activities in
many sections have been delayed by inclement weather.
FRANCE.
French commerce and industry are active at the present time. The coal
Industry is working as actively as possible. Prices have not yet begun to
advance. Production of iron and steel has risen to new record levels, but
prices are advancing. Textile production is active, with many mills booked
through September. Grain and meat prices have risen. Agricultural conditions have been unfavorably affected by cold and rainy weather during
April. Railway transportation rates have been increased on both passenger
and freight traffic. Car loadings in April were somewhat reduced from
March. Receipts of the principal railways continue to show an advance
over last year.
GERMANY.
The situation in the coal and steel industries is not considered satisfactory
noted
in
the automobile industry, the silk trade,
but improvements are
and the leather trade. The German market for domestic issues is increasingly heavy and Issues in April totaled 389,000,000 marks, against 98,000,000 in March. A credit of 30,000,000 marks recently voted by the Reichstag has now been granted to the Deutsche Getreidehandels-Gesellschaft
(German Grain Trade Co.). The loan is for a period of three years and is
to carry 134% interest.
ITALY.
A decree has just been approved by the Cabinet in accordance with which
the Bank of Italy will take over the note circulation reserves of the other
two banks of issue on July 1. March.was the first month of the current
year to show a reduction of the unfavorable trade balance as compared
with 1925. Imports amounted to 2,417,000,000 lire, a reduction of
170,000,000 lire as compared with March 1925, and exports amounted to
1,457,000,000 lire, a reduction of 23,000,000 lire. For the first quarter,
however, the unfavorable balance this year has amounted to 2,688,000,000
lire as compared with 2,483,000,000 lire in 1925. Coal buyers are declining
to place orders at high prices.
SPAIN.
The continued tightness of money, restriction of credits, and difficulty of
collections have hampered business ow:ratters in Spain. The retail sales
are reported to be only 60% of normal, and some indications have appeared
of unemployment. The textile industry of Barcelona is somewhat depressed.
The metallurgical industry is well occupied as a result of railway orders, but
ship-building is depressed. The coal m'ning outlook is good. The outlook
of the local olive oil market is improved. Advance estimates for the cereal
crops show improvement over last year.
POLAND.
The seasonal improvement in the Lodz textile industry in both cotton and
woolen branches continues, but domestic buying is done on a hand to mouth
scale. The zloty continued on its downward trend during the past week to
around 10 cents, thus approaching its low of last year. The Polish dollar
bonds, which had been quite steady for some time, dropped recently, the
6% bonds reacting below 66, and the 8% below 87. The law of April 14
1924, by which the export of crude oil from Poland was prohibited, was
MAY 15 1926.]
THE CHRONICLE
2729
amended by the Diet recently to the effect that 30% of crude oil derived
from new wells located at a distance of at least two kilometers from an old
producing well, may be exported.
support of the coal miners, was terminated on May 12, when
the General Council of the Trades Union Congress withdrew
its strike order. The calling of the strAce, following the
RUMANIA.
Economic and financial conditions in Rumania continue unfavorable and breaking down of the negotiations to effect a settlement Or
exchange conditions show extreme weakness. Leu dropped rapidly to the wage dispute between coal operators afid miners, was
May 6, but reacted somewhat on that date. Exchange situation attributed referred to in our issue of a
week ago, page 2577. The
to adverse trade balance and purchases of foreign exchange. Grain export
houses report large available stocks of corn. Oil and lumber exports reported rescinding of the general strike order was based upon a
larger. Commercial failures continue high.
peace plan proposed by Sir Herbert Samuel, Chairman of the
Royal Coal Commission named last year to investigate-the
HUNGARY.
The credit stringency and the wave of insolvencies which passed over the coal situation. The renewal of the subsidy in behalf of the
country recently were not genes..I but affected primarily firms dependent
coal industry is one of the proposals made by Sir Herbert in.
on foreign connections. The Hungarian bond market has advanced strongly
due largely to foreign buying of municipal issues and prewar mortgage making way for the re-opening of miners' negotiatiorisbonds. The Hungarian National Bank declared a 103s% dividend for 1925 While the general strike was called off on the 12th,
the coal
after writing off the purchase cost of Its note printing plant.
miners remained out on orders of the Secretary of theGREECE.
Miners' Federation, A. J. Cook; the railway men likewiseThere is still a marked shortage of capital available for commercial
undertakings and the drachma continues its gradual depreciation. During remained out, but it was announced last night that theythe week ended May Sit fluctuated slightly around $0 0124 It is considered had yesterday '(May 14) signed an agreement with theprobable in Greece that large government purchases in Italy and France will
companies. Regarding a conference of miners' delegates;
result in a considerable increase in the government's budgetary deficit for
yesterday, the Associated Press advices stated:
the current year.
IRAQ.
Plans are being made for the restoration of the old irrigation system of
river-fed canals which was the basis of the ancient prosperity of the Tigris
and Euphrates valleys. It is estimated in Iraq that a large area could be
reclaimed by irrigation In that country. According to an estimate by the
engineer commissioned to investigate the question, an expenditure of rr 11
($6) per acre would yield a return of LT 150 ($81). The period within
which such a return could be obtained is not stated in his report.
TURKEY.
General market conditions in Turkey remain rather dull. The cost of
living has increased rapidly. A new bureau has been organized under the
Ministry of Commerce for the control of Turkey's international conventions, commercial agreements, and foreign commerce. A new law has been
passed by the National Assembly granting all rights to explore and exploit
petroleum resources to the Government. The departure of a mail plane
from Constantinople to Bucharest completes the transcontinental air mail
service from Paris to Constantinople.
A national conference of miners' delegates, convened by the Miners'
Federation, met in Bingsway Hall today to consider the strike position.
When the conference met it was understood important developments had
occurred since the executive adopted its resolution opposing the settlement
proposals of Sir Herbert Samuel, Chairman of the Royal Coal Commission.
The session adjourned at 1:00 p. m. until 4:00 p. m., after discussing Sir
Herbert's memorandum. The members of the miners' executive committee
were expected to go to Dewing street before the conference was resumed.
The same accounts as given in the New York "Evening
Post," said:
The Trade Union Congress said there was a marked easing in the tension
of the situation throughout the country, the employers being increasingly
Inclined to discuss reasonable bases for resumption of work. Mr. Baldwin's.
statement of last night had been followed by a favorable reaction, the union
said.
General reports received from all sections indicated the unions and
employers have got together to such an extent industry should be able to
right
itself shortly.
JAPAN.
An agreement was reached between the London Underground Electric
There was a marked improvement in the Japanese raw silk market during
the week ended May 8. Sales have increased and prices have advanced Railways Co. and its employees under which the subways and affiliated
to level of 1,580 yen per bale (yen now worth approximately $0.47). The tram and bus lines will resume normal service shortly.
stock market is more active with slight advances in quotations. The money
Rail Settlement Terms.
market continues tight, with call loans ranging from 6.20% to 6.02%.
The railway strike was settled on thefollowing terms,agreed upon between
Foreign trade continues to show marked improvement over last
the companies on one hand and the National Union of Railwaymen, AssoYear.
ciated Society of Locomotive Enginemen and Firemen and the Railway
PHILIPPINE ISLANDS.
Clerks' Association on the other:
General business of the week ended May 8 was somewhat quieter because
Those employees who went on strike are to be taken back as soon as traffic
of local native holidays. The copra market showed increased activity conditions warrant and work
can be found for them.
although exporters remained practically out of the market. There was
principle to be followed in reinstatement is seniority in each grade.
The
brisk trading in United States grades of abaca the first two days of the
trade unions admit that in calling the strike they committed a wrongThe
past week, but dulness followed, with unsettled prices. Price quotations
ful act against the companies, and it is agreed the companies do not, by
vary but some transactions are made at 33 pesos per picul for grade F;
reinstatement of the men, surrender their legal right to claims for damages
grade I, 31.50: JUs, 25: JUK. 19; and L. 15 pesos. Abaca production is
arising from the strike or from the strikers or others responsible.
good. The tobacco crop Is generally estimated in the Philippines
at 25%
The unions undertake again to instruct their members not to strike withabove that of last year and good quality tobacco is expected.
out previous negotiations with the companies, and not to encourage the supervisory employees to participate in strikes. The unions agree to give no
AUSTRALIA.
The labor situation in Australia has become aggravated. Sydney wool support of any kind to their members who undertake unauthorized action.
The railway companies intimate that, because of the strike, it may be
sales are still firm and the demand from France, Germany and Japan
continues good. The wheat market is easier. An American automobile necessary to remove certain persons to other psoitions.
corporation announces the formation of an Australian company for asCases of Violence Not Involved.
sembling.
The settlement does not extend to persons who have been guilty of vioARGENTINA.
lence or intimidation.
Trade in export commodities is somewhat depressed. A seasonal dulness
Taken at its face, value, the agreement between the railroads and the
in wool and hides exists. The Buenos Aires grain exchange has changed unions means that Great Britain never can have a lightning general strike
the specific weight of Buenos Aires type of wheat to 73 kilos per hectoliter again, since the railroad workers are bound to confer with their employers
instead of 74. A continuance of labor difficulties is slowing up export in advance.
movement of cereals. The first official Argentine estimate of the corn crop
Prime Minister Baldwin told the Commons that in his opinion his new
is 7,087,000 metric tons, representing an increase over last year
of over proposals formed a fair basis for settlement of the coal dispute.
2,350,000 metric tons. The increased area this year is 589.300 hectares.
He had come to the conclusion, Mr. Baldwin said, that there was no posHarvesting is slow because of labor scarcity and rains, but quality
is good. sibility of the two parties to the dispute coming to an agreement between
Import orders are declining, with local stocks heavy, but textile
orders are themselves.
increasing after the depression of recent months, Commerc.ail
-day
The newspapers, although far below normal, were more abundant to
failures in
April were 25% under March.
than at any time since the strike began. The British "Gazette," the
BRAZIL.
Government's strike organ, ceased to appear, having turned over the
The exchange market has been active with a
strengthening tendency. "Morning Post" plant, where it had been printed, to the owners. The
The coffee market is quiet, with lower future prices.
In Rio the market "Morning Post" came out with a four-page paper. Several other papers
is slightly higher. Stocks on May 7 were 1,375,819
bags at Santos as also got out four-sheet editions.
compared with 1,411,000 bags at the end of April,
according to local
Despite the calling off of the strike, the action of some of
estimates. Recent statistics show imports to be
considerably reduced.
Many representatives of English goods are not quoting.
the employers on insisting upon new agreements before perPERU.
A slightly more optimistic feeling has developed in Peruvian
business
circles in the week ended May 8. Exchange steadied
somewhat, with
quotations at around $3 72 to the Peruvian pound, and
with but slight
fluctuations.
MEXICO.
Business during the week ended May 8 showed a further
slight decline,
although iron and steel trade continues good. Automotive
trade still
unsettled with sales about 40% of normal. Holidays were the
chief
cause of the slow retail trade. The movement of freight has declined
considerably from the high level reached early in April.
PORTO RICO.
Business was quiet during the week ended May 8, with the outlook
somewhat improved by slightly firmer sugar prices and rains in the northern
part of the island. Heavy shipments of sugar, fruit and tobacco are
increasing the money in circulation with a resultant improvement in
collections.
mitting them to return to work served to prevent the bringing about of order, the Associated Press on May 13 referring
to this as follows:
Notwithstanding the fact that the general strike has been called off, it
in reality still persists in as great force as ever. The miners never have
consented to resume, and because of the attitude of the employers and by
reason of other circumstances the two big industries, the railway men
and transportation workers, are ordered to remain out untilfurther instructions. The situation in the newspaper field is without change, most of the,
papers still issuing in skeleton form.
The "British Gazette," the Government's official organ,
in announcing in its issue of May 13 the withdrawal of the.
strike order said:
strike which began at midnight on Monday May 3 endedj
The general'
yesterday in the unconditional withdrawal of the strike notices by the
General Council of the Trades Union Congress,
Regarding Sir Herbert Samuels's proposals, we quote the
General Strike in Great Britain Terminated—Rail following from the London Associated Press cablegrams
of
Strike Ended—Continuance of Subsidy Proposed
May 13:
as Basis for Settlement with Miners.
Sir Herbert Samuel's memorandum which the General Council of the
Trades Union Congress accepted as the basis for calling off the general
The general strike in Great Britain, brought under way strike
and resuming negotiations on the coal controversey, contains
thp
on May 3 as a sympathetic move of the trades unions in following points:
2730
THE CHRONICLE
1. The coal subsidy to be renewed for such reasonable time as may be
required.
2. Creation of a national wages board, including representing of the
miners, mine owners and neutrals with an independent chairman, to
revise the miners' wages.
To Reorganize Coal Industry.
3. It is understood there shall be no revision of the previous wages
without sufficient assurances that reorganization of the coal industry as
proposed by the Royal Commission shall be executed.
4. A committee to be named by the Government. with representation
for the miners, which shall prepare legislative and executive measures
necessary to effect reconstruction of the coal industry.
The memorandum suggests that the revised wage scales be on simpler
lines If possible than the old ones, and that they shall not adversely affect
the wages of the lowest paid men.
It also suggests measures to prevent the recruitment of new workers
over 18 years of age into the industry if unemployed miners are available.
and provides that workers displaced by the closing of uneconomic collieries
shall be transferred. with Government assistance, as recommended by
the Royal Commission.
It is estimated that 250,000 men will be displaced in the mining industry
by execution of the plans for complete reorganization of the industry.
[Vor.. 122.
"As It is, the lockout still continues, and the only terms the men have
before them are terms applying to the various districts. We want a
certainty that legislation in that regard will be framed within three months
before we consent to any wages agreement, so we shall know that the
Government's intentions are genuine. Our pledges still stand and will
be kept."
In the House of Commons on March 12, Premier Baldwin,
in referring to the calling off of the strike, spoke as follows
(we quote from the copyright cablegram to the New York
"Times":
The Trades Union Council came to see foe this morning and told me they
had decided to call off the strike forthwith. I said I would make an immediate effort, myself and colleagues, to bring about a resumption of the negotiations before the two parties in the mining industry with a view ot securing
the earliest possible settlement.
the
I would only add at this moment that the peace I believe has come,
victory that has been won, Is a victory not of any one part of the countrY,
Kingbut of the common sense of the best part of the whole of the United
whole
dom,and it is of the utmost Importance at a moment like this that the
we
of the British people should not look backwards but forwards, and that
us all
should resume our work in a spirit of co-operation, putting behind
According to the "Wall Street Journal" *of May 12, the malice and vindictiveness.
letters between Sir Herbert Samuel, Chairman of the Royal
In a radio message on the 12th inst., broadcast throughCoal Commission, and Arthur Pugh, President of the Trades
the country, the Premier said in part:
out
Union Congress, which resulted in cancellation of the general
The general strike is over, though several days will elapse before normal
speech to
strike, were as follows:
conditions are restored. It has ended, as I made it plain in my
Dear Mr. Pugh;—As the outcome of conversations which I have had
with your committee. I have made a memorandum embodying the conclusions that have been reached. I have made it clear to your committee
from the outset that I have been acting entirely on my own initiative and
have received no authority from the government and can give no assurance
In their behalf. I am of the opinion that the proposals embodied in this
memorandum are suitable for adoption and are likely to promote peace
in the coal industry. I will strongly recommend their acceptance by the
government when negotiations are renewed.
Yours sincerely,
HERBERT SAMUEL,
Sir Herbert Samuel. London.
considered your letter
carefully
Dear Sir:—The General Council having
of to-day and the memorandum attached thereto, concurred in your opinion
that it offers a basis whereon negotiations upon conditions in the coal inindustry can be renewed. They are taking the necessary measures to terminate the general strike, relying upon the public assurances of the Prime
Minister as to the steps that would follow. They assume that during
the resumed negotiations the subsidy will be renewed and the lockout
notices to the miners immediately withdrawn.
Yours faithfully,
ARTHUR PUGH, Chairman.
WALTER CITRINE, Acting Secretary.
Secretary Cook's orders to the miners to remain out
(referred to further above), were indicated in the following
Associated Press cablegrams of May 12:
The decision to call on the general strike was made without consulting
the Miners' Federation. A. J. Cook, Secretary of that organization declared
to-night. The miners were not party to it in any form.
"The Trades Union Congress decision has nothing to do with us," said
Mr. Cook. "Our men will have to decide what to do in the light of circumstances. Our stoppage may continue for an indefinite period."
When the proposals of Sir Herbert L. Samuel were submitted to the
miners early this morning the miners rejected them. Nevertheless the
Trades Union Congress used them as a basis for its later action in calling
off the strike.
Secretary Cook sent the following telegram to all the mining districts:
"The miners must not resume work, pending decision of a nationala.con:
m.
ference convened for Friday next in Kingsway Hall, London. at 10
Please send delegates."
"The miners' representatives regret that they were not given an opportunity to consider beforehand the preparation of the draft proposals which
the Trades Union Congress indorsed as the best obtainable for the settlement of the crisis in the coal industry." Mr. Cook continued. "The best
proposals imply a reduction in the wages of large numbers of the miners,
which is contrary to the repeated declarations of the Miners' Federation
and which they believed their fellow trade unionists were helping them to
resist.
"So far as tho future Is concerned, we will report all that has happened
to a conference to be convened as early as possible. The delegates to
the conference will either themselves decide what action is desirable or
refer the matter to a ballot of all the miners."
Neither the Government nor the mine owners, Secretary Cook asserted,
had approached the Minors' Federation regarding peace proposals.
Sir Herbert Samuel, in an explanatory statement to-night, said that regumption of the mining negotiations depended upon the Miners' Federation
consenting to the proposals adopted by the T. U. C.in calling off the general'
strike, as a possible basis for negotiations.
"If they do not consent," he added, "'the position so far as the mines are
concered will remain as It was, and stoppage of the mines will continue. If
they do, the Government, I believe, would be fully justified in renewing the
subsidy pending negotiations. The mines can then restart and the discussions that were interrupted can be resumed."
On May 13 Secretary Cook was quoted as saying that "the
Trades Union Congress made a fatal mistake in calling off
the general strike," This statement was made in an interview with a representative of the Associated Press, which
further quotes his representations as follows:
We knew nothing about their reasons. There was no weakening of the
men. We have seen hundreds of telegrams from all parts of the country to
the effect that the men refuse to resume work."
Asked whether he thought Sir Herbert Samuel's memorandum furnished
a reasonable basis for reopening negotiations for settlement of the miners'
strike, Secretary Cook replied:
"Frankly, my opinion is that it furnishes a very good basis. There is
much In it that I thoroughly approve, and it contained many points for
useful discussion; but I doubt whether the miners will accept it.
"One can only forecast that the miners, with their knowledge and experience of Sir Herbert, will accept no reduction in wages. What we want
Is a definite guarantee that the proposed changes in the organization of the
mining Industry shall actually be made and applied Immediately.
the nation a few nights ago that it must end, without conditions entered
Into by the Government. No government confronted by such a menace
which
could enter into conditional negotiations the very undertaking of
would involve treachery to the accepted basis of our democratic Constitution.
Having said this, I must make it plain that I adhere both to the spirit
and the letter of the speech which I delivered to the nation a few days
ago. Our business is not to triumph over those who have failed in a mistaken attempt. It is, rather, to rally them together as a whole in an
attempt to restore the well-being of the nation.
I shall without delay enter into negotiations with the object of adjusting
those difficulties between the owners and the men in the coal trade which
were engaging the constant attention of the Government at the moment
when the general strike unhappily emerged.
In a message from King George on May 12, the people
were admonished to forget whatever elements of bitterness
the strike had created, and to "remember how steady and
how orderly the country remained though severely tested."
The message follows:
To My People*
The nation has just passed through a period of extreme anxiety. It
was to-day announced that the general strike has been brought to an end.
At such a moment It is supremely important to bring together all my people
to confront the difficult situation which still remains.
This task requires the co-operation of all able and well-disposed men in
the country. Even with such help it will be difficult, but it will not be
impossible.
Let us forget whatever elements of bitterness the events of the past few
days have created and only remember how steady and how orderly the
country remained though severely tested. Let us forthwith address ourselves to the task of bringing into being a peace which will be lasting because,
forgetting the past, it looks only to the future with the hopefulness of a
united People.
Baldwin Warns British Employers Against
Reducing Wages of Returning Workers
Following Strike.
A declaration to the effect that "I will not countenance
any attempt on the part of any employers to use the present
occasion to get reductions in wages below those in force
before the strike began, or to get an increase in hours," was
made in the British House of Commons on May 13 by
Premier Stanley Baldwin, his statement being made in
reply to an assertion by Ramsay MacDonald, labor leader,
that certain employers seemed determined to embark on a
policy of victimization. The declarations of Premier Baldwin which we quote are from the copyright cablegram from
London May 13 to the New York "Times," which in its
report of his speech says::
Premier
The Labor leader contrasted the appeal made by Mr. Baldwin on
the previous day to forget bitterness and restore peace with statements
in the official British Gazette this morning about the conditions on
which the men would be allowed to return to work.
"Let there be no mistake," said Mr. MacDonald, "that the strike
which has terminated was purely an industrial struggle. Those responsible for calling that strike said before it was begun and while it
was on that the moment that certain industrial securities came over the
horizon they would be satisfied and declare peace. That has happened.
What has been the response? Contracts have been broken and bad
temper has been roused, and at the moment of peace the most optimistic
of us feel that peace is only to be a white sepulchre. Conditions have
been imposed on the men who presented themselves for work.
Says More Men Are Out.
."I am informed that there are more men out today than there were
yesterday, and that men have come out who went in, not because they
want to hold up the community, but because they believe that the conditions the employers are attempting to impose are such as would make
it impossible to continue any industry under peaceful conditions. I
would ask whether advantage cannot be taken of what has happened
to establish good relations on broader and firmer foundations than we
have known for a good many years in the industry of the country.
"Threats are the last things I wish to use, but let there be no mistake about this, if there is any attempt to smash up the trade unions
after the events of last week and yesterday, and if any foolish person
thinks he can scrape the faces of the trade unionists in the dust, be is
very much mistaken. We are not going to crawl back, and we are
MAY 151926.]
THE CHRONICLE
not going to be treated as human beings with the yoke of absolute
subordination riveted to our flesh."
Mr. Baldwin replied:
"I am not one of those who ever expected whenever the end of the
great upset would come that it would or could straighten itself out in
a day. I always felt that the first few days would be by far the most
difficult through which we would have to pass. The supreme necessity
of the country is that the largest body of men possible should be
brought back to work at the earliest possible moment. I have always
urged that the occasion calls neither for malice, recrimination nor
triumph.
"But whatever the intentions of those who brought out the men last
week, it is a fact that, had the movement been wholly successful, it
would have meant the complete cessation of the press and transport,
and had the Government not been prepared there would have been in
this great democratic country a condition approaching anarchy. The
Government provided vital services, partly by men who stopped at work
and partly by volunteers.
Declares He Gave No Pledges.
"I have given no pledges at all, save that those who helped the Government should not suffer for having done so. If I went back on that
pledge, who would ever trust me again, or trust the Government?
There is the difficulty of reconciling a pledge of that kind with getting
back all the men to work. That must be thrashed out between the
trade unions and the employers' associations.
"I stand by every word of the message I broadcasted on the first
day of the strike. Last night I learned that a certain large group of
employers was unwilling to meet the union concerned. I lost no time
in broadcasting that I thought the essential associations of the employers and the unions concerned should meet immediately and discuss
the many difficulties that arise in getting the men back to work. I
am glad to say that that particular association has consented to do
what I asked of them and a meeting has already been arranged to take
place tomorrow morning.
"Another body of employers at a meeting this morning decided that
they would not enforce their first proposal to determine the agreement
with their men or alter the conditions of employment."
Mr. Baldwin then stated that he had explicit denials from the Lou.
don & Northeastern Railway Company and the London General Omnibus
Company that wages would be reduced and the men lose their senority.
"I cannot imagine that there will be an attack on the trade unions
as a whole. I should not countenance it. There would be no greater
disaster than that. It would he impossible to carry on unless you had
these organizations which can speak for and bind parties on both sides.
If you did not you would have sporadic outbreaks far more difficult to
deal with and far more interrupting to ordinary industry.
"Let us get the water as calm as we can lest we spoil the work of
3 half century. The Government has no power to coerce or to order,
but its influence will be exercised in the letter and spirit as I have
stated."
"Every one knew," said J. II. Thomas, "that when the Government
made the strike a constitutional issue no Government could budge from
the position they took up. Every trade union leader knew it, though
they joined issue with it and repudiated every one connected with them
who dared raise the constitutional issue."
Mr. Thomas continued that the Government itself, although the Prime
Minister probably did not know it, had broken the spirit and letter of
his pledge. He quoted from an Admiralty order "as regards the men
on strike in the establishment, the men are not to be allowed to enter,
but are to be suspended until further notice." He read from a War
Office notice that "the men who had returned to work by May 12 will
be given the preference in employment irrespective of their
former
length of service."
He pointed out that one big London garage had
refused to recognize
the union since the strike and another firm had
proposed to reduce the
wages of its men four shillings a week. There were 4,000,000 men
out of work at the moment, he declared, 100,000 more today than yesterday. The dockers, he added, if necessary, are prepared to strike for
weeks and months, the miners for twelve or even twenty weeks. The
danger, he concluded, was that the strike might get out of the hands
of those who could control it.
David Lloyd George approved of the Prime Minister's appeal for reinstatement of the strikers and agreed that his pledge that the volunteers should be taken car of by the employers
should also be redeemed.
There ncver was a time, he said, when the country could less
afford
a prolongation of industrial controversy. April
trade returns showed
a great drop in imports and exports,
he asserted, a million miners were
still out of work and the non-production of
coal would throw another
2,000,000 men out.
Great Britain's Warning Against False Bank
Rumors.
On May 9 it was announced in Associated
Press cablegrams from London that Sir William ,Toynson-Hicks,
Home
Secretary, had issued a warning that the governtnent would
take stern measures with anyone found circulating
false
reports of the state of British banks and other financial institutions. We quote further as follows, from the cablegram:
The Secretary pointed out that it was a criminal offense to
circulate
rumors concerning discontinuance of payment of checks by banks
and
other rumors designed to impair public confidence.
Ever since the general strike began there have been persistent rumors
in circulation apparently designed to cause runs on banks. These have
been denied repeatedly through the newspapers and wireless, and depositors do not appear uneasy since the London banks have been unusually quiet and operating with reduced staffs.
"England wins to a certainty," says Sir William, in a signed statement to The Sunday Times today.
"Tell the loyal people of our country to keep a good heart and a
stiff upper lip," he wrote. "The news today (May 8) is good. The
first convoy from the London docks came out this morning and was received with cheers, while the guards who marched down yesterday afternoon to the docks had a perfect ovation. One of the battalions, by
the way, was the one which lying bulletins stated had mutinied. Tell
your readers to believe no news that is not official. England wins to a
certainty,"
2731
Warning By Great Britain Against False Rumors of
Army Movements.
The following statement was issued at London on May 7
by the War Office, according to the Associated Press: •
Rumors continue to be circulated to the effect that, first, the Army
has reached the end of its resources; second, that the Army reserve
has been called up, and, third, that troops have been ordered on strike
duty and have refused to obey the orders.
The War Office states that with the exception of guards for a few
vulnerable points in Great Britain no troops have been called out to
aid the civil power, but that, as previously stated, certain units have
been moved to districts to be available if their services are required.
The spirit of the troops is excellent. The Army reserve has not
been called out.
Lloyd's Quoted Insurance of 3 to 1 Against Strike Lasting
a Month..
Associated Press advices from London May 10 stated :
Business at Lloyd's underwriting rooms continues large, but the
rates are unchanged from last week, indicating that the underwriters
are not more disturbed over the position than before.
Two shillings and sixpence per £100 is the normal rate for risks
against damage to ordinary property, and 5 shillings to cover foodstuffs and other commodities liable to looting. The rate for private
motor cars is harder, at 5 shillings, this covering the risk of malicious
damage caused by riots.
Many inquiries have been received regarding the rates for insurance
against the strike lasting specific periods. For policies to pay losses
in the event of the strike not being called off within four weeks from
May 7, 25 guineas per 100 guineas is quoted; for similar insurance
for three weeks, 30 guineas; for a fortnight 50 guineas, and for a
week, 75 guineas.
These rates, The Financial Times says, represent odds of 3 to 1
against its continuing for a month, the intermediate rates representing
proportionate odds.
Embargo by Great Britain on Bunker Coal—Effect on U. S.
Advices that owing to the British coal strike, it would
be impossible "to provide bunker coal in Great Britain for
vessels other than those performing services essential to
the National interests" were conveyed to the State Department at Washington on May 7 by the British Embassy, and
were made public by the Department of Commerce. The
British Embassy's statement, signed by H. CI. Chilton, Acting Counselor, read:
I have the honor, on instructions from his Majesty's Government, to
inform you that, owing to the coal strike, it has become necessary to
take steps to conserve the available supplies in Great Britain. There
being no reserve of bunker coal in British ports and no prospect of
replenishment of current stocks, it will be impossible, in existing cit.curostances, to provide bunker coal in Great Britain for vessels other
than those performing services essential to the national interests.
In notifying you of this decision, which has been dictated by the
extreme gravity of the crisis with which the United Kingdom is now
confronted, I have the honor to explain that every effort will be made
consistent with national safety to minimize delay or inconvenience to
foreign shipping.
Stating that while the order will have no effect on a
majority of the vessels of the Emergency Fleet Corporation, which are oil burners, the New York "HeraldTribune" pointed out that it will limit the activity of a
large number of coal-burning "tramps" and ships on irregular routes that have been engaged in commerce between
British and American ports.
Great Britain Losing Coal Trade—Gazette Warns That
Whole Nation Will Suffer With High Taxes.
The British Gazette, the Government's strike newspaper,
called attention to coal orders going from the English
trade to the American trade, said a copyright cablegram
to the New York "Times" from London May 10, which
added:
It emphasizes shipments from Hampton Roads to the Mediterranean
and other Continental ports, which shipments, it says, would in the
ordinary course go from English ports.
It follows this note with the following:
There are many strikers who seem to imagine the cost of an in.
dustrial stoppage to be measured by the resources of the trades union
funds, and that any further losses will not affect the workers. A
greater delusion could not be entertained. If the strike is prolonged
the losses will run into hundreds of millions and the people would
lose.
This is no case of the loser paying. No matter who wins or who
loses, it is the whole people who will have to foot the bill.
In ample time the Chancellor of the Exchequer warned the nation
that any industrial stoppage must involve an increase in both direct
and indirect taxation. In both events, the wage earners must necessarily stiffer.
British Trades Union Congress Says Imposition of
Conditions Designed to Destroy Trade Unionism
Will Not Be Tolerated.
On May 13, following a special meeting to consider the
situation in cases where employers have failed to re-engage
workers who quit during the general strike in Great
Britain, a statement was issued by the Trades Union Congress in which it was declared that the trades unions have
2732
THE CHRONICLE
[Vim. 122.
no alternative but to resist to the utmost "any attempt to
London Stock Exchange Closing Was Discussed During
impose humiliating terms on the workers." The Associated
Recent Strike, But Vetoed.
Press indicates as follows the declarations of the Congress:
The following is from copyright advices to the New York
"Our resisting power is unimpaired," the statement says. "We canmot tolerate the imposition of conditions designed to destroy trade "Times" dated London, May 9:
unionism. Peace without vindictiveness is impossible unless the attacks
On the first day of the strike the question of closing the London
are ended immediately. The workers will not surrender their hard- Stock Exchange was discussed by the governing committee, but it
.earned gains."
was decided unanimously to continue doing business. In regard to
The statement was interpreted by close followers of the situation as the week's market, one significant fact is that the 5% war loan ended
a direct warning to the employers and the Government that reported at 995, which is less than one point below the rate ruling before the
conditions on the question of re-employment would not be acceptable in strike began.
any sense to the Trades Union Congress. The statement was taken to
Other Government securities also have held firm, although the
intimate that if the employers insisted on their stand the congress would market is naturally fending off any large sellers. Railway shares have
• be forced to offer resistance.
steadied after the introductory shake-up. The decline of industrial
"The Trades Union Congress called off the strike in full confidence shares was simply due to the marking down of prices largely as a
that the Premier meant what he said concerning conditions regarding precaution against speculative sales.
the resumption of work and would use his influence so peace might be
preserved," the statement says. "Peace depends upon the attitude of
the employers, who, according to reports throughout the country,
are Dissolution of Banking Syndicate That Offered Italian
attempting victimization. If one class of employers think they can disLoan Last November—Break in Price Following
rupt and degrade the trades unions, then the situation is grave indeed.
The only solution is a peace honorably kept by both sides."
Withdrawal of Support.
The statement declares that the calling off of the general strike was
The
dissolution
of the syndicate which last November
no indication of weakness on the part of labor and insists that
if peace
is to be maintained Premier Baldwin must back up his public speeches floated the $100,000,000 Italian loan, occurred on May 8,
—"if not, let there be no mistake—trade unionism will not stand idly the bonds suffering a break in price with the termination
of the support.
The fact that the syndicate had in March
'"Trade unionism is not beaten and not broken, but was reinforced
been extended for a period of sixty days—the question of a
by the absolute solidarity which the general strike has revealed,"
the
statement says. "The whole purpose of Premier Baldwin's efforts
to further extension being left to the discretion of the bankers,
bring peace will be null and void if attacks on the trades unions do not was reported in these
columns March 27, page 1702. That
cease."
the issue had twice been placed by the syndicate, and the
The statement also addresses an exhortation to the railway
men on
roads which have offered the men individual agreements.
bonds had been thrown back upon the bankers by the
"Sign no individual agreements," it says; "consult your own
officials millions a few days after their disposal, is made known in
and follow their instruction. The unions will protect you."
the following from the "Wall Street Journal" of May 10:
The statement says that telegrams have been sent
throughout Great
Britain to nearly two hundred general secretaries, declaring
Fall of Italian Government 7% bonds Saturday to 881i following disthat
it
is
imperative that agreements existing prior to the general
strike be solution of the syndicate was not altogether surprising. Brough out last
maintained.
November to amount of 8100.000.000 and offered at 94%,to yield 7.48%
to maturity in 1951, the distribution of the issue was not entirely fortunate.
Employers who are trying to compel the men to sign
"humiliating Mindful of the
documents and beat down wages are making a mistake if
they only offered a year great success attending the sale of the German bonds which,
realize it," the statement adds.
earlier at 92, had quickly sold at a premium, dealers were
heavy subscribers for the Italian issue, asking for five to eight times what
they were sure they could dispose of. In the first flush of the large subscription the bonds sold at 9414, but quickly settled back to the offering
British Credit In United States Intact Despite Strike— price. Thus the process of retail distribution of the bonds was handicapped
from two directions. The bankers, however, never lost faith in the in;20,000,000 From Federal Reserve, $100,000,000 From
tegrity of Mussolini and proceeded with the retailing task. Prominent
members of the syndicate declared that, prior to the clearing up of the
Morgan Still Available.
Under date of May 10 the New York "Times" reported syndicate's books last week, it had twice been absolutely out of the bonds.
only to have them pour back on its hands by the millions a few days later.
the following from Washington:
At the low price of Saturday. 883, the bond yielded nearly 8.10% to
No part of the $200,000,000 credit which was arranged by the Bank maturity, which looked like an opportunity of a generation for the investor.
of England with the Feleral Reserve banks of the United States to
The New York "Times" of May 9 had the following to
aid in sustaining the British exchange when Great Britain went back
en the gold basis has yet been used despite the general strike in say regarding the termination of the syndicate:
England, it was said here today. At the time this credit with the
An abrupt break of 5% points in the price of Italian Government
Reserve banks was obtained the British Government also received a bonds of 1951 occurred at the opening of the market yesterday, when 7%
the
credit of $100,000,000 by J. P. Morgan & Co., and if Great Britain .yndicate which floated the issue last November was dissolved. The
needs aid, this credit probably will be used.
bonds had been supported at 94% since their original offering. Yesterday's
Experts here do not look for any immediate decline in the value opening sale was made at 89 and the price receded further to 88%•
After
of the British pound sterling, as a result of the strike. It is not the first rush of selling there was not a great deal of pressure, and prices
believed that the strike situation will interfere with the. payment by scored a moderate rally, closing at 89%. This was a net loss of 4% points
Britain of the instalment on her debt to the United States, which is from the closing quotations of Friday.
.due in June. Some feel that the strike may have had some effect in
The Italian issue amounted to 8100.000,000 and was underwritten by a
checking a rise in the value of the French franc, but it was said syndicate headed by J. P. Morgan & Co. soon after the funding of the
that there were other factors in the international financial relation- Italian debt to the United States last Fall. The First National Dank, the
ship which also might temporarily serve to keep the French franc National City Company, the Guaranty Company,the Bankers Trust Corn.
pany and others of the largest financial institutions here participated in
at a depressed level.
the offering, and the selling syndicate was nation-wide. The offering was
made Nov. 19, and it was stipulated that the selling syndicate should expire
Feb. 1. The life of the syndicate was extended to April 1,however, and
on that date a further extension to May 31 was made. It was provided,
British Banks To Keep Notes Circulating.
however, that the syndicate might be terminated in advance of the final
British banks were instructed to keep bank notes and date, and dissolution was decided on Friday night, to take effect
yesterday.
Treasury notes in circulation and not to return them for
Price Held Steady.
-capcellation, according to a Central News cablegram to the
Since the original offering the price of the bonds on the Stock Exchange
New York News Bureau under date of May 7.
had not varied from 94% and sales were light. With the withdrawal of
A cablegram as follows, dated London, May 12, was also syndicate support heavy transactions developed.
It was understood that one large bank had put in a bid for $500.000 Par
reported by the New York News Bureau from the Central value of the bonds at 89 and succeeded in getting more than
$350,000
of them at the opening of the market. This bank lowered its bid and
News:
is understood to have obtained additional lots. The day's transaction
Under a new emergency regulation the Secretary of State may take in the Italian issue on the
Stock Exchange totaled $1,611,000 par value.
an order prohibiting banks from paying out or transferring moneys The usual daily sales have
been well under $100,000.
sent to England if use of such moneys is deemed prejudicial to public
As a wholesaling transaction the bond issue was quickly sold, a heavy
safety, or the life of the community.
oversubscription having been announced within an hour of the opening
of the books on the day of the original offering. The bonds have all been
placed with dealers and distributors, but only a portion of them have
been absorbed by the investing public. The large size of the offering
American Radio Grant Moratorium on British Payments and other factors have militated against the
rapid sale of the entire issue
to permanent holders. It has been reported several times that the lagging
Owing to Strike.
sale of the Italian issue has been somewhat of a market factor in holding
American radio companies have granted a moratorium back other large foreign financing which
had been intended for this year.
In connection with their British interests on account of
Italian Exchange Affected.
the strike in the British Isles, it became known at the
Italian exchange, which has been strongly stabilizied in recent months,
Radio Convention in Atlantic City on May 11, according also felt the effect of the dissolution of the bond syndicate. The $100,000.000 loan was obtained by Italy for stabilization purposes. which
to the New York "Times" which says:
Alex. Eisemann, Treasurer of the Freed-Eisemann Company, said included support of the exchange rate, and large portions,of the proceeds
that in view of the community of interests existing among the mer- have been used in exchange market operations, and the lira rate has been
chants of the world, the pressure of conditions must be taken into held almost stationary at about 4.02 cents In the fact of violent changes
in French, Belgian, and other Contiental exchanges. The Italian rate
consideration and that he, for one, had notified the British con- began
to sag last week, however, and the close yesterday was at 4.00q.
cessionaires that for a period of thirty to sixty days their obligations a loss
of one-half a point for the day.
would be extended.
Bankers declared that nothing unfavorable had developed in Italy's
It has been said that there was wholesale buying of radio equip- situation
stabilization
and
ment in view qf the strike, because virtually all the news comes by program. It that progress was being made in the nation's
was generally expected in the financial district that, with
wireless in the British Isles, but American equipment, mostly multi- artificial restraints
bonds
would
removed, a stable market for the Italian
tube sets, is costly, and economic conditions are such in England develop and that prices gradually would work back
to their former levels.
that most of the new purchasing is of simple crystal sets.
'Since then very severe breaks in Italian exchange have occurred.—Ed.
MAY 15.1926.]
•
THE CHRONICLE
Gets $5,000,000 Loan—National City Bank Extends Credit for Housing Purposes—No Public
Financing.
The following is from the New York "Times" of May 7:
Rome
The City of Rome has obtained a private banking loan of $5,000,000 from
the National City Bank,it was learned yesterday. The money is to be used
by the city for housing purposes. Officials of the National City Bank would
give no details, declaring the transaction was a private operation.
The National City Bank has agencies in most parts of Europe,and credits
such as the one extended to Rome are frequent. In the present case the
business was not exactly new, as at least part of the funds was made available to the city last March. There will be no public financing and no issue
of securities in connection with the loan.
Rumors of a large loan to Rome were circulated last fall, but it was said
then that the Italian Government was opposed to the sale of Italian municipal bonds in foreign markets except in urgent cases. Since the funding of
the Italian debt to this country last November, the Italian Government
has sold a $100,000,000 bond issue in this country and there has been a large
volume of Italian industrial financing, most of it having been underwritten
by Blair & Co., Inc.
The Vatican also has obtained a revolving credit of several million dollars
in New York.
Italy Offers Rumania Loan of $8,000,000.
Bucharest (Rumania) Associated Press advices May 12
state:
Premier Averescu to-day announced that Italy had voluntarily and unconditionally offered Rumania a ten-year loan of 200,000,000 lire (about
$8,000,000).
The Premier announced that Rumania proposes to use the loan in order
to Stabilize her currency. The decline of the lei on the exchange is now believed to have been definitely arrested.
-
2733
Poland's entire foreign debt, including $35,000,000 advanced through Dillon,
Read & Co. last summer, which was issued at 95 and dropped to 87.
While offering scant scope for foreign investors, Poland has become far
more conciliatory toward foreigners, particularly Americans, desirous of
exploiting her mineral and other resources. She manifested this spirit by
the adoption last week—albeit by a majority of only one vote in the Diet—
a measure of waiving payment of the overdue property tax on the Giesche
zinc mines acquired by W. A. Harriman in Polish Silesia and exempting
the product of these mines from export duties in the future. Thereby a
steady flow of American capital into the Polish mining industry is assured.
In this direction more doubtless could be accomplished by the sale of
State-owned industrial enterprises to private, preferably foreign syndicates.
Over-ambitious to expand and modernize its industries rapidly, the Polish
Government tried to do too much and so achieved mighty little, and that
little at high cost.
The projects outlined above would serve to lure a certain fraction of the
available dollars from their present hiding places. But a far grander
scheme has been evolved by responsible Warsaw economists and submitted
to the Ministry of Finance, which is giving the proposal studious attention.
It calls for the establishment of a special bank uncontrolled by the State,
but granted a monopoly of dollar deposits and transactions, both domestic
and foreign. Into this bank, which would be forbidden to convert its
funds into zlotys, American currency lying idle in woolen socks or safety
deposit boxes would speedily find its way, according to the conviction of
many eminent authorities on finance. The institution, it is believed, soon
would dispose of the funds, running into scores of millions of dollars.
Bank Scheme Would Aid Farmers.
In a previous article I said Poland's economic future 'rests above all with
the Polish farmer. His needs, which are many, therefore should have first
call. The Government's poverty, however, prevents adequate official
assistance of agriculture. Routine foreign credits are barred for the reasons cited here.
The proposed "dollar bank," however, would be admirably adapted to arrange the necessary financing directly. The farmer's requirements in ma'chinery and fertilizers could be met by America at an estimated initial
cost of $20,000,000. The contemplated bank should be in a position to
guarantee long term credit to this amount. American purveyors would
be secured against loss, both by the bank itself and by liens on Polish
agricultural property insured against the zloty depreciation by Poland's
grain and other farm produce exports, which in a normal year aggregate
over 10% of the harvest. Credits would be distributed to the individual
farmer, not through official agencies, but by co-operative organizations.
The political obstacles to this undertaking are numerous. But the Poles,
although their politicians are influenced almost altogether by next year's
general election, are gradually learning not to let politics devastate their
business.
European Banker Suggests New Money for Italy.
• Dr. Giuseppe Zuccoll, General Manager of the Banque
Francaise ItaBenne pour L'Amerique du Sud, recently
returned from a trip of inspection to his branch offices,
states that new money should be established in Italy similar In operation to several other European countries. Dr.
Zuccoll recently submitted a plan for Italy for a system
on the gold basis which he would call the "Zecchino." After
spending a few days in New York Dr. Zuccoll sailed on Ruling of United States Supreme Court on German
May 5 on the steamship "Aquitania." His institution has its
Mark Depreciation—Gain of American Borrowers,
headquarters in Paris and operates forty branches in ArgenMeasured by Dollars, Not Subject to Tax.
tina, Brazil, Uruguay, Chile and Colombia.
In a case involving the question as to whether the difference between the value of German marks, measured by dolProposed Polish Dollar Bank to Seek Funds of Emi- lars, at the time of payment to the American Alien Property
grants in Interest of Farmer.
Custodian, and their value when advanced as a loan is
The following special article (copyright) from its corre- taxable as income, the United States Supreme Court afspondent at Warsaw, under date of May 5, is from the New firmed on May 3 the judgment of the lower Court at New
York "Times" of May 6:
York which reversed a Treasury ruling that the difference
In one form or another the dollar must be harnessed to the plow of in value was taxable. The New York "Times" in thus rePoland's economic rehabilitation. There are fully $50,000,000 tucked
conclusions of the Supreme Court, gives the
away in the Poles' woolen sock hoardings and these, in the opinion of porting the
foreign as well as Polish economists, will have to go to work if the country following account of the proceedings in which the ruling
is to win its struggle for prosperity
was given:
Poland's hidden store of American currency is derived almost entirely
from her emigrants, notably from the 3,000,000 Poles in the United States
and mostly from the small remittances to the old folk at home. A small
percentage comes from the export trade. The point is that to-day this
considerable sum is virtually dead capital. Those who own dollars hesitate to risk losing them through investment in an enterprise yielding only
wobbly zlotys or by confiding them to banks functioning under statutes
perilously prejudicial to depositors. Practically the only way dollar savings are used at present is in speculations on exchange. The Bank of
Poland loaned nearly 20,000,000 zlotys on dollar security in one month.
The borrowers had to pay 2% interest for a month's loan, but even at this
high rate the fall of the zloty gave them a profit—and cut into the Bank's
currency issue.
•Dollars Lost in Bank Failure.
To persuade dollars, either those now hoarded within the country or
newcomers shipped across the Atlantic in the form of American credits, to
aid in the Polish financial recovery is an essential preliminary to the
reform of the banking law. Last fall large amounts of foreign currency,
notably American and British, were lost through the failure of an important bank which under the present law was able to list among the assets
assigned to its creditors foreign moneys sent it for payment of business
firms in Poland. The United States and Great Britain immediately protested to the Polish Government, and after prolonged negotiations an
amendment of the existing statute was drafted compelling the banks to
keep sums remitted through them in a separate account, and in the legal
tender of the country from which the remittance comes. The Polish Finance
Ministry assured me the bill shortly would be passed by the Diet
When this happens it will be only the first step on the long road to the
restoration of confidence in Poland's finance. The outlook for additional
foreign loans is admittedly negative until the budget is balanced and the
zloty stabilized. Recent attempts to arrange a credit of $100,000,000
through the Bankers Trust Co, and the American Tobacco Co. clearly demonstrated this. The security offered was the Polish tobacco monopoly
which in 1925 produced 182,000,000 zlotys or about $25,000,000. The
American negotiators, however, wanted not only revenue control but supervision of budgetary expenditures as well—in other words, a form of Dawes
plan—as a safeguard against currency depreciation which ultimately might
nullify the real value of the monopoly's annual profits. Their demand was
rejected by the Warsaw authorities and the deal fell through.
On grounds of national prestige Poland sternly opposes applying to her
financial problems any solution resembling the Dawes plan. Consequently
her chances to-day of borrowing capital abroad are nil.
American Loans Total $245,000,000.
The last dollar of credit obtained by the Poles was $10,000,000 from
the Federal Reserve Bank, secured, however, by a gold deposit in London.
This brought the total of America's loans up to $245,000,000, or 70% of
The case was brought by the Kerbaugh-Empire Co. of New York, owning
all the capital stock of H. S. Kerbaugh, Inc., which won in the New York
court, the Government taking an appeal. The record shows that the Ker.
baugh-Empire Co. applied to the Deutsche Bank of Berlin through its
New York representative, for loans to finance the work done by its subsidiary, H. S. Kerbaugh, Inc., engaged in the performance of construction
contracts.
The bank agreed to make the loans by cabling to the credit of its New
York representative German marks equivalent in dollars, stipulating that
the loans would be evidenced by notes payable as to principal and interest
in marks, or the equivalent in United States gold, at prime bankers' rates
in New York for cable transfer to Berlin.
In June 1911 the company advised the bank of the amount needed, and
prior to July 1919 24 loans were made on the credits totaling $1,983,000,
the equivalent being 8,341,337 marks. On Sept. 1 1913 there remained
unpaid 6,740,800 marks. The debt was reduced to 3,216,445 marks on
March 31 1915.
Says Money 1Vas Lost.
In its decision, read by Associate Justice Butler, the Court stated that
the several amounts borrowed from time to time by the company were contemporaneously advanced to its subsidiary and were expended and lost in
and about the performance of the construction and contracts.
These losses, sustained from 1913 to 1918, inclusive, were allowed as deductions in the subsidiary's income tax returns for those years. The excess
of its losses over income was more than the amount claimed by the collector to be its income in 1921.
Acceding to the demand of the Alien Property Custodian in 1921, the
company surrendered $113,688 23 in full settlement of principal and interest owing on the note belonging to the bank, of that amount $80,411 12
represented principal. The settlement was on the basis of two and onehalf cents per mark. Measured by United States gold coin, the difference
between the value of the marks borrowed at the time the loans were made
and the amount paid to the custodian was $684,456 18.
The Commissioner of Internal Revenue held the amount borrowed to be
income and chargeable to the company for 1921. Excluding that item, the
tax return for 1921 shows a deficit of $581,254 77.
Finds No Gain Resulted.
"The transaction here in question did not result is gain from
capital and
labor, or from either of them, or in profit gained through the
sale or conversion of capital," the Supreme Court ruled. "The essential
facts set
forth in the complaint are the loans of 1911, 1912 and 1913, the
loss in
1918 to 1918 of the moneys borrowed, the excess of suck losses
over income by more than the item here in controversy, and the
payment in the
equivalent of marks greatly depreciated in value. The result of
the whole
transaction was a loss. .
.
2734
(Vol.. 122.
THE CHRONICLE
"The contention that the item in question is cash gain disregards the
fact that the borrowed money was lost and that the excess of such loss over
income was more than the amount borrowed. When the loans were made
and note given, the assets and liabilities of defendant in error were increased alike.
"The loss of the money borrowed wiped out the increase of assets, but
the liability remained. The assets were further diminished by payment
of the debt. The lose was less than it would have been if marks had not
declined in value, but the mere diminution of loss is not loss, gain, profit
or income."
Conclusions of New York Supreme Courtron7 Mark
Insurance Policy—Obligation Matter for
German Revaluation Laws.
Justice Lydon of the Supreme Court of New York lately
handed down a decision in the case of Higgins vs. New York
Life Insurance Co. which is of general interest to the holders of German mark obligations. In this case the holder of
a mark insurance policy issued in Germany before the war
had brought suit in New York, claiming that his insurance
should now be paid in the new gold value mark. The court
held that the extent of liability, if any, on such old mark
obligation was exclusively a matter for German revaluation
laws and that the New York courts should refuse to take
Jurisdiction of such controversies. This case is regarded
as a precedent affecting thousands of holders of German
mark obligations who are dissatisfied with the German revaluation laws and have been organizing to sue here in the
hope that the American courts would take Jurisdiction and
award some greater measure of value to the old mark.
has dropped considerably during the last few months. It is worth to
mention that the depreciation of the chervonetz is not yet noticed in foreign
countries, where only speculators and other similar people of not important
standing, are Interested in that question, but only within Russia, where
the paper chervonetz Is being depreciated by the population, notwithstanding the efforts made by Narkomfin. Narkombnutrog and other such Soviet
institutions, and at the same time the subsidiary silver money which,had
been coined by the bolsheviks to a limited amount,is gradually disappearing
from circulation.
At present time the purchasing power of chervonetz has dropped 50%
and it is possible that it will depreciate still more.
All this causes great worries to the'Soviet Government. As all their
efforts to introduce the chervonetz officially in foreign countries failed, they
had, naturally, to impose it on the population of U. S. S. R. But, owing
to strange circumstances, the paper chervonetz soon after its issue disappeared from circulation, and a shortage of money followed, so the Soviet
printing press is working day and night and literally inundates the country
with this diluted paper surrogate money of the gold chervonetz.
As a means to improve such unfavorable situation, the Bolsheviks are
planning to issue a home loan of a considerable amount, In chervonetz, with
many privileges for the holders of the bonds. It has been also decided to
curtail the issue of paper chervonetz, and gradually to return to the rouble.
For the villages where the peasants are especially antagonistic to the
Bolshevik chervonetz, it is suggested to issue for a large nominal amount
"Tsarist" paper money of I, 2, 3, 5. 10 and 25 roubles denomination and
those Roubles to be printed from the old steel-cut still kept in the offices of
Government archives.
In the nearest future there will be held in Moscow a Finance Conference,
for the purpose to find ways to combat the further depreciation of the
chervonetz.
We are told that in the latter part of March some soviet representatives
were again busy to fight abroad for the possibility for the chervonetz to be
quoted officially, but their attempts were fruitless.
Closing of Moscow Bourse Denied.
Under date of May 12, Harold Kellock, Statistical Director of the Russian Information Bureau at Washington,sends
us the following:
Interest Rates Falling in Germany.
day 12 1926.
Evidence of a significant change in German economic and
Commercial dt Financial Chronicle, New York City.
financial conditions accumulates, according to a statement Editor,
Dear Sir:—I have just noticed that in your issue of May 5, page 2584,
made this week by A. G. Becker & Co. "The adverse trade you reprint a news dispatch from Berlln to the New York "Times" to the
balance," the bankers state, "which Germany reported from effect that the Moscow Bourse closed as a result of the demoralization of
the chervonetz. Just to set the record clear, we cabled to the State Bank
the autumn of 1924, turned in December 1925 to a favorable in Moscow
on this and received the reply that the dispatch was wholly
balance of 33 million reichsmarks. The favorable balance false. Inasmuch as the "Times" has a very able correspondent in Moscow
and
the
Associated
Press has an adequate bureau there, I do not understand
mounted to 68 million reichsmarks in January of this year
why the "Times" printed the story without an attempt at verification.
and to 121 million in February 1926." The bankers add:
This is written, not in any spirit of criticism, but to let you know the
Recent cables from Berlin indicate materially easier money conditions facts.
and a growing capacity to finance German requirements at home. The
rates reflect this situation in striking fashion. The change in rates is
accompanied also by the action of the German Finance Ministry in demanding a lower interest cost on new loans made to German municipalities.
German dollar bonds, in sympathy with these favorable developments, Three Soviet
Account of
have been firm. A number of issues have moved up in price within the
past few weeks.
Sincerely,
HAROLD KELLOCK.
Finance Minister Officials Executed on
Alleged Association with Speculators.
Associated Press cablegrams from Moscow May 6 state:
Three important Finance Ministry officials, Volin, Chepeliovsky and
Rabinowitch, were executed to-day by order of the G. P. U. (State Polit(cal Police).
The trio were charged with abusing the trust imposed in them by the
Government to advance their own interests through speculation in the cherA bill providing for the establishment of "a free grain trading company" vonetz. They are said to have worked in league with professional speculawith an initial capital of 30,000,000 gold marks has been passed by the tors on the Moscow and Leningrad bourses. A number of these speculators
German Reichstag. according to consular advices received at the Depart
were recently imprisoned.
meat of Commerce. The money is to be taken from funds at hand resulting
from the dissolution of the Commonwealth Grain Office.
Germany to Establish Free Grain Trading Co.
The New York "Journal of Commerce" reports the following advices from Washington, May 1:
Rupee Stabilization—Indian Government Holding
Rate at or Above is. 5Yid. by Sale of Sterling Bills.
New Luxury Tax in Spain—Many Articles Bought by
From London the "Wall Street News" of May 7 reported
Foreigners Will Go Up 10%.
A Madrid cablegram, May 12 to the New York "Times" the following:
To check attempts by speculators to depreciate the rupee, the Indian
(copyright) says:
Government is operating in rupee exchange. It is selling reverse council
After July 1 a new luxury tax will be collected by Spain. Increasing by bills (sterling drafts on London) at a rate of is. 424d. a rupee, of about
10% the prices of a number of articles listed by the Government. Foreigners
must pay this tax on many articles purchased in Spanish territory.
The list of luxuries includes first-class hotels and restaurants, antiques,
paintings, clothing and jewelry. The sellers of the articles and those
rendering the services taxed will collect 5% of the levy and pay it to the
Government and will retain the other 5%.
Depression Suffered by Russian Chervonetz—Paper
Issue to Be Curtailed.
A translation of an article published in Le Temps Russe,
Paris" regarding the depreciation of the Chervonetz, has
come to us under date of April 30, our informant in supplying
us with the information making the following comment:
Inasmuch as many banks In this country have been accepting orders for
mail and cable remittances from Russian immigrants to their friends and
relatives in Russia and Siberia, payable in the new Gold Ruble or Cher-.
vonetz (one Chervonetz equals 10 Gold Rubles), buying the same at a fixed
Price from the soviet controlled banks in Moscow,(which price of $5.25 per
Chervonetz has not changed at all since the new currency was established)
I believe that these banks should be informed about the internal depression
of this new money, otherwise they may be accused sooner or later by their
clients, for having accepted good money for orders executed In depreciated
money.
The translation of the article referred to follows:
[Translation]
("Le Temps Russo," Paris, 14 Ave] 1926. No. 253.)
Straggling for the Chervonetz
London 13, April 1926 (over the telephone).—Much excitement Is caused
In British business circles at present by the flow of rumors reaching them
from different sources, regarding the struggle of the Soviet Government
against the depreciation of the chervonetz.
The market price of the Bolshevik chervonetz, so much advertised at
foreign "black" exchanges and forcibly imposed upon the Russian people.
$0.36, so as long as this policy is continued the rupee cannot depreciate
below this point.
Prior to the sudden fall in March to Is. 6%d., the rupee had been practically stable at is. 6d. for 12 months. Intervention to maintain the rate
around Is. 6d. indicates that the Currency Commission, now sitting in
London, will recommend that the rupee be stabilized at is. 6d.
Such a decision will meet with considerable opposition from Indian exporters who favor a return to the pre-war parity of is. 4d.
The Indian Government's intervention is strongly criticized by many
economists. They point out the heavy losses suffered by the Government
In the past through manipulating the rupee exchange. In 1920, for instance,
the Government loot more than $160,000,000 in a fruitless effort to maintain the rupee at 2s.
Receipts from Revenues Pledged for Hungarian
Reconstruction Loan.
Jeremiah Smith Jr., Commissioner-General of the League
of Nations for Hungary, in his latest report states that the
receipts for the quarter ended March 31 1926 amounted to
about $12,700,000, or about twice the interest and sinking
fund requirements of the Hungarian Recmstruction Loan
for the whole year. For the first nine months of the current fiscal year, these receipts were about $39,790,000, or
about six times the entire annual interest and sinking fund
requirements.
Antwerp Bank Suspends.
From Brussels (Belgium), Associated Press cablegrams
May 8, it is learned that the Banque Credit Populaire, in
Antwerp, with nine branches and 300 agencies, has sus-
MAY 15 1926.]
THE CHRONICLE
2735
pended payment after paying out 22,000,000 francs last
week. The same account says:
March—
Exports
Imports
1926.
187,748,000
287,281,000
Comparison with 1925.
Increase 36,159,000
Decrease 28,975,000
The Bank Populaire pour l'Arondissement d'Anvers has notified its
customers that it will require previous notice before making payments
of more than 1,000 francs.
Both difficulties are attributed to the financial situation of the country.
Import balance
April (Subjea to Correction)—
Exports
Imports
99.533,000
Decrease 65,135,000
161,202,000
235,432,000
Decrease 7,392,000
Decrease 26,011,000
Import balance
74,230,000
From Jan. Ito April 30 (Subject to Correction)—
Import balance
300,500,000
Decrease161.287,000
Decrease 18,624.000
Greece to Settle War Debt to Great Britain.
Figures for January and February were given in our issue
Athens (Greece), Associated Press adviCeS May 7 stated: of April 24, page 2288. While figures for March were also
Tsouderos, Vice Governor of the National Bank, is leaving for London presented at the same time, these have since undergone
reto settle the Greek war debt to Great Britain, amounting after recent
deductions to about £19,120,000. (The total of the British loans to vision as above.
Greece was slightly over £24,350,000.)
Bankers Negotiating Lisbon Loan.
Morgan,
Livermore & Co. are negotiating for a $2,500,000
Argentine Bank Suspends Payment.
The Banco Commercial del Azul, said to be one of the to $3,000,000 loan for the City of Lisbon, in Portugal. Prolargest native banks of Argentina, suspended payments on ceeds of the loan will be used for municipal construction work,
May 11 and was closed the following day, according to to be carried out by Ulen & Co. The loan has been approved
Associated Press advices from Buenos Aires May 12. The by the Municipal Senate of Lisbon in first reading.
bank is capitalized at 15,000,000 pesos (about $6,000,000)
with deposits of 50,000,000 (about $20,000,000).
Offering of $2,000,000 Bonds of Free State of Anhalt
An Inter-Ocean Press cablegram, published in the New
(Germany)—Books Closed—Issue Placed.
York "Journal of Commerce" May 13, says:
Announcement
of the offering of a now issue of $2,000,000
As soon as the Minister of Finance was notified of the failure, he
instructed the National Bank of Argentina to call a 15,000,000 peso Free State of Anhalt (Germany) 7% external loan serial gold
short term loan, which had been granted to the Commercial Bank of bonds of 1926 was made by A. G. Becker & Co. on May 11.
Azul by some other institution and rediscounted with the National Bank
The bonds are due in equal annual installments March 1
of Argentina. The amount of the failure has not been announced as
1927 to 1946 inclusive, and were, offered at prices to yield
yet.
from 6% to 7.60%, according to maturity. While the issue
Issuance of New Treasury Notes by Japanese Govern- was formally offered for public subscription on May 13, it
was announced that the books were closed at 5 p. in. May 12,
ment.
The Japanese Financial Commission was advised by cable- and that the issue had been oversubscribed. The proceeds
gram on May 11 of the decision of the Imperial Japanese of these bonds will be used for the improvement and extension
of chemical works and other enterprises owned by the
Government to issue a new loan, as follows:
State of Anhalt. It is stated that the issuance, purposes and
5% Treasury Notes (Series No. 33)•
Purpose, railroad construction; total amount, 15.000,000 yen; issue price, terms of the loan have been approved by the Council of
91.50 yen: date of Issue, May 25 1926; date of redemption, on or before Foreign Loans of the German Minister of Finance, Berlin.
Sept. 1 1938; yield. 6.2%;subscription, offered for sale to the public through The bonds will be dated
March 1 1926. They will not be
post offices during May 25-June 10.
callable before Sept. 1 1936; they will be redeemable as a
whole but not in part on Sept. 1 1936, or any interest date
National Loans of Japan Issued, Redeemed and Out- thereafter at 103 and interest on 60 days' notice. They
standing in March 1926.
will be coupon bonds in denominations of $1,000 and $500,
Data regarding internal and external loans of Japan issued, registerable as to principal only. Principal and semi-annual
redeemed and outstanding in March have been made avail- interest (Sept. 1 and March 1) will be payable in United
_ —
able through the Japanese Financial Commission in Wash- States gold coin of the present standard of weight and
ington. The figures show totalinternal loans outstanding on fineness at the office of A. G. Becker & Co., Chicago, or of
March 31 of 3,519,864,225 yen, compared with 3,550,075 - the International Acceptance Securities & Trust Co., New
.550 yen outstanding Feb. 28; internal loans of 2,610,275 yen York, without deduction for any taxes, past, present or
,were issued during the month,while of this class of loans the future, imposed by the Free State of Anhalt, or by the
amount redeemed was 32,821,600 yen. In the case of ex- German Reich, or by any taxing authority thereof or therein.
The following is taken from the summary of a letter
ternal loans the outstanding amount on March 31 is shown
- to the bankers from the Minister-President of the Free State
as 1,479,312,135 yen, as against 1,500,000,707 _yen on Feb.
28, the amount having been reduced through the redemption of Anhalt:
Indebtedness.
of bonds to the amount of 20,688,572 yen. The details folThis issue is the direct obligation of the Free State of Anhalt, and conlow:
stitutes its sole external debt. It is secured by its full faith and credit
NATIONAL LOA NS OF JAPAN (MARCH 1926).
Kinds of
Outstanding on
Issued in
Redeemed in
Outstanding at
of Loans-February 28.
March.
March.
March 31.
Internal—
Yen.
Yen.
Yen.
Yen.
5%
538,805.550 00 2.610,27500 29,653,300 00 511,762,525 00
5% special
135.099,11000
638.10000 134,461,050 00
5% "Ho"
429,015,800 00
2.520,70000 426,495,100 00
4% first
171,080,550 00
5.00000 171.075,55000
4% second
98.554,20000
4,20000
96,550.000 00
5% Treas'y bonds.1.759,230.725 00
300 00 1,759,230,425 00
Railroad bonds_ _ __
79.999,500 00
79,999.500
00
Extraord'y Treas'y
notes •
340,280,075 00
340,280,075 00
Total
3 550,075,550 00 2.610.27500 32.821,60000
3,519,864,225 00
External4% first
91,543,745 80
91,543,745 80
4% second
243.638,008 12
243,638.008 12
5% sterling
223.276,295 32
102,511 50 223,173,783 82
4% Franc
170,815,221 00
30,379 50 170.784.841 50
a% third Sterling
105,697,166 90
105,697,166 90
654% dollar
294.038,27040
10,792,681 20 283.243,58920
6% Sterling
244,075,000 00
244.075,00000
Former railroad
co.'s debentures,
Sterling
9,763,000 00
9,763,000 00
South Manchuria
Ry.Co. deben
.
s... 117,156,000 00
117,156,000 00
Total
1.500,000,70754
20,688,572 20 1.479,312,13534
Grand total
5,050.076,25754 2.810,27500 53,510.172 20
4,9%9,176,360 34
Note.—.These notes (representing chiefly our credits to Russia
and
China) were
used to be listed separately from others.
Another specially treated debt, Rice Purchase Bill, issued and retired
occasionally
for the purpose of regulating the price of rice, amounted at the end of
March to
16,044,947 69 yen, of which 4,082 56 yen being new issue in March.
Japan's Foreign Trade Figures.
An import balance of 300,550,000 yen is shown in figures
of foreign trade of Japan from Jan. 1 to April 30 this year,
made public by the Japanese Financial Commission. Under
date of May 6 the Commission supplies the following figures
from March to the end of April:
and the State covenants that so long as any of the bonds of this loan are
outstanding none of its assets or revenues will be pledged for any loan or
guarantee of whatever nature without securing the bonds of this loan
ratably and equally therewith. The internal funded and floating debt.
as officially reported, aggregates the equivalent of 51.310.000, while certain
State property is subject to mortgages of $2.250,000 given in the interest
of the company operating the property for the State. Upon the completion of the present financing, the States total indebtedness will be
substantially equivalent to $3,310.000 against total State property (after
making deduction for property mortgaged) of $75,000,000. Practically
all of this indebtedness has been Incurred for the purpose of building up
the productivity of the State properties and is, in effect, self-supporting.
Dawes Plan.
Under the operation of the Dawes Plan the assets and ordinary revenues
of the State have been exempted from any chargefor reparations payments.
However, certain of the State enterprises are subject to an unsecured
annual charge, which for the State of Anhalt is estimated at not in excess
of $15,000 annually.
Wealth and Revenues.
The estimated value of land and buildings within the State, but exclusive of properties owned by the State and Federal Governments, was
about 5333.800.000 in the year 1925.
Properties owned by the State of Anhalt, which are for the most part
income-producing, were valued in 1925 as follows: Agricultural lands,
$21,900,000; forests. 534,850.000; mills, $830.000; mines and chemical
works. 57,140.000; buildings and structures. $13.303.000; total. $78.050,000.
These properties represent an important interest in the potash and other
salts industries of the Stassfurt district as well as brown coal mines.
Included in the budget of the State for the year ended March 31 1925
were revenues and expenditures for State-owned properties and undertakings which yielded net receipts equivalent to $975.000. In the fiscal
year ending March 31 1926 the budget has been balanced at an amount
equivalent to $4,833,333.
This offering was made subject to prior sale for delivery
when, as and if issued and received, and subject to approval
of counsel. Pending delivery of definitive bonds, interim
certificates of the International Acceptance Securities &
Trust Co., New York, will be delivered.
2736
THE CHRONICLE
[VOL. 122.
from the
Senator Robinson Heads New Southwest Joint Stock the year 1917 totaling $29,204. This is learned
says:
which
Commerce,"
of
"Journal
York
New
Land Bank Organized in Arkansas—Bond
In its decision the Board said:
Offering Next Week.
"Where a partnership engaged in a general brokerage business acquired
Under the leadership of Senator Joe T.Robinson, organiza- seats
on various Exchanges from its members at an agreed valuation based
tion of the Southwest Joint Stock Land Bank at Little Rock, on their then market value, under an agreement that at the termination of
name
Ark., has been effected, according to an announcement on the partnership each seat should be returned to the members in whose dissoit stood at its then market value, any gain or loss, held, that on the
May 11 of M.F. Dickinson, President. The bank,chartered lution
of the partnership the difference between the values at dates of
by the Federal Farm Loan Board, is contemplated to provide acquisition and disposition constitutes gain or loss for the purpose of dethe income of the partnership under the Revenue Act of 1917."
termining
additional credit facilities for farmers in the territory served
by the institution. Mr. Dickinson, before accepting the
Presidency of the bank, was successively Appraiser, Director Samuel 0. Dunn of "Railway Age" Says Real Progress
and Treasurer of the Federal Land Bank of St. Louis. SenaIs Being Made Toward Solution of
•
tor Robinson is Chairman of the Board. The Board of
Railroad Problem.
Directors includes Moorhead Wright, President of the Union
"That real progress toward the solution of the nation's
Trust Co. of Little Rock; H. Grady Miller, former Manager, railroad problem is being made can be conclusively demonWashington Office, Continental Banking Co. of Baltimore, strated by mention of a few outstanding developments which
Md.; John M. Davis, President of the Exchange National have occurred within the last two years," said Samuel 0.
Bank, Little Rock; F. W. Niemeyer, President of the Bankers Dunn,editor of the "Railway Age",in an address on April8
Chamber of Commerce
Trust Co., Little Rock; M. W. Hardy, President, Hardy & at a luncheon given by the Rochester
to the Atlantic States Shippers Advisory Board. "Those
Co., Little Rock; H. C. Couch, President , Arkansas Light who are interested in the solution of the railroad problem"
& Power Co.; Vice-President, Simmons National Bank, he said "may be divided into, first, the public which receives
Pine Bluff, Ark.; M. L. Bell, Vice-President and General transportation service, pays rates to the railways and collects
taxes from them; secondly, the employees who receive
Counsel, Rock Island Railroad, New York.
own their
On Monday next, May 17 C. F. Childs & Co. will offer wages from them; and, third, investors who
continued:
He
securities."
a new issue of $1,000,000 5% Farm Loan Bonds of the newly
Both the average freight rate and the average passenger rate declined
organized Southwest Joint Stock Land Bank of Little Rock. during the last two years, with the result that the public paid the railways
less in passenger
The bonds will be dated May 11926, and due May 1 1956, last year $75.000.000 less in freight charges and 530.000.000transportation
at
charges than It would have paid for the same amount of
redeemable May 1 1936. They will be offered at 103 and the average rates of 1923. The public also collected 526,000.000 more in
interest to net 4.62% to the redeemable date and 5% there- taxes from the railways than In 1923. Thus, through lower rates and
In
after. The bank will operate in the states of Arkansas and higher taxes, the public benefited to the extent of $131,000,000.
addition it received a greatly improved service, the value of which was
Texas, it was chartered by the Federal Farm Loan Board, enormous.
The number of employees was reduced, but the average wage per hour
Feb. 20 1926.
of employees was increased. The result was that for the number of hours
they worked last year the employees received 3100.000.000 more in wages
than they would have received if they had been paid the average hourly
wage of 1923.
In spite of higher taxes, lower average rates and higher average wages.
the net operating income of the railways, with which they may pay fixed
charges and dividends, increased 5153.000.000 in 1925 over 1923. The net
return on their property investment in 1923 was 4.48% and in 1925 it was
4.83%. This was equivalent, in 1925, to an average of 5.63% on the
tentative valuation made by the Inter-State Commerce Commission. Of
course, as is well known, the railways in western territory earned less than
these averages.
Thus it will be seen that, from the standpoint of the selfish interest of each
of the three parties concerned, progress was made. This three-fold progress
was rendered possible by great economies in operation, and these In turn
were largely made possible by the investment of about three billion dollars
of capital in the railroad industry 'within the last three years.
It is a question of the first importance whether this progress toward a
solution of the railroad problem is to be continued or arrested.
What is the railroad problem? It is the problem of establishing and
afterwards maintaining economic justice between the public, the employees
and the investors. It is the problem of establlshing equitable relations
between the rates charged and the service rendered to the public, the wages
paid to the employees and the return paid to investors for use of their
capital. You cannot give to one of these parties more than it is entitled to
without giving to one or both of the other parties less than they are entitled
to, and thus failing to solve the problem.
A movement has been started for large advances in the wages of railway
employees. Everybody wants to see railway employees well paid. But
every fair and right minded person also wants to see patrons of the railways
get reasonable rates and the investors in their securities get reasonable
returns on their investment. Such advances in wages as are being asked
could not be paid merely by reducing the net return earned for investors.
A twenty per cent advance in wages would wipe out one-half of all the net
return being earned, although It never yet has been as much as the InterState Commerce Commission has held reasonable and necessary in the
public interest. The question raised by this wage movement, therefore,
actually is whether a large general advance in rates should be made to pay
a large general advance in wages.
Continued progress toward the solution of the railroad problem imperaMr. E. H. H. Simmons has just completed his second term of service as tively requires two things. First, all the parties interested must give more
year
eventful
this
During
President of the New York Stock Exchange.
consideration to the interests and rights of the other parties than they have
the Exchange has experienced the greatest volume of transactions ever in the past. We have had the railroad problem so long mainly because
recorded in its history, a fact which has put its organized machinery to a some of the parties interested in It have selfishly tried by'economic pressure,'
most decisive test. In the closing months of this period it has also passed political influence and misrepresentation to get what they have wanted
through a sudden decline in prices of extraordinary rapidity and extent.
regardless of the interests and rights of others. At the present time certain
In dealing with this unprecedented volume of business and in meeting labor leaders are grossly exaggerating the net return of the railways in
the strain of this drastic liquidation of securities the Exchange has made a efforts to further the wage movement.
most gratifying record of efficiency. This efficiency could not have existed
Secondly. regulation of railways must be made and kept a purely economic
without strong and able leadership and in the last analysis was mainly due policy aimed only at doing justice between the parties. While the necessity
to the untiring and resourceful efforts of Mr. Simmons in the responsible of this should be plain, measures prompted by political motives constantly
office of President.
are being Introduced in Congress to bring about unfair regulation in the
Be it therefore resolved, That the Governing Committee congratulates Mr. supposed interest of particular classes or sections. Among such recent
term
second
measures have been the Hoch-Smith resolution, a bill to abolish the PullSimmons on thesuccessful accomplishments achieved during his
and pledge him their hearty support in the work that is still before him.
man surcharge, the Gooding bill and a bill now pending for regional reprosentation upon the Inter-State Commerce Commission. A commission
composed of regional representatives would soon become a body of log
rollers each of whom,for political purposes, would try to get rate decisions
Losses Sustained in Valuation of Stock Exchange Seat favorable
to his section regardless of the national welfare.
E. H. H. Simmons Re-Elected President of the
New York Stock Exchange.
E. H. H. Simmons was re-elected President of the New
York Stock Exchange for the third term at the annual election on May 1,0, when the entire regular ticket named by
the nominating committee was elected. There was no opposition to any of the candidates. Warren B. Nash was
re-elected Treasurer. The following were elected members
of the Governing Committee for the term of four years:
James C. Auchincloss, Oliver C. Billings, Dexter Blagden,
Edgar Boody, Jay F. Carlisle, Robert Gibson, Huntington
Lyman, James B. Mabon, L. Martin Richmond and Charles
S. Sargent Jr. Those elected members of the Governing
Committee for the term of two years are Frank• Altschul,
Herbert L. Mills and William V. C. Buxton; for Trustee of
the Gratuity Fund for the term of five years, James B.
Mabon ; for Trustee of the Gratuity Fund for the term of
three years, Winthrop Burr; for Trustee of the Gratuity
Fund for the term of one year, H. G. S. Noble.
At a meeting of the Governing Committee of the Exchange
on May 12, Howard C. Foster, of the firm of Foster & Adams,
was elected a member of the committee, succeeding Temple
T. Berdan, resigned. The resignation of Gerald M. Livingston as a member of the Governing Committee was accepted.
Resolutions were passed by the Governing Committee praising and congratulating Mr. Simmons on the successful accomplishments achieved during his second term as head of
the Exchange, and pledging earnest support during the term
now before him. The resolution reads:
Held Deductible in Computing Income.
The difference between the value of Stock Exchange seats
at the time of their coming into a partnership and the value
at which the partnership disposes of them is a loss or gain
for the purpose of computing the income of the partnership
as well as for an accounting between the partners themselves, according to a decision announced by the Board on
April 23 by the Board of Tax Appeals on the appeal of
Logan & Bryan, of Chicago and New York, from deficiency
assessments by the Commissioner of Internal Revenue for
Philip Evans Re-elected President of Consolidated
Stock Exchange.
Announcement was made by the Board of Governors of
the Consolidated Stock Exchange of New York on Wednesday
May 12 that Philip Evans had been re-elected President of
the organization at the annual election held on Monday,
May 10, following a recount of the ballots cast at the election
by a special committee appointed for the purpose. Mr.
Evans in an announcement said:
MAY 15 1926.]
THE CHRONICLE
The regular ticket presented by the Nominating Committee, as provided for in the constitution, has been officially declared elected and such
announcement was made from the rostrum of the Exchange.
At the last minute at the election of officers an opposition
ticket was put into the field, naming Alfred J. Lane as
candidate for President, Rolland W. Betts as First VicePresident and Herbert M. Betts as Treasurer. In its issue
of Thursday, May 13, the New York "Times" in this
regard, said:
The insurgents formed a Members' Protective Committee two days
before the election. This committee voted a ticket of its own selection,
beaded by Mr. Lane, who has been a member of the Exchange since 1904,
with the avowed object of bringing about immediate liquidation of the
Exchange and the distribution of the assets pro rata among the membership.
The committee further protested certain acts on the part of the management, the chief of which were the proposal to Increase the salary of the
President from $4,000 to $10,000 and to increase the mortgage on the
building to pay current expenses.
In regard to the salary increase, Mr. Evans said that since his appointment as President of the Exchange no action had been taken and none
would be taken until his present term expires in June. All previous
Presidents of the Exchange, he pointed out, received a salary of $10,000
annually, but when he was appointed, in the interest of economy, he
suggested that his salary for the time being be $4,000 a year.
2737
Angeles, has been appointed Chairman of a committee of
the Los Angeles Chamber of Commerce, which is to make
a
study and analysis of the wool situation in the territory of
which Los Angeles is the centre. Some sixteen million
pounds of wool are produced in this territory, and it is believed that the industry can be developed by the close cooperation of all interests. In addition to producers, there
are upon the committee representatives of transportation,
storage, finance, manufacture and sale.
New York Cocoa Exchange to Cease Trading in Rubber.
The Cocoa & Rubber Exchange of America, Inc., at 124
Water St., this city, announced on May 12 that by order of
its Board of Managers trading in rubber will cease to-day
(May 15). On May 25 the members will vote to change
the name to the N. Y. Cocoa Exchange, Inc., and to cancel
the amendments to the by-laws covering rubber trading.
The inauguration of trading in rubber by the exchange was
noted in these columns Feb. 6 (page 690). With the disThe votes cast for Alfred J. Lane as President, Rolland continuance of rubber trading the exchange will revert
to
W. Betts as First Vica-President and Herbert M. Betts as its original name. The New York "Herald -Tribune" of
Treasurer, were declared "irregular and void," as the May 13 said:
constitution of the Exchange is said to provide for-only one
Bulk of the trading in rubber futures has been handled by the Rubber
Exchange of New York, which opened for business a few days after such
ticket. The officers elected are as follows:
trading
Philip Evans. President; R. Dunscombe, First Vice-President; M.
FarreIly, Second Vice-President; R. W. Moore, Treasurer, and V. Mott,
Chairman. Members Board of Governors to serve one year are: D.
Waber, J. F. Boyd, J. J. Green and R. G. Richard; to serve two years:
A. Graham, S. A. Heyman, E. P. Prendergast, R. De Cordova, I. P.
Skelly, P. L. Vollmer and M. J. Shaw. Members of the Arbitration
Commitee are: G. L. Turton, R. L. Chapman, A. D. Sanders, F. W.
Ross Jr., L. S. Mygatt, W. P. Altz and P. J. Kuntz. The trustees of the
Gratuity Fund, to serve five years: L. Sturges; trustee of the Gratuity
Fund to serve three years, W. M. Shaw.
Opening of Grain Futures Market in Seattle.
The opening of a grain futures market in Seattle, Wash.,
occurred on Saturday, May 1; it is pointed out that this is
the first market of its kind west of Minneapolis—the Seattle
"Daily Times" of May 1 making this statement in the following item relative to the inauguration of the new market:
Seattle took another forward step in commercial development this morning when trading began in the grain pit of the recently organized Merchants' Exchange Clearing House, the first grain futures market to be
opened west of Minneapolis. The opening session of the Exchange, situated in the basement of the Chamber of Commerce Building, was marked
by brisk trading in July and September wheat, and the volume of business
done exceeded the expectations of the grain men who have been working
for months to bring the futures market into being.
Grain merchants and flour millers from Tacoma, Portland, Astoria and
several other Pacific Northwest cities came to Seattle to attend the opening and principals of virtually every grain-buying or milling company in
Seattle also were present to give the first session a representative crowd.
Market Opens at 8 o'Cfeek.
S. C. Armstrong, President of the Clearing House, and R. M.
Semines,
who is serving for the present as Governor of the Exchange, declared
the
market open at 8 o'clock and trading continued until 9.30. Saturday
is
short day in the grain markets of the East. On other days the trading
hours in the Seattle grain pit will be from 8 to 10.45 a. m.
Phil Benedict of Kerr, Gifford & Co. had the distinction of making
the
first bid, and the first sale was made by Henry Kleinberg to Gordon T.
Shaw, the transaction being in September wheat. Harold Stringer
officiated as clerk of the market and chalked up the bids.
The Clearing House, which was organized last winter by grain men
in
the membership of the Merchants' Exchange department of the Chamber
of Commerce, begins business with 34 trading members.
It is the belief
of organizers of the market that this number will be
considerably increased
within the next few weeks.
Sanctioned by United States.
Opening of the grain futures market was sanctioned
by the United
States Department of Agriculture after the
organizers of the Clearing House
had made the necessary showing that Seattle was
a grain market entitled
to Governmental recognition under the Grain
Futures Act of Congress.
Charles M. Fritz, a special representative of the
Department of Agriculture
sent out from Washington, D. C., to assist in
the establishment of the
market was in attendance at the opening to-day
and will remain here until
the machinery is working smoothly.
Officers of the Clearing House are: S. C. Armstrong,
President; L. P.
Baumann, Vice-President; H. L. McIntyre, Secretary;
Pere S. Brown,
Treasurer; R. M. Semmes, Acting Governor.
It is the belief of the organizers of the Clearing House that
the new
futures market will prove of great value not only to the grain
trade of the
Pacific Northwest, but also to the farmers, by establishing
wheat prices
based on actual values.
It is also believed that, by giving grain exporters an opportunity they
have not had up to this time to protect themselves against price pluctuations pending delivery by "hedging," the futures market will stabilize
the
export trade, with the result that farmers will get better average prices
for average export wheat.
The following is the first market report of the new grain futures market:
Open.
Wheat
High.
Low.
Close.
$128%
41 31%
$12s%
July
$1 311,4
1
,
4
1
26
1 26%
September
1 26%
1 26%
Committee to Investigate Wool Situation in Los Angeles
Territory.
Frank C. Mortimer, Vice-President of the Citizens National Bank and the Citizens Trust & Savings Bank, of Los
was started by the New York Cocoa and Rubber Exchange. Several firms and traders, including Jesse Livermore, purchased seats in both
bodies at the time of the formation,in order to be on the winning side should
either exchange drop rubber futures.
The announcement yesterday oy the New York Cocoa and Rubber Exchange did not surprise the financial community,as it was felt there was not
sufficient business to make it worth while for both organizations to continue rubber trading.
Amendnrents to By-Laws of New York Cotton Exchange
to be Acted on May 17.—Proposal to Restrict
Trading—Secretary of Agriculture Jardine on
Changes.
Several amendments to the by-laws of the New York
Cotton Exchange will be acted upon at a meeting of members
on Monday next, May 17. Under one of the proposed
changes contracts of purchase or sale, by any one interest
in any one month would be limited to 250,000 bales. Commenting on the proposed changes the "Wall Street Journal"
of May 13 had the following to say—
The United States Department of Agriculture is brought into the situation. Proponents of the new legislation and its restricting policies, including questionnaire, claim a moral support in government attitude. On
Nov. 30, last. Secretary Jardine wrote the cotton exchange that complaints
were before him representing that "wide price differences between contracts
for December delivery and contracts to be fulfilled in subrequent months
operated to the hurt of legitimate business," and the secretary disclosed
that he was considering "a demand for action looking to rectification of the
conditions."
On the day of this official communication's receipt, President Haniss
responded, pointing out that "the question of variation in price between
contracts for different deliveries is by no means a new one" on any exchange
where future trading Is maintained, that the New York Cotton Exchange
experience was not exceptional here or abroad. As a price influence he
cited "the constantly shifting weather and crop conditions:" and he added
that"changing conditions of supply and demand, as well as the variations
in quality as to grade and staple produced in succeeding crops, will always
have their influence on futures contracts." But, he stressed,the New York
Cotton Exchange is constant in its aim to keep the market "free and open
as a place for the meeting of the minds of the cotton trade of the world."
And forthwith a special committee, inviting helpful suggestion from Washington, was appointed by President Harriss "to consider and report whether
desired results might be accomplished by adoption of rules patterned upon
those of the Business Credit Committee of the Chicago Board of Trade.
And some weeks later Secretary Jardine wrote that he had no suggestions to
offer.
Unprecedented Agitation Stirred Up.
In its scores of years of activity, facing historic crises, the exchange has
not hitherto worked into ferment like the present. Foremost figures among
New York's operators in futures are at grips; spot cotton merchants with
international relations are apart; every element, from planter to international textile producer, is bestirred. Among those agitated are those
traders who are exclusively interested in price fluctuations. New England
and southern spinners, along with those who store and those who export.
also are stirred up.
Thirteen of the 17 members of the exchange constituting the board of
managers have reported favorably upon the proposed by-law amendments
—the 250.000-bale limitation, the evidence obtaining questionnaire and
the provision that violation will constitute the grave offense of an act
detrimental to the best interests of the exchange." In a detailed review
they set forth their reasons for their action, "answering some of the criticisms directed against the proposed amendments." These reasons include:
First: The exchange has been subjected to criticism during the last eight
months from every quarter of the globe. It has been definitely requested
by merchants' associations of the South to correct existing conditions, and
has been requested by the Department of Agriculture "to keep operations
of a speculative and technical nature within bounds."
Second: Confusion has arisen from the impression that these proposed
amendments to the by-laws are substituted for southern deliveries.
This
is not the case, as, whether southern deliveries are instituted or not,
a
limitation of interests should still become a by-law. Southern deliveries
would in no way justify unlimited lines which could congest positions
to
the general detriment of the market.
Third: It is impossible to estimate the quantity of
which
have been withheld from this market during the present contracts
season
continued manipulation and the conviction of both speculator owing to
and the
cotton trade that their judgment was useless in the face of
large concentrated interests. The removal of this cause of overwhelmingly
an immediately answered invitation to the cotton worldmistrust will be
that the New
York Cotton Exchange is on a sounder and safer basis
than ever before,.
and its facilities may be used without fear of harmful
individualism.
2738
THE CHRONICLE
Reply to Paternalism Charge.
Fourth: It has been suggested that to "paternalize" New York to the
extent of limiting interests is to drive trade to other markets. The fallacy
of such an argument is obvious. A limitation of 250,000 bales per month
per individual, firm or corporation is not paternalism, but protection
against abuse, and what our market cannot stand, no other market can.
For New York to be the first to protect its clients is a challenge to every
other exchange to exist without similar measures.
Fifth: The principal aim of these proposed amendments is to provide
the greatest good for the greatest number. Among the thousands of firms
and individuals using the New York Cotton Exchange every year, whether
as speculators or to facilitate their business, there are probably under a
dozen who would in the least be affected by this measure.
Sixth: It is particularly called to the attention of the members that the
proposed amendment does not prohibit any brokerage house from carrying
more than 250.000 bales when the contracts are carried for various customers.
and not for the brokerage house's own account or for one client.
Seventh: There cannot be even a suggestion that restraint of trade is
contemplated,inasmuch as an individual could sell ahead for future delivery
based on the six active trading months 1,500,000 bales, even if all this
cotton should be priced before he had an opportunity to buy spots to
liquidate the sale. The amount of cotton for prompt delivery that be
may buy or sell in the ordinary course of business is practically unlimited.
In addition to this, the international merchant is forced to sell a considerable
proportion of his French and English exports based on the Havre and
Liverpool future markets. Therefore, the suggestion of a restraint of
trade becomes merely absurd.
Eighth: The conscientious functioning of the Business Conduct Committee will adequately control the non-member as well as the member
through the rigid enforcement of the proposed amendment.
The following are the members of the Board of Managers approving
the amendment: Samuel T. Hubbard, Jr., Julian A. Acosta, Berman B.
Baruch. John C. Botts, Thomas F. Cahill, Henry T. Dumbed, Max
Greeven, John W. Jay, John H. McFadden, Jr., Henry II. Royse. George
M. Shutt, J. Lawrence Watkins, Jr., and Edward E. Bartlett, Jr. But
Mr. Bartlett registers that he does not agree with paragraph "second."
but considers the proposed amendments th,e best alternative if southern
deliveries are not instituted.
One Member Non-Committal.
William II. Judson Is the only member of the Board of Managers who
does not go on record for or against the amendments. Opposition members
are Richard T. Barrios, President; Edward Allen Pierce and Clayton E.
Rich, and their objections are summarized in six specifications. They
characterize the amendments as "futile legislation" in that, "even in theory
a group of non-members, acting in collusion, cannot be prevented from
holding far in excess of the stipulated limitation." These are their opposition reasons particularized:
First: If this amendment is adopted the New York Cotton Exchange
can no longer claim to be an open market for it thereafter will be a definitely
restricted market.
Second: The adoption of the proposed limitation amendment will be
an unqualified avowal to the world that there is something so radically
wrong with our contract that we are forced to adopt artificial measures in
an effort to correct it. The logical remedy would seem to be the broadening
of our contract to a point where nobody could properly consider our market
too narrow to handle comprehensively the operations of any one interest
or group of interests.
Third: If limitation of Interest expressed in the proposed amendment
becomes operative, it will unquestionably force business now transacted in,
and based on, our market to competitive futures markets that are not held
to an arbitrary limitation of volume—a prospect which especially in these
dull times, cannot be contemplated with complacency.
Fourth: Not only will business thus forced away from our market be
entirely lost to our members, but also the prestige of resulting volume in,
and world wide fixations based on. competitive markets will attract still
other business away from our market.
Fifth: It is not unlikely that the proposed amendment will be regarded
by southern congressmen as an open attempt on the part of the New York
Cotton Exchange to depress the value of the cotton of the southern farmer
by arbitrarily limiting the amount of cotton that may be bought in the near
month, which is the controlling month when the farmer sells his cotton.
Sixth: In the event the New Orleans and Chicago exchanges do not
place similar limitations', they will materially profit by the limitation fixed
In New York. They could not buy the advertising that the New York
Cotton Exchange will have given them and it is reasonable to assume that
the value of the New York Cotton Exchange seat will suffer seriously.
Personal Issue Hinted At.
• Approaching somewhat personal issues that are involved In some phases
of the by-law contest, President Barrios, Mr. Pierce and Mr. Rich say:
• "The admitted purpose of the limitation measure is to curtail the volume
of spot business now being transacted by a certain southern spot firm.
Consider, if you will, the anomalous and ridiculous situation in which the
New York Cotton Exchange would find itself if, after the adoption of the
proposed by-law, the fruit of six months' deliberation by the management
of the exchange, the firm whose activities the amendment obviously is
designed to regulate should see fit to resign from the exchange on the first
occasion when it felt that it could operate to better advantage as a nonmember. Such a course would bo not only a logical one, but, in the opinion
of several of the undersigned, one which the firm in question undoubtedly
would pursue."
The following members of the Cotton Exchange have formally subscribed
to the statement and arguments of President Ilarriss and his associates
of the Board of Managers, Edward A. l'ierce and Clayton E. Rich, W. B.
Averell, Harry Barbee, Sterling S. Beardsley, Marshall Geer, W.L. Barrios,
Leslie E. Keiffer, J. E. Latham. Elwood McEnany, William Mitchell.
Henry M. Peers, John J. Pflleger, Paul Pflieger, William P. Richardson.
Harold A. Sands, Simon J. Shienker, Ell B. Springs, 2d. Alden H. Vose
and Spencer Waters.
The Atlantic Cotton Association, in convention at Charleston, representing Alabama, Georgia, South Carolina, North Carolina, Virginia and
Florida, has passed the following resolution: "We are opposed to a
control committee as recommended by the Board of Managers of the
New York Cotton Exchange. We are opposed to limiting the interest of
any one firm directly or indirectly in any one month. We are opposed to
the principle of limitation."
To adopt the proposed trade-limiting by-laws and establish the concomitant questionnaire, two-thirds of the vote cast next Monday must
be In the affirmative.
In a letter under date of May 12, addressed to President
Harriss, Secretary of Agriculture Jardine says, "it is im-
[VOL. 122.
Exchange as stated in my letter of Nov. 30 1925. It is generally recognized that the trading facilities afforded by the cotton futures exchanges
are of great importance to the ordinary and efficient marketing of our
cotton crop.
The operations conducted on these exchanges should reflect accurately
the consensus of informed opinion as to the commercial value of this crop.
It is to the best interest of every one who has to do with the crop, whether
as grower, merchant, banker or manufacturer, that the prices reported
on Exchange transactions truly represent market values. This imposes
upon the officers and members of these exchanges the grave responsibility
that their rules and regulations shall be so framed and so administered
as to insure against any artificial influencing of prices.
It is impossible to predict whether the adoption of these amendments
will accomplish what may be desired. I am glad to see them as evidence
of the purpose of your exchange to fulfill its obligations to the public,
and I assume that if these amendments do not meet the necessities, other
means will be devised.
The effectivess of any amendment or of other measures for self-regulation
must depend very largely upon the sincerity with which they are observed
and enforced. The responsibility for this rests now with the officers
and members of your exchange. It is my conviction that the exchange
may more advantageously regulate its own acting's in conformity with
the public interest rather than to permit conditions to develop that require
governmental regulations.
I wish to express to you my appreciation of your courtesy in sending
me these proposed amendments, and of the opportunity of discussing
these matters with a committee of your members.
Sincerely yours.
W. M. JARDINE, Secretary.
The followng are the notices issued to members of the
Exchange by Secretary Hale regarding the proposed amendments:
NEW YORK COTTON EXCHANGE.
May 5 1926.
To the Members of the New York Cotton Exchange;
Dear Sirs:—At a meeting of the Board of Managers held yesterday, the
proposed amendment to Section 81 of the By-Laws, which was approved
on April 30th, was rescinded and the following was approved in its stead,
ordered posted on the bulletin of the Exchange, and a meeting of the
members called to consider it on Monday. May 17 1926, at 3:15 o'clock
p. m. in the Board of Managers room of the Exchange:
Amend paragraph (g) of Section 81 of the By-Laws by inserting the
following as the second and third paragraphs:
"It shall be deemed an act detrimental to the best Interest of the Exchange
for any member, for his own account and (or) that of any partner and (or)
that of any corporation or association owned or controlled by him or by a
partner, and (or) that of associated interests, to have outstanding and (or)
control, directly or indirectly, at any time contracts of purchase or sale.
made on the Exchange, for the future delivery of cotton in any one month
for an amount in excess of 250,000 bales.
"It shall be deemed detrimental to the best interest of the Exchange for
any individual, partnership or corporation not a member of the Exchange
to have outstanding contracts, made on the Exchange through members
of the Exchange, for the purchase or sale of cotton for future delivery ih
any one month, for an amount in excess of 250,000 bales. No member of
the Exchange after he has been notified by the Secretary thereof that any
individual, firm or corporation has outstanding contracts, made through
members of the Exchange, for the purchase or sale of cotton for future
delivery on the Exchange, in any one month in excess of 250.000 bales
shall thereafter execute for such individual, firm or corporation any order
by which such excess Is increased. Violation of this by-law shall be deemed
an act detrimental to the best interest of the Exchange."
THOMAS HALE, Secretary.
(In view of the foregoing, the meeting of the members called for May 14th
canceled.)
has been
NEW YORK COTTON EXCHANGE.
May 5 1926.
of
To the Members the New York Cotton Exchange:
Dear Sirs:—At a meeting of the Board of Managers held yesterday,
the following proposed amendment to the By-Laws was approved, ordered
posted on the bulletin of the Exchange, and a meeting of the members
called to consider same on Monday. May 17 1926, at 3.15 o'clock p. m.
In the Board of Managers Room of the Exchange:
Amend Section 26-A of the By-Laws by striking out the second paragraph
and substituting the following therefor:
"The Committee shall have full authority to require that members or
their firms shall answer a questionnaire at such times and in such form
as shall be prescribed by the Board of Managers. The Committee shall
have full authority to summon members, their employees and their agents
to testify and may require members under investigation to produce their
books, records and documents for examination."
The Section as thus amended would reas as follows:
"Sec. 26-A. The Committee on Business Conduct shall consist of the
President, ex-officio, and five other members of the Exchange. It shall
have power to examine into the dealings and general conduct of members
and report its findings to the Board of Managers.
"The Committee shall have full authority to require that members or
their firms shall answer a questionnaire at such times and in such form
as shall be prescribed by the Board of Managers. The Committee shall
have full authority to summon members, their employees and their agents
to testify and may require members under investigation to produce their
books, records and documents for examinatign."
THOMAS HALE, Secretary.
May 5 1926.
To The Members of The New York Stock Exchange:
the
of
of
Board
meeting
a
Sirs:—At
yesterday, the
Managers
held
Dear
following proposed amendments to the By-laws were approved, ordered
posted on the bulletin of.the Exchange, and a meeting of the members
called to consider same on Monday. May 17 1926, at 3:15 o'clock p. m. in
the Board of Managers Room of the Exchange:
Amend Section 12 of the By-Laws,as follows:
Strike out the first paragraph, and substitute the following therefor:
"At its first meeting after each annual election, or as soon thereafter as
possible to predict whether the adoption of these amend- possible,
the Board of Managers shall appoint the following Standing
ments will accomplish what may be desired . . . and Committees, with the exception of the Trade Investigation committee to
which appointments shall be made to fill the annually recurring vacancies,
I assume that if these amendments do not meet the neces- These Committees shall act until their successors are appointed.
Insert as the 16th Standing Committee, the following:
sities other means will be devised." The letter follows:
"16. Trade Investigation Committee."
DEPARTMENT OF AGRICULTURE.
Insert the following as a new scktion, 26-B of the By-Laws:
Washington, D. C., May 12 1926.
Trade Investigation Committee:
City.
York
New
Exchange.
r. Richard 7'. Ilarriss, President New York Cotton
"See. 26-D. The Trade Investigation Committee shall consist of the
ly Dear Mr. liarrts;—I have before me your letter of May 7, together President
and
Vice-President,
ex-officio, one member of the Board of Manawith copies of certain proposed amendments to the by-laws of the New gers to serve for one year and eight other members of the Exchange, two
York Cotton Exchange. On Monday of this week a committee from of whom shall be appointed to serve for one year, three for two years and
to be appointed
your Exchange, under the Chairmanship of Mr. S. T. Hubbard, called three for three years; the member of the Board of Managers
annually, and the remaining eight to be appointed for a term of three years
upon me to discuss those amendments and related matters.
as their terms expire. Should any vacancies occur they shall be filled by
• The present proposals are apparently designed to correct certain con- the Board of Managers. Of the eight members appointed from the general
ditions which were described to use as existing on the New York Cotton membership, two shall reside in the Eastern section of the cotton belt, two
MAY
15 1926.]
THE CHRONICLE
in the Central section, two in the Western section, one shall be closely
identified with the New England spinning interests and one shall be closely
identified with Southern spinning interests.
"This Committee shall convene upon instructions of the Board of
Managers,and shall meet within one week after these instructions are issued,
or as soon thereafter as is practicable.
"In case it is impossible to obtain a quorum from the regular Committee,
the President, with the consent of the Board of Managers, shall appoint a
sufficient number of members of the Exchange to this Committee to make
a quorum, such appointments to hold only during the time that the matter
under investigation is being considered.
"It shall be the duty of this Committee to investigate and report to the
Board of Managers its findings and conclusions as to any matter submitted
to it. This Committee shall have the right to summon before it as witnesses
members of the Exchange and may also take the testimony of any pers
who appear before it. The expenses of the Committee shall be pal onsfrom
the general funds of the Exchange."
THOMAS HALE, Secretary.
2739
The committee stated that it is impressed with the improvements and
progress in the live stock work of the bureau such as the pig surveys,
surveys of beef cattle and lambs on feed, and milk and egg production, and
that it approves the plan to estimate production of live stock as to numbers
on specific dates. The committee recommended that this work be pushed
with vigor and that every effort be made to obtain accurate information
and to extend the scope of the work with a view to affording a guide to
farmers in their future production.
Other recommendations included in the committee's report were the development of historical farm price studies such as are now being undertaken in Maryland and South Dakota, and the construction of index ninnhers on farm prices and other agricultural subjects on the best possible
basis for comparable studies.
Concluding its recommendations, the committee declared that "it believes that the chief members of the staff of the Division of Crop and Live
Stock Estimates are overworked and overburdened with administrative details. It skuld recommend, therefore, an increase in the staff and a rearrangement of assignments, if funds can be secured for this purpose, in
order that the members may be able to travel more extensively and thus
keep more closely in touch with the conditions and problems in the field."
Trading in Grain Futures in Canada Illegal—Where
Actual Delivery Is Not Contemplated.
Where people are trading in grain futures and neither
party contemplates actual delivery of the grain, such transactions come within the gaming section of the Criminal M. A. Traylor, of Chicago, Finds Farming Complaints
Come from Less than 25% of Farmers—Part Played
Code of Canada, says a Canadian Press dispatch from Calby Politics and Inflation.
gary, April 28. As given in the Montreal "Gazette," the
War debts, the World Court and the agricultural situadispatch says:
This was the judgment handed down by Mr. Justice Walsh in the action tion were discussed by Melvin A. Traylor, President of the
brought by the Topper Grain Co., Ltd., of Winnipeg, against E. A. Mentz. First National Bank and the First Trust & Savings Bank
The defendant, Mentz, operated a country elevator at Hilda, Alta., and
the plaintiff, a grain firm in Winnipeg, arranged to help the defendant of Chicago in an address before the North Carolina Bankfinancially in operating the elevator and to act as his broker in the pur- ers' Association at Durham, N. C., on May 7. Presenting
chase and sale of his grain. Heavy financial losses incurred by the defendhis remarks under the head "Taking Ourselves Seriously"
ant in April 1925, rendered him unable to carry on after June of the same
year. Upon all the transactions of these parties a balance of $28,870 was Mr. Traylor said that "while we are inclined to worry more
due to the plaintiff, and the action was brought to recover the amount, or less about everything affecting our welfare, there has
which was admitted by both sides to be correct.
been more concern displayed about our food supMr. Justice Walsh gave judgment dismissing the plaintiff's claim and perhaps
gave judgment for a counterclaim by defendant for $2,190, but dismissed plies than about any other one necessity of life." Mr.
his claim for damages for failure of the plaintiff to obey instructions as Traylor introduced figures to show that, with the exception
to purchase and sale of grain on his speculative buying.
of cotton and cattle on farms, production has been almost
uniform in the two periods from 1911-15 and from 1921-25,
Witt therefore it seems "perfectly obvious that the so-called
Crop Reporting Board Plans to Improve Reports on
surplus production is largely a myth, and that the cause of
Major Crops—Postponement of Acreage Report—
the farmers' complaints that he is not making a profit from
Recommendations Regarding Cotton Crop
his farm operations must be looked for in some other direcReports.
tion." The speaker advanced it as his belief "that the comThe belief that the bi-weekly estimates and reports on the plaints to-day with regard to farming operations are comcondition of the cotton crop "are unnecessary and unwise" ing from less than 25% of the farmers of the country, and
Is expressed by the Statistical Advisory Committee ap- from the horde of politicians who are seeking to make cappointed by the Department of Agriculture to study the ital out of the situation," Mr. Traylor undertook to show
work of the Crop Reporting Board. The committee recom- the part played by inflation and expansion in the troubles
mends, that if such reports must be made of statutory re- of the farmers, and his remarks concerning the agricultural
quirements, they be made "to contain upper and lower quansituation are quoted herewith:
titative forecasts so as to indicate both the maximum and
In recent years the subject of agriculture, and the welfare of the farmer,
minimum crop that may be expected in addition to the has been our most fruitful topic of conversation. Political fortunes have
usual quantitative figures issued heretofore." The commit- revolved around the unhappy situation of the farmer, and the business
barometer has gone up and down with the varying proposals for his relief.
tee's recommendations are made known as follows by the So many and such conflicting statements have been made on the subject
that it seems next to impossible to get a true picture, and, therefore, to
Department of Agriculture under date of March 7:
Efforts toward greater improvement of reports on major crops, including suggest what, if anything, is a possible remedy.
It is only a few years ago, as time goes, that there was a widespread
cotton, wheat and corn and expansion of work on live stock estimates, Will
feeling, voiced by the leading agriculturists of the country, that the time
be made this year by the United States Crop Reporting Board.
Changes to be made by the Board include the postponement of acreage was rapidly approaching when America would not be able to feed its rapidly
estimates until July, so as to'minimize the necessity for later revisions; increasing population. All of us can remember the thrilling speeches and
issuance of a wool production estimate on July 29 and issuance of indices the seemingly unanswerable facts displayed to prove that production was
gradually falling behind consumption, and that unless there was an imof milk and egg production monthly, beginning about Aug. 10.
The Crop Board program has been developed on the basis of recommenda- provement in soil culture, fertilization, reforestation, eta, the nation
tions made by the Statistical Advisory Committee appointed by the De- would face the dire necessity of importing a large percentage of its food
partment of Agriculture in 1922 to study the work of the Board and to requirements.
I acknowledge, so thoroughly was I convinced of this fact, that on more
recommend improved practices. The committee meets periodically at
Washington, and is composed of Carroll W. Doten, Massachusetts Institute than one occasion I argued, long and loudly, for diversification, intensive
of Technology; Dr. G. F. Warren, Cornell University; Nat. C. Murray, of cultivation, and larger production. What is the situation now? The worry
Chicago, and W. I. King, National Bureau of Economic Research, New York. 'seems no longer to be for food for the hungry millions, but for more milThe committee recommends that the semi-monthly cotton crop reports lions to consume our tons of food. Our evangelists of despair, so far as
contain upper and lower quantitative forecasts, so as to indicate both the agriculture is concerned, have talked so much about over-production and
maximum and minimum crop that may be expected, in addition to the usual surplus of agricultural products since 1920, that we are perhaps warranted
quantitative figures issued heretofore. Three quantitative figures would in calling their attention to a fact or two with respect to production, which,
be included in each report, one figure being the estimate based on present if not news to them, may at least be enlightening to those who have no
practice, another figure indicating the possible yield should weather and doubt felt that there has been a crushing surplus of the staples of the farm.
boll weevil conditions prove equal to the best year in the last decade,
Without burdening you with statistics, a few brief comparisons may be
and a third figure giving the possible yield should weather and boll weevil permitted. In the five-year period from 1911 to 1915 the average producconditions prove to be-as bad as in the worst year of the last decade.
tion of cotton was 14,175,000 bales at an average pice of 12 41-100c. per
The Crop Board is giving careful consideration to the advisability of pound, while in the peiod from 1921 to 1925, the last year estimated, the
issuing the quantitative forecasts as recommended by the committee. production averaged 11,362,000 bales, at an average price of 21 85-100c.
Should the Board decide to issue the forecasts in that manner, due public per pound.
notice will be given by the Board. The statistical committee believed that
In the 1911-15 period, wheat production averaged 806,358,000 bushels
the new method, if adopted, would more carefully safeguard the estimates at an average price of 89c., while in the 1921-25 period the average profrom possible misinterpretation.
duction was 804,384,000 bushels at a $1 11% average.
The committee recommended that the objective methods of ascertaining
In the former period, corn production averaged 2,754,000,000 bushels at
acreage, such as the use of crop meters, telegraph pole counts and field an average price of 603-100., while in the latter period the average was
be
further developed and utilized. It urged also that the 2,873,000,000 at an average of 69 6-10c.
counts, should
present degree of decentralizing the work of the Board be continued, and
Cattle on farms, Jan. 1 figures in each case, for the period of 1911-15
that co-operation between the Department's State representatives, colleges were 37,178,000 at an average estimated price of $26 52 per head, while in
of agriculture, and public officials of the several States be developed more the latter period the annual average was 41,616,000 at an average estimated price of $26 08 per head.
fully wherever conditions are favorable for such development.
Hogs on farms in the first period were 63,151,000 at an average price of
The committee stated that "it believes that the hi-weekly estimates and
reports on the condition of the cotton'crop are unnecessary and unwise. $9 58 per head, and in the latter peroid, an average of 60,418,000 with an
If such reports must be made because of statutory requirements, they should average price of $11 34 per head.
From these figures, it will be observed that, with the exception of cotton
be so made as to emphasize the monthly reports which are comparable with
those of previous years and to indicate that the mid-monthly reports are and cattle on farms, production has been almost uniform in the two periods,
merely indicative of changing conditions, but not strictly comparable with which eliminates, of course, the five-year period from 1916 to 1920, incluthe others. To obtain the data with the same degree of completeness from sive, which embraced the activity of the war and the early post-war inflathe regular crop reporters ana State agents twice a month, tends, in the tion. In no case has production anywhere approached an increase comopinion of the committee, to overburden every one concerned and to lessen mensurate with the increase in population between the two dates. It,
the care and aecuracy with which the reporters are able to do their part of therefore, seems perfectly obvious that the so-called surplus production is
largely a myth, and that the cause of the farmer's complaint, that he is
the work."
2740
THE CHRONICLE
not snaking a profit from his farm operations, must be looked for in some
other direction.
Since the most pressing necessity for the human race is food and clothing,
and since these elemental requirements must come from the farms and
ranches of the country, the question of successful agriculture is at once
fundamental, and since it must be admitted that all has not been, and is
not, well with this industry, and since everyone else apparently is willing
to express some opinion on the subject, may we not, without becoming too
serious, ruminate and speculate somewhat about it ourselves? After all,
what is the matter with agriculture?
In the first place, I confess I do not know, and in the second place, I
plead guilty to having no clear-cut remedy, but there are a few facts
which seem to me obvious, as a part, at least, of the underlying causes of
the present situation, and which, if correct, and if recognized and accepted,
suggest themselves something of the remedy that sooner or later must be
applied.
It seems to me that present difficulties had their inception largely in
Inflation of prices prevailing for agricultural products from about 1916
to 1920, with the consequent, of course, large expansion of profits from
farming operations. This increase of profits led, as inevitably with the
farmer as with the manufacturer, to the expansion of plant and equipment,
meaning, of course, the acquirement by the individual of larger acreage
and of modern, if not always efficient, machinery for the conduct of his
business.
These statements are general and do not apply to everyone engaged in
the business, because in farming, as in other activities, there are always
some who play the game safely and conservatively, and this is amply
proven by the fact that there are thousands, literally millions, of farmers
who have gone through the recent crisis without any difficulty or stress,
and who are to-day prosperous, happy and contented. In fact, my information leads me to believe that the complaints to-day with regard to farming operations are coming from less than 25% of the farmers of the country,
and from the horde of politicians who are seeking to make capital out of
the situation.
With the average, and, in this case, with the majority of those who were
swept off their feet by the wave of prosperity through which they were
passing, let us analyze the results of this inflation and expansion. The
farmer who was operating on land, let us say, that he was carrying in his
capital account at a value of $100 per acre, and who perhaps had a loan of
$50 an acre, suddenly found that because of the increased profits from his
operations, his land had a market value of $200 per acre, and he also discovered that if he had a new tractor and some new farm machinery, he
could greatly increase his production, but if he did that, he would need
a larger barn and more warehouse facilities; and the chances are that with
an appraisal of $200 per acre on his land, he increased his loan to $100
per acre, thereby doubling his capital account and his bonded debt, not
out of earnings, but, as we would say, because of his ability to effect a
"clean write-up" of 100% on his plant account.
If he did not effect the doubling of his capital account in this manner,
and if his $100 acre farm was clear, he probably bought his neighbor's
farm for $200 per acre and mortgaged both the new and the old for $100
per acre. In this latter case, he had increased his capital account by
150%. It is easy to see what this did to his net percentage of income, contrasted with his original position. If he had been able to make 6% on the
original investment, without any allowance whatever for the increased cost
of operations, which, of course, did take place, he cut his net income, based
upon his capitalization, about one-half when he had completed his expansion
program. But, worse than that happened. His calculations had been
made upon a price for his product which reflected a war-time demand and
buying power of Government money which, when the war was over, was
suddenly curtailed, and with demand gone, with buying power withdrawn,
he found his gross selling price again cut in two. If his gross, therefore,
at the high figure, had enabled him to make 3% net on his new.capitalization, this now was cut, at least, one-half by the reduction of his gross
selling price, and instead of making 6% return, as he was able to do, perhaps, on his original $100 acre farm, he has since found himself lucky if
he has made 1%% on his new capital account.
Whis general statement of the situation may be successfully attacked. I
do not know; but if the sober truth were admitted, I am confident that
something of this kind underlies 75% of the present difficulty.
How can it be remedied? As I have already said, I do not know, but I
believe that time and intelligent hard work is the surest restorative of
better conditions. I am perfectly certain that no magic of a Houdin', or
legerdemain of trick legislation, can accomplish the result. There are a few
facts, however, which it seems to me must be faced and accepted before a
start to better things can be made. Perhaps the first and most important
one is a recognition of what has always seemed to me to be obvious; that
farming, as such, never was, is not now, and I do not believe will ever be
a so-called money-making proposition. By this I mean a business in which
A man may engage with the certainty of being able, over a period of years,
from the production and sale of farm commodities, to accumulate great
wealth. I know there are those who will say that unless farming can be
made a successful money making proposition, there is no hope for the future
of the country.
My argument with such people will turn on the correct definition of
what is a satisfactory money making business. I believe that if farming
Is intelligently and industriously followed, it is a satisfactory business, but
I. do not believe that it is sufficiently a money making proposition to
attract those who are ambitious to play for big fortunes. I know there
are those, also, who say that many men have grown rich in the past in
agriculture. I do not think they have from the mere production and sale
of farm commodities. The men who have grown rich in the past from
agriculture have owed their success most largely to the ownership of what
would now be considered very cheap lands, which over a period of years
have shown quadruple and more appreciation in values, and this is true
not only of those actively engaged in farming, but those who have operated our large cattle ranches as well.
But, if agriculture does not mean great wealth, and it certainly does not
Involve a life of idleness, ease or luxury, it does mean much more. It means,
If intelligently, and industriously followed, and always it must be intelligent and industrious, a character of independence vouchsafed to no other
trade or profession. It means a home, with comforts, and dignity, and
self-respect, that cannot be claimed by those in any other activity of life.
How do I know this? I know it by experience, and I know it by observation. If I may be pardoned a personal reference, I think I may prove
my case by my own twenty years on a farm. My father owned a hill farm
In the mountains of Kentucky, which for character of soil and productivity,
was perhaps as uninviting as exists almost anywhere in this country. He
bad a family of seven children. I do not believe his cash incomh averaged
$300 per annum, and yet he managed to give us, in ample supply, the necessities of our station and condition, and such comforts as were common to
,the community. We did not have the so-called luxuries of to-day, neither
[VOL. 122.
did our neighbors, and we did not miss them, but we had then, as I know
the farmers of to-day have, more good, wholesome food than any man working to-day on a salary of $2,500 per year can buy for his family and be
able to pay his grocery bill, without paying any other of his debts.
These conditions have not changed, and the farmers of to-day, who are
complaining of their inability to make money enough to pay for their
necessities of life, are enjoying at home, as a natural heritage of their
business, comforts and luxuries which the man in the industrial centres,
working for a salary, is spending every dollar of his income to obtain, and
then is not getting anything commensurate with those enjoyed by the
farmer.
It is these so-called unledgered items of the farmer's income that are too
often lost eight of in the calculations made by our reformer friends, who
would legislate a living wage and universal prosperity to those engaged in
agriculture. If the farmer, as a whole, would be happy again, he must
take stock of his blessings and thank God for them, get rid of his quack
doctors of political bunkem, revalue his plant and equipment, and start
over again in full knowledge of the fact that he must face keen and effective competition, that he must work hard and intelligently, that he must
calculate in his income the inherent and undeniable items, which are not
measured in dollars and cents. When he does this, I feel perfectly certain
that over a period of years, taking the good and the bad as it comes to all
classes of business, he will find that he has lived well, that he has had a
fair margin for the enjoyment of all the necessities of life, and a surplus
for those luxuries which he has a right to claim, and above all, that he
will have had a chance to be an independent individual, a real man, and a
self-respecting citizen.
Annual Report of Federal Farm Loan Board—Growth
and Earnings of Federal Land Banks, Joint
Stock Land Banks, &c.
Chairman R. A. Cooper, of the Federal Farm Loan Board,
In his annual report made public April 3, comments on the
"great strides" made by the Federal Farm Loan system in
the nine years since 1916, when the Farm Loan Act was
passed. The original capital of the Federal Land banks, he
notes, "was $9,000,000, of which $8,892,130 was supplied by
the Government. The capital account stood, Dec. 31 1925,
at $53,769,567 50, of which only $1,331,930 was owned by the
United States, while borrowing farmers in national farm
loan associations provided $51,929,867 50, borrowers through
agents $507,540 and individual subscribers $230. In addition there are now reserves and surplus equaling $12,765,112." Regarding the net earnings, the report says:
Net earnings from the beginning of business to the end of 1925 were
$34,964,937 86, out which dividends were paid amounting to $14,690,535 69. It is the policy of these banks to charge off real estate acquired
by foreclosure, so $6,398,736 49 were used for this purpose, and $1,062,159 93 were set aside as a reserve for delinquent installments, in addition
to $148,394 43 as a charge-off on account of banking house property. There
remain undistributed surplus, reserve and profits accounts of $12,765,112 32. These alone exceed the original capital by almost $4,000,000. In
this period 379,876 farmers have been served through 4,925 national farm
loan associations, in a total amount of $1,169,356,699. Only one's imagination can conjure just what benefits the stupendous total of these figures
represents. Certainly no other institution devised to serve farmers can
present a record so unique and so distinctly successful as this.
It is entirely feasible, as this history demonstrates, to fashion a financial system for farmers, owned by them and administered solely for their
benefit.
The development of joint stock land banks has likewise been notable.
As reported to the Board by these institutions, of which 53 were active at
the close of 1925, they had capital paid in amounting to $41,595,625 98,
which, with other surplus, reserve and profit accounts, brought their total
investment up to $51,679,782 61. Beginning in 1918, with loans which
were 03,408,421, they increased this aggregate to $624,628,615 at the close
of the past year.
In both types of banks advances have been made to farmers upon real
estate security to the extent of $1,793,985,214.
In the Federal intermediate credit banks, from the beginning of their
operations following the enactment of the measure creating them, March 4
the date of this report, $215,949,084 have been loaned to co1923, to'
operative marketing associations, secured by staple agricultural commodinotes
of farmers aggregating $96,221,065 have been rediscounted
ties, and
for financial institutions.
Therefore we may say that funds have been provided for the credit requirements of agriculture through this system in the total sum of 22,108,165,363. Contrary to a somewhat common impression, no funds for loaning by any of the banks, other than the actual paid-in capital of the intermediate credit banks, are available from the Treasury. In all other instances
they are derived from the sale of bonds or debentures.
As to the operations during the past year, the report has
the following to say:
In a general way the year just ended reflects pleasing progress in the
loaning operations of the banks in the farm loan system. The Federal land
banks closed loans to 39,905 borrowers in a total amount of 2127,355,461,
as against 47,327 loans, amounting to $165,610,844 in 1924, thus representing some decline in total volume, while joint stack land banks, during
1925 loaned $131,430,810 to 19,699 borrowers, as against $74,586,761 to
11,390 borrowers in 1924, showing an increase. The combined totals are
$258,786,261 for 1925, as against $240,097,606 for 1924. Over and above
the facts evidenced by these figures, the feature which affords greatest
satisfaction to the administrators of all the banks concerned is that the
banks have met fairly all the demands made upon them for credit, and keys
proved themselves to be able to render the service for which they "rare
designed.
Regarding the loans closed by the respective Federal Land
banks in 1925, we quote the following from the report:
Federal Land Bank Schedules.
During the year 1925 the 12 Federal land banks closed loans to 39,196
borrowers, aggregating $127,355,451, divided among the various banks,
as follows:
MAY 15 1926.]
No.
Amount.
2,004 $6,767,800
3,931 10,039.201
4,211 9,572,150
4,313 12,159,700
7,030 15,442,400
2,260 7,028,300
Bank.
St. Paul
Omaha
Wichita
Houston
Berkeley
Spokane
No.
Amount.
..rwww
.
-014W
bob.
,..,w.ocw..4
ocow-ao.
Bank.
Springfield
Baltimore
Columbia
LouLsville
New Orleans
St. Louis
THE CHRONICLE
$9,337,100
21.345,500
7,692,800
16,616,000
4,988,400
6,336,100
During the year the stock held by the United States Treasury was retired as follows:
$34,825
Springfield
$65,775
Berkeley
Baltimore
85,700
88,265
Columbia
64,470
Total retirements
$339,035
St. Louis
The Government OW118 no stock in the Federal land banks of Louisville,
New Orleans, St. Paul, Omaha, Wich'ta, Houston and Spokane.
Total net earnniga of the 12 Federal land banks for the year 1925 were
as follows:
$298,136 62
Springfield
Omaha
$1,365,677 70
542,948 41
Baltimore
Wichita
824,146 54
Columbia
610.535 95
Houston
1,191,113 65
993,771 26
LouLsville
413,776 47
Berkeley
958,759 59
724,675 83
Spokane
New Orleans
510,523 22
St. Louis
693,170 10
$9,127,235 34
Total
St. Paul
It is learned from the report that 80 charters .have been
granted to Joint Stock Land banks by the Federal Farm
Loan Board since the law authorizing their organization
became effective. Of these, 25 subsequently went into voluntary liquidation, their assets being taken over and their
liabilities assumed by other banks in the system. On this
point the report states:
The following joint stock land banks liquidated voluntarily within the
past year, and their assets were taken over and their liabilities assumed by
other joint stock land banks, as permitted by an amendment to the Farm
Loan Act, approved March 3 1925:
PURCHASING BANK.
LIQUIDATING BANK
PS
Texas-Oklahoma Joint Stock Land Bank, Dallas Joint Stock Land Bank and
Wichita Federal Land Bank.
San Antonio, Texas.
Southeast Missouri Joint Stock Land St. Louis Joint Stock Land Bank.
Bank, Cape Girardeau, Mo.
Bankers Joint Stock Land Bank, Boone- Kansas City Joint Stock Land Bank.
ville, MO.
Wichita Joint Stock Land Bank, Wichita. Kansas City Joint Stock Land Bank.
I, Kan.
Dayton Agricultural Joint Stock Land Virginian Joint Stock Land Bank,
Charleston, W. Va.
Bank. Charleston, W. Va.
Bowen Joint Stock Land Bank, Pittsburgh, Ind.
Columbus Joint Stock Land Bank, Virginian Joint Stock Land Bank,
Charleston, W. Va.
Columbus. Ohio.
Liberty-Central Joint Stock Land Bank, Kansas City Joint Stock Land Bank.
St. Louis Joint Stock Land Bank.
St. Louis, Mo.
Central Illinois Joint Stock Land Bank,
Greenville. III.
The Bowen Joint Stock Land Bank, of Delphia, Ind., never made any
loans, nor did it incur any obligations; hence it could liquidate without
the assistance of any other bank. In addition, the Northwest Joint Stock
Land Bank, of Portland, Ore., is in process of liquidation; a portion of its
mortgages and all of its outstanding bonds were assumed by the Federal
Land Bank of Spokane. The State Savings Joint Stock Land Bank, of
Quincy, Ill., nas not yet begun to operate actively. No charter has been
issued to a bank since Sept. 11 1923. As a consequence of these changes,
the total number of joint stock land banks actively engaged in business at
the date of this report is 53.
Each joint stock land bank operates in two States—in the State of its
domicile and in one other contiguous thereto. The whole of the continental
United States is now served by this type of bank, with the exception of the
ten States of Maine, New Hampshire, Vermont, Massachusetts, Rhode
Island, Connecticut, Delaware, Florida, New Mexico and Montana.
Based on the results of actual experience, the Board deems it wise not
to charter additional joint stock land banks, except and unless it shall be
shown by a careful survey that there is a need for the bank and reasonable
assurance of a profitable volume of business, and evidence that the financial
responsibility and competency of the personnel of the proposed organization
will afford satisfactory and efficient operation. Such a bank must function
so as to insure conservatism in its loaning activities and at the same time
accumulate legitimate profits to absorb necessary charges for expenses and
still afford reasonable dividends to its stockholders. These considerations
are outstanding and essential in estimating the possibilities of a bank's
growth and development.
The report supplies the following data with 'respect to the
loans closed last year by the Joint Stock Land banks:
Joint Stock Land Banks.
The joint stock land banks closed, within the year 1925, 19,699 loans,
amounting to $131,430,810. This compares with 11,390 loans of $74,586,761 in 1924. From their organization to the end of the period covered by this report they made loans to 83,635 borrowers, totaling $624,628,615. Of this sum $79,069,415 have been repaid, leaving in force on
Dec. 31 1925 $545,559,200.
As provided by the terms' of the Federal Farm Loan Act, joint stock
land banks are privately owned. The Government supplied no capital
whatever. To procure loanable funds, bonds may be issued up to fifteen
times the capital and surplus; therefore, their growth and development
depend primarily upon the sale of stock and bonds.
Outstanding capital stock as reported by these banks, on Dec. 31 1924
was $34,487,185, while on Dec. 31 1925 it was shown to be $41,595,625 98,
thus reflecting an increase of $7,108,440 98.
The following statement will reflect the status of the outstanding bonds
of these banks:
Joint-stock bonds authorized and secured as at close of Dec. 31 1924__$437.933,700
Joint-stock bonds authorized by Board and collateral deposited with
Registrar securing same during year 1925
123,850.000
$561,783,700
Amount of bonds canceled during 1925, which Includes such part of
534.377,200 called bonds as may have been presented, and also
38,012,300
unsold bonds returned to Registrar and collateral released
Total bonds secured and delivered to banks as at close of Dec. 31
$523,771,400
1925
7,627,700
Bonds held by banks on band, unsold
Total amount of bonds in possession of Investors, according to
statement of banks. Dec. 31 1925
$516,143,700
Or, In other words.
Bonds authorized, secured, and delivered to banks as at Dec. 31 1925
$523,771,400
were
Bonds authorized, secured, and delivered to banks as at Dec. 31 1924
437,933,700
were
$85,837,700
Issued during year 1925
2741
The bond and stock markets during the entire year just closed were
reasonably favorable and made possible the expansion represented by these
figures.
It will be noted by a reference to Appendix No. 9 [This we omit.—Ed.]
that the average loan in the joint stock land banks is higher than that in
the Federal land banks. A principal reason therefor is that a joint stock
land bank serves a somewhat wider field, in so far as its maximum loan,
in accordance with a ruling of the Board, may be as high as $50,000, while
a Federal land bank, as required by the Act, must restrict its maximum
loan to one individual to $25,000.
Regarding the Federal Intermediate Credit banks, co-operative marketing associations, etc., the report says:
Federal Intermediate Credit Banks.
The operations of the Federal intermediate credit banks have become
nation-wide in scope. During the year 1025 these banks loaned to cooperative marketing associations $124,174,009 77. Rediscounts for banks
and eligible credit corporations and loan companies totaled $53,458,931 17.
Partial payments were accepted and renewals granted where the need
existed and the security warranted. Without sacrificing any of the principles of sound banking, and without unnecessary requirements or complicated methods of procedure, this credit was made available to farmers
and stockmen and their marketing associations for periods commensurate
with the needs of their business and at low interest rates.
The interest rate on direct loans to co-operative marketing associations
continued at 41
/
2% per annum until early in November, when, due to the
condition of the debenture market, the rate was increased to 5%. The
rate on rediscounts was 5% throughout the year.
Federal intermediate credit banks do no make loans direct to individuals,
but assist in financing sound co-operative marketing associations and furnish discount facilities for State and national banks and properly organized
agricultural credit corporations and live stock loan companies. Loans or
discounts must have a maturity at the time they are made or discontinued
by a Federal intermediate credit bank of not less than six months nor
more than three years. There is no rule as to the number of times a properly secured note may be renewed. Borrowing and discounting agencies have
preferred loans and discounts having a maturity of not to exceed 12 months,
with the understanding that proper renewals will be granted.
Locum to Co-operative Marketing Associations.
Loans to co-operative marketing associations may not exceed 75% of
the markte value of staple agricultural products, fully insured and stored
in properly supervised and bonded warehouses.
There is nothing mysterious or complicated about the functioning of the
intermediate credit banks or the requirements which co-operative marketing associations must meet to be eligible for loans. The co-operative must
show that it fills a need, controls a sufficient amount of the commodity to
be able to function economically, and has a sound marketing program and
business organization. In co-operative organizations, as in other lines of
business, efficient and trustworthy officers are essential to success. The
Farm Loan Board has ruled that approved warehouse receipts or shipping
documents covering the following agricultural products may be accepted as
a basis for loans to co-operative marketing associations: Wheat, cotton,
wool, tobacco, raisins, peanuts, broomcorn, beans, rice, alfalfa and redtop
seeds, hay, nuts, canned fruits and vegetables, maple syrup and dried fruits.
Loans vary according to the problems encountered in producing, processing,
marketing and financing the commodity to be handled.
As a result of conferences with representatives of co-operative marketing
associations, the intermediate credit banks loaned more on cotton, wheat
and wool during 1925 than in any previous year. Loans of $124,174,009 77
to associations with more than 872,000 farmer and stockman members are
small compared to the total business of the co-operatives; but they are
in a sense the keystone of the arch of co-operative financing. Orderly
marketing is the foundation of the co-operative selling of farm products
and success in orderly marketing depends in a large measure upon proper
financing. By taking care of credits with maturities of from six months
to three years the intermediate credit system makes it safer and easier for
the commercial
' banks to provide adequate short-time credits. Co-operatives
report that they have found commercial banks willing to grant ample shortterm credit when they make proper arrangements for their longer term
credit through the Federal intermediate credit banks. Thus the moral
assistance rendered the co-operatives by this system has been of greater
importance than that rendered by the actual advances.
Rediscounts.—While general credit conditions throughout the country
were better in 1925 than in the previous year, bank failures in agricultural
sections left many farmers without adequate intermediate credit. Impaired
confidence caused solvent State and national banks located in some sections to carry unusually high reserves and to shift much of their business
from agricultural loans to investments in Government and industrial securities and rediscount loans only in exceptional cases. Other banks declined
to take advantage of the discount facilities offered by the Federal intermediate credit banks because this system limits the interest rate which may
be charged the farmer borrower.
In sections where local banks and credit agencies were unable to meet
the credit needs of agriculture, the condition has been met by the organization of agricultural credit corporations, through which funds were
brought into the community through the intermediate credit system. The
organization of new corporations has not been encouraged where established agencies were able and willing to serve the farmer and stockman in
with their needs and at reasonable rates.
Production Credit.—The greatest development in rediscounts has been
through production credit corporations serving the Southern States, although the movement has not been confined entirely to that section. Every
Southern State is now served by a credit corporation which discounts its
loans with the Federal intermediate credit banks. Some of these agencies,
sponsored by co-operative cotton marketing associations, have, during the
past three years, loaned several million dollars.
They are service organizations designed to furnish needed credit to
deserving farmers at reasonable terms and rates and to permit them to
exercise their inherent right to sell their products in an orderly way
through their own marketing agencies. While organized for service and
not for profit, they require the same capable management and consideration
of collateral and moral responsibility behind loans that are required by the
sound banks in agricultural sections. Many of these corporations recnfire
the loans to be approved by a local committee of farmers before they are
in turn considered by their officers and finally submitted to the intermediate credit bank for discount. Loan committees, composed of
conservative.
successful farmers, have demonstrated that they are competent to judge the
credit needs and ability of other farmers of their community to repay their
obligations. After recommending loans they become personally interested
in the outcome and assist the credit agency in supervising the
production
and marketing of the crops. In connection with such discounts,
consid •
tion is given to the strength of the discounting ageney as
well as the
2742
THE CHRONICLE
collateral and reputation and financial responsibility of the borrower. In
addition to a mortgage on the crops, these loans are usually further secured
by work stock and farming implements. Production loans on potatoes and
other crops which require unusual expense or where extra risk occurs, are
often supported by crop insurance, which guarantees a definite return per
acre. This insurance gives valuable protection to both the farmer borrower
and the corporation.
The corporations helped to furnish needed credit to worthy farmers at
an interest rate of not exceeding 6%% per annum. The ability to pay cash
for implements, fertilizer and other supplies resulted in substantial savings
as compared to the old credit system.
While in some States there has been a small carry-over from one season
to another, losses of these corporations are reported to be negligible.
Live Stock Loans.
The Federal intermediate credit system has been very beneficial to
stockmen of the West, where the resources of commercial banks are too
small to enable them to extend the kind of credit needed by live stock producers. In the past these stockmen have depended largely upon loan companies which rediscounted with banks in the larger cities. Ample credit
was granted in normal times, but during periods of depression, when deposits decreased, new loans or renewals were frequently denied and borrowers forced to pay excessive interest rates or sell valuable breeding herds
or immature live stock on a declining market. This resulted in disorderly
marketing, wide fluctuations in values, and heavy losses to the industry.
The intermediate credit system now provides dependable rediscount facilities through which sound loan companies and banks may at all times place
good live stock loans.
Live stock loans rediscounted by the banks during 1925 totaled $28,435,993. In addition, the banks loaned to co-operative marketing associations
approximately $2,000,000 for the purpose of aiding in the orderly marketing of wool. Of the rediscounts outstanding on Dec. 31 1925, approximately $8,203,710 97 was secured by cattle, and $6,561,264 28 by other
live stock, principally sheep. The discount rate was 5% and the maximum
interest rate to stockmen 7/
1
2% per annum.
Before granting the discount privilege to a loan company or agricultural
credit corporation the intermediate credit banks investigate the solvency
and business methods of the institution, and the character and reputation
of its officers. In discounting live stock loans, considertion is given to
the integrity, experience and financial responsibility of the borrower, as
well as the class, location and value of the live stock, reported by a competent inspector, and the ability of the borrower to provide ample range,
feed, water and protection. With systematic inspection and competent
supervision the element of risk is reduced to the minimum and the Federal
intermediate credit banks are able to safely discount live stock loans for
periods commensurate with the needs of the industry and at low interest
rates.
Members of the Farm Loan Board and officers of the banks have made
special efforts to convey to stockmen and others the information that the
intermediate credit banks are able and willing to provide adequate rediscount facilities for all sound loans to live stock raisers, and that for this
purpose there need only be organized or continued stable discount agencies.
Addresses were made at a number of live stock conventions and group meetings for the purpose of acquainting stockmen and others with the operation of the system and encouraging the organization of sound agencies
through which this credit may be made available. Evidence of the benefits
of these activities is found in the fact that intermediate credit banks during the past year loaned more on live stock than in any previous year.
New agencies were formed and others, which had not previously availed
themselves of the benefits of the system, established discount relations.
While the volume of loans is not large, it is believed the campaign had the
effect of helping to restore confidence in the industry and that more satisfactory results will accrue in the future.
A number of credit corporations were organized during the year for the
purpose of making the benefits of the intermediate credit system available
to farmers and stockmen. The smaller corporations are gradually being
replaced by larger agencies having sufficient capital to warrant the employment of capable and experienced officers.
Continued efforts will be made to encourage the organization of sound
discount agencies in sections where existing credit institutions are unable
or unwilling to furnish adequate credit to deserving stockmen and farmers.
The Secretary of the Treasury subscribed $5,000,000 capital to each
Federal intermediate credit bank. The banks are also authorized to issue
and sell properly secured debentures up to not exceeding ten times the unimpaired capital and surplus. It was deemed advisable to call only $2,000,000 of the capital of each bank and leave the balance with the Treasury as
a reserve while the debentures were being introduced to investors.
The debenture market has been very good during the past year. While
the 12 banks have utilized only $24,000,000 of their $60,000,000 capital
stock, and depended upon the sale of debentures for the balance of their
funds, they were able, through economical management, to grant low
rates of interest and discount, and pay into the Treasury $508,589 86
franchise tax covering their operations during 1925.
The officers and directors of the Federal land banks are ex-officio officers and directors of the Federal intermediate credit banks. The Farm
Loan Board exercises general supervisory powers. All recognize the importance of sane and constructive policies, which will encourage and build
up agriculture and the live stock industry in all legitimate ways, but the
future usefulness of this system must not be imperiled by unsound business
methods.
National Farm Loan Associations.
On Dec. 31 1925 the total number of active national farm loan associations was 4,657, showing a net increase of 14 for the year. Charters were
granted to 22 associations, and 8 associations were liquidated or consolidated with others.
In this period 3,713 association examiners' reports, 16,000 quarterly
reports, and 3,800 annual reports of associations were received, examined
and tabulated.
Applications for charters and amendments to existing charters and bylaws handled totaled 171.
The following is also taken from the report:
Rates of Interest.
The rate of interest charged borrowers by all of the banks in this system
is governed by the rate at which they can sell their bonds. Every bank is
limited in its interest charge to 1% above the rate at which its last preceding issue of bonds was sold.
The rate borne by the bonds marketed during 1925 by Federal land banks
was 4%%, which made 51
/
2% the maximum interest charge. Experience
has fully demonstrated that when a hank obtains a volume of one hundred
millions in mortgages, and is in good shape as to its delinquencies and
probable foreclosures, it can, owing to large volume, operate on a spread
less than 1%. Three of the Federal land banks, being in this situation,
(Vol,. 122.
have reduced their loaning rate—two of them to 5% and one to 514%_
and it is probable, if the present market for Farm loan bonds obtains, that
other of the banks, as their volume of business increases and their condition in respect to delinquent borrowers and real estate acquired justifies,
will feel warranted to make like reductions.
The rate at which joint stock land banks sold their bonds during the past
year ranged from 41 to 5%, and interest rates to borrowers varied accordingly.
The Federal intermediate credit banks marketed their debentures on a
basis which enabled them to make direct loans to co-operative marketing
associations at 434%, until November, when the rate was advanced to 5%.
Throughout the year notes were rediscounted for financial institutions at
5%.
All of the banks have realized a premium on the sale of some issues of
bonds, while at times other sales were made at a discount. During a part
of 1924, for example, Federal land banks were forced to cell bonds at a
rate of 4%5,, although the interest charged borrowers did not exceed 51%%.
During this same period joint stock land banks found it necessary to sell
bonds at a rate which did not allow them a 1% differential.
It is the policy of the Farm Loan Board to see that all banks carry out
the provisions of the Act pertaining to the interest rates charged borrowers,
but it is virtually impossible to maintain an exact spread of 1% because
the bond market fluctuates almost daily, and it would be impracticable to
adjust the banks' loaning rate in accordance with every fractional variation in the bond rate, although, during the year, the average rate does not
exceed the limitation imposed by the Act.
The Attorney-General of the United States several years ago gave an
opinion to the effect that the premium received by any bank on the sale
of its bonds was a legitimate profit of that bank. In determining the
loaning rate of the banks, however, the Board believes that premiums received, as well as discounts paid, should be taken into consideration, to the
end that the yield rate of the bonds, rather than the rate the bonds bear,
should determine the loan rate to the borrower.
Foreclosures.
From organization to Dec. 31 1925 the Federal land banks and the joint
stock land banks reported foreclosure proceedings on 10,803 mortgages,
involving loans and accrued interest in the sum of $40,118,912 15. In number and amount these items are practically double the figures shown in
our last annual report. In other words, during the year just closed, suits
were filed in 5,666 eases, involving $18,212,363 14. In such a manner, in
this period, the banks reached a culmination of the adversity which affected
agriculture generally during several preceding years. Actions in foreclosure do not necessarily mean that these banks made bad loans, but rather
they were the victims of conditions which could not be foreseen. During
1925 they moved to that point in their operations where logically they had
to clean up some of the consequences of crop failures, deflation and postwar developments.
From the date of their organization to Dec. 31 1925 the 12 Federal land
banks instituted 9,700 foreclosures, involving, as of the date of foreclosure,
$29,973,773 33. It will be interesting to note the disposition of these
cases, and to make observation upon the significance of the figures representative thereof. For the reason that accrued interest and costs are constantly increasing, the amount will be augmented by such additional sums.
Number
of Cases.
Foreclosure proceedings dismissed, Indicating satisfactory
settlement
Foreclosures still pending
Foreclosures ended by purchase of land by outsiders
Sheriffs' certificates, &c., subject to redemption, acquired
by banks
Lands acquired outright by banks
Amount
Involved.
3.707 811,363,157 74
5,920,202 81
1.855
900.135 52
269
1,318
2.551
5.151.784 18
9,742,826 31
Total
0.700
Of lands acquired by the banks outright and subject to redemption, 1,111
cases have been disposed of in the amount of $4,054,492 60. There are
1,160 cases where the right to redeem still exists, involving 84,640,966 04,
and 1,598 loans are represented by lands now held outright, valued at
$6,398,763 49. It will be recalled that it is this latter sum which the
Federal land banks have taken from their earnings accounts and used to
charge off all such properties as came into their possession. These lands,
nevertheless, represent actual and tangible values, which undoubtedly will
be sold and repaid to profits.
Transactions incident to the disposition of acquired lands have resulted
in a net loss of $329,110 73. In only four districts, however, were any
losses recorded, and these were relatively small. In the St. Paul district a
loss of $345,995 68 resulted from the wholesale disposition of lands in
North Dakota, which it seemed desirable to sell. In the face of this, the
largest loss sustained since the system began to function, let it be remembered, as an indication of the impregnable strength of the Federal land
bank system, not only that the St. Paul bank absorbed the loss from Its
profits long before the amount was actually established, but that the occurrence of loss had no deterrent effect upon the orderly payment of dividends,
and, in addition, that this year the interest rate in this district was reduced
for the borrowers' benefit from 51
/
2% to 5%. At Spokane, where probably
the situation seemed most disturbing, land sales have resulted in net gains.
Because of the admirable manner in which the system was set up and
its conservatism in making appraisals, the banks now are able to pass
through this period of post-war reconstruction without a tremor. The most
significant thing about it all is the powerful earning capacity of the 12
banks, with approximately $1,000,000,000 of interest-bearing assets.
A similar analysis can be made of the progress of foreclosures with the
joint stock land banks. Reports submitted to the Farm Loan Board show
that from organization to date, they initiated suits numbering 1,103,
with a total sum involved, as of the date of foreclosure, of $10,145,138 82.
Accrued interest and costs are constantly being added, so the sums involved will necessarily increase.
Number
of Cases.
Foreclosure proceedings dismissed, Indicating satisfactory
settlement
Foreclosures still pending
Foreclosures ended by purchase of land by outsiders
Sheriffs' certificates, dx., subject to redemption, acquired
by banks
Lands acquired outright by banks
242
248
44
Amount
Involved.
$2,011,49133
Wool
2,136,000 31
333,270 78
mu*
2,690,453 25
4,107,684 85
236
333
Total
1.103
Of the lands acquired, in 211 instances, where $2,886,370 34 were involved, the title is now held by banks outright, and where a right of redemption still exists, the cases number 176, in the sum of $1,832,388 91.
A detailed statement of operation shows that in the disposition of acquired property, net losses resulted of $83,129 97, which, it must be conceded, is merely nominal.
MAY 151926.1
THE CHRONICLE
2743
The Farm Loan Act contemplates that each and every bond issued by a
Federal land bank or a joint stock land bank shall be supported by good
mortgages and by capital and reserve in accordance with the provisions
of the law. It is the policy and the purpose of the Farm Loan Board to
carry out this requirement to the end that the integrity of the banks may
be above question and their ability to serve shall be unimpaired. If it is
necessary for a bank to defer its dividends, such an incident will not be
an innovation in American finance. Many illustrations might be cited to
show that perfectly sound financial institutions have deferred dividend
payments that no question should arise about their ability promptly to
meet their obligations.
General Routine.
Our custodian of securities shows the following activity in his office
during the calendar year 1925:
definitely ascertained at the earliest possible moment, and a commission
selected to care for and dispose of such lands.
2. That it would be unwise to force such lands upon the market in View
of the very large number of foreclosed lands acquired and held by other
mortgage agencies and being offered at a sacrifice.
3. That it was desirable that the policy charging off acquired farms
be
maintained, and that no one of the Federal land banks take such farms
into account as a capital asset.
4. That it was the part of wisdom for the other banks, in view of their
mutual relations and obligations, to take such action and render such assistance as might be necessary to maintain the foregoing policies.
An agreement was accordingly worked out, with the approval of
this
Board, by which the other Federal land banks agreed for a period of three
years to take over the foreclosed lands acquired by the Spokane bank,
and
created a commission, three o1 the presidents representing them, which, in
Volume of Securities Handled.
co-operation with the Spokane bank, will care for and dispose of acquired
farms.
The lands are taken over on a basis which guarantees the contributing
Packages. Pieces.
Amount.
banks against ultimate loss. Their participation certificates are charged
to
their several undivided profits accounts, and the policy of "no
Receipts by registered mail
1,917 238,164 $341.591,978 30
lands in
Repurchases from United States Treasury
13,123
23.200,00000 capital account" is fully maintained without delaying foreclosures or forc(Note—Receipts from Bureau of Engraving and
ing precipitate "dumping" of acquired lands at an undue sacrifice.
Printing are Included under shipments.)
It is difficult, owing to the long period of redemption after
Shipments and deliveries, by registered mall
foreclosure
2,660 275,307
796,950,402 00 sale allowed under
the law of the several States in the Spokane district, to
(Sales and new bonds from the Bureau of Enestimate the number of farms that will be acquired in a given
graving and Printing.)
number of
Deliveries to Treasurer of United States account
foreclosure actions. Based on past experience
Government life insurance fund
670
33,500,000 00 other banks anticipate an ultimate participation of the Spokane bank, the
of approximately $4,000,Destructions, canceled bonds and coupons destroyed (721 schedules)
168,856 226,088,503 20 000, of which $943,520 85 has already been contributed.
Total
4,577 698.120 $1,331,330.883 50
Securities on Hand Dec. 31 1925.
Federal Land banks:
Coupon bonds dated Jan. 1 1925
Coupon bonds dated Jan. 1 1926
Registered bonds for Veterans' Bureau, account Government life
insurance funds
Special bonds registered in name of Secretary of the Treasury
Federal Intermediate Credit banks, debentures
Joint-stock Land banks, bonds
Bonds of old datings, held for making exchanges
Debentures held in trust:
For Federal Land Bank of Wichita
$500,000
For Federal Land Bank of Houston
250,000
Fiscal agent's account
Securities deposited in connection with surety bonds for officers and
employees, Federal Land banks
$7,946,020
7,919,500
21,100,000
79,150.000
26,668,000
2,800,000
56.596,450
750,000
290,000
10,000
Total on hand
$192,229,970
Bonds of Old Dalian Held for Use its Making Exchanges.
Amount on hand Dec. 31 1925
$45,596,450
Amount withdrawn during year ending Dec. 31 1025, 1,881 pieces— 3,850,880
Number of orders from banks during year for withdrawing bonds_ _
450
Orders to Bureau of Engraving and Printing for Printing Bonds.
No. of
Orders. Pieces.
Federal Land banks
Federal Intermediate Credit banks
Joint-stock Land banks
Amount.
504 70,919 $183,090,360
35 24,655 205,750,000
368 134,265 184.660,600
McFadden Branch Banking Bill Passed By Senate—Hull
Amendments Eliminated.
On May 13 the Senate, without a roll-call, passed the McFadden branch banking bill. The bill as accepted by
the
Senate is shorn of the Hull amendments, which would
prohibit the establishment of branch banks by National
banks
or State banks in the Federal Reserve System
in States
where branch banking is not permitted—this prohibition
to
apply even though such States might in the future authorize branch banking. The Hull amendments
were carried
in the bill as it passed the House on
Feb. 4, but were
stricken out by the Senate Committee on Banking
and
Currency, which reported the bill to the Senate on
March
12. The action of the committee in dropping
the Hull
amendments was approved by the Senate on May
13 by
vote of 60 to 17, says the Washington account
of the Senate action that day to the New York "Journal
of Commerce," from which we quote the following:
The bill as passed today retains all of the changes
made by the
committee to the House bill and some additional
and important
amendments found necessary after the bill was reported.
Despite the
Total
907 229,839 $553,500,960 fact that the measure contains a considerable number
of highly important features, practically all of the debate centered
Reports from Registrars of Bonds Issued, Exchanged and Retired.
around the
branch banking features.
Number of reports covering exchanges
4,045
Number of reports covering original Issues and retirements
Hull Amendment Lost.
2,367
The Hull amendments would forever prohibit national banks
Total
in the
6,412 existing
non-branch bank States from taking advantage of possible
All these reports are posted in bond record.
The bond sales division handled this year 2,526 applications for bond changes in State laws which would enable purely State banks to
and debenture issues and substitutions, which were about 20% more than establish branches. It was claimed that such a restriction would
result in the withdrawal of State banks from the Federal Reserve
last year.
The appraisement division received and examined 59,247 applications, system in any such States changing their laws, and the conversion
together with the accompanying appraisers' reports on loans made by the of national into State banks, since banks in the Federal Reserve
banks of the system, as against 58,237 in 1924. Of this total 40,071 came system could not, under Federal law, establish branches and retain
from Federal land banks and 19,176 from joint stock land banks. These their membership in the system.
The vote on the Hull amendments came on the motion of Senator
securities must be approved by the Farm Loan Board before they can be
La Follette, support for the latter in voting being afforded by Senators
accepted as the basis of an issue of bonds.
A record is made of each application and appraiser's report in the sta- Cameron, Arizona; Cummins, Iowa; Deneen, Illinois; Frazier, North
tistical division, which sets forth the purpose and amount of the loan, and Dakota; Gooding, Idaho; Harreld, Oklahoma; Kendrick, Wyoming;
McNary, Oregon; Norris, Nebrasko; Nye, North Dakota; Pine,
the amount at which it was appraised.
OklaIn our auditing department the reports which were received and checked homa; Shipstead, Minnesota; Standfield, Oregon; Walsh, Montana;
from examiners, banks and national farm loan associations totaled 23,513. Wheeler, Montana, and Williams, Missouri,
The number of applications for charters and amendments to existing
Viva Voce Vote.
charters and by-laws handled by our charters and reports division
Senator Williams then offered as a direct proposition an amendequaled
171.
ment embodying substantially the Hull amendments, which was deAt present there are employed in the field six reviewing appraisers
and feated on a viva voce vote. There was no record vote on final
600 land bank appraisers and intermediate credit bank
inspectors; also six passage.
bank examiners and 20 national farm loan association
examiners.
Congress in March passed a law permitting State Legislatures to
The report says that probably the most noteworthy
inci- determine the method of taxing national banking associations and
providing
that the rate should not be higher when assessed upon
dent of the year, with reference to the Federal land banks,
securities invested than the rate assessed upon other financial corwas the demonstration of their unity and the fundamenta
l porations. Senator Copeland pointed out that there is a chaotic
soundness which that unity implies, as manifested by
in New York State because of a decision rendered in the
the condition
action of the other banks, in the case of the Federal Land Money Capital-tax case that the business of dealing in investment
securities is not in competition with national banks. A new
State
Bank of Spokane. It adds:
law to meet the situation becomes effective March 31, 1927.
At the instance of Senator Copeland a slight change was made in
The Federal dand banks adhere uniformly to the practice of charging off
Immediately all real estate acquired through foreclosure, and no
foreclosed the McFadden bill so as not at this time to run counter to and nullify
farm appears as an admitted asset in the statement of any one of them. the court decision and not to subject investment bankers to the
This is a superabundance of caution and more than sound banking requires, moneyed capital tax in New York for year 1926. There was a great
deal of objection to this proposal, but it was finally agreed that
but is certainly conducive to absolute soundness of admitted assets.
it
It became apparent early in the year that the Spokane bank, owing to should be considered by the conference committees of the Senate
and
adverse agricultural conditions in large areas in its district, would, if fore- House Banking and Currency committees, with the suggestion
that
if
closures were carried on with the promptness that good management re. found to be different from what it is set up to be, the
proposal shall
quired, accumulate lands faster than its profits account could absorb them. be stricken from the bill.
The situation presented four possible alternatives:
To Authorize Exceptions.
1. The slowing down on proper foreclosures.
Another amendment was intended to meet a local
situation in the
2. The forced sale of acquired lands at an unreasonable sacrifice.
cities of Minneapolis, St. Paul, Milwaukee and Seattle,
where there
3. The taking into account as capital assets a substantial volume of are branch banks with no
permissive
law.
It
is left to the Comptroller
acquired lands for an indefinite period.
of
the
currency
or
the
courts
to
pass
on
the
legality
of these branches,
4. Assistance from the other banks.
and should the decision be favorable to the parent
banks the branches
The matter was fully discussed at a conference of the presidents of the would not be prohibited
under the McFadden Act. Two
banks in Washington, and the following conclusions were unanimously a Camden,
branches of
N. J., bank, established more than a
reached:
quarter of a century
ago, are legalized under an acendment to
the bill.
1. That it was essential for the Spokane bank to go forward with necesThe bill before
sary foreclosures, to the end that its ultimate acquirement of lands be King. I regret, us has some features that commend it, said Senator
however, that the Banking and
Currency Committee
2744
THE CHRONICLE
of the Senate did not report a measure more comprehensive in its
character. I have offered a resolution which I think calls attention
to the defects in our banking and currency system and which calls
for legislation to meet those defects.
Senator King's View.
I think if the committee of the House and Senate, jointly or
separately, had undertaken an investigation of this character and had
advised themselves to the ascertainment of those fundamental facts
upon which our banking system rests and the defects, with a view of
recommending a rectification of these defects we should have bad a
bill before us far different from the one which we now have.
Senator Glass, of Virginia, stated that the resolution in question
came to the committee after the latter had completed its inquiry.
Incident to the preparation of this very bill, the Banking and
Currency Committee had secured practically a library on the very
subject on which the Senator (King) is advising himself embracing
the most comprehensive, the most exhaustive, detailed and complete
report along the lines of his resolution that Congress has ever had
since the report of the monetary commission in 1910," continued
Senator Glass.
If the Senate will merely authorize the publication of that report
we shall have at hand a library that covers every point suggested in
the Senator's resolution; and I can assure the Senator that the committee is altogether agreeable to the consideration of the very matters
he suggests in his resolution.
System's Expansion Not Aided.
I am familiar with the very valuable contribution which has been
made to this intricate subject by Dr. H. Parker Willis, said Senator
King. In his testimony he stated as follows:
My point is that the effect of the bill is hurting the possible
expansion of the .system rather than strengthening it, as has been
alleged. X believe that the King resolution, which calls for a general
investigation of banking conditions in this country with the view of
revision of the banking legislation and getting a sound revision, is
desirable.
I am happy to know that so eminent an authority as Dr. Willis—
and Senator Glass has just paid tribute to his ability, and to the
comprehensive report which he has submitted—agrees with the views
which I express in the resolution and that he commends the proposed investigation suggested by the resolution, said Senator King.
He further says: I want to make some small contribution to that
and so I present here a digest or revision of the Federal Reserve
Act and of the National Banking Act, which is intended to eliminate
the obsolete features of both and to consolidate those sections that
are repetitions and add some new features. I do not see that there
is any emergency existing calling for the passage of H. R. 2
(McFadden bill) at the present time. The only emergency is the
continuance of the present epidemic that calls for some legislative
adjustment that will not make it worse, as H. R. 2 will do, but that
will check it.
If H. R. 2 is to be passed it needs drastic and complete revision
from the ground up. Better still that it should not be passed at all,
but that the whole subject be deferred to the future, so that, in the
meantime, it may be carefully studied.
The Best Obtainable.
When I offered the resolution I had the same thought in mind.
I felt that the McFadden bill was incomplete, that it was less than
a stop-gap, less than a temporary bridge over a stream which was
not of formidable proportions, and that wisdom dictated that we defer
legislation upon this important subject until a thorough and comprehensive study had been made.
I am not quite clear . why the Banking and Currency Committee, in
the light of Dr. Willis' comprehensive statement, and in view of the
great confidence which they have and which all persons must have in
him, have felt it necessary to present this bill at this time. I shall
vote for this bill, not because I think it is all that we need, but
because it appears to be all that we can get at the present time.
Senator Reed of Missouri declared that the present conditions are
not at all critical; that we have gotten along pretty well under the
present law.
We seem to have here a bill that satisfies neither the branch bank
advocates nor the advocates of unit banking, and we are asked to pass
it, the chief argument being that a number of banks have retired
from the Federal Reserve system and have gone into the State banking system, and we are told that therefore we must permit the
establishment of national bank branches in those States where the
system of State branch banks exist, he said.
Money Monopoly Feared.
The Missouri spokesman contended that a branch banking system
inevitably tends to the creation of a money monopoly, controlled by
one or two or three great aggregationes. He referred to the banking
System in Canada, adding that there was once such a system in the
United States.
It was established in fraud and corruption, Senator Reed charged.
It was born of bribery and roguery. It is demonstrated now that
the bill establishing that system was put through Congress by absolutely corrupt means. It proceeded to establish its power and to
fortify itself, until at last, when its charter was again called in question, its representative was so confident of his ability to control all
branches of the Government that he told Andrew Jackson that the
bank was powerful enough to make and unmake Presidents.
[VOL. 122.
State banks. The bill also includes amendments approved by the
Senate committee for indeterminate charters for the twelve Federal
Reserve Banks, which were originally chartered for a twenty-year
period. The bill would, in addition, amend the interlocking directorate sections of the Clayton Anti-Trust law so as to give the
Federal Reserve Board greater discretion in permitting individuals to
serve as directors of two banks. The House will probably object to
this provision.
Fears a Money Monopoly.
During debate today Senator Reed of Missouri assailed the branch
banking system as incidentally leading to the creation of a money
monopoly. He said there was no need for the present bill because it
satisfied neither advocates nor opponents of branch banking.He
challenged the assertion that withdrawal of banks from the national
banking system was due to inability to establish branches, this being
a reply to an argument that 166 banks had withdrawn from the
Federal Reserve system between 1923 and 1925.
The bill, as passed, did not include the amendments proposed by
Senator Pepper, which would have permitted branch banking in
territory contiguous to municipal limits. Westchester bankers opposed this provision before the Banking and Currency Committee,
fearing that New York City bankers would extend their branches into
the suburbs.
Less controversy than was expected developed over the
bill in the Senate says the New York "Herald-Tribune"
dispatch from Washington May 13, which also stated in
part:
One of the important amendments added to it in the Senate Banking Committee provides for indeterminate charters for the Federal
reserve banks. It was anticipated this would arouse much controversy,
but it was put into the bill with almost no discussion. Whether it
will remain in conference, however, is not yet clear.
As passed today, the bill is in nearly the same form as when it
was reported from the Senate. Banking Committee. Except for relatively minor changes efforts to amend it on the floor failed.
The most important provision of the Senate bill as it relates to
branch banking is the following:
"A national banking association may, after the date of the approval
of this act, establish and operate new branches within the limits of the
city, town or village in which said association is situated if such establishment and operation are at the time permitted to state banks by the
law of the state in question."
Section 17 of the bill in effect would amend the Kern amendment to
the Clayton act. It would authorize the Federal Reserve Board to
permit one person to serve as director on the boards of not more
than three banks if the board finds such service not incompatible
with the public interest, whereas under existing law the board must
find in such a case that no substantial competition exists. This
amendment has been recommended by the Comptroller of the Currency and by the Federal Reserve Board.
The text of the bill as it passed the House was given in
our issue of March 6, page 1547; on March 27, page 1705,
we gave a comparison of the Senate Committee bill with
that of the House bill.
A. B. A. Spokesmen Defer Reply to Senator Glass's
Charges—Unofficially Call Efforts of the Association
for McFadden Bill Public and Proper.
The following is from the New York "Times" of May 14:
While officials of the American Bankers' Association declared yesterday that no public reply would be made at this time to the charges
of Senator Glass that the association was trying unduly to influence
action on the McFadden branch banking bill, bankers who have
attended the deliberations of the association said that the public
records told the full story of their operations.
Senator Glass, who helped draft the Federal Reserve act, had said
on Wednesday that the bankers' association was opposed to the provision permitting national banks to create intracity branches in States
allowing branch banking, and that a banking "coterie" was trying to
appropriate a monopoly of the credits of the country.
Members of the association declared that it had adopted a resolution
a year and a half ago endorsing the McFadden bill, including the
Hull amendments, which have been the subject of controversy. Last
Fall the association, in convention at Atlantic City, adopted resolutions favoring the granting of indefinite Federal Reserve Bank charters as separate legislation another point which also has been the
cause of disagreement in financial and Congressional circles.
The general counsel of the association, Thomas B. Payton, attended
these sessions, helping to draft the resolutions, and later attended the
Congressional hearings on the McFadden bill. The resolutions covering the association's stand on the McFadden bill and related subjects
were submitted to the Congressional committee and made a part of
its record.
As the association represents most of the banking fraternity of the
country, to which financial legislation is a vital matter, members said
that every effort had been made to present a strong showing of
their case in Congress. But it was declared that no pressure had
been attempted against individual lawmakers, and that the bankers had
merely done what any other group of citizens had a right to do in
appearing before Congressional committees.
With its adoption by the Senate on May 13 the McFadden
bill goes to conference, where, says the Associated Press, a
stubborn fight is anticipated over the Hull amendments,
stricken out by the Senate.
Senator Glass Discussing Hull Amendments in McFadRegarding the provisions of the bill the New York
den Branch Banking Bill Charges Coterie in
"Times" advices from Washington May 13 said:
A. B. A. with Seeking to Influence Senators
The bill as passed would authorize national banksin States where
on Legislation.
limits,
State laws permit branches to establish branches within city
The McFadden branch banking bill as it came from the
and by amendments to the Federated Reserve act would prevent State
banks in the Federal Reserve system from stablishing any new House carrying the Hull amendments was the subject of
branches beyond city limits.
Carter Glass,
State banks in California which now maintain State-wide branch criticism in the Senate on May 12 by Senator
banking systems would be able to bring their present branches into' who assisted in drafting the Federal Reserve Act. In his
the Federal Reserve system, but would be denied branches established declarations against the Hull amendments (which by the
subsequent to the passage of theact.
Senate On
Other provisions in the bill would relax restrictions inpresent way, are omitted from the bill as it passed the
laws which place national banks at a disadvantage in competition with May 13) Senator Glass said:
MAY 15 1926.]
THE CHRONICLE
As to the differences between the bill as it passed the House containing
what is known as the Hull amendments, and the Senate committee bill,
carefully and searchingly considered by a sub-committee of the Banking
and Currency Committee of this body, and just as carefully considered by
the Banking and Currency Committee itself, and unanimously reported to
this body, I venture to say that not since the foundation of this Republic
was there ever before attempted in any Federal legislation proposed such
a deliberate invasion of the rights of the States of this Union as is proposed
in the so-called "Hull amendments" as passed by the House. That House
bill proposes to do for banking what Mr. Lincoln said could not be done
for slavery, to establish a nation one-half branch banking and one-half
unit banking.
Senator Glass declared that "if the 'Hull amendments' are
adopted 26 States of this Union perpetually hereafter would
be denied the right to establish branch banks within the
corporate limits of the cities, under penalty of exclusion from
the Federal Reserve System." In his assertions of props,
ganda within the ranks of the American Bankers Association
Senator Glass said in part:
I do not care to prolong the discussion further than to emphasize before
the Senate this one significant fact: There has not been a single board of
trade or chamber of commerce or merchants' association of any description
or manufacturers' association or an association or a group of farmers or of
anybody who desires and requires credit at banks or to borrow money who
has ever appeared before the Committee on Banking and Currency in
opposition to branch banking, either of a limited nature or of a state-wide
nature. The plea has been set up only by a small coterie of bankers within
the American Bankers Association.
I do not want to be disagreeable; I do not want to undertake in any
respect to discredit the American Bankers Association; but every Senator
here knows how and where this sort of propaganda originates and how it
is carried on.
I cannot forget the fact that it was the American Bankers Association
at New Orleans in 1911 that unanimously approved the Aldrich central
bank bill without knowing a thing in the world about it. It had so
recently come from the printing press that it had not dried well enough
to thumb its pages. and they knew nothing in the world about it.
I can not forget that it was the American Bankers Association at its
annual convention in Boston, three weeks before the adoption of the Federal
Reserve Act, that characterized it as a dangerous measure, which would
create financial confusion, do a grave injustice to the banking community,
and inevitably result in a constriction of credits. The association begged
Congress not to enact the bill into law. It not only did not restrict credits
nor create financial confusion or harm banks, but was the salvation of the
country.
Right now Senators are being deluged with telegrams and communications from this little circle of bankers appealing to them to enact this monstrosity, this Federal statute that deliberately and avowedly invades the
rights of the States by saying to 26 of them that they may not change their
banking systems, under penalty of exclusion from the Federal Reserve
System.
These propagandists have gone so far in their effrontery as to send one
of their agents here to undertake to influence the appointment of conferees
on this banking bill and to urge that a certain Senator in opposition be not
appointed on the conference committee, and to pick out certain other
Senators, whom they imagine they may control, to be put on the conference
committee.
Thus, Mr. President, in conclusion, it appears that only this circle of
bankers wants to perpetrate this injustice, whereas the commercial bodies
of the country, those that have spoken, have spoken overwhelmingly in
favor of equality of banking in all of the States.
Further declarations by Senator Glass and debate incident
thereto are as follows in part:
It (the House bill) proposes to contravene the existing statutes of 22
States which permit branch banking, and to serve notice on 26 other States
that they may not ever hereafter change their,systems of banking in this
respect, except upon the penalty of exclusion from the Federal Reserve
banking system. The bill, as amended by the Senate committee, leaves
the States free to adopt or reject branch banking as each State may please.
And why not? If New York State. for example, has established a system
of branch banking—which it has—how does that concern the State of
Michigan, or the State of Virginia or the State of Utah, or any other State
in the Union?
We have no such thing as inter-State banking, and Virginia is not concerned with the system which prevails in New York State nor
New York
with the system prevailing in Virginia. Then why ehould the Congress
of the United States be asked to pass a Federal statute which
will require
Virginia to conform to the New York system, or New York to
the Virginia,
or both these State systems to the systems of other States? If
hereafter
Michigan and Utah determine that the branch system is the
perfection of
scientific banking—as most of the civilized countries of Europe
and 22 States
of this Union have decided—the banks of Michigan and Utah, under
the
House bill, will be precluded from exercising the privileges granted
by their
State laws except under the severe penalty of exclusion from the
Reserve System. Under these "Hull amendments" we would Federal
have the
preposterous spectacle of national banks in the State of New
York. which
permits branch banking, confirmed in privileges which hereafter would
perpetually be denied to national banks in Pennsylvania, which does not
permit
branch banking now, but may sanction the system at some time in
the
future.
The national banks in New York State would be confirmed by the House
bill, in their system of branch banking, no matter how the branches were
acquired—whether by purchase, or consolidation, or by consent
of the
Comptroller of the Currency—but the national banks of the adjoining
States of Pennsylvania or of New Jersey, as a penalty for not now permitting
branch banking, would be forever denied a like privilege, whatever might
be the alteration in their respective banking systems.
Not only is that true of the national banks, but should the State of
Pennsylvania hereafter conclude that branch banking Is a sound and desirable system, not one of its State banks could ever become a member of the
Federal Reserve System should it avail itself of the privileges of its own
State law. That being so, this proposed House bill would have a tendency
to drive out of the Federal Reserve System every national bank in Pennsylvanla, because national banks, in such circumstances, would be put upon
a plane of disastrous competition with State banks.
Let me point. Senators, to the significant fact that nobody may produce
here a declaration against the system of branch banking by an association
of business men or of farmers or of any group desiring credit at the banks.
The little coterie of conspiring bankers which framed the House bill has
2745
never dared to refer it to the Federal Reserve Board for its
approval.
It has never dared to refer it to the Comptroller of the Currency
for his
approval. It has never dared seek the approval of the Secretary
of the
Treasury. On the contrary, the Federal Reserve Board has declared
against the bill as it passed the House. The advisory council of the Federal
Reserve Board, composed of some of the most eminent and experienced
bankers in the whole country, after due deliberation gave judgment against
the bill as passed by the House. Let me read to the Senate what this
board of eminent bankers said.
I am reading from the hearings before the Committee on Banking and
Currency of the United States Senate Jan. 19. 26, 29 and 30,1925:
There is one feature of the bill which the executive committee of the
Federal Advisory Council does not believe it should let pass without explicit
comment, and which, in its opinion, may ultimately work a gross hardship
on some national banks and perhaps seriously affect both State and National
membership in the Federal Reserve System.
It is the so-called Hull amendment. Without discussing the details of
those sections of the bill designed to authorize the establishment of branch
banks,the Hull amendment makes It impossible in thefuture for any national
bank located in the State which does not authorize branch
to open branch banks even if at a later date the State legislaturebanking
should
decide to permit State institutions to do a branch bank business. Furthermore, that amendment also provides that any State bank or trust company
in such a State which is now a member of the Federal Reserve System must
withdraw from the System ifit should decide to do a branch-banking business
under the terms of a subsequent State law permitting branch banking.
In
the opinion of the counsel, there is no reason in fairness or logic for the
Federal Congress to authorize national banks to open branches in the States
which now authorize State institutions to do a branch-banking business and
to deny that same right in the future to national banks which may
to be located in a State which now prohibits branch banking, buthappen
which
may subsequently authorize branch 'banking.
Thatis the considered judgment of those bankers,eminent and experienced
in their profession.
Mr. ShIpstead. Does the Senator have the names of those bankers?
I do not happen to have a copy of the hearings.
Mr. Glass. Yes; I can give their names: Paul M. Warburg, Chairman;
C. A. Morse. Vice-Chairman; John M. Miller, Jr., and F. 0. Wetmore.
I may say that I have letters from the governor of nearly every Federal
Reserve bank in the United States declaring against the Hull amendments,
Not one of them regards the amendments as fair or just or sound in
principle or In policy.
I said a moment ago that nobody could produce a declaration of approval
of the Hull amendments from any group of business men or farmers
in
the United States or any other group of men who find it necessary
to have
credits and to borrow money from banks. The proposition originated
with
a little coterie of scheming bankers which, pretending to want
to safeguard unit banking against monopoly, is, indeed, appealing
to Congress
to give these unit bankers a monopoly of the credits of their respective
communities. It will be observed that they never discuss what commerce
and industry require; they never concern themselves about what
bank
patrons think or what persons requiring credits want. It is always and
only
what this little circle of bankers wants.
The United States Chamber of Commerce took the
problem in hand
and sent out an inquiry to all of its members throughout the country,
and
of 2,266 replies, 2,161 are on record in favor of granting equal
privileges
now or hereafter to national and State banks throughout the country.
They
explicitly contest the advisability of the Congress by Federal statute confirming a privilege granted to banks in 22 States and denying to
banks its
28 other States the same rights, except under the disastrous penalty
of
exclusion from the Federal Reserve System.
My colleagues will attest the truth of the statement that not a banker
who appeared before the committee undertook to justify the Hull amendments.
Mr. Edge. Mr. President, will the Senator yield?
Mr. Glass. Certainly.
Mr. Edge. The only advocacy of the Hull amendments has been in the
form of telegrams from bankers arriving since the public hearings, although
bankers from all over the country were before our committee.
Mot
Mr. Glass. Yes; and those who came and were subjected to crossexamination, when pinned down to the proposition and asked the direct
question if they thought the banks of 26 States should be perpetually denied
privileges which were granted to banks In 22 States,answered "No." They
did not think it should be done. Then why is it proposed to do it? One
of the spokesmen of the American Bankers 'Association, when asked
the
question, said he did not think it should be done, did not think it was fair
to do it; but he said there are certain bankers in the country who have
influence enough in one House of Congress to prevent
any legislation at
all of a remedial nature unless there shall be embodied in it this admitted
injustice, this attempt to coerce 26 States of the Union into creating
their
banking systems according to the Federal statutes rather than according
to the views of their State legislators. I asked one banker this question:
Were these bankers charged with the function of
legislation?
Mr. Hinsch, of Cincinnati. No; but they exercisenational
sufficient influence
over members of the House to defeat, in my opinion,
any bill that deviates
materially from section 9 of the McFadden bill.
Senator Glass. That remains to be seen. It may be that there
are
enough Senators who think for themselves to deny the
right of those bankers
to control legislation.
Mr. Hinsch. Unfortunately most legislation is
and so it is, as we see it, with the McFadden bill. based upon compromise,
Senator Glass. You want the"compromise" madefor us by the
Bankers' Association instead of permitting the Senate to make American
the compromise for itself. Is that the idea?
Mr. Hinsch. If you can make it and get it through so that
you will
relieve the national banks so they can compete on more equal
terms with
the State banks, we will be very glad to present you with
a Carnegie medal.
There you are, an open, unqualified admission that this is a premeditated
attempt to coerce 26 States of this Union and to contravene the existing
laws of 22 other States. There is the admission that it is proposed by
the
Hull amendments to perpetrate a wrong because in the conception of
this
gentleman and other bankers who appeared, one branch of Congress
may
not be induced to do right. The Senate is asked to confirm this
admitted
and gross injustice. There is not a board of trade, there is not a chamber
of commerce,there is not an aggregation of intelligent farmers in the United
States, in my Judgment, who could be induced to approve such a legislative
atrocity
yaansw
this
derb
eappearedta
ill containing
f
amendments.
Speaking of branch banking
tabeforthe
in
th
il
the
thetfi a me gdomfa California, without undertaking any
State-wide
de branch banking which distinctly I do
not undertake, my colleagues will attest the facten
tha
ts.tuthe
on
com
segentl
em
me
iee
itnfroo
m
f
California who
e
Banking nd Currency
the Senate at our hearings in favor of the Hull amendments
presented
not
one fact or figure that might be taken to discredit branch
existing form in the State of California. On the contrary, banking in its
those
bankers
who favored the system there presented fact after fact
and an abundance of
statistics to prove that branch banking in California
had been a blessing
to commerce and to industry. They pointed out
that since the establishment of branch banking in that State not a
depositor In a branch bank
had lost a dollar in 12 years. They also
pointed out that the
crops had
been moved with the greatest facility and
regularity, something that had
2746
THE CHRONICLE
[VOL. 122.
never before happened. However, the most extraordinary testimony that
they gave was to the effect that the State of California, controlling the Views of Major Bellerby on Strong Stabilization Bill—
situation completely with respect to branch banking, had never been asked
Unemployment and Reserve Bank Policy—
through its legislature to modify the system in any particular, much less
European Governments and
to abrogate it. They testified that not a solitary business man had ever
Gold Standard.
appeared before a committee of the legislature to ask either a modification
or an abrogation of the system; that the only persons who had appeared
Last week (page 2594) we reported some of the views
composed a small committee of unit bankers at one session, and they proexpressed by Major J. R. Bellerby, an expert from the
posed no definite modification of the system.
Mr. Shipstead, Mr. President, will the Senator from Virginia yield International Labor Office at Geneva, before the House
to me?
Banking and Currency Committee on May 5 regarding the
The Vice-President. Does the Senator from Virginia yield to the Senator
proposed Strong Stabilization Bill. He stated that the
from Minnesota?
Mr. Glass, Yes; I yield to the Senator.
recent comparative stability of the purchasing power of
•
Mr. Shipstead. If I remember correctly, one afternoon I attended a
hearing, and am I mistaken when I say that a man from California, or the American dollar and the methods whereby this had been
perhaps, he represented California interests, said to the committee that achieved were of vital interest to the countries of Europe
the few large banks which controlled all the branch banks entirely domi- and that he had been
making a detailed study of the subject.
nated the political situation in California, and they absolutely controlled
He likewise discussed the relation of the bill to the probthe legislature?
Mr. Glass. I do not recall that a man made any such statement; but if lem of unemployment, according to a statement Issued by
he did, what of it? Should we enact a Federal statute to prevent them
the Stable Money Association, which furnishes the followfrom controlling the legislature? The people of California should elect a
ing summary extended account of his testimony:
legislature that could not be controlled.
Mr. Shipstead. That is correct.
All the witnesses who had appeared before the committee seemed favorMr. Glass. I will read to the Senator what was said. I quote from able to the general policy of stabilization and all see greater or less difthe hearings, as follows:
ficulties in effecting its practical adoption. He divided the witnesses into
Senator Glass. Mr. Drum, I understand, then, that there have been three groups: First, those opposed entirely to any legislation ; second,
no formal protests to the California Legislature by chambers of commerce, those who wish legislation immediately; third, those who wish legislation,
boards of trade, or manufacturers' associations in California against this but only after some delay.
system of banking.
As to the first group, their argument was: Price stability is, to them,
Mr. Drum. The question has never come before them from any source.
Senator Glass. Has the National Association of Credit Men, through an ideal that may or may not be attainable. As it seems to them somewhat
its California branch, ever made any formal protest to the Legislature of uncertain, they therefore feel it dangerous for Congress to give a mandate.
California against this system?
They generally admit that the general level of prices is a matter of credit
Mr. Drum. They have not.
Senator Glass. Then there has been no protest except a more or less control which involves discretion. Numerous factors intervene, and, thereinformal protest by the legislative committee of the bankers' association fore, the matter should be left entirely to the discretion of the authorities
to the superintendent of banks?
charged with the responsibility. The continued exercise of wise discretion
Mr. Drum. And the legislative committee in California both prior to
the session of 1923 and 1925 and the formal protest before the House com- on the part of the Federal Reserve administration may be relied upon.
mittee hearing of April, 1924, and this present hearing before the Senate The proper mode is to develop a banking tradition molded on elastic princommittee.
ciples out of which a sound technic will develop. This being the timeSenator Glass. That is here. I am talking about before the Legislature honored and time-worn method, the
question arises, is tradition a suffiof California.
ciently reliable basis for central bank policy?
Mr. Drum. They have not.
Senator Glass. Have the protesting bankers ever presented to any
The second group argue that by placing the principle of price stabilizacommittee of the legislature a scheme of modification with respect to tion in the law, one does not change the discretion but merely shifts the
branch banking?
emphasis.
In the exercise of this discretion the authorities may need proMr. Drum. They have not.
tection against political pressure, sectional interests, or internal difficulI am not speaking for state-wide branch banking; I confess that I know ties. This they can secure through
legislation. The public is
too little of the problem, and this country knows too little of the problem likely to forget the lessons of the pastjudicious
and, while these lessons are fresh in
for anybody to say that, of itself, it is an evil. My own information and mind, they should be embodied in
legislation. While education is more
judgment is that we should not have State-wide branch banking, and that important, legislation consolidates it
As regards the alternative of buildcharacter of banking is not proposed or contemplated in the remotest ing up a tradition in support
of the principle of stabilization, is there
degree by the Senate committee amendments to the House bill.
guarantee in the mode of electing Federal Reserve officials that we will
Mr. Edge. Mr. President
have men of the type, capacity and quality of the present personnel of the
Mr. Glass. I yield to the Senator from New Jersey.
Federal Reserve System? While we have been quite providentially served
Mr. Edge. As a matter of fact, if this bill shall be passed in its present heretofore in this regard,
it seemed inconceivable that future generations
form the Bank of Italy, in the State of California, which is so frequently will secure the same quality of personnel. The whole country
was combed
referred to, now being a member of the Federal Reserve System, will not for men of outstanding ability when the System
was new and men of the
be permitted to open any further branch banks.
right type could be found, but there seems less assurance for the future.
Mr. Glass. It will not be permitted to establish another branch bank,
As to the third group, they feel that there is no immediate urgency to
and no national bank outside of a limited incorporated area will be permitted legislate; that the Federal
Reserve System has been maintaining a measure
to establish a branch bank. All of the national banks of all the States of stability
for the last three or four years and can be relied on to conwill be put upon a plane of equality under the Senate committee amendtinue to do it. While certain members of the System may feel confident
ments; that is to say, the national banks of the State of Missouri, which
of their capacity to so administer it as to secure price stability in some
State does not now permit branch banking, will not under the Senate
measure, it may possibly be a mistake to impose on those who do not feel
committee amendments be perpetually prohibited from establishing branch
that ability the obligation and responsibility to do it To delay action
banks, but under the Senate bill as proposed to be amended, if the Legislamight promote the growth of stabilization sentiment and confidence, not
ture of Missouri hereafter in its wisdom shall determine that branch banks,
only within the System, but upon the part of the general public. While
whether restricted to the cities or permitted throughout the State, will be
it is desirable to strike while the iron is hot the question is whether the
a wise and helpful system of banking to the commerce and industries of
iron is yet hot, whether the disasters of the inflation and deflation of
Missouri, then the banks of Missouri may avail themselves, both the national banks and the State banks, of the permission of the State to establish 1920 and 1921 have been popularly interpreted in terms of price instability. Therefore, would it not be desirable to allow the evidence to accumubranches.
But under the Hull amendments if the State of Missouri or the State of late until there is more popular assurance of what the legislation means
Pennsylvania, either or both, should hereafter permit limited or unlimited and of its necessity?
Asked by Congressman MacGregor as to whether stabilization of prices
branch banking within their confines, no State bank could take advantage
of its own State law except under the threat of exclusion from the Federal would result in fixing of wages, he explained that that would depend upon
the
method of wage fixation. If wages were based upon the cost of livReserve System should it do so. I have never heard any man, be he
banker or business man, undertake to Justify the Hull amendments except ing, as has been the case in certain private agreements in England, then
in the qualified way which the Senator from Wisconsin a while ago did, to stabilize prices would fix wages, but if they were left to the free play
and he admitted that the purpose of his advocacy was to say to the 26 of demand and supply, undtr a policy of stabilization, wages would probably
States which do not now permit branch banking, "You shall not embrace rise in this country as they have been doing during the past few years
the system except under the threat of exclusion from the Federal Reserve relative to the cost of living.
Asked by Congressman Wingo whether a legislative declaration would
System."
give to the administration of the Federal Reserve System that .intelligence
Hull
"if
the
that
and
wisdom which could only come from experience, the witness replied
Senator Lenroot (Wisconsin) contended
amendments should be adopted and become the law, every that wisdom could not be imparted in this way, but that the volition to
stabilize might be augmented and preserved in this
In response to
State would be as free to order its own banking system, either a further question, he noted that the Federal Reserve way.
System has developed
pormitting branch banking or not, as it is to-day before this a remarkable credit technique and that he felt there was definitely a connection between the Federal Reserve policies which have been in effect durbill passes." He also said:
ing the past several years and the period of comparative stability enjoyed.
To repeat what I said when I took the floor first this afternoon, to me
Reminded by Chairman McFadden that Governor Benjamin Strong, of the
it is a very practical question. Believing, as I do, that there is foundation Federal Reserve Bank of New York had suggested that the problem was
for the fear of monopoly in unlimited branch banking, we have to choose to stabilize by getting back to the gold standard and asked what effect
between two propositions. On the one hand we must surrender to the the proposed bill would have on the international credit system, Major
State the power to determine whether a national bank shall be permitted Bellerby suggested the insertion of a text in the preamble of the Federal
to have branches hereafter within the corporate limits of a city, and if we Reserve Act specifying as one of the objects of the Act the maintenance of
do that it is just as certain as night follows day that the banking interests the gold standard and the value of gold and the promotion of business stawill be at the capital of every one of the 26 States at the next session of bility. Placing these objectives in the preamble makes a declaration of
their legislatures to induce them to repeal their laws prohibiting branch principle which may be desirable in view of the lack of existing public
banking; while on the other hand, under the theory of the Hull amendment, assurance that price stability can be attained.
we may look forward to the situation that the 22 States which do now
The existing surplus of gold in America is one factor making achievePermit branch banking will enact laws similar to those of the 26 States ment of price stability in this country at this time a possibility. If this
which prohibit branch banldng.
marginal surplus is lost there is a possibility of losing this position. There'While I have not the figures at hand, I think the tendency Is more and fore, it was desirable to consider the calling
of an international conference
more to repeal or restrict branch banking, and unless encouragement be on currency as suggested by the
Commission of Gold and Silver Inquiry of
given in the other direction I think we may confidently look forward to the United States Congress
some 15 months ago and as suggested by a
general legislation in all the States restricting or repealing, where possible,
resolution passed by the Canadian Parliament.
branch banking. But when we have a bill that tends to encourage this
Major Bellerby called attention to the fact that the Genoa Conference of
very thing, we have a very different situation. For instance, in my own
State of Wisconsin we prohibit branch banking. I can readily see that some 30 nations had stated that the prime requisite for the restoration of
world
conditions was that the various countries should achieve stability
with the Senate amendments adopted, at the next session of the legislature
every national bank and every State bank of the Federal Reserve System In internal price levels. The report of this conference has been endorsed
will use such influence as it may have upon the legislature to repeal the by the International Labor Office, by the International Association of Unemployment, and the International Social Conference at Prague.
State law prohibiting branch banking.
MAY 15 1926.]
THE CHRONICLE
2147
In Europe the one outstanding feature of post-war havoc has been the 1925 to March 31 1926, as against $358,831,436.79, and tax collections of
instability of the currencies. The problem of major importance is to secure all kinds of $545,957,138.85 in the nine months of 1925-26, against
a stable value of gold. Such stability as has been attained in Europe has $488,219,851.31.
been secured by linking their currencies to the American dollar. By cooperating to this end and promoting its own domestic stability, the United
States has conferred greater benefit upon the European countries than Liberty Bond Interest Totaling $66,000,000 Payable
could have been done by any other means, political or economic; the gain
To-day (May 15).
has been immeasurable. However, before the European countries underRegarding the payment of interest on Liberty bonds to-day
took to so link their currencies with the American dollar there was a period
of hesitation because there was no certainty that the American policy the Federal Reserve Bank of New York on May 13 issued the
would be permanently one of stability; this apprehension of the danger following announcement:
of instability in America was evidenced by the fact that the Swedish Kronor
On Saturday May 15 1926 approximately $66,000,000 in interest will
was approximately at par with the dollar 18 months before the actual resumption•of the gold standard and by the insertion of a provisional clause be payable by the Government on the following obligations:
Second Liberty Loan:
Rate.
in the Swedish law. The proposed legislation would remove all such ap4% bonds of 1927-42
4%
prehensions and would give full evidence to other countries that the AmerConvertible
4X %
434% bonds of 1927-42
ican policy was to promote stabilization of the purchasing power of gold,
Of
the
above
total
of
$66,000,000,
about
is
$23,000,000
payable at the
Major Bellerby further pointed out that the international debts and
Federal Reserve Bank of New York. Interest on registered bonds is paid
reparations payments are stated in terms of gold; that therefore stabilizaby check by the Treasury in Washington and mailed to the owner of bonds.
tion of the purchasing power of gold was necessary unless the real burden Coupons due on May 15 on
these obligations may now be sent to the Coupon
on the taxpayers was to be altered. Any changes in this burden might Collection
Division of the Federal Reserve Bank, which is prepared to reraise again the whole question of debt and reparations settlements.
ceive them.
The witness said that while the legislation cannot add to the technical
Checks in payment of coupons thus deposited in advance will be ready for
powers of the Federal Reserve System to maintain stability, there is a delivery at 9:30 a. m. Saturday,
May 15 1926, or member banks, if they so
subtle way in which it would help. There is a partnership between Fed- desire may have the proceeds, when due, credited to their reserve accounts
eral Reserve policy and industry and a proper legislative text would upon request.
strengthen this tie and would be in a sense an advertisement of this partnership.
Major Bellerby offered the interesting suggestion that while some Euro- Secretary of the Treasury Mellon Urges National
pean Governments have returned to the nominal gold standard, Great
Policy to Prevent Sale of Fraudulent Securities.
Britain being assisted thereto by the $200,000,000 credit granted by the
Federal Reserve Bank of New York, and other countries have adopted the
A national policy for preventing the sale of fraudulent
gold exchange standard based on the American dollar, yet most had de- securities is urged by A. W. Mellon, Secretary of the Treasserted the old tradition of a circulating gold currency. Under the new
tradition of a gold standard with all of the gold held in reserve and none ury, in the American Bankers Association "Journal," issued
of it in circulation there is sufficient gold in Europe to satisfy the needs on May 9. Mr. Mellon says:
of the standard.
One of the important problems confronting this country is the prevention
Asked by Congressman Wingo whether the prevailing European thought of the sale of fraudulent securities. The State Governments are doing
was that. stabilization of the general price level was desirable throughout what they can to combat this evil. The Federal Government itself is exerthe world, the witness replied that there is an astonishing amount of work cising the full power of its regulatory organizations to lessen the perpetrabeing done on the problem. As yet no overt action has been taken, but tion of frauds through the rnails. In spite of all, more than half a billion'
the matter is being discussed quite as much in Europe as here.
dollars, it is estimated, are lost each year, largely by small investors. In
Asked by Congressman Goldsborough whether stability could be secured many instances this could have been prevented if the investing public had
without reverting to the old policy of fixed minimum gold reserves, the been impressed with the necessity for investigating the security or asking'
witness replied that this was effective in some countries. In reply to a the opinion of some competent adviser.
further inquiry, he said that a stabilization plan based upon a compensated
Much can be accomplished by education, and perhaps the real solution
dollar, the weight of the gold parity being altered from time to time, might of the fraudulent security problem depends on the success of such a camfacilitate the maintenance of price stability, while admitting of freedom paign. But processes of education are slow and each year a very appreof credit control and not interfering with the transaction of international ciable amount of capital is being lost, so that it would seem to be the duty
business. There were other plans of a similar character which had been of the Federal Government to provide adequate legal
machinery for proproposed. However, the necessity for modifying the gold content of cur- tecting the public.
rency might be averted if international action could be secured to regulate
Several bills have been introduced in Congress. One undertakes to prothe distribution of gold reserves.
hibit use of the mails or any agencies of inter-State or foreign commerce
Asked by Congressman Strong, the author of the bill under considera- for transmission of securities for sale to any person in any other State in
tion, whether it was desirable for the United States to make a declaration which it is unlawful to sell or solicit subscriptions for such security, also
of policy in favor of stabilization, the witness replied that he personally of letters and circulars soliciting orders or procuring advertisements for
felt a leaning in favor of it. Asked as to whether or not this was a good sale of such securities. The bill exempts several important classes of
time to make such declaration, when we have control of the gold situation securities and business transactions. Notwithstanding the exemptions, such
of the world, he replied that he thought great advantage might be gained a bill would unreasonably restrict transactions in securities. It would subfrom making such a declaration.
ject all transactions in securities conducted through the agencies of interMajor Bellerby is also reported as stating that because State commerce to the blue sky and fraud laws of the various States and
place upon the Federal Government almost insuperable difficulties in enof the fact that all of the international debt agreements forcing these diverse laws, many of which create purely technical offenses.
entered into between the United States and foreign Govern- The proposed law has the further disadvantage of tacitly approving all
ments contemplated payments in gold, it behooves the dealings in securities in the exempt list regardless of how undesirable such
dealings may be.
United States to do everything in its power to maintain the
There is a pressing need for a Federal statute of some sort which will
stability of gold values. A statement to this effect carried repress the flow of issues of fraudulent or worthless securities through the
States without putting an undue burden on
In advices to the New York "Journal of Commerce" from channels of commerce among the
legitimate issues. The State laws are not entirely adequate and they are
Washington, May 9, added:
more diverse and burdensome than a comprehensive Federal statute would
"A point of international interest arising out of the stabilization of the be. Without attempting to interfere with the various State Commissioners
value of gold," he pointed out, "is that most international debts and the situation is essentially one which should be dealt with by Congress
reparations payments are settled in terms of gold, from which it follows through a law applicable to fraudulent transactions and issues of securities
that if the value of gold were to change in any degree, the real value of employing inter-State agencies.
those debts, the real burden of the taxpayers, would change in proportion.
It has been suggested that the situation could be met most simply and
"Consequently, if there were a change in the value of gold in any consid- adequately by a law under which such securities as appear to be fraudulent
erable amount, say 20%, within the next ten or twenty years or thirty could be brought to the attention of the United States Department of Jusyears, that might raise again the whole question of international debt tice through proceedings in the nature of an information. The Attorney.
settlement, with all its disharmonies and misunderstandings. It would General could then be authorized to investigate such securities and if he
seem urgent to protect the country from such a disaster and by every found evidence of fraud to issue a summary order forbidding their further
means available."
sale under heavy penalties.
Such a law would not interfere with the flow of legitimate investments
of the prompt sale of securities which is so essential in the investment
Income Tax Collections in March This Year Exceed business. The great majority of investment bankers are honest and scruThose of March 1925 by $65,000,000.
pulous men who investigate with extreme care every issue sponsored by
Only a small number. are actuated by a desire to defraud and in
Figures made public April 28 by the Internal Revenue Bu- them.
trying to protect the public we must not harass and interfere too much
reau show that the yield from Federal income taxes under with legitimate operations. The investment banker plays an important
the new revenue law is 805,412,740 greater than the collec- part in the country's development. It is for his protection, as well as the
public, that a sound national policy should be established whereby the sale
tions a year ago. The income taxe receipts in March 1920 of fraudulent securities can be prevented.
are announced as $504,141,356, as compared with $438,728,616 in March 1925. Regarding the Bureau's further analyState and Local Taxation and Budgeting—Plan Presis of the receipts, the New York 'Times" said:
sented to United States Chamber of Commerce
For the nine months from July 1 1925, to March 31 1926, income tax
by William Fortune.
collections were $1,420,036.317.37, an increase of $120,189,738.34 over the
same nine months of the previous year, and miscellaneous tax collections
The challenge of President Coolidge for reductions in
were $692,833,863.07, an increase of $63,698,291.11 in the same nine months
local taxation to match savings already brought about in
of 1924-25. Tax collections from all sources in the nine months of 1925-26
Federal taxation was accepted, and the 2,800 Chambers of
were $2,112,870,180.44, an increase of $183,888.029.45.
Figures covering income reports from Florida during the height of the real Commerce and their 900 allied organizations throughout the
estate boom supply an interesting side light in the report. In March, 1926,
called upon to lead "a crusade for wise econIncome taxes from that State more than trebled,jumping to $12,369,654, as country were
against $4,079,377 in the same month of 1925. For the quarter January, omy and better efficiency" in local Government, by William
February and March. 1925, Florida incomes paid taxes of $13,635,024, as Fortune, of Indianapolis, speaking before the
national conagainst $4.544,739 in 1925, and for the nine months from July 1 1925 to
March 31 1926, the income taxes wet— $22,147,457, as compared with vention of the United States Chamber of Commerce in
Washington May 13. He submitted a concrete program of
$8,375,169 in the same months of the pre bus fiscal year.
As usual, New York State was in the lead as a taxpayer, with income tax action, based, he said, not on theory
but on actual experiin
$145,941,713.77
March;
l
26,
a
compared
with
payments of
$128,054,468.94 in March, 1925: $407,519,740.68 for th3 nine months from July 1 ence, and he asserted an organized campaign operating
2748
THE CHRONICLE
along the lines laid down, could effect savings totaling a
billion dollars annually in local taxes. With this speech
the convention began consideration of the problem of local
taxation. The Indianapolis Chamber of Commerce already
had submitted a resolution for consideration,
and, if
adopted, it would bring into effect much of the program advocated by the speaker. The convention was expected to
take action on the resolution late in the day.
Mr. Fortune, after serving several terms as President of
the Indianapolis Chamber of Commerce, became Chairman
of that body's Committee on Civic Affairs, and in that
capacity has led its efforts for local tax reductions. Pointing to the impetus already given to the nation by
President
Coolidge to seek a solution of the problem of ever-increasing
local taxes, Mr. Fortune said:
If we do not promptly follow up the work that has
been so well started
by the President, we may find that we have neglected
our best chance for
constructive effort. There is danger that we may
so long delay vigorous
action that the momentum of the President's initiative
may be lost.
Mr. Fortune's program for local tax reduction included
the following concrete recommendations which
he urged
Chambers of Commerce and allied organizations
to advocate:
A crusade against waste in Government by applying
the modern methods
of business in local Government.
Preventing the further multiplying of local taxing
districts, by which a
single community is burdened with a complexity of
tax levies and permanent debts.
Effort to bring about co-ordination of national and
State taxation systems to eliminate duplication and inequities.
Revamping of antiquated systems of administrat
ive service in State, city,
county and township Governments, just as has
been done in a few States
in the last few years.
The establishment of a State central agency
to inspect and supervise
public officials with a view to check against
fraud and mistakes, and to
give public officials helpful administrative
advice.
The setting up of a supervisory system in
the States, which would have
the power to check local tax levies, bond issues and
loans, with the proper
safeguards for home rule.
The setting up and carrying out of "the right kind
of a budget—one that
oan be understood," and study of the budgets by
the local Chamber of Commerce with a view to helpful suggestions fcr tax
savings.
The establishment of a system of public reporting,
that would give the
public accurate information that would be helpful in
determining the need
for and value of proposed public expenditure, and
would result in holding
public officers to strict accountability for their
stewardship of the public
funds.
In addition to this program, Mr. Fortune took occasion
to
advocate the bill of Representative Davey of Ohio, to enlarge temporarily the power of the President to accompli
sh
Federal service reorganization and to eliminate useless employees and departments. He repeated the assertion of
the
author of this bill that it would effect a saving in Federal
taxes of a half billion dollars annually.
Mr. Fortune pointed to the way in which Chambers of
Commerce can bring local tax reform about through such
methods as he suggested, and he told of the benefits to be
derived. "It is service of direct benefit to all taxpayers of
every community," he said, "and for the good of the whole
country. It is practical and patriotic endeavor to correct
the most alarming faults in our Government. It may be the
biggest task ever undertaken by an organization, but the
objective will be worthy of extraordinary effort."
Mr. Fortune told how taxation has increased by more
than 800% in 34 years. In the eight years following 1917,
the average per capita cost of government in 248 cities was
almost doubled. Discussing the tendency of many local
Governments to create of themselves additional taxing districts, he pointed out how this has placed a burden of debt
far beyond the original constitutional limitations, and has
brought about confusion of the citizens in coping with their
tax problems. Much of the complexity of the whole tax
problem is due to the lack of co-ordination between States
and between the Federal Government and State Governments. This situation violates economic principles, prevents fair competition, forces business to operate at a disadvantage in some instances and results in waste that falls
In some degree upon the whole country, he said. "There
should be co-operation," he asserted, "between representatives of the national and State Governments in efforts to
co-ordinate national and State taxation systems so that
duplication and inequities may be eliminated.
The Indiana system of supervision over local tax levies
and bond issues was described by Mr. Fortune in detail. A
State Tax Commission is in existence. It intervenes only
when petitioned to do so by citizens of the local Government
proposing the tax levy, the public improvement or the bond
issue. . . .
Describing the Commission's power over bond issues, he
asserted that much of the burden now carried by the taxpayers all over the country is due to unwise use of credit.
For... 122.
The State Commission, he said, should enforce such rules
as to prevent borrowing in anticipation of taxes an amount
to exceed the expected taxes, and to prevent the issuance
of bonds for the payment of current operating expenses.
Bonds for public improvements should mature serially, and
the final payments should fall within the reasonable life
of the improvement. Refunding of bonds should be discouraged, since in itself that is an evidence of unsound financial
condition. Pointing to the record of the Indiana Commission, he showed how in five years it reviewed 316 tax levies,
on appeal, ordering reductions in 216, aggregating more
than $7,000,000. Bond issues totaling $45,358,205 were appealed to the Commission, and of this amount $18,413,462
were disapproved. The Commission found that some of the
bonds issued were for improvements for which there was
small need, and in others there was evidence of exorbitant
prices charged for the improvement.
Turning to the budget question, Mr. Fortune said that
"budgeting is financial planning." He described the ideal
budget as one that represents a financial plan comprising
estimates of expenditures that are proposed to be made for
a given period, and estimates of revenues to meet such expenditures; showing expenditures under uniform classifications, showing all items that go to make up the total expense, showing what departments or bureaus are to perform
the services for which the money is to be collected, and
arranged so as to be shown in comparison with actual expenditures for the same service in one or more previous
years.
The budget of a Governmental unit "should be in the
program of every organization representing civic and business interest," Mr. Fortune said. In reviewing them and
presenting suggestions for savings to the Governmental
bodies, such organizations may give their most valuable service, he said.
The reason that waste and extravagance have not been
checked, he asserted, is that while they have been vociferously pointed to, there has been no organized effort to eliminate them. Here comes the opportunities for Chambers of
Commerce and allied organizations. The speaker said emphatically he was not advocating a policy of tax reduction,
merely for the sake of tax reduction. Civic organizations,
he said, not only should not oppose needed public improvements, but should support them, concentrating their efforts
on elimination of waste and extravagance, but not on opposition to any worthy public undertaking. One reason for
participation of Chambers of Commerce in determining
budget programs is their interest in everything that aims to
promote the progress and welfare of their localities, he said.
He added:
Lurking unrevealed within the bigness of figures is the hope of
far greater
possibilities for the good of our people and our country. The gain
from
success will be vastly more than may be realized from merely
pecuniary
benefits.
If the 2,800 Chambers of Commerce scattered over the United States
and
the 1,440 other business organizations associated with the United
States
Chamber of Commerce embracing more than a million members, join
in the
battle against waste and extravagance, something is going to happen.
Waste
and extravagance and taxes will soon go down. Wiser living and
better
general prosperity will soon begin to go up. You can start this
good work,
and if you do, to you will belong the credit of initiative of
a great economic movement for common good.
President's Oil Board to Receive Petroleum Data from
Charles E. Hughes May 27—Board Not to Make
Known Responses to Questionnaire in Advance
of Report to President.
Secretary of the Interior Work, as Chairman of the
President's 011 Board on May 7 notified former Secretar
y of
State Charles Evans Hughes, counsel for the American
Petroleum Institute, that the Oil Board would be
glad to have
Mr. Hughes appear before it on May 27, and present such
data relating to national petroleum conditions as might
be
desired. On May 11 Secretary Work announce receipt
d
of
a letter from Mr. Hughes indicating that he would appear
before the Board at its hearing on May 27. Designation of
a date for this public hearing was in compliance with a request filed with the Board by President Farish of the Institute on the occasion of the public hearings held by the
Oil Board in February last, when leaders of the industry
presented individual views and data pertaining to conditions with which the oil world to-day is confronted.
Secretary Work advised Mr. Hughes that other members
of the oil industry had expressed a desire to present additional data to the Board at the same time the Institute's
counsel appeared, but added that this enlargement of the
MAY 15 1926.]
TEE CHRONICLE
program would in no manner interfere with the presentation of his arguments or curtail such time as he might require. No announcement at this time of the names of those
who will appear in addition to Mr. Hughes can be made, the
Secretary stated. The Board has been constantly at work
since the termination of the February hearings on its report
dealing with domestic petroleum conditions, but final completion has been delayed pending the presentation by the
American Petroleum Institute of such material as the Institute felt might be pertinent to the national inquiry. The
belief was expressed by Secretary Work that final draft of
the preliminary report likely would be ready for consideration by the full Board not later than June 1, after which the
Board's attention will be directed to the formulation of reports treating of foreign oil conditions as affecting American production, consumption, imports and exports and the
development of possible substitutes and American shale deposits leading up to the Board's final report. In a letter to
Mr. Hughes under date of March 30 Secretary Work stated
that the Board had concluded that it would be inadvisable
to make available the material received by it from the oil
industry in response to the Government questionnaires before submitting its completed report to the President.
United States Senate Passes Bill for Adjustment of
Railroad, Labor Disputes Through Board of
Mediation—Railroad Labor Board Abolished.
The Watson-Parker bill, which abolishes the existing
Railroad Labor Board, and provides for new legislation for
the adjustment of railroad labor disputes, was passed on
May 11 by the United States Senate, in exactly the same
form as it passed the House on March 1. The bill was
agreed to by the Senate by a vote of 69 to 13. It creates a
Federal board of mediation of five members to be appointed
by the President which would function only after voluntary
boards of adjustment for first negot.ations had failed.
Should the board of mediation fail to bring about a settlement of disputes over wages and a strike threatened, the
President would be authorized to appoint an emergency
board to investigate the whole dispute and make public the
facts. No change in the transportation situation could be
made by either side until thirty days after that board had
reported.
The passage of the bill in the Senate without change was
forecast on May 10, when a motion by Senator Curtis,
Republican floor leader, to recommit the bill for further
hearings, was rejected by a vote of 14 in favor to 59 in
opposition to the motion. The Associated Press dispatches
from Washington on that date said:
Several amendments, including one by Senator Curtis to place final authority over wage awards in the Inter-State Commerce Commission, have
been or will be proposed, but their sponsors had little hope that any could
muster a majority.
Some opponents expressed surprise and disappointment at the small vote
they were able to muster to-day. Besides the fourteen Senators who supported the motion to recommit, it was announced officially that five others
favored it, but could not vote because of pairs with absent Senators.
Senator Reed of Missouri charged that the measure was largely written
by W. W. Atterbury, President of the Pennsylvania Railroad, who he said
had been foremost among those bent upon destroying the usefulness of the
Railroad Labor Board "by violation of the existing law."
Disputing this statement, Senator La Follette said it had been worked out
in conference between railroad managers and employees.
Developing the fact that the Inter-State Commerce Committee had refused a request of members of the Railroad Labor Board to be heard, Senator Reed charged that the committee had cut off the hearings without giving opportunity for all sides to present their case.
Senator Watson said an end had to come some time if the committee
was to get out any legislation. He said the purpose of the motion to recommit was to kill the bill.
2749
2. That the President shall appoint, with the consent of the Senate, a
board of mediation of five persons, none of whom has a pecuniary interest on
either side, to intervene when the adjustment boards fail.
3. That boards of arbitration shall be created when both parties consent
to arbitration.
4. That when the above methods fail the Board of Mediation shall notify
the President, who may appoint an emergency board to investigate any
report to him within thirty days. For thirty days after the report has been
made there shall be no change in the conditions of the dispute except by
agreement of the two parties concerned.
There has been a long and determined fight against the bill on the ground
that the public is not mandatorily represented on any of the boards and
on the ground that there is nothing in the bill to make any settlement final,
but nevertheless the Senate voted the measure through by more than
five to one majority, resisting all efforts to change it in any particular.
Curtis Amendment Rejected.
Sentiment against altering the bill was demonstrated when the Senate
earlier in the day defeated an important amendment which was designed
to afford the public definite protection. This amendment, submitted by
Mr. Curtis, the Republican leader, provided that the Inter-State Commerce Commission could suspend any agreement between the railroads
and their employees if the Commission considered the compact might involve a wage increase against the public interest.
The amendment, which has approval ofthe National Association of Manufacturers and the American Farm Bureau Federation, was lost by a vote of
64 to 12. The dozen men voting for it were: Bayard, Delaware, and Underwood, Democrats; Bingham, Curtis, Hale, Keyes, McLean, McMaster.
Moses, Norbeck, Weller and Williams, Republicans.
It came as a surprise that many Democrats and also radical Republicans,
who are ordinarily 'against the railroads." declined to vote for the Curtis
amendment, but in the lobbies the charge was made that the railroads exerted force on some of these and the railway unions used their influence with
others.
Likewise, it was regarded as surprising that some of the Republicans stalwarts voted for the Curtis amendment, but here it was rumored that the
pressure from industrial interests was felt by some of the Senators and that
messages from agricultural organizations influenced others.
"Guarantee Clause" Is Retainsd.
Just before the final vote on the bill, Senator Norbeck, the near-radical
from North Dakota. startled the Senate by proposing an amendment which
would have eliminated from the Esch-Cummins law the provision assuring
the railroads a return of approximately 6% on their earnings.
Opponents of the bill have contended that its passage will mean a compact
between the railroads and employees to raise wages and then to demand
higher rates.
The attempt to strike out Section 15a was defeated by a vote of 54 to 22.
Those voting to kill the "guarantee clause" were Borah, Curtis, Frazier,
Howell, Keyes, La Follette, Leziroot, McMaster, Norbeck, Norris and
Nye, Republicans; and Edwards. Harris, Heflin, McKeller, Mayfield.
Neely, Sheppard, Simmons, Trammell, Walsh and Wheeler, Democrats.
Senator Phipps tried to put an anti-strike clause in the bill by offering an
amendment that no strike should be ordered pending a decision by the
Board of Mediation, but was voted down viva voce.
Opposition to the bill was sounded by Senator Robinson, the Democratic
leader, who said the railroads and employees could already do what the bill
empowered them to do.
"The bill really gives them the moral support of the public for anything
they do and anything they fail to do," he asserted.
'Doesn't its passage pave the way for a wage increase without the trouble
of a strike,' Senator Norbeck queried.
"I think it does," replied Senator Robinson. "I think the railways could
well say the Government makes it obligatory on them to enter into agreements with their employees for increased wages. If the increases are
large, this would probably prompt demands for higher rates."
"Is the Senator in favor of compulsory arbitration? asks Senate
Watson.
"Yes, I would like to bind the two partities to continuation of transportation," replied Senator Robinson. "While I don't want to rorke anybody work, I realize, and they realize, that the people of this nation can't
live if there is a general strike."
Bruce Strives for Changes.
One of the most determined opponents of the bill, Senator Bruce of
Maryland. fought hard for changes in it.
After the last roll-call Senator Norbeck moved to name the measure "A
Bill to Increase the Farmers' Working Day From Fourteen to Sixteen Hours,
and to Reduce the Railroad Man's Day from Eight to Seven Hours."
The element of compulsion is totally absent from the new bill. There is
nothing in it making the findings of any of the boards arbitrary. Even the
Presidential Emergency Board has no authority to enforce its findings, and
there is no language in the bill to show what would happen should this last
court of resort fail to bring about a settlement.
Neither is there any direction in the bill that the public shall be represented
on any board, not even upon the Emergency Board,for while the President
Is empowered to create the Emergency Board, nothing is said about its
composition.
The Railroad Labor Board, which goes out of existence with the signing
of the new law, has three representatives, one each from labor, the railroads
and the public. The board was supposed to be clothed by law with mandatory powers, but the Supreme Court decided that it had no authority to
enforce its decisions.
The 69 votes whereby the bill was passed by the Sen-aTe
on May 11 were those of 39 Republicans, 29 Democrats and
In the Senate debate on the bill on May 11 Senator Nor1 Farmer-Labor member; the 13 votes in opposition came
from 9 Republicans and 4 Democrats. Pointing out that beck said:
a decisive vote taken yesterday the Senate decided that there should
since no differences exist between the House and Senate beBy
no further hearings on the pending measure. The request of the Farm
bills, the new legislation awaits only the signature of the Bureau was rejected. The request of the Labor Board that they might be
President to become a law. The New York"Times" had the heard and tell their side of the story had been refused by the committee.
There seems to be a strong force back of the measure, and of course it is
following to say regarding the bill in its advices fromWashing- organized
railroad labor vote.
I feel that we are moving hastily. I think there is another angle to this
ton, May 13:
matter that has not been considered, that has not been developed. I do
not think the railroad men of the general public have yet come to realize
that these wage increases bring in their wake the high cost of living that
absorbs them. When will we come to understand that doubling everybody's wages to-day will not benefit anybody twelve months from now.
If that high wage comes into every industry and every service, it is reflected
in every cost of living, including taxes, even the school taxes. It does
Provisions of the Measure.
damage in places. The stockholders of the railroad are not without danger
The bill, which was agreed upon last year by most of the railway executives They may feel they are protected by law and can pass the increased cost of
brotherhoods,
and
four
which
the
President
endorsed in operation over to the farmer, but this rule may not work forever.
and heads of the
Mr.President, there is a recklessness in the land that is astonishing. It Is
principle in his message to Congress, provides:
1. That the railroads and employes shall establish adjustment boards to said that civilization is based largely upon a due regard for property rights
as well as rights of life and liberty. The farmer has been steadfast in
arrange disputes.
Before the Senate passed the bill it was stated at the White House that
was not an Administration measure. The President, it was said, was
interested in it to the extent that he believed it would work well because a
majority of the railroad managers and employes favored it. But it was also
understood that he did not entirely approve the bill as passed, he having
suggested that it be amended so as to protect the publia interest.
2750
THE CHRONICLE
holding to this principle. He has been the most unwilling to take anybody's
property away from him, even by indirection, but he finds
his own being
taken away by unfair laws as well as trade agreements. If the
managers of
the great railroads want to protect the property of their stockholders,
they
must also stand out against unfair wages. They must not
proceed recklessly on the theory that the farmer is going to pay
the dividend no matter
how the road is operated. The farmer will not
continue to be the only
shock-absorber.
We have already indicated in these columns March 6
(page 1257) and March 20 (page 1559), some of the opposition which the bill had developed. L. F. Loree, President
of the Delaware & Hudson, whose stand against the bill
was referred to in those items, during the current month
further declared against it, as is made known in the Associated
Press advices from Washington, May 6, which said:
A
row was precipitated in the Senate to-day over whether the WatsonParker Railroad Labor bill protected the public interest.
Defending the measure, Senator Watson, Republican, Indiana,
declared
railroad labor disputes had to be settled either by the "ollve branch
or the
club" and he preferred the former.
Doubting that the bill would protect the public, Senator Curtis, the
Republican leader, offered an amendment authorizing the Inter-State
Commerce Commission to suspend or modify any wage agreement reached
under
its terms if it did not protect the public interest.
Opposition to the bill was expressed in a statement by L. F. Loree,
President of the Delaware & Hudson Railroad, who said he also spoke for
a score of other roads.
"In view of what is happening in England, where there Is a complete
suspension of transportation resulting from a 'sympathetic' strike of railway
workers," he said, "this country cannot afford to return railway labor
disputes to the old mediation system which has so signally failed in the
past."
On April 19 a protest by the Western Maryland and eighteen other railroads against the bill was made to President
Coolidge by a committe representing the minority in the
Association of Railway Executives, said the Baltimore
"Sun," which reported that the committee consisted of
J. E. Gorman, President of the Rock Island; Frank Alfred,
President of the Pere Maruqette, and C. E. Whitehead,
President-elect of the Missouri, Kansas & Texas. The "Sun"
said:
In a statement on their visit to the White House.the protesting
committee
said:
"We call on the President to present the criticism of nineteen
railroads
to the pending Railroad Labor Disputes bill. The Watson-Parker
bill, in
the opinion of the railroads opposing its passage, is not the 'peace plan'
it
has been represented to be, nor does it meet the recommendation of Presiden' Coolidge in his messages to Congress with respect to protection of
public interest. We are convinced that unless the same is amended it will
subvert our present rate structure and threaten the steady progress of
our ever-improving relations with our employes in terms of each road as
the unit of service and self-interest.
Public Hostile, Is Claim.
"We have been greatly impressed with the unfavorable reaction of the
shipping public in the territory we serve to the suggestion that the carriers'
income shall remain subject to public control while wages, the chief element
of operating expense, shall, as was aptly said by the chairman of the railroad
executives, be left to the uncontrolled agreement of the parties or to casual
arbitration tribunals agreed upon by them.'
"The bill if enacted without appropriate amendment will be a mistake in
public policy which this country will never cease to regret."
The American Farm Bureau and the National Grange, in
a protest against the bill, laid before the Senate on May 8
by Senator Curtis, Republican floor leader, said in part:
We want to remind you that the bill is the product of the parties at
interest. Neither farmers nor any other users of transportation were
consulted in its preparation, or had any change to examine it before it
was introduced and hurried to a hearing.
Farmers are slow to get news and act upon it. Before they had any
chance to study this proposition or be heard upon it, although we asked for
a chance, we were told the hearings could not be kept open until our representatives could discuss it and present their views before the committee
of Congress.
The parties who shaped this bill in secret had every opportunity to urge
their views before your committee. We have had no hearing, yet none are
more deeply affected than we by the operation of this proposal. For you
are asked to abolish existing public representation and control over wage
awards and agreements without any effective substitute.
A comparison of the labor provisions of the Transportation Act with those in the Watson-Parker bill, was given in
these columns March 6, page 1259. The adoption of the
bill by the House was noted in the same issue, page 1257.
Federal Trade Commission Charges Flour Milling
Companies with Restricting Competition.
A preliminary report on conditions in the flour milling
business was presented to the United States Senate by the
Federal Trade Commission on May 7. The inquiry was conducted under a Senate resolution, and the Commission
states that its preliminary report "presents in detail extensive documentary evidence already obtained relating to alleged violations of the anti-trust laws by certain corporations, and indicates conscious attempts to evade the said
laws." "The complete discussion of the subject and the
consideration of the effects of these practices on prices and
profits," says the Commission, "are reserved for the final
report." The Commission states that "the largest and most •
active of the companies refusing to permit an examination
[Vol,. 122.
of their correspondence were the Washburn-Crosby Co. and
Pillsbury Flour Mills Co. Another large company active in
such matters, the Kansas Flour Mills Co., permitted an examination of its correspondence, but refused copies to be
made of documentary evidence selected." It was stated in
Associated Press dispatches from Washington, May 10, that
the Department of Justice had that day taken a hand in the
investigation with a view to obtaining, through Grand Jury
proceedings, if necessary, evidence which certain concerns
have refused to divulge to the Commission. The Commission has issued subpoenas to compel the production of certain of the documents called for, but the matter is being
contested in the courts by the Millers' National Federation.
The Commission's statement of Feb. 7 regarding its preliminary report, follows:
The Federal Trade Commission is sending to the Senate to-day its report
dealing with conditions in the flour milling business, in response to Senate
Resolution No, 163, 68th Congress, First Session. Summary of the report
follows:
Under a resolution of the Senate (S. Res. 163, 68th Congress, First Session) this Commission has been conducting an inquiry into the flour milling and bread baking industries, and this preliminary report on competitive conditions in the flour milling industry is submitted in partial response thereeto. The complete discussion of this subject and the consideration of the effects of these practices on prices and profits are reserved for
the final report.
The inquiry into competitive conditions has not been completed, because
most of the larger flour milling companies which were active in furthering
agreements to restrict competition described in this report either refused
to permit the examination of their correspondence files touching such competitive practices, or refused to permit copies to be made of specifically
described letters relevant to alleged violations of the anti-ttust Acts.
The largest and most active of the companies refusing to permit an
examination of their correspondence were Washburn Crosby Co. and Pillsbury Flour Mills Co. Another large company active in such matters, the
Kansas Flour Mills Co., permitted an examination of its correspondence, but
refused to permit copies to be made of the documentary evidence selected.
The national organization of flour millers, knowns as the Millers' National Federation, and controlled by the larger companies through plural
voting, permitted examination of its correspondence, but refused copies to
be made of any of more than three hundred letters or other documentary
evidence selected.
The Commission has issued subpoenas to compel the production of certain of these documents, but the matter is now being contested in the courts
by the Millers' National Federation.
The activities to restrict competition among the flour millers, which
are described in this report relate chiefly to the following matters:
(1) Agreements, understandings or co-operation to sell at a profit. This
has involved discussions of what margin over the cost of wheat is necessary
to insure a profit.
A meeting of millers was held the latter part of November 1923 in
Minneapolis, attended by Mr. Bell of Washburn Crosby Co., Mr. Loring of
Pillsbury Flour Mills Co., and Mr. Helm of Russell-Miller Milling Co. In a
circular letter of Dec. 1 1923 G. M. Palmer, President of the Southern
Minnesota Mills, an association, stated in reference to this meeting, regarding cost of milling and selling:
It was suggested that in order to be safe, at least $1 per barrel over the
cost of the wheat should be added in all cases to cover cost of milling and
selling, and even this will scarcely cover any margin of profit considering
the cost of carrying flour sales and the risk of the feed market, &c.
(2) Exchange of information on selling prices, in order to prevent competitive price cutting. Thus C. L. Bechenbach, a miller, writes to another
miller:
The thought Is that if a miller was really cutting prices, he would stopit as soon as he found that it was public knowledge.
How it would be stopped is indicated by the following statement in a
letter of G. M. Palmer:
The Atkinson Milling Co. has the reputation of being the worst cutters
In the business. Do you suppose any influence can be brought to bearupon that concern to refrain from making such prices and of broadcasting
their quotations everywhere?
(3) Agreements, understandings or co-operation to fix the elements of
selling prices. The millers organized a bureau to advise them on this
matter called the Livingston Economic Service, which issued
information
regarding alleged costs. This information was a cost card containing
a
hypothetical cost, including factors or profit, or so-called "safety
hedge."
These costs, as Livingston expressly admitted in 1925, were higher
thanthe prevailing selling prices.
(4) Agreements, understandings or co-operation to fix uniform
differentials on prices of flour sold in packages of different sizes or for
flour in
different containers. These lists were prepared by a committee
of the
Millers' National Federation and changed from time to time.
Thus in the
list of April 1 1924 the basis is 98 pounds of flour in a cotton
sack, and
the differential fixed for 2 pounds in a cotton sack was $2 60
over this
basis. A miller wrote to the Secretary of the Millers'
National Federation
in 1924:
The package differential sheet is one of the
important steps for"
ward, due to the labors of the Federation. Thisvery
ground must not be lost.
and it would be a catastrophe to have the package
differential go into the
discard.
That these package differentials were generally observed
and included a
profit is admitted in correspondence between the millers.
(5) Agreements, understandings or co-operation regarding
forward delivery and carrying charges. The correspondence
among millers points to
an understanding that the period during which forward delivery
will be
made at current prices should be limited, and
that for longer periods a
so-called carrying charge, or addition to the price, should
be made.
(6) A "Code of Ethics" was adopted by the
Millers' National Federation
on April 16 1925 which, among other items, includes
the following:
Sales of flour should be made for delivery within not
exceed 60 days.
Millers National Federation package differentials shallto
be strictly observed.
Charges shall be assessed and collected from the buyer
in all cases where
shipping directions are not received within
time, at the rate of
l-3c, ner barrel per day for flour and lc. percontract
ton per day for feed for such
extended period as may be mutually agreed.
Millers shall not give rebates, premiums, donations or subsidies In the
merchandising of their products.
There shall be no bargain-day sales.
After prices have been advanced no sales shall be accepted at previous
prices.
MAY 15 1926.]
THE CHRONICLE
This preliminary report presents in detail extensive documentary evidence already obtained relating to alleged violations of the anti-trust laws
by certain corporations, and indicates conscious attempts to evade the said
laws as shown by the following correspondence:
On Aug. 6 1924 L. H. Pinney, Secretary of the Minnesota Millers' Club,
Minneapolis, Minn., wrote to C. V. Topping, Secretary of the Southwestern
Millers' League, Kansas City, Mo., in regard to methods of fixing prices,
as follows:
.
1 am seeking information regarding method of advising your members
regarding prices for local territory put out by your club—how obtained
and disseminated. I enclose herewith copy of letter I am sending to members. The directors make the price and they think, should I be called
upon by the Department of Justice to explain we would be in a predicament. I would be pleased to have a copy of your rules and by-laws. Any
suggestions you have to offer would be appreciated. This is confidential.
On Aug. 8 1924 Mr. Topping replied, explaining the method of fixing
prices in the Southwestern States, as follows:
I am in receipt of yours of the 6th, and in reply: all States in the League
territory are handled separately.
Group meetings are held every week and business generally discussed.
Where your business is confined strictly to your Minneapolis Club, I would
suggest, and it is working very satisfactorily in other States, that you
take a representative mill, say Pillsbury Flour Mills in Minneapolis, and
use their quotations as a basis. Let them advise you of the changes and
you send this information to the members of your club. Use blank stationery, and I would not put any name to the quotations, just let it appear
as a regular market letter.
This can be understood among your members and there need be nothing
attached to it that would in any way involve anybody.
I think you would have considerable of a task to convince the Department of Justice of your innocence.
One of the very important features is as little information in writing as
possible.
Certain data regarding the flour milling companies' costs and profits are
shown for 1923 and 1924, before the agreement and understandings for cooperation were perfected in 1925, together with similar data previously
collected for earlier years. For 47 identical companies with a capital
employed aggregating more than $70,000,000 in each year, and an average annual output exceeding 20,000,000 barrels of flour, the average profits
from 1919 to 1924 was 9.7%, and for the years 1923 and 1924 it was 7.8%
and 6.9%, respectively. The rate of return on the companies' investment
(capital stock and surplus) was naturally higher, namely 11.2% for the
period 1919 to 1924, and 8.6% and 8.9%, respectively for the years 1923
and 1924.
The final conclusions of the Commission are reserved in order to consider
also the important documentary evidence called for by the Commission
under subpoena, but refused by the millers.
J. F. Bell, of Washburn Crosby Co., Says Federal Trade
Commission's Report Does Injustice to Milling
Trade.
James F. Bell, President of Washburn Crosby Co., when
his attention was called to the quotation from the Federal
Trade Commission report to the Senate, said that he had not
seen the text of the report, but the press notices of it show
a most unfair and mistaken view is being taken by the Federal Trade Commission and a view that would do great injustice to all the milling trade. He therefore believes when
the full text is available it will appear that the preliminary
notices do not reflect the full views of the Commission. The
Washburn Crosby Co. In a statement reporting this on May 8
further stated:
So far as restricting competition or any unfair trade practices are concerned, he said that the flour milling industry of this country has been
for years, and is to-day, perhaps the most highly competitive of any industry in the country, as might be expected when it is realized that the milling
industry in this country is more than twice the consumptive demand.
He said further that as far as he knew, and that was unqualifiedly true
of Washburn Crosby Co., no miller has refused any information to the
Federal Trade Commission to which the latter were legally entitled, but
on the contrary, the millers at large, including his company, have always
answered freely the inquiries of the Commission and have co-operated with
them in compiling the statistics they have requested up to the time that the
Commission refused to properly interpret sound and generally accepted
accounting procedure, the basis of which is in use by the industry as a
whole and approved by the Internal Revenue Department and other departments of the Government.
2751
moved forward when the present housing commission was created and it is
largely due to their studies that I was finally convinced of the method to be
pursued to secure a supply of low cost housing to replace old tenement areas
and my recommendations have thus far resulted in the enactment of the
bill now before me.
Certain aspects of the recent history of housing legislation may well be
emphasized at this time. Every one concerned has become convinced that
the building of homes for families in the low and moderate income groups
must be done on a large scale to be economically practicable. This necessitates access to large areas of land.
Next in importance is the financing of such construction with money
secured at low rates of interest. This must apply to first mortgages and
to investment or equity money as well. The most satisfactory way to
secure money for this type of housing is to encourage the investment of
money in housing operations for limited and not for speculative returns.
Being agreed on these fundamental principles, the extent to which these
needs are to be met at the present time caused the differences in the two
plans considered by the Legislature.
The bill introduced by the Housing Commission presented a financial
plan that would have facilitated the borrowing at a minimum rate of interest
all the money both for mortgage and equity purposes necessary for such
operations. In fact the Housing Commission bill presented a complete program under State supervision but our old friend, Mr. Politics, put his nose
in the door'and the majority party in control of the Legislature conceived it
to be their duty to havc a bill that they called their own, although left to
themselves they initiated nothing and the Housing Commission's bill was
referred to as a Socialistic move. Of course, nobody took that seriously,
not even the men who said it.
However, the bill as finally enacted leaves some of the financial problems
In doubt, but in its main features it recognizes as I had originally suggested,
the limited dividend companies as the basic element, giving to them under
rigid regulation by a State housing board, the right to condemn land for
large-scale operations such as are necessary to achieve cheap construction.
Rents are regulated and limited. Public aid to these projects is in the form
of tax exemptions, positive as to certain kinds of State taxes and permissive
in the case of local taxation, Federal tax exemptions for these securities is
in doubt, but is to be sought through Congressional Act.
The Housing Board, which the bill creates, has broad powers of regulation
and control over the companies operating under the Act, and has other
responsibilities of study and planning tha,,should prove vitally important in
making progress in city planning and general housing development.
We must make a beginning hi the attack on the entrenched system of
constructing housing fur speculative purposes only, and having reached the
conclusion, as evidenced by this hill, that the State has a responsibility in
the matter, earnest co-operation between the State and local agencies who
can aid in practical ways and those who can and will finance such undertakings should soon establish results.
This legislation Ls not perfect, nor do I believe we have said the last word
on the subject, but honest effort on the part of all those connected with its
operation will soon demonstrate in what direction further aid is needed.
In approving this bill I do so with the sincere hope that it may prove the
beginning of a lasting movement to wipe out of our State those blots upon
civilization, the old, dilapidated, dark, unsanitary, unsafe tenement houses
that long since became unfit for human habitation and certainly are no
place for future citizens of New York to grow in.
The bill was passed without a dssenting vote by the State
Senate on April 21; the Assembly passed the bill on April 22
by a vote of 122 to 19. The measure was sponsored by
Senator Nicoll and Assemblyman Hofstadter, Republicans.
In recording the signing of the bill by Governor Smith on
Mny 10 the New York "Times" stated:
The approved bill provides for net returns not to exceed 6%,on the capital
invested to the limited dividend corporations, and gives the State Housing
Board power to regulate rents and operations of such concerns. In eliminating the Housing Bank, which under the Commission bill would have held
title to all properties acquired by such corporations for housing purposes,
the Republicans maintained that the Housing Commission plan would
have had the effect ultimately of involving the State financially in such
quasi-public building operations, where the real cure for the situation
demanded encouragement of private capital to come forward and sup%
the needed relief.
As was indicated in our issue of Feb. 27 (page 1124), the
proposal for the creation of a State Housing Bank in furtherance of the plans of relief, was embodied in the annual message
of Governor Smith to the Legislature in January, reference
to which was made in these columns Jan. 16, page 302.
Bills to carry out the Governor's program were introduced
oit Feb. 22 by Senator Bernard Downing and Assemblyman
New York State Housing Bill Signed by Governor Smith Maurice Bloch, Democratic floor leaders in the Senate and
—State Housing Bank Dropped.
Assembly. In yielding on April 7 to Republican pressure
The Republican housing bill, passed by the New York for the abandonment of the State Housing Bank the Governor
State Legislature in the closing days of the session in April, said:
was signed by Governor Smith on May 10. The measure to
The salient feature of the State Housing Commission bill is the
which the Governor affixed his signature is the Republican vesting of title to public housing properties in a proposed State
Republicans served notice at the very outset of
substitute which displaced the bill sponsored by the State Housing Bank. The that
they would not stand for that. Therefore,
our gathering today
Housing Commission and endorsed by the Governor. Re- the bill, in the form it is likely to be passed, is not a compromise bill.
Republican
bill
with
whatever changes counsel for the Housis
the
It
publican opposition to the State Housing Bank proposed in
Commission can induce the Republicans to accept in order to
the Commission's bill, forced the Governor on April 7 to ing
make it a better bill.
abandon his bank proposal, and to accept the Republican
This statement by the Governor followed a conference in
bill as the most that could be had at the session in the
Albany which he had with Republican legislators and othway of housing legislation. In signing the. Republican
housing problem. The conference was
measure on May 10, Governor Smith said: "This legislation ers interested in the
Governor
in a message to the Legislature
the
suggested
by
is not perfect, nor do I believe we have said the last word
on April 1, in which he cited the differences between the
subject,
but
honest
effort
on
the
part
the
of
all
on
those
bill embodying the Governor's housing proconnected with it will soon demonstrate in what direction Downing-Block
gram, and the Nicoll-Hofstadter bill. The Republican bill
further aid is needed." The following is the Governor's
was introduced in the Senate and Assembly on March 26. On
memorandum accompanying the bill:
March 30 the Judiciary Committee of the Assembly killed
Approving this bill marks the first step in a seven years' struggle to effect
a permanent and constructive solution of the fundamental housing program. several measures urged by Gov. Smith, including two bills
I would only repent history were I to recall the many efforts made each year which would have carried out the Governor's housing proof my administration beginning in 1919, when I first called attention to the posals. As to the Committee's action
we quote the followhousing shortage and the housing problem, to secure some definite program
that promised permanent relief. There is no doubt in my mind that we ing from the New York "Times" Albany dispatch:
2752
THE CHRONICLE
Both housing bills were sponsored by Assemblyman Bloch, Democratic leader of the Assembly. The first bill voted on in the Judiciary
Committee was the original housing measure, which resulted in a
tie, 5 to 5. Then the housing bill, as amended to meet the objections
raised by some of its opponents, was voted upon and killed by a vote
of 8 to 4. All the Democratic members of the committee voted for
both the original and the amended housing bills.
The Bloch resolution asked for a- constitutional amendment, under
which a State Housing Board, a State Housing Bank and limited
dividend corporations would be created for relief of the housing
in large cities.
Regarding the conference on April 7 at which the Governor yielded to the demands for the Republican bill, the New
York "Times" advices from Albany stated:
Thomas C. Desmond, a director and consulting engineer of the
City Housing Corporation, one of two already existing limited dividend corporations engaged in providing housing facilities under private
auspices, was among the hundred persons who gathered in the
Executive Chamber. In expressing his views toward the end of the
proceedings he said:
Republicans do object to the State Housing Bank. It means State
socialism. I say Republicans in this State will never help to put
anything like that through. I may just as well say to you now that
you had better cut this out.
I attended a dinner last night to Senator Wadsworth at which
there were present a great many Republicans and a great many
business men. Man after man came up to me and expressed his
opinion on housing legislation. "You men may go to Albany and
yield on a lot of things for the sake of harmony and getting somewhere, but you must not yield on the proposition to put the title to
housing properties in the State," was the substance of what they
all told me. "We will not stand for it," they said. "It brings the
State Government into socialism."
The Governor smiled a wry smile. For a moment he said nothing.
Then he found words.
The Governor's Retort
Your speech, he said, turning to Mr. Desmond, is more enlightening than any of the discussion -of fine constitutional points that has
gone before. If Senator Wadsworth says no, that settles it. We
cannot have the bank. That's out. No use of beating around any
longer. The Constitution is one thing, but the boss is another.
The Nicoll-Hofstadter bill, it was pointed out in the New
[VoL. 122.
things, be experimental. We feel that the measure as presented goes
as far as the State of New York has a right to go without further
experience in its actual operation.
The provisions of the Downing-Bloch bill were given in
our issue of Feb. 27 (page 1124), wherein we also gave the
message of Gov. Smith on the housing problem. The
Governor's message of April 1 contrasting the features of
the Democratic and Republican bills, follows:
State of New York,
Executive Chamber,
Albany, April 1, 1926.
the Legislature:
There are now pending before your honorable bodies two proposals
r a "State housing law." One prepared by the Commission on
cooing and Regional Planning, the other the Nicoll-Hofstadter bill
(lenate, introductory No. 1,370, printed No. 1,626). Both measures
recite the imperative necessity of securing relief for conditions in
ngested tenement districts and adopt as basic essential: first, the
ue of the power of condemnation in order that large parcels of land
m iy be acquired at reasonable prices and existing unsanitary buildings demolished; second, the use of tax exemption as a means of
borrowing money at low rates of interest; and, third, limited dividend companies as means for the construction, operation and management of housing projects.
In both plans, two-thirds of the money is to be raised on taxexempt first liens at an interest rate not over 5% and one-third on
dividends not exceeding 6%. I am satisled that the commission's bill
meets the purposes which are to be met. Its fundamental principles
are sound and will stand the test of constitutionality. It may be
open to improvement in details of language or in the machinery it
creates.
Examination of the substitute bill (the Nicoll-Hofstadter bill) convinces me, however, that it contains in it vital defects which go to
the very functioning of the machinerr, that it will fail to accomplish the purposes which the bill itself sets forth, and goes far beyond
the scope of regulation of private property which the State should
undertake at this time.
In the recitals, the substitute bill says that the conditions to which
I called your attention "constitute a public emergency," but the
whole machinery rests upon the theory that real estate acquired by a
private corpotation can be "deemed to be dedicated to the public
York 'World" Albany dispatch April 7, differed from the utility in perpetuity." I do not see how an emergency can be continued in perpetuity.
Downing-Bloch bills in the following particulars:
Next it declares that what are essentially private stock corporaEliminate State housing bank, which under the Democratic plan tirns shall be "agencies and instrumentalities of the State." The inwould be empowered to condemn city tenements and their land and sttumentality of the State set up in the commission bill is one made
issue bonds for building new dwellings.
up of public officials. But in the Substitute bill the managers are
Gives the right of condemnation to limited dividend corporations elected by stockholders. How can the State declare what is esseninstead of the housing bank.
tially a private corporation to be an instrumentality of the State"
Substitutes direct mortgages for housing bank bonds.
or what is here called a "public corporation"? A corporation is not
Leaves private capital to provide for the building of new dwellings, made public by merely calling it such. Even if it could do so coninstead of the housing bank bond method of financing.
stitutionally, why should the State turn over to an essentially private
corporation functions which ought to be controlled by public officials
On April 8 a statement was issued by Senator Nicoll
responsible to the people and not to private stockholders?
Indicating amendments agreed on at a conference on April
The purpose of calling these private companies instrumentalities of
7 between Republican members of the Legislature and rep- the State is, of course to make them exempt from Federal taxation.
feature of both bills in reducing the cost of
This is an important '
resentatives of the State Housing Committee. The New financing. I am satisfied that on this point the substitute bill as now
drawn will fail. In the commission bill, since the title is retained in a
York "Herald-Tribune" of April 9 pointed out that:
Although the conferees at first decided on limiting the authorized State instrumentality, the tax exemption feature rests upon clear conhousing corporations to a dividend return of 7% this was later stitutional grounds, but all basis for Federal exemption vanishes when
changed to 6% as suggested by Governor Smith. The account also title goes into a private stock corporation.
stated public and private corporations were both restricted to a Moreover, the substitute bill treats real estate as dedicated to a public
maximum rental charge of $12.50 a month a room. The public cor- use in perpetuity, raises it to the dignity of a public utility like a railporation is defined as one given the right of condemnation after road company and puts it under continuous public regulation. All
proposed
agreement to hold the housing project a public necessity in perpetuity limited dividend companies, whether public or private, in the
and the private corporation is one operating without the right of act become subject to public regulation and cannot transfer or sell any
of their property except as a railroad does; that is, with the approval of
condemnation, but under certain tax concessions.
the State regulatory body. Again, under the provisions of the substitute
The following is Senator Nicoll's statement of April 8: bill surpluses which the so-called public limited dividend companies acThe housing bill in its present form and as it probably will be cumulate are to be paid "into the general fund of the State." Under
presented and passed, is the original Nicoll-Hofstadter bill with cer- the commission bill nothing goes into the Treasury of the State. Surpluses all go toward reducing rents or building up reserves to protect
tain amendments. These amendments are as follows:
The elimination of the bi-partisan character of the board by leav- bondholders. Under the substitute bill the State becomes a partner in
ing the Governor free to appoint whoever he wishes as members of the success of these limited dividend companies. The more surplus they
accumulate the more there will be to go into the State Treasury.
the Housing Board.
Under the commission's bill, at the end of the process of carrying out
Rents that the private limited dividend corporations were permitted to charge for accommodations are specifically restricted to the the project, the State is free to adopt any policy it chooses. Under the
maximum rates prescribed for the public limited dividend corpora- substitute bill the State is committed to regulation of real estate in
perpetuity. However, if the theory of regulation of the property as a
tions in the bill.
Realizing that if the law had been in existence ten years ago, every public utility should be denounced by the courts, I see no reason why
corporation organized under it would have been bankrupt today, due under the machinery of the substitute bill large plottages could not be
to the changed economic conditions, provision was made for increased gotten into private hands, and we should then be in the position of
rentals by the State Board of Housing, subject, however, to review placing in the hands of private owners valuable real estate for which they
by the courts In the event that the economic changes In the future alone would determine the rentals.
Both bills seek to accomplish the same purpose. The substitute bill
should make the operation of corporations organized under the bill
enters a new field of constitutional law, the treatment of privately owned
impossible at the rentals fixed.
While the general provisions in regard to foreclosure were per- real estate as a public utility subject to regulation by a State agency.
mitted to stand, all restrictions on foreclosure proceedings were re- The bill attempts to make what is essentially a private corporation an
moved in the case of institutions under the supervision of the Bank instrumentality of the State by calling it "public," and, indeed, adopts
and Insurance departments of the State, as the conferees thought the policy of putting all limited dividend companies under State regulathat there could be no possibility of abuse in permitting such in- tion. At least one lending institution has already indicated its willingness to lend on the basis of the State's control of the title of the
stitutions to enjoy the usual rights of foreclosure.
The increase of the right of dividend was discussed by the con- property through an instrumentality of its own and has expressed grave
Smith
fears
of the consequences if title should ever get into private hands.
ferees, and they agreed to accept the judgment of Governor
on this point and retain the dividend limitation of 6%, as originally Under the substitute bill I can find nothing which would induce private
capital either to lend its money on prior lien securities or to invest in
fixed in the bills.
Among the proposals discussed and rejected was the one to in- such limited dividend companies.
The substitute bill grants the power of eminent domain to a private
crease the rate of dividend to 8%, as recommended by Walter
Stabler, Controller of the Metropolitan Life Insurance Company, or corporation and substitutes regulation of doubtful constitutionality for
control through ownership in a State instrumentality. In short, the subcompromising on 7%.
Proposals designed to commit the State to landlordism, or any stitute bill holds out a promise which it cannot fulfill and introduces new
dangers.
proposition involving its credit, were also rejected.
I have asked the special counsel for the commission to make an
Other suggestions looking toward the vesting of title of the properties acquired in some State agency were likewise rejected.
analysis for me of the substitute bill and a comparison of its provisions
The bill as amended presents an earnest effort to improve housing with those of the commission's bill. I append herewith his report and
conditions, as stated by the special counsel at the hearing on the opinion.
Downing-Bloch bill and repeated by the Governor, It must be
I would suggest that progress may be made by conference. It seems
realized that any measure of this character must, in the nature of to me that since both measures agree upon the facts and the necessities
T3
15 1926.]
THE CHRONICLE
of the situation, there ought to be produced out of both bills a measure
free from the difficulties I have outlined above.
(Signed) ALFRED E. SMITH.
New York's New Housing Law Praised by Leaders.
The following is from the New York "Times" of May 12:
Harold Riegelman, Chairman of the Special Housing Committee of the
Republican County Committee, praised yesterday the House bill signed by
Governor Smith as a “new,a liberal and splendid departure in governmental
policy and should open the way for intelligent action, ultimately achieving
an elimination of city slums."
Mr. Riegelman said he regretted the assertion by the Governor that politics bad dictated an elimination of the State Housing Bank and State ownership from the measure. He said the bill was drawn by the Republicans to
save a splendid effort from failure, and declared that the law was an achievement 'large enough to yield credit to all who played a constructive part in
it."
He said the public now looked to Governor Smith to appoint a publicspirited Housing Board to administer the law, and that the co-operation of
the city administration was needed to make it successful through local
tax exemption.
Alexander M.Bing, President of the City Housing Corporation, a limiteddividend company which has built homes for 650 families, said he was "in a
general way" in favor of the bill, which he called a "step in the right direction."
It won't do a thing, however, unless local tax exemption is granted,"
he said. "If that is done a reasonable amount of building will be done."
Mr. Bing said he thought the provision of the bill limiting mortgage
money to 5% was "unwise," because, he explained, it would be difficult
to get money at that rate for operations outside of Manhattan and that
sometimes it would &De difficult to get It at that rate even for Manhattan.
Andrew J. Thomas, architect, designer of the Metropolitan, Bayonne
and Rockefeller low-priced apartments, said he considered the measure
"75% perfect," in that it provided a basis for experimental housing projects
out of which something greater would grow,
"Governor Smith did wonderfully well in getting as much as the law perThe Legislature's admission that housing is a concern of
mits," he said.
the State is a step forward. The early stages of building homes for working
men under this law will be slow, but they will show what further legislation
must be enacted to promote healthful housing where it is most needed."
New York Commission on Housing and
Regional Planning—Conditions Worse than
Before War.
Report of
The signing by Governor Smith this week of the State
Housing bill (to which reference is made in another item in
this issue) serves to recall the report of the Commission on Housing and Regional Planning transmitted to the
New York Legislature by the Governor before its adjournment last year. This report indicated that housing conditions in New York for those in moderate circumstances are
worse to-day than before the war. The report stated that
while approximately 85,000 suites have been provided by
new construction, "the 50,000 new tenement suites rent
for upwards of $15 per room per month and are
beyond the rent-paying ability of two-thirds of the population." Observing that commercial enterprise cannot build
adequate apartments to-day to rent for less than $1250 per
room per month, the report stated that "the average family
In old-law houses cannot afford more than $7"; this discrepancy, it said, "Is so great that any program to adequately
house these people must embrace economies in every element
of both current expenses and capital cost." According to
the report, "commercial enterprise functions on a 9% basis.
Lower interest rates are fundamental to any solution of the
housing problem. Money must be available at 6% if all
families are to be decently housed. Public credit alone can
supply funds at low rates of interest for sufficiently large
operations to influence general housing conditions." The
report summarized as follows the results of the housing investigation conducted by the Commission during the year.
The Commission found that:
Housing in New York City.
In the past year approximately 85,000 suites have been provided by new
construction.
The 50,000 new tenement suites rent for upwards of $15 per room per
month and are beyond the rent-paying ability of two-thirds of the population.
Vacancies in apartments have increased from an average of 0.80% in
1924 to 2.23 in 1925. Most of these vacancies are in higher rental apartments. In new-law tenements the vacancies are more than half the prewar ratio of 1916. In old-law tenements they are about one-quarter. New.
law vacancies to-day are 2.69%. In 1916 they were 4.03. Old-law vacancies to-day are 1.81. In 1916 they were 6.52.
Rents are still increasing in apartments built before the war.
Conditions in the tenements are worse to-day than before the war because
of depreciation of the properties. Landlords make no repairs. Many old.
law tenements, heretofore obsolescent, have been rejuvenated for another life
span. Their disappearance, though long desired, has been greatly retarded
by the housing shortage.
In spite of the fact that 29,000 apartments in old-law tenements have
been destroyed since 1916, the same number of apartments in such houses are
occupied as in 1916.
Commercial enterprise cannot build adequate apartments to-day to rent
for less than $12 50 per room per month. The average family in old-law
houses cannot afford more than $7.
This discrepancy is so great that any program to adequately house these
people must embrace economies in every element of both current expenses
and capital cost. Current expenses include interest, taxes, amortisation and
maintenance charges.
2753
Interest charges are one-half of the current expenses.
Commercial enterprise is paying an average of about 9% for its funds,
because of the high interest rates on junior mortgagee.
Houses wholly financed at 6% can be built on low cost and to rent at
about $9 per room per month.
Tax-exemption on the buildings and money at 6% would make it possible
to reduce this rent to $7 50, if all saving were conserved to the tenant.
Limited-dividend companies and co-operative associations are the only
housing organizations now operating on a 6% basis on the entire capital
investment.
They are a negligible factor in housing because they cannot get adequate
capital.
Such funds will only be made available in significant amounts by the use
of public credit.
Building costs representing the principal capital cost, may be reduced by
the elimination of waste.
Seasonal operation of the construction industries is costly and almost
entirely unnecessary.
Such irregular operation will be improved by general recognition of the
possibility of regular production. The State can aid by planning its building operations for present slack seasons with a consequent saving in cost to
the State.
The brick industry, an important member of the materials group, was
studied as typical of others. It is over-equipped to meet present demands,
Its methods of production are antiquated. Only by oo-ordination produotion can the industry eliminate waste.
The chief element of site cost in newly developing areas is the cost of public improvements. These are wastefully installed, and utilized today.
By careful planning land development may take place without material
increase in cost to provide open spaces that are entirely lacking in commercial construction to-day.
Regional Planning.
Regional and city planning are essential to a permanent solution of the
housing problem in its relation to industry, transit and urban growth.
With the aid of the Commission, municipal and county officials of two
important economic regions, the Niagara Frontier Region and the Capital
District Region have already organized for regional planning.
Municipal and county officials in other important economic regions of the
State have requested assistance of the Commission looking toward similar
action.
Co-operative action by municipal and county Governments for regional
planning will require legislative sanction.
As was noted in our issue of April 18 1925 (page 1972),
Gov. Smith signed a bill permitting the establishment of regional planning boards by counties, cities, towns or villages
In the State. Commenting on the report, Clarence S. Stein,
Chairman of the Commission, pointed out that the latter
"recommended the extension of State credit not as a panacea
—since there is no panacea—not as the sole way of solving
the housing problem, but as an important factor in the cost
reduction of housing." Mr. Stein added:
There are two ways of solving the housing problem in New York City.
One is to raise, by some magic, the income of two-thirds of the families di
the city to a minimum of $3,500 per annum. The other is to build houses
to rent within their present incomes. The housing problem will not be
materially changed until adequate homes are available at a monthly rental
of $9 per room or less.
This is possible. But to approximate it, housing capital must be available
at an interest of 6% or less for the whole operation. The average prevailing interest rate on new construction is about 10%, owing to the high
charges for second and third mortgages. It is only by means of public
credit that sufficient funds can be made available at the lower rates. This
does not mean that the State is to build houses. It is State credit, not State
construction.
This was one of the conclusions which the Commission of
Housing and Regional Planning arrived at in its analysis
of the cost factors that enter into housing. In order to approach the problem comprehensively the Commission studied
the most important factors involved in housing. "To determine where economies may be effected," said Mr. Stein, "the
Commission of Housing and Regional Planning analyzed the
methods of financing housing, of building costs, of urban
land costs, of group planning, etc. After thorough analysis
of the various factors the Commission concluded that cost
reduction in any one item alone would avail little. Economies must be effected simultaneously in every step in the
production of houses." Mr. Stein continued:
In our inquiry into the methods of effecting important economies in
building costs, we examined the organization of the building and the building materials industry. Our report shows the possibility of cost reduction
through eliminating seasonal operation and through improved methods of
manufacture and distribution.
In its study of building costs the Commission's report touched but lightly
on the question of labor costs, for, contrary to general belief, labor costs do
not form a very large proportion of capital costs. The question involved
there is one of productivity, not of absolute wages.
"But a mere saving in building cost is no cure-all for the
housing problem," the Commission concluded. "Every item
in current expenses and capital cost must be reduced effectively. In studying the sources of housing capital the Commission found that there is plenty of first mortgage money
available at 6%. But this is offered for only half of the
total building operation. I said before that money at 6%
for the entire capital cost is absolutely necessary for the
building of low cost homes for families with small incomes.
This would represent a saving of at least one-third the present rates."
The Commission found that out of each month's rent approximately 54% goes for interest charges. The interest
2754
THE CHRONICLE
rate is the most important charge and it is the largest. "If
this were reduced," said Mr. Stein, "from an average of 8%
on the total investment to 6% reduction in rent of more than
10% would be made possible."
The prevailing average interest rate is, in fact, 10%. The
Commission studied several types of operation and found
that the same buildings on the same land could be rented
at $922 per room per month if the interest rate were
6%,
which now, financed at 10%, required a monthly rental of
$12 31 per room. A lower interest rate than 6%, say four,
Would make it possible to rent these same apartments at
$773 per room per month. It is, however, Imperative that
a reasonable saving should be effected in each factor that
goes into housing if families now inadequately housed are
to be accommodated at rentals within their means. Mr.
Stein went on to say:
•
It must not be forgotten that families in old-law tenements are now paying an average of $7 per room per month. This rent must be approximated
It these families are to be accommodated in more adequate homes. It is
frequently thought that new construction is of indirect benefit to this group
In that it gives them an opportunity to move upward into the housds vacated
by those better off. That this process has not worked effectively is seen in
the fact that the old-law tenements have been more intensively used. In
spite of the fact that 29,000 apartments in old-law tenements have been
destroyed or converted to other uses since 1916, there are as many apartments occupied to-day in such houses as there were in 1916.
Another fact to be borne in mind is that two-thirds of the city's population have ;ess than $500 a year to spend on rent. This allows for a maximum of $10 50 per room per month for a four-room apartment. Does the
new construction come within their rent-paying ability? Quite obviously
not, for the 50,003 new tenement suites in the city rent for upwards of $15
per room per month.
The housing of the lower-income families has never been profitable. Limited dividend companies and co-operative associations are the two types of
housing organizations which to-day furnish houses for this group. Their
Scope, however, is very limited because they cannot obtain sufficient money
at 6%. Money at low rates of interest would expand their scope. Such
funds can be provided only through public credit.
From the Commisison's report we take the following:
The past year has witnessed an unusual increase of residential construction.
The largest number of suites has been provided in tenement houses in which
there was a net increase of 51,380 apartments. Due to the fact that in the
three boroughs of the Bronx, Queens and Richmond a record is kept not of
completed buildings but only of permits issued, it is impossible to state the
exact number of suites added in one and two-family houses. The Commission
of Housing and Regional Planning estimates this increase at about 33,500.
For the city as a whole the total net increase is about 85,000 suites. The
years 1922, 1923 and 1924 have all been years of great building activity.
The first two, while not as notable as 1924, helped to alleviate the marked
physical shortage of accommodations that arose due to inactivity in residential construction from 1917 through the post-war period.
The Federal Reserve Bank of New York publishes a rent index based on
May 1924 that shows a somewhat greater increase. It has the great advantage of considering separately apartments renting for less than $15 per room
in 1920 and those renting for $15 to $30 per room. Class "B" apartments,
those renting for $15 to $30, advanced more rapidly.than in the cheaper
apartments until October 1921. In January 1922 these rents began to fall
from an index of 175 to 163 in October 1924. Rents in cheaper apartments
have continued to rise until in October 1924 they stand at an index of 191.
The refinement of classification leads one to regard the Federal Reserve
Index as more useful in studying the present conditions of the housing. The
data are collected from a varying number of large operators—always more
than 10 and so far never more than 18. Each man submits figures that he
regards as typical of his properties, usually two to four apartments. The
Increase in rents over 1914 is 91% to October 1924, according to the Federal
Reserve figure. The Bureau of Labor Statistics shows an increase of 67.1%.
But at this point the significant feature is not the difference in the relative
advance shown by the two series, but that both indicate that rents are still
rising.
The Commission made a survey of rentals in one of the blocks studied
last year. The results are not presented as more than indicative of what is
occurring in the tenements. No rent reductions are being made. On the
whole the rent of old tenants who are protected by the rent laws has not
been increased. But new tenants are still forced to pay higher rentals and
the average rental therefore advances each year. Thus three-room apartments in which the largest turnover in the sample occurred rented for an
average of $17 per month to October 1923 and for $18 03 in January 1925.
From March 1916 until April 1920 there was a steady increase in the number of families living in old-law tenements despite the fact that the number of buildings decreased. From April 1920 until January 1924 there was
a decline in the number of these families, but there were still 10,500 more
than in 1916. The survey of January 1925 indicates that we have at last
returned to the conditions of 1916. To-day there are 461 fewer occupied
apartments than in 1916. What formerly represented only a starting point
In an unplanned program of improvement, for nine years has been a goal to
achieve I
Still worse, if we may accept the common verdict of the Tenement House
Department, "housing progress in New York City has been set back twentyfive years." By this is meant that the increased demand for old-law houses
• has required a new investment to rehabilitate them. This investment has
not made heretofore indecent housing adequate. It has brought the house to
a standard that meets the requirements of the law—not for new construction
but for those shells already built in 1901 that could be improved but never
brought up to the new standard. But this very act of investmenthas revived the determination of owners to hold such houses in use. Officials of
the Tenement House Department believe that it will be 25 years before such
Investments have been wiped out and the houses become so obsolete that the
old trend will be resumed with full force.
During the post-war period housing conditions became acute. For a short
period even the well-to-do found it difficult to secure shelter. There was
a physical shortage of homes that led to a downward pressure as higher income groups bid for quarters that had hitherto been occupied by less favorably situated groups. As usual, the pressure became most severe on those
least well able to pay. But for all economic classes the housing problem was
serious, arising for groups for whom shelter had always been provided. At
present the problem consists in the fact that no new construction has been
or can be made available for the lower income groups who constitute the
majority of the population and that in those old houses which they may
[VOL. 122.
occupy a severe strain has been set up by the peculiarity of the rent structures. The "spot" price for such apartments is so high as gravely to menace
the standard of life of large sections of the population.
But underlying all this is a permanent problem. At all times and in all
places private enterprise has been unable to supply adequate housing to meet
the needs of the underlying population. In New York City the first official
statement of the inadequate character of the housing of these economically
less fortunate groups dates back to 1842. Periodically thereafter investigations have been conducted by official and unofficial bodies, all of which find
the same or similar conditions continuing.
In dealing with the housing problem, whether it be the "normal" problem
or the "emergency" situation, social policy has usually been restrictive.
Although the rent laws did not inhibit new building enterprise as was pessimistically predicted by many—the record of the years 1922, 1923 and 1924
is ample proof that they were wrong—by no stretch of the imagination can
the rent laws be regarded as an incentive to new construction. Rent laws
meet the temporary problem, not the permanent one. Some exception to the
generalization above should be made in favor of tax-exemption which did
much to break the deadlock in 1921, although the benefits of exemption
pass to the builder rather than to the ultimate consumer. In facing the
permanent problem the Legislature set up a tenement house law in 1867 and
has frequently amended it since. These laws are intended to prevent the
erection of tenements below certain standards. Such laws do not serve as an
Incentive to new construction. Furthermore, the standards must always be
set low enough to allow private enterprise still to find a profit in housing
at least the upper strata of the lower income groups. Otherwise they will
inhibit construction for all but the well-to-do.
The Commission recognizes the permanent character of the problem.
There can be no doubt of the need of restrictive legislation. But the problem must be dealt with constructively as well. Therefore, the Commission
has considered the continuous, as well as the temporary problems and has
sought to make an analysis that will allow of constructive application to the
permanent problem, the provision of adequate homes to persons of low income.
The problem is fundamentally that of providing adequate housing at low
cost.
Although construction between $10 and $15 is still needed, it cannot be
said that the housing problem will be materially changed until adequate
buildings are available at $9 or less.
Thus any rate of interest higher than 6% is impossible in the case assumed, if the buildings are to affect the housing problem. For any great
improvement money must be available at either 3% or 4% on 100% of the
capital expenditure. Six per cent money is furnished to-day in small amounts
by limited-dividend companies. Money at the lower rates can be made
available in significant amounts in the present •money market only through
public credit. But while a demand for 3% or even 4% funds may sound
extreme, there is nothing in a 6% return that suggests charity. No business man willingly operates on a 6% basis. But a 6% return on invested
funds is considered excellent; Ii fact, in the present market any return
greater than 6% signifies as a rule that the security possesses speculative
qualities.
Inalmettalesati=
Deaths of Judge Alton B. Parker and B. B. Odell,
Former Governor of New York.
The deaths Of two prominent New Yorkers occurred this
week—Benjamin B. Odell, former Governor of the State,
who died at his home in Newburgh, N. Y., on May 9, and
Alton B.Parker,former Chief Justice of the Court of Appeals
and candidate for President on the Democratic ticket in
1904. Judge Parker died on May 10 in his automobile in
Central Park while on his way to his country home at Esopus,
N.Y. He had been suffering from a cold for several days and
had been under the care of a physician; his wife and a nurse
were with him when he was stricken. Judge Parker was
born seventy-four years ago. The directors of the New York
County Lawyers' Association on May 11 adopted the following tribute to his memory:
Resolved. That the sudden death yesterday of Hon. Alton Brooks Parker.
this Association's second President, has brought to each of us a deep sense of
sorrow, of loss and of profound sympathy with his family. A modest,
kindly gentleman,the successes he achieved, the honors showered upon him.
in no degree lessened his cordiality to all fortunate enough to meet him.
Especially upon the bench he won not only approval of his ability, but affeetion by what Lord Bacon rates as an essential part of justice, patience in
listening; and by a courtesy that encouraged many a young lawyer in
his first tremulous appearance in court, for he was not that ill-tuned cymbal,
an overspeaking Judge cutting evidence or counsel too short and preventing
information by questions, though pertinent. Of gracious presence, urbane
and considerate, he made even the loser feel that he had fairly presented his
cause.
Born in 1852, graduated as Bachelor of Laws at Albany in 1873. Surrogate
of Ulster County within four years thereafter, recipient of the degree of
Doctor of Laws from four institutions, two of them Canadian; President of
the State and American Bar associations, space scarcely permits even a
catalogue of his distinctions. Having sat as a Justice of the Supreme Court
of this State, In Trial, Special and General Terms, and in the Appellate
Division, he went to the Court of Appeals well equipped and became its
Chief Justice, an exalted position that he resigned in 1904 to accept the
Democratic nomination for President of the United States. The party
platform being silent upon the currency issue then agitating the country.
Judge Parker refused to run except as a hard money candidate. Criticized
by some as impolitic, he won, for his courage and honesty, applause from
both partisans and opponents who could admire the Roman spirit.
"Tis not in mortals to command success,
But we'll do more. Sempronius. We'll deserve it."
Resolved, That the Secretary of the association convey to Judge Parker's
family this expression of our affection and esteem; that it be entered in the
minutes of this meeting, and that the officers and members of the board be
appointed a committee to attend the funeral.
The funerals of Judge Parker and former Governor Odell
were held on the same day, May 12. The latter had served
as Governor of the State for two terms—from 1901 to 1905.
He had previously (in 1894 and again in 1896) been elected
a member of Congress—Associated Press dispatches from
Newburgh in their account of his activities, said:
MAY 15 1926.]
THE CHRONICLE
Mr. Odell was a powerful factor in the Republican Party for forty years.
As chairman of the Republican State Committee and as a lieutenant of
Thomas C. Platt, the State leader, he attained an intimate knowledge of
political affairs which his friends said had seldom been equaled. The
influence he exerted in political affairs extended far beyond his own active
career and he was freely consulted in the Presidential campaign of 1924.
Mr. Odell's outstanding accomplishment as Governor was the abolition
of the direct State tax. Seeking to put the Government on a business-like
basis, he cut duplications in the functions of State officials and commissions,
pioneered in the development of good roads, and increased the sums apportioned to the rural schools. During his first term he labored to reduce
the cost of Government and to increase its revenues from indirect taxation.
He was able to lower the State tax by obtaining the passage of measures
taxing capital stock, surplus and undivided profits of trust companies, and
the surplus and undivided earnings of savings banks; and finally, in his
second term, abolished the direct State levy entirely.
Mr. Odell's business activities centered around the public utilities of his
home community. Foreseeing the possibilities of electricity as early as
1888, he became interested in the Newburgh Light & Power Company and
three years later organized the Haverstraw Electric Light Company. In
1905 he took over control of the Newburgh Electric Railroad.
Other interests included the Central Hudson Steamboat Company, the
Highland National Bank and several local companies and business organizations. For several years he controlled the Newburgh "Journal," which
he sold to the "News" in 1917 and which was merged with the latter.
Mr. Odell was born in January 1854.
2755
appraisal of American methods from which the common
opinion was substantiated from scores of authoritative and
dispassionate sources abroad.
The outstanding addresses at the convention included
Henry M. Robinson's examination of Germany's ability to
pay and his hopeful summary of the condition of France
and her prospects of restoring her currency to par, Fred I.
Kent's demonstration of the key value of imports in foreign
trade, the dual paper on liberal and conservative credits by
E. B. Filsinger and D. W. Fernhout, credit managers of
Lawrence & Co., and of the International Manning Abrasive
Co., which will be published and circulated after the convention by the National Foreign Trade Council as the most
comprehensive statement now available of credit conditions
for the American foreign trader. The address of James A.
Farrell, Chairman of the Council, on "The Foreign Trade
Outlook," gave the keynote to the convention by showing
that it is with our keenest competitors we do the most trade.
Mr. Farrell called special attention to the fact that 40% of
our exports is now composed of items each contributing
less than 1% of the total. This widespread dispersal of our
export interests safeguards the prosperity and advance of
our foreign trade and marks an immense growth in our foreign trade foundation from the time, only a few years ago,
when the greater proportion of our foreign trade was made
up of a few leading commodities and raw materials. A
classification of the 1,014 delegates attending this year's
convention shows that the largest number, 144, came from
the railroad and transportation industries; that manufacturers were next with 98 delegates, the bankers third with
90, and the iron and steel industries fourth with 72. There
were 81 representatives of Chambers of Commerce and
trade organizations and more than 60 representatives of
Government services, including 22 chiefs of sections from
the Bureau of Foreign and Domestic Commerce, the largest
delegation ever sent to a convention by the Department of
Commerce. The following telegrams were exchanged during the convention between President Coolidge and Mr.
Farrell:
Declaration of Principles Adopted at National Foreign
Trade Convention.
The National Foreign Trade Convention held at Charleston, S. C., on April 28, 29 and 30, made two records, according to 0. K. Davis, Secretary of the National Foreign Trade
Council, which will stand for some time to come; it got the
largest response from the local community of any convention ever held by the Council, thus putting Charleston on
the map as a foreign trade city of the future, and brought
to the meeting delegates from more foreign countries than
ever before—seventeen, not counting Hawaii, Porto Rico
and the Philippines. The outstanding new development was
the appearance of leading busineSs men representing the
foreign trade interests of the Dominion of Canada, from the
Pacific to the Atlantic coasts, who turned the second general session of the convention into Canada Day and for the
first time in the National Foreign Trade Council's history
staffed a general session with foreign spokesmen. The
high quality of Canada's participation is evident from the To James A. Farrell, Chairman, National Foreign Trade Convention,
Charleston, S. C.:
fact that the Presidents of the Toronto, Montreal and VicPlease present my greetings to the delegates assembled for the 13th antoria Boards of Trade were among the speakers and dele- nual convention of the National Foreign Trade Council. We realize that
gates from Vancouver and Ottawa Chambers of Commerce, a country enjoys good times to the extent that business is prosperous. Busiprosperity depends in no small degree on the amount of our foreign
from the Canadian Pacific and Canadian National Rail- ness
trade. An important requisite for such trade is the existence of amicable
ways, the Royal Bank of ,Canada, the Canadian Bank of international relations. Your organization has done much along these lines,
Commerce, the Bank of Montreal and the Department of while increasing good-will for our products. May your efforts in this
increasingly successful.
Trade and Commerce of the Dominion Government, were direction continue to be
CALVIN COOLIDGE.
among the other spokesmen of the Canadian business comCharleston, S. C., April 30 1926.
munity who attended the convention.
To Hon. Calvin Coolidge, President of the United States,
Washington, D. C.:
With the decision to hold next year's foreign trade conThe thirteenth National Foreign Trade Convention, attended by over a
vention in Detroit, the opportunity of developing still fur- thousand
delegates from thirty-six States and fifteen foreign countries,
ther this good understanding across the border has already including fifty delegates from Canada, cordially appreciates your message
begun to awaken interest, it is stated, and the most sub- of encouragement and sympathy. Its gathering at Charleston, where it meets
for the first time on the South Atlantic Coast, justifies your judgment of
stantial Canadian business delegation that has ever at- the prosperity of international trade conditions by the success that has
tended a convention in the United States is expected to at- attended its sessions, Five hundred of our delegates came from south of
line and open up a new foreign trade area of entertend the fourteenth National Foreign Trade Convention the Mason and Dixon you
a message of international fraternity from fifty
prise. We also send
next June. As at Charleston this year, the discussion will Canadian delegates who for the first time have taken over a general session
turn on concrete issues proper to a non-political, strictly of a National Foreign Trade Convention and have laid the foundation for
in trade conditions across the invisible border and for
business convention, and the practical opportunity for co- better co-operation
the increasing development and prosperity represented by the billion and
operation In the large field of foreign trade problems com- a half dollar trade between Canada and the United States.
mon to both countries is expected to stimulate a new eleJAMES A. FARRELL, Chairman,
National Foreign Trade Convention.
ment of mutual understanding among the practical business
Washington., D. C., April 30 1926.
leaders who came together so successfully on a common
National Foreign Trade Convention,
To James A. Farrell, Chairman
platform at Charleston. Over five hundred delegates atCharleston, S. C.:
tended the Charleston convention from the South, while 36
The President wishes me to acknowledge receipt of your telegram and
States and 19 countries were represented, including Great to thank you and your fellow delegates from the United States and Canada
for the cordial expressions contained therein.
Britain, Canada, Ireland, South Africa, Australia, Mexico,
EVERETT SANDERS, Secretary to the President.
Cuba, Colombia, Panama, Brazil, Germany, France, BelThe following declaration of principles was adopted at
gium, Greece, Russia, Egypt, India, Japan, China and the
the convention:
Philippines.
The foreign trade of the United States for the calendar year 1925, measAnother stage by which the convention marked the for- ured by value and volume, was the largest of any normal year. It exceeded
in
value that of 1924 by more than $900,000,000 and in volume by more
eign trade community's growth in this country was the
than a million and a half tons. The increase of exports was 6.9%, and
recognition of the fact, recorded in the final declaration, the increase of imports was 17.1%. This change has been accentuated in
that our leading competitors in world trade are the leading the first three months of this year. We should, however, recognize that
purchasers of our products, and the consequent recommen- imports of materials not readily produced here, are necessary, and tend to
increase foreign buying, and assist our exports in finding ready markets.
dation that trade with these countries be extended as the
World trade has nearly recovered the volume it reached in 1913, and this
best and most normal safeguard of business amity in the year it should attain pre-war basis. The loss of normal growth of international trade during twelve years is one measure of the cost of the war.
world. The declaration also called attention to the fact
This convention welcomes the participation in its sessions by the British
that to-day, in marked contrast to 1914, we are no longer Dominions, and especially by our northern neighbor, who for more than a
experimenting in foreign trade but are recognized by our century of unbroken friendship has been one of our great suppliers as well
as one of our best customers. The vast and growing trade between Canada
competitors as actually setting the standard in trade prac- and the United States is a striking proof of the value of such
friendly relatice and technique, and the closing speech of the conven- tionship and an unanswerable argument for the spirit of co-operation in
developing trade.
Martin,
Credit
Manager
of
the
C.
C.
National
of
that
tion,
The countries which are our leading competitors in world trarip, Great
Paper & Type Co. set forth concrete instances of foreign Britain, Canada, France, Belgium, Germany and Japan, are the
latest pur.
2756
THE CHRONICLE
chasers of our products, manufactured as well as crude. This shows that
Increasing activity of other nations in general trade result in increased
purchases from us.
American foreign trade is in a firmer position than ever before, for our
trade practice has been so improved that our competitors recognize it as
standard in world commerce. We have reached the stage of expanded interest and participation which tends to diminish the risk of the whole because
of wider distribution. The number of foreign traders grows as the volume
of trade increases.
This situation calls for continued vigilance and activity. There are
many ways in which further improvement may be made. Certain matters
relating to trade procedure are wholly within the control of the traders
themselves. Others call for Congressional action. The American people
are convinced that the maintenance of a merchant marine privately owned
and operated, is essential to'both our commerce and national defense. The
chief agency for the accomplishment of this purpose is the support of
American ships by American importers and exporters.
Despite the continued world-wide depression in the shipping business,
more ships are now operating under the American flag and a larger proportion of our cargo is carried in American bottoms than at any time in
the last sixty years. The surplus tonnage of all nations is gradually decreasing, through natural causes, and the volume of world commerce is
steadily increasing so that the shipping industry is slowly approaching a
point where the supply of tonnage will more nearly approximate cargo
opportunities.
The enactment by Congress of the tax revision bill, approved on Feb. 25
has given encouragement to international as well as domestic enterprise.
Especially to be commended is the relief of Americans resident abroad from
tax upon incomes earned in the country of residence.
The great expansion of the re-export element of world trade during the
last year demonstrates more strongly than ever the need for foreign trade
cones in our ports, as our shipping and our foreign traders suffer severely
from this handicap. Our share in the totals of international trade of the
world last year was 18%, but our share of the world's re-export trade was
less than 3%.
A measure of much importance to our foreign trade, which is now pending in the House of Representatives, is the bill to repeal the provisions of
existing law which block the negotiation of a permanent parcels post convention with Cuba. This measure should be promptly enacted so that
American manufacturers generally could be assured of permanent access
to this Cuban market on a footing of equality with Europe.
In view of the experience of the past year and in view of the change in
the trade figures, we feel coustrained to reiterate the statement made by
the Twelfth National Foreign Trade Convention which met at Seattle,
Wash., in June 1925.
"In the flotation in this market of foreign loans, our bankers have opportunity to be of substantial service to American foreign trade. The
present situation calls for the exercise of constant care and prudence, lest
American capital be devoted to uses detrimental rather than helpful to
American enterprise. It is of the utmost importance that our bankers,
when negotiating foreign loans, should always have regard to the furtherance of American trade and they should, as far as practicable, provide for
the expenditures of the proceeds in this country."
The progress made in the adjustment of inter-Allied debts during the last
year will ultimately prove of great benefit in the stabilization of foreign
trade.
The importance of our national consumption of imports of raw materials
emphasizes the necessity of developing increased production of such supplies wherever possible in order to insure reasonable prices.
Realizing that the free flow of commerce, domestic and foreign, is essential in maintaining satisfactory relations between the seller and the buyer,
we commend the interest of the Department of Commerce in opposing Governmental controls of raw materials.
We urge the prompt enactment of the bill now pending in Congress, the
purpose of which is to place the trade promotion service of the Department
of Commerce upon the basis of permanent career and the maintenance of
Its personnel within the civil service as at present.
Average Earnings of Utility Holding Companies—
Analysis by John Nickerson & Co.
The average net profit of the underlying operating companies comprising nineteen of the largest electric light and
power systems in the United States is $3550 for each $100
of gross income, according to a comparative analysis recently prepared by John Nickerson & Co. of New York. The
analysis is designed to show the proportionate distribution
of the gross earnings of such companies between the underlying operating companies and the parent company. From
the $3550 average net earnings the interest and dividend
requirements of the operating companies absorbs $20, leaving a balance applicable to the operating company of $15 50.
To this is added 80 cents of non-operating income, which
gives the holding companies an average of $1630 from each
$100 of gross earned by their subsidiaries. The analysis
also compares the total amount of securities outstanding in
relation to gross earnings. An average for all nineteen companies shows $337 of securities of subsidiaries held by outsiders for every $100 of subsidiary gross earnings. The percentage earned on this capitalization averaged 10.55%. The
capitalization of the holding company for each $100 of gross
earnings (taking common stock at market prices on April 1
1926) was $235, on which earnings averaged 6.93%. Total
capitalization of subsidiary and holding companies is shown
as $572, on which earnings averaged 6.21%.
Report on New York Moneyed Capital Tax Law Adopted
by New York Chamber of Commerce.
A report endorsing the Nicoll-Robinson bill changing the
method of bank taxation in New York State was presented
to the Chamber of Commerce of the State of New York on
May 6 by its Committee on Taxation and was unanimously
[VOL. 122.
accepted by the Chamber. The signing of the bill by Gov.
Smith was referred to in these columns April 10, page 1996.
The report adopted by the Chamber follows:
Report Upon Changes in New York's Law Taxing "Moneyed Capital."
To the Chamber of Commerce:
Your Committee on Taxation has no report calling for action by this
body, but it desires to call the attention of members to the Nicoll-RoAnson
bill, which was signed by Governor Smith on April 11, and which goes into
effect Jan. 1 1927. Tots new law, by repealing the 1% ad valorem tax on
hank shares and substituting a 4)4% Income tax, represents a very Important step In tax legislation. It is expected. not only to do away with the
controversies which have existed in this State in recent years over taxing
"moneyed capital' in competition with national banks, but also to eliminate
unjust discrimination which national and other banking institutions have
long felt the tax laws imposed upon them.
A Federal law has always protected national banks from being taxed
higher than State institutions or other competing "moneyed capital." This
law (Section 5219 U. S. Revised Statutes) contemplated but one method
of taxation, namely, the assessment of shares as personal property. Congress, however, amended the law March 4 of this year, so that States which
have modified the old general property tax system by adopting Income or
classified property taxes, may tax national banks In accordance with these
new methods. Under the amendment, States may still tax under the old
ad valorem method; or they may tax the net income of national banks, provided the tax is not at a higher rate than the tax on the net income of other
financial corporations, or higher than on the net income of mercantile,
manufacturing or business corporations. The Nicoll-Robinson law takes
advantage of this amendment and establishes a tax on net income.
For many years banks in New York State have been taxed under statutes
enacted in 1901. Chapter 550 of the New York Laws. By this measure
shares of stock in State and National banks and banking associations were
made subject to a tax of 1% upon their assessed value,the value of each share
being assessed by adding together the capital stock, surplus and undivided
profits of the bank, and dividing the sum thus obtained by the number of
outstanding shares.
Banks were thus taxed upon the book value of the shares of stock, and
this law worked satisfactorily so far as legality was concerned. Banking
institutions, however, complained that the tax was excessive. When it is
realized that only the more prosperous banks earn over 6 or 7% upon the
book value of the stock, the magnitude of this 1% tax is apparent. Furthermore, the tax is often confiscatory. Having no relation to earnings,
It frequently must be paid out of capital. This Chamber took cognizance
of this situation in 1901, when a report was adopted pointing out that banks
in this State were "being taxed unmercifully," and that in doing so enterprise was being interfered with and money made dear.
The harmony between State laws and Federal statutes came to an end in
1919, when New York State passed the personal income tax law. By this
legislation the net income of individuals was taxed at rates ranging from 1 to
3% and intangible personal property, such as money, bonds, &c., was exempted from the personal property tax on principal value, the income therefrom being included in estimating taxable net income. But the bank
share tax of 1% was retained, while the dividends of these shares were made
taxable as part of net income. The new taxes at once resulted in litigation
under the Federal statutes as discriminatory against national banks; and
the tax on bank shares was held illegal.
To meet the court decision and to make the tax equal on all "moneyed
capital" in competition with national banks,the Walker-Donahue "moneyed
capital" tax law (Chapter 897) was enacted in 1923. This law, in order to
retain the ad valorem tax of 1% on national and State bank shares, placed
a tax of 1% on all "moneyed capital" coming into competition with the
business of national banks."
The Walker-Donahue law was upheld in the courts in March of this year.
It, however, has now been repealed by the Nicoll-Robinson measure. This
measure also repealed the statute of 1901. Tax experts and econortists
have long held the view that an income tax should be substituted for the
ad valorem law,and that banking companies should not be taxed any higher
than manufacturing or other business concerns. The new law accomplishes
all this.
Governor Smith, when signing the Nicoll-Robinson bill, stated that in
placing it upon the statute books a forward step had been taken in the development of an orderly tax system;and that'tax laws should not be judged
solely by the number of dollars they will bring into the treasury of the Government, but rather by the measure of fairness and equality." Your
committee heartily endorses this view.
Respectfully submitted,
JAMES BROWN,chairman)
ALBERT A. TILNEY .I
Of the
WILLIAM E.PECK
ICommiltee on
ACOSTA NICHOLS
I Taxation
.
ANDREW V. STOUT
1
WILLIS D. WOOD
FREDERICK H. ECKER,President,
CHARLES T. GWYNNE,
Attest:
Executive Vice-President,
JERE D. TAMBLYN, Secretary.
New York, May 6 1926.
Community Trusts Organized in
Fifty-Seven Cities—
Largest Fund Held by Boston Organization.
Tabulated responses to a questionnaire sent out by Prank
J. Parsons, 55 Cedar Street, Chairman of the Committee on
Community Trusts of the Trust Companies Division, American Bankers Association, show that community trusts are
now organized in 56 American cities, with an additional one
in Honolulu. The largest immediately available fund—
$4,400,000—is held by the Boston organization. The largest
prospective funds—represented by provisions in various
wills that will eventually produce approximately $100,000,000—are pledged to the Cleveland Foundation. A feature
of recent operation has been the use of the Community
Trust plan in several cities for the administration of real
estate. James A. Patten, the Chicago grain operator, has
directed a grant of $1,500,000. worth of Cook County land
through the Chicago Community Trust. A tract near Peoria
is being made into a recreation centre by the Peoria Corn-
MAY 15 19261
THE CHRONICLE
announces
munity Trust. The New York Community Trust
half acres
a
and
two
Park,"
de
"Sunnysi
of
n
the acquisitio
Corporation.
in Long Island City, from the City Housing
community
In thirty-two of the fifty-seven cities where
vaprevails,
plan"
trustee
"multiple
trusts are located the
co-operatively
rious banking institutions in each city having
the local
qualified to act as financial representatives of
are now
trust. A total of 147 banks and trust companies
Manhattrustees of community trusts. Ten of these are in
tan and Brooklyn.
on Tract
New York Community Trust Acquires Recreati
in Long Island City.
two and
The New York Community Trust announces that
fields
ball
courts,
tennis
with
equipped
land,
a half acres of
Avenue,
and children's play apparatus, fronting on Barnett
perma48th and 50th streets, Long Island City, have been
Housnently set aside for community purposes by the City
Title to the
company.
dividend
limited
a
on,
Corporati
ing
e & Trust
land has been conveyed by it to the Title Guarante
recreation
Co., a trustee of the Community Trust. The
dedicated
tract will be known as "Sunnyside Park," and is
primarily to the use of the residents of Sunnyside Gardens,
the community being built by the City Housing Corporation in the vicinity of the Long Island end of the Queensboro bridge. It is stated that in thus placing in trust the
title to land to be held as park property, the company is
acting on the belief that permanent provision of garden
and play space is a necessary part of every residential community. Since its organization in 1924, the company has
completed homes for 600 families. Alexander M. Bing is
President. The Community Trust's announcement in the
matter May 7 says:
a park
The immediate management of the recreation plot is vested in
is made
committee, composed of residents of the neighborhood. Provision
desirable,
for the transfer of this supervisory function, if it should become
proffer of the
to the Distribution Committee of the Community Trust. If a
hereproperty to the city as municipal park land should be deemed wise
tender.
after, the Community Trust committee is empowered to make the
the influIn accordance with the Community Trust program of avoiding
the
ence of the "dead hand," the trust agreement defining the objects of
of
grant gives wide discretionary authority to the Distribution Committee
conunforeseen
the trust to adapt the use of the property to changing and
ditions of the future.
utilized
This is the first instance in which the Community Trust has been
estate dedicated
In New York in connection with the administration of real
by William
to public purposes. The form of conveyance was devised
and
Greenough of 120 Broadway, Lewis H. Isaacs of 475 Fifth Avenue
Community
the
for
,
George L. Allin of 165 Broadway, counsel, respectively
Co.
Trust, the City Housing Corporation and the Title Guarantee & Trust
2757
Pennsylvania State and Educational buildings. The new
office will be open until midnight daily and is designed to
include a ladies department, where their women depositors
will have a special teller in attendance to serve them. Flood
lights will illuminate the bullring at night and a display of
the latest money-counting devices and bank machinery will
be exhibited. The public will be enabled to view these machines in operation through bullet-proof glass which will entirely cover one end of the building. In addition, the building
will have spacious verandas for the use of depositors and
guests. A unique form of bank administration will be inaugurated at this office. The management will be under a
committee of the Franklin Trust Co. officials, of which
H. Ennis Jones is the Chairman. The committee includes
A. B. Dauphinee, Edward Stonehill, E. S. Conro, H. Earle
Jarden, J. H. Fernan and Samuel Vance Jr. President
Harris said that his company considers it the patriotic duty
of every Philadelphia institution to assist in celebrating the
150th anniversary of the birth of the nation, and the Franklin Trust Co. appreciates the honor of having been chosen to
represent the banking fraternity of Philadelphia at the
Exposition.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The New York Stock Exchange membership of Edward C.
McDonnell was reported posted for transfer this week to
John C. Collingwood, the consideration being stated as
$135,000. This is the same as the last preceding sale. The
membership of Gerald M. Livingston was reported sold to
Earl E. T. Smith for a nominal consideration.
The New York Curb Market membership of Jesse L. Livermore was reported sold this week,the purchase price not being
announced, although it is understood to be around $25,000.
This is the same as the last preceding sale. The purchaser is
reported to be Donald Stuart Pouch.
Bank notes of four different banking institutions, each
signed by John McHugh as President, constitute one of the
Interesting, exhibits in the collection of money of the
world now on display at the Park Avenue branch of the
Chase National Bank, to which reference was made in our
Issue of May 8, page 2602. Mr. McHugh, now President of
the newly consolidated Chase Bank, is one of the few men
who have held the presidential office in four different
financial Institutions. After eight years in railroad work
In Canada, Mr. McHugh decided to engage permanently in
banking in this country. He became officially connected
Investof
y
with the Iowa State National Bank of Sioux City in 1898
Secretar
e
Executiv
Alden H. Little Elected
and rose to the presidency of that institution. One of the
ment Bankers' Association Succeeding Late
bank notes on exhibition is No. 1 of the series of 1902 issued
F. R. Fenton.
bank and bears his name. While in Sioux City he
Alden H. Little of St. Louis has been elected Executive by this
a consolidation of four banks and was elected
effected
America
of
on
Associati
Bankers
Secretary of the Investment
of the enlarged institution which took the name
President
Los
succeeding Frederick R. Fenton who died April 17 in
National Bank of Sioux City. In 1915 he came
First
the
of
on.
Associati
the
of
groups
to
tour
speaking
Angeles while on a
as Senior Vice-President of the Mechanics &
York
New
it
to
since
ion
Mr. Fenton has been Secretary of the organizat
Bank and was elected President on Jan. 18
National
was founded in 1912. An item regarding his death appeared Metals
consolidation of the Mechanics & Metals
the
Upon
1922.
in our issue of May 8, page 2600.
the Chase National Bank, Mr. McHugh
with
Bank
nt
National
Mr. Little, who is President of the St. Louis investme
of the combined institution, and, once
President
elected
with
n
was
connectio
his
sever
will
Inc.,
Moore,
house of Little &
was called upon to sign his name
time,
fourth
the
for
again,
to
time
this firm, which he founded, and will give all his
a bank of which he was Presiby
'issued
the Association. An Executive Secretary he becomes Man- to the bank note
dent.
n's
Associatio
the
of
the
work
g
aging Director in correlatin
—•___
nineteen committees throughout its seventeen geographic
of trustees of the Bank of New
board
the
of
meeting
a
At
groups in the United States and Canada. The Association
Allen Wardwell, member of
week,
this
Co.
York 8-, Trust
consists of 636 member houses which maintain more than
, Gardiner & Reed, was
Wardwell
Polk,
Davis,
of
firm
the
1,200 investment banking offices in the United States and
in the board.
vacancy
a
fill
to
trustee
a
elected
Canada. Mr. Little was born in St. Louis in 1881, and is
—•___
a graduate of Cornell University. He has been in the bond
John Hagy Davis, retired banker and broker, died at his
business since leaving College and has served as a member of home in New York City on May 7. Mr. Davis, who had been
the Board of Governors and Chairmen of the Municipal a member of the Stock Exchange for more than 50 years,
Committee of the Investment Bankers Association.
was head of the banking house of John H. Davis & Co., of
Kelton E. White of G. H. Walker and Co. of St. Louis 10 Wall Street, which in 1920 was succeeded by the new
has been named to succeed Mr. Little as a member of the partnership of Billings, Olcott & Winsmore. Mr. Davis was
Association's Board of Governors.
identified with the latter as a special partner until 1924,
when he transferred his seat to his son, John E. Davis, of
Franklin Trust Company of Philadelphia to Open the Billings, Olcott & Co., successor to Billings, Olcott &
Branch at the Sesqui-Centennial Exposition.
Winsmore. Mr. Davis was connected with various railA modern bank in full operation is one of the features of roads, public utility and manufacturing concerns. He also
the Sesqui-Centennial Exposition, according to C. Addison maintained extensive European connections for many years.
Harris Jr., President of the Franklin Trust Co., who has just
The Hamilton National Bank of this city opened on May 8
announced that his company will open an office on the
its
new office in Washington Heights at 181st Street and
plans
trust
company
The
ntennial.
Sesqui-Ce
grounds of the
h Avenue. At the same time the bank formally
Wadswort
to
tely
be
approxima
to erect a building of its own, the size
opened the new building for its office in Queens Village,
a
the
site
on
re,
opposite
architectu
Colonial
of
feet,
60 by 30
2758
THE CHRONICLE
Long Island. The main office of the bank is in the Bush
Terminal Building on West 42d Street. The proposed opening of the new offices was referred to in these columns
April 10, page 1998.
Duncan Struthers, a membe- r of the bond house of Wood,
Struthers & Co., New York City, died suddenly on May 9.
While Mr. Struthers had been a member of the New York
Stock Exchange for the past seventeen years, his principal
business interest was in the bond market and he had personal supervision of all securities purchased by his firm for
distribution. He was widely and favorably known for his
profound knowledge of the better-type railroad bonds, and
was a singularly good judge of the bond market. He was
a member of the New York Stock Exchange Luncheon Club
and the Downtown Association of this city.
[Void. 122.
The Italian Discount & Trust Co. and the Baum Nazionale
di Credito
have entered into a contract for the continuance of business
with each
other for a long period of years. The Italian business
heretofore carried on
by the bank will be continued and encouraged, but
at the same time special
efforts will be put forth to develop a larger participat
ion in the strictly
American banking business.
Walter S. Coburn, Presiden- t of the Glastonbury Knitting
Co., of Glastonbury, Conn., has been elected a director of
the
First National Bank of Hartford, to fill the vacancy caused
by the 'recent death of his brother, Howitt Coburn Jr.
The Providence "Journal" o- f May 13 stated that the Board
of Bank Incorporation at a hearing the previous day had
granted the Industrial Trust Co. of Providence permission to
operate the National Exchange Bank, which was recently consolidated with the Industrial, as a branch to be known as the
Nat_onal Exchange branch. A special meeting of the stockThe Irving Bank-Columbia Trust Co. announced on May holders of the National Exchange Bank is to be held on June
14 the election of Charles I. Dearden, as an Assistant Vice- 3 for the purpose of voting upon the question of placing the
President of the company. Mr. Dearden, who will assume institution in liquidation.
his duties on May 17, has engaged in banking in New York
The Trust Co. of New Jersey at Jersey City, N. J., plans
since 1910. He will be in the company's General Co-ordinatto increase its capital from $2,500,000 to $3,000,0
ing Office at 233 Broadway.
00. The
stockholders will meet on May 17 to approve the plans for
P. A. Rowley, Vice-Preside- nt of the Bank of the Man- this increase. The enlarged capital will become effective
hattan Co. of New York, announced the opening on May 10 July 6 1926. The new stock will be issued at $250 per $100
of two new offices. One of the new branches is located at share.
27 Eighth Street, Woodside, of which M. Lauria is the
Stock of the Southwark Na- tional Bank,Philadelphia, was
Manager, and the other at 188-03 Central Aventte, St.
placed on an annual dividend basis of 18% May 4 (according
Albans, of which C. P. Lowerre is the Manager.
to the Philadelphia "Ledger" of May 5) when the directors
The enlarged and remode-led building of the Flatbush voted a semi-annual payment of 9%. Previously the rate
office of the Irving Bank-Columbia Trust Co., at Flatbush had been 16% yearly. The sum of $100,000 was added to
surplus, raising the total o' that account to $850,000.
Avenue and Linden Boulevard, Brooklyn, was opened
on
May 5, with a reception from 5 o'clock to 10. Lewis E.
At the meeting of the board of directors of the Philadel
Pierson, Chairman of the Irving-Columbia Board; Harry
phia-Girard National Bank of Philadelphia
on April 20,
E. Ward, President; J. Sperry Kane, Vice-Preside
nt in George Horace Lorimer, Editor of the
"Saturday Evening
charge of the Flatbush office, members of the Flatbush
Post" and a director of the Curtis Publishing
Co., was
Office Advisory Board, and a number of other officers
of elected a director of the institution.
the company took part in receiving the guests. This office
(which was founded as the Flatbush Trust Co.
A. Atwater Kent, Presiden-t of the Atwater Kent ManuIn 1899) is
the oldest banking Institution in Flatbush. Its building facturing Company,has been
elected a director of the Central
was erected in 1905. As remodeled, it has a frontage
of National Bank of Philadelphia to fill a vacancy.
82 feet on Flatbush Avenue and a depth of 100 feet.
AdThe proposed increase from $200,000 to $300,000 in the
dition and rearrangement of space have made it
possible
to place all operating departments on the ground floor. capital of the Security Savings & Commercial Bank of
Washington, D. C., noted in these columns in our issue of
The main banking room has been increased 2,500 square
feet May 1, became
effective May 6, according to the Washington
in size, with a space of 1,200 square feet for customer
s.
Among the improvements are seven new service windows "Post" of that date. The bank now has a combined capital,
(making nineteen in all), a special room for the conveni- surplus and undivided profits of $612,500. Deposits of the
ence of women customers, enlarged officers' quarters, a institution on April 12, the last call of the Comptroller of
conference room and more commodious space for the safe the Currency, it is stated, were $4,886,900.
deposit department. The officers of the Flatbush office,
The Mellon National Ban- k of Pittsburgh has added
in addition to Mr. Kane, are Franklin Schenck, Assistant
$500,000 to its surplus, which makes the total surplus
Vice-President, and Leonard F. Mayr, Assistant Secretary. $7,500,0
00. This amount now equals the $7,500,000 capital
Mr. Pierson and Mr. Kane are on the Advisory Board of the stock
of the bank.
office, which also includes: F. A. M. Burrell, of Brooklyn;
Isaac E. Chapman, Vice-President of the Merritt-Chapman
John L. Fleharty, President of the Pearl Street Savings &
& Scott Corporation; Warren Cruikshank, President of the Trust Co. of Cleveland, died suddenly of heart failure
in
Cruikshank Co.; Walter M. Gladding, of Brooklyn; Orrin that city on May 9. Mr. Fleharty fell dead from
his horse
R. Judd, Vice-President; Henry D. Lott, President of the while riding in West Park Boulevard. The deceased
banker
Flatbush Water Works Co.; D. Irving Mead, President of was born in Cleveland 49 years ago. He began his
career
the South Brooklyn Savings Institution; A. W. Schmidt, as a lawyer, eventually organizing the law firm of
Fleharty,
Treasurer of the Ridgewood Park Realty Co., and Arthur Corlett & Landfear, but subsequently entered the
service of
H. Strong, builder.
the Clark Avenue Savings & Trust Co. while continui
ng
with
the firm. Later he withdrew from the partnership.
About
Purchase of a controlling in- terest in the Italian Discount four years ago, upon the consolid
ation of the Clark Avenue
& Trust Co. of this city by an Italian-American group of Savings & Trust Co., the Home
which Raymond W. Alley, of the law firm of Alley & Geer, the Pearl Street Savings & Trust Savings & Trust Co. and
Co. under the name of the
New York, is a member, was announced this week. The last mentioned institution, Mr.
Fleharty became a Vicepurchase was made from the Banca Nazionale di Credito, President of the consolid
ated
one of the largest banks in Italy, with headquarters in Milan. 1925 was elected President, organization and in January
the position he held at the time
The main office of the Italian Discount & Trust Co. is at of his death. He was a
member of the Bankers' Club of
Broadway and Walker Street, and it maintains branches in Cleveland, the Cleveland
Chamber of Commerce and the
Harlem and in the Bronx. The institution has a combined Cleveland Chamber of Industry
.
capital and surplus of more than $1,600,000, with deposits
At meetings of the respective directors of the
in excess of $12,000,000. Emmanuel Gerli is Chairman of
two instituthe Board of Directors; Luigi Berizzi, President, and Gio- tions, held on May 5, J. Wachenheimer, Presiden
t of the
vanni Girardon, Executive Vice-President. Mr. Alley, Commercial National Bank of Peoria, Ill., was elected
who has been the bank's attorney for a number of years, President of both the Dime Savings & Trust Co. and the
was quoted in the New York "Times" of May 8 as saying Title & Trust Co.of Peoria. An amalgamation of these three
in regard to the acquisition of the bank:
institutions—the Commercial National Bank, the Dime
Purchase of the controlling stock of the Italian Discount & Trust Co. was Savings
& Trust Co. and the Title & Trust Co.—became
made on behalf of a large number of my friends and associates, including
all
the present directors and officers of the bank. No changes are contem- effective on Jan. 1 under which each institution will continue
plated in the personnel or directorate, except that the latter body will soon to retain, it is understo
od, its corporate identity. Mr.
be increased to admit the participation of certain large American interests.
Wachenheimer succeeds as President the late George W.
MAY 15 1926.]
THE CHRONICLE
2759
Curtiss, whose death occurred in February
last. Mr.
"Sixty Years" is the title of an
Curtiss also held the office of Chairman of the
attractive booklet just
Board, but recently put out by the
First National Bank of
after his death it was decided to separate the
Chattaoffices of nooga, outlining its banki
ng service to the community
Chairman of the Board and President and
from
John E. Keene, November 1865 to
Novem
ber 1925. The booklet, w.
heretofore Senior Vice-President of the compa
hich is
nies, was profusely illustrated,
is dedicated to the thirteen
elected Chairman of the Board and the office of
men, who.
President in 1865, when Chattanoog
a was but a village with unpav
was left vacant for the time being. A complete
ed
list of the streets, visioned a city
officers of the Dime Savings & Trust Co. and
and had the faith in the future
and
the Title & the courage to found
the institution. From the first
Trust Co. follows: John E. Keene, Chairman of
the Board; growth of Chatt
the
anooga and the growth of the First
J. Wachenheimer, President; George J. jobst
National
and Albert Bank have been
synonymous. Commencing business
Siihring, Vice-Presidents; Theo B. Wissing,
Cashier; Earl J. a capital of
with
$200,000, the bank in its statement as
Ruha.ak and Geo. P. Martens, Assistant Cashie
of Nov. 2
rs; John W. 1925, showe
d a combined capital, surplus and
McDowell, Treasurer; Jos. P. Durkin, Sscre
tary; Henry W. profits
undivided
of $2,558,248; deposits of $18,869,479
Hulteen, Assistant Secretary; Clifton W.
and total reFrazier, Trust sources of
$22,548,767. J. P. Hoskins is the
Officer, and Jay T. Hunter, General Counsel.
present head
of the institution.
Officers of the Commercial National Bank
are:
J.
Wachenheimer, President; William Hazza
rd, Vice-President,
The United States Court of Appeals
and Cashier; W. J. Coleman and J. F. O'Connor and
in Richmond on
C. H. April 13
Goldstein, Assistant Cashiers.
reversed the decision of the Eastern
North Carolina District Court under which Willi
A handsome 14-story building is in course of erecti
am B. Cooper, the
on
at
forme
Adams and Liberty streets at a cost of $1,50
r Chairman of the Board of the defun
0,000 as a
ct Commercial
for the three institutions. The proposed unific home National Bank of Wilmington, N. C., was
ation of
sentenced to
interests of these banks was reported in our
months' imprisonment; a new trial of
issue of Nov. 21
the case was
ordered. Mr. Cooper, who is a former
1925, page 2486.
Lieut
enant
-Governor
of North Carolina, together with his
That Roy C. Shaneberger, President of
brother, Thomas E.
Board of Works Cooper, the former President
of the defunct bank, was
of Indianapolis, had acquired a controlling intere
st in the found "guilty" on Feb. 14 1925 on four
Marion County State Bank of that city,
counts of an indictthrough the
purchase of 220 shares of its stock from Mayor
John L. Duvall,
was reported in the Indianapolis "News"
of April 23. Mayor
Duvall retains 50 shares of the stock.
He, with others,
founded the institution in 1912 and hereto
fore was Chairman of the board of directors. The bank
is capitalized at
$50,000, with surplus and undivided
profits of $36,141, and
according to a recent report, it is said,
has total resources
of $1,421,912. Under the new regime, it is
understood, there
will be no change in the bank's personnel.
Clyde E. Robinson is President,.with E. W. Hughes, Cashi
er, and W. A.
Barney, Assistant Cashier. Mr. Shaneberge
r, who is head
of the Progress Laundry Co., is a direct
or of the FletcherAmerican National Bank of Indianapolis
.
W. J. Klingenberg, the organizer and until
a short time
ago President of the Sheridan Trust &
Savings Bank of
Chicago, died suddenly at his home in that
city on April 16.
Mr. Klingenberg, who was widely know
n in Chicago banking circles, was a pioneer in developing
the uptown business
district of the city. He was Chairman
of the Board of the
Capital State Savings Bank and a direct
or of Loren, Miller
& Co. of Chicago. His early banking
experience was gained
in the First National Bank of Chicago,
with which he was
connected for eighteen years. Mr. Kling
enberg was 49 years
of age.
ment growing out of the bank's failure
in December 1922
and received a sentence of eighteen
months on each count,
the sentences to run concurrently. His
brother Thomas wassentenced to three years on each count, to
run concurrently.
The latter did not enter an appeal. Accor
ding to newspaper
advices from Richmond on April 13, the
United States Circuit Court of Appeals reversed the
decision of the lower
court on the ground that the entries
truthfully represented
the facts and that the trial court judge
was in error in
charging the jury that it was of no
consequence whetherthe money was withdrawn or paid to
discount other indebtedness. Our last reference to the affair
s of the Commercial National Bank of Wilmington, N.
C., appeared in the
"Chronicle" of March 14 1925, page 1921.
On April 8 a charter was issued by the
Comptroller of the
Currency for the Commercial National
Bank of Santa Maria, Cal., capitalized at $100,000. A. B. Bigle
r is President
of the new bank and L. R. Peck,-Cashier.
A press dispatch from San Francisco on April
10 to the
"Wall Street Journal" stated that the Comme
rcial National Trust & Savings Bank, Los Angeles,
would offer
10,000 shares of stock at $225 a share to prese
nt stockholders, adding $1,000,000 of the proceeds to capita
l and $1,250,000 to surplus; and that the Bank of America,
The directors of the Liberty National Bank
Los Angeles,
of Kansas would also offer its
stockholders 10,000 shares of stock at
City, Mo., on May 1 announced the election
of T. T. Cook $200 a share, addin
g $1,000,000 to capital and $1,000,000 to
as Vice-President.
surplus. Both institutions are controlled by
the AmericomA union of the Merchants' National Bank
of Omaha and mercial Corporation, a subsidiary of the Bancitaly Corporathe Omaha National Bank, both institutions
tion.
capita
lized at
*1,000,000, was effected on May 5 under
the title of the latter, according to the Omaha "Bee" of
May 6. Deposits of
the cona-lidated bank total, it is under
stood, approximately
$36,000,000 and its loans $23,000,000.
the consolidation Fred. P. Hamilton, Under the terms of
former President of
the Merchants' National Bank, and B.
H. Miele, formerly a
Vice-President, have become Vice-Presi
dents of the enlarged
bank, while,J.P.Lee,heretofore one of
the Assistant Cashiers
of the Merchants' National, has been given
a similar office
with the consolidated bank. The direct
orate of the Omaha
National Bank, it is understood, will be
enlarged in the near
future to include all the former directors
of the Merchants'
National Bank. Walter W. Head conti
nues as President of
the enlarged Omaha National Bank.
Charles F. Zukoski Jr., formerly of St. Louis
,
We have recently received the condensed repor
t of the
Banque Nationale de Credit of Paris, one of the impor
tant
French banks. The statement, which is dated Dec.31
1925,
shows assets of 4,116,959,453 francs, of which cash on
hand
and in Banque de France and Treasury and due by banks
and
bankers amounted to 824,397,772 francs. Other
principal
items going to make up the resources were Frenc
h Government Treasury bills and bills on hand, 2,062,862,
165 francs;
debtors in current account, 465,613,425 francs
; loans, 388,702,640 francs, and customers' liability on
acceptances,
143,195,809 francs. On the debit side of the repor
t deposits
were shown as 3,463,456,995 francs; acceptances
and creditors by acceptance, 143,195,809 francs, and combi
ned capital and reserves, of 356,564,049 francs. Rene
Boudon is
Mo., was President and Andre Vincent Vice-P
recently elected a Vice-President and Trust
resident.
Officer of the
First National Bank of Birmingham, Ala., and
assumed his
new duties on April 12. He succeeds K. W. Berry, who
has
promo
ted to the commercial department of the
been
bank.
Mr. Zukoski, who is.a Harvard graduate, has practi
ced law
for the last five years in St. Louis, specializing in the
administration of estates, trusts, etc., etc. Mr. Berry
joined
the bank in 1919, since which time he has organized the
trust department and the bond department.
THE WEEK ON THE NEW YORK STOCK
EXCHANGE.
Except for a moderate upward movement
toward the
latter part of the week,
during which the oil issues
man.fested
a brief period of improvement, the gener
al trend of the
stock market has been toward lower
levels. Trading has
been on a very moderate scale, the most
of the week being the sharp attack on noteworthy feature
the shares of Nash
Motors that developed during the
forenoon on ThursdaY,
[Vor.. 122.
THE CHRONICLE
2760
ed
THE CURB MARKET.
during which t.me more than 180,000 shares chang
Market
twothe
during
quiet
kably
remar
t
was
An easier tone prevailed generally in the Curb
hands. The marke
ced
advan
the
to
ng
Prices
recedi
dull.
ely
this week, with trading extrem
hour session on Saturday, the total sales
in Great
stocks
strike
Motor
the
of
ment
10.
settle
the
Oct.
of
since
news
period
r
the
y
a
on
simila
for
level
sharpl
lowest
st Britain, but turned reactionary and lost most of the improvemoved into the foreground early in the day, the greate
the rest
s,
ment. Oil shares seemed to have done better than
activity centring around Nash Motors and General Motor
has been
a
ss
than
busine
of
e
less
volum
the
erably
also
consid
here
gh
were
ces
althou
advan
of the list,
though the net
%
Monday very small. Continental 0_1 advanced from 20% to 213
point. The market moved sharply downward on
Humble
blarly
203j.
partic
at
hit,
to-day
badly
closed
were
and
to
issues
d
motor
reacte
the
203'
of
and
and some
its low Oil Refining sold up from 633.L to 643
4, the close to-day
General Motors, which slipped back to 1243.4 at
a
than
loss of about half
more
ed
after
being at 64. Standard Oil (Indiana),
for the day and Mack Trucks, which declin
finally at 64.
low
new
sold
a
and
made
643/i
r
to
ced
Rubbe
advan
d
States
1,
Unite
to
a point
633.
point to 111.
advance of a
ic
Electr
an
al
after
Gener
and
and
in
55,
y
traded
for the year as it moved under
Gibson Oil was heavil
finally to 6.
also
red
shares
ad
4 and recove
point to 7%, dropped to 43
receded nearly three points to 311h. Railro
fluctuations
reLine
rials,
Coast
indust
ic
the
Atlant
in
ent,
e
movem
chang
little
ard
There was
joined the downw
Products
Chesa
Rayon
by
ed
can
follow
Ameri
192,
.
to
being within narrow limits
cording a further loss of 4 points
ly tonnage lost about two points to 203/i but recovered to 23. American
month
The
pref.
1st
Erie
and
Ohio
&
peake
a decrease Seating Co., on few transactions, rose from 265 to 310.
report of the United States Steel Corp. indicated
Glen Alden
had a
report
The
Ford Motor of Canada was off from 509 to 490.
of 511,959 tons in orders during April.
n
sold finally
uneve
was
and
trend
164
The
to
.
red
shares
recove
156,
steel
the
to
on
effect
from
1613's
Coal fell
depressing
active and
the
d
towar
fairly
rallies
was
some
were
stock
at 162. General Electric new
on Tuesday, though there
General
4 and reacted
weakened from 793' to 773, recovered to 793
close of the session. Motors were under pressure.
fractionally for
Bros. A
finally to 7932. Utility issues changed only
Motors receded 5 points and Jordan and Dodge
moved
corn.
ties sold down
Corp.
securi
Radio
Share
.
the most part. Electric Bond &
stock declined to lower levels
of 5 points. from 6714 to 655.4 and closed to-day at 66.
gain
net
a
with
closed
and
trend
the
t
agains
movement
CURB MARKET.
DAILY TRANSACTIONS AT THE NEW YORK
United States Rubber continued its downward
shares were
and established a new low at 543,. Railroad
BONDS (Par Value)
STOCKS(No:Shares).
little or no
somewhat higher, but industrial issues made
Domestic. Torn Oat.
sday,
Ind.&Mts.
Week ending May 14.
progress. The market was a mixed affair on Wedne
in
$743,000 8284,000
which
15,700
ons,
100.910
reacti
28,390
Saturday
310.000
early gains be_ng followed by sharp
875,000
44,100
115,245
58,557
Monday
333.000
hour. The Tuesday
final
the
1,080,000
76.000
during
144,100
rallies
110,000
by
ed
follow
were
turn
276,000
962,000
166,500
172.720
62.000
as
such
day
stocks
Wednes
priced
255.000
high
the
00
in
1.055,0
181,010
103,920
90.070
largest gains were made
y.
150,000
90,200 1,011,000
109,300
Railway Thursda
103.100
Friday
General Electric, Du Pont and General Motors.
&
Balt.
,
15,726.000 $1,608,000
prices
ving
473,510
746,195
impro
452.117
at
d
deman
strong
Total
in
shares were
Ohio moving
Ohio, Kansas City Southern, and Ches. &
Central also was
forward a point or more. New York
COURSE OF BANK CLEARINGS.
of the trading
se
unusually strong. The outstanding feature
Bank clearings the present week will 'show a decrea
Nash Motors,
on Thursday was the sharp attack on the
as the ratio of loss is so
but
ago,
year
a
with
red
compa
as
shares
00
180,6
of
the total sales reaching the enormous total
se when the final
of selling forced small, it may changed into a small increa
traded in during the session. The avalanche
compiled by us,
s
figure
inary
ed.
Prelim
and closed at returns are receiv
cities of the
the stock down to 52, but it quickly rallied
chief
the
s
from
advice
aphic
telegr
upon
based
only
the
Otherwise
(Saturday,
to-day
543', scoring a net gain of 13' points.
g
endin
week
the
for
that
te
indica
ry,
shares, Union Oil of count
d States
Unite
the
of
notable movements occurred in the oil
cities
the
all
for
nges
Marland Oil, which May 15) bank excha
returns will fall
y
California rising two points followed by
weekl
to
obtain
le
possib
is
it
which
from
t
marke
the day. The
ponding week last year.
was up over a point at its high for
the greater part of 0.6% behind those for the corres
continued its sagging tendency during
,136,390, against $9,449,705,702
$9,395
at
stands
total
of
The
als
interv
brief
were
the session on Friday, though there
1925. At this centre there is a del issues. The announce- for the same week in
activity and strength in a few specia
of
1.5%. Our comparative summary
days
five
on Thursday that the crease for the
ment made after the close of business
s:
as
follow
is
week
the
nd
for
divide
extra
declared an
directors of General Motors had
Per
had little or no effect
Clearings-Returns by Telegraph.
Cent.
1925.
of $4 a share on the common stock
1926.
Week Ended May 15.
stocks in this class moved
the
of
most
and
group
motor
on the
-1.5
$4,192,000,000 $4,256,726,375
afternoon oil shares im- New York
+3.7
591.364.843
613,427.953
steadily downward. In the late
Chicago
-1.8
1%
.000
of
458.000
gain
,000
net
a
450,000
g
makin
Oil
Philadelphia
+9.5
359,000.000
.000
proved somewhat, Marland
393,000
+4.2
105,830.513
advancing 2 points to 116%. Boston
110,291,948
Kansas City
points and Atlantic Refining
+2.9
128.001.000
,000
131,700
St. louts
+0.9
,000
150,668
000
weak.
152,011.
The final tone was
Ban Francisco
+7.5
137,655,000
.000
YORK STOCK EXCHANGE
TRANSACTIONS AT THE NEW
Y.
DAILY. WEEKLY AND YEARL
Week ending May 14.
354,130
1.187,668
758,376
969,652
911,218
850.200
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
5,029,244
Total
Stocks-No. shares-.
Bonds.
Government bonds...
Statear foreign bondsRailroad & mbie. bonds
United
Stales
Bonds.
Total 13 cities. 5 days
Other cities, 5 days
$6,751,825,260
1,077,455,065
$6,710,143,567
1,067,021,580
+0.6
+1.0
Total all cities, 5 days
All cities, 1 day
87,829,280,325
1.565.856.065
$7,777,165,147
1,672,540,555
+0.7
-8.4
19.395.136 390
51)440 ina inn
--n a
839,435.500
$15,802.000
25,06.500
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
For
results for the previous week-the week ended May 8.
ate
that week there is an increase of 7.2%, the 1926 aggreg
ate
aggreg
1925
the
and
308
1,478,
of the clearings being $10,51
increase is
$9,824,247,168. Outside of New York City the
ing a gain
16.5%, the bank exchanges at this centre record
to the
ing
accord
now
cities
the
of only 0.8%. We group
located, and
are
they
which
in
ts
distric
ve
Reser
al
Feder
ve District the
from this it appears that in the Boston Reser
Reserve
elphia
Philad
totals are larger by 29.6%, in the
ve District
Reser
York
New
the
in
but
5.0%,
District by
Cleveland Re.
(including this city) by only 0.8%. For the
Jan. Ito May 14.
1926.
1925.
1926.
1925.
8,265,972
167.922,579
155,972,550
85,066,500
15,802.000
39,435,500
84,542,300
17.188,000
54,109,750
8117,404.950
239,306.850
870,226,700
8153.559.110
255.915,800
1.062,599,750
81,472,074.660
$75,820,050 81,226,938,500
Boston.
Shares. Bond Sales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
9.832
21.393
15.624
19,999
25,290
11,215
818.000
63,350
100,500
32,150
64,000
45,000
Total
103,353
8323,000
87.753
8142.900
Priv, week re
+17.8
+2.3
-2.3
+8.9
+10.9
8447,500
531,850
1.307,900
814,550
912.700
1.052,000
IA AND
THE BOSTON, PHILADELPH
DAILY TRANSACTIONS AT
BALTIMORE EXCHANGES.
Week ending
May 14.
134,053,002
142,454,750
103.909,447
89,875.707
52,604,930
$2,494,000
3,317,500
2.426,000
3.441,000
2,290.500
1.833,000
6,029,244
ocbsossioo
147,994
157,892,228
145.748,590
101,539,820
97,878,610
58,343,111
83.337,000
5.432,000
8,187,000
8.790,500
7,784,000
5,905,000
Week ending May 14.
Sales at
New York Stock
Exchange.
Total bonds
State,
Municipal &
Foreign Bds.
Railroad
&c.
Bonds.
Stocks,
Number of
Shares.
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Philadelphia.
Baltimore.
Sales.
Shares. Bond Sales. Shares. Bond
$14,100
917
820,800
7.076
26,600
1.303
53.000
15.642
23,200
2,204
53,300
10,095
35.000
1,496
32,000
13,838
18.100
867
15.900
6,768
16,000
782
26,000
7,002
7,569 $133.000
60,421 8201.000
14,210 8144,100
110.237 8228,100
Total all cities for week
MAY 15 1926.]
THE CHRONICLE
serve District there is an increase of 3.2%,for the Richmond
Reserve District of 6.7% and for the Atlanta Reserve
District of 10.7%. The Chicago Reserve District has
a gain of 12.7%, the St. Louis Reserve District of 12.6%
and the Minneapolis Reserve District of 3.1%. In the
Kansas City Reserve District the totals are larger by 1.8%,
in tho Dallas Reserve District by 11.4% and in the San
Francisco Reserve District by 11.9%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended May 8.
1926.
1925.
Federal Reserve Districts.
$
$
1st BostOn
12 olt108 591.157.960 458,355,668
11" 6,128,174,786 6,076.173,352
Ind New York
grd Philadelphia
595,649,277 557,002,969
10 "
Atli Cleveland
8 "
386.998,923 375,001,471
flth Richmond
6 - 214,450,631 200.981,836
8th Atlanta
13 "
236,662,883 18,289,026
7th Chicago
20 " 1,142,320,841 .013.881.227
8 ••
8th St. Louis
228,208.542 202,662,004
9611 Minneapolis
7 "
123,776,076 120.057,003
lath Kansas City
12 "
248,519,967 244,203,290
11th Dallas
a 72,910,924 65,475,328
12th San Franetseo
17 "
539,587.498 482,160,994
Ine.or
Dec.
1924.
1923.
8
$
%
+29.6 437,501,245 429,041.966
+0.8 4,599,755,692 4,190,766,243
+5.0 465,533,750 494,826,064
+3.2 328,517,732 378.919.108
+6.7 176,964,961 174,815,329
+10.8 181,293,613 176,477,572
+12.7 852,204,902 889.136,034
+12.6 198.029,439 69,179,642
+3.1 107,083,434 114,830,682
+1.8 217,461,118 233,504,664
+11.4 56.401,151 50,531,429
+11.9 411,809,468 435,964,378
Grand total
129 cities 10511478,308 9,824,247,168 + 7.2 8,055,559.505 7,637,993,109
Outside New York City
4,502,048,056 3,861,966,697 +16.5 3,557,001,972 3,505,357,345
flanatia
29 cities 409.151.2E2 384 949.311
4-8.3 371.408.977 373.412.264
We now add our detailed statement showing last week's
figures for each city separately, for the four years:
Week Ended May 8.
Clearings at1926.
1925.
First Federal Reserve Dist rict-Boston
Me.-Bangor____
856,627
777.908
Portland
4,545,942
3,655,215
Mass.-Boston.. 536,000,000 404,600.000
Fall Myer_
1,958,850
2,387,769
Holyoke
a
a
Lowell
1,169,434
1,263,865
Lynn
a
a
New Bedford._
1,409.620
1.582,402
6,070,475
6.015,987
Worcester
4,577,663
4,255,474
-Hartford
Conn.
16,088,708
14,585,893
New Haven__ _
7.202,712
7,365,635
R.I.-Providence
13,477.400
11,730,600
N.IL-M'chester
800,529
977,843
Total(12 cities)
594,157.960
Inc. or
Dec.
1924.
1923.
+10.1
+24.4
+32.7
-18.0
a
-7.5
a
-10.9
+0.9
+7.6
+10.3
-2.2
+14.9
-18.1
842,855
2,848.123
392,000.600
1,898.335
a
1,254.000
a
1,189,966
5,390,102
3,616.000
11.045,432
6,406,642
9,362,800
860,683
811,273
3,492,294
381,000.000
2,509,540
a
1,500,160
a
1.700,332
5,642,961
4,056,060
10,230.205
6,884,958
10,306,500
931,088
458,598,591 +29.5
437,616,888
429,155,271
Second Feder al Reserve D Istrict-Nrw
N. Y.-Albany..
7,554,833
6,282,987
)3InghaMton_
1,337,900
1,182,300
Buffalo
46.975,709
49,325,063
Elmira
1,141,748
994,687
Jamestown____
c1,428,591
1,526,635
New York___ _ 6,009,430,252 5,962,280,471
Rochester
12.815,686
13,449,819
Syracuse
7,640,103
5,879,749
Conn.-Stamford
c4.569,737
3,613,909
N. J.-Montclair
905.755
583,755
Northern N. J.
34,365,452
31,053,977
York
+20.2
5,9:32,091
5,833,726
+13.2
1,023.900
1,256.200
-4.8
42,626,825
43.975,361
+14.8
784,955
774,001
-0.4
1,250,848
1,305,909
+0.8 4,498,557,533 4,072,635,764
-4.7
11,193,549
11,129,166
+30.1
5,248,203
4,841,056
+26.4
3,805,476
3.106.375
+55.2
556,513
517.094
+10.7
28.775,799
45.391,591
Total(11 cities) 6,128,174,786 6,076,173,352
+0.8 4,599,755,692 4,190,766.243
Third Federal Reserve Dist rlet-Philad elphia
Pa.-Altoona
1,915,296
1,545,799 +23.9
Bethiehem...._
4.807.834
4,541,415 +5.9
Chestier
1,435,740
1,899,279 -24.4
Lancaster
2,286,181
2,996.635 -23.7
Philadelphia
560,000,000 533,000,000 +5.1
Reading
4,996,902
4,111,243 +21.5
Scranton
6,525.100
6.484,001
+0.6
Wilkes-Barre..
d4,571,680
4,445,581
+2.8
York
2,362,106
2,209,170 +7.0
N.J.-Trenton
6,748.438
5,769,846 +17.0
Del.-Wilming'n.
a
a
a
1,484.804
3,770,988
1,099.229
2,618.220
456,000,000
3,653,119
5.691,713
4,239,654
1,756.427
5,219,596
a
1.673,905
4,815,674
1,198,450
3,022,794
464,000,000
3,906,067
5.731.492
3.418.644
1,740,254
5,318.784
a
595,649.277 567,002,969 +5.0 485,533.750
Fourth Feder at Reserve D Istrict-Clev landOhio-Akron
5,424,000
5,690,000 -3.8
6,550,000
Canton
4.197,847
3,746,407 +12.0
4,127,483
Cincinnati
72,759,264
68,747,171 +5.8
58,690,864
Cleveland
113.006,782 110,951,940 +1.8
92.260,306
Columbus
16,789.000
15,532.000 +8.1
13,027,800
Dayton
a
a
a
a
Lima
a
a
a
Mansfield
d1,864,523
2.018,009 -7.6
1.840,238
Springfield.a
a
a
a
Toledo
a
a
a
a
Youngstown
4,817,032
5,281,688 -8.8
4,229,835
-Erie
Pa.
a
a
a
Pittsburgh...._ 168.140,475 163.084,256
147,791,206
Total(8 cities). 386,998,923 375,001.471
+3.2 328,517,732
494.826,064
Total(10 cities)
Fifth Federal Reserve Dist rict-Richrn ondW. Va.-Hunt'on
1,626,006
1,767,497 -8.0
Va.-Norfolk
d9,396,066
8,423,392 +11.5
Richmond
_
48,972,000
52,850,000 -7.3
S.C.-Charleston
2,082,347
2,217,372 -Cl
Md.-Baltimore_ 123,494,268 106,670,944 +15.8
D.C.-Washing'n
28,879,944
29,052,631 -0.6
7,665.000
5,132,166
64.675,133
115,260,055
17,745,200
a
1,8136,829
a
a
3,828,101
a
162,776.622
378,919,106
2.026,731
8,407,992
44,958,000
1.923,215
95.235.023
24,414.000
2,073.316
6,935.108
45,234,000
2,004,783
94,942,697
23,625,425
+6.7
176,964,961
174,815,329
Sixth Federal Reserve Dist rict-Atiant aTenn.-Chatt'ga. d7,581,075
7,854,213 -3.5
Knoxville
.3,500,000
3,200,000 +9.4
Nashville
21,616,986
20,187,074 +7.1
Ga.-Atlanta.___
62,541,281
60,307,060 +3.7
2,132,717
Augusta
1,746.279 +22.1
2,130,686
Macon
1,710,566 +24.5
a
Savannah
a
a
Fla.-Jack'nville.
31,959,463
21,459,832 +48.9
14,911,466
Miami
18,289,026 -22.6
25,740,273
24,630,286 +4.5
Ala.-Birm'ham _
2,202.594
1,963,301 +12.2
Mobile
1,659,000
Miss.-Jackson._
1,510,000 +9.9
423,440
457,000 -7.3
Vicksburg
60,263,902
La.-NewOrleans
50.498,366 +19.3
6,089,063
3,195,072
19,667,244
51,449,382
1,817,994
1.302,732
a
15,613,226
4.055,682
27,419,846
1,715,990
1,157.908
519,023
50,296,451
6.756,075
3,321.378
20,980.711
51,1307,400
1,160,581
385,272
51,224,657
184,293,613
176,477,572
Total(6 cities) _
Total(13 cities)
214,450,631
236,662.883
200,081,836
213,813,003 +10.7
*2,000.000
1,371,785
a
13,838,619
24.431,094
2761
Weet Ending April 24.
Clearings al
1926.
1925.
Inc. or
Dec.
1924.
1923.
$
$
%
$
$
Seventh Fed er at Reserve D istrict-C h i cageMich.-Adrian -261,741
228,801 +14.4
236,931
265,222
Ann Arbor..--1,183.540
940,432 +25.8
851,490
Detroit
165,782,791 153,052,356 +8.3 145,348,815 12 839.642
2.336.622
Grand Rapt Is_
8.776,297
7,933,821 +10.6
6.722,296
6,861,354
Lansing --- 2,880,390
2,841,279 +1.4
2.413,718
2,245.000
Ind.-Ft. Way ne
3.047,440
2,892,461
+5.3
2.725.020
2,752.937
Indianapolis_
22,980.000
17,720,000 +29.7
18,918,000
22,470,000
South Bend.
3,465,000
3,159.700 +9.7
2.584,000
2
.709,800
Terre Haute.-5,182,728
5,156,084 +0.5
5,885,419
7.242.268
Wis.-Milwau .ee
47,544.970
42,644.201 +11.5
39,116.788
41,793,842
Iowa-Cod.Ra p.
2,970.731
2.760.767 +7.6
2,282,483
2,431.358
Des Moines_
12,847,592
12.960,709 -0.9
11,252.667
11,133.441
Sioux City _
7,496.645
7,177.037 +4.5
6,472,498
6.715.921
_
1,484,145
1,385,667 +7.1
1,773,403
1,489,907
111.-Bloom'g
Waterlooton.
1,709,335
1.385,524 +23.4
1.519,661
1,426.824
Chicago
839,569,941 739,526.980 +13.5 592,758,264
645,107,091
Danville.- _ -a
a
a
a
a
Decatur
1,421,669
-1.401.493 +1.4
1,262.511
1,340.419
Peoria
6,355,895
4,891,838 +29.9
4,937.150
4,640.978
Rockford _ _ _ -.
4,141,15e
3,076.445 +34.16
2,680,498
2",620.234
Springfield..
3.218,835
2,748,632 +17.1
2.463,290
2,713.174
Total(20 till ;.$) 1.142,320,841 1,013,884,227 +12.7 852,204,902
889,136,034
Eighth Fed era 'Reserve Dis trict-St. Lo uisInd.-Evansville.
6,078.967
6,282,528 -3.3
5,501,988
5,369,427
Mo.-St. Louis _ 152,300.000 133.300.000 +14.2 131,700.000
Ky.-Louisvill i _
32,446,552
30,735.586 +5.6
29,694,564
30,480.240
Owenslioro.
402.720
379,191
+6.2
448,952
431.384
Tenn.-Memp his
21,378,712
18,652.235 +14.6
17,810,592
18.966,202
Ark.-Lit. Roek.
13,069,985
11,183,801 +16.8
11,107,904
11,945,484
Iii.-Jacksonv Ile
477,941
459,697 +4.0
382,640
384.879
Quincy
2,053,665
1.668.966 +23.0
1.382,979
1.602,026
Total(8 citle 9). 228,208,542 202,662,004 +12.6 198,029,439
69,179,642
Ninth Fede ral Reserve Dis trict-M I n n ea pollsMinn.-Dulut L..
d7,690,403
8,024.276 -4.2
5.859.843
5,591,928
77,938,041
Minneapolis __
75,793,386 +2.8
64,052,487
67,932.649
St. Paul.... _.
31,505,152
29,581,069 +6.5
31,669.906
34,430,927
No. Dak.-F;-g,
1,882,098
1.842.171
+2.2
1,536.28:2.043.257
S. D.-Aberd !el
1.575,386
1,416,114 +11.2
1,138,596
1,252,584
Mont.-Billin s.
575,954
596,579 -3.5
532,941
553,899
_.
Helena
2.609,042
2,803,408 -6.1
2,293,386
3,025,440
Total(7 title0. 123,776,076 102,057,003
+3.1 107,083,434 114,830,682
Tenth Fede ral Reserve Dis trict-K a ns as Cit3 Neb.-Fremon 1._
d429,356
488,224 -12.1
481,382
563.473
Hastings_.686.903
651.480 +5.4
535,608
560,477
Lincoln
5,785,948
5,799,095 -0.2
4,717,950
4,440,975
Omaha
42.480,826
43,224,439 -1.7
38,091,865
43,669.550
Kan.-Topeka
3,523,558
4,291,828 -17.9
3,205,248
3,345,396
Wichita -.-. __
8.113,388
7,608,567 +6.6
7,285.373
9,977,218
CI y_ 132,356,820 127,930.649 +3.4 113,602.751
126,861,339
St. Joseph_ _ _
d7,864,791
7,609,907 +3.3
7,167,834
Okla.-Okla.0Icy d25,075,599
23,039,471
+8.8
21,282,929
21.423,116
Col.-Col. Spi
1,277,626
1,198,039 +6.6
1,102,419
1,255,847
Denver
19,775,957
21,041,398 -6.0
18,828,886
20,455,571
Pueblo
e1,179,195
1,320.191 -10.7
1,158,873
951,702
as
R Total(12 chies) 248,549,967 244,203,200 +1.8 217,461,118
233,504,664
Eleventh F de rat Reserve District-Da liesTexas-Austin __
1,777,855
3,045,559 -41.6
1,331,567
1,695,265
Dallas
44,622,769
40,892,162 +9.1
35,006,547
27,097,000
d12,847,132
Fort Worth
10.319,177 +24.5
10,201,743
10,470,046
.._
Galveston
8,689,000
6.130,551 +41.7
5,178,954
6,424,160
Houston-._ .-a
a
a
a
a
5,004,768
La.-Shreveno rt.
5,087,879 -1.6
4,682,340
4,844.958
Total(5 citie s)_
72,940,924
65,475,328 +11.4
56,401.151
50,531,429
Twelfth Feslee al Reserve D istrict-San Franc Isco43,755,445
Wash.-Seattl - _
37.781,944 +15.8
34,733,232
37,474.473
Spokane.-- ... _
12,474,000
10,050,000 +24.1
9,943,000
11,300,000
Tacoma-- ...
a
a
a
a
a
_
1,482.128
1,492,772 -0.7
1,161.927
1,358,076
40,374,427
Ore.-Portla
Yakima___37,309,169 +8.2
n I:37,359,120
37,834.790
16,930,687
Utah-S.L.C ty.
18,499,382 -8.5
14,076,356
14,338.363
Nev.-Reno_
a
a
a
a
a
Ariz.-Phoeni
a
a
a
a
a
975
Calif.-Fresno.--3,734,
3,105,423 +20.3
3,135.803
4,036.829
__
7,728,308
Long Beach
7,191,506
+7.5
6,899,191
8,688.120
Los Angeles _ : 170,710,000 146,423,000 +16.6 126,030,000 134,638,000
22,059,859
Oakland... _-__
21,567,010 +2.3
15,914,814
16.257.202
Pasadena...--7,406,536
6,436,408 +15.1
5,552,284
5,666,547
8,961,728
Sacramento __9,044,730 -0.9
8,161,282
6,570,983
6,391,371
5,447,931 +17.3
San Diego.. _
3,816,169
4,020.960
San FrancisCO_ 187,477,000 168,903,000 +11.0 137,700,000 147,200,000
San Jose___ --3.088,409
2,418,001 +27.7
1.973,649
2,418,001
1,557,802
Santa Barb ra_
1,347,194 +15.6
1,248.087
1,295,034
2,451,923
Santa Moniea_
2,759,824 +13.5
2,146,254
3,002,900
Stockton.-2,983,700 +0.6
1,958,300
2,867,000
Total(17 cit. es) 539,587,498 482,160,994 +11.9 411,809,468 435,964.378
Grand total (129
10511478,308 9,824,247,168 +7.2 8,055,559,505 7,637.993.109
cities)
Outside New York 4.502.048.056 3.861.966.697 +18.53.557.001,072 3,565,357,345
Week Ended May 8.
learin s al1926.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert__ - _
Moncton
Kingston
$
138,517.418
123,511,335
54.635,565
19,350,314
10,369,503
6,763,371
3.450.936
6,114,288
6,296.571
2,896,374
2,806,092
4,254,757
7,036,882
5.169,667
635,692
570.530
2,090,113
1,162,671
1,154,837
883,576
999,449
356,875
1,036,152
933,289
1,172,669
4,690,412
427.860
955,331
908,733
1925.
Inc. or
Dec.
$
%
128,298,106 +8.0
116.579,320 +5.9
55,502,717 -1.6
17,560,107 +10.2
12,313,402 -15.8
6.982,547 -3.1
3,188,222 +8.2
5,686,061
+7.5
5,981,842 +5.3
3,168,783 -8.6
2,399,759 +16.9
3,071,432 +38.5
6,321,870 +11.3
3,111,498 +66.1
626,996 +1.4
593,454 -3.9
1,555,636 +34.3
1,180.525 -1.5
1,091,305 +5.8
1,253,662 -29.5
766,689 +30.4
339,767 +5.0
996,712 +3.9
1,053,431 -11.4
1.022,084 +14.7
2,149,022 +118.3
340,609 +25.6
852,799 +12.0
960.964 -5.4
1924.
$
123,573,755
102,729,722
65,716,993
15,786,444
11,247,651
.5,625,564
3,104,661
5,496,276
6,625,176
2,864,274
2,369,275
3,364,004
3,647,187
3,643,819
583.045
755.003
1,700,564
1,233,960
1,079,723
1,022.005
640,698
303,161
896,718
1,038,006
1,179,531
3,188,122
358,467
846,233
786,340
1923.
$
129.104,843
101,721,307
64,420,118
14,390,187
13,199,518
4,891.624
4.568,482
6,064,496
4,839,732
2.686.861
1.808,038
3.306.073
4,174,216
3,048,666
584,321
495.464
1,544,490
1,074,464
1,101,084
880.604
557,937
276,625
919,751
779,205
1.243,475
3,1257
4 8
363,350
1,517,523
718.062
Total(29 cities) 409,151.262 384,949,311
+6.3 371,406,977 373,412.264
a No longer report clearings. b Do not respond
ended May 5. d Week ended May 6. e Week to requests for figures. c Week
ended May 7. • Estimated
[VoL. 122.
THE CHRONICLE
2762
ENGLISH FINANCIAL MARKETS-PER CABLE.
THE ENGLISH GOLD AND SILVER MARKETS.
The daily closing quotations for securities, &c., at London,
We reprint the following from the weekly circular of
Samuel Montagu & C.o. of London, written under date of as reported by cable, have been as follows the past week:
May 8. May 10. May 11. May12. May13. May 14.
London.
April 28 1925:
Thurs. Fri.
Mon. Tues. Wed.
Sat.
GOLD.
The Bank of England gold reserve against notes on the 21st inst.,
amounted to £145,073,005, as compared with £145.133,665 on the previous
Wednesday.
Gold to the value of £500.000 was available in the market this week, the
bulk. of which was taken for the Continent. Indian requirements were
small.
On this day twelve months ago a general licence was granted by the
Treasury to the Bank of England for the export of gold from its coffers, at
the same time fixing the coinage price of gold (77s-10)4d per standard
ounce) as the figure at which it was bound to sell gold against legal tender.
This was a preliminary to the removal of the restrictions upon gold exports,
which expired at the close of last year. The year that has elapsed has shown
the powerful financial position occupied by this country.
We specify from week to week the effect which the re-opening of the gold
market has had upon the Bank of England reserves. Though a net withdrawal of £9,650,000 has taken place during the year, this movement is
trifling compared with the substantial advantages that have accrued.
London has again proved to be the centre for financing the commerce of
countries oversea. International trade bills again flow to London for
finance as was the custom before the Great War.
Whether the reduction In tho number of unemployed and the improvement in trade, reported In certain quarters, can be attributed to this cause
may not be clear, but there is no doubt that the reduction of 14% in the
price level has been much assisted by the restoration of sterling to the gold
level: moreover the grievance held in India that the relation of the rupee was
to sterling and not gold, has lost weight.
The action of returning to an effective gold standard conveyed other
implications to the world. It showed the deliberate intention of Great
Britain to return, notwithstanding the cost involved, to the only known
system of safe currency which can restore confidence to commerce and offer
a sure foothold for the discharge of financial obligations as between nations.
As will be seen by the following table, there have been no movements of
gold to and from the Bank of England during the week with the exception
of today:
Apr1122. April 23. Arpil 24. Arpil 26. April 27. April 28.
Recived
E6,000
Withdrawn_
Week Ended May 14d 30 3-16
Silver, per oz
84.1134
Gold, per fine ounce
Consols, 234 per cents
British,5 per cents
British, 449 per cents
French Rentes (in Paris), fr. ____
FrenchWarLoan(inParis),fr_ ____
307-16
84.1139
54
9959
93%
47.20
55.75
305-16 30 1-16 303-16
3049
84.1134 84.11% 84.1134 84.1134
55
5434
5434
5434
10034
100
100
99%
94
94
94
9334
Holiday 46.25
46.60 46.90
Holiday 54.70
55.85
55.65
The price of silver in New York on the same day has been:
Silveri n N.Y., per oz.(cts.):
653(
Foreign
6534
65%
6534
65
6534
Sonuntrcial andMisceriantonsgnus
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange May 8 to May 14, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares
Stocks-
Range Since Jan. 1.
Low.
High.
Apr 9439 Jan
90
10 90
130
Am Vitrified Prod. pref... 90
Jan
68
25 68 May 80
68
Am Wind Glass Mach__100
20 8139 May 9134 Jan
100
8734 8734
Preferred
Jan
7
Feb
534
2,370
6
com_10
639
Arkansas Nat Gas.
634
Feb 180 May
50
178 179
45 141
Bank of Pittsb N A
Mar 93 May
93
93
10 91
Birmingham Fire Ins_ _50
Jan
155 45 Mar 56
25
52
50
Blaw-Knox Co
Jan
Apr 100
100 100
50 98
Byers(AM)Co, pref__100
Feb
17
Jan 21
17
10 17
50 16
Carnegie Metals
Jan
1334 14
10
20 1239 Apr 17
Devonian Oil
50
125 125
5 125 May 125 May
Globe Ins Co
Feb
33 14134 May 150
14139 14139
Harb-Walk Refrac, com100
Feb
534 Apr 10
1349 634 1,575
Houston Gulf Gas
634
•
239 239
60
239 Lan
634 Mar
Indep Brewing com_ _50
Feb
8
6
539 Feb
6
6
175
50
Preferred
Apr 5634 Jan
2 5 3134 3134 32
768 30
Lone Star Gas
12
12
25 12 May 1834 Feb
Nat Fireproofing corn.... 56
Feb
375 32% May 39
3234 33
50
Preferred
The withdrawal today, £6,000, was in the form of sovereigns, destined for Ohio
Apr 36% Jan
25 3334 3334 34
1,757 33
Fuel Corp
Jan
34
Holland.
Mar
29
28
384
25
Gas
2934
Oklahoma Natural
7 Mar
3
10
Jan
334 344
This is the smallest movement in any week since the resumption of an Pittsburgh Brew corn_ _50
Feb
12
12
15
11
Jan
275
50
Preferred
effective gold standard.
Jan
35 273 Mar 310
282 282
Pittsburgh Plate Glass_100 282
The net influx since Jan. 1 1926 is now £1 ,945,000.
Jan
10 220
220 220
Feb 225
Pittsburgh Trust Co__ _100 220
Feb
Apr 10
200
8
839 834
United Kingdom imports and exports of gold during the week ending the Salt Creek Con 011
834
4e Jan
30
5.800
3e
3e Jan
1
San Toy Mining
21st inst. were:
641 100 May 11834 Jan
Stand Bann Mfg com__25 10039 100 102
ExportsImports17
210 16 May 1934 Jan
16
25
U S Glass
45 106
Mar 12734 Feb
£128,913 West'house Air Brake50 10934 10939 10949
£758.161 Germany
British South Africa
10 0034 Jun 0211 May
0214
9234
_100
nri.f__
R.VP
Palm
W.I.
15,365
500 Netherlands
Other countries
12,350
France
• No par value.
20,000
Note.-sold last week and not eported: 18 Bank of Pittsburgh N. A. at 180:
Argentina
Mfg.Co. pref. at 11534 ex-div.:
31,750 10 Pltsburgh Trust Co.at 225:50 Standard Sanitary
British India
Pitts. McKeesport.4 Connelsville 5s of 1931 at 9634.
12,000
16,600
Straits Settlements
22,500
Ceylon
508
Other countries
BANK NOTES-CHANGES IN TOTALS OF, AND IN
Total
£758.661
Total
£247.986
The following figures (in lace of rupees) show India's foreign trade figures
for March 1926:
22,30
Imports of merchandise on private account
37.90
Exports,including re-exports of merchandise on private account
4,79
Net Imports of gold
1,01
Net imports of silver
10
Net Imports of currcney notes
10,10
Total visible Balance of Trade (in favour of India)
4
Net Balance on Remittance of Funds (against India)
SILVER.
to a
Following a fresh fall in prices on the 22nd inst. (bringing quotations
some repoint lower than for nearly ten years) the silver market showed
turned a
action and China, whence sales had been freely forthcoming,
substantial
buyer, and, aided by other bear covering, prices advanced by
on the
deliveries
fractions to 293d. and 29 11-16d. for cash and forward
spent. China
26th inst. Yesterday,the impetus of the market proved to be
was recorded
became a seller on balance and a fall of yid. in the quotations
back at
for both positions. America had been a more active seller but hung
yesterdays drop.
the
United Kingdom imports and exports of silver during the week ending
21st inst. were:
ExportsImports£56,512
£33,854 France
Netherlands
299,300
United States of America__ 77,965 British India
4,228
14,807 Other countries
Other countries
£360,040
Total
E126,626
Total
INDIAN CURRENCY RETURNS.
Apr. 7. Apr. 15. Apr. 22.
(In lace of rupees.)
18787
18858
18996
Notes in circulation
8444
8416
8454
Silver coin and bullion in India
---Silver coin and bullion out of India
2232
2232
2232
Gold coin and bullion in India
Gold coin and bullion out of India
5711
5711
5711
Securities (Indian Government)
2400
2499
2599
Securities (British Government)
22nd inst.
No silver coinage was reported during the week ending the
58,300,000
The stock in Shanghai on the 24th inst. consisted of about
compared with
ounces in sycee, 67,000.000 dollars, and 9,470 silver bars, as
silver bars
about 58,800.000 ounces in sycee, 67.700,000 dollars. and 7,630
on the 17th inst.
-Bar Silver. Per Or. Std.- Bar Gold.
Per Or. Fine.
2 Mos.
Cash.
Quotations84s. 1114d.
29344.
293-164.
April 22
84s. 11%d.
2934d.
297-164.
23
845. 1134d.
299-164.
295d.
24
84s. 11%d.
29
11-16d.
293(4.
26
84s. lid.
29 7-16d.
29)4d.
27
84s. 11 d.
297-164.
299-164.
28
845. 11.44
29.437d.
.,. _29.510d.
Average
delivery are
The silver quotations today for cash and two months'
respectively 5-164. and 3-164. above those fixed a week ago.
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in national bank notes and
in bonds and legal tenders on deposit therefor:
Amt. Bds. on Deposit to
Secure Circa Orion forFed. Res.
National
Bank Notes, Bank Notes
April 30 1926....
Mar.31 1926_ _
Feb. 27 1928....
Jan. 31 1926__
Dec. 31 1925_
Nov.31 1925_ _
Oct. 31 1925_ _
Sept.30 1925_
Aug. 311925....
July 311925....
June 30 1925_ _
May 31 1925_
April 30 l925..
Mar.311925....
Feb. 281925__
Jan. 31 1925_
Dec. 30 1924.._
Nov.30 1924_
Oct. 31 1924_
Sept.30 1924.._
Aug. 30 1924..
July 311924....
June 30 1924....
May31 1924._
665,686,140
665,568,140
665,235,640
665,363,590
666,273,130
660,087,630
666,185,130
665,542,630
665,810,130
665,227,130
665,061,330
665,502,880
666,010,330
665,608,330
666,943,330
725,171,780
731,613,630
737,635,790
739,842,890
741,239,890
742,462,390
746.611,640
750,858,930
750,113,430
National Bank Circulation
Afloat onBonds.
Legal
Tenders.
661,664,478 42,519,201
661,016,470 44,211,319
661,244,347 45,059,372
661,298,333 45,050,979
658,362.223 46,194,204
662,622,888 48,127,550
662,538,487 51,264,261
661,380,320 56,543,569
662,186,083 61,476,914
660,341,413 66,214,271
660,501,393 72,864,681
661.293,895 78,275,574
661,397,558 86,028,261
661,613,281 93,597,406
663,324.911 100,532,366
722.092,263 47,748.139
727,175,641 44,871,176
733,995,581 40.152,976
735,602,435 38,679,189
736,557,660 39,269,184
737,141,058 40,052,136
740,549,740 36,537,849
744,953,710 33,058,069
545,900 745,029,518 32,460,609
704,183,679
705,227,789
706.303,719
706,349,312
704,556,427
710,750,444
713,802,744
717,923,880
723,662,997
720,555,684
733,366,074
739.569,469
747,425,819
755,210,687
763,857,277
769,840,402
772,046,817
774,148,557
774,281,624
775,826,844
777,193,194
777,087,589
778,011,779
777,490,127
$5,808,578 Federal Reserve bank notes outstanding April 30 1926 secured by
lawful money, against $7,653,193 April 30 1925.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on April 30:
U.S. Bonds Held AprIt 30 1926 to SecureBonds on Deposit
April 30 1926.
28, 3.1. S. Consols of 1930
2s, U. S. Panama of 1936
2s, U. S. Panama 01 1938
Totals_
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
Total
Held.
591,319.400 591,319,400
48,609,420
48,609,420
25,757,320
25,757,320
665,686,140 665,686,140
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits April 1 1926
and May 1 1926 and their increase or decrease during the
month of April:
MAY 15 1926.]
THE CHRONICLE
National Bank Notes-Total AfloatAmount afloat April 1 1926
Net decrease during April
$705,227.789
1,044,110
Amount of bank notes afloat May 1 1926
Legal-Tender NotesAmount on deposit to redeem national bank notes April 1 1926
Net amount of bank notes retired in April
$704,183,679
Amount on deposit to redeem national bank notes May 1 1926
542,519,201
FOREIGN
TRADE OF NEW YORK-MONTHLY
STATEMENT.
Merchandise Movement at New York.
Month,
$44,211,319
1,692.118
Imports.
1925-26.
1924-25.
Exports,
1925-26.
1924-25.
$
154,206,974 134,244.024 135,781,359 113,857,700
July
August _ 166.853,232 111,756.587168,713,039 139,802,249
September 166,212,020 131.786,636 137,468,016 141,844.409
192.479,742 154,424,252 126.701,020 168,984,882
October
November.196,527,068 140.605,417136,152,139 138,892,978
December_ 221,274,002 152,382.564 172,257,373 127.785,237
January
215,137,735 156.923.263153.410,759 156,313,003
February 195,930,212 160.460,910135,855,812 123,210,344
March_ _ 234,703,468 183,494,49 147,798,478 175,312,931
Customs Receipts
at New York.
1925-26.
1924-25.
24,327,006
26,235,015
30,186,355
29,389,797
29,333.221
26,729,182
26,628,880
25.131.733
29,523,243
25,426.495
24,565,320
28,765,865
28.358.873
23,732,263
23.451,575
17,121.252
27,072,503
27,666.955
Total... 1743324453 1326078151 1314137990 12860e3723247,4
84,432226,161,101
Movement of gold and silver for the nine months:
Gold Movement at New York.
Month.
Imports.
1925-26.
1924-25.
July
6,489.01 15.222,422
August
759,80 14.279,486
September
672.610 1.028,986
October
42,379,042 16,070,991
,November
3,867,632 15,798,143
December_
947.408 6.827,266
January
705.69
1,029,134
February
10,707,020
612,514
March__ 3,201,667 3,662,342
Exports.
192526.
2,468.247
1,024,953
5,060.700
1,395.082
2,969.990
4.597,913
2.569.831
2,012.359
2.038,14
1924-25.
230,512
1.730,671
2.167,626
1,710,347
4,452,453
39.070.707
66,002,262
33,520,792
21,435,084
Silver-New York.
Imports.
Exports
1925-26.
1925-26.
1.663,47
3,416,70
761.90
1,609,338
638,906
1.299,46
1,858,862
5,524,289
1.613,500
3,684.687
4,645.001
3,439,551
5.307.958
5,511,426
5,256,286
6,436.232
3,848,818
5,556,070
Total__ _ 69,729,898 74,531,284 24,137,223170,320,454
18,386.443 43.686,029
National Banks.-The following
information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
May 4-The First National Bank of Kingsville, Texas
Correspondent. Carl C.Benny,Care,R.J.Kieberg & Co.$50,000
Kingsville, Texas.
May 6-The First National Bank of Ojus. Fla
25,000
Correspondent, H. H. Smith, 274 Everglades Ave.,
Little
River, Fla.
May 8-The Farmers and Merchants Nat'l Bank of Sonora, Calif.
100,000
Correspondent, Edwin L. Foster, Sonora, Calif.
May 8-The Broward National Bank of Fort Lauderdale. Fla100,000
Correspondent, F. S. Hays, 341 N. Andrews Ave., Fort
Lauderdale, Fla.
May 8-The First National Bank of Rochelle Park, N.J
50,000
Correspondent, Robert H. Williams, Rochelle Park, N.
J.
May 8-The Tenafly National Bank, Tenafly, N.J
50,000
Correspondent, H. N. Wadham, Tenafly, N. J.
APPLICATIONS TO ORGANIZE APPROVED.
May 6-The Central Park National Bank, Central Park,
N. Y
350,000
Correspondent, Stephen J. Madden, Central
May 6-The Woodside National Bank of New York, Park, N. Y.
N. Y
Correspondent, R. Leslie Smith,209 Steinway Ave., Long 200,000
Island City, N. Y.
APPLICATION TO CONVERT APPROVED.
May -Bloomington-Lake Nat'l Bank of Minneapolis, Minn _3200,000
Conversion of Bloomington-Lake State Bank,Minneapolis,
Minn.
CHARTERS ISSUED.
May 3-12927-The First National Bank of Rails. Texas
Conversion of The First State Bank of Rails, Texas. Presi- $25,000
dent, Jno. Haney; Cashier, A. L. Winfrey.
May 8-12928-The First National Bank of Meadow, Texas-_President, A. L. Walker; Cashier, Earl T. Cadenhead. 25,000
Succeeds, Bank of Meadow, Meadow, Texas.
May 8-12929-Dinuba National Bank, Dinuba,
Calif
100,000
President, F. H. Wilson; Cashier, H. L. Andrews.
8
CHANGE OF TITLES.
May 5-500-Pitman National Bank, Pitman,
New Jersey, to
"Pitman National Bank and Trust Company.
May 5-12546-The First National Bank of Seabreeze,
"First National Bank of Daytona Beach," Fla., Florida to
to conform
to change in name of place in which bank is located.
May 6-6769-The First National Bank of Columbia,
Columbia..
Kentucky,
to "The First National Bank & Trust Co. of
CHANGE OF TITLE AND LOCATION.
May 7-11736-The First National Bank of Minidoka,
Idsho, to
"The First National Bank of Paul," Idaho.
VOLUNTARY
April
LIQUIDATIONS.
30-3735
-The Alexander County Nat'l Bank in
Cairo, Ill_ _3100,000
Effective
April 30 1926. Liquidating Agent,C.M.Roos,
Cairo, Ill. Absorbed by the Alexander County
Savings
Bank of Cairo. Ill.
April 30-4016-The First National Bank of Meridian,
Texas.....50,000
Effective April 24 1926. Liquidating Agent,
McConnell, Meridian, Texas. Absorbed by TheJ. T.
National Bank of Valley Mills, Texas, No. 9148.First
May 4-11095-The Stockmens Nat'l Bank of Ramesford, Mont..
Effective April 101926. Liquidating Agent, W.C.Blom- $25,000
quist, Belt, Mont,
May 8-5883-The First National Bank of Roseville, Ill
35,000
Effective May 3 1926. Liquidating Commission,
Willis
Kirkpatrick, Wm. V. D. Moore and G. G. Watson,
Roseville, Ill. Succeeded by The Farmers & Merchants
National Bank of Roseville, No. 12926.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
2763
By Adrian H. Muller & Sons, New York:
Shares, Stocks.
Per sit.
$40,000 North Jersey Rapid Tran-I
sit 55, certif. of deposit
1,52.000
210 North Jersey Rap. Tran. Co_
lot
200 MacNamara Min.& Mill. Co
100 Comstock Tunnel Co
60 Silver King of Ariz Min.Co_ _
54,000 Monaton Realty Inv.Cot. $17 lot
10-yr. 138 of Oct. 1918
$3,500 Monaton Realty Inv.CorP
accum. profit sharing certifs of
Oct. 1918, registered
50 Coleman Construe. Co., par 510.55 lot
900 Almont Land Co.. par $102,000 Carawba Gold Mining Co.,
par 21
25 Kern Incandescent Gas Light
Co., pref
526 lot
3,000 Sun & Moon Mining & Mffl
Co., par 21
1,200 Tinge Co., par 23
50 Foster Cobalt Mining Co., Ltd.1
Par $I
42 lot
5.800 Great Northern Silver Miami
Ltd., par $1
Shares. Stocks.
$ per M.
35 Seabright Airdrome, par 210...153 lot
70 Navesink Park Co
25 Standard Inv. Co. of N. J._
1.000 Tigart's Creek Petroleum
Co., par 23
.
50 Archer Fuel Co. of New York__ I
24 The Silver Peak Mining Co.,
Ltd., of Colorado, par El
lot
100 Mineral Point Tunnel Co.,I1,213
Par $10
70 Manufacturers & Builders Bank
stock
$500 note of the Amer.Finance Co.l
dated May 21 1889
Bonds.
Per cent.
51.4008. H. Greene & Sons Corp..
Providence, R. I., let 68, April 1
1924, no coupons
$325 lot
$5,000 Atlantic Paper & Pulp Corp.
of N. Y. 1st Os, 1923-25, Nov.
1923 coupon on, ctfs. of dep.$2,000 lot
55,287 18 National Motors Corp.
deb. 7s, series A-3. July 1 1925..$17 lot
.1I
I
I
I
I
By R. L. Day & Co., Boston:
Shares. Stocks.
5 per sit. Shares. Stocks.
$ per sit.
45 Webster & Atlas Nat. Bank__ __230
6 Hotel Trust Touraine
16034
10 National Shawmut Bank
252
6 units First Peoples Trust
73
4 National Rockland Bank
446
16 U. S. Envelope Co., corn
155
3 Beacon Trust Co
2654 9 DennLson Mfg. Co., 2.1 pf.102% & dlv.
Naumkeag
5
Steam Cotton Co_ _
40 State Theatre, corn., par 510.-- 634
16 Cabot Mfg.Co
. 1-100 State Theatre, prof
£10, ex-dlv.
80%
14 Merrimack Mfg. Co., pref
7134 90 Eastern Blaugas Co., com__12534 lqt
50 Lawrence Mfg. Co., par $8047
30 Eastern Blaugas Co., pref....)
10 Ipswich Mills, prof
063.4 10 Lowell Elec. It. Co., par 82.5.. 61
11334 25 Edison Elec, Ilium. Co., Brock80 Pepperell Mfg. Co
1 Boston & Albany RR
170
ton, par $25
6149
6 units First Peoples Trust
73
20 Cambridge El. Lt. Co., par 525-12549
17-100 share State Theatre, pref.._ 80% 55 Fall River Elec. Light, par 525._ 46
5 Montpelier & Barre L.& P.,corn-10034. 50 Nor. Bos. Ltg. Prop., mm
9034
10 units First Peoples Trust
2 Massachusetts Gas Cos., com
73
79
8 special units First Peoples Trust- 534 1 Massachusetts Gas Cos., pref._ 6734
1 Boston Athenaeum, par 5100....750
37 Heywood-Wakefield Co., 2d PI8834
6 Turners Falls 1'. & El. Co.,com _ _171 3-4
10 George E.Keith Co., lst pf.100 & div. No. Rights.
Per right.
5 B. B.& R.Knight, Inc., pref__1215 lot 1,200 New Bedford Gas & Edison
5 The Fairbanks Co pref
Light Co
1
2S9-2)9
37 Arnstein Simon dr CO., pref.__ _loo
By Wise, Hobbs, & Arnold Boston:
Shares. Stocks.
Shares. Stocks.
$ per sh.
10 Lyman Mills
120
14934
45 Bates Manufacturing Co
10 Ludlow Mfg. Associates_ _17234,ex-div
51 Pepperell Mfg.Co
11334-114
15 Naumkeag Steam Cotton Co_ __155
11 Lincoln Mfg. Co
40
41 Nashawena Mills
8034
35 Fall River Elec. Lt. Co., Dar 225 4514
50 Eastern Mfg. Co., pref
2734
4 units First Peoples Trust
733-4
100 S. D.Warren Co., pref., class A100
Algonquin
Printing Co
5
2753-4
44 Boston Woven Hose & Rubber
Co., corn
8034
10 American Glue Co., corn
40-4034
20 Fall River Elec. Lt. Co.. par $25 4539
6 units First Peoples Trust
7319
2 special units First Pe,oples Trust- 5
20 Merrimack Hat Corp., par 250._ 2734
4 units First Peoples Trust
733.4
50 Nor. Bos. Ltg. Prop., corn
9034
6 units First Peoples Trust
7334
per sh.
25 Turners Falls Pow.& Elec. Co_ _171
34
24 units First Proples Trust
7334
6 units First Peoples Trust
7334
No. Rights.
5 Per right.
900 New Bedford Gas & Edison Lt. 234
120 New Bedford Gas & Edison Lt- 234
Bonds.
Percent.
Third mortgage for 61,500 on Property 35 Lewis St., Newton, Mass.,
as collateral securing note dated
Dec. 22 1925. of Herbert H. J.
Connington for $650
615 lot
Mortgage note due April 17 19261
of Marjorie C. O'Brien for I
$125,000, secured by Maverick'
House and No.9 Winthrop St.,
East Boston,comprising 15.2601,56.000
sq. ft. of land and building'
lot
thereon
27.000 Maryland & Delaw. Coast
Ry. lot e. 1. Os, May 1944
J
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh.
15 Penna. Mutual Life Ins., par $10 6
5 Assoc. Dry Goods CorP., let pref_ 9534
80 Camden Fire Ins. Assn., par 55_ 15
10 Pub.Serv. Corp.of N.J., pret-115
1 Pub. Serv. Corp. of N. J., corn.,
no par
77
50 Third Nat. Bank of Philadelphia 33039
10 Northwestern National Bank_ ._708
5 Indus. Tr., T.& Say. Co., par$50.403
5 Indus. Tr.,T.& Sav.Co.,par 250_900
12 Mutual Trust Co., par 850
125
5 Guarantee Trust OZ S. D. Co _ __ _237%
74 Guarantee Trust & S. D. Co....235
10 Metropolitan Trust Co.. par 550.118
2 Integrity Trust Co., par 550
507%
2 Fidelity Trust Co
66734
1 Fidelity Trust Co
667
24 Commonw'th Title Ins.& Tr.Co.500
16 Bank of Nor. Amer. & Tr. Co_ _346
10 First Nat. Bank of West Chester.
Pa
25834
4 Farmers & Mechanics Trust Co.,
West Chester, Pa
140
22 Kennett Trust Co., Kennett
Square Pa
100
Shares. Stocks.
$ per sit
10 Glenside Trust Co., par 850____ 55
3 Weisbach Co., con
25
13 2d & 3d Streets Passenger Ay---170
4 13th & 15th Streets Passenger Ry.170
5 Union Passenger Ry. Co
108
5 Union Passenger Ry
108
10 Hestonville Mantua & Fairmount
Passenger Ry
27
5 Reliance Insurance Co., par 510_ 2234
20 Reliance Insurance Co., par 310- 2234
43 Hare & Chase, Inc., pref
92
50 Hare & Chase,Inc.,corn., no par 253-9
50 Hare & Chase, Inc., corn., no par 25
10 West End Trust Co
335
90 Nathan Oil Refining, pref
$12 lot
6234 Nathan Oil Refining, class B.$9 lot
477 Nathan Oil Refining, com___ _262 lot
Bonds.
Par cent.
$800 Kurz Bros. (Bethlehem. Pa.)
1st 13s, June 1933
8200 lot
2500 Industrial Realty Co. gen. 65,
80
1945
5300 Electric & Peoples Tree. Co.
6049
4% stock trust. 1945
21,500 Moore Bldg. Supp. 18168_2120 lot
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
Bonds.
$ Per sit.
Per Cent,
1,000 Consol. West Dome Lake,
$12,000 Title & Mortgage Guarantee
par $1
16c.
Co. of Buffalo 5348, 1927. No.
10 Labor Temple Assn. of Buffalo
9931 & Int.
5,345
and vicinity, par 25
$5 lot 21,000 Ellicott Club Assn., Inc_ 5906 lot
1,000 Silver Bar Mining, par $1_ _ _36 lot
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
IWhen
Per
Cent. Payable
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, ordinary
$1.75 June 28 Holders of rec. May 24
Ordinary (extra)
32.50 June 28 Holders of rec. May 24
Preferred (quar.)
$1.75 Aug. 16 Holders of rec. July 12
Preferred (extra)
$2.50 Aug. IF Holders of rec. July 12
Boston & Albany (quar.)
23.4 June 30 Holders of rec. May 28a
Chestnut Hill (quar.)
*75c. June 4 *May 21 to June
3
Chicago & North Western, common__ _ 2
3
sine
Ju
une 3
30
0 Holders of rec. June la
Preferred
Holders of rec. June la
Delaware & Bound Brook (quar.)
*2
May 20 *Holders of rec. May 18
Illinois Central, leased lines
*2
July 1 *June 12 to July
North Pennsylvania (quar.)
.$1
May 25 *Holders of rec. May 5
17
Phila. Germantown & Norristown (qu.)_ '51.50 June 4 *May
21 to
Plush. Bessemer & Lake Erie, pref
51.50 June 1 Holders of rec. June 3
May 15
Southern Pacific Co.(quar.)
'134 July 1 *Holders of
rec. May
Union Pacific, corn. (quar.)
23-4 July 1 Holders 01 rec. June 28
1
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities.
Amer. Superpower,corn. A.dr B.(guar.) '30e. July 1 *Holders of rec. June 1
First preferred (guar.)
"31.50 July I *Holders of rec. June 1
1M June 1 Holders of rec. May 31a
Amer. Telegraph dz Cable (guar.)
Baton Rouge Elec. Co., corn.(guar.)... 6234c. June 1 Holders of rec. May 143
134 June 1 Holders of rec. May 14a
Preferred series A (guar.)
144 June 1 Holders of rec. May 20a
Central Indiana Power, pref. (guar.)
Continental Gas & Elec., pref.(guar.)._ •144 July 1 'Holders of rec. June 20
2
May 20 Holders of rec. May 10
Georgia Ry.& Elec., common (guar.)
"75e. June 1 'Holders of rec. May 22
Hackensack Water, common
"8734e June 1 *Holders of rec. May 22
Preferred
*2
June 15 'Holders of rec. June 1
Laclede Gas Light, common
.234 June 15 "Holders of rec. June 1
Preferred
June 15 'Holders of rec. June 1
Middle West Utilities, prior lien (guar.)_ '2
• Municipal Service (guar.)
25c. June 1 Holders of rec. May 15
141 June 1 Holders of rec. May 15
Nebraska Power, preferred (guar.)
North Amer.Utility See., 1st pref.(qu.). $1.50 June 15 Holders of rec. June I
First pref. allotment cgs.(guar.)._ _ $1.50 June 15 Holders of rec. June I
North Carolina Public Secy., pref.(qu.)141 June 1 Holders of rec. May 15
Philadelphia Elec. Co. (quar.)
*50c. June 15 'Holders of rec. May 18
Philadelphia Suburban Water, pref.(qu.) 134 June 1 Holders of rec. May 130
Portland Electric Power,2d pref.(guar.) 113 June 1 Holders of ree. May 15
Radio Corp. of Amer., pref. (quar.)__ 8734t. July 1 Holders of rec. June 10
Standard Gas & Electric, corn.(guar.)._ '75e. July 25 *Holders of rec. June 30
Common (payable In common stock). t/1-100 July 25 *Holders of rec. June 30
Common (payable in common stock)_ ".11-200 Oct. 25 'Holders of rec. Sept. 30
Common (payable in common sto:10. */1-200 Jan25'17 *Holders of rec. Dec. 31
Utility Shares Corp., panic. pref.(qua _ 30c, June 1 Holders of rec. May 14
Washington Hy.& El., corn. dc p1.(qu.)_ .113( June 1 "Holders of rec. May 15
Miscellaneous.
Abbott's Alderney Dairies. common__
$1 June 1 Holders of rec. May 153
American Chicle, prior pref.(guar.)._- 111 July 1 Holders of rec. June 153
$1.50 June 30 Holders of rec. June 15
American Railway Express Mara
50c. May 29 Holders of rec. May 206
American Rayon Products(guar.)
50e. July 15 Holders of rec. June 300
Amer. Rolling MIII. corn.(guar.)
f5
July 15 Holders of rec. July la
Common(pay.in corn,stock)
141 July 1 Holders of rec. June 156
Preferred (guar.)
134 July 2 Holders of rec. June la
Amer.Sugar Refg.,common (quar.)
134 July 2 "lenders of rec. June la
Preferred (guar.)
Atlas Powder,common (guar.)
$1 June 10 Holders of rec. May 28
Belgo-Canadian Paper, pref.(guar.)...- 141 July 2 Holders of rec. June 5
June 30 Holders of rec. June 1
53
Boston Wharf
2
June 1 Holders of rec. May 103
Bristol Mfg. Co.(guar.)
•134 July 1 Holders of rec. June 15
Burns Bros., pref.(guar.)
133 June 15 Holders of rec. June 10
Carter (William) Co., pref. (guar.).50e. June 1 Holders of rec. May 12
City Ice & Fuel (Cleveland)(guar.)
1.44 July 1 Holders of rec. June 196
Continental Can, pref.(quar.)
July 1 Holders of rec. June 150
Converse Rubber Shoe, common (en.).- 2
*2
June 1 'Holders of rec. May 10
Dartmouth Mfg., common (guar.)
134 June 1 *Holders of rec. May 10
'
Preferred (guar.)
21.25 July 1 Holders of rec. May 29
Eastman Kodak.common (guar.)
75c. July I Holders of rec. May 29
Common (extra)
133 July 1 Holders of rec. May 29
Preferred (guar.)
Ely-Walker Dry Goods, corn.(guar.).- 31 Sic.June 1 Holders of rec. May 21
500, June 24 Holders of rec. June 1
Emporium Corporation (quar.)
June 1 Holders of rec. May lla
$3
Essex Company
luly I Holders of rec. June 15a
Famous Players-Lasky Corp.. com.(qu.) $2
Mara- "131 June 15 *Holders of rec. May 25
(
Federal Mining & Smelt.. Pref.(
June 15 Holders of rec. June la
$2
Foundation Co.(guar.)
General Motors Corp., corn.(quar.)--- $1.75 June 12 Holders of rec. May 24a
July 2 Holders of rec. May 24a
24
Common (extra)
134 Aug. 2 Holders of rec. July 50
Seven per cent pref (guar.)
Six per cent debentures, pref.(quar.). 133 Aug. 2 Holders of rec. July 511
131 Aug. 2 Holders of rec. July 50
Six per cent pref.(guar.)
50c. July 1 Holders of rec. June lea
Glidden Company, corn. (guar.)
Preferred (guar.)
131 July 1 Holders of rec. June lea
July 1 Holders of rec. June 150
2
Guantanamo Sugar, pref. (guar.)
June-30 *Holders of rec. June 19
"El
Hood Rubber(quar.)
*131 June 1 *Holders of rec. May 20
Hood Rubber Products. pref.(quar.)
25e.
June
1 Holders of coup. No.(3to
Imperial Oil, Ltd.(quar.)
India Tire & R., new no per com.(No.1) *6233c July 1 *Holders of rec. June 22
•131 July 1 'Holders of rec. June 22
Preferred (guar.)
37Me May 20 May 11 to May 19
Indiana Flooring, corn.(guar.)
Internat. Securities Trust, corn.(quar.) 21.05 June 1 Holders of ree. MaY 15
141 June 1 Holders of rec. May 15
7% Preferred (guar.)
134 June 1 Holders of rec. May 15
634% preferred (guar.)
IM June 1 Holders of rec. May 15
6% preferred (guar.)
common
*El
July 1 'Holders of rec. June 24
Kuppenheim (B.)& Co.,
"141 June 1 Holders of rec. May 24
Preferred (guar.)
250. June 1 Holders of rec. May 17
Loblaw Groceterias Co.(Can.),com.(qu)
1K June 1 Holders of rec. May 17
Prior preference (quar.)
June I Holders of rec. May 17
3
Second preferred (guar.)
$1.50 June 1 Holders of rec. May 26
MahonIng Investment (quar.)
Massey-Harris Co.,Ltd.. pref.(quar.)-- 1M May 15 Holders of rec. May 10
50c. May 15 Holders of rec. May •
Medan (Fred) Co., corn.(guar.)
131 June 1 Holders of rec. May 15
Mengel Company. pref.(guar.)
June 1 May 16 to May 31
Metro. Paving Bralck. COM (quar.)_ -- 2
Montgomery Ward & Co.. class A (cm.). '$1.75 July 1 Holders of rec. June 19
•141 July 1 Holders of rec. June 19
Preferred (guar.)
133 June 15 Holders of rec. May 31
Montreal Cottons. common ((Mara
1 M June 15 Holders of rec. May 31
Preferred (guar.)
134 Jply 2 Holders of rec. June 73
National Sugar Refining (quar.)
2
May IS Holders of rec. May 110
Newmarket Mfg.(guar.)
"20e. July 15 *Holders of rec. June 30
Niagara Share Co.(No. 1)
134 lune 1 Holders of rec. May 20
Ogilvie Flour Mills, prof.(guar.)
134 June 1 Holders of rec. May 21a
Onyx Hosiery, prof. (quar.)
Pender(Davld)Grocery Co.,class A ((Ma 8734e. June 1 Holders of rec. May 14
113
June 1 Holders of rec. May 210
Pittsburgh Terminal Coal Corp.,Pf.(qua
6213e June 1 Holders of rec. May 15
Polar Wave I. & F., class A (quar.)
*750. June 1 *Holders of rec. May 15
Purity Bakeries, class A (guar.)
'1)4 June 1 *Holders of rec. May 15
Preferred (quar.)
Reid Ice Cream Corp., pref.(quar). - 131 tune 1 Holders of rec. May 20
July 1 *Holders of rec. June 15
*50o.
Simms Petroleum
"5
June 19 *Holders of rec. May 29
Solar Refining
2
May 15 Holders of rec. May 7
Soule Mill (quar.)
2
July 1 Holders of rec. June 213
Spicer Mfg.. pref. (quar.)
Standard 011 of Nebraska*S1.25 June 21 *Holders of roe. May 24
New stock. $25 par (No. 1)
'25e. June 21 *Holders of rec. May 24
New stock. $25 par (extra)
233 July I Holders of red.. May 28
Standard 011 (Ohio). cons. Mara
25e. June 15 Holders of rec. May 25
Sun Oil (guar.)
Taunton & New Bedford Copper (guar.) '$1.30 May 29 *Holders of rec. May 15
25c. June 15 Holders of rec. May 296
Tennessee Copper St Chemical (guar.)._
June 1
134 June 1 May 21 to
71mken-Detroit Axle. pref.(guar.)
July 15 Holders of rec. June 300
Tuckett Tobacco, corn. (guar.)
1
June 30a
rec.
131
of
July 15 Holders
Preferred (mar.)
July 1 Holders of rec. June 5
Underwood Typewriter, corn.(guar.) _ $I
4
Sept.
rec.
of
Oct.
Holders
1
$1
Common (guar.)
141 July I Holders of rec. June 6
Preferred (quar.)
144 Oct. 1 Holders of rec. Sept. 4
Preferred (guar.)
June 30 Holders of rec. June 10
United Cigar Stores of Amer.. core.(qu.) 2
10
Common (payable In common stock). VIM June 30 *Holders of rec. June 28
•141
15 *Holders of rec. May
June
Preferred (guar.)
July 1 Holders of rec. June 5
United Fruit. new no par stk.(No.1)(on) $1
U.S.Dairy Products, 1st pref.(guar.)- 134 June 1 Holders of rec. May 21
June 1 Holders of rec. May 21
2
Second preferred (guar.)
'40c. June 30 'Holders of rec. June 15
U.S. Gypsum,com.(quar.)
May 31 'Holders of rec. May 22
.21
Common (extra)
June 15
..13i June 30 *Holders of rec. May
Preferred (guar.)
28
June 15 Holders of rec.
U.S. Realty & Impt.(guar.)
21
116
June
rec.
of
Holders
17
June
Valvoline 011, corn.(quar.)
134
July 1 Holders of rec. June 180
2
Valvoline 011, preferred
Vesta Battery, preferred (guar.)
134 June 1 Holders of rec. May 20
July 2 Holders of rec. June 15
Wabasso Cotton (quar.)
21
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
[VOL. 122.
THE CHRONICLE
2764
Name of Company.
When
Per
Cent, Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atchlson Topeka & Santa Fe, corn.(qu.) 134 June 1 Holders of ree. Apr.T304
June 30 June 20 to June 30
4
Atlanta & West Point
334 July 10 Holders of reel. June 154
Atlantic Coast Line RR., common
143 July 10 Holders Of ree. June 160
Common (extra)
141 June 1 Holders of Teo. Apr. 170
Baltimore & Ohio, corn.(quar.)
1
June 1 Holders of roe. Apr. 174
Preferred (guar.)
233
June 30 Holders of rec. June 10
corn.
(guar.)
Pacific.
Canadian
al.25 May 22 Holders of rec. May I33
Catawissa, preferred stocks
2
May 15 Holders of rec. May 40
Central RR.of N. J.(quar.)
334 July 1 Holders of rec. June 86
Chesapeake & Ohio, preferred
"5
June 25 *Holders of rec. June 19
Chicago Burlington Sc Quincy
8733e Juno 1 Holders of rec. May 100
Cleveland & Pittsburgh, gu. (au)
11.0c. June 1 Holders of rec. May 100
Special guaranteed (quar.)
*2
June 30 'Holders of rec. June 19
Colorado dr Southern,first preferred__
214 June 21 Holders of rec. May 283
Delaware 6z Hudson Co.(guar.)
233 May 27 Holders of rec. May 13
Georgia Southern dr Fla.. 1st dr 2d pref._
134 June I Holders of Tee. May 151
Hudson & Manhattan RR.. common
141 June 1 Holders of rec. May 73
Illinois Central, corn.(guar.)
300
internat. Rys.of Cent. Am., prof.(qu.)_
134 May 15 Holders of rec Apr.
3
Aug. 10 Holders of rec. July 150
Louisville & Nashville
15
May
rec.
of
Holders
134 June 1
Maine Central, preferred
New Orleans Texas dz Mexico,corn.(qu.) 134 June 1 Holders of rec. May 2I0
110
May
rec.
of
Holders
July
134
I
(quar.)
corn.
Louis,
N.Y. Chicago & St.
Common (from non-operating income) 134 July 1 Heldres of rec. May 150
133 July I Holders of rec. May 150
Preferred series A (quar.)
141 June 19 Holders of ree. May 250
Norfolk & Western, corn. (quar.)
May 10 Holders of rec. Apr. 30a
Norfolk & Western, adj. prof. (quar.).. 1
75e. May 29 Holders of rec. May la
Pennsylvania Railroad (guar.)
134 July 31 Holders of rec. July 150
PIttsb & West Virginia, com.(guar.)
133 Oct. 30 Holders of rec. Oct. 15a
Common (guar.)
133 Jan. 31 Holders of ree.Jan.15`2741
Common (quar.)
1M June I Holders of rec. May 200
Plush. Youngs.& Asht., pref.,(guar.)._
50o, June 10 Holders of rec. May 243
Reading Company, let pref. (quar.)._
113 Aug. 2 Holders of reo. July 150
St.Louis-San Francisco, pref.(quar.)
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 154
May 25 Holders of recs. Apr. 17a
134
Wabash. preferred A (quar.)
June 30 June 20 to June 30
Western Railway of Alabama
Public Utilities.
American Electric Power, pref. (quar.). 1,4 May I Holders of rec. May 56
Holders of rec. July 22a
1K Aug.
Preferred (guar.)
Holders of rec. May 15
American Power & Light. corn.(guar.)._ 25c. June
Holders of rec. May 15
Common (payable in common stock) 11-50 June
American Superpower, panto. pfd.(qua 50e. May I Holders of M.Apr. 233
Amer. Water Wks.& Elec., corn,(qu.)._ 30e. May 1 Holders of rec. May la 134 May 1 Holders of rec. May 10
7% first preferred (guar.)
Holders of rec. Apr. 30
Associated Gas de Elec., 26 pref. (guar.) zSIM June
Holders of rec. Apr. 30'
xSIK June
$634 preferred (quar.)
'Holders of rec. June 25
Beloit Water, Gas& Electric, prof.(qu.) •134 July
Holders of rec. May 140
Blackstone Valley Gas& Elec.,com.(qu.) $1.25 June
Holders of rec. May 140
June
3
Preferred
Holders of rec. Apr. 30
Brazilian Tr., Lt.& Pow.,corn.(guar.). 134 June
Holders of rec. May 150
20e. June
Brooklyn City RR.(guar.)
Holders of rec. May 141
June
2
Brooklyn Edison Co.(quar.)
Holders
of rec. Apr. 300
(guar.).__
May
Power
&
1
31
Cedar Rapids Mfg.
Holders of rec. May 15
Cent. Ark. Sty. & Light, pref. (guar.)... 134 June
Central Illinois Pub. Serv.. eref.(quar.) .21.50 July 1 *Holders of rec. June 30
Cent. dr Southwest. Utilltiee-Holders of rec. Apr. 301
Preferred & prior lien stock (quar.)... $1.75 May 1
Holders of rec. May 184
65c. June
Chicago Rapid Transit (monthly)
Holders of rec. May 1541
133 June
Cleveland Elec. Mum.,pref. (quar.)._
$1.25 May 1 Holders of rec. Apr. 306
ColumbiaGas & Elec., corn.(quar.)__
134 May 1 Holders of rec. Apr. 300
Seven per cent pref. series A (guar.)._
June
May 22 to June 1
Community Pow.& Lt., 2nd pref. (guar) 2
Connecticut fly. & Ltd.. oum•&91.(qu.) 134 May 1 May 1 to May 16
of rec. June 154
Holders
July
(quar.)_
6233c
corn.
Consol. Gas, E. L.& P.,
Holders of rec. June 15a
July
2
Series A preferred (quar
Holders of rec. June 15a
134 July
Series B preferred (guar.)
Holders of ree. June 150
133 July
Series C preferred (guar.)
Holders of rec. June 150
113 July
Series D preferred (guar.)
of rec. May 110
Holders
1
June
$1.25
com.
(guar.).Consolidated Gas, N.Y..
Holders of rec. June 15
133 July
Consumers Power,6% Pref.
Holders of rec. June 15
1.65 July
(quar.)6%
preferred (guar.)
Holders of rec. June 15
131 July
7% preferred (quar.)
Holders of rec. May 15
50e. June
6% preferred (monthly)
Holders
of rec. June 15
July
50e.
(monthly)
preferred
6%
Holders of rec. May 15
550. June
6.6% preferred (monthly)
Holders of rec. June 15
55e. July
6.6% preferred (monthly)
134 June 1 Holders of rec. May 1541
Duquesne Light Co.,first prof.(quar.)_
May 16 to
May 31
June
Eastern Shore Gas & Elec., pref.(quar.) 2
"Holders of rec. May 1
Empire Gas & Fuel, pref.(monthly)---• 66 2-3c June
Holders of rec. June 156
Federal Light & Traction, corn.(guar.). 20o. July
Holders of rec. June 150
Common (payable in common stock) _ !Mc. July
Holders of rec. May 150
1.13 June
Preferred (quar.)
Apr. 22 to may 20
May 1
3
Havana Elec.fly., L.& P.,core.& pref
May 1 Holders of rec. Apr. 210
$3
Havana Electric & Utilities, 1st pref__
Holders of ree. June 12
134 July
Jamaica Public ServiCe. pref. (quar.)...
131 May 20 Holders of rec. Apr. 240
Kentucky Utilities. pref. (guar.)
Holders of ree. May 17
June
Keystone Telep. of Phila.. pref. (quar.)_ $1
'Holders of rec. May 15
Laclede Gas& Elec., prior lien prof.(qu.) •134 June
Louisville Gas & Elec., class A & B (au.) 4334c rned2 Holders of rec. Mayd29a
May 16 to May 31
June
2
Massachusetts Gas Co,.. preferred
Middle %Vest Utilities, common (guar.). $1.50 May 1 Holders of rec. Apr. 300
May I Holders of rec. Apr. 30a
2
Montreal L.. H.& Power (guar.)
May 1 Holders of rec. Apr. 304
Montreal L., H. & P. Consol (quar.)... 2
500. May 1 Holders of rec. Apr. 30a
Montreal Water & Power, corn. (guar.).
131
May 1 Holders of rec. Apr. 30a
(guar.)
Preferred
Holders of rec. May 12
National Power & Light, corn.(quar.).. 10c. June
Holders of rec. May 15a
75e. June
Norfolk Railway & Light
Holders of rec. May 15a
North American Edison Co., pref. (an.) $1.10 June
Northwest Utilities, preferred (guar.)... $1.75 May 1 Holders of rec. Apr. 300
Holders of rec. May 15
$1.50 June
Ohio Edison,6% pref.(quar.)
Holders of rec. May 15
$1.65 June
6.6% preferred (guar.)
Holders of rec. May 15
$1.75 June
7% preferred (qUar.)
Holders of rec. May 15
55e. June
6.6% Preferred (monthly)
134 June 1
Holders of rec. May 29
Oklahoma Gas & Electric, pref. Mara
133 May 1 Holders of rec. Apr. 800
Pacific Gas& Electric, preferred (quarj_
4
May 1 Holders of rec. Apr. 30a
Pacific Lighting, common (guar.)
114 May 1 Holders of roe. Apr. 30a
Preferred (guar.)
'Holders of rec. May 20
Pennsylvania Gas& Elec., com..4(on.). '3733e June
May 1 Holders of rec. Apr. 20
Southern California Edison, corn.(quar.) 2
1
day 1 Holders of rec. Apr. 304
Southern Canada Power corn.(quar.)
Southern Colorado Power,class A (guar.) 500. May 2 Holden, of rec. Apr. 304
1M June 1 Holders of roe. May 29
Preferred (guar.)
Holders of rec. May 15
Southwestern Power & Light, pref.(qu.) 134 June
Junel Holders of rec. May 29
Standard Gas & Electric, pref.(guar.)._ 2
503. May 1 Holders of ree. May 34
Tampa Electric Co., no par corn. (qu.).
Tennessee Elec.Power',6% 1st pref (qu.) 134 July
Holders of rec. June 15
Holders of rec. June 15
Seven per cent first preferred (quar.).. 134 July
1.80 July
7.2% first preferred (quar.)
Holders of rec. June 15
Holders of rec. May 15
Six per cent first preferred (monthly). 50c. June
Six per cent first preferred (monthly). 50c. July
Holders of ree. June 15
60c. June
Holders of rec. May 15
7.2% first preferred (monthly)
60c. July
7.2% first preferred (monthly)
Holders of rec. June 15
50e. May 1 Holders of rec. Apr. 24a
United Rys. dr Elee.. Bait,, corn. (OIL).
West Chester Street fly., pref.(guar.).- 134 June
Holders of roe. may 22
Holders of roe. Aug. 22
Preferred (guar.)
131 Sept.
Holders of ree. Nov.21
131 Dec.
Preferred (guar.)
West Penn Electric Co., pref.(quar.)
134 May 1 Holders of roe. May la
West Penn Railways Co.,6% pref.(qu.) 133 June 1 Holders of rec. June 1
Wisconsin River Power, prof.(guar.)... $1.76 May 2 Holders of rec. Apr. 300
Miscellaneous.
Abbott's Alderney Dairies, 1st pref.(qu.) 144 June 1
Allis-Chalmers Mfg., corn. (guar.)
$1.50 May 15
American Art Works, corn. & pref.(qua
133 July 15
American Can, new $25 common (guar.) 50c. May 15
50e. June 30
American Chain, clads A (guar.)
American Chicle, corn.(No. 1) (guar.)._ 75e. July 1
6% pref. (acct. accurn. div.)
522533 July 1
American Dry Corp., class A (guar.)... 60e. June 1
Holders of rec. May 156
Holders of reo. Apr. 240
Holders of rec. June 30
Holders of roe. Apr. 300
June 20 to June 30
Holders of rec. June 156
Holders of rec. June 154
Holders of rec. May 10
MAY 15 1926.]
Name of Cornpany.
TIM CHRONICLE
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Amer. Elec. Corp., class A (No. 1) (q1.1.) 1% May 15 Holders of rec. May 5
Amer. & European Scour., pref. (No. 1) $2
May 15 Holders of rec. Apr. 30.
American Felt, preferred (guar.)
154 June 1 Holders of rec. May 19
American Hardware Corp. (guar.)
July 1 *Holders of rec. June 16
*1
Quarterly
Oct. 1 *Holders of rec. Sept.16
*1
Quarterly
Jan1'27 *Holders of rec. Dec. 16
*1
Amer. Home Products (monthly)
20c June 1 Holders of ree. May 170
Amer.-La France Fire Eng., corn. ((pi.). 25e. May 15 Holders of rec. May la
Amer. Laundry Machinery, corn. (qu.). 75e. June 1 May 23 to June 1
American Linseed, preferred (guar.)...
1% July 1 Holders of rec. June 18a
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept.170
Preferred (guar.)
151 Jan3'27 Holders of rec. Dec. 17a
Preferred (guar.)
151 Aprl'27 Hold,of rec.Mar.18'27a
American Manufacturing, corn. (guar.). 1% July 1 Holders of rec. June 17
Common (guar.)
1% Oct. I Holders of rec. Sept. 17
Common ((pint.)
1% Dec. 31 Holders of rec. Dec. 17
Preferred (quar.)
1% July 1 Holders of rec. June 17
Preferred (guar.)
151 Oct. I Holders of rec. Sept. 17
Preferred (guar.)
151 Dec. 31 Holders of rec. Dec. 17
American Metal, corn.(guar.)
June I Holders of rec. May 200
$1
Preferred (guar.)
151 June 1 Holders of rec. May 2I0
American Multigmph, corn. (guar.)._
40c. June 1 Holders of rec. May 15
Amer. Radiator, corn. (guar.)
June 30 Holders of rec. June 150
$1
Preferred (guar.)
1% May 15 Holders of rec. May is
Amer.Smelting & Refin pref. (guar.)._
154 June 1 Holders of rec. May 70
Amer. Soda Fountain (guar.)
134 May 15 Holders of rec. Apr. 30a
American Stores Corporation (guar.)... 50o. July 1 June 16 to July 1
Quarterly
50e. Oct. 1 Sept. 16 to Oct. 1
Amer. Tobacco, corn. & corn. B (guar.)_ $2
June 1 Holders of rec. May 10a
Anaconda Copper Mining (guar.)
75c. May 24 Apr. 18 to May 19
Artloom Corporation, corn. (quar.)
75c. July 1 Holders of rec. June 190
Preferred (Oar.)
1% June
Holders of rec. May 200
Assoc. Dry Goods Corp.. let pref.(qu.) 1% June II Holders of rec. May la
Second preferred (guar.)
151 June 1 Holders of rec. May la
Babcock & Wilcox (guar.)
1% July 1 Holders of rec. June 20a
Quarterly
151 Oct. 1 Holders of rec. Sept.20a
Quarterly
1% Jan2 27 Holders of rec. Dec. 20a
Quarterly
151 Aprl'27 Holdersofrec.Mar.20'27a
Balaban & Katz, common (monthly)._ 25c. June 1 Holders of rec. May 20a
Common (monthly)
25c. July 1 Holders of rec. June 19a
Preferred (guar.)
1% July 1 Holders of rec. June 19a
Beacon Mfg., preferred (guar.)
$1.50 May 15 Holders of rec. May dla
Beacon 011, pref. (guar.)
$1875 MIty 15 Holders of rec. May 1
Beech-Nut Packing, common (quar.)_
60c. July 10 Holders of rec. June 25a
Preferred (guar.)
1% July 15 Holders of rec. July la
Bethlehem Steel,7% pref.(guar.)
1% July 1 Holders of rec. June 1
Eight per cent pref.(guar.)
2
July I Holders of rec. June 1
Betty O'Neal Mines
15e. May 15 Holders of rec. May 10
Big Lake 011(monthly)
no
May 29 *Holders of rec. May 22
Bond & Mortgage Guarantee (guar.)._ 4
May 15 Holders of rec. May 8a
Borden Co., common (guar.)
$1
June 1 Holders of rec. May 15a
Common (extra)
25e. June 1 Holders of rec. May 15a
Botany Consol. Mills, class A (guar.) -- $1
May 15 Holders of rec. May 50
BrUl Corporation, pref.(No. 1)
OA June 1 *Holders of rec. May 15
British Columbia Fish & Packing (guar) 134 June 10 Holders of tee. May 31
Quarterly
154 Sept.10 Holders of rec. Aug. 31
Quarterly
134 Dec. 10 Holders of rec. Nov.30
Brown Shoe, corn. (guar.)
50c. June 1 Holders of rec. May 20a
Buckeye Pipe Line (guar.)
$1
June 15 Holders of rec. Apr. 24
Bucyrus Co., corn, and prof.(guar.)._
1% July 1 Holders of rec. June 19
Burns Bros., corn., class A (guar.)
$2.50 May 15 Holders of rec. Apr. 30a
Common. Class B (guar.)
50e. May 15 Holders of rec. Apr. 30a
Butler Brothers (guar.)
6231c May 15 Holders of rec. Apr. 300
Cabot Manufacturing (guar.)
1% May 15 Holders of rec. May 60
California Peeking Cor9.1 stock dividend *100% Subject o stockh'rs meet. May 18
Quarterly
$2
June 15 Holders of rec. May 31a
California Petroleum, corn.(quar.)
50c. June 1 Holders of rec. May 206
1% May 15 Holders of roc Apr. 30
Canada Cement. pref. (guar.)
Ginger
Ale
Canada Dry
Stock dividend(guar.)
el% July 15 Holders of rec. July 1
Stock dividend(guar.)
01 31 Oct. 15 Holders of rec. Oct. 1
Stock dividend(guar.)
e1 51 Ian1.5'27 Holders of tee.Jan I'27
Canadian Car & Fdy., prof. (quar.)
1% July 10 Holders of rec. June 25
Canadian Converters, Ltd.(quar.)__.
134 May 1r Holders of rec. Apr. 300
Casein Co. of Amer. (Del.) (quar.)___
1% May 15 Holders of rec. may 7
Casey & Hedges Co., common (guar.)._
2% May 15 Holders of rec. May la
Preferred (guar.)
1% July
Holders of rec. June 25a
Centrifugal Pipe Corporation (guar.) _ 250. May 25 Holders of rec. May 186
Century Ribbon Mills, pref.(quar.)
151 June 1 Holders of rec. May 20a
Chicago MIII & Lumber (guar.)
1 May 15 Holders of rec. Apr. 27a
Cnieago Yellow Cab (monthly)
331-ac June 1 Holders of rec. May 20a
Childs Co., $100 par common (guar.)._
3
June 10 Holders of rec. May 28a
No par value common (guar.)
60e. June 10 Holders of rec. May 28a
Preferred (guar.)
151 June 10 Holders of rec. May 28a
Chile Copper Co. (guar.)
6231c June 28 Holders of rec. June 20
Chrysler Corp., pref. (guar.)
June 30 Holders of rec. June 15
$2
Preferred (guar.)
Sept. 30 Holders of rec. Sept.15
$2
Preferred (attar.)
$2
Jan.3'27 Holders of rec. Dec. 15
Cincinnati Tobacco Warehouse(quar.)_ $1
May 15 Holders of rec. May 8a
Cities Service Co.,common (monthly)_.
51 June 1 Holders of rec. May 15
Common (payable In common stock)_
54 June I Holders of rec. May 15
% June 1 Holders of rec. May 15
Preferred and preferred B (monthly).
Coca-Cola Co., common (guar.)
$1.75 July 1 Holders of rec. June 156
Preferred
3% July 1 Holders of rec. June 150
Cohn-Hall-Marx Co., corn.(guar.)
70e. July 6 Holders of rec. July 5
Colonial Steel, preferred (guar.)
1% June 1 Holders of rec. May 1
Colorado Fuel & Iron, pref. (quar.)-2
May 25 Holders of rec. May 100
Commercial Solvents, class A (quar.)July 1 Holders of rec. dJuly la
$1
Preferred (guar.)
July 1 Holders of rec. July la
2
Consolidated Cigar Corp.. Pref. (guar.). 151 June 1 Holders of tee. May 15a
Continental Can. Inc.,common (guar.). $1.25 May 15 Holders of rec. May 5a
Continental 011 (guar.)
*250. June 15 "Holders of rec. May 15
Converse Rubber Shoe, pref
3;4 Juno 1 Holders of rec. May 15a
Ounce Press (guar.)
June 15 Holders of rec. June la
$1
Cushman's Sons, Inc., corn.(quar.)_
75e. June 1 Holders of rec. May 1/a
Seven per cent preferred (guar.)
151 June 1 Holders of rec. May 15a
Eight per cent preferred (guar.)
2
June 1 Holders of rec. May 150
Davis Mills (guar.)
154 June 26 Holders of
June 120
Decker (Alfred)& Cohn,Inc., com.(qu.) 50c. June 15 Holders of rec.
rec. June fia
Common (extra)
50c. June 15 Holders of rec. June 5a
Preferred (guar.)
1% June 1 Holders of rec. May 20a
Deere it Co., preferred (guar.)
1% June I Holders of rec. May 150
Preferred (account accum. dividend.)_
hyi June 1 Holders of rec. May 15a
Diamond Match (quar.)
2
June 15 Holders of tee. May 29a
Dominion Bridge, Ltd. (guar.)
I
May 15 Holders of rec. Apr. 30
Dow Chemical, common (guar.)
$1 May 15 Holders of rec. May 5a
Preferred (guar.)
151 May 15 Holders of rec. May 5a
Eagle-Picher Lead,common (guar.)
40e. June 1 Holders of rec. May 15a
Common (guar.)
40e. Sept. 1 Holders of rec. Aug. 15
Common (guar.)
40e. Dec. 1 Holders of rec. Nov.15
Eltingon Schild Co. (guar.)
6254 c dJune 1 Holders of rec. May 15
Fair (The), corn. (monthly)
*20e. June 1 *Holders of rec. May 20
Fair (The), common (monthly)
*20e. July 1 *Holders of rec. June 20
Common (monthly)
*20e. Aug. 1 *Holders of rec. July 20
Preferred (guar.)
*1% Aug. 1 *Holders of rec. July 20
Fairbanks-Morse & Co., corn. (guar.)._ 75e. June 30 Holders of rec. June 15a
Common (guar.)
75e. Sept.30 Holders of rec. Sept. 15a
Common (guar.)
750. Dec. 31 Holders of rec. Oct. 15a
Preferred (guar.)
151 June 1 Holders of rec. May 15a
Preferred (guar.)
I% Sept. 1 Holders of rec. Aug. 140
151 Dec. 1 Holders of rec. Nov. 15a
Preferred (guar.)
June 1 Holders of rec. Apr. 30a
Famous Players Can. Corp., let pf.(qu.) 2
Farwell Bleachery (guar.)
234 May 15 Holders of rec. May 60
I
Farwell Mills (quar.)
May 15 Holders of rec. May 6a
2
Federal Terra Cotta Co., pref.(quar.)
May 15 May 6 to May 16
Firestone Tire & Rubber, 7% prof.(qu.) 154 May 15 Holders of rec. May la
151 July I Holders of rec. June 20
Foote Bros. Gear & Mach., pref.(qu.)
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept.20
151 Jan1'27 Holders of rec. Dec 20
Preferred (guar.)
151 June 1 Holders of rec. May 140
General Asphalt, preferred (guar.)
25e. May 20 Holders of rec. May 10a
General Development(guar.)
Name of Company.
2765
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
General Cigar, preferred (guar.)
134 June I Holders of rec. May 22a
Debenture preferred (Oust.)
151 July 1 Holders of rec. June 244
May lb Holders of rec. May 5a
General Outdoor Adv., class A (quar.)
$1
Preferred (guar.)
134 May lb Holders of rec. May 5
75c. June 15 Holders of rec. May ibis
General Petroleum, common (quar.)
75c. June 1 Holders of rec. May is
Gillette Safety Razor (guar.)
230. June 1 Holders of rec. May la
Extra
10c. May 15 May 9 to May 16
C.G.Spring dr Bumper,common (guar.)
Sc. May 15 May 9 to May 16
Common(extra)
Common (in corn.stk.on each 10 shs.) /2-10 May 15 Holders of tee. May 8
Common (in corn.stk.on each 10 shs.) /3-10, Aug. 15 Holders of rec. Aug. 7
Common (in corn.stk.on each 10 shs.) 12-10 Nov. 15 Holders of rec. Nov. 8
Common (In com.stk.on each 10 shs.) /3-10 Feb1527 Holders of rec. Feb.8'27
Globe Democrat Publishing, pref.(qu.). 151 June 1 Holders of tee. May 204
154 June 10 Holders of rec. May 310
Globe Wernicke Co., common (guar.)._
134 July 15 Holders of rec. June 30a
Preferred (guar.)
June 1 Holders of rec. May 154
$1
Goodrich (B.F.) Co.,corn.(guar.)
151 July 1 Holders of rec. June 15a
Preferred (guar.)
Gossard (H. W.) Co.. corn. (monthly) 33 I-3c June 1 Holders of rec. May 21
50c. June 15 Holders of rec. June la
Gould Coupler, class A (quar.)
May 15 Holders of rec. May 7
2
Great Lakes Dredge & Dock (quar.)_
1% July 1 Holders of rec. June 150
Greenfield Tap & Die,6% pref.(guar.)_
July 1 Holders of rec. June Ma
2
Eight per cent preferred (guar.)
$250 June 10 Holders of rec. June 1
Group No. 1 011 Corp.(monthly)
$250 July 10 Holders of rec. July 1
Monthly
254 May 16 Holders of rec. Apr. 16
Guenther Publisher, Prof. (guar.)
8254 May 16 Holders of rec. Apr. 16
Preferred (acct,accumulated dIve.)
254 Aug. 16 Holders of roe. July 18
Preferred (quar.)
Preferred (acct. accumulated dive.).__ 3254 Aug. 16 Holders of rec. JulY 18
254 Nov.16 Holders of rec. Oct. 16
Preferred (guar.)
8254 Nov.16 Holders of rec. Oct. 16
Preferred (acct. accumulated dive.)
151 July 1 Holders of rec. June 164
Gulf States Steel, Prof. (guar.)
134 Oct. 1 Holders of rec. Sept.15e
Preferred (guar.)
134 Jan 2'27 Holders of rec. Dec. 154
Preferred (qua?.)
Harbison-Walker Refract., corn. (qua?.) 134 June 1 Holders of rec. May 21a
134 July 20 Holders of rec. July 104
Preferred (guar.)
6234 c June I Holders of rec. May 196
Hartmann Corp.(quar.)
Hart, Schaff. it Marx, Inc., corn. (qu.) 131 May 29 Holders of rec. May 15a
The. June 15 Holders of rec. Mayd25a
Hayes Wheel, common (guar.)
1% June 15 Holders of rec. Mayd25a
Preferred (guar.)
25e. May 24 Holders of rec. May 4
Hazeltine Corporation (guar.)
500. June 15 Holders of tee. may 154
Heels Mining (guar.)
134 May 15 May 8 to May 15
Hercules Powder, pref.(guar.)
Hibbard, Spencer. Bartlett Co.(mthlY.). 35e. May 28 Holders of rec. M9y 21
330. June 25 Holders of rec. June 18
Monthly
208. June 25 Holders of rec. June 18
Extra
June 1 May 21 to June 1
Higbee Company,second prof.(guar.)... 2
Hollander & Sons (Inc.), common (qu.)- 6254c May 15 Holders of rec. May 1
Sc. May 20 Holders of rec. MaY 4
Hollinger Consol. Gold Mines
Holmes Manufacturing, COrri. it pf.(qu.) *$1.50 May 15 *Holders of rec. May
50e. May 25 Holders of rec. May 201
Homestake Mining (monthly)
$1.50 May 15 Holders of rec. May ha
Hoosac Cotton Mills, pref.(guar.)
Horn it Hardart of N.Y., prof.(guar.). *154 June 1 *Holders of rec. May 11
75c. June 1 Holders of rec. May 17.
Household Products (guar.)
2.4 July 15 Holders of reit. JulY 3
Illinois Brick (guar.)
2.4 Oct. 15 Holders of res. Oct. 4
Quarterly
25c. July 19 Holders of rec. June 2811
Independent Oil & Gas (guar.)
May 15 Holders of reo. Apr. 18
Indiana Pipe Line (guar.)
$1
May 15 Holders of ree. Apr. 16
Extra
75c. June 1 Holders of rec. May 104
Ingersoll-Rand Co.. corn. (guar.)
6234c June 1 Holders of rec. Mai' 141
Inland Steel, Cora. (guar.)
151 July 1 Holders of rec. June 15
Preferred (gusr.)
May 15 Holders of rec. Apr. 30.
$1
Intercontinental Rubber (No. 1)
internat.-Agricultural Corp., pr.pf (qu.) 151 June I Holders of rec. May 154
Internat. Combustion Engineering (qu.) 50c. May 31 Holders of rec. May 206
151 June 1 Holders of rec. May 104
Internat. Harvester, preferred (guar.)._
$1.50 July 1 Holders of tee. June 156
International Shoe, corn.(guar.)
$1.50 Oct. 1 Holders of rec. June 154
Common (guar.)
Interstate Iron & Steel, pref. (guar.)... 154 June 1 May 21 to May 31
Preferred (account accum. dividends) h334 June 1 May 21 to May 31
25e. May 15 Holders of rec. May la
Intertype Corn., common (guar.)
6254c June 1 Holders of rec. May 21.
Jaeger Machine (quar.)
154 July 1 Holders of rec. June I74
Jewel Tea, preferred (guar.)
Prof.(account accumulated dividends) 32% July 1 Holders of rec. June 170
June 1 Holders of rec. May 158
Jones it Laughlin Steel, corn.(guar.)- 1
1% July 1 Holders of rec. June 21a
Kaufman Dept. Stores. pref.(quar.)
151 Oct. I Holders of rec. Sent.206
Preferred (guar.)
151 an2'27 Holders of rec. Dec. 20e
Preferred (guar.)
July 1 Holders of rec. June 19
Kinney (G. R.) Co., Inc,. com.(qua?.). $1
June 1 Holders of rec. Mayd2la
2
Preferred (guar.)
134 June 10 June 1 to June 10
Kirby Lumber (gnat.)
151 Sept. 10 Sept. 1 to Sept.10
Quarterly
134 Dec. 10 Dec. I to Dec. 10
Quarterly
Kroger Grocery it Baking, corn.(guar.). 50C. June 1 Holders of rec. May 1541
June 1 Holders of rec. May 150
Common (payable In common stock)_ 15
Laclede-Christy Clay Prod., pref.(qu.)- 151 July I Holders of rec. June 21
154 May 31 Holders of rec. May 216
Lanston MonotYPe Machine (quar.)__
May 29 Holders of rec. Arc• 300
$1
Lehigh Coal it Navigation (guar.)
75c. June 1 Holders of rec. May 170
Lehn & Fink Products Co.(guar.)
730. June 1 Holders of rec. May 174
Liggett & Myers Tob.,com.&com.B(qu.)
June 1 Holders of rec. May 154
Lima Locomotive Works (guar.)
$1
Lord it Taylor. first preferred (guar.).- 154 June I Holders of rec. May 170
Louisiana 011 Refining, 634% Pref.(qu.) 154 May 15 Holders of rec. May 1
32.50 June 1 Holders of rec. May 5
Ludlow Mfg. Associates (guar.)
Manhattan Shirt, common (guar.)
3754c June 1 Holders of rec. May 17
50c. June 1 Holders of rec. May 15a
Martin-Parry Corp.(guar.)
May Department Stores, coin. (quar.)_ _ $1.25 June 1 Holders of rec. May 156
Common (guar.)
$1.25 3ept. 1 Holders of tee. Aug. 166
Preferred (guar.)
154 July 1 Holders of rec. June 15a
1% Oct. 1 Holders of rec. Sept.15a
Preferred (guar.)
50c. June I Hrlders of rec. May 154
Maytag Co.(guar.)
50e. Sept. 1 Holders of rec. Aug. 154
Quarterly
50e. Dee. 1 Holders of rec. Nov.15a
Quarterly
June 1 Holders of rec. May 104
McCrory Stores, common (guar)
1
June 1 Holders of rec. May 106
Common (payable In common stock.). 11
June 1 Holders of tee. May 10a
tl.
Class B (payable In class B stock)....
Preferred (guar.)
151 Aug. 1 Holders of rec. July 200
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 204
25c. June 1 Holders of tee. May la
McIntyre Porcupine Mines, Ltd.(au.)
May 15 Holders of rec. Apr. 30
Mercantile Stores, Inc.,common
$1
1% May lb Holders of rec. Apr. 30
Preferred (gust.)
Merrimack Mfg. Co.. corn.(guar.)
1% June 1 Holders of rec. May 3
25c. May lb Holders of rec. May la
Miami Copper Co.(guar.)
Mid-Continent Petrol.. pref. (quar.) 151 June 1 Holders of rec. May 154
2 June I Holders of rec. May 10
Miller Rubber, preferred (guar.)
June 1 Holders of rec. May 1
Mohawk Mining (goat.)
$1
May 15 Holders of rec. Apr. 30a
2
Motor Wheel Corp.. prof.(guar.)
Munsingwear, Inc. (guar.)
75e. June 1 Holders of rec. May 18a
July 15 Holders of rec. June 30a
$1
National Biscuit, common (guar.)
151 May 29 Holders of rec. May 14a
Preferred (guar.)
National Brick, pref. (guar.)
151 May 15 Holders of rec. Apr. 30a
National Casket,common
$1.50 May 15 Holders of rec. Apr. 260
134 June 1 Holders of rec. May 254
Nat. Cloak it Suit, Prof. (guar.)
May 15 Holders of rec. May 10
National Creamery, Los Ans.,com.& pf. $2
154 June 1 Holders of rec. May 150
Nat.Dept.Stores, 2d pref.(gar.)
6250 May 15 Holders of rec. May 3
Nat. Food Products, class A (quar.)
July 1 June 20 to June 29
3
National Grocer, preferred
Jan 1'27 Dec. 21 to Dee. 31
3
Preferred
131 June 15 Holders of rec. May 214
National Lead. preferred (guar.)
154 May 15 Holders of rec. May la
National Refining, corn. (guar.)
$1 May 15 Holders of rec. May 50
National Supply,common (guar.)
2
May 15 Holders of roe. May 6a
Held Manufacturing (goar.)
May 15 Holders of ree. May 60
1
Extra
40e. May 24 Holders of Tee. May 7a
New Conaella Copper Co.(guar.)
21
New York Air Brake. Class A (guar.)
July I Holders of rec. June
10o. June 1 Holders of rec. May 9a
North Central Texas 011, Inc.((Mar.)
10a
Northern Pipe Line
$3 July 1 Holders of rec. June 11
Extra
$1 July 1 Holders of rec. June 11
011 Well Supply, common (guar.)
50c. July I Holders of rec. June 150
Ontario Steel Products, Corn. (guar.)... 1
May 15 Holders of ree. Apr. 30
Preferred (guar.)
134 May 15 Holders of tee. Apr. 30
2766
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Oppenbelm,Collins& Co.,common(MO 75e. May 15 Holders of rec. Apr. 296
Orpheum Circuit,common (monthly)___ 162-3 June 1 Holders of rec. May 200
Common (monthly)
162-3 July 1 Holders of rec. June 190
Preferred (guar.)
2
July 1 Holders of rec. June 15a
Otte Elevator, pref.(=fir.)
136 July 15 Holders of reo. June 300
Preferred (guar.)
14 Oct. 15 Holders of ree. Sept.300
Preferred (guar.)
134 Jan15'27 Holders of rec. Dec. 31a
Overman Cushion Tire, pref. (quar.)_.,_
1% July 1 Holders of rec. June 18
Owens Bottle,corn.(guar.)
75e. July 1 Holders of rec. June 150
Preferred (guar.)
14 July 1 Holders of rec. June 15a
Pathe Exchange, Inc., pref. (quar.)
2
June 1 Holders of rec. May 11
Peabody Coal, pref. (monthly)
58e. June 1 Holders of rec. May 200
Preferred (monthly)
58c. July 1 Holders of rec. June 19a
Penmans, Ltd., corn.(guar.)
2
Mal 15 Holders of rec. May 5
Phillips-Jones Corp., common (quar.)
31 June 1 Holders of rec. May 20a
Phoenix Hosiery, 18t & 2d pref.(guar.)_
1,1 June 1 Holders of rec. May 170
Pick (Albert), Barth & Co., pref. A (qu.) 43340. May 15 Apr. 24 to May 14
Pines Winterfront Co., A & B (quar.)_ _ 50c. June 1 Holders of rec. May 15a
Pittsburgh Steel, preferred (guar.)
14 June 1 Holders of rec. May 15a
Plymouth Oil (monthly)
*50e. June 1 *Holders of rec. May 22
Prairie Oil & Gas
*50e. May 31 *Holders of rec. May 15
Pressed Steel Car, preferred (guar.)-14 July 1 Holders of rec. May 29a
Procter & Gamble,corn.(guar.)
$1.25 May 15 Holders of rec. Apr. 24a
Producers Oil Corp. of America, pf.(qu.) 2
May 15 Holders of rec. Apr. 30a
Pro-phy-lac-tic Brush, pref. (quar.)
1% June 15 Holders of rec. June 1
Pullman Company (guar.)
2
May 15 Holders of rec. Apr. 300
Pure Oil, corn.(guar.)
3736c June 1 Holders of rec. May 10a
Extra
1234c June 1 Holders of rec. May 10a
Quaker Oats. preferred (quar.)
14 May 29 Holders of rec. June 1
Quissett Mill, common (guar.)
$2 May 15 Holders of rec. May 5
St. Joseph Lead (guar.)
50e. June 21 June 10 to June 21
Extra
25c. June 21 June 10 to June 21
Quarterly
50c. Sept.20 Sept.10 to Sept.20
Extra
25c. Sept.20 Sept.10 to Sept.20
Quarterly
500. Dec. 20 Dec. 10 to Dec. 20
Extra
25c. Dec. 20 Dec. 10 to Dec. 20
St. Mary's Mineral Land
$2
May 18 Holders of rec. Apr. 170
Savage Arms,common (quar.)
$1
June 1 Holders of rec. May 15a
First preferred (guar.)
*14 July 1 *Holders of rec. June 15
Second preferred (guar.)
*136 May 15 *Holders of rec. M.,), 1
*134 Aug. 16 *Holders of rec. Aug 2
Second preferred (guar.)
Schulte Retail Stores, common (guar.)-2
June 1 Holders of rec. MW 15a
Preferred (guar.)
2
July 1 Holders of rec. Jun 15a
Beaten, Dillon Co.(guar.)
3
May 15 May 8 to May 16
Shaffer Oil & Refining. pref
14 Julyd26 Holders of ree. June 30
Sbawinut Manufacturing, corn.(guar.)_
134 June 30 Holders of ree. June 210
Preferred (guar.)
134 June 30 Holders of rec. June 21a
Shell Union Oil, pref ser."A" (guar.).- 136 May 15 Holders of rec. Apr. 300
Sherwin-Williams Co., corn.(quar.)--- 2
May 15 Holders of rec. Apr. 30a
Common (extra)
1
May 15 Holders of rec. Apr. 30a
•
Preferred (guar.)
134 June 1 Holders of rec. May 15a
Sherwin Williams Co., Can., corn. (qu.) 14 June 30 Holders of rec. June 15
Preferred (guar.)
14 June 30 Holders of rec. Juno 15
Simon (Franklin) & Co., pref. (quar.)_ $1.75 June 1 Holders of rec. May 190
Sinclair Consol. Oil, Preferred (qUar.)
2
May 15 Holders of rec. May la
Skelly Oil (guar.)
500. June 15 Holders of rec. June 14a
Smith (A. 0.) Corp., common (quar.)
25c. May 15 Holders of rec. May 1
Common (extra)
25c. May 15 Holders of rec. May 1
Preferred (guar.)
14 May 15 Holders of rec. May 1
Spalding(A. G.)& Bros., 1st pf. (g11.)
14 June 1 Holders of rec. May 150
Second preferred (guar.)
2
June 1 Holders of rec. May 15
Spear & Co., pref.(guar.)
14 June I Holders of rec. May 150
Standard 011 of Calif.(Del. Corp.)(au.) 50c. June 15 Holders of rec. May 220
Standard 011 (Indiana) (quar.)
624e June 15 Holders of rec. May 17a.
Extra
25e. June 15 Holders of rec. May 170
Standard 011 of New York (guar.)
35c. June 15 May 16 to May 26
Standard Oil (Ohio), Preferred (quar.)_ _
131 June 1 Holders of rec. Apr. 30
Standard Sanitary Mfg., corn.(quar.),_ $1.25 May 20 Holders of rec. May 6
Preferred (guar.)
131 May 20 Holders of rec. May 6
Steel Products Co., pref.(guar.)
134 June 1 Holders of rec. May 20
Stewart-Warner Speedometer (quar.)--- $1.50 May 15 Holders of rec. Ain. 30
Studebaker Corp., corn.(guar.)
51.25 June 1 Holders of rec. May 100
Preferred (guar.)
1% June 1 Holders of rec. May lea
Superior Steel Corporation, corn
50c. June 1 Holders of rec. May 150
Swan-Finch Oil Corp., pref
531.75 May 15 Holders of rec. Apr. 300
Taber Mill (guar.)
*31.50 May 15 *Holders of rec. May 10
Thompson (J.R.) Co., corn.
30e. June 1 Holders of rec. May 23a
14 May 15 Holders of rec. Apr. 30a
Oil. pref.(guar.)(monthly)Tide-War
Timken Roller Bearing (guar.)
75e. June 5 Holders of rec. May 190
25e. June 5 Holders of rec. May 196
Extra
Tobacco Products Corp.. Class A (guar.) 131 May 15 Holders of reo. Apr. 270
Union-Buffalo Mills, 1st pref
334 May 15 May 9 to May 16
24 May 15 May 9 to May 16
Second preferred
14 June 1 Holders of roe. May 100
Union Tank Car, common (guar.)
14 June 1 Holders of rec. May 100
Preferred (guar.)
$1 June 1
May 11
United Biscuit, class A (guar.)
June 1 Holders of rec. May 15a
$2
United Drug, corn (guar.)
U.S.Cast Iron Pipe & Fdy.,corn.(qu.)_ 234 June 15 Holders of rec. June la
Common (guar.)
234 Sept.15 Holders of rec. Sept. la
24 Dee. 15 Holders of roe. Dec. la
Common (guar.)
14 June 15 Holders of rec. June la
Preferred (guar.)
131 Sept.15 Holders of rec. Sept. la
Preferred (guar.)
131 Dec. 15 Holders of rec. Dec. la
Preferred (guar.)
75a. June 1 Holders of rec. May 20a
U.S. Hoffman Macb'y, corn.(quar.)
25e. June 1 Holders of rec. May 20a
Common (extra)
2
May 15 Holders of rec. Apr. 20a
U.S.Rubber,1st prof.(quar.)
151 June 29 June 2
to
June 3
U.S.Steel Corporation, corn.(quar.)
14 May 29
May 4
Preferred (guar.)
14 June 1 Holders c'rec. May 17
U. S. Stores, prior pref. (guar.)
50c. June 19 Holders of rec. May 29
Vacuum 011 (guar.)
50e. June 19 Holders of rec. May 29
Extra
75e. May 15 Holders of rec. May la
Vanadium Corp. (guar.)
Van Raalte Co., 1st preferred (quar.)194 June 1 Holders of rec. May 18a
Vivaudou (V.), Inc., pref. (guar.)
$1.75 Aug. 2 Holders of rec. July 15
Preferred (guar.)
$1.75 Nov. 1 Holders of reo. Oct. 15
July 1 *Holders of rec. June 15
Ward Baking,class A (No.1)
*$2
*14 July 1 *Holders of rec. June 15
Preferred (guar.)
June 30 Holders of rec. June 1130
Weber & Helibroner, common (quar.1_ _ $1
Preferred (guar.)
14 June 1 Holders of rec. May 140
Welch Grape Jules, corn.(guar.)
25e. May 31 Holders of rec. May 20
14 May 31 Holders of rec. May 20
Preferred (guar.)
Western Grocers. Ltd., Can., pref. (qu.) 14 June 15 Holders of rec. May 31
White(J. G.)& Co., pref.(quar.)
134 June 1 Holders of roe. May 15
White (J. G.) Engineering, prof. (guar.) 14 June 1 Holders of rec. May 15
White(J. G.) Mgt. Corp., pref.(guar.). 14 June 1 Holders of rec. May 15
$1 June 30 Holders of rec. June 150
White Motor (guar.)
Whitman Mills ((uar.)
31.50 May 15 *Holders of rec. May 4
250. May 15 Holders of rec. May 30
Will & Baumer Candle,corn.(quar.)
3740 May 15 Holders of rec. May 1
Williams 011-0-Matte Heating (qu.)_
June 1 May 2 to May 19
Woolworth (F. W.) Co..common (guar.) $1
25e May 29 Holders of rec. May I4a
Wright Aeronautical Corn
284. June 1 Holders of reo. May 200
Wrigley(Wm.)Jr. & Co.(mont103)
1
25c. July 1 Holders of roe. ?tine 190
Monthly
•From =official sources. tThe New York S ock Exchange has ruled that tuck
will not be quoted ex-dividend on this date and not until further notice. :The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock
/Payable in common stock. p Payable in scrip. h On account of accumulated
dividends. m Payable in preferred stock.
tPayable in common and common B stock, respectively. No fractional shares
to be issued, cash being paid instead, such cash being at the rate of the bid price at
close of business May 10. of if such bid price be fractional then at the even price below.
uTwo months dividend at ratio of 7% p. a. for period Feb. 1 to Mar.31 1926.
,Less lle, per share for corporation income tax.
,Transfer books close from May 15 to May 31, both inclusive.
sPayable either in cash or stock at rate of 5.75-100 of a share of claYs A -trek
r
,,Ica ctshare of 36 dividend stock and 6.25-100 of a share of class A st• c-of $6.50 dividend stock.
.
[VOL. 122.
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 8. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that 48. three (000) ciphers omitted)
New
CapitalProfits. Loans,
Reserve
Week Ending--- Discount, Cash
with
Net
Time Bank
May 8 1926. Nat'l, Apr. 12 InvestOs
Legal Demand
De- CircaState, Mar.25 mend, Vault. Detroit- Deposits. postts
la&a.
WOO om(tted.) Tr.Cos.Mar.25
Bon.
tortes.
-- -Bombers of Fed. Res. Bank. Average. Average Average Average. Averag Atege
Bank of N.Y.&
$
$
$
$
$
3
$
$
76,372
Trust Co,_. 4,000 12,905
490 7,655
55,927 8,097
Bk of Manhat'n 10,000 14.965 159,660 2,964 17,811
130,65 25,79
Bank of America 6,500 5,258
80,101 1,815 11,595
87,218 5,422
National City. 50,000 65,624 601,895 5,056 62,083 *609,573 96,007
83
Chemical Nat. 4,500 18,310 131,24) 1,256 15,055
114,070 3,508
347
km Ex-Pao Nat 7,500 12.963 144,883 2,023 17,513
131,520 10,210 4,933
684 40,911
Nat Bk of Cora- 25,000 41,528 378,086
312,575 11,668
Chat Ph NB&T 13,500 12,834 217,516 2,452 24,004 170,902 40,587 5,979
Hanover Nat__ 5,000 25,677 123,668
514 14,204
107,075
Corn Exchange- 10,000 14,799 206,103 6,900 25,006
181,385 31,679
National Park_ 10.000 24,114 164,633
828 17,016
129,277 8,235 3,507
Bovey&EastR1v 3,000 3,151
52,594 1,521 5,242
36,146 15,979
992
First National- 10,000 72.737 322,426
571 23,763
179,915 12,462 4,857
ErvingBk-ColTr 17,500 14,017 293,286 2,598 35,975 269,976 28,735
Continental_ _ 1,000 1,198
8,071
141 1,028
6,433
430
Chase National_ 40,000 39,152 568,793 7,018 68,614 *531,957 34,021 1,530
25,614
500 3,031
778 3,383
Fifth Avenue__
24,791
800 1,320
Commonwealth.
14,320
544 1,523
10,255 5,336
17,080
416 2,431
larlield Nat'l__ 1,000 1,78:
16,934
225
%aboard Nat'l- 6.000 10,104 121,311 1.016 15,104
115,258 2,296
47
342,825
Bankers Trust_ 20,000 31,70
755 37,487 *306,109 42,855 --__
66,381
727 7,797
U S Mtge & Tr_ 3,000 4,91.
60,481 5,218 _-_ _
luaranty Trust 25,000 22,588 418,972 1,297 46,285 *399,124 52,741
42,471
Fidelity-InterTr 4,000 3,174
849 4,869
37,367 3,965
559 20,692
gew York Trust 10,000 20,312 186,400
150,889 22,856
Farmers L dc 'Tr 10,000 18,963 145,691
452 14,740 *110,730 22,666
Equitable Trust 23,000 14,439 277,029 1,524 31,625 *293,549 29,97
--__
Total of averages.,320,800511,5835,187,431 45,748573,411 c4,254,83410,971 22,275
Totals, actual condition ay 85,130,871 47,066596,260 c4,228,155519,414 22,293
Totals, actual condition May (5,247,523 43.939606,607 c4,331,126522,891 22,306
Totals. actual co ndition Apr. 245,097,561 45,902555,699c4,218,096 515,09922,261
State Banks Not Me mbers of Fed% Res've Bank.
lreenwich Bank 1,000 2,600
24,062 2,013 2,046
22,931 2,070 -Rate Bank-- 5,000 5,324 107,59' 4,929 2,266
38,945 64,807 --Total of averages
6,000
7,925 131,661
6,942
4,312
61,876 66,877
---
Totals, adual00 ndition May 8 131,21
7,006 4,741
Totals, actual condition May 1 133,051 6,757 4,721
Totals. actual co ndition Apr. 24 132,446 6,873 4,952
Trust Companies Not Members of Fed 'I Res'y e Bank
Title Guar & Tr. 10,000 18,105
65,494 1,725 4.472
'-awyers Trust- 3,000 3.231
25,573
911 2,379
61.87: 66,834 _63,623 66,694 -63,335 66,686 -41,166
20,827
2,246 ---87: ----
Total of averages, 13.000 21,336
91,067
2,636
6.851
61,993
3,124
Totals, actual co ndition May 8
Totals, actual co dition May 1
Totals,adual co dition Apr. 24
90,124
91,471
89,215
2,544
2,567
2,429
6,826
7,230
6,875
61,637
64,234
61,034
3,154
3,093 -3,058 ---
---
led edge..cussr- 339.800 540,8455.410,15: 55,326584,574 4,378,703 590,972 22,275
+1
Comparison wit h prey. week__ +45,763
+2,950+3,780
-3+3,606
3r'd aggr.. call dond'n May 85.352.210 56,616607,827 4,351,670589.402 22,293
Comparison With prey. week,, 119,835 +3,353-10.731 -107,313-3,276 -13
led
3r'd
led
led
3rd
3r'd
aggr.. act,cond'n
aggr., aa'l cond'n
aggr.. WIcond'n
agrr., act')cond'n
MO,ace,cond'a
aggr., ad'icond'n
May 15.472,045
Apr. 24 5,319,222
Apr. 175,224,16
Apr. 105,289.241
Apr. 35,409,017
Mar.27 5.317,24,
53,263618,558
55,204 567,526
54,033585,751
56,501587.544
53.916557,763
55,355 589,559
4,458,983 592,67822,306
4,342,456 584.84322,261
4,317,314572,17822,230
4.290.934 583,10922,183
4,471,909585,40222.116
4,334,4191581.951 22,296
Note.-U. S. deposits deducted from net demand deposits in the genera totals
above were as follows: Average total May 8, 334,407,000. Actual totals May 8,
$33,217,000; May 1. 335,706,000; Apr. 24, $37,127,000; Apr. 17, $39,547,000; Apr.
10, 344.437,000. Bills payable, rediscounts, acceptances and other liabilities,
average for week May 8. $676,363,000; May 1.3641,524,000: Apr. 24, $588,089,000;
Apr. 17, $629,036,000; Apr. 10, 3645,113,000. Actual totals May 8, 3664,210,000;
May 1.3701,027,000; Apr. 24, $616,127,000: Apr. 17, $584,853,000; Apr. 10, $656.998,000.
* Includes deposits in foreign branches not included in total footings as follows
National City Bank, $156,825,000; Chase National Bank. $11,711,000; Bankers
Trust Co., 529,294,000; Guaranty Trust Co., $62,196,000; Farmers' Loan & Trust
Co., $3p54,000; Equitable Trust Co., $62,181,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank, $21,621.000;
Chase National Bank. $2,755,000; Bankers Trust Co. $792,000; Guaranty Trust
Co. $2,822.000; Farmers' Loan & Trust Co., $3,054,000;
'
Equitable Trust Co.,
$6,285,000.
c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
(n Vault.
Members Federal
Reserve Bank_
State banks *
Trust companies*...
Total May 8_ _ _ _
Total May 1
Total Apr. 24_...
Total Apr. 17..
Reserve
In
Depositaries
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
$
573,411,000 573,411,000 568,757,550
4,312,000 11,254.000 11,137,680
6,851,000 9,487,000 9,298,950
4,653,450
116.320
188,050
9,578,000 584,574,000594.152,000 589,194,180
9,227,000 580,968.000 590,195,000 588.763,450
9,344,000 578,984,000 488,328,000 581,123,410
9.629,000 575,550,000 585,179,000 577,970,650
4,957,820
1,431,550
7.204,590
7.208,350
6.942,000
2,636,000
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the ease of State banks
and trust companies, but in the case of members of the Federal Reserve Bank Includes also amount of reserve required on net time deposits, which was as follows:
May P.$15,629,130; May 1,315,522,120; Apr. 24. 515,318,270; Apr. 17, $15,125,280
r+. 1^, • 15.773,370.
MAY 15 1926.1
THE CHRONICLE
Actual Figures.
Cash
&Mend
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank____
State banks.
Trust companies*___
7,006,000
2,544,000
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING
$
$
$
596,260,000 596,260,000 565,242,570 31,017,430
4,741.000 11,747,000 11,138,040
608,960
6,826.000 9,370,000 9,245,550
124.450
Total May 8---Total May
Total Apr. 24____
Total Apr. 17____
9,550.000 607,827,000 617,377.000 585.626,160 31,750.840
9,324.000 618.558,000 627,882,000 599,820,350 28,061,650
9,302,000 567.526.000 576,828.000 584,360.850 -7,532,850
9,172.000 585,751,000 594,923,000 580.658,320 14,264,680
•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 amount of reserve required on net time deposits, which was as follows:
May 8, 215,582,420: May 1.516.686,730; Apr.24,$15,452,970; Apr. 17.$15,064,770
Apr. 10, 515,388,410.
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
2767
May 12
1926.
HOUSE MEMBERS.
Changes from
previous week.
May 5
1926.
$
$
3
$
69,500,000 Unchanged
69,500,000
Capital
69.500,000
93,768.000 Unchanged
Surplus and profits
93,768.000
93,752,000
Loans, dicers & Invest. 1,052,795.000 Inc. 14,324,000 1.038,471,000 1,031.054,000
682,672,000 Dec. 12,268.000 694.940.000 679,624,000
Individual deposits
140,313.000 Dec. 6,553,000 146,866,000 144.893,000
Due to banks
233,216,000 Inc. 5,271.000 227,945.000 224,616,000
Timedeposits
34.976,000 Dec. 1,833.000
36,809.000
United States deposits_
38,609.000
34,398.000 Dec. 9,245.000
Exch's for Cl'g House
43,643,000
36,096,000
Due from other banks
94,529,000
84,174.000 Dec. 10,355,000
85.448.000
80,407,000 Dec. 637.000
Res've in legal depos
81,044,000
80,079,000
10,244,000 Inc.
Cash in bank
10,143.000
81.000
10,336,000
lIng.10. alreasta In F R Bk
482.000 Dee. 184.000
666.000
653.000
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending May 8, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not members of the Federal Reserve System the reserve required is
10% on demand deposits and includes "Reserve with legal
depositaries" and "Cash in vaults."
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
.
NEW YORK: NOT
INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
Differencesfrom
May 8.
Previous Week
Loans and investments
$1,231,657,800 Inc. $2,858,100
Gold
4,801,100 Inc.
195,600
Currency notes
24,448,000 Inc.
402,000
Deposits with Federal Reserve Bank of New York_
102,347,600 Dec. 1,051,400
Time deposits
1.284,898,800 Inc. 4,187,200
Deposits eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y. City, exchange,& U.S.deposits_ 1,207,485,700 Inc. 6,274,100
Reserve on deposits
175,487,800 Dec. 3,224,400
Week Ended May 8 1926.
,Percentage of reserve, 20.1%.
Two Ciphers (00)
RESERVE.
Membersof
Trust
1926
omitted.
Slate BanksF.R.System Companies Total.
-Trust CompaniesCash In vault
*538,188,300 16.16%
$93,405,600 14.71%
Deposits in Vanks and trust cos_ _ _ - 12.078,800 5.11%
$44,775,0 55,000,0 549,775,0
31,815,100 5.01% Capital
131,612,0 17,405.0 149.017,0
Surplus and prolite
Total
550,267,100 21.27%
$125,220,700 19.72% Loans, disets & Wye:nets 872,829,0 50.233.0 923.0e2,0
* Includes deposits with the Federal Reserve Bank of New York, which for the Exchanges for Clear.House 34,321.0
514.0 34,835,0
111,923,0
State banks and trust companies combined on May 8 was $102,347,600
Due from banks
19.0 111,942,0
145,270.0
Bank deposits
835,0 146.105,0
607.396,0 32,047,0 639,443,0
Individual deposits
130,713,0
deposits
2,142,0 132,855,0
Banks and Trust Companies in New York City.-The Time
Total deposits
883,379,0 35,024,0 918,403,0
4.839,0
4,839,0
averages of the New York City Clearing House banks and Res've with legal depos_
Reserve with F.R.Bank
66.773,0
66,773,0
trust companies combined with those for the State banks and Cash
In vault •
10.016.0
1,407.0 11,423.0
trust companies in Greater New York City outside of the Total reserve & cash held.. 76,789,0 6,246,0 83,035.0
Reserve required
66.312,0
4,959.0 71,271,0
Clearing House are as follows:
Plreptag r. Ar r0611 In vault. 10.477.0
1.287.0 11.764.0
COMBINED RESULTS OF BANKS AND TRUST
COMPANIES IN
GREATER NEW YORK.
Week EndedJan. 9
Jan. 16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar.20
Mar.27
Apr. 3
Apr. 10
Apr. 17
Apr, 24
May 1
May 8
Loans and
Investments.
Demand
Deposits.
$
6.713,047,300
6,614.199,500
6,557,007,300
6,538,928,200
6,583.367,000
6,551,072.500
6,539.198.100
6,538.928,200
6.574,532,600
6,501,882,000
6,559.263,300
6,528,460.200
6,582,817.200
6,551 614,500
6,477,226,100
6,461,079 100
6.693,194,100
6,641,815,800
$
5,770.909.300
5,711,092,600
5,657,830.000
5.628,105.200
5,669.834,300
5,617.024,100
5.572,396,500
5,628,105,200
5.621,468,900
5,562,180,300
5,624.406,300
5,539.714,200
5,616,040,800
5,532,964,000
5,494,548,600
5,513,745.200
5.576,964.600
5.586.188.700
*Total Cash
Reserve in
in Vaults. Depositaries.
$
95,988,600
90,893,800
87,033.900
87.174,800
84,220,500
89,198.200
85,608,600
87,174,800
84,322,400
85,376,300
83,752,000
82.310,600
79,710,300
87,360.600
85,630.000
83.366,600
83,980,500
84 575 1011
$
764,899.000
762,604,500
746.110.700
732.989.600
740,775.600
732,243,100
732.631.000
732.989.600
744.749.500
726,793.200
737.864,500
726,143.200
765.192.600
725.290,008
723,682.400
722,786,600
731.028.708
730 1415 nor
New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW
YORK CLEARING
HOUSE.
Mated in Masan& of dollars-that Is. three ciphers
10001 ortiltisal.)
CLEARING
ION-MEMBERS.
Week Ending
May 8, 1926.
Members of
liedl Rosy.Bank.
3race Nat Bank.-.
Total
State Banks.
Vet MEInthgri of the
NW& Reserve Bank
lank of Wash. Hts.
JolOnial Bank._ __.
...
Total.
Trust Company
Vat Member of the
Federal Reserve &int
(tech Tr, Bayonne
Loans.
DUcounts.
NM
InvestCapital. Profits. meats.
ste.
Cash
In
Vault
Reserve
with
Net
Net
Legal Demand Time
Depost- Deposits. Deposits,
tortes.
Average. Average Average, Average Average
$
$
II
$
$
13.381
60
1,080
7.14'
3,863
1,867 13,389
60
1,080
7.141
3,863
$
, $
1,000
1,867
1,000
200
1,200
616
2,967
9,052
32,600
781
3.096
388
1,915
6,460
26,354
2,784
5,066
1,400
3,583
41,65
3,877
2,303
32,814
7.850
300
589
9,564
324
155
3,11r
6.024
500
589
9,564
324
155
3,11
6,024
fltari aggregate._ _
2,900
lomparison with ore'.', week
6,040
64.605
+95
4,261
2771
3,538 a43,064
+372 -1,351
17,737
-66
led aggr.. May 1
;r'd aggr.. Apr. 24
led aggr., Apr. 17
,...a ...... An,. in
6,040 64,510
6,040 64.23
6.029, 63,721
6.0201 89. 907
4,538
4,4271
4.531,
3,166 a44,415
3.283 a43,670
3.192 a44,219
A RIM'
a one .A0 ilc.•
17,803
17,728
17,650
•••• •••
Total _
2,900
2,900
2.900
2.0011
a United States deposits deducted. $124,000.
Bills payable, rediscounts aoceptances, and other liabilities. 51,851,000.
Excess reserve $345,500 increase.
•
April 28
1926.
May 1
1928.
Apr.24
1926.
$49,775.0
149.017,0
924,341,0
38.288.0
113,203,0
144,291,0
640,164,0
133,654.0
918,109.0
4,707.0
65,518,0
11.211.0
81,436,0
71,037.0
10.399.0
849,775,0
149,017,0
920,223,0
34,765,0
115,150.0
142,534,0
640,167,0
132,751,0
915,452,0
5,233,0
65,873,0
11,598,0
82,704,0
71,128,0
11.576.0
• 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 12 1926 in
comparison with -the previous week and the corresponding
date last year:
May 12 1926. May 5 1926. May 13 1925.
It68041E611-
368.595.000
Gold with Ft dere! Reserve Agent
8,962,000
Gold redemp.fund with U. O. Treasury-
328,700,000
10.290,000
356,393,000
7,675,000
Gold held exclusively sot.F.R.notes_ 377,557,000
Gold settlement fund with F. R. Board_ 212,398,000
Gold and gold certificates held by bank
367,651,000
338.990,000
221,236.000
365.716.000
364,068,000
193,549,000
335,095,000
Total gold reserved
Reserves other than gold
957,606.000
44.426,000
925,942.000
42.355.000
892,712,000
33,679,000
Total reserves
1,002,032.000
Non-reserve cash
17,261,000
Bills discountedSecured by IL S. Govt. obligations- 84,204.000
discounted
Other bills
22,841.000
968.297,000
15,831,000
926,391,000
16,966,000
138,038,000
28.138,000
44,744,000
27,765,000
Total bills discounted
Bills bought In open market
U.B. Government securitles-Bonds
Treasury notes
Certificates of Indebtedness_
107,045,000
70,181,000
166.176,000
58,257.000
72,509,000
89,572,000
11,762,000
39,562,000
25,825,000
11,762.000
41,463,000
27,515.000
11,085,000
99,090,000
2,222,000
77,149,000
2,028,000
80,770.000
2,055.000
112.397,000
2.835,000
Total bills and 'securities (See Note).- 256,403,000
307,258,000
277,313.000
Due from foreign banks (See Nets).....
778,000
Uncollected item,
169,243,000
Bank premises_
16,714,000
All other resources
5,538,000
686.000
150.376,000
16.714.000
5,446,000
640,000
175,483,000
16.710,000
6,344,000
Total U.S. Governmen (securities
Foreign loans on gold _
Total resources
1.467,969,000 1,464,608,000 1.419,847,000
LiabilitiesFeel'i Reserve notes in actual circulation. 367,812.000
Deposits-Member bank, reserve awl-. 843.694,000
Government
5,649,000
Foreign bank (See Note)
1,599,000
Other deposits
10,396,000
369.322,000
851,821.000
4,046.000
1,872.000
12,742,000
334.064,000
836.242,000
4,347,000
4,188,000
11,471,000
Total deposits
Deterred availability items
Capital paid In
Surplus
All other liabilities
870.481.000
126,658,000
35.190,000
59.964,000
2,993,000
856,248,000
135,773,000
31,523,000
58,749,000
3,490,000
861.338,000
140,463,000
35,223,000
59,964,000
3,169.000
Total liabilIties
1.467.969,000 1,464.608,000 1,419,847,000
Ratio of total reserves to deposit and
Fed'l Res've note liabilities combined.
81.5%
78.1%
77.8%
Contingent liability on bills purchased
for foreign correspondents
17,553,000
17.126.000 11,036,000
NOTE.-Beginning with the statement of Oct. 7 two new
Order to show separately the amount of balances held abroad items were added in
foreign correspondents. In addition, the caption. "Ali other and amounts due to
earning assets," now
made up of Federal Intermediate credit bank debentures, has
been changed to
"Other securities," and the caption. "Total earning assets" to
"Total bills and selatter
mines." The
term has been adopted as a more accurate
description of the
total of the discounts, acceptances and securities acquired
Sections 13 and 14 of the Federal Reserve Act, which are under the provision. of
the only items Included
h erel
•
2768
T1-1•44
[VOL. 122.
CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, May13.and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 2727, being the first item in our department of "Current Events and Discussions."
1926.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 12,
1925.
May 12 1926. May 5 1928. AprU281928. Apr4121 1928. April 141928. April 7 1926. Mar.31 1928. Mar.24 1926. May 13
S
a
$
s
a
$
s
$
8
RESOURCES.
1,471,677.000 1,414,141,000 1,437.742.000 1.498.448,000 1,385.430,000 1,384,531.000 1,361.723.000 1,404.307.000 1,581,014,000
Gold with Federal Reserve agents
47,968,000
58,088,000
47,741,000
52,815,000
48,754,000
52,247.000
53,429,000
45,892.000
48,857.000
Gold redemption fund with U. S. Treas.
1,410,477,000 1,462,393,000 1.628,982,000
Gold held exclusively aggt. F. R.notes 1,518,334.000 1,460,033,000 1,489.989.000 1,551.877,000 1.438,245,000 1,432,272.000
713.203.000 614,266,000
Gold settlement fund with F.R.Board.. 648.954.000 700,106,000 691.418,000 617.881.000 715,880,000 730,247.000 751.935.000 818.885,000
610,267,000
820,827.000
604,461,000
627.683,000
815,688.000
625,469,000
Gold and gold certificates held by banks_ 838.292,000 632.397.000
2,803,580.000 2.792.538.000 2,797,093,000 2,795,227.000 2,781.788.000 2,783,346,000 2,786.873,000 2.794.481.000 2,853,515,000
163,159,000 158,045,000 156,983,000 155.243,000 157.017.000 150,305,000 152,973,000 155.295,000 140.721,000
Total gold reserves
Reserves other than gold
2,986,739,000 2,950,581,000 2,954.078,000 2,950.470000 2,938,805.000 2,933,651.000
Total reserves
61,484,000
82,838,000
60,788,000
57,937.000
57,198,000
60,486.000
Non-reserve cash
discounted:
Bills
Secured by U. S. Govt. obligations- 251,674,000 302,280.000 275.223.000 208,834.000 334,735.000 290.169.000
224,740,000 244,901,000 238,445,000 240,836,000 242.549,000 288,383,000
Other bills discounted
478,414,000 547,181.000 513.688.000 449,670.000 577,284,000 578,552,000
Total bills discounted
228,182.000 213,384,000 199,017.000 229,474,000 274,058.000 229,773,000
Bills bought in open market
U. B. Government securities:
74,997,000
94,138,600
98,681,000
98,008,000
99,092.000
100.923,000
Bonds
163,223,000 182,513,000 150,684,000 149,999.000 143,465,000 134.897.000
Treasury notes
132,135,000
139.415,000
140.121,000
139.903.000
132,116,000 133.721,000
Certificates of indebtedness
Total U. S. Government securitleti_
Other securities (see nese)
FOreign loans on gold
398,282,000
4,635,000
7,401,000
395,326,000
4,635,000
7,500.000
388,813,000
4.635,000
8.100,000
388,583,000
4,635,000
8.700,000
377.016,000
5,185,000
8,700.000
342,029,000
5,185.000
8,800.00C
2,919,846,000 2.949,776.0002.994,236.000
56,366,000
88,102,000
62,078,000
311,487,000
320,904,000
340584,000
276,983.000
161,263,000
177,459,000
632.391,000
249,833,000
617.547,000
252,228,000
338,722,000
282,986,000
70,054.000
131.644.000
128.139,000
83.877.000
121,308.000
123,016,000
85,377,000
270,988,000
23,612,0011
329,837.000
5.185.000
8.491.000
308.201.000
3,810,000
8.010.000
379,977,000
1,400,000
10,500,000
Total bills and securities (see nofs)
Due from foreign banks(see 001e)
Uncollected items
Bank premises
All other resources
1,112,874,000 1,168,026.000 1,114.233.000 1.081,082.000 1,242,243.000 1,164,339.000 1,225,537.000 1.189.798.000 1,013,585,000
640,000
643.000
643.000
643.000
643,000
644,000
860.000
686,000
778.000
690,879.000 644,473,000 638.910,000 711.618,000 768.248.000 835.145,000 620.294.000 635.857.000 690,032,000
59,480.000
59,498,000
59,441.000
59.481,000
59.408.000
59.519.000
59,537.000
59,554,000
59,851,000
15.040,000
22,581,000
14,732,000
14,759,000
18,201,000
15,780,000
16,231.000
18,831,000
16,804,000
Total resources
LIABILITIES.
F.R.notee in actual circulation
DepositsMember banks-reserve account
Government
Foreign bank (see note)
Other deposits
4,908,211.000 4,897,349,000 4,841.584,000 4.879,859,000 5.088.459.000 4,869,782,000 4.902,598,000 4.918.312.000 4,836,938.000
2,193,512.000 2.230.801.000 2,202.831,000 2,171.145.000 2.283.222.000 2,191.635.000 2,215,243,000 2,218.007.000 2.153,999,000
88.892.000
19,532,000
85,813,000
60,580.000
43,280,000
16.412.000
23,828.000
27.785,000
27,484.000
7,954.000
8,420.000
6.479,000
5.399.000
5,009,000
4,576.000
4.494.000
5.227,000
4,955,000
18.897,000
18,298.000
18.313.000
20,020,000
16,074,000
20,283,000
17,874,000
22,225,000
19,733.000
Total deposits
Deferred availability items
Capital paid in
9UrPlus
MI other liabilities
2,245,684,000 2,288.038.000 2,242,126,000 2.219.750.000 2,347.152,000 2.278,467.000 2,323,352.000 2.313.632.000 2,200,030,000
627,899,090 581.175,000 579,167.000 840,852.000 703,600,000 582,779.000 587.879.000 588.910,000 614,531,000
122.408.000 122.186.000 122,129.000 121,452,000 120.894,000 120,455.000 120.427,000 120,404.000 115,270,000
220.310.000 220.310.000 220,310,000 220.310.000 220.310.000 220,310.000 220,310.000 220.310.000 217,837,000
14.148,000
14.893,000
13,066,000
14.060,000
15,870.000
15.403.000
15,411.000
15,624,000
16,375,000
1,675,535,000 1,872,018,000 1,681.982,000 1,862,284,000 1,881,096.000 1,852,878.000 1,656,482,000 1,858,998,000 1,676,204,000
Total liabilities
4,908,211,000 4,897.349,000 4,841,584,000 4.879,859.000 5.088,459,000 4,869,782,000 4,902,598.000 4.918,312.000 4,836,938.000
Ratio of gold reserves to deposits and
71.6%
89.5%
72.0%
70.8%
70.3%
73.6%
68.9%
70.5%
F. Ft. note liabilities combined
71.4%
Ratio of total reserves to deposit and
73.4%
75.7%
74.8%
74.3%
77.2%
78.0%
73.0%
74.5%
combined
liabilities
F. R. note
75.7%
_
Contingent liability on bills purchased
68,172,000
68,568.000
67,698.000
69,161.000
71,016,000
42,828,000
88.202,000
05,509,000
64,735,000
for foreign correspondents
Distribution Si, Maturities1-15 days bills bought in open market1-15 days bills discounted
1-15tisys U. S. certif. of Indebtedness1-15 days municipal warrants
16-30 days bills bought In open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness.
16-30 days municipal warrants
81-60 days bills bought in open market
81-80 days bills discounted
81-60 days U. S. certif. of indebtedness_
81-60 days municipal warrants
61-90 days bills bought in open market
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness.
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness__. _
Over 90 days municipal warrants
$
138,092,000
340.706,000
1.120.000
6
128,997.000
406,382.000
1,720,000
$
88,409.000
381,970,000
8
97.220.000
312.567,000
$
132,730,000
438.193,000
13.000
$
97,117.000
430,712.000
36,000
$
117.859,000
473,608.000
10.000
$
110,540.000
486.050.000
2,884.000
$
124,639,000
231,963,000
567,000
38,948.000
32,237.000
4,689,000
36,959.000
33,955,000
4,689,000
58,093,000
30,154,000
60,606.000
32.320.000
4,689.000
57,559,000
33.897.000
200,000
52.815,000
34,987,000
52,635.000
37.181.000
61,546.000
31,386,000
60,242,000
25,208,000
42,420.000
51.145,000
52,527.000
33,098,000
55,749,000
55,188,000
38,275.000
51,743,000
88,036,000
42.702.000
54.093,000
60,703.000
54.633.000
56,491,000
51,824.000
59,119,000
52.287.000
65,230.000
52.819.000
51,259,000
63,048,000
38,253,000
10,019.000
26,983.000
12,889.000
27,379,000
14,192,000
28,445,000
24,230.000
31.560.000
2,251,000
24.268.000
33,156,000
88,863,000
24.807,000
37.770.000
62.991,000
23.327.000
41,319,000
59.418.000
22,744.000
35,345,000
25.203,000
30,761,000
19,853,000
2,685,000
25.343,000
73,780,000
3,661,000
23.716,000
72,144,000
4,048,000
21.356,000
72,085,000
4,716.000
19.130.000
72,280,000
4,868.000
17,547.000
72,339,000
3.410.000
15.964.000
69,108,000
3.725.000
15,055,000
68,711,000
4,779.000
13,507.000
94,929,000
4,296,000
23,445,000
23,045,000
F. R. notes received from C°mPt7°Iler
F.R.notes held by F. R.Agent
2,837,484,000 2,848.364,000
839.157,000 847,388,000
2,856,089,000 2.859.710.000 2.832,211.000 2,802,474,000 2,809,809,000 2,807.701.000 2,979,174,000
855.082,000 853,871.000 830.057,000 843,261,000 843,108.000 827,637,000 993,098,000
ISeued to Federal Reserve Banks
=__
esiou
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
1,998.307 000 2,000,978.000
2,001.007.000 2,005.839,000 2.002.154,000 1,959,213,000 1.968.703.000 1.980,064.000 1.986,076,000
309.253,000
305,054.000 303.554,000 318,953.000 100.600,000
99,441,000
106,175,000 104,790.000 ,019,348,000 1,088.595,000
1,005,797,000
1,060.448,000
848,512,000
682.765,000 736,862,000 688,773,000
309,853,000
110.457,000
965,320,000
822,808.000
309,393.000
99,051.000
976,087.000
777,026,000
311,743,000
104,805.000
945,175.000
838,789.000
310,498,000 282.316,000
105.806.000 108,400,000
988,203,000 1,190,298,000
827.811.000 589,468,000
nnn 9 19R 815.000 2.146.960.000 2,208.236.000 2.161.557,000 2.200.492,000 2.232.118.000 7
_ ._. _
'2,154,444,000
17n d Q, can
order to show separately the amount o balances held abroad
NOTE.-Beginning with the statement of Oct. 7 1925other
two new items were added In up of Federal Intermediate Credit Bank
debentures, has
earning assets", now made
and amounts due
been changed to
SO foreign correspondents. In addition, the caption. "All
The latter term has been adopted as a more
IfOther securities," and the caption, "Total earning'assets" to "Total bills and securities" 14 of the Federal Reserve Act, which are the accurate description of the total
only items included therein.
of the discounts, acceptances and securities acquired under the provisions of Sections 13 and
12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 13. 1920
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE
Two ciphers (00) °mined.
Federal Reserve Bank of-
Batton.
New York
Phila.
Cleveland Richmond Atlanta
Total.
Chicago. St. Louts Minneap. Kan. Mg palms. s„Fran
S
$
$
$
$
8
-S
149,232,0 18,103,0 49,399,0 44.172,0 25.898,0 182,597,0 1,471.677,0
3,257,0
688,0 2,780,0 1,578,0 1,314,0 2,726,0
46,657,0
Gold held excl. agst. F.R. notes 139,349.0
Gold settle't fund with F.R.Board 43,217,0
Gold and gold certificates
35,221,0
5
S
$
S
S
43,418,0 165,302.0
368,595,0 124,029,0 171,927,0 2,762,0 3,042,0
8,962,0 6,743,0 2,661,0
46.180,0 188,344,0
377,557,0 130,772,0 174,588,0 24,893,0 26,324,0
212,398,0 59,419,0 51.195,0
8,081,0 4.369,0
46,622.0
367,851,0 22,222,0
Total gold reserves
Reeerves other than gold
199,037,0 387.159,0 50,881,0 73,594,0 80,325,0 44,847,0 248,372,0 2.803,580,0
957,606,0 212.413,0 272,405,0 79,154,0
44,426,0 8,108,0 7,418,0 7,789,0 9,354,0 20,871,0 20,281.0 3,237,0 5,385,0 5,958.0 9,058,0 163,159,0
$
RESOURCES.
Gold with Federal Reserve Agents 129.205,0
Gold red'n fund with U.S.Treas. 10,144,0
217,787,0
21,274,0
152.489,0 18,791,0 52,179,0 45,750,0 27,012,0 185,323,0 1,518,334,0
131,804,0 13,472,0 14,533,0 28.187,0 8,218,0 33,496,0 646,954.0
83,086,0 18,818,0 6,882,0 6,388,0 9,619,0 29,553,0 838,292,0
86,943,0 208,391,0 388,030,0 71,162,0 78,831,0 85,710,0 50,805.0 257,430,0 2,966,739,0
Total reserves
239.081.0 1,002,032,0 220,521,0 279,823,0
80,488,0
Non-reserve cash
4,070,0
17,261,0 1,515,0 2,998,0 4.057,0 4,581,0 12,847,0 3,924,0 1.248,0 2,258,0 2,581,0 3,148,0
BM discounted:
Sec. by U.S. Govt.obligations 10,186,0
84,204,0 28,902,0 51,128,0 14,395.0 2,838,0 22,505,0 8,476,0 2,460,0 3.717,0 1,685,0 23,398,0 251,674,0
Other bills discounted
22,841,0 18,4132,0 18,256,0 28,670,0 27,982,0 32,711,0 13,751,0 4,880,0 14,911,0 7,721,0 22,786,0 224,740,0
11,986,0
Total bills discounted
22,172,0 107,045,0 45,364,0 69,384,0 43,065,0 30,620,0 55,216,0 22,227,0 7,120,0 18,628,0 9,389,0 46,184,0 476,414,0
Bills bought in open market
70,181,0 10,744,0 15,718,0 8,807,0 22,439,0 21,193,0 7,458,0 13.940,0 9,417,0 7,778,0 18,996.0 228,162,0
23,491,0
U S. Government securities:
272,0 25.915,0 4,799,0 9,486,0 12,456,0 10,463,0 4,358,0 100,923,0
Bonds11,762.0 3,088,0 11,512,0 3,200,0
3,582,0
249,0 22,048,0 11,091.0 6.549,0 14,660,0 14,261,0 23,893,0 163,223,0
Treasury notes
39.563,0 2,915.0 18,053,0 4,058,0
5,883.0
Certificates of indebtedness
7,824,0
25,824,0 17,720,0 7,523,0 2,085,0 3,253,0 11,860,0 11,452.0 3,793,0 10,823,0 8,610,0 21,549,0 132,118,0
Total U.S. Govt eeenrities
17.289,0
77.149.0 23.723,0 37,118,0
9,343,0
3,774,0 59,823,0 27,342,0 19,828,0 37,739.0 33,334,0 49,800.0
398.282,0
MAY 15 1926.]
THE CHRONICLE
RESOURCES (Concluded)Two Ciphers (00) omitted.
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected items
Bank Premises
Ali other resources
Boston.
New York.
$
$
562,0
2,028,0
Phila.
$
3,575.0
703,0
2769
Cleveland Richmond Atlanta. Chicago. Si. Louis Minneap. Ran. City
Dallas. San Fran.
$
$
792,0
392,0
$
550,0
296,0
$
$
1,014,0
318.0
$
500,0
237,0
S
i
i
289,0
259.0
511,0
Total.
$
4,635,0
7,401,0
63,514,0
256,403,0 84,109,0 123,012.0 59,607,0 57,689,0 137,246,0 57,345,0 41.625,0 66,073,0
50,760,0 115,491,0 1312,874,0
778,0
778,0
169,243,0 61,463,0 63,823,0 56,656.0 31,846,0 85.451,0 34.657,0 14,221.0 40,583.0 25.136.0
16,714,0 1,558,0 7,409.0 2,364,0 2,814,0 7,933.0 4,111,0 2,943.0 4.654,0 1,793,0 40,401.0 690.879.0
3,290,0
59.551,0
5.538,0
418,0
941,0
315,0 1,077,0 1,494.0
512.0 2,150,0
632.0
404,0 3,227.0
16,804,0
Total resources
378,208,0 1,467.969.0 369,584,0 478.006,0 209,942,0 306.398,0 633,001,0 171,711,0 139,108.0
199,908,0 131,479,0 422,987,0 4,908,211,0
LIABILITIES.
F.it. notes in actual circulation_ 140,060,0 367,812,0 142,891,0 198,854,0
72,756.0 186,802,0 183,216,0 37,404,0 62,666,0 62,010,0 35,506,0 185,558,0 1,675,535,0
Deposits:
Member bank-reserve wet 143.891,0 843.694,0 133.697,0 179,547,0 64,627,0
74,007,0 319,546,0 81,689.0 49,568,0 85.192,0 55.337.0
Government
1,987,0
5,649,0 2,698,0 2,189,0 1,021,0 1,645,0 4,797,0 1,560,0 2,047,0 1.687.0 1,263.0 162,717,0 2.193,512,0
941.0
27.484,0
Foreign bank
351.0
1,599,0
439.0
495.0
245,0
185,0
633,0
199,0
148,0
180.0
162.0
319,0
4,955.0
Other deposits
110,0
10,396,0
220,0 1.069,0
171.0
87,0
820,0
323,0
207,0
116,0
46,0 6.168,0
19,733,0
Total deposits
146,339.0 861,338,0 137,054,0 183,300,0 66,064,0 75,924,0 325.796,0 83.771,0 51,970.0 87,175.0
Deferred availability items
65,247,0 140,463,0 56,336,0 57,968,0 52.093,0 29,139,0 74.570,0 34,797.0 12,484.0 36.608.0 56,808,0 170.145,0 2.245,664,0
26.511,0
Capital paid In
8,772,0
35.223.0 12.129.0 13.487,0 6.066,0 4,940.0 16.418.0 5.274,0 3,149,0 4,262.0 4.299.0 41,683.0 827,899.0
Surplus_
17,020,0
59,964,0 20,464,0 22,894.0 11,919,0 8,700,0 30,613,0 9,570,0 7,501,0 8,979.0 7,615.0 8.389,0 122,408.0
15.071.0 220.310,0
All other liabilities
770,0
3,169,0
710,0 1.503,0 1,044,0
893.0 2,388.0
895,0 1.248,0
874,0
740,0 2.141,0
16,375,0
Total liabilities
378,208,0 1,467,969,0 369,584,0 478,006,0 209,942,0 306,398.0 633,001,0 171,711.0 139,018,0 199.908,0 131,479,0
422,987.0 4,908,211.0
Memoranda.
Reserve ratio (per cent)
83.5
81.5
78.8
73.2
62.6
75.2
79.3
58.7
67.0
57.5
55.0
72.4
Contingent liability on bills pur75.7
chased for foreign correspondle 4,939,0
17.553,0 6,174,0 6,954.0 3,444,0 2,600,0 8,903,0 2,794,0 2,080,0 2,535,0 2,275,0 4,484,0
64,735,0
V. R. notes on hand (notes reed
from F. R. Agent less notes In
simulation)
15.982.0 142.251.0 28.538.0 14.436.0 15.086.0 29.912.0 22.612.0 5,359.0
4,731,0 5,669,0 5,853.0 32,343,0 322.772,0
67,399,0
4,068,0
96,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS
AT CLOSE OF BUSINESS MAY 12 1926.
Federal Reserve Agent al-
Boston.
New York.
Phila.
$
$
(Two Ciphers (00) Omitted.)
s
1.R.notes rec'd from Comptroller 203,892.0
B.R.notes held by F. R. Agent__ 47,850,0
Total collateral
174 Rag n
$
$
s
s
$
$
$
Total.
$
$
$
754,503.0 210.569,0 267,220,0 119,882,0 267.704,0 408.665,0 64,943,0 85,260,0 114,249.0 54,398.0
275,881.0 2,837.464.0
254,440,0 39,440,0 53,930,0 32,040,0 50,990,0 202,837,0 22.180.0 17.863,0
46.570.0 13,037,0 57.980,0 839,157.0
510,063,0 171,429,0 213,290,0 87,842,0 216.714,0 205,828,0 42,763,0 67.397,0 67,679,0 41,359,0
217,901,0 1.998.307.0
04
F.R.notes Issued to P.R. Bank 156,042,0
Collateral held as security for
F.R.notes issued to F. R. Bk.:
Gold and gold certificates__ 35.300,0
Gold redemption fund
14,905.0
Gold fund-F.R.Board
79,000,0
Eligible Paper
45.663.0
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Darla*. SanFran.
171.698.0
400.0 8.780,0 25,655.0 13,238,0
8,045,0 13.212,0
18,726.0
25,897,0 11,132,0 13,147,0 4.263,0 7,564,0 3,587.0 1.558,0 2.187,0 2.812.0 3.472.0 10.000,0 305.054,0
171.000.0 112,497,0 150.000.0 13.500,0 144.500,0 145,645,0 8.500,0 34,000.0 41.360,0 3.500,0 15.651,0 106,175,0
167,472.0 50,088.0 84,534,0 47.379,0 52,366,0 76,253,0 28.639,0 20.983,0 27.925,0 17.129.0 156.946.0 1.060.448,0
64,334.0 682,765.0
nas 007 n 174 117 n 250 401 n on 797 0 217 00110 225.485.0 46.742.0 70.382.0
72.097.0 42.827.0 246.931.0 2.154.442.0
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 705 member banks from
which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves
.
Definition
items
in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec.s of the different
29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current
Events and Discussions," on page 2727.
1. Data for all reporting member banks In
each Federal Reserve District at close of business MAY 5 1926. (Three ciphers (000) omitted)
Federal Reserve District.
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Gov't obligations
Secured by stocks aria bonds
All other loans and discounts
Total loans and (Recounts;
Investments:
U.S. Government securities
Other bonds, stocks and 'scuttles
TotalInvestments
Boston, New York
39
Phila.
Cleveland. Rkhmond Atlanta. Chicago. St. Louis. Minnsay Ran. City Dallas. San Fran
97
52
$
$
8,583
82,117
327.306 2.294.363
646,724 2,727,970
75
68
$
11,972
404.208
375,501
$
19.711
544,657
779,128
982,613 5,084,450
791,681 1,343,496
156,602 1.021.258
238.693 1.191.927
102.952
252.963
281.859
344,498
395,295 2,213,185
355.915 626.357
Total loans and Investments
Reserve balances with F.R. Bank 1,377.908 7,297,635 1.147,596 1,969.853
97.759 751.383
84,946 119.565
Cash in vault
20.503
79.302
15,920
30.768
Net demand deposits
890.222 5.826,078 778.334 1,016,719
Time deposits
417,110 1,249,170 227;607 804.769
Government deposits
37,309
46,041
28,199
28.337
Bills pay. & redlec. with F. R.
Bk.:
Secured by U.S. Gov't obligatione
1,615
122,538
5.418
19.349
Another
4,059
18,488
6,159
8,893
Total borrowings from F.R. Dank
5.674 141.026
11.577
28.242
Banker's' balances of reporting member banks in F. R. Bank cities:
Due to banks
135,463 1,109.224 187.024
47.545
Due from banks
39,798 101,200
75.707
27.585
Total.
99
33
24
3
4.640
138,881
381,462
49
$
$
27,369
6.032
104.160 786,941
401,163 1.263,494
3
12,181
201.331
312,895
67
$
2,542
61.059
168,969
$
3,685
97.742
318,750
$
2,990
73.966
231.407
524,983
511,355 2,077.804
526.407
232,570
420,177
308,363 1.200,845 14,004,744
43,646
56,998
311.150
439,222
59.992
107.187
71,037
43.388
112,355
81,244
129.088
100,644
750,372
167,179
114,425
193,599
654.071
41.174
13.295
365.155
206,042
8,947
611.999 2,828,176
41,733 255.664
49.192
11,159
350,0611,746.402
221.151 1.034.993
20,763
11,399
693,586
49.764
8,090
412.601
215,643
7,819
346.995
23.171
5.852
213,919
108.294
4,039
613.776
53.814
12,015
472.713
146.433
7,974
66,642
62.446
36
65
705
$
10,479
172.301
284.368 5,318,982
905,998 8,513,461
53.611
24,157
258.153 2.539.257
212.485 3,055,208
77,768
470,638 5.594,465
386.131 1.671.483 19.599,209
29.141 109,607 1.657.721
20,936
276.752
9.720
264.111 745.459 12.881.714
100.489 830.507 5.562.208
6,968
23.952
231,747
5,425
11,091
2,207
16.687
25.429
16,679
5,790
7,833
2,830
1.297
3,555
8.748
1,194
3,477
26,796
18.079
222,146
121,490
16.516
18,894
42,108
13,623
4,127
12,303
4.671
44.875
343,636
31.899
16.274
18,855
14.882
402,844
173.945
88,392
30.682
50,347
21,077
94,174
48,317
27,220
22,402
84.222 2,277,209
47,334
619,202
2. Data of reporting member banks In New York City, Chicago,
and for the whole country.
AU Reporting Member Banks.
Reporting Member Banks in N. Y. City.
Reporting Member Banks in Chicago.
April 281926. May 6 1925. May 5 1926. npri128 1926. May
6 1925. May 51926. AprU281926 May 6 1925.
Number of reporting banks
705
706
Loans and discounts, gross:
736
59
59
65
46
46
48
$
$
$
Secured by U. S. Gov't obligations
$
$
3
$
$
$
172.301,000
163,749,000
193,354,000
Scoured by stocks and bonds
57,233,000
52.313,000
71,488,000
21.105.000
16,421,000
23.637.000
5,318.982,000 5.289.965.000 4,875,929,000
All other loans and discounts
2,008,062,000 1.986.592,000 1.993,543.000 581,318.000 585,556,000 538.895,000
8,513,461,000 8,495,157.000 8315.969,000
2,401,540,000 2,370.143.000 2,236,694,000 697,113,000 694,167,000 699,601,000
Total loans and discounts
14,004,744,000 13,948,871,000 13,185.252.000
Investments:
4.466,835,000 4.409,048,000 4,301,725,000 1,299,536,000 1,296,144.000 1.262.133.000
U.S. Gov't securities
2,539,257,000
Other bonds, stocks and sesuritiess_ 3,055,208,000 2,533,270,000 2,539.866.000 905,449,000 895,045,000 905.455.000 165,892.000 164,349,000 175,243,000
3,042,865,000 2,943,332,000 889.364,000 887,681,000 905,366,000
205,114.000 203.743.000 191,474,000
Total Investments
5,594.465,000 5,576,135.000 5.483,198.000
1,794,813,000 1.782,726,000 1.810,821.000 371.006.000 368.092.000 366,717.000
Total loans and investments
19,599,209,000 19,525,006,000 18,668,450
000 6.261 648,000 6.191,774,000 6.112,546,000 1,670,542,000 1,664,236,000
Reserve balances with F. R. Banks_ 1,657,721,000
1,628.850.000
1,638,210,000 1,646,046;000
Cash in vault
9
0
6 0:639,0
0 711,897.000 698,079,000 182.876,000 158.173,000 176,320,000
276,752.000
276,149.000
278,749,000
Net demand deposits
64.656,000
63,835,000
02,291.000
20,876.000
21.181.000
12,881,714,000 12,829,008,000 12
26.726,000
,793,580,000
5.045.593,000
Time deposits
5,038,589,000
5,118,530,000 1,160.974.000 1,138.409,000
5,562,208,000 5,555,469,000 5,098,423,000
835,962,000 833.534,000 825,758,000 502,690.000 501.776.000 1,134,168,000
Government deposits
231,747,000
480,058,000
240,827,000
191,909,000
41,113,000
42,828,000
Bills payable and rediscounts with
33,489,000
8,903,000
9,342,000
14,939.000
Federal Reserve Banks:
Secured by U. S. Govt. obligations
222,146,000
191,387,000
132,053,000 113,950,000
81,732,000
59,550,000
All other
5,040,000
6,420,000
121,490,000
114,255,000
1,300,000
101.231,000
13,897,000
13,151.000
32,118,000
4,728,000
2,211,000
1,086,000
Total borrowings front F. R.bks
343,636,000
305,642,000
233,284,000 127,847,000
94.883,000
91,668.000
9.768,000
8,631,000
2.388.000
Loans to brokers and dealers (secured by stocks and bonds)
made by 59 reporting
member banks in New York City:
For own account
974,957.000 897,940,000
For account of out-of-town banks
1,007,731,000 1,023,681.000
For account of others
506,703.000 542,076,000
Total
2,489,391,000 2,463,697,000
May 5 1920.
[VOL. 122.
THE CHRONICLE
United States Liberty Loan Bonds and Treasury
on the New York Stock Exchange.—Below
we furnish a daily record of the transactions in Liberty Loan
1926.
14
May
Night,
Friday
Wall Street,
bonds and Treasury certificates on the New York Stock
Railroad and Miscellaneous Stocks.—The review of the Exchange. The transactions in registered bonds are given
2760.
page
on
Stock Market is given this week
in a footnote at the end of the tabulation.
The following are sales made at the Stock Exchange this
the
on
list
detailed
week of shares not represented in our
Daily Record of U. S. Bond Prices. May 8. May 10 May 11 Slay 12 May 13 May 14
pages which follow:
(High 1002,31 1002783 1002$33 1002/31 1001813 100"31
Vaulters' Oazette
Range for Week.
Lowest.
Highest.
Par.Shares $ per share. 8 per share.
Railroads.
Buff dr Susquehanna_101
100 62 May 11 62 May 11
Morris & Essex
8 803484ay 12 80%May 12
50
Nat Rys Mex 1st pf_li i
100 534May 12 544May 12
NY & Harlem
10 195 May 11 195 May 11
51
N Y Rys ctfs stamped_ _•
30285 May 11 295 May 8
NY State Rys pref_100
1001 43 May 12 43 May 12
Reading Rts
1.2001 17 May 10 174414lay 8
15 124%May :12434May 8
Rensellaer&Saratogal 16
Industrial & Misc.—
Abraham & Straus pf 100 200 107 May 810734May 8
AlbanyPrefWrpPapCo • 3001 27 May 12 27 May 12
• 1001 50 May 14 50 May 14
Alliance Realty
Amerada Corp
• 7,0001 25 May 10 2544May 8
Am Chicle Pr pf cUs . 1001 89 May 11 89 May 11
Am Home Products_ _ _ _ * 2,2001 2514May 11 2544May 8
3001 933-4 May 14 95 May 10
100
Am Piano pref
Am Power & Light---• 2.4001 5234May 14 5334May 13
100100 May 12100 May 12
American Snuff pref_100
1001 4%May 11 43jMaY 11
Auto Sales
50
• 200j 40 May 12 41 May 10
Barnet Leather
100 98 May 10 98 May 10
Bayuk Bros 1st pref_100
4001 91 May 10 91 May 10
Com Credit let p1(6).100
Congress Cigar
3001 4034May 14 403.iMay 14
50 1,1001 10 May 14 11 May 14
Durham Hosiery
8001 1234May 11 121451aY 8
25
Eisenlohr & Bros
• 4001 6334May 12 643jMay 13
Elec Auto-Lite
* 2.000 43-47*iay 11 4%May 8
Electric Boat
• 6,500 6444May 10 6544May 12
Elec Refrigeration
500 9 May 14 9%May 14
Elk Horn Coal Corp...°
Bunk Office Bldg pf _100 30010034May 810134May 141
First Nat Pic 1st pf__100 200 98 May 14 9834May 13
Fisk Rub 1st pf stpd-100 1,200 7934May 11 8034May iii
100 9644May 13 9634May 13
100
let pref cony
Gulf States St'l 1st pf 100 400109 May 14 10934May ill
Intercontinental Rub_.• 2,700 1334May 10 143jMay 12
Lago Oil& Transp Corp•23,600 1934May 14 1934May 14
• 3,500 40 May 10 41%May 12
Lambert Co Ws
* 1,000 18 May 8 18 May 81
Life Savers
100104 May 10 104 May 10
Mack Truck 2nd Paid__
100 7344May 14 7334May 14
Mallinson & Co pref_100
35 May 10 35 May 101
400
Sugar
100
Marian
• 1,200 33 May 12 343(May 10
Miller Rubber
100 118 May 10 118 May 10
Montana Power pref _100
N Y Canners cnv pref . 100 84 May 12 84 May 12
100109 May 11 109 May 11
NiagLock&OntPwpf_100
500 79 May 10 80 May 11
Norwalk T &Rub prf 100
200 105 May 12 105 May 12
011 Well Supply pref_100
*14,500 1434May 8 1744May 12
Omnibus Corp
100 92 May 10 92 May 10
100
Preferred
Panhandle P & R pf_100 400 87 May 13 90 May 8
Pub Ser of N J pref 6_100 400 98 May 13 9934May 14
100 99 May 13 99 May 13
Reid Ice Cream pret100
Southern Dairies cl A _.* 2,100 46 May 14 4734May 12
*13,500 293-4Mar 10 303.iMay 12
Class B
100 10334May 14 10334May 14
Spalding Bros lst pref100
Stand 011of Calif new.... 4,700 524413lay 1 5334May 13
Thompson (J It) Co__25 200 43 May 13 4334May 14
Un Carbide & Carbon_* 7,300 7944blay ii 81'/,May 13
100 334May 12 344May 13
100
U S Express
* 500 45 May 14 453.4May 12
Vick Chemical
100 88 May 13 88 May 13
Vulcan Denning met 100
100 100100%May 1$ 10044MaY 13
Vivaudou pref
200 434May 14 434May 14
1
Wells Fargo & Co
100 80 May 14 80 May 14
Westinghouse 1st pref_50
300 8 May 14 834May 10
*
Wilson & Co new
• 500 1544May 14 16%May 13
A new
100 200 4331May114 4334May 14
Preferred new
•No par value.
Range Since Jan. 1.
Highest.
Lowest.
2
r,44„,>,4444,,
444
,›»*m4x444444,,4
,,..4*4.4.,4,4,4
g41,0410,10.75,t4i4
2,ge,444W,W,,egget47,
,
,14tggv.,
44V-W4nnnIltvomgv,V411a.V14411
Sales
for
Week
M 0. w..*=.,>
emoo4.
w0w0.0.0.ti
womow4.mo.w.qww.wwQ.....4. co.ww-iww-400ww00,-; owa...mmo.mo.o.oww0-4,
r4
A
A AAA AA X
AXAXA AX
A
X
AX AAA
AX
A4 =AAA
STOCKS.
Week Ended May 14.
Certificates
$ per share.
Feb
65
Mar
81
834 Jan
Jan
205
May
295
5034 Jan
2234 Feb
12434 May
108
2734
50
2634
90
26%
98
533-4
10234
434
5734
10034
9936
4334
19
2034
8234
834
6734
1234
10134
107
8434
107
10946
2134
1914
4234
2134
104
7834
503-4
4434
11934
85
0934
89
107
2234
9834
90
10034
100
52
31
105
5)3.4
4'44
8634
4
5144
95
10334
434
8714
9
1734
4534
Mar
May
Mar
Apr
May
Apr
Jan
May
Mar
Jan
Feb
Feb
Feb
Apr
Feb
Feb
Feb
Feb
Apr
Feb
May
Feb
Mar
Mar
May
Feb
May
May
Feb
May
Mar
Jan
Feb
Jan
Apr
Mar
Jan
Feb
Feb
Feb
May
Jan
Jan
Apr
Apr
Mar
May
Feb
Mar
Jan
Feb
Mar
Feb
May
Feb
Apr
May
Apr
New York City Banks and Trust Companies.
Banks—N.Y Bid
America •... 360
Amer Ex Pat 425
AmerUnion• 208
BoweryEastR 370
BroadwayCen 335
Bronx Bony._ 1250
Bronx Nat... 420
Bryant Park. 210
Butch & Dr°, 170
Capitol Nat_. 215
Cent Mercan. 275
420
ChaseChath Phenix
Nat Bk &Tr 338
ChelseaExch• 222
Chemical... 740
Colonials.... 550
Commeree. _ 367
Com'nwealth. 300
Continental_ 270
Corn Exch.. 545
Cosmop'tans. 220
Fifth Avenue* 2100
2550
Finn
Franklin__ 170
365
Garfield
Globe Exch-• 200
325
Grace
Greenwich*. 525
• Banks marked
p Fx-rfehts
All prices dollars per shore
Bid. Ask. Trutt Co.. Bid. Ask
Banks.
New York.
Hamilton ___. 192 199
1040 1060 American-- .... --Hanover
Harriman__ 540 570 Bank of N 1
& Trust Co1597 605
Manhattan* . 225 230
___ Bankers Trust 605 610
Mutual.'
500
Nat American 180 200 Bronx Co Tr. 310 325
National City 592 598 Central Union 830 840
225 250
New Neth..... 265 275 County
340 347
492 500 Empire
Park
263 268
Tr
Equitable
Penn Exch._ 124 184
__. Farm L dr Tr_ 495 505
Port Morris_ 215
287
282
Trust
Fidelity
535
525
.
Public
3b5 410
Seaboard_ - -. 600 610 Fulton
175 185 Guaranty T1'. 354 359
343 Seventh
600 650 Irvine Hank228 Standard_
Columbia Tr 810 314
575 600
760 States
157 162 Lawyers Tr.. --- ..Trade*
._
215 230 Manufacturer 495 502
370 iTnited
310 UnitedStates• 295 300 Mutual(Wein
cheater)._ 175 200
280 Wash'n Hts.). 650 800
N Y Trust__ 495 502
Brooklyn
555
Gu & Tr 630 640
Title
300
250
Island'
Coney
245
1375 ___ ll S Mtg & Tr 390 400
4400 First
MO Mechanics'•._ 325 332 United Stater 1710 1740
-___ Westches Tr. - - 190 Montauk.._ 305
Brooklyn.
375 Municipal' _ 285 290
350 360 Brooklyn -- 710 725
240 Nassau
—. Kings Count) 1900 2100
-_. People's_ _ _ _. 580
t260 275
Midwood.
560 Queensboro* 200
as'- -- xi I) New stock.
(*) are State banks
Ask.
___
432
215
380
375
1350
440
240
180
230
285
925
First Liberty Loan
336% bonds of 1932-47_4 Low. 100,433 100,53: 1002533 1002,31 1002,33 1002133
(Close 1002433 100"n 100253, 100",, 100"s: 1002513
(First 3343)
5
186
8
4
9
86
Total sale.s in 11.000 units___
-Converted 4% bonds of (High
Total sales in $1,000 Units_ —
Converted 441% bonds !High 10-2-1;33 10-2-2i33
of 1932-47 (First 43433)(Low. 102",, 102"3,
(Close 1025533 1021533
6
8
Total sales in $1,000 Units__
Second Converted 44i%(High
------bonds of 1932-47 aim{LowSecond 430
-Total sales in 11,000 units—.
--(High
---- 1.00.33
-Second Liberty Loan
____ 10063,
4% bonds of 1927-42_ _ _ _ i Low_
---- 100,s,
(Close
(Second 4s)
1
-Total sales in 11,000 units__
..n 100.533
-.
100
Converted 434% bonds (High
of 1927-42 (Second (Low_ 10028,2 1(10"31
._ __------(Close 1002°33 1001733
434s)
38
146
Total sales in $1000 units__
Third Liberty Loan
(High 101'ss 101":,
434% bonds of 1928---iLow_ 101833 10113:
(Close 10123, 101132
(Third 444s)
74
117
Total sales in $1,000 Unit,...
33
Fourth Liberty Loan
(High 103533 103,
4H% bonds of 1932-38„(Low_ 103433 103531
(Close 1035ss 103531
(Fourth 441s)
192
111
Total sales in $1,000 units—
(High
____ 108 431
Treasury
___.. 1085533
(Low_
414e, 1947-52
---- 1081133
(Close
1
____
Total sales in 11,000 units_
(High 104.31 1045.33
45. 1944-1954
Mow_ 103191, 104",,
(Close 104.33 1041,ss
10
2
Total sales in 11,000 says__
-___ 1011033
(High
. 101,
31
344s, 1946-1956
1 1,,..
,,
---- 101,
orlon
5
Total sales in $1,000 visits__
__--
10E33 10-2-5i33 1012;33 10-2-1133
102"3, 102"st 102",, 102,533
102"s: 102",: 102"ss 102"::
a
12
7
140
--------------111111032
100.033
1000s,
1005.33
100"3:
1002133
63
101",:
101833
101103,
626
33
103,
1031ss
103,11
194
108",
108",
108"s
44
104523
104531
10403
77
101533
101'3,
1010st
19
------,-.:___ 100‘.33
___
___ 10014:3
___
--------10011,,
6
100nn
-- -2533 1002i33
100
10027,2 100"s: 1001533
1002733 100",: 100"ss
97
96
25
101",: 101"ss 101oss
33
101,33 101933 101,
101"ss 101,ss 101's:
643
60
95
33
103533 1035,3 103,
103533 103532 103511
31
33 103.33 103,
103,
156
133
310
108",, 108",, 108",,
108":, 10810n 108"n
108"st 108"ss 108"st
4
8
46
104).33 104",, 104"ss
1041031 1041531 1041533
109533 1041033 1045.3,
1
12
2
1011533 1015531 1011132
101"s: 101"ss 101",s
,, 101":1 101"ss
101,
102
60
141
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
103 1st 344s
7 1st 4Iis
1 231 4s
15 2d 434s
100nn to
102,ln to
100533 to
100",, to
1005,s1 25 3d 434,
102":, 214 4th 430
1 Treasury 4343
100533
100"3,
101.31 to 101531
1032,1 to 103,is
108,4: to 108°,,
Foreign Exchange.—Sterling exchange ruled quiet but,
firm and higher, recovering all of the losses occasioned by the
British general strike. In the Continental exchanges irregular weakness prevailed with the establishment of sensationally
low quotations for French, Belgian, Italian and Polish exchanges, chiefly as a result of financial and political difficulties.
To-day's (Friday's) actual rates for sterling exchange were 4 82%©
482 15-16 for sixty days,4 8604 863-16 for checks and 48634 @486 9-16
for cables. Commercial on banks, sight, 4 85,74(4t4 86 1-16; sixty days,
4 8234004 827-16: ninety days, 4 803404 80 15-16, and documents for
payment (sixty days), 4 823465482 11-16. Cotton for payment, 4 85 H
@486 1-16, and grain for payment. 4 85%04 86 1-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 2.98A@
3.0334 for long and 3.033.4 03.08 for short. German bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders were
39.76 for long and 40.12 for short.
Exchange at Paris on London, 158.75 fr.; week's range, 154.90 fr. high
and 158.75 fr. low.
The range for foreign exchange for the week follows:
Cables.
Checks.
Sixty Days.
Sterling Actual—
486 9-16
4 86 3-16
482 15-16
High for the week
485 13-32
485 1-32
4 81 25-32
Low for the week
Paris Bankers' Francs—.
3.16
3.15
3.0934
High for the week
3.0534
3.04H
2.9834
Low for the week
Germany Bankers' Marks—
23.81
23.81
High for the week
23.81
23.81
Low for the week
Amsterdam Bankers' Guilders—
40.22
40.20
39.76
High for the week
40.1834
40.1634
39.7234
Low for the week
Domestic Exchange.—Chicago. par. St. Louis, 15025c. _per $1,000
discount. Boston, par. San Francisco, par. Montreal, $.9375 per
$1.000 premium. Cincinnati, par.
The Curb Market.—The review of the Curb Market is
given this week on page 2760.
A complete record of Curb Market transactions for the
week will be found on page 2785.
CURRENT
NOTICES.
—National Bank of Commerce in New York has been appointed registrar
of the common and preferred stock of United Gas & Electric Corporation.
—The Equitable Trust Co. of New York has been appointed dividend
disbursing agent for stock of the Brill Corporation.
—Chase, Falk & Kelley announce the removal of their offices to 34 Pine
Street, New York.
—Albert G. Rich & Co., dealers in investment securities, announce the
Companies.
removal of their offices to 80 Wall Street, New York.
New York City Realty and Surety
All priers dollars per share
—Carlton, Hoeppe & Co., Chicago, announce the removal of their offices
Std. Ask
Ask
Bid
Ask
Bta
to 39 S. La Salle St. Telephone Randolph 0980.
ASSOC
Realty
147
Alliance MD 4918 50 VItge Bond__ 137
(Bklyn)con 212 217
—Union Trust Co. of Maryland, Baltimore. announces the appointment
Amer Surety. 170 175 Nat Surety__ 210 215
92
lst pref____ 88
Bond & M 0_ 310 315 N Y Title &
of William G. Haney as manager of their investment department.
90
so
_
_
pref
2d
Lawyers Mtge 262 267
Mortgage- - 445 455
—Averill Tilden & Co., Chicago, have removed their offices to 134
US Casualty. 310 330 Westchester
Lawyers Title
Title & Tr. 495
So. La Salle St. Telephone number, Main 5025.
& Guarantee 292 299
—Charles D. Robbins & Co., 44 Wall St.. New York. have prepared
(1) New Stock.
&c. for distribution a circular relating the activities of the Southern Dairies, Inc.
Quotations for U. S. Treas. Ctfs. of Indebtedness,
—Peabody, Houghteling & Co., Inc., announce the opening of a branch
Int.
Asked
Bid.
Rate.
Maturity.
office in charge of Harry P.Schaub, Military Park Building,60 Park Place,
Bid. Asked.
Rate.
Maturity.
Newark, N. J. Telephone Mitchell 9140.
995133 100'3,
Sent.15 1926... 43(% 100.13 1001133 rune 15 1926.. 34%
—National Bank of Commerce in New York has been appointed Transfer
434% 101,10 101"3,
Dec 15 1927._
351 99"1: 100
June151926_
103
cf
ol.s,
1.4
Agent of the common stock of the Servel Corporation.
Dee 18 1026- as .t 100.13 10034 star I 10.37
•
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
2771
OCCUPYING SIX PAGES
For sales during the week of stocks usually inactive, see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 8.
Monday,
May 10.
Tuesday,
May 11.
Wednesday, Thursday,
May 12.
May 13.
Friday,
May 14.
8 per share $ per share $ per share $ per share 5 per share $ per share
*4412 ____ *4412 _-__ *4412 ____ *4412
*4412 --__ *4412 _-___ *6912
_
*6912
__ *6912 ___ *6912
_ *6912
*69124
- - 129 1-3014
128 1283
12812 119
12912 1313
- 8
- 4 1305a 1313
- - -8 130 1307
99
*9834 98713 9878 9878 9834 9834 9834 99
9834 9878 99
1
1
1
1
1
1
84 1
78
34
1
34
196 196
19014 19234 193 195
194 196
195 19714 193 195
8678 8634 8778 8612 87
86
864 8512 8618 86
8618 8658
6914 69
69
*6914 6012 6914 6914 *6914 6938 6914 6914 *69
*40
41
*3912 4012 *3978 4012 *3978 4012 *40
4012 *40
4012
*9978-- - *9978
*9978
-- *9978 _ _ *9978 ___ *9978 . _
--- 6214 -63
6218 -6278
6234 -636212 6361 -6114 6234 633
- 4
82
82
82
*8112 8312 82
82
82
*82
83
8214 824
*1112 13
13
1338 1312 13
*12
13
1134 1134 1238 1212
72
*67
*67
72
*66
72 *67
72
70
70
*67
72
*59
61
*59
61
61
*59
61
*59
61
59
59
*59
155 156
15512 156
15512 15634 15634 157
15634 15734 15612 15711
*248 270 *248 260 *248 260 *250 260 *248 260 *250 260
121 12114 12018 12112 121 12214 121 12212 121 12134 82114 12178
*122 126 *120 126 *12214 126 *122 126 *120 126 *12114 129
74 77
734 734
712 734
712 712
712 7'z
734 734
101s 1014 11
*1038 11
11
1012 1012 1014 1014 *10
11
*200 225 *220 225 *200 225 *200 225 *206 225 *200 225
*3014 3034 3014 3014 *3014 31
*3014 3034 *3014 3034 "3084 3034
*38
40
*3812 41
*38
40
*38
40
*38
40
*38
40
814 814
812 812
*814
834 *818 9
8
812
814 814
1814 1834 1812 1812 1938 1978 1914 1934 19
1918 *184 19
1012 1012 1014 1012 1014 1038 1018 1018 10
10
10
10
1088 1012 1038 1038 1018 1038 *934 1014 10
10
*934 10
1712 1734 1612 1712 1612 1714
17
17
1634 1634 *1614 1684
1712 1732 1612 1734 1612 1612 *1634 17
1614 1634 1618 1614
6914 694 6822 69
6834 70
69
70
6912 6934 6912 70
*125 127 *124 127 *124 126 *124 126 *124 126
12578 126
471s 4714 4714 4814 4812 4912 4834 5034 49
5038 4834 492
*98
99
*98
99
*98
*9812 99'i
99
*9814 99
99
99
*85
86
*8514 86
88
86
861
86
86
*8612 8714 86
*45
*95
*58
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926
On basis of 100-share lots
Lowest
Highest
Shares.
5 per share
$ Ng Aare
Railroads.
Par
100
------ Ann Arbor
100
Do pref
12,500 Atch Topeka & Santa Fe100
100
1,400 Do pref
100
6,500 Atlanta Birm & Atlantio
100
7,000 Atlantic Coast Line RR
100
15,000 Baltimore & Ohio
100
300 Do Prof
50
Bangor & Aroostook
Do pref
100
- ___
_7.800 Bkin Manh Tr v t o___No par
No par
1,000 Do pref v t 43
600 Brunswick Term & Ry Beo_100
10 Buffalo Rochester & Pitts_100
100
10 Canada Southern
100
5,400 Canadian Pacific
Central RR of New Jersey_100
100
15,300 Chesapeake & Ohio
100
Do pref
100
2,100 Chicago & Alton
100
1,100 Do pref
100
C C C & St Louis
100
100 Chic & East Illinois RR
100
Do pref
100
1,100 Chicago Great Western
100
3,200 Do pref
2.900 Chicago Milw & St Paul-100
100
2,300 Certificates
100
8,600 Do pref
3,100 Preferred certificates-100
4,200 Chicago & North Western_100
100
300 Do pref
16,500 Chicago ROCk lel & Faelflo_100
100
100 Do 7% preferred
100
700 Do 6% preferred
44 Jan 19 45 Jan 6
22 Feb 48 Dec
644 Jan 21 6914 Jan 27
40 Mar 67 Dec
122 Mar 30 139 Jan 5 11614 Jan 14012 Dec
9212 Feb 98 Dec
9418 Mar 5 9912 Apr 28
3
Jan
1134 Dec
58May 5 10 Jan 2
18112 Mar 30 26212 Jan 2 14714 Jan 268 Dec
71 Mar 9412 Dec
8312 Mar 3 9534 Jan 11
6712 Jan 6 6334 Feb 10
6278 Apr 6734 Nov
3514 Mar 5612 Nov
33 Mar 2 46 Feb 1
9778 Feb 8 10012 Apr 29
89 June 100 001
544 Mar 31 6914 Feb 5
3518 Jan 64 Nov
78 Mar 31 8614 Jan 29
7278 Jan 8334 Dee
3 Feb
812 Mar 4 1438 Mar 18
1714 Nov
48 Apr 9258 May
6934 Mar 26 84 Jan 4
58 Jan 15 60 Apr 9
56
Jan 59 May
14812 Jan 9 162 Feb 3 13812 Mar 15238 Jan
240 Mar 30 305 Jan 11 265 Mar 321
Jan
112 Mar 2 13614 Mar 12
8914 Mar 1304 Dec
119 Jan 20 136 Mar 12 10514 Apr 130 Dec
6 Feb 24
114 Feb 20
352 Apr 104 Feb
518 Apr 1912 Feb
938 Feb 25 1814 Feb 13
17314 Mar 29 227 Apr 29 140 May 200 Dee
3014May 10 37 Feb 10
2934 Mar 3814 Aug
3612 Mar 31 5134 Feb 10
40 Mar 5714 Jan
12 Feb 20
9 Jan
734 Mar 31
15 Feb
1614 Mar 30 28 Jan 2
1914 Mar 324 Feb
34 Apr 1682 JAI
9 Mar 29 1412 Jan 6
818 Apr 20 14 Jan 8
7 Sept 11 Nov
1418 Mar 31 2214 Jan 9
7 Apr 284 Jan
14 Apr 20 2178 Jan 5
1278 Oct 22 Nov
6514 Mar 30 8178 Jan 2
47
Apr 807s Dec
11812 Jan 4 12612 Apr 30 10134 Apr 120 Dec
4012 Mar 3 6034 Jan 15
4018 Mar 5872 Dec
96 Mar 4 100 Jan 2
92 Jan 100 Dec
8314 Mar 31 90 Jan 29
82 Mar 8912 Mat
53
*45
52
*45
53
*45
53
*45
53
53
*45
Chic St Paul Minn & Om__100
110
*95 110
100
*95 110
*95 110
*95 110
Do pref
*95 110
61
*57
100
60
*57
61
*57
61
Colorado & Southern
61
*58
61
*57
-- *67
___ *6612 __- *66
100
___ *6712 ___ 6714 671
200 Do let pref
*67*57
60
100
*57 -60
*57 -60
62
62
*57 -60
60 -60
200 Do 2d pref
100
157 157 *156 159
15534 15534 157 15714 *15714 15734 157 158
1,100 Delaware & Hudson
*133 13534 134 134
13314 13314 2,000 Delaware Lack & Western_ 50
134 135
13412 13434 13314 134
*3818 40
*3818 40
*3818 3978 3314 3812 3758 3812 *3812 40
500 Deny Rio Cr & West prof....100
*312 418 *313 413 *312 44 *312 4
*312 4
*312 4
Duluth Sou Shore & AtL.100
*532 612 *538 61
100
Preferred
*512 6
*512 6
*512 6
*512 6
3138 3112 3114 311
3138 3218 32
100
3218 3112 3178 13,200 Erie
3238 32
3814 3832 3712 3838 38
100
3812 38
3838 384 3814 3778 374 4,400 Do 181 prof
*3312 35
*33
100
35
*3312 35
•33
3412 3358 3358 3314 3312
300 Do 2d pref
72
7218 7158 72
100
72
7238 4,400 Great Northern pref
7214 72
7214 72
7214 72
2112 2112 211
21. 2114 21
2078 21
1912 2034 1912 2014 10,200 Iron Ore Propertles-No par
*2612 28
2612 261
2612 261 *2612 29
*27
28
200 Gulf Mobile & Northern....100
*27
2734
*9812 100
*9812 100
100
*9812 100
*99 HO
Do pref
*99 100
*99 100
100
3818 3818 374 3838 3734 3734 38
3838 *38
3834 23712 3758 3,300 Hudson & Manhattan
75
7412 741 *7212 74'l 74
*74
100
7412 7412 742 *7212 7412
200 Do prof
*11618 11714 *116 1171 *11612 1181 *11712 11914 *11712 11812 *11712 11914
100
Illinois Central
*119 124 *119 120 *119 122 *119 124 *119 124 *119 124
100
Do pref
7434 75
75
7514 7412 75
75
520 Railroad Sec Series A__1000
7514 *75
75,2 7534 7524
*25
2712 *25
2712 *25
Int Rye of Cent America 100
271 *25
2712 •25
2712 *25
2712
'
06214 66
100
*62
6512 *6214 66
*6214 66
Do pref
*62
66
*6214 66
4034 4112 4012 4234 4112 433
4212 4334 4338 4414 4212 4338 13,700 Interboro Rap'Fran v t 0-100
•114 2
100
*114 2
*114
114
114 *_
134 *____
134
100 Iowa Central
178
39
3912 3814 3912 39
397g 3914 4012 3878 3978 384 3912 7,400 Kansas City Southern
100
*62
64
100
*6212 64
*6212 64
Do prof
6312 6312 6312 6312 *6312 6334
200
81
81
81
50
81., 81
81
1,500 Lehigh Valley
8134 8218 *8112 8212 8058 81
122 122
12184 12114 123 123 *123 126 *122 123
100
122 122
600 Louisville& Nashville
*80
90
*8018 90
Manhattan Elevated guar_100
*80
90
*8018 90
*80
90
*80
90
5134 5134 5014 5112 5218 5312 5214 53
100
5312 5312 5212 5212 3,100 Do modified guar
*6
7
*6
7
*612 7
200 Market Street Ay_-._ 100
612 612
612 612 *614 7
*28
100
35
*26
35
*28
35
*28
35
26
26
*28
35
100 Do pref
4014 4014 *4012 42
100
*4014 42
4018 4018 *4012 42
4018 41
500 Do prior pref
*15
17
100
*15
prof
17
18
*15
18
Do
2d
*15
17
*15
18
*15
*2
100
212 *2
214 *2
Minneap & St Louts
212 *2
214 *2
214 *2
214
*34
3612 *35
Minn St Paul & S 13 Marie_100
38
*34
3612 *34
36
*34
36
*34
36
100
*56
60
59
59
100 Do pref
*56
60
60
*56
60
*56
5914 *56
*6312 6612 *6338 6812 '
661
100
364
6612 *64
*64
100 Leased lines
6612 66
66
*3512 3614 35
3512 3512 36,4 36
3612 *3534 3614 3514 3538 2,600 MG-Ran-Texas RR_No par
100
8912 8912 89
8914 89
*8912 8934 8912 8938 1,300 Do pref
8912 8934 90
3014 3058 30
100
3158 31
31
3058 31
11,100 Missouri Pacific
31
3078 3112 31
7754 78
100
7734 7814 784 79
7958 79
7912 7858 7914 5.900 Do pref
79
*151 175 *150 175 *150 175 *150 175 '
Nashv Chatt & St Louis-100
3150 175 *150 175
*238 234
212 212
24 212 *214 212 *232 212
300 Nat Rye of Mel 2d pref _100
238 238
912012 123 *12012 123 *12012 123
400 New 011 Ten & Mexleo___100
122 123 .12112 12312 *121 124
12114 122
100
12034 122
12114 12134 12134 12234 12218 12234 12218 1227e 15,900 New York Central
157 157
156 156
1,200 NY Chic & St Louis Co_100
157 157
158 158
15718 15718 2156 157
*99
9912 •99l4 99(2 9914 9912 9912 9912 9958 9938 299
100
99
488 Do Prof
3434 3434 3418 35
100
35
3534 3512 3.838 3512 36
354 357 10,600 NY NE & Hartford
21
21
21
21
21
2178 2178 2214 2178 217s 22
2,400 NY Ontario & Western_ _100
22
385 385 •365 390 *370 387 *365 390 *370 390 *370 390
9 X Y Railways part Mfa_No par
14
1414 •14
16
1414 1414 *14
15
*14
15
•14
15
500 Preferred certificates-No par
•22
25
*22
25
*22
25
*22
28
*22
28
*22
New York State Rallway8 100
28
*2934 33
*30
33
100
*2912 33
*2912 33
30
31
*3114 34
400 Norfolk Southern
*14212 145 *14212 14312 14212 143
100
14312 144
144 144
143 14312 2,100 Norfolk & Western
*83
86
*83
86
*83
86
*83
100
86
*84
86
*84
86
Do prof
693, 69% 6914 6978 6918 70
6912 7078 *70
100
4,700 Northern Pacific
7014 6972 70
*27
31
*27
31
*26
30
*26
30
*26
30
*26
Pacific Coast
100
30
51
5113 51
5138 5118 5138 5114 5114 511s 513it 511s 5138 5,900 Pennsylvania
50
•1934 21
*19
21
*20
22
2012 2012 *20
21
100
*20
21
100 Peoria & Eastern
81
813s 8134 83
*8112 8212 *82
83
8258 8258 82
8212 1,700 Pere Marquette
100
*86
8712 *86
8812 *86
8812 *86
*86
8658 86
100
86
100 Do prior pre:
87
76
7612 76
76
7812 7612 7634 7678 7634 7634 7634 7634 1,400 DO prof
100
14434 14434 *14458
•14458 _ _ •14438
.*14438 ___ *14458 _ .
20 Pitts Ft Worth & Chic pf-100
10312 10312 102 1-034 *102 103-12 10218 1-1:124 *101 1-04 -103 103-38 1.100 Pittsburgh & West Va
100
82
8212 8112 824 8211 8318 8258 8312 8212 8258 8212 8212 7,700 Reading
50
*1012 4138 *40
4114 4012 4012 *40
41
*40
41
*40
50
41
100 Do 181 pre:
*11
42
41
41
*4012 42
*4012 42
*4012 4112 404 404
40
200 Do 26 pref
*44
50
*4212 49
*44
50
*44
50
*44
50
100
*14
Rutland RR prof
50
"
9912 91
8918 9014 8912 90
8934 9012 904 9118 9014 9014 2,900 StLouis-SaaFranclsco
100
*87
8712 *87
8734 '387
8734 8734 8734 *8612 8734 8714 8714
200
800 Do pref A
_66
664 6534 664 66
67
664 6734 6534 67
100
6512 66
3,200 St Louis Southwestern
7712 7812 *7712 7812 *7712 '7812 *7712 7812 *774 7812 *7712 7812
100
Do pre
28
2812 2712 2814 2712 29
2812 2812 2872 29
100
28
2914 3,100 Seaboard Air Line
•33
34
32
32
3218 33
109
33
33
33
33
3334 3334 1.400 Do prof
9918 9914 9834 9938 99 100
100 imps 9934 10018 9958 9934 4,900 Southern Pacific Co
100
1084 10834 10712 109
10812 11014 10834 11012 10912 1094 1094 10914 13,300 Southern Railway
100
*9034 9112 9114 9114 *9034 91
91
91
9034 91
100
9034 91
1,000 Do prof
5134 5214 5114 5218 5178 5334 5214 5378 5234 5334 52
100
5314 16,100 Texas & Pacific
3412 3434 364 3512 3534 3534 368* 3514 3512 6,000 Third Avenue
34
3433 35
100
- 6878 *____ 6918 *6812 6612 *6818 691
.6858 6858 et.
6918 6912
300 Twin City Rapid Transit _100
14614 14738 14634 14714 14714 14784 147 14738 6,500 Union Pacific
.4612 14738 14512 147
100
.78
7818 78
7818 7814 7814 784 7818 7834 7834 7812 7878 1,200 Do prof
100
.2518 2612 *2514 2612 2534 2534 2534 2578 2534 253
2614 2614
600 United Railways Inveet___100
-8418 85 "844 8434 8414 8414 8414 8518 *8412 85
100
8512 86
1,400 Do pref
ggis 39
3738 3834 3818 3914 3878 393
39
100
391
384 3914 29,000 Wabash
7118 7114 7014 7114 71
7138 7158 7158 71
711
100
7012 71
3,800 Do prof A
65
*58
65
*60
*58
65
100
65
"60
85
*50
*60
65
Do pref E
1114 12
1134 1l4 1112 111 *1114 1134 3,100 Western Maryland
100
•1114 1112 1114 1114
19
191
19
19
*1719 19
100
*1712 1812
*1710 1810 *1734 18
400 Do 26 prof
• Old and asked vices. s Ex-dividend. 0.Ex rights.
PER SHARE
Range for Previous
Year 1925.
48 Apr 5
100 Mar 16
52 Mar 3
62 Mar 2
59 Jan 11
15014 Mar 30
129 Mar30
3758May 13
4 Mar 29
512 Apr 22
2212 Mar 29
3334 Mar 30
30 Mar 30
6812 Mar 30
1912May 13
2518 Apr 20
95 Mar 29
3458 Jan 22
6734 Mar 31
11312 Mar 3
11512 Mar 30
7114 Jan 6
2514 Mar 30
62 Mar 30
2412 Jan 15
114May 12
3414 Mar 3
6058 Mar 31
7512Mar 3
118 Mar 30
84 Mar 3
3818 Jan 26
612May 12
2614 Jan 5
4018May 11
1312 Jan 18
2 Mar 3
34 Apr 21
55 Mar 20
6212 Jan 4
32 Mar 3
82 Mar 2
27 Mar 3
7112 Mar 3
150 Apr 3
2 Mar 18
120 Mar 30
117 Mar 30
130 Mar 3
93 Mar 11
3058 Mar 30
1934 Mar 30
296 Jan 4
6 Jan 25
22 Mar 24
2778 Apr 15
13914 Mar 30
84 Jan 7
6534 Mar 30
2434 Mar 31
484 Mar 30
19 Mar 4
67 Mar 3
79 Mar 3
7034 Mar 29
1424 Jan 2
85 Mar 30
79 Mar 30
40 Jan 5
40 Mar 30
42 Apr 8
85 Mar 30
8312 Apr 1
5712 Mar 19
72 Mar 19
2712 Mar 31
3112 mar 31
964 Mar 30
10358Mar 30
8712 Apr 6
4218 Mar 30
1312 Jan 8
68 May 4
14112Mar 30
744 Jan 6
1934 Mar 3
65 Mar 2
337s Mar 30
68 Mar 30
57 Mar 29
11 Mar 3
164 Mar 30
53 Jan 26
114 Jan 9
65 Jan 13
68 Apr 27
62 May 14
17414 Mar 12
15312 Jan 12
47 Jan 2
ills Jan 23
814 Jan 18
40 Jan 2
4558 Jan 4
43 Jan 2
7858 Jan 4
2714 Feb 15
3514 Jan 7
1023s Jan 28
40 Apr 8
7512 Feb 20
124 Jan 2
12312 Jan 2
7534May 14
31 Feb 13
65 Apr 9
4678 Apr 22
312 Jan 15
4932 Jan 13
64 Mar 11
87 Feb 13
143 Jan 4
9234 Apr 20
5712 Apr 23
10 Feb 9
40 Feb 9
5138 Feb 10
2212 Feb 10
378 Jan 11
5212 Feb 3
79 Feb 3
6678 Feb 24
474 Feb 9
95 Jan 4
4014 Jan 14
8914 Jan 4
188 Jan 14
412 Jan 7
13212 Jan 9
13558 Jan 2
1814 Jan 11
9978 Feb 11
4534 Jan 2
2878 Feb 13
385 May 8
2014 Feb 5
2812 Jan 14
87 Jan 13
15714 Jan 19
85 Jan 7
7612 Jan 2
48 Jan 6
5518 Jan 2
2634 Jim 14
8812 Mar 11
8712 Feb 24
8012 Jan 13
145 Mar 30
1194 Jan 11
9014 Jan 11
42 Apr 26
4238 Apr 26
57 Jan 7
10114 Jan 21
8812 Jan 22
74 Feb 9
78 Apr 30
51 Jan 2
4838 Feb 18
1044 Jan 2
11934 Jan 4
9212 Jan 2
6158 Jan 13
43 Apr 23
7834 Jan 4
150 Jan 2
784May 14
274 Apr 7
8634 Apr 6
52 Jan 12
7834 Jan 13
72 Jan 29
1658 Jan 4
24 Jan 4
Lowest
Highest
$ per share 5 per oars
3318 Apr 5912 Jar
7314 Apr 12018 Dec
4418 Jan 7012 Sept
60 Mar 6634 Dec
54
Jan 6212 Aug
13312 Mar 155 AM
125 Mar 14734 June
3458 Oct 60 Jai
238 Apr
512 Dec
834 Apr
818 Dec
2634 May 3938 Dec
35 June 4678 Jan
34 June 4334 Jae
60 Apr 8258 Dec
25 Dec 4038 Jag
23 Mar 3638 Sept
8912 Mar 1094 Sept
2134 Mar 3838 Aug
6412 Feb 72 July
111 Mar 1254 Dec
11212 Apr 12514 Dm
684 Aug 7414 Dec
18 Jan 3318 Sept
5912 Jan 6612 July
1312 Mar 8412 Feb
02 Jan
ais Mal
2858 Mar 51 Dm
57
Jan 6314 Dec
69 Mar 8812 Dec
108
Jan 148 Dec
64 May 11912 Sept
3218 Mar 5114 Feb
6 Nov
12 Sept
20
Jan 44318 Sept
4214 Nov 6514 Sept
15 Dec 3514 Sept
214 Oct
4 Mai
3058 Apr 57 Nov
40 Mar 8614 Nov
5712 June 63 pet
2814 Jan 4512 Sept
7434 Jan 9212 Dec
3058 Jan 4134 Dee
71 Mar 9112 Dec
143 Apr 192 De(
112 June
314 Del
11314 June 13712 Dm
ll3lgJune 1374 Del
118 June 183 De4
884 Jan 9872 Not
28 Mar 47 Do
204 Apr 3434 Alli
282 Aug 816
Oc
5 Dec 12 .111111
21 Dec 36 Jull
2178 Apr 45 Sepi
12312 Mar 151 Do
754 Jan 86 De
5814 Apr 7814 De,
20 Aug 6018 De
4212 Apr 5518 D•
1334 Apr 2138 De
6138June 8512 Do
78 July 8934 De
6812 Apr 7958 De
139 Jan 144 Nol
63 Mar 123 De
6934 Mar 9114 Jun,
354 Mar 41 Jun,
364 Mar 4438 Juni
42 APr 8278 Jai
5712 Jan 10214 Am
76 Jan 924 Jull
4334 June 6914 Do
7018 Juno 78/
1
4 Do
2038 Jan 5414 Not
35 Mar 514 Ani
96
Oct10838 JIIJ
7758 Jan 12012 De
83
Jan 9512 Sep
4314 Jan 59 De
74 Apr 1553 Sep
58 Jan 7814 De
13314 Apr 15314 Jai
72 Jan 7714 Jub
18 Aug 3312 Mai
4812 Mar 8378 De
1912 Mar 4714 Atu
5534 Jan 737s Do
3812 Jan 6012
11 Mar 1838 Aul
Aui
16 Mar 9AI. 2.,
New York Stock Record-Continued--Page 2
2772
Fee sales during the week of stocks usually Inactive, see second page preceding.
HIGH AND WW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 8.
Monday,
May 10.
Tuesday,
May 11.
Wednesday
May 12.
3 per share $ Per share $ per share $ per share
35
35
3412 3434 35
3514 35 3512
*7914 80
7914 7914 *79 80
79
79
20 2038 1934 2018 20
21
21
2112
*39 40
3778 3812 40
40 40
40
Thursday.
May 13.
Friday,
May 14.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Mee Jan. 1 1920
On basis of 00-share Iota
PER SHARE
Range for Prin0110
Year 1925.
Lowest
Highest
Lowest
Highest
$ per share $ per share Shares
Railroads(Con.) Pa $ per share $ per share $ NT share $ per law."
*35 351z 3558 3578 2,700 Western Pacific new
100 33/
1
4 Mar 30 3914 Jan 2
19/
1
4 July 3913 Dec
479
200 Do pref new
7912 *79
7912
100 7713 Jan 15 81 Mar 12
72 July 81 Dec
•2038 21
2012 2012 3,500 Wheeling & Lake Erie Ry_100 18 Mar 30 32 Jan 2
1034 Mar 32 Deo
40
1.200 Do pref
40
40 40
100 37 Mar 30 50/
1
4 Jan 4
22 Apr 53/
1
4 Dec
Indust.ial & Miscallane..us
1,100 Abitibi Power & Paper_No par 7114 Jan 12 84/
1
4 Feb 1
62 Jan 7614 Dee
All American Cables
131 Jan 6 142 Apr 20 119 Jan 13334 Oct
Adams Express
100 9978 Mar 18 116 Apr 26
90 Apr 11724 Oct
600 Advance Rumely
100 10 Mar 19 18/
1
4 Jan 29
Oct
13 Apr 20
400 Do prat
100 4814May 11 6318 Jan 28
47 Feb 6214 Oct
1.400 Ahumada Lead
1
7311 Jan 23
91
/
4 Jan 4
71
/
4 Oct 124 May
3,800 Air Reduction, Ino____No par lora Jan 16 11914 Mar 1
8634 Jan 11738 Dee
27,400 Ajax Rubber. Inc
No par
7IeMay 11 16 Feb
938 Dec 1573 Jun
100 Alaska Juneau Gold Mtn__ 10
113 Feb 1
2 Jan 4
213 Oct
Jan
1
35,700 Allied Chemical & Dye_No par 106 Mar 30 142 Feb 13
80 Mar 11658 Dec
500 Do pref
100 11834 Mar 20 1213* Feb 15 117 Jan 12114 Nov
1,200 Allis-Chalmers Mfg
100 7814 Mar 26 9453 Jan 14
711
/
4 Jan 971 Dec
200 Do pref
100 105 Apr 7 110 Jan 4 103/
1
4 Jan 109 Des
1,330 Amer Agricultural Chem-100 1518May 3 343* Jan 14
1313 Mar 297s Oot
2,800 Do pre!
100 5412May 1 961s Jan 14
Ms Mar 8212 Dec
1,000 Amer Bank Note, new
10 3458 Mar 31 4378 Jan 8
3913 Dec 4438 Dec
--Preferred
50 55 Jan 15 6718May 6
5312 Jan 5812 Sept
61111 American Beet Sugar
100 233s Apr 8 3834 Feb 5
293* Oct 43 Jan
Do Ptef
100 75 Apr 16 83 Feb 24
78 Dec 877s June
7.900 Amer Bosch Magneto_No par 1658May 14 3433 Jan 4
2813 Mar 5412 Jan
200 Am Brake Shoe & Y--No par 11334Mar 30 180 Feb 2
904 Mar 156 Dec
100 Do pref
100 11014 Mar 24 1284 Feb 18 10712 Jan 114/
1
4 Dec
4,400 Amer Brown BoveriEl_No par 3014 Mar 29 4873 Jan 9
47/
1
4 Dec 5378 Oct
700 Preferred
100 8612 Mar 31 9713 Jan 16
90/
1
4 Nov 98 Dee
78,100 American Can w 1
25 3878 Mar 30 58 Feb 20
471
/
1
4 Dec 49/
4 Dec
1,400 Do prat
100 121 Jan 4 12618May 13 115 Jan 12178 Sept
1,900 American Car & Fdy__No par 9112 Mar 31 1147s Jan 12
97/
1
4 Apr 115/
1
4 Sept
300 Do pref
100 12312 Apr 7 129 Apr 24 12034 Apr 128 July
600 American Chain, class A
25 2314 Mar 30 25 Jan 2
2212 Oct 27 Feb
600 American Chicle
1
4 Mar 31 51 Jan 4
No par 37/
37 Jan 62 Ape
300 Do certificates
No par 3412 Mar 31 4714 Jan 7
37 Jan 15812 Apr
800 Amer Druggists Syndicate_ 10
44 Jan 5
678 Mar 12
414 Dec
64 Jan
American Express
100 10578 Mar 31 140 Jan 6 125 Apr 166 Jae
2,900 Amer & For'n Pow new_No par 17 Apt 14 4238 Jan 2
2714 Apr 51113 Sept
600 Do pref
No par 89 Mar 27 98 Feb 13
87 Jan 94 Feb
Do 25% paid
108 Mar 301 131 Jan 2 114/
1
4 Apr 142 Sept
7/
1
4 7/
1
4
7
7/
1
4
738 7/
1
4
812
778 8
*8
8
900 American Hide & Leather_100
8
7 May 10 174 Feb 9
812 Mar 14/
1
4 Dee
3712 36
*36
3818 37
39
38 38 *38
1.500 Do pref
38
39 *38
100 3312May 7 6714 Feb 9
5813 Sept 7572 Jan
123 12314 122 123
12134 12234 122 123
123 123
123 12314 2,500 American Ice
100 109 Mar 31 13514 Jan 7
83
Mar
139
Dee
*8318 84
8414 8414 *8318 86
8412 8412 *8314 86
200 Do prof
*83111 8578
100 8213 Jan 13 8618 Apr 27
74/
1
4 Mar 86 July
3514 36
3458 3514 3434 36
3534 38
36
36 *354 36
4,200 Amer International Corp 100 341
/
4 Mar 30 46% Feb 16
3218 Mar 4678 Noy
13
1278 13
13
1234 1234 1278 1278 1278 1278 1278 1278 1,100 American La France F E
10 1234 Mar 31 1573 Jan 4
111
/
4 Jan 20 No.
29
29
2912 30
29
29
2912 30
2912 2978 *29
29/
1
4 1,400 American Linseed
100 2814 Apr21 5273 Jan 4
20 Mar 59/
1
4 Nov
*78 80 *77 80 *76
SO
78 *76
Do pref
*76
77
*7613 7712
100 75 Mar 31 87 Jan 4
Jan 89 0011
53
1
4 9313 9534 9334 9438 93 94
95 95/
/
4 95/
1
4 95 954 941
6,600 American Locom new__No par 804 Mar 31 11978 Jan 4 10412 Jan 14478 Mar
•11714 11934 *11712 11934 *11712 11912 *11712 11912 11712 119 *11712 119
Do pref
100 11734 Mar 31 12014 Feb 11 115 Aug 124 Feb
4.50 5014 *4934 50
59 50
50
900 American Metals
5014 5018 5038 *5014 5038
No par 47 Mar 30 5723 Feb 16
45/
1
4 Mar 5753 Oct
*11514 11818 *11514 119 *11514 119 *11514 11813 11514 11818 *11514 11818
Preferred
100 11312 Apr 15 120 Feb 6 111 Mar 119 No,
110 110 109141093* 110/
1,400 American Radiator
10934 10934 *10934 110
1
4 11012 11914111
25 10612 Mar 30 12034 Feb 13
8978 Jan 12213 Nov
*774 78 *7712 78 *7713 78
100 Amer Railway Express__ -100 7718 Mar 31 7812 Mario •76 Sept 84 Jan
78 78 *7712 79 *7712 78s
*60 88 *60 68 .60 68 *60 68
*60 68 *60 68
American Republics_No par 63 Mar 13 74 Jan 6
48 Jan 79/
1
4 Dee
*47 4814 4634 474 *47
484 *4634 474 4634 47
600 American Safety Razor-100 42 Apr 14 63 Jan 8
*4634 4713
364 Jan 76/
1
4 Nov
914 94
878 9
54 Jan 2 111
9/
834 9
1
4 9/
918 913 1,400 Amer Ship & Comm_ _ _No par
1
4
918
/
4 Mar 12
*9
5% Dec 1412 Feb
116 11634 11412 11714 11534 117
116 118
116 11712 11434 11534 21.900 Amer Smelting & Refluing_100 109/
1
4 Apr21 14434 Jan 7
9033 Mar 1441 Dee
117 117
11534 11712 *11612 117 *116 117
400 Do pref
11612 11612 *116 11612
100 I127e Mar 31 11712 Feb 30 10513 Jan 11514 Oct
138 138 13758 137/
1
4 13734 13814 138/
1,000 American SEIM
1
4 13814 138 140 *13778 139
100 13712 Mar 30 165 Feb 9 13814 Apr 154 Nov
4018 4014 40 4014 40 4014 4014 4014 40h 4038 3,100 Amer Steel Foundries_No par 40 May 11 4678 Feb 1
4038 403
3758 June 4712 Del
*113__ *113
__ *113
__ 113 113 *113 __ •113 -- 100 Do pref
100 111 Apr 9 115 Feb 23 108 Jan 11318 Oct
*8713 -6-9
6938 3,500 American Sugar Refining-100 8514 Apr 14 8234 Feb 5
6714 69 6914 694 69-3-4 68
17,4 6778 -18
471% Jan 771% Dee
*101 102 10133 10138 102 102 10212 10212 *102 103 *102 10212
400 Do pref
100 10014 Mar 30 105 Feb26
91h Jan 10414 No?
91
1012 1034
934 4,300 Amer Sumatra Tobacco-100
912 10
938 10
934 1018
912
9
818May 1 145s Jan 11
8 May 2412 Feb
13-- 130 *_ 128 4._ _ 128 *____ 129 *____ 129 I.__ __ 129
Do prat
100
28 Apr 120/
1
4 Oct
Amer Telegraph & Cable_ _100 39 Apr 23 411
*3812 3912 *3838 3912 *3814 3912 *3812 3912 *3812 3912 *3812 3912
/
4 Feb 10
3734 June 47 Feb
14412 144/
1
4 14412 145
14412 14434 14334 14458 14312 14438 14338 144
14,200 Amer Telep & Teieg
100 141 Mar 29 15(1
/
4 Feb 15 13053 Jan 145 Dee
11534 11534 311218 11234 11234 11234 114 114
1
4 11378 1,300 American Tobacco
113/
1
4 113/
1
4 112/
50 11138 Mar 31 1211
/
4 Feb 0.85 Feb 1211
/
4 Oct
100 Do pref
*110 112
110 110 4'110 112 *110 112 *110 112 *110 112
100 10818 Jan 4 11114 Apr 26 10413 Jan 110 Nov
11413 11434 x11178 11234 112/
1
4 3,400 Do common class B.__ 50 11018 Mar 31 12012 Feb 6
1
4 113 113/
1
4 11338 11338 11338 11278 112/
841
/
4 Feb 1191
/
4 Oct
*11734 123 *117/
120 121 •11734 12112
1
4 121 *117/
1
4 122 *117/
1
4 120
American
Founders-100
200
114 Jan 22 135 Feb 13 103 Apr 13538 No•
Type
5,900 Am Water Works & Eleo
4834 4912 48 4912 49
4612 48
49
48
20 4334 Apr 13 74 Jan 4
4912 4838 ,483
3438 Jan 761 Dec
100 Do let pref (7%)
*10214 1021s *10214 10212 *1021% 10212 *10214 103 *10214 10212 10212 10212
100 10112 Mar 3 10814 Jan 27
9714 Aug 103 Feb
34* May 6434 Jan
2214 2212 2214 2338 224 2314 23
2378 2318 2312 2318 2338 17,100 American Woolen
100 2114May 7 4278 Jan 13
1
4 3,000 Do pref
1
4 7113 71/
7018 70/
70
71
100 66 Apr 30 8934 Jan 4
71
71
1
4 70
71/
1
4 7114 71/
691s May 9613 Jan
312 3t2 .1.2% 334 *234 3/
300 Amer Writing Paper pref.-100
334 *3
134 Jan 4
3/
334
1
4 *3
538 Jan 13
1
4 *3
1/
1
4 Dec
7/
1
4 Jan
300 Preferred certificates--100
3
3
3
5 Jan 4 412 Jan 13
*2/
*212 3
1
*2/
4 314 *2
4 Dec
1
4 3
4 Jan
*212 3
Amer Zinc, Lead & Smelt 25
734 *7
734 *7
7 May 7 1218 Feb 4
712 *7
711
*7
734 *7
734 *7
7 May 1212 Jae
1,000
pref
2618
28
28
4818
Do
Mar
*27
277
25
Feb
29
2812
2814
•28
*2818 2812 28
2818
31
4
24s May 44/
1
4 Dee
4512 441
/
4 44/
45
/
4 451
1
4 4538 4518 4838 45/
1
4 45/
1
4 4518 4512 10,600 Anaconda Copper Mining- 50 4112 Mar 30 51 Feb 9
35/
1
4 Apr 5314 Nov
200 Archer, Dan'Is MitIrd-No par 36 Apr21 44/
38
*3678 38
1
3714 3714 3712 3712 *3712 38 *37
4 Jan 2
26 Jan 46h Dec
*3714 3734
Do pref
100 100 Mar 4 105 Jan 4
/
4 101 41100 101
4.100 101 *100 101 4.100 101 .100 101 *1001
9013 Jan 105 Oct
400 Armour & Co (Del) pref
9112
911
/
4 91
1
4 Jan 13
4.91
100 91 May 3 97/
*9012 9112 *90 91
90/
1
4 Mar 100 Oct
91
9114 *90 91
25 14 Islay 10 25h Feb 13
1534 1458 1514 14/
1514 25.300 Armour of Illinois class A
20 Mar 2713 Oct
1
4 1558 15
1514 15
1538 1578 14
.37
652 712
672 7
7
7h
71s
7
7
738 6,000 Class B
25
612 Apr 19 17 Jan 4
16 Dec 2034 Oot
73*
100 80 Apr 30 93 Feb 11
200 Preferred
85
90 Dec 9314 Nov
*32
85
*82
*82
85
85
*8112 82
81/
1
4 8134 *82
1
4 Jan 6
200 Arnold.Cons'le&Co new No par 18 Apr 12 31/
1912
8 Jan 1753 Oct
2014 *19
2012 *18
20 *19
18
18 *18
2012 *18
Certificates_
No par 14 Jan 5 15/
1
4 Jan 6
27 Dec 30 Dec
1
4 Jan 26
Metal Construction-10 1918 Jan 2 23/
15 Jan 2033 Nov
;HI I182 *in If •Zo if *io If i28 li 2011 2012 100 Art
No par 50 Mar 30 6312 Jan 21
100 Artloom
5012
39 June 6034 Dec
5012 *50
•50
51
4150 50/
50 *49
1
4 *50 5012 50
Do pref
100 108 Mar 18 11134 Feb 1 10113 Aug 110 Deo
4.109 110 *109 110 *109 110 *109 110 *109 110 *109 110
Associated
Dry
000ds
1,700
1
4 Jan 9
4612 Aug 6138 Nov
100 3714 Mar 30 54/
40
3914
4.3912 4112 39/
1
4 3912 40
4012
*40
40 *40 4014
Do 1st pre
100 96 Mar 25 10212 Jan 6
98
94 Jan 102 Oot
*96
98
*96
98
98 *96
4.96
*96
97
97
*96
Do 2d pref
100 10713 Jan 4 108 Jan 28 101
*104 108 *104 108 4.104 108 *104 108 4.104 108 *104 108
Jan 108/
1
4 Feb
800 Associated Oil
25 444 Jan 6 60 Mar 4
52
32 Mar 47/
4.51
5212 5112 514 *5112 52
5234 52' 52
53
52
1
4 Dec
3714 374 38 38
20 Jan 77 Sept
3712 38
384 3812 3812 3812 3812 3812 2,300 At Gulf & W 1 SS Lane--100 3318 Mar 31 6833 Jan 6
100 35/
400 Do pref
1
4 Apr 16 5614 Jan 30
•37
31 Jan BO Sept
39
3914 3914 *3812 42
*39
397 397
391 394
41
100 97 Mar 3 1204 Apr 12
115 11634 114 11512 11578 11734 11512 117
95/
1
4 Jan 117/
11434 11734 114 11634 11.400 AllantloRefinIng
1
4 Feb
1
4 Apr21 11712 Mar 3 113 Sept 11734 JUDO
Do pref
100 115/
*116 11712 4.118 11712 *116 11714 *11634 11714 *11834 11714 *116/
1
4 11714
No par 54 Mar 4 59 Jan 6
100 Atlas Powder
45 June 65 Dee
5612 *54
5612 *56
5612 5612 5612 *56
*5378 5612 *55
57
Preferred
100 94 Jan 8 97, Apr 13
*95 98 .9538 98
9013 Oct 94 Jan
1
4 98
*9538 98
*9533 98 *9538 98 *95/
973May 11 17/
No par
1
4 Jan 30
800 Atlas Tack*10
10
978 10
11
10
*978 10,8 *978 10,8
978 10
04 Feb 21 Dec
1812 1,300 Austin,Nichols&Co vto No par 15 May 4 28 Jan 29
*1514 16
1512 15/
1
4 1534 1534 1534 1614 16
22 July 32/
1612 *16
1
4 Jan
100 Do pref
100 8312May 13 93 Jan 6
*80 85 *80 86
*8034 85
8733 Jan 95 Aug
1
4 85
*80/
8312 8312 *80 84
100 Auto Knitter Hosiery_ _No par
12 Apr 30
24 Feb 11
12
12
34
*12 1
*h
*1
/
4 1
*34 1
414 May
*Is 1
4 Dec
22,500 Baldwin Locomotive Wks_100 927 Mar 31 13612 Jan 4 107 Mar 146 Feb
103 103
1011
/
4 10253 10312 10312 100 10334 10013 102
9914 101
100 105 Mar 31 114 Feb 6 107 Aug 118/
100 Do Mar
i3108 10912 41081
1
4 1091 *10814 10912 *108/
/
4 *108/
/
4 1091
1
4 Jan
1
4 109's 10914 10914
25 2312May 11 3312 Jan 2
25/
1
4 2578 24/
1
4 2414 24/
1
4 25 20,800 Barnsdall Corp class A
183* Aug 3312 Dec
1
4 2558 23/
1
4 25
2514 24/
25
Do class B
15 23/
1
4 Apr 15 2912 Jan 2
24
16 Aug 30 Dec
*22
1
4 24
24 *20
24 *22/
*2312 24 *19
24
*23
No par 39 Mar 31 49% Jan 4
Sayuk Cigars, Inc
385 Sept 5314 Feb
4114 *391 4114 *39
4114 *39
4114
*39 411
/
4 *39
4114 *39
.5512 gals 5334 55
700 Beech Nut Packing
20 5318 Apr 13 717 Feb 4
*5414 5612 554 5514 *54
60 Mar 7734 Aug
*54
55
544
400 Belding Bros
Nu par 31 May 4 39/
1
4 Jan 4
*3112 33
*311
*3112 33
37 Sept 411
/
/
4 Dec
4 33
31
33
31
311
/
4 3118 4.31
100 38 May 10 5014 Jan 7
37 June 5313 Jan
3834 39
38 39
3838 3834 38,8 3812 11,700 Bethlehem Steel Corp
384 387
3814 39
500 Do cum cony 8% pref _100 114 Mar 8 120 Jan 26 109 Mar 11612 Feb
/
4
1411573 116
1
4 *116 1161
115/
118 116 *118 116/
1
4 11578 4.11578 118
100 100 Mar 5 105 Feb 2
1
4 2,500 Do pref 7%
9314 June 102 Jan
100 10018 100 100 100 100 100 10018 100 10014 100/
1
4 100/
500 Bt oth Fisheries
No par
418 Mar 24
934 Jan 11
878 Oct
4h May
434 434
5
*4/
5
1
4 5
434 43
5
*434 514 *45
First preferred
100 354 Apr 15 5112 Jan 7
*351 45 *35 45 *35 45 *35
45
25 June 52 Oot
*35
45
45 *35
1,400 Botany Cons Mills class A_ 50 2412May 12 4118 Jan 4
25
4058 Aug 46 July
25
25
2912 2912 2712 29
25
2412 25 •24
27
8,100 BriggsManufacturing_No par 25 May 10 3713 Jan 4
26
2613 2612 25
27 Oct 44h May
28
27
2612 25/
1
4 2612 2714 28
1
4 26/
300 British Empire Steel
100
'May 5
3 Jan 18
*1
118
118 118 *114 112 *114 112 *114 112 *14 112
1/
1
4 May
5 Oct
First preferred
100 14 Apr21 27 Jan 28
*Mg 1214 *1212 13 *13/
22 July 36 Oct
14/
15
1
4 *14
*1314 18
1
4 14/
1
4 *12
100
3/
384 334 *3/
1
4 338
358
*214 27.
3
212May 7 10% Jan 11
638 July 14 Oct
3/
1
4 312
1
4 312 1,600 2d preferred
500 Brooklyn Edison, Inc
141
•139
100 133 Mar 31 14612 Feb 1 12033 Jan 1561s Nov
139
140 140 *137 138
139 •139h 141
.
73 7384 139
7
.
212 73 139
73 73
73 73
73
73
73
73
1,400 Bklyn Union Gas
No par 68 Mar 30 78/
1
4 Dec 10014 NOV
1
4 Jan 11
73/
31
31
3014 31
100 30 Mar 29 4858 Jan 7
30 3114 3012 3034 30
48 Dec 4614 Deo
3018 3018 3018 3,000 Brown Shoe Ino w I
Do pret
*109- *109 115 *10614 115 *1061
100 109 Jan 18 111 Mar 10
98 Mar 109 Oct
___/
4 115
- 10612 115
2653 -2658 2814 2612 26
24 June 4938 Jan
2618 *2612 26/
1
4 2658 -2-818 2834 2634 1,400 Brunswick-Balke-Coler NO par 244 Mar 30 304 Jan 4
700 Burns Brothers
No par 121 Mar 31 14114 Feb 13
135 13518 135 135 *134 13412 *134,2 135
92/
13412 135 *134 135
1
4 Feb 136 Dec
900 Do new class B corn No par 297 Mar 31 44 Feb 13
3612
17 Mar 39 Dec
381 .38
36 36 *3512 36
35h 363* 361s 3613 *36
Preferred
100 97 Mar 30 10012 Jan 11
9112 July 99 Oct
9834 *98
*9834 9912 *9554 9912 *98
99 *98
9914 *98
99
•8312 85
2,300 Burroughs Add Mach_ _No par 7712 Apr 13 93 Jan 4
8312 841s 8312 838
65 Jan 103 Sete
85
85
8312 84
84
85
-.
•Bid and asked Woes; IS sales on tins day. a Ex-righte. •Ez-divi
*73
76
72 73
7212 73
7234 7234 *72
*7113 7212
73
*136 140 *136 140 .136 140 *136 140 *136 140 *136 140
4109 11212 *109 11212 *109 11212 *109 11212 4.109 11212 *109 11212
1012 1012 1012 1012 *1011 1114 *1012 1114 1018 1012 .10
1114
*4914 51
4914 4914 4814 4314 4814 4812 4.48
51
4.48
53
8
8
8
818
8
818
814 814 *818 814
818 818
111 11112 11013 111
1103s 11038 11058 11218 11014 11034 110 11014
918 9.58 •
912
712 918
818 834
914
9
833 918
•lh lh •112 138
113 112 *112 14 *112 lh •113 138
11212 11324 11112 114
11234 11434 11314 11534 11212 11414 11038 113
*12012 121
12058 121 *12012 122 *12012 122
12114 12114 120,2 12012
80 80
80 80
80111 801s 80 8014 •804 81
80 8014
*10812 109 *10812 109 *10812 109 •10812 109
10812 10812 *10812 109
163* 1638 16
1858 •16
1712 16/
1
4 1634 1818 1613 1833 1638
5718 58
55h 5712 57
5714 57
56 •56h 58
5734 56
4114 4112 41
4114 4138 4138 *41
42
41
4114 4078 41
__ *5334
... *5334
-_ *5334
_ *54
- _ *5812
*241s -26
*5612*2434 -28
- - *2358 -24
-*2434 -25
24 -2434
25 -2514
*7634 794 *7634 79/
1
4 *7634 7914 *7634 7914 *7834 7914 *7834 7914
19% 1918 17
19
17
1712 17h 17/
1734 1658 17/
1
4
1
4 17
116 116 116 116 *11612 11778 *11612 11812 *117 11812 *117 118
41112 11434 *112 114 *112 11334 113/
1
4 4.113 114 *113 114
1
4 113/
343* 3512 34h 3478 3413 35
3518 *3434 3514 3412 35
35
9512 96
95 96
*9512 9614 *9512 9614 *9512 9614
9512 98
4314 44
4134 4334 4238 437
4278 4438 43
4334 4278 4314
*1251
/
4 12534 *1254 12534 12514 12514 12534 12534 12534 12618 1268* 12688
9314 9312 92,2 93
9334 9334 9314 931? 931s 9334 92 4 93
*12712 1281
/
4 *12712 128
128 128 *128 12812 .128 128,2 12812 128,2
2412 2412 *2414 2438 244 2414 *24h 2412 241 2412 243* 2438
*39
40
3978 397
41
3812
3812 39 *39
*38
39 *38
4.39
41
435
39
39
39
39
39
438
39
4.38
3812
618 818
6h 6h *578 6
*534 6
*538 578
534 578
4.113 115 4'112 115 .110 120 *110 120
110 120
110 118
1712 1734 1712 17/
1
4 1733 17/
1
4 1734 1812 1814 1814 1712 18
9112 9112 9014 9014 *90 9012 90 90 *9018 91
9018 901
4
New York Stock Record-Continued-Page 3
2773
For sales during the week of sato.
,
a usually inactive. see third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 8.
Monday,
May 10.
Tuesday,
May 11.
$ Per share $ per share $ per share
2316 2318 2234 237
24
24
90 90 *88
8912 .89 90
*10012 102 *10012 102 *10012 102
*478 5
*478 5
*478 5
23
23
2212 2234 2234 2234
1214 124 1134 1214 1124 1134
*31
334 31
33
33 3414
Wednesday, Thursday,
May 12.
May 13.
Friday,
May 14.
PER WARE
Salts
for
the
Week.
STOCKS
NEW YORK STOOK
EXCHANGE
Range Since Jan. 1 1926.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Prestos*
Year 1925.
Lowest
Highest
$ per share $ per share $ per share Shares Indus. & Miscall.(Con.) Par $ Per ewe i per share $ Per share $ Per awl
12514 2534 26
26
2,900 Bush Terminal new_ ..._No par
25
26
1634 Mar 18 2958 Apr 23
1458 June 26 Dee
8912 90
90 90
8934 9212 2,000 Do debenture
100 86 Apr 6 9212May 14
80 May 8978 June
102 102 *101
pref__
9912 Jan 20 102 May 12
-- *101 - 100 Bush Term Skim pref-100
9612 Jan 103 Dee
.1.478 5
*475 --5
*478 -5.
Butte Copper & Zino
5
478 Apr 16
64 Feb 10
414 Mar
834 Jan
2234 2234 2234 2234 2212 23
1,000 Butterlck Co
100 1734 Mar 3 26 Apr 26
17 May 2834 Jan
*1134 12
1134 1134 1114 1112 3,600 Butte & Superior M1n1ng- 10 11 Mar 30 1614 Jan 11
612May 2414 Jan
334 3312 33
33 *33
23 Oct 447 Got
No par 28 Mar 29 3818 Feb 2
338 1,100 Byers & Co
100 9812 Mar 20 9958 Feb 18
Preferred
954 Oct 100 Oat
„___
14 Jan 2
Caddo Cent OH & Ref-No par
4 Jan 8
24 Jan
14 Dec
12802 1-2812 126 12712 • 127 127
12714 12714 128 128 *128 12834 1,700 California Paoking-No par 1214 Mar 30 17912 Feb 4 10012 Jan 3612 Nov
3212 3234 32 33
324 3234 3214 3258 3212 3358 324 3284 16.700 California Petroleum
25 3058 Jan 20 381e Feb10
Jan
3438
237g
Dee
*112 17
*112
134
112 112
158 138
112 1322 1,000 Callahan Zinc-Lead
138 138
112 Mar 26
258 Jan 15
10
434 Feb
114 Oct
*58
5812 5813 584 •584 59
584 5818 *5812 60 •584 60
400 Calumet Arizona Mining
10 5512 Mar 29 8414 Jan 8
45 Apr 6118 Dee
*14
144 1438 1438 1412 1478 *1112 1478 •1412 1458 1412 1412 1,200 Calumet & Hecla
25 1338 Mar 31 1512 Jan 6
1214 May 184 Jan
*80 8112 7918 817
8014 8034 8112 82
82
8212 8114 8114 2,600 Case Thresh Machine
100 8212 Jan 4 9034 Feb 13
24 Mar 6812 Dee
103 103 *102 10412 *103 10412 10438 10438 10412 10412 10412 10412
800 Do prat
100 96 Jan 5 10538 Feb 23
60 Mar 10712 Dec
812 883
8
812
812 812
812 812
838 838 1,500 Central Leather
838 838
100
74May 3 2012 Jan 5
1434 Mar 2358 Oat
45 4538 4538 4512 4512 45% 4558 4612 4612 4612 46
4638 1,900 Do pref
100 4314 Apr 28 6834 Jan 5
4914 Mar 71 Oct
13
1314 13
13
127 1278 13
13 *12
13
*12
1.300 Century Ribbon Mille-No par 1278May 11 327s Jan 8
13
3034 Sept 474 Mar
*85
8758 *85
8758 85 85 *84
8758
8512 *83
8512 *83
100 Do pref
94 Dec 9834 Jan
100 85 May 11 90 Jan 21
6278 628 6212 63
824 6212 6258 6314 6234 6234 6212 6212 2,200 Cerro de Pasco Copper_No par 5712 Jan 22 6914 Feb 11
431s Mar 643s Nov
40 40
40 40
40 40
40
40
3912 3912 39
3914 2,000 Certein-Teed Products-No par 3718 Mar 30 4918 Jan 5
4034 Mar 5834 Sept
*100 10212 102 102 *102 10212 *100 102 102 102 *101 102
200 let preferred
8913 Jan 110 Sept
100 102 May 10 10512 Jan 21
1412 1412 14
1412 1334 1434 14
14
3,900 Chandler Cleveland MotNo par 13 May 14 26 Feb11-1314 1334 13
14
3078 3114 3034 31
3014 3034 3018 3034 30
3012 294 3018 5,400 Preferred
No par 2978May 14 4514 Feb 15
15111 11212 112 112
112 11314 113 113
11314 1134 11334 1134 1.000 Chicago Pneumatic Tool__100 9412 Apr 8 120 Jan 2 1014 Mar 128 Dee
484 481s 4818 4814 4818 4812 4818 4512 48
48
48
4818 1,700 Childs Co
4978 Mar 7478 Oct
No par 4734May 4 6638 Jan 4
*3238 3238 3218 3233 3218 3218 3214 3212 321s 3238 3218 3284 2,400 Chile Col/Per
8013 Mar 3784 Jan
25 30 Mar 3 3638 Jan 6
.319
2112 *19
2112 *1914 22 *1912 22
*1912 21
3.1912 21
Chino Copper
5 16 Mar 3 2112 Feb 17
19 Ala 28% Feb
*4258 44
*4258 4312 *4258 444 •4258 4414 43
43
*4258 444
100 Christie-Brown certlfe_No par 40 Mar 30 6334 Jan 4
6234 Dec 6412 Dee
3058 3112 2978 3078 304 31
3012 3118 3083 31
2983 3034 61,700 Chrysler Corp new _-_-No par 2812 Mar 30 547 Jan9-9938 9912 9914 9912 *9914 9912 99
995, 1,000 Do pref
9914 99
*99
No par 93 Mar 30 108 Jan 2 1-0018 July 111-7 Nov
99
6258 6258 *61
62
*61
6212
63 •62 624 *62 62,2 .62
100 Cluett, Peabody & Co____100 6014 Mar 31 6812 Jan 7
5812 Mar 7134 Jan
*110 11212 *110 11218 *110 1124 *110 113 *110 113 *110 113_,,___ Preferred
100 10314 Jan 13 112 May 5 10312 Jan 109 Sept
145 14558 14314 1451s 14558 14658 1454 14612 145 14638 1464 14638
80 Jan 17784 Ncre
,300 Coca Cols Co
No par 128 Mar 24 16112 Feb 4
*100
_ _ *100
*100
_ *100 _ _ *100
.*100
_-_ _ Preferred
100 99 Jan 14 1014 Mar 24
99 Jan 10112 Mar
3634 1712 3618 -3-738 3714 -i914 3834 41-14 3934 -41-18 3858 .4078
.- 71,5911 Co.ore.do Fuel & Iron
3214 Apr 4814 Jan
100 274 Mar 3 4114May 12
6212 6212 6212 6212 .6212 6334 63 63
*63
6334 63 63
600 Columbian Carbon'to No par 5558 Jan 26 6978 Feb 23
45 Mar 6234 Dee
7534 7614 75
76
7512 76
458 Jan 86 Oct
7578 7678 7512 7618 76
76
10.100 COI Gas de Elec
No par 6312 Mar 29 90 Jan 9
113 113
11234 113 1128 11234 11234 11234 11234 11234 .11212 113
100 112 Mar 30 115 Jan 12 10414 Jan 11412 Dec
1,800 Preferred
*29
2912 2712 29
2712 2712 24
2812 3,300 Commercial Credlt____No par 2712May 10 474 Jan 14
2812 281s 2818 • 28
3811 Sept 5518 Dee
•23
24
42312 24 *2313 24
*2312 24
25 23 Apr 20 2614 Jan 13
*2312 24
*234 24
Preferred
2514 Sept 2712 Oct
*24
26
*2414 28 *25
28 *24
28
26
25 25 Apr 19 2724 Jan 11
Preferred B
*24
*24
28
2614 Sept 2724 Dee
*53
57
55
55
*53
57
*53
57
106 Comm Invest Trust--No par 55 Apr 12 72 Jan 11
57
*53
*53
57
50 Jan 8412 Nov
*94
9712 *94
9712 *94
971: •94
971: *94
100 98 Mar 31 104 Jan 28 100 Nov 10712 Nov
974 *94
7% preferred
9712
13634 139
137 137 14034 14314 143 14614 •14112 143
2,600 Commercial Solvents A No par 1205, Jan 4 15212 Feb 13
141 141
80 May 190 Jan
140 1434 143 1464 141 14212 139 140
138 138
137 137
6.400
Do
No par 11814 Jan 4 14612MaY 12
B
75 May 189 Jan
1418 1434 1414 1412 13
147 15
141/ 1212 144 1334 1412 22,600 Congoleum Co new
No par 1212May 13 2134 Feb 4
154 Nov 4312 Jan
*4
54
*4
34
"a
78
•38
Conley Tin Foil atpd- __No Par
34
1 Mar 12
32 Mar 18
*38
34
12 May 17 Feb
*32
34
5011 5112 5012 51
5114 5238 5112 5278 5112 5134 5118 5112 3,000 Consolidated CigarN8 par 4514 Apr 15 57 Feb 20
264 Jan 6384 Dee
*97 10012 *97 10012 *97 10012 *97 1001/ *97 10012 *97 1001,
100 91 Mar 31 10211 Feb 11
Do pref
7958 Jan 96 Dee
34 384
314 312
338 312
338 332
312 334
312 334 6,900 Consolidated Distrib're No par
234 Mar 3
612 Jan 7
318 Jan
93,4 Pet
9314 9312 92 934 29118 9214 9134 93
9112 9212 9114 92 10.500 Consolidated Gas(NY) No par 87 Mar 30 10412 Feb 23
7418 Mar 97 Dec
134 134
114 18
114 1%
158 158
112 154
112 118 3,100 Consolidated Textile_ -No par
114May 10
334 Jan 18
234 June
514 Jan
724 7334 7314 737
72 72% 72 72
734 737
7334 74
5,300 Continental Can. Inc __No par 70 Mar 3t 9212 Jan 2
6012 Mar 934 Dee
124 129 •125 130 •125 1304 125 125 *123 125 *124 127
100 Continental Insurance
25 /22 Mar 31 14434 Jan 9 103 Jan 140 Dec
103s 1013 1014 1012 1014 104 1018 1058 1018 1014 10
1018 8,300 ConVI Motors tern ctfs_No par 10 May 14 13 Jan 5
814 Jan 154 Oct
3818 3814 38
3814 38
3858 3812 3858 38
3818 10,300 Corn Products Ratio w I_ _ _ _25 3558 Mar 3(1 438 Jan 13
384 38
3238 May 424 Dee
129 130 *129 13018 •129 130 *129 130 *129 130
129 129
100 Do pref
100 1224 Jan 6 12912 Apr 28 1184 Jan 127 July
4712 4712 4712 4712 *47
48 48
50
49 49
*4712 50
600 Coty, Inc
No par 4412 Mar 29 6034 Jan 4
48 Aug 6013 Dec
*62 40 *32 40 *33
40
3312 3312 *33
40
*30
100 Crex Carpet
35
100 25 Apr 9 63 Jan 2
36 Mar 644 Dec
67 67
66 6614 *66 67
6634 67
6714 6714 654 67
2.800 Crucible Steel of America_100 64 Apr 15 8112 Jan 4
6412 Mar 84% Nov
*9958 100 *995 100
99 99 *98
9912 *96
98 •96% 98
100 Do pref
100
30
10034
96
92 May 102 Dee
Mar
Feb
20
473 4713 4814 4814 47 474 4712 477
48
4734 49
49
10,100 Cuba Co
No par 3912 Apr 15 53 Feb 4
4414 Dee 6438 Oct
878 87s
918 94 *9
912 *9
912 *9
912 *9
912
500 Cuba Cane Sugar
No par
878 Mar 11 1112 Jan 29
74 Oct 14% Feb
404 4012 3938 4018 4013 4018 40 4134 4034 41
4038 4012 7,010 Do pref
KO 391,4 Apr 14 4958 Feb 4
374 Oct 82% Feb
2414 244 2414 2514 25
24
244 244 24
2512 25
25
3,100 Cuban-American Sugar---10 24 Mar 29 3058 Jan 28
20 Oct 3312 Mae
103 103 *102 104 *102 104 *102 104 *102 104
0103 104
937 Nov 101 Mar
100 Do prof
100 9734 Jan 5 104 Feb 5
158 158 *18
134
158 134
158 158
37 Feb 8
158 15
*158 134 1,500 Cuban Dominican Sug_No par
112 Apr 29
24 Oct
618 Feb
1914 1914 *1914 1912 *1914 1912 *1914 1912 1914 1914
*1914 191
900 Do prat
100 1618 Mar 8 2284 Feb 6
16 Dec 4412 Jan
84 84
82 84
83 83
83 83
82
82 *82
83% 1,100 Cudahy Packing
9312 Dec 107 001
100 76 Apr 21 97 Jan 4
*92 98
*91
96
*92
95
95
95
*9212 95
x94
94
62 Mar 104 Oct
200 Cushman's Sons
No par 7712 Mar 1 100 Mar 4
*4418 45
4414 4414 4338 4418 44
44
*44
4412 *437 447
700 Cuyamel Fruit
No par 424 Apr 15 51 Jan 14
44 Nov 59 May
12
*52
58
34
*12
58
12
12
1 Jan 4
%May 13
32
12
14 Dec
600 Daniel Boone Woolen Milia_25
*12
55
77e Jan
35
3534 .34
3614 344 354 35
361/ 3512 36
2778 Apr 49% Jai
3513 35'2 9.500 Davison Chemical vto_No par 2718 Mar 30 4634 Feb 17
*26
29 '
52612 29 *26
29 *2712 297 *27
2934 •2712 294
De Beers Cons Minee_No par 2738 Apr 20 29 Jan 8
2014 Mar 29 Dee
130 1301 12912 130 *12914 130 *130 131
1294 130 •129 1291
800 Detroit Edison
100 12312Mar 30 1414 Feb 1 110 Jan 15911 Send
*35
35 *35
39
35
39
35
354 *3512 3912 *3512 391
500 Devoe & Raynolde A.-No par 337 Apr 15 10418 Feb 10
53 Oct 904 Dee
2658 2714 2538 2714 2514 2618 2418 2614 2414 2518 24
2434 113.200 Dodge Bros Class A___No par 24 May 14 4714 Jan 2
2134 June 4884 Nos
8118 813
8118 8114 8034 81
804 8084 5.900 Preferred eertits____No par 8018May 12 884 Jan 8
804 8114 8012 901
734 May 9111 Ooi
1312 14
137 14
14
14
131 14
1376 14
*1334 14
1,900 Dome Mines, Ltd
No par 1234 Apr 30 20 Mar 13
1234 Apr 184 Nol
*1912 2084 1912 21
*1912 21
*1912 21
*194 21
*1918 21
No par 19 Mar 20 2512 Jan 30
Douglas Pectin
14 Feb 2352 Au,
1144 11414 *114 115 *114 115
114 114
11412 1141 *114 115
700 Duquesne Light 1st pref..._1(10 11112 Mar 3 11612 Apr 27 105 Jan 11314 Dec
109 109 *109 l098i 109 10934 10934 10934 10978 11038 110 11013 3,030 Eastman Kodak Co
No par 10658Mar 30 11258 Jan 5 10434 July 118 Jan
2534 2578 2512 261
254 25i 254 26
2558 261 *2512 2578 3,200 Eaton Axle & Spring_ _No par 2458 Mar 30 324 Feb 13
1012 Feb 3013 Dix
*211 2131 205 21114 207 211
20818 21234 20714 21034 206 20934 22.000 El du Pont de Nem -Co-_100 19318 Mar 29 2387g Jan 4 13414 Jan 27114 Nol
•1024 1021 10212 1021 *102 10234 *10218 10213 10212 1021 10213 10212
300 Do pref 6%
100 10034 Apr 20 10412 Jan 18
94 Jan 10412 No
1818 1813 18
19
1838 19
1812 1853 1814 1812 18
1814 8,600 Elec Pow & Lt Ws__ __No par 173 Mar 30 3412 Feb 10
1738 Apr 404 31113
•10058 1027 *101 IOZ7s 101 101 •101 102 *101 102
101 10118
300 40% pr pd
9912 Mar 30 115 Feb 11 100 Mar 110 Juni
•98 105 •98 105 *100 105 *100 105
*99 103
100 Prof full paid
105 105
103 Apr 17 11012 Feb 26 10012 Mar 11034 J11111
.9234 9338 9312 9314 9234 9314 9214 9214 93 93
800 Do pref ctfa
39238 93
8912 Mar 24 974 Feb 11
897* Aug 9454 Doi
768 77
7538 7682 7618 78's 7614 7614 *76
761
7634 7634 2,000 Elec Storage Battery_No par 7118 Mar 3 7958 Mar 12
6034 Mar 80 Del
•112 2
*112 2
*112 2
*112 2
58 Jul/
*14 2
100 Emerson-Brantingham Co.100
112 14
112 Mar 29
118 May
4 Feb 1
*10
12 *10
12 *10
12
*10
12
*10
12
10
10
100 Preferred
100
934 Apr 23 244 Jan 29
8 May 2658 Arm
*66 67
657 66 •66
67
66 66
66
661 *6534 66
800 Endicott-Johnson Corp.._ 50 6512 Mar 31 7258 Feb 8
Apr 747 Sept
6334
1174 1173 *117 1173 *11714 1171t 11712 1171 •I1712 1173 .11712 11734
200 Do pref
100 114 Jan 7 118 Feb 2 111 May 11834 Oct
47 4758 347
4758 4738 4738 4718 4718 4678 467 *45
600 Eureka Vacuum Clean_No par 45 Mar 29 5334 Jan 8
47
4812 Nov 5712 Da
*1558 171 *1558 171 •158 171s 1534 1534 *1534 161 *1534 1618
Exchange
200
Buffet
Corp_No
par 1538 Apr 21 17 Apr 22
134 July 197 Jar
*2
21
•2
21
5.2
21
•2
21
*2
21
*2
212
Fairbanks Co
25
2 Apr 16
25
312
214 Mar
Feb
434 Aui
4834 483i 4718 471 *4714 48
478 473
4778 48
*4773 49
900 Fairbanks Morse
46
324
No
Mar
Jan 5458 Oct
par
29
10
5934
Feb
*111 115 *111 115 *111 115 *111 115 *111 115 *111 115
Preferred
100 10812 Jan 6 115 Feb 9 106'3June 11018 Not
120 12214 121 12314 121 123t 12314 12413 12238 124
1224 12358 70,800 Famous Players-Laaky_No par 1034 Jan 19 12634 Mar 12
9014 Feb 11434 Jul]
123 123 *12112 1221 122 122
12114 123
122 122 *121 122
1,100 Do pref (8%)
100 115 Mar 31 124 Mar 11 1037 Feb 120 Jul]
29's 29
2912 2934 29
29 •29
30
30
30
*2934 31
900 Federal Light & Tract
15 28 Mar 31 3958 Feb 3
26 Oct3714 Da
*85 88 *85 88 .85 88 *85 88 •85
89 •85
89
Preferred
No par 87 Feb 11 89 Jan 4
8212 Sept89 Des
*6938 70 *67 69 *67 69
67
87
*65
70 *64
70
100 Federal Mining & Smeit'll.100 67, May 12 11134 Jan 5
1514 Mar 9512 Da
72 72 •7218 74
73 73
73
73 •7218 74
73
73
600 Do pre:
100
61
Mar
3
105
Jan
6
494 Mar 947 Da
175
170 170
169 169 *168 175 *167 175 *167 175
*170
200 Fidel Phen Fire Ins of N Y_ _25 160 Apr 15 20014 Jan 23 14712 Jan 179 Dot
19 *1412 191 *14
•14
1918 *14
19
*14
193 *14
19
Fifth Ave Bus tern ctfs_No par 144 Jan 2 2158 Feb 9
12 Jan 1758 Jul/
315 3134 32 32
3114 311
32
*31
33
33
*3212 3278
600 First Nat'l Stores
No par 30 Mar 3t 4938 Feb 5
3812 Dec 40 DO
85 857s 7912 8484 8214 8414 8214 847
8118 831
8012 83
19,400 Fisher Body Corp
25 7912May 10 1054 Jan 4
6014 Feb 125 Noi
157 16
1512 16
155, 16
1583 16
1558 157
1512 1558 12,700 Flak Rubber
No par 1434Mar 3 2614 Jan 13
1012 Mar 2858 Oct
*...... 11312 *--- 11311 *_-_ 1131 •___ 1131 •___ 1131 •--- 1134
Do let pref
100 16514Mar 2 115 Jan 2
754 Jan 1164 Nos
40 4014 3918 4034 3912 40
4014 4058 405 4114 40
4018 11,400 Fleischman Co new--No per 3214 Max 29 5612 Feb 1
- ---- __.
92 9614 9414 95
95 98
96 97
95
961 *95
96
6.300 Foundation Co
No par 92 May 10 17958 Jan 29 90 -Jan 1934 No
64
6414 64
6312 6378 6312 6312 6312 64
64
6414 6414 1,300 Fox Film Class A
No par 554 Mar 31 85 Jan 2 6812 Sept86 Din
3058 314 2958 314 3034 311
3012 3114 3014 314 54,200 Freeport Texas Co
3034 317
Novas 1988 Jan 13 334 Apr 27
8 Mar 247k Oct
3214 33's 334 331 *3234 33
32
32 324 32
•3214 33
2,100 Gabriel Snubber A......_No par 29 Mar 25 42 Feb 11
284 Aug 3978 Not
7
634 63
631 834
*634 714
7
*678 7
7
7
64 Apr 3
1,200 Gardner Motor
418 Jan 1614 Mar
No par
4
934
Jan
4514 4514 4514 4514 *478 4512 *43
*434 454 *4334 45
4512
100 39 Mar 29 558 Jan 2
200 Gen Amer Tank Car
444 Aug 60 Oct
*102 103 *102 103 *102 103 *102 103 *102 103 0102 103
100 10012 Apr 19 104 Jan 15
Do pref
9334 Feb 104 Not
8134 6234 6058 6278 62 6358 6212 6414 624 6384 6178 6378 19,100 General Asphalt
100 50 Mar 3 73 Jan 11
4212 Mar 70 Da
*103 10434 103 103 *10212 10534 *102 10534 *101 10584 2103 103
100 947 Mar 3 11324 Jan 11
600 Do pref
8612 Mar 109 Dot
.5012 51's 5012 501
*5012 511/ *5018 51
*50 _5l
5012 5012
200 General Cigar, InenewNo par 46 Mar 29 5913 Feb 11 - -- ---- -- - •11114 1154 *11114 11518 *1114 1151 *11114 11512 *11114 11512 *11114 11512
100 109 Jan 11 11512 Feb 18 105 Jan 111-4 WI
Preferred (7)
•111 11312 *Ill 11312 *111 1131 *Ill 1134 *111 11312 *111 11312
Debenture preferred (7)_100 10914 Apr 12 11812 Feb 10 104 July 116 Del
31312 31512 31012 314 53,100 General Electric
31214 314 30712 31414 30912 31378 3124 316
100 285 Apr 15 38612 Feb 19 22714 Feb 33714 Aim
1138 1138 1112 1112 1182 1132 1158 1112 1132 1112 1112 1112 1,600 Do special
10 11 Jan 5 1138 Mar 22
1078 Oct 117 Jul/
37
3612 37
3614 3614 37
*3614 37
3534 36
3614 3614 1,000 General Gas & Elee A__No par 34 Mar 30 59 Jan 2
5878 Dec 6138 Dot
*9434 96
*9434 96
*9454 96
*9514 9518 954 954 95 95
200 Preferred A (7)
No par 95 May 11 9914 Jan 4
99 Dec 100 Del
107
*105
*105
107
107
*105
*105
*105 107
107 *105 107
No par 10512 Apr 8 11014 Jan 15 110 Dec 110
Preferred A (8)
Da
___ *92
_ *92
_ *92
_ . *92 -- _ *92
_ _ ___ _ Preferred B (7)
No pm 9214 Apr 27 96 Jan 4
_ .
•9253 50
52 53- •52 -521 .52 -524 5214 -02-14 53 -53600 Gen Outdoor Adv A_ No par 51 Mar 30 557e Feb 4 -4518 Aug 142; Wei;
29
2818 2814 2878 2873 *28
•28
294 284 284 *28
No par 2658 Mar 30 33 Jan 6
2812 1,200 Trust cert1fleatee
2618 Aug 3458 De
•Bid ion sued pidi es no sale. on Ms day s Ex-dividend. e Ex-debts.
New York Stock Record-Continued -Page 4
2774
For sales during the week of stocks usually Inactive, see fourth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 8.
Monday,
May 10,
Tuesday,
May 11.
Wednesday, Thursday,
May 13.
May 12.
Friday,
May 14.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1928
On basis of 100-share iota
Lowest
Per Mare
b per share $ per share b Per share $ Per share $ per share $ per share Shares. Indus.& Miceli.(Con.) Par 8
12412 12834 457,000 General Motors Corp_-No par 11314 Mar9
4 128
/
1283 13038 12414 129
4 12814 128% 1251
1
125 127/
Jai ..9
100
11312
pref
7%
Do
2,800
115
11484
8
1153
, 11538
115 115
115 11514 11512 1155
115 115
100 9814 Ap ,13
Deb 6% prat'
_- __ _
_ *99
*99
*99
. *99
-- *99
*9812
25 4912 Mar 2
Petroleum
General
28,400
6114
z60
7
1
WC
8012
;
5
11
13
1618
6014
59
59
1012
59% 1014
3,000 GenRy Signal new____No par 6011 Mar 31
71
71
71
*70
69 6912 69 6912 70 71
8838 69
100 103 Apr 14
Do pref
*103 10312 *130 10312 *103 10312 *103 10312 *103 10312 *103 10312
General Refractories___No par 42 Apr 22
42
.35
42
*35
42
*38
42
*36
*35 40 *35 41
par 454 Mar 31
No
Bros_
Gimbel
900
52%
4 5014 5014 5014 *5014
1
4938 5012 5014 5014 50/
53
*50
100 10338 Apr 1
100 Do pref
*104 108 *108 106 *104 10712 *106 10688 0108 10688 *106 108%
Ginter Co temp otht-__No par 40 Jan 2
__
18 Mar 23
No par
lo; -1914 To WI 1612 1-612 10; -1-91z ii; 19-12 VA -19-38 2,100 Glidden Co
3,100 Gold Dust Corp v t o No par 4112 Mar 31
4 44
/
43 43 *431
42 4312 4238 4238 43 43
4212 43
May 14
47
par
No
Co
Goodrich
F)
(B
19,100
4812
247
49
4914 4814
4784 4912 48
5012 51
4733 50
100 9812 Jan 22
700 Do prof
9812 *99 100
4 9814 0818 9818 *98 99 *98 99 *98
1
98/
9812 Mar 30
o_100
t
v
pf
Rub
&
T
Goodyear
*9933
800
100
*99
100
7
10014
10014
100 10012 9934 100
997e 99
100 10538 Jan 22
500 Do prior prof
107% 10714 *107 108
•10712 108
10712 10712 10712 10712 *10712 108
40 31,200 Gotham Silk HoNery_No par 3314 Mar 30
3712 364 3914 37
3512 3514 3514 34
*35 3512 •35
100 98 Apr 6
Preferred
3,700
10318
'
101
10014
10018
98 98 *98 9912 098 9912 99 994
No par 1612 Apr 15
600 Gould Coupler A
*1712 18
17 17 *1712 1812 1712 174 1713 1712 1712 18
1618 Mar 3]
Pr_100
&
Sm
M
1,000 Granby Cons
19
*18
1812 1812 184 1812 1814 1814 1812 185, *1812 19
300 Great Western Sugar tern ctf25 89 Apr 14
94
*93
*94 '95
9212 9212 *93 9334 94 94
*9234 94
10812
Mar 30
100
Preferred
100
111
111 111 *110 111 *110 111 *110
*110 112 *110 111
934 Apr 3
Greene Cananea Copper___100
*912 10
*912 1012 *912 10
*912 10
*934 10,2 *934 10
518
Jan 5
par
Sugar____No
Guantanamo
500
834
*612
634
*812
612 634 *8% 834
61: 612 *658 7
100 1 8 May 14
4,800 Gulf States Steel
63 85
85
86 67
6412 653
6533 6614 65 6512 65
100 48 May 12
10) Hanna 1st pref class A
48
*42
48 *42 48
48
*42 50 *42 49 *45 49
2678 27% 2,300 Hartman Corporation_ No par 26 Mar 31
27
27
20 27
2612 2633 267 27
2888 27
No par 3184May 12
3,330 Hayes Wheel
32
32
32
32
337 337
3134 33
327 3314 3214 33
25 68 Mar 29
10) Helme(OW)
71
*704
71
4
/
*701
71
*704
7012 7012
*7018 71
*7018 71
par 25 Mar 29
otts_No
tern
Co
&
(R)
Hoe
100
2512
2512
*2513 2612 *254 2612 *2512 2612 *254 28 *2512 28
100 474 Jan 4
800 Homestake Mining
*534 5188 5484 5434
54
54
5334 5334 *5312 5414 54 54
500 Househ Prod,Inc.tem ctfNo par 40 Mar 3
*4112 42
42
42
•4112 42
41
4 4112 4114 4114 41
/
411
800 Houston 011 of Tex tern 018100 5014 Mar 31
5814 58,4
5812 5814 59
58 *55
y55
5812 *55
59
*58
No par 27 Jan 8
Howl:Sound
2,900
3112
3114
3112
*3034
31
3033
3012
31
308
3033 3118 *3012
No par 61 Apr 15
Car
6212 8612 6212 6414 6184 13333 377,400 Hudson Motor
6614 6714 8314 688 64 66
1912 1988 14,000 Hupp Motor Car Corp.-- 10 17 Mar 2
2014 10 201* 1934 20
2014 20
204 207g 20
2438 10,900 Independent Oil& Gas_No par 19% Mar 30
24
25
2388 2484 24
237 2412 2372 2418 2338 24
No par 18 Jan 6
703 Indian Motocycle
20
1912 *19
19
20
20 *19
20 *19
20 *19
*19
9 Mar 31
10
1,000 Indian Refining
93 10
10
10
934 10
10
958 933 10
4
1
*10 10/
8 Apr 13
10
Certificates
300
9
9
4
3
9
*812
812 812
832 838 *85, 10
94
•9
May 14
90
100
100 Preferred
90
9318 90
*90 95 *90 9318 *90 9318 *90 9318 *90
200 Ingersoll Rand new____No par 8014 Mar 31
90 90
90 90 *8834 90 *8834 90 *8834 90 *8834 92
No par 3412May 11
3412 3614 3412 3514 3512 3618 3884 3718 5,600 Inland Steel
*37 38
3612 37
100 10834 Mar 18
Do pref
*11012 10718 *11012 11078 *11012 11078 *11012 11078 *11012 11078 *11012 1107
20 2084 Mar 30
1,800 Inspiration Cons Copper
22
2218 2218 22
2218 2214 *2218 2212 2233 223
*2234 23
par 15 May 10
No
Agricul
Internet
800
1558
1558
1533
1533
1518 1518 *1514 1512
15
1512 15
*15
100 8312 Jan 12
700 Prior preferred
8358 8338 "8214 85
8312 84
84 84
85
*84 8512 *84
433
1.900 Int Business Machinee_No par 43818 Mar 30
4212 4212 4214 4238 43 43 *4212 43 *4284 431s 43
4 5412 6,300 International Cement--No par 53 May 13
/
53 554 541
4 5714 5514 57
1
57/
6778 58
*5812 59
100 102 Mar 17
200 Preferred
*10314 104 *10314 104 *10314 110 103% 1033, *10318 10312 10314 10314
4338 44,8 43,900 Inter Combus Englne-No par 3312 Mar 30
45
421g 4414 43 4434 4414 4512 44
434 44
100 11214 Mar 29
2,600
Harvester
International
11512
115
115 11512 *11512 117
1154 11514 11414 115 *115 116
100 118 Jan 5
700 Do pref
119 119 *119 120
*121 1214 *120 12112 *120 12114 120 120
758 Apr 30
_100
600
Marine_
Mercantile
Int
818
4
1
/
8
812
4
1
/
8
84 812
4 *814 812
/
81
812 *8
*8
100 27 Mar 30
348 12,600 Do pref
3512 34
3338 33 3414 3514 3714 34
32% 3312 32
593
Mar 3
5312
pref__35
3,700
Match
International
*59
60
7
59
8112
60
4
598
4
593
59 60
5834 59
3334 3418 3333 3388 21,900 International Nickel (The) 21 3238 Mar 30
4 3318 3334 3314 3334 3334 345
1
4 33/
/
331
100 10118 Jan 29
100 Do prof
*10112 104 *10112 104 *10112 10334 103 103 *103 10312 *103 104 4 9,600
100 4418 Apr 15
International Paper
453 48
4 4734 464 463
/
47 4838 481
*45 47
4538 46
100 85 Jan 14
Do stamped pref
. __ _ --- ---_ _
_
_
_ _
100 89 May 7
soo Do pref (7)
lif-)ig -9-612 *915 -90%
icaz 8072 Id; iiorz ii12 ;Si; 91
par 135 May 6
500
Shoe__
145
_No
International
*13914
13912
13914
13838 13912
*1400 144 •141 145 *138 140
11818 1207s 11914 12112 11912 12034 119 11934 8,600 Internal Telep & Tel-4:3_100 111 Mar 3
11712 119
11812 119
2112 Apr 5
par
No
Corp
300
4
233
*22
Intertypo
2212
2212
2334
•2212
22
22
2212
*2188 2288 *21%
100 25 Jan 4
300 Jewel Tea, Inc
3112 3112
*3112 33
*30 3112 3112 3112 *3133 327s *3112 33
Jan 29
11512
100
Do
pref
123
*115
*115 123 *115 123 *115 123 *115 123 *115 123
14
14
800 Jones Bros Tea,Ino.ethd-100 14 May 14
15
•1412 1512 *1412 1514 1412 1412 1412 1412 *14
par
NO
14
Car
2618May
Motor
Jordan
38,900
2814
2818
2912
2934 3112 2933 3034 2814 3112 27%
307 32
14 Mar 4
10
500 Kansas Gulf
14
14
3e
*14
323
*14
14
14
h
4
1
*/
13
*14
Ist pt_No par 1074 Mar 29
P
&
Lt
11012
City
Kan
200
*10914
11014
*10914
10914
10914
10914
0108 10914 *108 1094 10914
1,500 Kayser (J) Co v t o-__No Par 344 Mar 3
35 35
*3434 35
35
35
35
35
3512 3412 35
*35
No par 102 Mar 30
Do 1st pref
*95 105
*95 105
*95 103 *95 103
•96 103 *95 103
25 1212May 10
133
14
Kelly-Springfield Tires
5,400
4
1
/
*13
131
14
*1312
1384
1212 14 *13
13
13
100 55 May 10
200
pref
60
8%
Do
*55
55 55 *55 60 *55 60 *55 60
71
*53
100 6414 Apr 20
8% pref
Do
71
*5314
71
*6314
70
*6314
71
*63
71
*63
*5514 65
100 86 May 12
2,200 Kelsey Wheel,Inc
91
9112 91
9238 87
86
*92 93
9614 9614 93 98
No par 4934 Mar 30
5212 52% 9,600 Kennecott Copper
5214 5288 5214 52% 5218 528 5234 5338 52% 53
Rubb-No par
&
Keystone.Tire
34 Apr 16
1,800
4
3
4
3
4
3
4
3
4
3
114
34
h
04
34
34
314
No par 61 Mar 30
87
Kinney Co
*81
87
*81
87
67 *61
*61
67
68 *61
*81
10 4284 Mar 30
4612 4534 4612 10,700 Kresge (El ft) Co new
4612
47
4512
4814
4538
46
45
46
4512
100 113 Feb 18
Preferred
*108 113
*108 11312 *108 11312 *108 11312 *108 11312 *108 113
Kresge Dept Stores--No par 1518 Mar 25
19
*18
19
*18
19
*18
19
19 *18
19 *18
*18
100 7014 Mar 26
Preferred
80
*724
80
*7212
80
*7212
80
*724
80
*7212 80 *7212
100 Laclede Gas L (St Louis)_100 148 Mar 29
152 152
155
0150 15.5 *150 155 *150 155 *150 155 *150
par
8;Mar 29
__No
Tire__
&
Rubber
Lee
600
*912 10
*912 10
912 912 *912 10
933 933
988 95
No par 30h Mar 30
1,000 Lehn de Fink
3338 3338 *3314 34
3312 337
3312 3312 3338 3338 333 337
Mar 31
7218
new.._25
Tob
Myers
&
Liggett
1,500
7814
7814
80
8034 8084 *7812 80 *79
81
81
80 80
100 11934 Jan 18
Do prof
129
120 129 *120 129 *120 129 *120 129 *120
,120 129
24
Mar
71
25
*79
7912 2,800 Do "B" new
7934 80
7912 7912 *7812 7912 79 797
:Mar 31
No par 531
7938 80
500 Lima Loc Wks
*5534 58
*5718 58
58
5714 5714 *57
57 57
2
Mar
3414
_No
5714 58
par
Incorporated__
4
/
Loew1
8,800
3733 3812 37
37
3712 3834 3733 3712 38
37
7 Jan 28
3818 37
NO par
4 718 3,300 Loft Incorporated
1
7/
4 718
1
7/
4
/
718 71
4
/
718 71
4
/
74 71
4
1
7Is 7/
3
4588May
par
A_No
Lumber
Bell
Long
600
4814
4
/
4 4612 481
1
4812 484 4818 *46/
4 *46
1
4 46/
/
100 88 Mar 30
4618 4618 461
Loose-Wiles Biscuit
*98 103
*98 103
*98 103
4 Mar 30
1
100 120/
*9514 103 *98 105 *98 104
2d preferred
128 *124 128
25 3514 Jan 2
'124 128 •124 128 *124 128 *124 128 *124
Lorillard
3,600
371 3814 3715 3784
38
3838 38
38
38
100 11118 Apr 5
4 3818 38
/
381
Do pref
117
*112
117
*113
117
*111
'115 117 *112 117 *111 117
4 3,900 Louisiana 011 temp ctfs_No par 12 Mar 3
1
4 14/
1
1418 1438 1418 1414 14/
1314 14
1414 1434 1334 14
3,500 Louisville CI & El A_ _- _No par 22h Mar 31
237 24
24
24
24
2418 24
2414 24
24
237 24
No par 1014 Mar 30
e
2
1,500 Ludlum Steel
34
33
3418
3418
3412 3412 3412 3412 3438 3412
*3418 357
100 13014 Apr 19
Mackay Companies
*12912 130
'12914 130 *12914 130 •1294 130 *12912 130 •12912 130
100 138 Mar 19
Preferred
*7014
4
713
7184
*7014
72
*7014
*7014 71
No par 10312 Mar 30
*7014 72 *7014 72
Inc
Trucks,
Mack
41,200
111
10812
4
1
112/
10984 Jan 4
100
111 113 109 11034 10934 11214 11013 11334 1104 113
pref
lst
Do
*11013 113
111 113 *11012 113 *11014 113 112 112 *11012
100 104 Apr 17
200 Do 24 pre
10518 10518
par
8612Mar 29
105 108 *105 108 *105 108 *105 108. *105 108
Ino_No
Co,
&
H)
(R
MacY
1,500
91
9112 91
9114 9114 9112 *91
9133 9218 91
97
100 1151:Mar 1
*96
Preferred
-- *1171g ---- *11718 ---__ *11718
- *1171g
par 34 Apr 19
11718-- *117,s
No
Copper
Magma
.2,600
3613
364
3812
36
4 3812 -3-812 *38 -377
3638 -3-858 3614 -3-631,100 Mallinson(ER)& Ce_No par 1714 Mar 30
18
1812 18
18
185g 185s *1812 19
*1812 19 *1812 19
2,400 Manh Elec Supptem ctf8No par 58 Jan 4
70
8914 7118 70% 7034 70
4 70
1
6814 694 *89/
25 22% Mar 27
89 69
Manhattan Shirt
4
1
4 *2334 244 *2312 244 *2334 24 *2334 24/
1
*2384 24 *234 24/
Manila Electric Corp __No par 2712 Mar 20
32
32 *30
*30
32
*30
32
*30
32
*30
32
par
Expl___No
2034Mar 3
*30
1,400 Maracaibo 011
2212 2212 218 22
2214 *2113 22
22
22
4 Mar 30
1
No par 49/
2212 2212 22
Marland Oil
544 5514 5438 5512 5434 5814 553 57 94,600 Marlin-Rockwell
5484 547
27 Mar 29
par
No
5418 543
2812
2812 *28
2812 *28
*2733 28 *28
29 *2712 28
•28
Corp___ _No par 18 Apr 29
Martin-Parry
300
178
*17
18
*1712
18
18
*1712 18
18
1818 18
*18
10,800 MathlesonAlkallWkstemct150 13212May 12
84
8814 64
84
8212 65
4 63 87
1
70/
*7014 72 67
500 May Department Stores__ _50 10784 Mar 30
11134 11134 *112 1133g *110 112
113 113 11118 113 *111 115
100 1223, Feb 2
Preferred
125
*123
125
*123
.....No par 19 Mar 3
123 125 *123 125 *123 125 *123 125
Maytag Co
2,400
2112 22012 2038
21
21
21
2012 2012 2012 2012 *2058 21
Stores Class B No par 72 Mar 30
McCrory
300
0
8
*78
798
4
798
7914
7934 7914
80 z7814 7814 •78
*79
300 McIntyre Porcupine Mlnes_5 2288 Jan 2
2534
2534 2534 *254 2818 *2512 23
25 25
*2512 28 *2514 28
700 Metro-Goldwyn Pictures pf-27 2214 Jan 8
23 *2234
23
23 23
, *22h 23
22% 227
23 23
6 Feb 25
Mexican Seaboard Oil_No par
3,30C
74
4
1
/
7
712
*74
Vs 784
738 734
734 73
714 712
5 11 Mar 3
900 Miami Copper
11% Ilh •1133 1184
1112 115, 1133 11% 11% 11%
1184 118
13,900 Mid-Continent Petro_No par 28 Mar 30
3012
7
3018
4
3
30
30
30
3018
3018 30% 304 3012
30% 31
100 90 Mar 30
200 Preferred
*9614 9812
98
98
98
*974 9812 *9712 9812 9714 9714 *97
4 Jan 2
/
11
138 112 2,400 Middle States 011 Corp __10
18g DI
188 133 *188 112
138 1%
112 112
88 Jan 7
10
Certificates
1
500
*78
78
78
1
*78
78
1.
8
7
8
7
78
33
Mar 30
107
pref_-_100
Prod
Steel
Midland
100
112
*11012
----- *111 113 *111 113 112 112 *110 114
100 6988 Mar 28
7g 7712 4.000 Montana Power
75
7814
76
4
783
76
75
74%
7614
*7533
4
1
/
75 1-75
Mar 30
58
corp__10
ni
Co
&
Ward
Montg
31.200
6114
5933
6112
81
6014 6118 6014 62
6031:038 5918 81
No par 2133May 14
2312 15,900 Moon Motors
2414 2312 2412 233 2414 23 2412 2312 23% 2138 61i.800 Mother Lode Coalltion_No var
24
8 May 10
'6
818
6
1318
61g
els
6
8
6,
6
84 614
.
- Iuea
on nsa,,013
rIgati. •NO par. a New stocx
•N142 anCI asked prIces; no sales on this day. X Ex-dividend. a Hznew
Highest
I per share
13514 Apr 99
115%May 12
100 Jan 11
6538 Mar If
4 Jan 7
1
84/
104 Jan 18
49 Jan 4
78% Jan 4
1115, Jan 19
4484 Jan 4
2534 Jan 7
568 Feb 4
7034 Feb 3
100 Feb 9
10934 Feb 4
108 Mar 9
417k Jan 11
1034 Jan 11
214 Jan 23
2312 Feb 5
10814 Feb 2
116 Jan 14
1414 Feb 10
1088 Feb 1
9388 Jan 4
57 Feb 26
35 Jan 8
46 Jan 14
744 Feb 11
35 Jan 8
82 Feb 23
4888 Jan 8
71 Jan 5
3534 Mar 10
12314 Jan 4
2888 Jan 4
34 Jan 2
2414 Feb 4
138 Feb 13
1212 Feb 13
104 Jan 7
104 Jan 5
4312 Jan 7
115 Feb 9
26% Feb 10
2614 Jan 22
95 Jan 27
447 Mar 2
717g Jan 21
106 Jan 26
6412 Jan 5
1344 Feb 10
1228 Apr 9
1238 Feb 17
4838 Feb 16
66% Feb 23
4814 Jan 5
1044 Apr 21
638k Jan 9
86 Jan 6
9812 Jan 2
175 Jan 11
133 Jan 25
29 Jan 7
3614 Feb 10
125 Feb 9
1912 Feb 5
66 Feb 19
;Jan 8
111 Apr 3
471% Jan 14
105 Jan 15
2112 Feb 6
748 Feb 5
7314 Feb 5
120 Feb 4
68s Feb 10
218 Jan 2
8218 Jan 7
82 Jan 20
1148 Feb 26
3338 Jan 14
9314 Feb 1
168 Jan 14
14 Jan 4
414 Jan 2
947 Jan 25
12934May 5
44 Feb 1
6984 Jan 4
41 Mar 16
4 Feb 10
/
111
504 Feb 3
14012 Jan 4
1434 Jan 8
4214 Feb 3
117 Apr 23
1933 Jan 4
264 Feb 10
5814 Feb 4
138 Feb 9
734 Feb 9
159 Jan 4
112 Mar 4
107 Mar 13
106 Feb 10
11884 Jan 14
44% Feb 10
281, Jan 5
764 Feb 11
327* Jan 4
35 Feb 23
28 Feb 2
8014 Jan 29
33 Mar 11
2184 Mar 12
Iowa Jan 2
1374 Jan 2
1244 Jan 18
231z Feb 13
121 Jan 11
30 Feb 15
244 Feb 9
1218 Jan 4
134 Feb 11
37 Jan 2
98 May 13
24 Jan 8
11g Jan 8
1334 Feb 23
8312 Jan 14
82 Jan 2
375 Feb 10
711 Feb 8
PER SHARE
Range for Previews
Year 1925.
Lowest
Highest
$ per share $ per Mari
8458 Jan 14934 Nov
102 Jan 115 Dec
884 Apr 994 Nov
42 Jan 5918 Dec
88 Nov 8084 001
9012 July 1057$ Nov
42 081 584 Jan
47 Mar 83 Dec
10214 Mar 1144 Nov
2234 Feb 53 Dec
1212 Mar 284 Dee
OM
37 Mar 51
3634 Jan 7484 Nov
92 Jan 102 Nom
8618 Jan 1145, 001
103 Apr 109 Dec
39 Dec 42 Dec
994 Dec 10212 Dec
18% Dec 23 Sept
13 Mar 217 Dee
91 Jan 11318 June
107 Apr 11512 Dee
1134 Mar 1914 Jan
37 Sept
612 Jan
6718 Mar 9584 Nov
4212 July 89 Feb
2584 Apr 374 Jan
30 Mar 494 Nov
60 May 7734 Jan
27 Dec 487g Jan
43 Jan 50 Jae
4 Jan 474 Nov
1
34/
59 Apr 85 Jan
1812 June 311e Nov
3384 Jan 1394 Nov
1414 Mar 31 Nov
134 Jan 41;June
13 Mar 24 Aug
512 Jan 1414 Dee
6 Sept 125e Dee
77 Mar 110 Deo
77 Nov 1074 Dee
3834 May 50 Feb
1044 Apr 112 Sept
4 Apr 3284 Jan
1
22/
718 Jan 2418 Nov
40 Apr 85 Nov
4 Nov
/
110 Mar 1781
52 Jan 8112 Sept
10212 Nov 107 Aug
3184 Jan 6912 Dee
9618 Mar 13814 Sept
114 Mar 121 Nov
4 June 147g Feb
1
7/
27 Aug 5234 Feb
5615 Dec 6088 Dec
2414 Mar 484 Nov
94 Jan 102 Nov
4814 Mar 76 Oct
71 Mar 88 Dee
86 July 993* 004
108 Feb 19984 July
8712 Apr 144 Aug
18 July 293s 00t
164 July Ms Dee
1024 Jan 1154 Dee
1184 Dec 217 Feb
3588 Aug 65 Nov
14 may
14 June
99 Jan 109% Sept
4 Dec
1
1884 Mar 42/
4 Dec
1
83 Mar 103/
1214 Mar 215, July
41 Mar 74 July
43 Mar 72 July
87 Aug 124 Dee
4 Nov
1
4612 Mar 59/
4 July
1
3/
lh Sept
75 Mar 100 Oct
4 Mar
1
110/
2812 Dec
88 Jan
11014 Jan
1133 Feb
4 Dec
1
37/
57 Mar
1612 Jan
4 Mar
1
55/
80 June
22 Feb
6 Jan
4 Mar
1
/
77 Feb
104 Feb
3014 Jan
4 Feb
/
1081
1333 Oug
23 Dec
3184 Feb
114 May
66 Mar
117 Jan
104 Jan
99 Jan
6912 Jan
11434 Jan
34 Mar
2114 Dec
32 Mar
• 2014 Mar
4 Mar
1
28/
203* Sept
3233 Mar
1038 Mar
19 Dec
51 Jan
101 Mar
1161, Mar
217* Nov
79 Mar
18 Jan
18 Jan
9 Dec
' 8 May
2534 Aug
8314 Apr
ss Apr
112 Feb
98 Jan
84 Apr
41 Mar
2284 Mar
6 May
116 Oct
458 Jan
9733 June
178 Mar
19 Oct
4412 Oct
92 Dec
124 Deo
897 Dec
743 Jan
4484 Nov
4 Apr
1
9/
43 Sept
14334 Dec
148 Dec
3984 Sept
116 Aug
2384 Feb
2688 July
80 Dec
141 Sept
7884 Feb
242 Nov
113 Aug
10883 Aug
112 Oct
118 Aug
46 Nov
3712 Jan
59 Mar
347 Nov
494 Apr
4 Jun_
1
35/
801s Dee
327 Oct
3718 Jan
10714 Dee
13912 Dec
124 June
2688 Oet
1393 Oct
2284 Oct
244 Nov
224 Jan
2434 Jan
38 Nov
4 Oct
1
94/
314 June
14 Feb
147 Aug
9914 Aug
4 Nov
/
811
42 Dec
918 Jan
2775
New York Stock Record-Continued-Page 5
For sales during the week of stocks usually inactive, see fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 8.
Monday,
May 10.
Tuesday,
May 11.
Wednesday, Thursday,
May 12.
May 13.
Friday,
May 14.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
2
Week. Indus. & Miscall. (Con.) Par
$ per share $ per share $ Per share $ per share $ per share $2p1e4r43711
84 2,400 Motion Picture
No par
2134 2134 2134 22
2178 2238 2112 22
*2134 22
No par
38
3718 3714 4,300 Motor Meter A
3814 3834 38
*3834 39
3838 3712 3838 38
24N 244 2,300 Motor Wheel
2412 244 2412 2458 2478 25
No par
25
25
*2458 25
•12
14
100 Mullins Body Corp.._.No Par
*12
15
•I2
1412 14
15
1412 •12
141s *12
38
No par
36
400 Munsingwear Co
*3512 36
*3512 36
*3512 38
•3513 36
•35N 36
35
No par
4
4
3
34
4
34 312
414 4,600 Murray Body
334
378 37
.52
No par
5512 5314 5414 292,100 Nash Motors Co
5234 52
5314 5218 5312 524 5312 52
100
- - ----- ...... Do pref
-- - ";i412
9
100 National Acme stamped_.100
9
833 9
*838 9
.838 9
.83s 9
8312 8334 8214 833/ 8234 84
83
25
84N 834 8334 8314 8312 5.500 National Biscuit
9.3038 1324 '130 132 *13038 132 *130
*130 _
100
Do pref
*130 __ _414 4133 41
413 42
4112 4118 4134 4112 4-134 414 4158 10i,165 Nat Cash Register Awl No par
2212 224 23
*22
23
2212 2212 2212 2378 *2212 25
23
1,300 National Cloak & Suit,,.A00
*75
7812 *75
100
7812 •75
7612
7812 *75
Do prof
7612 *75
7812 •75
61
61
8114 6114 6112 6078 61
6034 6112 61
6034 6034 2,700 Nat Dairy Prod tern ctfsNo par
400 Nat Department Stores No par
2512 26
*28
284 •2512 26
*2512 26
*2512 254 2578 26
95
•91
*91
95
95
*91
*91
95
*91
100
*91
95
Do pref
95
*16
154 1534 1534 18
1812 184 1614 1512 16
15
1518 2,100 Nat Distill Products_ __No par
4012 4112 4124 41I *42
4012 4012
41
44
*41
46
41
900 Nat Distil Prod pf tern ett Nova?
26
26
25
28
1,100 Nat Enam & Stamping-100
*26
25
2518 2518 254 25
2418 241g
*80
85
*80
*80
85
*82
85
100
85
85
•82
85 '82
Do pref
148 146
14614 146i
800 National Lead
100
146 14612 14513 1454 148 146 *148 148
*11734 119 *11712 119 *11734 119 *11734 119
100
11734 11734
118 118
2)0 Do pref
1878 19
1834 1834 1812 19
21878 1934 1858 1933 1812 1878 11,300 National Pr & Lt etfa._No par
61
*59
50
*5912 60
200 National Supply
60
*59
60
60
60 60
*5912 60
*1104 113 *11012 113 *11012 113 *11012 113 *11012 113 •1104 113
100
Preferred
100
National Surety
1211 12112 *iiii2 130 *12112 129
'121 130 *Hi' 126
No par
12122 130
100 National Tea Co
*1214 1212 124 1224 1212 1212 124 1214 1214 124 •12
1212
500 Nevada Control Copper____ 5
3934 40 '39
40
40
1,100 NY Air Brake tern ctia_No par
3914 3914 *39
40
3912 40
40
No par
*6038 6012 6038 6618 8038 604 *1303a 6012 •801g 6012 8012 6012
400 Do Class A
3712 *3512 3612 3538 3838 3578 3578 *35
*36
1,500 NY Canners temp ette_No par
35
353s 35
'3312 35
*3414 36 '34
100
38
34
35
34
400 New York Dock
3412 3412 *34
71
100
*69
7034 *69
*69
69
71
*69
70
71
100 Do prat
89
*69
102 102
*102 10212 101 103
700 N Y Steam lat pref.-No par
102 103 *102 106
2814 28't 284 2814 *284 2814 2814 2814 2814 2814 .3284 2814 1,400 Niagara Falls Power pf new.25
4614 47
46
10
4514 47
22,500 North American Co
4678 4534 4712 4614 45l2 4618 47
*4934 5018 *4934 50
50
50
300 Do pref
50
50
50
*4934 50
50
50
9312 9312 *9313 9412 94
200 No Amer Edison pref._No par
94
9312
*9312 9418 *9318 9412 •92
1,800 Nprwalk Tire & Rubber--10
9
9
9
9
9
9
9
914
9
914 912
9
*14
1412 1421 14l2 1418 1412 •1414 16
15
*14
300 Nunnally Co (The)___ No par
*14
15
25
*30
3212 3014 3014 *30
200 Oil Well Supply
3134 *3014 3134 *30
3134 303s 303s
PER SHARE
Range Bina Jan. 1 1926.
On harts of 100-chars iota
Louts!
flights,
$ Per share
$ per Moro
1
4 Feb 25
19 Jan 26 23/
36 Mar 30 5312 Feb 10
24 Mar 30 337s Feb 1.5
1
4 Feb
14 Apr 17 19/
6 88 Jan 2
.1opyr 8
34
334NA
1
4 Feb 2t.
15/
52 Mar 24 66 Pep 23
1
4 Jan 4
1061s Jan 4 106/
833 Apr 12 1273 Jan 9
74 Jan 8 9314 Jan 29
13112 Apr 28
3913 Apr 15 54 Jan 5
n
y 27 57 Jan 2
12
26
2 May1
7514 Apr 26 9212 Jan 8
53 Apr 14 80 Jan 2
1
4 Jaa
2522 Apr 21 42/
91 Apr 16 97 Jan 19
15 May 14 84 Jan 4
38 May 7 7315 Jan 4
1
4 Jan 2
2418May 14 40/
82 May 7 8934 Jan 4
138 Apr 15 17434 Jan 5
1
4 Apr 29
116 Jan 16 118/
16/
1
4Mar 2 3853 Jan 21
4 8573 Mar 16
10
55
414
4 Mar 30 112 May 3
208 Mar 31 227 Jan 20
upr
n 12
7 238 Jan 4
136
20ii A
11/
1
4 Mar 33 14 Feb 15
44/
1
4 Mar 11
55/
1
4 Jan 6 8012May 14
32 Apr 12 8434 Jan 29
3212 Mar 30 4578 Feb 5
74 Feb 5
6
99
2/
4
1M
A4
413
3 103 Apr 28
1
4 Jan 22
275e Mar 31 28/
42 Mar 30 67 Jan 14
49 Jan 2 5012 Jan 11
911
/
4 Mar 31 95/
1
4 Jan 2
9 May 10 1513 Jan 14
1712 Jan 7
134 Mar 1
3014 Apr 29 38 Feb 5
10 Jan 8 1012 Jan 14
3114 Feb 2 38 Jan 12
95 Apr 17 99 Jan 12
47 Jan 12 6012 Mar 11
2713 Mar 28 3053 Apr 9
101 Jan 13 105 Apr 21
11014 Mar 30 12934 Feb 6
10234 Jan 13 107 Feb 8
812May 10 1413 Jan 19
87/
1
4 Mar 30 107/
1
4 Feb 17
8814 Feb 8
4
53
638
34 Mar
Apr 2? 52 Apr 5
9712 Apr 1 10114 Jan 16
118 Mar 31 13214 Jan 29
n1 May 13 834 Feb 13
311
/
4 Mar 31 4335 Jan 4
1333May 14 2g18 Jan 4
561
/
4 Mar 31 7612 Jan 2
56/
1
4 Mar 31 7838 Jan 4
34 Mar 1 46 Jan 2
413 Jan 21
1934'May 14
33s 284 Jan 4
9
813
01 1344:sm
A
A:
p
apsryrry 19313
574May 1
812 Feb 5
47 Apr 20 88 Jan 7
16/
1
4 Jan 28 2134 Apr 29
10 May 5 17 Feb 8
2/
1
4 Jan 4
117 Jan 4 130 Feb 11
59/
1
4 Mar 2 7653 Apr 8
4734 Jan 4 5073 Mar 30
r 14 4838 Feb 13
38
3738
14Atapy
4612 Jan 11
50 Mar30 5634 Jan 29
20/
1
4 Feb23
4918 Feb 13
1
4 Jan 9
31 Mar 30 44/
94 Mar 25 99/
1
4 Jan 21
1
4 Jan 9
215sApr 15 43/
7612 Apr 16 10878 Jan 11
14 Jan 30
17 May 4 2718 Jan 30
37gMay 4
7 Jan 30
3134 Mar 29 4212 Jan 5
71 Mar 25 85 Jan 5
94 Mar 29 98 Feb 1
40 Mar 29 637a Jan 9
83 Mar 26 92% Feb 5
1412 Mar 3 19/
1
4 Apr 8
15 Mar 20 194May 13
15 Jan 22 19NMay 13
7513 Mar 30 12478 Feb 3
3458 Apr 15 4112 Mar 19
1
4 Jan 7
82 Mar 4 95/
11 Mar 29 17/
1
4 Jan 2
3034'May 11 35 Feb 11
72 Mar 2 92% Jan 19
10318 Jan 12 10878 Apr 19
115 Mar 2 120 Apr 30
97 Jan 22 10114May 6
102' Jan 18 110 Mar 29
14 .14 Mar 31 17412 Apr29
Apr 14 47 Feb 4
254 Apr 13 31 Jan 4
106 Apr 14 11114 Feb 27
32 Mar 30 4653 Jan 12
4458 Mar 31 4753 Feb 1
5314 Mar 1 687± Mar 10
115 Apr 9 123 Feb 20
3234 Apr 30 3453 Feb 5
IC12 Mar 3 12/
1
4 Feb
4612 Mar 30 56 Jan
914 Mar 31
18/
1
4 Feb 2
8312 Apr 20 127 Feb
106 Apr 21 10813 Marl
105 Apr 1 111 Jan
9 Mar 31
15/
1
4 Jan
4478May 14 6358 Jan
911
/
4 Mar 30 95 Feb
1058 Jan
512 Feb 24
90 Mar 30 9812 Jan
86 Mar 2 100 Jan 2
50 Mar 3 573s Jan
38NM ay 11 484 Feb 1
421g Mar 31 54 Jan 1
73 Mar 31 10212 Feb 1
5 Mar 31
1014 Jan
4
5211 M
ma
u
,.34
0 6578May 1
13812 Jan 2
11212 Jan 6 118 Jan 1
1212 Mar 3 1434 Mar 1
4414 Mar 29 4938 Apr 2
47 Mar 30 89% Jan
PER WARE
Lame for Prortoso
Pear 1928.
Larval
111011444
per shots
ea Oar,
20/
1
4 Des
19/
1
4 Dec
941
/
4 Oct
40 Nov
35 June
18 Apr
2112 Feb
18 Aug
39 Dee
30/
1
4 Apr
1
4 Mar
6% Dec 42/
Oct
19313 Jan 488
10334 Jan 107 July
4% Mar
12/
1
4 Dee
65 Apr 79 Dee
123/
1
4 Mar 12812 May
Dec
87348734 Dec
42 Jan
3813 Jan
96 Apr
2955 Der
5213 Jan
25 Apr
78 June
13811 Apr
114/
1
4 Sept
-114-7
; Oct
104
Jan
817s Nov
45 May
102 Jan
43% Det
81
Oat
4155 Dee
8954 Jan
174/
1
4 Nov
119 Bent
Ws; Dec
104/
1
4 Jan
Jan
206
201 Dec
11/
1
4 Apr
3112 Oct
50 Bent
11183 Mar
18 Mar
5212 Jan
Jan
97
2758 Oct
4112 Jan
485s Jan
9411 Dec
12/
1
4 Sept
Jan
8
333s Dec
512 Jan
1853 Jan
7814 Mar
4118 Sept
2534 Jan
Jan
98
8738 Feb
101 Feb
8 Mar
5014 Mar
4234 Mar
4914 Nov
98 Nov
1024 Jan
51N Aug
Jan
15
173s May
5911 Sept
604.Aug
3714 Oct
214 Aug
25 Sept
71 11;
110 Apr
222
Oat
250 Dee
Hits Jan
&Ps Jan
67 Jan
51112 Dee
45/
1
4 Nov
76 Dee
102 June
Jan
29
75
Oct
5012 Sept
9613 Dee
18/
1
4 Aug
18/
1
4 Nov
38 Nov
11
Oct
39 Dec
97 Nov
53 Dec
32/
1
4 July
107 Sept
14013 Aus
112 July
1514 Ala
9712 Aug
6933 Nov
57 Nov
10072 Dee
1371s Nov
7812 Dee
48/
1
4 Nov
32 Oct
83/
1
4 Mar
8411 Max
4934 Dec
614 Dee
3512 Jan
Ontario Sliver Mln new NO Par
No par
34
3522 ;51 3514 34
;54" ..3117/ ;55i, 352± ;55114 -0-2 100 Onyx Hosiery
100
*95
Preferred
97
*95
9758 *95
96
9714 *95
974 4'95
974 •95
CoN
0 par
Collins
&
300
*5112
5214
513
*51
Oppenhelm
52
*5114
52
*504 52
5112
504 5012
1
*2958 2934 2912 2912 *2912 293
2912 20s 294 2958 •29N 2934 1,000 Orpheum Circuit, Inc
100
100 Preferred
*104 105 *104 105
- *104 107
104 104 *104
_ *104
50
11378 11378 *11212 114 *11224 114'2 *11214 1144 'l1214 114-12 11214 11214
300 Otis Elevator (k)
100
Preferred
*104 10534 *104 10534 *104 10534 *104 1054 •104 1054 *104 10534
NO par
3,100 Otis Steel
9
9
812 9
*9
918
*834
*834 9
400 Do pref
100
•89
90
88
8712
8812 *8734 MN 8712 8812 *85
8812 '85
25
*5912 60
59
60
5912 594 5913 594 58s 5873 1,200 Owens Bottle
5914 *59
No par
*4612 49
*47
49
200 Outlet Co
474 4712 *4812 48
*47
49
49
*47
100
*97
99
*97
99
99
*97
99
Preferred
99
*97
*97
99
*97
*120 122
120 120
900 Pacific Gas & Electric-.100
12053 12058 122 12212 *12134 12214 *121 12214
No par
13s 51,600 Pacific Oil
138
114
5434 5434 544 5434 5438 5434 5413 5434 n1
10
33N 34
7,500 Packard Motor Car
3378 34
3412 33N 345s 3314 34
3338 34
34
23,000 Paige Del Motor Car__No par
1512 153
1518 154 154 16
1514 1338 14
1513 1553 14
1,300 Pan-Amer Petr St Trans_._50
64
.8312 64
84
6314 64
*6314 64
634 64
50
8478 8514 8412 6512 5434 8578 05
88
65
3158
2 66
41
1 19.700 Do Class B
554 65
3812 38, 38
381s 21,860 Pan-Am West Petrol B.No par
3912 3818 3812 3814 3834 *38
384. 38
184 194 1813 1934 51,900 Panhandle Prod & Ref _No par
1614 16, 1458 1612 184 1734 1714 19
21
400 Park & Tilford tern ctfs_No par
*21
2112 21
2012 2012 *2012 211 *2012 2112 *2012 2112
1
2,800 Park Utah C M
618
6
6
6
6
*8
618
578 6
618 *574) 6
No par
49
49
500 Pathe Exchange A
*4812 49
*49
50
49
70 Nov 90/
49
1
4 Oct
4912 *4812 4912 49
No par
17 Dec 28 Apr
300 Penlek & Ford
*1934 2014 *1934 20/2 *1934 2012 20
*2038 2034 *2014 203
20
*234 10
50
1211 AP
*934 10
Penn Coal & Coke
*934 10
2635 Jan
*934 10
*934 10
*934 10
12
138
112
138
138
138
13 15,500 Penn-Seaboard St'l vtc No pa
1N
138
1 Aug
3 Jan
114
114 112
11815 119 . 11958 11934 11878 11878 11818 1181
120 120 *118 119
112
Jan 123 Oet
1,000 People's 0 L as C (Chic)_100
7212 74
5113 Ma
724 7338 73
16,700
300 Philadeiphia
7338 7334 75
es
8714 Dee
Co (Pittal0)---5
73s 7318 7334 73
*4912 50
*4912 50
45/
1
4 Jan 49 July
50
*49
4934 50 •49
*4912 50
preferred
50
50
3714 381
*3812 39
4,400 Phila & Read C & I-No pa
38
37/
1
4May 52/
1
4 Jan
3812 3812 3812 3812 3834 3734 381
41
*37
40
*37
*38
88 July 50/
200 Certificates of int-- No pa
40
3738 374
1
4 Jan
381s 3818 3818 *37
*48
*48
52
52
81 Nov 90/
*48
52
1
4 Jan
*48
*48
Phillips-Jones Corp____No pa
52 '48
52
52
*1712 19
12114 Ma
*1718' 1734 18
1714 171
25/
2,000 Phillip Monis & Co.,Ltd---1
17
1914 1812 19
17
1
4 Sect
No pa
4418 447s 4458 45
4418 4414 4312 441
4438 451s 4414 443 30,200 Phillips Petroleum
471s JUDO
3614 Ma
18 Apr 4213 July
*32
36
*32
*32
36
35
*32
Phoenix Hosiery
35
35
*32
*32
35
100
'95 100
84 Apr 99 Des
*95 100
*05 100 '95 100
*95 100
Preferred
*95 100
1078 Mar 4754 Oct
244 2434 23
24
23
237
2238 2358 2258 233
2134 2284 19,100 Pierce-Arrow Mot Car No Par
8712 881
100
8834 8834 8512 88
43 Mar 100 Nov
*8813 90
8512 8611 6,800 Do pref
8634 881
25
1
114 Nov
1
3/
1
1
4 Feb
1
1
1
1
1
1
1
5,100 Pierce On Corporittlon
1
*15
100
19
2o24 Dec 40 Feb
*16
20
*17
20 1712 1713 100 Do prat
•17
*1834 20
20
*4
4N
4
4
4
4
412 Dec
1
4 Feb
34 378 1,400 Pierce Petroi'm tent ottsNo par
*4
414
8/
3% 4
3714 May 5412 Jan
324 327
•3278 3313 •327g 331 •324 3312 •327s 331
3258 325s
300 Pittsburgh Coal of Pa-- _ -100
'7234 7314 •7234 731
100
*73
200 Do pref
731 *72N 7314
80 May 99 Jan
73
7234 7234 73
*94
98
*94
100
98
*94
Pittsburgh Steel pref
98
98
94 Mar 10213 Jan
*94
*94
98
_ _ _ _ *94
*41
45
*40
44
*40
100
44
44
*40
44
44
*40
Pitta Term Coal
•40
30 Apr 6334 Jan
egg
.83
87
*83
87
*83
88/
1
4 Nov
100
Preferred
87
79 July
*83
87
*83
87
87
1934 1934 1934 103
17/
1
4 June
1934 1978 108 1978 1978 197
12/
1978 1973 5,400 Pittsburgh Utilities pref-_._10
1
4 Mar
193 1934 19N 198
*1934 20
*1934 20
197 197 *1934 20
18 June
10
1234 Mar
500 Do pref certificate,
*1934 20
•1934 20
103 1934 •l934 20
1
4 Nov
1512 Jul,
193 195 •
10
.38
12/
13
9
5N 2
383
0
6311
200 Preferred Ws new
8114 811s 8112 85
84
8514 8334 8433 84
841
9,200 Post'm Cer Co Inc new_No par
6453 Nov 121 Dee
37
37
36
36
36
36
*35
37
*35
300 Pressed Steel Car new
381
100
*86
89
*88
88
*86
88
.86
*86
88
88
*88
88
2 Jan
100
Do pref
761± Yuji Ii113
1314
1233 13
13
1313 1314 1314 *1212 13
1212 Aug 8253 Feb
12
1212 2,000 Producers & Refiners Corp.50
31
31
31
311
3034 3034 '33034 31
31
31
1,100 Preferred
50
27 Sept 417/
1
4 Feb
79
7914 7812 787
78
79
794 7914 7928 797
2,100 PubServCorp of NJ newNo par
6253 Mar 877g Aug
4
10
10534 1053 •10534 108 •10534 106 *10534 108
*10534 108
375
8131 10
200
739
5
Do 7% prof
134
100
99 J1313 108 Nov
*11713 11912 •118 1181 11811 11812 •118 120
118 118
118 118
500 Do 8% pref
100
10853 Apr 119 Oct
*10014 10012 *100 1001 •100 10012 100 100 *100 10014 9934 100
400 Pub Sent Flee & Gas pfd_100
99 Jan 108 Nov
•109/
1
4 11012 •110 1101 •110 11012 *110 1103g *110 11012 *110 11012
Pub Service Elea Pr prat _100
92/
1
4 May 1001s Dee
166 189
164 16412 16334 167
167 169
168 168
185 16714 11,600 Pullman Company
100
129 Mar 173/
1
4 Sept
*38
38
36
3612 38
361g 3614 381
36
*3512 36
36
1,000 Punta Alegre Sugar
50
1
4 Jan
33 July 47/
273s 2712 22612 27
265g 27
2634 27
2812 287g 8,600 Pure 00 (The)
2634 27
25
251s Aug 3354 Feb
*107 109 *107 109 *107 108 .107 108
108 108 *107 108
100 Do 8% pref
100
10212 Jan 10813 Sept
424 45
394 403s 394 44
424 441
414 43
41
4238 157.400 Radio Corp of Amer....No par
394 Nov
1
4 Jun
77/
4614 4638 457 *4812 487g 4678 487
*46
4858 463 *4612 47
50
1,600 Do pref
lb Dec 54 Feb
13351) 8212 8212 62
*6212 6312 *62
821 *62
900 Railway Steel Spring new,_ _50
84
*80
64
11712 11713 •11814 117 *11614 118 •11614 118 *11614 118
*117 118
100 Preferred
100
11
,
11; DIU ill"'hi;
*3114 34
*32
*31N 34
34
•3258 34
*3214 34
Rand Mines,Ltd
*3258 34
No par
3354 Nov 8913 Aug
1213 1212 1212 1258 1212 1212 1212 1212 1212 1212 124 1212 10,300 Ray Consolidated Copper--I0
11% Apr I7/
1
4 Feb
*48
48
*47
47
47
48
47
47 '48
No par
48 .46
48
200 Reid Ice Cream
43 Oct 8014 Dee
1134 1134 *1112 1212 1114 1134 1138 12
1178 12
•1178 1214
No par
800 Reis(Robt)& Co
10 May 28/
1
4 July
8914 91
89
90
92
92
921
90'4 90',
92
2,000 Remington Typewriter----100
48% Jae 11734 Dee
*109 110 *109 110 *109 110 .109 110 *109 110
100
9011*109 110
92
Do ,
ld
eIt pref
100 Jan 10912 Oct
*104 107 •104 10812 *104 1084 *104 1081 *104 10812 *104 10812
100
prof
103 Sept 113/
1
4 Apr
9
918 *9
91
94 914 *94 914
No par
1.603 Replogle Steel
94 914
12/
1
4June 23/
1
4 Jan
4712 48
48
47N 471 *47
97
4712 44
'
8 4718
4812 4912 47
100
8 7,700 Republic Iron & Steel
42/
1
4 Apr 8413 Jan
*9212 93
*9212 93
*9212 93
9212 9212 f9212 93
100
200 Do prat
*924 93
8414July 95
Jan
64 814
84 818
64
No par
64 61g 5,400 Reynolds Spring
*81s 614
8 July
614 614
18
Jan
935s 9318 9314 9338 931
94
94
4,100 Reynolds (RJ) Tob Clan B 25
9314 9314 93
72/
1
4 Mar 9534 Nov
•8
8612 8612 8612 8812 *88
91
88
95
344 9
25
86
84712
300 Roasts Insurance Co
85 June 9712 Feb
*864 88
5138
514
52
521
514
51N
50
3
(NY
4
51
5133
5138 3,100 Royal Dutch Co
shares).
5034 503g
48/
1
4 Mar 5733 Jan
3614 37
3734 365 37
37
*38N 37
37
37
10
2,500 St Joseph 1.ead
3778 377
3534 July 52/
1
4 May
478
47
47
*4612 48
*4612 48
*464 48
*47
No par
48
200 Safety Cable
*47
48 Dec 5013 Dee
*783
77
4 7934 77
77
77
*7812 7712
7712 7712
800 Savage Arms Corporation_100
1
4 79
*77/
4812 July 108/
1
4
Mar
58
51
512
No par
*5
512 512 *5
512 *5
512 512
400 Seneca Copper
535
9 Nov
11 Nov
84
634 8538 6312 857
6313 8414 447
6338 83
473142 12,400 Shubert Theatre Corp_No par
83
6314 62
5113 Dec 5512 Dec
4818 49
4834 49
48
485
,
4712 4734 474 48
3,300 Schulte Retail Stores_._No par
1011
/
4 Sept 13472 Dee
100
*117 11778 '117 11738 *117 11778 *11712 120 •117 11838 •117 120
Do pref
113
Jan 118 Aug
1334 133 '
31312 1334 1312 1312
No par
800 Seagrave Corp
1334 1334 13N 137 *13N 14
13/
1
4 Nov
1834 June
47
4734 4734 4814 474 481
4713 4814 4718 475g 8,700 Sears.Roebuck&Co new No par
474 48
*52
54
55
53
*5212 53
5212 5234 *5212 54
1,400 Shattuck (F (1)
*53
54
No par
164 -1:1-a-r 92 Aug
*Bid and asked prices; no sales on this day. x Ev-dividend. a Ex-rights. zEx-50% eta* dividend. $ Atter Daniel:a of 900% deck dividend.
rt Ex-cliv.:one
share Of Standard 011 of California: new.
;55i2
2776
New York Stock Record-Continued-Page 6
For sales during the week of stocks usually Inactive, see sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
i Saturday,
May 8.
Monday,
May 10.
Tuesday,
May 11.
'Wednesday, Thursday,
May 12.
May 13.
Friday,
May 14.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926
On basis of 100 share lots
$ per share $ per share $ per share 5 per share $ per share $ per share Shares. Indus,& Miscall.(Con.) Par
*377 4034 4034 4034 41
41
4258 4234 *423 4314 425 4278 1,900 Shell Transport dr Trading_i2
2412 2434 2412 2434 2458 248 2434 2434 247 25
4,200 Shell Union 011
2434 25
No par
*105 11618 10538 1058 *10112 10512 10512 10512 106 106
400 Do pref
10618 1064
100
1818 1812 1818 1878 1838 19
1812 1918 1814 18% 26,900 Simms Petroleum
1834 19
10
4012 4012 3912 4014 3934 40
394 4014 3934 3934 3812 3912 8,900 Simmons Co
No par
*10812 110 *10812 110 *10812 110 *10312 10958 *10812 110 *10312 110
Preferred
100
2034 21
2012 20% 2058 2118 2012 2118 2034 2114 2038 21
26,200 Sinclair Cons 011 Corp_No par
*9314 96
*93
95
*9234 95
*9234 95
9312
*9234 93
303 Do pref
93
100
3314 3378 323 3334 3312 3418 3338 3414 3312 3412 z331s 337 57,300 Skelly 011 Co
25
11712 11712 115 117
7,500 Sloss-Sheffleld Steel & Iron 100
116 11734 117 120
117 11834 117 119
95
9612 9612 9612 *97 100
99 101
100 10134 *9714 10014 2,600 South Porto Rico Sugar___ 100
*112 114 *112 114 *112 114 *112 114 *112 114 *112 114
Preferred
100
•12
14
*12
14
*12
14
*12
14
14
*1.2
*12
14
Spear & Co
No par
•71
74
*71
74
*71
74
*71
74
*71
74
*71
74
Do pref
100
*2012 21
194 2014 *2012 2112 2014 21
2018 2,300 Spicer Mfg Co
20,8 2078 20
No par
*10118 108 *10118 103 *10118 103 *1014 103 *10118 103 *10118 103
Do prat
100
524 54
53
528* 533
5312 53
535
/
4 531 5134 22,800 Standard Gas & El Co_No par
527 531
/
4 56
56
557 55% *551
56
56
56
56
56
557 557
1,003 Preferred
50
70
70
*6734 6912 6812 6812 69
71
400 Standard Milling
68
*68
69
68
100
*8314 86
*8314 86
*8314 86
8334 8334 *83
86
*8314 86
100 Do pref
100
5414 544 5358 54
5313 53% 5312 5378 5312 53% 53
5338 15,903 Standard 01101 California_ 25
4412 45
442 45
4414 45
4312 4414 40,600 Standard 01101 New Jersey 25
4418 447
4312 443
118% 11818 11858 118% 11814 11834 *11812 119
11834 119
11838 11878 1,000 Do pref non-votIng
100
*612 7
*612 634
300 Stand Plate Glass Co....No par
658 6% *612 652 *612 634
612 ô'z
7812 7812 *7814 79
•7834 79
79
78
784 7834 79
7814
600 Sterling Products
No par
7214 7214 69% 7214 7012 71% 703 7278 70% 7184 70
701s 16,300 Stewart-Warn Sp Corp_No par
*644 66
*63
6312 61
64
*63
64
64
•63
700 Stromberg Carburetor_No par
637 64
4934 65,400 Studeb'rCorp(The) newNo par
524 52% x487 5118 4938 5012 494 5014 49% 50'3 49
*11714 122 *11512 122 *118 122 *118 122 *118 122 *118 122
Do pref
100
232 23s
238 212
232 238 *214 232
214 214 1,300 Submarine Boat
214 214
No par
3212 3314 3212 3212 *32
*32
33
331
33
1,403 Sun 011
3212 321 *32
No par
212 212
212 212
1,200 Superior 011.
214 23s *214 25*
214 21
23* 28*
No par
*23
26
*23
26
*23
26
*23
26
*23
100 Superior Steel
26
22212 2212
100
*11
12
11
11
*1012 11
*1012 11
*1012 11
100 Sweets Coot America
*1012 11
50
*812 9
8% 9
712 81s 3,600 Symington temp ctfs__No par
8
812
84 818
'
387g 9
*1738 1712 173* 173* 17
17
*1634 17
*1634 1718 1612 1684
700 Class A temp ctfs____No par
1214
*11
1312 *11
13
*11
13
*11
13
100 Telautograph Corp____No par
1212 121 *11
1132 1132 1112 1134 1112 111
1112 1132 *1134 12
1184 ills 2,200 Tenn Copp & C
No par
5014 5034 50
51
5012 5078 5012 51
5084 503
5012 5024 18,300 Texas Company (The)____ 25
1317 1323* 130 132
13112 13134 13214 13338 1323 1331 13134 13224 8,800 Texas Gulf Sulphur
10
1334 1334 1314 14
133* 1334 1314 1312 1338 1334 1312 1315 4,209 Texas Pacific Coal & Oil_ 10
870 870 870 900 870 920 .850 900 *830 900
810 850
239 Texas Pacific Land Trust_100
29% *29
2914 29
*29
29
29
29
29
*29
800 The Falr
293* 29
No par
33
32
32
•32
*3134 323
*3112 32
3118 3112 *3112 32
600 Tidewater 011
100
93 •92
*92
93
9312 *92
93/
1
4 9314 9214 921 *9214 93
200 Preferred
100
4952 495* 4912 5012 4952 50
50
2,500 Timken Roller Bearing_No par
501
50
5014 5014 50
9618 97
9612 97
9658 9718 97
9612 97
98
991
/
4 13,900 Tobacco Products Corp
100
993*
*107 103
107 107
107 107
107 10712 1071
/
4
600 Do Class A
/
4 10714 *10718 1081
100
334 334
34 334
312 35*
312 312
3% 334
33* 334 18,700 TranscTiOlitemetfnew No par
*2114 234 *2114 2334 *2114 2334 *214 2334 *2118 2334 *214 2334
Transue & Williams Stl No par
*5312 5412 53
54
53
5214 5212 5234 53
*52
54
*52
1,300 Underwood Typewriter_ 25
/
4 364 364 3684 3632 36
*364 3712 3714 371
36
36
3634 1,500 Union Bag & Paper Corp__100
5
43
4318 4284 4318 42% 4278 4258 43
4312 4514 44
4534 27,100 Union 011, California
25
*871
/
4 8912 *8714 8912 *871
*871
/
4 90
100 Union Tan_ Car
/
4 8912 8938 8938
*88,2 90
100
*1151
/
4 11534 *11312 11412 11412 11412 3.11312 114 *1134 114 *11312 114
100 Do prof
100
2812 2812 2835 2812 2814 2338 28
28
3,000 United Alloy Steel.
28
*28
2812 28
No par
874 8812 8814 8838 8814 9110 89
8814 881
/
4 8712 88
9014 7.000 United Cigar Stores
25
*118 121 *118 121 *11814 121 *11814 121 *11814 121 *11814 121
Preferred
100
142 143
14114 142
143 143
143 143
1,400 United Drug
14212 142% z140 140
100
5714 5718 5712 572 5712 57% 5712 *57
*57
5712 57
5712
600 Do lot pref
50
*____ 12 *___. 12 3l_ _ 12 •____ 12 *__ 12 •____ 12
100
UnIted Dyewood
102 10312 6,100 United Fruit new
10178 105
10378 104
No par
*1061z 10712 10612 10712 la 107
2434
*23
25
•23
•23
244
*23
*23
25
25
*23
25
United Paperboard
100
9412
*92
95
*92
95
95
*92
95
*92
*92
9412 *92
Universal Pictures let pfd_100
17
1612 1812 1612 1714 4.500 Universal Pipe & Rad__No par
1612 17
•17
1712 16
1612 1634
*59
*59
62
6412 *59
62
*5918 62
100 Do pref
100
*59
63
63
63
162% 16234 162 16512 165/
1
4 166
163 1644 2,600 U S Cast Iron Pipe & Fdy_100
165 165
164 164
102 102
300 Do pref
*101 10212 *101 103
100
10278 10278 102 102 *10278 103
Si
5112 491
/
4 50
50
51
53
5212 542 22.300 USDistribCorptemcttNopor
507 51.14 51
.150 250 .150 250 *150 250 .150 250 *150 250 *150 250
100
Do pref
5134
51
200 USHoftMachCorpvtcNopor
*51
511 *51
5134 514 514 *51
*504 5112 51
4912 494 5018 4914 4912 4834 4914 4878 4878 1,900 U S Industrial Alcohol___.1.00
49
50
50
10112 10112 101 101 *100 102 0100 10112 *100 10112
200 Do pref
*10034 102
100
56
15,700 USRealty&Improv't newno pa
55
5434 5518 5512 5614 5534 53
56
5818 5534 56
100
535* 54% 111,800 United States Rubber
5534 5714 5434 5534 535* 5534 543 56,4 5412 557
1,000 Do let pref
10358 104
100
104 104
10418 10418 104 104
*104 10434 10334 104
1,100 US Smelting, Ref Az Min
38
60
3812 381
/
4 3814 *37
375* 38,4 38
385* *37
371
/
4 38
*4818 49
500 Do pref
50
4818 4818 4858 4834 *4858 484 4812 4834 *4818 49
12018 12114 11912 120,8 96,100 United States Steel Corp 100
121 1211s 11934 12112 120,8 12112 12038 122
100
127% 12778 2,500 Do pref
128 12838 12812 128% 12712 12812 128 128
*127 128
No par
US Tobacco
*5712 61
*574 61
*574 61
*5712 61
*574 61
*5712 61
Preferred
100
__ •114
-- ___ -__
__ *114
__ *114
.._ •114
__ •1144
*1144
300 Utah Copper
10
-100 fob .____ fib *____ 110
*_ fio •____ fio •___- fib
2,000 Utilities Pow & Lt A__No par
31
30
30
3018 3034 3014 3118 31
*30
31
30
30
No par
3334 3312 3312 2,900 Vanadium Corp
3312 3312 33
33
3212 32% 3214 3212 32
200 Van Raalte
No par
1334 1412
*1412 16
*1314 16
*1334 16
*133 16
*1334 IS
100
Do 1st pref.
69
69
*66
*66
69
*66
*66
69
*66
69
*66
69
*34 1
*34 1
Virginia-Caro Chain.__No par
1
*34
*34 1
1
*34
*34 1
No par
New
No par
Certificates
100
Do pref
•
No par
Prof ctfs
No par
Do "B"
100
6% pref w I
100
7% pref WI
Virginia Iron Coal & Coke,.100
No par
Vivaudou (V) new
Waldorf System
No par
No par
Walworth & Co
Ward Baking Class A__No par
Class B
No par
Preferred (100)
No par
Warner Bros Pictures A___ 10
No par
Warren Bros
Weber & Hellbr, new_c No par
Western Union Telegraph_100
Westinghouse Alr Brake__ 50
Westinghouse Elea & Mfg_ 50
West Elea Instrument
Class A
West Penn Co
NO par
Certificates
Do 7% pf tom Of new_100
200 West Penn Electric A__No par
12" li,5112 -9
.
2. *9178 92
91% 9112
92
92
*9112 92
98
100 Preferred
100
97
*95
98
*95
97
98 .95
993
*97
*95 100
West Penn Power pref___-100
109
.108
110
110
*108
*108
*108
109
110
*108
110
*106
No par
27
26% 26% 2614 264 1,700 White Eagle Oil
/
4 26, 2653 2634 27
2638 2634 261
50
5278 5312 5218 5234 20,100 White Motor
5112 5334 51% 5318 5212 537
53
53
1,800 White RR, M & S ctfs_Ns par
27
2738 27
*27
2712 *2714 2712 2658 2738 2658 27% 27
600 Wickwire Spencer Steel ctf___
114
13*
114
1,138
114
13
12*
I%
134 *114
114
l'4
218 2214 215 2212 2118 2178 195 2138 142,300 Willys-Overland (The)___. 5
2114 23
2212 23
2.500 Do pref
95
95
9434 958 9412 95
9412 95
95
95
947 947
Wilson & Co. Inc
No par
_-- -Do pref
100
_-38,700 Woolworth Co(F W)
14134 14412 is 144
/
4 144
1414 143
1401
/
4 14312 1421
25
141 143
244 2,400 Worthington P & M
2418 *2418 25
24
2334 2334 24
2312 24
24
24
100
73
100 Do pref A
•70
73
•70
7712 •70
*70
73
73
100
7212 7212 *70
54
*53
100 Do prof B
56
537 5378 •53
65 .54
54
*53
100
*53 . 57
2834 2,900 Wright Aeronautical___No par
2812 2812 228
287
28% 29% 28
2982 29313 29
29
51
900 Wrigley(Wm Jr)
5012 5012 *50
5014 50% 50% 51
SI
51
51
No par
*50
67
300 Yale & Towne
66
*6514 6778 *651
6612 66
/
4 6778 *66
2.5
6612 664 *66
238* 8,900 Yellow Truck & Coach
234 23% 2312 2414 2314 2354 22
2314 24
100
24 4 24
9834 98
98
*974 98
600 Preferred
98
*9714 98
98
100
9312 •98
.98'
ens, en
nor. 6.703 Youngstown Sheet & T Na en,
7014770'4 521a 7038 6972 704 WV. 701, fir)1,
1412 15
1414 1414 1412 1478 145 1458 1412 1412 1,700
14% 15
200
*34
1
*34
1
"4 1
*78 1
34
*54 1
34
*612 74
712 *612 8
8
30
*6
.7
8
.71a 8
600
712
*612
8
*612
7
7
612
612
8
*7
*718 8
*34 1
.34 1
*34 1
*34
1
"4 1
"4 1
4912 1,700
48
50
4812 4812 4834 4912 *48
49
50
5014 51
93
9314 9314 1,400
9312
93
9212 9212 *93
93'3 93% 92/
1
4 93
*43
45
45
*43
45
*44
46
*43
*45
47
• .45
47
305 3078 3014 30% 295* 3012 9,100
3034 31
3034 31
305* 31
1834 193s 1918 193s 194 1912 8,000
184 1812 183* 1838 18% 19
1514 1512 1,900
1612 1612 1614 1612 16
1618 1512 1578 *1512 16
*102 107 *102 105 *100 107 *100 107 *100 107 *100 107
2678 26% 3,900
27
27
27
/
4 2718 2814 26
2832 2812 264 281
welts 94
94
*9112 94
*92
94
*92
*9112 94
*9212 94
1412
400
1412 *14
*1412 15
1412 1412 14
148 *14
1418 *14
*44
46
46
46
*44
*44
*4412 46
46
*44
*44
47
400
5334
053
54
54
*5312 54's 5312 5312 537 537 *5312 54
1,800
13834 139
*140 143
137 139,2 *138 13912 130 13912 *13834 139
1091z 11012 1,900
11238 11258 111 112
112 112 *11012 112 *III 112
674 5,900
671
/
4 6812 6712 6334 673* 6738 67
664 6612 664 67
700
1
4
*1412 15
15
1514 15/
1412 1434 15
1334 14
*1412 15
*2812 29
*2812 298* *2812 29
*2812 29
*2812 30
*2812 30
____ ____ ____ ____ ____ ____ ____ _- -._- ______
'Bid and asked prime: no atlas en Ws day. s Elx-dlyldend.
a EX-riging3
Lowest
$ Per share
4034May 10
24 Mar 3
103 Mar 3
18 Slay 7
3812May 14
10714 Jan 29
197 Apr 13
90 Mar 30
26% Mar 30
103 Apr 12
92 Apr 15
112 May 4
1214 Apr 14
72 Apr 20
1834 Apr 19
101 Jan 12
51 Mar 2
5334 Mar 30
68 May 13
80 Mar 2
5212 Mar 31
4012 Mar 3
11614 Feb 25
612May 14
75 Mar 27
614May 10
63 4May 10
4878M3y 10
11112 Feb 23
154 Apr 13
304 Mar 30
214 Ayr 14
1912 Apr 12
858 Apr 13
712MaY 14
1614 Mar 31
11 Apr 5
1078 Mar 31
48 Mar 30
11912 Jan 12
1218 Mar 2
510 Mar 19
2718 Mar 31
3014 Apr 12
90 Mar 31
447 Mar 3
9514 Apr 12
103 Mar 3
3 Mar 4
2512 Mar 23
5112 Mar 30
36 Mar 30
3714 Jan 20
8414 Mar 31
11334 Feb24
254 Jan 21
834 Feb 4
1147 Mar 4
134 Mar 30
5512 Mar 5
10 Mar 17
98 Apr 15
22 May 4
90 Mar 8
135s Mar 31
52 Mar 311
15812 Mar 30
10014 Mar 8
39 Mar 30
457 Jan 2
4534 Mar 30
9914 Apr 22
4818 Mar 29
5338May 11
1014 Mar 30
3658 Apr 21
4734 Apr 9
117 Apr 15
12412Mar 3
5612 Jan 4
112 Mar 19
93 Apr 1
2814 Mar 31
29 Mar 3
1214Apr 20
68 May 4
% Feb 26
13 May 3
34/slay 11
10 Jan AO
612Slay 12
I Apr 13
4514May 4
92141May 10
41 Jan 12
26 Mar 30
17 Jan 12
1514May 14
100 Apr 231
2514 Apr 20
90
Apr 15
1214 Apr 12
437 Apr 15
53 Apr 20
1344 Mar 30
10514 Mar 31
658 Mar 21
13% Mar 31
2714 Jan 4
118 Mar 2
1224 Jan 13
9578 Mar 3
884 Jan 61
964 Apr 271
108 Mar 25
2518 Apr 20
5118 Apr 15
26 mar27
114May 12
1938May 14
9118 Jan 19
3 Apr 21
16 Mar 34
13914 Apr I'
2014 Mar 30
7212May 8
53 Mar 29
2412 Mar 30
47 Apr 3
6012 Mar 4
22 May
914 A_pr
,
.
, 14
ae M;
Highest
PER S!1 A145
Range for Previous
Year 1925.
Lowest
Highest
5 per share 5 Per share $ Per share
49 Dec
4858 Jan 4
3912 Sept
2812 Dec
2818 Jan 4
2158 Aug
107 Apr 22
9912 Jan 10614 NON
2858 Jan 2
1734 Sept zn Jar
5458 Nos
5412 Jan 4
3114 Mar
109 Jan 14 10018 Jan 10618 De(
2478 Felt
Jan
247 Feb 23
17
9418 Felt
95 Jan 29
7834 Jan
3212 Nos
2134 Mar
3518 Apr 29
13612 Jan 4
8014 Mar 14312 Dec
Jan 10918 Dec
14712 Feb 2
62
9934 Jan 11314 Deg
1174 Feb 8
1318 Dec 24 Ma2
174 Feb 19
781
/
4 Dec 92 Mal
8212 Jan 13
3138 Feb 5
1512 Feb 367 Sept
92 Apr 108 Jul,
105 Mar 11
001
4014 Jan 61
69 Feb 8
5012 Mar 5618 Noi
575a Feb 9
62 May 88 D131
9212 Feb 4
Jan 8634 D131
81
90 Feb t
5112 Aug 6714 Fel
6214 Jan 2
4711 Fel
463* Jan' 383 Mar
119 Slay 13 11614 July 119 Fel
Jai
16
53* Aug
10% Feb 1
8812 Jan 7
6214 Mar 82 Del
55 Mar 9611 Del
9278 Jan 2
61 Mar 8984 001
7714 Jan 4
4114 Jan 6884 No,
6184 Feb 23
112 Mar 125 Sept
121 Feb 1
Oct 12 Mal
334 Feb 1
3
3818 Nov 4378 No,
413* Jan 4
64 Fel
414 Jan F
2 Dec
27 Apr 29
20 May 4138 Jai
1512 00
13 Jan 7
572 Mar
2078 Sep
1012 Jan
1412 Jan 4
2078 Feb 4
1934 Dec 264 Sep
147 Jan 19
11 Aug
1614 NO,
16 Del
16 Feb 5
782 Apr
54% Jan 2
4234 Jan
55 Del
1217
8 Deo
14234 Feb 19
9712 Feb
1912 Jan 7
1078 Aug
238 Fel
Apr 657 De
970 May 7 255
34 Jan 14
3214 Sept3914 Oo
3014 Sept3678 Da
3914 Jan 25
Oct
99 Nov 101
103 Jan 25
564 Feb 10
3734 Mar 5958 Oo
Jan 10134 Nor
70
1103* Feb 23
113 Feb 20
934 Jan 11038 Nor
57 Mai
434 Jan 4
312 Sept
Jam
27 Jan 28
244 Sept 35
6334 Jan 7
3818 Mar 6514 Nor
7114 Jan 5
36
Apr 86 00
Oct 433 Fel
33
493* Mar 23
94 Jan 16
94 Dec 134 Jun
11611 Feb 8 11314 June 11718 Mal
3112 Mar 17
24 May
3678 Ma
9914 Mar 12
6014 Jan 11512 Nor
121 Jan 21 115 Dec 13314 Do
167 Feb 4 11078 Feb 1624 00
Jan 5818 Nor
581488ay 1
52
9 Dec 20 Ma
12 Jan 11
11452 Apr 23
1814 Apr -334 De
3812 Mar 2
9478 Dec 10312 00
95 Jan 6
26 Dec 507a Fel
2834 Jan 5
784 Jan 5
65 July 94 Fel
21014 Jan 4 13114 Apr 250 Fel
104 Feb 2
91 July 113 Att
3018 Feb 6314 De
6112 Feb 13
130 Mar 250 De
Jan 4918 Oa
23
593 Feb 4
704 Dec 98
Ms Tan 13
Os
10454 Jan 13 102 Dec 115 Jun
717 Jan 4
8814 Jan 23 -13-12 Mar 9713 c:i'
9234 Mar 10878 No
109 Jan 19
30 Feb 51 De
497 Jan 2
Apr 4914 De
44
50 Jan 4
13812 Jan 4 11238 Mar 13014 No'
129 Apr 28 12218 May 1263* Jo
5112 Mar 5914 No
63 Feb 19
11412 Feb26 10558 Apr 114 Sep
105 Feb 11
82 Mar 111 No'
34 Aug 38 AU
37 Feb 15
2558 May 3434 Jul,
37% Apr 14
1514 Aug 267 No
22 Feb 8
Apr 80 No
75 Feb 11
60
112 Sept
171 Jan 16
884 Jul
254 Feb 3
15* Feb 19
11 Feb 3
1113 Jan 7
15* Jan 8
69 Jan 4
9818 Jan 6
4912 Mar 23
3258 Feb 10
197a Feb 11
2314 Jan 27
195 Jan 2
85% Feb 1
11011 Jan 15
1818 Jan 6
5018 Feb 18
8512 Jan 13
14738 Feb 4
12814 Feb 9
7912 Feb 10
19 Feb 16
314 Feb 24
130 Jan 27
12414 Jan 5
101 Mar 11
97 Feb II
1004 Feb 19
112 Jan 16
26/
1
4 Feb 10
90 Feb 11
3834 Feb 3
33* Jan 6
34 Jan 4
99 Feb 4
512 Feb 10
1718 Feb 2
222 Jan 4
4454 Jan 6
80 Feb 2
65 Feb 24
33 Feb 18
5984 Feb 11
6612May 8
32% Feb 9
9834May 11
RIM Jan 4
1772 Dec
78 Dec
812 Jan
4 Mar
78 Aug
5614 Nov
9214 Nov
30 June
7/
1
4 Jan
1413 Aug
2114 Dec
116 Apr
3714 Mar
9413 Feb
1714 Dec
43 June
51
Apr
11614 Jan
97 Apr
661
/
4 Mar
914 Apr
193s Mar
9714 Sept
107
Oct
94 Apr
____ -. _ ---1-04- Jan
2512 Aug
5718 Mar
334 Dec
2 Dec
912 Jan
7214 Jan
458 Dec
17 Sept
11214 Jan
3514 Aug
76 Nov
58 Aug
16 Mar
454 Mar
62 Sept
2278 Oct
Oct
90
ON Mar
2178 De
5 Jul
2312 Jul
20 No
47 Jul
637s De
951a De
46 De
2834 De
1978 Jot
2414 De
198 De
954 00
112 De
272 Oe
012 Jul;
10012 De
14478 Sell
144 Au
Ja;
84
2012 An
2878 De
145 Ma
1255a De
100 Jul,
----- --,
ul
fif J,
31% Fe'
1044 AU
4982 Au
538 Ma
3478 NoV
1237g De
135 Ma
60 Ms
220 00
7982 Jo
Ja
88
7654 Fe
325* Jul
574 0(
704 Jul
4014 00It
100 0(
921s No
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
2777
Jan. 1 1909 the Exchange method of Quoting bonds was changed and prices are now "and interest"-except for income and defaulted bonds
BONDS
N.Y.STOCK EXCHANGE
Week Ended May 14.
Price
Friday.
'Vey 14.
U. S. Geeeee
Bid
Ask
First Liberty Loan.1 1211002632 Sale
3/
1
4% of 1932-1947
.1 D1 100 101
Cony 4% of 1932-47
/
4% of 1932-47
.1 1311021042 Sale
Cony 41
J D 1001042 Sale
26 cony 41
/
4% of 1932-47
&mond Liberty LoanM N 100742 Sale
4.8 of 1927-1942
M N 10026,, Sale
Cony 41
/
4% of 1927-1942
Third Liberty Loan-M S 101042 Sale
451% of 1928
Fourth Liberty LoanAO 103/ii Sale
41
/
4% of 1933-1938
1947-1952 AO 1081042 Sale
Treasury 41
/
48
1944-1954 JD 10400n Sale
Treasury 411
1946-1956 MS 1011042 Sale
Treasury 3/
1
4s
State and City Securities.
Y City-4328 Corp stock 1960 M
1964 M S
451.Corporate stock
1966 A 0
111
/
4s Corporate stock
1972 A 0
41
/
48 Corporate stock
1971 J D
048 Corporate stock
41
/
48 Corporate stock_July 1967.1 .1
1965.1 D
451a Corporate stock
1963 M
61
/
48 Corporate stock
1959 M N
8% Corporate stock
1958 MN
4% Corporate stock
1957 M N
a% Corporate stock
1956 M N
11% Corporate stock
4% Corporate stock
1955 MN
1936 MN
A% corporate stock
% Corporate stock_ _1957 MN
4/4% Corporate stock_ _ _ _1957 M N
314% Corporate stk_May 1954 M N
3/
1
4% Corporate stk_Nov 1954 M N
3/
1
45 corporate stock
1955 M N
Hew York State Canal Im_461961,J J
1962'_ _ _ _
45
19424 .1
La Canal
1964
J
6/
1
4s Canal Rapt
45 Highway Impt register'd19581___ _
Highway Improv't 41
/
46_1963 M S
Virginia 2-3s
1991.1 .1
Week's
Range or
Last Sale
Low
M
High N o
Low
001044
8 99
100342 10016421
10000421000044 465 1001144 101
101744 1011042 625 10011ii 0101is
103442 103042 1096
10810421021042 103
104042 1041342 104
101742 1011042 286
10018 ____ 10078 10078
10158 10218 10034 Mar'26
10158 ____ 10158 Feb'26
10134 10218 10114 Jan'26
10618 10658 10558 Apr'26
10578 10638 106 May'26
10534 10638 106 May'26
10534 10614 10638 Mar'26
98
9812 9814
9814
9814 Mar'26
98 Apr'26 _
9738
9714 Mar'26
9738
9714 Apr'26
99 Mar'26
10514 1058 10514 May'26
10514 10558 10538 10538
8834 __-- 8814 Mar'26
8834 _--- 8834 Mar'26
8812 __-- 89
Apr'26
10158 Jan'26
10134 Apr'26
10118 Mar 25
102 Apr'26
10178 10178
10512 Oct'25
ais
7612 Feb'25
2
_
_
1
9
2
10134 82
9838 156
9838 140
99
67
9838 52
9812 46
8812 18
9812 217
101
48
Belgium 25-yr ext 6 I 7/
1
48 g_1945 J D
20-year f 8s
1941 F A
25-year ext 61
/
46
1949 M S
Extl 6 f 6s
1955
J
Extl 30-yr. 1 76__
1955 J D
Bergen (Norway) s f 88
1945 MN
25-year sinking fund 68_1949 A 0
Berlin (Germany) 6/
igao A 0
1
4s
Bogota (City) ext'l 5 f 843__A945 A 0
Bolivia (Republic of) 8s__1947 M N
Bordeaux (City of) 15-yr 6s_1934 M N
Brazil U 81, external 88
1941.1 D
76 (Central RY)
1952 J D
7/
1
48(coffee secur)£(1180_1952 A 0
Bremen (State of) extl 76._ _1935 M N
Buenos Aires(City) eat'63.4131955 J .1
10812 Sale 10734
10812
107 Sate 10612 107
91 Sale 9012
9134
8414 Sale 84
84/
1
4
9414 Sale 94
94/
1
4
11338 Sale 11338 114
9978 10012 9912 May'26
8734 Sale 8712
88
10112 Sale 100
10112
9934 Sale 9912 100
8514 Sale 85
8534
10438 Sale 10314 10412
9414 Sale 9312
94
105 Sale 105
105
9514 Sale 9458
9534
10078 Sale 10012 131
Canada (Dominion of) 58_1931 A 0
10-year ams
1929 F A
Se
1952 M N
4518
1936 F A
Carlsbad (City) a f 88
1954.1 J
Chile (Republic) extl f 88_ _1941 F A
External 5-year a I 8s__ _1926 A 0
20-year MI 76
1942 M N
25-year f 88
1946 M N
Chile Mtge Bk 61
/
48 June 301957.1 D
Chinese (Hukuang Ry) 58_1951 J D
Christiania (Oslo) 30-Yr s f 651954 M S
Colombia (Republic )634s,_,_1927 A 0
Copenhagen 25
-years f 51
/
48_1944 J .1
Cordoba (Prey) Argen 78
1942 J .1
Cuba 58 of 1904
1944 M S
External 513 of 1914 Ser A_1949 F A
External loan 41
/
48
1949 F A
Sinking fund 5348
1953 J
Czechoslovak (Repub of) 88_1951 A 0
Sink fund 88SerB
1952 A 0
Eng a 1 7/
1
45 Ser A
1945 A 0
101344 Sale 10114
10178 35
10212 Sale 10214
10212 53
10478 Sale 10414 10478 37
98 Sale 98
9814 50
103 10312 103
5
10312
10938 Sale 10858 10938 71
10158 10214 10112 10112
3
101 10112 10012 10114 10
10812 109 10812 10812
5
9712 Sale 97
114
98
4112 Sale 4112
6
4134
10112 _
102
10218
3
1001s 1003s 10014 10038 13
0812 9914 99
9914 20
98 Sale 9718
9758 12
9914 9934 98
101
6
97
9934 99 Apr'26
91
9134 9112 Apr'26
102 Sale 1011
/
4 102
53
10134 Sale 10034 10134 33
10012 Sale 10012 10114 42
9734 Sale 97
106
98
Danish Con Municip 88 A_ _1946 FA
Series B f 88
1946 FA
Denmark 20-year 66
1942 JO
Dominican Rep Con Adm fi f 58'58 FA
Custom Admintstr 5/
1
48.._ _1942 M
Dresden (City) extl 7s
1945 M N,
Dutch East Indies ext1 Bs__ _1947
J'
40-year 6s
1962 M
30-year eat! 5/
1
4s
1953 M
SO-year eat] 51
/
48
1953 MN
El Salvador (Rep) 88
1948
Finland (Ref.) extl 613
1945 M S
External 8 f 78
1950 M
Finnish Mun Ln 6/
1
48 A,,..,1954 AO
External 634.Series B_ _1954 AO
French Repub 25-yr extl 88.1945 MS
20-yr external loan 7/
1
413._1941 JD
External 7s of 1924
1949 JO
11012 Sale 11018
11034 11
11014 11112 11012 11012
2
10334 Sale 10312 104
33
10214 - - - - 10214 Apr'26
_
9834 Sale 98
9834 55
9258 Sale 9212
93
10
10458 Sale 10414
10478 73
10458 Sale 10414
10478 104
10258 Sale 10214
10258 30
10212 Sale 10214
10258 32
10612 Sale 106
10612
9
1
8512 8578 8614
8614
9714 Sale 9612
9714 42
9012 90
90
9034 28
90
9012 9014
9012
4
10134 Sale 10078 102
353
9858 Sale 98
99
341
90 Sale 8912
9012 462
German Republic extl 78_1949 AO
German Cent Agile Bk 7s_ _1950 MS
Graz (Municipality) 8s
1954 MN
Gt Brit & Irel(UK of) 5;46_1937 FA
/
48
A
1929
10-year cony 51
Greater Prague (City) 7/
1
48.1952 MN
Greek Govt 78
1964 MN
1952 A0
Haiti (Republic) a f 6s
Heidelberg(Germany)ext 734s'50 J J
Hungarian Munic Loan 734,1945 J J
Hungary (Killed of) a f 7348_1944 FA
Ind Bank of Japan 6% 001.e81927 FA
Italy (Klngd of) ext'l 76_1951 3D
10314 Sale
9712 Sale
9714 Sale
10438 Sale
11812 Sale
9612 Sale
8534 Sale
9712 Sale
9712 9734
8812 Sale
96 Sale
100 Sale
8958 Sale
Japanese Govt £ loan 45__1931 J J
1954 FA
30-year 51 634a
Oriental Development 66_1953 M
Lyons (City of) 15-year Os_ _1934 MN
Marseilles (City of) 15-yr 6s.1934 MN
1
48
1943 MN
Mexican Irrigation 4/
1943
Assenting a 4%a
8634 Sale
95 Sale
90 Sale
8512 Sale
8512 Sale
34
3514
10278
9712
9614
10378
11712
9534
85
96
9712
8812
96
100
8812
43
43
54
104
80
33
85
8
55
41
51
130
165
132
50
10312 533
98
53
9714 15
10412 379
11858 47
98
14
8534 16
9712 18
9812
5
8912 49
967g 43
10018 45
9014 4642
8658
87
72
9434
9518 376
891
/
4
91
30
85
8512 61
85
85/
1
4 42
30 Mar'26-_
35
35744 22
$9.9. 9 Dee July. 9 Due Aug. gDue NOT. a Option sale.
BONDS
N.Y STOCK EXCHANGE
Week Ended May 14.
U
High
100204210000421 226 991044 01012
990144 011024
1001042May'26
102104210214421 178 1011044 02.n
1011742Mar'26'
1013.1 010034
Foreign Govt. &
Argentine (Nat Govt of) 78-1927 F A 10112 Sale 10114
1959J D 9818 Sale 98
S f 66 of June 1925
Extl a f 611 of Oct 1925_ A959 A 0 98 Sale 9818
Sinking fund 6s Ser A__ 1957 M S 9878 Sale 9812
External 68 Series BDee 1958 .1 D 9814 Sale 98
Extl s f 65 of May'26 w 1_ _1960 MN 9814 Sale 9818
Argentine Treasury 5s £__ _ _1945 M S 8818 89
8734
Australia 30-yr 5e__ July 15 1955 .1 .1 9818 Sale 9704
Austrian (Govt) a f 75
1943.1 D 10012 Sale 10014
Range
Since
Jan. 1
1011044030n
106044 08.044
10200:104".:
1001044 0101si
100 101
10012 10138
10012 1011
/
4
10034 10114
10512 10558
10478 106
10458 106
10412 10638
9754 9812
9734 9814
97714 98
9714 9714
9714 9714
93 99
10412 106
10414 10512
8734 8834
8814 8834
8834 89
10158 10158
10134 10134
Mexico(US)eat!56 of 1899 £_'45 Q J
Assenting 58 of 1899
1945
Assenting 58 large
Assenting 5s small
Gold deb 45 of 1901
1954 J D
Assenting 45 of 1904
Assenting 45 of 1904 small_
JJ
Assenting 45 of 1910
Assenting 4s of 1910 large
Assenting 4s of 1910 small_
Trees 65 of '31 assent (large)'33
Small
Montevideo 75
1952
Netherlands 68 (flat prices) 1972 MS
30-year external 65 (flat) 1954 A0
Norway 20-year eat! 68
1943 FA
20-year external 65
1944 FA
30-year external 68
1952 AO
40-years f 5/
1
4s temp
1965 J D
Oslo (City) 30-year, f 6s
1955 MN
Panama (Rep) extl 5/
1
45
1953in
Peru (Rep of) external 88_ _ _1944 A0
Extl sink fd 7/
1
4s temp_1940 MN
Poland (Rep of) gold 6s
1940 A0
Eat' sink fd g 88
1950 J J
Porto Alegre (City of) 8s
1961 3D
Queensland (State) ext 1178.1941 AO
25-year external 65
1947 FA
Rio Grande do Sul extl at 85_1946 A0
Rio de Janeiro 25-yr.f 8s 1946 AO
25-yr WI 8s
1947 AO
Rotterdam (City) esti 68_1964 MN
Sao Paulo (City) f 88
1952 M N
San Paulo (State) ext f 8s.._1936 .1 .1
External s f 88 Int rects 1950 .1 J
External water loan 78__ _1956 M S
Seine (France) WI 75
1942 .1 .1
102 11014 Serbs, Croats & Slovenes 89_1962 M N
10178 10178 Soissons (City) extl 68
1936 M N
Sweden 20-year 68
1939 J D
External loan 5345
1954 M N
Swiss Confed'n 20-yr f 85_ _1940 J .1
Switzerland Govt ext 5/
1
413_1946 A 0
10012 102141 Tokyo City 5s loan of 1912_ _1952 M S
96
99
Trondhjem (City) eat' 634.19443
9578 99
Upper Austria (Prov) 78_1945 J D
9614 100
Uruguay (Republic) e* 80_1946 F A
9534 99
1960M N
Externals f 68 w I
9818 9812
85
8812
Railroad
901s 99
Ala Gt Bou 1st cons A 5a___1943 J D
100 10234 Ala Mid 1st guar gold Di__ _1928 M N
Alb & Susq conv 3348
1946 A 0
105 11114 Alleg & West lat g 4s gu
1998 A 0
10534 10858 Alleg Val gen guar g 48
1942M
95
88
Ann Arbor let g 411
July 1995
1
4 Atch Top & S Fe-Gen g 48_1995 A 0
8112 87/
92
9734
A 0
Registered
113 115
Adjustment gold 4s _July 1995 Nov
98 10012
July 1995 M N
Stamped
8518 8834
MN
Registered
9634 10112
1955.1 D
Cony gold 4s 1909
gelz 10118
1955 .1 D
Cony 48 1905
8114 87
COnv g 4s issue of 1910_1960 J D
10012 10412
East Okla Div 1st g 4s_ 1928 M S
ma 9414
Rocky Mtn Div 1st 48_ _ _1965 J J
103/
1
4 10734
Trans-Con Short L let 48_1958 J .1
9212 961s
Cal-Ariz 1st & ref 4340 A_1962 M S
9714 101
Atl Knoxv & Nor 1st g 5s
1946 J D
Atl & Charl A Llst A 43.46..1944 J
10114 10212
1944 J .1
1st 30-year 58 Series B
10112 10338 Atlantic City 1st cons 4s
1951 .1 .1
10258 10512 Atl Coast Line 1st cons 4s__51952 M 13
98 9878
1930 M N
10-year secured 75
10112 10312
1964,J D
General unified 4325
10712 10934
L & N coll gold 4s_ ___Oct 1952 MN
10078 10234 Atl & Dam,ist g 46
1948 3 .1
100 10212
1948 3 .1
2d46
107 10914 Atl & Tad 1st g guar 46
1949 A 0
94/
1
4 9812 Austin & N W 1st gu g 58_ _1941,3 J
4112 48714
99 10212 Balt & Ohlo ist g 4a___ _July 19481 A 0
9934 10058
Registered
July 1948 Q .1
9814 10018
10-year cony 41
/
46
1933
M
9534 99
Registered
98 10112
Refund & gen 56 Series A_1995 J D
98 100
1948A 0
lift g 55
1929J .1
8854 9112
10-year 68
1004 103
19553 D
Ref & gen 6s Ser C
9934 10234
PLE&WVa Sys ref 48_1941 MN
9534 10212
1950J .1
Southw Div let 55
95/
1
4 9914
Tol Cin Div 1st ref 46 A_1959 J .1
Battle Cr & Stur 1st go 38_19894 D
11018 112
Beech Creek 1st go g 48
1936 J
110 112
J D
Registered
102 104
Beech Cr Ext 1,1. g 3/
1
48-_19511A 0
1011
/
4 103
Big Sandy let 45
1944.1 D
93/
1
4 9938 Bost & N Y AR Line 1st 46_1955 F A
9212 94
Bruns & W lst gu gold 4s_ 1938 J
10334 10514 Buffalo R & P gen gold 56_ _1937,M S
10334 10514
Consol 4348
1957 M N
10112 10312
M N
Registered
102 10314 Burl C R & Nor lat 58
1934 A 0
103 10604
8434 90
Canada Sou cons go A 5a___1962 A0
95 98
Canadian Nat 41
/
4s_Sept 15 1954 M S
8912 9212
5-year gold 41
/
46Feb 15 1930 FA
8914 9212 Canadian North deb a f 76_ _1940 J D
9812 10334
20-year s f deb 61
/
4s
19463 .1
9212 9934
1
46___ _Feb 15 1935 F A
10-yr gold 4/
8618 9178 Canadian Pan Sty 4% deb stock_ J J
Carb & Shaw 1st gold 48___ _1932 M S
10138 103/
1
4 Caro Cent 1st con g 4s
1938.1 D
94
9814 Caro Clinch & 0 1st 3-yr 58_1938 J
9614 98
1st & con g 68 Ser A
1952 J D
10312 10612 Cart & Ad lst gu g 48
19813 D
11714 119
1948 .1 D
Cent Branch IT P 1st g 48
92744 99
Central of Ga 1st gold 5s___p1945 F A
84
8712
Consol gold 55
1945 M N
95/
1
4 9814
M N
Registered
9712 9812
10-year secur 68.___June 1929.1 D
8434 8912
Ref & gen 51
1959 A 0
/
46 Fier B
9312 98
Chatt Div pur money g 45_1951 J D
9934 100%
Mac & Nor Div 1st g 5&_1946J J
8812 9434
Mobile Division 58
1946
1961 .1 .1
Cent New Eng let go 48
83524 8738 Central Ohio Reorg 430_1930 M S
9238 9512 Cent RR & B of Ga coil g 58.1937 M N
85
91
Central of N J gen gold 5s 1987 .1 .1
8118 87
Registered
1987 Q J
8112 87
1949 F A
Cent Pat 1st ref go g 4s
30
31
Mtge guar gold 3345
k1929 J D
2834 3578
Through St L 1st go 49_1954 A 0
Guaranteed g 5s
1960F A
Price
Friday,
May 14.
Week's
Range or
Last Sate
as si°
Range
MUG
Jan, 1
Ask Low
HUM No. Low
High
61
4212 Feb'26
4212 4538
4312 43
4312 18
3412 4338
4314 May'26 ___
38
434
3712 May'25
-2734 2812 2714 Jan'26
2714 2714
2734 Sale 2734
2838 36
2014 294
Bid
44
43
2818 2878 2558 Oct'25
2858
29 I 117
2678
2738 57
4234 46/
1
4 4734 May'26
4738 May'26 _
100 Sale 99/
1
4 100
31
108-_ _ 107/
1
4 10818 19
10378 10414 10378
10414 40
10034 Sale 10038
10078 30
10034 Sale 10012 10078 29
101
___ 10012 101
33
96/
1
4 Sale 9612
9678 123
100/
1
4 10012 10012 10034 16
10214
10312
98
63
8412
101
112
10418
10314
101
101
10314
Sale 10212
Sale 103
Sale 9712
Sale 63
Sale 84
Sale 10012
Sale 11012
Sale 10418
Sale 10204
Sale 10012
Sale 10012
10334 103
10234 10
10312
6
98
46
6614 43
874 656
101
52
112
16
10438
9
10338 15
10114
6
1011
: 30
10334 12
10414 Sale 10358 10414
10434 10512 10412 105
104 Sale 103
104
9612 9638 9612
9634
8712 Sale 8718
88
91 Sale 9012
9114
8314 8402 834 • 84
10412 10434 1044
10434
10212 ____ 102/
1
4 10318
113/
1
4 Sale 11312 11414
104 Sale 104
10412
701
/
4 Sale 704
70/
1
4
10012 101 10012 100/
1
4
9212 9234 9212
92/
1
4
109 Sale 109
109
9612 Sale 9612
9658
13
5
33
18
32
67
14
14
23
23
42
9
7
28
20
66
10212 - --- 10238 May'26
10038 101 10058
10058
2
8612 88
86
Apr'26
__
8412 May'26 9534 Sale 95/
1
4
96 I
3
81 Sale 8012
81
11
924 92/
1
4 9218
9212 109
91 May'26
8712
_ 8738
88 I
8
87/
1
4 Sale 8718
8812 45
8212
8314 Jan'26
8558
8512 May'26 _ _
8534 Sale 8534
86 I
6
8438 May'26
9912 Sale 99/
1
4 100 I
3
8934 90
8934
8934,
1
91
9112 92
Apr'26
96
991
/
4 May'26 _ _
99
10318
_ _ 10312 Apr'26
9738 9834 9718 May'26
10334 10434 10334
10434
5
8578
8512 July'25
94 Sale 9378
9438 19
10618 Sale 10618
10634
5
9734 98
9714
9712
5
9318
92/
1
4
93 1 15
8134 Sale 80
8134 24
6912 Sale 69
694 50
83 Sale 81
83 I 18
1003g ____ 10014 May'26
91/
1
4 Sale
9138
92141 34
61 Apr'26,„.
9011
6i
96s Sale
_
9812 Sale
10458 Sale
10338 Sale
10814 Sale
9134 9214
101 18 Sale
8014 801
6112 ____
9434 96
9214
8138 ____
8834 Apr'26
9734
9812 284
104143
105
81
10318
10334 166
10734 10812 107
9214 46
9112
1005s 102
201
80
8014 24
6214 Feb'26
9414 Apr'26
9014 Nov'2i
82 May'26 _ _
9112 May'26
7512 Sale 7438
7512 10
9414 9612 9312 Jan'26 -10212 10312 10218 Apr'26 _
1 Sale 9034
9134 207
8714 Feb'26
10118 ____ 10034 May'26
10438 10414 May'26
95
9412 May'26
9918 9878
9918 17
11512
2
11512 11518
Sale 1177g
11838 27
Sale 9718
9714
3
8511 122
Sale I 8414
9712 9314 Oct'26
_,I 8214 Apr'26
Sale 10234
103
8
Sale 10318
108141
5
8712 8534 Apr'26
82 I
1
84 I 82
____ 110412 Apr'26
16
1035,
8
1,
'
32
%
76
ia Fe10
103
15
73'
4
10
93
14
10514 106 10534
10618
3
87
90 I 88 May'26
10114 -- 1014
Apr'269
10118 -Dec'25
7134 Sale 7138
72 I 7
9834 ____ 99/
1
4 May'26
10014 __ 9934 Apr'26
11112 Sale 11034
11134
5
11014 Sale 11014
110/
1
4
7
914 Sale I 9118
91381 61
9714
_ I 9714
97141
2
8918 1978 8918
8918 18
1011
/
4 Sale 110114
102 I 2511
10334
.9412
9878
11514
118
9714
8518
94
8258
103
10814
87
8118
10418
2358 3278
22
30
4115 4734
40
47/
1
4
96 100
10611
/
4 10912
10314 104714
9934 102
100 10214
10014 10213
95
974
9812 10114
10012 10234
10112 105
97 994
63
84
6
9314
1
9838
10
9
18
0
419
58
18
2 10
0
13
8
41
:
111050021471:
10993771/4
10012 10478
1024 1084
1014 10412
964 9718
84
9014
8712 64
82
85
1041s 10534
10112 10311
/
4
11312 11714
10234 106
87 72
9914 101
90 94
1074 111
9612 97
10178 103
100/
1
4 1014
844 86
8234 844
92/
1
4 96
7575 82
894 9338
8814 91
84/
1
4 8814
8412 8812
8314 83/
1
4
84/
1
4 87
8412 88
834 884
9854 100
884 8934
88
92
9478 9912
10312 10311
9634 9734
10234 104/
1
4
iiif
s
1051
/
4 107
9414 984
94/
1
4
91
76
80/
1
4
69/
1
4
65
7614 83
1004 10114
894 9212
8838 904
94
9718
88/
1
4 8834
934 9812
10212 105
10212 10334
104 10811
89/
1
4 9214
98 102
7414 8012
61
6214
93 95
I11-4
82
8978 9112
7314 7512
9314 934
101/
1
4 10214
8712 92
8714 874
100/
1
4 10114
10278 10414
9314 9434
9838 994
11434 11714
117 11834
gets 974
8018 8814
811. 821i
10112 1037s
10712 10912
8134 88%
7912 8.3
10318 10412
10212 1037s
101/
1
4 101/
1
4
10212 10558
1011
/
4 10614
8814 8814
100 10112
68 Iff"
984 9958
8853 9954
10858 11154
108/
1
4 110/
1
4
88/
1
4 9112
9634 974
87
90
974 102
2778
BONDS
Y STOCK EXCHANGE
Week Ended May 11.
New York Bond Record-Continued--Page 2
r'g
j
iE
a.,
Price
Friday,
May 14.
Week's
Range 01
Last Sale
Ranee
SinCe
Jan. 1
NI
"
El
al
BONDS
N.Y.STOCK EXCHANGE
Week Ended May 14.
hr.
g
Price
Friday,
May 14.
Week's
Runge Of
Last Sale
Bid
Ask Low
High N o
High
Ask Low
High No. Low
Bid
1
Day .1t Mich let cone 414a_1931 J J 984 99 I 0814 May'26
11212 Feb'25
Charleston & Savannah 76_1938 J J 11712
1 17661; 1-614 Del & Hudson 150 dr ref 48_ __1943 M N 04 Sale 9334
Chea & Ohio fund & impt 58_1929 J J 10014 Sale- 10014
10014
95 1 06
1936 A 0 110 Sale 10958 11034 47
1 10238 10558
30-year cony bs
1939 M N 10434 Sale 1044 10434
let consol gold be
1937 M N 105 Sale 10412 10512 10
102 10214
lb-year 5345
_ 10214 Mar'26
1939 114 N
Registered
1930 .1 D 10812 Sale 10812 10812
b
9612
10-year secured 7s
92
1992 M S 9638 Sale 9534
General gold 434s
9612 43
1936 F A 94
RR & 'Mee 1st gu 4s g
Apr'26
95
96
9018 July'25
1992 M 8
Registered
977 9l,1
9018 160
8938
J 8958 90
Den & 11 G-1st cons g 4s._1938
20-year cony 4Ha
9913 56
1930 F A 99 Sale 984
J 9334 9418 9334
1938
Consul gold 4348
9414 29
8 121 15014
126
30-year cony seen:-1 5a_ _1946 A 0 126 130 126
129 14312
9934 23
D 9912 Sale 9912
1928
Improvement gold 65_
Apr'26
A 0 _ _ _ _ _ _ _ _ 129
Registered
65141 31
5 10014 10058 Den & It West gen 58..A.ng 1955 MN 644 Sale 6414
Craig Valley 1st e be
10058
1940 .1 J 10014 Sale 10014
Dee M & Ft D 1st. gu 4s_ _1935 J J 44
44 Apr'26 -49
88
83
87 May'26
Potts Creek Branch 1st 48_1946 J .1
6
44 Sale 44
44 I
_ _
Temporary etre of depoelt _
8634 884
__
8838 Apr'26
,-, Is A Div 1st con g 48_ _1989 J J 881
li274 8912 Des Plaines Val 1st 434s___.1947 MN 934 9512 9312 Feb.25
- 8612
8 8812
8612
1989.3 J 84342t1 consol gold 48
_
D 7112 ____ 72 Mar'26
0834 9834 Der & Mack-let lien g 43...1995
n arm Sprtngs V 1st g 58._1941 M 8 9912 10012 9834 Apr'20
70
65
1
69
Gold 48
65
65
1995 J D 65
6912 20
1949 A 0 69 Sale 6858
Chle & Alton RR ref g 3s
69
1
64
Detroit River Tunnel 4)48_1961 M N 96
96
96
6812
6812 684 6812
Ctf dep !And Apr 1926 int
_
5198 584 Uul Missabe dr Nor gen 613_1941 J J 10358 -_-_-_-_ 10312 Apr'26
5738 36
Railway first lien 334e_ _ _ _1950 1-3 5714 Sale 5612
I937 A 0 10214 103 102 May'26 6012 Cul & Iron Range 1st be _
61
Ctrs dep Jan '23 & sub COUP- 544 5558 55 May'26
9 8384 87 Did Sou Shore & All g 58...1937 J 85 86 I 8714 May'26
8618 8612 88
8614
Chic Burl & Q-Ill Div 3)0_1049 .1.1
--8434
8412
J .1 834 ____ 8.112 Feb'26
Registered
914 9412 East Ry Nfinu Nor Div 1st 4s_'48 A 0 6138 9212 91 Mar'26'_.__
1949 J J 9412 ____ 9412
Illinois Division 45
9412
9634 100,4 East T Va & Ca Div g 5s _1930 J J 10034 ____ 101
1
101
Nebraska Extension 421_1927,M N 9912 Sale 9912
9912
1
105
1956 M N 10518 10512 105
Cons 1st gold be
9912 Nfar'25
IM N 9938
Registered
2
13318
9058 13-1-2 Elgin Joliet & East 1st g be_ _1941 M N 103 105 10318
9312 11
1958 MSI 9312 Sale 93
Generel 45
9118 9'238 El Pa.° & W 1st bs
1965 A 0 10414 ____ 10418 May'26
9238 Mar'26
,M Si
Registered
10534 20 10258 10534 Er e let consul gold 78 ext 1930 131 5 10712 10718 10778 1074 13
1971'F Al 1054 Sale 1044
lot dr ref 55
24
7938 149
1996 J J 794 Sale 7838
1st eons g 48 prior
56
4712
4812
0
8
A
483
1927
Sale
4812
Chic City dr Conn Rya 58
Registered
10614 10712
1997• J
1934 A 0 10714 ---- 10712 Apr'26
Chicago & East. III Is 6s
7318 7812
mused
256
151
"ioi
g
7012
lien
gen
684
Sale
43
7014
4
763
1996
Sale
774
771
N
m
1951
59
(fleeces)
Ry
Iii
gen
co)
C& E
Registered
1998 • J
1982 M N 10412 Salo 10412 10458 14 10158 106
Chia & Erie 1st gold be
644 6934
4
Penn roll trust geld 4a___ _1951 F A 9714 974 974
0714
6878 234
Chicago Great West let 43_1959 M S 6834 Sale 6814
ao year cony 45 Sec A_._.1853 A 0 7212 Sale I 7134
7234 139
11078 11212
7278 111
do Series B
11173 Apr'26
1953 A 0 7212 Sale 7178
Chic Ind & Loulsy-Ref 69_1947• J 11112 __
Gen cony 4s Series D
7934 129
10134 May'26 - - ism 10134
1953 A 0 7934 Salo 784
1947 S i 102
Refunding gold 58
Erie &Jersey 1st s (38___ _1956 J J 10834 10912 10778 10912 35
7958 80
Jan'26 -- -1947 J J 8818 ____ 80
Refunding 4s Series C
98
92
Genesee River let f (.3_1957 J J 1094 Sale 108i2 10912 25
5
98
98 Sale 98
1966 MN
General 55 A
1940 J J 8818 ____ 92 Mar'26
2 10314 10834 Erie& Pitts gu 3)49 B
May 1966 J J 10614 10714 10578
10578
General Be B
8978 92
Series C 334s
1940 J J 8818 ____ 8912 Nlar'26 _ _
_92 Apr'26
Chic Ind & Sou 50-year 46._1956 J J 8914 93
Est RR extl 5 f 7s
N 8312 Sale 83
96
95
1954
8312 59
Chic L S & East let 4)4s___1989• D 9534 ____ 06 May'26 -5284
47
C MA Puget Sel let gu 4a1949 is 4818 4912 484 May'26 -4578 6212 Fla Cent &Penn 1st ext g 58_1930 .1 3 10038 ___- 9938 Apr'26
4818 4912 4814 May'26
Certificates of deposit
8138 8434
1943 .1 3 101
2
Consol gold ba
10138
8412 60
___- 10138
8412 Sale 84
Ch M & SIP gen g 413 Sec A..81989 .1
734 ____ 724 May'26 - - - 7014 7234 Florida East Coast let 4)48_1959 ▪ D 9712 ___. 0714 Apr'26
General gold 354e Sec B__e1989 J
9038 97
1974 SI S 9958 Sale 9914
10
let dr ref 55 Series A
94
99513 266
95
Gen 414e Series C_ __May 1989 2 3 94 100
91'4 Fonda Johns & Cloy 434e.__1952 NI N 61 Sale 60
91
61
9114 Apr'26
Registered
1941 J J 924 ___. 9014 Dec'25
4814 5375 Fort St U D Co lst g 4)4s
5134 50
5034
9
Gen dr ref Series A 4145„a2014 AO 50
4714 5312 Ft W & Den C Ist g 5)4e_ _1061 3D 10512 ____ 1054
50 Sale 4958
10514
50,8 13
Certificates of deposit
4712 5314 Ft Worth & Rio Grist g 48_1928 J J 97
32
9712 May'26
08
4938 Sale 49
50
Gen ref cony Ser B 5s_ a2014 leA
32
Frem Elk & Mo Val 1st 68.1933 A0 108 10812 10814 Apr'26
47 .63
4834 4914 484
49
Certificates of depoelt
1935 JJ 10412 Sale 104
10412 39 10212 A°
let sec 68
5.853 GH&SANI&Platbe
10
47
1931 MN 10012 10112 10112 May'26
50
1932 3D 4938 Salo 4914
Debenture 4)Se
9634 53'1
1931 • .1 10014 10034 10014 Apr'26
2d extens Is guar
49 Sale 4812
_4914 30
Certificatee of deposit
3
4558 63'2 Galv Hous & Bend let 55._ _1933 AO 9612 97
9714
4958 57
9612
1925 J D 4938 Sale 4938
Debenture 48
4
Ga & Ala Ry 1st cons 541_ _ _81945 J J 98
9941 9712
9712
484 Salo 4834
4918 43
4678 63
Certificates of deposit
1004 Sale 10018
4718 534 Ca Caro & Nor 1st gu g 55_ _1929 J
2
4934 4912 May'26
49
1934
100'8
25-year deben ure 4s
1946 AO 71
47
Georgia Midland 1st 35
53
47
72 I 71 May'26
4834 4914 4834
49
Certificates of deposit
9812 904 Or R I ext 1st gu g 434e__ _1941
2
97
.1 9688 __ -- 97
8
994
Chia & Mc. Ely Div be_ _1926
9934 994 994
9938 9978 Grand Trunk of Can deb 78_1940 A0 116 Sale -11512 116
16
994 100
9958 Apr'26 -Chic & N'weat Ext4e1886-1926 F' A
993, 9912
10712 35
1936 M S 10714 Sale 10718
15-year a f 6s
9938 Jan'26
1886-1926 FA 9912 100
Registered
7412 7812 Groat Nor gen 78 Series A.._1936 3, 11378 Sale 11334 11414 199
1987 MN 77 Sale 77
7734 12
General gold 3549
2
'2i6
r6
9
18 Apr'26
_ ,196,8
7_4
.
..6
J J
Registered
Q F
7212 July'25 _
Regletered
4
8518 Ii34
6
let & ref 44s Series A.__ _1961 3.3 97
88
1987 MN 88 Sale 874
General 4s
8558 8834
1952 1 3 10678 Sale 10618
General 5345 Series B
10714 26
8814
1987 MN 8734
Stamped 45
8814
1
102
71
1014
4
108
10112
104
Salo
C
J
Series
J
be
1973
5
General
108
108
10714
MN
1987
108
stamped
General 58
10334 105% Green Bay & West deb ars A___ Feb 7614 80
7914 Feb'26
1879-1929 AO 10334 ____ 033.4 Apr'26
Sinking fund 813
17
29
17 Sale 16
Feb
Debentures We B
1034 10332
AO 10312
0334 Feb'26 Registered
102
10012
8838 Jan'26
1940 MN 9058
10114
Greenbrier rty 1st gu 4a
1879-1929 AO 101 14 Sale
10114
9
Sinking fund 50
10012 Gulf Mob de Nor let 514e__ _1950 A0 105 106 10412 Apr'26
10012
I 10012
1879-1929 AO 1004 ____ joØl5
Registered
mo
1017a Gull dr 8 I lat ref dr g 65___b1952 J
10412 __-- 10558 May'26
2
10138
0114
1933 MN 10114
Sinking fund deb 68
10114
10114
N 10O5 ____ 10114
I 1014
Registered
'
33 107 108
96,4 45
8 Hocking Val 1st cons g 4348_1999 J J 96 Sale 95
108
1930 J D 10734 Sale 10734
10-year scoured 78 g
9012 Mar'25
1999 J
• 6 11114 11412
Registered
114
11314 11312 11312
I5-year secured 6348 g_ __ _1936 M
9988 104
3
4 98 . 98
12
Housatonic Ry cons g 58...1937 MN -9812 961104
May 2037 J D 10318 Sale 10318
& ref g 5s
95
88
5
H & T C 1st g int guar
1937 J J 100 10354 10258 10283
36
88
Chia Rt A P-Ratlway gen 481988'3 8712 Sale 8718
8412
5.11,
10134
Mar'26
Be
1st
W
MN
10154
__-.
N
&
1930
Waco
8412
I
8412
3.3
Registered
9712 92
99
99
Houston Belt & Term 1st 58_1937 3' 9914 100
1939 AO 9114 Sale 904
91 12 398
Refunding gold 48
8814 8834 Houston E & W Tex lat g 56.1933 MN 10018 ____ 101 Mar'26
8812 Apr'26
AO
Registered
___-'10112 Mar'26
1933 MN 101
1st guar be red
8654 8818 Hud & Nlanhat 55 Series A 1957 FA 964 Sale 9634
9714 182
1
8818 ___ 8818
884
Ch S LA NO Mom Div 45 _1951 J
10184 102
Apr'26
FA
Registered
---- 97
102 Mar'26
C St LA P 1st eons g 58_ _1932 AO 10112
8078 333
4 1027/1 10412
Adjustment income be___ _1957 AO 8034 Sale 8014
ChicStPM & 0 cons 65___1930 3D 10358 Sale 10312 10358
9334 Oct'25
Cone Be reduced to 3345_1930• D
1-61- Illinois Central 1st gold 45_ __1951 J J 92
9512 9712 Apr'26
100 Sale 997
10014 25
1930 M
Debenture be
9812 100,4
93 Mar'26
1951 1 J
Registered
4
100 10012 100
100
Stamped
86 May'26
J
1951
gold
let
90
77
46
3345
86
8512
Sale
86
3D
5s1960
Ohio T It & So East let
s
833
7
7
___
8
835
8234 Jan'25
„I
.1
Registered
8
79
Dec 1 1960 NI 8 79 Sale 79
Inc au 66
9418 97
8714 8334 Mar'26
Extended 1st gold 3148_1951 A 0 86
9612 18
Chic Un Sta'n 15000 43.41 A_1983• J 9612 Sale 964
Feb'26
71
1951 M
1st gold 38 sterling
10438 84 1024
1°438
____ 104
J 104
1963
1st be Series B
100 1023
92
17
4
Collateral trust gold 48._ _1952 A 0 914 Salo 914
10234 10
1949 J o 10234 Sale 10258
Guaranteed g 68
ii578 11834
8034 Nov'25
0
A
Registered
19
118
ii
118
11834
C
Series
1963
1184
lot 634s
10334 1054
4
93
8
927
4
933
9314
N
NI
1955
45
refunding
let
Chic & West Ind gen it 6&p1932 QM 10538 10612 104 May'26
85
1
8714
gi
1952 J J 85 _--- 85
Purchased lined 334s
8678 34 4091,
864
1952 J
8612 87
Consol 50-year 45
105
8414 July'25
____
7912
J
J
Registered
43
1044
105
Sale 10412
1962 MS
18t ref 514a aer A
8 104
im3
43
Sale
8
883
884
N
8712
Si
48_1953
gold
trust
Collateral
Apr'26
Oboe Okla & Gulf cons St..1952 MN 10312 ____ 104
9712
96
St N
- 8234 Dee'25
Registered
9712 Sale 0712
9712 10
1937 .1
Cln H A D 2d gold 4348
e 10812 1084 13
1955 NI N 10734 1-087Refunding Is
9338 9413
0 I Elt L & C let g 4a___Aug 1936 Q F 9334 9412 9414 Feb'26
103
Salo
103
10314 14
.7
1
1934
15-year secured 5345
9214 Dec'25
Aug 1936 Q F 9234 94
Registered
.1 11234 113 11234 May'26
J
1936
g
634s
secured
15-year
;
63
i
8912
Apr'26
904
MN
___
90
1912
ClnLeb&Norgu4sg
Jan'26
904
92
9114
D
10112
J
1950
45
gold
Bridge
Cairo
1 10018
10014
1928• J 10014 10034 10014
Gin & CI cons 1st g 56
Jan'26
_ - 74
Litchfield Div 1st gold 30_1951 1 J
7614-83- 8218 May'26
Louley Div & Term g 3)481953 J J 8218
87 May'26
Cleve Cha Ch & St L gen 4o_1993 J D 874 88
Jan'26
J
8
783
J
Registered
27
99
9834
1931 J J 9834 99
20-year deb 4345
°852
000
75
1 109873
:
086
003
771
9:
Omaha Div Is gold 3a____1951 F A 734 __-- 7334 Apr'26
____ 10314 Mar'26
1993 J D 103
General 5s Series B
31
Feb'26
7414
J
J
---35_1951
g
Term
&
Div
4
7
Louie
St
10312 13
1929 J J 10318 Sale 10318
Ref & inapt Be Series A
1951 J .1 86 ---- 8714 May'26
Gold 33.0
4
10514
1941J J 10514 Sale 10518
611 Series C
837s ---- 8212 Feb'26
Springfield Div Is g 3145_1951 J
9934 10338
10318 24
J 103 Sale 10258
1983
1141 Series 1)
9118
91
195I F A 9013 - - - - 8934 Feb'26
Western Linea lst g 45
Feb'26
Cairo Div 1st gold 48_ _1939 3 J 9114 ____ 91
5184 8534
84 Aug'25
1951 F A
Registered
Cin W & M Div 1st g 48...1991 J J 8434 ____ 844 May'26
8212 87
III Central & Chic St LAN 0
3
864
tr g g 48_1990 MN 8512 -._ 8612
St L Div lat
83t4 8314
1963 J D 10258 Sale 19218 1025s 55
Joint 1st ref 58 Series A
M N _65i3
834 Feb'26
Registered
D 10458 106 10414 Apr'26
1951
Gold Ss
89 004
1
904
9058
_
Syr & Col Div lst g 411----1940 M S
J D 10114 ---- 1024 Apr'26
Registered
,..
874 20
W W Val Div 1st g 4s___1940 J J 88 1212 90 Apr'26
7812 Feb'26
1951 J D
Gold 3345
1007s 10‘*9
J 10678 ____ 107
Apr'26
0CC&Igenconeg6e___1934
2 1014 10212 Ind Bloom & West 1st eat 46_1940 A o 914 __-- 8814 Aug'25
10212
10238
Clay Lor & W con 1st g 5e__1933 A 0 10214
1950 J J 9178 _.. 9134 Feb'26
Ind III & Iowa 1st g 48
9858 Dee'25
Cleve & Mahon Val g 5o....1938i J 104-..
V6-373 668 Ind & Louisville let gu 48_1956 J J 83 84 8014 8014
1935 M N 9638 993
..-4 964 Mar'26
CIA Mar let gu g 4345
10112 10112 Ind Union Ry gen 5s Ser A 1965 .3 104 10412 104 104
1942 J J 1014 --__ 10112 Mar'26
& P gen gu 4)4e Ber A
1965 J J 10312 ____ 10312 May'26
Gen & ref be Series B
8312 86
4
1948 M N 8518
86
86
&flee C 3)48
10478 10512 10434
10519 14
lot & Grt Nor 1st Bs Ser A I952 J
1950 F A 8538 __ 9334 Nov'25
Series D 3)48
9784 10118
68
40
Adjustment 6s, Series A 1952 Aprl 674 Sale 13634
7
10118
Cleve Shor Line 1st gu 4348_1961 A 0 10112 Salo 10012
7334
108
1
Aprl
7334
Stamped
Cleve Union Term 545......_1972 A 0 10658 Sale 10512 10658 10 10512 10414
4
1
77
-iBia
764
N
M
7612
53_1972
Jot
let
Amer
1002
Cent
Rye
16
1973A 0 1034 1034 10312 10378
l8tefSsSerfl
4
864 88'8 Iowa Central 1st gold 5s____1938 J D 6014 Sale 6014
61
1945 J D 884 ____ 8818 Apr'26
Coal River Ry 1st gu 4s
9912
60
58
Apr'26
604
of
Certs
Deposit
9814
1
10
9812
A
F
____
9912
42_1929
g
Colorado & South lot
99 2
9512 9712
1951 MS 1788 1812 18 Apr'26
Refunding gold 45
9714 964
9714 63
Refunding do eaten 43414_1935 M N 97
2
894
8 James Frank & Clear 181 41.1959 3D 8912 9114 8934
'
871a 87
1948A 0 8814 ____ 874 Jan'26
Col & II V let ext g 4a
90
8
871
A
F
1955
88
90 Apr'26
97
Col & Tol let ext. 45
8212 KaAAGRlstgugIs
91
Apr'26
_ _ 101
1938 J J 102
Conn & Pateum Ely let 49...1943 A 0 854 --- 8212 Jan'26
7512 82
854 May'26
1990 AO 8588 _ _
Kan &
Ist gu g 48
1930 F 14 8714
82 Mar'26
Con8o1Ry deb 4s
2
109
1927 J J 100 Salo 100
2d 20-year 58
6512 73
19543 1 6718 7014 73 Apr'26
Non-cony 45
4
6512 73
10214
K C let SAM cons g 6s
1928 MN 10212 10212 1024
Non-cony debenture 48_1955 J J 674 684 73 Apr'26
38
4
923
9238
Salo
A0
C
4
K
023
Ry
M
SA
Ft
g
ref
70
6512
1
6718
J
J
6718
____
41.1956
6718
debenture
Non-cony
8834 94 100&MR&B1stgu58.__1929 A0
10212 May'26
1952 J
14
9414 9412 9312
94
Cuba RR let 50-year 58 g
754 110
Kansas City Sou 1st gold 38_1950 AO 7512 Sale 7514
5 105 107
19363 D 10612 Sale 1064
107
lot ref 7148
9858 139
984
Sale
8
985
3.3
dr
Apr
Ref
98
be
924
Impt
1950
1966 J .11 9712 Sale 97
9734 23
Cuba Northern Ry 1st 68
1
a Due Jan. 5 Due Feb. sDue May. 0 Due Oct. p Due Dec. 50110100 sal .
Ranee
Since
Jan. 1
Mob
Low
977e 983e
905a 95
1084 11614
10278 10512
107 110
94,4 95
8638 91
9414
89
9512 100
7014
62
44
4712
47
39
65
65
9494 974
10312 10312
4014 1024
8712
85
91
91
10035 101
10058 105
10118 103 18
10258 1044
10714 1084
744 7912
717i
64
6814
65
9658 984
6714 7373
674 7414
734 88
104 10934
10414 10912
92
843
891i
89
84u83
98 100
984 10138
954 9794
9972
97
5932 8472
1
101- 1-66198
98
107 10814
100 1014
10018 101
934 9712
985a
98
100 Mlle
7214
63
9584 97
1144 118111
19678 10752
109'4 11412
11214 11318
93 07
10258 10714
9714 1024
7812 79'4
1312 194
8888 883a
Dm loci
1034 1054
9118 9614
4 5i I-1
900
1-9
:
1
0299
9838
4
:
10194 1014
99
%
10
01
100
ea
4 98
725:2
9
97
97
9238 977e
93
93
8314 86
814
71
71
8812 92
90, 938k
8158 8512
-81
883*
1-0-638 10812
10214 104
11112 1134
004 90118
74
74
804 83
783a 7835
7312 7334
744 7412
sits 874
8212 8212
8994 894
994 1024
104 10512
10214 10214
78', 78'j
_
_•
-19-84 -9194
7938 8014
10058 104
10078 10312
103 1064
7328
66
7334 7334
7614 7812
6012 6553
601a 65
17s 2341
8858 9114
101 101
83 857s
994 1014
1001a 1034
8918 9234
9834 10212
76
74
9338 99,5
2779
New York Bond Record—Continued—Page 3
r.
BONDS
N.Y.STOCK EXCHANGE
Week Ended May 14.
11
Price
Friday,
.11ay 14.
Week's
Range or
Las: Sale
CO•e
Higk
High N o Low
Ask Low
Bid
8818
8818 149 • 85
Kansas City Term let 4s___1960 .11 .8 88 Sale 8712
2
8712
8718
86
87:8
Kentucky Central gold 49_1987 J J
91
81
2
Kentucky & Ind Term 4903_1961 3, 8312 85
8714
4
853
.j
•
1961
Mar'26
8512
8714
8834
Stamped
3 10012 102
10158
Lake Erie & West let g 5s_.1937.1, 1014 102 10158
9838 101
1941 .13 9958
4
994 10012
784 82
1997
82 May'26
8178
fake Shore gold 3998
80
77
1997 • D
7034 Apr'26
Registered
984 99
1928 NI S 9858 Sale
987
858
Debenture gold 4s
9614 9784
1931 MN 9738 Sale 9714
9753 30
25-year gold 49
1931 MN
96 Dec'25
Registered
2 102 10414
10414
Leh Val Harbor Term 58_1954 FA 10358 10512 10414
9512 984
3
98
Leh Val N Y let gu g 4198-1940 J J 0734 -- 98
8258 8534
8514 14
Lehigh Val (Pa) cons g 4s__2003 MN 8514 Sale 8434
,
803
SO
8012 May'26 _
MN
Registered
9512
92
9003 MN 8434 85,2 9538
9512 10
General cone 499s
2 10034 10412
10234
Lehigh Vat RR gen be Seriee.2003 MN 10234 Sale 10234
1 10213 104
Leh V Term Ry let go g 5s_.1941 AO 10258 10312 10258 10258
8812 9058
- - 8813 May'26
Leh & N Y let guar gold 48_ A945 MS 88,4
10512 110
AO
110
Sale
8
3
1093
10918
Lee dr East 1st 60-yr 08 gu- A965
8512 Apr'26
844 8713
1052 MN 85
Little Miami 45
109 10913
1935 A 0 10918 110 109
Apr'26
Long Dock consol g 68
Long Isld 1st con gold 55_51931 Q J 10034 ---- 10012 Feb.26 ____ 10013 10012
J
9413 95
_
51931
9412 Apr'26
let consol gold 45
9058 9118
1938 3D 9158
4
9118
9118
General gold 413
97
97
1932 ID 9512 ____ 97
Apr'26
Gold 49
8438 8934
1949 MS 89,4 -- 8934
1
8934
Unified gold 4s
1934 3D 9912
9738 9912
Debenture gold Ls
9912 Apr'26
0814
94
1937 MN 9818 9914 9714
9814 13
20-year p m deb be
8912
85
8913
6
8914
Guar refunding gold 46_ _ _1949 MS 89,4 90
99% 100,4
Nor Sh 181st con g gu 5s_o1932 Q J 100 10058 9958 Apr'26
9973 101
2
10014
Louisiana & Ark let g 58_ __1927 M S 10018 10012 10014
8658 8914
2
8814
8314
Lou & Jeff Bdge Co gu g 4s__1945 MS 8814 89
8
1 10212 104,
_ 10458 10458
Louisville & Nashville 5s___1937 MN 10458
0314 9538
1940 J .1 95,4 96
9514
9514
5
Unified gold 45
101 104
Collateral trust gold (Is...1931 MN 101 10214 10112 Apr'26
1930 MN 10612 Sale 10612
10712 17 10514 108
10-year secured 7:3
10612 11014
1st refund 890s Series A._2003 AO 108 109 10913 May'26
2003 AO 107 Sale 10634
107
6 10413 10814
let & ref bs Series 11
9978
96
2003 AO 9958 Sale 99
9955
9
let & ref 419s Series C
No
1044 107
m 1st gold es
1930 J J 10478 106 10614 May'26
10358 1035s
1930 ▪ J 104 105 10358 Mar'26
26 gold 13e
9138 9138
9212 9138 Feb.26
Paducah & Mem Div 4s 1946 FA
92
6512 6612
2
St Louis Div 24 gold 38_1980 MS 6614 6678 6614
6614
9878 99,
8
994 Apr'26
Mob & Monts let g 4996_1945 NI S 9978 101
8518 8813
7
8778
South Ry joint alonon 45_1952 J J 8734 Sale 8778
9014 0314
AU Knoxv & CM Div 49_ _1955 MN 0312 9412 9314 Apr'26
994 100
17
100
Lousy Cin & Lea Div g 4999'32 MN 9978 Sale 994
10134 10134
1939 J J 10218 _ 10134 Mar'26
Mahon Coal RR let be
6012 6412
Manila RR (South Lines) 48_1939 MN 64 Sale 6312
6412 14
6212 7138
1959 MN 7114 Sale 6914
714 22
let 49
100 10034
100 May'26
Manitoba Colonization 5e_ ..1934 3D 100
85
85
1941 J J 815s
Apr'26
85
ManGB & NW 1st 348
Apr'26 _ _ _ 10078 102
10134 102 102
Mtch Cent Det & Bay City 55_'31 M
1 101 101
101
MS 101 Sale 101
Registered
9258 954
9558
1940 .1.1 9558 Sale 9558
1
Mich Air Line 4e
804
79
1951 Ni S 8314 84,2 79 Mar'26
J L & 9 let gold 399e
8512
83
1952 MN 8518
8518 Apr'26
let gold 3)-is
9734 9813
993s 13
1920 AO 9818 -678
i- 0818
20-year debenture 4s
9013 95
95
9438
95
1940 AO 94
Mid of N 1st ext 59
10018 101
101
Mllw I. S & West Imp g 5s__1929 FA 10114 10112 101
9413 Dec'25
Mil dr Nor let ext 494s(blue)1034 3D 9612
95 May'26
9359 984
Cons ext 4999 (brown)___1934 3D 9612
9112
89
1
MII Spar & N NV let gu 48_1947• S 90 -6i 91,2
91,2
8158 Dec'25
Mllw & State L let gu 3196_1941 J J 8234 87
1927 3D ____ 102
Minn & St Louie let 75
62
1934 NI N 56
let consol gold be
NI N
56 Sale
Temp ctfe of deposit
15t dr refunding gold 49_ _ _1919 MS 1938 Sale
13 Sale
Ref & ext 50-yr be Ser A._1962• F
1027 3D 99 102
let guar g 7/3
M St P dr S 8 NI con g 48 Int gu'38 J J 904 Sale
1938 3 J 994 Sale
1st cons be
1st cons 5s gu as to lot. 1938 J J 99 Sale
1931 M S 103 Sale
r0-year coil trust 6999
1946 J J 10214 Sale
let & ref 60 Series A
25-year 5998
1949 MS 91 Sale
9318
let Chicago Term sf4s.__1941 SI N
Mississippi Central let (Is....1949 3) 9312
MO Kan & Tex—let gold 48_1990 J D 8714 Sale
Mo-K-T ItR—Pr 1 55 Ser A.1962 J J 10114 Sale
1962 ii 8413 Sate
40-year 48 Series B
1032
J 10312 Sale
10-year es Series C
Cum adjust be Ser A Jan_1967 AO 9258 Sale
Missouri Pacific (reorg Co)
0812 Sale
let & refunding (Is Ser A.1965 FA
let dr refunding es tier D_ _1949 FA 10613 Sale
let & refund es Set E Int_1955 MN 10612 Sale
1975 MS 7213 Sale
General 4s
1938 NI N 9113 92
Mo Pac 3d 78 extat 4%
103 Nov'25
60 May'26
56
2
56
1912 49
1914
1318
4
13
102 Sept'25
9012 49
0014
9912
09
9
99
9912 20
7
10234
10338
10212
1
10214
92
91
2
93 Mar'26
934 Apr'26
87
87
40
10058
10114 88
85
17
8334
10312 17
10318
9234 335
9212
9755
106
106
6934
91
252
100
10634 87
1061 183
721 938
91
3
j
Mob & Bir prior lieu g be_ __1945
1945 J J
Mortgage gold 49
1915
3
'
Small
Mobile & Ohio new gold Cs_ _1927 3D
let extended gold 68
51927 CI
General gold 4e
1938 NI S,
Montgomery Div 1st g 68_1947 FA
St Louis DIvIsion (Is
1927 JD
Mob & Mar let gu gold 48.._1991 NO S
Mont C let gu g es
1937 J
1st guar gold 55
J
1937
Morris & Essex 1st gu 3998 2000 3D
Nadir Chatt dr St L let 5s_ _1928 AO
N Fla & S let gu bs
A
1037
Nat ity of Mex pr den 434e.5957 33
July 1914 coupon on
Assent cash war mt. No 3 on.
Guar 70-year s f 43
1977 AO
Assent cash war rot No 3 on
—_
Nat RR Met prior lien 4995_1926 J J
J J
July 1914 coupon on
Assent cash war rot No 3 on_
1951 ;N--13
1st consol 4e
Assent cash war rot No 300.
100
1945 .1 3
New England cons bs
Consol 48
1945 J J
NJ June RR guar let 48___ _1086 FA
N 0& N E lar ref&imp 49994.'52 J J
New Orleans Term 1st 4s_ _ _1953 23
NO Texas & Max n-c Inc 59.1935 AO
1954 AO
let be Series Ii
1951 AO
1‘ 1st 5996 Series A
N & C Bdge gen guar 410..1945 .1 .1
N Y B & NI 13 1st con g 5s 1935 AO
NY Cent RR cony deb 68 _ _1935 MN
MN
Registered
1998 FA
Consol 413 Series A
2013 AO
Ref & Inuit 4999 "A"
2013 AO
Ref & impt 69 Series C
A0
Registered
_. 96
2
7434
96
3
8312 Salo 834
8314
8518
8514 Apr'26
074 Sale 97
974 12
8634 Sale 8634
8718 67
10014 10012 10014
10012
4
10038 Sale 10038
10034 63
105 Sale 105
10514 63
_
9634 __ 9634 Apr'26
10034 - - - - 101
101
2
10712 108 10734
1074
2
10612 May'26 _
-8959 Sale 8912
8978 29
9714 Sale 9658
9714 71
10512 Sale 10513 10534 108
10318 Apr'26
B.. Jan
8 Due July
99 Sept'25 _
8314 May'26
8412
8413 Sale 8412
10218 ____ 10212 10212
10034 10118 10112 103
92
92 Sale 92
100
.10
10014
10018 10012 10018
8858 9034 89 May'26
111 1124 11058 May'26
10278 ____ 10234 Apr'2
7834
79
7912 80
10114
101 Sale 101
1017
10178
1014
30 Sept'2
19 Apr'25
1912
1912 Sale 19
8712 June'24
2338
2338 Sale 22
3812 July'24 _
24 Sept'25
324 Sale 324
324
28 Apr'25
1678 Sale 16
1678
5 Due Oat
•001901 sale.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Stay 14.
Range
Since
Jan, 1
_
3
1
5
4
3
1
18
5
5
6
6
_
1
6
-(C656
19
13
Z1
b...8.
—
Price
Friday,
May 14.
Bangs
Since
Jan, 1
Week's
Range or
Lan Sale
Bid
Ask Low
High No. Low
.1110k
N Y Central & Hudson River—
81
7613 8113
Sale
70
7934
3
J
8
1997
807
3959
Mortgage
8058 79
84
80
1997j j 79
765s 8,058
Registered
4
06
9414 9614
9534
1934 M N 9534 96
Debenture gold 48
9418 Jan'26
944 9413
'Registered
M N 9514
9434 50
9238 97
1942 J J 9414 -915g 94,2
30-year debenture 48
_
93 Feb'25
Registered
757 -7-9-3-4
78T2 -7834 7812
7834 21
Lake Shore roil gold 3398_1998,V-i -7
78
76
Apr'26
78
1998,F A 7618 79
Registered
8112
2
8112
8112
88
77
8214
gold
colt
Cent
39.9e_1998;F A
Mich
80
78
Registered
1998 F A 8014 _ _ _ _ 80 Apr'26
9434 27
0234 95
19371A 0 9434 Sale 9413
N Y Chic & St L let 3 49
9314
92
9314 May'26
Registered
1937 A 0 9334 95
9312 97/
8
4
1
0612
1931 as N 0614 Sale 9614
25-year debenture 45
104
37 10238 105
1931 m N 10334 Sale 1034
2d 69 Series A B C
9813 10432
10414 110
Refunding 5955 Series A 1974 , A 0 104 Sale 10312
984 104,4
1975 3 3 10334 Sale 10312 10414 131
Refunding 5998 Ser B
96
4
96
92
95
N Y Connect let gu 4)9e A 19531F A 9413 93
19 10018 102
____ 10134 102
1953 F A 102
1st guar 5s Series B
9911 90
Apr'26
90
N Y & Erie let ext gold 4s 1947 m N
94 Nov'25
1933 m s
311 ext gold 4198
10058 Mar'26
16655 1-665-3
1930 A 0 10018
4th ext gold 55
984 99
-- 99 May'26
1928 3 D 98,4
5th ext gold 4s
2
98
98
04
N Y & Greenw L gu g 58_ _1946 M N 9778 ____ 98
794 7914
2000 m N 79,2 ---- 7914 Apr'26
N Y & Harlem gold 3999
I
80 July'25
N Y Lack & W 1st & rot be 1973'NI N
O95(I 102
Apr'26
102
1973 m N 9978
let dr ref 499s
_ 107 Dec'25
1930 M S 10618
NY L E & W let 75 ext
1663i 1-011-1;
1932 F A 101 1-(li 10114 Apr'26
N Y & Jersey let 59
90
90
N Y dc Long Branch gen z 4s_1941 NI S 9038 9312 90 Mar'26
7013 7018
7012 Jan'26 -.-.
N Y N Fl & Hart n-c deb 49_1947 m s 7418
60 June'25 -- _ M S
Registered
6211 68's
6414
6414 10
Non-cony debenture 3999_1947'M S 6712 _ _ _
6114 65
1
6412
Non-cony debenture 3999_19541 A 0 6412 Sale 6412
724 10
68
724
7334
Non-conv debenture 48___1955 „I .2 7212 73
6718 7314
9
7314
Non-cony debenture 48_.A956 M N 7314 Sale 7234
64
6378 10
61
6378
1956
J 6334 64
Cony debenture 3995
9734 10013
1948 J J 100 Sale 9912- 10014 149
Cony debenture 138
9712 Apr'26 ____
974
96
J J
Registered
9613 994
99
27
1940 A0 -ig'78 Sale 984
Collateral trust es
624
68
Sale
8
625
33
6214
62%
N
m
1057
Debenture 48
883s
8454 884
8 8814
8
Harlem R & Pt Ches let 4/31954 M N 8814 88,
100 1004
1927 A0 10038 10078 10014 Apr'26
P4 Y & Northern let g 5s_
73% 98
6734 734
S 73 Sale 7234
N Y 0& W ref 1st g 4s_June 1992
68
6213 68
89
1955 3D (1712 Sale 6412
General 45
Apr'26
_4
853
8612
48.1942
Boston
AO
N Y Providence &
4
8614 Apr'26
8 -113-1-801NY & Putnam let con gu 48_1993 A0 8558 -62
100 10034
1927 MS 9934 10014 10018 Apr'26
N Y & R B let gold 58
7738 85
8312 11
N Y Susq & West let ref 55_1937 J J 8312 Sale 8312
704
69
69
64
1937 FA 6714 70
1
211 gold 4995
744
684
63
1940 FA 6918 7434 6858
1
General gold 511
_ 9758 Apr'26 ____
9738 99
1943 M N
Terminal 1st gold be
744 51
6938 76
N y W'ches dcB let Ser I 490'46 J 3 7434 Sale 734
84
6334
23
1614
1950 A 0
Nord Ry extl 916 999
Norfolk South 1st & ref A bs 1961 F A
Norfolk dr South 1st gold 55_1941 601 N
1931 M N
Norf & West gen gold es
Improvement & ext 69_1934 F A
1932 A 0
New River lot gold
1996 A 0
N & W Ry 1st cone g 49
1996 A 0
Registered
Div'l ist lien dr gen g 49_1944 J 3
1829 191 S
10-year cony es
1941 3 D
Pocah C & C joint 49
1874 19:1 s
Nor ('cot gen & ref be A
1945 A 0
North Ohio 1st guar g 55
1997 Q J
Nor Pacific prior lien 4s
1997 Q J
Registered
General lien gold 3s _ _02047 Q F
a2047 Q 1
Registered
,.8 set A_ _ _2047 J J
Ref & lmpt 4 ,
3 J
Registered
20472 J
Ref dr impt 63 ser 11
J J
Registered
2047J J
Ref & impt bs ser C
20473 .1
Ref & hunt be ser D
Nor Pao Term Co let g 65_ A933 J .1
1938 A 0
No of Cal guar g 543
1930 J J
North Wisconsin 1st es
7812
78
7
11
86
8538
10018
10018
b
106 Nlay'26
10912 10912
1
10712 Mar'26 _
9218
9212
7
1
917
917s
9414 90
9334 Sale 93
140
140
2
9212 Sale 9212
1
4
1
92/
_
11312 Apr'26 ____
1043
8-97- 9678
9
9614
97
894
9013 28
8913 90
88
88
1
6518 Sale 654
6512 37
6312 Apr'26
9414 Sale 9378
944 12
11238 Apr'25
6;1. 113
114
65
10014 Apr'26
ii7&2 10312 1024 103
6
10234 12
10214 -- 10214
10934 - - 10934 Apr'26
_ 10438 Apr'26
1045
104 10258 Jan'26
103 8-
7812 Sale
8538 Salo
-13014106 107
13912 Sale
_
10714
924 Sale
854
9758 9934
4 9934
97,
ii 234 104
10038 10358
1'913 924
113
93
9334
93
844 871z
9614 10178
81 I
8013 86
Og & L Cham 1st gu 49 g__1948 J J 8012 Sale 79
9034 Dec'24
1024 104,4 Ohlo Connecting RY 1st 48-1943 St S
10158 Apr'26
1936 3 D 10158
9013 9534 Ohio River RR let g be
1937 A 0 101 10112 100 Dec'25
General gold 59
10012
8914 100
1927 J J 100:4 10038 10038
Ore & Cal 1st guar g 55
924
19463 D 914 Sale 9178
10134 :0634 Ore RR & Nav con g 49
1074
10134 10612 Ore Short Line—let cons g bs_'46 3 J 107 110 107
721,
107 1
1946 3 J 107 Sale 107
Guar cone 55
65
98,8
1929 3 D 98 Sale 98
91,4
88
Guar refund 4s
8712
87 Sale 8613
1961 .1
Oregon-Wash let & ref 4s
92
Apr'26
Pacific Coast Co let g Se... _1946 J 13 9178 95
9214 Apr'26
1938 F A
-7-113-4
Pac RR of Mo 1st ext g 49
_ _ 101 May'26
1938 3 3 1011
7934 8413
2d extended gold be
4-983-4 974
9818
9814
10158 10312 Paducah & Ills lotsf 41413-1955
754
19513 F A 7512 Sale 75
1004 106,4 Paris-Lyons-Med RR (3e
85
92
90
1958 M S 85 Sale 84
S f external 78
8413
994 101
1954 M S 8412 Sale 8312
Paris-Orleans RR s f 78
10112
1942 M 5 101 102 10034
4912 10012 Paullsta Ry 78
94
Sale
94
94
N
M
1943
89
48
g
87
RR—cons
Pennsylvania
9412 9418
944
94
1948 M N
10958 1104
Consol gold 4s
94
9378 9412 9312
10113 10234
48 eterl etpd dol___May 1 1048 MN
101
1960 F A 101 10114 101
7812 8138
Consol 4999
09
10653 D 9812 Sale 9814
10014 10158
General 4959 Set A
1968 J D 10612 Sale 10558 10612
10134 10178
General 58 Ser B
1930 A 0 10734 Sale 10758 1074
10-year secured 7e
11314
1936 F A 11314 Sale 113
15-year secured 699s
11214
11214
"ici
F A
15
Registered
102'2
19134 51 N 1.6212 8-1113 10214
40-year gold bs
8418
8613 Oct'25
1734 11338 Pa Co—Go 3999 coil tr A reg 1937 NI S 834
8314 May'26
Guar 39.913 colt trust Ser B_1941 F A
1942 3 D 8358 _ _ _ 82 Dec'25
Guar 3995 trust ctts C
8312 Apr'26
1944 J D
Guar 399s trust ctts D
-2817
9678
9678 9'i14 9634
Guar I5-25-year gold 49_1931 A 0 838814 May'26
-11 17
1952 M N
Guar 4e Ser E
9514 96
81
8112
8413 8514
9234 9718
8718
84
964 10034
96 10034
1024 10513
9412 9634
9934 102
104:4 10878
10612 10611
8534 60
9214 9712
101.18 10534
10318 10318
Peoria & East let cone 4e__ _1940 A 0
1990 Apr
Income 48
1974 A 0
Peo & Pekin Un 1st 5199
Pere Marquette let Set A 58_1956 3 J
19563 J
let 49 Ser B
1943 MN
Philo Bait dr W let g 4s
1974 F A
Gen bs Sertes 11
Philippine Ry let 30-y9 911s 193713 J
1932 J D
Pine Creek regstd 68
1940 A 0
FCC & St L go 4 34s A
1942 A 0
Series B 43.48 guar
1942 51 N
Series C 434s guar
1945 51 N
Series D 45 guar
Series E 334s guar gold_ __1949 F A
1953 J D
gold
guar
4s
F
Series
1957 NI N
Settee 0 48 guar
39
7714 8214
7734 8638
98 1004
106 10614
10912 110
107 10713
9014 934
9213
89
9078 9414
138 1584
924
91
10038 1034
'37
88
8618 91
88
80
6114 6578
60 63,2
87
9414
10814
---- 11414
11014 1104
984 103
984 1024
10934 1h954
1014 10514
10258 1024
73
81
1.561 1(17-.
3 1:-60-1, 111-1;
11 1 8914 9212
2 10434 10718
14 10518 107
66
96,n 98'8
8334 8712
137
9158 96
9111 927g
, 100 101
35 1 9614 984
7312 7812
57
4
1
87/
53 . 82
87
82
21
9 1004 102
9418
94
3
5
9112 9938
6
9114 95
11
9873 10114
101
9414 9918
56 1024 10634
4
1
95 107 108/
85 11133 11313
1 1124 1124
143
9833 10338
885,4
34 8
86
9
83-4
4 97
1
98/
87
7953 8718
10
87 Sale 8512
414
35
381 3812 May'26 _ _ I
36
10234 Sale 10258 1028 17 10014 10278
10334 21 10118 10378
10334 Sale 10311
88,4 21
8538 88'4
8758 Salo 8712
-. 9434 May'26 ____I 9312 9154
943
11012
7 10618 111
112 110
4-11112
43
3
4012 4413
43 Sale 4213
10618 ____ 10511 Mar'25
9758 Apr'26
17-5.8
97
97%34 Apr'26
r2
Ap2
9638 9734
_
9738
974 9732
_ _ 9.358 May'26
934
9312 9334
__
9334
9214 9214
937% Feb
_ _ 02
9378
3236
'
9
4
924 93
9378 ____ 934 Apr'26
93
9358
2780
New York Bond Record—Continued—Page 4
BONDS
N.Y.STOCK EXCHANGE
Week Ended May 14.
Price
Friday,
May 14.
PIM Cm Chle & St L(Coneluded)
Series H 48
I960,F A
Series Icons guar 4348_1963F A
Series J 4345
1964 M N
General M 52 Series A1970 J D
Gen mtge 5a Series B
1975 A 0
Pitts & L Erie 2d g 55
a1928 A 0
Pitta McK & Y lstgu6e1932J .1
Pitts Sh & L E 1st g 5a
1940 A 0
let consol gold 158
1943J J
Pitts Vs & Char 1st 48
194355 N
Pitts Y & Ash let cons 5s1927 M N
1st gen 42 series A
1948 J D
let gen 58 series B
1962.F A
Providence Secur deb 4s
1957 M N
Providence Term 1st 4s__1986 m S
Bid
943
9734
102%
10318
106
101
10014
99%
9214
10014
603s
8414
Range
Pince
Jan, 1
Week's
Range or
Last Bale
Ask Low
High No, Low
9334 Sept'25
9614 Mar'26
____ 9718 Apr'26
10318 10314
Sale 103%
10378
101 101 May'26
____ 108 Aug'25
102 Apr'26
- 10018 Oct'25
9114 May'25
____ 100 Apr'26
92
9112 Mar'26
- 1027s Jan'26
83 64 Mar'26
__ 83% Apr'26
a
41
High
0514 9614
98
9718
100 10314
9912 103%
101 101
161- fat,
9934 1-10.18
9112
91
10213 1024
64 64
S318 8318
got, 974
Reading Co gen gold 48
1991 j
Registered
ii
Jersey Central coil g 4s___1951 *0
Gen & ref 4342 Ser A
1997 J J
Richm & Danv deb 58 stpd 1927 *0
Rich & Meek 1st a 45
1948 MN
Warn Term Ry 1st gu 5s
1952 J J
Rio Grande June 1st gu sa_ A939 JD
Rio Grande Sou let gold 4s 1940 J J
Guaranteed (Jan 1922 Coup On) J J
Rio Grande Wait let gold 48_1939 J J
Mtge & coil trust 4s A
1949 *0
RI Ark & Louis let 43.8_1934 M
Rut-Canada 1st gu g 45
1949 J J
Rutland let con g 43.48
1941 J J
St. Jos & Grand lal let g 1g..-1947 J J
St Lawr & Adir 1st g 5s
1996 ii
26 gold 68
1996 AO
St. L & Cairo guar g 42
1931 J J
EN L Ir M et 8 gen con g 58-1931 A0
Unified & ref gold 42
1929 J
Registered
J J
Rlv & G Div lat g 4a
1933
N
St L M Bridge Ter gu 52
1930 *0
St L & San Fran (reorg co) 4e 1950 J J
Registered
J J
Prior lien Ber B 55
1950 J
Prior lien Ber C 55
1928 J J
Peer lien 5348 Ser D
1942 J J
Cum adjust Ser A 6s____51955 AO
Income Series A 68
51960 Oct.
StLouls & San Fran Ry gen 82'31 J J
General gold 58
1931 J J
St. L Peo AN W 1st gu 5a1948 J J
Bt. Lou% Sou 1st gu g 4a
1931 MS
St L S W lstg4s bond ctfa 1989 MN
2d g 48 income bond ctfs_p1989 J J
Consol gold 42
1932 J
Ist terminal & unifying 58_1952 J J
Bt. Paul & K C Bh L 1s1 4}4s 1941 FA
Bt. Paul & Duluth 1st 5s
1931 Q F
1st consol gold 48
1988 JD
St Paul E Or Trunk 4148
1947
Eft Paul Minn & Man con 42_1933
Registered
lit consul g 45
1933
Registered
Os reduced to gold 414s_ _ _1933
Registered
1933
Mont ext let gold 4s
1937
Registered
13
Pacific ext guar 45 (sterling)'40
St Paul Union Depot 5s____1972
9734 ____ 96 Mar'26
447 May'25
91
9
97%
°12 S9
a11e14 9
97
°
98
100 10012 10018
10018
76
80
75 Dec'25
100% _-_- 10134 Apr'26
10012 Sale 9912 101
7
512 Dec'25
6 MaY*2
9112 92
9118
9112
83 Sale 8212
83
94
937 Sale 9314
8014 83
7912
7912
9012 92
8812 Apr'26
8
98
31 22 85
83
83
9712 Apr'26
9812
_ 101 Sept'25
9618 967 9614 Apr'26
10038 1007 10034
1007s
9712 Sale 9712
9734
93 Sept'25
9314 Sale 93
94
9934 997 100 Apr'26
84 Sale 8312
8412
83 May'26
9914 Sale 9812
9912
10218 Sale 102
10214
10214 Sale 10178
10238
9714 Sale I 9614
9714
903
9014 Sale 89
1053s ____ 10538 Mar'26
10038 ____ 10038 May'26
10378 10434 10338 May'26
96
9712 9418 Apr'26
871 8734 8638
88
8034 8078 80
82
95 Sale 9434
95
9614 96% 9534
96%
9112 Sale 9032
9112
10138 ____ 9914 Mar'25
8912 May'26
9218 ____ 91
Jan'26
98% 9714 96%
96%
_ 92% July'25
59 1-0934 1087
1088
107 Mar'26
9958 102
9934
9934
99 May'26
9415 9512 9438
943
9214 May'26
8934 9012 8958 Apr'26
10312 Sale 10312 10312
B A & A Pass 1st gu g 42____1913 J J
Banta Fe Pres & Plicfl 52_1942 MS
Say Fla & West 1st g 65___1934 A0
lstg 58
1934 *0
Scioto V & N E ist gu g 48_1989 MN
Seaboard Air Line g 48
1950 *0
Gold 4s damped
1950 *0
Adjustment 58
Oct 1949 PA
Refunding 4s
1959 A0
1st & cons 65 Series A
1945 MS
MI & Birm 20-yr 1st g 4841933 MS
Seaboard-All Fla 1st gu 68 A_1935 PA
Seaboard & Roan let 5s
1928 J J
So Car & Ga let ext 5346_1929
N
8 & N Ala cons gu g 52
1936 FA
Gen cons guar 50-yr 58-1963 AO
So Pac Col 4s(Cent Pac coi)/1949 JD
Registered
JD
20-year cony 48
June 1929 M
20-year cony be
D
1934
20-year g 5s
1944 MN
Ban Fran Tenni let 48_1950 *0
Registered
A0
So Pac of Cal—Gu g 52
1937 MN
So Pac Coast Ist gu g 421-1937 J J
Bo Pac RR 1st ref 42
1955 b
88% Sale 8838
88% 24
1
10214
1024 -- 10214
10734 ---- 110
Jan'26
102 _ _ 10134 Dec'25
8913 91
8918 Apr'26
8013 8138 8014
8014
8012 8934 7978
8024 26
79 Sale 7814
7912 59
71% 7212 7134
7212 27
94 Bale 94
9434 125
7
92%
94
9218
21
9514 Sale 95
96
100 10014 100 May'26
102
___ _ 10134 May'26
103%
10418Apr'26
10834 110 10838 Apr'26
38
90 Sale 8934
90
7
84%
8512
9814 Sale 98
9814 216,
101 10214 101
12
101
101 101% 101
10114 18'
9012 41
9012 Bale go
8538 Apr'26
104% 10512 10338 Apr'26
94% Jan'26
9414 __
92% Sale 9214
9234 78
Southern—lat cons g Si ,._1994 J J
Registered
J D
Develop & gen 48 Ser A__1956 A 0
Develop & gen 62
1956 A 0
Develop & gen 6148
1950 A 0
Mem Div ist g 4148-58_1996 J J
St Louis Div let g 4a
1951 J J
East Tenn reorg lien g 52_1938 1311 8
Mob & Ohio roll tr 48_1938 M S
Spokane Internat lilt g 5s I955 J J
Superior Short Line 1st 5s_e1930 ki S
Term Assn of St L 1st g 43.t2_1939 A 0
let cons gold 58
1944 F A
Gen refund 5 f g 4s
1953 J J
Tex dr N 0 con gold 52
1943J .1
Tease & Pao 1st said 58_2000 J D
La Div B L lst g 5s
1931 J J
Tex Pac-Mo Pac Ter 53.0_1964 M S
Tol & Ohio Cent 1st go 58 1935 J J
Western Div 1st g 50
1935 A 0
General gold 56
1935 J D
Toledo Peoria & West 48._1917 J J
Tol St L & W 50-yr g 4a
1950 A 0
Tol W V & 0 go 4348 A
1931 J J
Series B 43.4s
1933 J J
Series C 48
1942 MS
Tor Ham & Buff 1st g 41
1948 J D
10712 60 104 10712
10738 Sale 10634
10134 103
03 Mar'26
814 0504
8514 gia-e- 8434
8534 227
11134
11112 Sale 1103
11112 73
11614 Sale 1614
11634 39 112 117
10134 10512
104
____ 0512 Apr'26
86 90
10
89%
90
90
9978 100
10038 10212 100 Mar'26
2
87% 92
92
92
915 92
81
8412
3
8412 Bale 8414
8412
9912 9912
9978 ____ 9912 Apr'26
95i4 9734
9 58
__ 9514 May'26
101 106
102 103 10214 Mar'26
8424 87%
10
87
87 Bale 8612
9858 102
100 10114 102
Apr'26
5 103 106
10434 10534 10434
1047s
9934 101
10014 10012 10012 May'26 _
994 104
10 i78 1041
37
104
4
10111
1 100% 101%
10112 10112
10012 101%
1007 102 1007 Mar'26
9752 10012
101
____ 10012 May'26
34
3745
37% Jan'26
8934 ____ 8918
87% 8934
8938 20
98 ____ 98 Mar'26
97% 98
9911 _
9638 Dec'25
9138
90 Nov'25
88% ____ 8814 Apr'26
1,414
If%
7
4
9414 98
9934 100,4
6
1-0-2-12
9512 100
27
32
47
5
31
17
80
496
105
39
81
336
487
_
37
65
52
35
67
7411
89
7538
87
mg
9712
9-2
83
9472
79,2
90
8312
97%
958 961,
10014 101
9534 9734
89 "9"f100 lows
7734 8412
80 83
93 99%
102 103
g(414 103%
9213 9712
84% 90%
101 10512
100/
1
4 10112
102% 103%
9418 9412
841. 88
75 82
91% 98
ggh 9738
go
9112
If
9018 91
96 97
_
2
2
5
3
Ulster & Del 1st cons g to_1928 J D 70 Sale 6812
70
1st refunding g 41
1952 A 0 41
43
43 May'26
Union Pacific 1st g 42
1947 J J 944 Sale 94%
944 15
Registered
_
83% May'26
J J
20-year cony 45
1927 .1 J 9912 9938 9914
9934 60
Registered
99 May'26
J J
let & refunding 48
25
82008 M S 8934 Sale 891
90
lirt lien & ref 56
109
e2008 M El 109 Bale 109
34
10-year perm secured 62_1928 J J 10238 Bale 10212 10234 150
2 Due Jan. 4 Due May e Due June. h Due July
BONDS
N.Y.STOCK EXCHANGE
Week Ended May 14.
k Due Aug
10/7i 10934
107 107
99% 100
98,
2 99
93
954
9214 9212
8914 89%
1017s 10412
84
88%
10012 10234
110 110
liris
7814 82
7814 82
78 877s
8914 74
9838
91
gars 94
9214 9834
100 10038
10114 10134
10328 104%
10534 10838
8518 90%
8438 8512
967. 8814
100 10234
993. 10178
87
9034
g5
85%
10314 104
9414 9414
go
93
68i2 80
4018 48
9218 984
8318 9334
9914 100
99
99
9034
86
10612 10912
10212 1034
Price
Friday,
May 14,
Range
Since
Jan. 1
Week's
Range or
Last Sale
High
Bid
•
Ask Low
High No, Lao
U N J RR & Can gen 4s1944 m 8 93%
9212 Dec'25
997e 100',
Utah & Nor gold 58
1926
99% foo 10012 Mar'26
9512 9518
let extended 4s
9512 Mar'26
1933 J
88
8934
Vandalia cons a 45 Ser A
8934 ____ 8934 May'26
1955
Consol 48 SerIes B
1957 MN 8818 ---- 8738 Dec'25
Vera Cruz & P 1st gu 41411-1934 3, ____
20 Sept'25
24
-24
July 1914 coupon on
24
Apr'26
J
20
23
Assenting 1st 4 he
24
1934
2511 2514 May'26
Virginia Mid 58 Series F
1931 ii 100
100 Dec'25
III" 51"
1936 m N 102% 1-0i 102 May'26
General 55
9912 100
Va & Southw'n 1st gu 58
10138 103 100 Mar'26
2003 .1
go% 9414
1st cons 80-year 56
1958 A 0 9312 9414 9414
9414
124
9934 10312
Virginian 1st Is Series A
1962 MN 102% Sale 10214 103
9
104
10114
Wabash 1st gold Is
10318
Sale 10318 10312
1939 M N
6
9812 101%
2d gold 5s
1939 F A 101% -- 10118 10112
9813 10412
Ref a f 514s ser A
10338 Sale 10318
1975 M
10334 116
Debenture 68 registered 1939
9334 Feb'25
8414
84
1st lien 50-yr g term 4s
1954
-gill 8514 8412 May'26
101101 10214
Det & Chi ext let g 58.._ _1941
10212 -- 10214 Mar'26
8414 87
Dee Moines Div 1st g 4a. _1939
87 Apr'26
8514 771s 83
1941 A
Om Div 1st g 314s
82%
8218 May'26
90
5
87
Tol & Ch Div a 48
1941
8938 Sale 8912
89%
81
3
80
Warren 1st ref go g 3142
2000
81
A 81 Sale 80
84
84
Wash Cent 1st gold 42
1948
Apr'26
84
8434 84
83
138%
Wash Term 1st
3A13
1945
A 8418 8412 8334
8334
83 9114
let 40-year guar 48
1945
9038 Apr'26
A
W Mtn W & N W let gu 58-1930 PA
West Maryland lot g 4s
1952 A0
West N Y & Pa lst g 58— _1937'I,
Gen gold 45
1943 AO
Income g 55
Apr 1 1943 Nov
Western Pac let Ser A
B
gold 65 Series B 5r.,_19468t
1946 M
West Shore let 48 guar
2361'3
Registered
2361'3
Wheeling & L E 151 g 58_ _1926 *0
Wheeling Div 1st gold 58_1928 'p 's
Ext'n &'pt
'rapt gold Is
1930 FA
Refunding 4)4s Series A 1966 MS
RR 1st consol 48
1949 MS
Wllk & East 1st gu g 5s
1942'ID
Will &F let gold 50
1938'ID
Winston-Salem S B 1st 42_1960 JJ
Wia Cent 50-yr let gen 4s,..1940 JJ
Sup & Dui div & term 1st 42'36 MN
Wor & Con East 1st 4142_ _1943''p
965
, 98%
985g Mar'26 -887s 7112
7112 80
7012
100% 10212
01
Ape28
83% 873s
8612
8738
°
45 Feb'25
957 lOO7a
100 Sale 00
10014 122
104 Bale 0312 104
19 10034 108%
8635
14
83%
8512
_- 8512
86 I
83 85%
8512 Sale 8512
8512 30
88% 100
10013 00 Apr'26 -loot. 10211
5934
0034 May'26
9813 9911
9912
9938 May'26
80% 88%
ogro 29
8818 Sale 88
2
81
87%
877s
8778
8778
6414 7318
68% -6978 6878
6878
3
10238 10212
10212 __
0212 Apr'26
85% 8814
88 Sale 88
88
_3,
8434 Sale 8413
8434 65
, 80% 8434
8612 9012
8934 Sale 8934
894
°
7614 7614
77% 82
7614 Mar'26
INDUSTRIALS
Adams Express colt tr g 43_1948
Ajax Rubber 1st 15-yr f 82_1936
Alaska Gold M deb 85 A
1925 1111
Cony deb 62 Series B
1926
Alpine-Montan Steel 7s
1955
Am Agric Chem 1st 52
1928 A
lat ref 2 f 710 g
1941
Amer Beet Sug cony deb 88_1935
American Chain deb s 1 68_1933 A
Am Cot 011 debenture 58_1931
Am Dock & Impt gu 811
1936 Ji
Amer Ice deb 7sJu.y 15 1939
Am Mach & Fdy 1 68
1939 C6
*
km Republic Corp deb tia-1937 A0
Am Sm & R 1st 30-Yr 55 rrer A1947 *0
1st M Os Series B
1947 *0
Amer Sugar Ref 15-yr 6a
1937
Am Telep & Teleg colt In 42_1929
Convertible 45
1936 MS
20-year cony 4148
1933 MS
30-year coil tr 55
1946 JD
35-yr s f deb 52
1960 JJ
20-year s 5348
1943 MN
Am Type Found deb 6s
1940 AO
Am Wat Wks & Elec 5a
1934 A0
Am Writ Paper s f 7-6s
1939 JJ
Temp Interchangeable Ms dep.
8512 86
10412 Sale
o
412 8
91 Sale
-_— 103
10334 Sale
97 Sale
10012 Sale
9538 Sale
_ 10874
120 137
101 10234
99% 100
10034 Sale
107 Sale
10412 Sale
98 Sale
9238 93
10018 101
10318 Bale
10034 Sale
10578 Sale
10334 Sale
9738 Sale
4614 4812
4614 4934
Anaconda Cop Min let 68 1953 FA
15-year cony deb 75
1938 FA
Andes Cop Min deb 75 50% pd'43 iJ
Anglo-Chilean Nitrate 75
1945 MN
Antllla (Comp --zue) 7)48_1939 JJ
krk & Mein Bridge & Per 58_1964 MS
Armour & Co 1st realest 4101939'ID
Armour & Cool Del 5145. _1943 J J
Associated 0118% gold notes 1935 MS
Atlanta Gas L 1st 58
1947 3D
Atlantic Pant 7s ctfs dep
1934 3D
Stamped ctfs of deposit
J
Atlantic Refs deb Is
1937
103% Sale
10512 Bale
99% Sale
9812 Sale
8512 86
99
92% Bale
93 Sale
10234 103
99%
_
_21
153918
102,4 ----
97% 100
7112 Sale
10078 102
8512
851: ,!
0312 10412 4°
4% Feb'26
4% Feb'28
41
91
034
3
03
103
0334 1041s 38
19
9612
97
0012 10134 18
9614 47
95
0558 Mar'26
25 Mar'26
01 May'26
ii
99%
100
0014
10034 117
14
07
108
51
04
105
98
9814 170
5
9238
9238
2
00%
100%
02%
10313 30
387
00% 101
0534 10812 98
0312 10334 21
9712
9734 14
8
47
47%
4714 20
46%
103
103% 198
10518
10511 216
9834
9914 45
98
9812 77
8512
8638 16
98% May'26
91%
9212 50
92%
9314 110
7
103
103
29% Mar'25
28
Jan'26
2018 Jan'26
101
101% 12
Baldw Loco Works 15t 52_1940 111 N
Baragua (Coup Az) 71411
1937 J J
Barnsdall Corp deb (Is
1940 J D
Belding-Hemingway(313
1936 J J
Bell Telephone of Pa 58
1948 J
1st & ref Ss Ber C
1960 A 0
Beth Steel 1st & ref 55 guar A_'42 M N
30-yr p m & imp f 5s_ _1930 J J
Cow 30-year Os Series A _ _1948 F A
Cons 30-year 514s Series B 1953 F A
Bing & Mpg deb 63.ts
1950 M S
Booth Fisheries deb sf Os
1928 A 0
Botany Cons Mills 13148
1934 A
Brier Hill Steel 1st 53I5
1942 A 0
13'way & 7th Av Ist c g 55
1943 J
Gus of dep stmpd June '25 int
Brooklyn City RR 55
1941 175
Bklyn Edison Inc gen 52 A..1949 I .3
General Os Series B
J
1930
Bklyn-Man It Tr Sec 65....„1988 J J
Bklyn Qu Co & Sub con aid 5s'41 MN
1st 52
1941J
Brooklyn It Tr 1st cony g 48_2002 J J
3-yr 7% secured notes_
1921 J J
Ctfs of deposit stamped
Bklyn Un El let g 4-5s
1950 F A
Stamped guar 4-55
1950 F A
Bklyn Un Gas 1st cons g 5s 1945 M N
1st lien at ref (is Series A_ _1947 M N
Cony deb 51.48
1936's J
Buff & Susq Iron f 5a
1932's D
Bush Terminal 1st 42
1952 A 0
Consol 58
1955's J
Bush Term Bldg!)5s gu tax ex 1950 A 0
104
10334
104
10412 105 10412May'26
9912 Sale 9912 100
9734 Sale 9712
9734
103% Sale 103
10338
10318 Sale 103
1034
10018 10012 10018
10038
9712 Sale 9718
98
99 Sale 9834
9918
9338 Sale 9258
93%
92
94
93
93
81
89
8414
'3412
89 Sale 89
014
102 Sale 102
1028
7
7138 Sale 71%
7038 7334 73 Apr'26
95 Sale 94
95
104 Sale 10338
10414
10438 10434 104% 1047
cups
957 Sale 95%
62
6312 6312 May'26
755 77
75% Apr'26
92 June'25
3612 Nov'25
2318 May'25
9212 93 9212 May'26
9212 93 9212
9212
10312 Sale 10338
10312
11212 ll3l 11234
113
133 Bale 3212 13313
92 Mar'26
8838 ____ 9014 Apr'26
96 Sale 9534
9814
994 Sale 98
994
Cal & E Corp unit& ref 541_1937 M N
Cal Petroleum if g 6148
1933 A 0
Camaguey Bug Ist s f g 78_ _ _1942 A 0
Canada BS Lines 1st coll sf78'42 M N
Cent Dist Tel 1st 30-yr 58_1943 J D
Cent Foundry let sf68
1931 F A
Cent Leather let lien sf 82_1945 J J
10112 10218 02
104 Sale 1037s
9714 Sale 97
104% 105 10438
103 Sale 103
94% 9511 9512
1011s Sale 10034
p Due Nov. s Outten
ails.
102
104
9734
104%
103
9512
10134
221
53
24
208
7
38
168
92
30
2
43
11
9
2
50
6
274
85 871x
10214 103
41s gia
4
41e
oh 9112
10234 10414
1034 106
95% 10112
9814 10134
9312 9714
105% 106%
118 13412
10014 103
98 100
99 10114
106 108%
10254 105%
gips 9814
92 94
9714 14212
100% 10814
97% 101
103 10834
10314 10444
9514 98
42 58
9115 5411
10114 104%
10214 107%
96% 102
9514 1001s
8512 9214
9412 98%
9035 92%
92% 964
102 10312
"ii"
2918 2018
9914 10112
10214 1054
103 10812
97 101
97 10072
100% 103%
100 10378
95% 100%
93 9818
951a 9934
8713 9312
9014 95
70 97
89
9514
101 10314
71
78%
7012 73
934 9514
103 10544
10318 10611
9214 9612
81 64
72 774
-
11
65
88', 9284
8812 92%
101% 103%
110 113
126 135
92
92
8734 9014
90 9814
9534 100
5
7
33
1
5
2
29'
10014 102
10313 10534
irOls 9972
10112 19411
1014 10314
9334 99%
100 1014
1
3
11
35
New York Bond Record—Continued—Page 5
BONDS
N.Y.STOCK EXCHANGE
Week Ended May 14.
13
:
Central Steel let g f 813-1941 MN
Ch L & Coke let gu g be_ _1937 J J
Chicago Rye 1st bs
1927 F A
1932 A 0
Chile Copper 65 Ser A
Cinch' Gas & Elee 1st & ref 5e '56 A 0
1961 A 0
575a Ser B due Jan 1
1940 J J
Clearfield Bit Coal 1st 49
Colo F & I Co gen it f 59_1943 F A
Col Indus lot & colt So gu__ A934 F A
Columbia G & E 151 58
1927J J
Stamped
1927 .1 3
Col & 9th Av let gu g 5a194
.3 M S
Price
Friday,
May 14.
Bid
11912
102
7112
10714
10014
105
78
95
88
10014
10014
Columbus Gas lot gold 55
19321.1 J
Commercial Cable lot g 48._2397 Q J
1934 M N
Commercial Credit of 6a
Col trot 535% note8._1935 J J
Commonwealth Power 6s
1947 M N
ComputIng-Tab-Ree 5 f 6s 1941 J .1
C,onn Ry & L let dr ref g 475a 1951 J
l951J J
Stamped guar 475e
Cons Coal of Md let & ref 50_1950 J D
Consol Gas(NY)deb 5758..1945 F A
'Coned Pr & Ltg let 675e1943 M S
Cent Pap & Bag Mills 675e1944 F A
Consumers Gas of Chic gu 501936 J .1
Consumers Power lot S&
1052 M N
1950 A 0
Copenhagen Telep ext 6s
1931 MN
Corn Prod Rota s f g 56
1934 MN
lat 25-Yeast 58
Crown Cork & Seal lat f 88_1943 P A
1935
.7
Cuba Co cony e f 6e
Cuba Cane Sugar cony 78_ _1930 J J
Cony deben stamped 8%1930 J
Cuban Am Sugar 1st coll 821_1931 M S
Cuban Dom Sug let 7149
1944 M N
1937,J J
Cumb T & T 1st & gen 6s
Juyamel Fruit let 85 Int ctfs '401 A 0
Deny City Tramw let con 53119331 A 0
Den Gas & E L 1st & ref f g 59'51 MN
M N
Stamped
Dery Corp(D G) lotsf7s..A942M S
Detroit Edison 1st coil tr 58_1933 J J
let & ref 55 Serbs A _July 1940 M S
1949 A 0
Gen & ref 58 Series A
let & ref 6s Series B__July 1940 M 5
Gen & ref 5e aer B
1955 .1 D
Del United let cons!? 4441-1932 1
Dodge Bros deb 130
1941 M N
Dold (Jacob) Pack let 68_1942 M N
Dominion Iron & Steel 5s
1939 J J
Donner Steel let ref 7s
1942 3 J
du Pont(El) Powder 47551936 J D
Duquesne Lt let & Coll 68.__1949 J J
let coil trust 575e Series B.1949II J
East Cuba Sue 15-yr s f g 735e'37!M S
Ed El III Bkn 1st con g 4e
1939 J J
Ed Elec III let cons e 5a_
1995 J J
Elm Pow Corp (Germany)67584'50 M S
Elk Horn Coal lot & ref 6 Ms.19311J D
Deb 7% notes (with warr'ts'31 J D
Empire Gas dr Fuel 775s__1937,M N
lot & ref 635 e(with warete)'41IA 0
Equit Gas Light let con 50_1932 M S
Federal Light & Tr let 5a
1942 M S
lot lien 6s stamped
1942 M S
19541J D
30-year deb (is Sec B
Federated Metals a f 70
1939,3 1)
Fisk Rubber 1st e f 8s
1941151 S
Ft Smith Lt & Tr 1st g 5a
1936 M S
Framerie Ind & Dev 20-yr 7159'42 J J
Francisco Sugar lot of 7759.1942 M N
French Nat Mall SS Lines 7819491J D
Gas & El of Berg Co coils g 551949 J D
Gen Asphalt cony 612
1939 A 0
Gen Electric deb g 3,356
1942 F A
Gen:Elec(Germany)7s Jan 15245•J I
Gaol Petrol lot s f 5s
1940 F1415
Oen Refr let f g 68 Ser A_1952,F A
Goodrich (13 F) Co lot 6755_1947 J J
Goodyear Tire & Rub let a 1941 M N
10-year a f deb g 85
619311F A
Gould Coupler lot of 65_ _ _1940,F A
Granby Cons M S & P eon-80A'28 M N
Stamped
1928 M N
Cony deb 78
1930 M N
Gray dt Davis let cony of 75_1932 F A
Gt Cone El Power(Japan)7e_1944 F A
Great Falls Power let of 58_1940 M N
Hackensack Water lot 4e___1952 .1 .1
Hartford St Ry lot 44
1930 M S
Havana El Ry L & P gen be A'54 MS
Havana Elee consul g 1522__1952 F A
Hershey Choc 1st & coil 5401940 J J
Hoe (it)& Co lot 675 s temp_1934 A 0
Holland-Amer Line 6s (fla4).1947 MN
Hudson Co Gaa 1st g 58
1940M N
Humble Oil & Refining 5745_1932 J J
Illinois Bell Telephone 58
1956 J D
Illinois Steel deb 475a
1940 A 0
Ind Nat Gas & 011 55
1936 MN
Indiana Steel lot 55
1952 M N
Ingersoll-Rand 1st 50
1935 3 J
Inland Steel deb 515s
1945 51 N
Inspiration Con Copper6750.1931 141 S
Interboro Metrop coil 475s1956 AO
Guaranty Tr Co Ws deP
Ctf den atpd asetd 16% sub_
Interbero Rap Trail let 58. _1906
Stamped
10-year tia
1932 A 0
10-year cony 7% note8._-1932 M
flit Agile Corp let 20-yr 5s_ A932 M N
Stamped extended to 1942 ___ M N
Inter Mercan Marine a f 68_1941 A 0
International Paper 521
1947 J J
Refef6sSerA
1955M
lot Telep & Teleg cony 5755 1945 M S
Jurgens Works(35(flat price)A947 J J
KaD8A8 City Pow & Lt 5e1952 M S
Kansas Gas & Electic 6e1952 M S
Kayser (Julius) & Co let e f 75 42 F A
Kelly-594'109f Tire 8% notes_1932 M N
1936 J J
Keystone Telep Co let 5s
1937 A 0
Kings Comity El & P g 5e
1907 A 0
Purchase money fle
d Due May. s Option sale.
Week's
Range Of
Last Sale
13
03Q
Range
Since
Jan. 1
High
Ask Low
High No Low
Sale 11858
5 11514 120
120
10218
Sale 102
6 10112 10214
6534 81
71,
8 80
Sale 1 7138
Sale 10718
10734 64 10512 10912
Sale 10218
1 102 10312
10218
10 10211 10538
105
10538 105
821s 8218
82
8218 Feb'26
9534
Sale 1 95
91
9534 10
8334 8812
6
88
8912 8718
Sale 10018
10012 20 100 1014
10038 10018
6 100 101
10038
Oct'25
BONDS
N.Y.STOCK EXCHANGE
Week Ended May 14.
t
t
Kings County El let g 40___1949 F A
Stamped guar 45
1949 F A
Kings County Lighting 50_1954 J
1st & ref 6755
19541 .1
Kinney(G R)& Co 734% notes'36 J D
Lackawanna Steel 1st 55 A 1950 M
Lac Gas L of St L rettext 55_1934 A 0
Coll & ref 5755 Series C
1953 F A
3
Lehigh C & Nay of 475e A 1954
Lehigh Valley Coal IA g 56_1933 .1 J
Lex Ave & P F let go g 5o 1993 M S
Liggett & Myers Tobacco 70_1944 A 0
Registered
1951 0
59
A I
Registered
1944 F
Lorillard Co(P)70
A
Registered
A 0
1951 F
55
Registered
F A
Louisville Gas & Electric 55_1952 51 N
1930 j
Longo, Ry let con 55
Lower Austrian Hydro-Elea Co—
1944 F A
Istaf 6758
2781
Price
Friday,
May 14.
Week's
Range or
Last Sale
Ask Low
Bid
High
High No. Low
7912 8012 80 May'26
7714 80
7978 Sale 7978
8014 15
7712 8014
1004 ____ 100 May'26
985s 10052
109 10912 109
109
7 108 110
10534 10612 10512 10512
2 104 107
100 Sale I 98
100
9614 100
27
10034 10112 101
10118
9 100 10112
10378 Sale 10334
10438 117 10252 105
9918 ____ 9858 May'26
98
9852
101 102 10034
1007s
2 10012 10114
4012 Feb.26
3972 4012
1578 gale" 12134
123
20 118 12612
117
____ 12012 12012
1 12012 122
103 Sale 103
103
9914 10314
3
98
Oct'25
--- -9812
120 12012 12012 12012
5 11012 12014
115
____ 11534 Oct'25
_
10034 10118 100
100,
8 15
9414 ____ 9614 Oct'25 _
9934 Sale 9938
997s 32 tiiii far
8912 9412
9214 9214 May'26
91
994 10018
81
75
98 10018
9234 9912
10234 105
104% 106
92
90
90 9212
7812 86
10414 10612
8338 8418 8338
84
10414 14.518
7378 82
9858 Sale 9812
99
Manati
Sugar
7755
1942
A
0
9814 10112
65,
8 Sale 6512
6614
CO"g 43-gm
9712 102,4 Manhat RY(N
61
6112 6118
40
2
d
6112
99 10034 Manila Electric 75
1942 M N 11478 115 11478 May'26
93 Sale 93
9318
Manila Elm Ry & Lt 8 f 55_1953 m
10012 1E3.4 Market St Ry 78 Series A_1940 Q
9812
J 9712 Sale 9712
8234 93
____ 108
108
Metr Ed let & ref g 8813er 13_1952 F A 108
9218 10234
1953 J .7 100 Sale 100
let & ref 55 Series C
10014
9212 96
1953 J D 10518 ____ 10434 10478
Metropolitan Power 65
9612 100
Wet West Side El (Chic) 48.1938 F A 7212 73 1 7212
7212
10612 10912 Mid-Cont Petr let 675e
1940 M S 10384 10414 10318
10412
9114 09,4
98
idvale Steel &0 CODY sf58 1938 M 5 9638 Sale 1 9614
10014 102
MilwElecRy&Ltret&eat4759'31 J I 9812 9878 9812
9812
9334 9812
1951 J D 9958 9934 9914
General & ref 55 A
9934
1961 J D 9538 Sale 9538
9578
1st & ref 5s B
9218 Aug'25
_
1953 M El 10412 Sale 10412 10434
lot & ref g 65 Series C
9714 Sale 9678
94 -11T7-84
9734 23
let 49
9914
1927 M N 9914 Sale 9914
971
97 Sale 9678
9312 9712 Milwaukee Gas Lt
40
101,
8
Montana Power lot be A_ 1943 J J 10114 Sale 10118
91
83
84
83
83
83
3
55_1941 J J 9718 9714 9718
ref
lot
&
9714
Montreal
Tram
10212 Sale 10112 10212 14 101 10212
1955 AO 9234 94
9238 Apr'26
Gen & ref f 5a Ser A
10314 56 100,
103 Sale 10238
8 10314
1939 J .1 8634 Sale 8612
f 4750
87
102 10214 10134 1021
21 100 10214 Morris & Co lots
81 May'26
81
Co 48 Sec 2_1966 AO 80
108 Sale 10734
1081
11 106 10812 Mortgage-Bond Serif* 3
1932• J
9612
9634
10-25-year 5e
10214 Sale 102
1021
57 1004 10214
1934 J D 8912 Sale 8812
90
Murray Body 1st 675e
90 97
9114
9114 92
911
10
MN 10112
10214 Apr'26
94 Sale 9334
93
97321 Mu Fuel Gas 12rt au g 58- _1947
941 273
____ 100 May'26
Mut Un gtd bonds ext 4% 1941 M N1 99
72 Sale 72
72
83
74
7
4512 46
43 6234
43
45
17
6212 62
6214
9412 94
94
94
9278 9712 Nassau Elec guar gold 48.__1951 J J, 62
1
1931 J Di 99 Sale 9858
99
9914 109,
9934 110 10912 Apr'26
s National Acme 77441
_
9714
notes..
1940
Nat
Dairy
Prod
6%
51
N
9714
Sale
9618
10534 106 10512 106
57 10514 107
Apr'26
10578 Sale 10514
1057
11 105 106; Net Enam & stamps 151 58.1929 J D 101 103 101
9914 101 101 Mar26
Nat Starch 20-year deb 50_1930 J J
1952 M N 104
__
10414 May'26
105 Sale 10414
1051
54 10414 10838 National Tube lst 5s
1948 j D 102,
8 ____ 10238
10288
93
941
9412
9438 _ _
9978 Newark Consol Gas 58
1
Tel
Tel
&
55_1952
England
J
D
1023
4
Sale
10238 103
New
10518 Sale 10518
5 103 10858
108%
88 Sale 88
8578 8934 N Y Air Brake lot cony 8e 1928 M N 10134 102 102 May'26
8878 55
96
New ON Pub Sera, let 55 A._252 A 0 9534 Sale 9512
9914 Sale 99,4
99 100
9912
6
55 J D 9534 Sale 9512
9534
let &ref baser B
_
Dock 50-year let g 45_1951 F A 8512 Sale 8518
8578
i455- Sale i5tis" 102- 60 l(111-2 104 NY Edison
1st & ref(375e A.1941 A 0 11614 Sate 11618
117
Y
9712
_ 5712
5778 54 9712 98 N let
1944 A 0 10412 Sale 104
lien & ref 5e B
10412
100,
8 Sale 9912
9912 10038
1
9912
g
59_1948
.1
Pow
D
1053
4
Sale
105
El
Lt
&
NY
Gas
10534
9512 9834 9512
9212
4
9778
9512
9112
1949 F A 91
_ _ _1 9034
Purchase money g 49
10218 103 102
100 10488
10212
NY L E& West C &RR 53481942 MN 10112 ____ 10012 Apr'25
9412 9478 9334
93
96
9412
8
NYLE&WDock&Imp5s_1943J
J
1013
4
10214
9214 26
9214 Sale 9134
91
97
1930 F A 103 Sale ,103
103
11538 Sale 115
11538
8 11312 11612 N Y Q El L & P let g 5a
____1 55
Apr'26
N Y Rya 1st R E & ref 49_ 1942 J J 50
8112 Sale 8034
7514 86
8112 10
deposit
__ 55
Apr'26
of
Certificates
89 Sale 89
93
88
893s 16
6
838, 812 Apr'26
30-year afil Inc 5s _Jan 1942 A 0 50104 105 10438
10438
1 104 107%
512 10
5 Apr'26
Certificates of deposit----------51
80 Sale 80
7912 8214
8034 31
3414
33 Sale 3234
NY Rya Corp Inc 139____Jan 1965 ____
19651J J 8712 Sale 873s
Prior lien 65 Series A
8818
10218 ____ 10078 Mar'26
10038 10078
Sale
10214
10214
10
1951
MN
Gm
1st
6s
NY
&
Rich
214
105 10512 10414 May'26
10410 1064
5538
NY State Rya lot cons 4149_1962,M N 5478 Sale 1 5478
90
88
87
8912 90 May'26
Sale
73
1962
M
N
73
73
series
B
let
con
6758
9814 Sale 1 9778
95
9812
9814 49
10314
8 NY Steam 151 25-yr 65 5er A 1947 M N 103 Sale 10278
9912 Sale 1 9834
9834 99,
99,8 182
9884
Telep let & gen of 4758_1939 1 M N 9838 Sale 9814
101 Sale 1101
101
9 10012 1024 NY
1949
F
A
11014
_Feb
11012
11014
debens
f
as__
1103s
30
-year
106 Sale 110512
10612 34 104 107
10834
20-year refunding gold 69_19411A 0 10834 Sale 10818
12114 Sale 121
1211g 16 120 122
102
,
8
11014 Sale 1 110
11014 61 10934 11238 Niagara Fall Power let 50_1932 J J 10238 ___ 10258
- ,
8 105
Jan 1932A 0, 105 105
105
Ref & gen 68
88
934
8812 Sale 88
8812
101
Niag Lock &0 pr 1st 55 A__1955'A 0 101 Sale 10034
10014 10034 10014
1 100 101
10014
9814
No Amer Cement deb 67521 A 1940 M 5 98 Sale • 98
10014
10012 101
1002 Jan'26
1952 M S 104 Sale 104
10412
10234 Sale 10234
10312 32 100 10912 Nor Amer Edison 65
10578
Secured of g 675e Ser B 1948 M 8 10534 Sale 10512
9614 109
10434 Sale 10434
10434 10
1947 M E3 9518 Sale1 95,8
9534
9238 Sale 9134
9238 35
90s 9332 Nor Ohio Trae & Light 6s
101
10134 10412 For States Pow 25-yr 531A 1941 A 0 10038 Sale 9934
10312 104 104
Apr'26
9314 Jan'25
IA
Registered
let & ref 25-yr 69 Ser B___1941 A 0' 10614 Sale 106
10614
8734 Apr'26
8608 88
North W T lstfdg4Hegt&1934J Ji 9712 Sale 1 9712
9712
8634 ____ 8512 Aug'25
9414 95
1 -9212 95
9412
9412
I
113
Ohio Public Service 775e A1946 A 0 113 Sale 11278
06
____ 9638
9638
2
9412 97
11212
11212
1947 F A I 11214
1st & ref 75 series B
101 Sale 10012
10118 75
9918 102
10312
1948 J J 10312 Sale 10314
94 Sale 93
94
2
9234 9914 Ohio River Edison let 6s
95,
5
1944 F A 9434 95 I 9434
80 Sale 7912
80
18
79
8534 Old Ben Coal let 68
102
Ontario Power N F lot 58_1943 F A 102 Sale 101
10234 Sale 10234
10-34
11 10038 103
101
1945 M N 10018 ____ 101
Ontario Transmission 5.5
10238 Sale 10214
102,
8 711 10112 103
10778
1941 F A 10734 108 10734
103 Sale 10234
10 78 56 10034 10312 OM Steel fie
10278
let 25-yr eta 735e Ser B_ _19471F A 10234 Sale 10234
97 Sale 1 97
98
43
9434 98
9978
8 Sale 9938
acific G & El g & ref 5s 1942 J J 99,
_I 9118 96 Pen
9538 --- -I 9514 May'26
10018
10458 Sale 10414
10458
8 10258 10458 Pm Pow & Lt latAref 20-yr 5930 F A 100 10014 100
102,
8
8
100
Pacific Tel dr Tel let 58
9934 Dec'25
_I
193711 J 10134 Sale 101,
102
8 Sale 101 14
1952 M N 101,
Ref M 5a series A
9912 Sale 1 9912
9934 68
9834 10018
10134 Sale 101
10134 69 101 10134 Pan-Amer P & T cony of 68.1934 M N 10634 Sale 10658 10714
1051
13
11
lot 10-year 75
1930 F A 10512 Sale 105
Apr.25 ____
97
13
412 Aug'25
Paramount-Bd way 1st 5758.1951 J .1; 97 Sale I 9612
1012 Mar'25
Park-Leg et leasehold 675s_ _1953 J J' 9234 Sale 1 9234
931
7378 Sale 7234
7414 348 -621; 74-34 Pat'& Passaic G & El cons 5e 1949 M El 10214__ 10118 Mar'2
73 Sale 7214
7312 491
1111
PeOP Gas & C 151 eons g 69_ _1943 A 0 11078 11312 1114
62
74
7714 Sale 7618
7712 248
Refunding gold 55
10234
64
1947 M S 10112 102 101
7712
9412 Sale 9314
9412 104
8534 9434 Phibuielphla Co coil tr 68 A.1944 F Al 105 Sale 10434
1051s
96 Sale 96
96 I__ _ .1 8814 9512
15-year cony deb 575e_ _1938 M El 10114 Sale 10012 10114
8412 8578 87 May'26 ____1 8218 90
PM% At Reading C & I ref 58.1973 J J1 102 Sale i10178
10234
92,
8 Sale 9114
94 1 483
8434 98
1
13434 Sale 9434
105
9512 72
Pierce-Arrow Mot Car deb 801943 M S 105 Sale 105
9138 96
9812 Sale 9814
9834 97, 9612 100
106
"9erce Oil of 8s
Dec 15 1931 J D 10612 107 106
112 Sale 11112
11234 66 10812 11614 Pillsbury Fl Mills 20-yr 6s__1943 A 0 10134 10234 10112
10112
11
1
100
Pleasant Vol Coal let got55_1928 J J 9912 100 100
10718 Sale 10512 10718 47 100 1111
92
/
4 Pocah Con Collieries let St 531957 I I 9114 0212 92
10234 103 10234
10514
103181 32 10014 10338 Port Arthur Can & Dk 613 A.1953 F A 10514 Sale 10412
10512 Sale 10578
106 1 65 10138 106
1953 F A 10519 ____ 10412 May'26
let M 68 Series B
107 10738 107
10718
8 105 10712 Portland Flee Pow let 130 73.1947 P4 N 10112 Sale 10012 10134
10512 Sale 105
10534 17 10318 108
____ 101,
s
102
Portland Gen Elec let 58_1935 J J 102
9112 92
92 May'26 ____
95
Portland Ry lot & ref 58
1930 MN 9478 9512 9434
90
92
103
____ 10314 Apr'26
92
102 10314 Portland Ry Lt & P let ref 581942 F A 9112 9218 92
12334 Sale 12334
12334
1947 M N 10038 10034 10014
10014
2 12078 12384
let I & ref 621 Ber B
let dr refund 7749 Ser A 1946 MN 106 Sale 10534
106
1931 M N
10534 May'26
Porto Rican Am Tob 8s
100
____ 9958
10018 12
8012 Sale 8012
81
8
98 Sale 98
7,
9912
93 Sale 93
93
10412 Sale 104
10412 34'
10514 106 10514
10578 12
00
1
0
90
9178 Sale 9014
13
92
80 Sale 7912
25
80
10512 Sale 10512 106
103
10114 10138 10478 Nov'25
75 Sale 75
3
75
10112 ____ 10114
10114
1I
10112 Sale 10034
10114 89
99 100 100
Apr'26
99
_
90,
8 July'24
10138 103 10234 10234
2
93 Sale 92
93
62
10238 Sale 98
10234 265
9312
3
9318 9334 9234
9712 30
97 Sale 97
10818 Sale 10818
109
40!
9812 Sale 98
9812 146!
10178 Sale 10178
102
24'
94 Sale 94
94
2'
g
Range
MUG
Jan. 1
-iiii iiiiii
3
8212 8754
9812 103
5014 67
53 62
102 11514
8912 94
10
9718 9912
39
3 104 108
9634 10114
25
3 10212 1047g
7112 7414
82 10114 10412
9214 98
198
99
97
2
9838 100
9
904 97
77
24 10034 10434
9938
99
8
9979 102
44
9612 9834
7
9212 93
84
88
13
80
81
98
5 9614
8312 9312
35
9854 10212
100 10214
60
19
4
.5
15
22
1
41
73
44
33
31
51
12
30
581a 604
98 10014
9512 9872
10012 103
9952 101
10114 10414
10012 10272
10072 10312
1007s 10232
9054 96
9014 9612
8118 8612
115 117
102 10412
104 10514
8912 9112
300
24
2
39
3
12
28
11
110
2
2
22
58
13
26
14
41
loili iiii:
10014 1084
52 80
60
46
514 1014
312 1014
37
22
82 8818
10014 10214
54
5914
7014 82
10112 10412
97
9912
1097e 11114
1074 10912
10014 103
10414 10812
99 1014
9712 100
10114 105
10372 108
9254 0612
9734 101
27
5
ail; flaii
9812 98
8
1
12 11212 11312
1 111312 11212
8 10124 10412
9714
95
25
9912 102
4
991$ 101
2
2 10514 10814
14 10038 1035a
9712 10012
151
9912 101
3
15 101 10252
9872 10212
129
92 104 11212
20 10372 10771
9212 97
99
8512 98
5
Hp 10112
11014
11114
1
9812 1024
89
12 10312 10514
9852 10112
22
9912 10214
20
5
7
5
4
16
5
18
3
1
4
103 10814
10312 10772
10114 10151
9812 100
90s 93
102 10514
10112 10412
99 10214
9912 10212
9252 9512
8814 9414
99 1024
10514 10852
10514 10814
2782
THE CHRONICLE
New York Bond Record-Concluded-Page 6
[Vol,. 122.
Quotations of Sundry Securities
All bond prices are"and interest" except where marked'!,"
BONDS
N.Y.STOCK EXCHANGE
Week Ended May 14.
Price
Friday.
May 14.
Pressed Steel Car cony g 5s_ A933 J J
Prod & Ref at 8s(with wan:114'31
D
Without warrants attached. _ _ in
Pub Serv Corp of NJ sec 6s_1944 P A
Pub Serv Dec dr Gas let 53591959 AO
let dr ref 535s
1964 AO
Pub Serv El Pow er Ltg 65.l948 * 0
Punta Alegre Sugar deb 78 1937 J i
Remington Arms 68
1937
Repub I & S I0-30-yr SOs f..1940 * 0
Ref & gen 5358 Ser A
1953• J
Rima Steel 1st 78
1055 FA
Robbins & Myers a t 78
1952 in
Rochester Gas & El 75 Ser B_1946 M S
Gen Mtge 5358 Series C
1948 M S
Rogers-Brown Iron gen & ref 7s'42
N
Stamped
MN
High
Bid
Ask Lott
High No Lott
9412 98%
16
96
96 Sale 95
11014 11234
111
11113 Mar'26
10934 11214
11118 11134 11214 Apr'26
38 100 10412
103% Sale 10338 10
10334 10534
105 10554 105
10514
10518 24 10378 10512
105 Sale 105
10735 Sale 13738 10712 25 106 108
9 104 111
10612 Sale 10612 10712
80,4 88
39
87
8634 Sale 8512
9714 10014
9954 Sale 99
9934 19
9212 9458
9413 30
9414 Sale 9334
88 9078
13
88 Sale 88
88
58 6812
_
60
1;3
58 May'26
11158 Sale 11158 111% 14 11158114
3 10458 108
10514
10518 10512 105
1
67 7334
6412 66
71
71
65 6512
_ 65 May'26
2
9512
Jan'26
80
2
Apr'26
Apr'26
11012 26
9512 48
_
Apr'26
108
3
10758
3
95,4 15
9618 60
676
108
91
13
28
101
55
101
9078 68
13612 223
4
10034
9114 97
9534 96
78
8178
7013 7612
9514 9534
107% 11053
9234 9678
10138 /04
107%109
10678 10812
9112 9514
9334 97,4
104 11334
87 91
10014 101
100%101
87 91
111%14313
10012 10212
23
10713
108
5
0258 10273
15
9812
99
0234 103
9914 Apr'26
7
9934 100
17
9913 100
0778 10812 11
97
9714 13
96
96
0158 10158
102% May'26
10514
10534 72
77
60
61
205
5814
61
9812
9612 10
92
9212 28
98
9812 82
C818
10834 36
98
9812 41
0218 Apr'26
95
05,2 48
2
73
73
27
96
96
107 109%
10118 10312
9712 9914
100%103
9914 9914
9858 10112
97% 10034
10712 109
8912 100
95 9712
100 10158
102% 103%
10253 10534
5513 0513
4112 6578
9373 9634
9012 9278
96 98%
108 10934
98 9938
10015 10218
95 87
61
75
9512 97%
11118
98
Apr'26
8918
9434 May'26
10138 Sale 101
10138 12
10034 101 10034
10034 10
10158 Sale 10158 10134 32
21
81 Sale 8018
81
10112 103 10078 May'26
10612 -- 10538 May'26
9
9712 Sale 9678
9712
8
10512 Sale 105
10534
17
10238 10258 10234
103,4
9
7612 77% 7712
7713
6
90
9034 90
9034
8
10412 Sale 104
10412
9414 Sale 94
9434 137
108 Sale 10734
10818 65
107 Sale 107
10738 168
3
10612 10612
92 Sale 9138
9234 216
9734 Sale 9634
9734 90
10212 Apr'26
10258
10114 Igt:le 102 May'26
97
9712 97
9734 41
5514 6413 6413 Apr'26
105
10538 108 105
10514 107 10612 10612
94 96
90 95
10053 10214
10018 10134
10012 10212
7712 81
10018 101 12
10038 10512
95% 98
10313 10612
10113 104
7412 79
90 95
103 105
9114 85
10612 10834
105 107%
10558 10612
8612 9234
95 9734
100%10212
10018 102%
9012 9912
5314 6412
105 10744
10514 10612
9
10512
10512 Sale 105
10512 105
10514 Sale 10434
10712 Jan'26
110 Feb'26
8512 May'26
Jan'26
107
92
92
9114 96
9913 20
9878 Sale 9834
4
9512
93
94
93
29
95
95
Sale
95
21
93
81 Sale 91
71
80
65% Sale 65
10178 Apr'26
16238
2
10234
10214 102
- 1
4 10258
10178 13
101
101
10154 1-0-1-78 10113 101% 19
10614 19
10512 108 105
12
1953s
102 10214 102
4
105
105
_ 105
1
84
8334
83
8334
10434 108
10412 10934
10675 10812
107 11112
8335 11378
107 107
91% 98
9712 9914
93 9512
91% 95
91 100
65 88%
10112 102,4
102 103%
100 102%
9978 10215
105 10834
99% 10234
10438 106
91
81
82
2
2
7
86
38
8
10018 10314
102 10333
98% 9712
111 11314
105 107
9412 96
60 7013
60,4 60,4
7012 7012
5018 8812
10178 10314
98% 101
_
13-13 71
42% 72
45 83
41
72
10158 10312
10114 10313
St Jos Ry Lt Ilt & Pr 5a
_1937 SON
St Joseph Stk Yds 1st 4 355_193L I
St L Rock Mt & POs stmod_1955 Ji
St L011/13 Transit gen imp 58_1924 AO
St Paul City Cable cone 5s_ _1937 J J
Saks Co a f 78
1942 FA
Saxon Pub Wks(Germany) 7a '45 MS
San Antonio Pub Serv let 68_1952 J J
Sharon Steel Hoop 1st 85 Ser A'41 MS
Sheffield Farm, 1st & ref 6).4s.'42 AO
S,erra & San Fran Power 58_1949 FA
Sinclair Cons 011 I5-year 78_1937 M
let In col tr 68C with warr 1927 J O
1st lien 8358 Ser B
1938 in
Sinclair Crude Oil 3-yr 65 A_1928 FA
3-yr 6% notes 13 Feb 15_1926 FA
Sinclair Pipe Line 5 f Is... _1942 AO
Skelly 011 63.% notes
1927 AO
Smith (A 0) Corp 1st 63513_1933 MN
0432 9478 9438
9718
96
79-7g 7978
79
7612
952 _
95%
11012 Sale 11012
95 Sale 9458
10412 104% 10713
10712 Sale 108
10738 10712 10738
95 Sale 9478
95% Sale 9534
105 Sale 10458
9012 Sale 0018
10034 Sale 10034
10078 Sale 10034
9034 Sale 9012
13512 Sale 131
101 Sale 0012
South Porto Rico Sugar 78_ _1041 J O
South Bell Tel & Tel let 51 5s1941 J J
Southern Cob Power 65_
1947 J J
S'weet Bell Tel 1st & ref 5a_ 1954 FA
Spring Val Water g 58
1948 MN
Standard Milling hit be
1930• N
1st & ref 535s
1945• S
Steel AC Tube gen 5 f 78 Ser C 1951 ii
Sugar Estates (Oriente) 78_1942
Superior 011 let e f 75
1929 17A-I
Syracuse Lighting let g 5s_ _1951 in
Tenn Coal Iron & RR gen 518_1951 ii
Tennessee Elec Power let 68_1947 J D
Third Ave 1st ref 48
1960 ii
Ad) Inc bs tax-ex N Y___a1960 AO
Third Ave fly 1st g 58
1937 ii
Toho Elec Pow let 78
1955 MS
Tokyo Elec Light 6% notea_1928 ▪ A
Toledo Edison let 78
1941 St S
Toledo Tr L & P 515% noted 1930 J J
Trenton (3 dr El 1st g sa
1949• S
Trumbull Steel 1st s1 6e_ ....._1940 FA
Twenty-third St fly ref 59_1962
Tyrol Hydro-El Pow 7 He 1955 MN
10713 Sale
10278 Sale
99 Sale
10278 Sale
9878-9934 1-60
100 Bale
10778 Sale
97 Sale
96
95
10215
102 1-03-12
10513 Sale
6013 Sale
6018 Sale
96
96,2
9218 Sale
9812 Sale
10834 Sale
98 Sale
10212 --9518 Sale
73 Sale
86 Sale
Undergr'd of London 435e_ _1933 .1
Income Os
1948 ii
Union Elec Lt & Pr let g 56_1932 MS
Ref & ext be
1933 MN
lst g 5 35s Series A
1904 J J
Union Elev fly (Chic) 5s .1945 AO
Union 011 1st lien 8 f 5s
1931 ii
30-yr 6s Ser A
May 1942 FA
let lien s f 55 Ser C
1935 FA
United Drug 20-yr 65_ Oct 15 1944 AO
United Fuel Gas lot Sf 6e
1936 J J
United Rye St L lot g 4s
1934 J J
United SS Co 15-Yr 88
1937 MN
United Stores Realty 20-yr (Se '42 AO
S Rubber 1st er ref be Ser A1947 J J
1930 P A
10-Yr 7S4% see notes
US Steel Corp(coupon. _41963 MN
s f 10-80-Yr Os registered
MN
_Utah Lt & True 1st & ref 5s 1944 AO
Utah Power & Lt lot O8 _.1944 FA
Utica Elec L & P 1st
_ _1950 J J
Utica Gas dr Elec ref A58_extrs 1957 J J
Vertlentes Sugar 1st ref 78 1942 J O
Victor Fuel let at Os
1953 J J
Va-Caro Chem let 78
1947 JO
Certificates of deposit
Stpd as to payt 40% of -----let 78
1947
Ctf of deposit
CH of deposit stpd
7355 with & without war_ _1937 JO
Certifs of dep without warr.
Cert118 of dep with warrants_
Vs Iron Coal & Coke 1st g bs 1949 MS
Va Ry Pow fat & ref
__ 1934 J J
Walworth deb 6358(with
bs_- war)'35 AO
1st sinking fund es Ser A__1945 AO
Warner Sugar RefM let 7e__1941 J O
Warner Sugar Corp 1st 75___1939
Wash Wat Power s f
_ _1939 Ji
Weetches Ltg g Es stmpd
ba_gtd 1950 J O
West Ky Coal 151 78
N
1944
West Penn Power Set A 6s 1946 MS
1st 75 Series D
1946 MS
1st 58 Series F
1963 MS
let 5348 Series F
1953 * 0
West Va C & C let 6s
1950 J J
Western Electric deb 5e
1944 * 0
.• 1
Western Union coil tr cur 59_1938
Fund & real estate g 4358_1950
N
15-year 635e g
1936 FA
Westinghouse E & M 78..
1931 MN
White Sew Mach fie(with warr)'36 .1 .1
Wickwire Spen Steel let 78._1935 J J
Certificates of deposit
Certificates of deposit stamped rdisi
Wickwire Sp Steel Co 75 Jan 1935 MN
Willys-Overiand s f 8359_ __ _1933 MS
Wilson & Co 1st 25-yr St 63_1941 AO
Registered
10-year cony s 1 Os
1928 in
Certificates of deposit______
10-yr cony s 7355
91931 FA
Certificates of deposit......
Winchester Arms 7355
1941 AO
Younien Sheet & T 20-yr 89_1943 J J
10212 Sale 10212 10312
10218
10114 102 10218
9712
9713
98
11212
112 11278
-- 11214
10578 Sale 10534
10614
9512
95 Sale 95
5418 5513 60
6012
6014 Mar'26
7012 Mar'26
63
5418 Sale 5412
5434
10218 10258 101% 10212
100
100 Sale 99,4
93 Feb'25
_
4312
____ 4934 4312
4312
4312 Sale 4312
45 Apr'26
45 May'26
44
10312
10323 Sale 102
10314
10318 Sale 103
4 Due Jan. 4 Due Aar..
Range
Since
Jan. 1
Week's
Range or
Last Sale.
0 Due Dee.
013000 sale,
4
17
28
1
1
7
62
I
Standard 011 Stocks Par BSA, Ask
Anglo-Amer Oil vet et......E1 *1734 1778
Non-voting stock
.61 *1713 1758
Atlantic Refining
100 116 1162
Preferred
100 1163 11714
Borne Scrymeer Co
100 230 245
5312
Buckeye Plpe Line Co_ _ _ 60 *53
Chesebrough Mfg new
25 *66
67
Continental 011 v t e
10 *22034 2078
Crescent Pipe Line Co
60 *14
15
Cumberland Pipe Line 100 112 115
Eureka Pipe Line Co_ _ 100 49
51
Galena Signal 011 corn_..100 15,8 18
Preferred old
100 68
78
Preferred new
100 89
78
Humble Oil& Ref
25 *6334 6414
Illinois Pipe Line
100 142 143
Imperial Oil
Indiana Pipe Line Co___ 50
t:
6
3'
5
34 65
17
18
2
International Petroleum_t *3134 317
National Transit Co 12.50 *1512 16
New York Transit Co_ 100 4513 47
Northern Pipe Line Co__100 7512 77
Ohio Oil
5913
25 *58
Penn Mex Fuel Co
1812
25 *17
Prairie Oil& Gas new
25 *5412 55
Prairie Pipe Line new....100 124 125
Solar Refining
100
2050 *1
135
982
7 2
135
084
0)2
Southern
rn Pipe Line Co.._100 66,2 68
uth Penn 011
SoN
utehwwest Pa Pipe Lines.100 51
53
Standard Oil (California) 25 :5
53% 5
53
4%
New
Standard 011 (Indiana)__ 25 *263% 6418
Standard 011 (Kansas)__ 25 2624 27
Standard 011 (Kentucky) 25 *11834 118
Standard Oil(Nebraska),100 !
8
45
2,2 14
8
,
3
New
Standard 01101 New Jer_ 25 437 44
Preferred
100 11853 119
Standard Oil of New York 25 *z3138 3112
Standard 011 (Ohio)
100 308 310
Preferred
100 11812 120
Swan &Finch
100 16
1734
Union Tank Car Co.. _100 89
8912
Preferred
100 113,2 114
Vacuum 011 new____,..... 25 *98% 9834
Washington 011
10
Other 011 Stocks
Atlantic Lobos 011
t •134 1%
Preferred
50 *314 4
Gulf 011..
25 *8414 85
Mountain Producers
10 *2414 2412
Mexican Eagle Oil
5 *4% 8
National Fuel Gas
100 140 150
Salt Creek Cons 011
10 *812 8%
Salt Creek Producers
10 *3014 3034
Railroad Equipments Per Ch Baits
5.05 4.00
Atlantic Coast Line 68
4.85 4.75
Equipment 6358
5.10 4.95
Baltimore & Ohio (le
Equipment 435s & Os__- 4.75 4.60
Buff Roch & Pitts equip 65_ 5.10 4.90
Canadian Pacific 434s & 65.- 4.95 4.70
5.05 4.90
Central RR of N J 6s
5.10 4.95
Chesapeake & Ohio 65
5.00 4.80
Equipment 635s
4.80 4.70
Equipment 5s
Chicago Burl & Quincy 68- 5.10 4.95
Chicago & North West 6s- 5.10 5.00
5.00 4.80
Equipment 63E1
4.85 4.70
Chic RI & Pac 4358 & be
5.15 5.00
Equiptnent6s
5.15 5.00
Colorado dr Southern 60
5.05 4.90
Delaware & Hudson 65
5.00 4.75
Erie 4355 & 58
5.15 5.00
Equipment es
5.10 5.00
Great Northern Os
4.80 4.70
Equipment 55
4.80 4.65
Hocking Valley 58
5.10 4.95
EQUIpMellt 6s
4.70 4.60
Illinois Central 4355 & 55
5.05 4.90
Equipment 6s
4.90 4.75
Equipment 7s & 6358
5.20 5.00
Kana%ha dr Michigan 68
5.00 4.80
Equipment 435s
Kansas City Southern 5348- 5.10 4.85
Louisville & Nashville 135.-- 5.05 4.90
4.85 4.75
Equipment6 Hs
4.95 4.75
Michigan Central 5s &65
5.10 4.85
5s
43511&
M
SS
Minn St P &
Equipment 6358 & 75-- 5.20 4.90
Missouri Kansas Sr Texas 6s- 5.25 5.05
Missouri Pacific 63 & 63.6s. 5.25 5.00
Mobile & Ohio 435s & 5s_- - - 5.00 4.70
New York Central 43511 & be 4.70 4.60
5.05 4.90
Equipment Os
4.90 4.75
Equipment 7s
4.65
4.70
436s
Western
Norfolk &
5.00 4.75
Northern Pacific 78
4.95 4.75
Pacific Fruit Express 78
Pennsylvania RR eq 58 & 6s 5.05 4.65
5.01 4.75
Pitts & Lake Erie 6358
5.20 5.00
Equipment(39
4.75 4.60
Reading Co 434s & 58
St Louis dr San Francisco be. 4.95 4.75
Seaboard Air Line 5358 & 6e. 5.20 5.00
4.75 4.60
Southern Pacific Co 43511
4.90 4.76
Equipment 78
4.85 4.05
Southern fly 435e & 58
5.10 5.00
Equipment 65
5.15 5.00
Toledo & Ohio Central 68
4.90 4.75
Union Pacific 75
Tobacco Stocks
17
American
can Tsar common 100 114
00
100 97
Public Utilities
erred
65
new_100
69
Amer Gas & Elea
t *72
dy
&110
err:fraeelrra
rch
ed
Am
pBe
09
6% pref new
105
t *91
Deb 6s 2014
MAN *9913 10012 British-Amer Tobac ord_ LI *2612 26%
El *26)2 27%
Amer Light & Trac eom_100 202 20
9
76
1
Preferred
108 Imperial Tob of G B & Irerd *2312 2412
Amer Power &Lt common.. z52
58
2
53 InterCeifgearrreNazacbinery.--100 90 100
2
10
100 3
65
0
Preferred
0 9
97
313 94 Johnson Tin Foil & Met...1
mler
08
Deb 68 2016
9812 MacAndrews Sr Forbes-1,0
40 103
100
Amer Public Util corn. __100 78 80
40
100
7% prior preferred____100 88 90
Mengel Co
75
partic pref
,f_ 100
_ 4 84
87 'Porto Rican-Amer Tob_ _100 72
03
Associated Gas & El
*50
Leaf Tob corn _100 61
Universal
frserarled
100 97 100
02
Secured g 6)4* 1954J&J 101 1--Preferred
125 130
Blackstone Val G&E coin 50 595 1)0
Young (J IS) Co
104 108
Cities Service common
20 *34054 41,4
Preferred__.
Preferred
100 *..8478 8533
Preferred 13
10 *z738 ---- Rubber Stocks (Cleveland)
10
0),*
PreferredB-13
Falls Rubber com
25',
18%
Cities Service Bankers Shalg..
°
8 *2-2
x70
Preferred
414 1--10 198,
Com'w'Ith Pow Corp new_t *3314 3i FIratoneT ire&Rub tom100_01
Preferred
6% preferred
.,
8
.2. 9734
100 fr13
7ypefer!d___.
Elec Bond & Share pre1.100 10
86
5 6i2GenertiTiredR,9e.m:,5*
1prefrea
165
6512
Elec Bond & Sh Secur
1001
__.._ 109
Lehigh Power Securities_t *1278
31
70 Goodyear Tire br R com_1001 -30
Mississippi Riv Pow corn 100 60
Preferred
100 93 .95_ Goody'r T & It of Can pt 100: NO% 94
First mtge 5e 1951.. J&J 100 100.4 India Tire & ROI/cr.-100 i ---- 159
32
a_
S F g deb 78 1935_ MAN 102
New
'
*98 1-66Nat Pow & Lt prof
Preferred
112
(00
t00
)* _2_87_,2_
Income 7s 1972
J&J 101 103 Mason Tire & Rub com-11
12
North States Pow corn _100 99 100
Preferred
Preferred
100 101 105 alp
bber cona new_100
illreerfeR
rrued
1001 i
Nor Texas Elec Co com_100 25 j
37
100 25
100 43 I 48
Preferred
Mohawk Rubber
75
Pacific Gas & El let pref_100 9713 9812
Preferred
t) 170 - 20%
100
*5
13 Seiberling Tire & Rubber(
Power Securities corn
95
*15
20
Second preferred
Preferred
91
Coll trust 68 1949__J&D *89
81
Sugar Stocks
Incomes June 1949__5'&A *78
50 *112 312
49 Caracas Sugar
Puget Sound Pow & Lt. 100 47
81
86
100 83
Cent Aguirre Sugar corn.. 20 *78
6% preferred
100
'133 136
100 4105 137
Fajardo Sugar
7% preferred
55
lot & ref 5358 1949__J&D 101 102
Federal Sugar Ref corn...100 50
100 60
75
Republic fly & Light_ 100 83 90
Preferred
Preferred
100 194 107 Godscbaux Sugar, Inc._ -it) *212 4
100 10
20
South Calif Edison com_100 115 117
preferred
8% preferred
36
100 125 135
Holly Sugar Corp corn-(t) 534
100 80
82
Standard (I&EI 7% pr p1100 10012 101,5
Preferred
_
Tenn Elec Power 1st pf 7% 99 100
Juncos Central Sugar__ _100
95
Western Pow Corp p1.... 100 93
National Sugar Refining _100 1-66 - 1-06 75
94
97
West Missouri Pr 7% pref_
New Niquero Sugar___ _100 50
_
Santa Cecilia Sue Corp 91100
(t)'olio - 15-6"
Short Term Se-unties
Savannah Sugar com
100 112 120
Anaconda Cop Min 6529 J&J 102% 102%
Preferred
75
Chic R I dr Pac Os 1929_J&J *10018 10058 Sugar Estates Oriente p1.100 72
Federal Sug Ref Os'33_M&N 93
96
Miasmal Pacific 55 '27_J&J 10014 10012 Indus. & Miscellaneous
80
25 *78
Slose-Sheff S&I ge '29_F&A 103 104
American Hardware
10058 10078 Babcock & Wilcox
100 113 115
Wie Cent 535s Apr 15 '27
19
Bliss(E W) Co new
(t) *17
Joint Stk Land Ilk Bends
61
50 *57
Preferred
93
530 Nov 1 1951 opt 1931_. 10214 104
Borden Company corn,.(t) *91
25
22
55 Nov 1 1951 opt 1931__ 10013 10214 Celluloid Company
70
Os Slay 1 1952 opt 1932_ 101 10214
100 65
Preferred
100 11412 11612
436s Nov 1 1952 opt 1932
10014 10112 Childs Company pref
435s Nov 1 1952 opt 1932__
100 140 145
99 10014 Hercules Powder
4'%s May 1 1963 opt 1933__ 10014 10112
100 111 113
Preferred
55 Nov 1 1963 opt 1933__ 10114 1025 International Silver pref _100 102 105
86
4358 Nov 11964 opt 1934._
9913 10034 Lehigh Valley Coal Sales 50 *83
100 123 127
435s Oct 1 1965 opt 1935__
992 10034 Phelps Dodge Corp
Pac Coast of Portland, OreRoyal Baking Pow corn_100 150 100
100 100 102
Os 1955 opt 1935___M&N 101 10318
Preferred .
be 1054 opt 1934_ _M&N 101 10234 Singer Manufacturing _ _ _100 300 304
6
Li 54
Singer Mfg Ltd
• Per share. t No par value. S Basis d Purchaser also pays accrued div (lend.
( New stock. fFInt price. k Last sale. is Nominal. x Ex-dividend. y Fs- IOUs,
5 Ex-50% stock dividend. a Sale mire r Canadian quotation.
BOSTON STOCK EXCHANGE-Stock Records..B:ersPage
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 8.
Monday,
May 10.
Tuesday,
May 11.
Wednesday
May 12.
Thursday,
May 13.
Friday,
May 14.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range Mises Jan. 1 1926.
Lowest
Highes2
2783
PRA AR AR,
Range for Preview
Tear 1925,
Lowest
MOW
Railroads
*____ 170 *16912 170 *16912 170
100 159 Jan 9 175 Feb 13 156 Pet 16434 Jan
50 Boston & Albany
16814 16814 *168 170
100 77 May 3 824 Jan 11
7712 78
78
78
Jan
78
78
7514 Max 86
575 Boston Elevated
7818 7914 79
80
7812 78*
100 89 Feb 27 102 Mar 20
98
98 98
92 Jam 10414 Dec
98 *96 ____ *97 -15 Do pret
100 11513 Jan 16 122 Jan 7 109 Mar 130 Dec
•2118 -- 1'2118 ____ *2118 ____ *2118 ___ +2118 11812
------ Do let pref
94 Max 116 Des
100 9812 Jan 9 112 Jan 2
10214 10214 *10214 ____ 104 104 *103 104 103 1031s
27 Do 2d preferred
484 50
4912 Deo
100 35 Mar 30 50 May 8
49
4912 50
10 Apr
3,614 Boston & Maine
4912 4812 4812 4814 4834
1112 Apr 46 Dee
100 32 Apr 14 4712 Jan e
*42
_ *46 _ _ _ *46 _ _ _ _ *46_ •45 -... . Do pre:
17 Apr 65 Dee
*67 69 *68 69
7014 7014 *7012 -74
48 Do aeries A let pref-100 59 Apr 16 7112May 13
70
7112
29 Apr 874 Dee
98 98
100 100 *96 100 *96 100
98 98
133 Do series B 1st pref...._ 100 84 Apr 15 100 May 11
*83
88 *82 _ *85
25 Apr 7912 Dee
90 *82 ____ *82
Do series 0 let pref-100 74 Apr 15 85 Feb 2i,
*126 135 *130 135 *130 135 *130 135 *130 135
351g Apr 116 Dee
Do series 13 let pref-100 105 Jan 29 130 May 6
94 Apr 16 984 Jan 4
97 971
96 Dec 99 NOT
9712 98
97 971
154 Prior preferred
98 98 *98 984
100 x17512 Mar 19 182 Jan 2f 167 Pet 180 May
*178 ____ *178
*178 _ -- *178 _
Boston & Providence
*178
26 Sept 6212 Nov
54
53
53
53
53 *53
53 -53 *53 -54 - "Ei53 ---225 East Mass Street RY Co 100 51 Apr 22 61 Jan e
Do 1st Plef
*6014 6212 *60 6212 *60 6212 •60 6212
.60 61
60 July 73 Dee
100 5912 Apr 29 71 Jan 2
51 Aug 70 Dee
100 56 May 6 69 Jan 13
58 58 *56
.
56
59
100 Do prat B
58 •56
58
56
56
41
41
85 Sept 50 Des
*404 42
*4034 42
100 40 Apr 29 4914 Jan 21120 Do adjustment
42 42
421i 4212 4212 421,
56
56
*56
56 Dee
23 May
*56 ____ .56
100 50 Feb 10 60 Feb 3
10 Maine Central
•55
28 Mal 4634 Dee
1
4 Mar 30 4514 Jan 4
100 31/
3473 347s *3512 36
*3412 35
110 NYNH& Hartford
3638 3638 36 -3-138411 8412 *8414 86 *8414 86 *8414 86
TO Feb 00 Des
10 Northern New Hampshlre_100 81 Apr 8 88 Jan 6
*8414 86
*121
___ *121
*12012
Norwich & Worcester prof _100 120 Apr 22 124 Mar 18 100 Jan 125
*121_ *121
*11312 114 •11312 114 *11312 114
100 111 Jan 6 120 Jan 29 96 Jan 113 Oe
25 Old Colony
11314 1-1-112 *11312 116
9 Vermont & Massachusetts_100 9934 Mar 12 10314 Feb 4 87 Feb 101 De
ino- 100
•1004 - - *10012 __-_ *10012 ____ *9934
Miscellaneous
5 Dec
4
212 Mar
314 Mar 29
4
4
4
4
*34 414
4
4
334 41
4
5 Jan 7
655 Amer Pneureatio Service_25
*2412 25 *24
50 2112Mar 3 25 May 7 1612 Mar 2413 Dec
25 •24
25 *24
75 Do pref
2412 2412
25
*24
25
1
4 /4312 144
14438 145
144 14434 14312 144/
14438 145 14414 145
977 Amer Telephone dr Teleg_ A00 141 Mar 30 1504 Feb 15 13038 Jan 145 Dm
54 54
No par 50 Apr 20 71 Jan 2 6112 May 87 Aug
54
54
54
5414 54
725 Amoakeag Mfg
54
54
54
5312 54
*75 _ _ _ 75
No pat 7313 Jan 27 78 Feb 23 704 May 8634 Aug
48 Do pref
75 *75 -- -- 75
75 *75
16 Aug
*18
21
*18
21 •18
21
*18
21
*18
21
Art Metal Construe, Inc_ 10 20 Jan 16 2112 Jan 23 14 Jan
524 Apr 14 6314 Jan 19 4413 Aug 6713 Dec
*55
5612 56
*55
5512 55 55 •57 57
95 Atlas Plywood t 0
57
*10
11
912 Aug 21 Dee
9/
1
4 Apr 27 1714 Jan 2
103s 1038 •10
11
*10
11
•10
11
No pat
50 Atlas Tack Corp
*1412 1512 *1412 1512 143* 1418 +14
1418May 11 204 Jan 14
_-_- -15 •14
15
20 Becton 011 Co corn T C
84
84
84 84
148 Bigelow-Hartf CarpetNo par 834May 11 9812 Jan 2 9712 No, 10912 Oct
8484
8312 84
8312 8312 *83h 84
*109 ---- *109 __-- *109 ____ *109
Jan 10814 Ass
*109
Boston Cons Gas prat 6)4%100 10512 Jan 25 109 Apr 28 103
57 5714 *5712 60 *57 60
58 -58
105 Dominion Stores. Ltd_-No Par 57 May 8 6812 Feb 1 28h Jan 74 002
57 -57 *112 ___ *112 ____ *112
*112 - •112
100 104 Jan 5 112 Jan 26 99 June 100 Dee
50 Do pref A
312 Jan 21
*212 3
*212 3
*2
*24 3
113 Apr
2 Mar 31
10
212
2
212
63e Seel
235 East Boston Land
4
4
4
4
412 Jan 19
5
412 412
34
312 Mar 8
--i" 420 Eastern Manufacturing
3 July
614 Jan
04 412
*5912 60 *5912 60 *59 60
25 57 Apr 15 8812 Jan 22 42 Mar 89/
60 61
1
4 Dec
60 60
225 Eastern 88 Lines, Inc
42
42 42 •4112 43
*41
42 *41
No par 3834 Apr 15 45 Jan 6 35 Jan 4612 Oet
*4112 43
40 Do pref
*92 95 *92 95
*92
95
*92 95 *92 95
100 95 Apr 22 994 Jan 9 89 Jan 100 July
1st pref
2214 *21
22
*21
22
2212 2212 22
20 Mar 31 26 Feb 5 18 Aug 2312 Sept
12
-7;
21
215 Economy Grocery Stores
2114
21714 21714 217 218 218 218 218 219
Jan 213 May
100 2207 Jan 15 250 Feb 11 200
218 219 218 219
148 Edison Electric] Inum
•112 2
•lls 2
*lh 2
*118 2
•lh 2
10
1 Mar 16
213 Jan 8
2 Dee
534 Oct
--- ------ Elder Mfg Co (v t 4)
17 *1612 17
17 *15
1612 161/ *15
18
*15
17
Oct 38 Jae
10 Galveston-Houston Ele0-100 lb Apr 26 2513 Feb 26
*1112 12
12
12 '
112
1412 •1238 14
70 General Pub Sec Corp coin- 114 Apr 12 17 Jan 22
*1112 12
347s 347s 347s 347s 343s 3472 3412 343* -54/.2 341
No par 3414 Apr 20 4011
.
2
35
43 July
230 Gilchrist Co
/
4 Jan 19
35
9214 • 93
92 93
5713 Jan 1154 Dec
9334 9412 934 93/
9312 94
1
4 92 9312 1,981 Gillette Safety Rasor-No par 8812 Mar 30 1134 Feb 6
11
*10
1512 Jane
11
*10
11 •10
10
10 •10
11 May
25 10 May 6 12/
11
40 Greenfield Tap & Die
1
4 Feb 11
60 60 •-___ 5912 •--__ 60
52 May
72 Oct
No par 58 Apr 16 6834 Feb 4
60 60
350 Hood Rubber
5934 60 "Ei- 14Oct
524 Jae 80
Internat Cement Corp-No par 6612 Jan 7 6814 Feb 5
:"6
2 Jas
International Products-No par .10 Jan 2 .25 Mar 24 .05 Dee
+.25 1
•.25 1
100 .50 Mar 3 .55 Jan 5 .10 Dee 1012 las
'
1.25 1
+.25 1
▪
•25 1
Do pref
*9414
Kidder,Peab Accep A pref_100 123 Apr 15 9514 Jan 9
8212 Jan 951k Nov
*9414 ---- *9414 *9414
-932 Jae
10
7 Mar 24
93a Feb 1
614 Apr
15 Libby, McNeill & Libby
738 738 *714 734 *9414*714 71-4 *714 734
712 712
1373 Jai
101/8 1038 10
111
/
4 Aug
25 10 May 11 124 Jan 1
1012 103* 1038 1012 10/2 1012 -176i
145 Loew's Theatres
*1012 11
*80
81
68 Feb 85 Dec
201 Massachusetts Gas Cos- _100 80 Apr 20 864 Feb 2
8012 8012 8012 8072 8014 8034
•80 8012 80 80
6311 Jan 70 Oct
100 65 Jan 6 701e Feb 2
68
126 Do pref
- 6814 68 6814
6712 6712 6711 6712 68 88
167 Jan 197 Clet
109 109 •____ 109 *--- 106
*109 110 *108 109 *105 109
5 Mergenthaler Linotype-No pa £105 Jan 24 1110 May
734 Apr 22 1034 Jan
1614 Jan
714 Sept
10
10 Mexican Investment. Inc
934 914
*. 9
8712 Jan 9614 Nov
93
93
93 93
93
. 93
93 93
95
245 Miss Riv Pow stpd prat__ _100 89 Apr 9 96 Jan
93
93
*93
634 Jan
334 Dec
212May 4
412 Jan
212 212 *212 234
10
203 National Leather
212 212
234 234
21/3 27s *212 234
114 Dec 17 Dec
*22
2234 22
90 Nelson (Herman) Corp__ _ _ 5 1512 Jan 9 283* Feb 1
22
21
21
*2212 2312 22 22
2 June
.20 Jan 2 .95 Apr 2
.10 Dee
.50 .50
.40 .40 *.40 .50 •.40 .50
1,125 New Eng 011 Ref Co tr °tbs._
'
.50 .60
*712 1012 1014 1014 *74 10
534 Apr 12 Sept
100
8 Feb 25 1012 Jan
20 Do met (tr etre)
*74 10
*712 10
i's08
99
98
98
98 98
98 98
432 New England Pub Serv prior Pi 96 Mar 2 100 Jan 6
98
99
98 98
27 .13;i 11 Feb
2 May 11
8 Feb 18
4
2
2
*2
65 New Eng South Mills_No pat
24
212 21
20 Dee 55 Jan
*_ _ 20
100 15 May 11 28 Jan 24
15
15
*15
20
20
30 Do pref
20
99 Apr 12212 Noy
1
4 Apr 1 11834 Feb 17
il4 11412 114 11412 114 11412 11414 11412 11414 115
768 New Ened Telep & Teleg_100 110/
1143* 1144
90 Sept 100 May
*92 9334 *92 9334 *92
No Amer Util let pf full paid__ 89 Feb 15 96 Feb 25
9334 *92 9334 *92
933
20 May 28 Mar
18 Feb 1 27 Feb 25
*19
20 *19
5 lst pref 25% paid
20
19
19
1978 *19
197s *19
14
214 Oct 3234 Jell
2912
Apr
13
30
Jan
Inc
1
Circuit.
Orpheum
50 Dec 8113 Jan
100 36 Apr 24 65 Jan 2
40
*40
41
40
335 Pacific Mills
40
39 40
40
38
38
38
38
32 Aug 75 Oct
*40
Plant (Thos 0). 181 pref-_100 40 Mar 25 6814 Jan 12
*40 _- *40 _ _ *40__ *40 _-__
1514 Aug 18 Apr
10 15 Feb 8 17 Jan 12
16
16
*16
Reece Button Hole
iio
16
1614 •16 161 *16
1614 16
1614 -ii
1
4 Jan
158 11s *114 178 •134 178 +134 178
5 Reece Folding Machine 10 112 Jan 19 134 AM 28 14 Nov 2/
*134 11
/
4
Dec 101 Del
Feb
19
9914
99
Feb
6
106
pref100
Inv
par
Swed-Amer
455
99 9934 9934 100
99
100
997s 997s
9912 100
100 111 Apr 21 117 Feb 20 10914 Ay? 120 Feb
621 Swift & Co
11134 112
11114 11112 11118 112 Illh 112
11334 11334
454 Apr 734 Dee
25 &I Mar 31 70 Jan 4
102 TorrIngton Co
60 60 *60 6012 60 60
60 60
*60 62
712 Jail
8 Oct
7 Jan 5 1511 Feb 11
5
325 Union Twist Drill
1012 1012 11
*11
117s *1012 111
1112
117 *II
50 Nov
4084 July
47h 48
47h 48
1,282 United Shoe Mach Corp-. 25 47 Mar 31 5214 Feb 2(.
4712 4712 4734 48
4714 4712
2612 Jan 29 Oct
25 28 Jan 2 2812 Jan 25
281
28
398 Do pref
28
28
*28
28 28
2814 2814
28
1412 Aus 194 Jan
*1812 1834 1833 181
1812 1878 1834 1918 1818 1912
5,975 WaldorfSys,Inc,new eh No pat 17 Jan 6 20 Feb 11
5 Jan 84 Dee
35
347 Walth Watch ol B com-No par 29 Jan 18 40 Feb 5
35
35
36
36
*3412 36
35
36
35
1714 Jan 57 Des
52 Jan 23 59 Feb 10
58 *55
*53
56 *55
150 Do pref trust MG
57
5412 55
*54
5.5
100 102 Jan 29 11011 Apr 13 65 Jan 105 Dee
104 104 *103 106 *103 106 *103 106 +103 106
20
20 15 May 14 23 Jan 27
16114 June 2714 Jul,
1612 167s 16
1 730 Walworth Company
161
1512 16
1534 1614 1534 16
451 4512
+45
87 Jan 5012 July
60 44 Mar 25 5131s Feb IS
45
46
45
45
45 *45 451
105 Warren Brae_
4034 41
ao 39 Apr 15 4214 Mar 11 373* Jan 4312 July
41
*4012 42 *40h 4112 *4012 41
41
*41
42
34 Do let peer
*43 44
*43
404 Jan 48 Des
44 *43
50 42 Apr 16 47 Feb 1l
43 43
44 *43
44
*43
44
10 Do 2d pref
•x13
14 ':13
11 Mat 2173 Dee
14 *313
13 May 12 174 Jan 2
14
13
13 *x13
14
50 Will & Baumer Candle cum_
Mining
*.06 .20'
Jan
.05 .20 1%05 .20 *-----10
25 .05 Mar 15 .20 Feb 1 .05 Dm .25
Adventure Consolidated
*.05 .25
'
'1 .05 .25'
.05 .2
•.05 .20
25 .10 Feb 2 .10 Feb 2 .10 Mar .25 Jan
I
.20 •.05 .20 *__
Algomah Mining
.10
.70 .75 /
1
41.75 .8
.75 .75 /
3 Jan
2 .25 Mar 27 .90 Jan 4 .50 Dee
1
41.75 .85
.75 .75
.-7-5 .75 1,000 Arcadian Consolidated
912 912 *ilh 10
*9114 10
912 91
91 Apr 14 1234 Jan 2
94 Mar 1533 Feb,
5
9/
1
4 9/
1
4
94 934
435 Arizona Commercial
*31
32 *31
32
31
32
131
*31
32
31
31
2814 July 6014 Oct
32
10 31 May '3 5534 Jan 4
105 Bingham Mines
14
1418 141 143s 1412 1438 14h 14h 1412 14/
1
4 1412 1412 1,878 Calumet & Recta
124 Jun. 18/
1
4 Jan.
1333Mar 31 15h Jan 7
2
+.30
.40
.40
•.30 .40 *.33 .40'
*.80
.33 .40 •.30 .40
.30 Mar 1 .50 Jan 2 .20 May .90 Aug
Carson Hill Gold
14
14
1414 1384 14
1414 14
14
14
18 Dec 33 Jan,
Jan 4
2
1414 14
1334May
10
20
Copper
Range
Co
1414
1,095
4.3
312
312 *3
3
3
312 *234 3
*3
312 *3
3 June
4 Feb 3
3 Apr 22
612 East Butte Copper Mizdng- 1
614 Jan
*a.50 .75 *a.50 .7 '1.50 .75 *a.50 .75 *8.50 .75 •a.50 .75
14 Jan.
114 Jan 20 .04 Jan
Franklin
2 .50 Jan 4
•.80 1
*.80 1
•.80 1
*.80 1
•.80 1
134 Feb
+.80 I
Hancock Consolidated
2 .50 Feb 25 .80 Feb 13 .50 June
1512 1578 15
15
1512 1512 153
1512 1512 1512 154 1534 2,010 Hardy Coal Co
15h Juli
23 Jan
14 Mar 29 2114 Jan 4
1
1
1
1
31 Feb
*1
114 +1
114 *1
114 14
1 Dec
114
2 Jan 11
2 .80 Mar 27
250 Helvetia
160 160
160 162
161 162 160 160
182 163
1624 168
415 Island Creek Coal
141 Mar 29 175 Feb 8 121 Mar 165 Des
*100 102 100 100 *100 102 *100 102 *100 10112 *100 101
9414 May 10012 Dee
9912 Jan 4 10212 Jan 26
54 Do pref
*924 10
934 97
914 978
934 978
605 Isle Royale Copper
97s 978
972 Apr 2012 Jan
9hMay 5 1314 Feb 10
2
1
4 10
9/
1
1
11
/
4 +1
1
1
*1
114
114
1
14 June
*1
114
114 Apr 28 .50 June
314 Keweenaw Copper
2 .50 Jan 2
*1
11
•1
112 *I
1
1
1
1
1 Apr
3 Jan
112
114 Jan 4
115 Lake Copper Co
2 .90 Mar 10
*1
114
14, 114 *1;f4 114 *Ps 114
11, 114 '
144 1 if '
*PA lh
1 Dee
15 La Salle Copper
34 Jan
212 Mar 16
1 Feb 1
2
+184 2
*134 2
134 134
134
*134 2
24 Jan
233 Feb 20 .95 Sept
134 *134 2
134 Jan 26
5
300 Mason Valley Mine
•.30 .50 •.25 .50 '.25 .50 •.25 .50
114 Jan
.30 .30 '
.30 .50
25 .25 Mar 16 .70 Feb IS .40 May
30 Mass Consolidated
1
42.75 1
.75 .75 /
.60 .60
.75 .75
•a.80 .85
.60 .70
3 Jan
14 Jan 5 .50 Noy
25 90 Apr 8
447 Mayflower-Old Colony
3512 3012 *3012 32
3012 31
3014 3012 31
31
31
2512 June 41 Jan
31
25 30 Mar 30 37 Feb 10
263 Mohawk
1
4 1952 197s 197s 197s 1912 1912 1912 19/s
18 Mar 25 Jan
197s 197s 197s 19/
5 19 Mar 3 2114 Feb 13
630 New Cornelia Copper
.20
.20
.20
.05 Jan 36 10 Jan 7 .10 July .85 Feb
'
.08 .20 •.08 .18
New Dominion Copper
25
25
25
*25
25
25 Apr 31 Aug
50
25
New River Company
100 24 Apr 20 25 Feb 4
50 •45 50 *45
50
*45
50 *45
40 June 65 Aug
50
100 50 Jan 4 72 Feb 11
*45
50 *45
Do pref
54 512 *53s 534
512 *53s 534
4/
1
4 July
Ve Jan 27
513 Apr 24
6
175 Nipissing Mines
*514 534 *514 51
634 Jan
21/ 212
258 258
2% 2%
234 234
314 Jan 9 .89 June
2 Apr 13
15
528 North Butte Mining
M4 234 *212 234
3/
1
4 Nov
*al
114 'al
1
114 'al
j1
1
1
1 Apr 29 .15 Nov
1
1
25 .50 Jan 4
'
al
39 Oilbway Mining
14 Jan
143s
15
15
15
15
15
15
25 14egMay 11 194 Feb 10
15
16
16 •15
165 Old Dominion Co
•15
1634 Dec 27 Jan
11 •11
1112 •11
1112 *11
1112
012 Mar 2C, 15 Jan 2
1113 1112 1114 1114 11
1012 June 1878 Sept
80 P'd Cr'k Pocahontas CoNo Pat
*1812 1912 19
19
19 - 19
1812 1812 1812 1812
25 1812MaY 13 2373 Feb 25
125 Quincy
*19
20
19 Apr 3913 Jan
28 *x29
*27
2912 28
28
2912 *227
28
10 St Mary's Mineral Land__ 9 6 128 Ap /16 3812 Feb 10
29 */28
*128
2812 Apr 48 Jam
536 538 *5h 534
933 Jan 4
54 Apr 1
100 Seneca Mining
•514 534 *514 534 *514 514 *514 534
74 Nov
11 Nov
.45 .45
.40 .60
.50 .50'
10 .40 May 5 .80 Jan 5 .60 May
.50 .50 •.45 .60 +.45 .60
560 Shannon
14 Jan
.70 .70 •.50 .75
100 Superior & Boston Copper-10 .35 Apr 21
•.50 .75 '.50 .75 •.50 .75 •.50 .75
Ms Mar 1 .70 May
2 Jan
83
8
812
812
812
812
83
s
812
83
4
6
Jan
Utah-Apes
Mining
1,865
812
8
14
6 1134 Feb
812 834
3/
1
4 Jan 8111 Jan
lts 134
lh
158 Its 3,960 Utah Metal & Tunnel
lts
134 124
114 178
134 134
1 .50 Jan 8 21114 Mar 13 .40 July .98 Jan
.40 .60 *.40 .60'
.50 60
.50 .50 '.40 .60'
25 .43 Mar 2 .75 Feb 23 .22 Nov
'.50 .60
Victoria
114 Jan
.17 .25
.17 .17 •.17 .25
170 Winona
25 .15 Jan 23 .25 Feb 9 .10 Dec .48
*17 .25 •.17 .25 *17 .25'
Jan
1
4/.40 .50 *a.40 .50 *a.40 .50
'a.40 .50 *a.40 .50 /
Wyandot
25 40 Feb 1 .45 Mar 22 .05 Apr .21 Feb
• aid and aelrea prloee• no ales on thie daY • 161-111111to. •lex-dividend and rtighte. a Ex-dividend. 0 RI-stock dividend. a Assessment paid. I New
stook,
----
----
--_-
____
----
----
.---
----
r
O2aiAug
-
2784
[VOL. 122.
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Stocks (Continued) Par
Low. High. Shares.
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange May 8 to May 14, both inclusive:
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
Bonds-
Amer Tel & Tel 4s_ _ _ _1929
9774 97% 35,000
Atl G & W I SS L 5s._1959
704 2,500
70
Boston Elevated 4s- A935
91
91
1,000
Brown Co ser A 534s w 1'46
9631 96% 3,000
Chic Jet & U S Y 45-1940
87% 88% 60,000
5e
1004 101
1940
6,000
Duke Price Pow Co 65_1966
10134 10134 3,000
East Mass Street RR
434s series A
1948 65
6434 66
88,000
5s series B
1948 70
8,600
68
70
794 80
6s series C
1948
16,000
Gen Pub Util64s, w1.1956
9731 98% 51,000
1054 10534
1,000
Hood Rubber 78
1937
K C M & B income 58_1934 9934 9931 9935 16,000
934 9335 1,000
Maine Central 4As_ _ _1935
1,000
Mass Gas 4355
1931
98
98
1946 10234 102 10234 2,000
534s
10034 1004 1,000
Mississippi Power 55_ _1955
99% 100% 6,000
Miss River Power 55_ _1951
101% 10134 8,000
New Eng Tel & Tel 55_1932
95
5,000
95
So Ice Utilities Co 6s-1946
1944 1004 1004 10034 11,000
Swift & Co 5s
1,000
82
82
United Ind Corp 6s_ 1945
Western Tel & Tel 58_ _1932 10035 10035 100% 12,000
Range Since Jan. 1.
Low.
High.
97%
67
90
9534
86
99
100
Mar 97%
Mar 74
Jan 91
Apr 97
Jan 884
Jan 101
Apr 102
Mar
Feb
May
May
May
Mar
May
62
65
77
9734
104%
974
88%
96
994
1004
99
10034
95
9931
82
9834
May
Mar 66
Jan
Mar 70
AM 80 May
May 9831 May
Jan 10534 Apr
Mar 994 May
Jan 9334 May
Jan 9831 Apr
Feb 10531 Apr
may 10035 May
Mar 10034 Jan
Feb 102 May
Mar
Apr 97
Jan 101
Mar
Apr 82
Apr
Mar 1014 Jan
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, May 8 to May 14, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Abbotte Al Dairy, pref _100
.Amer Elee Pow Co pref_100
American Stores
*
Baldwin Locomotive__ _100
Bell Tel Co of Penn pref___
Buff&Susq Corp pf v t c 100
Cambria Iron
50
Congoleum Co Ine
•
East Shore G & E 8% pf_25
Eisenlohr(Otto)_ _100
Electric Storage Batt'y-100
Fire Association new_ _ _ _10
Giant Port Cement pt.- _50
Insurance Cool N A.-_ _10
Keystone Telephone pf_ _50
Keystone Watch Case__ _ _•
Lake Superior Corp_ - _ _100
Lehigh Navigation
50
Lit Brothers
10
10
Man Rubber
Penn Cent L&P cum pf__ •
50
Pennsylvania RR
Pennsylvania Salt Mfg_ 50
Philadelphia Co (Pitts)_ _50
Preferred (5%)
50
Pref (eumul 6%)
50
Phila Electric of Pa
25
Power Receipts
25
Phila Rapid Transit--50
Phlla & Red Coal & Iron_ •
Philadelphia Traction__ _50
Phila & Western
50
50
Preferred
ScottPaper Co prat. _100
Stanley Co of America_ •
Tono-Beimont Devel__ _1
Tonopah Mining •
1
Union Traction
50
United Gas Impt
50
TjS Dairy Prod"a"
•
Victory Park Land Imp_10
West Jersey & Sea Shore_50
Westmoreland Coal__ _50
York Railways pref
50
BondsAmer Gas & Eiec 5s._ _2007
2007
Small
Elec & Peoples tr etfs 45'45
Inter-State Rys coll 451943
Keystone Telep let 58 1935
Lake Superior Corp 551924
Lehigh Val Coal 1st 551933
Phila Elec 58
1960
1st 5s
1966
530
1953
545
1972
65
1941
Reading imp 45
1947
Reading Tmc 1st m 65 '33
United Rys gold tr ctf 45'49
York Railways 1st 55_1937
• No par value.
110%
6431
111%
39
514
72
1054
25%
454
434
55
58
16%
40%
97
634
98
9234
10335
1034
107%
10234
Range Since Jan. 1.
Low.
High.
10034 1004
10 1004 Jan 1024 Mar
116 1024 Jan 11134 Apr
11035 110%
Mar 9435 Jan
6435 654 2,540 60
1014 10334
70 994 Apr 1064 Apr
477 109% Mar 1124 May
111% 11235
Apr 53
Jan
45
45
95 43
Mar
39
39
44 38% Jan 40
1334 15
410 133.4 May 21
Feb
26
25 25
Mar 26% Feb
26
100 12% Apr 2034 Feb
12% 12%
25 73
Jan 7934 Mar
76% 764
87 55
Apr 68
Jan
57
584
35 3434 Jan 48% Feb
45
45
Mar 6434 Jan
845 49
514 52%
23 20
May 29% Jan
20
20
57 ixo
Jan 72 May
72
72
110
234 May
4% Jan
234 235
1054 106% 1,115 974 Mar 1204 Feb
870 25
Mar 33% Jan
25% 25%
Jan
100
234 Jan
8
335 335
Mar 91
152 71
Feb
7234
72
51
514 10,108 4835 Mar 55% Jan
33 71
Jan 91
Feb
75
74
550 6635 Feb 76% Apr
72% 7334
Mar 39 May
87 37
39
38
61 484 Apr 50
Mar
4935
49
44% 46% 20,922 41% Mar 674 Jan
847
34 Apr
44 435
5
Apr
Jan 57% Feb
508 51
534 55
150 3735 May 484 Feb
3735 38
Feb
210 564 Jan 65
58
59
Mar 16% May
14% 16% 3,465 11
60 34% Jan 37 May
37
36
10 89
Jan 101
Feb
98
98
2,777 5534 May 64 May
5534 58
434 Jan
235 2% 2,255 2 1-16 Apr
74 Feb
1,235 4 15-16 Jan
534 5%
Jan 43% Jan
650 38
40
40%
9534 98% 6,051 84% Mar 1444 Jan
Apr 3834 Mar
100 35
36% 36%
7
Mar
634 634
100
611 Jan
Jan
Mar 47
44
25 43
44
Jan
91 49
Apr 56
50
50
25 364 Jan 38% Feb
37
37
91
9934
92
92
60% 62
54
53
914 924
10
10
101 101
102% 103%
103 103%
107% 107%
102% 102%
1074 1074
93
93
105 105
5934 5935
96
96
29,600
1,000
11,000
10,000
23,000
4,000
2,000
2,500
24,800
5.000
53,000
3,000
5.000
5,000
4,000
4,000
89%
91
5754
53
91
10
100%
102
102
103%
10034
107%
9234
103
5934
594
Feb
Apr
Jan
May
Jan
May
Mar
Jan
Mar
Mar
Apr
Mar
Apr
Feb
Jan
Jan
9934
92
65%
56%
9334
10
101%
103%
10434
107%
102%
Rossi
93
105
65
65
May
Mar
Feb
Feb
Feb
May
Apr
Apr
Feb
Jan
May
Feb
May
Mar
Jan
Jan
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange May 8 to May 14, 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, com_•
All American Radio cl A_ _5
Am Pub Util, part p56_100
American Shipbuilding _100
Preferred
100
Amer States &cur Corp A •
Class B
•
Warrants
Armour & Co (Del), p1_100
Armour & Co, pref_.....100
Common el A v t $5_ _25
Common cl B v t c___25
Armour Leather
15
Assoc Invest't Co.corn_ _ _•
Auburn Auto Co. com_ _25
Balaban dr Katz v t c_._25
Beaver Board pref ctfs_100
Sandia Corp class A__ _ _10
Borg & Beck, corn
10
Brach & Sons(E 3), corn_•
Cent III Pub Serv, pref___•
Cent Ind Power, pref._100
28
935
234
234
3.4
84
1534
3534
49
69
26%
sou
so
8754
884
Range Since Jan. 1.
Low.
461 27%
27% 28%
9
325
9 9%
78 82
8531 86
50 70
70
70
35 103
103 103
135
2% 331 8,825
1
10,200
1% 3
35
12,100
34
X
92
150 90
91
84
909 79%
82
2,695 144
14% 16
64
6% 735 1,680
3
334
300
3
117 3534
3535 3554
4734 5135 13,225 404
7,845 64
674 69
36
15 32
36
425 25%
26% 27
284 30% 1,935 28
29% 30% 1,600 27%
403 874
87% 89
884 89%
129 884
High.
Jan 3731 Feb
Apr 1934 Jan
Feb
Jan 91
May 95% Jan
Apr 103% Apr
831 Feb
May
535 Feb
Mar
5.4 Feb
May
Mar
May 98
May 92% Mar
May 25% Feb
Feb
May 17
635 Feb
May
Apr 37% Mar
Mar 72% Mar
Mar
Mar 73
Feb
Mar 40
Mar 31% Jan
Jan 344 Feb
May 37% Feb
Jan
Jan 91
Jan
Mar 93
Cent Pub Serv (Del),com.• 13
Central SW 7% Prat----• 904
Prior lien preferred_ _ __• 95
Warrants
14
Chicago Fuse Mfg Co.. •
Chic N S & Milw, com_100 38
Prior lien preferred_ _100
Preferred
100
Chicago Title & Trust_100
Commonwealth Edison.100 138%
Consumers Co.new
5
635
Continental Motors
• 1031
Crane Co
25 55
Preferred
100
Crown(Wm)Pap,1st pfd.•
Cudahy Packing Co_ - _100
Cuneo Press A
50
Decker(Alf)& Cohn,Inc_•
Diamond Match
101)
El Household Util Corp_10 164
Elea Reserach Labor'y._ _• 11
Evans & Co, Inc, class A5 25
Fair Co (The)
29
Fits Simons & Connell
Dock & Dredge Co
Foote Bros(0 & M)Co-io
Gill Mfg Co
Gossard Co (H W)
•
Great Lakes D & p....-100 134
Grief Bros Coop'ge A corn.•
Hammermill Paper Co_ _10
Hart,Schaffner & Marx-100
Hupp Motor
10 19%
Illinois Brick
25
Illinois Nor Utilities 91_100 91
Indpls P dr L let pref..__
Jaeger Machine Co, com_•
Kellogg Switchboard.. _25
Ky Hydro-Elec. pref..-A00
Kentucky Util Co.pref__N 59u
Kraft Cheese Co
La Salle Ext Univ MB_ _10
935
Libby,McN&Libby,new 10
735
Lindsay Light pref
10
7
McCord Radiator Mfg A _•
____
Mer&Mfrs Sec Co Pa p125 _
Middle West Utilities... • 11034
Preferred
100 10434
Prior lien preferred .100115
Rights
Midland Util prior lien_100 9834
Preferred A
100
Morgan Lithograph Co....• 54
Nat Carbon prat, new _11111
Nat Elec Power A w __ •
National Leather
10
234
National Standard tom_ ..• 26
North American Car corn • 28
Nor WestUtil pr In 91'0100 95
7% preferred
100
Omnibus vol tr ctfs w a .•
Penn Gas & Elec wI•
Pick Barth & Co pref A..*
Pines Winterfront A
5 42
Pub Serv of Nor III
• 128%
Pub Serv of Nor III__..i00
100 101
Preferred
7% preferred
100
•
Quaker Oats Co
100
Preferred
Real Silk Hosiery Mills_10 40
10 20
Reo Motor
Sprague-Sills Corp el A.30 29
Stewart-Warner Speedom * 7035
100 113
Swift & Co
Swift International
15 1534
Tenn Prod Corp corn25 4334
Thompson (J R)
Union Carbide & Carbon_• 81
United Biscuit class A_ _ _• 41%
United Iron Works v t c_ 50
United Lt&Pow A w i new
• 19
w 1 new
Preferred class Awla_ -* 86
Preferred class B w I a_ •
United Paper Board_ -100 2334
20 136
Us Gypsum
100 115
Preferred
Vesta Battery Corp
10
834
Wahl Cos
Ward (Montgomery) & Co
100
preferred
Class A
Williams Oil0 Mat corn_ _• 16
•
Wolff Mfg Corp
73.4
Wolverine Portland Cem 10
634
• 50 V,
Wrigley Jr
/
Yates Machine part pfd * 273
Yellow Tr&Coach Mfg B 10 2234
100
Preferred
Yellow Cab Co Inc (Chic)• 44
------
124 13
8935 92
94
95
14
15
32
32
37
4234
9934 100
76
76
550 550
138% 139%
634 634
104 10%
55
55
11634 116%
9734 9734
8434 844
47
4735
2934 2935
118 119
134 1635
934 11
25
2654
29
29
910
367
76
320
10
200
24
75
6
860
540
285
553
195
20
10
60
65
35
5,535
1,450
655
259
Range Sam Jan. 1.
High.
Low.
12
89%
94
1034
3034
37
994
76
545
137
5%
104
50%
1134
9734
80
47
28
116
1334
934
25
27
Apr
Mar
May
Jan
Mar
May
Jan
Mar
Apr
Apr
Jan
May
Apr
Mar
Mar
Apr
May
Jan
Mar
May
May
May
May
13
95
100
224
35
6134
101
83
585
144
10%
1334
60
11735
10034
95%
50
.31
129%
25
3234
3034
3334
May
Apr
Feb
Feb
Jan
Feb
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan 30% Feb
27
235 26
2734
May 1534 Jan
10
60 10
10%
Feb
5
334 Jan
334 3%
25
Jan
3234 33
1,450 31% Mar 39
y
Ja
an
m
73
1
Mar 13
130 134
535 122
374 38
60 37 May 4034 Feb
Jan
33
33
100 32
Jan
Apr 125
114 114
30 112
Mar 9258:
194 20
1,430 19
Jan 454 Apr
4334 44
375 37
Mar
9034 91
60 ociq Feb 92
May
May
9534 9535
100 95
Feb
jjaann
9358
Mar 2934
2534 25%
140 25
30
31%
180 30 May
93
92 9134 Apr
9334
Mar
49
49
45 49
59
64
625 59 May
aan
ar
g Ia
5
14
1IJ
9
Mar "
934 934
225
wi.Taay.
Feb
10
734 Mar 364234
7% 734
883
Feb
8
7
Mar
7
7
150
May
36
37
30 36
35
36%
765 34 May
108 11134 3.955 108 May
104 1044
976 9734 Jan
11434 11534
605 106% Jan 113212311 Feb
Apr
134 May
14 14 55,500
Mar
9835 99
495 98
Jan
96
96
80 96
54
554
700 5254 Mar
Mara
r
j
A pn
25
19
126 127
Feb:
26 125
20% 2134
90 1934 Mar
24 234 2,498
234 May
267
465 34% jaaepanbr
28
May 2
26%
160 26
AFj32 an
27% 28
Mar
30 26
an
90
95
Jan 99
96
80 93
Mar
91% 93
50 9134 May
1534 17
710 1434 May
Feb
an
24
194 1934
160 194 Mar 59
20
20
25 19% Mar
41
42
425 3334 Mar
Jan
IMAeepraabrrb
'
E
3,‘ FF
2
3
1:
63
7
2
12834 12934
205 12834 Apr 10
12834 129
95 128% Apr
101
195 1004 Jan
10134
11434 114%
Jan
48 112
141 141%
Jan 14135 May
110 128
aan
558
71
4 Apr
0
106 107
Feb 12
94 105
39
40
1,395 3634 Apr
19% 20
775 1934 Mar
29
30
320 29 May 3034 Mar
Jan
69
723; 15,325 69 May 93
Feb
Apr 117
111% 113%
1,078 110
15% 16
5,470 1434 Apr 22% Jan
1034 104
25 1034 May 1531 Mar
Feb
4234 4334
192 42
Apr 48
7934 8134 2,750 7234 Jan 8634 Mar
Mar 58% Jan
4134 43
600 38
Mar
1,100
34
34
34 Mar
Feb
2
144 14%
425 134 Apr 26
Mar
Apr 31
1834 19
110 15
Mar
85
86
200 8131 Mar
Feb
51
ar
4535 4534
125 42% Apr 92
Mar
Mar 38
23% 24
200 22
Jan
161%
135 1374
Mar
460 125
Mar
115 115
125 11334 Apr 117
Jan
934 May 25
8% 12
1.900
9
Jan 1434 Feb
300
9
934
11
115
10734
14%
734
634
504
27%
22
99
44
115
109
18%
7%
634
51
27%
24
97%
4434
10 115
320 lows
6,5115 1434
734
120
534
300
825 49
1.175 26
740 22
102 91
700 42%
Jan 117
May 11214
May 23%
Apr 10%
Feb
934
Apr 5534
Mar 32
May
Apr
32 2:14
Mar 50
BondsChicago City By 55._ _1927
71% 72
Mar 7934
3.000 67
Chic City & Con Rye 55'27 484 4834 4834 1.000 4731 Mar 55%
Chicago Railways 55 _1927
7134 714 1.000 67
Apr 82
1927
55, Series A
50
50
Mar 56%
10.000 45
1927
4s, Series B
32
32
4.000 30
Mar 40
Commonw Edison 58_1943 1023: 1024 102% 10,000 1004 Mar 102%
Crown Willamette Paper1st m 6% s f g B_ _1951
98% 9834 3,000 98% May 99
HousGG Cost86451931 9734 96
9734 40,000 9534 Apr 99
IowaP&LCoFMGB
1955
"A"68
99
99
7,000 99 May 99
Lake St Elev 1st 5s_ .192/1
97
97
Feb 97
1,000 95
Metr W Side El 1st 45_1938
73
73
Mar 75
4,000 73
Extension gold 45. 1938
70% 70% 4,000 7031 May 7034
Peoples GL&C ref g 551927
101% 101%
1,000 10134 May 101%
Swift & Co 1st *1 g 55_1944 10034 1004 100 N
3.000 99% Jan 100%
•No par value.
Jan
Mar
Feb
Feb
Jan
Jan
Feb
Feb
MayF
F
e
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Feb
May
May
Jan
May
May
Jan
Baltimore Stock Exchange.-Record of transaetions.at
Baltimore Stock Exchange May 8 to May 14, both inclusive, compiled from official lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Armstrong-Cator8%pf 100 2534 2531
Amer Wholesale pref _ _100
99%
Arundel Corp new stk.._ _• 324 32
Autoline Oil pref
10
10
Baltimore Trust Co
50 136
136
Baltimore Tube
100 15
15
Benesch (I)corn
•
38
Boston Sand & Gravel_1(10 73
70
10
Centriu Fire Ins
2634
254
9934
3235
10
136
15
38
73
2634
Range Since Jan. 1.
Low.
12 25
10 99
160 28%
50 10
32 130
225 15
10 38
55 61
6 2634
High.
Apr 53
Apr 101
Mar 36
May 10
Apr 154
Apr 22
May 40
Mar 73
Jan 2834
Jan
Feb
Jan
May
Feb
Jan
Jan
May
Feb
MAY 15 1926.]
THE CHRONICLE
?Tway
Sales
Last Week's Range for
Sate
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Century Trust
50
155 158
Chas & Po Tel of Balt pf100 1134 1134 1134
Commercial Credit
• 28
28
29
Preferred
25
24
24
Preferred B
25
25
25
Rights 6% pret
100
9114 9134
Consol Gas E L & Pow_ _ _•
484 494
615% preferred
100 11054 11035 11031
8% preferred
100
1274 1273.4
Consolidation Coal_ _ __100 3734 3715 38
Hellen Tire & Rubber
54 634
East Roll Mill new stock.* 31
31
31
Equitable Trust Co
25 70
70
70
Fidelity & Deposit
50
118 118
Finance Service, Class A 10
20
20
Hare & Chase pref
•
904 91
Lorraine Pet Co...le.shares
.50
.50
Manufacturers Finance_25
53
53
25
1st preferred
21
214
28 preferred
25
22
23
Trust preferred
25
2034 21
Maryland Casualty Co._25 95
9434 95
March & Miners, new_ ___• 42
42
44
Monon Vail Trac, pref.. _25 214 21
22
Mortgage & Accept corn _.*
12
12
Preferred
50
4014 4034
Mt V-Woodb Mills v t r 100
104 11
New Amsterd'm Gas Co_10 50
50
50
Northern Central
50
81
81
Standard Gas Equip__ _100
98
98
United Ry & Electrio__ _50 171.4 174 18
U S Fidelity & Guar_ __ _50 196
196 19734
Wash Halt & Annan Pt--50
23
23
West Md Diary, Inc com•
118 11834
Preferred
50 524 5234 5234
Range Since Jan. 1.
Low.
High.
611
46
40
14
30
52
50
51
1,550
29
62
25
200
15
100
75
103
295
390
305
406
171
20
25
50
264
25
60
439
27
62
50
54
28
24
2415
914
45
1084
124
36
54
3034
62%
1174
20
90
.40
53
2034
2115
20
944
42
20
12
40
104
49
7834
98
17
187
2215
94
5215
Apr
Jan
May
Apr
Apr
May
Jan
Mar
Jan
Mar
Apr
Apr
Jan
Mar
Mar
Mar
Feb
May
Apr
Apr
Mar
May
Apr
Apr
May
May
May
Mar
Jan
May
Jan
Mar
May
Jan
Mar
182
11334
464
2615
274
99
5735
11034
1284
53
635
48
75
124
2134
92
.50
6834
23
2434
23
102 •
5334
2335
234
46
1634
564
8134
1004
1934
21934
2514
1184
5434
Feb
mar
Jan
Jan
Jan
Feb
Feb
May
Feb
Feb
May
Feb
Feb
Feb
Feb
Mar
Mar
Feb
Jan
Feb
Jan
Jan
Feb
Apr
Jan
Feb
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Jan
BondsConsol Gas gen 445_1954
$6,000
9534 96
Canso' G,EL&P 448_1935 98
98
9834 27,000
Preferred 58
1965
10134 10134 1,000
514% notes, Ser E..1952
10534 10534 1,000
8% notes, Ser A_ -1949 10735 1074 10734 2,000
Consol Coal 55
1950
7935 7934 2,000
Danville Tree & P 55_1941
3,000
5934 60
Davison Sul & Phos 65.1927 10034 10034 10034 1,000
Elkhorn Coal Corp 6ris'32 9934 994 9934 4.000
Fairmont Coal 5s
1931
93
93
1,000
Fla Cent & Penin cons 55'43
1004 10034 2,000
Ga Car & Nor 1st 513_ _1929
100 100
1,000
Houston 0116155
1935 9934 9934 9934 1,000
Md Electric Ry 6141L._1952
9534 9534 6,000
Norf & Ports Trac 55..1936
97
97
1,000
Norfolk Street Ry 53_ _1944
98
98
1,000
Sparrows Point
82
8234 7,000
United Ry & E 48_ _ __1949
7034 7034 3,000
Income 48
1949
48
4834 2,000
Funding 55
1936
714 7134
400
6% notes
1927
9834 9834 2.000
8s, when issued _ ___1949 95
95
95
4,000
Wash Balt & Annan 551941 8834 67
6834 24,000
o par va ue.
9434
954
1004
1044
10534
7934
594
10034
99
93
100
994
9134
9134
97
98
8114
69
48
6714
9734
914
67
Jan 98
Feb 984
Jan 10134
Jan 10534
Jan 10715
May 7974
May 6655
May 101
Jan 100
May 994
Feb 10034
Jan 10054
Apr 994
Apr 97%
Feb994
May 98
Apr 8234
Mar 7134
Mar 5034
Jan 72
Jan 984
Jan 96
May 7334
Apr
Apr
May
Mar
May
May
Jan
Jan
Apr
Feb
May
Apr
May
Mar
Jan
May
May
Mar
Mar
May
Mar
Mar
Feb
30 155
5 11034
Cincinnati Stock Exchange.-Record of transactions at
Cincinnati Stock Exchange May 8 to May 14, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
OfPrices.
Week.
Par. Price. Low. High. Shares.
Am Laundry Mach,com.25 114
114 115
Preferred
100
125 125
American Products, corn__ ...... 2434 24%
Amer Rolling Mill. com_25 49
49
50
Preferred
100 110
10934 110%
Amer Seed Mach, pref 100
88
66
American Thermos, com__ ...... 15
154
Preferred
40
4114
Buqkeye Incubator_ _100
32
321(
Carey (Philip), com _100
175 17514
Preferred
100
111 114
Champ Coated Pap, p1.100 111
111 111
Champ Fibre, prof_..100
105 105
Churngold Corporation_ •
554 57
City Ice & Fuel
•
244 2454
Cooper Corp, new prof _100
10134 102
Dalton Add Mach,combo
63
67
Eagle-Picher Lead. com_20 2735 2735 28
Preferred
100
113 113
Formica Insulation
•
23
23
Grant Tire
• 34
34
34
Gibson Art, coin
• 38
3735 38
Globe Wernicke, corn__100
95
95
Gruen Watch, corn
39
39
Preferred
100
106 1053.4
Hatfield-Reliance, pref_100
1013( 1014
Johnston Paint, pref.. _100
99 100
Halm°, First
20
100% 100%
Participating
100
42% 423(
Kodel Radio, Prof
20
20% 20%
Kroger, corn
10 123
1183( 123
New preferred
100 111
11014 111%
Paragon Refining, cam_ _25
614
64
Procter & Gamble, com_20 155
15134 155
6% preferred
100
1124 113
Pure Oil,6% preferred-100
95% 95%
8% preferred
100
108 108
Putnam Candy, pref.._ -100
100 100
Richardson, corn
100 145
145 145
Preferred
100
10714 10734
US Can, prat
100 10234 10214 102%
S Playing Card
20 13635 136% 13734
'US Print & Litho,com 100
85
85
Preferred
100
99
99
U S Shoe, com
•
515 53(
Wurlitzer, 7% pre( __100
110 110
8% preferred
100
10634 1064
Banks100
Citizens National
Fltth-Third-Union units100
Public UtilitiesCincinnati & Sub Tel_ _ _50
Clue Gas& Electric__ _100
C N & C Lt & Tr, com_100
100
Preferred
Ohio Bell Tel., pref. -.100
Tractions-'
Cm& Ham Tree, com_100
Cincinnati Street Ry. _50
Columbus Ry,P & L, pflOC
Ohio Traction, prat_ _ -100
Railroads-CNO&TP,com
Preferred
•No par value.
100
100
8334
90
8534
10.4
33%
9834
224
323
124
323
8235
89
8534
6635
10914
834
90
8514
8814
109%
1014
32%
9814
75%
1034
3335
9815
754
2863( 294
1014 10134
Range Since Jan. 1.
Low.
481 108
3 124
214 2434
2,117 4735
213 1094
30 66
60 15
56 40
12 30
20 175
12 110
11 108
8 103
180 534
13 234
9 100
108 62
1,184 28%
30 110
50 20
10 23%
120 3614
40 924
15 26;5
32 10314
115 101
20 98
1 10034
24
42%
20 2054
2,384 104%
1011 110
10.
634
83 139%
14 11034
1 8514
1054
99
2 140
10 105
GOO 99
55 137
51 81
5 99
81
514
1 107
20 105
2 212
10 321
Mar
Feb
Mar
Mar
May
May
May
May
Jan
Apr
Mar
Feb
Mar
Apr
Apr
Mar
Apr
Mar
May
Apr
Jan
Feb
Mar
Jan
Jan
Apr
Jan
Apr
Apr
Jan
May
Mar
May
Jan
Feb
Jan
Jan
Jan
May
Jan
Ma
Ap
Jan
Jan
May
Jan
Ma
High. •
1454
125
2754
59
III
75
20
44
33%
181
115
111
10514
78
25%
103
7114
33%
113
27
39
40
96
41
10615
103
10234
103
4314
214
121%
11214
915
160
11614
96
11034
100
158
10734
10354
145
94
100
834
110
10615
Feb 223
Feb 323
Mar
Apr
Mar
Feb
Mar
Feb
Mar
Mar
Feb
Apr
Mar
Feb
Apr
Feb
Jan
Apr
Feb
Feb
May
Feb
Mar
Mar
Apr
Mar
May
Apr
Feb
Apr
Apr
Feb
Apr
Feb
Jan
Jan
Apr
Feb
Feb
Mar
Feb
May
Feb
Feb
Feb
Feb
Feb
May
Mar
Mar
Mar
80 81
Ap
847.4
532 88
Ma
93%
26 813.4 Jan 8615
48 64
Ap
66
742 109
Ap 111%
Feb
Apr
Mar
Jan
Mar
53
487
75
25
Apr
Feb
Feb
Feb
10
32
98
64
91 270
136 101
Ma
Ma
Ma
Jan
Ap
Ma
11
33%
99%
84%
294
102
May
Jan
2785
St. Louis Stock Exchange.-Record of transactions
at St. Louis Stock Exchange May 8 to May 14, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sates
Last Week's Range for
ofPrices.
Sate
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Bank StocksNat'l Bank of Comm'ce.100
170
170
50 155
Jan 171
Feb
Trust Co StocksMercantile Trust
100
Mississippi Valley Trust100
420
298
420
298
5 410
5 267
Jan 425
Jan 298
Mar
May
Street Railway StocksSt Louis Pub Serv, corn...
Miscellaneous StocksAmer Credit Indemnity _25
•
Boyd-WeL3h Shoe
Brown Shoe,corn
100
Chicago Ry Equip. pref _25
Crunden-Martin, corn-100
Ely & Walker DO,corn.25
Second preferred_ _100
Fulton Iron Works,com_ •
100
Preferred
Hutt* S & D,corn
•
Hydr Press Brick, com_100
Preferred
100
•
Indep Packing, corn
International Shoe, com_ •
100
Preferred
Johansen Shoe
•
Johnson-9 & S Shoe
•
100
Laclede Steel Co
Mo-Ills Stores, pref_ _ _ _100
Missouri PortI'd Cement.25
National Candy, corn_ _100
•
Pedigo-Weber Shoe
Polar Wave I& F"A" •
Rice-Stix Dry Goods,corn *
Second preferred__ _ _100
Scruggs-V-B D G,com_100
•
Sheffield Steel,corn
•
Staloff Packing, corn
South Acid & Sulph, corn_•
Southwest Bell Tel, pf _100
St Louis Amuesment"A".•
100
St Louis Car, pref
Wagner Electric, com_ _•
Wagner Elec Corp,pref 100
Waltke Co, coin
•
100
Preferred
Mining StocksConsol Lead & Zinc Co_ _20
Street Railway BondsE St Louis& Sub Co 551932
St L & Sub Ry gen M 55'23
Gen mtge Sect'dep_1923
United RailWaY84s.._ A934
18%
3734
_304
28%
3%
25%
109
30
151%
1054
54
28%
241(
50
22
69%
424
174 1815
52;i
52
374 38
314
30
25
25
102 102
2815 28%
87
87
2015 2015
96
96
32% 334
33( 3%
8534 86
25% 26
140 141
109 110
30
30
50
55
151% 1517.4
104 1053(
54
5634
75
75
2815 30
33
33
21% 22
10015 100%
254 25.11
24% 25
18
18
44
44
113 1134
50
52
94
94
22
2315
69% 71
42% 424
105 105
3.740
Mar
Apr
May
May
Apr
May
May
May
May
May
Apr
Apr
May
May
May
May
May
Apr
May
Mar
Apr
May
Ap
Ma
Ap
May
May
May
May
Ap
Ap
May
Ma
May
Ap
Ap
151%
110
574
92
39
37%
25%
10215
30
294
22
52%
1143.4
5915
97
3434
85
4414
106
May
Feb
May
Feb
Jan
Feb
Feb
Jan
Feb
May
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Apr
Mar
105
May
28
Mar
85
95
91%
784
Mar
Mar
Feb
Apr
23
2315
843-4
84
8115
81
77
84% $3.000
8134 5,000
8135 56,000
7734 15,000
100
100
100
100
1814 May
40 50
350 36
684 30
191 25
14 101
380 281(
85 87
100 20%
20 94
105 3214
15
354
so 85
35 2534
569 135
50 109
120 30
75 50
25 148
30 104
350 48%
20 70
55 2834
100 32
180 21%
15 100
425 25
195 24
25 18
45 44
105 11254
305 46
20 90
823 20
85 6934
295 40
25 104
23
Miscellaneous BondsKinloch Long Dist 55_1929
Houston 011 Co & Texas1935
6345
177.4 May
2,000
23
55
444
4434
26
104
3314
90
36%
99%
44
615
974
29
1754
111%
45
983.4 Jan
8374 la
794 Ap
793( AD
Jan
75
99% Ap
13.000 100
Ma
Jan
Feb
Feb
Mar
Mar
Jan
Apr
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
100
May
100
May
•No par value.
Pittsburgh Stock Exchange.-For this week's record of
transactions on the Pittsburgh Stock Exchange see page 2762.
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from May 8 to
May 14, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Friday
Sates
Last Week's Range for
Sate.
ofPrices.
Week.
Par. Price. Low. High Shares.
Week Ended May 14.
Stocks- .
Indus. & Miscellaneous.
Ala Great South, corn_ _50
Preferred
50
Alpha Portl Cement_ _ _100
.
Aluminum Co,corn
100
Preferred (6%)
Amer Cyanamid,class B.20
Amer Gas & Elec, coin_ _ •
•
Preferred
American Hawaiian SS_ AO
Amer Lt & Tree, corn_ _100
•
Amer Pow & Lt, com
100
Preferred
Amer Pub Util, prior pt 100
Amer Rayon Products__ _•
Amer Road Machinery _100
Amer Rolling Mill. com_25
American Seating Co__100
Am Sumatra Tob (new co)
Voting trust ars w I__
Am Superpow Corp el A_ _•
•
Class B
25
Prior preferred
•
First preferred
American Thread, pref._ _5
Amer Writing Pap,com 100
Andean Nat Corp warrants
Armour Leather, com _15
AkisOC Gas & Elec. class A_.
Atlantic Fruit & Sugar....
Atlas Portland Cement__ •
Auburn Automobile. com25
Baboock & Wilcox Co_ _100
Bigelow-Hartf Carp,corn _•
BlackstoneVaIG & E com 50
Bloomingdale, Inc, corn_ •
Preferred (7%)
160
Borden Co
50
Bradley Fireproof Prod_ _1
Bridgeport Machine. cora •
Brill Corp(new) class A_ _•
•
Class 13
Brill° Mfg, corn
•
Class A
•
Brit-Amer Tob ord bear_ fl
Ordinary registered _LI
Brockway Motor Truck__•
Brooklyn City RR
10
Range Since
Low.
Ain. 1.
High.
100 100
101 102
120
120 120
0334 63
64
9934 9935 997.4
36
36
3635
73
74
9135 9134
9
94
214 208
5211 5354
9334 9234 9335
90
90
23
204 23
3
3
49
49
265 310
100 95
20 944
20 115
1,200 5.434
400 9834
2,100 353-4
1,800 64
400 9074
200
9
425 195
2,800 484
390 92
10 89
4,600 2014
100
3
100 4834
290 250
Mar
Mar
Jan
Jan
May
Jan
Mar
Apr
May
Mar
Mar
Apr
Mar
May
May
Apr
Mar
18034
110
138
76
101
47
9934
9535
113.4
264
7914
96
90
3554
44
594
335
Feb
Jan
Feb
Feb
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
Jan
Feb
Feb
16
16
2134 22.
2354 2435
243.4 2434
93
9334
334 34
50e 60c
410 410
234 234
29
2934
1
134
4534 4614
494 50
114 114
84
84
95
9534
26% 2734
103 10334
9234 9234
80e 80e
73-4 734
34
3534
15
1634
200 15
400 1915
1,500 2115
200 23
400 93
500
37.4
700 10c
2 410
101
215
2,20(1 2534
3.400 89e
40( 45
200 4174
10 114
25 84
200 9034
700 26%
200 10134
100 914
200 63c
400
77.4
4.100 34
2,600 15
Apr1854
Ma
3715
Siar 39
Mar 2654
May 9334
May
4
Mar 75c
May 410
May
515
Mar 3535
Jan
254
Apr 553.4
Mar 73
Apr 149
May 984
Apr 11874
May 3234
Apr 10434
Mar 110
Jan
114
Mar 157.4
May 5734
may 33
Apr
Jan
Jan
Feb
May
Jan
Jan
May
Feb
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Mar
Apr
Jan
Jan
jail
jai,
Jan
May
r
May
May
Mar
Feb
22
2334
2415
334
410
2935
135
114
9534
2634
80c
35
15
x734
20
83(
27
2654
2534
x74
20
834
284
274
254
74
500
200
800
700
200
•i I
26
0%
2635
2634
244
7
A:r
t.'
Feb
Feb
Apr
May
281%
2815
2734
294
934
Friday
Sales
1031 Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Per Price. Low. High Shares.
Brown & Will Tob, cl A.10 15
100 195
Bucyrus Co. corn
100
Preferred
Buff Niag & E Pow corn...• 27
BurroughsAddMach,pf.100
• 4734
Can Dry Ginger Ale
231
Oar Ltg & Power, com...25
100
Celluloid Co corn
Cent States Elec.8% p1100
100
Central Steel corn
Centrifugal Pipe Corp...• 1634
Chic NIPPle Mfg CI A __50 43
51) 2634
Class B
20 z4034
Cities Service corn
100 z85
Preferred
10 z7.14
Preferred B
100 z74
Preferred BB
Collins & Aikman Co com • 3334
100
Preferred (7%)
Colombian Syndicate_ _
Comwealth-Edlson Co 100
Com'wealth Power Corp• 3334
Common
100
Preferred
* 38
Warrants
Consol Dairy Products_ *
Con Gas, E L&P Bait eom• 4934
-• 2234
Consol Laundries. w
7934
I__Continental Baking,comA•
• II%
Common B
100 8934
8% preferred
Continental Tobacco._ _* 12
Copeland Products IncClass A without warr'ts•
•
Cuban Tobacco v t c
• 3134
Cuneo Press corn
Curtiss Aeropl & M.Com_• 1631
2
De Forest Radio Corp .•
Denver Tramway,7% FIL• 3031
Dinkier Hotels CoClass A with purch warr•
• 12
Doehler Die Casting
Dreedner Bank, Amer shs_ 101
Dubiller Condenser & Ract•
•
Dunhill International_
534
•
Durant Motors, Inc
•
Duz Co class A
Class A vot trust ctfs....•
Eastern Rolling Mill,com.• 31
Eitingon SWUM Co. corn.•
Elec Bond & Share. pf 1000 10734
Eleo Bond & Stare Bee_ _.• 66
Elea Invest ors without war* 34
•
Empire Power Corp
Engineer. Public Serv com• 2334
Preferred, full paid..__• 10134
Preferred (70% paid)__ • 101
• 9034
Preferred 7%
Estey-Welte Corp class A.• 2734
Fageol Motors Co. corn. II
Federal Motor Truck___10 40
•
Federated Metals
Film Inspection Mach_ •
Firestone T & R,7% pf.100 98
Ford Motor Co of Can.101
Forttan Co,clan; A
Foundation Co18
Foreign shares Class A.
Fox Theatres. CI A. cora.•
corn.'
Mfg.
H)
(H
Franklin
534
Freed-Eisemann Rad10---•
' 2231
Freshman (Chas) Co
Gamewell Co, corn
•
Oared Corporation
General Baking class A...'5034
534
•
Class B
• 7834
General Elec new w I
General Fireproofing corn _
Gen'l Gas & El of Del B. •
Gen'l ice Cream Corp. •
Ga L,Pow & RYs,com_100
Glllette Safety Ftazor _ _ _ • 9334
• 162
Glen Alden Coal
30
Goodyear Tire & R.com101
'W)5- 10- 25-c St.
Grand (11
134
Grimes Re & Cam Rec__-•
Happiness Candy St Cl A.*
Founders shares
Havana Elec & Diii v t c_.
7034
Preferred
Hazeltine Corporation__ •
Hires(Chas E)Co•
Class A common
•
Horn & Hardart corn
Imp Tob of Gt Brit & 1_./1
12
Industrial Rayon Class A.
4
Int Cone Ind Frs she_ -10
Internat Projector Corp_
Internat Silver new w 1.10C
Internat. Utilities class A.
Class B
• 140
Jobna-Manville. Inc
10
Keystone Solether
Land Co of Florida
Landay Bros Inc class A. *
Landover Hold CorpClass A stamped
Lehigh Power Securities
• 1234
New Cons Corp
Lehigh Valley Coal Sales.5(I 9234
4034
Lehigh Vail Coal etfs new
Libby MeN & Libby_ _10
Libby Owens SheetGlass 2) 14134
10
Lit Brothers Corp
Marconi Wirel of Canada.I
Marconi Wirel of London _1
100
Mengel Co
Mesabi Iron
Middle West Utilitiee.com• 11034
101 11534
Prior lien stock
101 10434
Preferred
Midvale Co
Miller Rubber pref_ _ _ _100 10034
Miss River Pr6% pfd _ _100 9334
Mohawk & Hud Pow corn _• 2134
Mohawk valley Co_
Montreal Lt, Ht & Pr_ _100
Moore Drop Forge Clam A•
Municipal Service Corp... z12%
Nat Flee Power, Class A..•
10
National Leather
• 9834
Nat Pow & Lt pre:
Nat Pub Baty CI A corn _• 1934
•
Common class B
5
Nelson(Herman)Co
23%
Neptune Meter, class A.
10%
New Meg & Ariz Land__ 1
N Y TeleP.Sh% Prel--100 112%
N Y Transportation...100
Northeast Power corn....' 1934
Northern Ohio Power no • 1354
[VOL. 122.
THE CHRONICLE
2786
Range Since Jan. 1.
High.
Low.
15
15
100 15
548 179
193 200
25 100
105 105
27
1,300 2331
2734
10534 10534 ' 10 105%
47% 49
6,900 40;i
1%
234 2% 3,000
24
50 15
24
20 90
90% 90%
200 60
65
65
1634 1734 2,500 16%
1,500 42
42% 43
26% 26%
600 2534
40% 4134 11,900 37%
8431 85% 2.600 82%
734
200
734 734
200 74
74
74
333( 34
1.000 3234
9731 98%
800 95%
2
2516 VI. 11,800
20 137
13934 13934
May
Jan
Jan
Mar
Apr
Jan
Jan
Feb
Jan
Mar
Apr
Feb
Apr
Feb
Apr
Feb
Mar
Mar
Apr
Mar
Mar
15
335
10534
8834
107
5031
2%
26
99
74%
27
43%
27
4234
85%
734
76
39%
10134
334
143
May
Feb
Jan
Feb
Feb
Mar
Mar
Apr
Feb
Jan
Jan
Jan
Jan
Mar
May
Jan
Jan
Mar
Mar
Jan
Feb
33%
85%
33
334
4934
22
79
11)4
89%
11%
3434 2,600
100
8534
3831
100
334
500
5034 1,900
22% 4.200
1.600
80
12% 11.200
91
1,900
1,000
12
29
82
30%
3%
4434
22
65
1031
86%
1131
Mar 4294 Jan
Jan
Mar 88
Feb
Mar 76
534 Jan
Apr
Fel}
58
Jan
Mar 2834 Feb
Mar 121% Feb
Mar 30% Jan
Feb
Mar 101
May 1634 Jan
1734
52
29
1634
2
3031
1734
60
31%
16%
234
3031
200
200
1,400
800
1,400
100
17
52
26
1534
134
3034
Apr
May
Feb
May
Apr
May
2034 2034
13
12
101 101
634
6
19
19
531 6
10% 1034
9% 1034
31
31
3434 3434
107 107%
65% 67%
3334 3534
21
22
223( 2334
10131 10134
100 10131
89% 9034
27
27%
531 6%
-3914 4134
17
17
434 4%
9731 9334
490 502
1534 1535
200
500
50
400
600
3.200
100
600
100
400
330
4,000
1,800
500
1,300
100
800
1,800
2,100
1.600
800
300
200
120
130
100
20
12%
101
4%
18
5%
10
934
29
33
104%
5634
3054
21
21%
97
9534
86
24
431
32
15
4%
z0731
440
13%
Mar
May
May
Apr
May
May
MaMaY
Apr
Mar
Jan
Mar
Mar
Ma)
Apr
Mar
Nlar
Apr
Jan
Mar
Mar
Apr
Apr
APT
APT
Mar
27% Jan
Jan
64
3134 May
2314 Jan
1031 Jan
4034 Feb
2534
18
101
11
2634
1334
21
22
4634
3734
10831
86
704
32
29%
104
1043;
NM
28
1034
4534
22
734
100
655
20
Jan
Jan
May
Jae
Jan
Jeer
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
May
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Jan
17% 1834 2.100 1634 Mar 55
22 34
22
1,300 1935 Mar 84%
500 2034 Mar 33
2134 2234
8%
3,100
335 Mar
5% 6
21.1 24% 15,600 1754 Jan 2834
593;
May
5734
ao
57%
57%
7
400
434 434
2% Feb
6,000 44% APT 7934
5051 51
1731
Mar
5%
534 6% 7,500
8331
7834 79% 72,200 78% M aY
Mar 57
44
100 40
44
100 28
Mar 49
33
33
100 47 MaY 5634
47
47
300 5834 Mar 75
7034
70
Mar 114
3,200 89
9231 94%
2,800 13834 Jan 171
15534 164
3134 4,500 2931 Apr 50
30
Mar 85
5534 5534
100 50
7
134 Apr
134 1% 1,900
831
634 Apr
500
6% 634
7%
Jan
6
634 634
100
44%
Apr
3734
39
100
39
200 64% Apr 71%
7034 7034
8% Apr 17%
500
9% 11%
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Feb
May
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Mar 26
Mar 62%
Feb 25
Apr 1914
8%
Apr
Apr 1534
May 96
Mar 39
934
Mar
Mar 159
Apr 45c
Mar 47%
Mar 37
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
Jan
Jan
Jan
Jan
Feb
100 23%
100 41
200 24
9%
4,400
2
600
9
100
50 93
100 32
434
300
425 130
7,000 10c
400 21
100 32
24
5131
2434
1134
4
12
9334
32
431
13734
230
2534
34
24
5131
24%
1334
434
12
9334
32
5
140
280
27
34
931
934
1,000
1234 13%
82% 84
4034 4134
754 731
141% 143
2534 2535
82c 820
5% 534
33
38
134 1%
107% 112
11434 11534
10334 10434
22
22
100 100%
94
93
2134 2334
33
33
222 222 34
64
64
1234• 1234
2034 21
234 2%
98% 99
19
19%
10% 1031
2234 2234
2334 2334
10
1031
112% 112%
51
51
1034 20
1334 1334
6.900
325
3,300
100
120
100
100
200
50
500
2,700
500
320
100
70
225
1,800
300
20
200
200
5.500
200
550
500
200
100
700
900
75
100
5,300
3,600
8
Apr
Mar
10
Mar
80
36% Mar
7% Mar
14034 Apr
Mar
25
82c May
534 Mar
Apr
34
131 Mar
107% May
Jan
98
Jan
97
2134 May
Jan
100
Apr
92
Mar
2034
Mar
30
May
222
Mar
61
1234 Mar
1534 Mar
234 May
Mar
97
15% Ma
Ma
10
1931 Mar
2334 Ma
934 Apr
11034 AP
Jan
50
17% Ma
Mar
11
931 -Alir
22
88%
4534
931
219
3231
136
85-4
52
234
135
12234
11134
25%
103
96
28%
3731
222%
67
13%
2634
434
10234
24
1211
26
25%
17
11334
55
3634
26%
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Feb
Jan
Feb
Jan
May
Jan
Mar
Jan
Jan
Jan
Jan
Apr
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Sales
Friday
Loaf Week's Range for
of Prices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High Shares.
Nor Out Lt Pr com._100
or States P Corp com_101
100
Preferred
•
Pacific Steel Boiler
Fender(David)Grocery A •
Class B
Penn Ohio Securities Corp*
Patna Pow & Lt pref.__ _•
Penna Water & Power_100
Peoples Drug Stores. Inc.'
Philadelphia Elec corn_ _25
Pick (Albert) Barth & Co1
Common vot tr ctf
Pillsbury Flour Mills__ _50
Power Securities corn_ _•
Pratt & Lambert. Inc_ _ _•
Procter di Gamble corn. 20
Pro-phy-lac-tic Brush com•
Puget Sound P& L corn 100
Purity Bakeries Class A_2
•
Claw B
100
Preferred
Rand-Kardez Bu new w ,'
Rem Noisel Typew,com A •
10
Rao Motor Car
Republic Motor Truck v t c•
Richmond Radiator corn_•
•
KlekenbAcker Motor
Royal Bkg Powd prof...100
•
St Regis Paper, corn
.._100
Savannah Sugar pref.
Servel Corporation A _ _•
Certificates of deposit...
Sherwin Williams Co 0°0125
Sierra Pac Elec Co com_100
Singer Manufacturing_.100
£1
Singer Mfg Ltd
Snia Viacom, ord.(200 lire)
Dep rects Chas Nat Bank
ecu Calif Edison corn. 100
25
New common
100
6% pref series B
Southern Cities 7Jtils.100
Southern0& P Class A •
S'eastern Pr Ez Lt. corn.•
Participating preferred.•
Warrants to our corn *1k.
Southwest Bell Tel pref 100
Standard Pow & Lt cl A.25
Stand Publishing Cl A._25
Standard Tank Car, corn.'
Stromberg-Carl.. Tel M fg _•
•
Stutz Motor Car
•
Superheater Co
100
Swift & Co
10
Swift International.
_100
Tampa Electric new,..
Thompson(RE)Radio vto •
Thn ken-Detroit Axle_ _10
Tobacco Prod Exp Corp_ •
Trans-Lux Day Pict Screen
•
Class A com
Trumbull Steel, corn... _25
10
Truscon Steel
'Pubis° Artif Silk CI B __•
•
Tulip Clip Corp corn
Tung Sol Lamp Wks el A _*
United Eke Coal Cos v t r•
United Gas Improvem't_50
United Lt &P corn A new..
_I
United Profit Sharing
U S Dairy Prod class 13.. _•
Ii S Light dr Heat corn...10
10
Preferred
U 8 Rubber Reclaiming..
U S Stores Corp class A_ •
Class 13
Universal Pictures
Utility Share Corp won't..
Van Camp Packing. pref.50
Victor Talk Machine_ _100
Warner Quinlan Co w I_ __•
Western Power pref....100
hgs new.
M3irlia p
W11iLe owe se
White
Wolverine PortI Cement_10
-•
Yellow Taxi Corp. N
6
19%
535
334
100%
47
11534
22%
20%
304
170
17%
27%
96
14
17%
694
33%
26%
25%
2634
6
16%
High.
Apr
Jan
May
Feb
Jan
Feb
May
Mar
Jan
Mar
Jan
Apr 10%
5,100 10
Feb 48
200 36
Mar 12
6
300
Mar 6031
200 51
30 14234 Jan 183
Feb 4331
100 42
Mar 66%
500 45
Mar 42
800 35
Mar 8934
300 24
Mar 97
190 91
1,100 3434 Apr 68
200 3035 Mar 52%
500 19% Apr 25%
.5;i May 1634
200
Jan 23
900 15
934
3% May
4,600
160 993( Apr 103
May 90
300 47
10 115% May 11551
400 1534 Mar 30%
600 1634 Mar 23%
100 35
Feb 43
Mar 28%
800 23
340 295
May 385
9
200
5 May
May
Feb
Feb
Feb
Jan
Feb
Jan
Jan
12
115%
2831
97
27
1334
May
Mar 142
May 35
Mar 9934
Apr 49
aaaMar 273(
ar 4654
34
6634
1531
114
Jan
1252
1292
1
:
MM
MM
1734 May 24
Apr, 19
14
6% Apr 14%
38
Mar13H
28
Mar 3734
Apr 145
132
r 116%
1434
110
May 22%
55% Apr 6631
65-4
4 Marr 1134
134
8
434
3% May
Apr
Jan
Feb
Feb
Jan
Feb
Jan
Apr
Feb
Mar
Feb
Feb
Jan
Apr
Jan
Apr
Feb
Jan
May
Jan
Jan
Jan
734 8
7%
3,400
10
1034
500
8%
2334 2334
100 22
105 170
190 161
234 1234
100 1234
1734 1734
200 17
300 84
2534 27%
23
95% 9934
4,000
1351 1434 11.300 12%
1131 11%
600 11
17% 1734
100 14
2034 213.1
600 16
654 2,100
6
534
14% 15
200 1334
16
14
200 10
6
5
5
300
33% 33%
100 2934
234 234 1,000
2%
25% 2734 4,200 20%
100 68
7734 7734
2534 2634
500 2334
95
10 8134
95
26% 2634
300 2634
4534 46
2,100 368
6
6
100
10
1634 2,600
9
Jan
Apr 14
1334 Feb
Jan 301
Mar
Apr
eb
jan
F
% Mar
5
°s
14
May 24
20
4854
Mar 124
34
Mar
34ar
10% 1034
37
36
634
6
5234 5234
15434 154%
4334 4334
4734 47%
3931 4034
28
2834
96
97
3831 39%
32% 32%
1954 2034
5% 6
16% 1634
3% 4
10034 10034
48
47
11531 115%
22%
21
20% 2134
39
39
2734 2734
300 306
5
5
12
12
116 11634
116
28% 2831 29%
9934 99%
40% 40
4034
2234 2334
2631 25% 2634
6334 6334 6334
834
83( 834
113 11334
1734 1734
14
14%
14
10%
9
934
34
34
25;i 2534 27%
148 148
114% 111
11434
15% 15% 16
6634 63% 6631
134 2%
1 34
934
934 934
3%
3% 334
734
10
Low.
74
18654
10234
16%
5034
38%
734
106%
174
3431
67
7314 7334
9931 98% 101%
101 102
102
11%
11
11
43
43
2534
2534 23
734
7
7
105% 105% 10534
139 14054
25
2534
45
45
46%
1034
Range Since Jan. 1.
Mar
May
Apr
Apr
Apr
Apr
May
Jan
Mar
Mar
Mar
100 45
5,100 98H
150 9934
600 11
200 42%
800 23
7
2,200
100 10434
230 130%
400 20
300 40
800
350
2,100
200
500
300
4.900
200
1,100
100
100
2,10
@FedFRASER