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VOL. 126.
SATURDAY MAY 19 1928.
financial Chronicle
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TheiFinancial Situation.
The baleful effects of unbridled speculation are
to be found not alone in the stock market. Their
presence is also visible in the grain and produce exchanges and whatever lends itself to speculative
manipulation. Nor do brokers' loans on stock and
bond collateral furnish the only avenue through
which the excessive use of bank credit and Reserve
credit finds expression.
We are moved to these observations by the review of the industrial and trade situation which
appears in the "Federal Reserve Bulletin" for the
month of May, just issued. The "Bulletin" is optimistic in tone and, after speaking of "the expansion
of industry and trade," of which no one has been
able to find evidence outside of the automobile industry and the steel trade stimulated to activity
by the demands of the automobile manufacturers,
goes on to say that this expansion "was accompanied
in February, March and April by an increasing demand for bank credit and an increase by more than
the usual seasonal amount in commercial loans by
member banks in. leading cities." Though saying
this, the Reserve Board expressly admits that "in
March and April loans made by these banks on the
security of.stocks and bonds, including loans to
brokers, increased rapidly to the highest level of
record."
Further along in its report, however, the Federal
Reserve Board in specifically discussing the increase in the use of bank credit again reverts to the
subject of commercial loans, saying: "The increase
during the early months of 1928 in production, employment, and trade was accompanied by a substantial increase in the volume of bank credit in use.
Loans and investments of member banks in leading
NO.3282.
cities, after some liquidation in the early weeks of
the year, subsequently increased by more than $700,000,000, and were in April nearly $350,000,000 larger
than at the beginning of the year and considerably
larger than at any previous time." As a matter of
fact, the loans and investments of the 643 reporting
member banks in leading cities as of May 9 were
larger in the huge sum of $2,041,252,000 than at the
corresponding date a year ago, and of the increase
of $2,041,252,000 no less than $1,401,019,000 was in
the loans and discounts and of this latter increase,
$1,075,820,000 in turn was in the loans secured by
stocks and bonds.
The Federal Reserve Board proceeds with its comment as follows: "Somewhat less than half of the
recent large increase represented a rapid growth in
February, March and April in commercial loans.
These loans in November, December and January,
however, when industry and trade were relatively
inactive, were for the first time in several years no
higher than at the same time in the preceding year.
The recent increase therefore which has been the
most rapid for this season of the year since 1923
may be taken in considerable part as reflecting coincident growth,, from an unusually low level and in
more than the usual seasonal mounts, in the production, and distribution of goods."
It seems to us, however, that the Federal Reserve
Board has made erroneous deductions owing to a
wrong interpretation of its own figures. We have
been unable to understand how there could be a
growth in "commercial" loans, not only as compared
with three months ago, but also as compared with
the corresponding date in 1927, in view of the fact
that the volume of trade and business, taken as a
whole, even allowing for the activity of the automobile industry and the concurrent revival of the steel
trade, certainly cannot be claimed to have been any
larger than in the first four months of last year,
and the indications are that the volume of business
was really somewhat less the present year. An increase in commercial borrowing in such circumstances would furnish occasion for worry and anxiety, since it would afford warrant for thinking
that our merchants were running into debt without
proper cause. We have accordingly been led to look
into the matter and have reached the conclusion
that the alleged growth in "commercial" loans is a
myth and that speculation in the produce markets, more particularly in grain and cotton, accounts for the reputed expansion in "commercial"
loans.
In a study of the matter it is important to bear
in mind the classification adopted by the Federal
Reserve Board in its weekly statement for the 643
reporting member banks. The "loans and investments" are grouped under two main heads, namely,
3014
FINANCIAL CHRONICLE
[Von. 126.
"Investments" and "Loans and Discounts." The In- seen, nearly three times the amount of that crop.
vestments are then subdivided so as to show (a) the But there was also a big speculation in cotton. In
holdings of U. S. Government securities and (b) the this case no figures are available, but the dealings
holdings of "other bonds, stocks and securities," here also were enormous and the rise in prices of
while the Loans and Discounts are segregated so as large proportions, as is evident from the fact that
to show (1) those secured by U. S. Government ob- middling upland spot cotton in New York, which
ligations, (2) those secured by stocks and bonds, on Feb. 2 was quoted at 17.45c. per pound, on April
and (3) "all other loans and discounts." It is this 30 sold up to 22.15c., the advance thus having been
last mentioned item that is commonly denominated 4.70c. per pound or $23.50 for a bale of 500 lbs.
The funds needed to carry on these prodigious
as "commercial" loans and it is evidently so used by
the Federal Reserve Board. "Commercial" loans in transactions in the grain and the cotton markets
the common acceptation of the term must obviously were evidently of very great magnitude and seemconstitute the vast preponderating portion of the ingly it was this class of borrowing that served to
item and yet "all other loans and discounts" can- swell the total of the "all other loans and discounts"
not but mean what it says and hence must include rather than distinctively "commercial" loans in the
loans and discounts of every description except true sense of the term. The speculation in the grain
those separately stated—in other words, must in- markets is still in progress, though at a considerably
clude some miscellaneous loans, be the amount large lower level of prices, footings we have made from
or small, besides distinctively "commercial" loans. the daily reports of sales furnished by Grain FuBut taking the item just as it stands, we find that tures Administration showing that for the first fifon Feb. 1 1928 these "all other loans and discounts" teen days of May the future sales on the Chicago
were reported at $8,579,620,000, whereas for May 9 Board of Trade aggregated no less than 1,279,092,they are given as $8,934,173,000, showing an increase 000 bushels, being at the rate of over 2/
1
2 billion
of $354,553,000. We also find that while the amount bushels a month or 30 billion bushels a year.
for Feb. 1 at $8,579,620,000 showed an increase over
The Federal Reserve Bank of New York has at
the corresponding date of the previous year of only
$76,847,000, for May 9 at $8,934,173,000 it showed length followed the majority of the other Reserve
an increase of no less than $343,028,000. These, institutions in raising its rate of discount from 4%
1
2%. This was done Thursday afternoon, the
then, are the figures that form the basis of the Re- to 4/
serve Board's comment and obviously no question higher rate going into effect yesterday (Friday).
The Philadelphia Reserve Bank had taken similar
can be raised as to the figures themselves.
This is far from saying, however, that the figures action the day before, the new rate becoming effecand the increase which they record can be taken as tive on Thursday. It is perfectly apparent that the
showing growth in the use of credit "in the produc- New York Federal Reserve Bank, on which attention and distribution of goods." On the contrary, tion chiefly converged, had no option except to make
we are strongly of the opinion that they reflect the advance, considering the character of the Fedgrowth in the use of credit to carry on speculation eral Reserve statements given out after the close
in grain and in cotton. In the case of grain, we of business on Thursday. These statements showed
have Government figures in support of the conten- that brokers' loans had been swollen in the further
tion. The reader will recall that in recent months, amount of $140,936,000. This coming on top of all
and particularly in April, a speculation prevailed the antecedent increases, tells the story of what is
in grain and cotton quite as gigantic as that which going on so plainly as to make unnecessary elaborahas characterized dealings in the stock market for tion or fresh comment. The tale, too, of the never
so many months. According to figures compiled ceasing expansion, week after week and month after
by the Grain Futures Administration of the United month, is becoming so monotonous that nothing
States Department of Agriculture, dealings in grain seems required beyond noting that the expansion is
futures on the Chicago Board of Trade during the still in progress and that it behooves every one to be
month of April reached the huge aggregate of 2,220,- governed accordingly. Not unlikely, however, this
4 billion bushels, be- week's collapse will bring a change.
412,000 bushels, or roughly, 21/
ing almost exactly double the aggregate for the same
The grand total of these loans to brokers and dealmonth of last year which was 1,132,389,000 bushels. ers secured by stocks and bonds by the 46 reporting
The speculation was accompanied by a tremendous member banks in New York City now is above 41/2
rise in prices. In the case of wheat the advance was billion dollars, the exact figure being $4,502,044,almost 30c. a bushel, the May option for wheat in 000. The worst feature is that the rate of increase
2 has latterly been progressive. As recently as March
Chicago having risen from $1.42 April 3 to $1.711/
April 30. Moreover, this followed a sharp advance 7 the total was $3,695,709,000,from which it appears
in the month preceding, this May option having sold that in the period of ten weeks since then the fur8 on Feb. 8. Corn ther expansion has been $806,335,000! Such a rate
/8 March 2 and at $1.281/
at $1.337
and oats also enjoyed sharp advances, though not of expansion, following upon the previous increases,
tells in the most impressive way how the movement
to the same extent as wheat.
Consider the amount of money that has been re- has. been fast getting out of hand, a circumstance
quired to carry on this huge speculation in the grain that certainly should inspire caution. On May 18
markets. Of the grand total of 2,220,412,000 bush- last year the grand total of these loans stood at $2,els, 1,354,075,000 consisted of wheat which we have 930,883,000, showing an increase for the twelve
seen sold above $1.70 a bushel, and 691,036,000 bush- months of $1,571,161,000.
The statement of the Federal Reserve Banks themels consisted of corn which has been selling above
selves
wheat
is also of the same order as in previous weeks.
crop
winter
is
year's
$1.00 a bushel. This
The
487,Agriculture
at
twelve
of
Department
Reserve institutions sold $15,072,0.00
estimated by the
more
dealings
of
on
the
their
wheat
April
holdings of U. S. Government securithe
and
bushels,
000,000
Chicago Board of Trade were therefore, it will be ties, reducing the amount of these holdings from
MAT 19 1928.1
FINANCIAL CHRONICLE
$277,392,000 May 9 to $262,320,000 May 16. They
also reduced their holdings of acceptances bought
in the open market from $365,104,000 to $347,292,000. But, as in all other recent weeks, simultaneously the member banks increased their own borrowings at the Reserve banks, and as a consequence
the discount holdings of the twelve Reserve institutions increased from $777,141,000 May 9 to $807,412,000 May 16. The final result, therefore, is that
the aggregate of Reserve credit in use remains nearly the same as a week ago, notwithstanding the sale
of some more of the holdings of U. S. Government securities, the total of the bill and security holdings
for May 16 being $1,418,014,000 against $1,420,627,000 for May 9. The deposits of the twelve Reserve
institutions made up almost entirely of the Reserve
accounts of the member banks, fell during the week
from $2,474,136,000 to $2,434,153,000, while the
amount of Federal Reserve notes in circulation was
reduced from $1,591,228,000 to $1,583,095,000. Gold
reserves, however, also further declined during the
week, dropping from $2,690,052,000 to $2,640,809,000, and this, we are told, was due very largely to
some further earmarking of gold, presumably for
French account.
The most notable feature, however, in the statement, as in preceding weeks, is that the amount of
Reserve credit in use, as reflected by the total of
the bill and security holdings, is very much larger
than it was a year ago and this at a time when we
are given to understand the Reserve Banks by reducing their holdings of Government securities and
advancing their rates of discount, have been endeavoring to curb the excesses of the stock market and
keep brokers' loans within due limits.
t $1,418,014,000 May 16, 1928, the total of the bill and security holdings compares with only $954,579,000 on
May 18 last year. Accordingly, there is $463,435,000 more of Reserve credit in use, than was the case
twelve months ago. No wonder brokers' loans never
stop expanding.
The stock market has been through a process of
liquidation the present week with resulting violent
declines in prices. There was somewhat of a downward reaction in the general list on Monday and
Tuesday, but this did not interfere with sky-rocket
performances in special stocks and particularly in
the aeroplane shares. Wednesday afternoon sudden
and unexpected selling pressure developed and prices
tumbled 5 to 40 points. The break came wholly without warning. Values had been well maintained in
the morning and there were even further sensational
advances in the aeroplane shares, but the last two
hours of the session the market gave way in all directions. The aeroplane stocks, which had spurted up
with such spectacular rapidity, dropped with the
rest, only more violently, suffering declines in proportion to their previous advances.
The ostensible reason for the sensational further
advances in the aeroplane shares was the announce
ment that the Pennsylvania RR. and the Atchison,
Topeka & Santa Fe had arranged to establish coast
to coast travel in 48 hours through the combined use
of the rail lines and air transport (the railroad to be
used in the night and the aeroplanes in day time).
Curtiss Aeroplane, which had risen from 53/
1
2 Feb.
/
4 before the break
/8 May 11, touched 1923
27 to 1457
on Wednesday, and then tumbled to 149, and still
4 on May 18, with the close at 145,
lower to 1381/
3015
against 142 on Friday of last week. Wright Aeronautical, which had jumped from 69 Feb. 27 to 196
May 11, got up to 245 on Wednesday, then in the
break dropped to 219, and still lower to 196 on May
18, with the close on the latter day at 202/
1
2, against
190 on Friday of last week. Radio Corp. also experienced sensational fluctuations and,after having risen
from 851/
4 Feb. 20 to 209 May 8, touched 211 May 14,
but in the tumble on Wednesday dropped to 1863
/
4,
with a further decline to 180 May 18 (yesterday)
1
2 the previous Friday.
closing at 183/
1
2, against 205/
The volume of transactions on the Stock Exchange
on Wednesday established a new high record at
4,820,840 shares, the previous high having been
4,790,270 shares on Mar. 27. The market continued
weak on Thursday morning, with further sharp declines, particularly in the specialties like those
already enumerated, but recovered in the afternoon.
The recovery was not maintained, however, on Friday, further weakness developing as the result of
the advance in the rediscount rate of the Federal
Reserve Bank of New York and the further prodigious increase in brokers' loans, with call loans
at 6% and even time money commanding 51/4 @
5/
1
2%. Dealings were on a reduced scale on Thursday, but again increased on Friday, aggregating
4,162,200 shares on the latter day. This compares
with 4,272,780 shares on Monday, 4,430,890 shares
on Tuesday, 4,820,840 shares on Wednesday, as
already stated, and 3,665,490 shares on Thursday.
It iR proper to point out, however, that business in
the Curb Market is also steadily growing in magnitude, the sales there now running not infrequently
above a million shares a day, and on Monday having
established a new high record for that market at
1,550,500 shares. With the dealings in the two markets combined the total reaches impressive proportions, footing up- 5,823,280 shares for Monday,
5,799,950 shares for Tuesday, 6,072,430 shares for
Wednesday, 5,127,490 shares for Thursday, and
5,299,920 shares for Friday. A feature of great
strength the present week has been the stock of the
American TeL & Tel. This held very steady during
the break on Wednesday, and on Thursday jumped
to 211 on the announcement that $185,000,000 of new
stock was to be offered the shareholders at par on
the basis of one new share for each 6 shares held.
Yesterday International Harvester and Case Threshing Machine had a sharp run up, on the demand for
agricultural implements, the former closing yesterday at 2.753
/
8 against 256/
1
2 on Friday of last week,
and Case Threshing Machine at 300 against 298.
It is needless to say that barring a few exceptions, /
the stocks just mentioned and a few others, all
the different groups of stocks, as well as most of the
numerous specialties, closed yesterday substintially
lower than on the previous Friday. Early in the
week the copper shares not only displayed, considerable strength, but most of them established new
high records for the year, including Amer. Smelt. &
Refg., Anaconda Copper, Calumet & Hecla, Cerro
de Pasco, Chile Copper, Kennecott Copper, Miami
Copper, Nevada Consol. Copper and Utah Copper.
The advance in the price of the metal was the stimulating agency here. In like manner, several of the
independent motor stocks, and particularly Studebaker and Chrysler, have also manifested a rising
tendency. Some of these latter were strong even on
Friday in face of the demoralization of the general
market.
3016
FINANCIAL CHRONICLE
[VoL. 126.
The railroad shares fluctuated less violently than by $6,601,000, and imports showed a decline of only
any other group of stocks, but nevertheless shared $2,598,000.
Merchandise exports in April of last year were
in the general depression, though the declines for
valued
at $415,374,000, the decline for April of this
other
most
in
those
than
the week are much smaller
year
hence
being $47,374,000. To that amount cotat
yesterday
closed
Central
groups. New York
8, against 188 the previous Friday; Southern ton contributed a loss of $10,773,000. Merchandise
/
1857
8; Texas & Pacific at 136, imports in April of last year amounted to $375,733,Pacific at 126, against 1271/
/8, 000, the value for that month this year showing a
4, against 657
against 140; Missouri Pacific at 631/
2; Southern Pa- reduction of $30,733,000. In commenting on the
1
Rock Island at 116%, against 119/
8; Great Northern at 104%, causes of the reduced volume of our foreign comcific at 126, against 1271/
2; Union Pacific at 200%, against 204; merce last month, officials at Washington said that
1
against 106/
4; Bait. & Ohio at 115%2 the recent decline in the price of crude rubber ac4,against 941/
1
Wabash at 94/
against 117; Lehigh Valley at 108, against 108; counts for a shrinkage of $10,000,000 in rubber im/8; Lackawanna at ports for April 1928. The value of rubber imports
2, against 1177
Reading at 1141/
4; New York, Chicago & St. Louis in April of last year was $37,321,000. Both exports
/
144%, against 1451
2,against 145½; Ches. & Ohio at 205, against and imports in April this year are lower in value
1
at 140/
2, and than in the corresponding month of each preceding
1
2021%; Canadian Pacific at 213, against 220/
year back to April 1924. The excess of exports in
2, against 195.
Atchison at 1931/
April 1927 was $39,641,000.
Refg.
Among the copper stocks Amer. Smelt. &
For the ten months of the current fiscal year to
Anaconda
2;
1
8, against 191/
closed yesterday at 1921/
including April, merchandise exports have
and
against
,
4
1
/
69
at
Pasco
4, against 71; Cerro de
/
at 691
to $4,070,067,000 and imports $3,475,974,amounted
Ken102;
against
,
2
1
/
104
at
68; Calumet & Arizona
of exports being $594,093,000. In the
excess
the
000,
and
Greeneagainst
90%,
88%,
at
necott Copper
4. Among the steel corresponding period of the preceding fiscal year
Oananea at 121%, against 1221/
stocks, United States Steel fluctuated sharply from the value of merchandise exports was $4,217,994,000
day to day, but within narrow limits, and on the and imports $3,550,631,000, an excess of exports of
whole maintained its price level well. It closed yes- $667,363,000. Merchandise exports for the past ten
terday at 145%, against 148% on Friday of last months show a decline of $147,927,000 from those
2, against 62; of the corresponding period of the preceding fiscal
1
week. Bethlehem Steel closed at 62/
2, against 60%; Cru- year and in the imports there was a loss this year of
1
Republic Iron & Steel at 58/
cible Steel at 86, against 87%; Ludlum Steel dis- $74,657,000. To the reduction in exports this year
played exceptional strength and closed yesterday at of $147,927,000, cotton contributed $77,098,585, a de2. Among the oil stocks Houston cline for the latter in value of 9.9%. As to quan1
2, against 56/
1
64/
Oil went through its customary erratic gyrations tity, however, cotton exports for these ten months
and closed yesterday at 143, against 148% on Fri- at 6,731,660 bales were 3,319,567 bales less than durday of last week; Standard Oil of New Jersey closed ing the corresponding period of the preceding year,
4, against 45%; Marland Oil at 39, a loss of 33%. A year ago wheat exports were heavy
at 451/
2; Pan-Amer. & Trans. at 48, against and while official figures showing the value of
1
against 40/
2, and Mid-Continental Petroleum at 31, against wheat exports for April this year are not as yet
1
49/
obtainable, the decline for the first three months of
31%.
1928
was $11,370,000, to which April contributed at
Motors,
General
In the case of the motor stocks
after early strength, suffered a severe break, and least $6,000,000 to $8,000,000 more, even allowing
closed yesterday at 193%, against 203% on Friday for the much, higher price of wheat this year.
The reduction in merchandise imports for the ten
of last week. Chrysler is higher at 79, against 77%,
4. months of the current fiscal year from the earlier
1
and so also is Studebaker at 77%, against 67/
Hudson Motors closed yesterday at 883%, against 90 period amounts to $74,657,000. With a decline in
4, against 56; Mack Trucks 'rubber imports for April this year of $10,000,000, as
last week; Hupp at 571/
at 89%, against 88; Nash at 92%, against 91%, and stated by the Department of Commerce, that one
Packard at 76%, against 70%. Among the rubber commodity has contributed $37,200,000 to the reduc2, tion in imports for the ten months, or about one1
shares Goodyear Tire & Rubber closed at 52/
half of the total loss for that period. As to quan95%;
96,
at
st
againi
against 54%, and the pref.
however, imports of rubber have been slightly
tity,
against
2
1
/
90
S.
U.
;
90,
Goodrich common closed at
larger
this year than they were in the preceding
the
and
42%,
pref.
against
Rubber common at 43%,
and. silk, both of which contribute
Coffee
year.
is
Exchange
be
to
Stock
at 76%, against 77%. The
our
to
largely
import trade, also show quite a refullthe
and
Saturday,
next
closed to-day, and also
duction
the
in
value of imports for the past ten
notice,
further
end
until
hereafter,
day sessions will
months,
making
up the greater part of the differM.
P.
3
of
instead
at 2 P. M.
ence in the decline shown above.
Exports of gold have continued very heavy for
The foreign trade of the United States again sufat $96,469,000, nearly equaling the record figApril
merchanin
both
April,
in
contraction
a
fered quite
ures
for
March, which were $97,536,400. In April
dise exports and in merchandise imports. The value
last
of
year
gold exports were only $2,592,000. Imimports
while
$368,000,000,
only
was
former
the
of
ports
gold
of
in April were valued at $5,319,000 as
in April were $345,000,000. There was still a trade
compared
with
only $2,683,000 in March and $14,to
month
last
balance on the export side, amounting
493,000
in
April
1927. For the ten months of the
of
merchandise
exports
,123,000,000. For March,
current
fiscal
$380,485,000,
year
gold exports have amounted to
of
4120,711,000 compared with imports
$443,481,300,
shrinkthe
much
largest sum ever reported in
The
$40,226,000.
the excess of exports being
any
month
preceding
of gold for the ten
Imports
preceding
year.
the
age in exports last month from
of exports beexcess
months
the
were
$207,170,500,
whereas
$35,485,000,
was $52,711,000 and in imports
period of
corresponding
ing
the
For
March
$236,310,800.
for
those
exceeded
a year ago April exports
MAY 19 1928.]
FINANCIAL CHRONICLE
the preceding fiscal year gold exports were $99,492,000 and imports $137,660,900, an excess of imports
of $38,168,900.
In the ten years prior to 1928 an excess of gold
exports has appeared only twice, in 1925 and 1919.
There is. only one year on record in which the excess of gold exports has been greater than $200,000,000 and that year was 1919, when, owing to settlements following the close of the European war, the
excess of gold exports was $291,650,000. Excess of
gold imports have been larger than that amount on
many occasions. At the present rate of progress,
with foreign financing such as it is, with the excess
of gold exports in April at $91,950,000 and for the
past ten months $236,310,000, this year's record for
gold exports promises a much larger amount than
previously recorded. Silver exports last month were
valued at $6,537,000 and imports $4,887,000, much
the same amount as reported for previous months.
3017
holiday on the Bourse to enable brokers to catch up
with the tremendous trading that had taken place in
previous days. Orders accumulated over the weekend and the market was stimulated strongly by the
announcement of the success of the new Government
consolidation loan. The demand for shares became
more active as the day progressed and the close
Monday was featured by a general advance. Some
profit taking developed Tuesday but the announcement Wednesday that 10,000,000,000 francs had
been subscribed to the new loan caused renewed
confidence and further extensive purchases in the
stock market. The Berlin Boerse was depressed
much of the week, the impending elections of May
20 combining with uncertainty over the proposed increase in the German railway tariff and anxiety over
the health of Dr. Gustav Stresemann, the Foreign
Minister, to produce uneasiness. The mid-month settlements also caused increased strain on the money
market, demand funds rising to 7/
1
2%. After a
European stock markets were somewhat irregu- slump Tuesday, the German market recovered, howlar the past week, wide swings upward and down- ever, and heavy trading in industrial shares at adward taking place, largely in sympathy with the vancing prices became the rule.
moves in New York. But the kettle of speculation
continued to bubble furiously and the excitement
Intimations were given in London and Tokio early
spread to new centres which have been dormant for this week that the multilateral treaty renouncing
years. Even the stock markets in India and Japan war as an instrument of national policy proposed
have become infected with the virus, both Bombay by Secretary of State Frank B. Kellogg would reand Tokio reporting excited dealings at advancing ceive the signatures of Great Britain and Japan.
prices. Vienna reported a distinct upward move- Replies to Mr. Kellogg's proposal have already been
ment at the close of last week, although trading received in Washington from France, Germany and
there had been exceedingly small for more than two Italy. The Quai d'Orsay indicated that it would
years. A firmer tendency was noted at the same agree to the Kellogg proposal for a sweeping retime at Prague in Czechoslovakia and at Budapest nunciation of all war with the reservation that
in Hungary. The speculation gained headway at previous commitments made under the Covenant
of
Madrid also and caused some anxiety among bank the League of Nations and the Locarno Pacts, be
officials there. A meeting of the directors of the duly safeguarded. The German reply, which folSpanish Bank of Barcelona was called Wednesday lowed, also accepted the idea "in principle,"
specific
of this week and the Minister of the Treasury de- mention being made again of the League
of Nations
clared to the assemblage that the peseta must be and the Locarno agreements and the necessity for
defended against all manner of speculation. The their previous consideration. The Italian reply
general European disposition, so prominent last came next, and, like its predecessors,
welcomed the
week, of ascribing the headlong movements to initiative of the American Government proposing
in
"American buying," was less in evidence this week, the agreement. Premier Mussolini pointed
out that
but still played a part in several markets.
a preliminary meeting of experts should be called
The London stock market opened the week with to define terms and
draw up a document upon which
an appearance of strength after a firm close the all governments
could agree.
previous Saturday. Profit taking soon developed
The favorable reply of the British Government
and the leading speculative groups became irregu- was first suggested
when Sir Austen Chamberlain,
lar. The uncertainty continued Tuesday and Wed- the Foreign
Secretary, declared in the House of
nesday with great activity in the industrial group, Commons last week that the Conservative Governcoal, iron, textile and mining shares being the spec- ment "warmly welcomes" the step taken by Mr. Kelulative favorites. The drastic decline in New York logg. This was followed Tuesday by a statement
Wednesday had a marked effect on London senti- in the House of Lords by Lord Cushendun, British
ment, causing unsettlement Thursday in the com- representative at the League of Nations Council.
mercial and industrial groups and bringing out a Besides the signatures of the six great powers, Lord
very fair volume of stocks. Pronounced declines Cushendun said, Great Britain hopes to obtain from
took place in the talking machine, artificial silk each subscribing Government a collateral declaraand mining groups, with railways joining in the tion telling what interpretation it places upon the
fall to some extent. Money pressure was fairly con- agreement. "His Majesty's Government," he restant at London throughout the week, rates rising marked, "wishes not to put any reservations into
in the expectation of an increase in the rediscount the treaty but to place on record in some formal and
rate of the New York Federal Reserve Bank. With accepted manner the views expressed by the differthe "bad news" about the New York rediscount rate ent Governments as to the document they are signfinally out yesterday, the London market was in- ing. There are methods known to diplomacy whereclined to greater cheerfulness and some improvement by that may be done without interfering in any way
took place in prices of the speculative favorites.
with the acceptance of the document itself."
The Paris Bourse opened Monday with a tone of
The decision of the Japanese Government to acgreat firmness after two days of closing. Precise- cept the draft treaty drawn up by Secretary Kellogg
ly as in New York, last Saturday was declared a was made known in Tokio May 16, according to a
3018
FINANCIAL CHRONICLE
• special dispatch (copyright) to the New York
"Times." "The diplomatic authorities here," this report added, "believe that the American draft is on
the whole better than the French, but they recognize that the proposed treaty is something new and
untried, and believe it reasonable that other nationals may desire to make their position clear by
reservations, or exchange notes, or a change in
phraseology or in some other way. Japan will therefore be ready to participate in any discussion which
may be held. The Japanese believe such conversations ought to be shared by America, and they
would consider an exchange of views by the powers'
Ambassadors in Washington a suitable procedure."
[Vol,. 126.
War Lords.and their endeavor to capture Peking.
And the Nationalists at the same time began a series
of official representations to Japan, to the League
of Nations and to the United States. The situation
as a whole closely resembled that which followed on
the Nanking incident and the Nationalist capture of
Shanghai in March of last year. At that time, however, all the Western nations were deeply concerned
for the safety of the lives and property of their nationals in Shanghai and the Yangtze Valley, whereas
in the present instance the onus of protecting the
foreigners falls on Japan, since Shantung Province,
where the difficulties occurred, is a distinctly Japanese sphere of influence.
Details of the Nationalist push toward Peking
Premier Mussolini, Fascist Dictator of Italy, which were reported early this week indicated that
again directed a verbal fusilade at the principle of the Nanking Generalissimo Chiang Kai-shek perdemocratic government when, on May 12, he guided sonally commanded the force of approximately 60,000
the passage through the Italian Senate of the Gov- troops that entered the Shantung capital, Tsinanfu,
ernment's electoral reform bill. The bill was ap- in the first days of May. General Ho Yao-tsu diproved by a vote of 161 to 45 and was subsequently rected the operations which resulted in the fighting
passed by the Chember of Deputies, leaving only the between the Nationalists and the Japanese. The
King's signature to be affixed in order to make it presence of the latter, and their action in defending
law. It takes the right of electing deputies to Par- the Shantung Railway and the foreign concession in
liament out of the hands of ordinary citizens and Tsinanfu, caused the separation of the Chinese army
entrusts the task to Fascist corporations or trade into two parts, one of which continued northward,
unions. Several speeches in opposition to the new while the other returned to a railway junction fursystem were made in the Senate last Saturday, some ther south and was believed to have made its way
Senators contending that it was an untimely leap northward by another route. Further to the west,
into the darkness, while others maintained that it the "Christian" General Feng Yu-hsiang, now the
was unconstitutional. To these sentiments of the ally of the Nationalists, was known to be making
Opposition, the Premier replied in the vigorous fash- progress toward the north along the only other north
• ion characteristic of him. The sovereignty of the and south railway in China. The Governor of Shansi
people, he declared, was a dire fiction; it never has Province, General Yen Hsi-shan, also aided the
existed and never will exist in any country. The Nationalists.
Reports early this week indicated that the Nanbill proposed by the Government, he continued, was
an honest attempt to take a great step forward in king forces were moving steadily on toward the
constitutional legislation, along lines best calcu- Northern capital and were capturing important
lated to promote the smooth collaboration of all cities between Tsinanfu and Peking. Tehchow,
classes of society for the advancement of the State. north of the Yellow River, was reported evacuated
The statement that the measure was unconstitu- by the Northerners last Saturday, and the Nationaltional was absurd, he said, as the Italian Constitu- ists entered the city without opposition. The Nation, at the time it was framed, was not intended to tionalists under Feng Yu-hsiang, advancing along
be hard and fast for all time, binding future Italian the Peking-Hankow Railway, occupied Paotingfu on
generations to the end of the world. In a further May 13. The latter city is regarded by military exdiscussion of the bill, Signor Mussolini explained perts as virtually the last line of defense before Pethat it did not represent an effort to make sure that king and its seaport, Tientsin, and the fall of both
all future Parliaments would be completely Fascist. these cities appeared probable. As there are imThis result could be obtained by far simpler meth- portant settlements of foreigners in these centers
ods, he remarked. Instead of this, the bill was said some apprehension was again felt and soldiers were
to be aimed at elevating the corporations or trade again rushed toward them by the Japanese officials.
unions to the rank of organs of the State. "Herein," Late dispatches reported the Nationalists just south
exclaimed Ii Duce, "lies the Fascist Revolution's of Peking and only a short distance from Tientsin.
great legislative novelty and herein lies its great General Chang Tso-lin, the Governor of Manchuria
and leader of the Ankouchun or Alliance of Northern
originality!"
War Lords, was reported ready to abandon Peking
The bewildering turmoil in China assumed some- and Tientsin, and anxious to retire behind the great
what more intelligible shape in the course of the past wall of China to his own Province.
The Tsinanfu incident received little clarification
week, several definite tendencies being observable
following the sharp and sanguine clashes between during the week, although both the Nationalists and
the Nanking Nationalist troops and the Japanese the Japanese attempted to effect adjustments which
regulars in Tsinanfu. These clashes apparently as- would make the situation less critical. An appeal
sumed all the proportions of genuine military en- to the League of Nations at Geneva, urging that body
gagements on May 3 and 4 and again on May 8. The to "request cessation of hostilities by Japanese
immediate result was a halt in the advance toward troops and their immediate withdrawal from ShanPeking of the Nationalist forces, the latter being tung Province" was dispatched by the Nanking Govprevented by the Japanese from using the Shantung ernment on May 11. This note stated that "Japanese
Railway in their move northward. Other means were troops fired on Chinese soldiers and civilians withfound by the Nationalists during the past week to out provocation and then set gunfire on the surprosecute their war against the Alliance of Northern rounding areas with the result that there were more
MAY 19 1928.]
FINANCIAL CHRONICLE
than 1,000 casualties." This "ruthless violation of
the territorial integrity and political independence
of China" should be countered, the note added, by an
immediate summoning of the Council of the League.
Agreement was given beforehand to "any proper arrangement for an international inquiry or arbitration." Geneva dispatches reported receipt of the
communication at the League Secretariat, but added
that action by the League was extremely improbable.
Efforts to secure American mediation between
Japan and China also were begun by the Nationalists, Shanghai dispatches of May 11 indicating that
Dr. C. C. Wu, the former Foreign Minister of the
Nanking Government, had been instructed to proceed from Paris for Washington in order to lay the
Chinese ease before the American Government. In
addition to this, a direct appeal to President Coolidge was made by the Nanking Government on May
13. The attention of the American Executive was
called to the Japanese bombardment of Tsinanfu
and to the fact that Japan was sending additional
forces to Shantung. "We hope," the note concluded,
"your Government and people will indicate their
attitude regarding the grave situation made possible
by Japan's action."
The Japanese authorities, both in Tokio and in
Tsinanfu, evinced a desire to settle the incident of
May 3 as quietly and expeditiously as possible. The
Japanese Government made clear, however, that it
has no intention of withdrawing its troops from
Shantung Province while present conditions continue. The difficulties in Tsinanfu began, according
to a Tokio War Office statement, when Chinese
troops started to loot a Japanese residence and maltreated a consular policeman who tried to interfere.
In the fighting which followed, the statement added,
thirteen Japanese civilians were killed and twentyeight are still missing. Two declarations were transmitted to the League of Nations by the Tokio Government on May 15, Minister Sato, who has charge
of the Japanese activities in the League, communicating them. They were understood to explain why
Japan sent troops to Shantung Province and additional warships to Chinese waters. It was also
stated in Geneva that another Japanese communication would be forthcoming, dealing specifically with
matters covered in the Nationalist protest to Geneva.
The military measures taken by the Japanese in
Tsinanfu appeared calculated to prevent any repetition of the unfortunate clashes of the early days of
the month, but their effect on Chinese opinion could
hardly have been taken into consideration. They
included the establishment of a neutral zone ten
miles wide along the 200-mile stretch of the TsinanfuTsing-tao Railway. The withdrawal of the Chinese
military to beyond a six-mile radius of Tsinanfu also
was insisted upon. To prevent Chinese reprisals, the
Tientsin-Pukow Railway was cut in two places and
this, of course, prevented the use of the railway by
the Nationalists. As preliminaries to settlement of
the difficulties arising out of the Shantung problem
the Japanese authorities demanded an official apology by the Chinese commander, General Chiang Kaishek, the punishment of General Ho Yso-tsu, who
directed the first Chinese troops to enter the city,
and compensation for the damage suffered by Japanese residents during the fracas. General Ho Yaotsu was dismissed by the Nationalists and an apology
by General Chiang Kai-shek was made to the Japanese commander, General Fukuda. Dispatches indi-
3019
cated, however, that this series of occurrences was
fostering an intense anti-Japanese feeling throughout China. Japan was also determined, late dispatches said, to prevent the spread of the civil war
to Manchuria, where Japanese interests are very
extensive.
Famine conditions in Shantung and southern
Chili Provinces in China furnish a deplorable addendum to the civil war between the South and the
North that is now devastating the land and to the
difficulties with Japan that are agitating the entire
Far East. The famine has been in progress since
early last winter and was caused as much by the
looting of the brigand-like soldiery of the ferocious
Governor Chang Tsung-chang and by the taxes levied
on the citizenry as by poor crops. Entire counties
have been depopulated in Shantung as a result of the
famine, and as grain reserves are gradually depleted
in additional areas, more and more tens of thousands of persons are living on famine rations or
actually starving to death. According to an estimate by Hallett Abend, Peking correspondent of the
New York "Times," more than 4,000,000 Chinese are
now living upon one meal a day, and that made up
of chaff or cotton seed pulp. The chaff conSists of
the hulls of millet seed and the cotton seed pulp of
the residue of cotton seed from which all the oil has
been extracted under pressure. In many sections
the desperation of the villagers and peasants has become so great that crimes of violence are so common
as to cause little comment. More than 2,000,000
Chinese from Shantung are emigrating to the free
lands of Manchuria and this, together with the
deaths from starvation, is expected to reduce Shantung's population from the 34,000,000 of 1926 to
about 25,000,000 by the end of this year.
Treaty arrangements regulating the chief questions between Great Britain and Persia were concluded at Teheran on May 10 by the British Minister
to Persia and the Persian Acting Minister for Foreign Affairs. A series of conventions was signed
which, according to a London dispatch to the New
York "Times," go far toward establishing Anglo-Persian relations on a more stable and more friendly
basis. The most important of these conventions
recognizes Persian tariff autonomy and makes provision for transitional arrangements pending the
conclusion of a treaty of commerce and navigation.
Additional notes exchanged provide for the regulation of the legal position in Persia of British subjects. The question of facilities to be accorded for
the flight of Imperial Airways airplanes over Persian territory was also settled,Persia being an essential link in the British air route to India. The Persian Government asserted in a note its intention of
creating airdromes and agreed that there is no reason to refuse permission to Imperial Airways, on
certain conditions, to use them. These steps were
believed in London to open the way for the operation
of the Cairo to India link in the Imperial Airways
system.
Contact between rebel forces in Nicaragua, and
the American forces of intervention, was again
established early this week and resulted in the most
severe combat which has occurred in weeks. One
marine was killed in the engagement and the commanding officer, Captain Robert S. Hunter, of Kan-
3020
[VOL. 126.
FINANCIAL CHRONICLE
sas, was wounded. The unofficial reports so far
available indicate that the brush occurred in a region
about twenty-five miles northeast of Matagalpa, the
rebel losses being estimated at five killed and an
equal number wounded. Marine airplanes flew over
the detachment, according to an Associated Press
dispatch of Thursday from Managua, and dropped
medical supplies for the wounded. The detachment
was reported to be in almost impenetrable jungle
country; this, it was stated, "because the marines
have chased the outlaws into regions practically unexplored." The rebels were believed to be under
the command of Jose Leon Diaz, one of the lieutenants of General Augustino Sandino, who is directing
the operations against the Americans.
The intention of the Nicaraguan rebels to continue their unequal struggle against the 3,900 American Marines in the country was amply indicated by
a letter, purporting to be from General Sandino,
found in the ruins of La Luz mine, which was destroyed by dynamite some weeks ago. The letter
was addressed to H. J. Amphlett, manager of the
mine, and was found when the American forces
reached the mine early this week. It amounts, according to a dispatch from Harold N. Denny, special
correspondent of the New York "Times," to "a declaration of war 'against Americans individually and
a warning that neither they nor their property will
be respected in Nicaragua." The mine owner was
invited in -the letter to recover his losses from the
Government of the United States, which, the letter
said, "is truly responsible for the horrible and disastrous situation through which Nicaragua is passing." The Sandinistas were said to be "paying" for
supplies taken from the mines in the neighborhood
by leaving orders for compensation on President
Coolidge and the United States Government.
1926. Notes in circulation aggregate £134,834,000,
against £136,159,645 in 1927 and £140,985,585 two
years ago (1926). The Bank's discount rate remains
at 43'%. Below we furnish comparisons of the
various items of the Bank of England report for
five years.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1925.
1924.
1926.
1928.
1927.
May 21.
May 20.
May 16.
May 18.
May 19.
Circulation
b134,834,000
Public deposits
19,164,000
Other deposits
95,376,000
Governmet securities 29,577,000
55,846,000
Other securities
Reserve notes & coin 46,862,000
Coln and bullion—a161,946,830
Proportion of reserve
40.91%
to liabilities
434%
Bank rate
/36,169,645
/2,757,974
102.094,453
47,824,229
47,220,123
37,539,033
153,968,678
/40,985,585
18,852,321
104,335,977
44,2/0,328
69,064,510
27,669,602
148,905,287
147.241,395
15,747.690
102,231,950
35,352,733
72,026,792
28,416,816
155,908,211
124.518,065
18,367,124
101,522,888
42,070,403
72,185,707
23,413,346
128,181,411
32.68%
434%
22.46%
5%
24%
5%
103%
4%
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
Previously held as security for currency notes Issued and which was transferred to the
Bank of England on the British Government's decision to return to the gold standard.
b Beginning with the statement for April 29 1925 includes £27,000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note issue.
The Bank of France, in its statement of May 16,
reported a decrease in note circulation of 665,205,000
reducing the total of that item to 59,719,341,830
francs, as against 52,156,510,815 francs last year
and 52,657,505,070 francs in 1926. All gold holdings remained unchanged. Silver decreased 3,000
francs, bills discounted 182,821,000 francs, trade
advances 14,458,000 francs, general deposits 435,110,000 francs, and advances to the State 800,000,000
francs. On the other hand, Treasury deposits increased 27,655,000 francs and divers assets expanded
140,708,000 francs. Below we furnish a comparison
of the various items of the Bank's return for three
years past:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
Gold Holdings—Francs.
Unchanged
In Franca
Unchanged
Abroad—available
Abroad—non-avail Unchanged
Status as of
May 16 1928. May 18 1927. May 15 1926.
Francs.
Francs.
Francs.
3,678,540,943 3.683,507,441 3,684,147,148
462,771,478 1,401,549,4291 1,864,320,907
1,401,549,429
462,771,478J
There have been no changes this week in discount
Unchanged
5,542,861,850 5,547,828,349 5,548,468.656
rates by any of the central banks of Europe. Rates Total
Dec.
3,000
342,944,521
Silver
343,362,754
333,994,239
continue at 7% in Germany;6% in Italy and Austria; Bills discounted —Dec.182,821,000 1,685,700,764 2,091.981,467 4,543,067,683
14,458,000
advances_Dec.
Trade
1,776,110,224
1,638,447,673
2,389,940,287
51A% in Norway;5% in Denmark and Madrid;43.'% Note circulation. Dec.665,205,000 59,719,341,830 52,157,510,815 52,657,505,000
in London, Belgium and Holland;4% in Sweden, and Treasury deposits_Inc. 27,655,000 59,041,447 172.393,164 14,434,455
General deposits. _Dec.435,110,000 8,458,611.856 9,823,324.521 2,769,166,364
332% in France and Switzerland. In London open Advances to State_Dee.800,000,000 22,700,000,000 27,400,000,000 35,100,000,000
market discounts are 3%@3 15-16 for short and 4% Divers assets Inc. 140,708,000 28,482,855,913 18,073,512,126 3,543,293,376
3@4% for short and 4%
/
for long bills, against 37
The New York money market has been notably
week. Money on call in
last
of
for long on Friday
firm
the past week with rates advancing in all
was
but
Wednesday,
on
33j%
London was 43.%
yesterday. At Paris, open market discounts con- departments. The feature of the week was, of course,
the rise in the rediscount rates at the Philadelphia
tinue at 2/%, and in Switzerland at 3 5-16%.
and New York Reserve Banks. The New York bank
The latest weekly statement of the Bank of moved its rate up Thursday, being the eighth bank
England, made public last Thursday and dealing in the system to take this action in the present
with the week ending May 16, shows another, but movement. The action was clearly foreshadowed by
much smaller gain in bullion, namely £41,425; the increasing firmness of the local money market.
notes in circulation declined £384,000 and the two The time loan market gave ample indication Tuesday
together caused a gain in the reserve of gold and and Wednesday of the underlying strength. Distant
notes in the banking department of £425,000. maturities began to loan Tuesday morning at 53'%
the previous figure of 5%. By
That the bank further strengthened its position and 5%% as against
the
figure for time loans was
prevailing
rose
Thursday
ratio
reserve
the
that
is shown by the fact
corresponding
51
further
advance
a
4%,
and
yesterday carried the
the
In
40.79%.
to 40.91% from
32.68%
53.'%,
figures
the
to
highest
only
since
1923. Call money
at
stood
ratio
the
period a year ago
with some
trading
the
in
early
was
"deposit"
53'%
steady
at
the
Both
22.46%.
only
and two years ago
at 534.%.
market
loans
the
offered
in
street or wire
items showed important changes—public deposits
and reThursday,
rate
off
was
The
•fell•
6%
deposits
to
advanced
rising £6,090,000, while "other"
were
Withdrawals
inthis
mained
at
figure
yesterday.
securities
£5,406,000. Loans on Government
in
the
called
were
light,
some
securities
although
$15,000,000
other
creased £120,000 and loans on
against
stock
loans
£161,final
Brokers
trading
yesterday.
not
are
£150,000. The Bank's gold holdings
bond collateral as reported by the Federal
946,830, which compares with £153,958,678 in the and
Bank of New York in its weekly statement
in
Reserve
£148,905,187
corresponding week in 1927, and
MAY 19 1928.]
FINANCIAL CHRONICLE
again showed a huge advance. The increase for the
week was $140,936,000, and the total of these
loans for stock speculative purposes was thus carried
to a new high record.
Dealing in detail with the rates from day to day,
call loans on Monday, Tuesday and Wednesday
ruled at the unchanged figure of 51A%, this being
the rate for all loans, including renewals. On
Thursday renewals were still effected at 5M%, but
the rate on new loans advanced to 6%. On Friday
the renewal rate also was marked up to 6% and
all other loans were at the same figure. For time
loans also rates have risen. In fact, the advance
has been almost spectacular. On Monday the rate
was 5% firm for all maturities for 30 days to six
months. On Tuesday the quotation rose to 5@5/
3%.
On Wednesday there was an advance to 5%@,43t%
and on Friday a further advance to 531@53'7o.
Apparently the rise in the rediscount rate of the
Federal Reserve Bank of New York has had no
effect on the commercial paper market, and the
prevailing rate for four to six months names of
choice character remains at 43%. For names less
well known the quotation continues at 43
4%. For
New England mill paper the range still is 43,'@,4%%.
Rates for banks and bankers' acceptances were
advanced all around on Friday as a result of the
action of the New York Reserve Bank in raising its
rediscount rate from 4% to 43,'%. In the rates for
30 days the advance was % of 1% and in those for
all other dates it was Xi of 1%. The posted rates
of the Acceptance Council for prime bankers' acceptances eligible for purchase by the Federal Reserve
banks are now 43/8% bid and 4% asked for bills running 30 days, 4%% bid and 4% asked for bids running 60 days and also for 90 days,414% bid and 434%
3
asked for 120 days and 4/%
bid and 434% asked
for 150 and 180 days. Open market rates likewise
remain unchanged as follows:
SPOT DELIVERY.
—180Days-- —150Days-- —120Days-Bid.
Asked.
Bid.
Asked.
Bid.• Asked.
Prime eligible bills
434
43
4%
—90 Days— —60 Days— —30 Days—
Bid.
Asked.
Bid.
Asked.
Bid.
Asked.
Prime eligible bills
434
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
bid
Eligible non-member banks
bid
434
434
4
434
434
4
434
4
434
434
The posted rate of the Acceptance Council for call
loans against acceptances has remained at 43/2%
throughout the week.
The discount rates of the Philadelphia and New
York Federal Reserve Banks were increased this
week from 4% to 4%. The action in the case of
the Philadelphia Reserve Bank was taken on May 16,
the higher rate becoming effective May 17. Announcement of the change in the rate of the New
York Federal Reserve Bank was made on May 17—
the higher rate going into effect May 18. The other
Reserve Bank at which the OA% rate obtains are,
Boston, Chicago St. Louis, Richmond, Minneapolis
and Dallas. The following is the schedule of rates
now in effect for the various classes of paper at the
different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Role in Effect
on May 18.
434
81
4
434
4
434
434
434
4
434
4
Date
Established.
Previous
Role.
Apr. 20 1928
May 18 1928
May 17 1928
Mar. 1 1928
Apr.
1928
Feb. 11 1928
Apr. 20 1928
Apr. 23 1928
Apr. 25 1928
Feb. 10 1928
May 7 1928
Feb. 4 1928
4
4
4
334
4
24
334
4
4
4
334
4
334
3021
Sterling exchange in the first part of this week
was steady, displaying firmness in consequence of
considerable demand. After Wednesday the market
showed signs of reaction. From Thursday of last
week until Wednesday London was a buyer of
sterling upon the announcement that the New York
Federal Reserve Bank had not changed its rediscount
rate from 4%. The European markets have recently been confident that the New York rate was
scheduled to be raised and have been arranging
their, affairs accordingly. That such was the European attitude was evidenced by nervousness shown
in the London and Continental stock exchanges
on Thursday recently, the day when the New York
Federal Reserve Bank directors meet and announcements regarding their action are made. Large
amounts of American money have been invested in
London and European stock exchanges and have
been an important factor in the recent bull markets
in London, Paris, Milan, Berlin, and Vienna. Perhaps the most outstanding feature touching sterling
exchange now and for weeks ahead was the announcement made on Thursday of this week of the
advance in the New York Federal Reserve Banks
rediscount rate from 4% to 414%. The 4% rate
had been in effect since Feb. 3, when it was raised
from
The immediate response by sterling
exchange in the late trading on Thursday was a
drop of 1-16. The range this week has been from
4.87 1146 to 4.88 for bankers sight, compared with
a range of 4.87 9-16 to 4.877A last week. The range
for cable transfers has been from 4.88 1-16 to 4.88%,
compared with 4.87 15-16 to 4.88 7-32 a week ago.
It is believed that American bank balances in London
are not excessive at this time, as there have been
noticeable withdrawals from London to take advantage of the high rates prevailing for collateral
loan accommodation in the New York market.
Although much American money has been going
over steadily to London and the Continental bourses,
the flow of capital has not been one sided and English,
French and other funds have been coming to New
York to take advantage of the high rates prevailing
here.
The advance in the New York Reserve Bank's
rediscount rate, should draw further funds from
Europe. An immediate effect of the higher rediscount rate was an increase in rates, and so in yields,
of American bankers acceptances. Acceptances are a
favorite form for the investment of foreign banking
balances here, so that the higher rates may be expected to prove very attractive to these funds,another circumstance which may militate against the
sterling rate for some weeks to come. Some of the
ease noticeable in the market on Thursday and quite
all the dullness in sterling and all other foreign exchanges must be attributed to the fact that it was a
holiday. Ascension Day, in Paris and several other
European markets. The day was observed and practically all business at a standstill in the following
countries: Argentina, Austria, Belgium, Brazil, Dominion of Canada, Chile, Czechoslovakia, Denmark,
Dutch East Indies, Finland, France, Germany, Hungary, Italy, Jugoslavia, Latvia, Lithuania, Mexico,
Netherlands, Nicaragua, Norway, Peru, Poland,
Salvador, Spain, Sweden, Switzerland and Venezuela.
On Friday the market became firmer; although London became a seller of sterling the New York banks
turned in to buy. Hence the renewed firmness.
There are no further developments with respect to the
3022
FINANCIAL VIIRONICLE
launching of the new amalgamated currency. British
banking authorities are now concentrating their
attention on the details and mechanical problems
necessary to make the amalgamated currency effective. The Bank of England continues to strengthen
its reserve position. The United States Department
of Commerce issued a statement on Thursday to the
effect that the reserve ratio of the Bank of England
on April 25 was the highest since 1914. The ratio
of reserves to liabilities rose from 37% to 40 5-16%
during the week of April 18-25.
This week the Bank of England shows an increase
of £41,425 in gold holdings. On Tuesday the Bank
bought £455,000 in gold bars. On Wednesday the
Bank exported £17,000 in sovereigns to Egypt and
set aside £500,000 in sovereigns for account of the
Bank of South Africa. At the Port of New York the
gold movement for the week May 10-16, inclusive, as
reported by the Federal Reserve Bank of New York,
consisted of imports of $285,000, chiefly from Latin
America, and exports of $12,937,000, of which $11,905,000 was shipped to France, $500,000 to Argentina, and $400,000 to Venezuela. The shipment to
France was accounted for here last week. The Guth.anty Trust Co. is shipping $750,000 gold to Argentina to-day. This week the gold reserves of the New
York Federal Reserve Bank show a further decrease
of $12,777,000 and the total gold reserves of the
twelve Federal Reserve banks combined show a decrease of $49,243,000. This decrease in gold, it is
auth pritatively stated, is largely due to further earmarkings for foreign banks, principally, it may be
assumed, for account of the Bank of France. There
was no Canadian movement of gold either to or from
the United States. Canadian exchange has been at
a discount this week, ranging from 3-32 to 5-64 of 1%.
The discount in Montreal funds, while in some respects seasonal, is due to a heavy flow of Canadian
funds to New York for investment in securities and
in short loans.
Referring to day-to-day rates sterling on Saturday
last was somewhat in demand in the half-holiday
market. Bankers sight was 4.87%@4.87 13-16, cable
transfers 4.883/s@4.88 3-16. On Monday exchange
on London was in further demand. Bankers sight
was 4.87%@4.88 and cable transfers 4.88 3-16@
4.88%. On Tuesday the market reacted slightly.
Bankers sight was 4.87 13-16@4.88, cable transfers
4.884@4.88 11-32. On Wednesday the market was
dull but steady. The range was 4.87 13-16@4.88 for
bankers sight and 4.88 3-16@4.88 5-16 for cable transfers. On Thursday sterling showed a slight reaction.
Bankers sight was 4.87 11-16@4.87 29-32 and cable
8@4.88 9-32. On Friday the range
transfers 4.883/
was 4.87 11-16@.4.88 for bankers sight and 4.88 1-16
@4.88 5-16 for cable transfers. Closing quotations
yesterday were 4.87% for demand and 4.884 for
cable transfers. Commercial sight bills finished at
4.874, 60-day bills at 4.84 1-16, 90-day bills at
4.82%, documents for payment(60 days) at 4.84 1-16
and 7-day grain bills at 4.873'. Cotton and grain
for payment closed at 4.87k.
The Continental exchanges have been firm this
week. German marks were especially so, due to
transfers from New York and also from European
markets for investments on the Berlin Bourse and
also because of flows of funds, the proceeds of loans,
launched chiefly in the United States, short-term
money market supplies, and currently an additional
[VOL. 126.
demand arising from tourist traffic. Money rates
continue high in Germany. Month loans on Berlin
markets are quoted up to 83/2%. The heavy money
market requirements are an important factor in
firmness of the unit. The home capital market in
Germany shows fresh signs of exhaustion. The
Finance Minister recently declared that it was not
intended to place abroad Federal or State loans or
loans with Federal or State guaranties. The Loans
Advisory Board's new regulations, it is believed,
will make foreign borrowing more difficult for
municipalities. French francs continue steady at
the levels current for many weeks past. The success
of Poincare's consolidation loan, according to Dow,
Jones & Co.'s Paris ofice, brings nearer the resumption of the gold standard. The cash subscriptions
totaled approximately ten billion francs and caused
the books for these subscriptions to be closed. The
cash subscriptions, together with the large conversion
subscriptions,, amount to a vote of confidence from
the investing public in France and abroad which
will make the path through Parliament of Poincare's
future stabilization measures easier. The new French
Chamber meets next month, but it does not necessarily follow that the financial reform measures
will be ready for presentation as soon as at that
time. The Dow, Jones correspondent states that in
addition to measures authorizing export of gold and
payment of Bank of France notes in gold, action
will be necessary on various aspects of the Bank of
France position, and then or later the tax system
and the adjustment of corporate affairs to the new
currency basis.
In banking quarters here it is believed that some
steps will be taken toward reimbursing in part old
holders of French Government securities for losses
resulting from revaluation of the currency. Similar
action for old holders of French corporate fixedinterest securities may be taken. In both cases any
measures taken would be in such form as to preclude
profits for recent speculative buyers. Bankers and
foreign exchange interests are awaiting with some
curiosity a revision of the Bank of France statement.
As issued for a long time past, the statement has
disguised the gold items and has given no real idea of
the proportion of the world's monetary stock of
gold accumulated by the Bank of France. It is
believed that most of the Bank of France advances
to the Government will be automatically eliminated
by the revaluation of the bank's gold to the new
unit, and that the circulation will be reduced as a
result of the recent consolidation loan. As noted in
the above account of sterling Exchange, the New
York Federal Reserve Bank shipped an additional
$11,905,000 to France from the Bank of France earmarked stock held in New York and it was also noted
that further earmarking operations had been effected
at New York and were revealed in the changes in the
Federal Reserve Bank weekly statements.
Italian lire continue firm and in demand for the
same reasons which have been operative for several
weeks past—flow of funds for investment in Italian
shares, immigrant remittances, and now the beginning of tourist traffic. Greek exchange has been
quiet. Especial interest attaches to the drachma
this week as stabilization was effected and the Bank
of Greece, the new bank of issue established in
accordance with the Greek stabilization scheme,
began business on Monday. The drachma is revalued at 375 to the pound sterling, or about 77 to
MAY 19 1928.]
FINANCIAL CHRONICLE
the dollars, which works out at $.012977 foi the dollar
parity. Restrictions on foreign exchange dealings
have been abolished. The stabilization level is
about at the price at which drachmas have ruled for
more than a year. The cover of gold, foreign exchange, and securities amounts to 51.3% of note
circulation and other liabilities.
The London check rate on Paris closed at 124.02
on Friday of this week, against 124.02 on Friday of
last week. In New York, sight bills on the French
center finished at 3.93 7-16 against 3.93 7-16 a week
ago; cable transfers at 3.93 11-16, against 3.93 11-16,
and commercial sight bills at 3.9334, against 3.933.
Antwerp belgas finished at 13.95 for checks and at
13.96 for cable transfers, as against 13.953/ and
13.963/ on Friday of last week. Final quotations
for Berlin marks were 23.92 for checks and at 23.93
for cable transfers, in comparison with 23.9134 and
23.92% a week earlier. Italian lire closed at 5.26%
for bankers sight bills and at 5.27 for cable transfers,
as against 5.26% and 5.27 last week. Austrian
schillings have not changed from 143'. Exchange on
Czechoslovakia finished at 2.9615, against 2.9615; on
Bucharest at 0.613
%; on Poland at
% against 0.613
11.20, against 11.20, and on Finland at 2.52, against
2.52. Greek exchange closed at 1.3034 for checks
and at 1.30M for cable transfers, against 1.3034 and
1.303/i a week ago.
The exchanges on the countries neutral during
the war have been firm this week, with the exception
of Holland guilders. The weakness in guilders is
due more to lack of demand than to pressure, and is
somewhat accentuated by the flow of Amsterdam
funds to other markets where returns are more
tempting. It is believed that a considerable volume
of Dutch funds has been coming to the New York
market and that the present increase in acceptance
rates here may draw further funds from Amsterdam.
Guilder cables sold this week as high as 40.3734,
which compares with the gold point of 40.45. The
Netherlands Bank, however, keeps command of
the Dutch gold position, and unless gold imports
are considered desirable, which is improbable, the
bank will maneuver its foreign balances to prevent
the metal from coming in. The Scandinavian units
continue firm. The Norwegian Cabinet order decreeing a return to gold in Norway reads as follows:
"The Order in Council of March 19 1920, according
to which the Norges Bank in accordance with the
Bank Act, Article 7, last paragraph, was exempt
from the obligation of redeeming its notes, is repealed from May 1 1928 inclusive, and the interdict
on export of gold, wrought or unwrought, coined
or uncoined, established by law on Aug. 18 1914,
No. 1, Article 4, is temporarily repealed in accordance with Article 7 of the same law as from May 1
1928 inclusive, though only as far as is concerned
the export to countries where the banks of issue
redeem their notes with and from which the export
of gold to Norway is free." Norway's return to
gold is similar to that of Holland. The central
bank in neither country is obligated to sell gold
for export to countries which are not on the gold
standard. The decree appears to re-establish the
free export of gold only temptarily. The phrasing
isiprobably a measure of precaution against future
contingencies.
Bankers' sight on Amsterdam finished on Friday at
40.323/
2, against 40.333/ on Friday of last week;
3023
cable transf6rs at40.343', against 40.353/
2, and commercial sight bills at 40.28, against 40.28. Swiss
francs closed at 19.27 for bankers' sight bills and at
% for cable transfers, in comparison with
19.273
19.263
% and 19.273/i a week earlier. Copenhagen
checks finished at 26.821
% and cable transfers at
26.833/2, against 26.82 and 26.831%. Checks on
Sweden closed at 26.82, and cable transfers at 26.83,
against 26.823/b and 26.833/2, while checks on Norway finished at 26.78 and cable transfers at 26.79,
against 26.78 and 26.79. Spanish pesetas closed at
16.761% for checks and at 16.771% for cable transfers,
which compares with 16.77 and 16.78 a week earlier.
The South American exchanges are firm, though
dull so far as New York trading is concerned. The
prospects of the South American exchanges seem all
that could be desired. Their financial programs are
being modernized and further improvements in this
direction are in prospect. As noted above, in the
account of sterling exchange, $1,250,000 in gold was
shipped from New York to Argentina this week and
$400,000 to Venezuela. Great industrial developments are taking place in all the South American countries and both British and American loans for these
purposes increase steadily. Argentine paper pesos
closed yesterday at 42.75 for checks, as compared with
42.75 on Friday of last week, and at 42.80 for cable
transfers, aga:nst 42.80. Brazilian milreis finished
at 12.04 for checks and at 12.05 for cable transfers,
against 12.04 and 12.05. Chilean exchange closed at
12.19 for checks and at 12.20 for cable transfers,
against 12.21 and 12.22, and Peru at 4.02 for checks
and at 4.03 for cable transfers, against 4.02 and 4.03.
The Far Eastern exchanges are firmer than at any
time in many months. The Japanese difficulties
with the Chinese forces in Shantung apparently have
had no permanent effect. The Chinese silver currencies are higher, largely as the result of the firmer
silver prices, bar silver being quoted in London around
27 15-16 tence. Japanese yen have recovered from
the setback of last week and the week before. On
Monday yen were quoted as high as 46.86 for cable
transfers, up 24 points, although in actual trading it
ruled around 46.75. Yen have been firmer than at
any time in a few weeks, due largely to official support, which caused a setback to speculative bear
operations. Combined foreign trade of Japan for the
first quarter of 1928 totaled 1,085,858,000 yen, a
gain of 45,290,000 yen over the same period last year.
Exports for the quarter totaled 474,266,000 against
430,276,000 yen, and imports 611,592,000 yen against
610,292,000 yen. It is reported that Japan is negotiating for a foreign loan of £20,000,000, of which
£10,000,000 would probably be issued by a group including Hong Kong & Shanghai Banking Corp.,
Yokohama Specie Bank, Morgan, Grenfell & Co. and
Westminster Bank, and a New York portion of $50,000,000 by J. P. Morgan & Co. Negotiations are
subject to improvement in the Chinese and Japanese
situations. Closing quotations for yen checks yesterday were 46 5-16@46%, against 46 9-16@46%
on Friday of last week; Hong Kong closed at 51 11-16
@,51%, against 50%; Shanghai at 67X@67IA,
against 6534@651%; Manila at 49 9-16, against
49 9-16; Singapore at 563/2@)56/, against 563/
2®
565A; Bombay at 36%, against 363, and Calcutta
at 363
%, against 36%.
3024
FINANCIAL CHRONICLE
[VoL. 126.
_ Pursuant to the requirements of Section 522 of
By Rail and Plane from Coast to Coast.
the Tariff Act of 1922, the Federal Reserve Bank is
The announcement on Monday of the completion
now certifying daily to the Seeretary of the Treasury the buying rate for cable transfers in the dif- of plans for a combined railway and airplane pasferent countries of the world. We give below a rec- senger service between New York and Los Angeles
ord for the week just past:
marks a forward step of the highest significance in
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
the
1922,
development of transportation in this country.
TARIFF
ACT
OF
UNDER
BANKS TO TREASURY
MAY 12 1928 TO MAY 18 1928, INCLUSIVE.
The transcontinental mail service has long since
Noon Buying Rate for Cable transfers to New York,
ceased to be an experiment, and regular passenger
•
Country and Monetary'
Value in United Rates Money.
•
traffic by airplane has already made considerable
May 12. I May 14. May 15. May 16. May 17. May 18.
progress.
Now, however, we are to have a combina8
S
$
'EUROPE$
$
$
Austria, &chilling_.- - .140688 .140673 .140713 .140641 .140628 .140662
tion of rail and plane which will unite the comfort
Belgium, belga
139640 .139651 .139648 .139627 .139600 .139558
Bulgaria, ley
007180 .007173 .007188 .007180 .007175 .007181
of the one and the speed of the other, at the same
Czechoslovakia, krone 029627 .029627 .029623 .029625 .029623 .029622
Denmark, krone
268240 .268242 .268255 .268240 .268243 .268230
time that it will reduce by one-half the time necesEngland, pound star-,
ling
4 881491 4.882244 4.882741 4.881917 .881946 .881576
sary for the journey between the two cities to which
Finland, markka
025183 .025190 .025174 .025165 .025167 .025169
France, franc
039356 .039363 .039366 .039363 .039363 .039358
the new service is first to be extended.
Germany, relchsmark 239221 .239252 .239278 .239313 .239308 .239282
Greece, drachma
013044 .013029 .013025 .013018 .013020 .013023
403521 .403589 .403696 .403573 .403547 .403355
Holland, guilder
The projected service represents a combination of
174601 .174579 .174567 .174573 .174605 .174579
Hungary, pengo
Italy, lira
052690 .052689 .052686 .052686 .052700 .052690
the
forces of the Pennsylvania Railroad, the Atchi.267825 .267855 .267873 .267885 .267915 .257877
Norway, krone
112313 .112311 .112313 .112332 .112255 .112147
Poland, zloty
son,
Topeka & Santa Fe Railroad, the Curtiss Aero042300 .042182 .042165 .042362 .042202 .042220
Portugal, escudo
006182 .006180 .006170 .006186 .006186 .006167
Rumania,leu
plane
& Motor Corporation, the Wright Aeronauti.167700
.167646
167704 .167883 .167652 .167657
Spain, peseta
268276 .268270 .268267 .268295 .268277 .268268
Sweden, krona
cal Corporation and the National Air Transport
Switzerland, franc_ _ _ .192734 .192746 .192774 .192753 .192742 .192730
.017603 .017600 .017598 .017604 .017603 .017601
Yugoslavia, dinar
Company. The latter company now carries the mail
ASIAChina.666666 .667500 .677916 .678750 .678333 .688750 from Hadley Field, N. J., to Chicago, and thence to
Chefoo teal
.664166 .685833 .675416 .675416 .675000 .685416
Hankow tael
Dallas, Texas. For the western part of the route
650357 .652500 .661250 .661250 .661607 .670857
Shanghai teal
685833 .686666 .669750 .698333 .697500 .708750
Tientsin tool
an arrangement is also to be made with the Boeing
.510678
.510982
.514642
.508750
.505892
.504821
Hong Kong dollar
Mexican dollar_ _ _. .469000 .470000 .475000 .477250 .477000 .477500
Air Transport Company, which operates a twentyTientsin or Peiyang
469166 .470000 .475000 .477083 .475000 .472916
dollar
465833 .466666 .471666 .473750 .471666 .469583 four hour service for passengers, mail and express
Yuan dollar
.366040 .366075 .366157 .366089 .366166
365903
India, rupee
466086 .467697 .465755 .465705 .465836 .462933
between Chicago and San Francisco, connecting at
Japan, yen
3ingapere(S.8.)dollar_ .561250 .561458 .561250 .561250 .561250 .561250
NORTH AMER.Salt
Lake City with the Western Air Express, which
999296 .999032 .998654 .998828 .999244 .998828
Cianada, dollar
999406 .999312 .999375 .999406 .999093 .999093
Duba, peso
operates
between that point and Los Angeles and
.486166 .485833 .486000 .485916 .485916 .485750
Mexico. peso
Newfoundland, dollar. .996875 .996718 .996218 .996718 .996937 .996437
thence
to
San Francisco. According to the anSOUTH AMER.krgentIna, peso (gold) .972333 .972258 .972084 .972372 .972064 .972098
nouncement
given out on Monday, passengers will
.120281
.120309
.120327
.120310
.120336
120336
Brazil, milrets
.122006 .122013 .121809 .121802 .121735 .121815
Mule, peso
leave New York in the evening by the Pennsylvania,
1 030500 1.030800 1.030588 1.029023 1.028208 1.028418
Uruguay, peso
.71nInmbIA twin
.982800 .982800 .982800 .980400 .980400 .980400
change in the morning at Columbus, Ohio, for an
airplane flight to Wichita, Kan., board a limited
Owing to a marked disinclination on the part of train of the Atchison, Topeka & Santa Fe there for
two or three leading institutions among the New some point in New Mexico, and
proceed thence by
York Clearing House banks to keep up compiling the
airplane
to
Los
Angeles,
arriving
at that city in the
figures for us, we find ourselves obliged to disconlate
afternoon
of
the
second
day.
been
givhave
tinue the publication of the table we
The new corporation which is to conduct the sering for so many years showing the shipments and
receipts of currency to and from the interior.
vice is capitalized at $5,000,000, the financial backAs the Sub-Treasury was taken over by the Fed- ing coming from New York, St. Louis and Louiseral Reserve Bank on Dec.6 1920,it is also ho longer ville, Ky. According to a statement
given out on
possible to show the effect of Government operations Tuesday by C. M.
Keys,
President
of
the corpora.
in the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clear- tion and head of the Curtiss Aeroplane & Motor
Corporation, the company plans to use tri-motored
ing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK planes carrying fourteen passengers each, with a
AT CLEARING HOUSE.
scheduled speed of 90 miles an hour and a maximum
Aggregate
Saturday, Monday, Tuesday, Wednesdy, Thursday, Friday,
speed
of 120 miles an hour. The planes will be
for Week.
May 12. May 14. May 15. May ,16. May 17. May 18.
"equipped
with every known safety device, radio
$
$
$
S
5
S
$
_117.560,000 131,050,000 118,000,000 120.000,000 117.000.000 108,000,000 Cr. 711.000,000 communication and steward service," the
restauNos.-The foregoing heavy credits reflect the huge mass of checks which come
(the New To X Reserve Bank from all parts of the country in the operation of rant service being in charge of Fred Harvey, the
the Federal Revery. System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing manager of the well-known dining car and restauHouse institutions as only the items payable in New York City are represented in
the daily bal aces The large volume of checks on institutions located outside of rant service of the Atchison system. "Landing fields
New York are not accounted for in arriving at these balances, as such checks do
not pa A through the Clearing House, but are deposited with the Federal Reserve will be specially designed and equipped so that every
Bans for collection for the account of the local Clearing House banks.
convenience and comfort will be afforded to the
traveling
public. Tickets will be sold entirely by
The following table indicates the amount of bulthe
railroad
companies at their regularly established
lion in the principal European banks:
offices. Passengers' hand luggage will be carried in
May 19 1927.
May 17 1928.
the airplanes, and their heavy luggage will be
Banks of
Silver.
Total.
Total,
Gold.
Silver.
Gold.
checked through to its destination on the railroad
155,417,610 trains." The rates of
161.946.830155.417,61
En^land_ 4161,946,83
fare will be somewhat more
Fralre a_ _ 147,141,638 13.7l8,032160.859,670 147,300,268 13,720,000 161,020,268
994,600 88,389,450 than the present
0er,r any b 100,718,050 c994,600101,712,650 87,394,85
rates
for first-class accommoda27,904,000
131,781,000
103,877,000
28.030,000'132,348,000
Snail) ____ 104,318,000
50,406,000 46,045,000 4,000,000 50,045,000 tions by limited
50,406,000
Hay
trains.
The route selected is be37,170,000
2,272,000
34,898,000
38.306,000
2,043,000
36,263,00
Ne h'19.-de
Ns t Bela_ 22.032,000 1,245,000 23,277,000 18,133,000 1,153,000 19,286,000 lieved to be the one which, at
present at least, offers
Swit,'Iantl. 17,511,000 2,323,000 19,834,000 18,372,000 2,840,000 21,212,000
12,333,000
12,889.000 12,333,000
Sweden._ 12,889,000
762,000 11,468,000 the greatest safety and convenience for flying, and
623,000 10,728,000 10.706,000
Denmark 10,105
8.180,000
8,180,000 8.180,000
8.180
Norway
the best opportunity of maintaining a regular ser53,645,600
696,302,328
720,487,150642,656,728
48.976.632
671,510.518
week
Total
vice throughout the year under all conditions of
53,750,600694.910,996
prev week 1171 140.003 49,250.632 720,399.72564I.160,396
held abroad, amounting weather. Plans for the
a Gold holdings of the Bank of France are exclusive of gold
extension of a similar serthe Bank of Germany are
the present year to £74,576,836. b Gold holdings of
year Is £4,281,300. vice to other parts of
exclusive of gold held abroad, the amount of which the present
the
country are said to be
of Oct. 7 1924.
c As
MAY 19 19281
FINANCIAL CHRONICLE
3025
under consideration, although they have not yet over areas
vastly wider than could be reached
by
passed the tentative stage.
any other means of transportation, and while
the
The new scheme, which it is expected will be put postal rates
on second class matter are still so high
into operation in six or seven months, makes a pow- for long
distances as to constitute a heavy tax on
erful appeal to the imagination, but its practical the circulatio
n of information and knowledge, they
significance for the future of both railway and air cannot
remain permanently at luxury figures
once
transportation is undoubtedly large. Among the the
airplane has become as familiar as the railw
ay
great disadvantages of air travel thus far have been train.
The railways, again, while apparently
sethe cramped quarters for passengers and the incon- cure for
a long time to come in their carriage of
veniences, not to mention the dangers, of travel by bulky
freight and crowds of passengers, must look
night. The new service eliminates night travel by forward
to an airplane competition almost, if not
plane, the night runs being made by train, while quite
, as severe as that which is now being cause
d
the new planes, if ample enough for luggage and a by
buses. It is perhaps not too much to expect that
restaurant service, may be expected to serve
the the whole problem of railway consolidation
and recomfort of passengers by also giving them room
to capture of earnings may have to be reviewed
in the
move about during the long non-stop day trips. The light
of the serious diversions of traffic which
buses
saving of two days will be an important matter for and
airplanes will be found to have occasioned.
business men, as well as for others to whom time is
It has long been recognized that, in a
country
a real object, and should more than offset any rea- of
such great extent as the United States, the
desonable increase in the rate of fare.
velopment of means of communication is a matt
er
of
Unquestionably, too, the inauguration of such
a cardinal importance for national unity, natio
nal
transcontinental service as is proposed will give
a spirit and national defense. Broadly speaking,
the
powerful stimulus to the development of the
air- American railways, with their standard gauge
, efplane and flying. Air navigation, in spite of
the fective organization and efficient service, have
done
great development that it has undergone, is still
in about all that it was within their power to
do to
its infancy. It is still far from being as safe
as abolish distance, facilitate the movement of perso
ns
travel by land or sea, and the perfection of safet and
goods, and bring the different sections of
y
the
devices must be pressed energetically if a regul
ar country in touch with each other. The autom
obile
service, for either long or short distances, is to
be has added to this service by opening innumera
ble
assured. Improved engines, safer and more
com- areas adjacent to railway lines, and the
automomodious construction, trained and competen
t pilots, bile bus, at first a local or suburban
convenience,
and provision for combatting snow and
ice will be is rapidly entering the inter-State and
national field.
more than ever needed. Every extension
of a long- Now comes the airplane, emerging rapid
ly from a
distance service involves the speedy and prope
r lo- scientific curiosity or perilous plaything
into an
cation of landing fields and other termi
nal facili- instrument for regular transportation
service. The
ties, near enough to the existing railway
terminals action of the Pennsylvania and Atchi
son roads in
to avoid undue loss of time in transferri
ng passen- incorporating this new facility in their
systems, and
gers and luggage from trains to plane
s. The law preparing to bridge the country with
a combination
of the air, like air navigation itself, is
still to be of railway train and airplane, seem
s a pretty clear
worked out sufficiently to meet the needs
of a great indication that those two corporatio
ns, at least, are
multiplication of planes and estab
lished routes. alive to the future possibilities
of this new instruEven a small article thrown carelessly
from an air- ment, and are preparing to work
it into the general
plane may work serious injury to
persons or prop- transportation system of
the country as they, with
erty on land, and means of identifyin
g planes that other railway corporations,
have tardily undertaken
are driven recklessly in violation of
the rules will to utilize the bus. We
shall not have a perfect re
have to be perfected. We have
mastered these dif- suit at once. There will
be accidents and misadvenficulties, and other similar ones, in
the case of the tures, financial losses
in experiments and losses
railway and the steamship. We are
making prog- from inexperience. The final
outcome, however, we
ress in mastering them in the case of
the automobile, feel sure, will benefit the
nation, just as the great
but the airplane presents new prob
lems of social work of the railways has benef
ited it, by lessening
control.
the importance of time and distance in
travel, and
We may expect, further, that any
improvements bringing circumference and centr neare
e
r together.
in air navigation that are inspired by the
establishment of long-distance passenger routes,
whether
Business—Can One Corrupt Act Vitiate the
with or without connection with railw
ays, will be
Whole
reflected in the use of airplanes for
shorter disIt
is
perh
aps
natur
al that the Chamber of Comtances, and that the social changes whic
h accom- merce of the Unite
d States, in annual session at
pany the one will not be long in showing
themselves Washington, should
take some note of recent disin the other. Just as the automobile has
brought closures in the commerci
al world that, in the eyes
city and country together, redistributed
population of some, tend to dispa
rage the whole of "business.''
throughout the neighborhood of popu
lous centres, But it is imperative
to our mind that the cause
created new business centres tributary
to the met- which presumably
brought forth the resolutions be
ropolitan districts, and increased the
salesman's fa- considered in its
proper perspective. That which
cilities of travel among his customers,
so the air- gets into the polit
ical eye of the country is liable
plane, as it becomes more common, safe
and cheap to distortion and exaggerati
on. One of the quesand less of an expensive and dangerous
novelty, will tions which the analy
st should carefully answer in.
affect the distribution of popul
ation in settled his own mind is this:
"Is 'business' as a whole less
areas and minimize the obstacle of
distance. Al- honest in its personnel and its
operations than it
ready it has become possible, by
means of the air was ten or twenty-five or
forty years ago?" The
mail service, to distribute metropolit
an newspapers resolutions passed at this recen
t meeting read:"The
3026
FINANCIAL CHRONICLE
[Vot. 126.
have been the results of
Chamber of Commerce of the United States declares and Government and what
prosecutions thereunder—
its confidence in the general integrity and sound Department of Justice
lines of business? And how
ideals of modern business. These are brought into these covering many
general suffered in reputahigh relief by recent disclosures of individual vio- much has "business" in
as a whole from these cases
lation of established business practices. . . . tion for fair dealing
ions?
American business is jealous of its good name, in- with their revelat
one isolated "case" outweighs
this
it
be
that
Can
the
by
status
ional
profess
its
sists upon protecting
by the regular work of the
d
was
reveale
that
maintenance of the highest standards, and intends all
And this permits us to ask
?
of
ment
Justice
Depart
scrupulously to discharge its collective responsibiliin the course of the years,
has,
there
or
not
whether
of
that
ties. Chief among such responsibilities is
l" and its procedures
the
"scanda
to
present
d
attache
comin
purging business of all those who indulge
undue significance and a political exaggeration?
mercial and political corruption, and through re- an
considering this any further we are
sort to unclean or unworthy practices bring business But without
on permitted to ask: How close does this
into disrepute and shock the sensibilities of all de- thereup
whole thing come to the general business of the councent citizens. . . . The Chamber declares that
try and what taint thereby attaches to the conduct
the moral turpitude of corrupters of public servants
personnel of that business as a whole? Here
is even greater than that of those whom they de- and the
factors—a product owned by the Governthe
are
prinbauch. . . . The Chamber emphasizes its
nsible, it is alleged, to future preparedindispe
ment
'corpociple of business conduct, which provides that
an attempt, whether necessary and
war;
in
ness
moral
the
alter
rate forms do not absolve from or
to preserve the interests of the
not,
or
l
rightfu
stockthat
ns
maintai
It
obligations of individuals.'
ment. A contract to that end—now declared
holders of corporations owe it to themselves, to the Govern
fraud. While in the meantime thousGovernment and to the profession of business pub- obtained in
corporations in the pursuit of natural busilicly to repudiate those who misrepresent them. ands of
ns and interests pursue their way and
relatio
Such stockholders cannot accept the profits flowing ness
the indispensible business of the counmate
consum
from corruption and escape the moral stigma which
that as far as the integrity of geninsist
We
try.
permit
inheres in such profits. Neither can they
is
concerned, and in view of its vast
s
busines
eral
through
lly
those who act for them to profit persona
whole
proceeding is remote and utterly
this
volume,
who
others
shield
corrupt corporate transactions or
ineffectual to cast upon it the stigma of a common
do."
"corruption."
Now, if we may be permitted to express an opinIt is perhaps well for the Chamber to reaffirm
standalready
r,
Chambe
ion, the affirmation of the
its time-honored principles. But let us fear that a
ing in its records, that "corporate forms do not abindi- false construction by the people will be put upon
solve from or alter the moral obligations of
the these resolutions in the nature of an admission
viduals," covers the ground of the duties of
case through the mere reiteration. "Business" had nothChamber in the present case. And what is this
it is. ing to do with this transaction. "Business" does
and how did it originate? We all know what
cor- not, and certainly should not, have any close cona
n
It arose out of contractual relations betwee
tact with Government contracts. Another instance
departa
poration, dominated by on individual, and
t officer. like this cannot occur again. And in such cases as
ment of the Government through a Cabine
and a conse- may occur in "government work," courts are proIts background was the World War
g the sinews vided for adjudication and prosecution of such
quent arousal over the need for guardin
resource in the "frauds" as appear. Our point is that "business" is
of war, in this instance a precious
wars should above and beyond this one case of Government vs.
earth, indispensible to success in other
n corpora- Corporation; and that as far as the established prin
they come. Negotiations follow betwee
entered into and ciples and common conduct of business is contion and Government. A lease is
extent of mil- cerned, the whole thing is a tempest in a "teapot"
work is begun and prosecuted to the
As a people we have no right to allow "politics"
as to the method of
lions of dollars. Rumors arise
stultify business. For, and we wish to be exto
Governthe
of
procuring this lease and in behalf
ensues. Follows plicit and restricted in what we say to the enunment a Senatorial "Investigation"
evidence adduced by ciation of a principle, and not the preferment of a
a Court procedure based upon
is cancelled for specific charge, contractual relations between a
the investigation and the lease
the land. Crim- Government and a corporation are apt to result in
"fraud" by the highest tribunal in
official and chief political inferences, charges, attachments, and exinal proceedings against Cabinet
ed are instituted, ploitations. And, in passing, this is one of the emofficers of the corporation concern
which, in a word, phatic reasons why Government should keep out of
with varying results in the courts,
"business" and allow it to make its own laws of
are still in process.
contract and service which in the nature of things
This
ding facts.
Now note some of the outstan
are fundamentally honest because only so can ultiDepartthe
"prosecution" did not first originate in
mate success come to trade and production.
the
for
and
of
agency
ment of Justice, an impartial
And now, in conclusion, let us not make a mounty
publici
gain
did
protection of the Government. It
out of a molehill. Business is honest. No party,
tain
the
of
Senate
the
by its origin in a Committee of
political impulse or bloc, committee, or Congress, can indict a whole
United States. Was there any
Committee? We people, and the whole people constitute our "busimotive behind the creation of that
answer. But we ness." We enter upon a Presidential campaign. It
make no charge and we make no
not a glaring and is dangerous to business and to the Republic to try
do ask in all seriousness is this
ns between a to shape the future of the "administration" of our
isolated instance of contractual relatio
, how civic affairs upon the disclosures of an investigacorporation and the Government? Further
were tion of this.character, be the charges as flagrant as
many contracts under the "cost-plus" system
they may and the proofs of "fraud" as positive as
entered into in war-time between the corporations
MAY 19 1928.]
FINANCIAL CHRONICLE
they may. Billions of business are transacted every
year, and suits between the parties in court are comparatively few and adjudicated under the laws of
the land. Business is not government; nor is government business. They are separate and apart.
Belief that business in itself is dishonest, corrupt,
and not in the interest of the people tends through
political agitation to drive business into the arms
of the Government.
Let us not condone "fraud," let us not give fealty
to those who refuse to abide by the high principles
developed by long contacts, but let us realize that a
single embroilment of business and government
proves neither that business not government is essentially corrupt. We shall hear more of this particular scandal, but put in its proper perspective,
reduced to its proper relativity, it will take its
proper place, and we shall have time to study and
meditate upon those principles of business and government which in their separate tasks and conduct
are vital to the welfare of us all and to the perpetuity of our institutions.
The Problems of the Pacific and the Hawaii
Conference.
Viewed from the midst of the noise of New York
and the incessant challenge of events on all the
shores of the Atlantic an island in the midst of the
vast Pacific seems the abode of peace and a Conference of distant nations held there some months
ago is far from forgotten, and its deliberations have
lost none of their importance.
The report of its Secretary, Professor Condliffe
of New Zealand, has just come to hand.* The In*The Problems of the Pacific.
Honolulu. Chicago Univ. Press.
Proceedings of the Conference in
stitute of Pacific Relations is composed of the national units which are the Councils of the countries bordering on the Pacific, uniting in a Pacific
Council, which maintains the Institute. This Institute held its second Conference in Honolulu in
July, under the care of a Central Executive Committee composed of local resident nationals. The
influence and significance of the meeting have been
carried far and wide; the Report before us gives
the full details; the representatives were charged
severally with their country's special concerns and
were eager to command attention.
Naturally the viewpoints of the different countries were presented first, and are in some respects
the most important facts. We give only three or
four of them in illustration.
Mr. F. W. Eggleston, formerly Attorney-General
of Australia, said Australia realizes her interest
in the Pacific and the possibilities. Her mind is
set on preserving the integrity of her inherited institutions, but holds fast her purpose of keeping the
peace with all, while she is bound integrally to the
British Empire, the chief agency for that for the
world. Her main problem is her internal development with a normal expansion while extending full
rights to all who may come to her.
The British Group, according to Sir Frederick
Whyte, its representative, has peculiar responsibility because of her great extent, and has to study
substantial changes going on everywhere; she aims
to help in all, and, with her cards on the table, her
contacts in the entire region emphasize sound political relations and her desire for peace. The FourPower Treaty of Washington in 1922 should prove
3027
the basis for all concerned in the Pacific to secure
common advantages. The earlier Britain-Japan Alliance served to restrict extension of war for the
time and despite its obvious limitations, was valuable. The Four-Power Treaty has fewer objections
and holds greater promise of good. He quoted at
length the terms of the Washington Treaty declaring the abiding purpose of His Majesty's Government to abandon ineffective protest over minor matters, going always as far as possible in a constructive policy, meeting legitimate aspirations in others
and striving for united action where vital interests
are at stake. She has sought to prove this in her
present relations with China in the steps she has
taken: (1) She has planned to return Wai hai Wei;
(2) she has agreed to give up concessions in Hankow and is arranging it in Tientsin; (3) She has
restored the Mixed Court in Shanghai to Chinese
control, and (4) she has accepted tariff autonomy
and economic equality.
China's spokesman, Dr. David Yui, expressed the
gratification of his people in meeting for discussion
on an absolutely equal basis, taking up their problems in an unreserved constructive and fraternal
spirit. China, he says, has passed through half a
dozen serious internal disturbances, from all of
which she expects to reach timely settlements. The
Tariff Conference had opened the whole question of
tariff autonomy, but had left it still unsettled.
Extraterritoriality is another of her main problems left unsolved, while she awaits a decision.
Meanwhile the Mixed Court in Shanghai has given
place to the Chinese Provincial Court with benefit
to all. Overtures from leading powers have, however, not yet been sufficiently comprehensive, and
the demand of the Chinese for the abrogation of unequal treaties and recognition of China's independent position is unsatisfied. There is great need of
such discussion as will bring about better understanding and permanent good-will.
Japan's position was set forth by President Sawayanaji of the Imperial Educational Association.
He spoke with eager expectation of increased goodwill on the part of his countrymen. Japan has
passed through great changes in the 70 years since
her doors were opened and the Western world
flowed in upon her. She has earned her new position by unremitted effort, and her leaders are now
striving to blend the two distinct civilizations. She
owes very much to others but hopes to show that she
has something to give in return. She is committed
to a policy of peace and recognizes the amazing advance in her material comforts which mark the benefits she has gained, but which also indicate the problems now before her. Great races confront each
other across the Pacific and the difficulties of assimilation make such Conferences as that of the
Institute of greatest value. Japan needs scope and
food for her rapidly growing population and looks
to the richer and better balanced civilization embodied in the best gifts of both the East and the
West.
Canada, Korea, New Zealand, the Philippines and
America, all presented their problems and points of
view, and much discussion followed which is given
in detail together with documents on many lines
of interest, maps and statistical tables of permanent value. The population of the world has grown
from 600,000,000 in 1800 to nearly 2,000,000,000 today, and the increase now is nearly 20,000,000 an-
•.•
3028
FINANCIAL CHRONICLE
[VoL. 126.
nually. Of 52,000,000 square miles, the surface of variety and the beginning
of simple textile mathe earth, only 10,000,000 are suitable for crops, and chines; and in manufactur
e of miscellaneous aronly 4,000,000 are in use. As things are now, if the tides, the use of which has
been learned from the
population of the earth should be more than doubled. Western nations; the extension
of the area and volit could not be maintained at the present standard ume of the market,
and the great increase of the
of living. If the crops could be doubled by use of resultant wealth. This, however,
is seriously hinfertilizers, as they have ben during the past century dered by lack of railway constructio and the
n
conin Northwestern Europe, the population of the earth troversies over its
advance, with constant complicacould be quadrupled—to 8,000,000,000. But as much tion from political differences. Japan's relations
of this land capable of producing crops has a semi- with the West are rather more
intimate, though still
arid climate, scant water supply would probably very susceptible to transient
impressions, as Japan
limit the possible population to six billions. If the is reaching out in search of every valuable line
of
present rate of increase continues, the saturation progress, and in her eagerness exposed
to quick outpoint will be reached in 150 years. Before that the burst of strong feeling, while her underlying
purscale of living will be greatly reduced. In Eastern poses of understanding and united
progress are unEurope, Western North America, Australia, Argen- affected.
tina, China, and Japan, the rising tide of populaJerome D. Greene, of Lee, Higginson & Co. of this
tion is beating against the barrier created by the city, spoke of the role of the banker in
international
adverse conditions. No one knows how these are to relations. It embraces three functions:
it finances
be met. It is enough to show the importance of trade in all its connections where money
or credit
taking stock of agricultural resources and of the is necessary for production, transportat
ion and distrend of population. Mr. 0. E. Baker, the Econo- tribution; it furnishes loans for
utilities, municimist of the Agricultural Department, pressed this palities and States, and it supplies
capital for enconsideration.
terprises during their initial and developing stages.
Contact with the West is having strong influence These banking operations should depend
on comon the industrial and economic life of the Orient, plete mutuality of interest. Unhappily,
this is someespecially Japan and China. This was dwelt upon times not the case; but no permanent relations
can
at length by their representatives. It appears in be secured without it. The money employed
is the
the slow increase in the quantity of imports; in their
(Continued on page 3030
New Capital Flotations During the Month of April
and from Jan. 1 to April 30.
New financing in this country during April was not only on
an extensive scale, exceeding a billion dollars in the aggregate, but it broke all records in that respect. It has happened twice before that the monthly total has run in excess
of a billion dollars, but the April total constitutes the largest of the whole series. Our tabulation, as always, includes
the stock, bond and note issues by corporations and by
States and municipalities, foreign and domestic, and also
farm loan emissions. The grand total of the offerings of
new securities under these various heads during April
reached $1,050,469,925. In March the new issues aggregated $960,515,327; in February they were $864,647,921; in
January only $759,406,282. In December, on the other
hand, the amount exceeded a full billion dollars, the exact
. figure being $1,041,473,715. In November the new issues
footed up $775,727,309, but in October, as in December, the
new financing exceeded a billion dollars, the precise amount
having been $1,033,020,983, and this having been the first
time in any month up to that date in Which the billiondollar mark had been reached. In September the total was
$627,793,673; in August $616,422,263, but in July, a dull
Summer month, only $481,503,439. In the first half of 1927,
the amounts were quite generally heavy, running in several
months in excess of $900,000,000. Thus in June the aggregate was $925,007,489, and in May $946,992,308.
In considering the magnitude of the new floatations for
April it is very important to bear in mind that an exceptionally large proportion of the total represented refunding
operations, that is financing done to take up security issues
already outstanding, and to that extent did not constitute
appeals to the investment market for strictly new capital.
Out of the grand total of $1,050,469,925 of new stock and
bonds brought out during the month, no less than $367,125,872 was to refund or take up outstanding issues, leaving
therefore only $683,344,053 as representing new capital
additions. This last was but little larger than the strictly
new capital demands made in April of last year. The grand
total of financing of all kinds in April 1927 was no more
than $906,088,328, as against this year's aggregate of $1,050,469,925, but last year only $236,022,150 was for refunding
purposes, leaving the new capital then supplied at $670,066,178, which is not very greatly different from the amount
of the new capital for the month the present year at
$683,344,053.
The.grand total last year was swollen by farm loan issues
aggregating $105,850,000 (a $100,000,000 issue of Federal
Farm Loan Bonds having then been brought out), while the
present year the farm loan contributions of all kinds was
limited to the meager figure of $400,000. This year's
grand total of the new emissions is nevertheless, as we have
seen, over $144,000,000 above that for last year. The increase to offset the loss from the farm loan issues is found
entirely in the new corporate issues, foreign and domestic,
which for April 1928 aggregate $823,206,250, against only
$520,452,280 in April last year. But it is precisely in the
case of these corporate issues that so much of the financing
was of a refunding nature, no less than $349,116,372 falling
under that designation this year as against only $131,581,150
a year ago. However, after taking out the amount applied
in refunding, the actual amount of new capital supplied on
behalf of corporations was $484,089,878 in April of this year,
as against but $388,871,130 in April last year.
During the month of April new issues on behalf of public
utilities totaled no less than $380,541,445, exceeding by some
153 millions the March output of $226,732,922. Industrial
issues were also in heavier volume during April, reaching
$357,611,555 as against $322,435,830 in March. Railroad
financing, however, at $95,053,250 for April, was well under
the March aggregate of $192,781,400, and yet was of relatively large proportions for that group.
Total corporate offerings in April were, as already stated,
$833,206,250, and of this amount long-term issues comprised
$507,193,000, only $15,750,000 was short-term, while
$310,263,250 consisted of stock issues. The portion used for
refunding continues on an extensive scale, the total for
this
purpose in April reaching $349,116,372, or somewhat over
41%. This establishes the month as the second largest
on
?word in this respect, it being exceeded only by the previous
month, when refunding issues aggregated no less than $361,242,750. In February $201,343,948, or slightly over 32%
of
the total, was for refunding purposes, while in January
the
amount was $165,028,100, or not quite 29% of the total.
In April 1927 the refunding portion was $131,581,150, or
somewhat over 25% of the total. The more prominent issues
brought out during the month, entirely or mainly for refunding, were: $50,000,000 Cities Service Co. deb. 5s 1958, en-
bar 19 1928.]
FINANCIAL CHRONICLE
tirely for refunding; $50,000,000 American Gas & Electric
Co. deb. 55 2028, also entirely for refunding; $62,408,250
Pennsylvania RR. capital stock providing approximately
$44,000,000 for refunding; $35,000,000 Cincinnati Gas &
Electric Co. 1st mtge. 4s "A" 1968, of which $34,007,900 was
raised for refunding; $24,000,000 Chicago, Milwaukee & St.
Paul Ry. Co. gen. mtge. 4%s "E" 1989, of which $17,083,000
was for refunding, and $14,000,000 Minnesota Pr. & Light
Co. 1st & ref. mtge. 4%s 1978, to be used entirely for refunding.
The total of $349,116,372 used for refunding in April comprised $210,146,500 new long-term to refund existing longterm, $7,744,000 new long-term to refund existing short-term,
$41,249,800 new long-term to replace existing stock, $67,097,400 new stock to replace existing long term, $2,500,000
new stock to replace existing short-term, and $20,378,672
new stock to replace existing stocks.
Foreign corporate issues sold here in the month of April
aggregated $74,304,750 as against $48,702,000 in March.
The offerings during April were as follows: Canadian,
$16,000,000 Abitibi Pr. & Paper Co., Ltd., 6% cum. pref. sold
at $102 per share, yielding 5.88%; $5,000,000 Famous Players
Canadian Corp., Ltd., 1st mtge. 6s "A" 1948 and $3,000,000
of the same company's deb. 6%s 1948, both offerings being
made at par; $3,500,000 Nova Scotia Lt. & Pr. Co., Ltd., 1st
mtge. 5s "A" 1958 offered at 89%, yielding 5.05%, and $10,000,000 The Shawinigan Water & Pr. Co. 1st mtge. & coll.
Tr. 4%s "B" 1968, offered at 98%, to yield 4.60%. Other
foreign issues were: 100,000 shares $6 cum. pref. stock of
Swiss-American Electric Co. (Zurich, Switzerland), offered
at 98% per share, yielding 6.10%; $5,000,000 Agricultural
Mtge. Bk. of Columbia 6s 1948, sold at 93%, yielding 6.59%;
75,000 shares (par £10) of Investors Trust Assn., Ltd. (England) capital stock, priced approximately at $50.46 per
share; $1,750,000 City Savings Bank Co., Ltd. (Budapest,
Hungary), secured 7s "A" 1953, issued at 93%, to yield
7 50%; $5,000,000 Electric Pr. Corp. (Germany), 1st mtge.
6%s 1953, offered at 99%, to yield 6.53%; $3,000,000 Hungarian Land Mtge. Institute land mtge. 7%s "B" 1961, offered at par; $3,000,000 Provincial Bank of Westphalia
(Germany) 5-year 6% note partic. ctfs. March 1 1933, sold
at 97%, yielding 6.50%; $3,000,000 Roman Catholic Church
Welfare Institutions in Germany sec. 7s 1946, offered at 99,
yielding 7.10%; 40,000 American shares of Mortgage Bank
of Colombia, priced at $46 per share, and 5,500 shares of
Continental Securities Corp. In Zurich (Switzerland) capital stock, sold at average price of $105% per share, involving
$580,250.
Domestic public utility issues of exceptional size during
April comprised: $50,000,000 American Gas & Electric Co.
deli 5s 2028, sold at 101, yielding 4.95%; $50,000,000 Cities
Service Co. deb. 5s 1958, priced at 98, to yield 5.13%; 600,957
shares of Electric Bond & Share Securities Corp. common
stock, offered at $80 per share, involving $48,076,560; $35,000,000 The Cincinnati Gas & Electric Co. 1st mtge. 4s "A"
1968, issued at 92%, yielding 4.40%; $25,000,000 New England Pr. Assn. deb. 5s 1948, issued at par, and $14,000,000
Minnesota Pr. & Light Co. 1st & ref. mtge. 4%s 1978, offered
at 9714, yielding 4.64%.
Industrial issues of domestic origin worthy of special mention were as follows: $21,000,000 Wheeling Steel Corp 1st
& ref. mtge. 4%s "B" 1953, offered at 93, yielding 5%; $18,000,000 International Cement Corp. cony. deb. 5s 1948, priced
at 97, yielding 5.25%; $12,500,000 Peabody Coal Co. (consolidated company) 1st mtge. 5s "A" 1953, sold at 96%,
yielding 5.25%; $10,350,000 Pittsburgh Hotels Corp. 1st (c)
mtge. 5%s 1948, offered at 99%, yielding 5.54%; $10,157,500
(E. I.) du Pont de Nemours & Co. 6% deb. stock, offered at
$115 per share, yielding 5.21%; $10,000,000 Brown Co. 6%
cum. pref. stock, sold at $95% per share, yielding 6.28%,
and 200,000 shares class "A" participating stock of (Robert)
Gair Co. sold at $50 per share, involving $10,000,000. Railroad financing during April was featured by the offering
at par ($50) of $62,408,250 capital stock of Pennsylvania
RR. and the sale of $24,000,000 Chicago, Milwaukee & St.
Paul Ry. Co. gen. mtge. 4%s "E" 1989 at 102%, to yield
4.38%.
Six separate foreign Government loans were floated in
our markets during April for an aggregate of $87,130,000,
Just exceeding the March total of $85,750,000 by a little over
one million dollars. The April offerings were as follows:
$55,000,000 Kingdom of Denmark ext. 4%s 1962, offered at
95, yielding 4.80%; $12,000,000 City of Copenhagen (Denmark) 4%s 1953, sold at 94%, yielding 4.88%; £2,000,000
Kingdom of Great Britain & Northern Ireland 4% Funding
3029
Loan 1960-1990, offered at market, to yield about 4.40%;
$4,860,000 State of Parana (Brazil) external cons. 7s 1958,
issued at 98, to yield 7.15%; $3,500,000 Province of Upper
Austria (Austria) sec. Os July 1 1930, priced at 98%, yielding 6.75%, and $1,770,000 City of Rio de Janeiro (Brazil)
5-year sec. 6s, April 1 1933, issued at 99, to yield 6.24%.
Farm loan financing during April comprised two small
issues aggregating $400,000. The yields on these issues were
from 4.73% to 4.75%.
Offerings of various securities made in the course of the
month not representing new financing by the companies
whose securities were offered, and which, therefore, are
not included in our totals, embraced the following: $1,.
750,000 Adams-Minis Corp. 1st pref. at $105 per share;
42,400 shares of the same company's common stock at $28%
per share; 93,785 shares Bristol-Myers Co. common stock at
$59 per share; 25,000 shares Charis Corp. (N. Y.) common
stock at $27% per share; 35,000 shares Consolidated Retail
Stores, Inc. (Del.) common stock at $28% per share; $7,250,000 The Florsheim Shoe Co. (Ill.) 6% cum. pref. at $102
per share; 100,000 shares of the same company's class "A"
common stock at $56 per share; 15,900 shares class "A"
stock of (Arthur G.) McKee & Co. at $40 per share; 40,000
shares of partic. preference stock of (Oscar) Nebel Co., Inc.
(Hatboro, Pa.) at $30 per share, 1-3 share of common accompanying each preference share; 20,000 shares common stock
of Noblitt-Sparks Industries, Inc. (Indianapolis) at $27%
per share; 64,000 shares Selby Shoe Co. common stock at
$35 per share; 22,500 shares Thompson Products, Inc., class
"A" stock at $35 per share, and 13,846 shares Toddy Corp.
$2 cum. partic. class "A" preferred at $27% per share.
The following is a complete summary of the new financing
-corporate, State and city, foreign Government, as well as
farm loan issues-for April and for the tour months ending
with April. It should be noted that in the case of the corporate offerings we subdivide the figures so as to show the
long-term and the short-term issues separately, and we also
separate common stock from preferred stock, and likewise
show by themselves the Canadian corporate issues, as well
as the other foreign corporate floatations.
MONTH OF APRIL.
CorporateDomesticLong-term bonds and notes
Short-term
Preferred stocks
Common stocks
CanadianLong-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreignLong-term bonds and notes
Short-term
Preferred stocks
Common stocks
Grand total
FOUR M08. ENDED APRIL. 30.
CorporateDomesticLong-term bonds and notes
Short-term
Preferred stocks
Common stocks
CanadianLong-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other ForeignLong-term bonds and notes
Short-term
Preferred stocks
Common stocks
Grand total
Refunding.
Total.
$
$
8
227,594,700
12.750,000
73,269,514
130,962,914
240.348,300
14,471,500
59,504,572
467,943,000
12.750,000
87.741,014
190.467.488
2.708,000
18.792.000
21,500.000
16,000.000
16,000,000
17,750,000
3,000.000
9,850,000
6,204,750
Total corporate
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions
Total corporate
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions
New CapttaL
17,750,000
3.000,000
9,850.000
6.204.750
484.089,878
75,130,000
400,000
349,116,372
12,000,000
833.206.250
87,130.000
400.000
123,724,175
6,009,500
129,733,675
683,344,053
367,125,872 1.050.469.925
856,146,200
86,186,400
309.256,456
254,361,976
782.873,600 1,639,019,800
29,836,100
96,022.500
116.026,800 425,283.256
93,684,170 347,946,146
28,330,000
133,881,500
6,000,000
9,850,000
21,681,750
18.792,000
47.122.000
16.000.000
16,000.000
19,618.500
153.500.000
6,000,000
9,850,000
21,681,750
"
1.685.694.282 1,076,731,170 ,762,425,452
91,593,500 370.039,000
278.445,500
6,000,000
6,090,000
•
•
470,217,771
5,000,000
1,110,000
13,666.750
483,884,521
5,000,000
1,110,000
911* do, KKR 1 141 001 190 2 f192 4k4 0'71
In the elaborate and comprehensive tables on the succeeding pages we compare the foregoing figures for 1928 with the
corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings,
showing separately the amounts for all the different classes
of corporations.
Following the full-page tables we give complete details
of the new capital flotations during April, including every
Issue of any kind brought out.
1924.
Refunding.
$
16.375,677
1.291,000
5,637,223
2,500.000
Total.
$
187.559,600
34,441,000
34,560,000
18,145,000
1,000,000
25,803,900
275.705,600
77,500,000
4,300,000
2.155,500
1,050,000
133,288,881
1,050,000
2,285,000
Arm lon A01
00 (1110 AAA
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF APRIL FOR FIVE YEARS
'
1928.
1927.
1926.
1925.
1924.
MONTH OF APRIL.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Long Term Bonds and Notes$
$
$
S
$
S
S
$
$
$
$
$
$
$Ralrods
17,083,000
32,645,000
15,562,000
17,925,000
24,809,00042,734,000
37.292,00018,632,000
55,924,000
33,398,000
54,216,00
46,803,100
87.14,000
1
1,936,900
48,74
0,00(Public
utilities
74,028,100 184,291,900 258,320,00
89728500
61971500 151,700,000 116997230
70,353,770 187,351,000
40,860,000
5,593,000
46,45300
11638777
69454223
81,093,001
Iron steel, coal, copper, &c
21.345,000
12,430,000
33,775,000
7,500,000
7,500,000
1,150.000
2,150,000
1,000,000
2,250,000
2,500.000
4,750,001
Equipment manufacturers
2,400,000
2.400,000
725.000
725,000
4,000,000
4,000,000
5,000,000
5,000.00(
Motors and accessories
75,000,000
75,000,000
Other industrial & manufacturing....
16,657,600
15,457.400
32,115,000
46,850.000
46,850.000
29,285,000
650,000
29,935,000
7,465,000
2,935,000
10,400,000
4,576,600
4,576.60(
011
61.056.600
18,443,400
79,500,000
27,000,000
27,000,000
3,165,000
3,165,001
Land, buildings, &c
68.423,000
19,325.000
87,748,000
46,151.000
3.643,000
49.794.000
38.897.500
3,500,000
49,986.500
42,397,500
51,860.500
1,874.000
27,435.000
27,435,001
Rubber
2,500,000
2,500,000
Shipping
4,500,000
4,500.000
Miscellaneous
49,637,000
10.553.000
60,190,000
34,220,000
4,130.000
38,350,000
37,350,000
11,450,000
37,350,000
13.500,000
11,450,000
300,000
13,800,00(
Total
248,052,700 259.140,300 507,193,000 296,656,100 112.996.900 409.653.000 271,821.730
93,135.770 364.957,500 252,809.500
65.618,000 318,427,500 172,183,923
16.375,677 188,559.601
Short Term Bonds and NotesRailroads
6,000.000
6,000.000
6,000,000
6,000,001
Public utilities
5,625,000
5,625,000
9,350,000
9,350,000
7,185,000
10,000,000
17,185,000
10,350,000
10,350,000
16,500,000
1,291,000
17,791,00(
Iron, steel, coal, copper, &c
400,000
400.000
500.000
2,500,000
3,000,000
Equipment manufacturers
Motors and accessories
160,000
200,000
360,000
9,000,000
9,000,000
Other industrial and manufacturing
300,000
300,000
8,350,000
8,350,000
4,943,750
4,943,750
Oil
6,466,000
1,034,000
7,500,000
1,000,000
200,000
1,200,000
Land, buildings, &c
2,625.000
2,625,000
965,000
965.000
2.250,000
2.250,000
3,185.000
3,185.000
1,650.000
1.650.000
Rubber
750,000
750,000
Shipping
125.000
125,000
500,000
500,000
Miscellaneous
7,100.000
7.100.000
3.000,000
3,000,000
Total
15,750,000
15.750,000
10,740.000
10,740.000
28,661,000
17.234,000
45,895,000
19,978,750
2,700,000
22,678.750
1.291,000
33,150,000
34,441,000
StocksRailroads
18.408.250
44,000.000
62,408,250
15,096,200
15,096.200
Public utilities
112.228,945
4,367,500 116,596.445
33.231,405
2,450.000
35.681.405
12.396.000
12,396,000
24.597.200
1,000,000
25,597,200
30.107.777
5,292,223
35,400,000
Iron, steel, coal, copper, &c
1.952.746
1,952.746
10,000,000
10,000.000
Equipment manufacturers
1,920.000
1.920.000
Motors and accessories
262.500
262,500
400.000
400.000
89,950,000
1,110,000
91,060,000
965,000
965,000
Other industrial and manufacturing
31,659.065
33.687.672
65,346.737
10,087.500
1,000,000
11.087.500
4.054,500
500.000
4.554,500
4,144,000
706,000
4.850,000
3,210,000
2,845,000
6,055.000
Oil
7,300.000
7.300,000
1.950,000
1,950,000
4,531,288
4.531.288
Land, buildings, &c
5,868,033
911.000
6.779.033
5,835,000
5,835,000
8,885,200
8,885,200
5,515,000
5,515,000
.
Rubber
326,675
326,675
400,000
400,000
Shipping
Miscellaneous
40,687.639
7.009.900
47.697.539
16.898,250
15,134,250
32.032,500
2,947,550
200,000
3,147,550
9.915.400
9,915,400
285,000
285,000
Total
220,287.178
89,976,072 310,263.250
81,475,030
18,584.250 100,059.280
31,033,250
700,000
31.733,250 138,652,888
2,816,000 141,468,888
44,567.777
8.137,223
52,705,000
TotalRailroads
33,970,250
61.083,000
95,053.250
33.021.200
24,809.000
37,292,000
57,830,200
24,632,000
61,924,000
33,398,000
54,216,000
87.614,000
52,803.100
1,936,900
54,740,000
Public utilities
191,882,045 188,659,400 380,541,445 132.309.905
64,421.500 196.731.405 136,578,230
80,353.770 216,932,000
75,807,200
6,593,000 82,400,200 116,062.000
18,222,000 134,284.000
Iron, steel, coal. copper, &c
23,697,746
12,430,000
36,127,746
7.500,000
7,500,000
1,650.000
3,500.000
5,150,000
12,250,000
2,500,000
14,750,000
Equipment manufacturers
4.320,000
4,320,000
725,000
725,000
4,000,000
4,000.000
5,000,000
5,000,000
Motors and accessories
262,500
262,500
560,000
203,000
760,000 164,950,000
1,110,000 166,060,000
9,965.000
9,965,000
Other industrial and manufacturing
48.316,665
49,145,072
97,461,737
57,237,500
1,009,000
58,237,500
41,689.500
1,150,000
42,839.500
16,552.750
3,641,000
20.193,750
7,786.600
2,845,000
10.631,600
WI
7,300,000
7,300,000
61,056,600
18,443.400
79,500,000
8,416.000
1,034,000
9,450,000
32,531,288
200,000
32.731.288
3,165,000
3,165,0013
Land, ouildings, &c
76,916,033
20,236,000
97,152,033
52,951,000
3,643.000
56,594.000
50.032.700
3.500,000
53,532,700
58,686,500
1,874,000
60.560,500
29,085,000
29,085,000
Rubber
326,675
1,150,000
326.675
1,150.000
2,500,000
2.500,000
3hipping
125.000
125.000
5.000.000
5,000.000
uis
,
97.424,639
17.562.900 114.987.539
eilaneous
51.118.250
19.264,250
70.382.500
43,297.550
200,000
21.365,400
43.497,550
21.365,400
13,785,000
300,000
14,085,000
Total corporate securities
484.089.878 349.116,372 833.206.250 388,871,130 131.581.150 520.452.280 331.515.980 111.069.770 442,585.750 411,441.138
71,134.000 '482.575.138 249,901,700
25.803.900 275.705.600
arlOINOUHD
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF APRIL FOR
FIVE
1928.
MONTH OF APRIL
1927.
1926.
1925.
New Capital. Refunding.
:orporate-Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Itefunaing.
Total.
.1V ew capital.
Domestic$
$
$
$
$
$
$
$
$
5
$
$
$
Long-term bonds and notes- 227,594.700 240,348,300 467,943,000
228,071,730
335,203,000
222,206,100
112,996,900
81,135,770 309,207,500
219,439.50C
65,618.00C 285,057,500 171,183,923
Short-term
12,750,000
12.750,000
10,740,000
10,740,000
17.234.000
27,411.000
44,645.000
19.978.751
33.150,000
200.00(
20.178.750
Preferred stocks
73,269,514
14,471.500
87.741,014
19,776,500
59,614.000
47,749,750
700.000
11,864,250
20,476,500
106,349,001
1,706.000 108,055,000
28,922,777
Common stocks
130,962,914
59.504,572 190,467,486
40,445,280
33,725,280
6,720,000
9,306.750
9,306,750
28,878,880
1,110,000
29,988,888
15,645.000
CanadianLong-term bonds and notes2.708.000
18,792.000
21.500,000
33,700,000
12.000,000
33,700,000
31,250.000
43,250,000
14.370.000
1,000.000
14.370.000
Short term
1.250,000
1,250,000
2,500,00C
2,500,000
Preferred stocks
16,000,000
16,000,000
1.000,000
1,000,000
Common stocks
Other ForeignLong-term bonds and notes17,750,000
17.750,000
12,500,000
40,750,000
40,750,000
12,500,000
19.000.000
19,000,000
Short-term
3.000,000
3,000,000
Preferred stocks
9.850,000
9.850,000
Common stocks
6,204.750
6.204,750
1,950.000
1.950,000
2.425.000
2.425.000
Total corporate
484,089,878 349.116.372 833.206,250
331.515,980 111.069,770 442.585,750
388,871,130 131.581.150 520,452.280
411,441.138
71,134.000 482,575,138 249,901,700
'oreign Government
75,130,000
12.000.000
2.500.000 121,686.000
87.130.000
119.186,000
80,300,000
2.800,000
83,100.000
8.000,000
77,500,000
8,000.000
7arm Loan issues
400,000
400.000
13,050,000
92,800,000 105.850.000
2,250.000
2,250,000
6.400,000
4,300,000
11,100,000
4,700,000
War Finance Corporation dunicipal
123,724.175
6,009,500 129.733,675
6,972,000 134,881,048
127,909,048
109,264,459
1.886,800
111,151,259
88,830.212
5,841,447
94,671,659
131.133.381
Canadian
22,694,000
2,169,000
20,525,000
15,000,000
14,240.000
29,240,000
United States Possessions
525.000
525,000
1,050,000
1,050,000
i:215:666
Grand total
683.344,053 367.125.872 1.050.469.925
670.066.178 236,022350 906.088.328
523.330.439 115.756.570 Mg OR7 ono
Alln 721 RAO
GA 01A r147 (49a ARA 707 AAA ton nal
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE FOUR MONTHS ENDED
1926.
1927.
1928.
New Capital.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
4 MONTHS ENDED APR. 30. New Capital. Refunding.
$
$
$
$
$
$
Long Term Bonds and Notes150,298.000
00
33.655,000152,535,0
1
118,880.000
278,879,000
134,51,740
273,668.000
139.016.260
96.490.500
Railroads
348144500 442,816.300 790960300 379.255200 290.357.800 669,613,000 414073230 126887.770 540,961.000 404,132500
Public utilities
23.250,000
69,700,000
10,589.000
59,111.000
10,500,000
5.517,000
4,983,000
57,957,300 136,965,000
79.007.700
iron. steel, coal, copper, Sze
5,400,000
430.000
430,000
5,195.000
5,195,000
4,816,000
4.816,000
Equipment manufacturers
76,150,000
55,000,000
55,000,000
50,000,000
50,000,000
5,550,000
780.000
4,770.000
accessories
and
Motors
81,816,300
123,260,000
32,916.000
90.344,000
199,422,000
34,918,000
164.504.000
146.676.000
44,601,300
102.074.700
Dther industrial & manufacturing
53,900,000
50,650,000
7.935.000
42.715,000
20.443,400 175.800,000
20,500.000 155,356.600
20,000.000
500,000
Dil
7.205,000 187,847,000 172,466,200
10,468.000 214,041.500 180.642,000
46.486,000 251,717,000 203.573,500
205,231.000
Land, buildings, ace
32.500.000
1,100,000
1,100,000
800.000
800,000
Rubber
684,775
6.900,000
6,900,000
1.710,000
1,710,000
;hipping
40.528.000
800,000 106.110,000
12.200.000 144,624.000 105.310,000
26.254.700 202,778,000 132.424,009
176,523,300
diseellaneous
1,018,357.700 821,284.100 1.839,641.800 1,232,187,040 512,386,460 1.744,573.500 1,074,505.230 219.987.770 1.294,493,000 1.041.125.775
Total
Short Term Bonds and Notes24,500,000
11,000,000
6,000,000
5,000.000
29.500,000
17,000.000
12,500,000
lallroads
45,950.000
33,885.000
10,000,000
23,885.000
23,650,000
21,150.000
22,355,000
2,500,000
400,000
21,955,000
?ubllc utilities
19,415,000
6,000,000
6,000,000
1,000.000
1,000,000
400,000
400,000
'ron, steel, coal, copper. Scc
1.150,000
1,200,000
1.200.000
Equipment manufacturers
2.860,000
200,000
2,660,000
1,200,000
1,200.000
dotors and accessories
14,118,750
34,350,000
1,000,000
33,350.000
12,800,000
4,450,000
8,350.000
5.500,000
2,316,100
3,183.900
)ther industrial and manufacturing
7,000,000
11,000,000
1,034,000
9,966,000
200,000
200,000
12.200,000
10,120,000
2,080.000
)11
11,820,000
5,625,000
5,625.000
14,806.000
1,666,000
13.140.000
10,067,500
10,067,500
And, buildings, dcc
32,250,000
32,250,000
tubber
5,000,000
500,000
500,000
125,000
125,000
;hipping
3,725.000
8,844.195
8,844,195
11,350.000
11,350,000
20,800.000
20,800,000
discellaneous
132,678.750
146.314,195
18,234,000
128,080,195
85,131,000
8,816,900
56,515,000
29,836,100 102,022,500
72,186.400
Total
Stocks15.096.200
15,096,200
97,796.400 131,894,050
34,097.650
Railroads
2,005.000 135.416,362 160,944.925
28,450,000 376,539,745 133,411,362
61,555.948 266,939.065 348,089,745
205.383.117
?ublic utilities
5,640,000
36,675,000
36,675,000
150,000
150,000
27,563.471
1,200,000
26,363,471
Arc
copper,
:ron, steel, coal,
5,628,500
5.628,500
1,920.000
1,920,000
Equipment manufacturers
91.659.000
26,751,900
26,751,900
25,000.000
25,000,000
3,737,500
1,250.000
2,487,500
dotors and accessories
50,592,485
99.097.967
6.204.575
92.893,392
61,689,525
13,586,300
48,103,225
44,962,422 147,578.636
)ther industrial and manufacturing 102.616,214
9,866,288
2,800,000 103.337,140
6.562,500 100,537.140
6.562.500
10,426,890
10.426.890
)ll
17.890,000
16,208.700
16,208.700
16,100,000
100,000
16,000,000
36,080.033
1,346,000
34,734.033
&c
And, buildings,
750,000
1.464,537
1,464,537
2,701,675
2,701,675
12.405,375
1,042,400
11,362,975
Rubber
2,250,000
6,212,500
6,212.500
;hipping
43,973.950
86,335.765
808.000
85.527.765
99.833.755
17,982,250
176.003.632
81,851,505
16.457,800
159,545.832
discellaneous
11,817.575 510.915,871 383,566,648
60,118,550 603,673,400 499.098.296
595.150.182 225.610.970 820,761,152 543,554,850
Total
Total163,535,000 174,798,000
39,655,000
143.088,150 297.184,900 440.273,050 149,747,940 139,016,260 288,764,200 123,880.000
Railroads
611,027.425
575,482,617 504,772,248 1,080,254,865 748.494,945 321,307.800 1,069,802,745 571.369,592 128,892,770 710.262,362
Public utilities
48,305,000
112.375.000
10,589.000
101,786,000
11,650.000
4.983,000
59,157,300 164,928,471
6.667,000
105,771,171
[ron, steel, coal, copper, &c
6.550.000
6,058.500
6.058.500
6,395,000
6,736,000
6.395,000
6,736.000
[Equipment manufacturers
84,611,900 167,809.000
200.000
84,411,900
75,000,000
2,030.000
75.000.000
10,487,500
8,457,500
Motors and accessories
146,527.535
256,707,967
40,120.575
216,587,392
91,879.822 299.754.636 220.957.225
52.954.300 273,911.525
)ther industrial and manufacturing 207,874.814
70,766,288
11,769,000 164,987,140
20,443.400 182,562,500 153,218.140
30.120.000
43,126.890 162,119,100
13,006.890
)il
7,205.000 209,680,700 202,176,200
297,4,533 232.713,500
12,234,000 244,947,500 202,475,700
47.832,
250,032,533
Land, buildings, dm
33,250.000
34,814.537
34,814,537
2,701,675
13,28.375
1,042,400
2,701.675
12,162,975
Rubber
7,934,775
7,400,000
7,400.000
1,835.000
I
6,212,5001,835,000
6,212,500
;hipping
88.226,950
201.289,960
1,608,000
199,681,960
255.807.755
30,182.250
42.712.5001 399.581,632 225,625.505
356,869,132
discellaneous
1,557.371.173
1.951,723.066
250.039,345
1,701,68.3,721
2.413.377.900
5.452
1.076,731.17012.762,42
1.832.256,890 581,121.010
1.685.694.282
Total corporate securities
4
P8g61 61 xvn
FOR FIVE YEARS.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE FOUR MONTHS ENDED APRIL 30
1924.
1925.
1926.
1927.
1928.
4 MONTHS ENDED APR. 30.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refundina.
Total.
Refunding.
Capital.
New
Corporate$
$
8
$
$
$
3
$
$
*
$
$
$
3
$
Domestic726.161.20C
63.932,077
662.229.123
1,073,684.200
200.528,425
873.155.775
Long-term bonds and notes_ 856.146.200 782,873.600 1.639.019,800 1,055.712,040 512,386.460 1.568,098.500 919,855.230 195.237.770 1.115,093,000
7,941.000 123,716.00C
115.775,000
168.278,750
65,600,000
102,678,750
141,064.195
18,234,000
55,131,000
122,830.195
8,616,006
46,515,000
96.022,500
29.836,100
66.186.400
Short-term
68,627.25C
7,637,223
60,990,027
3,389,500 259,675,800
256.286.300
6,100.000 283,008,342
33,215.25C 328,184,525 276,908.342
309,256.456 116,026.800 425.283,256 294,969,275
Preferred stocks
4,900,000 165,921,219
2,692,500 125,797,848 161.021.219
123.105,348
5.109,575 203,047,529
26,903.306 271,582,625 197,937.954
93.584,170 347,946,146 244,679.325
254,361.976
Common stocks
Canadian2.000,000
2,000,000------54,420.000
10.050.000
44,370,000
66,000,000
25,358,000
40.642.000
44,625.000
44.625,000
47.122,000
18,792,000
28.330,000
Long-term bonds and notes8,000,000
fi,000,000
20,500,000
2.500,000
18,000,000
1,250.000
1.250,000
2,000,000
2,000,000
Short term
3,600.000
2.600,000
1.000,000
4,000.000
4,000.000
1.000.000
1,000,000
16,000.000
16.000,000
Preferred stocks
2.600.000
2.600,000
990,000
990,000
Common stocks
Other Foreign17.680.000
10.000.000
7.680,000
123.600,000
123.600.000
113,400.000
131.850,000 113,400.000
131.850,000
19.618.500 153,500.000
Long-term bonds and notes- 133.881,500
12,000,000
12,000,000
4,000.000
4,000.000
8.000,000
8.000.000
6.000,000
6.000,000
Short-term
750,000
750.000
10,000,000
10,000,000
9,850,000
9.850.000
Preferred stocks
2,425.000
2.425.000
9.870.000
9,870 000
2.906,250
2,906.250
21.681,750
21,681,750
Common stocks
289,960,425 1,847,331,598 1,009,695,369 102,410,300 1,112,105.669
1,685,694.282 1.076.731.170 2.762.425,452 1.832.256,890 581,121,010 2.413,377,900 1,701,683,721 250,039,345 T951,723,066 1,557,371,173
Total corporate
28,000.000 106,500,000 165,990,000 130,000,000 295,990,006
78.500.000
14,873,000 133,372.000
29,500.006 332,878,800 118,499,000
91.593.500 370.039.000 303,378.800
278,445,500
Foreign Government
80.200,006
80.200.000
71,925,000
7.700.000
64.225,000
41,000,000
200,000
40,800,000
92.800,000 138.300,000
45,500,000
6.000,000
6.000,000
Farm Loan issues
War Finance Corporation
5,019,908 428,848,411
423,828.510
421,599.166
14,793.032
406.806.134
470.774.988
6,428,547
464.346,441
472.494.813
459.046.313
13,448.500
483.884.521
13.666.750
470,217.771
28,162,561
Municipal
4.050.000
24.112,562
44,048,000
24,240,000
19,808,000
56.000,000
40,000,000
16.000,000
66,244.000
37,275.000
28.969,000
5,000,000
5,000,000
Canadian
5,335.000
5.335.000
4.050,000
4.050,000
5.748.000
5,748,000
1.910,000
1.910,000
1,110.000
1,110,000
ions_
United States Po
644
241,480,2081.950,641,
1,709,161.441
2.495.453,764
364,693,457
2.446.467.553 1.181,001,420 3,628,458,973 2,670,267,003 745.838,5103,425.205.513 2.347.077,162 311,540,892 2,658,618,054 2,130,760,307
Grand total
APRIL 30 FOR FIVE YEARS.
1924.
1925.
New Capital. Refunding.
Total.
Refunding.
$
$
$
2,436,900
86,286,000236,584,000 176,600,400
41263.277
6841500 472,47,500 26754723
3,820,000
26,215,000
25,646,000
2,396.000
5,000,000
5,400,000
8,315,000
4,185,000
76.500,000
350,000
16,292.900
74.291,000
96.713,500
14,897,200
14.000
4,196,000
67,400,000
13,500,000
540,000
78,019.500
12,412,000 184.878,200
32.500,000
1.500.000
5,000.000
4,315.225
1,250,000
34,367.500
48,535,000
8,007.000
73,932,077
671,909,123
210.578.425 1.251,704,200
6,000,000
7,800,000
24.900.000
400,000
9,291,000
56,325,000
60,950,000
15,000,000
650.000
675,000
21,915.000
2,500,000
1,000,000
1.150.000
9.000,000
1,090,000
14,118,750
35,500,000
57.200.000
50,200,000
2.385,000
11,820,000
5,000,000
3,725,000
200,778,750
2.000.000
115,775,000
2,563,500
163,508.425
5.640,000
26,823,737
87.617,727
10,840,000
1,110.000
6,593,500
92,769,000
57.185,985
9,866.288
18,010,000
750,000
2,250,000
44.868,959
394.848,648
68,100,000
120.000
895.000
11,282,000
2.927.000
49,648,100
33,083.180
1.193.357
1,600,000
8,278.145
222,011,246
261,484,000 211,224.137
697.005.925 411.477,450
37,730,000
53,201.000
6,000,000
6,550,000
16.112,000
1.460,000 169.269,000
21.490,700 168,018.235 125.029.100
72,779,180
63,700,000 134.466,288
81,597,857
12,532,000 214,708,200
1,600,000
33,250,000
1,500,000
12,250,000
4.315,225
97.128,950
44,645,645
8,902,000
289.960.425 1.847.331.598 1.009,695.369
86,686,000
85,978,500
4,896.000
15,941,000
5,292,223
200,000
7.045.000
12,537,223
Total.
$
179.037,301825
308.798,001
30,035,001
5,000,001
12.500.001
90,583,901
4,210,001
78,559,50(
1,500,001
35.617,501
745.841.20(
13,800.00(
65,616.001
1.325,001
1,000,000
9.000,000
1.090,001
35.500,00(
2.385.001
2.000.000
131,716,001
26.823,731
92.909,950
10,840,000
3,127,000
56,693.100
33,083,18:
1,193,357
1,600,000
8.278.141
234,548,46E
8,436.900 219.661,037
55,846,501 467,323.956
4,470,000
42,200,000
__ -----6,000,000
8,515,000
24,627.000
23.337.900 148,367,000
14.000
72,793,180
82,137,857
540,000
1,600,000
1,500.000
1.250,000
45,895.645
102.410.300 1,112.105,66E
co:
3032
FINANCIAL CHRONICLE
[VOL. 126.
DETAILS OF NEW CAPITAL FLOTATIONS DURING APRIL 1928.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE
YEARS).
Amount.
Purpose of Issue.
Price.
Railroads500,000 Additions, betterments, &c
101H
2.145,000 New equipment
24,000,000 Refunding, add'ns., betterm'ts,&c_
102)4
6,000,000 New equipment
32,645,000
Public Utilities50,000,000 Refunding
101
750,000 Acq. Ashtabula Water Sup. Co_ _ _
9736
13,000,000 Refunding
97
600,000 Refunding, other corp. purp
9734
1,000,000 Acquisitions, other corp purp _
99;4
_
6,254,000 Acquisition of property
35,000,000 Refunding, other corp. purp
10334
92;6
50,000,000 Refunding, retire pref. stocks ____
98
1,100,000 Refunding, acquisitions, add'ns.&c
99;6
2,500,000 Acquisitions, extensions, I mpts _
5,000,000 Developm't & eniargem't of prop.
98
9034
2,500,000 General corporate
Purposes
11,000,000 Refunding, acquisitions, &c
99
99;6
2,250,000 Acquisition, other corp. purp
100
600,000 Acquisitions
14,000,000 Refunding
99;6
9734
25,000,000 General corporate purposes
100
700.000 Discharge corporate obligations... 9436
4,000,000 Additions, extensions, &c
10234
3,500,000 Refunding
600,000 Acquisitions, other corp. purp__ _
816,000 Acquisitions
99;4
102
99
4,000,000 Refunding, addns., Impts., &c
100
_
10,000,000 Refunding, acquisitions,addns.&c.
98;6
1,750,000 Acquisitions, other corp. purp__ -
9034
1,100,000 New constr., other corp. purp- - - - 100
10,000,000 New construction
1,300,000 Acquisitions, other corp. purp_
9834
98
To Yield
About.
Company and Issue, and by Whom Offered.
5.35 Akron, Canton & Youngstown Ry. Gen. & Ref. M.
"B", 1945. Offered by Faxon. Gado &
Co.. Inc., Boston; Stroud SE Co., Inc., Philadelphia;5345
and Guardian Trust Co., Cleveland.
4.15 Chicago & North Western fly. Eq. Tr. 436s, 1929-43. Offered by Rountze
Bros., Lehman Bros.
and Wood, Low & Co.
4.38 Chicago, Milwaukee & St. Paul Ry. Co. Gen. M.434s "E", 1989. Offered by Kuhn,
Loeb Ar CO.
and National City Co.
4.10-4.25 St. Louis-San Francisco fly. Co. Eq. Tr. 4s "CC", 1929-43. Offered
Blair
Co.,
by
Inc.; E. H.
&
Rollins & Sons; Myth, Witter & Co. and Janney & Co.
American Gas & Electric Co. Bob. 5s, 2028. Offered by
Bonbright & Co., Inc.; W.C. Langley &
Co. and Bankers Tr. Co.
Ashtabula (0.) Water Works Co. 1st M. 55 "A", 1958.
Offered by W. C. Langley & Co. and
Halsey, Stuart & Co., Inc.
5.15
Associated Gas & Electric Co. 20-Year Cony. Deb.
1948. Offered by company to stock434s,
holders and holders of fully registered convertible securities;
4.73
Co.; Lee. Higginson & Co.; Guaranty Co. of N. Y.; Kidder. underwritten by Harris. Forbes &
& Co.; Field, Glore & Co.:
Brown Bros. & Co., Edward B. Smith & Co., E. H. RollinsPeabody
& Sons, Equitable Trust Co., and
John Nickerson & Co.
5.15 Atlantic County Water Co. of N. J. let NI. 55 "A", 1958. Offered by W. C. Langley
& Co. and
Halsey, Stuart & Co., Inc.
5.55 Boise Water Corp. 1st M. 534s "A", 1938. Offered by Gillet & Co.. Baltimore; Paul
C. Dodge &
Co.. Inc., Chicago and A. M.Lamport & Co., Inc., N.Y.
4.80 California Water Service Co. 1st M.5s "A", 1958. Offered by G. L. Ohrstrom &
Co.,
4.40 The Cincinnati Gas & Electric Co. let Si. 4s "A", 1968. Offered by Guaranty Co. ofInc.
N.Y.; the
Union Tr. Co. of Pittsburgh; J. & W.Seligman & Co.; W.E. Hutton &
Co.; Coggeshall & Hicks
and Field, Glore & Co.
5.13 Cities Service Co. Deb. 5s, 1958. Offered by Harris, Forbes & Co.; Halsey, Stuart & Co.,
Inc.;
Natl. City Co.; Bonbright & Co., Inc.; E. H. Rollins & Sons; A. B. Leach
& Co., Inc.: Federal
Securities Corp.: Pearsons-Taft Co. and Henry L. Doherty & Co.
Commonwealth
Telephone
Co.(Wis.) let M.58"A", 1948. Offered by Paine, Webber &
5.04
Co., N.Y.
and Second Ward Securities Co., Milwaukee.
.5.67 Community Water Service Co. Deb. 53-45 "B", 1946. Offered by P. W. Chapman & Co., Inc.
6.53 Electric Power Corp. (Germany) let M.6345, 1953. Offered by Harris, Forbes & Co.; Lee, Mgginson & Co. and Brown Bros. & Co.
5.06 Gulf Power Co. 1st & Ref. Si. 55, 1968. Offered by Harris, Forbes & Co.; Bonbright &
Co., Inc.
and Coffin & Burr. Inc.
6.05 Houston Gulf Gas Co. 1st M.& Coll. 68 "A", 1943. Offered by Blair & Co., Inc.; G. E.
Barrett
& Co., Inc. and Estabrook & Co.
5.00 Illinois Commercial Telephone Co. let Si. 5s "A", 1948. Offered by Paine, Webber & Co., N.Y.
and Mitchum, Tully & Co., San Francisco.
5.55 Kentucky Pr. & Light Co. 1st M.534s "B", 1948. Offered by Thompson, Ross & Co., Chicago.
4.64 Minnesota Pr. & Light Co. let & Ref. NI. 43.45, 1978. Offered by Harris, Forbes & Co.;
Tucker,
Anthony & Co.: Bonbright & Co.. Inc. and Coffin & Burr, Inc.
5.00 New England Pr. Association Deb, 58, 1948. Offered by Harris, Forbes & Co. and Baker. Young
and Co.
5.35 New Mexico Pr. Co. lot NI. Is "A", 1958. Offered by Bodell & Co.
4.82 New York Steam Corp. 1st M.5s, 1951. Offered by National City Co.; Cassatt & Co. and Thayer,
Baker & Co.
5.05 Nova Scotia Light & Pr. Co.. Ltd, 1st M.58 "A", 1958. Offered by Royal Securities Corp.,
N.Y
5.30 Pennsylvania State Water Corp. 1st Lien 53.45"A", 1952. Offered by P. W.Chapman &
Co.. Inc.
5.05 Pittsburgh Suburban Water Service Co. 1st Lien & Ref. M. 55 'A", 1958. Offered by
G. L.
Ohrstrom & Co.. Inc.: Janney & Co. and Graham, Parsons & Co.
4.50 Queens Borough Gas & Electric Co. Ref. M. 4344. 1958. Offered by W. C. Langley
& Co. and
Bonbright & Co., Inc.
4.60 The Shawinigan Water & Pr. Co. 1st M.& Coll. Tr. 4 34s "B", 1968. Offered by
Brown
Bros. &
Co.; Lee, Iligginson & Co.; Alex Brown & Sons; Jackson & Curtis and
Minsch, Monell & Co., Inc.
6.55 Southwest Gas Utilities Corp. let Lien & Sec. 634s. 1943. Offered by Edmund
Seymour & Co.;
Inc.; Chas. D. Robbins & Co. and Glidden. Morris & Co.
7.00 Stamford & Western Gas Co. lot (closed) 51.78. 1936. Offered by A. M.Lamport
& Co., Inc. and
Paul & Co., Philadelphia.
4.58 Super-Power Co. of Illinois 1st M.4345. 1968. Offered by Halsey, Stuart & Co.,
5.65 Union Utilities, Inc., deb. 5148, 1948. Offered by P. W. Chapman & Co., Inc. Inc.
4.95
258,320,000
Iron, Steel, Coal, Copper, &c
275,000 Retire bank loans,other corp.purp _
12,500,000 Seq. of properties, other corp.pur
21.000,000 Refunding, additions
100
9634
93
33,775,000
Equipment Manufacturers200,000 New equipment
1,200,000 Finance lease of equipment
1,000,000 Additional equipment
6.50 Moline Pressed Steel Co.(East Moline, Ill.) Deb.6345, 1938. Offered by Chicago
Trust Co.
.5.25 Peabody Coal Co. (Consolidated Company). 1st NI. 55 "A", 1953. Offered by
Halsey, Stuart
& Co., Inc.
Wheeling
Steel Corp. 1st & Ref. NI. 43.68 "II", 1953. Offered by Lee, Higginson
5.00
& Co.; Natl,
City Co.; Dillon, Read & Co. and Redmond & Co.
Price on application Live Poultry Transit Co. Eq. Tr. 5315 "T". 1929-38. Offered by Illinola
Merchants Tr, Co.;
Chicago.
4.50-5.25 National Steel Car Lines Co. Eq. Tr.65"K", 1928-37. Offered by Freeman &
Co.,
4.25-5.00 North American Car Eq. Tr. 4345 "T", 1928-43. Offered by Freeman & Co., N.Y. N.Y.
2,400,090
Other Industrial & Mfg.500.000 Refunding; working capital
4,000,000 Acquisition of constit. cos
98
6,500,000 Refunding; acquisition; wkg.cap_ _
100
18,000,006 Retire pref. stk.; wkg. cap. &c- - - 100,000 Acquisitions, addns., &c
350,000 General corporate purposes
2,000.000 Retire pref. stk.; other corp. purp.
600,000 Refunding; wkg.cap.,&c
65,000 Improvements
97
100
100
100
ioo
5.00-6.00 Abingdon Sanitary Mfg. Co. 1st NI. 6s, 1929-38. Offered by Central Tr. Co.of
Ill., Chicago,
6.20 American Commercial Alcohol Corp. M.6s "A", 1943. Offered by Nat. City
Co., Wm. Schell &
Co. and Bauer, Pogue, Pond & Vivian, New York.
6.00 Holly Sugar Corp. 1st M.6s, 1943. Offered by Federal Securities Corp., Halsey,
Stuart & Co., Inc.;
Lane, Roloson & Co., Inc., and Lane, Piper & Jaffrey, Inc.
5.25 International Cement Corp. Cony. Deb. Is, 1948. Offered by Hayden, Stone &
Co.
(W.
J.)
I.atchford Co.(Los Angeles) 1st (c) 31.75, 1929-38. Offered by Los
7.00
Angeles Inv. See, Corp.
6.00 Lewin Metals Corp.(Monsanta,III.) let 31.6g. 1928-38. Offered by Slercantile
Tr. Co., St. Louis.
6.00 Morse Chain Co.(Ithaca, N. Y.) Deb.65, 1948. Offered by Blair & Co., Inc., N.Y.
5.42-6.00 O-Cedar Corp.(Chicago) lot NI. Os, 1929-33. Offered by A. B. Leach &
Co., Inc.
6.00 Parkersburg Mattress Co. (Parkersburg, W. Va.) 1st M.6s, 1929-38. Offered
by Old Dominion
Nltge. Corp.
32,115.000
Land, Buildings. &c.1,500,000 Acquisition of property
500,000 Finance constr. & equip of theatre.
6.05 Ashland Corp. lot (c) NI. 6s, 1943. Offered by H. M.Byllesby & Co., Inc.
6.00 Biggs-Long Realty Corp. (Huntington, W. Va.) 65, 1947. Offered by
First Nat. Dank, Cincinnati.
101-99 3.45-5.60 Blackstone Hotel(Omaha, Neb.) 1st 101.5348, 1928-40. Offered by First
510,000 Realestate mortgage
Nat. Co., St. Louis.
6.50 Blaise-lberville Garage, Inc.(New On.) 1st M.63.4s. 1942. Offered by New.
100
195,000 Real estate mortgage
Orl. Securities Co.
6.00 Cambridge Apts.(Alden Park, Phila.) 1st M.6s, 1930-40. Offered by
100
1,500,000 Finance constr. of apt
4.25-4.92 (The) Catholic Bishop of Chicago,4;is and 55, 1929-47. Offered by Amer.Bond A Mtge. Co.
1,500,000 Finance const. of bldgs
Halsey, Stuart & Co.. Inc.
Chicago-Unite
Artists
d
Theatre
6.25
Corp. let M. 6I4 1948. Offered by
1,300,000 Recondition.& remodel theatre_ -. ioo
DeWolf & Co., Ins.;
McGowan, Cassady & White, Inc., and Meyer. Connor
& Co., Inc.,
6.50 (The) Crittendon (Chicago) 1st M.63,6s, 1930-38. Offered by CochranChicago.
100
355,000 Finance constr. of apt
&
MeCluer
Co., Chicago.
Culver
(Cal.)
City
Co., Inc. 1st M.634s, 1938. Offered by First
6.35
101
600,000 Finance sale of property
Secur.
Inc., Los Angeles.
6.00 East End Manor Apts.(Chicago) let M.BS, 1930-38. Offered by GerardCo.,
100
140,000 Real estate mortgage
Tr. Co., Chicago.
Fairmont
Hotel
Co.
(San
5.50
100
Refunding;
Francisco) let M.534s, 1929-49. Offered by
Improvements
2.250,000
American Nat. Co., Potreo.
Fair at Co., E. II. Rollins & Sons, and Anglo-London-Pa
ris Co., San Francisco.
6.00 Film Center, Inc.(N. Y.) bat NI. 6s, 1943. Offered by S. W.
100
1,900,000 Finance constr. of bldg
Straus
&
Co.,
First
Baptist
Church
5.50
100
(Houston, Tex.) 1st M. 534s, 1932-38. Offered Inc.
350,000 Refunding
by Hibernia Securities Co.
Inc., New Orleans.
First
applies.
Baptist
Church
of
on
Prices
San Angelo (Tex.) let NI. 534s, 1929-38.
mortgage
estate
90,000 Real
Offered
by Mortgage & Securities
Co., New Orleans.
101
5.85 4733 Center Ave. Apt. Bldg.(Pittsburgh) let NI. 65, 1940.
375,000 Finance constr. of apt
Offered
by
S.
W.
Straus & Co.. Inc.
Frances
5.30-.600
illdg.
Apt.
(Chicago) 1st NI. Gs, 1929-38. Offered by
165,000 Finance constr. of apt
Greenebaum Sons Securities Corp.
5.50-6.00 Goldblatt Bros Dept. Store(Chic.) lot Ref. M. Os, 1929-38.
1,150.000 Retire mtge. debt; wkg. cap., Ac..
Offered by S. W.Straus & Co., Inc.
(Karl
Grane
E.)
6.00
(Dot.)
100
property
1st
Improvements
31.68,
to
53,000
1938. Offered by
5.25-6.00 (U. S. Grant Hotel Co.(Mattoon, Ill.) 1st M.6s, Fenton, Davis & Boyle, Grand Rapids.
85,000 Finance constr. of hotel
1929-38. Offered by Mtge.& Secur. Co. NO.
4.75-5.50 Greater Pythian Temple Assn. of N. Y. 1st M. 53.4s,
1,050,000 Real estate mortgage.
1929-39. Offered by Lafayette-South Side
Bank & Trust Co., St. Louis.
5.50 Hibernia Mortgage Co., Inc. 1st NI. Coll. Tr.
100
100,000 Provide funds for loan purposes__ _
534s "E," 1931-38. Offered by Hibernia Securities
Co., Inc., New Orleans.
100
6.00 Hotel Governor Clinton, Inc. (N. Y.) 1st (e) NI. 6s "A,"
5,000,000 Finance constr. of hotel bldg
1948. Offered by Harris. Forbes & Co.,
and It. W. IIalsey & Co., Inc.
98
6.70 Hotel Governor Clinton. Inc. (N. Y.) subordinated let
1,500,000 Finance constr. of hotel bldg
M.
61-45 "B," 1943. Offered by R. W.
Halsey & Co., Inc., Love, Macomber & Co., and
5.57-6.00 Hotel Lennox (St. L.) 1st M.65, 19311-40. Offered by Vought dr Co., Inc.
1,500,000 Finance constr. of hotel bldg
Greenebaum
Sons Investment Co.
6.25 Hungerford Hotel (Seattle) 1st NI. 634s. 1929-40. Offered
260,000 Finance constr of hotel; oth cor pur. 100
by S. W.Straus & Co., Inc.
6.00 Imperial Hotel (Greenville, S. C.) 6s 1929-40. Offered
100
275,000 Real estate mortgage
by Whitney-Central Banks and Mortgage &
Securities Co., New Orleans.
6.50 Insurance Centre Bldg. (N. Y. City) Gen. M. 6;45.
100b
1,600,000 Finance constr. of bldg
1943. Offered by Clark, Williams & Co.,
RobJent, Maynard & Co. and Janner& Co.
6.50 Insurance Exchange Bldg.(Boston) 1st M.6148, 1943.
100
1,850,000 Refunding
Offered by Otis & Co.
6.50 Lake Shore Hotels Co.(Cleve.) 1st M.6 Hs, 1931-43.
100
1,500,000 Finance constr. of apt. hotel
Offered by Peabody, Houghteling & Co., Chic.
99;6
100
MAY 19 1928.]
Amount.
FINANCIAL CHRONICLE
Purpose of Issuo.tWr Price.
To Yield
About.
3033
Company and Issue and by Whom:Offered.
Land, Buildings, &c. (Concl.).
5
500,000 Improvements to property
100-99 6.00-6.10 Lamson Bldg. Co. (Toledo, 0.) 1st M. Os,
1931-43. Offered by Collin Norton & Co. and Ohio
Savings Bank & Trust Co., Toledo,0.
6.00 Land Development Corp. 1st M. gs, 1938. Offered by Nicol-Ford
& Co., Livingstone, Crouse &
Co., Detroit Tr. Co., Harris, Small & Co., and First Nat. Co.,
80,000 Finance constr. of bldg
5.80-6.50 Lawrence-Spaulding Business Block (Chicago) 1st M. 634s, Inc., Detroit,
1929-35. Offered by Greenebaum
Sons Investment Co.
425,000 Finance constr. of hotel
5.50-6.00 (Robert E.) Lee Hotel (St. Louis) 1st M.68, 1929-47. Offered
Real Estate Mtge. Tr. Co., St. L.
1,500,000 Acquisition & devel. of property_ _
100
6.50 Magnolia Park (Earl L. White Corp.) 1st M. 6148. 1929-38. by
Offered by Banks, Huntley & Co..
Knight, Stetson & Lester, Inc., Merchants Nat. Co., Drake,
Riley
& Thomas, G. Brashears &
Co.. Bond & Goodwin & Tucker, Inc.. Miller. Vosburg & Co.& Hunter,
6,000,000 Real estate mortgage
Dulin & Co. Los Angeles.
100
6.00 Marblehead Land Co.. lot M. 68, 1948. Offered by Merchants
Nat. Co., Blyth, Witter & Co.,
Banks,
Huntley & Co., M.It. Lewis & Co. and Schwabacker & Co.
850,000 Finance constr. of hotel
5.80-6.00 Mark Twain Hotel Co.(St. L.) 1st M.6s, 1931-40.
Offered by Straus Bros. Investment Co.. St. L.
3,250,000 Refunding
100
5.00 Masonic Temple Assn. of Detroit, 1st 51. 5s, 1948. Offered
by Watling, Lerchen, Hayes, First
Nat. Co. of Detroit, Inc., Detroit Co., Inc. and Otis & Co.
7,500,000 Refunding, other corp. purp
100
6.00 Mayflower Hotel Co.(Wash., D. C.) 1st (c) M.
6s, 1948. Offered by Halsey, Stuart & Co., Inc.:
American
Bond
& Mortgage Co., Inc., and Graham, Parsons & Co.
1,660,000 Provide funds for loan purposes_ _ _
100
5.50 Mills Trust (Chicago) 1st M. Coll. 5 Ms"A"
1943. Offered by Lawrence Stern & Co., Chicago.
500,000 Provide funds for loan purposes_ _
5.50-6.00 Mortgage Insurance Corp. insured lot
M.6s, No. 28, due 1929-39. Offered by Bond & Goodwin &
Tucker, Inc., Los Angeles and Wm. Cavalier & Co., San Francisco.
2,250,000 Provide funds for loan purposes_ _ _ 100-983. 5.50-5.65 Mortgage
Security Corp. of America 1st Lien,
534s "A," N.Y., 1931-43. Offered by E. H. Rollins
& Sons, and Arthur Perry & Co.
125,000 Improvementito properties
100
5.50 Mulberry Street Methodist Episcopal
Church (Macon, Ga.) 1st M. 53-4s, 1930.44. Offered by
Citizens
&
Southern
Co..
Savannah, Ga.
6,250,000 Refunding; retire other debt
100
5.50 National Press Bldg. (Washington, D.
C.) 1st Mtge. 53-4s, 1950. Offered by Harris, Forbes &
Co., Faxon, Gade & Co., Inc.,
2,200,000 Refunding; retire other debt
100
6.50 National Press Bldg. (Washingt and Love, Macomber & Co.
on, D. C.) Gen. (closed) Mtge. 6 Ms, 1948. Offered by Love.
Macomber & Co., Faxon, Gade At Co., Inc., and Pearson,
1,000,000 Finance construction of building.. 101
Erhard & Co.
5.88 North Avenue Market. Inc.
(Balt., let Mtge. 65, 1940. Offered by Frank B. Cahn & Co., Stein
Bros. & Boyce, Robert Garrett & Sons
and
Gillet
490,000 Acquisitions; other corp. purposes_
&
Co.
5.30-6.00 137 Second Ave.(Milwaukee)
1st Mtge. Os, 1929-38. Offered by Greenebaum Sons Investment Co.
550,000 Real estate mortgage
101
5.50-5.87 Park Gables Apt. Bldg.(Chicago)
1st Mtge. Gs, 1930-39. Offered by First Trust A, Savings Bank,
Chicago.
10,350,000 Acquisitions, additions to property 99M
5.54 Pittsburgh Hotels Corp. 1st
(closed) Mtge. 5345. 1948. Offered by National City Co., Lawrence
Stern & Co., Graham, Parsons & Co.,
1,650,000 Acquisitions, additions to property
and Hambleton & Co.
6.10-6.25 Pittsburgh Hotels Corp. Serial Mtge.
6s, 1930-40. Offered by West & Co., Biddle & Henry and
Prescott, Lyon At Co.
125,000 Real estate mortgage
Price on application Presbyterian Synod of Missouri
65, 1929-44. Offered by Burkholder Bond Co., and Northwestern
Trust Co., St. Louis.
210,000 Real estate mortgage
100
5.50 Real Estate Board Bldg. Co.(San Antonio, Texas)
1st Mtge. 5346, 1929-37. Offered by Federal
Commerce Trust Co., St. Louis.
190,000 Finance construction of building-. 100
7.00 Redlands-West Coast Corp. 1st Mtge. 75, 1930-42. Offered
by Drake, Riley & Thomas, California
Co.,
Los Angeles and Bradford, Kimball & Co., San Francisco.
500,000 Finance construction of building_ 100
6.00 Riker Bldg.(Pontiac, Mich.) 151 Mtge.6s, 1931-40. Offered
by Harris, Small & Co., and Guardian
Detroit
Co.,
Inc., Detroit.
125,000 Real estate mortgage
100
5.00 Roman Catholic Bishop of the Diocese of Sc. Augustine
, Fla. let Mtge. 5s. 1938. Offered by
Bitting
&
Co.,
and
Taussig,
Day, Fairbank & Co., Inc., St.
300,000 Finance construction of building.. 100
6.50 Ross Stores, Inc. (Yonkers, N. Y.) 1st Mtge. 6345, 1930-46.Louis.
Offered by Commonwealth Bond
Corp., Buffalo, N. Y
150,000 Improvements to property
100
5.50 Sahara Temple of the Ancient Arabic Order of the Nobles of
America (Pine Bluff, Ark.) 1st Mtge. 5345, 1928-38. Offered the Mystic Shrine for North
by Federal Commerce Trust Co..
St. Louis.
485,000 Finance construction of hospital_ 100
St. Therese's Hospital (Waukegan, Ill.) 1st Mtge. 55, 1931-40.
Offered by B. C. Ziegeler & Co..
West Bend, Wis.
500,000 Real estate mortgage
100
5.0 Sisters of the Precious Blood (Salem Heights, Dayton, Ohio) let Mtge.
5s, 1930-42. Offered by
Mississippi Valley Trust Co., St. Louis.
4.450,000 Finance construction of building.,. 100
5.7 2124-2134 Broadway Bldgs. (N. Y. City) 1st Mtge. 5,
/,s "A," 1943. Offered by S. W. Straus &
,
Co.,
Inc.
800,000 Finance construction of building_
100
6.2 2124-2134 Broadway Bldg.(N. Y. City) 1st Mtge. Junior Partic. 63
-is "B," 1939. Offered by S. W.
Straus & Co., Inc.
1,100,000 Finance construction of apartment 102;4
5.7 Walnut Park Plaza Apts.(Philadelphia) 1st Mtge. Os, 1939. Offered
by Green, Ellis & Anderson,
N.Y.
115,000 Refunding
nu411
3.98-6.0 The Wolffs Bldg. (Chicago) 1st Mtge. 65, 1928-35. Offered by Greenebau
230,000 Finance sale of property
m Sons Securities Corp.
100
6.0 Woodward Land Co. (Oakland County, Mich.) let Mtge. 68, 1938.
Offered by Union Trust Co..
Detroit.
235,000 Retire mtge. debt; construction_ _. 100
6.0 Noreta Lopez Yerger and Rucks Yerger, Jr. (Biloxi, Miss.) 1st & Ref.
Mtge.68, 1930-40. Offered
by Mortgage & Securities Co., New Orleans.
87,748,000
Miscellaneous5,000,000 Provide funds for loan purposes_ _ 93M
6.5 Agricultural Mortgage Bank of Columbia 65, 1948. Offered by W.
A. Harriman & Co., Inc.;
and Equitable Trust Co., N. Y.
2,000,000 Acquisition of properties
100
American Aggregates Corp. Deb. 6s "A," 1943. Offered
6.0
by Taylor, Ewart & Co.. Inc.
2,000,000 Retire current debt; add.
'invest.. 100
5.0 American European Securities Co. (Del.) Coll. Tr. 5s "B,"
1958. Offered by A. Iselin & CO..
and Jackson Sr Curtis.
3,750,000 Acquisitions; other corp. purposes. 9834
6.1 California Consumers Co. 1st Lien 6s "A," 1948. Offered
by
A. E. Fitkin & Co., Inc., Dean.
NVItter & Co., and Hunter. Dulin & Co.
660,000 Finance lease of property
100
6.0 Chain Stores Depot Corp. 1st Mtge. Coll. 68, 1940. Offered
by Oliver J. Anderson & Co., Geo. H.
Burr
&
Co.,
Stlx & Co., St. Louis, and Watson. Williams & Co.
250,000 Finance lease of property
100c
6.5 Chain Stores Depot Corp. Deb. 634s, 1938. Offered
by
& Co., Stlx & Co., St. Louis, and Watson, Williams Oliver J. Anderson & Co., Geo. H. Burr
1,250,000 Acquisition on properties
& Co.
98
6.2 Chicago Artificial Ice Co. 1st Mtge. 68, 1938.
Offered
by Stanley & Bissell, Inc., Warren A.
Tyson & Co., Inc., and Fitch, Crossman & Co.
6,000,000 Refunding; working capital, &c.._
96
5.4
Childs
Co.
Deb.
5s, 1943. Offered by Laird, Bissell & Steeds, and
1,750,000 Provide funds for loan purposes..
Tucker, Anthony & Co.
0334
7.5 City Savings Bank Co.. Ltd. (Budapest.
Rollins & Sons and Colvin & Co., N. Hungary) Secured 78 "A," 1953. Offered by E. H.
5,000,000 Refunding; retire pref. stocks, &c., 100
6.0 Famous Players Canadian Corp., Ltd. Y.
1st Mtge. 6s "A," 1948. Offered by Royal
Corp., N. Y.
Securitiell
3,000,000 Refunding; retire pref. stocks, &c. 100
6.50 Famous Players Canadian Corp., Ltd.
2,500,000 Provide funds for investment purp. 9
Deb.
63-4s, 1948. Offered by Royal Securities Corp., N.Y.
934
5.04 Guardian Investors Corp. Deb. 5s "A,"
3,000,000 Provide funds for loan purposes_ _ _ 100
1948.
Offered by John Nickerson At Co.
7.50 Hungarian Land Mortgage Institute
Land
N. Y., and W. A. Harriman & Co., Inc. Mtge. 734s "B," 1961. Offered by Guaranty Co. of
4,650,000 Provide funds for invest. purposes 100
5.00
Investors
Equity
Co.,
Inc.
Deb.
250,000 Refunding; acquisitions, &c
5.45-6.00 Kitson County Transportation 5s "B," 1948. Offered by company.
Co.(Seattle) let Mtge. 6345, 1929-42. Marine National Co.
sad
Ferris & Itardgrove, Seattle.
750,000 Refunding; fund current debt
100
6.50 (Jas. D.) Lacey Coll. Tr. 6(48, 1936.
300,000 General corporate purposes
100
7.00 Limestone Products Corp. of AmericaOffered by Old National Co., Grand Rapids, Mieh•
1,000,000 Working capital
(Newton,
N.
J.)
7s, 1948. Offered by Sheffield & Co., N.Y.
102
6.20 McCampbell & Co.. Inc.
130,000 Acquisitions; other corp. purp_ _ _
634s, 1937. Offered by Toombs & Daily Co., Chicago.
6.00-7.00 Merchants Transfer Sc Warehous
e Co. (Little Rock. Ark.) 1st Mtge.6 Ms, 1929-35. Offered by
Southern Securities Co., Little Rock,
600,000 Finance construction of bridge
Ark.
100
6.00 Pomeroy-Mason Bridge Co.
1st Mtge. 6s, 1958. Offered by the Bank of Pittsburgh, N. A. and
Diamond National Bank, of Pittsburgh.
2,000,000 Provide funds for loan purposes100
5.00 Public Utility Investing
Corp. Coll. Tr. 5s. 1st Series, 1948. Offered by Iiarris Trust & Savings
Bank, Chicago.
3,000,000 Refunding; acq. addn'l securities_
94M
4.90 Railway & Light Securities
Co. Coll Tr. 434s. 10th Series, 1953. Offered by Estabrook & Co.,
Stone
&
3,000,000 Extensions A-. Improvements
Webster and
Inc.. and Parkinson & Burr.
99
7.10 Roman Catholic Church131odget,
Welfare Institutions in Germany Secured 75, 1946. Offered by Howe,
Snow & Co., Inc., and Stroud & Co.. Inc.
1,000,000 Acquisition of securities
100
5.00
Securities Co. of N. J. Coll. Tr. 55, Series 3, due 1937. Offered by 1.5. Rippel Co., Newark.
700,000 Acquisitions
N.J.
100
6.50 Shawnee Stone Co. (Bloomington, Ind.) 1st Mtge. 63-4s, 1938. Offered & Bartlett,
by
Knight &
Co., Averill, Tilden A Co., and Chapman, Grannie & Co., Chicago.
325,000 Refunding; acquisition
'
s, &a
5.50-6.5 Shepherd Laundries Co. 1st Mtge. 63
-Is "A," 1943. Offered by C. P. Mann & Co Galveston,
Texas, Woolfolk, Waters & Co., Eustis & Jones, New Orleans Securities Co., Cleaver Vass & Co.,
and Securities Co. of America, New Orleans.
550,000 General corporate purposes
0834
5.7 Twin City Trading Co.(Minneapolis) 1st Mtge. 5345, 1938. Offered by Howe, Snow
& Co., Inc.,
and Wm. L. Ross & Co., Inc., Chicago.
2,175,000 Acquisition of properties
99 Md
5.5 United Business Publishers, Inc. Sec. 534s. 1943. Offered by Lee, Higginson & Co.
1,800,000 Acquire constituent cos
98
6.1 Westchester Service Corp. 1st Mtge. 65 "A," 1948. Offered by Taylor, Ewart
& Co., Inc., Continental National Co., C. D. Parker & Co., Inc., Bond & Goodwin & Tucker, Inc., and Rogers
Caldwell & Co., Inc.
1.000,000 Refunding; working
capital, AC
9934
6.03 Willow Brook Dairy Co. Deb. 68, 1943. Offered by Parker, Robinson & Co., Inc.,
and Bauer,
800,000 Acquire constituent cos
Pogue, Pond & Vivian, N. Y.
5.10-5.50 Wisconsin Creameries, Inc. 1st Mtge. 5345, 1930-38. Offered by Second
Securities Co.,
Ward
60,190,000
Milwaukee.
1,945,000 Retire debt;improvements, &c_
100
SHORT-TERM BONDS AND NOTES
(ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Public Utilities675,000 Acquisitions
98;4
600,000 Acquire additional properties
9034
350,000
1.500,000
2,500,000
5,625,000
To Yield
About.
Company and Issue, and by Whom Offered.
6.0) Central States Edison Co. 3-year cony. 5145, Apr. 1931.
Offered by Yeager. Young & Pierson,
1
Inc., Paul
and Vought & Co-,
5.75 Kentucky Power & Light
Co. 2-year 5348, Apr. 1 1930. Offered by Fitch, Crossman Az Co. and
Thompson,
Acquisitions, Improvements, At.,. Price
on applicat'n Lincoln Power Ross & Co.
Co. 1-yr. mtge.
Acquisit'ns, betterm'ts,impts.,&c. 99
6.00 Southern States Utilities Co. 55, Mar. 15 1929. Offered by E. H. Ottman & Co.. Inc., Chicago,
1-year sec. 55, Mar. 15 1929. Offered by R. E. Wilsey dr Co., Inc.,
Chicago, and Beverly Bogert & Co.
Acquisitions; other corp. purposes. 9034
5.63 Texas Cities Gas Co. 2-year
53-4s, Slay 1 1930. Offered by P. W. Chapman & Co.. Inc.
3034
Amount.
FINANCIAL CHRONICLE
Purpose of Issue.
Price.
To'Yield
About.
Iron, Steel, Coal, Copper, &c.
400,000 Purchase notes, contracts, &c.,
from Fulton Iron Works Co_ ___ 100
Land, Buildings, &c.
350,000 Real estate mortgage
5.00 East Side of Sedgwick Ave., 101 feet South of West Fordham Road (Bronx, N. Y.) guar. 5%
mtge. certificates, June 15 1933. Offered by Lawyers Mortgage Co., New York.
7.00 El Caballero Country Club (Los Angeles) 1st NI. 7s, Nov. 1 1930. Offered by E. C. Ward, Los Ang.
6.00 Equitable Title & Mortgage Guaranty Co. lot M. coll. trust 5-year 65 "A-1" due May 1 1933.
Offered by M-W. Bradermann Co., Inc., New York.
7.50 The Evelyn,2290 Davidson Ave.(N.Y. City)sec. mtge. 7%s,1928-33. Offered by Mortgage Guarantee & Title Co. of New York.
5.50 Knights of Columbus Bldg.(St. Thomas Council), Gary,Ind. 1st M.53ts, Feb. 11933. Offered
by Waldhelm-Platt & Co., Inc., St. Louis.
7.50 92-91-96 Gold St.(N.Y. C.) guar. 2d M.73is, 1928-31. Offered by Mortgage Guar.& Tit. Co.of N.Y
5.00 North Side of Lincoln Place, 202 feet West of Eighth Ave. (Brooklyn, N. Y.) guar. 5% mtge.
certificates, May 1 1933. Offered by Lawyers Mortgage Co., New York.
6.00 Calvin A. Palmer (Detroit) 1st NI. 6s, Mar. 1 1933. Offered by Union Trust Co., Detroit.
6.50 Seville Court (Seattle) 1st (c) M.63s, 1928-32. Offered by Seattle Title Trust Co., Seattle, Wash.
5.00 Southwest Corner of Cruder Ave. & Arrow Ave. (Bronx, N. Y.) guar. 5% mtge. certificates.
Mar. 15 1933. Offered by Lawyers Mortgage Co., New York.
6.00 Vista del Logo. Inc. 1st mtge. 3-year 65, Apr. 1 1931. Offered by Porter, Skitt & Co.. Chicago.
100
50,000 Real estate mortgage
100
100
65,000 Real estate mortgage
240,000 Real estate mortgage
100
100
125,000 Retire existing debt; other corp.pur 100
60,000 Finance construction of apartment 100
100
135,000 Real estate mortgage
100
250,000 General corporate purposes
Company and Issue, and by Whom Offered.
6.00 Fulton Finance Co. coll. trust 65, 1931-32. Offered by Mercantile Trust Co. and Mark C. Steinberg & Co., St. Louis.
125,000 Real estate mortgage
100
1,000,000 Provide funds for loan purposes--- 100
225,000 Real estate mortgage
[VoL. 126.
2,625,000
Miscellaneous3,150,000 Acquire constituent companies___.
6.12 American Service Co. 1st M.2-year 65. Apr. 1 1930. Offered by A. B. Leach & Co., Inc., Nichols,
Terry & Co., Inc., and Fenton, Davis & Boyle.
6.50 Chicago Artificial Ice Co. 3-year 65, May 1 1931. Offered by Stanley & Bissell, Inc., Warren A.
Tyson & Co., Inc., and Fitch, Crossman tic Co.
100,000 Acquisitions; other corp. purposes_ Price on applicat'n Mead-Grede Printing Co. (Chicago) 6s, 1929-33. Offered by Chicago Trust Co.
6.50 Provincial Bank of Westfalia (Germany) 5-year 6% note panic. certificates, Mar. 1 1933. Of97%
3,000,000 Provide for short term credits_ _ _ _
fered by International Acceptance Bank. Inc., and Harris, Forbes & Co.
7,100,000
99%
850,000 Acquisition of properties
98%
STOCKS.
Par or No.
of Shares.
To Yield
a Amount Price
Involved. per Share. About.
Purpose of Issue.
Railroads62,408,250 Retire equip.,oblige. addns.,1mpts.,
62,408,250
etc
Public Utilities*35,000 also. Retire bonds
Pennsylvania RR. capital stock. Offered by company to stockholders.
50 (par)
6.40 American Electric Power Corp. pref. stock $6 series of 1928. Offered by Bonbright
and Co., Inc. and A. C. Allyn & Co., Inc.
5.94 Central States Electric Corp. 6% cumul. pref. Offered by Dillon, Read & Co.,
Stone & Webster & Blodget, Inc., E. II. Rollins & Sons, Dominick & Dominick
and Shields & Co., Inc.
___ Cities Service Co. common. Offered by company to stockholders.
6.12 Commonwealth Telephone Co. (Wisc.) 6% Cum. Pref. Offered by Mitchum, Tully
& Co.. San Francisco.
___ Electric Bond & Share Securities Corp. Common. Offered by company to stockholders; underwritten.
5.80 Electric Investors, Inc. Pref. Cum. $6 per share. Offered by Bonbright & Co., Inc.
6.06 Illinois Commercial Telephone Co. $6 Cum. Pref. Offered by Paine, Webber & Co.
and Mitchum, Tully & Co., San Francisco.
6.00 Iowa Power & Light Co.6% Cum.Pref. Offered by Harry H.Polk & Co., Inc., N.Y.
6.00 Iowa Public Service Co.$6 Corn. 1st Pref. Offered by }tarry H.Polk & Co., Inc., N.Y.
_ Lone Star Gas Corp. Capital Stock. Offered by company to stockholders.
6.15 New England Public Service Co. $6 Div. Pref. Offered by Old Colony Corp.; Tucker,
Anthony & Co.; Bonbright & Co., Inc.; Edw. 13. Smith & Co.; Spencer Trask & Co.
and Utility Securities Co.
7.00 North Continent Util. Corp. 7% Cum.Pref. Offered by Geo. M.Forman & Co., Inc.
5.67 Pittsburgh Suburban Water Co. $53t Cum.Pref. Offered by G. L. Ohrstrom & Co.;
Inc., Janney & Co. and Graham, Parsons & Co.
__ Southern California Edison Co. Common. Offered by Company to stockholders.
6.10 Swiss-American Electric Co. (Zurich, Switzerland) $6 Cum. Pref. Offered by A.
Iselin & Co., Brown Bros. & Co. and J. Henry Schroder Banking Corp.
6.93 United Public Service Co.(N. J.) $7 Div. Pref. Offered by Smith Bros. & Co., Phila.;
Thompson, Ross & Co. and Hale, Waters & Co., New York.
93%
3,272,500
10,000,000 101
10,000,000 Acquire securities; ret. curr. debt_
8,500,460 New construction. additions, &c_ _
500,000 Retire bonds; acquis'ns. addrIS,
•600,957sh8 Provide for add'l investments
19,126,035
500,000
45
98
48,076,560
80
020,000 abs. Acquire add'I inv.; other corp. purp
•10,000shs. Acquisitions; other corp. purposes
2,070.000 103%
990,000 99
1,000,000 Acquisitions, exten., Impts.. &c_ _
*5,000 shs Extensions, betterm'ts,impts.,&c_
9,000,000 General corporate purposes
*45,000 shs Fund curr. debt; other corp. purp_
1,000,000 100
500,000 100
9,000,000 25 (par)
4,387,500 97%
1,250,000 100
485,000 97
1,250,00 Extensions, bettermls,I mpts.,&c.
*5.000 shs Acquisitions
25 (par)
9855
5,482,850
9,850,000
5,482,85 Retire bonds; addit'ns & bettermls
•100,000sh Acquisition of properties
606,000 101e
*6,000 shs Acquisitions; other corp. Purposes.
Company and Issue, and by Whom Offered.
116,596.445
Iron, Steel, Coal,Copper,&c.
*42,451 slag. Acquire all or major portion of
*28,301 shs.
1,952,746
Rich Steel Prod. Co.corn.stk_
Equipment Manufacturers*20,000 slas Additional equipment
Motors & Accessories*7,500 shs Additions to plant
Other Industrial & Mfg.16,000,000 Refunding, retire pref. stks
lsh.cl."A" I For Rich Products Corp. Class "A" Cony. Pref. Offered by Higble & Co. and Nicol, Ford
& Co., Detroit.
12-3sh.cl."B" $46 Rich Products Corp. Class "B" Common. Offered by Keane,'Liable & Co. and Nicol,
Ford & Co., Detroit.
J
1,920,000
96
262,500
35
6.25 North American Car Corp. $6 Pref."A". Offered by Blyth, Witter & Co.
Thompson Products, Inc., Class "A" Stock. Offered by Shields & Co., Inc. and
Eddy Bros. & Co.
5.8
16,000,000 102
300,000 Price on application
300,000 New factory, other corp. pup--
2,200.000 Mg. predecessor cos., wkg. cap -- } 2,387,000 lsh.pref. I
I
%sh.com
*11,000 abs. Acq. predecessor cos. wkg. cap- -10,000,000 Retire pref. stk. & bk. Ins., other
95%
10,000,000
corp. purp
3,500,000 104%
3,779,672 52
3,500,000 Retire pref. stk.; wkg.
*72,686 shs Retire pref. stock
10,157,500 115
10,157,500 Expansion of plants
*200,000sh. Ret.bds.&pref.stk.oth.corp.purp. _
10,000,000
50
*32,702 abs. Ret. bonds, acquisitions, wkg.cap.
*56,250 ells. Acquisitions, wkg. cap'l
1,308.080
3.656,250
40
65
300,000 lab. pref.
{
•10,000 alas. Working capital
m
*3,333 shs. Working capital
For
6108%
6.28
6.20
5.21
}For
1-3 sh. corn. $30
400,000
144,000
279,235
3,135,000
•10,000 abs. Additional capital
*8,000 abs. Wkg. capital, expansion
•10,154 she. Expansion, additional wkg. cap'l
*110,000sh. Acquisitions, wkg. cap'l
40
18
27%
28%
Abitibi Pr. & Paper Co., td.(Canada),6% Cum. Pref. Offered by Natl. City Co.;
Peabody, Smith de do., Inc.; Peabody, Houghteling & Co.; Wood, Gundy & Co.:
Inc. and Royal Securities Corp.
Alexander Industries, Inc- 8% Cum. Partici. Pref. Offered by Thomas E. Fisher,
Denver, Colo.
American Commercial Alcohol Corp., 7% Cum. Pref. Offered by Bauer, Pogue,
Pond & Vivian and Wm. Schell & Co., N. Y.
American Commercial Alcohol Corp., Common Pref. Offered by Bauer, Pogue,
Pond Sr Vivian and Wm.Scholl & Co., N.Y.
Brown Co. 6% Cum. Pref. Offered by Bond & Goodwin, Inc.; Lee, Higginson & Co.
and Baker, Fentress & Co.
Cavanagh-Dobbs, Inc.(Conn.)634% Cum. Pref. Offered by Wertheim & Co., N.Y.
Curtiss Aeroplane & Motor Co., Inc. Common. Offered by company to stockholders:
underwritten.
(E. I.) du Pont de Nemours & Co. 6% Deb. Stock. Offered by company to stockholders.
(Robert) Gale Co. Class "A" Partic. Stock. Offered by Old Colony Corp and Edw.
B. Smith & Co.
Holly Sugar Corp. Common. Offered by company to officers and directors.
International Cement Corp. Common. Offered tiy company to stockholders; underwritten.
(Oscar) Nebel Co., Inc. (Hatboro, Pa.) Panic. Pref. Stock. Offered by Goddard &
Co., Inc., N. Y.
(Oscar) Nebel Co., Inc.(Hatboro, Pa.) Common Stock. Offered by Goddard 6: Co.,
Inc.. N. Y.
Raquel. Inc., Class"A" Stock. Offered by A. R. Webb & Co., Inc.. N.Y.
Rumidor Corp.(N. J.) Common. Offered by W. W.Snyder & Co., N. Y.
Toddy Corp. $2 Cum.Panic. Class"A" Pref. Offered by Ilarvey Fisk & Sons. N.Y.
Unit Corp. of America Cum. & Panic. Pref. Offered by John Burnham & CO., Inc.,
Carson, Goldsmith dr Co.; Chicago and Howe, Snow & Co., Inc.
65,346,737
Oil5,000.000 Provide for inv. In oil scour
*100,000sh Provide for by.in oil secur
300,000 Additions, other corp. purp
1
1 sh. pref.
Ish. com.
300,000 100
7,000,000
For Oil Shares, Inc.6% Cum.Pref. Offered by P.11. Whiting dr Co., Inc., N.Y.
$70 Oil Shares, Inc. Common Stock. Offered by P. II. Whiting & Co., Inc., N. Y.
7.00 Queen City Petroleum Products Co. (Cincinnati) 7% Cum. Prof. Offered by Gibson & Gadison, Cincinnati.
7,300,000
Land, Buildings, &c.
1,000,000 General corp. purposes
800,000 Improvements for property
1,900 ctfs Retire bonds and curr. debt
200,000 Working capital
r,37,500 Working capital
Si
570 ctfs. Finance lease of property
6.06 California Group Corp. 6% Cum. Prof. Series "A." Offered by California Securities
Co., Los Angeles.
7.00 Income Properties of California, Inc. (Oakland, Cal.) 7% Cum. Panic. & Pref.
Offered by Income Securities Corp., Oakland. Calif.
Insurance Exchange Bldg. (Boston) Land Trust Ctfs. Offered by Otis & Co.; First
1,957,000 1030
Citizens Corp.; Ohio Natl. Bank and Will J. Thompson Co., Columbus, Ohio.
} 283.3331 3 shs pref. 1 For Investors Mortgage & Guaranty Co. 7% Cum. Pref. Offered by Bridgeport Trust
Co., Bridgeport, Conn.
4 ohs. corn. $425 Investors Mortgage & Guaranty Co. Common Stock. Offered by Bridgeport Trust
Co., Bridgeport, Conn.
Kresge Store Bldg. Site (Toledo, 0.) Land Trust Ctfs. Offered by Hayden, Miller dc
575,700 1010
Co., Cleveland and Collin, Norton & Co., Toledo.
1,000,000
99
800,1100 100
FINANCIAL CHRONICLE
MAY 19 1928.]
Par or No.
of Shares.
Purpose of Issue.
Land, Bldgs., &c. (Concl.)S
1,300 ctfs. Finance lease of property
2,500 ctfs. Finance lease of property
300,000 Finance constr. of warehouse, &c _
150,000 Finance lease of property
150 ctfs. Finance lease of property
a Amount Price
To Yield
Involved. per Share. About.
3035
Cempany and Issue, and by Whom Offered.
Lamson Bros. Store Bldg. Site (Toledo, 0.) Land Trust Ctfs. Offered by[Hayden:
Miller & Co., Cleveland: Collin, Norton & Co., Toledo and Ohio Savings Bk. &
Tr. Co., Toledo, 0.
•ao
Major Realty Co. (Cincinnati) Land Trust Ctfs. Offered by Title Guarantee & Tr.
Co. and W. E. Fox & Co., Cincinnati.
7.00 Ohio Terminal Co.(Cleveland) 7% Cum. Pref. Offered by Westheimer & Co., Cine.i.
The Plaza Realty Co. (Indianapolis) 6% Pref. 1929-43. Offered by the Peoples
State Bank, Indianapolis.
226-230 Huron Street (Toledo,0.) Land Trust Ctrs. Offered by Prudden & Co., N.Y.
1,313,000 1010
250,000 100
PIMA
300,000 100
150,000 101
150,000 1000
6,779,033
Miscellaneous500,000 Prov.funds for investment purp _ _
•10,000 abs. Prov. funds for investment purp_ _
750,000 Prov. funds for investment purp
I For Allied Capital Corp. 7% CUM. Pref. Offered by company.
1 370 Allied Capital Corp. Common Stock. Offered by company.
American Bankers Investment Co. of Newark, N. J. Capital Stock. Offered by
company.
*30,000 shs Retire cur. debt, acq.addnl. inv
1,620,000 54
American European Securities Co. Common. Offered by Jackson & Curtis.
20,000 ohs General corporate purposes
1,300,000 65
American Salamandra Corp. General Stock. Offered by company to stockholders.
500,000 Reduce bank loans, addnl. invs _
650,000 13
Bankstocks Corp. of Maryland Class "B" Common. Offered by Ullrich & Co. sad
Duncan & Co., Philadelphia.
3,031600 Acquisitions; general corp. purp_ _
8,256,360 105
Borden Co. Capital stock. Offered by Company to stockholders.
•15,000 abs. Acquisitions: other corp. purp
1,485,000 99
7.07 California Consumers Co. $7 Cum. Pref. Offered by A. E. Fitkin & Co., Inc., Dean:
Witter SE Co., and Hunter, Dulin & Co.
1,000,000 General corporate purposes
1,000,000 103.4
6.74 Chestnut Farms Dairy. Inc.(Washington, D. C.) 7% Cum.Pref. Offered by Crane;
Parris & Co., Washington, D. C.
5,000,000 Retire bonds & preference stock
95
5,000,00
6.31 Consumers Co. Prior Preference 6% Cum. stock, Series "A." Offered by Utility
Securities Co., Hill, Joiner & Co., Inc., A. B. Leach & Co., Inc., Pearsons-Taft Co.;
Emery, Peck & Rockwood Co., Pynchon & Co., Russell, Brewster & Co., and Paine;
Webber dr Co.
5,500 shs. Provide funds for investment purp
580,25 105;4 (Aver.)
Continental Securities Corp.in Zurich capital stock. Offered by J. G. White dc Co::
Inc., New York.
*5,000 ohs. Acquisitions: c Cher corp. purp
155,00
Federated Business Publications, Inc. Cum. 1st Pref. Offered by Parker, Robinson
31
& Co., Inc.
*31,000shs Provide funds for invest. purposes 3,100,00 100
5.50 Investors Equity Co.,Inc. $534 Dividend Cum.Pref.. Series"B." Offered by company.
77,500s115.Provide funds for invest. purpose
775.000 10
Investors Equity Co., Inc. Common stock. Offered by company.
3,500,000 Retire pref. stock.; expansion..
3,500,000 115
6.08 Metropolitan Chain Stores, Inc.(Del.) 7% Cum. Cony. Pref., Series of 1928. Offered
by Geo. It. Burr & Co.. and Shields & Co., Inc.
40,000 abs f30,000 shares for working capital, } 1,840,000 46
Mortgage Bank of Colombia (S. A.) American shares. Offered by Baker, Kellogg
1 10,000 acquired privately
& Co., Inc., and Ames, Emerich & Co., Inc.
*52,500 shs. Finance constr.of bridgesmitg.cap. 1,312,500 25f
National Toll Bridge Co. Class "A" Common. Offered by J. G. White & Co., Ine.:
N.Y.
•100,000shs Acquisition of properties, &c
4,000,000 40
Neve Drug Stores, Inc. Cony."A" stock. Offered by Lass & Co., Peabody. Smith dr
Co., Inc.. Bond & Goodwin & Tucker, Inc., and John Burnham & Co., Inc.
2,500,000 Retire pref. stk.; exp. wkg. cap
2,500,000 107;
6.05 Peoples Drug Stores, Inc. (Md.) 634% Cony. Pref. Offered by Shields dr Co., Inc.:
and Merrill, Lynch & Co.
500,000 Acquisitions; working capital
.525,000 1 share pref.} For Puritan Stores, Inc. (N. Y.) 7% Cum. Cony, Pref. Offered by Toy, Gilson & Taylor,
1
Inc., N. Y.
*5,000 ohs. Acquisitions; working capital
ii share corn.]$105 Puritan Stores, Inc.(N. Y.) Common stock. Offered by Toy, Gilson & Taylor. Inc.:
N.Y.
•15,0008115. General corporate purposes
562,500 3754•
Schine Chain Theatres,Inc. Preference stock. Offered by Bonner,Brooks dc Co., N.Y.
699,700 Additional capital
699,700 924
1.47 (B. F.) Schlesinger & Sons, Inc. (Md.) 7% Cum. Pref. Offered by company to
stockholders.
*8,699 abs Additional capital
201,72
23.19
(B. F.) Schlesinger & Sons, Inc. (Md.) Class "A" Common. Offered by company to
stockholders.
500,000 Provide funds for invest. purpcse.s
550,000 55
Security Shares, Inc. Capital stock. Offered by Townsend & Co., Seattle.
1,500,000 Expansion of business
1,500,00 115
6.08 (Isaac) Silver & Bros. Co., Inc. (Del.) 7% Cum. Cony. Pref. Offered by Geo. H.
Burr & Co.
*6,000 abs. Acquisition of constituent cos__ _.
600,000 100s
7.00 Westchester Service Corp. $7 Partic. Prior Pref. Offered by A. H. Bickmore dr Co.:
and C. D. Parker dr Co.. Inc.
75.000 sits. Provide funds for loan purposes _
3,784,50
50.46 (approx.) Investors Trust Assn., Ltd. (England) Capital stock. Offered by Otis & Co.
700,000{ 1 sh. pref.
1 sit, corn.
10
1,500.000
1
47,697,539
FARM LOAN ISSUES.
Amount.
Issue and Purpote.
Price.
200,000 First Texas Joint Stock Land Bank, 5s.
1937-67 (provide funds for loan purposes)_ _ _ 102
200,000 Greenbrier Joint Stock Land Bank 55,
1938-68 (provide funds for loan purposes)- - - 102
To Yield
About.
Offered by
4.73 C. F. Childs & Co.. N. Y.
4.75 C. F. Childs & Co., N. Y.
400,000
FOREIGN GOVERNMENT LOANS.
Amount.
Issue and Purpose.
$
12,000,000 City of Copenhagen (Denmark) 25-Year
450, 1953 (Refunding)
55,000,000 Kingdom of Denmark 34-Year Ext. 434s,
1962 (Provide for reconstruction of Den
Danske Landmandsbank in Copenhagen and
for Government subscription to shares in
new bank; also for ordinary amortization
of debt
Price.
To Yield
About.
Offered by
9434
4.88 Kuhn, Loeb dr Co., and International Acceptance Bank, Inc.
95
4.80 Guaranty Co. of N. Y., Dillon, Read & Co.. Union Trust Co. of Pittsburgh, International
Acceptance Bank, Inc., Wood, Gundy & Co., Inc., the Dominion Securities Corp..
First National Corp. of Boston, the National Park Bank, J. & W. Seligman & Co.;
First Trust & Savings Bank, Chicago, Illinois Merchants Trust Co.. Continental
National Co.. the Union Trust Co., Cleveland and Otis & Co.
4,860,000 State of Parana (Brazil) Cons. 78. 1958
(Provide for retirement of French loans of
1905, 1913 and 1917; construction of railways
and roads; completion of other public works. 98
1,770,000 City of Rio de Janeiro (Brazil) 5-Year Sec
6s, April 1 1933 (Provide for public improvements)
99
3,500,000 Province of Upper Austria (Austria) Ext.
Sec. 6s, July 1 1930 (Retire existing internal
and external floating debt and for other
Provincial purposes)
98.54
10,000,000 Kingdom of Great Britain & Northern
Ireland 4% Funding Loan 1969-1990 (£2,000,000; acquired from abroad)
Market
7.15 Chase Securities Corp. and Blair & Co., Inc.
6.24 White, Weld & Co., Brown Bros. & Co., International Acceptance Bank, Inc., Stone dr
Webster & Blodget, Inc., Illinois Merchants Tr. Co., and Grace Nat'l Bank, N.Y.
6.7 Blyth. Witter & Co.
4.4 Guaranty Co. of N. Y.
87,130,000
• Shares of no par value.
a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common stock are computed at
their offering price
b Bonus of 8 shares of capital stock with each $1,000 bond.
c Bonus of 10 shares of common stock with each 51,000 bond.
d Bonus of 2 shares of common stock with each $1,000 note.
e Bonus of 1 share of common stock with each 2 shares of preferred stock.
f Bonus of 1 share of class B stock with each share of class A stock.
a Bonus of 1 share of common stock with each share of preferred stock.
ect No Change in Value of Franc-Paris Convinced
Legal Stabilization Will Not Be Above Present
Market Rate.
According to Paris advices May 11 to the New York
"Times" it is now generally accepted that the Government,
in officially stabilizing the franc, will fix no higher valuation
than now prevails in the exchange market. The reason for
this belief the account goes on to say is knowledge that re-
valuation at a higher rate than that maintained for a year
past by the Bank of France would inflict on the
Treasury
a tremendous loss through the necessary depreciation
of the
enormous stock of foreign exchange now held by
the Bank
of France and purchased at the existing rate for
francs
It is added:
It must be remembered that the State has
undertaken the risk of that
whole operation. Another reason assigned for
stabilization at the existing
level is the feeling that a further rise in the franc
would gravely prejudice
home industry and apiculture.
,3036
FINANCIAL CHRONICLE
The Problem of the Pacific and the Hawaii
Conference.
(Concluded from page 3028)
property of private investors for whom the bank
acts as agent with authoritative supervision in their
interest, and none the less in the interest of satisfied customers. It is done without hypothecation of
property, as the business rests on personal credit
which it is always to its interest to establish; and
it seeks to create group connection between leading
bankers in the United States and similar groups in
Japan, Great Britain, and France to give prestige
and attractiveness to possible Chinese loans. As a
general proposition, he held that the less foreign
bankers have to do with governmental policies, the
better. They are content to rely upon international
law and comity between nations. The interests of
all parties in a loan require substantial mutuality
[VoL. 126.
and the duty of the banker is to promote good understanding and a sympathetic attitude toward other's
national characteristics.
Prof. Fleming of New York, speaking on the code
of ethics between nations, said that it should aim
at self-government and individual choice; reciprocal
give and take; development of the best in all; good
leaders; propagation by honorable and educative
methods, having care for fruitage in all; and respect for others, with recognition of possible changes
of custom. With such a code as the indication of an
accepted desire and aim international conferences
can have but one result. Differences in race, in history, in religion and in temperament, instead of dividing, may make mutual contributions possible,
and create the good understanding that comes with
common benefits and interests, and the good-will
which is the foundation of enduring peace.
Indications of Business Activity
STATEIOF TRADE—COMMERCIAL EPITOME. • N. H., is said to be offering attractive 1 nes of goods at a
Friday Night, May 18 1928.
cut of 1 to 2c. for the fall trade. Buyers of cotton goods in
• Rainfalls West and South have greatly helped grain and general await a more stabilized condition of the raw cotton
cotton crops, but trade has not benefited. The weather has market. Manchester, England, has been selling such goods
been cool East, West, North and South. The low tempera- more freely, it is said, to China, where, according to some
tures halt summer trade. Retail interior trade has been reports, there is a boycott of Japanese goods.
Coffee has advanced in response to higher prices in
held up for the moment by the very rains which will in the
end benefit the country. The best business accounts come Brazil, and renewed evidences that the Defense Committee
from the Southwest, the Central West and the Pacific still has a firm grip on the situation. Sugar has been quiet
States. One of the big events of the week was the raising even on the eve of the period of largest consumption. But
of the rediscount rate by the Federal Reserve Banks of New Cuba has not been offering sugar freely and futures are at
York and Philadelphia from 4% to 4/
1
2%. The action may some advance for the week. What are termed "distressed"
have a sobering effect on a delirious stock speculation which sugars have now and then been offered at concessions which
has grown to such a gigantic size that the New York Stock have had a more or less unsettling effect on the surface for
Exchange has decided to close each day except Saturday the time being. This phase, however, is believed to be only
at 2 P. M. until further notice, awl on Saturday there is to temporary. The outlook for the sugar trade is regarded
be no session at all either this week or next. The steel favorably. Rubber has declined during the week some 30
trade has been quieter and there are intimations that prices to 60 points, with trade slow. Consumers are in no hurry to
have been eased. Pig iron has been quiet and lower, as stock up until there are clearer evidences of a stabilized
Lake Erie centers compete for business in the West where condition in the market for crude rubber. As regards genthe output is still high. Automobile production is at its eral trade, car loadings, railroad earnings and export trade
high point for this season. Cotton has declined owing to show smaller totals than in recent years.
rains in Texas and the. Southwest generally, and reports
The shoe manufacturing business is rather slow, and the
that the plant is doing better. The technical position in same is true of furniture manufacturing. Factory employcotton had become weakened by an overbought condition, ment figures show a decline for April and also as compared
and the fall of much needed rains hurried liquidation and with a year ago in all branches of industry. Detroit emcaused a break of about 75 points. It would have been ployment figures this week gained 2,662 over last week, and
greater but for the persistent buying by home and foreign the total is now 256,500, an increase of 30,270 over this week
trade interests. Cotton exports have been small.
last year, and 12,200 over 1926. There is less business in
The grain markets have declined owing to better weather jewelry, as might be expected in these times when employat the West and Southwest, wheat falling some 4 to .5c., ment is smaller and trade in general slower. The trade in
1
2c., oats about the same, and rye 3 to 4c. But second band automobiles is so poor as to excite general comcorn 2 to 2/
to-day came the largest export business in wheat that has plaint. A better sale is reported for road machinery and
taken place in a long time, being stated at as high as similar goods now that the Food Control Act has been
3,000,000 bushels, largely Manitoba, but including some signed.
American durum. Of rye the export sales to England and the
As something that profoundly interests the merchants of
Continent were estimated at as high as 400,000 bushels. the United States, it may be noted that the stock market
Some of the wheat crop reports from central and northern had its day of the largest trading in the history of the Stock
Europe of late have been unfavorable. To-day the news Exchange on May 16 when the sales were 4,820,840 shares
from Poland and Western Europe seemed to suggest that and prices, with little or no warning, something like a flash
the harvest will be disappointing. This may be the pre- out of a clear sky, plunged down 5 to 40 points on active
cursor of a larger export buying of both wheat and rye in stocks, with net losses of 4 to 19, led by airplane stocks in
this country. Wool has been in fair demand and firm. The the last hour, with a drop of 19/
1
2%, and Adams Express of
auction sales at London are at firm prices with offerings 19, American Bank Note 7%, American Smelting 4%; Amerreadily taken by British and Continental buyers. Large ican Zinc pref. 6%c.; Curtiss Aero 19%; General Motors
quantities of new domestic wool are arriving at Boston, and 6%; Greene Cananea Copper 7%; Montgomery, Ward & Co.
the mills are buying the new product more freely, especially 5%; Nash Motors 5%, and Radio Corp. of America 13%.
fleece and territory wools, and the tone in the wool trade The ticker was an hour and nineteen minutes behind the
Is more cheerful. At the same time it is true that woolens trading. The market had been bloated with overbuying.
and worsted goods are still quiet, with clothing and garment It was the bad technical position, after weeks of rising
manufacturers buying very carefully and in small quan- prices, that struck it. Of course there had been the usual
tities. There is a brisk demand for silk piece goods, especi- talk about the possibility of an advance in the rediscount
ally for new lines for the fall season. Raw silk has been rate of the New York Reserve Bank, but this discussion was
in fair demand and steady. Following the decline in raw for the moment rather perfunctory than otherwise. The
cotton it is not surprising to notice that some kinds of rise in the rate of the Philadelphia Reserve Bank was not
1
4c., with sales rather small announced until after the close on the 16th. On the 17th
cotton goods have declined % to /
even at the low prices. The Amoskeag Co., of Manchester, inst. came a rise in the rediscount rate of the Federal Re•
MAY 19 1928.]
FINANCIAL CHRONICLE
serve Bank from 4 to 4/
1
2Vo a month after this rate was
adopted at Chicago and Boston. Brokers' loans for the week
ending May 16 made a new high record, as reported by the
Federal Reserve Bank of New York of $4,502,044,000, an
Increase in a week of $140,936,000 and an increase of
$373,043,000 for this month. For virtually two years loans
have been swiftly rising under the impulse of gigantic
trading. Stocks declined to-day on the rise in the rediscount rate, and the increase in loans, and then rallied
sharply on covering. Call money was firm at 6%, and time
loans were 5% to 5%%. Bankers' acceptances advanced.
Bonds declined.
Manchester, N. H., wired that the Miltonia Mills of Milton, manufacturers of blankets, which had been closed for
eight months, have resumed operations, while a number of
other mills have also resumed or increased their output.
Spartanburg, S. C., advices say that the new Slater Mill
at
Slater, near Marietta, is now operating on part production,
two hundred looms being active. Canadian cotton mills are
operating at 75%, with rather more orders.on, hand than
a
year ago.
The weather here has been rather mild during the week,
but hardly warm enough to be seasonable. On the 17th
it
was 55 to 64 degrees here; at Boston 64 to 70, at Montreal
66 to 74; at Quebec 64 to 72, at Chicago 64 to 76; at Cincinnati 66 to 70, at Cleveland 68 to 74, Detroit 66 to 74,
Duluth
44 to 54, Milwaukee 54 to 66, Omaha 78 to 80, and Minneapolis 68 to 70. To-day it rained here much of the day, and
it was 54 to 59 degrees here; at Chicago 50 to 76; at Cincinnati 46 to 76; at Cleveland 62 to 74, at St. Paul 58 to 70.
The forecast here for to-morrow is for cloudy or shower
y
weather.
Col. Ayres of Cleveland Trust Co. Finds Wave of
Speculation Extended to All Parts of Country
Drawing In All Classes.
In commenting on the wave of speculation which he
says
"has extended to all parts of the country and drawn
in all
classes of population," Col. Leonard P. Ayres, Vice-President
of the Cleveland Trust Co., in the institution's "Busine
ss
Bulletin" May 15, states that "great waves of specula
tion
like the present one cannot be killed off; they have
to commit suicide." His comments follow:
It now takes six hours for the stock tickers to print
a record of the trading done in five hours. It takes six days for the clerks
in brokerage offices
to do the bookkeeping relating to the transactions
of five days, so the
Stock Exchange is forced to suspend trading on Saturday
. Brokers loans
are increasing at the rate of about a hundred million
dollars a week. The
Federal Reserve authorities make attempts to curb
the speculative use of
credit, and these attempts prove to be futile gestures.
A prominent business economist and a leading
investors service express
the opinion that the advances in security prices
during the next five years
will be as notable as have been those of the past
five years. This is not
quite the same as predicting that the present bull
market will run for five
more years, but it does express the general thought
of the trader who recently stood watching the advances being chalked
up on the stock board
in a New York brokerage room and made the comment that
everything
is going to 500.
This wave of speculation has extended to all parts
of the
Crawn in all classes of population. Increasing thousand country, and
s of first-time
speculators are watching their paper profits mount,
and are concluding
that anyone who works for a living is a boob. It is
almost literally true
that great waves of speculation like the present one
cannot be killed off;
they have to commit suicide. They do it by generating the
belief that
speculation is the quick and easy road to riches.
How much longer this market may run is as impossible to
predict as
was the duration of the Florida boom, and for similar reasons.
The leading stocks in this market, taken as a group, now yield in dividends
about
half as much as it costs to carry them on margin. Speculators
think they
are discounting the future earnings of the prosperous companie
s. In the
bull markets of the past 30 years the prices of groups of stocks
have repeatedly been carried up to levels quite out of relationship to their earnings
or their dividends. This has happened with the express companies, the
rails, the coppers, the oils, and the equipments. The records show that
those extreme price advances have always turned out to be based on belated
recognitions of past performances rather than on prophetic appreciat
ion of
future possibilities.
Increase in Wholesale Prices in April.
A rise in the general level of wholesale prices from March
to April is shown by information collected in representative
markets by the Bureau of Labor Statistics of the U. S.
Department of Labor. The Bureau's weighted index number, computed on prices in the year 1926 as the base and
including 550 commodities or price series, stands at 97.4
for April compared with 96.0 for March, an increase of
nearly 134%. Compared with April 1927 with an index
number of 93.7, an increase of almost 4% is shown. The
13ureau's summary, issued May 17, adds:
3037
No change in the general price level is shown for
textile products, fuel
and lighting, and metals and metal products. A
decrease of over 2%
took place in the group of miscellaneous commodit
ies, due largely to
price decreases of crude rubber.
Of the 550 commodities or price series for which comparab
le information
for March and April was collected, increases were shown
in 141 instances
and decreases in 116 instances. In 293 instances no
change in price was
reported.
Comparing prices in April with those of a year ago
as measured by
changes in the index numbers, it is seen that farm
products and hides
and leather products were considerably higher while
foods and textile
products were somewhat higher. Minor increases are shown
for metals
and metal products and for housefurnishing goods.
Fuel and lighting
materials were nearly 5% cheaper than in April 1927.
Small decreases
are shown for building materials and chemicals and drugs,
with a larger
.
decrease for the group of miscellaneous commodities.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS
AND SUBGROUPS OF COMMODITIES (1926-100.0)•
Groups and Hub-Groups.
All commodities
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese, and milk
Meats
Other foods
Hides and leather products_
Hides and skins
Leather
Boots and shoes
Other leather products
Textile products
Cotton goods
Silk and rayon
Woolen and worsted goods.-Other textile products
Fuel and lighting
Anthracite coal
Bituminous coal
Coke
Manufactured gas
Petroleum products
Metals and metal products
Iron and steel
Non-ferrous metals
Agricultural implements
Automobiles
Other metal products
Building materials
Lumber
Brick
Cement
Structural steel
Paint materials
Other building materials
Chemicals and drugs
Chemicals
Drugs and pharmaceuticals._
Fertilizer materials
Fertilizers
Housefurnishing goods
Furniture
Furnishings
Miscellaneous
Cattle feed
Paper and pulp
Rubber
Automobile tires
Other miscellaneous
Raw materials
Semi-manufactured articles_
Finished products
Non-agricultural commodities
*Data not yet available.
1927
April.
1928
March.
93.7
94.3
93.2
101.2
89.8
94.6
105.2
90.9
93.0
101.7
108.2
100.2
99.8
101.2
94.2
92.5
91.8
98.7
94.5
84.9
93.8
99.9
95.4
98.1
70.0
97.8
97.2
93.2
99.4
99.8
99.5
95.0
95.0
93.5
96.5
97.0
91.0
95.9
97.8
99.1
88.2
99.3
100.0
97.8
97.8
98.8
91.3
113.2
93.4
83.8
78.7
100.2
92.7
95.9
94.1
93.6
96.0
103.5
113.6
96.3
105.0
98.0
104.2
94.7
97.7
124.0
157.3
129.3
109.5
108.4
96.5
100.9
84.7
100.6
86.6
80.8
94.8
93.8
84.4
95.8
66.6
98.4
95.2
90.4
98.8
104.3
97.9
91.0
88.9
92.3
96.5
97.0
85.5
92.7
95.6
101.0
71.1
96.5
96.8
98.3
97.9
98.6
86.8
154.4
90.5
55.0
69.8
98.3
97.9
97.8
94.8
94.0
1928
April.
97.4
107.6
121.6
102.3
106.4
99.5
101.0
99.2
99.1
126.7
167.3
129.8
110.4
108-4
96.5
100.7
85.5
100.5
86.2
80.8
90.2
92.2
82.8
•
69.0
98.4
95.1
91.3
98.8
104.3
96.9
92.5
87.8
92.9
96.5
97.0
85.0
100.2
95.8
101.1
70.6
97.4
97.0
97.9
97.8
97.9
84.9
153.3
90.2
41.5
89.8
98.4
100.1
97.9
95.9
94.7
Purchasing
Power of the
1926 Dollar
in April.
(Cents).
102.7
92.9
82.2
97.8
94.0
100.5
99.0
100.8
100.9
78.9
59.8
77.0
90.6
92.3
103.6
99.3
117.0
99.5
116.0
123.8
110.9
108.5
120.8
1-4-4:9
101.6
105.2
109.5
101.2
95.9
103.2
108.1
113.9
107.6
103.6
103.1
117.6
99.8
104.4
98.9
141.6
102.7
103.1
102.1
102.2
102.1
117.8
65.2
110.9
241.0
143.3
101.6
99.9
102.1
104.3
106.6
Record Ford Employment-Total of
110,823 now
Working at Detroit Factories, Highest Ever.
Detroit advices in the "Wall Street Journal" of May
17
said:
Employment at local plants of Ford Motor Co. has
reached a new high
mark at 110.823.compared with previous high
mark of 110.000 in 1926 and
low point of 52,000 last summer
when manufacture of Model T was discontinued. Company added 2,002 to its payrolls here during
the past
week. Employment at the Fordson plant
is now 74,932, compared with
73,318 a week ago; Highland Park total is 31,185,
against 30,811, and
Lincoln 4,706, against 4,692.
Continued Gain in Detroit Employment.
The following from Detroit May 18 is from the "Wall
Street Journal":
Detroit Employers' Association, reports employm
ent figures for week
ended May 15 as 256,497, an increase
of 2,662 over last week and an
increase of 30,269 over the corresponding period
of 1927.
F. H. Rawson of Union Trust Co., Chicag
o,Sees Marked
Improvement in Florida.
"Florida is slowly but steadily returning to
a condition
of prosperity," sdeclared Frederick H. Rawson
, Chairman
of the Board, Union Trust Company, Chicago
, who recently
returned from a two months' stay in that
State. "Despite
the difficulties which the State has had in the
last few
years," Mr. Rawson says, "there is a cheerfu
lness and a
splendid spirit of co-operation among the people,
which will
inevitably bring an even greater measure of
success." Mr.
Rawson added;
Farm products as a group advanced nearly 4% above the March level,
due mainly to price increases for grains, hogs, lambs, poultry, and cotton.
"Real estate values are now on a sound basis, and
the most thoughtful
Potatoes. on the other hand, were cheaper than in March.
and far-sighted leaders do not wish to see any
more boom times. The
Foods and building materials increased over 1M To. while hides and stores are carrying complete
and fresh stocks of merchandise;
in both hotels
leather products increased over 2%. A negligible increase was recorded and stores, prices are
reasonable and good business is recorded
for the past
for Chemicals and drugs, and a minor decrease for houesfurnishing goods winter.
3038
FINANCIAL CHRONICLE
"Miami is becoming one of the great convention cities of the country.
Few people appreciate that with the possible exception of New York City,
Chicago, and Atlantic City, Miami has as much if not more hotel accommodations than any other American City. Just recently the Shriners'
Convention was held there, at which time the city gave a splendid demonstration of its facilities for adequately entertaining a large convention of
national scope.
"The Tamiami Trail has just been completed and provides a fine
highway from Miami on the east coast northwest across the State to Fort
Myers on the west coast. The two cities are now only four hours apart
by automobile. The road will be continued, and with the completion of a
few short stretches will extend north to Tampa.
"The completion of this great highway is the first step in the agricultural development of the Everglades which include millions of acres
of virgin soil. In 1924, 1925, and 1926, Florida ranked second among
the States in the Union in the shipment of fresh fruits and vegetables;
its agricultural possibilities are almost unlimited when one considers the
vast and fertile areas which are still undeveloped. Its proximity to large
markets will prove of greater and greater value in the future.
"The railroads are working on a new approach to Florida from the
north so that travelers bound for the west coast and other places will be
saved ten hours in time, with a corresponding decrease in railroad
fare.
"Due not only to its unexcelled climate, but also to its accessibility
to large eastern and middle western centers of population, Florida is
bound to be one of the great playgrounds and recreational centers of the
world. It has all the essentials to assure it of economic growth and
progress in the future far surpassing its development in the past."
[VoL. 126.
Silberling Business Service on Conditions on Pacific
Coast—Improvement Shown in First Quarter.
Regarding Pacific Coast business, the Silberling Business
Service of Berkeley, Calif., has the following to say under
date of May 7:
General business conditions in the Pacific Coast States improved in a
substantial way during the first quarter of the year and verified the forecasts which were presented in recent reports. This improvement has found
expression in more active industries, the absorption of many workers who
several months ago were out of employment, and a better tone in commercial operations and collections. From the position of our forecast range
which indicates the probable course of business to the beginning of 1929,
it appears that a continuance of improvement in conditions during the
remainder of the year may confidently be expected.
Business Conditions in Southwest as Viewed by Los
Angeles Chamber of Commerce—Employment Conditions.
According to the "Southwest Business Review" issued by
the Los Angeles Chamber of Commerce, outstanding among
the businessevents of Aprilin the Southwest wasthe announcement that the Willys-Overland Co. would immediately start
construction of an automobile assembly plant, that would
would employ from 1,000 to 1,500 workers. The Chamber
W. W. Putnam of Union Trust Co., Detroit Finds Con- continues in part:
tinuance of Moderate Improvement in Business—
Upward Trend of Employment in Michigan.
Commenting on business conditions, under date of May 14,
Wayne NV. Putnam, Assistant Vice-President of the Union
Trust Co., Detroit, says that "supported chiefly by a high
rate of activity in the building, steel and automobile industries, general business continues to improve moderately and
is now on a level close to that prevailing a year ago. The
situation, however, both in trade and in industry is somewhat mixed. Unemployment, a disturbing factor in the outlook early in the year, is diminishing rapidly; warmer
weather is stimulating trade and outdoor activities, and
is a
business generally is more stable. The fact that this
presidential year apparently is not affecting business one
way or another. While there probably will be a seasonal
lull during the summer, the present outlook is for continued
also says
moderate improvement generally." Mr. Putnam
in part:
Commercial failures
A number of significant things happened in April.
aggregate liabilities
dropped 7.6% below the same month a year ago, and
all previous monthly
were 34% less. Construction contracts awarded broke
6%. Automobile
by
records exceeding March by 9%, and April a year ago
was 3.1% larger
production was on a high level. Steel ingot production
Reflecting this improvethan in March and established a new high record.
good gains during
ment in business, car loadings of revenue freight showed
the month
the last two weeks of April compared with the first half of
for the same
those
and for the last week in April were only 3 1-3% under
are other factors
week in 1926, a year of extraordinary prosperity. There
agricultural products
which are having a good influence. Higher prices for
season for the
and a good supply of farm labor argue for a profitable
will be doubled
farmers. Ford production according to present schedules,
place in economic
within two months. Further improvement is taking
people is being
conditions abroad. The spending power of the American
prices are firmer and
maintained. Inventories remain small, commodity
all legitiare well stabilized, and there are plenty of funds available for
mate purposes.
situation is the
By far the most serious aspect of the present business
nation-wide in its scope.
frenzied speculation in securities which has become
Brokers' loans
speculative.
The great majority of purchases are purely
2%
/
rediscount rate to 41
have reached new high levels. Advancement of the
gold, sales of government
by five Federal Reserve Banks, large exports of
sooner or later exert a strong
securities and higher money rates should
commercial borrowers will be obliged
corrective influence. Meanwhile,
to pay higher interest rates.
bankers and business executives
Reports received from over 100 Michigan
State is on a high level. Inshow that business generally throughout the
improvement during the past month.
dustry particularly has shown a good
quite perceptibly. Only seven
Overtime in the factories has increased
below normal. The autocorrespondents report manufacturing activity
Paper mills and furniture facmobile industry, of course, is very active.
compared with a month ago.
tories are doing a larger volume of business
a volume of business comIron foundries, as a whole, are not enjoying Activity continues on the
mensurate with their production capacities.
Peninsula. A few iron mines
increase at the copper mines in the Upper
a normal season is in
have closed but others have been re-opened and
prospect.
•
•
•
upward and is well above
The trend of employment in Michigan continues
improvements and farm work
the level of a year ago. Building, public
employment situation last
have taken up the slack which existed in the
some sections. Lake shipwinter. There is a shortage of skilled labor in
Soo and at Buffalo, is
ping, held back by unusual ice conditions at the
for a large number of
beginning to open up and is providing employment
steadily upward. On
climbing
workers. Detroit's employment figures are
two-thirds of the city's
May 8 the number employed in factories comprising
greater than a month
working population totaled 253,835, which was 6,394
thousands higher than for
ago, 28,477 more than a year ago, and several
any week since April 1928.
issued in April in
Construction cost of buildings for which permits were
$18,012,792 as comnineteen of the larger cities in Michigan amounted to
pared with $19,877,425 in the same month last year, the decrease being due
chiefly to a falling off in the larger type of construction in Flint and
Detroit.
This is considered significant not only because it is the first automobile
plant announced on the Coast since the war, but because it assures the
entry into Leo Angeles of several other related industries and thus will
continue to entrench business prosperity behind the bulwark of industrial
payrolls.
In support of this industrial advance April figures for foreign trade showed
notable increases over April last year and approached new records for all
time. Real estate showed substantial Improvement with a number of
sections more active than at any time in six months. Los Angeles bank
clearings also showed the highest April in history.
The Southwest also finds the livestock and copper mining industries,
two of its most important sources of wealth, in excellent condition. Agricultural returns in general are satisfactory, although lack of rain will bring
about a number of reductions in value for the 1928 crops. Retail sales are
continuing at steady volume with notable expansions on the part of some
organizations.
To balance against this series of favorable developments, the construction
industry in southern California as elsewhere in the country, is somewhat
below last year's figures. The motion picture production and the oil
supply industries also show continued slowness.
The general summary shows the Southwest in satisfactory condition and
likely to continue to reflect the increasing national business activity.
Building Construction.
Volume of new building construction during April as indicated by Los
Angeles City permits was somewhat disappointing. The figures were
affected by the fact that there were two less business days in city offices.
The total valuation was $8,711.040, against $11,111,774 last April and
$9.701,942 for March 1928. There were 2,984 separate permits.
In Arizona construction is active, Phoenix and Tucson reporting their
volume for March well ahead of February,though a little below March 1927.
Albuquerque, N. M.,reports March well above last year, while building
In Utah is more active than previously, Ogden reporting the largest proportional gains.
Bank Clearings.
Another record breaking month was shown by the bank clearings which
marked up the highest April in history and the second highest month of
all time. The total was $873,233,011, as against $782,946,517 last April.
Stock Exchange.
Despite the fact that the Los Angeles Stock Exchange closed several
days during April, transactions reached a total estimated at $67,000,000
as against $14.773,000 a year ago. During the month a new high price for
membership in the exchange was marked up when a seat changed hands
at $55,000. This is an advance since January first from $20,000. It is said
that the Los Angeles Stock Exchange now ranks fourth among the exchanges
of the United States in the standpoint of value of individual memberships.
Employment.
With the increase of agricultural employment and an expanding volume
of commercial activity characteristic of April, the general employment
situation in Los Angeles district was fairly satisfactory during April.
National conditions indicate a moderate expansion of factory employment, and the volume from April 1 as compared with the same point last
year having increased 197%.
The Chamber of Commerce Index of Industrial Employment continued
to stand slightly below last year, the figures for April 1928 being 103, as
against 1927, 104.
The difference is still chiefly in the motion picture and the iron and
steel industry,the latter because of the oil supply business which is still slow.
Employment in the southern California oil fields as reported by the
Chamber of Mines and Oils was steady during the month at 36,100, as
against 36,540 for March.
Decline in Factory Employment and Wages in Penn-
sylvania During April—Gain in Employment in
Delaware.
Factory employment and payrolls in Pennsylvania declined considerably from March to April and in the latter
month were substantially below the level of April, 1927, as
indicated by the new index numbers prepared by the Federal
Reserve Bank of Philadelphia. The Federal Reserve Bank
in summarizing conditions, under date of May 17, goes on
to say:
Mey 19 1928.]
FINANCIAL CHRONICLE
3039
3
6666666CA6bliA
MWW-4WW0e0l.wWW0-4WwWOOWNonwa2.,012.-4.4W.m0.4
0,PL*0=0.0...00....INNW000WwW0,
00WWW.4W 0000,W W W .4WOW0,0,01W.COVIONN
g,WW-4k.-4,
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
[Compiled by the Federal Reserve Bank of Phiadelphia and the Department of
Labor and Industry, Commonwealth of Pennsylvania.]
Index Numbers. 1923-1925 Average100.
Employment.
Group and Industry.
Wages.
No. of
Plants
Compared with
Compared with
Report- Apr.
Apr.
inv. 1928. Mar.
Apr. 1928. Mar.
Ayr.
1928. 1927.
1928. 1927.
810
234
10
43
9
9
17
9
40
40
17
10
19
11
40
6
11
13
6
4
167
14
16
40
9
10
5
27
15
11
9
11
102
29
14
11
14
34
67
30
14
23
45
19
20
6
47
27
3
3
9
5
51
17
23
7
4
57
13
6
38
86.6
82.5
49.7
79.3
85.6
94.5
-20 -8.2
-1.0 -9.4
-6.6 -33.3
-0.1 -11.3
+0.2 -6.4
+2.1
+2.2
im ...commn ec
*.
.o.eact64o4 ciovoc;vvr-or-ciwoot-citZatsoclovcomoonoiciNtiri..N.O,
1111+1 111+71117711++77771171177111711711 1111 7 1+11+11111111114
--
All manufg. Industries (51)Metal products
Blast furnaces
Steel works dr roll ng mills
Iron and steel forgings
Structural iron work
Steam and hot water heating apparatus
Stoves and furnaces
Foundries
Machinery and parts
Electrical apparatus
Engines and pumps
Hardware and tools
Brass and bronze products
Transportation equipment
Automobiles
Automobile bodies & parts
Locomotives and cars
Railroad repair shops
Shipbuilding
Textile products
Cotton goods
Woolens and worsteds
Silk goods
Textile dyeing St finishing
Carpets and rugs
Hats
Hosiery
Knit goods, other
Meiga clothing
Women's clothing
Shirts and furnishings
Foods and tobacco
Bread & bakery products_
Confectionery
Ice cream
Meat packing
Cigars and tobacco
Stone, clay & glass products
Brick, tile dr pottery
Cement
Glass
Lumber products
Lumber & planning mills.
Furniture
Wooden boxes
Chemical products
Chemicals and drugs
Coke
Explosives
Paints and varnishes
Petroleum refining
Leather and rubber products
, Leather tanning
I Shoes
f Leather products, other..
r Rubber tires and goods_ .._
Paper and printing
Paper and wood pulp
Paper boxes and bags_ _
Printlna and nubliahlits
86.1
84.5
50.6
81.2
96.2
89.8
-13.7
-13.7
-33.1
-16.3
93.9 +3.5 +0.4 97.6
76.5 -1.8
20.7 70.9
82.4 -0.2 -9.8 80.8
100.7 +1.8 -0.7 106.3
91.8
13.2 +0.5 96.4
89.4 -1.0 -7.4 90.8
83.1 -0.8 -11.3 84.0
76.9 -3.8 -5.5 75.9
73.3 -6.7 -20.7 69.8
90.9 +14.6 -9.1 104.0
79.5 -2.8 +5.6 75.0
64.0 -2.1 -24.7 55.0
86.7 +5.9 -1.3 82.8
44.9 +2.0 -60.8 44.1
95.2 -10.2 -5.6 95.2
85.3 -7.6 -12.1 75.2
81.4 -6.9 -10.7 67.2
92.9 -22.7 -10.2 97.6
124.0 -6.3 -1.4 124.9
83.7 +0.4 -12.7 72.7
100.7 +2.3 +1.9 92.4
116.8 -2.2 +2.5 131.8
84.3 +1.1
+9.5 84.2
85.
-7.4 -20.3 68.1
117.9 -7.8 +5.6 121.8
91.4 -9.2 -1.0 89.5
92.
-0.9 +9.3 87.3
104.
-0.7 -3.5 98.8
84.8
5.9 +0.4 86.6
84.
+1.1 -6.0 91.4
90.3 -3.3 -4.2 83.7
92.8 -1.2 +27.8 80.7
82.5 +1.5 -17.5 77.1
86.3 +2.1 -13.4 82.4
80.8 +2.1 -22.4 79.4
84.5 +0.4 -16.0 75.0
70.0 -3.8 -13.9 67.0
62.0 -2.4 -18.8 66.9
69.9 -4.6 -12.1 60.2
112.1 -5.3 -1.8 109.2
95.7 -0.2 -11.8 105.4
95.0 +0.6 +4.9 95.4
123.3 +2.2 +12.8 122.7
117.3 -1.8 -8.4 96.7
129.1
+0.5 -6.5 124.2
82.2 -1.6 -25.4 98.4
99.8 -0.7 +4.3 101.4
107.2 +1.1
+8.1 106.9
91.1 -2.9 +4.5 89.9
107.1 -3.8 -13.9 97.8
83.9 +0.4 -11.0 97.8
92.5 -2.7 -1.3 105.2
83.7 -6.6 -5.2 94.0
88.5 -1.0 -2.0 99.9
104.7 4-1.7
-1-3.2 117't
-5.7
-29.2
-18.7
-2.7
-4.7
+2.9
-6.4
-13.8
-9.4
-25.3
-0.9
+5.6
-35.9
-6.8
-59.3
-11.4
-24.9
-29.0
-9.4
-7.0
-25.1
+4.6
-4.6
+132
-38.1
-3.9
-0.3
+0.9
-7.7
-5.E
-7.7
+221
-241
25.(
-30.9
-17.1
-19.4
-22.1
-21.1
+3.1
-12.1
+4.1
+5.1
-24.:
-15.1
-19.1
-2.1
+1..
-15.
a
.LA
7
EMPLOYMENT AND WAGES IN CITY AREAS.
(Compiled by Department of Statistics and Research of the Federal Reserve Bank
of Philadelphia.]
Index Numbers, 1923-1925 Averag -e=.100.
Allentown-Bethle'm-Easton.
Erie
Harrisburg
Hasleton-PottsvIlle
Johnstown
Lancaster
New Castle
Philadelphia
Pittsburgh
Reading-Lebanon
Scranton
Sunbury
Wilkes-Sarre
Williamsport
Wilmington
.....-...
76
10
87.9
97.0
34
90.6
19
13
30
11
247
92
63
33
27
97.7
101.6
109.7
106.9
86.4
91.6
89.6
111.3
54.5
21
23
30
74.8
77.7
80.0
43
R7.4)
1-11-11+1+111+11
Areal.
Employment.
No. of
Plants
COMReportpared
tag. Apr. with
1928. Mar.
1928.
Total Wages.
Apr.
1928
Cornpared
with
Mar.
1928.
78.7 -3.1
100.0 +1.8
95.9 -3.7
88.2 -9.2
75.9 -22.6
96.5 -2.7
100.2 -4.4
74.3 -9.5
82.1 -5.3
83.3 -2.7
113.6 -8.6
56.7 -41.5
77.4
79.9
85.3
RR.2
-9.5
+8.4
-0.7
4-1 a
Carpets and rugs
Hosiery
Knit goods, other
Men's clothing
Women's clothing
Shirts and furnishings
Foods and tobacco
Bread and bakery products
Confectionery
Ice cream
Meat packing
Cigars and tobacco
Stone. clay and glass products_
Brick, tile and pottery
Cement
Glass
Lumber products
Lumber and planing mills_
Furniture
Wooden boxes
Chemical products
Chemicals and drugs
Paints and varnishes
Petroleum refining
Leather and rubber products
Leather tanning
Shoes
Leather products, other
Rubber tires and goods
Paper and printing
Paper and wood pulp
Paper boxes and bags
Printing and publishing
4
1
3
1
1
3
1
1
1
1
2
1
3
2
-20.0
-3.1
+1.3
-1.7
-8.4
-14.8
-6.4
-1.9
-11.9
-2.9
-7.8
-6.1
-4.9
-2.4
-3.9
-7.0
-8.8
-4.5
-11.5
-12.6
-0.4
-1.2
-8.1
+1.5
-3.4
-1.1
-7.8
-0.7
+0.9
-0.3
-3.1
+2.9
'4C.6666E.E.64.boi.thirtiwin6
6ipi4WioWinkl
.no,i,o-anza.maa.i.COOMIWCA
The statistics follow:
.477
.486
.381
.275
.371
.327
.493
.526
.444
.605
.536
.324
.557
.529
.522
.599
.507
.511
.528
.387
.587
.485
.550
.619
.474
.533
.345
.521
.579
.602
.537
.373
.707
21.90
25.25
17.67
16.86
14.77
15.78
19.31
28.43
18.11
31.87
27.23
12.86
26.00
23.67
28.60
25.37
20.47
22.25
20.46
15.70
29.45
26.81
24.88
32.57
22.22
24.56
17.48
21.02
28.51
29.86
28.84
14.58
33.47
04NMQMCMQN0.NNMV.C.NONOMINO.00NMONNMI
NN IINMVONC,WWme/
e/0
?.-.''"0",
04,
!
Wei l!"
1
*C1(4
*cPC.
i
OhVO tti ...NM,OOt.00N.i0OCi6001,0M
4VNWONN ..MONW .
00.inN
i16.000400oit,
4i00.00.,
Nc.
i m N ..m
NN .
NNNNNVIMNONNNONMONNNNN..N
-.N......,NNNMel.NOMNNcic,0-404Now,
NNN ,
The volume of wage payments, which furnishes a better measure than EMPLOYEE-HOURS AND AVERAGE HOURLY AND WEEKLY WAGES
IN PENNSYLVANIA
employment of the rate of factory operations, declined almost 6% from
March to April this year and in April was nearly 14% below the level of [Complied by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry. Commonwealth of Pennsylvania.]
a year earlier.
The chief declines occurred in the transportation equipment and textile
Per Cent
products groups. Among the industries of these groups, manufacture of
No. of Change
Average
Average
locomotives and cars, and cotton, woolen and worsted, silk, carpet and
Group and Industry.
Plants Apr. '28 Hourly Wages. *1Veekly Wages.
rug mills, and men's clothing factories experienced severe declines. In
Report- from
lag.
Mar.
Apr. 1 Mar.
Apr.
Mar.
many cases, of course, the occurrence of Easter during the payroll period
1928.
1928. 1928.
1928.
1928.
in April was largely responsible for the decline in payrolls.
hours
worked, received from 474 factories in All manufg. Industries (47).... 47
The reports on employee
-6.9
30.561 $25.05
-3.9
16
.603
the State, shows a decline of nearly 7% from March to April, but this is Metal products
27.38
Blast furnaces
-11.9
.557
28.18
partially attributable also to the shut-downs at Easter. Most of the
Steel works & rolling mills
2
.628
27.86
textile industries report substantial declines, as in the case of wage payIron and steel forgiags
-3.5
.574
27.47
industries
food
also showed a seasonal slackening in
ments. Many of the
Structural iron work
+1.2
.579
26.10
Steam tic hot water heat.app. 1
-2.2
.608
operations, and among the other industries considerable losses were expe28.22
Foundries
-3.3
3
.605
26.57
rienced by blast furnaces, electrical apparatus factories, glass,furniture and
Machinery and parts
3
-0.0
.598
29.99
wooden box plants, and shoe and leather products manufacturers.
Electrical apparatus
1
-10.5
.506
23.87
Among the cities of the district employment fell off most noticeably in
Engines and pumps
1
.595
27.38
Hardware and tools
1
-3.0
23.44
.530
Philadelphia. Hazleton-Pottsville and Sunbury areas, although in the latter
Brass and bronze products_
-6.5
.565
26.19
case the large decline is attributable chiefly to the falling off in the opera- Transportation
equipment_
.613
+0.8
3
27.67
tions of one plant. In Williamsport and Scranton employment was conAutomobiles
+12.6
.642
33.04
siderably larger in April and smaller increases occurred elsewhere.
Automobile bodies and parts
-4.1
.587
30.53
Locomotives and cars
-1.6
.604
24.80
In Delaware the 29 reporting plants showed a slight gain in employment
Railroad
repair shops
-1.4
.659
25.30
and a decline of 4% in wage payments from March to April. A large
Shipbuilding
-1.9
.667
28.52
increase occurred in employment and wage payments in chemical and drug Textile products
-24.5
7
.446
20.67
Cotton goods
plants. Employment also was heavier in the food industries and in metal
-5.2
1
.482
20.45
Woolens and worsteds
1
-18.1
17.43
.451
plants other than foundries and machine shops. Leather tanneries and
Silk goods
-43.4
2
.441
19.32
foundries declined in both employment and wage payments.
Textile dyeing and finishing.
-12.0
.482
24.01
•These figures are for a larger number of firms.
EMPLOYMENT AND WAGES IN DELAWARE.
[Compiled by Federal Reserve Bank of Philadelphia.]
Industry.
All industries
Foundries and machinery products
Other metal manufactures
Food Industries
Chemicals, drugs and paints
Leather tanned and products
Printing and publishing
Miscellaneous industries
Increase or Decrease
No. of
Apr. 1928 over Mar. 1928.
Plants
Report- EmployTotal
Average
ment.
ing.
Wages.
Wages.
29
4
5
3
3
3
4
7
+0.3
-2.1
+1.4
+7.2
+13.7
-2.9
-0.5
-1.2
---4.0
---8.3
-3.5
+11.2
-13.8
+0.9
-0.5
Revenue Train Loading Increase But Continues
1927 and 1926.
-4.3
-6.4
-4.9
-7.6
-2.3
-11.3
+1.4
+0.7
Below
Revenue freight loading for the week ended on May 5
totaled 979,662 cars, the Car Service Division of the American
Railway Association announced on May 15. Compared
with the preceding week, this was an increase of 17,734
cars, with increases being reported in the total loading of
all commodities except live stock, coal and coke, which
showed slight decreases. The total for the week of May 5
was a decrease, however, of 45,099 cars below the same
week in 1927 as well as a decrease of 16,554 cars compared
with the corresponding week two years ago. Particularizing
the report says:
Miscellaneous freight loading for the week totaled 396,996 cars, an increase of 55 cars above the corresponding week last year and 18,910 cars
over the same week In 1926.
Coal loading totaled 154,356 cars, a decrease of 2,146 cars below the same
Arerage
week In 1927 and 8,098 cars below the same period two years ago.
Weekly
Grain and grain products loading amounted to 43,741 cars, an increase
Wages.
of 3.166 cars over the same week last year and 7.412 cars above the same
week in 1926. In the western districts alone, grain and grain products
Apr.
Mar.
loading totaled 30,577 cars, an increase of 6,985 cars above the same week
1928. 1928.
in
1927.
-$24.99 $25.97
Live stock loading amounted to 28,447, a decrease of 1,054 cars below
31.47 30.32 the same week last year and 513 care under the same week in 1926. In
21.23 21.64
20.81 21.55 the western districts alone, live stock loading totaled 22,876 cars, an in22.56 29.19 crease of 24 cars compared with the same week in 1927.
20.78 21.12
Loading of merchandise less than carload lots freight totaled 263.961
28.41 28.82 cars, a
decrease of 947 cars under the same week in 1927 and 1,8.55 cars
25.54 27.14
27.63 29.21 under the corresponding week two years ago.
Forest products loading amounted to 65,752 cars, 2,993 cars below the
24.30 24.54
17.46
19.89 same week last year and 8,552 cats under the same week in 1926.
21.28 21.96
Ore loading totaled 16,096 cars, 40,667 cars under the same week last
18.11 19.83
25.12 22.78 Year and 22.248 cars below the same week two years ago.
27.70 27.84
Coke loading amounted to 10.313 cars, 513 cars below the same week
in os to on
in 1927 and 1,610 cars below the corresponding week in 1926.
3040
FINANCIAL CHRONICLE
[vol.. 126.
All districts except the Centralwestern and Southwestern reported de- Highland Park and Oak Park also report an upward movement in building
creases in the total loading of all commodities as compared with the same activity.
week last year while all except the Pocahontas, Southern, Centralwestern
In ten of the seventeen centers in the non-metropolitan part of the state,
and Southwestern reported decreases compared with the same period two the course of building has been upward. Joliet leads all cities outside the
years ago.
metropolitan district with a program calling for $479,825 of construction.
Loading of revenue freight in 1928 compared with the two previous Single-family dwellings, with an estimated cost
of $236,000, are to be
years follows:
built within the near future. Decatur makes the next best record, as to
1928.
1927.
estimated cost, although it shows a decline from last month. Other cities
1926.
Four weeks in January
3,447.723
3,756,660
3.686,696 to report large increases are Aurora, Rockford, Peoria and East St. Louis.
Four weeks in February
3,589,694
3,801,918
3,677,332 Rock Island, Quincy, Freeport and Bloomington report losses.
Five weeks in March
4,752,031
4,982,547
4,805,700
Details are furnished in the following tables:
Four weeks in April
3,738,295
3,875,589
3,862.703
Week ended May 5
1,024,761
979.662
996,216
NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY
PERMITS ISSUED IN ILLINOIS CITIES IN APRIL 1928.
Total
17,028,647
16,507,405 17,441,475
CITIES, ACCORDING TO KIND OF BUILDING.
Factory Employment in New York State Shows Seasonal
Drop.
Factory employment in New York State reached the spring
peak in March. The net decrease of somewhat more than
1% from March to April was not greater than is usual at
this time of year, according to Industrial Commissioner
James A. Hamilton, who under date of May 14 says:
Irregular Gains in Metal Industries.
A number of *industries, mostly in the metals group, had increased total
employment since March. Within these industries, however, there was
marked unevenness, and gains, where they occurred, showed no consistent
tendency.
The index number of total factory employment based on monthly reports
from a fixed list of representative concerns fell from 92 in March to 91 in
April. This figure is six points below the figure for April a year ago
and 10 points below April two years ago.
While most metal industries showed net increases in employment over
March, there was no evidence of a uniform tendency. The striking thing
about Ak)1•41
wias, in fiat, the irregularity
reports
among
firms in the same industries. Increases and decreases in employment depended on conditions in individual factories rather than on any real
change in the industry. A large number of firms were maintaining employment at almost the same level as in March with only slight changes
in one direction or the other. Increases in employment were, in a number
of cases, accompanied by decreased payrolls and several firms which had
reduced their forces had increased working hours.
Spring Season Over in Clothing Factories.
The principal decrease for the month occurred in the clothing industries
where April regularly marks the end of a season and brings heavy reductions in employment. Textile industries also were reducing employment
but these industries are not subject to as great seasonal fluctuations as
are the clothing trades.
In the stone, clay and glass products group a new season had begun and
increases in employment were general.
Automobile Factories Employ More Workers.
Most factories making automobiles or automobile parts had increased
the number of their employees. Several steel mills and rolling mills also
reported substantial gains. Changes in employment in the brass, copper
and aluminum industry and in architectural iron and sheet metal factories
were irregular with no very definite tendency in either direction. Concerns
making typewriters and other instruments, and, to a smaller extent, those
making tools had added to their forces, but most of the cutlery firms had
laid off workers. The machinery group showed a slight net decrease in
employment although one or two firms had increased working hours.
Among silverware and jewelry concerns the number of employees was
reduced but payrolls advanced a little.
Outside the stone, clay and glass and the metals groups the net change
was downward in almost all industries. There were some increases in the
fur shops and a seasonal rise in the canneries.
Total
•.l5725
No. Estimated
Bidgs.
Cost.
Whole State
Metropolitan AreaChicago
Berwyn
Blue Island
Cicero
Evanston
Glen Ellyn
Highland Park
Maywocd
Oak Park
Wilmette
Winnetka
OutsideMetropolitanAurora
Bloomington
Canton
Danville
Decatur
East St. Louis
Elgin
Freeport
Joliet
Moline
Murphysboro
Peoria
Quincy
Rockford
Rock Nand
Springfield
Waukegan
marc6 1928.
April 1927.
No. Estimated
Mtgs.
Cost.
Estimated
Cost.
4,326 $39,237,154 4,182 843,821,110 $56,483,063
2,201 31,234,505 2,290 36,412,760 44,773,245
132
639,000
151
717,300
707.400
57
111,633
47
116,165
157,892
56
355,355
49
268,742
596,209
102
507,000
94
768,900 2,357,800
19
91,775
28
118,200
386,720
47
424,015
43
222,160
189,670
48
306,150
58
356,285
252,075
118
930,251
93
675,339 1,142,014
34
146,784
40
295,015
213,275
42
283,425
28
299,250
163,750
101
15
3
27
148
119
99
29
79
95
438,835
93,500
2,600
94,115
477,795
396,710
158,740
78,700
479,825
111,177
87
21
6
22
169
138
87
24
77
73
128,013
160,000
4,350
60,188
505,675
322,538
112,603
731,500
269,123
82,179
173
41
208
119
125
91
420,705
78,895
468.825
88,324
431,125
387,390
120
52
132
102
100
71
201,795
107,900
288,400
100,575
252,537
243,618
308,110
77,800
960
192,000
1,216,540
259,950
298,393
189,400
201,400
85,960
9,000
303,420
43,500
587,680
104,221
228,955
1,435,724
NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED
BY
PERMITS ISSUED IN 28 ILLINOIS CITIES FROM JANUARY
THROUGH APRIL 1928 BY CITIES, ACCORDING TO
KIND OF BUILDING.
Total.
Cities.
Whole State
Metropolitan AreaChicago
Berwyn
Blue Island
Cicero
Evanston
Glen Ellyn
Highland Park
Maywood
Oak Park
Wilmette
Winnetka
Outside Metropolitan AreaAurora
Bloomington
Canton
Decline in Building Construction in Illinois in April- Danville
Decatur
Figures for First Four Months Below Totals for East St. Louis
Elgin
Same Period Last Year.
Total building in Illinois, as indicated by permits issued
in 28 cities, has been reduced no less than $4,584,000 during
April. The total value of buildings to be constructed in
Illinois during the first four months of 1928 is less than in
1927 by $40,208,000. The present downward movement follows last year's decline which, however, was a reversal of
the usual upward April swing in Illinois building activity.
Comparison of April, 1928, with a year ago reveals that the
heaviest losses have been made in residential construction,
although there are fewer large non-residential structures
being built than was the case a year ago. The foregoing is
from the monthly review of Sidney W. Wilcox, chief of the
Bureau of Labor Statistics of the Illinois Department of
Labor. The review, issued May 12, also has the following
to say:
nom.
Freeport
Joliet
Moline
Murphysboro
Peoria
Quincy
Rockford
Rock Island
Springfield
Waukegan
Jan.-Apr. 1928.
Jan -Apr. 1927.
Number
Buildings.
Estimated
Cost.
Estimated
Cost.
12,491
$144,163,685
8184,671,383
6,848
414
141
140
316
88
120
147
319
94
93
118,635,010
2,553,100
322,793
984,628
3,251,300
596,378
855,450
814,685
3,106,562
675,374
900,675
153,325,975
3,227,000
374,610
1,527,459
6,849,700
578,950
626,721
806,525
2,111,164
586,086
714,060
214
49
9
68
441
359
327
83
198
224
791,302
294,000
6,950
196,931
1,322,870
998,499
561,813
1,134,250
1,009,748
266,940
418
133
429
276
328
237
988,510
753,151
1,018,943
240,389
889,086
996.358
805,052
178,800
73,260
450,900
2,165,315
2,182.321
608,998
428,720
837,350
267,717
17,500
893,570
216,221
1,347.908
384,504
838,187 2,046,810
Agricultural and Financial Conditions in Minneapolis
Federal Reserve District-Volume of Business in
April Above that of Last Year-Department Store
Sales Decline.
In its preliminary summary of agricultural and financial
conditions in its district, the Federal Reserve Bank of Minneapolis states that for the eighth consecutive month the
volume of business in the district has exceeded the volume
Permits indicate that building in Chicago has fallen below last month or in the corresponding month of the preceding year.
a year ago. The residential construction program during April, as indiThe bank, in its summary May 14, states: Debits to individual accounts
cated by permits, shows a falling off of $8,900,000 since April, 1927. A were 13% larger in April 1928 than in April 1927. The value of checks
.decline of $4,400,000 of non-residential building during the same period has collected by this Federal Reserve Bank from country banks in the district
been reported. The largest single item in the April residential program and the shipments of flour and linseed products were also larger than in
was apartment houses, whose estimated cost was $14,884,000. In the non- April last year. Freight carloadings, on the other hand, were smaller during
residential classification, office buildings totaling $2,376,000 and factories the three weeks ending April 23 than in the corresponding weeks last year.
aggregating $1,893,000 were the largest •items.
Department store sales in the cities also declined, as compared with a
In seven of the ten citites within the metropolitan area, the course of year ago, giving further evidence that the March increase was due to the
building has been downward during April. Evanston, which has previously earlier Easter this year rather than to a sustained increase in city retail
reported a very active building program, shows a falling off of $261,000. trade. Building permits and contracts during April were much below the
Maywood, Wilmette, Berwyn, Glen Ellyn, Blue Island and Winnetka also total for April a year ago, and the number of warranty deeds and mortgages
recorded in Hennepin and Ramsey Counties also declined.
report sharp declines.
Permits issued in Cicero indicate that building operations have increased
Farm income from important products was estimated to be 23% larger
since March, although they continue to be less than they were last year. in April 1928 than in April 1827. The increase was again occasioned by
MAY
19 1928.1
FINANCIAL CHRONICLE
great increases in the marketing& of small grains. The income from hogs
was smaller than in the corresponding month last year. All important
farm product prices were higher than a year ago, except durum wheat,
butter, hogs and lambs. Dairy income in March, which is the latest month
for which complete records are available, was 8% smaller than in March
last year, when production was 5% larger and wholesale butter prices were
2c. per pound higher.
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS
MARKETED
IN THE NINTH FEDERAL RESERVE DISTRICT.
Bread wheat
Durum wheat
Rye
Flax
Potatoes
Hogs
Fluid milk
Dairy products
April
1928.
$6,822,000
3,771,000
984,006
361,000
3,715,000
8,776,000
1,700,000
March
1928.
$19,340,000
April
1927.
34.127,000
2,999,000
394,000
136,000
2,917,000
9,229,000
1,647,000
March
1927.
620,874.000
P. C. April 1928
of April 1927.
16.5
126
250
265
127
95
103
P.C. March 1928
of March 1927.
93
Industrial Conditions in Illinois During April-Decline
in Employment as Result of Seasonal Slackening
and Difficulties in Coal Mining Districts.
A decline of 3.5% during April in industrial employment
in Illinois, largely as a result of labor difficulties in coal
mining districts and a seasonal slackening of business in
many leadiw lines of manufacturing activity is reported by
Sidney W. Wilcox, chief of the Bureau of Labor Statistics,
Illinois Department of Labor. In further summarizing the
industrial situation, Mr. Wilcox, under date of May 15, says:
Employment in foundries, furniture factories, printing shops,
clothing
establishments and meat packing plants is less than it was
a month ago.
The experience of the manufacturing industries during the
majority of the
last five years indicates that a falling off in factory employme
nt during
April, May, June and July is a usual seasonal event August
ordinarily
witnesses increased activity which continues through October
and sometimes into November. December and January are usually
dull months as a
result of inventory taking and general repairing. This
dullness has, in
each of the last seven years, been broken in February,
which marks the
sharpest and most decided seasonal upturn during the year.
Total payrolls of industries of all classes have declined
4.0%. The
average wage for all industries is $29.13. Manufactu
ring payrolls have
fallen off 1.4%.
As indicated by the free employment office ratio
the volume of unemployment has declined from 173 applicants per every
100 positions to 156 in
April. Last year the ratio stood at 154.
Improvement is due largely to
an increased demand for outdoor workers on roads
and other construction
work. The demand for farm labor is lagging
behind its usual record,
largely because good weather conditions have enabled
farmers to get into
their fields earlier in the season and do a greater
part of their work
themselves.
Total employment in metal establishments has declined
0.7% during
April, largely as a result of falling off in large
foundries and electrical
products establishments. The reduction of working
forces was not a
general policy, and is due almost entirely to layoffs
on the part of large
units. Machine manufacturers' payrolls reflect the
sharp upturn of orders
in that industry with a gain in employment of
1.1%. Automobile establishments have reduced their working forces.
A seasonal upturn of 3.1% in employment of building
products industries
is slightly less than the usual April gain. Losses
in glass factories were
greater than they usually are at this period, with the
result that gains in
cement factories and brick yards were slightly
counteracted.
Employment in wood products establishments was
carried downward by
further losses in the furniture industry. During the
last year a 13% decline
in the number of names on payrolls of furniture
factories has taken place.
Reports indicate that conditions are dull in this
industry. Lumber mills
received support fran building contractors with the
result that 5.1% more
names were added to their payrolls.
Chemical products factories report an upturn of 0.4%,
most of which is
due to a pickup in oil refineries which have added
2.1% more workers to
their staffs. The gain is of special significance since
it is a reversal of the
April movement of the last two years.
Paper and printing products establishments report a
1.7% reduction of
working forces. The greatest losses appear on the
statements of printing
establishments whose working forces are 3.9% smaller
than in March, and
18% less than a year ago.
A reduction of 4.5% in the working forces of clothing
manufacturers
is in line with previous April policies. Men's clothing
manufacturers report
a decline of 7.3%, and in women's clothing factories a
4.5% reduction is
noted. Textile and cloth products factories also report
cuts in working
forces. Boot and shoe factories have declined 4.7%, and
in fur products
factories a 4.5% reduction is noted.
Food establishments report losses amounting to 2.7%.
A
4.6% in the working forces of meat packers and losses in falling off of
candy factories
and bakeries were largely responsible for the present drop
which is in line
with the April experience of previous years. The greatest
gains made in
the groups are reported by grocery and dairy establishm
ents.
The trade group reports a decline of 0.6%. The
experience of previous
years has varied so widely that no definite seasonal
movement has been
experienced in any of the groups, except department
stores, which ordinarily add to their forces as they have done at the present
time. Mail
order houses report a falling off of 1.9% in the volume of
employment.
The public utility group has added 1.3% more names to its
payroll.
Car repair shops were the only exceptions to the general increase,
and in
this line it appears that the reduction of downstate traffid has
resulted in
the decline in the number of workers needed to maintain equipment.
A drop of 79.3% in employment of coal mines during the first two
weeks
of April has taken place. Beginning with the third week operations
were
once more continued under temporary local agreements. Late
reports
indicate that the caning month will show a sharp upturn both in
production and in the volume of employment
Building employment continued to score gains, although building activity
as indicated by permits has fallen off. Road builders also report a sharp
upturn of 97.8% which has been general in all parts of the state.
3041
The tabulations by Mr. Wilcox follow:
COURSE OF EMPLOYMENT AND EARNINGS IN ILLINOIS
DURING
APRIL 1928.
Employment.
Industry.
Earnings(Payroll).
Total
"AverPer Cent Index of Employment Earnings age"
Change (Average 1922-100). Per Cent Weekly
from a
of Chge. Earnings
Month
from a
for
Apr. Mar. Apr. Month April
Ago.
1928. 1928. 1927.
Ago.
1928.
All industries
-3.5
All manufacturing industries_ _ -1.3
Stone-clay-glass products_ _ _
+3.1
Miscellaneous stone produdts_
+6.8
Lime-cement-plaster
+1.3
Brick-tile-pottery
+5.7
Glass
-1.2
Metals-machy.-conveyances: _ -0.7
Iron and steel
-0.1
Sheet metal work-hardware.. _
+1.1
Tools and cutlery
+0.3
Cooking-heating apparatus_ - _
+1.0
Brass-copper-zinc-other metals
Cars and locomotives
+6.0
Autos-accessories
-1.1
Machinery
+1.1
Electrical apparatus
-5.7
Agricultural implements
+1.6
Instruments-appliances
-2.1
Watches and jewelry
-0.7
Wood products
-2.3
Saw-planning mills
+5.1
Furniture-cabinet work
-6.4
Pianos-mnsical instruments_ _ -1.0
Miscellaneous wood products_ -1.2
Household furnishings
+5.7
Furs and leather goods
-4.5
Leather
-4.7
Furs and fur goods
+31.0
Boots and shoes
Miscellaneous leather goods-- -3.2
Chemicals-oils-paints
+3.2
Drugs-chemicals
+0.4
Paints-dyes-colors
+2.9
Mineral-vegetable oil
+2.1
Miscellaneous chemicals
+6.3
Printing-paper goods
-1.7
Paper boxes-bags-tubes
-2.6
Miscellaneous paper goods - +1.2
Job printing
-3.9
Newspapers-periodicals
+0.9
Edition bookbinding
+7.5
Textiles
-2.4
Cotton and woolen goods
-4.4
Knit goods-hosiery
-1.3
Thread and twine
-6.4
Clothing-millinery-laundry- - - -4.5
Men's clothing
-7.3
Men's shirts-furnishings
-4.3
Overalls-work clothing
-13.0
Men's hats and caps
-13.8
Women's clothing
-4.5
Women's underwear
+2.8
Women's hats
+2.4
Laundering-cleaning & dyeing +3.0
Food, beverages, tobacco---- -2.7
Flour-feed-other cereals
-6.3
Fruit-vegetable canning
+15.9
Miscellaneous groceries
+2.7
Slaughtering-meat packing_ _ _ -4.6
Dairy products
+0.6
Bread-other bakery products_ -5.0
Confectionery
-5.8
Beverages
-3.4
Cigars-other tobacco products -1.7
Manufactured ice
+17.4
Ice cream
+7.2
Trade-wholesale-retail
-0.6
Department stores
+4.0
Wholesale dry goods
-13.5
Wholesale groceries
-0.4
Mall order houses
-1.9
Public utilities
+1.3
Water-teat-power
+2.8
Telephone
+1.8
Street railways
+0.7
Railway car repair shops
-0.8
Coal mining
-79.3
Building-contracting
+19.1
Building construction
+15.2
Road construction
+97.3
Miscellaneous contracting-- +17.8
95.0
91.2
119.7
98.5
95.4
106.1
147.2
100.8
121.9
97.5
74.4
101.4
136.7
32.6
127.3
123.5
91.1
139.6
52.3
106.2
79.1
97.1
95.4
56.5
57.4
105.7
106.6
104.5
63.4
107.2
67.0
120.4
98.3
138.8
119.9
137.0
110.0
138.6
125.1
99.3
141.0
98.4
92.4
116.1
92.2
94.2
100.4
149.0
101.5
122.0
96.4
74.2
100.4
141.2
30.8
128.7
127.1
96.6
137.4
53.4
106.9
81.0
92.4
101.9
57.1
58.1
100.0
111.6
109.7
48.4
112.5
69.2
116.7
97.9
134.9
117.4
128.9
111.9
142.3
123.6
103.3
139.7
99.3
-4.0
97.5
125.5
-1.9
101.9
+2.4
130.0
+1.3
122.1
+1.7
134.8
-9.8
107.2
+1.2
118.8
+1.9
108.0
-1.5
87.4
+0.2
116.3
+4.7
147.5
+2.5
55.1
+4.3
110.0
-3.6
130.6
+2.3
108.4
-0.1
128.7
+1.7
62.5
-3.9
118.0
+2.3
93.5
-3.2
123.8
+8.4
108.7
-6.2
75.9
60.5
-5.2
116.2
-0.1
108.3 -11.5
97.5 -10.2
74.3
+2.8
110.3 -12.4
70.5
-7.0
125.9
-0.5
101.4
-0.3
144.3
135.7
-2.1
131.8
+1.9
117.7
+4.2
141.0
126.5
117.8
+6.8
150.8
+2.7
+9.1
145.6
92.2
72.4
63.4
50.7
86.8
6.5.0
56.9
120.3
110.0
106.0
126.1
88.6
97.4
15.5
100.6
82.9
101.7
86.4
70.2
63.2
73.9
71.4
152.3
93.4
77.4
66.4
54.7
90.7
74.7
66.0
126.0
107.0
103.5
122.4
91.1
103.9
13.4
98.0
86.9
101.1
90.9
74.5
65.4
75.2
60.8
158.1
105.7
76.7
67.2
55.3
88.3
81.0
63.7
126.8
1195
95.1
126.4
93.7
102.9
32.2
99.9
83.5
100.4
92.8
78.9
90.2
82.3
84.3
121.9
67.5
92.0
93.3
135.8
137.4
133.0
109.2
52.6
15.5
106.8
73.3
460.3
201.1
117.2
78.0
92.4
95.1
134.1
133.7
130.6
108.4
53.0
14.8
89.7
63.6
233.3
170.7
121.2
57.9
88.0
106.9
126.0
136.6
120.9
112.1
57.3
9.8 -84.9
114.3 +16.8
80.0 +17.0
235.7 +106.3
250.7
-0.1
-4.6
-12.4
-12.8
-20.3
-2.9
+6.8
-46.0
-0.6
+44.0
+3.2
-4.4
-8.9
+9.3
-2.4
-5.6
+0.9
-15.8
-4.8
-3.7
+11.6
+6.3
+2.1
+7.3
-1.3
+6.4
+0.8
+4.1
+5.0
+5.2
+5.7
329.13
28.28
27.47
26.97
25.72
31.23
23.82
29.96
30.76
24.68
32.94
29.81
30.64
29.73
31.90
31.42
29.42
29.60
28.39
27.64
26.97
31.67
27.72
2.5.90
22.40
22.36
17.94
26.72
28.91
16.59
13.74
26.95
21.96
27.35
29.18
26.78
3.5.67
25.49
25.76
37.91
46.01
33.74
15.77
21.62
14.00
20.99
24.06
26.96
17.98
19.14
20.30
22.89
17.19
33.12
21.12
27.66
25.10
17.55
27.38
25.25
46.51
24.27
19.54
32.17
18.73
43.82
46.51
23.56
25.53
20.50
25.53
23.14
31.75
36.79
27.11
35.21
28.29
27.11
41.05
41.52
30.16
44.13
The following is the analysis by cities:
AURORA.
Payroll statements of 20 representative Aurcra manufacturers indicate
that the volume of employment has followed its customar
y downward
April movement. Reports from 11 industries show that the present reduction has been a general one which has been felt in all lines of manufactu
ring
activity. According to the experience of the free employment
office.
however, unemployment has been reduced-the ratio of applicants per
100
jobs offered at the free employment office declining from 180 in Marsh
to 143 in April. This ratio is less than it was last year, although it
continues
to be higher than in the four previous years. The increase in the
number
of available Jobs has been due largely to outside industries, notably
street
paving and sewer installations, both of which are requiring a considera
ble
number of men. The demand for farm help Is reported to be only
fair in
this community.
BLOOMINGTON.
Industrial conditions in Bloomington have been rather quiet
during the
last month,although conditions of unemployment have
to the free employment office, which reports that 28 improved,accerding
more jobs were available than in March. The improvement has been
due to
and not to factories, which, according to statement outdoor activities
s of
facturers, have dismissed 1.8% of their workers. Railsoad leading manushops have also
been laying off help in this community. Farmers
have shown practically
no interest in the labor market, and all available
information indicates
that favorable weather conditions over a comparati
vely long period has
enabled them to organize their work in such a manner that
they are able
to do it themselves.
CHICAGO.
The volume of factory employment has declined 0.8% in
Chicago during
April, but the extent of unemployment as indicated by the
free employment office ratio has fallen from 185 applicants per 100
Jobs
169 in April. The present downward movement in factory in March to
employment
may be regarded as seasonal, reductions having been
reported during every
April of the last four years. Fewer Jots have been
offered
to the free
employment office than any April following 1922.
A reduction in the
3042
FINANCIAL CHRONICLE
number of applicants is also noted. Outdoor work has been more plentiful,
according to all available information, but indications are that the recent
slackening of building activity will result in decreased employment in this
line, which is very significant among outdoor industries.
[Vol,. 126.
New Automobile Models and Prices.
The Moon Motor Car Co. has announced the addition of a
cabriolet to its Moon aerotype 8-80 line. Prior to this date
the 8-80 could be had in but two models, the full length
CICERO.
According to all available information, industrial conditions in Cicero four-door sedan and closed coupled four-door sedan.
have changed comparatively little during the last month. A few reducA new heavy-duty seven-speed truck to be known as the
tions in some of the larger establishments resulted in a decline of total employment in reporting establishments, most of which showed no change. Model H. B., and to be supplied in three wheelbase lengths,
The free employment office reports indicate slight improvement in the un- 13 feet, 15 feet and 16/
2 feet, has been announced by the
1
employment ratio, although comparison with previous years shows that the Pierce Arrow Motor Car
Co. The motor of the new models,
ratio is higher than last year or in 1926.
will weigh ten tons, has an S. A. E. rating of
loaded
which
DANVILLE.
25.6 and develops 48 horsepower at 1,600 revolutions. AnThe course of employment in Danville has been characterized by a downward movement in many leading lines of manufacturing activity and an up- nouncement has also been made by Pierce Arrow of a new
upward swing in a few of the minor branches. One leading metal products and lower priced model, the Series 81, five-passenger club
factory laid off 40 workers, and in a building material products establishbrougham. The new body style is priced at $2,750 at Bufmentk35 fewer names appear on the payroll. The April movement in most
of the"last five years has been upward. The free employment office re- falo and is offered in three color options.
ports indicate a decline of unemployment—the ratio of applicants per 100
The Stutz Motor Car Co. of America, Inc., has introduced
jobs declining from 153 in March to 144 in April. The improved conditions
three new and unusual models, a sedan and two limousines
are due largely to a demand for building and other outdoor workers. Coal
mines are being operated under temporary agreements and are giving em- of the custom-built fully collapsible type. These models
ployment to a large number of workers in this community. The demand will set a new low price range for cars of their type, the
for farm hands is only fair. Late reports indicate that experienced mouldfive-passenger sedan listing at $4,495, the five-passenger
ers will find an active demand for their services in Danville.
limousine at $4,595, and the seven-passenger limousine at
DECATUR.
$4,695.
ng
estabmanufacturi
Decatur
of
majority
the
in
April
The
movement
ng estabThree new Studebaker commercial chassis equipped with
lishments has been downward. Food and clothing manufacturi
March, as was
lishments have been operated with fewer workers than in
pneumatic tires and four-wheel brakes and having a carrydownpresent
The
ts.
establishmen
also the case in the majority of metal
2 tons with a speed of from
1
2 to 3/
1
/
of the ing capacity of from 2
ward movement is comparable with that of last year, but a reversal
years. A twenty-five to fifty-five miles an hour have been placed in
upward tendency during the comparable periods of previous
in
153
to
March
decline in the free employment office ratio from 220 in
have received produckion. The models are known as the Junior 75, which
April is indicative of improved employment conditions, which
contractors has a 158-inch wheelbase, and the 76 special, and the 75
Building
activity.
of
considerable help from the resumption
are more heavy duty, which have wheelbases of 184 inches.
are reported to be very active in this community, and farmers
Illinois communities.
interested in the labor market than in the majority of
The Velie Motors Corp. has added a new body type, a fiveEAST ST. LOUIS.
passenger coupe, to the 6-77 line on the 118-inch wheelbase,
ts
establishmen
ng
manufacturi
Total employment in 20 East St. Louis
is due largely to and the 8-88 line on the 125-inch wheelbase.
gained 0.6% in comparison with March. The increase
factory,
products
The White Co. Is now producing a line of ultra-fashionable
chemical
a
of
payroll
the
on
the addition of 57 names
of other establish- motor trucks equipped with new custom built town car and
which counterbalanced slight reductions in the majority
upward
present
The
ments—notably food and metal products factories.
1927, and a decline sedan bodies in an unlimited number of color combinations
movement may be compared with a 3.5% drop in April,
work is now being which is called the de luxe package car. It is available on
of .9% during the same period in 1926. Construction
expected to be started two White chassis, the one ton and 1% ton. The sedan de
done on six East St. Louis streets and a subway job Is
outdoor work is to
within the near future, so that a considerable amount of
luxe package car has a completely enclosed cab. The town
be found in this district.
car de luxe is designed along pure town car lines, with a
JOLIET.
removable Burbank top over the driver's compartment.
declined, according to the reports of 26 es-
"Employment in Joliet has
workers during April. The
A six cylinder, two and one-half ton van is being introtablishments which gave employment to 5,646
industry, although chemical and
greatest losses appeared in the metal
by the Autocar Co. It is equipped with a dual range
duced
The
activity.
of
decline
clothing factories also joined in the general
has been counteracted to a transmission, providing 8 gradual gear changes. Designated
effect effect of the reduction of factory forces
which have given work to as the Autocar "Ranger," this model was specially designed
large degree by a pickup in outdoor activities
Farmers have been very active
large numbers of men in this community.
employment office ratio of appli- for long distance, interstate trucking.
in the labor market recently. The free
The Studebaker Corp. of America announces 3 new cabrioto 163. Last year, during April,
cants per 100 jobs has declined from 181
jobs.
let models available on the President, Commander and
• 166.workers applied for every 100
PEORIA.
•
Erskine Six chassis. All 3 models are characterized by exthat there has been a
'Industrial information from Peoria indicatesEmployment in factories tremely low body lines, and are finished in attractive color
past month.
decided business pickup during the
of applicants per 100 jobs at the free em- combinations. The President and Commander models seat
has gained 2.8%. and the ratio
in March to 183 in April. Road and 4 passengers, comfortable seats for the extra twosome being
238
from
ployment office has declined
and more active, and an increased
building contractors are becoming more
provided in the rear cockpit. Ample luggage space for bags
As a result of these improved conapparent.
is
workers
farm
for
demand
and golf clubs is available in the rear deck of the Erskine
report a sharp increase in sales.
ditions, retailers in the community
cabriolet, as well as in the side opening luggage compartQUINCY.
employment is indicated by the ments of the President and Commander.
industrial
in
movement
A slight upward
rs representing the leather products,
reports of 15 Quincy manufacture
factories reported fewer workers.
Clothing
industries.
food
paper and
Lumber Movement Stable—at Last Week's Level.
has increased as a result of the large road
labor
common
for
demand
The
interway in this locality. Farmers are not so
production, shipments and orders during the week
Lumber
jobs which are now under
employin former springs. The Quincy free
the same as for the
y
ested in securing helpers as
abundance of skilled and unskilled ended May 12 were apparentl about
an
is
there
that
ment office reports
that no outside labor will be needed for preceding week, according to telegraphic reports received by
and
community,
this
workers in
the National Lumber Manufacturers Association from 785
some time
ROCKFORD.
counterbalanced of the country's largest softwood and hardwood mills. Refactories
furniture
Reductions in cloth-products and
of employ- ported production was off 16,000,000 feet,shipments dropped
establishments and carried the volume
general gains in metal
level. Reports
0 feet and new business receded to the extent of
factories 0.2% below its March
recently 17,300,00
have
ment in fifty-two Rockford
who
office indicate that the workers
0 feet; but these recessions are mostly ap40,000,00
about
industries
from the free employment
outdoor
the
by
are being absorbed
being parent, being accounted for by the fewer reporting mills.
is
lost their jobs in factories
difficulty
No
month.
during the last
which have been active
labor to meet all demands.
The softwood branch of the industry accounted for most
experienced in finding sufficient
of the apparent recessions. Figures are not comparable with
MOLINE-ROCK ISLAND.
comparison
those of a year ago because of the greatly larger number of
Island district has gained in
Employment in the Moline-Rock
have continued
few exceptions metals factories
mills now reporting.
machinery
with a month ago. With
especially in the farm implement and
free
to add to their forces,
The hardwood mills, 396 units reporting, recorded a gain
dismissed workers. The Rock Island
have
factories
lines. Textiles
in this com1,000,000 feet in production, a drop of 2,000,000 feet in
that skilled mechanics are scarce
of
reports
office
employment
An increased
an active demand for them.
munity, and that there is received for outdoor workers, most of whom shipments and a falling off of about 2,900,000 feet in orders,
been
number of requests have cleaning.
according to the National Association's report, from which
have been engaged in yard
we add:
SPRINGFIELD.
Unfilled Orders.
activities during the latter half of April
mining
coal
of
have been
The resumption
The unfilled orders of 223 Southern Pine and West Coast mills at the
case of hundreds of workers who
the
in
helpful
has
very
construction
has been
end of last week amounted to 724,498.204 feet, as against 735,429.281 feet
An increase in public works
unemployed in this district.
workers who lost
222 mills the previous week. The 109 identical Southern Pine mills
some of the unemployed
from for
came
who
also relieved this district of
or
employment
in the group showed unfilled orders of 227,854.592 feet last week, as against
decline in factory
April has been 238,341.182 feet for the week before. For the 114 West Coast mills the
their jobs because of the
during
situation
employment
other centers. The factory
appeared on payrolls. unfilled orders were 496,643,612 feet, as against 499,088.099 feet for 113
when 1.6% more names
has favorable than in March,
mills a week earlier.
STERLING-ROCK FALLS.
Altogether the 389 reporting softwood mills had shipments 110% and
indicate that factory
community
this
in
For the Southern Pine mills these
4 Reports from manufacturers
.
community. The present orders 106% of actual production.
this
in
gain
another
Percentages were respectively 114 and 101; and for the West Coast mills
employment has scored
counterwhich
industry,
-products
pickup Is due almost entirely to the paper
114 and 115.
metal establishments.
-balanced losses in farm implements and other
MAY 19 1928.]
FINANCIAL CHRONICLE
Of the reporting mills, the 389 with an established normal production for
the week of 271,203,526 feet, gave actual production 94% shipments 102%
and orders 98% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of eight softwood, and two hardwood, regional associations,
for the three weeks indicated:
3043
COMPARATIVE REPORT OF PAPER OPERATIONS IN IDENTICAL mrt.t.s
FOR THE MONTH OF MARCH 1928.
Grade.
Proguction
Tons.
Stocks on
Shipments Hand End of
Tons.
Month,Tons
Newsprint
119,932
113,752
34,638
Book
102,217
100,598
47,948
Paperboard
214,688
216,798
36,464
Past Week.
Wrapping
58,296
55,129
52,823
Bag
13,989
14,142
10.363
Softwood. Hardwood. Softwood. Hardwood. Softwood. Hardwood. Fine
34,961
35.811
41,179
Tissue
13,821
13,548
11,568
Mills
Hanging
6,736
6,605
2,537
(units*)_ _
389
396
296
174
416
403 Felts and Building
9,125
9,531
2,168
Production_ 254,889.000 47,945.000 195,311,000 18,117,000 271,304,000 46,947,000 Other grades
25,526
24,837
16.696
Shipments. 277,172,000 55,696,000 212,413,000 24,208,000 292,303.000 57.893,000
Orders
265,554,000 53,998,000 204,372,000 26,266,000 302,387,000 56,885,000
599,291
Total-all grades-March
590,751
256,384
Am) RAR
1547044
245522
* A units is 35,000 feet of daily production capacity.
West Coast Movement.
COMPARATIVE REPORT OF WOOD PULP OPERATIONS IN IDENTICAL
MILLS FOR THE MONTH OF MARCH 1928.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 114 mills reporting for the week ,ended May 12 was 15%
above production, and shipments were 14% above production, which was
Stocks on
Grade.
Production
Used
Shipped Hand End of
116,492,952 feet, as compared with a normal production for the week of
Tons.
Tons.
Tons
Tons.
Month,
109,713,988. Of all new business taken during the week 46% was for
future water delivery, amounting to 61,537,408 feet, of which 44,726,268 Ground wood Pulp
93,391
91,407
2,749
100,873
39,995
37,824
feet was for domestic cargo delivery, and 16,811,140 feet export. New Sulphite news grade
2,412
10,505
Sulphite bleached
3,333
26,757
23,788
2,939
business by rail amounted to 62,555,336 feet, or 47% of the week's new Sulphite
easy bleaching
3,883
3,756
230
1,895
business. Forty-five per cent of the week's shipments moved by water, Sulphite Mitscherlich
5,845
6,727
695
1,307
amounting to 59,648,299 feet, of which 40,916,864 feet moved coastwise Sulphate pulp
5,031
26,049
20,849
5,291
25,828
16,698
9,187
4,386
and intercoastal, and 18,731,435 feet export. Rail shipments totaled Soda pulp
Pulp-other grades
47
63
141
16
63,147,233 feet, or 47% of the week's shipments, and local deliveries
10.122,101 feet. Unshipped domestic cargo orders totaled 193,816.520
Total-all grades-March
222,693
23,684
127,337
200,183
February
feet, foreign 139,315,410 feet and rail trade 163,511,682 feet.
204.365
128,433
814,514
20,704
Corresponding
Week 1927.
Preceding Week 1928
(Revised).
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 109
mills reporting, shipments were 13.62% above production and orders were
0.52% above production and 11.53% below shipments. New business
taken during the week amounted to 65,119,054 feet (previous week 70,480,095),shipments 73,605,644 (previous week 72,694.888). and production
64.780,932 feet (previous week 65.514,917). The normal production (threeyear average) of these mills is 68,783,138 feet. Of the 106 mills reporting
running time, 58 operated full time, 8 of the latter overtime, and the rest
operated from three to six days.
The Western Pine Manufacturers Association of Portland, Ore, reports
production from 24 mills as 19,961,000 feet, as compared with a normal
production for the week of 22,584,000. Twenty-five mills the previous
week reported production as 21,636,000 feet. Shipments were about the
same last week, with some reduction in new business.
The California White and Sugar Pine Manufacturers Association of San
Francisco, reports production from 20 mills as 23,221,000 feet (54% of the
total cut of the California pine region) as compared with a normal figure
for the week of 23,047,000. Nineteen mills the preceding week reported
production as 22,431,000 feet. Shipments were steady last week, and
orders showed some decrease.
The California Redwood Association of San Francisco, reports production
from 13 mills as 5,793,000 feet, compared with a normal figure of 7,597,000.
Fourteen mills the week earlier reported production as 6,934,000 feet.
There were notable decreases in shipments and new business last week.
The North Carolina Pine Association of Norfolk, Va.. reports production
from 71 mills as 13,030,000 feet, against a normal production for the
week of 14,610,000. Seventy mills the week before reported production as
10,500,000 feet. Shipments showed a substantial increase last week, and
approximately a 25% increase in new business.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reports production from 8 mills as 8,120,500 feet, as compared with a
normal figure for the week of 10,846,400, and for the preceding week
6,813.400. Shipments decreased slightly last week and orders showed a
considerable gain.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis.(in its softwood Froduction) reports production from 30
mills
as 3,490,000 feet, as compared with a normal production for the week
of
14,022,000. Thirty-three mills the previous week reported production as
3,781,000 feet. Shipments were slightly larger this week and new business
slightly less.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association
of
Oshkosh. Wis., reports production from 48 units as 8,078,000 feet,
as
compared with a normal figure for the week of 10,132.000. Fifty-three
units the previous week reported production as 7.548,000 feet. Shipments
were about the same last week but new business decreased heavily.
The Hardwood Manufacturers Institute of Memphis, Tenn., reports
production from 348 units as 39,867,000 feet, as against a normal production
for the week of 73,024,000. Three hundred and fifty units the week earlier
reported production as 39,399,000 feet. There was a slight decrease in
shipments last week with new business about the same as the week before.
Lumber Production and Shipments During the Month
of March.
The "National Lumber Manufacturers' Association" of
Washington, D. C., and Chicago, Ill., on May 17 published
the following statistics regarding the production and shipments of lumber during the month of March 1928 as compared with March 1927:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS ASSOCIATION FOR MAR. 1928 AND MAR. 1927.
Production.
Hardueds. Softwoods.
Milts. Feet.
Feet.
Hardutds
Fret.
Softwood,.
Feet.
March 1928California Redwood
15
42,504,000
36,393,000
California White & Sugar
Pine Mfrs
19
51,362,000
83,416,000
North Carolina Pine
57
33,370,000
38,526,000
Northern Hemlock dr
Hardwood Mfrs
33 44,948,000
18,089,000 29,373,000
13,255,000
Northern Pine Mfrs
10
28,554,000
39,496,000
Southern Cypress Mfrs_
7 1,794,000
3.932,000 2,409,000
7,458,000
Southern Pine
121
328,658.000
343,834,000
West C.st Lumbermen's. 106
582,083,000
549,191,000
Western Pine Mfrs
26
84,009,000
94,354,000
Lower Michigan M fro_ _ _ 11 9,193,000
2.125,000 6,078,000
2,495,000
Individual reports
25 15,353,000
42,503,000 12,708,000
39,703,000
Total
430 71,288,000 1.217,189,000 50,568,000 1,248,121,000
March 1927California
16
_
35,207,000
42,557,000
California White
Redwood& Sugar
Pine Mfrs
19
28,941,000
85,162,000
North Carolina Pine
52
29,995,000
29,432,000
Northern Hemlock &
Hardwood Mfrs
35 48,192,000
17.174,000 31,719,000
21,153,000
Northern Pine Mfrs
9
31,631,000
39,003,000
Southern Cypress Mfrs
6 2,240,000
5,868,000 2,123,000
5,187,000
Southern Pine
143
332,889.000
339,243,000
West C'st Lumbermen's _ 73
296,335,000
296,207,000
Western Pine Mfrs
43
107,350,000
133,515,000
Lower Michigan Mfrs___ 12 7,799,000
2,623,000 7,413,000
2,132,000
Individual reports
21 9,226,000
19,445,000 11,205,000
19.164.000
Total
490 07 457 non 007 415* ono 52 min non 1 012 7SS nee
Total production Mar. 928. 1,288,477,000 ft.; Mar. 1927, 974,915,000 ft. Tots
shipments Mar. 1928, 1,298,689,000 ft.: Mar. 1927; 1,065,215.000 ft.
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
March 1928
Stets.
Paper Production in First Quarter of 1928 Above that
of Same Period in 1927-Decrease in Wood Pulp
Production-March Figures.
Total riroduction of paper for the first quarter of 1928 was
approximately 1% higher than in the corresponding period
last year, according to identical mill reports to the American
Paper and Pulp Association from members and co-operating
organizations. The three months' total for 1928 was
1,700,290 tons as compared with 1,681,372 tons for the same
period in 1927. Total paper production for March was
599,291 tons as compared with the corrected figure for February of 550,353 tons. Total paper stocks on hand at the end
of March were 256,384 tons as compared with 248,822 tons in
February, an increase of 3%. Total wood pulp production
for the first quarter of 1928 was 637,177 tons as compared
with 656,891 tons for the same period in 1927, a decrease
of 3%. March production was 222,693 tons as compared
with 204,365 tons in February. This represents a 1% increase over February and a 7% decrease as compared with
March 1927. The following statistics are furnished by the
Association under date of May 11:
Shipments.
Association.
Alabama
Arkansas
California
Florida
Georgia_
Idaho
Louisiana
Michigan
Minnesota
Mississippi
Montana
North Carolina
Oregon
South Carolina
Texas
Virginia
Washington
Wisconsin
Others•
Mils.
16
11
28
13
13
3
33
18
5
26
6
15
53
17
32
9
75
27
30
Production,
Feet.
Shipments.
Feet.
21,710,000
27,495,000
76,353,000
32,409,000
3,342,000
5,525,000
83.213,000
23,665,000
28,554,000
88.897,000
21,005,000
6,458,000
269,334,000
9,679,000
76,991,000
17.588,000
386,264,000
50,060,000
59,605,000
27,396,000
30,807,000
100,218,000
33,971,000
4.807,000
7,797,000
86,982,000
17,761,000
26,124,000
91,843,000
22,635,000
6.072,000
268,226,000
12,603,000
78,856,000
18,889,000
361,878,000
34,731,000
67,093,000
TotaL
430
1,288,477,000
•Includes mostly individual reports, not distributed.
1,298.689,000
March Output of Rubber Tires Sets New High Record
-Shipments Also Increase-Inventory Higher.
According to statistics compiled by the Rubber Association of America, Inc., from figures estimated to represent
75% of the industry, a total of 5,113,994 pneumatic casings
-balloons, cords and fabrics-and 42,950 solid and
cushion
3041
tires were produced in March, a new high record. This
compares with the previous high of 4,772,276 pneumatic
casings and 36,328 solid and cushion tires reached in the
month of February 1928. Total output in March 1927 was
4,707,672 pneumatic casings and 54,691 solid and cushion
tires.
Shipments in March amounted to 4,298,551 pneumatic
casings and 44,665 solid and cushion tires as compared with
3,773,544 pneumatic casings and 38,715 solid and cushion
tires in the preceding month and 4,276,107 pneumatic
casings and 59,701 solid and cushion tires in March 1927.
Inventory at March 31 1928 showed 9,291,516 pneumatic
casings as compared with 8,790,709 on Feb. 29 last and
8,687,312 on March 31 1927. Inventory of both balloon
and high pressure inner tubes at March 31 1928 amounted
to 11,854,534 as against 10,987,647 on Feb. 29 1928 and
12,822,004 on March 31 1927.
Production for the 3 months ended March 31 1928 totaled
14,004,527 pneumatic casings and 115,557 solid and cushion
tires as against 12,253,540 pneumatic casings and 141,151
solid and cushion tires for the same period last year, while
shipments amounted to 12,117,937 pneumatic casings and
117,177 solid and cushion tires as compared with 11,319,300
pneumatic casings and 146,675 solid and cushion tires in
the first 3 months of 1927.
The Association in its bulletin dated May 101928 gave
the following statistics:
Month of march.
1928
1927
TiresBalloons
Cords
Fabrics
Produdion. Shipments. Production. Shipments.
3,516,480 2.967,476 2,709.647 2,440,651
1,920,170
1 584.346
1,746,474
1,302,644
28,431
77,855
33,168
88,982
Total pneumatics
Solid and cushion tires
5,113,904
42,950
4,298,551
44,665
4.707,672
54,691
4,276,107
59,706
Total
Inner TubesBalloon pressure
High presscre
5,156,944
4,343,216
4,762,363
4,335,813
3,683,017
1.740,238
2,856,342
1,442.162
3.081.618
2.306.694
2,546,176
2,072,189
5,423,255
4,298,504
5,388,312
4,618,365
8.915,327
4,946,594
142,606
7,956,880
4,043,503
117,554
6,521,136
5,403,047
329.357
6,122,249
4,868,023
329,028
Total
First 3 Months.
TiresBalloons
Cords
Fabrics
Total pneumatics
Solid and cushion tires
14,004,527 12,117,937 12,253,540 11,319,300
115,557
117.177
141.151
146.675
Total
Inner TubesBalloon pressure
High pressure
14.120,084 12,235,114 12,394,691
Total
[VoL. 126.
FINANCIAL CHRONICLE
9,315,897
5.359,671
7,998.239
4,927,574
7,174,218
6,460.833
Sales of Standard Cotton Cloths in April increased Decline in Production.
Sales of standard cotton cloths and unfilled orders increased during April, while average weekly production again
declined, being lower than in any month since last October,
according to statistics for the month compiled by The Association of Cotton Textile Merchants of New York and
made public May 9. The report covers a period of four
weeks. Production for the four weeks of April totaled
286,005,000 yards. Sales amounted to 335,117,000 yards, or
117.2% of production. Shipments amounted to 270,172,000
yards, or 94.5% of production. Unfilled orders at the end
of the month totaled 362,044,000, an increase of 21.9% over
unfilled orders at the beginning of the month. Stocks on
hand amounted to 418,427,000 yards, an increase during the
month of 3.9%. These statistics on cotton goods are compiled from data supplied by 23 groups reporting through
The Association of Cotton Textile Merchants of New York
and The Cotton-Textile Institute, Inc. They represent
upwards of 300 different classifications of standard cotton
goods, a large part of the total production of such fabrics in
the United States.
Census Report on Cotton Consumed in April.
Under date of May 14 1928 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active
cotton spindles, and imports and exports of cotton for the
month of April 1928 and 1927. Cotton consumed amounted
to 525,158 bales of lint and 57,513 bales of linters, compared
with 618,279 bales of lint and 67,745 bales of linters in April
1927, and 581,318 bales of lint and 61,410 bales of linters in
February 1928. It will be seen that:there is a decrease from
April 1927 in the total lint and linters combined of 103,353
bales, or 15.1%. The following is the statement complete:
PRELIMINARY REPORT.
April report of cotton consumed, on hand. imported and exported, and
active cotton spindles. (Cotton in running bales, counting round as half
bales, except foreign, which is in 500-pound bales.)
Cotton Consumed
During
Cotton
Spindles
Nine
In
In Public Active
Months Consum'g Storage
During
Ending
Estaband at
April.
April 30. lishments. Cornp'ses.
(bales.) (bales.) (bales.) (bales.) (Number.)
Year April.
11,465.975
6,524.180
6,446,652
14,675,568 12,925,813 13,635,051 12.970,832
United States
Cotton-growing States
The Association also released the following figures, estimated to represent 75% of the industry:
New England States
CONSUMPTION OF COTTON FABRIC AND CRUDE RUBBER IN THE
PRODUCTION OF CASINGS, TUBES. SOLID AND CUSHION TIRES.
March
February
January
Cal. Year
Period1928.
1928.
1928.
1927.
Cotton fabrics
)
18.853.824 16.923,607 16.039,819 177.979.818
Crude rubber (lbs.)
48,897,275 46,468.050 43,709,438 463,661,466
Included AboveEgyptian cotton
Statistics, representing 100% of the following respective
industries, were also issued:
During the month of March there were 965,160,000 gallons of gasoline
consumed, compared with 918,540,000 gallons in February and 879,438.000
gallons in January.
The number of passenger cars and trucks produced in the month of
March amounted to 378,886 and 43,663, respectively. These figures compare with 301,145 ars and 34,727 trucks produced in the preceding month
and 3,085,738 cars and 487,585 trucks turned out in the full year 1927, and
include Canadian production and cars assembled abroad, the parts of
winch were manufactured in the United States.
All other States
J 1928 525.158 5,305,671 1,507.992 2,921.306 30,965,404
1 1927 618,279 5,330,031 1,891,137 3,669,737 32,886,984
1928 396,666 3,947,508 1,018,738 2,668,637 17,822,160
1927 447,127 3,846,671 1,271.035 3,298,083 17,670,432
1928 106,642 1,133,394 417,922 113,289 11,785,338
1927 143,606 1,240.804 524,742 132,056 13,759,190
1928 21.950 224,769
71,332 139,380 1.357,906
1927 27,546 242.556
95,360 239,598 1,457,362
1928 16.448
1927 19,627
1928 6,445
1927 5,892
American-Egyptian cotton 1928 1,154
1927 1,739
Not Included Abore1 1928 57,513
Linters
1 1927 67,745
Other foreign cotton
The British Colonial Office announces the percentage of standard production of rubbs • which may be exported from Ceylon and Malaya at the
minimum rate of duty for the quarter beginning May 1 will be 60%•
A cablegram to the New York News Bureau from the
Central News, London, May 1 stated:
The official announcement of an exportable rubber percentage of 60%
for the May quarter is a formality in view of the decision to abrogate the
Stevenson plan at the end of October.
174,435
179,223
59,600
50,066
12,651
15,527
48,976
52,612
32,775
15,556
4,935
5,219
26,405
17,366
11,861
10,860
4.094
2,698
568,872
594,168
222,374
230.487
63,400
71,360
Imports of Foreign Cotton (500-lb. Bates).
April.
9 Mos. End. April 30.
Country of Production.
1928.
Egypt
Peru
China
Mexico
British India
All other
Total
British Rubber Export Restrictions to Continue at
60% During Quarter Beginning May 1.
London press advices May 1 said:
Cottcn an Hand
April 30.
1927.
1928.
1927.
7,571
1,610
3,195
2,809
2.918
93
27,345
1,830
3,585
2,440
2,205
653
171,158
17,769
56,128
20,455
17,882
1,560
166,794
16,258
22,241
92,717
11,221
2,180
18,196
38.058
284,952
311,411
Exports of Domestic Cotton and Linters
(Running Bales-See Note for Linters).
Country to Which Exported.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
Total
April.
9 Mos. End. April 30.
1928.
1927.
129,792
30,710
51.284
99,538
98,654
41,359
33,882
171,848 1,202,781 2,355,244
54,948
776,954
929,539
53,376
541,357
684,787
204,317 1,819,256 2.550,858
124,086
875,740 1,070,411
136.895
762.914 1,405,614
110,001
708,052
351,596
485,219
855,440 6,330.598 9.684.505
1928.
1927.
Reference to the proposed removal of the restrictions
appeared in these columns Apr. 7, page 2067 and Apr. 21,
page 2400.
Note.-Figures include 17,901 bales of linters exported during April in
1928 and 30,618 bales in 1927 and 156,280 bales for the 9 months ending
April 30 in 1928 and 210,597 bales in 1927. The distribution for April 1928
follows: United Kingdom, 1,282; Netherlands, 995; France, 3,232; Germany, 9,351; Belgium, 667; Italy, 850; Canada, 1,507; Japan, 17.
Bombay Textile Strike.
The following is from the "Wall Street Journal" of May 14:
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of
linters, grown in 1926, as compiled from various sources, Is 27,813,000
bales, counting American in running bales and foreign in bales of 478 pounds
lint, while the consumption of cotton (exclusive of linters in the United
States) for the year ending July 31 1927 was approximately 25,869,000
bales. The total number of spinning cotton spindles, both active and idle,
Is about 165,000,000.
Bombay special says there is no prospect of settlement of textile strike
which has closed 76 out of 80 Bombay cotton mills and in which more than
150,000 men are idle, while dissension among railway workers seems about
to spread. Receipt of 7,000 rubles from Russia to aid the workers has
accentuated the trouble.
MAY 19 1928.]
FINANCIAL CHRONICLE
3045
accepted the 10% cut announced Apr. 9 by the manufacturers'
Cottonseed Oil Production During April.
association.
Thus,
walkout has already cost the operatives two-thirds of what
they
•
On May 12 the Bureau of the Census issued the following would the
have had to sacrifice in a year by acceptance of the reduction,
and
statement showing cottonseed received, crushed and on hand in two more weeks they will have lost all that the cut would have taken
and cottonseed products manufactured, shipped out, on from them in twelve months.
The mills are losing weekly, it is estimated, about five times
as much
hand, and exports during the month of April 1928 and 1927: as the cut,
if accepted, would have saved, and their loss to date in this
COTTONSEED RECEIVED, CRUSHED AND ON HAND
respect is as much as they would have saved in 18 of20 weeks with
(TONS).
the cut
in effect and operations being continued at the April schedule.
Overhead
costs in mills shutdown by the strike run between $5.000 and
Received at Mills*
Crushed
$10,000
On
a
Hand
at
Mills
Aug. 1 to April 30. Aug. 1 to April 30.
mill a week, manufacturers say.
April 30.
State.
Neither labor leaders nor manufacturers have taken to date any steps
1928.
1927.
1928.
1927.
1928.
1927.
toward determining the strike, and all efforts of merchants' association
s
Alabama
and newspapers to effect a conference between the two parties to the contro297,059 355,944 288,593 348,510
9,249
7,637
Arizona
41,146
52,061
41,237
versy
have
52,091
failed
fruition.
of
82
15
Arkansas
307,539 456,360 302,387 444,641
6,833
12,289
Settlement of the strike, one observer said today, must wait upon the
California
47,663 83,983
49,131
77,861
1,301
6,122 time when either cloth market conditions so improve
Georgia
438,747 647,461 435,825 624,943
as to make it fool5,304
23,940 hardy
Louisiana
155,459 239,438 163,960 226,712
for the mills not to open, or labor, driven to the wall by lack of relief
2,127
12,009
Mississippi
534,824 687,288 514,020 657,647
funds,
must
33,475
in desperation accept the 10 per cent cut and return to work.
35,818
North Carolina
301,120 435,503 300,329 410,677
1,545
25,247
Oklahoma
364,656 598,199 374,136 547,955
12,076 50,624
South Carolina
206,570 299,255 205,516 296,107
2,369
3,760
Tennessee
264,968 359,501 255,858 350,603
Strike at New Bedford Silk Mill Ended.
10,226
10,719
Texas
1,507,755 1,878,044 1,613,277 1,764,856
28,409 118,560
All other
72,473 120,199
71,975 115,024
The following New Bedford (Mass.) advices appeared in
23
5,191
United States
4 539,979 6,213,236 4,516.244 5.917.627 113.019
311.931 the "Wall Street Journal" of May 17:
* Includes seed destroyed at mills but not
The five-week strike at the New Bedford Silk Mill, one of 26 corpora89,784 tons and 23,249 tons on hand
Aug. 1, nor 61,924 tons and 80,602 tons
tions affected by the New Bedford textile strike, had ended.
reshipped for 1928 and 1927, respectively.
The 140 men on strike will return to work at the same rate as before
COTTONSEED PRODUCTS MANUFACTURED,
SHIPPED OUT AND the
walkout. The strike was in protest against wage reductions of 5% to
ON HAND.
20%.
While the New Bedford Silk Mill is not a member of the New Bedford
On Hand
Produced
Shipped Out
On Hand
Item.
Season.
Aug. 1.
Manufacturers' Association, the settlement of its strike in favor of the
Aug.1- Apr.30 Aug.1- Apr.30 Apia 30.
operatives
was regarded a favorable omen by the 25,000 cotton textile
Crude oil (lbs.)_ 1927-28 *16,296,641 1,427,368,48
7 1,368,401,793 *83,371,350 workers still on strike.
1926-27
8,280,561
Refined oll(lbs.) 1927-28 a378,612,700 1,767,055,006 1,692,213,649 123,141,124
b1200,390,393
Under date of May 15 the "Journal of Commerce" had
a516,231,697
1926-27 145,670,884 1,462,976,789
531,376,451 the
Cake and meal 1927-28
63,632
following to say in a New Bedford dispatch:
2,029,525
2,008,287
84.870
(tons)
1920-27
142,844
2,658,935
2,621,038
Settlement of the strike that has been in progress for more than a month
180,741
Hulls(tons)
1927-28
168,045
1,280,220
1,362,248
86,017
at the plant of the Old Colony silk mills here was announced to-day and the
1926-27
92,333
1,733,106
1,585,680
239,759 workers will
Linters (running 1927-28
46,177
return to their places to-morrow morning.
847,426
782,570
111,033
bales)
1926-27
65,753
973,353
The strike involves approximately 100 'operatives, mostly weavers, on
876,317
162,789
Hull fiber (500- 1927-28
21,930
70,050
73,692
both
the
18,288
day
and the night shifts in the Old Colony plant, and followed the
lb. bales)_ _ 1926-27
17,335
88,712
85,821
20,226 announcement of a new wage scale at the plant, which the workers claimed
Grabbots,motes 1927-28
1,842
34,856
30,159
6,539 meant
acc., (500-1b
reductions in their pay in varying amounts ranging from 5 to 20%•
bales)
1926-27
6,763
34,408
32,098
9,07
* Includes 6,235,454 and 5,128,444 pounds
establishments and 4,638,300 and 13,853,325held by refining and manufacturing Consolidation of Cotton Mills Offers Constructive
pounds in transit to refiners and
consumers Aug. 1 1927 and April 30 1928, respectively
.
a Includes 9,784,634 and 13,468,376 pounds
Means of Progress in Textile Industry, According
held by refiners, brokers, agents,
and warehousemen at places other than
and manufacturing establishments
Walker D. Hines of Cotton-Textile Institute,
to
and 10,818,983 and 3,882,354 pounds in refineries
transit to manufacturers of lard substitutes,
oleomargarine, soap, ,kc., Aug. 1 1927 and
Inc.
April 30 1928, respectively.
b Produced from 1,299,279,227 pounds crude
oil.
Consolidation of cotton mills, along with the continued
EXPORTS OF COTTONSEED PRODUCTS
FOR EIGHT MOS.END. MAR.31.
collaboration in promoting sound business 'policies, offer
the most constructive means of progress in the cotton textile
Oil crude, pounds
industry, according to Walker D. Hines, President of The
43,133,802
22,419,168
Refined, pounds
8,977,831
14,636,014 Cotton-Textile Institute, Inc., who delivered an address
Cake and meal, tons
295,420
429,637
Linters, running bales
138,379
179,979 at Richmond, Va., on May 17, at the annual convention
of the American Cotton Manufacturers Association. Mr.
New Hampshire Woolen Mills Resume.
-Several Estab- Hines believes that the doctrine of survival of the fittest,
so frequently invoked as an appropriate cure for existing
lishments Increase Production.
ills, merely confuses the issues and postpones and obstructs
From Manchester, N. H., May 15, the "Times"
reported the finding
the following:
of an adequate solution. He said:
There is a better way to get rid of the unfit in industry than through
The Miltonia Mills at Milton, manufacturers
of
Item.
1928.
1927.
blankets, which have
been closed for eight months, have resumed
operations. The Queensbury
Mills at Somersworth have also resumed
on samples. The Great Falls
Manufacturing Co. in the same city is showing
some signs of improvement
and its bleachery Is busy.
The Cochecho Woolen Mills at Rochester have
stepped up production
and are now at capacity. The American
Woolen Co.'s Sawyer Mill at
Dover and its plant at Lebanon are now doing
The Cocheco department of the Pacific Millssatisfactory business.
at Dover is operating one
of its departments at night as well as maintainin
g a 54-hour week schedule.
The Exeter Mfg. CO. at Exeter is doing the
largest business in its 100year history, according to the management.
Two of the hosiery mills in the Laconia district
have resumed operations
after having been closed for some time.
The large plant of the Suncook Mills at Suncook,
which has been operating
on a curtailed schedule for two months, is stepping
up production. As the
result of new equipment, this company has
enjoyed a record-breaking
business in the past year.
Part of the Parkhill Mills at Fitchburg, sold
several weeks ago by the
Amoakeag Mfg. Co., is to be put into operation as a
rayon fabric plant.
bankruptcy. In fact the only permanent way of getting rid of them is
by such an improvement in understanding of business methods that the
"unfit" become fitted to carry on their business in a way which will neither
bring disaster to themselves nor seriously impair the legitimate interests
of the stronger units as well.
It is not those industries where bankruptcies prevail and the weak are
being forced to the wall that are making a sound contribution to American
Industrial life and general welfare at the present time. It is rather industries where there is a prevailing appreciation of sound business principles,
and where each unit realizes that it is not doing business in a water-tight
compartment, unaffected by the condition of its fellows, but that the
reverse is true.
I urge that we do not delude outselves by relying on any destructive
Policy but that instead we invoke every constructive expedient we can
find and that we work towards a reasonable degree of consolidation and
at the same time towards a general raising of the level of appreciation of
sound policies on the part of every unit in the industry, large or small.
In that way I believe we shall make the maximum of progress, not
only in the interest of the stockholders in the industry, but also in the
interest of producers, of cotton, mill employees, distributors and consumers, thereby promoting that fundamental stability which is of vital
importance to everyone of these elements which go to make up the public.
New Bedford,T,Mass., Textile Strike Enters
Second
In developing these thoughts, Mr. Hines spoke in part
Month.
as follows:
Noting that the New Bedford (Mass.) strike which
Looking back over the history of the industry we find practically no
has
closed 26 cotton mills and 1 silk mill, throwing
evidence that the working of the doctrine of the survival of the fittest
more than has
had any appreciable effect in curing the evils from which the industry
25,000 out of work, would enter upon its second month
on has been suffering.
May 14, the "Herald-Tribune" in New Bedford
If we assume that there are five million or even ten million spindles
advices
which would come within the designation of the fittest, it will still be true
May 12 stated:
Trading in fine goods markets this week, as in weeks
past, shows no
Inclination toward those levels which must bo reached, it Is
believed here,
before the mills that are shut down will feel any pressing need of
reopening.
The strike has had little effect upon the cloth market, and prices,
except
for what stiffening there has been obviously because of higher
raw material values, are practically unchanged from levels prevailing prior
to the
shut-down. Only choice combed broadcloths reflect New Bedford's
absence
from the market.
The last four weeks' idleness has cost workers and manufacturers, it
may be roughly estimated, at least $2,500,000. This figure is calculated
only upon tangible losses. The cost of separation from the markets
in
diversion of cloth orders to other producers cannot be figured. If the strike
is prolonged until Labor Day, as certain factors here predict, the
loss
suffered by the mills will be irredeemable, all sides agree privately.
The workers have had to sacrifice about $400,000 a week In wages they
would have received had they continued at their looms and spindles ant)
that twenty-five million or twenty million additional spindles will continue to operate in order to supply the demand. If they are going to
remain in weak hands they are going to continue to be disturbing elements.
The assumption that the weak mills will fail and disappear loses sight
of the fact that the spindles and looms will not disappear. Even if there
should be repeated failure of weaker mills the result would be their reorganization and continued operation and probably in no more experienced
and capable managements than was true before the mills in question had
failed.
It will still be true that the great bulk of machinery owned by companies which fall will be organized in some manner and in some location
and will continue to be a highly serious factor under new management
and probably with reduced capitalization.
I do not see how the doctrine of the survival of the fittest is going to be
an adequate substitute for co-operative endeavor on the part of the cotton
mills to raise the efficiency of the industry as a whole and the understand
ing
and adoption of sound business principles by each unit in the industry.
3046
FINANCIAL CHRONICLE
Survival of the fittest even if it worked unfailingly in the right direction
would be a process without end and as a result for a period much beyond
our lives the industry would remain in a position where the weak elements
would be sufficiently in evidence to continue to demoralize the merchandising
situation and leave the merchandising policies to be dictated to a highly disproportionate and unsatisfactory extent by the buyers.
The only way for the industry to establish itself in a reasonably satisfactory position, and in a position at all comparable with the positions
of other leading industries, is to invoke every opportunity for improvement. It would be futile to rely solely on the doctrine of the survival of
the fittest which has accomplished so little up to the present time in this
particular industry, to put it on a reasonably sound business basis, run
along lines that are economically justifiable.
Co-operative action on the part of the mills looking to the general education of the industry as to its problems and to the use of sound business
methods by each is a definite and promising method which deserves all
possible support. By support I do not mean merely paying dues to some
trade organization. I mean the support of example.
One of the greatest benefits of the existence of such a spirit of co-operation is in establishing in the minds of buyers that the cotton mills have a
sense of solidarity and have reached a state of development where they
think alike to a considerable extent as to some of the fundamentals of
merchandising. The way for mills to establish this condition is to promote
the exchange of information, and the discussion of their problems in the
light of the needs of the general situation.
The doctrine of the survival of the fittest does not offer a solution of the
difficulties of this industry and to rely upon it, or employ it as an excuse
for an unwillingness to consider the general conditions and needs of the
industry, confuses the real issue and obstructs and postpones the finding
of an adequate solution.
My conviction is that the industry needs to develop with increasing emphasis its recognition of the necessity for exchange of information, for
common study of conditions of general significance and effect, and for each
unit determining its policies in the light of what is needed to promote sound
business principles and methods. The industry should not permit itself
to be misled by the idea that it can disregard and discourage all such efforts
at legitimate co-operation and find a panacea in the survival of the fittest.
An additional movement of very great promise is a COIISCIOUS and intelligent effort to promote economically sound consolidations on a reasonable scale. Clearly there are far too many mills in this country. Many of
them could be combined into units of a more efficient size to the benefit
of their stockholders and to the greater stability of the trade. There appears to have developed the idea that there is something about the cotton
textile industry which renders substantial consolidations impracticable.
But when we see the scale of the consolidations which have proved eminently
successful in other lines of industry. It is difficult to find any reason why
human ingenuity in the direction of industrial management must throw up
Its hands when it has to deal with the cotton textile industry. Of course a
consolidation is not likely to succeed unless it is soundly capitalized.
With the striking examples of success in other industries, and with the
great importance of finding every legitimate opportunity for increased
improvement,the leaders of the industry ought now to re-examine the wealth
of experience in consolidation of reasonable size which the recent industrial
history of the country affords, and should approach this problem afresh.
Such a method would be far more constructive than any reliance upon
survival of the fittest which after all does not proceed upon any deliberate
purpose to improve the situation, but is primarily and essentially a policy
ofdost ructiveness.
[VOL. 126.
B. H. Borden and B. F. Moffett representing the selling agents through
the Association of Cotton Textile Merchants of New York.
M. J. Warner, President of the Converters Association, and Albert
Mannheimer, representing converters.
Albert R. White representing finishers through the National Association
of Finishers of Cotton Fabrics.
S. M.Bond,President, Albin E. Dodd, Director-General of the Wholesale
Dry Goods Institute, and W J. D. Bell representing wholesalers.
Ralph C. Hudson, President, National Retail Dry Goods Association,
Edgar S. Bamberger and Peter V. Bouterse, representing retailers.
Crude Oil Prices Reinain'Almost Unchanged-Advances
IX Occur in Gasoline Price Schedules:Weft
There was but one change of importance in crude oil
prices this week when the Ohio Oil Co. on May 18 advanced
Sunburst, Montana, crude 15c. to $1.65 per barrel.
Gasoline was revised in a number of instances, most
changes being in the nature of advances. Wholesale
gasoline was increased in price on May 12, when the Sinclair
Refining Co. advanced gasoline in group 3 in carload lots
4c. On the same day the Mexican
Xc. a gallon to 73
Petroleum Co. advanced tank car gasoline M to Yo. a
gallon at Atlantic and Gulf Coast points. The new prices
are Portland, Me.; Providence, R. I.; and Chelsea, Mass.,
10Mc., up Me.; Baltimore, Norfolk and Carteret, N. J.,
103c., up Mc.; Jacksonville and Tampa, 93jc., up Mc.,
and New Orleans, 9c., up 34e.
On May 15 the Standard Oil Co. of New Jersey advanced
Navy gasoline Mo. a gallon to 10Xo. at New York. Baltimore and Norfolk.
The Standard Oil Co. of New York on May 15 fixed
a uniform price for gasoline sold at tank wagon rates throughout its territory. Regarding this revision, which is an
increase of lc. per gallon in some sections, but unchanged
from previlaing rates in others, the New York "HeraldTribune" of May 16 said:
A uniform tank wagon price for gasoline is being established to-day by
the Standard Oil Co. of New York throughout its territory in this State
and in New England. The price will be 17c. a gallon and constitutes an
increase of lc. in many sections, although it is unchanged from the recently
prevailing price in others. The service station price also Is being stabilized
at 19c., making a 2c. spread in place of the 3c. spread that has been usual
for all companies along the Atlantic seaboard.
Oil men see in this action, which follows closely on similar action taken
by the Atlantic Refining Co., an effort on the part of the big marketers
to discourage the mushroom growth of needless independent filling stations.
During 1927, when there was a large quantity of distress gasoline hanging
over the market, many small stations started up and cut prices on the
established distributors.
As the smaller units were able to buy gasoline at distress prices, they
were able to make a profit and to force the larger companies to cut prices.
Now the distress gasoline has been absorbed and by lowering the differential between the tank wagon and service station price, the tendency will
be for the number of filling stations to be reduced. The opinion in oil
circles is that there are fully 50% more stations now than the industry
needs. At the same time the price for gasoline is not being raised materially
•
for the consumer.
Correction in the Production of Winter Wheat.
The Crop Reporting Board of the United States Department of Agriculture, Bureau of Agricultural Economics, at
Washington, has issued a statement that a clerical error
necessitates correction of publiShed May 1 production indiRetail prices of gasoline at Minneapolis, Minn., have
cations of winter wheat. The error occurred in the computed
advanced 1 1-5c. a gallon to 19 1-5c. for low-grade
been
as
published
indicated production for Ohio which was
1,478,000 bushels and which has been corrected to 8,870,000 and 22 1-5c. for high-grade. This advance makes the
retail price 5 1-5c. a gallon higher than those prevailing
bushels.
last winter.
Effect of Hand-to-Mouth Buying Discussed at Meeting Substantial Decline Occurs in Crude Oil Output.
Under Auspices of Cotton-Textile Institute, Inc.
A decrease amounting to 111,250 barrels per day was reThe effect of hand-to-mouth buying on the cost of manu- ported in the crude oil output during the week of May 12,
facture and distribution and the relationship between manu- by the American Petroleum Institute which estimates that
facturers and the wholesalers and retailers, mail order houses, the daily average gross crude oil production in the United
chain stores and buying organizations were discussed on States for that period was 2,355,400 barrels as compared
Cotton- with 2,466,650 barrels for the preceding week compared
May 15 at a meeting held in the offices of the
of with the output of 2,486,700 barrels per day during the
Textile Institute, Inc., New York, with respresentatives
wholesalers
finishers,
converters,
agents,
selling
corresponding week of 1927, current output is 131,300
cotton mills,
meeting of the Com- barrels per day less. The daily average production east of
and retailersrepresented.This was the first
held under California was 1,732,500 barrels, as compared with 1,844,350
mittee appointed by the Distributors Conference
last fall. barrels, a decrease of 111,850 barrels. The following are
Inc.,
Institute,
-Textile
Cotton
the auspices of the
varied phases of estimates of daily average gross production by districts for
There was an exhaustive discussion of the
to the marked the weeks given:
these questions, as to the causes leading
and as
DAILY AVERAGE PRODUCTION.
changes in recent years in the methods of distribution
May 12 '28. May 5'28. Ayr. 28 '28. May 14 '27.
these changes. It (In Barrels)of
results
prospective
and
present
735,550
609,650
617,100
613,300
Oklahoma
to the
113,900
111,000
arising
were
110,300
109,150
problems
Kansas
the
that
was the sense of the meeting
135,500
70,500
68.800
66,800
Panhandle Texas
that
the
character
88,400
important
72,650
74,750
75.600
and
Texas
North
fundamental
a
of such
77,600
55,250
55,500
54,750
Texas
Central
West
113.550
387.150
426,950
313,900
obtaining of additional information ought to be carefully West Texas
39,850
23,600
23,500
23,350
Central
Texas
East
be
to
further
ought
35,200
23,500
considered and that the entire subject
23,250
23,150
Southwest Texas
48,600
46,500
44,800
43.450
North Louisiana_
examined. A sub-committee was therefore authorized to Arkansas
113,550
78,500
84,100
86,100
was Coastal Texas
135,000
97.950
106,100
111,850
obtain such further information as it might decide
15,200
16,400
17,050
18,000
Coastal Louisiana
s
recommendation
specific
making
113,500
109,000
consider
110,500
111,500
necessary and to
Eastern
60,900
60,450
60,050
61,800
subWyoming
proposed
the
of
members
14,050
11,450
to the Committee. The
11,750
11,500
Montana
7,900
6,650
6,850
6,350
Colorado
committee will be promptly designated and the work New
3,150
2,600
2,400
1,950
Mexico
President
Hines,
635,300
D.
621,000
Walker
622,300
date.
622.900
California
undertaken at an early
meetthe
at
of the Cotton-Textile Institute, Inc., presided
2,355,400 2,466.650 2,403,800 2,486,700
Total
ing which was attended by:
gross production of the Midaverage
daily
estimated
The
Henry F. Lippitt, representing manufacturers through the CottonContinent field including Oklahoma; Kansas; Panhandle,
Textile Institute.
MAY 19 1928.]
3047
FINANCIAL CHRONICLE
North, West Central, West, East Central and Southwest
Texas, North Louisiana and Arkansas, for the week ended
May 12 was 1,409,550 barrels, as compared with 1,529,050
barrels for the preceding week, a decrease of 119,500 barrels.
The Mid-Continent production excluding Smackover
Ark. heavy oil was 1,348,400 barrels as compared with
1,468,950 barrels, a deerease of 120,550 barrels.
The production figures of certain pools in the various districts for the current week compared with the previous week
follow (figures in barrels of 42 gallons):
-Week EndedNorth LouisianaMay 12 May 5
Oklahoma3,050 3,200 Haynesville
North Braman
Urania
1,750
1,550
South Braman
13,800 14,100
Tonkawa
Arkansas8.700 8.750
Garber
34,850 35.900 Smackover, light
Burbank
23,900 23,900 Smackover, heavy
Bristow Slick
9,750 9,850
Cromwell
Coastal Texas7,200 7,300
Wewoka
54,950 53,550 West Columbia
Seminole
Ridge
Blue
70,500
68,350
Bowlegs
14,800 14,950 Pierce Junction
Searight
45,100 48,400 Hull
Little River
95,750 93,500 SpindletoP
E,arisboro
Orange County
Panhandle Texas39,900 41,500
County__-_
Hutchinson
Wyoming6,950 7,400
Carson County
18,650 18,750 Salt Creek
Gray County
1,000
1,100
Wheeler County
MontanaWest Central Texas12,700 12,900 Sunburst
Brown County
Shackelford County-- 9,750 9,600
CaliforniaWest Texas18,150 18,500 Santa Fe Springs
Reagan County
51,500 49,700 Long Beach
Pecos County
Crane & Upton Counties. 71,800 72,800 Huntington Beach
159,700 272.800 Torrance
W,nkler
Dominguez
East Central Texas11,650 11,750 Rosecrans
Corsicana Powell
1,350 1,350 Inglewood
Nigger Creek
Midway-Sunset
Soul/west Texas13,650 13,500 Ventura Avenue
Lullng
6,000 6,100 Seal Beach
Laredo District
away from Gibson & Johnson's well. It is already a producer with a gas
flow of 25,000.000 cu. ft. This well is not yet drilled in for a producer.
and it is estimated it will have to be drilled 100 ft. below its present depth
of 3,216 ft. to get into the pay which the Gibson & Johnson wildcat hit at
3,168 ft.
Second o these New Mexican wells is the Eaves well of Marland Oil, a
large gasser, good for 50,000,000 to 60,000,000 cu. ft. a day, located 43i
miles north of Gibson & Johnson. The Marland well is at 2,927 ft. and is
estimated to be 200 ft. higher than the new producer. It is still drilling.
-Week EndedMay 12 May 5
6.300 6,300
6,750 6,750
7,700 7,600
61,150 60.100
9,700 8,300
9,000 6,900
13,300 12,000
10,900 10,750
38,350 37,200
4,400 4,600
41,350 40,050
9,600
9,800
36,500 37,000
173,000 171,500
55,000 55,500
18,500 18,500
12,000 12,500
6,000 6,500
29,000 29,000
73,500 73,500
49,000 49,000
38,000 38.50
Larger Oil Reserve Than Expected.
The evidence now before the oil industry is that West Texas as an oil
reserve is larger than ever was expected and with productive limits not yet
defined. It is entirely likely that development work will connect production
discovered in the new Winkler County wildcat northwest over New Mexican
line to wells of Texas Corp. and Marland Oil. Whether it is developed
southeast to tie in with the old Hendricks pool remains to be seen. At any
rate these new discoveries add largely to the supply of cheap crude oil.
This large known reserve of cheap crude is important, from an earning
standpoint, to companies whose activities encompass large operations in
transportation, refining and marketing. As fax as west Texas is concerned.
extent
Humble Oil & Refining (S. 0. of N. J.) will benefit to the largest
from pipe lines because it is the largest transporter of crude from west
of
large
a
west
refiner
is
also
It
capacity.
its
Texas and can easily expand
Toms crude.
To big refining and marketing companies this large crude reserve is
important because it should insure them of a large supply of cheap raw
material. With the gasoline market in a much more stabilized condition,
large refiners and marketers handling this crude will be on a better profit
basis because of cheap material.
Producing oil companies, particularly those with more settled production
in older districts, cannot be expected to show any great profit base while
this large supply of cheap oil remains to compete with older and higher cost
production. Though west Texas is not as good oil as Oklahoma, there is
no gainsaying the fact that this crude is replacing, in an increasing degree,
crude from older districts.
87
0 Last
Gasoline Consumption by Motorists Increased
Year-Total Net Revenue Through Gasoline Tax
$258,966,851.
of gasoline In 1927 produced a total net reveTaxation
New
rators'
Extend Proration in Yates Pool Oil-Ope
according to information collected from
$258,966,851,
of
nue
• Pact to Remain Until December 31.
by the Bureau of Public Roads of the
authorities
State
followThe "Sun" of last night (May 18) announced the
United States Department of Agriculture. Of this, $182,ing from Fort Worth:
095,503 was available for the construction and maintenance
Oil operators in the Yates pool of Pecos county, West Texas,have reached
of the State highan agreement to prorate production six months longer or until Dec. 31. of State highways under the supervision
The plan as drafted, however, makes a change in the basis of proration way departments and $55,440,161 was apportioned to counwith the result that it has not been unanimously adopted. The Simms
local road purposes. All but 4% of the net receipts
Petroleum Co.'s representative reserved approval pending an opportunity ties for
were allotted for road purposes, including the payment of
to discuss the plan with his associates.
Despite the opposition of that company, the other operators decided to interest and retirement charges on highway bonds. Tile
reduce the plan to 'writing and submit it to the State Railroad Commission
constituted an important contribution to
for approval. If, as expected, the conunission approves it, the plan will yield of the tax
be made the subject of a mandatory order. Since the plan follows closely the total highway revenue. The Department also says:
the provisions of the Winkler county plan, it is expected that the commission will approve it.
The plan calls for a division of the field into 100-acre units and equal
division of allotment of pipe line capacity on the basis of potential production and proven acreage. In arriving at potential production the average
production of each well will be taken and that will be the potential production for that unit. That is designed to discourage drilling of more than
one well to a unit, as one well is considered capable of recovering all the
oil under a unit. The adoption of the 100-acre size for a unit, which compares with forty acres in the Winkler county field, will can for the completion of only forty-seven additional wells to get every unit in the field into
production.
The plan which the new plan will supersede based the prorationing of
production on proven acreage alone and not on potential production. It
is favored by the Simms Petroleum Company in preference to the new plan
because that company has a small but relatively rich lease and contends
that proven acreage is the only equitable basis for allocation of oil runs.
The old plan will expire June 30.
The tax was collected in every State but Massachusetts and New York,
the rate ranging from two to five cents per gallon.
The returns indicate an increase in gasoline consumption over 1926 in
all but two States. Including estimates for the two States in which the
tax was not imposed, it is indicated that 10,596,000,000 gallons of gasoline were used by motor vehicles during the year, an increase of 8.2%
over 1926. The average consumption per motor vehicle was 458 gallons.
The following tabulation shows the tax rate on Jan. 1 and Dec. 31
and the net receipts after the deduction of refunds:
State.
Tax
Rates
Jan. 1
1927.
Tax Na Receipts
from
Rates
Dec.31 Gasoline
Tax
1927.
State.
yl.,
Tax Na Receipts
Tax
from
Rates Rates
Jan. 1 Dec.31 Gasoline
Tax.
1927. 1927.
471,624
4
4
Nevada
8
1,268,907
3c
New Harnpsh 2
$
4,082,860
2
0
4
5,908,986 New Jersey
Alabama_._ _ 2
1.415,690
5
4
1,388,830 New Mexico_ 3
3
Arizona
o
4,338,737 New York__ 0
5
Arkansas_ _. 4
8,786,682
4
22,467,083 Nor. Carolina 4
3
California__ _ 2
1,275,565
2
3
3,139.594 Nor. Dakota 2
2
Winkler County, Texas, Wildcat Important Find- Colordao
19,910,481
3
2
3,054,906 Ohio
2
Connecticut _ 2
7,197,956
3
3
_
Oklahoma__
662,159
3
2
Test Well to Northwest May Open New Oil Produc- Delaware__ __ 4
3
3,643.191
3
10,980.586 Oregon
5
Florida
17.296.333
3
7,066,109 Pennsylvania 2
ing Area or Extend Hendricks Pool.
4
Georgia
334
915,959
2
1
Island
1,571,749 Rhode
4
3
Idaho
5
5,080,385
6.199,509 So. Carolina_ 6
2b
The following is from the "Wall Street Journal" of May 16: Illinois
o
2,393,592
4
3
Dakota__
So.
10.133,568
3
3
The new wildcat test well, Gibson & Johnson No. 1, in northwest Winkler Indiana
3
4,476,180
7,248,214 Tennessee_ _ 3
3
2
Iowa
15,650,841
3
1
County, is one of the most important of recent oil completions. Opened Kansas
4,594,650 Texas
2
2
1,461,261
334
oil
334
the
ft.
flowed
the
of
50
over
top
the
Sunday,
Utah
derrick
and
5,913,396
minutes
for 45
5
Kentucky_ _ _ 5
906,244
3
2
3,034,056 Vermont__
2
then was shut in, waiting storage. Crude samples showed 26 gravity with Louisiana_ _ _ 2
434d
7,139.707
434
2,288,933
Virginia
4
3
sulphur content. The well is estimated good for between 5.000 and 7,000 Maine
2
3,821,438
2
.
Washington
4,169,397
4
Maryland__ _ 2
4
3,794,068
W. virsinia. 334
barrels daily.
0
Massach'setts 0
2
6,027,114
14,260,564 Wisconsin__ 2
3
Importance of the well is not only in its size. Rather it is in the direction Michigan___ 2
756,049
3
5,174,880 Wyoming, __ 254
2
a
is
2
or
Minnesota__
area
new
a
producing
link
connecting
opened
it
with
the
whether
of
1,148,794
2
4,890.686 Dist. of Col_ 2
4
Mississippi _ _ 4
big Hendricks pool, in the same county, which brought about the recent Missouri_
6,330,983
2
___ 2
2. 76
1,436,398 Average.._.
prorating order by the Texas Railroad Commission.
3
Montana...... 3
258.838,813
3,664,919 Total
2
Hendricks pool became so big that this order was finally issued limiting Nebraska_ _ _ 2
commission
daily.
The
has
and discontinued
barrels
new
ruled
the
1927
150,000
to
in
takings
a Cents per gallon. b Tax in effect five months
wildcat well comes under this prorating, which means offset wells will have Feb.251928. c Gasoline tax became 4 cents on Jan. 11928. d Increased to 5 cents
on March 19 1928.
to be authorized by the commission before they can start.
Hendricks Pool Makes Record Before Prorating.
Just before prorating went into effect, on May 5 Hendricks pool made a
record production of 272.000 barrels a day. On tost of the 125 wells, to
determine permitted production of each company under prorating, the pool
showed combined potential yield of 521,000 barrels a day.
Now comes the Gibson & Johnson well nine mike away, to the north and
west of the Hendricks pool which had previously been proven and operated
for a length of six miles. Studies of the log and depth of the new well lead
many operators to the conclusion that the new wildcat correlates in important features with wells in the Hendricks pool save that its producing horizon
is more broken than in the old field.
Trend of production in the Hendricks pool is southeast to northwest and
the new wildcat well confirms continuation of this trend, although the
distance, nine miles from the old field, makes it uncertain whether the
Intervening distance eventually will link the now well with the old pool.
This trend feature is highly important in connection with two wells
over in New Mexico. One is the Rhoades well of Texas Corp., three miles
World's Production of Copper for Month of April
Declines 1,415 Short Tons as Compared with
Preceding Month.
According to figures compiled by the American Bureau
of Metal Statistics, the world's production of copper for the
month of April amounted to approximately 146,400 shorttons,
as compared with a totaloutput of about 147,800short tons in
the preceding month and of about 138,700 short tons in April
1927.
Copper output for the four months ended April 30 1928,
by principal countries of the world which furnished about
98% of the world's total, amounted to 573,361 short tons,
3048
FINANCIAL CHRONICLE
[VoL. 126.
as compared with 548,283 short tons in the corresponding
period of 1927, an increase of 25,078 short tons. The daily
rate of production for these countries for the month of April
1928 was 4,781 short tons, as against 4,672 short tons the
previous month and 4,524 shor tons for the month of April
1927. The Bureau's figures follow:
so far in 1928, compared with a monthly
average of 122,225 tons for 1927
and an average of 128,700 tons for
the first four months of 1927.
Refinery production of copper in April for
North and South American
plants came to 122,824, compared with
128,972 tons in March, 124,848 tons
In February, and 122,723 in January,
states the "Wall Street Journal" of
May 14, which is further quoted:
Domestic shipments in April came to 72,234
tons, compared with 72,642
tons in March, and foreign shipment
s in April totaled 64,989 tons, compared with 55,970 tons in March.
MONTHLY COPPER PRODUCTION (IN SHORT TONS).:
(By principal countries of the world, which furnished
Mine output of copper for the
about 98% of world's total.)
United States came in April to 69,230 tons,
compared with 70,327 tons in
March. North American output of blister
copper
in
April
Monthly Production.
amounted
to 90,564 tons, compared with 89,090 in March,
Daily Rate.
and South American production of
blister capper, including refined output
1926.
1927.
1928.
1926. 1927. 1928.
by Chile and Braden, catne to 26,228
tons in April, compared with 26,123
January
tons in March.
129,518
143,337
140.546
4.624
4.178
4,534
February
136.455
Stocks of copper in British official
132,870
144.546 4,516 4,745 4,984
warehouses May 1 came to 9,986
March
134.727
136.347
144.842 4,346 4.398 4.672
short tons compared with 10,183 tens
April
April 1, decrease of 197 tons. Of
136,938
135.729
143,427 4,565 4,524 4,781
the total stocks May 1 in Great Britain
May
136,468
139.114
4,402 4.488
1,988 tons were refined and 7,998
June
tons copper in other forms, compared with
124.100
134.243
4,137 4,475
1,634 and 8,549 tons, respectively,
July
124,483
132,186
April 1.
4,016 4,264
August
128,568
135,015
4,147 4,355
The following table gives, in short tons,
September
132.013
133,291
blister production of North and
4.400
4,443
October
South America and stock of copper at
136,600
145.278
4,406 4,686
the end of each month for North
November
148,321
141.975
and South American refineries and
4.944
4,733
producers, together with stocks of
December
142,300
4,590 4,805
148,961
copper in Great Britain and at Havre:
Total.
1.600,491 1,658.346
573,361 4,385 4,543 4,743
1927
Monthly average....
1928
133.374
138,196
143.340
Net,.
Dec.
Jan.
Feb.
Mar.
Apr.
Mines. United States
68,080 67,222 68,469 67,423 70,327
x Table includes production by the United States,
Canada. Chile and Blister, North America
69,230
85,995
Peru, Japan. Australia, Europe (partly estimated) and Mexico.
92,845 84,453 90.190
Belgian Congo.
Blister, South America z
90,564
25,975 26.617 26,170 26,100 89,090
26,123
26,228
Stocks(end of period):
North and South AmericaWorld Stocks of Slab Zinc Increase 3,200 Short Tons- Blister.:
250,014 248,420 237,961 247,529 242,416
Refined
90,874 95,298 98,476 86,932 87.292 235,673
Total on May 1 Estimated at 66,100 Tons.
72,893
Total
340,888 343,718 334,437 334,461 329,708
A. J. M. Sharpe, honorary foreign correspondent of the Great Britain 3,
308.566
Refined
709
564 1,472 1,836
American Zinc Institute, Inc., estimates world stocks of
1,634 1,988
Other forms
13,637 11.657 10,565 9,977 8,549
7,998
slab zinc May 1, at 66,100 metric tons of 2,204.6 pounds
Total
14,346 12,221 12,037 11,613 10,183
each compared with 62,900 tons on April 1, an increase of Havre
1,929 1,384 1,772 2,264 2,218 9,986
a
Japan
6,259 5,611
z
a
3,200 tons. The following table gives in metric tons Mr.
a
a
x
Includes
copper
in
procees
and in
Sharpe's estimate of zinc stocks in the various countries:
y Official warehouses only.
cludes refined production by Chile and transit.
Braden companies. a Not available. z InMay 1 '28. Ayr. 1 '28.Marl '28. Feb.1 '28. Jan. 128.Jan. 1 '27.
The
following
table
gives
in
short
tons shipments and production of reUnited States_ _ _
40,600
37,700
37,500
38,200
37,000
19,800 fined copper by North and South
Canada
4,200
American producers and refineries, includ4,000
3,000
2,500
2,400
3,200 ing daily
Australia_ x
average of refinery output:
3,500
3.500
3,300
2,800
2,800
2,400
Germany and
Poland
6,300
6,600
6,400
.5,800
6,100
9,500
Belgium
Production.
5,100
5.600
5.800
4,400
4,200
Shipments.
4,000
Great Britain..
1,400
1,300
1,600
900
1,100
1,000
Scandinavia
200
200
200
Daily
200
200
Er200
DomesPrimary. Scrap. Total.
Far East
800
800
800
800
Rate. port.a
600
tic.
500
TO1(11.
Elsewhere
z4,000 y 3,200
y3,200
1,700
1,700
3,000
1928.
January
116,245
Total
6,478
66,100
122.723
62,900
61.100
3,959
57,800
56.100
43,600 February
117,788 7,060 124,848 4,305 56,721 64,824 121,545
x Including unsold shipments afloat. y Includes 1,200 tons in France.
March
123,162 5,810 128,972 4.160 60,603 73,789 134,392
Mr. Sharpe,in reviewing world conditions of zinc, May 18, April
117,088 5,736 122,824 4.094 55.970 72,642 128,612
64.989 72,234 137,223
says in part:
Total 1928
474,283 2.5,084 499,387 4,127 238,283
283,489 521,772
Despite the market advance of about £1 a ton in the selling price of slab
1927.
zinc between the beginning and the end of April, it cannot be urged
that January
128,736
4,374
133,110
4,294
the statistical position has undergone much change. Production and
76,499 124,629
119,528 3,145 122,673 4,381 48,130
con- February
43,690 67,564 111,254
sumption continue to run along lines which do not call for comment
March
123,885 3.090 126,975 4.096 49,767
. So April
79,537 129,304
far as Europe is concerned, stocks are approximately stationar
121,610 4,186 125,796 4,193 55,636
y, thus May
121,889 3,692 125,581 4,051 46,979 73,978 129,612
Indicating that European consumption is not only fully maintain
69,779 116,758
ed, but June
108,911 4.322 113,233 3,774 61,487
has expanded that wee bit further necessary to absorb the additiona
63,465 124,952
July
113,849
l quan4,284 118.133 3,811
61,965 110,105
tity of high grade metal imported from North America,
August
114,142 5,644 119,786 3,884 48,140
Australia and September
71,736 130,520
114,465 4,635 119,100 3,970 58,784
Rhodesia.
54,683 7,578 126,261
October
118,965 5,962 124,927 4,030 58,919
The stiffening in the price in April may be reggarded as an anticipat
68,619 127,538
ion November
111,152 7,117 118,269 3,942 52,013
of an international cartel coming into being. Another meeting
121,683 7,240 128,923 4,159 63,637 59,264 111,279
of producers December
60,862 124.499
of several countries is to be held in Brussels next week,and there
is a general
Total 1927
1,418,815 57.691 1,476.506 4,045 641,865
expectation that the difficulties introduced by some smelters
824,844 1,466,709
at the last
meeting will be ironed out.
1923
1,136,624 27.261 1,163,885 3,189 421.872
735,521 1,157,393
Personally, we have never had any great faith in a cartel
1,267,810 32,522 1,300,332 3,553 566,395
for zinc, for the 1924
753,389
1925
reason that-as we think we have explained previously-there
1,299,832
52,477 1,352,309 3,705 584.553 831,171 1,319,783
exist too 1926
1,415,724
1.383.604 56.8501_440454 3048526
many clashing interests. Assuming, however, that an
881009 17A f A09 Iv.
international
syndicate conceived in inspiration be born in enthusiasm,
a Beginning 1926 includes shipments from Trial
it will be remarkrefinery
in British Columbia.
able if the infant develops much beyond the swaddling-cloth
stage before
The following table gives in short tons the
troubles are encountered. But, even if a cartel can be made
output of copper by various
to last a year, types of mines in the United States
for
the last 4 months, with monthly
it will serve its purposes, so that probably producers
of opposing nation- average for 1927:
alities will be prepared to adopt a give-and-take attitude
at the outset in the
Monthly
Jan.
Feb.
March
common interest.
April
Average 1927. 1928.
1928.
1928.
1928.
Porphyry mines
One of the planks of the proposed convention is that
28,605
27,624
26,842
curtailment of out- Lake mines
28,423
28,524
7,447
put shall be practised by all constituent members whrnever
7,541
7,975
8,580
7,740
the London Vein mines
29,467
29,963
29,106
price of slab zinc drops below £26 and for such time as European
29,536
29,266
stocks of Custom ores
3,646
3,341
3,500
3,788
x3.700
metal exceed 25,000 tons. It is around this second point
that we can foreTotal crude production__ 69,16.5
see distrust arising after a while.
68,469
67,423
70,327
69,230
There is no reason why the improvement in European consumpt
x Partly estimated.
ion in the
first quarter of the year should not snake further headway
in the current
quarter.
Stocks of Refined Copper Fell Off During AprilShipments Increase-Production Lower.
According to figures compiled by the American Bureau of
Metal Statistics, stocks of refined copper May 1 in the hands
of North and South American producers and refiners came
to 72,893 short tons, compared with 87,292 tons April 1, a
decrease of 14,399 tons, or 24,798,000 pounds. Stocks of
blister copper at smelters and refineries and in process and
transit May 1 came to 235,673 tons, against 242,416 tons
April 1, a decrease of 6,743 tons. Total copper above ground
to blister stage and beyond, including refined stocks, came
to 308,566 short tons May 1 compared with 329,708 tons
April 1, a decrease of 21,142 tons. This is the largest decrease in refined stocks for any month in many years, and
the first time in months that refined, blister and total copper
above ground all decreased in a month.
Shipments of copper in April by North and South American producers
and refiners came to 137,223 tons (the largest monthly shipments in over
a year and a half) compared with 128,612 tons in March, 134,392 tons in
February, and 121,545 tons in January, a monthly average of 130,445 tons
New Steel Business Is Light But Mill Output Is Sus
tamed-Pig Iron Price Declines.
Hand-to-mouth buying again prevails in the steel industry, following -several months during which advancing
prices encouraged forward contracting says the "Iron Age',
in its May 17 resume of trading conditions in the industry.
The April decline of 463,000 tons in the unfilled orders of the
Steel Corporation caused little surprise in the trade. It was
recognized that strictly new business was light, since the
latter part of March brought out heavy specifications, as well
as the acceptance of liberal extensions of first quarter contracts.
Unfilled tonnage, to a large extent, measures the willingness of consumers to buy ahead, and, since the current price
situation offers no incentive for unusual commitments, further sharp reductions in the total may occur without indicating proportionate declines in consumption. Even with
the large drop in April, unfilled orders of the Steel Corporation were still 12% higher than on April 30, 1927, and slightly
above the level of two years ago, the "Age" adds, giving
further details, as follows:
MAY 19 1928.]
FINANCIAL CHRONICLE
The reduction of mill backlogs is commencing to cause some concern,
but, to date, shipping orders, consisting principally of specifications against
contracts, have sustained production at a virtually unchanged rate. The
average for Steel Corporation plants has dipped only slightly under the
90% operations maintained through most of the first third of the year.
The rate of the leading Eastern steel company has actually shown a gain
since April, Snow standing at well above 80% of capacity. In the Chicago
district, where output remains on a 95% basis, specifications are the best
In five weeks and sales, in contrast with reports from other market centers,
are equal to shipments. Ingot production in the Greater Pittsburgh area
continues at an 80% rate.
New business in finished steel in most markets has been too light to give
prices a severe test. Hot-rolled strip steel, particularly the wide material.
has shown further weakness, selling as low as 1.75c., Pittsburgh, for 6-in.
and wider, or $1 below the recent minimum. Pig iron prices also lack
buoyancy, and in the Chicago district have declined 50c. a ton to $18.
furnace.
The automotive industry remains a leading outlet for steel, specifying
at an undiminished rate. Motor car builders with two or three exceptions
have made no reductions in output, and present indications are that there
will be no seasonal slowing down of operations before June 15. Some of the
automobile companies have placed steel for their July production, and the
Ford Motor Co. is taking an increasing tonnage of automobile body sheets
at the same time placing liberal orders for long ternes.
A good movement of metal furniture sheets, especially to builders of
electrical refrigerators, emphasizes the support steel production receives
from the minor, unclassified consuming lines.
Tin plate production is virtually at capacity, and optimistic expressions
by can makers point to a good summer operation of mills. Output for the
first half of this year will be much better than had been expected, since
container manufacturers lately have added to their original specifications.
A late spring has delayed the movement of wire products into consumption, and distributers are still rather heavily stocked with material shipped
by the mills in the first third of the year. Cleveland jobbers have reduced
nail prices 10c. per keg for stock shipment and to $2.65, Cleveland. for mill
shipment, the latter being the same price that most producers are quoting.
Water delivery of steel is a factor of growing importance on the Great
Lakes. A Buffalo steel plant has inaugurated weekly boat shipments to
Chicago.
The reduction of 50c. a ton on foundry and malleable pig iron by Chicago
producers follows the invasion of that market by Lake Erie iron, shipped
bo boat and offered at Lake Michigan ports at $18, dock. Two cargoes
totaling 3,000 tons have already arrived at Chicago, and a third boat is
on the way. Shipments will also be made from Buffalo to lower Lake
Michigan.
Sales of foundry iron have been fairly large in some markets, totaling
19,000 tons at New York, 14,500 tons at Cleveland and 9,000 tons at Cincinnati. In some measure this buying represents the interest of consumers
in third quarter requirements. A noteworthy feature is that there is no
slowing down in the demand for pig iron from the automobile industry.
The American Rolling Mill Co. is inquiring for 25,000 tons of basic iron
for its Butler, Pa., works. An unusual transaction was the exchange of
10,000 tons of pig iron by an eastern Pennsylvania maker for New Jersey
ore of equivalent value to be furnished by a cast iron pipe company.
Ferromanganese has been advanced $5 a ton to $105.seaboard, by domestic producers and importers of English alloy. The new price applies on
business for the remainder of the first half as well as for second half, but there
was liberal coverage prior to the advance and it may not become fully
effective for some time.
Copper producers have advanced prices 3ic. per lb. to 14.37%c., delivered, following a week of heavy buying in which consumers took fully
37,500 tons.
The "Iron Age" composite price for pig iron has declined to $17.42 a ton,
displacing last week's $17.50 as the year's low figure. The finished steel
composite is unchanged at 2.348c. a lb., as the following table shows:
Finished Steel,
May 15 1928 2.3480. a Lb.
One week ago
2.3480.
One month ago
2.362o.
One year ago
2.3670.
10-year pre-war.average
1.6139o.
Based on steel bars, beams, tank plates,
wire, rails, black pipe and black sheets,
these products constltutmg 87% of the
United States output.
HfgA.
Low.
1928_2.364c. Feb. 14 2.314c, Jan. 3
1927..2.453o. Jan. 4 2.293e. Oct. 25
1926_2.453o. Jan. 5 2.4030. May 18
1925..2.560c. Jan. 6 2.396c. Aug. 18
1924_2.7890. Jan. 15 2.460e. Oct. 14
1923_2.824o. Apr. 24 2.446o. Jan. 2
Fle Iron.
May 15 1928, $17.42 a Gross Ton.
One week ago
$17 50
One month ago
17.67
One year ago
19.04
10-year pre-war average
15.72
Based on average of basic iron at Valley
furnace and foundry Irons at Chicago.
Philadelphia, Buffalo. Valley and Sir
mingham.
High.
Low.
1928._ 17.75 Feb. 14 17.42 May 15
1927__ 19.71 Jan. 4 17.54 Nov 1
1926 __ 21.54 Jan. 5 19.46 July 13
1925_ 22.60 Jan. 13 18.96 July 7
1924__ 22.88 Feb. 26 19.21 Nov. 3
1923.... 30.86 Mar.20 20.77 Nov.20
Momentum acquired during the first quarter still is carrying iron and steel demand along on a fairly high plane, but
the volume of new business is easing off gradually. While
shipments continue heavy, a slight recession is noted from
week to week in mill operations, observes the "Iron Trade
Review" this week. Orders are not as large as in recent
weeks, and though there is no definite change in steel prices,
the easy tendency persists, declares this journal in its weekly
summary of conditions affecting the iron and steel trade.
From it we add the following:
Valley pig iron has reached a new low level on the present movement,
with small-lot sales at $17, base, or 25 cents under the recent minimum.
Chicago furnaces have reduced foundry and malleable 50 cents to $18. A
largo tonnage of malleable for delivery over the second half to a Muncie,
Ind., molter, is reported to have been placed with a Cleveland maker at $16,
base, furnace, or 50 cents under the recent minimum. Reports of Alabama
iron being offered at $15.50. base, Birmingham, do not appear to be substantiated, as only one car was sold in the Chicago market, under distress
circumstances, at that price, and small-lot orders continue to command $16.
A Cleveland furnace during the week booked over 50,000 tons for second
half delivery, in preparation for relighting another stack. Production of
beehive furnace coke has been reduced to contract requirements, steadying
the market, while standard foundry grades are being offered at $3.50, or ten
cents less than a week ago.
Further evidence of high steel production last month, as well as the more
conservative attitude of buyers,is noted in the sharp decline of 463,073 tons,
or 10.7%, in unfilled orders of the United States Steel Corp., during April.
The total on books at the close of the month was 3,872.133 tons, compared
with 4,335,206 tons on March 31. Unfilled orders April 31 1927 amounted
MIA
to 3,456,132 tons, and on April 31 1926, 3,867,976 tons.
3049
Steel ingot production in the Pittsburgh district is maintained on a basis
of 80%,a considerable portion of the output going into stock in anticipation
of lower output during hot weather. A slight recession is reported in steelworks operations in the Mahoning valley and in the Chicago district, although in the latter they still are close to 95%. Steel corporation operations average 89%,compared with 90% a week ago.
Eastern steel mills are competing for plates and shapes in the Chicago
district, but so far without any pronounced effect on local prices.
Practically all consuming lines are taking normal tonnages of sheets, and
shipments to the automotive industry have been augmented by recent
attractive specifications from General Motors units and the Ford Motor
Co. Sheet sales, production and shipments receded in April, after the
notable improvement made during March. April sales of 284,070 tons
were 115,371 tons below those of March. April production of 327,909 tons
was only about 10,000 tons below the monthly average for the first quarter,
while shipments of 302.759 tons were approximately 10,000 tons above the
monthly average for first quarter. Strip steel shipments so far in May are
exceeding the April rate rate by about 25%.
A stronger tendency is noted in the market for sheet bars, one or two of
the valley producers announcing an advance of $1 to $34 for third quarter,
although buyers are not displaying much interest and other producers continue to quote $33.
New York and Chicago structural steel markets reflect increasing
activity. Pending business at Chicago exceeds 100,000 tons. Demand at
New York is featured by a 16,000 tons for a warehouse and 6,000 tons for a
Western Union Telegraph Co. building. Awards include 3,500 tons for a
Missouri Pacific RR. bridge at Little Rock, Ark. Some increase is indicated for third quarter contracting in plain material prices, 1.9Cc, Pittsburgh, being the probable level. Eastern makers have entered Chicago
territory at 1.95c, Chicago,in competition with 2.00c by local producers for
small lots. A dock project at Brooklyn, N. Y., cal's for 3,5C0 tors of
concrete bars while in Chicago new building projects call for 10,000 tons
of rail steel reinforcing bars. The Erie RR. has placed an order for 35
locomotives with the Baldwin Locomotive Works.
Withdrawal of the $100, duty paid, tidewater, price on ferromanganese
by one of the leading domestic interests, has been followed by all other
factors in the trade and the price generally now is $105 on new business.
Substantial tonnages have been placed under contract for second half at
$105.
The market for cotton ties has been opened for the season, with makers
using a different method of quoting, based on quantities. Mill shipments
in carloads delivered Atlantic and gulf ports are $1.27 per 45-pound bundle.
When 2,000 bundles are purchased the price is reduced by 2 cents to $1.25.
and on larger quantities the price is $1.23.
The "Iron Trade Review's" composite of fourteen leading iron and steel
products dropped 4 cents this week, now being $35.53.
The general demand for steel is smaller though specifying
continues heavy, reports the "Wall Street Journal" of May
16, in its observations on the steel industry. Curtailment at
this season is normal, says the "Journal" from which we
quote:
Average steel ingot production for the industry has been reduced to about
84%%,compared with about 853i% a week ago, and slightly under 85%
two weeks ago.
All companies show a decrease for the week,the United States Steel Corp.
being at 89%, against 90% in the two preceding weeks. This is the rust
time the corporation has gone below 90% in more than a month.
Independent steel companies are averaging around 80%,contrasted with
about 81% in the preceding week and a fraction under 80% two weeks ago.
At this time last year the Steel Corp. was running at 89% of capacity
with the independents at about 74%, and the average for the industry
around 81%%.
Curtailment is in line with expectations and is considered normal. The
peak of buying has been passed for the time being, and while there have
been good orders in various products, the general demand is not up to its
average of a month or two ago.
In some instances there are indications that consumers over-purchased
in the first quarter when price advances were being made. They placed
orders for their anticipated requirements several months ahead, and some
consumers have now discovered that they will not need all the steel they
had figured on.
Naturally they have failed to specify against part of such contracts, which
has resulted in cancellations of some of the orders which had been placed
on the books of the steel companies. Such procedure is not unusual under
the circumstances.
Steel authorities while admitting that the prospects favor further reductions in operations, are confident on the outlook. They do not expect any
sharp curtailment, but believe that the downward trend will be gradual.
reaching the low point during mid-summer, which is normal.
In some branches there is greater activity. This is true particularly of
tin plate, as all the larger consumers have been specifying at a greater rate
than usual. Can manufacturers have been taking larger tonnage of tin
Plate. and if the recent rate on specifications continues it is likely that these
companies will have taken more material in 1928 than they actually contracted for toward the end of last year.
Railroad equipment business and the demand from the oil companies
continues unimportant. If these two sources of consumption had held
their own there would have been quite a change in the steel situation and
operations would be going upward rather than downward, even at present.
Although there has been some improvement in the oil industry. it is
evident that the steel authorities are not anticipating any substantial increase in steel buying from this source for some time.
On the other hand there have been intimations from some quarters that a
possibility exists of an increase in the equipment business during the summer months. Orders for cars and locomotives placed thus far in current
year have been below expectations. Should the expected gain in business
come in the summer it would have a beneficial effect on the steel industry as
orders would come from equipment makers.
Frice situation is irregular, but promises to hold in most products.
Because most of the smaller concerns have comparatively good order books
there is not likely to be the shading that has been experienced in the past,
notably last year about this time.
Deliveries now being made on bars, shapes and plates, and bringing a
better quotation than the shipments in the first quarter when much of the
low-priced business was being taken care of by the steel companies. However, it is still possible to get a quotation below the "regular market" on
attractive tonnages, although prices are much better than they were at the
beginning of the year.
One result of this should be improvement in earnings of the companies
from their steel activities in the current quarter. Even with a
reduction in
operations in the period, it is probable that the higher prices will
more than
offset the loss in tonnage shipped.
3050
[VoL. 126.
FINANCIAL CHRONICLE
Already half of the second quarter has been passed, and the operations
of the steel plants have continued at a high rate. This is a favorable development for the industry, and should be reflected in second quarter
earnings.
An advance of $7.00 a ton in hot rolled alloy steel, effective
at once, has been announced by the alloy steel makers,
according to the "Daily Metal Trade" which says:
The base price remains unchanged at $2.65 a 100 pounds, f.o.b. Pittsburgh or Chicago, to tonnage users, but the alloying differential of $1 a
100 pounds has been increased to 81.35. The new price therefore is 84 a 100
pounds.
Rail steel reinforcing bar sellers at Chicago have announced that the
minimum price for their product now is at an advance of $1 to $3 a ton.
Pig iron sales for last week show a substantial improvement according to the market report of Rogers Brown &
Crocker Bros., Inc. under date of May 17 which adds:
The increased activity which was first manifested in the East is beginning
to show itself in the Central West. The Cleveland district had a good run of
orders. Buying is still mostly confined to quiet negotiation and there are
but few good sized open inquiries in the market.- To meet the competition
of water movement from the East, local Chicago producers have made a
reduction of 50c. per ton; otherwise pig iron prices remain unchanged.
The foundry melt holds up well, but steel works are slightly less active.
The price advance which accompanied the opening of the Ferro Manganese books for last half, has made consumers in no hurry to contract
ahead and buyers will probably wait until old contracts are nearer completion before making additional purchases.
A few small price reductions are noted in the foundry coke market. As
yet there is not much buying for last half. Domestic sizes, as is usual at
this season of the year, are in light demand and buying is confined to small
lots for nearby shipment.
Output of Bituminous Coal, Anthracite and Coke Very
Little Changed.
Fuel production in the United States changed very little
during the week of May 5 according to statistics compiled
by the United States Bureau of Mines which show the output of bituminous coal for that period to have been 8,183,000
net tons against 8,192,000 net tons in the preceding week.
Compared with the corresponding week one year ago, current output Is shown to be close to that figure of 8,185,000
net tons. Similarly, anthracite output during the week
of May 5 was 1,825,000 net tons, the production of a week
ago having been 1,889,000 net tona One year ago, production stood at 1,866,000 net tons. Coke produced during the
week of May 5 amounted to 91,000 net tons against 92,000
net tons in the week preceding, reports the Bureau of
Mines from which we quote the following details:
BITUMINOUS COAL.
The total production of soft coal during the week ended May 5, including lignite and coal coked at the mines, is estienated at 8,183,000
net tons. Compared with the output in the preceding week, this shows
a decrease of 9,000 tons, or 0.1%. Production during the week in 1927
corresponding with that of May 5 amounted to 8,185,000 net tons.
Estimated United States Production of Bituminous Coal (Net Tons) Incl. Coal Coked
1928-1927
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date.a
April 21
7,917,000
7,937,000
152,004.000
194.003.000
Daily average
1,319,000
1,602,000
1,323,000
2,044,000
April 28_ b
8,192,000
160,196,000
8,424,000
202,427,000
1365,000
Daily average
1,588,000
1,404,000
2,006,000
8,183,000
May 5_c
168,379,000
8,185,000
210,612,000
1 364,000
Daily average
1,575,000
1,364,000
1,970.000
a minus one day's production first week in January to equalize number of days
in the two years. b Revised since last report. c Subject to revision,
The total production of bituminous coal during the present calendar
year to May 5 (approximately 107 working days) amounts to 168,379,000
net tons. Figures for corresponding periods in other recent years are
given below:
1927
210,612,000 net tons11924
176,447,000 net tons
1926
190,721,000 net tons 1923
196,218,000 net tons
1925
165,601,000 net tons 1922
153,928,000 net tons
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended April 28
is estimated at 8,192,000 net tons. Compared with the output in the preceding week, this is an increase of 275,000 net tons, or 3.5%.
The following table apportions the tonnage by States and gives comparable figures for other recent years.
Estimated Weekly Production of Coal by gimes (Net Tons).
StateAlabama
Arkansas
Colorado
Illinois
Indiana
Iowa
Kansas
Kentucky-Eastern
Western
Maryland
Michigan
Missouri
Montana
New Mexico
North Dakota
Ohio
Oklahoma
Pennsylvania
Tennessee
Texas
Utah
Virginia
Washington
W. Va.-Southern_b
Northern _c
Wyoming
Other States
Week Ended
April
April 28
May 1
April 21
Average
April 30
1928.
1928.
1923.a
1927.
1926.
320,000
333,000
330,000
360,000
412,000
28.000
25,000
20,000
19,000
21,000
174,000
143,000
173,000
184,000
149,000
465,000
318,000
96,000
999,000 1,471,000
200,000
192,000
75,000
335,000
514,000
39,000
40,000
14,000
80,000
100,000
24,000
34,000
67,000
79.000
13,000
886,000
844,000 1,069,000
806,000
620,000
316,000
313,000
441,000
225,000
188,000
43,000
52,000
43,000
49,000
52,000
12,000
11,000
9,000
10,000
22,000
54,000
52,000
12,000
44,000
.59,000
46,000
55,000
52,000
31,000
42,000
62,000
57,000
56,000
51,000
59,000
18,000
25,000
13,000
14,000
16,000
197,000
177,000
122,000
408,000
766,000
39,000
34,000
52,000
47,000
49,000
2,284,000 2,228,000 2,234,000 2,477,000 3,531,000
110,000
108,000
91,000
93,000
121,000
15.000
14,000
20,000
18,000
20,000
67,000
71,000
70,000
62,000
70,000
211,000
214,000
267,000
232,000
249,000
37.000
37,000
38,000
38,000
35,000
1,751,000 1,740,000 2,256,000 1,728,000 1,293,000
687,000
691,000
796,000
589,000
741,000
105,000
107,000
82,000
85,000
116,000
2,000
2,000
4,000
7,000
6,000
Total bituminous coal-. 8,192,000 7,917,000 8,424,000 9,047,000 10,836,000
Total anthracite
1,825,000 1,889,000 1,921,000 2,084,000 1,974,000
Total all coal
10,017,000 9,806,000 10.345,000 11,131,000 12,810,000
a Average rate maintained during the entire month. b Includes operations on
the N. & W.; C. & O.; Virginian; K. & M.; and Charleston division of the B.& 0.
c Rest of State, including Panhandle.
ANTHRACITE.
The total production of anthracite during the week ended May 5 is estimated at 1,825,000 net tons. This is a decrease of 64,000 tone, or 8.4%
from the output in the preceding week. Production in the week of 1927
corresponding with that of May 6 amounted to 1,866,000 net tons.
Estimated United States Production of Anthracite (Nei Tons).
1928-1927
Cal. Year
Cal. Year
Week EndedWeek.
to Date.
Week.
to Date.a
1605,000
April 21
21,473,000
1,662,000
23,483,000
April 28_6
1 889,000
23,362,030
1,921,000
25,404,000
May 5.c
1,825,000
25,187,000
1,866,000
27,270,000
a Minus one day's production first week in January to equalize number of days
In the two years. b Revised since last report. c Subject to revision.
BEEHIVE CORE.
The total production of beehive coke for the country as a whole during
the week ended May 5 amounted to 91,000 net tons, as against 92,000 tons
in the preceding week. The production of beehive coke during the week
in 1927 corresponding with that of April 5 amounted to 153,000 tons.
Estimated Production of Beehive Coke (Net Tons.)
Week Ended
1928
1927
May 5 Apr. 28 May 7
to
to
1928.b 1928.c 1927.
Date.
Date.a
Pennsylvania and Ohio
70,000 71,000 119.000 1,197,000 2,664,000
West Virginia
9,000 10,000 14,000 225,000 297.000
Alabama, Kentucky, Tenn.and Ga
4,000 4,000 8,000
82,000 102,000
Virginia
4,000 4,000 6,000
85,000 129.000
Colorado and New Mexico
2,000 2.000 4,000
44,000
72,000
Washington and Utah
2,000
1,000 2,000
36,000
72,000
United States total
91,000 92,000 153,000 1,669,000 3,336,000
Daily average
15,200 15.300 25,500
15,500
30,900
a Minus one day's production first week In January to equalize number of days
In the two years. b Subject to revision. c Revised.
The total quantity of bituminous coal mined in the United
States during the week ended May 12, is estimated from
preliminary shipping reports by the National Coal Association, at about 8,400,000 net tons.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on May 16, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Reserve banks combined, shows decreases for the
week of $17,800,000 in holdings of bills bought in open
market, of $15,100,000 in Government securities, of $8,100,000 in Federal Reserve note circulation, of $44,000,000 in
member bank reserve deposits, and of $46,300,000 in cash
reserves, and an increase of $30,300,000 in holdings of discounted bills. Total bills and securities were $2,600,000
below the amount held on May 9. After noting these facts,
the Federal Reserve Board proceeds as follows:
during the week
The principal changes in holdings of discounted bills
Bank of Philadelphia,
were increases of $8,000,000 at the Federal Reserve
$6,700,000 at New
87,400.000 at San Francisco, 67,100.000 at Chicago, and
Cleveland and Atlanta,
York,and decreases of $8,100.000 and 82,500,000 at
open market dein
bought
bills
of
holdings
respectively. The System's
812,100,000, of Treasury
creased $17,800,000, of certificates of indebtedness
notes $1,600,000, and of United States bonds $1,500,000.
Federal Reserve note circulation decreased $8,100,000 during the week,
the principal changes being decreases of 84,200,000 at Cleveland,$3,100,000
at Chicago, $1,500,000 at Atlanta, and $1.100,000 at San Francisco,
and an increase of $2,200,000rat NeviaYork.
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 3084 to 3085. A
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
May 16 1928 is as follows:
Total reserven
Gold reserves
Total bills and seucritien
Bills discounted, total
Secured by U.S. Government obligations
Other bills discounted
Increase (+) or Decrease (-)
During
Week.
Year.
-$46,300,000 -5421,500,000
-49,200,000 -416,100,000
-2.600.000
+30,300,000
+41,100,000
-10,800,000
+463.400.000
+349,200,000
+209,400,000
+40.800.000
Bills bought in open market
-17,800,000
+121,800,000
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
-15,100,000
-1,500.000
-1,600,000
-12,100,050
-6,700,000
-21,300.000
+9,600,000
+5,000,000
-8,100,000
-128,300,000
-40,000,000
-44.000,000
+4,400,000
+80,800,000
+87,100,000
+100,000
Federal Reserve Notes in circulation
Total deposits
Members' reserve deposits
Government deposits
MAY 19 1928.]
FINANCIAL CHRONICLE
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 last, the Federal
Reserve Board also begain to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks—now 643
cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of the reporting member banks, which this week again
rose to a new record, the grand aggregate of these loans on
May 16 being $4,502,044,000 an increase of $140,936,000
over last week's total of $4,361,108,000. The low point of
$2,408,095,000 for broker's loans was made just two years
ago this week and since that time the total has increased
$2,093,949,000.
CONDITIONS OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York-46 Banks.
May 16 1928.
Loans and investments—total
May 9 1928. May 18 1927.
7,533.439,000 7,609,436,000 6.546.689.000
Loans and discounts—total
5.557.396,000 5,534,194,000 4,624,333,000
Secured by U. S. Govt. obligations_ 49,032,000
59.596,000
68.409,000
Secured by stocks and bonds
2 741,461,000 2,700,878,000 2.144,970,000
All other loans and discounts
2 766,903,000 2.773,810,000 2.420,954,000
Investment—total
1 976.043,000 1,976.242,000 1,922,356.000
U. B. Government securities
1 079,762,000 1,081.992,000
972.093.000
Other bonds, stocks and securities_ 896.281.000
893,250,000
950,263,000
Reserve with F. It. Bank
756.269.000
778,856.000
729.528.000
Cash in vault
49,473,000
51,872,000
56.414,000
Net demand deposits
5 573.048,000 5,574,967,000 5,196,938,000
Time deposits
1 195.943,000 1,185,238,000
967,688,000
Government deposits
14,842,000
21,187,000
27.760,000
Due from banks
112,193,000
114,372,000
103,856,000
Due to banks
1,251,361,000 1,239,899,000 1,114.832,000
Borrowings from F. R. Bank—total
233,198,000
229.292,000
77,850,000
Secured by U. S. Govt. obligations_ 190,920,000
170,550,000
47.350,000
All other
42,278,000
58,742,000
30,500,000
Loans to brokers and dealers (secured
by stocks and bonds):
For own account
1,311,820,000 1,252,127,000
924,240.000
For account of out-of-town banks 1,655,687,000 1,684,225,000 1,192,403,000
For account of others
1 534,637,000 1,424,756,000
814,240,000
Total
4,502,044,000 4,361,108.000 2,930,883,000
On demand
On time
3,452,170,000 3.324,777,000 2.218.539,000
1 049,874,000 1,036,331,000
712,344,000
Chien:to-43 Banks.
Loans and investments—total
2 088,785,000 2,081,486.000 1,887,300,000
Loans and discounts—total
1 570,283,000 1,561,488,000 1,430,847,000
Secured by U. S. Govt. obligations_ 15,850,000
Secured by stocks and bonds
809,250,000
All other loans and discounts
745,183,000
Investments—total
518,502,000
15,365,000
795,892,000
760,231.000
14,016,000
711,303.000
705.628,000
519,998,000
456.453,000
U. S. Government securities
229,548,000
233,617.000
195,597,000
Other bonds, stocks and securities_ 288,954,000
286,381,000
260.856,000
Reserve with F. R. Bank
189,841,000
194,421,000
176,026,000
Cash in vault
15,894,000
16,844.000
19,397,000
Net demand deposits
1,279,855,000 1,283,872,000 1,256,357,000
Time deposits
715,382,000
714,372,000
586,469,000
Government deposits
3,835,000
5,483,000
5,607.000
Due from banks
180.932,000
160,014,000
177,054,000
Due to banks
357,373,000
359,041,000
374,279,000
Borrowings from F. R. Bank—total
62,596.000
60,412,000
14,479.000
Secured by U. S. Govt. obligations. 55,298,000
63,483,000
11.285,000
All other
7,298,000
6,929,000
3,194,000
Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
643, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ending with the close of business May 9:
Complete
The Federal Reserve Board's condition statement of 643 reporting member banks in leading cities as of May 9shows decreases for the week of $53,000,000 in loans and discounts, of $104,000,000 in net demand deposits.
and increases of 810,000,000 in investments, $37,000,000 in time deposits,
and $22,000,000 in borrowings from Federal Reserve banks.
Loans on stocks and bonds, including U. S. Government securities, were
$46,000,000 below the May 2 total at all reporting banks, declines of $64,-
3051
000.000 in the New York district, $13,000,000 in the Boston district and
$9.000,000 in the San Francisco district being partly offset by an increase
of 834,000,000 in the Chicago district and of $6,000,000 in the Philadelphia
district. "All other" loans and discounts were 68,000,000 below the amount
reported a week ago.
Holdings of U. S. Government securities, which show an increase of
$1,000,000 at all reporting banks, increased $13,000,000 in the New York
district and declined $7.000,000 in the Chicago district. Total holdings of
other bonds, stocks and securities declined $10,000,000 in the Chicago
district and increased $10,000,000 in the New York district, $6,000,000 in
the San Francisco district and $0,000.000 at all reporting banks.
Net demand deposits were $101,000,000 below the May 2 total at all
reporting banks, the New York and Boston districts showing declines of ,
$100,000,000 and $24,000,000. respectively, and the Chicago district an .
increase of $14,000,000. Time deposits increased $37,000,000 at all reporting banks and $20,000,000 and 815.000,000. respectively, in the New
York and Chicago districts, and declined $8,000,000 in the Cleveland'dlstrict
The principal changes in borrowingsfrom Federal Reserve banks, which at
all reporting banks were $22,000,000 higher than a week ago, comprise in- ,
creases of $41.000,000 in the New York district and $11,000.000 each in
the Boston and Chicago districts, and decreases of $14,000,000 in the San
Francisco district, 89,000,000 in the Philadelphia district and $6,00(1,000
each in the Kansas City and St. Louis districts.
A summary of the principal assets and liabilities of 643 reporting member
banks, together with changes during the week and the year ending May 9
1928, follows:
Increase (+) or Decrease (—)
During
May 9 1928.
Week.
Year.
SS
Loans and investments—total__ _22,543,865,000
—43,657,000 +2,041,252.000
15,897,312,000
—63,437,000 +1,401,019,000
Secured by U.S. Govt. obliga'ns 136,394,000
6,826,745,000
Secured by stocks and bonds
8,934,173.000
All other loans and discounts_
—22,706,000
—17,829,000
—23,062.000 +1.075,820,000
—7,669.000 +343.028.000
Loans anddiscounts,total
6,646,553,000
+9,780,000
+640,233,000
3,024,745,000
3,621,808,000
+912,000
+8,868,000
+382,990.000
+257.243.000
1,803,929,000
249,590,000
—12,089,000
+8,381,000
+129,042,000
—17,449,000
13,841.568,000
6,948,288.000
72.055,000
—104,292,000
+36,922,000
—36,637,000
+620,666.000
+769.884,000
—57,418,000
Due from banks
1,160,892,000
Due to banks
3,371,781,000
Borrowings from F. R.banks, total 607,956,000
—75,071,000
—143,939,000
+21,708.000
—19,454,000
+134,377,000
+320,249.000
+688,000
+21,020,000
+235,559,000
+84,690,000
Investments, total
U.S. Government securities
Other bonds, stocks and secure
Reserve with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Secured by U.S. Govt. oblig'ne.
All other
424,915,000
183,041,000
Summary of Conditions in World's Market According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases
for publication to-day (May 19) the following summary of
conditions abroad, based on adviees by cable and other
means of communication:
AUSTRALIA.
Labor difficulties are again threatening to disorganize interstate
shipping
in Australia. It has been announced at Melbourne that a local loan
of
E500,000 will be issued shortly at par to yield 5%%. New
South Wales
plans to spend £1,000,000 in providing work for unemployed,
according to
reports. Semi-official local estimates place wheat plantings considerably
in excess of last year. Australian flax companies are considering
the formation of a single corporation to absorb all interests operating independently.
A new company with capital of £100,000 has been registered for
the manufacture of ball bearings.
BRAZIL.
General business has remained quiet with little change ,noticeable.
Exchange has been steady and coffee prices have been well maintained.
The automobile show which opened in Rio de Janeiro on May 3 has been
successful in stimulating sales. The show is scheduled to extend through
May 13.
BRITISH MALAYA.
The British Malayan situation continues practically unchanged. Dealers
in staple lines appear contented with business offered. Chinese merchants.
however, are somewhat hampered by credit restriction on the part of banks.
CHINA.
Yangtze Valley and South China trade continues good, but with considerable boycott agitation. In North China, all railway lines, with the
exception of the Tsingpu (Tientsin-Pukow) ranch, continue in operation
although hampered by military activities. The situation is generally
depressive to trade and has led to the failure of several of the smaller Peking
banks, and a further depreciation of fengplao (local paper currency) in
Manchuria. Business at Shanghai is slow, owing to the local observance
of holidays. The Shantung situation is as yet having no material effect
upon trade although it is reported that Chinese chambers of commerce
in principal trading centers in the lower Yangtze have declared a trade
boycott. The dealer trade appears slow to react to these measures. The
Tientsin Consulate reports that declared exports from Tientsin to
the
United States during April totaled $3,940,000 compared with
$4,500,000
in April of last year.
FRANCE.
With a strong and active stock market and increased
public confidence
Inspired by the satisfactory results of the elections,
subscriptions to the
new 5% internal loan opened on May 7 under favorable
No estimate as to the probable total of the loan is as yet circumstances.
available, but its
success is assured. A feature of the flotation are large
foreign subscriptions. Security transactions have reached a record height
and continuance
of the upward movement is expected. There has been
an improvement in
the general business situation, but prices have not
advanced in proportion
to Costs of production and profits generally are limited.
In the iron and
steel industry the situation is characterized by a record
production,
export and domestic demands,
good forward bookings and rising stronger
prices for
steel. However, producers claim that prices are
still too low for
really
profitable operations. In the coal industry there
is practically no
In the difficult situation. The production of
change
coal increased in
March and
the coke output tistablished a record.
Activity in the textile
industry ha,
3052
FINANCIAL CHRONICLE
increased. Business in the machinery industry is normal or better, prices
are increasing and earnings are at a higher level than at this time last year.
Automotive sales have been well maintained. The general index of industrial production has shown a small but steady improvement over the
first quarter.
GERMANY.
During April the German trade and industrial situation was generally
good, although certain branches of industry, particularly those producing
chiefly for home consumption, report a falling off of orders, but this is
offset by the recent increase in exports. The money market is relatively
tight and the rates are high, but credit conditions are not strained. Unemployment is decreasing satisfactorily* despite the fact that building operations are kept below normal by rising prices and the high cost of financing
construction. The settlement of the wage conflict in the coal industry
without any interruption in mining has helped th maintain confidence,
although the resulting incrtese in coal prices may make the competitive
position of German manufacturers more difficult. The approach of the
general election on May 20 has had less effect on business than was expected. The April investment market was characterized by a large
amount of domestic borrowing by means of internal bond issues which
consisted chiefly of municipal loans. The numerous loans now under
negotiation, or recently completed, foreshadow a substantial increase in
the volume of foreign borrowing during May.
GREECE.
Returns for the first II months of the 1927-28 fiscal year (April 1Feb. 29) show collections of 7,576,000,000 drachmas, against assessed
revenues of 8,580,000,000 drachmas, as compared with 6.857,000,000 and
7,310.000.000 drachmas, respectively, for the same period of 1926-27.
Payments made during this period totaled 5,334,700,000 drachmas on
account of expenses incurred amounting to 8,083,700,000 drachmas; the
respective figures for corresponding period of 1926-27 were 5,824,100,000
and 8.760,300.000 drachmas. According to the final budget figures for
1927-28 recently approved by Parllament. Government receipts amount
to 8,837,370,000 drachmas and expenditures to 9,121,346.000 drachmas,
Indicating a deficit of 283,976,000 drachmas. (The drachma equal approximately $0.0131.)
IRISH FREE STATE.
A rapid Improvement in fatted cattle prices, and an advance in potatoes,
have contributed to a generaly healthier aspect in Free State agriculture.
In contrast to the handicaps of a late spring and outbreaks of foot and
mouth disease in Wexford County. Money and collections are generally
easier and retail demand has improved. Although the quarantine restrictions on cattle movements have been successively lifted, the temporary suspension has resulted in a decline in exports of some £200,000 for
January and February, as compared with returns for the same months of
1927. Butter exports have also decreased substantially in the same
cmaparlson, but the outlook is more hopeful. The Irish Associated
Creameries, Ltd.. the central marketing organization set up by the Dairies
Control legislation of 1925, has begun operations with the output of some
75% of the creameries and is prepared to handle butter exports for the
coming season. The railway wage dispute which has been pending since
1927 was settled late in March by the decision of the Railway Wages
Board against the proposed wage reductions for the next year. Final
returns for 1927 confirm the preliminary estimates of increased traffic in
all categories except passenger business, which has been particularly affected
by the growth of motor transport. The Agricultural Credits Corp.,recently
organized, is reported to have received an avalanche of credit requests.
JAPAN.
The Chinese situation appears to be causing no particular concern to
local business men beyond anticipation of a possible slight decline in exports
and some speculative activity in exchange. Business in general is good.
Special loans authorized by the emergency Act passed in 1927 closed on
May 8, showing a total of 680,000,000 yen advanced to banks.
MEXICO.
The publication of the proposed changes in the Civil Code has adversely
particularly
business,
real
estate transactions.
affected
NETHERLAND EAST INDIES.
Bazaar trade of the Netherland East Indies is seasonally quiet. Harvesting of major crops is just beginning and the early crop of pepper. harvested
In February. March and April, has been late in arriving on the market.
The output of white pepper is estimated at 6,200 metric tons.
PHILIPPINE ISLANDS,
The Far Eastern situation, as recently developing, is affecting business
conditions in the Philippines, especially the piece goods trade. Export
markets of the past week, however, showed little change with slightly
heavier arrivals, copra trade steadied somewhat and three oil mills operated
intermittently. Prices remained at 13.50 pesos per picul for resecado
(dried copra) delivered at Manila; Nondagua, 13 pesos; and Cebu, 13.75
pesos. (One peso equals $0.50.) Arrivals of copra in Manila totaled 172,460 sacks in April. Production, however, is expected to improve sufficiently for May arrivals to be from 15 to 20% higher than last month and
about the same amount above May 1927. It is probable that all oils mills
will be in operation by the end of June. Continued heavy production of
abaca rendered the market slightly weaker. Prices, which were nominal,
were somewhat lower, at 25.50 pesos per picul for grade F; I, 22.50; J138, 21;
MIK, 18; and L, 14.
PORTO RICO.
Heavy rains which fell throughout the island during the past week have
broken the drought, and caused considerable damage to roads, telegraph
and telephone lines. The relief from the dry weather is expected to stimulate farm activity and afford greater employment to farm labor. Sugar
mills are still reporting a high sucrose content, and many mills are running
over 12%, with one company averaging a yield of 14%,or better, for three
consecutive weeks and average yield for the season of 12%. Total sugar
production to March 30, is reported at 450,000 short tons, with total
shipments in the same period amounting to 320,000 short tons which have
been sold at an average weighted price of $.0442 a pound. Central "Santa
Juana" finished grinding on May 5 and Central "Defensa" contemplates
finishing its campaign on May 12. However, some mills will grind until
late in July. Trade continues dull and collections are still difficult, although
it is expected that an improvement in collections will occur in the next
few weeks. San Juan bank clearings for the first eleven days of May
amounted to $10,089,000 as compared with $9,476,000 in the same period
In several months that bank clearings have exceeded those of last year
RUMANIA.
Collections of State revenues for the account of the 1927 budget during
year (the Treasury accounts for 1927
current
the first three months of the
remained open until March 31) totaled 1.826,735,000 lei (average rate of
exchange for the period, $0.0617), bringing the total receipts for the 1927
budget year up to 35.345,000,000 lei (rate of exchange, $0.0607), thus
[VoL. 126.
showing an excess over budgetary estimates of 705,000,000 lei. Receipts
for the account of the 1928 budget, for the first quarter, aggregated 6,356,683,000 lei. Compared with the total of the 1928 budget of 38,350,000,000
lel, actual collections for the period are thus, so far, considerably below the
proportionate budgetary estimates.
SWEDEN.
The new agreement which was accepted by the Swedish employers and
workers on April 8 is, in almost all important points, a prolongation of the
agreement cancelled on Dec. 31 1927. The sick aid to the workmen's
dependents is retained, the overtime pay is computed in accordance with
the workmen's demands, and the vaction money, although calculated in a
new way, is the same or higher than it was before. A number of adjustments are made in the wages, so that the highest wages are somewhat
reduced, while the lowest wages are slightly increased, the increase on an
average amounts to 4 ore (1 cent) per hour. The maximum and minimum
wages, according to the new agreement, are 1.18 crowns ($0.30) and 1.000
crowns ($0.27) per hour, respectively, as against 1.48 crowns ($0.40) and
0.91 crowns ($0.24) previously. The number of mills that recommenced
operation through this settlement were as follows: 52 wood-pulp mills with
about 17,500 workmen (locked out since Jan. 1 1928) 68 sawmills with about
18,000 workmen (since Jan. 30 1928) and 41 paper mills with about 13,500
workmen (since March 5 1928).
UNITED KINGDOM.
Returns of overseas trade for April show imports at £96,790.000, exports
of United Kingdom goods at £55,260,000, and re-exports at £10,950,000, as
compared with £110,510,000, £64,958,000 and £11.267,000, respectively,
for March. In comparison with the values reported for the same month of
1927, imports decreased by 3.9%, exports increased by 5%, and re-exports
decreased by 7.3%. Because of the 1926 coal stoppage and Its 1927 aftermath, the Board of Trade has decided that the quarterly revaluation of
British overseas commerce for 1928 will be based on the 1924 value as 100.
On this basis, average values of exports of United Kingdom goods for the
first quarter of 1928 were 3.8% below the quarterly average for 1924 and
13.2% below that for the first quarter of that year. On the 1924 basis, the
index number for the first-quarter export volume of United Kingdom goods
works out at 105.4 for 1928, 98 for 1927, 103.5 for 1926, 105.5 for 1925,
and 97.7 for 1924. The wholesale price index, based on 1924, is 84.6 for
the first quarter of 1928.
Return of J. E. Aldred from Abroad—Finds Italy Making Progress—Sees Necessity of German Debt
Settlement.
J. E. Aldred, of the international banking firm of Aldred
& Co., who recently returned from abroad on the Leviathan after an inspection trip of hydro-electric properties
in Italy and France in which upwards of $35,000,000 of
American capital has been invested through the International Power Securities Corporation, of which he is President. Commenting on economic conditions In Italy, the
effect of the election in France and the necessity for the
settlement of the German debt question once and for all,
Mr. Aldred said:
"Italy continues to make substantial progress toward economic recovery from after war conditions. The most important accomplishment of
the past year was the readjustment of industrial and commercial operations to the revalorised lira.
"The maintenance of a large volume of exports to the world's markets
is of supreme importance to Italy and fixing the value of the lira at 19
to the dollar temporarily imposed a great burden on Italian industry.
This resulted in a slowing down of production which was reflected in
general business. However, the courage and will with which this situation was met and overcome furnishes but another example of the strength
and ability of the business men of Italy. As a result, industry Is steadily
recovering and business is improving generally.
"An important factor in this situation is the bountiful supply of
electric energy available at reasonable rates and the unlimited amount
of high class labor for all industrial purposes. These factors coupled
with her wonderful shipping facilities make Italy a formidable competitor
in the world's market. Now that the world realizes the stability of political conditions in Italy and the wonderful contribution made by Mussolini and the Fascist party to this result, it would appear that Italy
is
entering upon a long period of peaceful development and prosperity.
"As a consequence of the election just held in France, resulting in a
most emphatic endorsement of the policy of the Poincare regime, that
country for the first time in years is in position to carry out the measures
necessary for her complete rehabilitation financially and politically.
The results of the election represent two years of intensive work on
the part of the best elements of the country, to bring home to the manes
a knowledge of the country's needs.
"Now that this has been accomplished and a stable government elected,
it is to be expected that the recovery will in every way be rapid and coinplete. To carry out the necessary plans, France will have little need for
financial assistance as she is rich in her own resources.
"The observer making a careful survey of the whole European
situation is ultimately forced to one conclusion, namely, that before a complete adjustment can be brought about between the nations,
Germany's
debt must be fixed once and for all. Until this has been
accomplished,
there can be no real basis for credit as between that country
and other
nations."
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting the moneys held in the United States Treasury and by
Federal Reserve banks and agents. It is important to note
that beginning with the statement of Dec. 31 1927 several
very important changes have been made. They are as follows: (1) The statement is dated for the end of the month
instead of for the first of the month;(2) gold held by Federal
Reserve banks under earmark for foreign account is now
excluded, and gold held abroad for Federal Reserve banks is
FINANCIAL CHRONICLE
MAY 19 1928.]
now included; (3) minor coin (nickels and cents) has been
added. On this basis the figures this time are for Mar. 31
1928. They show that the money in circulation at that date
(including, of course, what is held in bank vaults of member
banks of the Federal Reserve System) was $4,748,934,015,
as against $4,690,430,100 Feb. 29 1928 and $4,861,705,967
Mar. 31 1927, and comparing with $5,760,953,653 on Oct.
31 1920. Just before the outbreak of the World War, that
is on June 30 1914, the total was only $3,458,059,755. The
following is the statement:
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a Includes United States paper currency In circulation In foreign coun ries and
the amount held by the Cuban agencies of the Federal Reserve Bank of Atlanta.
S Does not Include gold bullion or foreign coin other than that held by the Treasury.
Federal Reserve banks, and Federal Reserve agents. Gold held by Federal Reserve
banks under ear-mark for foreign account Is excluded, and gold held abroad for
Federal Reserve banks is included.
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 sliver 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 stook of money In the United
States.
e This total Includes 516,281,532 of notes in process of redemption. $151,070,555
of gold deposited for redemption of Federal reserve notes. 510,444,922 deposited for
redemption of National bank notes, $2,430 deposited for retirement of additional
circulation (Act of May 30 1908), and $6,438,700 deposited as a reserve against
postal savings deposits.
f Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
g Figures revised to conform to changes effective Dec. 311927.
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 3156.039.088 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
di/Mounted or purchased paper as is eligible under the terms of the Federal Reserve
Act. Federal Reserve banks must maintain a gold reserve of at least 40%. Including 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 haa 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 oltes
soured by Government bonds.
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3053
Cash Subscriptions to New French Loan Reach $400,000,000-Premier Poincare Keeps Loan Open Only
for Exchanges of Short Term Bonds-Demand for
Stabilization.
According to Associated Press advices from Paris Premier Poincare decided to accept no further cash subscriptions to the new 5% loan on May 15, at Which time 10,000,000,000 francs ($400,000,000) had been subscribed in new
money. The.cablegrams stated:
As the object of the loan is to refund short-term bonds, rather than to
borrow cash, the Premier found the money flowing in toe freely. A great
deal of American money was offered but not all of it was accepted.
Henceforth and until June 8 reconstruction bonds issued in 1922, 10-year
reparations bonds and treasury bonds issued in 1923 for 3 to 10 years, will
only be received in exchange for the new issue.
It is understood that more than six billion francs in such securities has
already been turned in, which is regarded as a great success. The unexpected eagerness with which the public took up the new issue has revived
manors of early stabilization. Some financial writers fix August as the
probable period when the Bank of France will say te the public that it is
ready to exchange gold for paper.
There appears to be some politics in this, however. The radicals are
anxious to get the monetary question out of the way so that they can return
to a purely political program before the end of the year, reunite their
party and regain control of the government.
Whatever is going to be done will be known only when M. Poincare
appears before the chamber in June.
The new loan was referred to in our issue of May 12,
page 2900. Last night (May 18) the "Evening Post," in
advices from Paris regarding the loan and a demand for
the stabilization of the franc, said:
A noticeable wave of confidence is sweeping over France, manifesting
itself in a general dernand that Premier Poincare proceed to a real stabilization of the franc.
Political observers ascribe this situation to the re-election of the Poincare
majority in the recent campaign, and to the 50% reduction of Communist
seats in the Chamber, as well as more recently, to the overwhelming succese
of the consolidation loan.
Almost every newspaper now refers to this consolidation loan as a stabilization law which, in view of the balanced obligations between the French
Treasury and the Bank of France, provides a most auspicious time for the
revalorization of the franc, France being one of the last countries of Europe
to get down to a fixed schedule.
However, it is certain that only two men in France will know the exact
date of the franc stabilization and the exact rate on the pound and dollar.
They are M. Poincare and M. Moreau, Governor of the Bank of France.
Financial comment, reviewing the aftermath of the ten billion franc loan,
is unanimous that the present exchange rate will be adopted, making the
franc-dollar quotations about twenty-five plus, or 4c. a franc.
Inasmuch as the 10,000,000,000-franc loan tallies exactly with the amount
the Treasury would have to pay to the Bank of France, to insure stabilization
at the present rate of exchange, the nation is urging Poiscare to go ahead.
Moreover, public confidence never has been so marked since the franc began
to wobble in 1919.
New Deputies who will take seats are making it apparent in constituent
speeches that France must expect stabilization this year for two main
reasons-rates must be fixed on the forthcoming Dawes plan payments, and
a fixed rate also is desirable in order to enlighten the Government on
future war debt payments.
The New York "Times," in a Paris cablegram May 14,
relative to the new loan, said:
What is regarded as especially satisfactory is the support which the loan
has obtained abroad. London, Amsterdam and New York being reported to
have taken important parts.
$300,000,000 in Gold for France-Imports for Stabilization Believed Near End.
From the "Evening Post" of last night we take the following from Paris:
It is improbable that the French Government will ask stabilization credits
of foreign central banks, but nothing has been finally decided.
It is thought the gold import movement is nearing a conclusion. The
total of about $300,000,000 in gold brought from London and New York is
equal to the "non-available gold abroad" in the Bank of France's statement which will insure a cover of 40% against circulation following
revalorization at five new francs to one old. The reserve, including holdings of gold balances abroad, will be about 80%.
Money on Paris Bourse Goes to 9%.
Under date of May 15 a cablegram from Paris to the
"Journal of Commerce" said:
To-day was term settlement day on the Paris Bourse, and the effects of
the sharp speculative rise in the market during the past fortnight were
seen in the rise in money rates from 5% to 9%. The lower rate was in
effect at the settlement made two weeks ago.
Practically all important groups of stocks have participated in the
recent rise. The bank stocks have been favorites. The arguments of bullish
traders are that the revaluation on a gold basis will result in greatly
altering the book value of leading shares and also result in bringing out
earnings of recent years concealed by-currency depreciation.
Paris Bank Protests Inflation of Notes-Believes Increase in Bank of France Circulation Raises Prices
-The Trade Balance.
From the New York "Times" of April 29 we take the
following:
In the annual report of the Banque l'Union Parisienne,
Id. Sent,
President of the bank and a well-known economist, expresses
his opinion
in regard to the large purchases of foreign exchange
by the Bank of
3054
FINANCIAL CHRONICLE
France. These purchases, he believes, "represent approximately France's
annual credit balance, made up of the following elements: the expenditure
of foreign tourists in France, the investment of foreign capital in France,
the favorable balance on our foreign trade, and the favorable balance on
our receipts from abroad as compared with our payments abroad on debt
account." His summary does not appear to allow for the return to France
of capital which had "fled" abroad in the depreciation period.
Referring to the increase in note issues by the Bank of France, in connection with payments made by it for purchase of exchange, M. Sergent remarks: "One must ask one's self the question whether we have not reached
a point where it is imperative that the quantity of francs in circulation
should cease to increase. Since Jan, 1 1927 the note circulation has risen
by over seven milliards. Are we condemned to see the increase in the
circulation continue, an increase which must eventually make itself felt on
wholesale and retail prices? Is the Bank of France to continue its purchases of foreign exchange and lay the country open to a new form of
Inflation, namely, gold inflation?"
Bank of France Notes to be Payable in Gold.
The following is from the "Evening Post" of May 10:
Heavy purchases of gold in New York by the Bank of France in preparation for stabilization were accounted for to-day in a dispatch from London
stating that the "Financial News" understood from good sources that,
after stabilization, notes of the French Bank will be convertible into gold
coins.
For this purpose, it is stated, large quantities of gold will be minted to
meet the initial demand. Premier Poincare is said to have insisted on this
plan of internal gold circulation as a means of establishing French prestige,
despite attempts by friends to disuade him.
The move will be popular as the French predilection for gold is strong.
—-
[VOL. 126.
More Than Trebles Naval Program—Plans, Kept
Secret, Follow Italian Accord.
A special cablegram from Madrid May 14 to the New
York "Times" stated:
Spain
Following the recent understanding with Italy on maritime strength In
Mediterranean waters, Spain has authorized the expenditure of 600,000,000
pesetas for a naval building program. Spain's usual annual navy appropriation is 164,000,000 pesetas.
Details of this new navy program, which was formulated in a secret
council presided by the King, will not be made public, according to a statement by Premier Primo de Rivera. The program will, however, provide
ample work in ship construction for those who have been recently employed
In building the great Spanish dockyards in Cartagena and the Cadiz lighthouse and who would soon have been without work, it is stated. Spain
has thus been able to keep together a large organization of technical workmen which would otherwise have been abandoned.
Work on the new ships will be started immediately and all vessels will be
constructed in Spain and of Spanish material, it is announced. Though
the Government would give no indication as to the size and nature of the
units on the program, it is believed that the ships to be built will mostly be
small, speedy vessels, torpedo boats and submarines.
Premier Primo de Rivera's declaration emphasizes that this increased
naval program is aimed entirely at providing adequate protection to the
Spanish coast line and is prompted by no imperialistic ambitions.
Spanish Minister of Treasury Urges Action
Speculation to Protect Peseta.
Against
Addressing a meeting of the directors of the Spanish
Bank at Barcelona, the Minister of the Treasury declared
on May 15 that the peseta must be defended against all
manner of speculation, according to a special cablegram
German Borrowing Abroad to Be Curbed—Public from Madrid to the New York "Times." These advices
Advisory Council Places New Regulations on
also state:
Foreign Transactions.
He advocated that the Government bring into play all its financial refor this purpose.
A wireless message May 11 from Berlin to the New York sources
He declared that Spain's financial problems seemed to be solved, but
"Times" states:
added that there would always be some difficulty with economic problems
After the heavy pressure of April, the home capital market shows fresh as long as the nation's natural resources remained in foreign hands.
signs of exhaustion, and we have municipal emissions for principal undersubscribed. Finance Minister Koehler declares that it is not intended to
Bank of Greece Opens Under 51.3% Guarantee.
place abroad Federal or State loans or loans with Federal or State guaranThe following advices were contained in a cablegram from
tees. The Loan Advisory Board's new regulations will make foreign borrowing harder.
Athens May 13 to the "Journal of Commerce":
Henceforth the Board's sanction will be necessary even for selling municiThe Bank of Greece, through its new issue, which has been established
pal bonds through mortgage banks, and the currency and general economic
situation will be increasingly taken into account when considering appli- in accordance with the Geneva protocol concerning the Greek reconstruction
loan,
will commence business to-morrow with a coverage of gold in foreign
cations for sanction. Municipalities are warned that the Board will always
exchange and gold of 51.30% of its note circulation and other demand
consider reducing the amount, even of loans, which it intends to sanction.
liabilities.
By a decree promulgated yesterday, currency has been stabilized at 375
drachmas per pound sterling. In the pre-war period, gold drachmas
Use of Gold Coin for General Circulation in Germany were quoted at 25 drachmas to the pound.
All restrictions regarding foreign exchange dealings have been removed,
Urged.
and notes of the Bank of Greece are freely convertible into any foreign gold
Advices from Berlin May 11 to the "Times" state that standard of exchange.
in the May number of "Die Bank" the editor, Alfred Landsburgh, declares strongly not only for the gold standard but Greece Stabilizes Money—Decree Fixes the Drachma
against the gold-exchange standard and managed currencies.
at About 77 to the Dollar.
It is further said:
From Athens May 13 the New York "Times" reported
He also advises return to general use of gold coin. Landsburgh asserts
that centralization of non-circulating gold in central banks causes evils the following:
worse than those which it is supposed to combat.
Private hoarding of gold, which is feared by opponents of gold coinage,
he declares to be a natural process, which has desirable effect in counteracting fluctuations in the value of gold. He denounces as chimerical all
plans to stabilize prices independently of gold, and declares that economic
processes will themselves serve to check extreme fluctuations in the buying
power of gold.
Vienna Joins Upward Movement of European Stock
Markets.
From the New York "Times" we take the following
Vienna advices May 11:
Greece has finally followed other powers of Europe in stabllzing her currency. The rate established is 375 drachmas to the pound sterling or
about 77 to the dollar. A new decree provides that the value of the drachma
which shall henceforth serve as the Greek monetary unit shall be fixed as
follows: 51,212 drachmas 87 lepta equal 1,000 grammes of gold.
The obligation on Greek banks to cede 15% of their daily foreign exchange purchases to the Government ceases to-morrow. The present
stabilization, it is explained, was based on the actual situation existing
In Greece during the past year and therefore does not affect commercial
transactions and does not render a modification of the index number
necessary.
General Strike Called in Sweden.
From the "Wall Street Journal" of May 16 we take
the
For the first time in many months a distinct upward movement became following United Press advices from
Stockholm:
noticeable on the Vienna Stock Exchange. It has gone hand-in-hand with
A general strike effective at 2 p. m. May 22 has been ordered by labor
a firmer tendency at Prague and Budapest. Part of the international leaders in protest against a Government bill affecting labor unions,
including
speculation which has operated so successfully at Paris is believed to have
regulation
of collective agreements and prohibition of boycotts and
realized profits on that market and now to be giving attention to the Vienna lockouts. The bill is scheduled for Parliamentary
discussion
May 23.
has
been
advance
in
those
The
chief
Austrian
Bourse as well as to Berlin.
Unions whose agreements with employers prevent strikes are exempted
industrial shares which will profit from the program of public works; shares from the union strike order.
railway car manufactories and iron works like
of electrical companies, of
rails.
the Alpine-Montan, which has received large orders for
The upward movement was also supported by higher dividends an- Poland's Stabilization Plan Functioning Smoothly
Business
with
the majority
companies.
nounced by numerous industrial
According to Charles S. Dewey in Second Quarterly
unsatisfactory of late. The laborof Austrian industries has not been
hindered by lack of capital,
Report.
saving processes, whose application was long
shows further increase:
have made more rapid progress. Production of iron
Poland's stabilization plan is now in full operation and is
quantity not booked
rolling mills in particular have received orders in a
functioning smoothly, according to the second quarterly
report of Charles S. Dewey, Financial Adviser to the Polish
Government and Member of the Council of the Bank of
Vienna
Banks.
Leading
in
Increase
Savings
Austrian
Poland,
made public at Washington on May 14 by the Legastates:
Under the above head the 'tTimes" of May 13
tion of Poland. The financial sections of the report state:
reported by nine leading savings institu-
since 1914.
Savings deposits in Austria, as
"The Government has been justified in its opinion that the existing
an
tions and commercial banks of Vienna for the month of February,show
tax system would provide a substantial surplus for the fiscal year ended
January
figure
and
a
the
schillings
over
20,000,000
than
Increase of more
March 31 1928 without creating new forms of revenue or increasing the
gain of more than 232,000,000 schillings as compared with the corresponding present tax rates. Definitive figures for the fiscal year 1927-28 show
month of 1927. The list is headed by the municipally operated Central not receipts from all sources of $311,000,000 while actual expenditures
Savings Bank of Vienna, followed by the Oesterreichische Credit Anstalt were $281,000,000, leaving a surplus of $30,000,000. The budget for the
fur Handel und Gewerbe. which shows the largest total reported by any
fiscal year 1928-29 is also expected to provide the substantial surplus
of the commercial banks.
The figures given for the commercial banks cover genuine saving accounts recommended by the Stabilization Plan.
"Actual receipts in 1927-1928 exceeded the original budget estimates
for
most
only and do not include deposits and current accounts, which
as submitted to the legislative bodies by 39%. This result was attained
banks are several times as large.
lay 19 1928.]
FINANCIAL CHRONICLE
creating new sources
without the necessity of increasing tax rates or
the Government had
of revenue, to which, by the Stabilization Plan,
bound itself, should the need be found to exist.
to the income and
The increased prosperity of the country, adding
tax, tax monopoly
the consumption of the people, caused practically every
than budgeted."
or profit-making enterprise to bring in more revenue
The following advices are also contained in the report:
the previous
Tax collections in 1927-1928 were 32%% more than in
and the revenue
year. The profits of tax monopolies increased 27%,
the class showing
from public enterprises 33%. Among individual taxes
Swelled by the excepthe greatest increase was that of customs duties.
double the amount
tionally large imports, the receipts were more than
and commerce taxes
called for in the budget. The so-called industry
customs revenue,
the
to
on licenses and sales, which are second in size
year.
yielded an amount 25% greater than the previous
expenditures
As contemplated under the Stabilization Plan, Government
went for pershowed an increase of 26%, a considerable part of which
Approximately $5,manent improvements of a much needed character.
in line with
734,400 was added to the capital of the State Agrarian Bank,
the interest
the Government's policy of promoting agriculture, especially
the pay of
of the small farmers; and $8,176,000 was used to increase
zloty
Government employees who had suffered severely from the post-war
depreciation.
The report further states:
not
"The accounts of the general Treasury, above summarized do
show fully the favorable outcome of 1927-28 finances. The government
railways, besides turning over to the Treasury much more than budgeted,
which
accumulated a surplus (the final amount is not yet ascertained),
railis intended for capital investments during the coming year. The
to
able
also
ways and some of the other government enterprises were
contemplated
than
purposes
expend during 1927.28 larger sums for capital
by their original estimates. For the ten months from April to January,
1928 (later data not available), operating receipts of the railways exceeded operating expenses and fixed charges by $23,408,000. After paying to the Treasury $5,376,000 and spending $10,136,000 in permanent
improvements there remained a balance of about $7,900,000."
Mr. Dewey states that in the budget for 1928-1929 now
submitted before Parliament, revenues amount to $283,400,000 and expenditures to $278,100,000, thus leaving a
surplus of $5,300,000. Revenues are 9% less than the actual
amount collected for the fiscal year just closed, and expenditures 1% less. The public debt expenditures are less than
10% of the total budget. The economic sections of the report
are referred to elsewhere in this issue. Extracts from
Secretary Dewey's first quarterly report were given in our
issue of March 3 1928, page 1282.
3055
is more production and more commerce, so that a larger volume of money
Is needed. More important still, money circulates more slowly; the
increased confidence in its future buying power makes people willing to
hold it for a normal time instead of using it as soon as posible to buy
commodities.
"Similarly, despite a considerable stringency in short-term credit, there
is evidence of growing strength in the increase of both demand and savings deposits. The deposits of all commercial banks combined increased
from 167,000,000 zlotys in June, 1926, to 447,000,000 in December, 1927,
and figures for the 13 largest banks show a further advance of 7% in
January, 1928. The deposits in savings institutions rose from 90,000,000
zlotys at the end of 1926 to 250,000,000 on January 31, 1928."
Visit of S. G. Bron of Amtorg Trading Co. to Soviet
Union—Soviet-American Trade During Twelve
Months—Gold Shipment to United States.
Saul G. Bron, Chairman of the Board of Directors of
the Amtorg Trading Corporation, sailed on May 5 on the
"Leviathan" for a short stay in the Soviet Union. The
"purpose of Mr. Bron's visit to this native country after a
stay of one year in the United States is to discuss the vita
problems of Soviet-American trade relations with Mr.
Mikoyan, the Soviet Commissar for Trade, and with the
heads of various Soviet industrial and trading organizations.
During Mr. Bron's absence M. Gurevitch will act in the
capacity of Chairman of the Amtorg. In spite of certain
untoward incidents the business relations between the Soviet
Union and the United States have developed during the
past year to an unprecedented extent," stated Mr. Bron.
He went on to say:
a
Soviet-American trade in the 12 months ended Mar. 31 1928, reached
total of close to $140,000,000. of which business amounting to $80,000.000
that
was done during the second half of the year. It is quite significant
0
Soviet purchases in this country in the twelve months totaled $115,000,00
an
of
n
accumulatio
while sales here amounted to only $25,000,000. The
of
desire
the
explains
well
year
one
in
adverse trade balance of $90.000,000
adjusting
Soviet trade organs to follow the most direct financial procedure in
this balance.
have
Paris
and
During the past week reports emanating from London
conducted
appeared in the press to the effect that negotiations are being
011 Co. with the
by the Standard Oil Co. of New York and the Vacuum
oil pro.
Naphtha Syndicate of the U. S. S. R. for a monopoly of Russian
ducts. The facts are these:
Naphtha
the
of
ve
representati
The Amtorg Trading Corp., as the sole
involving
Syndicate in the United States, is authorized to negotiate all deals
Amtorg TradSoviet oil products with American companies. Neither the
on any
ing Corp. nor the Naphtha Syndicate of Moscow have carried
negotiations for a monopoly of Soviet oil products with the Standard
group.
Oil Co. of New York, the Vacuum Oil Co. or any other concern or
At present over 80% of all Soviet oil exports are being sold to British,
French, Italian, German and other national companies. About 20% of
the exports are being sold to American companies. The Naphtha Syndicate
will not depart from its policy of avoiding monopoly contracts.
The recent incident with respect to a shipment of Soviet gold to the United
States is regarded in the Soviet Union as an unfortunate occurrence. I
may state, however, that Soviet public opinion sharply differentiates
between the various factors which have served to create this situation.
There exists a clear understanding of the amicable feelings in American
business circles in respect to commerce with the Soviet Union and consequently it is believed that the best means for continuing and expanding
this trade will soon be adopted.
During my sojourn in Moscow I expect to see representatives of a number
of Siberian and Far Eastern industrial and trading organizations.
Industrial and Agricultural Progress of Poland,
Depicted in Second Quarterly Report of Charles
S. Dewey.
Industry and agriculture in Poland so far this year are
continuing the good record of 1927, according to the economic
section of the second quarterly report of Charles S. Dewey,
Financial Advisor to the Polish Government and Member of
the Council of the Bank of Poland. The growth of trade has
required a 30% expansion in currency circulation since
March 1927 without any corresponding advance in prices.
It is also stated that with a 10 or 12% increase in the volume
of crops last year, the Polish farmers gained also by an
advance in the price of their products. In 1926 farm prices
had been considerably below the prices of manufactured
Deposits—New
articles, but in 1927 they were 15% above. Mr. Dewey,says: National City Bank Must Pay Russian
of 820,770
Return
Orders
level
Court
pre-war
Supreme
the
has
fully
reached
production
agricultural
York
"Polish
and promises further advance. The area planted for crops in the fall
nt Exchange Rate.
13-Ce
at
Rubles
of 1927 showed a small increase, no great expansion in cultivating being
The National City Bank of New York must pay to the
possible except either by cutting down forests or draining marshes, which
latter task requires much capital."
Bank of United States the valuation of rubles at the rate of
Industry during the winter months has substantially 13 cents each instead of practically nothing in litigation over a
maintained the high level attained in the autumn. Apart balance in the account of the Bank of United States with the
from farm products, the transportation of which is highly Petrograd (Leningrad) branch of the National City, under
seasonal, the February daily average of carloadings for two decisions by New York Supreme Court Justice Mahoney
domestic destination was less than 5% below the record on May 14 according to the New York "Times,"from which
figures of September and November, and was 2)4% above we also take the following:
bank,in which the National City
In one case, brought in the name of the
the average of Feb. 1927. Despite slight seasonal declines in
of the balance of 280,130 rubles
value
market
the
as
$72.75
offered
certain industries, the number unemployed at the end of Bank
orders judgment for $36,416, with inon Dec. 15 1922, "if any," the Court
brought in the name of William
March amounted to only 168,000. The report likewise terest since Sept. 1 1918. and in another,United
States in Petrograd, in
Rosenblatt, Manager for the Bank of
states:
account was kept, in which the balance was 540,640 rubles,
"Output of pig iron in January and February was not much below
the peak figures of October, and 30 to 40% larger than twelve months
before. Coal production in January and February was at the same
level as in the preceding quarter, but 5 or 6% less than in the corresponding months of 1927, when export demand was still stimulated
by the after-effects of the British coal strike.
"Of much significance is the marked recent expansion in production
of mineral fertilizers, of which Polish agriculture has great need to supplement the supplies of animal manure and the use of fertilizing plants.
Before the war the present territory of Poland was almost wholly dependent on outside sources for fertilizers. In 1927 the domestic production
of commercial fertilizers, based only in relatively small part on imported materials, totalled 785,000 tons, an increase of more than 50%
over 1925 and of nearly 30% over 1926.
"One of the evidences of increased confidence on the part of the public
In the stability of the currency is furnished by the fact that the circulation has increased markedly during the past two years without carrying with it a corresponding advance of prices. Since March, 1927, there
2%
/
has been an increase of 30% in circulation with an advance of only 31
in prices. The increase of circulation has not been due to any advances
to
but
purely
the
needs of trade. There
to the government to cover deficits,
whose name the
which includes interest. The plaintiff
a verdict is directed for $109.930,
sued for $75,689 in this case.
Isidor J. Kresel, Bernard HershThe papers and evidence, submitted by
the Bank of United States,showed
kopf and William S. Siemon,counsel for
in the Petrograd branch of the
that the plaintiff bank kept an account
s of a mail-order business in
National City Bank to meet the requirement
the Soviets overran
Russia, of which Rosenblatt was Manager. When
the Russian banks. RosenRussia, terriorized the bankers and nationalized
as he thought it safe to carry;
blatt fled from Petrograd with as many rubles
one in his own name and the other
but left the balance in the two accounts,
one
Aisenstein, remained longer
in the name of his bank. His assistant,
to close up the affairs of the Bank of United States, and just escaped into
Finland with his life.
The question as to the sum for which the National City Bank was liable,
under the law and the facts, was contested vigorously. Justice Mahoney
said in his opinion that the evidence did not show that the Soviet Government forced the American staff of the National City branch to leave Russia
at any time, although the American Consul General advised that the
Government would not be responsible for their safety, and rules that the suit
to recover the unpaid balance is properly brought in New York. He decided
That the date on which the National City Bank became liable legally for
3056
FINANCIAL CHRONICLE
payment of the balance under previous decisions in similar cases, was on
Sept. 1 1918. when the personnel of the defendant's branch left Petrograd.
Counsel for the National City Bank will appeal the case.
[VOL. 126.
The note says that it is not only by occupying a seat in the Assembly or
Council that a country can collaborate with the League, stating that such
countries as recognize the League's service to civilization and humanity,
that do honor to the great organizations created by the League, such as the
World Court, and that join in conferences through which the League strives
for universal welfare rightly consider themselves collaborators.
The response is regarded in Geneva as leaving the door to membership
open for the future. There is much speculation concerning the reaction of
the Council, as Brazilian co-operation at conferences without membership
will establish a precedent allowing resigned members to continue cooperation.
Dividends on Certificates Representing Stocks of
Weiner Bank-verein Payable at Offices of Dillon,
Read & Co.
Dillon, Read & Co. have notified holders of American trust
certificates representing capital stock of the Wiener BankThe decision of Spain to remain with the League was reverein that the annual cash dividend for the fiscal year
ended Dec. 31 1927 has been collected and is payable upon ferred to in our issue of March 31, page 1914.
presentation of dividend coupons at its offices. The amount
distributable is $5.06 for each American trust certificate Ambassador to U. S. Defends Brazil's Coffee Plan.
representing 400 Austrian schillings par value of capital
The Brazilian coffee trade was defendedfrom the charge of
stock of the Wiener Bank-verein.
being a monopoly on May 7, by Senor S. Gurgel do Amaral,
Brazilian Ambassador to the United States, who spoke at
Stocks Rising in Madrid—Animation Surpasses Any the 50th anniversary dinner of the founding of All-America
thing in Years—New Rule Affecting Admission to Cables, Inc., at the Waldorf. Other speakers were John L.
Exchange.
Merrill, President of the company, who acted as toastmaster;
A special cablegram, as follows, from Madrid May 9 ap- Elihu Root, Jr., Leo S. Rowe, Director General of the Pan
peared in the "Times" of May 10:
American Union,and Dr.Oresto Ferrara, Cuban Ambassador
The present animation of the Stock Exchange here surpasses anything to the United States. As to what the Brazilian
Ambassador
known in many years. Nearly all securities are rising, with banks, indushad to say the "Times" stated:
tries and railways striving equally to augment their stocks on the Exchange.
A new rule has just been adopted whereby, in order to gain admittance
to the Exchange, agents must first be designated by the Government and
afterward pass an examination before a tribunal composed of brokers and
Ministry of Finance representatives.
Nicaragua's Debt to Wall St. Paid—Only $150,000 Owing
in March, Says Minister Cesar.
The following advices from Cleveland May 9 appeared in
the New York "World":
Denial of charges that the interest of the United States in Nicaraguan
politics was due to American capital invested in various enterprises within
that country came to-day from Dr. Alejandro Cesar, Nicaraguan Minister.
"It is well to know that the interest of Wall Street bankers in March 1928
was only 8160,000," he said. "On April 20 1928 the Government completely canceled the debt and now doesn't owe a cent to them.
"The export trade of Nicaragua in 1926 reached the highest figure in its
history, and it will reach the same figure in 1928, in spite of political
unrest.
"If any criticism can be made of American influence in Nicaragua in
the past few years it is that it has not been sufficiently constructive and
efficient in helping the country in its economic problems, and the reason for
this without doubt has been the fear of unjustifiable criticism on the score
of imperialism and intervention.
"Much has been said of the danger which American policy constitutes for
the autonomy of Nicaragua. But if a careful examination is made of the
historical facts the impartial observer must come to the conclusion that
the
United States, on the contrary, has been the safeguard of this
very
autonomy.
"In a general way, ever since the time when the United States
recognized
the independence of Nicaragua, the United States has sought
to aid us on
the difficult road to self-government."
Dr. Cesar was the principal speaker at the centennial
anniversary celebration of the American Peace Society here.
Buenos Aires Bonds Due 1957, Called for Redemption
..June 1.
Hallgarten & Co., Kissel, Kinnicutt & Co., as fiscal agents
of the Province of Buenos Aires 7% External Sinking Fund
gold bonds, Consolidation Loan of 1926, announce that all
outstanding bonds of this issue dater Dec. 1 1926 and due
June 1 1957 have been called for redemption on June 1 1928,
the next interest payment date. Redemption will be effected
out of moneys deposited for that purpose with the fiscal
agents by the Province of Buenos Aires. Interest will cease
to accrue on the bonds after redemption date.
Brazil Holds to Resignation from League of Nations—
Indicates Willingness to Collaborate with League.
The Brazilian Government has indicated in a note to the
League of Nations that that Government finds no factor
which would cause it to alter its decision to withdraw from
the League, its note at the same time proposing to continue
collaboration with the League. The Associated Press advices from Geneva May 8, in reporting this, said:
There have been two very wrong conce tions of the Brazilian coffee
trade prevalent in this country," Senor do Amaral said. "One of them
is the denomination of it as a 'monopoly,'and the other is that this so-called
monopoly hits the American customer at the breakfast table.
"What really exists is a plan for the stabilization of the price of coffee
and regulation of shipments so as to protect the planters at home and the
customers a road against speculation and 'corners'."
The cost of a cup to the United States consumer, Senor do Amaral
said, was as low in some cases as two cents. He said that Columbian,
Costa Rican and other South American coffees, being mild, did not compete with Brazilian coffee, for they were necessary to blend with the product of hii own country before a coffee was obtained to suit the taste of the
United States.
"The coffee policy of Brazil," he said, "keeps up the buying power of
Brazil in the United States. and Brazil would disapprove of any attempt
to impair that balance."
Mr. Merrill told of messages of congratulation received from President
Coolidge and the Presidents of other republics in the Americas. The
Cuban Ambassador spoke of the sugar industry.
Reported Failure of Credit Bank of Sao Paulo Not
Considered Important to Financial and Credit
Situation in Brazil.
The reported failure of the Credit Bank of the State of
Sao Paulo, Brazil, announced in press dispatches, has no
important bearing on the financial or credit situation in
Brazil as the institution is a comparatively small one, according to authoritative advices received by New York
banks. When first reports were received of the bank's
reported suspension of business, it was thought the bank
referred to was the Banco de Estado de Sao Paulo, the outstanding bank of the State. This is not true. The bank which
is said to have failed is the Banco de Credito de Estado de
Sao Paulo which it is stated is a small bank founded less than
a year and one-half ago by local Syrians. The Banco
de
Estado de Sao Paulo is reported to be in excellent shape.
As of December 31 1927, the bank had capital of approximately $6,000,000 and surplus and undivided profits of
approximately $1,500,000. Assets are reported as being
about $175,000,000. Net earnings of the bank for
1927
amounted to approximately $1,150,000 while a 9%
dividend
was paid on the capital stock for 1927. Of the 250,000
shares
of capital stock of the bank outstanding, 172,351
shares
are owned by the State of Sao Paulo and 51,412 shares
are
owned by the Coffee Institute.
The closing of the Credit Bank was reported in
Associated
Press itdvices from Sao Paulo, May 15, published as
follows
in the New York "Evening Post." In publishing the
above
the "Post" said:
Brazilian bonds failed to show easing tendencies
here to-day and the
situation apparently caused little concern at the Sao
Paulo Coffee Institute,
60 Beaver St., where prices were strong. Fernando de Sa
Rocha, resident
manager, said he had received no information on the
bank's suspension.
A similar appeal was addressed by the League to Spain at the same time Early Action Looked for on Brazilian Oil Bill Aimed at
as that to Brazil, Spain accepting the invitation to return. Both countries
Aliens.
resigned because of failure to obtain permanent seats on the Council
of
The petroleum bill presented to the Brazilian
the League.
Congress
during the last session which provided for
After expressing appreciation for the cordiality of the
Council's resoluexclusion
of alien
tion that Brazil be invited to return, Brazil recalls that
in June 1926 she ownership of petroleum deposits will be considered
soon,
announced her intention of withdrawing from the League
and says:
according
to predictions reaching the Departmen
"The facts which preceded that decision of the Brazilian
t of ComGovernment
are
merce, May 10 from the American
well known. The Government now responsible for the
policy of Brazil,
Embassy at Rio de
duly considering the subject both from the political and
moral standpoint, Janeiro, according to Washington advices to the "Wall
Street
reviewing all documents in the case with the sole purpose of
being loyal to News." In an earlier account
from Washington (April 16)
the duties and responsibilities of this country, finds no determining
factor the same paper
for altering under such delicate circumstances a situation which
stated:
had already
Aliens would be
been clearly defined, since the contingencies Which brought
it about are deposits in Brazil debarred from ownership or operation of petroleum
under a new bill expected to come up before the Brazilian
in no wise chaoged."
Congress next month, the Department
of Commerce was advised to-day.
MAY 191928.]
FINANCIAL CHRONICLE
This prohibitive provision Is part of the general petroleum legislation,
which has been under discussion in Brazil for some time. An article in the
proposed mining law also would prohibit ownerships to aliens of Brazilian
for
mines and mineral lands which contain minerals regarded necessary
national security.
Existing holdings in such mining lands by aliens also would be taken over
article stipuby the Brazilian government under the proposed law. The
owns,
lates that "to the union belong the mines situated in lands which it
present
at
under the
being
of
because
expropriated
be
and those which may
for national security and
control of aliens and because of being necessary
defense."
concessions to exploit
granted
be
However, foreign companies may
mining property under the direct control of the Brazilian government,
provided they subject themselves entirely to Brazilian laws, it was reported.
New Zealand Loan Offered in London Oversubscribed.
An oversubscription was announced of the £5,000,000
cash portion of the £10,000,000 43/2% New Zealand loan
placed on the London market on May 2; according to the
"Journal of Commerce," £5,225,000 was offered in exchange
for £5,000,000 of the 4% bonds maturing in November 1929.
The cash offering was made at 9432. The bonds will be
redeemable in 1947.
3057
Offering of $2,000,000 Brown Coal Industrial Corp. 63/28.
Financing for one of Germany's largest producers of brown
coal briquettes took form May 17 in the public offering of
$2,000,000 Brown Coal Industrial Corp. "Zukunft" sinking
fund mortgage gold bonds, Series "A" 63/2%. The offering
was made at 933/i to yield 7.05% by Lee, Higginson & Co.
This corporation is controlled by the Rhine-Westphalia
Electric Power Corp. which operates one of the largest electric systems in Europe. The company's fuel is used extensively in Germany, France, Holland, Belgium and Switzerland. Capacity of the company's briquetting plants is
being increased from 600,000 to 900,000 tons annually and
proceeds from the sale of these bonds will be used to complete
construction now under way and to retire all current indebtedness. The bonds will be secured by mortgage upon
substantially all of the company's briquetting factories,
coal reserves and 18,000 h. p. plant. For the calendar
year, 1927, earnings applicable to interest payments were
4 times requirements on this issue. Further data
over 33
in connection with the offering are given in our "Investment
News" department on a subsequent page.
Offering of $2,000,000 Bonds of California Joint Stock
Land Bank of San Francisco.
Announcement that new financing by the California City of Copenhagen Retires Outstanding 532% Bonds
Due July 1 1944.
Joint Stock Land Bank of San Francisco had been arranged
Brown Brothers & Co., as fiscal agents for the City of
through the sale of $2,000,000 Farm Loan 5% bonds to the
Fletcher Savings & Trust Co. of Indianapolis and the Copenhagen, Denmark, announce that all of the remaining
Guardian Detroit Co., Inc., of Detroit, was made at Indian- outstanding $12,750,000 par value bonds of the City of
apolis May 16 by Evans Woollen, President of the Fletcher Copenhagen (municipal external loan of 1919) twenty-five
•
year 5%2% bonds, due July '1 1944, will be redeemed at par
Savings & Trust Co.
The new $2,000,000 issue of bonds was offered on May 17 and interest on July 1 1928. The amount of bonds to be
by the Fletcher Savings & Trust Co. and Guardian Detroit retired represents the total still in the hands of the public
Co., Inc., at 103% and accrued interest, to yield about not redeemed through sinking fund operations to date. All
4.55% to optional maturity and 5% thereafter. The bonds, of the remaining outstanding bonds called for redemption
which are issued under the Federal Farm Loan Act, are will be paid at the offices of Brown Brothers & Co., 37 Wall
exempt from Federal, State, municipal and local taxation St., New York City, on and after July 1 1928, upon surrender
and are legal investments for all fiduciary and trust funds of the bonds with all coupons maturing Jan. 1 1929 and
under the jurisdication of the Federal Government and subsequent coupons attached. Interest on the bonds will
acceptable at par as security for postal savings. The cease on July 1 1928.
bonds will be dated July 1 1928, will mature July 1 1958,
and will be callable at par on July 1 1938 or any interest Portion of Bond Issue of Province of Lower Austria
date thereafter. They will be in coupon form in denominaCalled for Redemption.
tions of $500, $1,000, $5,000, and $10,000, fully registerable
& Co., as fiscal agents, have issued a
Seligman
W.
&
J.
and interchangeable. Principal and interest (Jan. 1 and
Province of Lower Austria secured sinkof
holders
to
notice
July 1) will be payable in New York, Chicago, Indianapolis,
ing fund 732% gold bonds, due Dec. 1 1950, that $16,000
and San Francisco. The bonds are the direct obligations
principal amount of the bonds of this issue have been called
of the California Joint Stock Land Bank of San Francisco,
redemption at their offices on June 1 1928, at par and
for
chartered under provisions of the Federal Farm Loan Act
interest. Interest on such called bonds will cease
accrued
California
The
and
Oregon.
California
to make loans in
on the redemption date.
accrue
to
Joint Stook Land Bank has been in successful operation
since its organization in September 1919, and its statement
as of March 31 1928 showed total resources of $15,414,242.62, New York Stock Exchange Election—President Simmons Re-elected for Fifth Term—Committees
including net mortgage loans of $14,137,783.92. Farm
of
were
Appointed.
outstanding
amount
$13,792,000
the
in
loan bonds
as of that date and the mortgages securing these bonds
E. H. H. Simmons was re-elected President of the New
covered 462,110 acres of farm land in certain California York Stock Exchange at the annual meeting on May 14.
and Oregon counties in which the agriculture is established, With his re-election Mr. Simmons enters upon his fifth term
the improvements completed, and the production stable. as President. There was no opposition ticket, and those
The current appraisal of these lands is set forth in a letter elected with President Simmons, are:
by the bank's President to the bankers as $39,729,433.
Treasurer (re-elected).—Warren 13. Nash.
Ten Members of Governing Committee for Term of Four Years.—Frank
The capital stock of the California Joint Stock Land Bank
Altschul, Winthrop Burr, Edwin M. Carter, Emlen M. Drayton, Allen L.
the
in
outstanding
of
amount
$875,000,
of San Francisco,
Lindley, Herbert L. Mills, Edward Roesler, William V. C. Buxton,Erastus
is owned by the Bank of Italy National Trust & Savings T. Tefft and Blair S. Williams.
of Governing Committee for Term of Three Years, Sherman
Association, which has a capital of $37,500,000 and total B.One MemberMember
of Governing Committee for Term of Two Years
Joost; One
resources of $750,000,000. The following is the statement George U. Harris; Trustee of Gratuity Fund for Term of Five Years,
of condition of the California Joint Stock Land Bank of W. Strother Jones; Trustee of Gratuity Fund for Term of Two Years,
Allen L. Lindley.
San Francisco as of March 31 1928:
Richard Whitney, head of the firm of Richard Whitney
Resources.
$15.249.800.00 & Co., was on May 14 elected Vice-President of the Stock
Mortgage loans—Gross
1.112,016.08
Less amortization installments—Principal
Exchange at the organization meeting of the Governing
$14,137,783.92 Committee. Mr. Whitney succeeds Walter L. Johnson, who
Net mortgage loans
850,000.00
United States bonds
53,882.17 has served as Vice-President for the last four years. Mr.
Due from banks
9,909.88
Amortization installments in process of collection
1.00 Whitney has been a member of the Exchange since Jan. 18
fixtures
Furniture and
334,102.25
Accrued interest on mortgage loans
16,557.29 1912 and a member of the Governing Committee since May
Accrued interest on United States bonds
12,006.11 1919. At the present time he is a member of the ComAccounts receivable
$15,414,242.62
mittee of Arrangements and of the Committee on Business
Total resources
Liabilities.
Conduct and is also a member of the Board of Directors of
$875,000.00
Capital
membership
58.750.00 the Stock Clearing Corporation. Prior to his
Surplus paid in
75.000.00 in the
with Kidder,
Surplus earned
associated
was
Whitney
Mr.
Exchange,
,000.00
190
Reserve from earnings
98,483.13 Peabody & Co., in Boston and with Potter, Choate &
Profit and loss
13,792,000.00
Farm loan bonds
in the firm of
7,739.63 Prentice in New York. He became a partner
Deferred loans, due borrowers
26,597.11
Amortization installments—Advance payments
which later changed
1914,
1
Jan.
Marchwald,
and
Cumings
coupons
6,105.00
Reserve for unpaid bond
257,956.25 its name to Richard Whitney & Co. Mr. Whitney was with
Accrued interest on farm loan bonds
25,591.50
Premium on bonds—Deferred income
1,020.00 the United States Food Administration in Washington and
Other liabilities
in New Jersey from Sept. 1917 to Jan. 1919.
liabilities
Total
$15.414,242.62
3058
FINANCIAL CHRONICLE
The following committees of the Stock Exchange were
appointed May 15:
[VoL. 126.
and transportation are being perfected, the nations
of the world are being
drawn closer and closer together. This highly significant
modern tendency
is having its effect in finance and investment, no
less than in trade and
commerce. In future years, I believe there will develop an
increasing
tendency for the leading modern nations to invest in each
others' securities.
Counterbalancing our recent extensive foreign investments in this
there have also been extensive purchases of American securities country,
by European countries. This international interchange of security
investments is
likely to prove a highly significant factor in the
economic history of the
future. For one thing, it should stabilize investment
conditions all over
the world—a development of particular importance to a
creditor nation like
America. In addition, such a universal exchange of
securities between
the nations should prove a most potent influence for peace,
and for increased
mutual understanding and co-operation everywhere. In this
work the New
York Stock Exchange promises to play a useful part
by lending ready
negotiability to the principal foreign security holdings of
American investors.
Committee on Admissions.—Robert Gibson, Chairman,
Edward Roesler.
Vice-Chairman, Oliver C. Billings, Howard Butcher,
Jr., Jay F. Carlisle,
Louis C. De Coppet, Emlen M. Drayton, Charles
R. Gay, W. Eugene
Kimball, Allen L.Lindley,Peter J. Maloney, William
V.C.Ruxton,Charles
S. Sargent, Edwin A. Seasongood, Chalmers
Wood.
Arbitration Committee.—Winthrop Burr, Chairman. Allen
L. Lindley.
Vice-Chairman, Jay F. Carlisle. Louis C. De
Coppett, Howard C. Foster,
Charles R. Gay, Walter W. Hess, Peter J. Maloney, Blair
S. Williams.
Committee on Arrangements.—011ver C. Billings, Chairman,
Richard
Whitney, Vice-Chairman, George U. Harris, Herbert
L. Mills, Charles
Morgan, L Martin Richmond, Bertrand L. Taylor, Jr.
Committee on Business Conduct.—Winthrop Burr, Chairman, Allen
L.
Lindley, Vice-Chairman, Edgar Doody, H. G. S. Noble,
Richard Whitney.
Committee on Constitution.—Edwin A. Seasongood, Chairman, Charles
Morgan, Vice-Chairman, Emlen M. Drayton, George U. Harris.
Sherman
B. Joost.
Finance Committee.—Arthur Turnbull, Chairman, Edgar
Boody, Vice- No Trading on Stock Exchange To-day or on May 26—
Chairman, Emlen M. Drayton, W. Eugene Kimball, Joseph
Daily Sessions Hereafter to Close at 2 P. M.—Curb
H. Seaman
and the President and Treasurer.
Market Also to Close at Same Hour.
Law Committee.—James B. Mabon, Chairman, H. G.
S. Noble, ViceChairman, Winthrop Burr,Walter L. Johnson, Arthur
In addition to suspending trading to-day (May 19),
Turnbull.
Committee on Odd Lots and Specialists.—L. Martin Richmond,
the
Chair- New York Stock Exchange has
man, Warren B. Nash, Vice-Chairman, Hamilton
also decided to omit its sesF. Benjamin. Edgar
Boody, Charles R. Gay.
sion next Saturday, May 26. Further action toward
meet-,
Committee on Publicity.—James C. Auchincloss, Chairman,
Blair S. ing the condition created by the unusually heavy
Williams, Vice-Chairman, Walter L. Johnson, William B.
volume of
Potts, L. Martin trading which
has developed during recent weeks was taken
Richmond.
Committee on Quotations and Commissions.—Erastus T. Tefft,
Chair- by the Governing Committee yesterday (May 18) when the
man Edward Roesler, Vice-Chairman, James C. Auchincloss,
Hamilton F. closing hour of the daily sessions was fixed
Benjamin, Howard Butcher, Jr., Howard C. Foster,
at 2 p. m. be-.
Walter W. Hess, ginning
Joseph H. Seaman, Bertrand L. Taylor, Jr.
on Monday next (May 21), and continuing until
Committee on Securities.—Chalmers Wood, Chairman Edwin
A. Season- further notice. The decision to close the Exchange to-day
good, Vice-Chairman, Robert Gibson, Sherman B. Joost,
Herbert L. Mills (May 19) was reached by the
Governing Committee on
Committee on Stock List.—Robert Gibson, Chairman, Frank
Edwin M. Carter, Walter L. Johnson, William V. C. Buxton, Altschul, May 16. As in the case of the previous
Charles S.
Saturdays, when
Sargent.
trading was suspended,
offices of members and of the Exchange will remain open. The following is the announcePresident Simmons of New York Stock Exchange Views ment issued yesterday by the Exchange
regarding the deciListing of British Securities as Potent Influence sion to shorten the sessions:
At
a
special meeting of the Governing Committee of the Stock
for Peace—May Prove Vehicle for Settling InterExchange
held to-day the following was adopted:
national Trade Balances.
"In order to afford relief to the personnel of the
member houses from
The recent listing of *12,000,000,000 BritiAi Government the strain imposed upon them by the extraordinary activity of the market
during recent months, the Government Committee feels
that the hours for
bonds on the New York Stock Exchange, and the reasons dealings
on the Exchange should be temporarily shortened,
therefore
prompting the action were dealt with by the President of the
"Be It Resolved, that beginning on Monday, May
21 1928 and until
Exchange, E. H. H. Simmons, in a speech delivered before further action by the Governing Committee the Exchange shall close
for the purchase and sale of securities at two o'clock P.M.
on every business
the New York Board of Trade and Transportation on May 9. day
except Saturday.
We quote herewith Mr. Simmons' remarks:
"Be It Further Resolved, that the Exchange be not opened
for trading on
The most recent step in the expansion of the market for foreign securities Saturday, May 26 1928."
on the New York Stock Exchange has been the listing of two British GovThe New York Curb Market will also limit its sessions to
ernment internal loans—the 4% Funding Loan and the 5% War Loan.
Together these issues amount to approximately $12,000,000,000, and consti- 2 p. m. The Curb Market will likewise omit to-day's sestute about one-third of the entire British national debt. The 5% War sion. Exchanges outside New York will follow
a similar
Loan issue, amounting to about $10,000,000,000, is not only the largest course.
foreign issue ever listed on the New York Stock Exchange, but the largest
issue of any kind whatsoever. The listing of these British Government
Paris Bourse Closed May 9 to Clear Up Congestion
loans in New York has been hailed in London as a definite landmark
in the
development of this market. It is yet too early to comment with certainty
Resulting from Heavy Trading.
on the practical results of this step. It may be useful at this time,
howRecent trading has been so heavy that it was decided on
ever, to state a few of the reasons which led the Stock Exchange
to list
these bonds, as it did, upon its own initiative.
May 4 to close the Bourse on May 9 to allow clerks to catch
The claim has recently been made by many economists
that the supply up on their work. The protests which followed this
are
of capital seeking investment in this country was distinctly in
excess of referred to in the following from
Paris May 12 (copyright)
the amount of securities available for such investment. If
this view is
correct, it would seem that the addition to the Stock Exchange
list of to the New York "Evening Post":
$12,000,000,000 of high class investment securities from
The closing of the Stock Exchange Wednesday caused many complaints
abroad might fill
a distinct economic need. While it is not the function of the New
York by customers, but stock brokers took the position that the shutdown was
Stock Exchange to direct capital into specific investments, at the
same necessary because of the congestion in orders. Some argue that the clerical
time it is important for the Exchange to provide all possible facilities here force is insufficient; others think this is the better way of curbing the speculation. Many, though, disapprove strongly of the artificial curtailment
for the ready investment of American funds.
In the second place, it is possible that the readier availability of British of activity and contend that stock brokers here must follow the lead of
internal government securities may prove useful in facilitating the con- London and New York in developing their offices in proportion to the progitnued retirement of the United States debt. Thus far our national Treasury ress of business.
It is probable that new business methods would have been
has accomplished the extraordinary feat of retiring $1,000,000,000 of our
adopted earlier
national debt each year. The beneficial effects of the Treasury's work except for the monopoly enjoyed by the stock brokers. Regardless of the
have been widely felt. It is of course as desirable for a government to get purpose, further restrictive means will have no effect on the trend of Stock
Exchange transactions.
out of debt as for an individual citizen. But when the public debt is
rapidly retired, it has the effect of making considerable amounts of
capital available for investment in other securities. This is of course in
Trading Hours of San Francisco Exchange.
general a great assistance to business. Yet it is undoubtedly undesirable
Effective
on Monday, hours of business on San Francisco
surplus
capital
from
this
or any other source to pile
for large amounts of
up, without an adequate outlet into other useful forms of investment. Curb Exchange will be from 9:30 a. m. until 2:30 p. m.,
Thus, from the standpoint of rapidly retiring our national debt—a step exceptf on Saturday, when the hours
will be from 9:30 a. m.
which all conservative economists and financiers heartily favor—it should
to 11 a. m., it is learned from San Francisco advices to the
be clearly beneficial to have extensive outlets for our surplus capital avail"Wall Street News."
able through the leading security markets of the country.
There is another aspect of America's extensive present day foreign
investment
sound
foreign
in
particularly
our
internal
investment, and
Opening of New Bond Room of New York Stock
securities like the British Government sterling bonds, which might be
Exchange.
mentioned at this point. It is a well known fact that our national trade
balances during recent years have been balanced not so much by wholesale
The opening of its new bond room was announced by
the
exports and imports of gold, as by the large-scale import here of foreign New York Stock Exchange on
May 14. In a reference
securities. In proportion as America assumes the function of a creditor
his
thereto
in
annual
dealings
report
international
to
security
settle
our
(made
public this week)President
nation, this dependence on
foreign trade balances is likely to continue. A possible future outcome of Simmons said:
government
prove
bonds
here
may
internal
British
listing
Although
of
Stock
the
Exchange leased three floors in the
the recent
Commerclal
the practical creation of a convenient vehicle for settling international Cable Building adjacent to our present quarters on July 26 1926, nevertrade balances without shipping gold or unduly disturbing short-term theless nearly 14 months were required to remove equipment which they
money rates. Such a development, of course, would be of more immediate contained, and the premises were not actually turned over to the Exchange
practical significance to nations whose gold holdings are relatively small, until Sept. 15 1927. The reconstruction work required to remodel the
than to the United States where the real problem is to reduce surplus gold space for Stock Exchange purposes was very extensive. But it has been
holdings. But as a creditor nation, it is useful for the United States to prosecuted so vigorously that the new Bond Room there should be ready
have all possible facilities for handling problems of this sort, and in the for business shortly after May 1 1928.
course of time our dealings in foreign internal securities may assume 11111With the opening of this new addition to our floor the extreme length
of the latter will run from Wall St. to Exchange Place on New St. and be
genuine importance in this regard.
There is a final aspect of this tendency in America to make foreign invest- approximately 300 feet. Total area of the Exchange floor will amount to
31,162 square feet, or nearly ji of an acre, consisting of the following
about
communicatio
n
menta which I should also mention. As superior methods of
MAY
19 1928.]
FINANCIAL CHRONICLE
units: Old building, 14,886 square feet; new building, 7.326 square feet;
the new annex or addition, 6,200 square feet, and the smoking room, 2,750
square feet.
The building program of the Stock Exchange has to some extent been
increased by the construction of the new Nassau-Broad St. subway now
under way, since vault space under the Broad St. sidewalk, formerly used
as coupon rooms under license from the city, has been needed to accommodate subway construction. Thus new protective walls have had to be
erected to safeguard the vaults of the Safe Deposit Co. In these several
directions the New York Stock Exchange Building Co. has performed a
thorough and far-sighted task in providing the Exchange with a physical
headquarters more adequate for the handling of the steadily increasing
volume of Stock Exchange business.
3059
This will make a continuous 5-hour session. Under the old
Call System, two sessions were held, one from 9.30 a. m. to
11.15 a. m., and from 1.45 p. m. until 3.00 p. m., making
a total trading time of three hours. The advices from the
Stock Exchange further say:
Under the single session arrangement, two hours will be added to the
actual trading period which, coupled with post trading, will speed up the
machinery of the Exchange to such a point that brokers will have abundant
opportunity to transact orders and in turn will tend to make the market
more liquid.
During recent peak sessions orders have accumulated so rapidly that
traders found it impossible to secure execution. When the congested
situation is relieved it is expected that volume of sales will show marked
increases.
Another advantage sighted for the single period of trading lies in the fact
that the market here will be operating simultaneously with San Francisco.
In the past quotations of various stocks listed on both Exchanges have
created considerable confusion on the two markets. It is expected that the
two Exchanges will follow more definite price trends when the markets
are open in both cities at the same hour.
Presentation By Members of New York Stock Exchange
of Silver Service to Jesse Wasserman, Who Retires.
The members of the New York Stock Exchange on May 15
presented a silver service set to Jesse Wassermann, 10th
oldest member of the Exchange in point of seniority, who
retired from the floor May 16. Mr. Wassermann, who
joined the Exchange Dec. 27 1883, sold his seat two weeks House Committee Reports Bill Amending Federal
ago to Benjamin Manowitch for $395,000, the high price
Reserve Act Enlarging Rediscount Privileges of
for all times for Stock Exchange seats. E. H. H. Simmons,
Federal Reserve Banks.
President of the Exchange, presented the chest of silver
The House Banking and Currency Committee on May 10
(which consists of moire than 200 pieces) to Mr. Wassermann
reported
to the House the Sheppard bill, passed by the
market.
on the floor of the Exchange after the close of the
Senate on March 2, amending Section 13 of the Federal Reserve Act so as to enlarge the rediscount privileges of ReBaltimore Stock Exchange Rules that Where Offerings serve Banks.
State that Application Will Be Made to List Issues,
Testimony in support of the bill was presented by Roy A.
Such Application Must Be Made Within 60 Days. Young, Governor of the Federal Reserve Board, according
The Baltimore "Sun" of May 10 states that as incidents to advices May 9 to the New York "Journal of Commerce,"
have occurred where new issues have been offered the public which said:
with the statement that "application will be made to list
Under the legislation, privilege of discounts and purchase by Federal Rethis issue on the Baltimore Stock Exchange" and the promise serve Banks would be extended to bills of exchange payable at sight or on
demand drawn to finance domestic shipments or exportation of all nonhas not been adhered to, the Board of Governors has ruled perishable readily marketable staples. The present law restricts the privifuture
instances when this is done such action lege to agricultural products, and the term "agricultural" has been conthat in all
strued in enforcing the law so that cotton seed, flour, bran, canned food
must be taken within 60 days. The "Sun" adds:
Failure to make application within the prescribed time will be considered
in the ordinary course as detrimental to the welfare of the Exchange and
taken up by the Committee on Business Conduct. In the case of nonmembers who break this ruling, future applications from them may be
construed by the Committee on Securities as prima-facie evidence for nonconsideration, it was ruled. The resolution follows:
"When advertising or otherwise offering an issue of securities to the
public, members may use the phrase 'application will be made to list this
issue on the Baltimore Stock Exchange,' provided the application for listing
the issue is filed with the Committee on Securities within 60 days from the
date of offering.
"Failure to make an application within that time shall be considered an
act detrimental to the welfare of the Exchange and shall ba taken up by
the Committee on Business Conduct for such action as it may deem proper.
The Committee on Securities, however, upon presentation to it of reasons
why such application cannot be made within that time may, in its discretion, grant an extension of time, or fix a time limit within which application must be made.
"In the case of non-members who make use of the above phrase in offering
securities for sale, and do not file an application for listing within the
required time, or fail to secure an extension as above, future applications
from them may be construed by the Committee on Securities as prima facie
evidence for the non-consideration of same.
"On all offerings bearing this phrase, copy of advertisement or circular
must be sent to the Executive Secretary of the Exchange for approval."
products and similarly finished products of the farm are excluded.
A desire for a change in the law was brought to the attention of the
Federal Reserve Board by the Dallas Reserve Bank as being not only helpful
to products of the farm of all classes, raw and finishhecl, but to commerce
in general since the proposed change includes all articles of commerce without distinction which come under the term "non-perishable readily marketable agricultural and other staples," secured by bills of lading or other
shipping documents conveying or securing title to such staples. Passage of
the bill introduced by Senator Sheppard (Dem.), of Texas, is favored by
Secretary Mellon and the Federal Reserve Board.
"The Board believes," said Governor Young in testifying before the committee, "that the proposed change so the paragraph will read 'non-perishable readily marketable agricultural and other staples' would broaden the
scope of this particular beneficial rediscount facility in a manner beneficial
both to the member banks of the Federal Reserve system and to domestic
commerce in general.
"The Board is advised, however, there has been some practical difficulty
which may prevent member banks from availing thetnselves of the privilege
of discounting sight and demand bills of exchange done to finance the
exportation of non-perishable staples. The Board believes that it should be
authorized so that member banks may avail themselves of the facility if this
practical difficulty can be overcome."
The adoption of the bill by the Senate was noted in our
issue of May 10, page 1447.
Proposed Los Angeles Exchange Institute.
Survey of Outstanding Bankers' Acceptances—April
Formation of the Los Angeles Stock Exchange Institute,
Figures Slightly Below March—Six Months'Figures
which is to be organized during the coming Summer and to
at Record Volume—Increasing Use of Acceptances
be in operationlby Sept. 15, has been approved by the Board
to Finance Foreign Trade.
of Governors of the Los Angeles Stock Exchange. The
According
to Robert H. Bean, Executive Secretary, Ameriannouncement issued by the Exchange says:
money and credit
The Institute will function as a training school for embryo brokers and can Acceptance Council, extraordinary
other employes of member firms of the Los Angeles Stock Exchange, as conditions of the past month have had little effect on the
well as allied financial institutions, who will compose the student body.
volume of commerce financed by bankers acceptances. In
The underlying purpose of such an organization is to inculcate and maintain high standards of commercial honor and integrity, and to promote presenting figures for April 30, Mr. Bean says:
just and equitable principles of trade and business.
The faculty will be drawn from the best educational talent southern
California has to offer, it is declared, and arrangements will be made
allowing all employes of brokerage offices and bond houses, who are
members of the Exchange, as well as members of banking and other allied
financial institutions, to benefit from the advantages offered.
In reality it will be a small university specializing in Commercial Law,
Business Economics, Investments, Brokerage Practice, Business Statistics,
Financial Statements, Brokerage Accounting, Public Speaking, Business
Letter Writing, &c.
Through the Institute it Is designed to serve in the fullest measure the
educational needs of every one connected with the Exchange through
member financial houses, and to this end the Institute may co-operate
with other organizations, organized for educational purposes, and for the
establishment of better personal relationship in the investment and banking
field.
The personnel of instructors is now under consideration and will be
announced at any early date, it is stated.
Change in Trading Hours on Los Angeles Stock
Exchange.
Hours of trading on the Los Angeles Stock Exchange after
the Post System of trading is installed on May 21 will be
from 9.30 a. m. until 2.30 p. m., continuously, it is announced by Norman B. Courteney, Secretary and Manager.
The announcement of the American Acceptance Council that the total
volume of bankers acceptances outstanding on April 30 as reported in its
nationwide survey was only $14,000,000. less than for March 31, despite
factors which were expected to temporarily operate against dollar credits
is viewed with satisfaction.
The latest figures reported show a total of $1,070,712,002, against
$1.085,468,742 for the previous month and $259.746,477 more than a year
ago when the volume amounted to $810,965,525.
For the past six months the average volume of bankers acceptances
outstanding has reached the record total of $1,063,000,000, against an
average for the similar period in 1926-27 of $776,000,000.
On April 30 import credits were at $333,062,132, a gain of $5,000,000 in
the month while export credits declined $11,000,000 to $379,436,264.
Acceptances against goods in domestic warehouses showed a natural
decline for this season of the year of $13,000,000 to $152,676,500.
Of marked significance is the continued increase in the volume of acceptances used to finance the movement of goods between two foreign countries
reflecting the long painstaking efforts to popularize dollar credits in connrotes long accustomed to transactions in sterling. In Jan 1927 this figure
stood at $40,000,000 whereas the latest survey shows a total of $161.000.000
in dollar credits, the collateral goods for which never touch American shares.
Faced with the necessity of moving an unusually heavy volume of bills,
the dealers have worked under most difficult circumstances. It is essential
that the dealers must have a constant and sufficient supply of funds to carry
their portfolios and at rates which will give them a chance to at least break
even. When such funds are however, not available their only recourse is
at the Federal Reserve Banks. For many weeks money rates have ruled
at a level that has compelled dealers to move with caution lest they be
3060
FINANCIAL CHRONICLE
[vol.. 126.
caught with a large volume of bills at a time when money to carry the discussion in an informal way on the part of members of the Senate and
portfolio would cost as high as 6%.
House concerning the forthcoming conference of the United States Chamber
This is a serious weakness in our acceptance market and will continue to of Commerce. It develops that members of the Senate and House Banking
be such until the large New York banks whose bills constitute nearly 70% and Currency committees have been invited to attend this special
conference
of the total volume,stand ready to loan to dealers a portion of their avail- at which consideration will be given to certain "confidential
reports" of
able and floating supply of money at rates under the cost of bills to the the chamber's own
committee on Banking and Currency.
dealers. There is ample money for such purposes if the banks would eviResentment Hinted.
dence a little more co'operation and divert to the discount market a very
The conference is to be held June 4 and 5. It is said that this invitation
small portion of that money that is now dumped into the Stock Exchange
frequently with the result of breaking down the rate. The Federal Reserve has aroused the resentment of some of those invited and it is understood
Bank should not be expected to hold the bag when the banks themselves are that former President Pierson of the national chamber has been given to
in a position to put the discount market in funds at all times at profitable understand in a more or less mild way that such a feeling exists. In
rates and so contribute to a condition of stability benefiting the entire private conversations it is asserted that eemingly this organization is
money market.
setting itself up as a sort of super-Government and with the tax bill still
The statistics made public by Mr. Bean May 17, follow: pending before the Senate, with the Republicans hard-pressed to defend the
measure, with the Chamber of Commerce adopting resolutions playing right
TOTAL OF BANKERS ACCEPTANCES OUTSTANDING FOR ENTIRE
into the hands of the Democrats, the entrance of the national chamber
COUNTRY BY FEDERAL RESERVE DISTRICTS.
into this new field is not looked upon very kindly.
Federal Reserve Districts—
April 30 1928.
Mar. 31 1928. Aprfl 30 1927.
It is further understood that Chamber officials have been told that it is
1
132,258,537
136,345,590
90,036,668
2
813,847,466
813,320,573
606,428,509 not the desire of the Congress members to attend the closed session pro3
15,488,426
12,977,450 posed, even though it is to be of an advisory, rather
15 172.671
than of a plenary
4
15,784,835
18,712,748
9,396,874
5
8,470,982
8,148,982
9,459,186 character. The mere mention of this latter gave rise to the suggestion that
6
11,369,793
15,738,976
15,603,973 It is for Congress to legislate. It has been suggested to the Chamber's
7
35,914,967
38,164,069
28,112,893 officials that if they have something constructive to present to Congress
on
s
1,598,617
606,162 the subject of Federal Reserve
1,791,717
legislation they, or any designated committee
9
1,865,882
2,903,804
1,230,047
10
260,920
260,920
150,000 of the organization would be received at a public hearing and given the same
11
6,957,210
8,665,325
4,304,857 consideration that would be accorded any other group that might seek
12
26,894,387
28,243,367
32,658,908 such an audience.
Grand total
Reports Prepared.
1,070.712,002
• 1,085,468,742
810,965,525
Decrease, 14,756.740 increase, 259,746,477.
"Chamber committees representative of business, agriculture and labor
have been making a study over the past year of banking and currency
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
Apr. 30 1928. Mar. 31 1928. Apr. 30 1927. questions under the general chairmanship of Harry A. Wheeler, president of
Imports
333,082,132
328,449,345
308,602,529 the Union Trust Co., Chicago, and formerly president of the chamber,"
Exports
379,436,264
388,638,525
285,013,032 the announcement of the chamber
reads. "In considering the services of
Domestic shipments
19,239,621
21,075,305
21,160,733
Domestic warehouse credits
152,676,500
165,905,887
108,181,453 the Federal Reserve system they have scrutinized current proposals for
Dollar credits
25,034,077
29,169,854
23,790,365 changes in its structure and functions.
Based on goods stored in or shipped
"A tentative general report and a number of auxiliary reports prepared
between foreign countries
161,263,408
152,229.826
64,217,413 by these
committees will be placed before the conference for discussion.
AVERAGE MARKET QUOTATIONS ON PRIME BANKERS ACCEPTANCES Selected
leaders in business, agricultural and labor groups are being asked
APRIL 16-MAY 16.
to
participate
as well as officials of the Federal Reserve system.
Dealers
Dealers
Dealers
Dealers
"The conference will be advisory, not plenary, and will not be open to
Days—
Buying Rate. Selling Rate. Days
Rutting Rale. Selling Rate.
30
3.75
120_ ..
3.625
4.104
the public.
3.979
60
3.979
150
3.854
4.229
4.104
"Business men were instrumental in securing the establishment of the
4.00
90
180
3.875
4.229
4.104
Federal Reserve system. They have worked to give it permanency through
indeterminate extension of the charters of its banks. The business comBank of North America N. A. Defends Policies of munity is dubious as to the value of proposals for changes in the policies
and practices of the system. These matters will be reviewed in the light
Federal Reserve System.
of the chamber committees' studies.
Failure to realize that the Federal Reserve System's
"Upon acceptance of this invitation we will place in your hands promptly
control of the money market is not automatic is largely re- copies of the confidential reports upon which the judgment of the conference is being solicited.
sponsible for hostile criticism levelled at the effectiveness of
"We are especially desirous of your acceptance of this invitation in order
the Federal Reserve policy, in the opinion of The Bank of that there may be representation of the point of view
of one who has been
America N. A. of New York. This oversight, the bank intimately identified with important banking legislation." •
"I suggest that a stamp tax on call loans will reduce brokers' loans,"
claims, is made by those who charge that control has been
cabled Mr. Gregg to Senator Norbeck. "It should apply to all secured
so effective that it has brought about deflation automatically, loans expressing payment
on demand or for periods less than thirty days.
as well as by those who express the conflicting view that the It should not apply to ordinary unsecured demand notes or to notes running
thirty
days
or
longer.
The
tax on call loans should not prohibit, but should
system has seemingly refused to regulate the money market
discourage
There is no objection also to raising revenues from stock
to prevent inflation. Commenting on Federal Reserve gamblers. them.
At the bottom of all this dangerous inflation is the weak or
operations in its monthly "Review" the bank says:
greedy banker."
Another
writer told Senator Norbeck that "the enormous transactions
The selling of securities in the open market and the raising of the rediscount rate may increase the cost of money but the demand may still con- show that thousands of people are speculating who never thought of doing
tinue as long as those who are using these funds can still make a profit. so before the present era. The butcher, the baker and the candlestick.
There is no doubt Hist the Federal Reserve system can make its policies maker are getting into the market," he wrote, "likewise the wholesale
merchant, jobber, contractor and retail merchant. An Italian restaurant
effective in the long run if it wishes to carry them out to the limit.
However, in carrying out these policies the central banking authorities man told me recently he had just lost his life savings ($30,000) in the
are influenced by various motives often in themselves conflicting. In market. A wholesale merchant showed me a list of securities which he
this respect the critics of Federal Reserve policy again err in taking a had bought for $200,000 and taken out of the market to be used as colmechanical and static rather than a realistic or dynamic view. Thus Reserve lateral in the banks when he bought goods at the mills to be sold on credit
policy must be based on such consideration as the needs of European to the little fellows. Suppose the market collapses and his $200,000 shrinks
stabilization, the requirements of treasury operation and the demands of to $100,000, and when lie gets to the bank to about $60,000, how is our
financing domestic industrial improvement. These demands for credit magnificent banking law going to save us from a widespread commercial
must be reckoned with in any policy of contraction for the purpose of check- depression? Has anybody anywhere statistics showing how much of the
ing security speculation.
reserve capital of the business men of this country has been drawn into
Public attention has been focussed on the security market and less on the Wall Street speculation?" he inquired.
way in which the Reserve system has facilitated constructive needs. ParOther informants have been content to call the attention of Senator Norticularly striking has been the success of the Reserve System in aiding the beck to editorials in financial and other newspapers supporting the argurestoration of the European currencies. To-day practically the entire ment that the present situation is a most dangerous one.
world is back to a gold standard due in a large measure to the efforts of the
Federal Reserve system. But what makes this accomplishment so notable
has been the small cost with which this end has been attained. Over the Representative Strong Declares Brokers' Loans are
entire period of stabilization from 1924 until the present, the total loss of
Draining Western Banks.
gold from the stocks of the 'United States has been less than 1200,000.000:
•
State Bank Commissioners in the States west of the AlleThis amount dwarfs into insignificance when compared with the total
gold holdings of this country.
ghenies are being urged by Rep. James G. Strong (Kansas)
Senator La Follette to Seek Early Passage of Resolution
on Brokers' Loans—Views of Members of Congress
on Proposed Conference of United States Chamber
of Commerce to Discuss Federal Reserve Legislation
According to the Washington correspondent of the New
York "Journal of Commerce," the publication of the Norbeck
report (given elsewhere in the "Chronicle" to-day) on the
La Follette brokers' loans curb legislation has brought to
members of Congress many letters of approval of the proposal to call upon the Federal Reserve Board to seek a reduction in the volume of speculative loans. From the Washington account May 16 to the "Journal of Commerce" the
following advices also are taken:
to consider resorting to "the discriminating use of publicity"
whereby materially to reduce the volume of money. flowing
from Western banks to the New York stock market, said
a
Washington dispatch May 13 to the New York "Journal
of
Commerce." It was also stated therein:
To these Commissioners the Kansas Congressman has addressed
a
pointing out how potentially dangerous the present situation with letter
respect
to brokers' loans hes become.
Strong charged that brokers' loans to sustain speculative activities
in the
New York stock market are draining Western banks of surplus
funds. He
asserted that local bankers would not welcome publicity of their
action
where they are sending the surplus funds of their banks to
the Eastern
speculative markets to profit on the call loan interest rates.
It is Mr. Strong's opinion that communities in which legitimate
business
and agricultural interests are paying high rates for money,
particularly
would find it interesting to know that their local bankers, while
keeping up
local rates, are sending surplus bank funds ir.to the New York
market.
Senator Norbeck, Chairman of the Senate Committee on Banking and That interest likely would he so keen that the local banker would
not care
Currency, has just received from William C. Gregg, of Hackensack, N. J., to have publicity given to his policy, and rather than subject himself to
the
criticism probably would discontinue the practice of sending surplus
a cablegram sent from Brussels, suggesting a stamp tax on call loans.
funds
Senator La Follette stated to-day that he would seek the passage of his to the speculative market for use in brokers' loans.
"In this situation," Representative Strong said, "there is an analogy
resolution at the first opportunity afforded him for bringing the measure
to
to the attention of the Senate. In this connection there has been some what the farmers are trying to do with regard to marketing surplus crops.
MAY 19 1928.1
FINANCIAL CHRONICLE
obtain a higher home price.
They want to dispose of the surplus so as to
are condemning the farmers'
The bankers of the country, many of whom
with their surplus money, to wit:
plan, are now doing the same thing
New York, where they get a low
they are sending their surplus money to
a high rate at home.
rate on brokers' loans, while maintaining
two activities: the surplus
'But there is this difference between the
price work no injury
agricultural commodities if sold abroad at a European
boost the home price
for the reason that agricultural commodities cannot
when these prices are
beyond that which will bring a fair return because
products sold abroad would
raised above the tariff wall these agricultural
from
agricultural States to
sent
return, while the surplus funds that are
of interest
swell brokers' loans in New York not only maintain higher rates
cheap funds for regulaat home than the people ought to pay but furnish
value as an
tion in stocks and bonds that establish a price beyond their
Investment, which leads to the fleecing of the buyers of the inflated stocks
and, it is feared, may bring a financial catastrophe to the country."
Opposition to Proposed Legislation Designed to Bar
Officers of Commercial Institutions from Savings
Bank Boards—New York State Commission Meets.
Opposition to legislation which would bar officers or
directors of commercial banks or trust companies from serving as members of the board of trustees of savings banks
developed on May 9 at the first meeting of the New York
Legislative Savings Bank Commission at the Bar Association, 42 West 45th Street. Darwin, R. James, Chairman of
the Savings Bank Association and President of the East
River Savings Bank, said such a law "might be unfortunate," and William L. DeBost, President of the Union
Dime Savings Bank and former President of the Chamber
of Commerce of the State of New York, said he believed it
undesirable. The foregoing is from the "Times" of May 10,
and the further account therein is given herewith:
3061
Follette
Senate Committee Report on Amended La
Resolution Respecting Brokers' Loans—Chairman
Norbeck Warns that Situation Grows More Dangerous.
and
In a report on the resolution of the Senate Banking
brokers'
Currency Committee bearing on the expanding
says
loans, Senator Norbeck, Chairman of the Committee,
Board
Reserve
Federal
the
to
made
been
that."appeals have
check this
in the hope that they would do something to
"
magnitude.
increasing
in
continued
has
it
but
evil,
growing
NorSenator
says
be,"
may
"Whatever the cause, or causes,
the situation is
beck's report, "It does not alter the fact that
report likeThe
"
dangerous.
more
and continues to grow
wise says:
that
of booms is
"Whatever goes up must come down, and the history
The speculative
the higher they go the more suddenly they break. . . .
lambs. The higher the
buyers are not the experienced class; they are the
can find small conmarket goes the more 'widespread' the condition. We
those least able to
solation in the fact that the losses will be borne by
bear it, scattered over every State in the Union."
The committee's resolution, which, as stated in our issue
of May 5, page 2737, representing a modification of Senator
La Follette's resolution, was ordered favorably reported on
April 30. The La Follette resolution was given in our issue
of January 21, pages 352-354. The Senate Committee resolution is contained in the report of Senator Norbeck, which
we give herewith:
referred the
The Committee on Banking and Currency, to whom was
that the Federal
resolution (S. Res. 113) expressing the sense of the Senate
member
Reserve Board should restrict the further expansion of loans by
report to
banks for speculative purposes, and directing said board to
having
Congress what legislation, if any, may be required in the premises,
that it do
considered the same, report thereon with the recommendation
After complimenting the Commission on its work last year, as a result pass with the following amendments:
of which laws widening the scope of legal savings bank investments in
Strike out the entire preamble.
in lieu
public utilities securities were enacted by the last Legislature, Mr. James
On page 3, line 2, strike out the word "immediately" and insert
asked for the passage of legislation which would aid savings banks in thereof the following: "admonish all Federal reserve banks to". Line 3,
following:
the
thereof
lieu
helping their depositors make sound investments.
strike out the words "restrict the" and insert in
the line, insert
"advise against". Line 3, after the word "for" at the end of
IVcirld Limit Deposits.
a period.
the word 'purely". Line 4, after the word "purposes", insert
get
to
their
depositors
help
they
should
that
"Many savings banks feel
6. Line 9, after
Strike out the remainder of line 4, and all of lines 5 and
$500,and
now
anything
doing
not
are
"They
said.
James
Mr.
ahead,"
the word "future" insert the word "excessive".
000,000 was invested in worthless securities in New York State last year.
The resolution as amended, reading as follow:
My own idea is that savings deposits should not exceed $2,000. At that
Reserve
Resolved, That it is the sense of the Senate that the Federalto advise
point I would hand the depositor legal mortgage certificates, or other good
admonish all Federal reserve banks to take steps
2%. Then I believe the savings Board should expansion of loans by member banks for purely speculative
/
Investments, which would Fay him 5 or 51
further
against
banks should be able to lend to their depositors as the National City Bank purposes.
to the
is now doing. At present we lend up to 100% on deposits, but we should
Resolved, That the Federal Reserve Board be directed to report
to prevent the future excessive
take a larger interest in helping the poor people of the State in their Congress what legislation, if any, is required
speculative
for
system
reserve
Federal
the
of
credit
use of the funds and
financial programs."
Mr. James said the Savings Bank Association would hold its annual purposes.
progress
It is recognized by all that the greatest hindrances to orderly
the
of
convention May 24 and 25 and that he thought a rough draft
in values, or rather, in the selling prices of
fluctuations
violent
the
are
relating
the
law
of
7
Section
association's recommendations for rewriting
The destructive effects of deflation are admitted by all.
to savings bank investments in railroad securities—the chief business of commodities.
no deflation until there is first an inflation. There has of late
the commission this year—could be made ready in a month. The associa- There can be
strong upward tendency of prices in the stock market. The
tion, he said, might consider desirable a law which would permit savings been a very
The speculative nature of the buying is very evident.
banks to buy Canadian provincial and Dominion bonds. Ile also expressed speed is increasing.
the point where purchasers of stock do not look with
the belief that savings banks should be allowed more than 'one branch, as, We have reached
simply hope that another sucker will relieve them
he said, competition from national banks and trust companies and building care to the earnings, but
to-morrow at an advanced price.
and loan associations was becoming increasingly keen.
This form of speculation is done largely on borrowed money—broker's
Want Experts on Boards.
loans. The evil and dangerous influence of such operations has been
He opposed a legal ban on "interlocking directorates" for savings banks recognized for more than a decade. Repeated warnings have been made by
on the ground that the latter institutions wanted to get experts to serve conservative journals of business and finance. Appeals have been made to
on their boards of trustees.
the Federal Reserve Board, in the hope that they would do something to
"I have never heard of an instance," he said, "where a savings bank check this growing evil, but it has continued in increasing magnitude, as
trustee attempted to take advantage of the fact that lie was a member of will be shown from the following tables representing broker's loans over a
the directorate of a commercial bank."
period of years:
"But isn't that centering the money power and carrying it too far?" BROKERS' LOANS PLACED BY NEW YORK CITY REPORTING BANKS,
1917-1927.
asked Senator Thomas C. Brown, of Schenectady, a member of the
Total Loam on
Total Loans on
Commission.
Call and on Time.
Call and on Time.
tire
of
Mr.
James
"but
none
60
savings
answered,
up-State,"
81,217,231.000
be
may
"It
8663,907,000 Dec. 26 1923
Dec. 28 1917
L931,538,000
777,230,000 Dec. 31 1924
Institutions in New York City are controlled by commercial banks or by Dec. 27 1918
2.908,060,000
1,302,504,000 Dec. 30 1925
Dec. 26 1919
outside interests. The matter is not an issue in this city."
2,787,761.000
1926
29
Dec.
813,992,000
Dec.
31
1920
3,747,622,000
Mr. James said he would favor an amendment to the present law so that Dee. 28 1921
898,541,000 Dec. 28 1927
not more than 10% of the members of boards of savings bank trustees Dec. 27 1922
1,489,199,000
the reports
and
banks.
of
smaller
commercial
was
directorates
reporting
the
on
could be
Prior to 1926 the number of banks
Mr. DeBost said it was an advantage to the savings banks to have a cer- were informal and not as accurate.
tain number of commercial batik men as trustees and said that no instance BROKE
PLACED BY NEW YORK CITY REPORTING BANKS
. 25 L
BaRnO
(MONTHLY FIGURES IN 1928).
had ever arisen within his knowledge where such a relationship had been
54,144,386,000
Apr. 25 1928
Jan. 25
abused.
4,361,108.000
3,721.834,000 May 9 1928
Feb.
29
1928
over
of
the
the
meeting
opening
the
appointment
at
arose
A controversy
3,825.379,000
Mar. 28 1928
the
to
commission.
stenographer
William
Senator
and
clerk
counsel,
that the
of the
The very fact that these loans are all short-time loans indicate
NV. Campbell, of Lockport, Vice-Chairman, said that Assemblyman Nelson buying is for speculative rather than investment purposes. They are made
W. Cheney, of Eden, Erie County, Chairman of the Commission, was ill to those who buy on a small margin in a rising market—to those who expect
when the meetings began last year and that he had been given a voice in to cash in before the bubble bursts.
the selection of the Commission's employees. Ile thought he should also
Congress took notice of this in the enactment of the Federal reserve act.
have something to say this year.
Brokers' loans are not eligible to rediscount, but that has not materially
Difficulty Is Settled.
hampered the banks in these operations.
In September 1913 Senator Carter Glass, who was then a Member of the
Other members of the commission declared that Chairman Cheney should
House, expressed himself in part as follows:
was
this
effect
to
Senator
made,
motion
a
When
power.
appointive
have the
Under existing law we have permitted banks to pyramid credit upon credit
Campbell raised a point of order that the meeting was not regular. No
and to call these credits reserves. It is a misnomer; they are not reserves.
notification it was to be held had been sent the ex-officio members, he And when financial
troubles come and the country banks call for their
contended. At this point the room was cleared and the Commission went money with which to pay their creditors they find it all invested in stockadjustthat
an
amicable
announced
gambling operations. There is suspension of payment, and the whole
into executive session. It was later
that Chairman Cheney would system breaks down under the strain, causing widespread confusion and
ment of the difficulty had been reached and
T. Pammenter, of Rochester, almost inconceivable damage.
name the employees. Assemblyman Arthur
was re-elected Vice-Chairman.
A year ago, in an editorial, Dr. II. Parker Willis, a well-known authority
was elected Secretary and Senator Campbell
J. Dunnigan, New on financial matters, said:
Other members of the committion are Senator John
Ithaca; Assemblyman Irwin
But when allowance has been made by the most charitable of observers it
York City; Assemblyman James R. Robinson,
Russell W. Dun- remains a fact that our reserve system has exerted no real remedial influSteingut, New York City, and, ex-officio, Assemblyman
New York ence upon the great American evil of stock-exchange gambling and of the
more, Utica, majority leader, and Assemblyman Maurice Block,
use of the liquid funds of banks in that occupation.
leader.
City, minority
Cheney
The reasons for existing conditions as given by those who defend this
Chairtnan
month,
a
about
in
held
be
will
meeting
next
The
practice are:
announced.
3062
FINANCIAL CHRONICLE
[VOL. 126.
(1) That the large buying of stocks is a reflection of an easy money
Experts explained that theoretically under certain conditions it might be
condition hitherto unknown in this country, due largely to the increase of
an excellent economic plan to maintain a lower rate in the New York disgold imports, but also to the increased accumulation of savings, both of trict
labor and capital to a degree heretofore entirely unknown. The annual this than at other Reserve banks, in order that funds might flow from
money center to other cities. This is a similar situation to that which
national savings are now $14,000,000,000, as compared to $4,000,000,000 exists
between New York and the foreign money markets, there having
or $5,000,000,000 before the World War.
been an international arrangement whereby the New York rate would be
The agricultural section has been liquidating and not borrowing. On kept lower
than the London and other rates, for the object of "coaxing"
October 29 1920 the Federal reserve bank at Minneapolis had rediscounts gold to those
centers.
to the amount of more than $111,000,000. Seven years later this had gone
to the low point of about $2,000,000, and is still less than 10% of the
1920 figures. Bankers in agricultural districts are to a greater extent New York Federal Reserve Bank Raises Buyine,Rate
sending their surplus to the money centers. They get a very low rate for
for Acceptance Bills.
Caine, but deem it highly important that the funds are available when
The "Wall Street News" of yesterday (May 18) said:
demanded by the depositors.
Following the advance on Thursday to 4%%, in its rediscount rate, the
Production in many lines has caught up with consumption, or exceeded
it, and there has not been a large demand for new capital in development. New York Federal Reserve Bank has advanced its buying rate for bills %To
But whatever the cause, or causes, may be, it does not alter the fact that from 3%% to 4%.
the situation is and continues to grow more dangerous. Whatever goes up
must come down, and the history of booms is that the higher they go the
more suddenly they break. It is no defense for the "Street" to say that Governor Strong of New York Federal
Reserve Bank
the risks are widespread. That is only another way of saying that the
Sails For Europe.
losses will not fall so heavily on the centers, but will be borne by
the
whole country. This is not surprising. The speculative buyers
Benjamin Strong, Governor of the Federal Reserve Bank
are not
the experienced class; they are the lambs. The higher the market
goes of New York, sailed for Europe, May 11 on the White Star
the more "widespread" the condition. We can find small consolation
in steamer "Majestic." Mortimer Schiff,
of Kuhn, Loeb it
the fact that the losses will be borne by those least able to bear
it,
Co. and Arthur M. Anderson, a,partner of J. P. Morgan Sr
scattered over every State in the Union.
To what extent this condition endangers our financial
institutions can Co. were also passengers on the steamer. With regard to
not be predicted. All serious-thinking people must
be impressed with a Governor Strong's trip the Wall Street "News"
announced
warning appearing editorially in a recent issue
of the "Commercial and
Financial Chronicle" of New York City—a conservative
on May 17 the following Central News adviecs from London:
publication
that
has continued for 126 years. Following is a brief
"Financial News" learns that Gov. Benjamin Strong of the New York
quotation:
Steadily expanding stock speculation, with the resulting
Federal Reserve Bank will disembark at Cherbourg and will proceed direct
growth in brokers' loans, still constitutes the foremost topic
to
the south of Europe to recuperate from his recent indisposition. Afterof the day, and, while the
constant repetition of the story week after week
and month after month ward he will meet leading European bankers.
may be wearisome to the reader, as it certainly is to
ment is freighted with such portentous consequencesthe writer, the moveit shall not be
checked that it is the imperative duty of the press toif keep
the subject Edmund Platt Reappointed to Federal Reserve
constantly before the public.
Board.
Congress and the country are looking to the Federal Reserve
On May 14 President Coolidge sent to the Senate the name
Board for
leadership in matters of banking and financing, in order that
we may not of Edmund Platt for reappointment
as a member of the
have the unnecessary repetition of disasters that have befallen us
in the past.
The resolution referred to is not radical; it is extremely conservative. Federal Reserve Board for a term of ten years,from Aug. 10
It only aims at preventing a further aggravation of the present
dangerous 1928. Mr. Platt is Vice-Governor of the Board.
situation.
Federal Reserve Banks of New York and Philadelphia
Raise Discount Rates to 43'%.
Both the Philadelphia and New York Federal Reserve
Banks have this week raised their discount rates from 4%
to 43'%, the increase in the Philadelphia Reserve Bank
having been announced May 16, effective May 17, the
New York Federal Reserve Bank announcing the change
in its rate on May 17, the increased rate becoming effective
May 18. With the action by these two Reserve banks
there are now eight Reserve banks at which the 43/2% rate
prevails. The movement toward this end was begun a
month ago when the Boston and Chicago Federal Reserve
banks advanced their rates from 4% to 414%, effective
April 20, an item in the matter having appeared in our issue
of April 21, page 2418. Since then the St. Louis, Richmond,
Minneapolis and Dallas Reserve banks have likewise similarly advanced their rates, as was noted in our issues of
April 28, page 2584, and May 12, page 2907. The present
advance in rates is the second to be made this year. The
New York Federal Reserve Bank increased its rate from 33to 4%, effective Feb. 3 (noted in our issue of Feb. 4, page
659), and the Philadelphia Reserve Bank raised its discount
rate from 33 to 4%, effective Feb. 16, as was indicated by
us Feb. 18, page 966. Announcement of the change in the
rate this week by the New York Reserve Bank was made
as follows on May 17:
Governor Young of Federal Reserve Board to Visit
South and South West—To Attend Bankers'
Meetings.
Governor Young of the Federal Reserve Board left
Washington on May 11 to attend a series of bankers' meetings
in the South and South West. His first stop was Nashville,
where he was scheduled to meet member bank officials. He
also planned to visit Tulsa, Olda., to deliver an address.
He will stop at St. Louis to attend meetings of directors of
the Federal Reserve Bank and Member Banks in the St.
Louis district.
W. Randolph Burgess of New York Federal Reserve
Bank Returns from Abroad.
W. Randolph Burgess, Assistant Federal Reserve Agent
of the New York Federal Reserve Bank, returned from
Europe on May 15. Dr. Burgess went abroad on Mar. 30;
during his trip he attended a conference of statisticians from
central banks of issue at which 22 central banks were represented. This conference was referred to in our issue of
May 12, page 2967.
Termination of Treasury Department's Offer to Purchase Through Federal Reserve Banks $50,000,000
Third Liberty Loan Bonds.
In indicating that the offer for the purchase of $50,000,000
Third Liberty Loan Bonds, through the Federal Reserve
Banks (referred to in our issue of May 12, page 2910,
expired May 15, an announcement by Secretary Mellon
on
May 16,said:
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 847, May 17 1928, superseding Circular No. 833. dated
Feb. 2 1928.)
Rate ot Discount.
To All Member Banks in the Second Federal Reserve District,
You are advised that, effective from the opening of business on Friday,
Secretary Mellon announced that the privilege of
May 18 1928, until further notice and superseding all existing rates, this
tendering Third
Liberty Loan 43,1% bonds for sale to the United States, under
bank has established a rate of 43.5% for all rediscounts and advances.
authorizations
as publicly announced on May 11,expired yesterday, May 15,and
Very truly yours,
no further
tenders will be accepted.
BENJ. STRONG, Governor.
Under the terms of the Department's announcement of
May 11, the
The change in the rate of the Philadelphia Federal Reserve Federal
Reserve Banks were authorized to purchase at the option
of holders,
Bank was announced as follows by the Federal Reserve up to 850,000,000 aggregate face amount of Third
4,51s which mature
Sept.
15 1928, at 100 8-32 and accrued interest to the date of
Board on May 16.
such
optional
The Federal Reserve Board announces that the Federal Reserve Bank of purchase. The announcement further provided that the offer would be
Philadelphia has established a rediscount rate of 43.5% on all classes of terminated without further notice on May 18 1928, or on such earlier date
as the full amount shall have been tendered. Since the
paper of all maturities, effective May 17 1928.
Federal Reserve
Banks had received tenders
aggregating the required amount,
the
With the announcement of the advance in the rate of the Treasury exercised its rightoftobonds
terminate the offer, and accordingly
Philadelphia Federal Reserve Bank, the Washington corre- further tenders of Third 4h's under this authorization will be accepted. ne
spondent of the "Journal of Commerce" on May 16, said:
Officials explained that the reason for the increase of the Philadelphia
rate was similar to that for the Boston bank; that is, to combat the tendency toward borrowing of money in that district and removing it to New
York. Considerable borrowing in the Boston and Philadelphia districts
made it necessary for these banks to take the precautionary step.
In the recent epidemic of rate increasing, taken In some quarters to be
an effort on the part of the Reserve system to combat speculative activities.
the Chicago and Boston banks led off with a boost in rate April 20.
The present shifting of rates marks the first time in a number of years
Mtat the New York rate has been maintained at a different level from the
other banks for a period of several weeks.
Hearings on Strong Bill Amending Federal
Reserve
Act to Effect Stabilization—Dr. Miller of Federal
Reserve Board Has No Knowledge Regarding
Report of Meeting Abroad on Discount Rates.
At a hearing in Washington on May 17 before the House
Banking and Currency Committee, Dr. Adolph C. Miller,
member of the Federal Reserve Board, said that he had no
officiallknowledge of conferences on discount rates reported
MAY 19 1928.]
FINANCIAL CHRONICLE
as planned between foreign bankers and the executive head
of one of the Federal Reserve Banks. The hearing was on
the Strong bill for the stabilization of prices through the
Federal Reserve Board, and the "United States Daily"
indicated as follows, what Dr. Miller had to say on May 17
before the Committee:
The discussion was precipitated by Representative McFadden (Rep.) of
Canton, Pa., Chairman of the Committee, who read into the record an
editorial by H. Parker Willis, editor of the "New York Journal of Commerce" stating that there is to be a meeting of the heads of the central
banks, "this time in a foreign country," and that those scheduled to participate are the Governors of the banks of France, Germany and England,
and the executive head of one of the Federal Reserve banks. The editorial
stated that the meeting would be a continuation of a meeting held last summer, which was devoted largely to consideration of discount rates and
added that the foreign bankers want a discount reduction in the United
States in order that they might more easily accumulate capital and gold
in the market.
Chairman McFadden asked Dr. Miller if "we are sending to this conference a delegate representing the Federal Reserve Board." Mr. Miller
replied that he knew nothing about the meeting except what he had read
In the newspapers. "I know of no conference in contemplation," he said.
"The Federal Reserve Board has sent nobody and so far as I know, nobody
has gone. Officially and actually, I know nothing about it. If anyone
Is on the water or is going I know nothing of it."
Strong bill, should be delayed until a sufficient period of
time has elapsed "to show what the gold standard is going
to do" under the new peacetime conditions. Previous expressions of opinion on the bill by Dr. Miller were noted in
our issue of May 12, page 2908. As to what he had to say
on May 15, we quote the following from the "United States
Daily:"
Theory Is Discussed.
"By what theory," asked Chairman McFadden, "are the central banks
being guided in the effort to control or manipulate discount rates, to quote
the article?"
"The statement made there," Mr. Miller answered,"of course assumes a
degree of knowledge which may or may not be had. I know nothing about
It, I would be inclined to say that the term 'manipulate' is strong language.
"The matter of conferences among Central Europe banks and the officers
of the Federal Reserve banks has been a subject referred to two or three
times in these hearings. I have not been in full sympathy with some of
the things that have been undertaken or the way in which they have been
undertaken. If the Committee is interested in that phase of the Federal
Reserve Board's operations, it is only fair that I ask that those actively
Identified in the matter be your first and main source.
"If then you desire to go into the matter. I will be willing to be summoned but I am not ready to answer the question at this time. I would
not want to construct a case for or against anyone who might have been
sponsor for action taken by Federal Reserve Banks. To really get this
Information, that you want or you need, it is not desirable that it be a
matter of occasional reference but should be a matter of systematic, methodical inquiry. There might be some good from a methodical inquiry
but the information should not come from occasional inquiries addressed
to me."
Mr.McFadden said Governor Strong of the Federal Reserve Bank at New
York City, had given the committee some information and there is already
considerable information on the subject available. "These conferences,"
Mr. McFadden added, "are important ones affecting the Federal Reserve
System. "It is important to note that these conferences are proceeding
independently of the Federal Reserve Board and are being carried on by
the management of one or more of the banks that are members of the
Federal Reserve System." Mr. McFadden added that Dr. Miller had
stated that the change in the discount rates occurred after the conference
last summer with the international bankers. He said that it seemed to
him that such conferences should be authorized by the Federal Reserve
Board.
Board fust Approve Changes.
Mr. Miller replied that there could be no discount rate change without
the approval of the Federal Reserve Board. He said that he understood
that it was involved in the conclusions that grew out of conversations and
Interchanges at the visit of the European bankers last summer. He
said he could speak only of what he did and not as to what others may
have done.
Dr. Miller was questioned by Dr. John It. Commons of the University
of Wisconsin, as to details of conditions in 1919-1920 and later years, with
Interpretations of the curves on a variety of charts bearing on the money
market. In response to questions, he described the credit conditions of
those periods, with the rate of expenditures in Europe and its bearing on
credit from the United States, gold movements, production, prices and
credit. Mr. Commons suggested that there was an increased European
purchasing power of about four billions of dollars during the first period
mentioned, based on American credits, which Dr. Miller agreed was a
factor in the actual increase of prices that took place at the time.
Referring to the early part of 1919, Chairman McFadden asked if the
member banks of the Federal Reserve System were not responsible for the
excess of credits at that time. Dr. Miller replied that they were and that
the excess of credits was due in part to the fact that Government war
expenditures were still going on.
Testifying before the Committee on Banking and Currency of the House.
May 15, Dr. Miller suggested that the operation of the gold standard under
the new conditions should be fully evidenced in about five years. He
proposed, he said, that students of the economic phase of life under consideration by the committee should have time to examine its various stages of
development without being bound to "a blind theory."
Says Stable Standard Unknown.
Representative Strong (Rep.), of Blue Fields, Han., author of the bill,
Inquired whether the proposition laid down in his bill was not, after all, a
restatement of what students of economics had long been doing. He referred to the need for a stable gold standard in this connection. To this
Dr. Miller replied that a "stable gold standard is something the world
never has known."
"When you attempt to stabilize a gold standard," Dr. Miller continued.
"you have, in effect, abandoned the gold standard and have attempted to
replace it with a dollar standard.
"One of the further dangers that I see in such an effort in that the questions which are fundamentally economic will become political. People get
excited; they take sides and voice their opinions and presently the matters
are wholly political."
Dr. Miller urged elimination of certain sections of the bill as having been
presented at an inopportune time. One of these, about which there was
considerable discussion, was the plan for a continuous study of the purchasing power of the dollar coupled with establishment of index records of
the changes. The Federal Reserve Board would be required, under the bill,
to make at least an annual report to Congress on the results of these studies.
It was Dr. Miller's view that such a report would take on greater significance
than ought to be, because of the necessity for an annual official expression
for the information of Congress.
"Studies of these questions, of course, are being made continuously."
said Dr. Miller,"but it should be remembered that the conclusions reached
are not matters of record and the men who reach these conclusions feel
free to change their minds. It would not be so were these views to be made
the subject of official reports. There would be lost that flexibility of mind
so necessary to continuous study of the problems."
Representative Luce (Rep.), of Waltham, Mass., delcared that there was
no more vital question before Congress at this time than determination of
trends in the dollar's purchasing power. He called attention to measures
pending in Congress now providing a pay raise for Government employees.
describing the proposals not as increases in salaries and wages, but as an
adjustment made necessary by the change in the dollar value. The public
debt reduction policy of the Government, he declared, also contained some
ofthesame elements. He referred to the tax bill now pending in the Senate
as interwoven with the question of the value which a dollar will buy.
Dr. Miller said "so long as industry is progressive and business men risk
fortunes in advancement of industry," there will be instability. He suggested it was unlikely that Congress would be able to make any changes
in the natural laws by statutory enactments.
Committee members referred to recent statements of economists and
publicists that a shortage of the world supply of gold appears likely within
the neat 20 years. Dr. Miller said that such might be the case but that
he did not believe the bill before the committee could prevent conditions
which might normally be expected to develop in that event. He proposed
to wait until those predicted conditions are nearer.
"I believe," he added,"that we will be able to sense the approach of those
conditions; I am convinced that the approach of a shortage of gold will be
foretold by conditions unmistakable in their meaning. Steps then can be
taken to meet the new conditions. It must be remembered that there may
be imaginary shortages without real shortages."
Mr. Luce declared that Dr. Miller's statement was no answer to his belief
that the information should be gathered and analyzed. He asserted his
belief that "we will be derelict in our duty if we pursue the policy of waiting," adding that few of the members of Congress had had economic training and they must needs depend on the agencies of the executive branches
to supply information of this character. The Federal Reserve Board, Mr.
Luce said, was the best equipped and the best trained to do the work.
Borrowings by Banks.
Dr. Miller said that borrowings by banks on Government securities
through repurchase agreements constitute a negligible item of the situation.
Dr. Miller said it would be unpopular to charge a higher rate on loans
on Government credit than on other securities. He said he was inclined to
think that the access to the Federal Reserve Banks for loan purposes is too
easy and that "it might be better if the Federal Reserve credit could not be
tapped quite so easily." He said it is not always feasible to identify the
particular use of the credit as to its going into stock exchange or to real
estate loans, for instance.
Mr. McFadden said he realized as Dr. Miller did how hard it is to determine the uses to which the credit is put.
"That is a problem," Dr. Miller said, "In the technique of the Federal
Reserve operations that ought to have more attention through methods
that would not be inquisitorial nor objectionable and yet would give some
check on the ungoverned borrowing from the Federal Reserve Banks for
purposes pretty remote from the Federal reserve purposes."
"Where will we land?" asked Rep. Steagall (Dem.), of Ozark, Ala.,"if
we vest in a board comprising a small number of members of high authority
the power to censor and control the actions of various and numerous banks
throughout the country and control their policies?"
"I suppose the answer would be," suggested Dr. Miller, "where would
we get to if we do not find some simple expedient of administration that will
enable us to test the country's economic need of money."
At the Committee's hearing on May 15 Dr. Miller urged
that the enactment of legislation designed "to promote the
maintenance of a stable gold standard," as proposed by the
•
3063
On May 16, Dr. Miller in answer to questioning by the
Committee, discussed the qualitative and quantitative theories with relation to prices and money,and factors taken into
consideration by the board in forming its judgement on
questions before it, and fluctuations in price levels for various years. Chart lines were exhibited to the committee,
conditions especially in 1924 and other years were referred
to, according to the "Daily", which added:
Pice Changes as Indicator.
Judgement in Federal Reserve administration, Dr. Miller said, implies
power to select the factors of difference in various situations. It is necessary, he said, to sense what are the factors of relative importance, to have
a knowledge of weight of these factors as well as the knowledge of what
these factors are. "Action," he said, "always looks toward the future
.and judgement looks toward the occasion:" The Board, he said, has
to weigh all the complex factors in a situation to determine which are
dominant."
He agrees that price level changes are "a very essential indicator" of
conditions for consideration in the present work of the board. He said
the bankers' acceptance rates have an important influence in facilitating
the financing of exports, affecting the speculative buying in Europe of
important commodities.
Traces Cold Movements.
There are certain commodities, Dr. Miller said, whose consumption is
very quickly stimulated by price reductions, and he told of contraction
In that field when the prices go up. The most sensible of these commodities
he said, are articles of general consumption and the luxuries. For example, he pointed out, if the prices of automobiles were reduced by onehalf, there would be a quick response in the demand for them while on the
other hand, if the price of bread were reduced generally, he said it would
be doubtful if there would be an increased use, because of the maximum
use at present.
Dr. Miller traced on the charts the curve figures of prices, of gold
movements and a variety of other subjects of fluctuation, dealing par-
3064
FINANCIAL CHRONICLE
[Vot,. 126.
ticularly with the situation, in 1924 but also discussing other years.
He
told how the Federal Reserve Board can stimulate business by making
credit cheaper, and how it can ease the money market in financial emergencies.
In the vote on the Democratic sur-tax schedules, presented by Senator
Simmons, party lines were not overstepped except by Senator Bruce
of
Maryland. Democrat, who voted with the Republicans against Mr. Simmons, but in the roll-call on the retroactive feature nine Progressive
and
four conservative Republicans left the party ranks, in addition to Senator
Tax Reduction Bill Before Senate-Corporation Tax Shipstead, the Farmer-Labor member.
The Republicans voting with Democrats against the retroactive scheme
Fixed at 123%.
were Blaine. Borah, Brookhart, Capper, Hale, Howell, Johnson.
Jones,
The Senate on May 13 voted to accept the Finance Com- La Follette, McMaster. Norris. Nye and Pine.
mittee's recommendation to reduce the corporation tax now
Senate's Changes Tabulated.
The surtaxes approved are the same as in the present law on incomes
13%,to 123%. The House bill proposed to reduce the
up to $21,000 and almost the same on incomes above $80,000.
the chief
rate to 113%,and this rate was also advocated by Senator changes
between those figures. The rates and classes favored by the Senate
Simmons in behalf of the Democratic members of the Senate and which have yet to be acted upon by the House are,
together with those
committee. The 12% rate proposed in the report of the at present:
Surtax
Finance Committee was accepted by the Senate by a vote Net Income
Rate
Ad Income
Senate Class.
Present Class.
7,2
of 40 to 34. Senator Simmons' proposal, for a graduated $18.000-21.
000
4
$18,000-20,000
21,000-24,0
00
tax on corporations with incomes under $15,000, was agreed 24,000-28,000
5
20,000-22,000
6
22,000-24,000
on May 12 by the Senate by a vote of 40 to 38. Regarding 28.000-32,000
7
24,000-28,000
32,000-36,000
S
28,000-32,0
00
the vote on this proposal the "Herald-Tribune" in Wash- 36,000-40,000
9
32,000-36,000
40,000-46,000
ington advices May 12 said:
10
36,000-40,0
00
46.000-52,000
11
40,000-44,000
The Simmons amendment is nearly the same as the graduated tax pro52.000-58,000
12
44,000-48,000
vision put into the bill by the House.
13
48,000-52,000
58,000-64.000
Effect of the adoption of the Simmons amendment is to cut down the
14
52.000-56,000
15
56,00U-60,000
revenues by about $24,000,000. The bill as a whole,if the Simmons amend64,000-70,000
16
60,000-64,000
ment stands, will reduce revenues $227,000,000. This is materially more
17
64.000-70,0
00
70.000-80,0
00
than the administration sanctions.
18
70.000-80,000
19
80,000-100,000
Over $80.000
To Demand Another Test.
20
Over $100,000
The vote on the graduated tax was approximately a party vote and
Finance Committee experts estimate the difference in the taxes
to be
Senator Smoot will demand another test on the Simmons proposition
paid on the present (1926) surtax and those proposed by the committee
,
when the bill goes from committee of the whole to the Senate proper. This (1928) are the same from $10,000 up to $18,000. and thereafter
as follows:
was the first defeat the Republican leaders of the Finance Committee have
Net
Surtax
Surtax
Net
Surtax
Surtax
Sustained since the bill was taken up. Senators Norbeck and McMaster,
Income.
1926.
1928.
Income.
1926.
1928.
$21,000
$270
Republicans, voted with the Democrats, and Senator Shipstead, Farmer$260
$64,000
$5,040
$4,430
24,000
440
410
70,000
6,060
Labor, with the Republicans.
5,390
28,000
720
650
80,000
7,860
7,190
Otherwise the vote was on party lines.
32,000
1,040
930
90,000
9,760
9,190
36,000
Following is the language of the Simmons amendment, which applies to
1,400
1,250
100,000
11.660
11.190
40,000
1.800
1,610
150,000
corporations with a taxable income not over $15,000:
21,660
21.190
46,000
2.480
2,210
200,000
31,660
Taxable income not more than $15,000.-If the amount of the net income
31,190
52.000
3,240
2,870
500,000
91,660
91,190
in excess of the credits provided In Section 26 is not more than
1,000,000
$15,000,
191,660
191.190
then, in lieu of the rate prescribed in subsection (a) the rate shall be:
The surtax schedules offered by Senator Simmons meant the same
"1. Five per centum If such amount is not more than $7,000.
revenue loss as the committee plan-$25,000,000-but were adjusted so
as
"2. Seven per centum if such amount is more than $7,000 and not more to give more relief on lower incomes and less on the larger.
than $12,000; but the tax under this paragraph shall not exceed $350.
Senator
Harrison
declared
the
Simmons scheme would relieve 91,000 taxplus
the amount by which the net income in excess ofsuch credits exceeds
$7,000. payers of any surtax and help 310,000 individuals with incomes below
"3. Nine per centum If the amount of the net income In excess of the $70,000, beyond which no aid was expected by Mr. Simmons. He chalcredits provided by Section 26 is more than $12,000 and not more
than lenged the Progressive Republicans to vote against the Simmons plan and
$15,000; but the tax under this paragraph shall not exceed $840, plus the for the Republican idea„ which they subsequently did.
amount by which the net income in excess of such credits exceeds
Replying to Mr. Harrison, Mr. Reed of Pennsylvania said a Senate
$12,000."
or
House member with a $10,000 salary and $4,000 independent income
would
Lenghly Debate Ensues.
pay only $40 surtax under the Democratic program, but an engineer
or
Action on the Simmons amendment was preceded by a lenghty
discussion. architect would be taxed $6,000 on a $70,000 income.
Senator Walsh, of Massachusetts, spoke in favor of a
He asserted that Lewis Cass Ledyard, architect of the Woolworth Buildgraduated tax on
corporations.
ing, had to hand the Government two-thirds of his fee for that work.
After disposing of the Simmons amendment a discussion
Little time was spent in disposing of the Committee suggestion to make
of the corporation tax followed. Senator Smoot moved the adoption
of the Senate surtax cuts retroactive. Senators King, Reed of Missouri and others
Finance Committee provision for a corporation tax of 12%
opposed
"granting a $25,000,000 refund." Senator Thomas asserted it
%.
The corporation tax question aroused a lengthy
and animated debate. would cost the Treasury $1,250,000 to write one letter each to 125,000
Senator Harrison, Senator Barkley. Senator Simmons
and others denounced taxpayers to be benefited. Senate approval of the surtax adjustments
the Republican attitude on tax reduction in general.
Senator Harrison menas this matter will have to be threshed out with the House, which did
disputed the figures of Senator Smoot and declared
that to reduce the not act upon surtaxes at all.
corporation tax to the House figure of 11.li% would
not reduce revenues
Little progress was made on the bill on May 15, it was
by $300.000,000.
The Washington correspondent of the "Journal of Com- observed in the "Times" which referred as follows to the
merce" in referring to the Senate action May 12 said in part: Senate action that day.
By
viva voce vote, the tax on foreign-built yachts was
repealed, cutting
the Government revenue $10,000. The House had voted
to increase the
tax five times above the present figure, or a revenue gain
of $30.000, but
the Senate Finance Committee decided to dispense with
the levy.
By another vocal vote the Finance Committee's
recommendation to
increase the tax on physicians dispensing narcotics from
$1 to $3 was
defeated on motion of Senator Copeland of New York.
Increase of the tax
would have brought $290,000 in new revenue into the
Treasury.
Senator Bingham, Republican, of Connecticut
vainly endeavored to
secure for American business men in the Philippines
the same exemptions
from income taxes of 1918, 1919 and 1920 which
are permissible under the
1921 law, Mr. Bingham said the Americans paid
both the United States
and Philippine tax, whereas Great Britain remitted
taxes upon her business
men there, who pay only the Philippine levy.
The amendment was beaten
by viva voce vote, and also on a division vote.
35% Paid Taxes.
American merchants, It
was said, have not paid the taxes of the years
mentioned, the matter still
There were 430,073 corporations filing returns in 1925. Only 35% of all being in adjustment
with the Treasury.
these corporations paid any tax at all, the Massachusetts Senator said.
By the end of the day, Senator Bingham had
placed in position for dis"Twenty-five and two-tenths per cent of these corporations showed a cussion to-morrow
his amendment to repeal the Federal
estate tax. It
profit of not over $2,000, the amount of the exemption then allowed.
this fails, he will press an amendment to
reduce
the
Federal levy to a neglig"Forty-one and three-tenths per cent reported losses.
ible tax.
"Therefore, 66.5% of all corporations in the United States paid no taxes
Senator Borah suggested that Senators favoring
repeal of the Federal
in 1925.
estate tax should not press their amendments.
To do so, he said, would
"Only 25.6% of all corporations reported a net Income of over $2,000 and entail three of four days
debate and might, in fact. Jeopardize
not over $25,000.
the bill,
Senators Bingham and Fletcher of Florida declared
they had no option in
"Therefore, 92.1% of all corporations in the United States showed a net the matter, as their
States insisted that the revenue
involved
Income of not over $25,000 in 1925.
belonged to
the States and not to the Federal Government
. Mr. Fletcher resented
"It is these corporations that will be greatly aided by the recommendation what he termed
a "threat" by Mr. Borah, who
disclaimed
of the minority in favor of the graduated corporation income tax."
any such
ntention.
A plea for greater considbration for corporations was made
by Senators
F. M.Simmons(N. C.), Pat Harrison (Miss.) and Davis I. Walsh
(Mass.),
Democratic members of the Finance Committee. They
asserted that they
were not defenders of"big business" of the type that finds itselfreferred
to in
the headlines of the sensational newspapers, but, they added, the
Democratic party stands for fair play for all classes of taxpayers.
Their discussions won for them the support of two members of the
Progressive group, Senators Norbeck and McMaster (S. D.). Senator Walsh
declared that the theory of a graduated tax on corporations is that such
a
method will come nearer placing small corporations on an equality with individuals and partnerships in the matter of Federal taxes. Under the present corporation tax laws there is a grave discrimination against the small
corporations compared with partnerships, he argued.
On May 14 downward revision of the surtax rate applying
on incomes between $20,000 and $80,000 was voted by the
Senate, but the Finance Committee's proposal to make the
reduced rates retroactive to 1927 incomes paid in 1928 was
rejected by a vote of 54 nays to 28 yeas. From the special
advices May 14 to the "Times" we take the following:
By a vote of 40 to 30 on May 17 the
Senate adopted
an amendment proposing to exempt from taxation
officers
and employees of State and municipal owned
water works
and street railways. The amendment was
presented by
Senator Vandenberg of Michigan. Further
action on May 17
by the Senate was noted as follows in the "Times":
The Senate refused
Adoption of the surtax changes followed debate during which Demoby vote of 49 to 23 to make these benefits retroactive
crats charged Republicans with trying to favor the wealthy and Repubto those paying taxes this year on
1927 incomes.
licans defended the Finance Committee surtax plan. The first step,
Another amendment approved to-day
was offered by Senator Frazier,
chronologically, was the defeat of the Democratic surtax suggestions by
of North Dakota, to increase the
exemption on club dues from $10 to $25.
roll-call vote of 43 to 39. The second step was the adoption of the Finance Some time
ago the Senate voted to retain the
present tax of 10% upon club
Committee schedules, involving a revenue loss of $25,000,000. by viva voce dues above
the existing exemption of $10.
vote
An effort by Senator Reed of Pennsylvani
a to include In the taxable
The Finance Committee's retroactive recommendations were beaten by income of fire
and life insurance companies, their profits from transaction
s
54 to 28.
on real estate, bonds and stocks, as defeated
by vote of 49 to 23.
MAY 19 1928.]
FINANCIAL CHRONICLE
Senator Copeland called up his amendment to permit the Secretary
of the Treasury to make agreements with foreign Governments in splitting
the taxes applied to international bridges, but when Senator Borah, Chairman of the Foreign Relations Committee, remarked that the Secretary
could not make compacts with foreign Governments, Mr. Copeland withdrew his amendment for remodeling.
Under an amendmentto the bill adopted yesterday(May 18)
men practicing professions would be allowed to deduct from
their tax returns money spent in attending the conventions
of the professional organizations. In stating this, Associated Press advices added:
Senator Copeland of New York proposed the amendment, which was
strenuously opposed by Chairman Smoot of the Finance Committee. The
committee had declined to allow the exemptions.
The opening of all income tax returns to public inspection was proposed
in an amendment by Senator Norris of Nebraska, a leader of the West
Republican Independent bloc.
United States Chamber of Commerce Urges Reduction
in Corporation Tax to 10% and Repeal of Estate
Tax—Reaffirms Allegiance to Principles of Business Conduct Adopted in 1924.
At its session on May 10 the Chamber of Commerce of
the United States in annual convention in Washington,
declared its "confidence in the general integrity and sound
ideals of modern business. These are brought into high
relief by recent disclosures of individual violation of established business practices," said the Chamber in its declarations, which in part also said:
American business is jealous of its good name, insists upon protecting
its professional status by the maintenance of the highest standards, and
intends scrupuously to discharge its collective responsibilities.
Chief among such responsibilities is that of purging business of all
those who indulge in commercial and political corruption and through
resort to unclean or unworthy practices bring business into disrepute
and shock the sensibilities of all decent citizens.
The Chamber declares that the moral turpitude of corrupters of public
servants is even greater than that of those whom they debauch.
The Chamber emphasizes its principle of business conduct which provides that "corporate forms do not absolve from or alter the moral obligations of individuals." It maintains that stockholders of corporations
owe it to themselves, to the Government, and to the profession of business
publicly to repudiate those who misrepresent them. Such stockholders
cannot accept the profits flowing from corruption and escape the moral
stigma which inheres in such profits. Neither can they permit those who
act for them to profit personally through corrupt corporate transactions,
or shield others who do.
The Chamber reaffirms its allegiance to the principles of business conduct
adopted at its annual meeting in 1924: and particularly does it reaffirm
the principle that "business should render restrictive legislation unnecessary
through so conducting itself as to deserve and inspire public confidence."
Government and Business.
The very essence of civilization is that there be placed upon the individual only that degree of restraint which shall prevent his encroachment
upon the rights of others, thus releasing to the utmost individual initiative
in every proper direction.
Our form of government most effectively expresses and maintains this
principle. Within our basic law exists ample provision for such changes
as may from time to time be necessary to safeguard our people. It is,
therefore, essential that our Government should scrupulously refrain from
entering any of the fields of transportation, communication, industry, and
commerce, or any phase of business, when it can be successfully undertaken and conducted in the public interest by private enterprise. Any
tendency of Governmnet to enter such fields should be carefully weighed
in the light of its possible effect upon the very genius of our institutions.
Federal Courts.
The Chamber of Commerce of the United States pledges Itself to the
maintenance of those immutable principales of government upon which our
nation is founded. Experience has demonstrated that ours is the best scheme
yet devised for the government of a free people. The 3 departments, the
legislative, the judicial, and the executive, each has its separate functions.
These departments were conceived, established and put into operations as
essential parts of an effective machine. They must work together, but cannot and must not conflict with each other if our government is to endure and
our people prosper. Any effort by the legislative branch to usurp or limit
the functions of the Judiciary must result in disaster.
The Chamber deplores any and all efforts to obtain the adoption of legislation which tends to minimize the power or diminish the jurisdiction of the
federal courts, or to substitute the legislative will for the discretion of the
judge in the discharge of a judicial duty.
3065
chosen Chairman of the delegation; his remarks are
as follows in the Philadelphia "Record":
"I thank you for the honor you have done use in selecting
given
me as
your Chairman. It is a very real honor, for ours is a very real responsibility. The man selected by the Republican convention as the
nominee of our party will in all human probability be the next President
of the United States. At Kansas City, therefore, we will not merely be
nominating a candidate, but selecting a President.
"Under the leadership of President Coolidge the record of the Republican party has been such as to entitle it to the confidence of the nation.
It enjoys that confidence. The people will unquestionably give us a new
grant of power if they are satisfied that the policies, principles and wise
administrative practices which have given economy and efficiency in
government and brought prosperity and contentment to the people, are to
be continued. Our platform must furnish a definite pledge that they will.
But more important than the platform is the nominee. His views, character and record must be such as to furnish a guarantee that Republican
principles will be upheld, that no backward steps will be taken and that
the policies so successfully inaugurated and followed by our great President
will be carried forward. "We hear much talk of the various candidates
and of their policies. Among them all Mr. Hoover seems to come closest
to the standard that we set for this high office. Between now and
the convention, however, I recommend that we hold ourselves unpledged
and uncommitted to any particular candidate, so that when we meet in
caucus in Kansas City before the convention we will have the fullest liberty
of choice to do as is best for Pennsylvania and the nation."
The same paper said:
Following the caucus Secretary Mellon was asked to amplify his statement regarding Hoover and he did it in this way:
"It seems to me that Mr. Hoover has covered the widest area and has
made the greatest progress of any candidate in the field."
"Do you think that President Coolidge might be drafted for renomination 1" he was asked.
The Secretary smiled and replied: "You know as much about that as
I do."
Mr. Mellon said that he, himself, was not a candidate under any
circumstances. He was asked if he would permit the delegates to give
him a complimentary vote and answered that it would not mean anything
because his name would not be presented to the convention. He refused
to say whether the delegates would go to Hoover on the first ballot
or to hazard a guess on how many ballots would be required to pick the
nominee.
Senator-elect Vare of Pennsylvania, in endorsing Secretary Mellon's support of Hoover, said, in part:
"The candidate who gives the best assurance of party success in November should be our nominee and this can best be determined when
the convention meets.
"Many of my Republican friends believe that Secretary Hoover is the
strongest choice that could be made and, as conditions now are, I share
that opinion. His name and world•wide reputation would be a tower of
strength to the Republican party. Believing that as matters now stand
his nomination gives the best assurance of success, I and my friends are
disposed to support him unless it plainly appears when convention meets
that a stronger candidate can be named. The success of the party outweighs all other considerations, and I will co-operate with Chairman Mellon in helping to bring about the wisest result."
Board of Tax Appeals Decides Against Government in
Ford Tax Suit—Decision in Favor of Senator Couz•
ens Upholds Right of Internal Revenue Bureau to
Reopen Case.
Following a decision handed down in Washington on May 5
by the Board of Tax Appeals, in which the Government was
overruled in its claim for additional taxes from Senator James
Couzens and other former stockholders of the Ford Motor
Co., the United States Court of Appeals decided on May 8
that the Government will have to refund a total of $44,000,000 to persons taxed excessively when they sold their stook
n the Ford Motor Co. Regarding the findings of the U.S.
Court of Appeals (at Cincinnati), advices from that city
May 8 to the New York "Times" said:
The decision was rendered in the excess tax recovery suit instituted
by Mrs. Alice G. Kales, widow of a Detroit manufacturer. Charles
Evans Ilughes, former Secretary of State, represented her. She recovered
approximately $3,000,000.
Judges Arthur C. Denison of Grand Rapids, Mich.; Charles H. Moorman
of Louisville, Ky.; and Loyal E. Knappen of Grand Rapids concurred
in the decision.
Mrs. Kales's suit was in the nature of a test case and her victory favorFederal Taxation.
ably affected appeals through the Board of Tax Appeals by other excesThe membership of the National Chamber has through referendum vote sively taxed former Ford Motor Co. stockholders. These and the amounts
repeatedly gone on record for a proper equalization of the federal tax they automatically recover are: Senator James Couzens of Michigan,
schedules. Despite continued large surpluses certain taxes levied for war $10,900.000; Horace H. Beckham, $5,000,000; Paul Gray, $7.500.000;
purposes are still an unnecessary burden on the American public. We Horace Dodge Estate, $5,000,000; John W. Anderson, 51.600,000. and
believe that the condition of the finances of the country to be expected will Mrs. Rosetta V. Hamm,$100,000.
warrant the reduction of the corporation income tax to not more than
Mrs. Kales had owned 525 shares of Ford Motor stock in 1919. when
10%, the elimination of the war excise taxes on particular businesses, and the company made preparations to buy its stock from the holders. Inthe repeal of the estate tax. These declarations have been convincingly ternal Revenue Commissioner Roper valued the stock at $9,489.34 a
supported in the report which was before the membership in Referendum 50. share, and Mrs. Kales sold it for $12,500 a share, and paid taxes totaling
$1,216,086.26. In 1922 Internal Revenue Commissioner Blair revalued
stock Mrs. liAles had sold and set its value at 52,500 a share. This
Herbert Hoover Closest Among Presidential Candidates the
made Mrs. Kales's profits appear greater, and consequently increased
to Standards Set for Office According to Secretary the tax on her profits. She paid $2.627,309 additional assessment under
protest at Commissioner Blair's command and filed suit in Detroit. The
Mellon.
Detroit court found in her favor and the Internal Revenue Department
various
Presidential
candidates, Herbert appealed the case to the court here.
Among the
The Government was represented in the case by Herbert W. Clark,
Hoover "seems to come closest to the standards that we
Assistant Attorney-General from San Francisco, and by W. H.
set for this high office," according to Secretary of the Special
Trigg of Washington, D. C., also an assistant. They contended that the
Treasury Mellon, whose statement to this effect was made revaluation was fully Justified under the new Revenue Act of 1924.
in Philadelphia on May 12 before the Pennsylvania deleThe decision of the Board of Tax Appeals, handed down
gates to the Republican National Convention, scheduled May 5, was given in the test case involving claims against
for next month in Kansas City. Secretary Mellon was Senator Couzens and eight other minority stockholders.
3066
FINANCIAL CHRONICLE
Senator Couzens contested the Government's action to recover $10,000,000 additional taxes; in its claim the latter
contended that the valuation of the Senator's stock as
of
Mar. 1 1913, as fixed by Commissioner Roper at $9,489.34
per share, was excessive and should have been valued
at
$2,634 a share. The Board, however, held to the
view
"that the fair market price or value of the stock . .
. on
Mar. 1 1913 was at the rate of $10,000 a share."
In its
conclusions the Board said:
[VOL. 126.
by Commissioner Roper at $9,489.34 per share, was excessive and that it
should have been valued at but $2,634 a share.
Under the tax law of 1918 Senator Couzens had been called upon to pay
taxes on his profits based on the value of the property on March 1 1913.
and the sum which he received at the time he made the sale. Senator
Couzens owned 2,180 shares of Ford stock, which was worth in March 1913,
on the basis of Commissioner Roper's valuation, $20.686,761.20. He sold
the 2,180 shares in 1919 for $29,308,857.90, thus showing a profit of $8.622,096.70. On his income for 1919, which was represented almost entirely
by the profits on the sale of these shares, he paid a tax of $6,075,103.83.
The Treasury's Contention.
The Treasury Department in its claim first contended that the March
1
1913 value should have been only $2,634 a share and then raised the estimate to $3,547.84 a share. This would show a profit as between the March
1913 value and the selling price of $21,574,406.70 instead of the profit of
$8,622,096.70 as figured on the basis of the March 1913 valuation fixed by
Commissioner Roper.
In other words, the Senator's taxable income as a result of the sale of
his minority interest in the Ford company was increased by the Mellon
calculation by $12,952,310, and on this amount the additional
taxes of
approximately $10,000,000 were demanded.
These taxes, it should be remembered, were being assessed under
the
tax law of 1918, when the high surtaxes were in force and in the
case of
great profits called for from 50 to 73% of the profits realized.
The "United States Daily" in its account May
7 of the
Among counsel who appeared for Senator Counzens were John
Board's findings stated:
W.
Davis, Democratic nominee for President in 1924, and Joseph E.
Davies.
The Board's decision in the case was the
longest it has ever written, former Federal Trade Commissioner. A. W. Gregg, former solicitor for
covering roughly 219 mimeographed pages.
It was written by J. M. the Internal Revenue Bureau, a young man under 30 years of age, whose
Sternhagen. E. II. Van Fossan, who with
John J. Marquette and Mr. grasp of questions pertaining to tax legislation resulted in his being chose
Sternhagen constituted the division which heard
the case, wrote a con- right-hand man of Secretary Mellon in such matters, headed the Governcurring opinion. W. C. Lansdon wrote the
only dissenting opinion of the ment array of lawyers.
case, which was reviewed by the Board. Messrs.
The claim was first made against Senator Couzens, and then was
Smith. Morris, Arundel
exand Milliken did not participate.
tended to the other Ford stockholders who sold out.
Mr. Van Fossan's opinion dealt largely with the
The additional tax assessments made by the Treasury in nine
question of the Govcases,
ernment's right to reopen the case and he concurred
fully, he said, with as they stood when they were placed before the Board of Tax Appeals
the prevailing opinion of the Board, and in
addition felt that a perusal of by the defendants, follow:
the letter was sufficient to remove the "cornerston
e of the argument" as
Acme.
put forth by the taxpayers.
Amount.
James Couzens
As to valuation, Mr. Van Fossan declared that
$9,455,303.10
the basis of $10,000 Rosetta V. Hams
84,404.83
was to him "inescapable" and, further, he believed
John
F. Dodge Estate
it fair to the taxpayers
4,337,295.20
Horace E. Dodge Estate
and the Government alike. He added that there
4,337,295.20
was no method of for- Horace H.Rackham
mulae which could be said to be accurate in arriving at
4,337,295.20
the figure settled John W. Anderson
1,438,826.35
upon and that the value finally determined comported "with
sound and Paul R. Gray
2,277,079.88
well reasonable judgment."
David Gray
2,277,079.8
8
Philip H. Gray Estate
The opinion of Mr. Lansdon which dissented only in part held that
2,277,079.88
the
Commissioner of Internal Revenue had the legal right to reopen
Total
the case,
$30,821,659.52
nor did he believe that the fact that the case was closed by one Commission
er
By reason of modifications made during trial these amounts
and reopened by another was material. He differed, however, with
were changed
his to some extent.
associates as to the ultimate valuation. The Roper valuation, he thought,
Basis of Board's Ruling.
was the proper one and felt that the Board should have gone no further
In its decision the Board said that there were two issues common
than to have adopted that figure.
to all:
"1. Whether, in the circumstances shown by the evidence,
Mr. Lansdon asserted that he could not subscribe to the assertion in the
the question
the fair market price or value on March 1 1913 of the stock
of
prevailing opinion that moral considerations were not material to Board's
of the Ford
Motor Co., as the basis for computing the gain on its sale
findings. He recounted the details of the tentative valuation and
in 1919, was
said
open for determination by the respondent Commissioner in
that while it could not be said, of course, that the Commissioner was
determining
party
to the contract, it was obvious that the statements of the Commissioner as a deficiency or rejecting claim in abatement antecedent to this proceeding
and is open for re-determination in this proceeding.
to valuation had been influencial.
"2. If so, what was the fair market price or value on March 1
Counsel for the petitioners in the case were: Joseph E. Davies, John W.
1913 of
the Ford stock?"
Davis, Arthur J. Lacy, Clarence E. Wilcox, Franklin D. Jones, Sidney
T.
In brief, the findings of the Board of Tax Appeals were that all
Miller, Herbert Pope, E. Barrett Prettyman, Lewis II. Paddock, Raymond
facts
before it showed that at $9,489.34 a share, as of March 1 1913 the
H. Derry, Montgomery B. Angell, Luman W. Goodenoug and
stock
h
Russell
held by Senator Couzens (and therefore that held by the other
H. McNair.
minority
The counsel for the Government were: A. W. Gregg, W. Hall Trigg, stockholders) was undervalued rather than overvalued by Commissioner
Roper and that, in the opinion of the Board, the actual value of the
Floyd F. Toomey, E. C. Lake and J. F. Greaney.
stock
was not less than $10,000 a share.
From the New York "Times" Washington dispatch we
The Board held, however,that it was within the authority of the
Treasury
Department, as represented by Commissioner of Internal Revenue
take the following regarding the action:
David
H. Blair, to reopen the case in 1925. It took a critical view of
the action of
Senator Couzens, who charged that the assessment made against him Commission
er Roper in making a valuation of the stock held by
Senator
represented persecution by the Treasury because a committee he headed Couzens,
apparently holding to the viewpoint that the Internal
Revenue
was inquiring deeply into the affairs of the Internal Revenue Bureau, re- Bureau should
determine whether the valuation placed by the
taxpayer
tained eminent lawyers to defend him yesterday before the Board. It
was correct, after it had been made,rather than take the initiative
itself.
has been saki that his counsel fees exceed a quarter of a million dollars.
How Couzens Got His Stock.
Controversy Began in 1925.
The manner in which Senator Couzens acquired about $44,900
The Mellon-Couzens controversy, as it has been generally referred to,
worth of
began in March, 1925, when the additional assessment of $10,000,000 was stock of the Ford company, which he later sold for more than 329,000.000,
proved
one
the
be
of
to
interesting
sections
of
the
report of the Board.
made against Senator Couzens while his investigating committee was is"He (Couzens) acquired the stock as follows: On June 18 1905,
suing reports making sensational charges against the activities of the
as one of
original incorporators of the Ford Motor Co. of Michigan,
Internal Revenue Bureau in settling back tax cases.
he subscribed
Secretary Mellon and the Senator also were engaged at that time in for twenty-five shares for the price of $2,500, which he paid $1,000 in cash
an intensely bitter exchange of communications relative to the wisdom and $1,500 in four-month notes, which notes he thereafter paid in full.
"One share of this stock he held for his sister, Mrs. Rosetta
of reducing surtax rates.
V. Hausa,
In the heat of the conflict the participants did not mince words, the in consideration of $100 therefore paid to him by her. There was thus a
Senator asserting that Mr. Mellon sought reduced surtaxes to benefit the net cost ot the petitioner of $2,400 for twenty-four shares.
"On or about May 15 1907. he acquired from Albert Strelow
rich and the Treasury responding with the declaration that the Senator
fifty shares
was in a strong strategical position to oppose rapid reduction of high surtax of stock in the Ford Motor Co.. together with thirty-one shares of stock in
rates because practically all of his great fortune had been placed by him in the Ford Motor Co. of Canada, for a total price of $25,000. On or about
Sept. 12 1907, he acquired from Charles H. Bennett and Vernon
tax-exempt Government securities.
C. Fry
The climax came when, virtually without warning, the Treasury De- thirty-five shares for $17,500. On or about Oct. 22 1908, he received a
stock
dividend of 1,900% or 2,071 shares. This made a total
partment filed a claim for additional taxes against the Senator, alleging
of 2,180
that a settlement of his taxes which he had made with the Government during shares then owned by him, and sold as aforesaid."
the Administration of Woodrow Wilson, when Daniel C. Roper was Com- The Board then said that Couzens was assessed $6,075,103.83 in taxes
in 1920 on his 1919 income and that this was paid.
missioner of Internal Revenue, was improper and should be reviewed.
The
The Board refused to take any notice of the charges of bad
move came as a great surprise, as the case had been considered "closed,'
faith that
were tossed back and forth by Senator Couzens and the
and up to that time there had been no public criticism of the agreement.
Treasury Department. In its decision, written by Commissioner Sternhagen,
it touched on
this phase of the matter while it was dealing with the authority
Glass Entered the Debate.
of ComSenator Carter Glass of Virginia. who was Secretary of the Treasury missioner Blair to reopen the case In this connection, the Board said:
"We are therefore of opinion that the respondent had full
when the so-called Couzens tax case was closed by Commissioner Roper,
power
and
authority to make such determination of deficiency as he did
was aroused by the action of the Treasury, finding in it a reflection upon was not precluded
and that he
from so doing by reason of the prior action of
any Comhis administration of the department. A historic debate ensued, during missioner, including himself, and that the determinati
on
of
the
deficiency
which Mr. Glass, who had been regarded as a close friend and admirer of was valid, subject only to redetermination by this Board.
"We refrain entirely from considering or expressing any
Secretary Mellon, aimed critical words at the Cabinet officer for what had the
view upon
several suggestions made as to the moral aspects
of the matter or
been done, and Senator Couzens made his charge that the Treasury was the criticisms urged as to the wisdom or ethics of
the respondent's conguilty of persecuting him because he was delving too deeply into its affairs, duct, since we regard such considerations as not within the
domain of our
official
judgment."
controversy
proved
great
public
interest
to
of
from other angles.
be
The
Status of Roper Valuation.
for much of the romantic history of how huge fortunes were made out of
meager investments, as a result of the phenomenal success of the Ford
The Board said that the first assessments made against Senator
Couzens
Motor Co., was brought to light. It was shown, for instance, that in the aggregated $10,909.588.08. based on a March 1913 value of
$2,634 a share,
case of Senator Couzens his total investment in Ford Motor stock was not and that this value later was raised to $3,547.84 a share,
bringing the
more than $44.900. and that he had sold out in 1919 for $29,308,857.
assessment against Couzens down to about $9,400,000.
The basis of the claim made against Senator Couzens by the Treasury "The defendent, Couzens," the decision foges on to say, "claimed
that the
Department was that the valuation of his stock as of March 11913,as fixed so-called Roper valuation of $9,489.34 a share was official and
authorita..
The fair market price or value on March 1 1913,
of the petitioner's 2,180
shares of stock was $21,800,000. This is the basis
prescribed by section 202
(a) of the Revenue Act of 1918 for ascertaining
the gain upon the sale in
1919 for $29,308,857.90, and the gain is $7,508,857.
90. From the facts it
appears that the jeopardy assessments of March
1925, aggregating $10,909,588.08 were attributable to the respondent's
change in the computation of this gain.
Of this assessed amount of $10,909,588.08
respondent has already
abated $1,454,284.98, and it is clear that in accordance
with our decision
the remaining $9,455,303.10 should also be
abated. Whatever additional
results for 1919 are derived from the decision in
accordance with the Revenue
Act of 1926 will require a further detailed
computation.
MAY 19 1928.]
FINANCIAL CHRONICLE
Live and had the effect of a closed determination of fact; that it is binding
upon the respondent and the Government by way of 'estoppel or necessary
administrative practice.'"
This claim, however, the Board rejected.
The Board then gave consideration to the act of Commissioner Roper in
making a valuation for Couzens. It quoted the law as to the duties of
the Commissioner and then said:
"The language itself is reasonably clear, and since it has served without any disturbing exposition for more than sixty-three years, we should
refrain now from affecting it unnecessarily. But broad as the language of
Section 321 is, it is difficult to see by what reasonable interpretation it can
comprehend a duty to make an official appraisement of property before
there is any certainty that there will be any assessment or collection of a
tax to superintend, or indeed any certainty that there will be any transaction within the purview of a taxing statute.
"Such a duty, if it existed under this general statute, would be available equally to all, for it is not conceivable that any Commissioner would
have the power to grant for some the request for anticipatory appraisal
and refuse it to others. Nor would he have the power by his own flat to
exercise the duty for a time as a matter of policy and then to discontinue it."
After receiving the wording of Commissioner Roper's memorandum of
valuation, the board said:
"It is our opinion, therefore, that, without looking into other considerations than those discussed, there is no estoppel in the present case in favor
of any petitioners based upon the Roper valuation, because such valuation
was neither authorized not intended to be binding and there was no necessary or justifiable reliance thereon."
3067
Prior to the introduction of the bill in Congress, the
"Times" in its issue of May 2 printed the following:
Common sense applied by courts and legislative bodies has stopped
the rush to introduce bills designed to limit the number of chain stores in
certain States or to tax chain-store organizations operating more than a
given number of stores, Hubert T. Parson, President of F. W. Woolworth
Co., said yesterday.
His company was one of the outstanding chain-store organizations
to combat such proposals, Mr. Parson said, and the fact that a number
of State Legislatures had been opposed to the bills had greatly aided in
the camapign. Bills continue to be introduced, he added, only to be
killed in committee, on the floor of the Legislature, or in the courts.
"An outstanding success for the chain stores was brought about recently
in Maryland," said Mr. Parson. "The State body adopted a bill aimed
directly at chain stores, but a judge in one of the State courts granted an
injunction restraining enforcement of the Act. In granting the injunction
the judge pointed out that 'as the chain stores have developed in numbers.
resources, capital and efficiency, they have perhaps become essential
for the efficient distribution of merchandise to the public'."
The same paper in its issue of May 13 said in part:
Commenting yesterday on the proposed investigation, John A. Hartford.
President of the Great Atlantic and Pacific Tea Co., said that in three
States—North Carolina, South Carolina and Georgia—legislation has
already been enacted which imposes an additional tax on chain stores as
such. In Maryland, he added,a law was passed forbidding the ownership!of
more than 5 stores in the County of Cumberland by one person or corporation
This legislation, Mr. Hartford further said, has all been recent, and while
the interest back of it have attempted to secure similar laws in other States.
the attempts have been unsuccessful.
"The North Carolina and Maryland statutes have both been held unconstitutional by the lower courts of those States." he continued. "Suit
has been started to test the Georgia law. The case has not yet come to trial.
but meanwhile the Court has granted a temporary injunction restraining
the enforcement of the stautue pending the trial. No attempt has yet been
made to enforce the South Carolina law.
Success of Ford Management.
The Board said that "the most striking and outstanding impression
derived from the evidence as to value is that all the facts and circumstances
point upward and are in favor of a high price rather than a low price.
"There was nothing haphazard in the company's experience. The success was the outcome of reasoned judgment, faith of its managers in the
soundness of its policy,and courage and pertinacity to carry it through....
"The Government stresses as 'the greatest risk of the Ford Motor Co.
the vagaries of Henry Ford and the chances of his sudden death,
hese
were, of course, risks which would be considered by a reasonable seller and
buyer. The difficulty is In measuring them. There is nothing in the
record to suggest the view that in 1913 IIenry Ford had been unfavorably
disposed toward the business or had done anything detrimental to its
Legislation Proved Unsound.
advancement, and there was no reason to infer that he ever would.
"If, as is suggested, he was eccentric or had the proverbial unreliability
"The court decisions thus far rendered confirm our views that this legisunsound,
as well as illegal. For example, the Marygenius,
there
are
is
economically
no
of a
illustrations of these characteristics in this record lation
prior to March 1 1913, and nothing to indicate that they were latent. land court, in an elaborate opinion, has pointed out that chain stores are in
Nor is there any reason in the record to fear his untimely death or, if it no way against public policy, but, on the contrary, are a benefit in reducing
occurred, that it would threaten the future of the business."
the cost of distribution from the producer to the consumer and thereby
lowering the cost ofliving.
"With respect to the resolutions recently introduced in Congress proposing
Senate Resolution Calling for Inquiry into Operation an investigation of chain stores by the Federal Trade Commission, our
position, would naturally be that we know of nothing that requires investiof Chain Store System.
gation and that there is really no more reason for investigating chain stores
The United States Senate adopted without debate on than
for investigating any other commercial activity. We have nothing to
May 12 a resolution directing the Federal Trade Commission fear from any such investigation, and our only feeling about it is one of
such action should be taken without some good reason
to inquire into the chain store system of marketing and dis- doubt as to whether
therefor being apparent. If sufficient reasons appear to justify an inquiry
tribution. The resolution, which was introduced on May 5 Into the industry as a whole, however, our company would welcome it."
by Senator Brookhart (Republican) of Iowa, according to
the "Herald Tribune," is backed by the National Retail House Passes Morin Bill for Government Operation
Grocers' Association and its counsel, John Cunningham,
of Nitrate Plant at Muscle Shoals—Governors
and by various organizations of retailers, and is looked on
of Investment Bankers' Association Opposed to
as one of the opening guns of the war against chain stores
Proposal.
by the small and independent stores outside of the chains.
The House of Representatives on May 16 passed by a
The following is the text of the resolution as agreed to by
vote of 251 to 165 the Morin bill for Government operation
the Senate:
Whereas, It is estimated that from 1921 to 1927 the retail sales of all of the $160,000,000 power and nitrate plant at Muscle
chain stores have increased from approximately 4% to 16% of all retail Shoals. Washington advices May 16 to the "Times"
sales; and
stated:
Whereas. There
are estimated to be less than 4,000 chain stores systems
with over 100,000 stores; and
Whereas, Many of these chains operate from 100 to several thousand
stores; and
Whereas, There have been numerous consolidations of chain stores
throughout the history of the movement, and particularly in the last few
years; and
Whereas, These chain stores now control a substantial proportion of the
distribution of certain commodities in certain cities, are rapidly increasing
this proportion of control in these and other cities, and are beginning to
extend this system of merchandising into country districts as well; and
Whereas, The continuance of the growth of chain-store distribution and
the consolidation of such chain stores may result in the development of
monopolistic organizations in certain lines of retail distribution; and
Whereas, Many of these concerns, though engaged in inter-State commerce in buying, may not be engaged in inter-State commerce in selling; and
Whereas, In consequence the extent to which such consolidations are now,
or should be made, amenable to the jurisdiction of the Federal anti-trust
laws is a matter of serious concern to the public; Now, therefore, be it
Resolved. That the Federal Trade Commission is hereby directed to undertake an inquiry into the chain-store system of marketing and distribution
as conducted by manufacturing, wholesaling, retailing or other types of
chain stores and to ascertain and report to the Senate (1) the extent to which
such consolidations have been effected in violation of the anti-trust laws, if
at all; (2) the extent to which consolidations or combinations of such organizations are susceptible to regulation under the Federal Trade Commission Act or the anti-trust laws, if at all; and (3) what legislation, if any,
should be enacted for the purpose of regulating and controlling chain-store
distribution.
And for the information of the Senate in connection with the aforesaid
subdivisions (1), (2) and (3) of this resolution the Commission is directed
to inquire into and report in full to the Senate (a) the extent to which the
chain-store movement has tended to create a monopoly or concentration
of control in the distribution of any commodity either locally or nationally;
(b) evidence indicating existence of unfair methods of competition in commerce or of agreements, conspiracies or combinations in restraint of trade
Involving chain-store distribution; (c) the advantages or disadvantages of
chain-store distribution in comparison with those of other types of (Usbutrition as shown by prices, costs, profits and margins, quality of goods
nd aservices rendered by chain stores and other distributors or resulting
from integration, managerial efficiency, low overhead or other similar
causes; (d) how far the rapid increase in the chain-store system ot distribution is based upon actual savings in costs of management and operation
and how far upon quantity prices available only to chain-store distributors
or any clans of them; (e) whether or not such quantity prices constitute a
violation of either the Federal Trade Commission Act. the Clayton Act
or any other statute; and (f) what legislation, if any,should be enacted with
reference to such quantity prices.
If the Senate accepts this House substitute for the resolution by Senator
Norris which it approved, the bill will go to the President, who is expected
to sign it, thereby ending the uncertainty which has enveloped the project
for 10 years.
The Morin bill provides for a $10,000,000 Government corporation to
manufacture and sell fixed nitrogen for use in fertilizer and to sell surlpus
power. The bill also authorizes completion of dam No. 2 and its steam
plant and appropriates $2,000,000 for a dam on Cove Creek, in Tennessee.
400 miles up the river from Muscle Shoals.
As reported by the Military Commitee, the bill provided for the manufacture and retail sale of fertilizer, a proposal that brought scores of fertilizer manufacturers to Washington to protest against Government participation in business.
Senate Provided for Experiments.
Friends of the House bill insisted that elimination of the provision under
which the Government would have gone into the fertilizer business did away
with the principal objections to the measure.
The Norris resolution, passed by the Senate earlier in the session, simply
provided for the completion of dam No. 2 and authorized an appropriation
of 610,000,000 for the Department of Agriculture to exepriment in the
manufacture of fertilizer and to sell surplus power.
The Board of Governors of the Investment Bankers'
Association of America, at its regular meeting at White
Sulphur Springs, W. Va., on May 15 unanimously adopted
and sent to Nicholas Longworth, Speaker of the House, a
resolution opposing the Senate joint resolution which as
amended would utilize the Muscle Shoals properties by
having the Federal Government engage in the business of
manufacturing fertilizers and selling them at retail. The
protest according to the "Evening Post" says:
We feel that for the Government to go into the business of manufacturing
and selling fertilizers would be unfair competition with established private
enterprises and would be contrary to that great fundamental principle on
which our Government has always operated—namely, that the Government
should not attempt to do for the citizen what private enterprises Can do
equally as well or more efficiently.
Charging that "a malicious attempt is being made to railroad through Congress a resolution which would cripple and
destroy a basic American industry and open the way to
Government ownership of industry on a scale hitherto unheard of," Charles J. Brand, Executive Secretary of the
National Fertilizer Association, on May 14 appealed
to
3068
,FINANCIAL CHRONICLE
[VOL. 126.
public sentiment to intervene in opposition to the passage
by Congress of the Muscle Shoals bill by the House. Mr.
Brand asserts this bill would place the Government in the
business of manufacturing and selling commercial fertilizer
on a basis certain to cripple and destroy the fertilizer industry, comprised of 600 individual manufacturers with a
combined capital investment of over $300,000,000.
interest in transportation rates which are and will be established by the
commission upon the basis of its valuation of the properties of the carriers; and
Whereas the National Conference on Valuation has selected Donald
R.
Richberg as its counsel, who, as representing said National Conference,
has advocated principles and methods of valuation which
have been opposed by the railroads, but have been widely accepted
by lawyers and
economists of the highest standing, many of which principles and
methods
of valuation have met with the approval of the commission;
and
Whereas when the commission considered in public hearing
the report
upon which its order was based determining the value of the
property of the
Senate Resolution Requesting U. S. Supreme Court to Saint Louis and O'Fallon
Railway Company, the said Donald R. Richberg,
Permit D. R. Richberg to Intervene in O'Fallon as counsel for the National Conference on Valuation, was the only representative of a party to the proceeding who argued orally and by
Railroad Valuation Proceedings.
briefs
in favor of the proposed report of the commission, while
the official counsel
By a vote of 46 to 31 the Senate on May 7 adopted a for the commission made no argument for or against said
report; and
Whereas suit has been brought by the Saint Louis and O'Fallon
resolution "respectfully" requesting the Supreme Court of
Railway
Company to set aside the order of the Interstate Commerce
Commission
the United States to permit Donald R. Richberg, Counsel fixing the value of its property,
which suit is generally accepted as a
for the National Conference on Valuation, to intervene in test case to determine the principiles of railroad valuation for rate
making
the pending St. Louis & O'Fallon railroad valuation case. and recapture pu:poses, and has already been lie:.rd by a three-judge statutory court which refused to set aside the order of
the commission, and
The resolution was sponsored by Representative Norris which suit is to be
heard on the appeal of the railroad which has been
(Republican) of Nebraska, who in explanation said:
taken to the Supreme Court of the United States; and
There is pending before the Supreme Court a case having to do with
Whereas under the circumstances set forth, it would
seem that the
the valuation of American Railroads, a case involving more money and National Conference on Valuation, represented
by the said Donald R. Richgreater values than any other litigation that has ever been commenced berg, having advocated the action taken by the
commizsion in said case,
in the history of the world, and one in which the amounts, whatever they should be heard on the appeal of the railroad
to the courts to set aside the
may be, must be paid by all the people of the United States, almost order of the commission; and
regardless of their wealth, but dependent mostly in proportion to the food
Whereas the said Donald It. Richberg, as counsel for the
National Conthey eat and the clothes they wear. This organization of which incidently ference on Valuation, was permitted to present an
argument to the statutory
I happen to be the President at the present time, is national in its scope; three-judge court which heard the O'Fallon case,
but, the National ConferIt has participated in this case from the very beginning; and I think I ence on Valuation not being permitted to intervene
as a party to the
can say, without casting any reflections upon anyone connected with the proceeding, its counsel must make application to
the Supreme Court for
case in any way, that the representative of the organization presented to leave to be heard in the appeal now pending,
which application, being
the Inter-State Commerce Commission an argument and a brief which addressed to the discretion of the court, involves,
priimarily, consideration
were more closely followed in the deliberations and decision of tne Inter- of what is in the public interest; and
State Ca:amerce Commission than any other brief or any other irgument
Whereas depending upon the valuation principles
and methods which
that was there made. The decision reached might have come anyway, may be determined by the O'Fallon ease, the aggregate
valuation placed on
but the National Conference on Valuation of American Railroads, which railroad properties may differ to the extent of many
billions of dollars,
is not organized for profit, and is composed of Senators, Representatives, with a conseq lent difference in the aggregate of
transportation rates
Governors, and the representatives of the leading organizations of a social amounting to hundreds of millions of dollars, so that the
and civic nature all over the United States, has only one thing in mind, a test case involves issues of wide and exceptional publicO'Fallon case as
interest and of
and that is to have a full complete argument under the law before the immense consequence to all the people of the United States:
Therefore
Supreme Court. It is confronted, however, with the condition that under be it
Resolved, That the Senate expresses its approval of
the rules of the Supreme Court, without the consent of the both parties,
the application of
the organization through its attorney will not be allowed to be heard. counsel for the National Conference on Valuation for leave
to participate
The attorney has undertaken to get the consent of the railroads in this in the hearing of the O'Fallon case in the Supreme Court,
matter, but has faded to get it. I say that even without criticizing the expressing its approval or disapproval of the arguments without thereby
of
railroad attorneys for their action in declining to give consent, the object without thereby intimating any opinion regarding the issues counsel and
in the case;
of the resolution is to permit this attorney to make an argument and file and be it further
Resolved, That the Senate hereby most respectfully
a brief in the Supreme Court in that case.
requests the Supreme
In noting the adoption of the resolution the New York Court to permit the said Donald It. Richberg, as counsel for
the said
National Conference on Valuation, to appear as amicus
curiae in said O'Fal"Times" Washington dispatch May 7 stated:
lon case for the purpose of making oral argument and
filing
a
brief
therein.
The resolution was debated two hours, a dozen leading Senatorial
lawyers expressing themselves on the constitutional issues raised by the
proposal to advise the Supreme Court concerning pending litigation.
Supporters of the resolution admitted that it had no precedent, but ar- Newly Elected Officers of Chamber of Commerce of the
gued that there was no impropriety in the request. Opponents of the proUnited States.
posal called it "unprecedented" and "unwarranted" interference with the
The
Board
of
Directors
of the Chamber of Commerce of
prerogatives of the judiciary.
Senator Reed of Pennsylvania led the attack on the Norris resolution, the United States, at a meeting in Washington,
May 11
declaring that for the first time in American history the Senate was be- following conclusion of the
chamber's sixteenth annual coning put in the position of interfering with the Court, a co-ordinate branch
vention, elected the following officers for the
of the Government. Senator Shortridge, supporting Mr. Reed, said the
ensuing year:
Chairman of the Board of Directors, Joseph
H. Defrees of Chicago.
Senate had, through its many investigations in recent years, resolved
President, William Butterworth of Moline, Ill.,
itself into a Grand Jury, and otherwise exceeded its constitutional powers.
President Deere & Co.
Vice-President
Objection was also raised by Senators Fees, Bretton, Bruce and King Mack Trucks, East Division, Alfred J. Brosseau of New York, President
Inc.
to Senatorial interference with the judiciary. Senator Norris was supVice-President South Central Division,
Robert R. Ellis, Memphis, Tenn.,
ported by Senators Borah, Walsh of Montana, Wheeler and Pittman. President, Hessig-Ellis
Drug Co.
Party lines went down in the final vote, nineteen Republicans and Senator
Vice-President, North Central Division,
Robert P. Lamont, Chicago,
Shipstead, the lone Farmer-Laborite, advocating the resolution, while President, American
Steel Foundries.
twenty-two Republicans and nine Democrats voted against it. The
Vice-President Western Division, Paul
Shoup, San Francisco, Executive
radical group favored it, while Eastern Republicans and conservatives in Vice-President, Southern
Pacific Co.
both parties from various sections opposed it.
Mr.
Defrees, who is a lawyer and business man of
In opposing the resolution, Senator Reed and others insisted that they
Chicago,
had no objection to the intervention of Mr. Richberg in the case and succeeds as Chairman of the board,
Judge Edwin B. Parker,
thought the Supreme Court would permit him to act as an "amicus who declined
re-election because of the prospect that his
curiae" without any Senatorial advice on the matter.
The National Conference on Valuation of American Railroads was service as arbiter under the War Claims Act and other duties
formed by Progressive groups several years ago and Is headed by Sen- would take all of his time. Mr.
Butterworth succeeds
ator Norris. Mr. Richberg appeared in its behalf in the pending case Lewis E. Pierson, of
New York, who also declined re-election
before the Inter-State Conunerce Commission and in the lower court.
The railroads have appealed from the lower court decision, which upheld because of the press of personal business. At its concludthe commission's ruling with respect to the determination of valuation ing session the convention re-elected Frederick J.
Haynes,
for rate-making and recapture purposes.
of Detroit, Chairman of the board,
Dodge
The following is the resolution in the form in which it director over W. Edwin Wells, of East Motor Co., as a
Liverpool, Ohio,
was adopted by the Senate.
Homer Laughlin China. Co.
S. Res. 222.—Resolution.
Whereas in May, 1923, the National Conference on Valuation of American Railroads was organized for the purpose of securing a fair valuation
of the railroads of the United States, and for the purpose, in behalf of
the public interest of the people of the United States, of appearing by
counsel before the Inter-State Commerce Commission and the courts, with
a view of preventing an overvaluation of railroads. Said National Conference on Valuation was organized through the participation and cooperation of Senators, Representatives, governors of various States, mayors
of some of the principal cities of the United States, several farm, agricultural, and labor organizations, traveling salesmen's associations, and
national organizations of railway employees, and many similar organizations and individuals of national importance; and
Whereas by order of the Inter-State Commerce Commission, the National
Conference on Valuation has been, since 1923, a party to all valuation proceedings, has participated in said proceedings, has received notice of all
hearings and copies of all the valuation reports, and has been recognized by
the commission as a representative of substantial public interests, and of
a large percentage of travelers, shippers and consumers dependent upon
the railroads for transportation, and of organizations of employees engaged
in such transportation, all of which persons have a vital and continuous
Annual Meeting of National Industrial
Conference
Board, Inc.
•
The National Industrial Conference Board at its
annual meeting May 17 at the Hotel Astor, New twelfth
York, reelected Loyall A. Osborne, President of the
Westinghouse
Electric International Co., as Chairman of the Board
for
the ensuing year, and he will thus again be closely associated
with Magnus W.Alexander, who continues as President
and
chief executive of the organization. Fred I. Kent,
director
of the Bankers Trust Co., was re-elected Treasurer of the
Conference Board; and the following Vice-Chairmen
were
elected: Charles Cheney, President of Cheney Brothers,
South Manchester, Conn.; Irene° du Pont, Chairman of
the finance committee of E. I. du Pont de Nemours 84 Co.;
Wilmington, Del.; Herbert F. Perkins, First Vice-President
3069
FINANCIAL CHRONICLE
MAY 19 1928.1
$25
Barney R. Nyhagen
William J. Davis
of the International Harvester Co., Chicago, Ill., and George Charles F. Ayer
Howard A. Schoile
Mrs. C. K. Carpenter Mrs. H. B. Fernald
Dr. Josephine Walter
S. Harris, President of the Exposition Cotton Mills, At- Daughters of the Union Abner D. George
R. Colgate V. Mann
Charles S. Ludlum
1861-1865
lanta, Ga. The executive committee for the ensuing year
$5
Baldwin,
D.
William
following:
the
Miss A. E. Mayer
Mrs. M. K. Cramer
Raymond W.Bristol
will be composed of
Miss Mary O. Dudley Bruno C. Metzner
Sons and
Chairman of Otis Elevator Co. (re-elected); A. Farwell Colonial
Mrs. B. C. Pond
George I. Everett
Daughters
Dr. D. P. Waldman
Edwin H. Frost
L. B. Coshland
Bemis, Chairman of Bemis Brothers Bag Co.,Boston, Mass.; Mrs.
Miss E. M. White
Co.
Harris
H.
G.
Harriet
Miss
B. F.
Miss C. Malsheimer
Coykendall
Cornelius F. Kelley, President of Anaconda Copper Mining
With the inclusion of the above,the fund has been increased
Co. (re-elected); William H. Nichols Jr., President of General Chemical Co., as well as the officers of the board. Com- to $1,341,424.
menting on Mr.Osborne's election, President Alexander said:
Although Mr. Osborne was re-elected to the position of Chairman of the
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
National Industrial Conference Board, this was no empty formality. The
Arrangements were reported made to-day for the transfer
distinguished representatives of American industry comprising the board
felt the need of Mr. Osborne's sound judgment and great knowledge of of a New York Stock Exchange membership for $398,000, a
industrial affairs, both domestic and foreign, in the councils of the Confer- new high record and $3,000 over the last preceding sale.
ace Board. The members therefore are gratified that the board will have
Earlier in the week it was reported a sale arranged for at
the benefit of his services for a third year.
Mr. Osborne is not only a prominent figure in the electrical industry, $395,000, this being $5,000 over the preceding sale.
in
work
his
of
excellence
the
for
but has gained international recognition
The identities in the case of other transfers were revealed
broader fields. He was appointed a member of the National War Labor
Board; he has been twice decorated by the Emperor of Japan for his con- this week. William Freiday being the purchaser of the
structive technical work in that country, and he has been made Com- seat of Myron I. Borg for $395,000. That of W. K. Burns
mendatore of the Order of the Crown of Italy for his contributions to Italian
sold to De Forest Lyon for $390,000; that of Huntington
educational progress.
In one of his addresses he stated that one of the greatest problems of an Lyman to Raymond B. Haynes for $370,000; that of Edwin
industrial and economic life is that of securing for American workers an M. Friedlander to Joseph W. Prise° for $390,000. Transassured continuity of employment at good wages. It is his recognition of
Ernest C.
the part played by the National Industrial Conference Board in helping fers for a nominal consideration were made by
Rollins to Franklin V. Brodel; Edwin D. Levison to Donald
to attain this ideal that has so deeply interested him in its work.
M.Smith and James B. Taller to Francis Shepard.
Subscriptions to Fund for Museum of City of New York.
Two regular memberships on the New York Produce
Among the contributors to the fund which is being raised Exchange were sold this week at $15,700 and $16,500 refor the construction of a building for the proposed Museum spectively. An associate membership was sold for $11,000
of the City of New York is Governor Smith, whose contribu- an advance of $1,000 over the last preceding sale.
tion ($100) was enclosed in the following letter to James
Speyer, Chairman of the Finance Committee:
Chicago Stock Exchange membership was reported sold
STATE OF NEW YORK
this week for $45,000.
Executive Chamber
Albany.
Alfred E. Smith,
Governor.
May 9 1928.
Mr. James Speyer,
Chairman,Finance Committee,
Museum of the City of New York,
24 and 26 Pine St., New York City.
My dear Mr. Speyer.
York are citizens of no mean city. We love our generous
New
We of
town,its hospitality and its interest in human beings no matter where they
come from. New York is the commercial financial centre of the world.
The project for the establishment of a permanent museum for the City
of New York in which you and a distinguished committee of New York
citizens are interested has my hearty support.
Such a museum will have not only far reaching educational value, but
the visible history and the development of the city which the museum will
represent will stimulate that civic pride without which no city can long
endure.
I congratulate you and your colleagues in this movement to promote
knowledge, pride and love of New York.
Enclosed please find my contribution to the cause.
Very truly yours.
(Signed) ALFRED E. SMITH.
A seat on the New York Cotton Exchane sold at the
record price of $43,600 last Tuesday, an advance of
$3,000 over the previous sale and $1,000 above the previous
high price established on May 2 last. Arthur Leopold was
the purchaser of the seat, which was sold by Ralph P. Ziegler
of R. P. Ziegler & Co. of Galveston. The price of $43,000
represents an advance of 72% in two months. On Mar. 19
a seat sold for $25,000, which was the low price for the year
so far. Based on the last sale, the value of the 450 memberships on the New York Cotton Exchange would be $18,900,000.
The San Francisco Stock Exchange announces the election
to individual membership in the Exchange of Lawrence J.
Since the publication in our issue of May 12, page 2913, Steinhardt. Mr. Steinhardt purchased his seat from the
of a list of the donors, the following additional list has been Exchange for $135,000, a record price, and an increase of
$10,000 above the last previous sale. The seat just sold is
made public:
$10,000
the last of three recently created by the Exchange, the first
Mr. and Mrs. James N. Hill
Walter Jennings
two seats having been sold in April for $125,000. The
Mrs. William Sloane
$5,000
three additional seats were created for the purpose of meeting
Arthur Curtiss James
the greatly increased demand on the Exchange trading floor
$3,000
Mr. and Mrs. Benjamin Moore
Mrs. Frederick Pearson because of the huge volume of business transacted. There
$2,500
"A Friend"
are now 70 members of the Exchange, of which 54 are in$1,000
dividual members, nine associate members and seven bank
Mrs. De Lancey Kane Walter T. Rosen
Miss Susan D. Bliss
Harris Fahnestock
Thomas W. Lamont
A. L. Sinsheimer
members.
Edward C. Moore Jr.
Mrs. Louis T. Hoyt
E. V. R.
Thayer
Be Lancey Nicoll
0. A. Wimpfheimer
Mr.and Mrs. Kenneth
O'Brien
$500
Mr. and Mrs. Walter Carl H. Pforzheimer
Misses S. Grace and
Hirsch
Jane K. Fraser
Mr. and Mrs. H. E.
Robert Lehman
W. L. Hernstadt
Rogers
Louis Marshall
Harold M. Lehman
Maurice Wertheim
$250
Frank Lewisohn
Mr. and Mrs. E.G.
George S. Silzer
George V. McCloskey John V. Van Pelt
Bartel
Edwin G. Merrill
J. Insley Blair
Miss E. M. K. WetMrs. B. Rosenhelm
Mrs. H. H. Flagler,
more
Alfred F. Seligsberg
David H. Knott
$200
Alfred W. Jenkins
Ehrich Galleries
Mr. and Mrs. R. M.Lowitz
$150
M.Heimerdinger
Mrs. Paul Gotthell
$100
Frederick Dietrich
T. Baettenhaussen
Randolph Hurry
Douglas L.'Elliman
W. M. Bernard
James D. Pell
Herbert Grunebaum
Carl Boschwitz
C. G. Stachelberg
W. deF. ITavnes
Jules Breuchaud
Leopold Stern
Mrs. M. HelmerCharles S. Butler
Miss Mary Taber
dinger
George H. Church
Mrs. T. D. Thacher
Mrs. C. S. Day
Alfonso P. Villa
$75
Louis Carreau
$50
Frederick Hencken
Samuel R. Betts
Albert Ulmann
Ernest Knewitz
Miss E. D. Bowen
James W. Wolff
Mrs. H. W. Lanier
Mrs. J. M.Ellsworth
$10
H. H. Hirchfeld
Mrs. A. D. Porter
Col. E. K. Austin
Mrs. George S. Pratt
Mrs. M.T. Campbell Reinhard A. Hohaus
Harry Eisenbach & Co. Miss Maude Mattison Walter Quackenbush
Mrs. C. Mendelson
T. T. Sherman
Jules Franklin, Inc.
Isaac Mendoza
Henry Torrance
Mr. and Mrs. J. B.
Mr. and Mrs. C. E.
Samuel R. Watchtell
Gilder
Millen
Francis Weinheimer
Henry G. Gray
Mrs. M. S. Muchmore Joseph Wolff
Frank L. Hilton
Mrs. C. M. Hyde
Mrs. H. Ten Broeck
Jacquelin
A Detroit deipatch states that H. Hentz & Co. have purchased the Detroit Stock Exchange membership of Howe,
Snow & Bertles for $10,000, an increase of $2,500 over the
last preceding sale and a new high record.
Edward C. Delafield, President of the Bank of America
N. A., was a passenger on the "Roma" sailing at midnight
May 18. He will be away two months on a combined pleasure and business trip. He will visit several European countries traveling part of the time with A. P. Giannini in connection with the joint interests of The Bank of America, the
Bank of Italy and the Bancitaly Corp. Mr. Delafield says
that he regards the future of business with a good deal of
optimism, believing that the slow but steady improvement
will continue, although there might be momentary recessions
which would halt the upward trend for the time being.
Henry M. Robinson, President of the Los Angeles First
National Trust & Savings Bank,spent May 12 in New York.
This is his first visit in the East since the establishment of the
office of the bank's New York representative, Paul K.
Yost, at 52 Wall St. Mr. Robinson is well known in New
York as an active worker during the World War, and later
as one of the three principal members of the Dawes Commission. The Los Angeles First National Trust & Savings Bank
3070
FINANCIAL CHRONICLE
claims to be the first bank west of Chicago to have a representative in N. Y. City to work with Eastern correspondent
banks and the many large corporations which have been
establishing plants in Los Angeles. Mr. Yost, who is a
Vice-President of the bank, has been an officer for the last
eight years of one of the largest New York banks.
At a meeting of the Board of Trustees of The New York
Trust Co. on May 16 James F. McClelland, formerly Assistant Vice-President, was elected to a Vice-President. At the
same meeting George Bertrand Paull, formerly Assistant
Secretary, was appointed a Trust Officer, Herbert J. Stroh
an Assistant Treasurer and Joseph L. Tighe an Assistant
Secretary.
At the regular meeting
of the board of trustees of The
Equitable Trust Co. of New York, H. Edmund Machold
was elected a trustee of the company. Mr. Machold, who
was born in Amsterdam, New York, is Vice-President of
F. L. Carlisle and Co., Inc., Investment Bankers, 49 Wall
St. Mr. Machold was formerly President of the Northern
New York Trust Co., Watertown, New York. He has
been identified for many years with New York State politics.
He was a member of the Assembly and was elected speaker
of the Assembly in 1922.
J. Sperry Kane, formerly V- ice-President of the American
Exchange Irving Trust Co., has been elected a Second VicePresident of The Chase National Bank of New York.
George A. Kinney, formerly Trust Officer of the Chase, has
also been elected a Second Vice-President of that institution,
and George I. Pierce and Howard F. Walsh, formerly
Assistant Trust Officers of the Chase, have been appointed
Personal Trust Officer and Corporate Trust Officer, respectively.
[Vol,. 126.
berships in the new Exchange, which are limited to one share
per member, until all members have been given full opportunity of exercising their rights, are priced at $10 each.
Memberships in the exchange will be traded in as in previous
years, a procedure with which all members of the Bond Club
are familiar and one which makes up an important part
of
the day's program. The prizes at the Bond Club Field Day
this year will consist of one Packard Six and one LaSalle
car. Laurence M. Marks, of Lee, Higginson & Co., Chairman of the Bond Club Field Day Executive Committe
e
announces that the Committee has definitely chosen the
Westchester-Biltmore as the place for holding this year'
field day.
A special meeting of the stockholders of Manufacturers
Trust Co. has been called for May 26, for the purpose of
considering and voting on the following propositions recommended by the directors, and for the transaction of such
other business as may come before the meeting:
To reduce the par value of the capital stock of the
company from $100
per share to $25 per share.
To increase its capital stock from $15,250,000 to
$17,500,000 (such
increase being required for the purpose of consolidating
with the company
the United Capitol National Bank & Trust Co. of New
York).
To increase the number of its shares from 152,500 of
the par value of
$100 each to 700,000 of the par value of $25 each,and
To increase the number of directors of the company from
20 to 26.
Assuming that favorable action is taken at this meeting,
the split-up of Manufacturers Trust Co. stock, in accordance
with the above proposal, will become effective on May 28
and the merger with the United Capitol National Bank &
Trust Co. will be consummated on June 5.
John H. Pennstrom was this week elected Assistant Secretary in the Trust Department of the American Trust Co.
of New York. Mr. Pennstrom has been connected with
the American Trust Co. for nine years, and formerly, with
The Central National Bank of the City of New York its affiliated institution, the
New York Title
Mortgage
announces the appointment of Leon S. Pelz, Secretary- Co. Mr. Pennstrom was educated at Columbia&
University.
Treasurer Pelz-Greenstein Co., Inc. factors and commission He is also a graduate of the American
Institute of Banking.
merchants, as a director of the bank.
Leo J. Burnes who recently resigned as Assistant ViceThe stockholders of the Central Mercantile Bank & Trust President of the National City Bank
of this city will become
Co. and the Bank of the United States, both of this city, associated with the New
York Stock Exchange firm of
voted on May 17 to consolidate under the title of the Bank Theodore Prince & Co. as a partner
and as their representaof United States. The merger will become effective on tive on the Curb Market.
Mr. Burnes was with the National
May 21. The main office of the combined institutions will City Bank 30 years beginning his career as a page boy the
of
be at 535 Fifth Avenue, the present home of the Central bank. He opened the bank's second foreign
branch in Rio
Mercantile Bank & Trust Co. B. K. Marcus, President of in 1915 and spent a year and a half in the London
office.
the Bank of the United States, will head the combined institutions and C. Stanley Mitchell, President of the Central
John J. Raskob, Chairman of the Finance Committee of
Mercantile Bank & Trust Co. becomes Chairman of the General Motors Corporation, was elected a trustee of
the
Board. Saul Singer, of the Bank of the United States, will Emigrant Industrial Savings Bank of this city on May
10.
continue as executive Vice-President All of the officers of
both banks will be retained and Joseph Brown, Robert
Hamilton D. Schwarz has been made representative in
Adamson and Henry W. Pollock, all Vice-Presidents, will charge of the Harrisburg Office of the Guaranty Company
become directors.
of New York, which will be operated through the Company's office in Philadelphia. G. F. Dalton has been made
Jens K. Nickelson, who is resigning as Manager of the representative in charge of the Milwaukee office,
and H. D.
foreign department of the Chemical National Bank of this MacFarlane has been transferred from Milwauke
e to the
city and returning to Norway, was honored at dinner on Company's Chicago office, and will now
operate out of that
May 15 by Percy H.Johnston and Clifford P. Hunt, President city, covering Iowa, Nebraska, Utah and
Colorado.
and Vice-President, respectively, of that bank.
William J. Large has been elected a director of
The plan to increase the capital stock of the Guaranty mont National Bank of New York, according the Clareto Ira A.
Trust Co. of New York from $30,000,000 to $40,000,000, Schiller, Chairman of the board of directors.
Mr. Schiller
which was proposed by the Board of Directors on May 2, added that since Mr. Large had become
asociated with the
was approved May 18 by the stockholders of the company bank on Feb. 1 as Vice-President, deposits
had increased
at a special meeting. The plan provides for the issuance of over $1,000,000.
100,000 shares of new capital stock at $300 per share to
present stockholders, In the ratio of one new share for each
James F. D. Lanier, retired member ofithe banking
firm
three shares now held. Of the $30,000,000 resulting from of Winslow, Lanier & Co., 59 Cedar;St., died on
May
this sale $10,000,000 will be added to capital and $20,000,000 St. Elizabeth's Hospital. Mr. Lanier was sixty-nine 16 at
years
to surplus, which will bring the company's capital and sur- of age.
plus account to $90,000,000. The date of the issue of the
T. Schenck Remsen, Vice-President of the
$10,000,000 increase will be June 18, payment to be made on
tional
Bank of Brooklyn, died on May 13 at Nassau Naor before that date. The shares will be offered to stockhis home in
Brooklyn
. Mr. Remsen was 50 years of age. He
holders of record at the close of business May 18.
was also
a trustee of the Flatbush Savings Bank and
the Midwood
Formation of the Westchester-Biltmore Stock Exchange, Trust Co., director and Treasurer of the Empire Fire
Inwhich will transact business at the annual field day of the surance Co. and Treasurer of the Upanin Hotel, Inc.
Bond Club of New York on May 25, was announced this
The Stapleton National Bank of Stapleton,
N. Y., was
week by Charles D. Robbins, Chairman of the Entertain
placed
in voluntary liquidation May 1, having
ment Committee of the Bond Club Field Day. Memberbeen abship in the new Stock Exchange, which will function for a sorbed by the Corn Exchange Bank of this city. The
Stapleton
National Bank had a capital of $200,000.
single day only, is limited to the 599 members of the Bond
An
Club of New York, and their guests, which this year will be item regarding the merger appeared in these columns Feb. 4,
669.
page
the members of the Bond Club of Philadelphia. Mem-
MAY 19 1928.)
FINANCIAL CHRONICLE
Robert Williamson has been appointed Manager of the
Bronx banking department of the Title Guarantee & Trust
Co. at 370 East 149th Street. He entered the banking business in 1916 in the Columbia Trust Co., now the American
Exchange-Irving Trust Co.,remaining in the Bronx with that
company until 1926. He has since been associated with the
Hamilton Bank, now Interstate Trust Co., and leaves that
company to take charge of the banking and trust business of
the Title Guarantee dc Trust Co.'s Bronx office. William A.
Bracken will continue as Assistant Manager of the latter's
Bronx banking department. Charles M. Gambee, recently
elected Assistant Vice-President, is General Manager of the
Bronx unit. He has been the company's representative for
more than 17 years. Charles Reichard, formerly Assistant
Manager of the Bronx title department, has been appointed
Manager of that department.
Reuben P. Brewer has been elected President of the First
National Bank Sz Trust Co. of Mamaroneck, N. Y., to succeed his father, the late Reuben G. Brewer, who died on
Jan. 31. Reuben G.Brewer was seventy-five years of age.
The Peoples National Bank of White Plains, N. Y., has
changed its name to the Peoples National' Bank & Trust
Co. of White Plains, effective May 11.
Announcement was made on May 15 by the National
Shawmut Bank of Boston of the formation of the Shawmu
t
Association, a new investment trust, to be managed by the
National Shawmut Bank, according to the Boston "Transcript" of that date. The Shawmut Association will have
an authorized capital of $1,000,000 no-par shares. At
present, it was said, 400,000 shares will be offered for subscription at $50 a share, making a total of $20,000,000.
Only 40% of the subscription price will be payable immediately, the balance being subject to call of the trustees.
Stockholders of the bank, it was stated, will be given the
right to subscribe to 300,000 shares of the stock of the new
association in the ratio of two shares for each share
of
National Shawmut Bank stock held. Continuing, the paper
mentioned said:
The subscription rights will be transferrable, as some
of the stockholders
of the bank are institutions which cannot invest
in stocks and it is
believed they should be given the right to dispose
of their subscriptions.
The remaining 100,000 shares will be reserved
for subscription by officers,
customers and friends of the bank.
The National Shawmut Bank will manage the associatio
n and its compensation for so doing will be dependent upon the
amount that it earns for
stockholders of the association. As dividends increase
above 5%, the compensation of the bank also will be increased.
The trust indenture provides that the trustees shall
be appointed by the
executive committee of the bank. These, for the
present, will be identical
with the trustees of the Shawmut Bank Investmen
t Trust, but their number
may be increased by vote of the executive
committee of the bank.
The total capitalization of the association is
in common shares. It will,
therefore, have no fixed charges and will
not be restricted in any way
with regard to the yield of investments
which it may buy. Many securities
which have a low dividend yield at present,
have great possibilities for
the future, it is said, and the Shawmut
Association will be in a position
to buy such issues.
The association will invest largely in
American securities and may
specialize in shares of financial institutions
in New England and elsewhere. It will, however, have broad powers
to invest in securities of
corporations, both domestic and foreign,
Government and municipal securities, to participate in underwritings and to
undertake reorganizations.
Leo C. Stebbings, Cashier of the Central
National Bank
of Lynn, Mass., committed suicide early
on the morning of
May 4 by shooting himself while seated
in his automobile
at Marblehead, Mass., according to the
Boston "Herald" of
May 5. A note addressed to his wife left
by the deceased
Cashier in his home at Swampscott, Mass.,
stated that he
was disconsolate. In a statement later on
the same day
Herbert A. Cahoon, President of the
Central National Bank
of Lynn, was reported as saying that he
couldn't understand why Stebbins should commit suicide.
It appears a
letter received that day by Mr. Cahoon from
Noble Shatwell
of Boston, a bank examiner and commerc
ial
has been examining the institution's books auditor, who
for some time
past, said "our examination of the Central
National Bank
nearly
is
complete and we found nothing wrong
in the accounts of Cashier Stebbins. The reason
for his suicide
must lie outside his bank business and activitie
s."
It was announced May 5, that the business
of the Rhode
Island Discount Corp. with offices at 1414 Turks
Head Bldg.,
Providence, R. I., has been taken over by The
Morris Plan
Co.of Rhode Island. The Providence "Journal"
in reporting
the acquisition said:
The Morrie plan co. has acquired
3,251 shares, $100 par, of the
Discount
Corp. and will call in the outstanding Rhode Island
Discount certificates.
The services of the Discount Corp. which has been in
business for about
4 years, will be continued at the old offices in the Turks
Head Bldg. untll
3071
further notice, but arrangements will be made for customers
to transact
their financial affairs of the Morris Plan Co. in Providence or
at any
branches throughout the State. Considerably more than a thousandof its
customers are affected by the change in ownership. The charters
of the 2
companies,granted by the Legislature,are practically identical.
Meigs H. Whaples, Chairman of the Board of Trustees
of the Hartford-Connecticut Trust Co., Hartford, and one
of the foremost bankers in Connecticut, died on May 15
after an illness of several weeks. Mr. Whaples, who was
eighty-two years of age, was born in New Britain, Conn.,
and received his education there and at the Commercial
Collegiate Institute at Poughkeepsie, N. Y. .In June 1918
Trinity College conferred upon him the degree of M. A.
In 1862 he began his banking career as teller for the New
Britain National Bank, and later held the same position
with the Mercantile Bank of Hartford, whera he remained
for five years. His banking career was then interrupted
for three years-1869 to 1872—during which time he served
as Secretary to Admiral Charles S. Boogs, commanding the
United States European Fleet. Returning to Hartford, he
entered the Connecticut Trust & Safe Deposit Co. as a teller
and in 1877 was promoted to Treasurer. Eleven years later
he was elected President In 1919, when his institution and
the Hartford Trust Co. were consolidated to form the present Hartford-Connecticut Trust Co., Mr. Whaples was made
Chairman of the Board, the position he held at the time
of his death. The deceased banker was also President of
the Hartford Clearing House Association and of the State
Bankers' Association and held directorships in many insurance companies, banks, and industrial corporations.
The stockholders of the Mutual Bank of Roseville, N. J.,
at a special meeting on May 11 voted to change the name
of the institution to the Franklin Bank & Trust Co. The
change in name was approved by the New Jersey Commissioner of Banking and Insurance and became effective
May 15.
On Monday of this week (May 14) the Penn National
Bank of Philadelphia celebrated the 100th anniversary of
its founding. The first meeting of the directors of the institution, which was originally known as "The Bank of
Penn Township in the District of Spring Garden," was
held on May 13 1828, When the President's salary was set
at $600 per annum and the Cashier was rewarded with an
annual stipend of $1,200. So great was the rash to subscribe to the stock of the new bank—the records of the institution show—that the directors passed a resolution "not
to receive money for stock from any one who shall come
to the window over the head of, or on the shoulders of,
persons who may be standing under the same." By 1833 the
bank had grown to such an extent that an application
to
Harrisburg was made to recharter. Following the passage
of the National Bank Act in 1863 the institution was again
rechartered and asumed the title of the Penn Nationa
l
Bank. The bank's present site—the southwest corner
of
Market and 7th Streets—was purchased in 1882. On this
site in 1776 stood the house in which Thomas Jefferson
drafted the Declaration of Independence. A tablet on the
bank's building commemorates the historic fact and establishes the site for all time. In acknowledging the many
congratulations from prominent Philadelphia business men,
Melville G. Baker, President of the institution, made the
following statement:
"While we pride ourselves upon the long service this bank has given
to commercial Philadelphia, we take greater pride in the fact that we
keep abreast of the times. We are looking ahead and anticipating Philadelphia's future banking requirements, rather than contenting ourselves
with reflections upon what the bank has accomplished over the hundredyear period."
Walter K. Hardt, formerly a Vice-President of the Philadelphia National Bank, Philadelphia, was elected President
of the Integrity Trust Co. of that city on May 14 to succeed
Philip E. Guckes, whose death occurred recently, according
to the Philadelphia "Ledger" of May 15. At the same meeting the directors made other important changes in the
bank's personnel as follows: John Stokes Adams, heretofore a Vice-President, was elected Chairman of the Board;
William G. Semisch, formerly Secretary, was elected a VicePresident; J. Somers Smith, Jr., heretofore Assistant Secretary, was promoted to Secretary, and William C. Byrnes,
Title Officer, was given the additional offce of a VicePresident. Mr. Hardt, the new President, began his banking
career as an Assistant Cashier of the Fourth 'Street National
Bank in 1909, and was made a Vice-President in 1919. He
Continued in that position when the Fourth Street National
and Franklin National banks were consolidated in 1926, and
3072
FINANCIAL CHRONICLE
held the same office following the merger this year of the
Franklin Fourth Street National Bank and the PhiladelphiaGirard National Bank under the title of the Philadelphia
National Bank. A meeting of the stockholders of the Integrity Trust Co. will be held on June 11, when they will be
asked to confer authority on the directors to issue the balance of the bank's authorized capital stock, thus increasing
the outstanding capital from $750,000 to $1,000,000. Total
resources of the trust company as of Mar. 31 1928, it was
said, were $24,561,949, while deposits on the same date
were $18,765,405.
•
- Co. of Philadelphia, at KenThat the Kensington Trust
sington and Allegheny Avenues, is about to erect a handsome
modern bank building on the site of its present building,
was reported in the Philadelphia "Ledger" of May 12.
Construction work is to start immediately and will be so
carried on as not to interfere with the bank's business.
The new building, which will be Italian Renaissance in style,
will occupy the entire width of the block facing on Allegheny
Avenue between Shelburne and "H" Streets, the size of the
Structure being 110 feet 3 inches front and 82 feet 2 inches
in depth. It will be three stories in height. Elaborate
paneled bronze doors, each 12 feet high, will open into the
main banking room. The Kensington Trust Co. was
established in May 1906 at 2638 Allegheny Avenue. Early
in its history the present site at Kensington and Allegheny
Avenues was purchased.
Effingham B. Morris, Jr., has been elected a director of
the First National Blink of Philadelphia, according to the
Philadelphia "Ledger" of May 16.
According to the Philadelphia "Ledger" of May 18, J.
Stogdell Stokes and George F. Munson have been elected
directors of the Provident Trust Co. of that city. Mr. Stokes,
who is President of the Pennsylvania Museum and School
of Industrial Arts, succeeds on the board Colonel Franklin
D'011er who resigned, while Mr. Munson, who is a member
of the law firm of Townsend, Elliott & Munson, fills the
vacancy caused by the recent death of his father-in-law,
Joseph B. Townsend, Jr.
At the special meeting of the Colonial Trust Co. of Philadelphia on May 15, the stockholders ratified the proposed
increase in the bank's authorized capital from $2,300,000
to $5,000,000 (noted in our issue of March 17, page 1611),
according to the Philadelphia "Ledger" of May 16. There
will be 12,500 shares (par value $50 a share) offered to the
stockholders at $190 a share, it was stated. The bank's present outstanding capital is $1,875,000 and by the sale of the
new stock, it is understood, will be increased to $2,500,000,
while surplus account will be increased from $1,400,000 to
$3,150,000.
__—•__—
At a recent meeting of the directors of the FidelityPhiladelphia Trust Co. of Philadelphia, Albert J. Southall
was elected an Assistant Real Estate Officer, and I. H.
O'Hara was made an Assistant Treasurer, according to the
Philadelphia "Ledger" of May 15.
The Philadelphia "Ledger" of May 12 stated that a special meeting of the stockholders of the Southwark Title
& Trust Co. of Philadelphia has been called for June 20 to
vote on a proposed increase in the bank's capital from $125,000 to $250,000.
-& Trust Co. of Titusville, Pa.,
That the Commercial Bank
and the Titusville Trust Co. will consolidate under the title
of the latter was reported in the Philadelphia "Ledger" of
May 18. The union, it was stated, will become effective
upon ratification by the respective stockholders of the institutions. The enlarged bank will be capitalized at $650,000,
with surplus of $1,650,000, and will have deposits of
$6,300,000 and trust funds of $3,500,000. L. C. McKinney,
President of the Titusville Trust Co., will be Chairman of
the Board of the new bank, while George W. Horne, President of the Commercial Bank & Trust Co., will head the
institution.
The following changes were made in the personnel of the
Commonwealth Trust Co. of Harrisburg, Pa., by the directors on May 11, according to the Philadelphia "Ledger" of
May 12: C. Lester Mathias was promoted from Assistant
Treasurer and Assistant Secretary to Treasurer and Assistant Secretary; J. Frank Leonard was made Assistant
Treasurer, and Howard Achenbach and John D. Leib were
[VOL. 126.
elected Assistant Trust Officers. At the same meeting the
usual 5% quarterly dividend was declared, it was said.
Proposed consolidation of th- e two largest banks in Baltimore—namely, the Merchants National Bank of Baltimore
and the Citizens National Bank—to form a new organization under the title of the First National Bank, with resources in excess of $112,000,000, was announced on May
11 by Morton M. Prentis, President of the Merchants National Bank of Baltimore, according to the Baltimore "Sun"
of the following day. The merger was approved by unanimous vote of the respective directors of the institutions at
special meetings on May 11, it was said, and it is expected
to be ratified by the stockholders of each bank at meetings
to be held at an early date. If approved, the consolidation
will become effective July 1 next. The new bank, which,
it was said, will be the largest institution of its kind on
the Atlantic seaboard south of Philadelphia, will have a
capital of $4,000,000 consisting of 400,000 shares of the
par value of $10 a share, and surplus and undivided profits
of $6,000,000. Each of the present banks, it was said, will
contribute equal amounts to the capital, surplus and undivided profits. The principal office of the new bank will
be in the banking rooms of the Citizens National Bank
Building at Redwood and Light Streets, while the present
banking rooms of the Merchants National Bank of Baltimore at South and Water Streets, as also the branch of the
Citizens National Bank at Pratt and Hanover Streets, will
be continued. Albert D. Graham, President of the Citizens
National Bank, will be Chairman of the Board of the new
organization, while Mr. Prentis will be President. Eugene
Levering, now Chairman of the Board of the Merchants
National Bank of Baltimore, announced some time ago, it
was said, that he would retire from active banking on
July 1, when he will have completed fifty years of banking
in Baltimore. He has, however, consented to retain his interests and will accept a directorship in the enlarged bank,
it was said. All the other officers of both institutions will
remain with the new First National Bank, it is understood,
and the members of its Board of Directors will be selected
largely from the present directors of the two banks. In a
statement issued following the special meetings of the directors, President Prentis of the Merchants National, was
reported as saying:
Under the plan of merger, the stockholders of the Merchants National
Bank will receive one-half share of the stock of the new bank for each
share of their present holdings and, in addition, will receive one share
of stock in a securities company which will be formed under the laws
of Maryland with every share of new stock and in addition will receive a
proportional certificate of beneficial interest in the assets of the Merchants
National Bank not contributed to the new institution.
The stockholders of the Citizens National Bank will receive two-thirds
share of the new bank for each share held by him in the Citizens National
Bank and likewise one share of the new securities company for every
share to which he is entitled in the new bank, and in addition a proportional certificate of beneficial interest in the assets of the Citizens
National Bank not contributed to the new institution.
The paper mentioned furthermore reported Mr. Prentis
as saying that it is expected the initial dividend on the new
stock will be at the rate of 20% and in addition the present
stockholders of each bank will receive as above mentioned
liquidating cash distributions and likewise profits from
operations of the use of the new Securities Company.
Purchase by the First Na- tional Bank & Trust Co. of
Hamilton, Ohio, of the entire capital stock of the Hamilton
Dime Savings Bank Company of that place was reported in
a dispatch from Hamilton on May 10 to the Cincinnati "Enquirer." For the present, the dispatch said, both banks
will be operated as heretofore and no changes will be made
in the personnel of the Hamilton Dime Savings Bank Company, although the institution will be under the direct
control of the First National. Later changes may be made,
it was said. E. G. Ruder is President of the First National
Bank & Trust Co., while George P. Sohngen is President
of the Hamilton Dime Savings Bank Company.
Advices by the Associated Press from Fort Wayne, Ind.,
on April 27, appearing in the Chicago "Post" of the same
date, stated that Clyde A. Walb, former Vice-President of
the First National Bank of La Grange, Ind., on that day
was sentenced by Special Judge Walter Lindley to four
years in the Federal prison at Leavenworth for violating
national banking laws. At the same time, Valentine D.
Weaver, former President of the institution, who pleaded
guilty to the same charge, was sentenced to two and a half
years in the same prison. No fines were assessed, it was
said, against either defendant and the sentences are to run
concurrently on each of twelve accounts against each. Tes-
MAY 19 1928.]
FINANCIAL CHRONICLE
3073
timony 'during the trial of Walb, which started April 23, Wis., has changed its name to the Manufacturers
National
it was said, was that $81,000 in forged paper was placed Bank & Trust Co.of Racine.
in the bank which later failed. Walb was former Republican State Chairman, it was said.
On May 10, John Evans, President of the International
Trust Co., Denver, Col., was elected President of the First
National Bank, Denver, to succeed Hugh J. Alexander,
after 14 years president, who now becomes Chairman of the
Board of Directors. Thus, the largest national bank in
Colorado and the oldest and largest trust in the state becomes more closely allied with the trust company. Mr.
Evans is President of both institutions, and the stockholders
of First National Bank in their individual capacity own
98% of the International Trust Co. The First National was
founded in 1865, and the International Trust, organized in
1898—the 2 institutions have combined deposits of $57.,000,000 with surplus and undivided profits of $5,500,000. Mr.
Evans is a grandson of Colorado's first territorial Governor.
In his official statement, Mr. Evans says that "the policies
A dispatch to the Indianapolis "News" from Monticello, of the 2 institutions will continue
in accordance with their
Ind., on May 14 stated that announcement had been made of traditions of conservati
ve banking and upbuilding the inthe merger of the National Bank of that place with the dustries of Colorado,
"
'The Knox-Harrison Bank & Trust Co. of Vincennes, Ind.,
was closed on May 4 by order of Thomas D. Barr, Deputy
State Bank Commissioner, according to the Indianapolis
"News" of May 5. C. M. Lawrence and J. N. West, bank
examiners, were placed temporarily in charge of the institution by Mr. Barr, who was reported as saying that uncertainty of the coal mining situation in Knox County was
partly to blame for the bank's embarrassment The institution, which was organized in 1914, was capitalized at
$100,000 with surplus of $55,000 and had deposits of $650,000. T. L. Andrews was President and W. H. Knowles,
Secretary.
White County Loan, Trust & Savings Co. of Monticello, the
latter having taken over the assets of the National Bank
The Pioneer State Bank of Denver, Colo., was closed on
and guaranteed all deposits. Continuing, the advices said: May 16, according
to a dispatch from that city on May 16,
The National Bank was reorganized two years ago following its failure.
It became apparent, however, that the territory was overcrowded with appearing in the "Wall Street News" of the same date. An
banks and that the prospects of realizing profits were remote.
accumulation of slow paper was given as the reason for the
J. M. Turner is president of the White County Loan & Trust Co., and bank's
embarrassment. The advices furthermore stated that
Dr. W. E. Biederwolf, evangelist, was President of the National Bank.
the bank's deposits total $715,785 and its assets $834,345,
Under the merger the White County Bank will have deposits
totaling
$750,000.
and that there are cash and United States bonds on hand
—4--amounting to $184,000.
Nic Wuller, Cashier of the Belleville Bank & Trust Co.,
Belleville, Ill., and connected with the institution for the
H. M. Wagner, formerly Assistant Treasurer of the Fedpast twenty-five years, died at Hot Springs, Ark., on May 1. eral Land Bank of St. Louis, was
elected Secretary and
Mr. Wuller, who was seventy-one years of age, was born Treasurer of the Chouteau
Trust Co. of that city at the
in Carlyle, Ill. He became a director of the Belleville Bank bank's annual meeting
on May 8, according to the St. Louis
& Trust Co. when the institution was organized in 1903 and "Globe Democrat"
of May 10. The following officers of
subsequently was elected Cashier, the position he held at the institution were
re-elected: J. W. Weston, President;
the time of his death. Among other interests, Mr. Wuller Henry W. Kiel (former
Mayor of St. Louis), Vice-Presiwas Treasurer of the Greater Belleville Building & Loan dent; S. L. St. Jean, Vice-Presi
dent and Trust Officer, and
Association.
E. A. Keuthan, Assistant Secretary and Assistant Treasurer.
Consolidation of the First National Bank of Galesburg,
Ill, and the Galesburg National Bank of that place was
consummated on Apr. 23. The resulting institution—the
First Galesburg National Bank & Trust Co.—is capitalized
at $325,000. As indicated in our issue of May 5, p. 2742,
George A. Lawrence is Chairman of the Board, and 0. N.
Custer, President of the new bank.
William Mee, former President of the Security National
Bank of Oklahoma City, Okla. was elected a director and
Chairman of the executive committee of the American-First
National Bank of that city at a meeting of the directors on
May 5, according to the "Oklahoman" of May 6. At the
same meeting Mr. Mee's son, William Mee, Jr., formerly
an Assistant Cashier of the Security National Bank, was
At the monthly meeting of the Board of Directors of
the
Guardian Trust Company of Detroit, Henry E. Bodman
elected a Vice-President. Both, it was stated, would
was
elected Chairman of the Board. Mr. Bodman has been
assume their new duties on May 7. Following the elections
intimately connected with the Guardian Group since
on
May 5, Mr. Mee, Sr., was reported as saying:
its incep”Aly decision to become connected with the American-Fi
tion, and has represented it as counsel since
rst National
that time. bank is not
altogether a sudden one. Several years ago the matter was
In addition to being a director of the Guardian
Trust Com- considered by both sides and we came very near an agreement,
but notpany, Guardian Detroit Bank and the Guardian
Detroit until now have I been able to make the connection.
"I am joining hands with the older men in the institution in building
Company, Mr. Bodman is also a director of the
it
Packard along broad and extensive lines, and my son, Bill,
is joining the younger
Motor Car Company, Detroit City Gas Company,
the Penn- men to carry on for a long time to come. The idea of perpetuity of an
sylvania, Ohio and Detroit Railroad, and the
First National Institution and a policy appeals to me more, the older I get."
Company.
Mr. Mee, Sr., went to Oklahoma City in 1906 from Iowa,
—
where he had been connected first with the Grundy County
Negotiations for the consolidation of the Detroit
Trust National Bank of Grundy City, and later with the National
Co., and the Security Trust Co. of Detroit, were
Bank of Gladbrook, Iowa, which he founded. On going
concluded
and approved by the directors of both companies
and are to Oklahoma City, Mr. Mee with S. R. Raymond and
ready to be submitted to the respective stockholde
rs, it was William Raymond organized the Security National Bank,
announced on May 16. The new company, to be
known as which began business on Jan. 7 1907. For the next twentythe Detroit & Security Trust Co. will have a
capital of one years Mr. Mee remained as active head of the institu$3,000,00
0, surplus of $7,000,000 and undivided
profits
exceeding $3,000,000, forming a total invested
capital of
over $13,000,000. It is planned that the consolidat
ion will
be effected through the exchange of 1 share of stock of
each
of the old companies for 1 share of stock in the new company.
Ralph Stone will be Chairman of the Board; Albert
E. Green,
Vice-Chairman, and McPherson Browning, President
. At
present, Mr. Stone is Chairman of the Board of the
Detroit
Trust Co.; Mr. Green is President of the Security Trust
Co.,
and Mr.Browning,President of the Detroit Trust Co.
tion, resigning from the Presidency on Feb. 10 last.
The "Oklahoman" furthermore stated that the directors
of the American-First National Bank at the same meeting
on May 5 announced plans to increase the bank's capital,
which at present is. $3,000,000. In this regard the paper
mentioned said:
The increase from the present capitalization of $3,000,000 probably
Will be made this year, it was said. The board was said to have taken the
position that an increase of the bank's capital will always follow an increase
or business, even to a larger extent than is usually followed by rep re Feats
live banks.
The Winona National Bank, Winona, Minn., and the
S. A. Smith, a Vice-President of the First National Bank
Winona Savings Bank of that place, were consolidated
on of Valdosta, Ga., and of the Ashley Trust Co. of that place,
May 8 under the title of the Winona National & Savings died suddenly on May 1, according to advices from
Valdosta
Bank with capital of $200,000.
on that day to the Atlanta "Constitution." The deceased
banker, who was about forty-two years of age, had been
According to the weekly bulletin of the Comptroller of the In poor health for some years. He had been
currency, the Manufacturers Nationa. Bank of Racine, President of the Ashley Trust Co. just one elected Viceweek previous
3074
FINANCIAL CHRONICLE
EvoL. 126.
and deposits of
to his death to succeed his father, the late T. M. Smith, who tal of $50,000, total resources of $466,513,
to operate
continue
will
said,
was
it
The
banks,
$392,500.
the
First
and
was one of the founders of that institution
independently for the present.
National Bank.
The following items of interest have been received this
According to the Savannah "News" of May 8, announceweek
from the Citizens National Trust & Savings Bank of
stockthe
of
ment was made the previous day at a meeting
holders of the Atlantic Savings Bank of Charleston, S. C., Los Angeles:
George E. F.
Assistant Cashier of the Citizens National Trust
that the bank's capital had been increased from $200,000 to & Savings Bank,Duffet,
recently completed 35 consecutive years of service with
the
to
$500,000 and the name of the institution changed
the bank. Mr. Duffet came to Los Angeles in 1893 and entered the Citizens
of $230,000. located at Third
Citizens' & Southern Bank. The stock of the Atlantic Sav- Bank, then a State institution with deposits
and Spring Streets. Coming originally from France in 1879, he was for
ings Bank of Charleston, the paper mentioned said, was re- several years assayer and bookkeeper for the late W. A. Clark at Butte,
cently acquired by interests connected with the Citizens' Montana. When Mr. Duffet joined the bank there were only six employees.
are more than 800 and the bank has 30 offices with deposits
& Southern Bank in Savannah. The number of the bank's Today there
of more than $100,000,000.
directors was also increased from eight to fifteen. FollowThe Citizens National Trust & Savings Bank of Los Angeles have availing the meeting a statement was given out by Mills B. Lane, able for distribution a booklet by J. M. Rugg. Vice-President, entitled
Phases of Community Property Law." This was an address delivered
Chairman of the Board of the Charleston Bank and Presi- "Some
recently before the Law Department of the Los Angeles Ebell Club. and
dent of the Citizens' & Southern National Bank (head office the bank will mail a copy to anyone interested on request.
Savannah), which was, in part, as follows:
Bank
Advices from Los Angeles on May 16 to the "Wall Street
"We have increased the capital stock of the Atlantic Savings
capital, and
because we believe we will have ample use for the increased
stated that the Pacific National Bank of that city
Journal"
And
It is our desire to be just a little ahead of actual requirements.
a special meeting of its stockholders for June 18
we
called
as
had
time
we will further increase the capital stock from time to
to vote on a proposed increase in the bank's capital from
find we can use the money to advantage.
it was
"When we acquired the control of the Atlantic Savings Bank
. The stockholders, it was said,
us, and $1,000,000 to $2,000,000
our wish that all of the old board of directors remain with
have in- will have the right to subscribe for the new stock (par value
In order to have the new interests represented on the board we
$100 a share) on a share for share basis at the price of $140.
smased the number of directors from eight to fifteen.
made
"The change of name to the Citizens and Southern Bank was
National
only because the stockholders of the Citizens and Southern
proportion
Bank of Savannah own the Atlantic Savings Bank in the same
National Bank and
that they are interested in the Citizens and Southern
if they were
the name connects the two institutions more readily than
operated under separate and distinct names.
our patrons
give
"It is our purpose to erect a new building in order to
the same policy
adequate and comfortable facilities, and we will follow
that is, provide
we did in putting up our home office in Savannah;
be prepared to
facilities far in excess of our immediate needs so as to
in the near futake care of the increased business we expect to enjoy
Controlling interest in the San Bernardino Valley Bank
of San Bernardino, Cal., has been purchased by a group of
business men of that place and Needles, Cal., headed by
T. F. Brioady, according to a dispatch from Los Angeles
on May 8 to the "Wall Street News." C. A. Adams, VicePresident and the organizer of the institution as a labor bank
in 1919, and who represented stock in the bank held by the
Lincoln Holding Co., has retired, the dispatch said.
the Atlantic
"It goes without saying that we would not have purchased
of Charleston and the
Banks if we had not had confidence in the future
site of one of our
State of South Carolina. South Carolina is the
most desirable when
oldest settlements because it was found to be the
throughout the years it has
the early settlers came to this country; and
not lost any of Its advantages. . . .
Colonel Charles N. Black and Walter A. Haas were elected
directors of the Anglo & London Paris National Bank of
San Francisco on May 9, according to the San Francisco
"Chronicle" of May 10, which went on to say:
Bank of
Effective March 31 1928 the Union National
volunin
placed
was
$500,000),
Knoxville, Tenn. (capital
by a
tary liquidation. The institution has been absorbed
Bank. RefNational
-Union
Holston
on—the
new organizati
National Bank
erence to the proposed merger of the Union
made in
and the Holston National Bank of Knoxville was
1149.
page
our issue of Feb. 25 last,
reported the
The Washington (D. C.) "Post" of May 15
W. Smith as
Howard
Judge
of
day
previous
election the
Bank, Alexandria,
President of the Alexandria National
died on May 6.
who
Va., to succeed Judge Samuel G. Brent,
with the
connection
no
had
heretofore
Judge Smith, who
of
Board
the
of
member
institution, was also elected a
institution is now as
the
of
personnel
Directors. The
L. H. Dudley, Vicefollows: Howard W. Smith, President; Assistant Cashier,
Kiger,
J.
John
Cashier;
and
President
It was furthermore
and L. H. Dudley, Trust Officer.
as Judge of the
continue
stated that Judge Smith will
two positions in no
the
of
duties
the
as
Court,
Corporation
will continue to act as
way conflict, and that L. H. Dudley
.
executive officer of the institution
of Sarasota, Fla., was
The American National Bank
bank examiner,
national
a
of
closed on May 15 by order
advices from Sarasota on
Press
Associated
according to
York "Times" of May 16.
that date, appearing in the New
$150,000, was organized
The bank, which was capitalized at
was said. George L.
it
ago,
years
half
about two and a
Thacker was President.
Dublin, Texas, with capiThe Citizens' National Bank of
by the Farmers' National
over
taken
been
tal of $50,000, has
going into voluntary liinstitution
Bank of that place, the
1.
May
of
quidation as
May 12 stated that announceThe Los Angeles "Times" of
by Howard Whipple, execday
ment was made the previous
California Division
Southern
the
for
-President
utive Vice
of San Francisco,
Co.
Trust
&
Bank
of the United Security
has purchased for the
Corp.
-American
French
that the
the First National Bank
United Security Bank & Trust Co.
Cal., and its affiliated
County,
of Colton, San Bernardino
of Colton. The First
Bank
Savings
First
Institution, the
is capitalized at
stated,
was
it
National Bank of Colton,
and deposits ex$50,000 and has total resources of $922,532
has a capiBank
Savings
First
the
while
ceeding $750,000,
Colonel Black, San Francisco capitalist and leader in street railway
affairs, was formerly President of the Market Street Railway Co. He is
also a director of Ford, Bacon & Davis, Inc.
Haas is Vice-President of Levi Strauss & Co. and is an executive in
Haas, Baruch & Co., Richelieu Investment Co. and Bankers' Investment Co.
The West Coast Bancorporation—a bank holding corporation capitalized at $5,000,000 and owning control of the
West Coast National Bank of Portland, Ore, and the Peninsula National Bank (St. John's) of that city—was formally
organized in Portland on May 9, according to the Portland
"Oregonian" of the following day. Edgar H. Sensenich,
President of the West Coast National Bank and prime
mover in creating the holding agency, was elected President
of the new corporation, while John N. Edlefsen, Vice-President of the West Coast National, and President of the
Peninsula National Bank, was named Vice-President and
Treasurer. Alfred A. Hampson, one of the incorporators
of the new company, was named Secretary. Mr. Hampson
s a member of the law firm of Dey, Hampson & Nelson.
Directors of the West Coast National Bank were elected
directors of the new company. The West Coast Bancorporation, it was stated, has an authorized capital of
200,000 shares of class A fully participating stock and 1,000
shares of class B voting stock. Control of the corporation,
t was said, will be vested for the present in the voting stock,
which is subscribed by directors of the bank and the corporation named for it. The class A stock, it was said, is that
which will be exchanged for outstanding shares of the two
banks and of the Western Securities Co., an affiliated institution of the West Coast National Bank. Continuing the
paper mentioned said, in part:
The newly elected directors (May 9) approved exchange of class A
shares for stock of the West Coast National bank on the basis of ten Bancorporation shares for each share of bank stock. There are 5,000 shares
of the bank stock. For shares of the Peninsula National. 2.000 in number,
the basis of exchange will be 5 2-5 shares for each bank share. Completion of these exchange arrangements would require 60,000 class A shares.
It was stated that application will be filed with the corporation commissioner for permit to issue and sell additional shares of class A stock to
provide working capital and a reserve for purchase of any other banks the
corporation may wish to acquire.
Directors of the West Coast National Bank, who are now directors
of the Bancorporation in addition to Messrs. Sensenich and Edlefsen are
Thomas Autzen. President Portland Manufacturing Co.; Ross McIntyre,
President International Sales & Produce Co., which operates the Twentieth Century grocery stare chain; W. 0. Munsell, President Mitchell,
Lewis & Stayer Co.; Harry T. Nicola!, President Nicolai Door Manufacturing Co., and H S. Tuthill, President Oregon Casket Co.
In its issue of May 7, the "Oregonian" had the following
to say,in part,regarding the new West Coast Bancorporation
then in course of formation:
MAT 1.9 1928.T
FINANCIAL CHRONICLE
Total assets of the two institutions which are to constitute the nucleus
of holdings of the new corporation approximate $10,000,000 and aggregate
capital, surplus and undivided profits exceed $1,000,000. These figure
takeino account of the Western Securities company, owned by stockholders
of the West Coast National. which will also be taken over by the holding
corporation. An almost immediate expansion of capital funds of the
West Coast National, to give it alone more than $1,000.000 of capital and
surplus, is contemplated.
West Coast Bancorporation is being organized along the line of organiza
tion and operation of Bancitaly corporation, huge holding company affiliates
with the Bank of Italy, and the Marine Bancorporation of Seattle. The
latter holding agency has just acquired the National Bank of Commerce
of Seattle, to constitute the eighth bank of its system, and had assets of
approximately $22,000,000 at last report. Seattle Is the headquarters also
of a newer company of similar nature, called the Bankers' Holding Corporation.
Prediction was made in the "Oregonian" a few days ago that, rather
than face invasion from outside holding corporations, bankers of Portland
would meet the situation with agencies designed to retain control of Oregon
banks at home, so far as possible. These agencies have won favor in
Pacific Coast States with remarkable rapidity, and Portland now is put
definitely in line for this most modern development of banldng.
The Portland holding corporation starts with the foundation of two
sound and growing national banks. The West Coast National, organized
in 1923. had total assets on Feb. 28, at last call of the controller of the
currency, aggregating $7,194,551, which compared with $450,000 in 1923.
Its deposits were $6,311,218, capital was $500,000 and surplus and undivided profits totaled $281,206.
The Peninsula National has had a consistent growth in its field since
its organization in 1905. Its resources have grown from $25,000 to $2,274,743 in the last report. It had $200,000 of capital and $57,609 of surplus
and undivided profits.
Directors of the Hibernia Commercial & Savings Bank o
Portland, Ore., on May 1 voted to pay a 50% stock dividend
and to increase the bank's capital from $200,000 to $500,000,
according to the "Oregonian" of May 2. At the same time'
it was announced by John F. Daly, President of the institution, that the bank's present quarters will be enlarged and
remodeled. In its report to the State Banking Department,
on Feb. 28, deposits of the institution aggregated $7,595,510
and its total resources were $8,152,703. At the same time
the surplus account was $100,000 and undivided profitf
aggregated $186,596. The latter account has since been
Increased to approximately $200,000, it is stated. The
capital stock of $200,000 consists of 2,000 shares of the par
value of $100 a share. For each two shares now held stockholders will receive an additional share in the 50% dividend
distribution and in addition will be offered 2,000 shares of
new stock (par value $100 a share) at not less than $150 a
share. When the new stock becomes effective, the institution
will have a paid-up capital of $500,000, surplus of 8100,000,
undivided profits of $100,000, "and a further 8100,000,
which, it is unofficially reported, will take the form of capital
of a subsidiary securities company not yet incorporated."
Continuing the paper mentioned said:
If this subsidiary is created it would mean the distribution of an additional $100,000 of capital shares to the holders of the 5,000 shares of bank
stock, which is believed to be the procedure that will be followed. In
effect, then, each stockholder who purchases one of the new shares at $150
will emerge as the owner of 23 shares of bank stock and a share in the
securities company valued at $50 par.
On May 2 Andrew Price, President of the Marine Bancorporation of Seattle$ officially announced acquisition of
control by the corporation of the National Bank of Commerce of Seattle, according to the Seattle "Times" of that
date. This makes, it was said, the fifth institution to be
added to the Marine group of banks since Jan. 1, and
other banks are said to be under consideration as additions
to the system in the near future. With the assurance of
more than a controlling interest through acquisition of
the majority of the stock of the National Bank of Commerce, it was stated, the eight member banks of the Marine
Bancorporation—namely the Marine National, Marine Central and Marine State banks, the National City Bank and
the National Bank of Commerce (all of Seattle), the Capital National Bank of Olympia, Wash., the Gray's Harbor
National Bank of Aberdeen, Wash., and the First National
Bank of Cosmopolis, Wash., (a subsidiary of the Gray's
Harbor National Bank of Aberdeen)—on April 30 had combined deposits of $42,157,758 and total resources of
$51,769,276, making the Marine Bancorporation the largest
financial institution in the State of Washington. On the
same date (April 30) the capital, surplus and undivided
profits of the Marine banks totaled $4,869,441. The Seattle
"Post-Intelligencer" in its issue of May 2 stated that announcement was made that no change would take place in
the personnel of the acquired National Bank of Commerce,
President Price of the Marine Bancorporation having urged
that all the officers and employees carry on. It is understood, it was said, that Manson F. Backus will continue as
President of the institution. The latter paper furthermore
went on to say:
3075
National Bank of Commerce is the largest link in the Marine chain. It
has had a long, esteemed and highly profitable career under the control
of Manson F. Backus, its President. Backus started thirty-nine years
ago in the Washington National Bank, which was consolidated in 1906 with
the National Bank of Commerce, taking its name.
The original $100 shares in the Washington National Bank were increased by a 350% stock dividend to $450, on which for many years 20%
annual dividends have been paid.
These shares, now being sold for $700 each to Marine Bancorporation,
show an enhancement from $100 to $3,150, besides all the cash and
special dividends received. . . .
Marine Bancorporation had 350,000 shares outstanding before its acquisition of National Bank of Commerce. Marine gave Commerce stockholders
three options: $700 a share, $388 a share and six shares of Marine, or
13.46 shares of Marine, the stockholders having until June 12 to elect.
It is unlikely to be known definitely, therefore, until June 12, how
much of Marine's 150,000 shares of treasury stock will be required to
satisfy Commerce stockholders.
Yesterday (Hay 1), as admitted, more than 51% of Commerce stockholders had accepted Marine's proposal The expectation is that nearly
all will take one of the three options.
Banking circles look for a merger of Commerce with the Marine National, which already has taken steps to merge the National City Bank
of Seattle, previously acquired with cash and exchange of stock. If this
be carried out, it is likely the present quarters of the National Bank of
Commerce will be the home of the consolidated banks. The fine building
owned by the National Bank of Commerce was undoubtedly a consideration in Marine's $700 offer, as the quarters now occupied by the Marine
National Bank and the Marine National Company already have been
outgrown. . . .
THE WEEK ON THE NEW YORK STOCK E CCHANGE.
The stock market had a bad break on Wednesday and
subsequent days and prices crumbled all along the line. Early
in the week speculative activity had centered to a considerable
extent around the aeroplane stocks which moved forward in
a most sensational way. Specialties attracted considerable
attention and copper stocks displayed moderate improvement. The Federal Reserve figures of Wednesday showed
an increase of $140,936,000 in brokers' loans, establishing
a new high in all time. Following the two-day holiday,
the wild rush for higher prices was again resumed on
Monday. Opening prices of practically all of the speculative
favorites were higher and great blocks of stock changed hands
at advances ranging from 5 to 12 or more points. The
outstanding feature of importance was the strength of
the copper stocks as they moved briskly forward under the
leadership of American Smelting & Refining which spurted
ahead over seven points to 198, the highest price in the history of the Company. Kennecott trailed along with a new
peak above 90 and both Anaconda and Greene-Cananea
closed with substantial gains. Railroad shares did not keep
pace with the advances, though most of the Northwestern
roads were active and displayed considerable improvement.
Great Northern preferred, for instance, sold at its highest
since its reduction to the present $5.00 dividend rate. Aeroplane stocks continued to soar to new high altitudes, Wright
selling up to 20134 at its high for the day and Curtiss closing
at 1543/i with a net gain of 1234 points. Motor stocks moved
ahead with a rush under the guidance of General Motors,
which crossed 207 at its high for the session, though it droped to 204 in the closing hour. Packard and Chrysler both
reached new tops before midsession and considerable buying
was apparent in Chandler-Cleveland issues. Oil shares displayed moderate improvement following the publication of
the report that the Consolidated Gas Co. and Brooklyn
Edison had worked out final merger plans. Merchandising
shares were particularly strong, Montgomery Ward moving
into new high ground, followed by Sears-Roebuck with
substantial gains.
On Tuesday speculative enthusiasm again reached spectacular proportions, the scramble for higher prices setting
a terrific pace with values reaching record levels all along the
line. Sensational advances were again recorded by the
aeroplane stocks,both Curtiss and Wright extending their
gains by 15 or more points. Motor stocks continued well
up with the leaders, Studebaker opening with a gain of 434
points on a block of 60,000 shares, followed by Nash Motors
with a gain of four points to 96. Most of the copper shares
moved to higher levels and in many cases recorded new tops
for the year. One of the outstanding strong features of the
session was the demand for American International which
moved briskly forward to 111 and scored a gain of about 8
points. Allied Chemical also moved to new high ground at
171. As the day wore on the market turned irregular and
considerable realizing was apparent in many of the important stocks.
3076
Trading opened strong on Wednesday and numerous
new tops were recorded during the early trading. As the
day advanced, however, an avalanche of selling poured into
the market and prices abruptly turned downward and many
of the stocks that had recorded sharp gains in the forenoon
lost practically all of their advances. The aeroplane stocks
were the star performers, both Wright and Curtiss making
further progress upward in the early trading, but losing all
of their gains when the market weakened. General Motors
4 with a loss of
was under heavy pressure and closed at 1983
six points. Studebaker reached new high ground at 81, but
slipped back to 77. Copper stocks did not do so well in the
forenoon, though Greene-Cananea and Calumet & Arizona
rallied sharply at the close. Public utilities moved up and
down with considerable irregularity and motor stocks yielded
from one to three points, though Nash displayed considerable improvement at the close.
On Thursday the volume of trading was somewhat smaller
than on the preceding day. During the first hour trading
proceeded rather quietly with the trend of prices downward,
but as the day wore on a fresh burst of selling came into the
market which forced a number of the speculative favorites
to the lowest levels of the week. Later in the day a strong
rally developed and practically all of the early losses were
recovered and prices closed at approximately the best of the
day. Independent motors came back sharply under the
guidance of Studebaker and General Motors moved back to
2013/8. One of the outstanding features of the session was
the strong demand for American Tel. & Tel. which bounded
forward to a new top at 211, closing with a gain of more than
12 points at 2083. on the announcement of the offering of
$185,000,000 new stock shareholders at par. American
International was another strong spot and reached a new
peak at 125. Steel stocks were somewhat uneven and
aeroplane shares were frequently under pressure. Wright
Aeronautical closed fractionally lower, but Curtiss scored
a gain of 9Yi points. The stock market moved downward
on Friday, the wave of selling that came into it in the first
hour moving steadily on until the final hour, when, however, the trend was completely reversed and prices again
moved forward, this time under the leadership of the railroad
stocks. The strong stocks conspicuous in the rally included
Chesa. & Ohio, Del. & Hudson, Nickel Plate and Wabash.
General Motors sharply recovered, followed by Studebaker
and Chrysler. Oil stocks were weak and aeroplane shares
failed to follow the trend. The final tone was fairly good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Week Ended May 18.
United
States
Bonds.
State,
Municipal &
Foreign Bonds.
Railroad,
&c.,
Bonds.
STO CK EXCHA NGE CLOSE D.
$3,889,000
$441,000
4,272,780
$8,550.500
3,168,000
391,000
4,430.890
7,958,000
*4,820,840
8,431,000
3,858,000
785,500
7,060,500
2.980,500
391,000
3,665,490
8,296,000
2.067,000
924,000
4,162,200
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
21.352.200 $40296000
Total
•New high record for single day's transaction.
1927.
1928.
Stocks. No. of shares_ _
Bonds.
Government bonds _ _
State and foreign bonds
Railroad & misc. bonds
82.932.500
815.962.500
Week Ended May 18.
Sales at
New York Stock
Exchange.
Tctal bonds
Jan. 1 to Mali 18.
1928.
1927.
21.352,200
10,843,874
316,470,812
207,886,265
82.932,500
15.962,500
40,296,000
$5,358,250
13,212,000
43,146,500
$71,784,250
349.013.625
1,162,198,325
5125,601.600
376,398,900
949,028,550
859,191,000 $61.716.750 $1.582.996.200 81.451,029.050
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
May 18 1928.
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
finished to-day at 37. The class B sold up from 203/2 to 50
and fell back to 273/2. Transcontinental Air Transp. sold
for the first time up from 203. to 313
4 and at 2834 finally.
Aluminum Co., com, after an early advance from 185 to
1973
4 receded to 170. Bendix Corp., class A corn. lost
about 13 points to 108. Celanese Corp. of Amer. was off
from 947' to 853/i and closed to-day at 853/2. Consol.
Dairy Prod, corn. sold up from 38% to 493g and at 48%
finally. Ford Motor of Canada fell from 698 to 590 and
recovered finally to 613. Mengel Co. broke from 1263/i to
112 and moved up finally to 1163
4. A single transaction
of 100,000 shares of General Baking, a record for the Curb,
was recorded at the opening on Monday the stock dropping
from 17 to 11, the close to-day being at 12. Fox Theatres
corn. "A" on sensational transactions rose from 29 to 32%,
reacting to 27 and ends the week at 28. In public utilities
Amer. Light corn. advanced from 235 to 249 fell back to
235 and closed to-day at 240. Amer. Telep. & Teleg.
rights were dealt in for the first time to-day and on heavy
% to 15% and closed to-day
transaction advanced from 145
at 153. Among Oils Cumberland Pipe Line advanced
from 102 to 114 and eased off to 111. Penn. Iron & Fuel fell
from 57 to 47 and closed to-day at 48. Vacuum Oil was off
rom 863/i to 81%, the final figure to-day being 83.
A complete record of Curb Market transactions for the
week will be found on page 3.103.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
*STOCKS (No. Shares).
Week Ended
May 18.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Total
HOLI DAY
$28,600
*124,039
23,500
*114,218
81,500
*96,676
46,500
*63,594
14,000
27,963
426,490
8194,100
HOLT DAY
58,507
819,200
61.898
44,000
67,283
33,000
74,566
69,500
16,060
47.000
278,314
$212,700
9.881
12,611
9,047
8,768
5.997
6,434
824,300
53,200
41,900
72,100
81,800
16,500
52,738
8289.800
52,145 8327.400
ravisad 352.315 8199,930 577,590 8136,100
* In addition, sales of rights were: Monday, 6,629; Tuesday, 3,053: Wednesday,
104,689.
22,264; Thursday,
a In addition, sales of rights were: Monday. 10,900; Tuesday. 11,900; Wednesday,
22,500; Thursday, 18,816.
......,
maalr
THE CURB MAR CET.
Record-breaking transactions with sensational advances
feature of this week's session
in a number of issues were the
prices reacted after the
Generally,
Market.
Curb
of the
unsettled
as the week closed.
were
and
first day's trading
Mfg., class A, carried the
Supply
Aero
in
advance
violent
A
dropped as suddenly and
price up from 28 to 75, but it
Indus. &
Miscell.
1,152,990
922,840
789,340
1,155,990
582,48C
011.
Mining.
BONDS (Par Value).
Told.*
Foreign
Domestic. Government,
STOCK EXCHA NGE CL OSED.
254,210 143,300 *1550,500 $2,988,000
325,300 120,920 1,369.060 3,623,000
328,650 133.600 1,251,590 2,637,000
191.900 114,110 1,462,000 3,917,000
145,890 109,350 837,720 3,215,000
4,603.64C 1,245,950
8783,000
721,000
907.000
379,000
490,000
621,280 6,470,870 $16,380.000 $3,280,000
* In addition, rights were sold as follows: Monday, 16.800; Tuesday, 16,100;
Wednesday, 27.600; Thursday, 10,800: Friday. 184,000.
a New high record for single day's transactions.
COURSE OF BANK CLEARINGS.
Bank clearings continue to record notable gains as compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country, indicate that for the week ending to-day
(Saturday, May 19) bank exchanges for all the cities of
the United States from which it is possible to obtain weekly
returns will be 26.3% larger than for the corresponding week
last year. The total stands at $13,417,855,359, against
$10,614,612,097 for the same week in 1927. The improvement follows almost entirely from the expansion at this
centre, where there is a gain for the five days ending Friday
of 43.9%. Our comparative summary for the week is as
follows:
Clearings-Returns by Telegraph.
Week Ending May 19.
1928.
1927.
Per
Cent.
87,311,000,000
667,759,102
510,000,000
470,000,000
117,513,927
134,400,000
255,334.000
207,829,000
157,816,526
188,639,676
120,481,252
90,199,114
59,016,672
$5,081,000,000
615,246,487
498,000,000
459,000,000
123,459,735
124,200,000
162.214,000
168,639,000
154,969,917
154,531,093
111,595,158
93.600,713
52.006,712
+43.9
+8.5
+2.4
+2.2
-4.8
+7.9
+57.4
+23.3
+1.8
+22.1
+8.0
-3,4
+11.6
Thirteen cities, 5 days
Other cities, 5 days
310,289,989,269
1,058,223,530
$7,798,462,795
1,048.108,540
+31.9
+1.0
Total all cities, 5 days
All cities, 1 day
811,348,212,799
2,069,642,560
$8,846,571,335
1,768,040,762
+28.3
-1-17.1
env
.1.90. 2
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland_
Baltimore
New Orleans
'Pew
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
[VOL. 126.
FINANCIAL CHRONICLE
all ogle* ina tvaalr
212 417 AAA
ma
2111814 1312
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended May 12. For
that week there is an increase of 26.2%, the 1928 aggregate
of clearings for the whole country being $12,452,582,020,
against $9,870,626,543 in the same week of 1927. Outside
of this city the clearings show an increase of only 4.8%, the
bank exchanges at this centre recording a gain of 42.8%.
We group the cities now according to the Federal Reserve
districts in which they are located and from this it appears
MAY 19 1928.]
FINANCIA CHRONICLE
that in the New York Reserve District (including this city)
the totals are larger by 42.1%, in the Boston Reserve District by only 3.0%, and in the Philadelphia Reserve District
by 8.0%. In the Cleveland Reserve District there is a
trifling gain (0.2%), while the Richmond Reserve District
shows a loss of 4.3%, and the Atlanta Reserve District of
4.9%, the latter due in part to the falling off at the Florida
points, Miami showing a decrease of 47.6% and Jacksonville
of 18.4%. In the Chicago Reserve District the clearings
register 2.9% increase, in the St. Louis Reserve District,
0.3%, and in the Mineapolis Reserve District, 9.2%. The
Kansas City Reserve District falls 2.3% behind, while the
Dallas Reserve District shows a gain of 3.9%, and the
San Francisbo Reserve District of 21.0%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1928.
1927.
Inc.or
Dec.
1926.
1925.
Federal Reserve Diets.
3
$
$
'',
$
1st Boston_ - __12 cities
584,661,716
567,851,499 +3.0
633,454,429
494,852,626
2nd New York_11 "
8,039,089,752 5,657,602,600 +42.1 5,429,822,107 5,349,926,927
Philadelphial0
3rd
"
620,726,460
574,684,133 +8.0
574,971,970
694,651,684
4511 Cleveland.- 8 "
411,673,989
410,870,595 +0.2
422.954,037
394,347,653
5th Richmond _ 6 "
189,586,049
198,113,804 -4.3
204,376,646
203,233,488
6th Atlanta__ --13 "
189,844,085
199,692,174 -4.9
227,099,569
228,391,504
7th Chicago_ _ _20 "
1,107,472,711 1,076,459,332 +2.9 1,039,835,434
998,383,085
8511 St. Louis_ 8 "
221,054,088
220,426,219 +0.3
233,944,023
222,756,298
9th Minneapolis
- 7 "
122,803,137
112,420,025 +9.2
123,981.966
134,918,400
10th Kansas City12 "
232,758,753
238,235,382 -2.3
223,332,599
216,041,409
11th Dallas
71,288,628
5 "
68,631,148 +3.9
69,975,292
68,890,217
12th San Fran--17 "
661,622,715
546,639,632 +21.0
548,193.768
518,990,061
129 cities 12,452,582,020 9,870,626,543 +26.2 9,631,941,840 9,425,383,342
Total
Outside N.Y. City
4,548,884,221 4,338.769,585 +4.8 4,321,304,467 4,190,720,646
Canada
31 cities
549.195.565
412.340.145 +33.2
334.135.124
315.997.956
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended M ay 13.
Clearings at
1928.
1927.
First Federal Reserve 531st net-Boston
Me.-Bangor.
672,606
882,591
Portland
3.922.878
4,001,519
Mass.-Boston_ _ 515,000,000 512,000,000
Fall River_ _ _
2,493.190
2.010,081
Lowell
1,389,167
1,427,161
New Bedford..
1,169,684
1,606,650
Springf
__
6.084,681
5,430,521
Worcester
4,082,607
4,039,516
Conn.-Hartford
24.267,860
14,834,412
New Haven_ _
9,783,164
7,843,861
R.I.-Providence
15,039,200
13,086,100
N. H.-Manche'r
756,679
743,087
Total(12 cities)
584,661,716
567,851,499
Second Feder al Reserve 13 Istrict-New
N. Y.-Albany _ _
5,881.418
5,896,679
Binghamton
1,388,487
1,213,142
Buffalo
54.337.678
52,889,788
Elmira
1,105,995
1,155,601
Jamestown__ - 1,425,640
1,332.825
New York_ _
7,903,697,799 5,532,856,958
Rochester
15,642,579
14,185,341
Syracum
6,578,880
6,479,853
Conn.-Stamford
4,096,698
3,732,978
N. J.-Montclair
834,696
852,876
Northern N.J.
44,100,102
36,996,550
Inc. or
Dec.
1926.
-18.8
884,419
-2.0
3,081,459
+0.6 480.000.000
+24.0
1,957,527
-2.7
1,113,257
-27.2
1,550,552
+12.0
5.741,45
+1.1
3,844,50
+66.3
15,019,89
+24.7
7,635,51
+14.9
11,882.800
+1.8
743,04
+3.0
533.454.429
1926.
814,846
3,212,374
436,000,000
2.263.549
1,272,779
1,770,170
6,459,510
3,650,564
15,755,102
6,909,512
16,009,300
734,920
494,852,626
York
-0.3
7.725,419
6,531,257
+14.5
1,103,700
1,402.900
+2.7
47,710,367
54,665,468
--4.3
1,172,680
982.471
+7.0
1,469,572
1,549,000
+42.8 5,310,637.383 5,229.662,696
+10.3
13,935,417
13,129.778
+1.5
6.437.443
5,860,301
+9.7
3.331,641
3,518,902
-2.1
941,360
606,362
+19.2
35,357,125
32,017.792
Total(11 cities) 8,039,089.752 5,657,602,600 +42.1 5,429.822,107 5,340,926,927
Third Federal Reserve Dist rict-Philad elphiaPa.-Altoona..._ _
1.763,360
1.600,551 + 10.2
1,647.664
Bethlehem. _ _
5,444,966
4,228,687 +28.8
4,548,997
Chester
1,151,496
1,403,997 +18.0
1,228,432
Lancaster
2,132,666
2,243,130 -4.9
2.277,694
Philadelphia_ 585,000,000 540,000,000 +8.4 542,000,000
Reading
4,239,527
5.006,842 -15.3
4,785,464
Scranton
7.345,926
6,503.362 +13.0
6.062,216
Wilkes-Barre_ _
4,188,909
5,173,319 -19.0
3,733,452
York
2,090,889
1,995,216 +5.0
1,847,170
N.J.-Trenton._
7,308,631
6,529,020 +12.9
6,840,881
Total(10 cities)
620,726,460
574,684,133
+8.0 574,971,970
Fourth Feder al Reserve D strict--Clev eland
Ohio-Akron. _
6,386.000
6,307,000 +1.3
Canton
4,818,820
5,036,632 -4.3
Cincinnati_ _ _
75,236,076
73,443,371 +2.4
Cleveland
119,976,705 128,209,763 -6.4
Columbus _ _
18,541.100 +2.0
18,906.000
Mansfield
1,681,546
2,348,134 -28.4
Youngstown _
5,514,144
6,339,626 +13.0
Pa.-Pittsburgh
179,154,626 170,644,989 +5.0
1,527.134
4,300,864
1.565,715
2.838,372
560,000,000
4,109,702
6,691,678
4,239,988
2,193,875
7,184,356
+0.2
422,954,037
394,347,653
Fifth Federal Reserve Dist rict-Richm ondW.Va.-IIunt'g'n
1,227,260
1,206,095 +1.8
Va.-Norfolk _ _
5,326,882
4,965,771 +7.3
Richmond
_
41,755,000
46,200,000 -1.2
S.C.-Charleston
.2,000,000
2,017,999
Md.-Baltimore_ 109,883,450 114,468,592 -4.0
D.C.-Washing'n
29,393,457
29,195,347 +0.7
1.586,123
7,953,842
48,992,000
2,331,746
114,973,097
28,530,838
1,723,283
7,450,528
53,135,000
2,120,889
111,415,474
27,388,314
-4.3
204,376,646
203,233,488
Sixth Federal Reserve Dist rict-Atlant a8,404,759 -2.0
8,235,615
Tenn.-Chatt'ga
Knoxville
3,578,609 -13.6
3.092.608
Nashville
23,625,454 -5.5
22.325,958
Georgia-Atlanta
52.970,343 -8.3
48,580,456
Augusta
1.775,595
2.028,437 -12.5
Macon
2,034,012
2,002.252 +1.6
Fla.--Jack'nville
17,304,706
21.213,670 -18.4
Miami
3,371,000
6.433,000 -47.6
Ala.-Birming'm
23.651,609
24,990,412 -5.4
1.816,101
2,128,042 .-14.7
Mobile
Miss -Jackson._
2,297,483
1,848.000 +24.3
457,254
Vicksburg 387,880 + 17.9
La.-NewOrleans
54.892,710
50,081.316 +9.6
7,946,205
3.500.000
23,351,553
62.538,132
1,850,179
1,801,746
27,951.488
14,282,384
25,897,400
2.024.252
1.600,000
339,566
54,016,664
7.671,289
3,338,254
23,400,574
65.883,703
1,627,215
1,612.579
24,663,725
16,219,700
24,897,225
1.865,596
1,680,000
299,167
55,232,477
227,099,569
228,391,504
Total(6 cities) _
Total(13cities)
189,586,049
189,844,085
410,870,595
198,113,804
199,692,174
1927.
-4.9
Inc. or
Dec.
1926.
1925.
9;
Seventh Feder al Reserve 13 [strict-Chi cagoMich.-Adrian _
283,810
251,804 +12.7
263,521
235,139
Ann Arbor_ _ _ _
898.391
1,212,072 -25.9
1.086.480
1.002,430
180,277.801 174,462,389 +3.3 175,314,588 172,172,641
Detroit
7,767,594
Grand Rapids_
8.083,003
+4.1
8,775.184
8,177,351
Lansing
2,494,000 +16.3
2,900.786
2,603,322
2,706,000
2,881,752 +21.4
Ind.-Ft. Wayne
3,498,232
2,930,970
3,179,739
Indianapolis__ _
25,273,000
25,354,000 -0.3
23,915,000
18,3.50.000
South Bend.... _
3.491,600
3,361.800 +3.8
3,517,700
2,842,000
Terre Haute_- _
5,238,949
5,154,930 +1.6
5,785,389
6,484,550
Wis.-Milwaukee
46,937,473 -10.0
42,221,603
46,971,664
42,001,723
2,943,869 +1.7
Iowa-Ced. Rap
2,994,387
2,462,684
2,859,242
DesMoines_11.035,196
10,824,669 +1.9
10,723,864
11,522,684
Sioux City.
7.281,694
6,236,266 +16.7
6,345.288
7,272,742
1,558,327 +1.2
Waterloo
1,337,187
1,539,731
1,595,697
1.512,519 + 13.7
Ill.-Bloomington
1,720,182
1,720,389
1,553,063
796,986,523 769,543,472 +3.6 731,984,046 703,942,086
Chicago
Decatur
1,469,499
1,720,531 +14.6
1,435,090
1,682.730
Peoria
5,389,052 +4.6
6,413.479
5.638.946
5,099,951
Rockford
3,763,636
3,909,929 -3.7
3,340,802
3.110.884
Springfield_ _ _ _
2,875,242
2,942,884 -2.3 . 2,908,787
2,592,433
+2.9 1,039,835,434
Eighth Feder al Reserve D Istria- St Louis
Ind.-Evansville.
5,645,152
7,122.281 -20.7
Mo.-St. Louis_ _ 140,900,000 140,600,000 +0.2
Ky.-Louisville
37,855,877
36,745,275 +3.0
Owensboro
_
383.958
338,199 +13.5
Tenn.-Memphis
20,445,504
20,486,000 -0.2
Ark.-Little Rock
13,829,678
13,120,311 +5.4
424,641
422,076 +0.6
Quincy
1,569,278
1,592,077 -1.4
998,383,085
6,417,484
151.900,000
36,831,119
374,068
22,815,440
13,511,199
393,306
1,701,407
5,890,591
147,500,000
35,025.268
395.115
19,195,276
12,528,127
421.610
1.800,311
+0.3
233,944,023
222,756,298
Ninth Federal Reserve Dis trict-Minn eapolis
Minn.-Duluth_ _
7.968.709
6.418,570 +24.2
Minneapolis_ _ _
80.423,867
71,011,170 +13.3
St. Paul
26,942,799
28,341,586 -4.9
N. Dak.-Fargo.
2,042,274
2,008,986 +1.7
S.D.-Aberdeen.
1,350,039
1,190,238 +13.4
Mont.-Billings_
692,449
628.475 +10.2
Helena
3,383.000
2,821,000 +19.9
8,400,705
77,539,387
31,878,957
1,794,139
1,398,092
571,559
2,399,127
8,928,975
85,696,941
33,368.587
1.980,913
1,426,050
723,404
2,793,530
123,981,966
134,918,400
454,549
529,747
5,173,213
39.661.942
3,334,804
7.415,965
131,182,754
7,689,563
25,452,004
1.203,180
a
1,234,878
575,470
610.421
5,318,000
43.115,673
3,372,169
7,123,177
123,809,068
6,979,171
22,387,755
1.449,048
a
1,301,457
-2.3 223,332,599
216,041,409
Total(8cities)
221,054,088
220,426,219
Total(7cities)_ 122.803,137 112,420,025 +9.2
Tenth Federal Reserve Dist net-Kansa s CityNeb.-Fremont_
552,549
536,410 +3.0
Hastings
596.841
560,059 +6.6
Lincoln
4,894.163
5,321,974 -8.1
Omaha
46,353,440
40,129,757 +15.5
Kan.-Topeka.3.679,012
3,284,114 +12.0
Wichita
8,935,706
7,790,494 +14.7
Mo.-Kan. City. 129,172,527 144,549,925 -10.6
St. Joseph_ _ _ _
7,554.384
6,516.502 +15.9
Okla.-Okla.City
28,161,189
26,944,964 +4.3
Colo.-Col. Spgs.
1,486,232
1,188,162 +25.1
Denver_ _
a
a
Pueblo
1.372,710
1,413.021 -2.9
Total(12 cities)
232.7.58,753
238,235,382
Eleventh Fade ral Reserve District-Da liesTexas-Austin
1,591,386
1,350,258 +17.9
Dallas
47,717,190
44,982.768 +6.1
Fort Worth_ _ _
11,996,672
11.025,448 +8.8
Galveston
4,015,000
6,004.000 -33.1
La.-Shreveport..
5,968,380
5,268,674 +13.3
Total(5 cities)_
71,288,628
68,631,148
Twelfth Feder al Reserve 13 istrict-San
Wash.-Seattle__
51.439,877
45,350,834
Spokane
12,359,000
12,469,000
Yakima
1,310.994
1,586,246
Ore.-Portland_ _
41,367,928
43,247,181
Utah-S. L. City
16,774,302
16,109,150
Cal.-FreenO _ _ _
3,695,612
3,583,571
Long Beach...
9,016,736
7,810,954
Los Angeles.. _ 241,993,000 186,707,000
Oakland
23,001,026
19,238,262
Pasadena
7,796,070
7,754,996
Sacramento...
8,052,602
7,802,346
San Diego
6,445,337
6,678,054
San Francisco. 225,778,643 178,714,000
San Jose
4,774,871
2,711,577
Santa Barbara_
2,131,092
1,779,909
Santa Monica.
2,467,925
2,689,352
Stockton
3,217,700
2,407,200
1,513,536
43.074,330
11,288,769
8,673,000
5,425,657
2,348,422
42,265,718
10,780,904
8,365,566
5,129,607
69,975,292
68,390,217
Franci see+13.4
46,548,920
-0.9
11,662,000
-17.4
1,295,942
--4.3
46,586,809
+4.1
16,393,564
+3.1
3,761,538
+15.4
7,078,529
+29.6 176,284,000
+19.6
21,967,431
+0.5
6,969,884
+3.2
8,206,318
-3.5
7,666,961
+26.3 183.349,000
+76.1
3,087,483
+19.7
1,851,144
-8.2
2,587,245
+33.7
2,897,000
41,703,861
11,663,000
1.262,229
41,591,597
15,763,443
3,337,047
7,428.020
164,471.000
21,492,510
6,325,396
9,429,052
5,542,436
179.921,871
2.622,737
1,641,921
2,197,431
2,596,500
+3.9
Total(17 cities) 661,622,715 546,639.632 +21.0 548,193,768 518,990,051
Grand total (129
cities)
12452582,020 9,870,626,543 +26.2 9,631,941,840 9,425,383,342
Outside New York 4,548.884,221 4,338,769.585
+4.8 4,321,304,457 4,190,720,846
Clearings at
1928.
5,789,000
7,190,281
72,108,058
125,041,323
16.43.5,300
2,010,197
5,662,324
160,111,170
411,673,926
1928.
Week Ended May 10.
594,651,684
6,021,000
4,696,551
76,616,186
122,457,495
19,204,300
2,085,405
5,984,227
185,888,873
Total(8 cities)
Wed Ended May 13.
Clearings at-
Total(9 cities) 1,107,472,711 1,076,459,332
Week End. May 12 1928.
3077
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
Bt. 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
Chatham
Sarnia
1927.
$
$
196.891,092 141,783,999
167,870,115 130,005,922
51.007,459
68.224,526
21,906,122
19,790,810
10,704,860
8,038.735
8,648,110
7,912,255
4,378,911
3,171.363
6.070,083
6,553.113
10,693,839
6,338,574
2,737.186
3,799,726
2,470,267
2,458,246
3,932,813
3,115,327
6,700,857
4,663,35
4,943,382
5,530.45
582,751 . 494,25
786,739
506.36
2,396.144
1,899,90
1,257.688
1,114,62
11,480,574
1.158,38
1,708,620
810,572
878,777
897,98
452,852
245,12
961,825
1,022,75
1,114,974
983,284
'1,569,302
1,195,084
4,976,599
5,054.635
329,405
407.276
975,324
888.036
1,190,847
851,475
790,126
851,622
761,140
599,034
Inc. or
Dec.
+38.9
+29.1
+33.8
+10.7
+33.2
+8.5
+40.5
+8.0
+68.7
+38.8
-0.5
+26.2
+46.7
-10.6
+17.9
+55.4
+26.1
+12.9
+0.9
110.8
-2.1
+84.7
-5.9
+13.4
+31.3
-1.5
-19.2
+9.8
+39.9
-7.2
+27.1
1928.
1927.
99,018.083
105,576,352
97,909,395
97,635,874
51,940.382
47.845,950
15,451,005
15,188.767
6,787.267
7 .454,429
14,359,595
5,771,266
2,737,903
2,796,608
4,890,435
4,713,172
6,359,301 "
4,997,112
2,524.175
2,616,121
1,986,165
1,904,755
2,491,604
2,416,950
5,297,012
3,714.300
3,520,142
2,766.518
490,393
555.824
410,308
465,280
1,352,616
1,897,604
863,421
854,725
876.088
901,718
935,382
1,115.402
585,138
661.736
254,243
243,317
902,793
900,599
686,470
658,357
857,484
998,492
3,238,964
4,730,698
376,939
283,185
804,561
927,979
661.345
773.407
5a Manager of Clearing House refuses to report clearings for week ending Saturday.
Estimated.
3078
High.
r Jan
ci
St. Louis Stock Exchange.-May 12 to May 18.
Stocks-
Friday
Sales
Last Week's Range for
Par. Sale
ofPrices.
Week.
Price. Low. High. Shares.
BanksBoatmen's Bank
100
170A 174
First National Bank_ _100
337 337
Merchants-Laclede Nat 100
300 300
Nat Bank of Comm_ __ _100 222
217 225
State National Bank_ _100
188 188
Trust Co Stocks100
American Trust
220 225
100 560
Mercantile Trust
560 560
Street Railway Stocks82%
82
St Louis Pub Serv pref_ •
• 2534 25
25%
Common
Miscellaneous Stocks65
65
American Credit Indem_25
37
38
20 37
Aloe common
104A 104K
100
Preferred
23
•
23
Best Clymer Co
•
3931 4454
Boyd-Welsh Shoe
100 513.4 50% 51K
Brown Shoe corn
119 119
£2,198
£51,913
100
Preferred
15A 16
• 16
Burkhart common
No fresh Indian currency returns have come to hand.
•
23
23
•
Preference
The stock in Shanghai on the 28th ult. consisted of about 53,000,000
131 136
Century Electric Co_ _100
ounces in sycee, 89,100,000 dollars and 1,860 silver bars, as compared Coca Cola Bot Sec
42
47K
SI
with 64,100,000 ounces in sycee, 89,000,000 dollars and 2,160 silver bars Champion Shoe pref_ _100
104 105
•
50A 51
E L Bruce com
on the 21st ult.
99A 100
100
Preferred
Statistics for the month of April last are appended.
110 110
100 110
Elder Mfg 1st pref
10434 105
-Bar Silver per Oz. Std.- Bar Gold per Emerson Electric pref 100
3034
Cash.
2 Mos.
Oz. Fine. Ely & Walker D G com _ _25 30A 30A 119
119
Highest price
26 15-16d. 26 13-16d. 84s. 1134d.
1st preferred
100
90%
90%
Lowest price
26%d.
100
2d
preferred
26 Kd.
848. 10d.
35
33
Average price
26.409d.
• 33
26.340d.
848. 11.1d. Elder common
29
28
Fred Medart Mfg com • 28
Quotations during the week:
16%
16
Fulton Iron Works corn _ _* 16
-Bar Silver per Oz. Sid.78
Bar Gold per
78
Preferred
100
Cash.
2 Mos.
118 118
Oz. Fine.
,
i nocrat pref _ _100 118
26Ad.
April 26
26%d.
84s. 11d.
27A 29
Iltt..
-Brown Shoe_ _25
26 11-16d.
26%d.
April 27
38
84s. 11d.
•
38
Hussm. Hefr corn
26 11-16d.
April 28
A •
84s. lid.
Huttig S& D corn
23A 2544
•
26 15-16d.
26 1316d. 84s. lid.
April 30
99
99
Preferred
100
26 1316d.
26 1146d. 84s. 10%d. Hydraul Press Brick pf_100 84
May 1
85K
85
26%d.
26 Aci.
5
5A
May 2
Common
5
100
26.729d.
26.625d.
84s: lid.1.9.d. Indep Packing corn
Average
18
18
•
86
84
International
Shoe
85
corn_
_•
The silver quotations to-day for cash and two months' delivery are each
Preferred
111 111A
100
Johansen Shoe
3/16d. above those fixed a week ago.
• 3934 38A 45
Johnson S & S Shoe
• 64K 64A 70
J Schoeneman pref._ _ _100
97A 9734
Laclede-Christy Clay Prod
common
40
100
40
ENGLISH FINANCIAL MARKETS-PER CABLE.
Preferred
100
100 100
Mach corn
50%
48
25 48
The daily closing quotations for securities, &c., at London, Landis
McQuay-Norris
58
58
• 58
Mo-III Stores corn
•
2274 23
as reported by cable, have been as follows the past week:
Mo
Portland Cement__ _25 44
44
4954
Wed.,
Thurs.,
Fri.,
Tues.,
Mon.,
Sat.,
London Week
Moloney Electric pref_ _100
95A 100
Nat Candy corn
Ending May12 May 12. May 14. May 15. May 16. May 17. May 18.
22
25 21
21
271)4d.
27 15-16d
Pedigo-Weber Shoe
45
• 3974 39
Silver, per oz... 27 5-166. 27 7-166. 27 11-16d. 27Ad.
Polar Wave I At F
•
39
39%
Gold,per fine oz 848.11%d. 84s.11%d. 84s.10Ad. 84s.11d. 84s.11d. 848.11d. . RIce-Stix D G. 1st pref _100
113A 11354
5654
5654
5654
5654
563
2d preferred
Consols, 2547. ____
100 ____-- 101 101
100%
10074
10074
100%
10074
Seruges-V-B D G corn_ _25 17A 17A 18
British, 5% _-- ---Scullin Steel pref
97
97
97
40
97
• 40
43K
9674
British, 454%_ __-Securities Inv corn
•
35
35
French Rentes
Preferred
100
109
109
Holiday
70.50
70.70
71
69.45
Sheffield Steel corn
•
(In Paris).fr. -__.
68
68
Skouras Bros "A"
•------40
44%
French War L'n
Sou Acid & Sulphur com• 42A 40
Holiday 89.96
44
90
90
89.39
(in Parls)_fr_ -- -Southwest Bell Tel pref 100 119
119 120
St
Louts
Car
10
3054 31
The price of silver in New York on the same days has been: Preferred corn
100
101 101
Stlx, Baer & Fuller
Silver in N. Y.. per ez. (cts.):
• 32
31)
31
6076
60
5954
60
Wagner Electric cont.__ _* 85
5954
59)4
80 120
Foreign
Preferred
100 106
105 106
Mining StocksConsol Lead & Zinc "A"_* 15A 14)4 17)4
Street Railway BondsCity & Sub Pub Serv 5s 34
92
9254
United Railways 4s._ _1934 84
84
84
Miscellaneous BondsNat Bearing Metals 6s 1947
10154
10154
transactions
of
-Record
Exchange.
Pittsburgh Stock
Wagner Electric Mfg 73 Ser
10354 10354
1941
Inn 1001%
at Pittsburgh Stock Exchange, May 12 to May 18, both Scullin 6s
lists:
sales
*
No
par value.
inclusive, compiled from official
gaminercial antiMisccilanconsgnus
Law.
Jan
Amer Vittified Protrcom_50
20 IMay 25
20
20
954 May
Arkansas Nat Gas com_ _10
9%
754 Feb
954 971
Armstrong Cork Co
62
62
62A
5954 Apr 67i Mar
180
Bank of Pittsburgh(N A)50
197
Apr
195 195
25 99A 9954101
91 ,Jan 105
Feb
Blaw-KnoxkCo
1614 1Jan 27441 Mar
Carnegie Metals Co_ __AO 23
23
24A
38 May 39 May
Citizens Traction Co_ _ _50
38
38
aColonial Trust Co_ _ _ _100 300
250
Feb 300 May
270 300
41 Mar
6 .May
Consolidated Ice com_ _ _50
6
6
6
Preferred
26 r6
24
Mar 30 4, Jan
50
Devonian 011 Co
10
9
9
9A
7
Mar 10 k Jan
Dixie Gas St Utll com____. 12
12
13%
9 Van 15
Apr
Apr
Preferred
100
86
86
80% 'Feb 95
Exchange National Bank50
Apr
90
90
90 hFeb 92
First National Bank_ _100
356 356
345 17 Feb 360IP Jan
Harb-Walk Ref com_ _100
208 208
178 liJan 208 May
Independent Brew pref__50
454 4A
4 1Mar
454 Apr
25 51% 51
Lone Star Gas
52
48% Apr 58
Apr
May Drug Stores Corp_ _ _• 26
20
Jan 27 May
25K 27
Nat Fireproofing pref_ _ _50
22
22A
19A Jan 24 kMar
Penn Federal Corp com•
7A
7)4 7A
676 Apr
834 Apr
Peoples Say & Trust Co__ _ 6,50
650 650
603
Jan 650 May
Petroleum Exploration_
36A 36A
36
Apr 36)41May
Pittsburgh Brew corn... 50
2% Apr
4
Jan
354 4
50
9%
8
Preferred
7A Apr
954
931 May
Pittsburgh 011 & Gas..-5
331 354
331 Jan
4
Jan
225 226
Pittsburgh Plate Glass 100 225
210
Jan 234
Feb
55
Pitts Screw & Bolt Corp_ _• 55
5631
4854 Feb 5934 May
32
32
Pittsburgh Steel Fdy com_•
27
Jan 35
Apr
250 265
Pittsburgh Trust Co_ __100 655
250
Mar 265 May
36
Rich & Boyton pref
•
36
34
Apr 48
Jan
6%
634 6%
Salt Creek Consol 011_ _ _10
654 May
7% Jan
Stand Sanitary Mfg com _• 40
3976 42A
33
Mar 42A May
126 128
Preferred
100
124
Jan 128 May
36A 39
29
Union Steel Casting,com.• 39
Mar 3934 Mar
4574 Apr 61
United Eng & Fdy com__• 48A 48% 50
Jan
13% 14
12
Apr 15A Mar
United States Glass_ _ _ _25 14
Waverly Oil Wks,class A..* 33
33
33
30K Apr 43
Feb
Westinghouse Air Brake _• 50
50
51%
46% Jan 56% Jan
Wiser 011
19
19
19 May 19 May
25
25
Witherow Steel corn
•
13
Jan 27
Apr
74
Preferred
100
73
68
Jan 74 May
Worthington Ball Bear A 25 26
26
26
25A Apr 26
Apr
Series B
• 11
11
11
8
Apr 11
Apr
Zoller (William) Co corn •
51
51
41
Apr 52
Apr
Preferred
100
99% 99%
95
Jan 100 May
RightsLone Star Gas
814 854
7)4 Mar 101% A nr
Note.-Sold but not reported: 020 Colonial Trust Co. at 260 on May 11.
a
£132,985
£571,111
SILVER.
The tone of the market during the week has been quits good owing to
fairly continuous buying on the part of China and India. At the same time
similar demands have been somewhat keen in America and therefore American sales here have been little in evidence, indeed America has itself
bought in London. The pace, however, was a little too hot and prices
eased after April 30 when 26.15/16d. was fixed for cash and 26.13/16d.
for two months' delivery.
The following were the United Kingdom imports and exports of silver
registered in the week ended the 25th ult.
Imports.
Exports.
Miscellaneous
£9,500
E2,198 Germany
6,134
Egypt
British India
29,213
Other countries
7,066
PK oillipakisa
RangelSinceJan. 1.
CD
GOLD.
The Bank of England gold reserve against notes amounted to £159,164,165
on the 25th ultimo (as compared with £157,388,155 on the previous Wednesday), an increase of £5,257,850 since April 29 1925, when an effective
gold standard was resumed.
The arrivals of gold during the week under review consisted of about
£300,000 ex the S. S. "Aquitania" from New York, about £500,000 from
Russia, and about £770,000 from South Africa-a total of £1,570,000.
Purchases on behalf of unknown buyers accounted for £375,000, the Bank
of England bought £1,015,000, and the balance-about £200,000-was
absorbed for the trade, India, etc.
The following movements of gold to and from the Bank of England have
been announced, showing a net influx of £143,000 during the week under
review:
Withdrawn.
Received.
nil
April 26
£243,000
£1,000,000
8,000
April 27
nil
nil
April 28
nil
April 30
262,000
nil
504,000
May I
5,000
131,000
May 2
Of the receipts £100,000 on the 26th ultimo and £25,000 on the 1st
instant were in sovereigns, both amounts being released on account of
Poland. On the let inst., £8,000 in U. S. coin was received. The other
receipts were in bar gold.
Of the witdrawals, £1,000,000 on the 27th ult, consisted of sovereigns
"set aside account South Africa", and £5,000 to-dal• sovereigns destined
for Egypt.
The Southern Rhodesian gold output for March 1928 amounted to 48,017
ounces, as compared with 46,286 ounces for February 1928 and 50,407
ounces for March 1927.
The following were the United Kingdom imports and exports of gold
registered in the week ended the 25th ult.:
Exports.
Imports.
£66,400
£530,000 Germany
Russia (13. S. S. R.)
14,300
23,485 Austria
British West Africa
31,674
France
17,626
Africa
British South
20,611
Other countries
Stocks-Tij
Sales'
Friday III
Ilast Week's Range for
ofPrices.
Week.
?Sale
Par. Price. ',owl. High Shares.
00..0000‘000k0QM00.00gg M
OCUD.00000000001,00VONOMO,
N.V. 01,-.0000NN.-. MMMt ,
0o.q. M
-0M.90,
00 000.0MO.y.N*Aert-CNivoI,
ult. V,N.MN.M.*
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.4
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7
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 2 1928:
[VoL. 126.
FINANCIAL CHRONICLE
12
10
22
3,132
2
Range Since Jan. 1.
Low.
168
320
295
157
185
20 200
40 540
88
725
Mar
Apr
May
Apr
Jan
High.
174
345
300
236
200
May
Feb
May
May
Jan
Apr 225
Mar 570
May
Jan
78A Apr
20
Jan
83 May
27)4 Apr
10
150
10
30
680
65
115
90
100
71
1,633
50
100
24
2
20
275
30
30
225
150
250
25
30
335
200
125
99
225
950
5
3,505
22
945
3,540
20
65
33%
10234
2254
3834
47A
117
12)4
19.
131
21
100
45
98
108A
102%
30
115
90
23)4
28
11A
59
113A
20
34
20
95
7454
3A
16A
62
109A
34
48
9744
May
Mar
Apr
May
Jan
Mar
Apr
Mar
Mar
May
Mar
Feb
Jan
Jan
Mar
Jan
Mar
Jan
May
Jan
May
Jan
Jan
Feb
Jan
Jan
Feb
May
Apr
Apr
Jan
Jan
Jan
Mar
Apr
May
73A
4044
104A
27
44K
55A
12044
17%
2431
145
4734
107
51
10034
111
107
33
120
94
38
37
1654
79K
118
30
41
26A
99
87
6
20
87
113
45
70
101
Jan
Apr
May
Apr
May
Apr
Jan
Jan
Apr
Mar
May
Mar
May
Mar
Apr
Mar
Jan
May
Jan
May
Apr
May
Apr
May
Jan
Mar
Mar
May
May
May
Feb
Apr
Mar
May
May
Mat
40
30
741
25
120
911
262
640
2,925
1,820
5
3
685
3,287
25
10
15
560
29
105
100
15
585,
13,548
113
40
100
43
53
17
38
95
18%
35
32
109A
100
16
31
30
109
33
37
40
11754
16
100
27
37
96K
May
May
May
Jan
Jan
Mar
May
Mar
Apr
Mar
Mar
Mar
Apr
Jan
Apr
May
Jan
Apr
May
Jan
Jan
Jan
Mar
Feb
Jan
40
100
50A
59
23
62
101
23A
45
40
117
104
20
46
35
109
80
45A
47A
121
32
102
33
120
106
May
May
May
May
Apr
May
Jan
Jan
May
May
Apt
Jan
Jan
Apt
May
May
Apt
May
Jan
mat
May
Apt
Apt
May
May
11
Mar
1734 May
9154 Feb
84 May
93
Mat
8534 Jar
1,890
832,000
26.000
2,000 IN% Jan 102
Apt
Feb 10354 Apt7
500 102
12.000 98K Jan 10011 Mss
MAY 19 1928.]
FINANCIAL CHRONICLE
Breadstuffs figures brought from page 3160.-Al
the statements below regarding the movement of grainreceipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
Receipts atChicago
Minneapolis
Duluth
Milwaukee- -Toledo
Detroit
Indianapolis
St. Louis__ _
Peoria
Kansas City_
Omaha
St. Joseph__ _
Wichita
_
Sioux City Total wk. '28
Same wk. '27
Same wk. '26
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bls.198tbs.bush.60 lbs.bush.5015:.bush.32 Ms.bush.48Ibs bush.56Ibs.
251,000 1,722,000 2,571,000 1,782,000
123,000
16,000
1,431,000
103.000
347,000 272,000
69.000
1,090,000
11,000
11,000
88,000 146,000
52,000
30,000
214,000
113,000
55,000
2,000
233,000
28,000
46.000
32,000
13,000
12,000
14,000
51,000
686,000
106,000
130,000
671,000
692,000
224,000
10,000
65,000
37,000
470,000I
253,000
37,000
40,000
606,000
543,000
130,000
339,000
745,000
138,000
173,000
280,000
20,000
267.000
66,000
4.000
21,000
116,000
54,000
1,000
498,000 6,703,000 6,546,000 3,240,000 586,000
287,000
436,000 3,591,000 2,379,000 2,346,000 541,000
387,000 3.093,000 2.717,000 2,842,000 639,000 980,000
226,000
Since Aug.11927
19,547.000 398,345,000263,656,000 142,093,0029,442,00034,324,000
1926
19,284,000291,773,000 182,644,000 121,152,0(n17,910,00027,120,000
109C
"'s
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, May 12, follow:
Receipts atNew York__.
Philadelphia _
Baltimore_ _ __
Norfolk
New Orleans•
Galveston
Montreal___ _
Boston
Flour.
Wheat,
Corn.
Oats. 1 Barley.
Rye.
Barrels.
Bushels.
Bushels.
Bushels.1
30,00 Bushels. Bushels.
220,000
463,000
26,000
,
97,000
3,000
36,000
124,000
2,000
14,0001
23,000
28.000
10,55
83,000
10,000
13,000
48,000
1,000
54,000
5,000
36,00
12,000
6.000
75,000 1,433,000
7,00
27,000
8 .iii
68.000
22,000
1,0
6,000
Total wk. '28 418,000 2,114,000
82.000
Since Jan.1'28 8,935,000_44.757,000 60.578,000
102,000! 257,000
99,000
6,812,000' 7,974,000 4.153,000
Week 1927_
464,000 8,244,000I
398,000
703,000 1,901,000 1,113,000
Since Jan.1'27 8.272.000 00.085.01)01 4SSonnrt 7 002 00012
Sidll nnn a acn nnn
* Receipts do not include grain passing through New Orleans
for foreign ports
on through bills of lading.
3079
May 12-The Norwood National Bank, Norwood, N. J
50,000
Correspondent, Frank W. Skinner, Norwood, N. J.
May 12-The First National Bank of Bellerose, N. Y
100,000
Correspondent, Rufus E. Smith, 14 Delaware Road,
Bellerose, N. Y.
APPLICATIONS TO ORGANIZE APPROVED.
May 8-The Bryn Mawr-Nepperhan Nat'l Bank of Yonkers, N. Y_$100,000
Correspondent, Dr. R. Roberts, 24 Buckingham Road,
Yonkers, N. Y.
May 10-The Eastport National Bank, Eastport, N. Y
50,000
Correspondent, William H. Chapman, East Moriches, N. Y.
•
CHARTERS ISSUED.
May 7-First National Bank in Lakefield, Minnesota$25,000
President, August Pohlman; Cashier, J. F. Pelts.
May 8-The Beech Creek National Bank, Beech Creek, Pa35,000
Conversion of The Beach Creek State Bank, Beech Creek,
Pa. President, P. McD. Tibbins; Cashier, L. D. Brungard.
CHANGES OF TITLES.
May 10-The Manufacturers National Bank of Racine, Wisconsin,
to "Manufacturers National Bank and Trust Company of
Racine."
May 11-The Peoples National Bank of White Plains, N. Y., to
"The Peoples National Bank and Trust Company of
White Plains."
VOLUNTARY LIQUIDATIONS.
May 7-The Citizens National Bank of Dublin, Texas
$50,000
Effective May 1 1928. Liquidating Agent, J. W. Hall,
Dublin, Texas. Absorbed by The Farmers National Bank
of Dublin, No. 12758.
May 8-The First National Bank of Arcata, California_
$50,000
Effective April 3 1928. Liquidating Agent, A. H. Leydecker, 631 Market Street, San Francisco, Calif. Absorbed
by Security Bank and Trust Co. of Bakersfield, Calif.
May 8-City National Bank in Lincoln, Nebraska_
800,000
Effective May 3 1928. Liquidating Agent, Stanley Maly,
Lincoln, Nebr. Absorbed by The First National Bank of
Lincoln, No. 1798.
May 11-The Union National Bank of Knoxville, Tenn
500,000
Effective March 31 1928. Liquidating Agent, Bankers
Trust Company of Knoxville, Tenn. Absorbed by HolstonUnion National Bank of Knoxville, No. 4648.
CONSOLIDATION.
$100,000
May 8-The Winona National Bank, Winona, Minn
May 8-The Winona Savings Bank, Winona, Minn
100,000
Consolidated to-day under Act of Nov. 7 1918, as amended
Feb. 25 1927, under charter of The Winona National
Bank, No. 10865, and under the title "The Winona
National and Savings Bank," with capital stock of
$200,000.
Auction Sales.-Among other securities, the following,
The exports from the several seaboard ports for the week not actually dealt in at the Stock Exchange, were sold at auction
ending Saturday, May 12 1928, are shown in the annexed in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
statement:
By Wise, Hobbs & Arnold, Boston:
Exportsfrom-
Wheat.
Corn.
Flour.
Oats.
Barley.
Barrels. Bushels. Bushels. Bushels.
94,810
45,110
95,950 220,659
16,000
13,000
26,000
12,000
2.000
1,000
13,000
15,000
1,000
45,000
81,000
9,000
79,000 285,000 163,000
75.000
4,000
175,000
39,000
18,000
959,000
Total week 1928._ 1,649,937
Same week 1027.... 6.896.322
FOREIGN
106,000
77.543
233,810
270.595
331,110 329,950
162.151 1.274 752
295,659
452 201
TRADE OF NEW YORK-MONTHLY
STATEMENT.
Merchandise Movement at New York.
Month.
Rye.
Bushels. Bushels.
458,937
New York
Boston
Philadelphia
Baltimore
Norfolk
New Orleans
Galveston
Montreal
Houston
Imports.
1927.
Exports.
1926.
1927.
I
I
1926.
8
$
July
158.l69.597164.794.382 138,284,513 132.903,105
August
166,332.018 161.973,3511142,661.747 116,821,090
September 172.707,698 182,914.678 126,772,08$ 151.629,613
October.-. 175,855,280 177,239,6671137,849,733 123,823.326
November 179,611,688 185,959.035 156.060,057 149.662,955
Deeember_ 157,075,741 178.172.967 157.874,4431150,344.551
Customs Receipts
at New York.
1927.
1926.
26,620.038
80.852.625
32,593,22
31,626.401
29.487,856
24.267.55
24,619.552
29.183,549
32,000,997
31,369,820
30.431,596
26,823.969
1928.
1927.
1928. I
1927.
1928.
1927.
January __ 168.712.467 176.319,795148.1
20,044 155,804,975
February.173,826.482 154,108,638 135,898,816 129,846,153 25,495,311 24,850,299
25,128,590
23,681,705
March _ - _ 185,264,893 185,002,299 168,891,768 150,660,298
26,742,317 26,675,460
Total _ - 1537,755859 1566,484862 1312,413209 1261,496066
252.813.917249,636.947
I
I
Movement of gold and silver for the nine months:
Gold Movement at New York.
Month.
Imports.
1927.
1926.
Bilver-New York.
Exports.
1927.
1926.
Imports.
Exports.
1927.
1927.
October-.
November
December
$
5,215,929
846,762 1,090,730 1,598.540
6,107.889
662,466
883,618 21.154,974
1.714.31
972.617 24,166,981 21.675.322
495.91
523.979 9.1A7,118 1,013,790
727,412
652,888 34,200.361 1,463,905
487.049 6,622,900 71,982,903 6.756.464
8
1.554.118
1,492,026
2,154,705
1,796,403
2.007,426
708.777
3.470.003
2.727.989
4.450.040
2,402.526
2,988,534
4.804,479
January -February March
1928.
1927.
1928.
1927.
795.991 17,840.866 50.866.191 14.466,637
5.763.918 14.060.641 24,536,938 2.084.371
899,714 1,512,363 96,975.664 1,628,544
1928.
2,819,736
1,652,490
2,050,250
1928.
3,913,573
4,325.121
3,769,747
JUlY
AUBUSS--
september
Total.- - 22,208,125 43.696.042313,850,504 71,842.547 16,235.940 32,852,012
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 12-The Buzzards Bay National Bank, Buzzards Bay, Maas_ $50,000
Correspondent, John IV. Ramsay, Cataumet, Mass,
May 12-Highwood National Bank of Englewood, N. J
100,000
Correspondent, Howard S. Eshelman, 490 Railroad Ave.,
Englewood, N. J.
Shares. Stocks.
$ per sh.
18 National Rockland Bank
560
10 Boston National Bank
17534
530-554
135 First National Bank
4 Centreville Nat Bank, Warwick.152
2 Nat. Bank of Cora., Providence_10734
2 Atlantic National Bank
3303(
10 National Shawmut Bank
389
5 Old Colony Trust Co
51034
10 Ipswich Mills. pref
1134
2 Nashua Mfg. Co., pref
943.4 & div.
30 Farr Alpaca Co
12534
12 Pepperell Mfg. Co
9134
56 Nashua Mfg. Co., corn
5234
10 Arlington Mills
4134
14 York Mfg. Co
21
35 New Engl, South. Mills, pref.,
certificates of deposit
750
91 Androscoggin Mills
8234-83
3 Nat. Fabric & Finishing Co.,corn. 32
4 Robertson Paper Co.. pref.; 4
Robertson Paper Co., com____S5 lot
35 Fall River Gas Wks., par $25_ 7234
lo Wilmer & Vincent Corp.. prof.,
warrants on
6
18 Attleboro Steam & Electric Co.,
v. t. c., par $25
107%
11 Towle Mfg. Co
92
4 Mass. Bonding & Ins. Co
595
200 Western Mass. Cos
6534
125 East. CUL Am., cony. she
1534
10 East. CUL Asso., corn
4634
50 Jones, McDuffee & Stratton
Corp.. cl. A corn
20
10 Boston Wharf Co
112%
50 New Bedford Gas dr Edison Light
Co..undep
1133441334
15 Fairbanks Co., pref
934
Shares. Stocks.
$ Per sh.
18 Quincy Market, Cold Storage dc
I
Warehouse Co., pref
7054
10 Suffolk Eng. & Electro. Co_
6 units First Peoples Trust
5434
10 Shawmut Bank Invest. Trust
46
10 Brockton Gas Light Co., v. t. c.,
par $25
60
100 Nathan D.Dodge Shoe Co.,pfd. 300
1 Consolidated Rendering Co
90
76 Plymouth Cordage Co
74-75
11 Plymouth Rub. Co., pref. old_ _Sl lot
10 Gt. North. Paper Co., par $25-- 8834
12 units First Peoples Trust
54
2 Amer. Wringer Co., corn. v.t.c.-. 15
10 Com'l Fin. Corp., pfd., par $50_ 21
50 Converse Rub. Shoe Co.. pref__3-3%
10 Haverhill Gas Lt. Co., par $25. 6434
4 Babson-Dow Mfg. Co., let pref.:
2 Babson-Dow Mfg. Co., com__S1 lot
10 Eastern Mfg. Co.. pref
59%
54
4 units First Peoples Trust
13 New Engl. Pow. Assn.. com
845(
7 Boston Storage & Whae. Co
130%
4 units First Peoples Trust
54
25 Old Colony Woolen Mllls, corn.:
4 George H. Adams Co. prof.;
$8 scrip George H. Adana Co.:
2 Aetna Mills, corn.: 4 Orpin
Desk Co., pref., par $50:50 Beacon Chocolate Co., 1st prof.; 3
Plymouth Rubber Co.. pref.-$5 lot
a per Right.
Rights.
20 Southern New Eng. Telep. Co__ 21
Per Cent.
Bonds.
$2,000 Shawmut Bank Invest.Trust
95 & int.
5s, due March 1952
By R. L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
$ per sh. Shares. Stocks.
corn
283
3 National Shawmut Bank
1 U. S. Envelope Co. com
389
5 Second National Bank
1 New Hampshire Fire Ins. Co___625
441
121
17 Webster ds Atlas Nat. Bank_ _19651 5 U. S. Envelope Co., pref
3 Second Nat, Bank
18 Charlestown G.& E.Co.,undep.
441
28 Federal Nat. Bank, trust ctf__ _265
141
par $25
8 Boston National Bank
17534476 12 Eastern Utilities Arno., cony.
16
15 Webster & Atlas Nat. Bank-19651
stock
3 Exchange Trust Co
1 Boston Athenaeum, par $300-__791
225
50 Middlesex Nat, Bank, Lowell-150 5 American Glue Co., pref
107%
15 Merchants Nat. Bank, Salem,
9 Springfield Fire & Marine Ins.
par $50
25534
Co., par $25
200
6 Berkshire Cotton Mfg. Co
5151
5 Laconia Car Co., 1st prof
12.5
17 Pepperell Mfg. Co
634
9134 0 Laconia Car Co., 2nd pref
14 Naumkeag Steam Cotton Co.155-1553.( 6 Springfield G. L. Co., v.t.0,Par
16 Wamsutta Mills
$25
76
4651
17 Nashawena Mills
3534
37-3734 3 Tyer Rubber Co., pref
17 Manomet Mills
1 Esty Welte. Pref.: % Esty svelte.
3
4 Androscoggin Mills
565/ common
2.514 lot
68 Ipswich Mills, pref
1151-13 20 Gorton Pew Fisheries, Ltd..corn. 7334
10 Ludlow Mfg. Asso.20034-20051 ex-div. 16 New Engl. Pw. Assn., of.iosx-ioa st
4 Nat. Fabric dr Finishing Co.,com. 32
2 Amer. Mfg. Co., corn
5334
45 Plymouth Cordage Co
2 Copley Square Trust, pref
75
ss
2 Essex Co., par $50
194 ex-div. 50 Worcester Electric Lt. Co.
17 New Engl, Power Asso . pref _103%
196
vot. trust ctfs., par $25
13 Mass. Utilities Invest, Trust,
50 New Engl. Invest. Trust, Inc..
preferred, par $50
coll, trust shares, par $10
11
46 & div.
2 10-20 Mass. Utilities Invest.
152 W. K. Hutchinson Co., pref.:
Trust, common
30 W. K. Hutchinson Co., corn1134
2 Mass. Log. Cos.,8% pref. undep.13134
mon
$1361 lot
2 Mass. Ltg. Cos.. corn. undep.,. 155%
Rights.
$ Per right.
6 Hood Rubber Co., 734% pref._ 88
Worcester
4
Bank & Trust Co
4$
2 Hartford Fire Insurance Co..-930
Bonds.
25 Mass, Utilities Inv. Trust, corn,
Per Cent.
voting trust certificates
1134 $10,000 Quincy Market Realty Ss,
16051
May 1964
20 Collateral Loan Co
94 & int.
6 Draper Corp
10,000 Internat. Cotten Mills 75.
75
Dec. 1929, ctf. dep
934 flat
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh.
2 Ninth Bank & Tr. Co
615
15 Mech. Nat. Bk. of Burlington,
171
N.J., Par $50
5 BurIlington Co. Tr. Co. Moorestown, N.J.
36639
7 Lanc.Ave.TItle dr Tr.Co.par 1350.102
15 Lanc.Ave.Title & Tr.Co.par$50_10094
51000 Perna Trench Machine Co.,
par $10
$50 lot
115 Liberty Title & Tr. par $50_ _ _ _315
4 Penn. Nat. Bank
781
12 Nat. Bk.of No.Phila. par $1_ _ _300
60 Union Bk.& Tr.
366
30 Union Bank & Trust
374
5 Mitten M.& M.13k.& Tr.Stpd_ _121
10 Mitten M.& M.Bk.& Tr.Stpd _120
941
8 Fldelity-Phila Trust
10 Fidelity-Phila. Trust
939
4 Susqueh.Title & Tr. Co. par $50 6334
123
200 Bankers Tr,Co. par $50
12294
50Bankers Tr.Co. par $50
122%
166 Bankers Tr. Co. par $50
10 Guarantee Trust & Safe Dep.Co.455
265
5 Unit. Sec. Life Ins.& Tr
319
S Colonial Trust, par $50
10 Belmont Trust Co.,par $50
16934
502
5 Tacony Trust Co
20 69th St.Term.Tit. & Tr.par 550.139
1651
10 Girard Tr.Co
657
1 Mkt. St. Title & Tr. par $50
9739
40 Broad St. Tr. Co. par 350
97
40 Broad St. Tr. Co. par $50_ _ _ _
10 N'east. Title &'Tr. Co. par 550_.161
_275
20 Aldine Trust Co., par 3100_
321
10 Dela.Co.Tr. Chester,Pa
251
10 Camden Safe Dep.& Tr
5 Haddonf'd(N.J.) Safe Dep.&Tr._190
50 Commonw'th Cas. Co., without
24
rights
75 Bankers Secur. Corp. pfd. par
19
$50,25% paid in
[vol.. 126.
FINANCIAL CHRONICLE
3080
S per share.
Shares. Stocks.
50 Bankers Bond & Mtge. Co.corn. 65
28
176 Autocar Co.,corn
30 Home Imp. Fin. Corp. no par-$50 lot
175
22nd & 3d Sts.Pass.Ry
200
10 Citizens Pass.Ry.Co
28 Phila.Bourse,com., par 350_ _ _ _ 34
1 Citizens Nat. Bank, Jenkintown_100
63
5 Glenside Trust Co
6239
4 Glenside Trust Co
$1 lot
$1,000 Sesqui Cent. Part. ctf
1 MacMillan Arctic Asso.; 3 Lewiston Clarkston Canning Co., Ltd.,
Pa.: 10 Swan Creek Orchard Co.,
$1 lot
preferred
99 Real Est. Ld.Title & Tr.Co._ _ _751
8 Darby Bank & Trust Co
6439
36 Security Title & Trust Co
205
6 Republic Trust Co
15139
15 Springfield Nat.Bank
254
105th & 6th Sts.Pass. Ry
10 Broadway Merchants Tr. Co_ _ _392K
808
2Phila. Nat.Bank
50
563d.St.Title & Tr
g per Right.
Rights.
25 Commonwealth Casualty Co _--- 239
2
1305 Commonwealth Casualty Co
300 Fire Assn. of Phila. when, as
439
and if issued
Per Cent.
Bonds.
$54,100 Lake Tracy Farms Co. 1st
10t
att__3500
unpd.
coup.
1932,
M.6s,
$15,000 mtge. covering land, southwesterly side of Phila. & W.
Chester Turnpike, 212.27 ft.
southeasterly from Eagle Rd.,
Haverford Twn.shp., Dleaware
$1200 lot
Co., Pa
$4,000 United Tract. Co., Pittsb.
61
genl 5s,due 1997
$2,000 Bergener dc Engel Brew. Co.
45
1st 6s, 1929., etf. of dep
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Am.Brit.dr Continent.Corp lstpf.(qu.)_ $1.50 June 1 Holders of rec. May 15
Second preferred
$3 June 1 Holders of rec. May 15
American Locomotive,corn.(guar.)- *32 June 30 *Holders of rec. June 13
Preferred(quar.)
.134 June 30 *Holders of rec. June 13
Anticosti Corp., 7% pref. (qu.)
194 June 1 Holders of rec. May 16
Associates Investment Co.(quar.)
*750
Atlantic Terra Cotta pref.(quar.)
June 15 Holders of rec. June 5
1
Belgo Canadian Paper, pref. (quar.)_.. 131 July 2 Holders of rec. June 1
Bentley Chain Stores, corn
30c. June 1 Holders of rec. May 20
Preferred
Si June 1 Holders of rec. May 20
Bird Grocery Stores, pref. (qu.)
131 June 1 Holders of rec. May 22
Boston Wharf
3 June 30 Holders of reo. June 1
Brach (E. J.) & Sons, corn
*50c. June 1 *Holders of rec. May 19
Brading Breweries, Ltd., corn
Holders of rec. May 31
50e.
Brill Corporation, pref. (guar.)
•134 June 1 *Holders of rec. May 18
Carter (William) Co., pref. (qu.)
$1.50 June 15 Holders of rec. June 9
Case (J. I.) Thresh. Mach.,corn.(qu.) *31.50 July 1 *Holders of rec. June 11
Preferred (quar.)
*194 July 1 *Holders of rec. June 11
75e. June 30 Holders of rec. June 1
Certo Corporation (quar.)
Extra
25e. June 30 Holders of rec. June 1
Chesebrough Mfg. Cons.(quar.)
$1 June 30 Holders of rec. June 9a
25c. June 30 Holders of rec. June 9a
Extra
Chickasha Cotton 011
91 July 1 Holders of rec. June 9
Cities Service, common (monthly)
•34 July 2 *Holders of rec. June 15
Common (payable In corn. stock)_ _ _ _ tfSi July 2 *Holders of rec. June 15
Preferred and pref. B. B.(monthly)_
*94 July 2 *Holders of roe. June 15
*50. July 2 *Holders of rec. June 15
Preferred B (monthly)
*2 0.3750. June 1 *Holders of rec. May 15
Bankers shares (monthly)
194 June 1 Holders of rec. May 22
_
Collins cfc Alkman Corp., pref. (qu.)
July 2 Holders of rec. June 20
Commercial Solvents Corp.(quar.) _- $2
'Si
June 30 *Holders of roe. June 14
Congress Cigar (quar.)
*25c. June 30 *Holders of rec. June 14
Extra
*30c. July 1 *Holders of rec. June 30
Container Corp., class A, corn. (qu.)
*150. July 1 *Holders of rec. June 30
Class B common (quar.)
1
June 15 Holders of rec. May 31
Cookeville Shale Brick, pref. (qu.)
139 June 15 Holders of rec. June 1
Crane Company, corn. (quar.)
134 June 15 Holders of rec. June 1
Preferred (quar.)
•194 June 30 *Holders of rec. June 15
Crucible Steel, pref. (quar.)
Cuban-American Sugar, corn. (qu.) ---- 25c. July 2 Holders of rec. June 26
194 July 2 Holders of rec. June 2a
Preferred (quar.)
2
June 1 5Holders of rec. May 13
Cumberland Pipe Line (quar.)
2
By Adrian H. Muller & Sons, New York:
June 15 Holders of rec. May 31
Extra
S per sh. Cutler-Hammer Mfg., corn.(No. 1)__ -- .880. June 15 *Holders of rec. June 4
$ per sh. Shares. Stocks.
Shares. Stocks.
•139 June 1 *Holders of rec. May 14
Dartmouth Mfg., corn. (guar.)
130 Ammonia Corp., corn., no par_31 lot 50 65 West 45th St. Corp.; $12,500
*134 June 1 *Holders of rec. May 14
Preferred (quar.)
cif. of Indeb. of 6.5 West 45th St.
SI lot
48 Ammonia Corp., pref. A
$500 lot Electric Storage Battery,com .drpf (qu.)- 81.25 July 2 Holders of rec. June 9
Corp
142 1-3 Associated Nat. Tobacco
3734e. June 1 Holders of roe. May 21
Per Cent. Ely-Walker Dry Goods, corn. (quar.)
Bonds.
$1.65
Co., Inc., pref., par $10
July 2 Holders of rec. June 15
Equitable Office Bldg., corn. (quar.).. 2
525,000 Amalgamated Laundries
14 5.520-10000 Cromer-Cassel's 2d
131 July 2 Holders of rec. June 15
Preferred (allar.)
78
Inc. 10-yr. a. f. 639s
$55 lot
pref. (inc. Fla.)
*134 June 15 *Holders of rec. May 25
Federal Mining dr Smelt., pf. (qu.)
Si June 1 May 20 to June 1
Florence Stove, corn.(quar.)
By A. J. Wright & Co., Buffalo:
131 June I May 20 to June 1
Preferred (quar.)
$ per sh. Fuller(G. A.)
$ per sh. Shares. Stocks.
Shares. Stocks.
*50e. July 1 *Holders of rec. June 10
Co. part. pf.(quar.)
50c. lot. Gamewell Company, corn. (qu.)
1,000 Baldwin Gold Mines, par Si. 2e 18 Prizma, Inc., no par
*El 25 June 15 *Holders of rec. June 4
Cameo
Radio
dr
Grimes
pref.,
2
David
Pow.,
2 Buff. Hiss dc East.
•194 June 1 *Holders of rec. May 21
Preferred (quar.)
500. lot Globe-Democrat Pub., pref.
Record Corp., no par
2639
par $25
134 June 1 Holders of rec. May 20
(qu.)
20
1.000 Apex Mines, par Si
*750. June 1 *Holders of roe. May 19
Gt. Northern Paper (quar.)
Hamilton-Brown Shoe, corn. (mthly.)-•12 Me June 1 *Holders of rec. May 23
194 June 30 Holders of rec. May 31
HamiltonUnitedTheatres(Can.)Pf.(q11.)Hanes (P. H.) Knitting, com.&com.13.... 15e. June 1 Holders of rec. May 19
DIVIDENDS.
194 July 2 Holders of rec. June 20
Preferred (quar.)
Mfg.-Dividend passed.
Dividends are grouped in two separate tables. In the Hathaway
Hires (Charles E.) Co., corn., el.A(111.) 500. June 1 Holders of rec. May 15
25c. June I Holders of rec. May 25
first we bring together all the dividends announced the Homestead Funds corp., corn. (au.)
$1.75 June 1 Holders of rec. May 25
Preferred (guar.)
current week. Then we follow with a second table, in III. Cash Credit
Corp.. corn.(qu.)(No.1) be. May 25 Holders of rec. May 14
20e. May 25 Holders of rec. May 14
(quar.)(No. 1)
which we show the dividends previously announced, but Preferred
be. May 25 Holders of rec. May 14
Extra
*POO
June 1 *Holders of rec. May 19
Incorporatedinvestors,com.(in
com.stk.)
which have not yet been paid.
194 June 1 Holders of rec. May 19
Indiana Limestone, pref. (quar.)
*3
Ingersoll-Rand Co., preferred
July 2 Holders of rec. June 8
The dividends announced this week are:
*139 July 16 *Holders of rec. June 25
Internat. Harvester, corn.(quar.)
*12 July 25 *Holders of rec. June 25
Corn.(payable in corn. stock)
Books Closed
*194 June 1 *Holders of rec. May 19
Per
When
International Milling, 1st Pf. (qM.)
Days Inclusive.
Name of Company.
Cent. Payable.
Kelsey-Hayes Wheel, corn. (quar.)
50c. July 2 Holders of rec. June 20
3134 May 15 Holders of rec. May 5a
Kruskal & Kruskal, Inc. (qu.)
Railroads (Steam).
Lake Shore Mines,Ltd.(guar.)
20
June 15 Holders of rec. June 1
239 July 2 Holders of rec. June 20
Boston & Providence (quar.)
Loblaw Grocerterlas (quar.)
•500. June 1 *Holders of rec. May 15
*750. July 1 *Holders of rec. June 8
Chesapeake Corporation (quar.)
Lucky Tiger Comb. G. Min. (mthly.)
*5c. May 19 *Holders of rec. May 10
*139 June 30 *Holders of rec. June la
Chic. R. I. it Pacific. corn. (quar.)
Extra
*2c. May 19 *Holders of rec. May 10
4
June 25 Holders of rec. June 8
Cln. N.0.& Tex Pacific,corn
3739e. June 15 Holders of rec. June 5
Lunkenheimer Co., corn. (quar.)
Consolidated RRs. of Cuba, pref
139 July 2 Holders of rec. June 11
McCahan (W. J.) Sugar Co., pf. (qu.) - 194 June 1 Holders of rec. May 210
$1.20 June 28 Holders of rec. June 28
Cuba RR., common
Mass. Investors Trust (special)
'Si
May 22 *Holders of roe. May 12
Preferred
3
Aug. 1 Holders of rec. July 16
May Hosiery Mills, pref.(quar.)
*81 June 1 *Holders of rec. May 22
3
Preferred
Feb.1'2 9Holders of rec.Jan.15'29 Merchants & Mfrs. Seeur.prior pf.(quar.) *51.75 July 16 *Holders of rec. July 2
Hocking Valley (quar.)
*234 June 30 *Holders of rec. June 8
Participating pref.(guar.)
*3739c July 2 *Holders of rec. June 15
Midland Valley, pref
$1.25 June 1 Holders of rec. May 24
$1.25 June 30 Holders of rec. June da
Linotype (quar.)
Mobile & Birmingham, pref
*2 July 2 *June 2 to July 1 Mergenthaler
25e. June 30 Holders of rec. June 6a
Extra
North Pennsylvania (quar.)
$1
May 25 Holders of rec. May 14a Metro-Goldwyn Pictures, pt. (qu.)
4734c. June 15 Holders of roe. May 26
Pitts. Youngst. & Ashtabula, Pr. (qu.) 194 June 1 Holders of rec. May 21a Mining Corp. of Canada (interim)
•12390 June 13 *Holders of rec. Mayn29
St. Louis-San Fran., corn (quar.)
194 June 1 Holders of rec. May 15
•134 July 2 *Holders of rec. June 1
Mitchell (Robert) Co., pref. (quar.)---Common (extra)
*25c. July 2 *Holders of rec. June I
*$1.75 June 1 *Holders of rec. May 21
Moore 011 Refining, pref. (quar.)
Mtge. Security Corp. of Am., com.(qu.) *50e. June 1 Holders of rec. May 18
Public Utilities.
First preferred (quar.)
$1.75 June I Holders of rec. May 18
Amer. Telep.& Teleg. Mari
231 July 16 Holders of rec. June 20
June 1 Holders of rec. May 18
82
Second preferred (Qmar.)
Atlantic Pub. URI.,com.A (qu.)
50e. June 1 Holders of rec. May 15
1 30 *Holders of rec. June 15
:131
1
National Lead,corn.(quar.)
*Holders of rec. July 20
$1.75 June 1 Holders of rec. May 15
Aug.
87 corn. pref. series"A"(quar.)
Preferred"B" (guar.)
Consol. Gas El. L. & P. Bat.,com.(qu.) *750. July 2 *Holders of rec. June 15
234 July 2 Holders of me. June 18a
National Surety (quar.)
•37390 June 15 *Holders of rec. June 1
5% pref., series A (quar.)
•134 July 2 *Holders of rec. June 15
New York Auction Co., corn. (quar.)
6% pref., serles D (quar.)
*1% July 2 *Holders of roe. June 15
N. Y. Petroleum Royalty, corn. (No.1).. *25c. June 30 *Holders of rec. June 20
*194 June 30 *Holders of rec. Junr 20
*13( July 2 *Holders of rec. June 15
555% pref., series E
Preferred (quar.)
134 June 1 Holders of rec. May 22
Dayton Power & Light pref. mthly.) _ _
*50e. June 1 *Holders of rec. May 20
Ogilvie Flour Mills, pref. (quar.)
•75c. June 27 *Holders of rec. June 7
Duquesne Light. 1st pref. (guar.)
Paraffine Co.'s (qua?.)
134 July 14 Holders of rec. June 15
*350.
June 27 *Holders of rec. June 17
Electric Public Service, pref. (quar.)._ *31.75 July 1 *Holders of rec. June 12
Extra
July 2 Holders of rec. June 8
32
Electric Public Utilities, pref. (quar.)_ _ *31.75 July 1 *Holders of rec. June 12
Par. Fam. Lasky Corp., corn. (qu.) 75e. July 14 Holders of rec. June 29
New England Public Serv.$7 Pf (4113.-- •$1.75 June 15 *Holders of rec. May 31
Park dr Tilford (quar.)(No. 1)
July 14 Holders of rec. June 29
1
New Eng. Telep. & Teleg. (quar.)
2
June 30 Holders of roe. June 9
Stock dividend (quar.)(No.1)
Oklahoma Gas dc Elec., Pref. (quar.)_ _ _
134 June 15 Holders of rec. May 31
Pennsylvania-Dixie Cement, com.(qu.) *50c. July 1 *Holders of rec. June 15
*134
July 1 *Holders of rec. June 15
Pacific Telep. & Teleg.. common (guar.) *131 Juiy 16 *Holders of rec. June 30
Preferred (guar.)
62390. June 1 Holders of rec. May 15
Preferred (guar.)
*139 July 16 *Holders of rec. June 30
Polar Wave Ice dr Fuel A (guar.)
•139 June 15 *Holders of roc. May 25
Peoples Gas Co., preferred
3
July 1 Holders of rec. June 12a Proctor dc Gamble 6% pref. (qu.)
*II July 16 *Holders of rec. July 2
Philadelphia Company, corn.(quar.)_. 31
Quaker Oats, common (guar.)
July 31 Holders of rec. July 2
•134 Aug. 31 *Holders of rec. Aug. 1
5% pref. (quar.)
$1.25 Sept. 1 Holders of rec. Aug. 10
Preferred (quar.)
Potomac Elec. Power,6% pf. (qu.)_ _
139 June 1 May 18 to May 20
Real Estate Mtge. Guaranty,Phila.(qu.) 239 June 1 Holders of rec. May 2I6
194 July 2 Holders of rec. June 15a
134 June 1 May 18 to May 20
Remington & Rand, Inc. tat pr. (qui - 534% preferred (quar.)
2
July 2 Holders of rec. June 15a
Toledo Edison Co. 7% pf. (mthly.)- - - •58 1-3 eJuno 1 *Holders of rec. May 15
Second preferred (quar.)
6% pret. (monthly)
*50e. June 1 *Holders of rec. May 15
Riverside PortlandCement,com.(mthly *50c. June 1 *Holders of rec. May 15
194 June 1 Holders of rec. May 15
Western Power Corp. 7% pref. (qu.)
131 July 16 Holders of rec. June 300 Ruddy (E. L.) Co., Ltd., pref. (qu.)Schulte Retail Stores, corn. (in stock) _ _ a% Sept. 1 Holders in rec. Aug. 15
Banks.
Common (payable in corn. stock)._ - - n39 Dee. 1 Holders of rec. Nov. 15
American Colonial Bank of Porto Rico
Common (payable in corn. stock).- - - u3.4 Mar.'29
41.25 June 15 *Holders of rec. June 1
(quar.)
2
June 1 Holders of rec. May 12
Shubert Theatre (quar.)
*1
May 20 *Holders of roe. May 15
2
June 1 Holders of rec. May 12
Extra
Signal Gasoline (monthly)
•1
$2.67 June 1 Holders of rec. May 19
May 20 *Holders of rec. May 15
National City (interim.)
Extra
$1.98 June 1 Holders of rec. May 19
National City Company (interim.)
Specialized SharesCorp.,cm.(qu.)(No.1) 1239e. June 1 Holders of rec. May 18
750. June 1 Holders of rec. May 18
Class A preferred (quar.)
75c. June 1 Holders of rec. May 18
Trust Companies.
Class B preferred (quar.)
*3
June 30 *Fielders of rec. June 15
250. June 15 Holders of rec. May 25
Equitable(quar.)
Standard 011(N. J.) ($25 par) (qu.) *5
July 2 *Holders of rec. May 26
12340. June 15 Holders of rec. May 25
$25 par value (extra)
Manufacturers (quar.)
1
June 15 Holders of roe. May 25
$100 par value stock (quar.)
50c. June 15 Holders of rec. May 25
Fire Insurance.
$100 par value stock (quar.)
3734e. June 1 Holders of rec. May 15
*100 May 2 *Holders of rec. May 19
Stlx-Baer-Fuller, corn. (qu.)
United States Fire (in stock)
*32 May 31 *Holders of rec. May 17
Taunton, New Bedford Copper
.111 June 15 *Holders of roe. June 1
Texas Gulf Sulphur (quar.)
Miscellaneous.
*139
*315
July 2 Holders of rec. June 8
30
*Holders
of
rec.
Tide
pr.
(qu.)
June
June
15
Water
Oil,
Associated
(quar.)
Express
Adams
•194 June 1 *Holders of rec. May 21
Truscon Steel, pref.(quar.)
*4125 June 30 *Holders of rec. June 15
Extra
194 July 2 Holders of rec. June 20
Underwood Computing Mach. pf. (qu.)
Acushnet Mills-Dividend passed.
United Paperboard, preferred (quar.)-- - '81.60 July 16 *Holders of rec. July 2
Alabama Cash Credit corp., com.(q1.1.)- 9e. May 25 Holders of rec. May 14
'$1.50 Oct. 15 *Holders of rec. Oct. 1
150. May 25 Holders of rec. May 14
Preferred (quar.)
Preferred (quar.)
'81.50 Jan 629 *Holders of rec. Jan. 2'29
rec.
May
14
Preferred (quar.)
Holders
of
May
25
9e.
Preferred (extra)
*51.5 Ap15'29 *Holders of rec. Apr. 1 '29
Preferred (quar.)_
*$1 June 1 *Holders of rec. May 21
American Arch (guar.)
MAY 19 1928.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Miscellaneous (Concluded).
"750.
U. S. Freight, corn. (guar.)
•114
U.S.Leather, pr. pf.(guar.)
*114
Vesta Battery, pref. (guar.)
V. Vivaudou, Inc.. corn.stock dividend o mitted
*500.
Waltt & Bond, class A (guar.)
"2715c
Class B (guar.)
'Si
Woodward Iron (guar.)
Young (L. A.) Spg. & Wire,com. (au).. 50e.
25c.
Common (extra)
6215c.
Convertible preferred (guar.)
Zellerbach Corp., pref. (guar.)
$1.50
Books Closed
Days Inclusive
Name of Compans
June 11 *Holders of rec. May 18
July 2 *Holders of rec. June 91
June 1 *Holders of rec. May 1
June
July
Tune
July
July
July
June
1 *Holders of rec. May
2 Holders of rec. June
1 'Holders of rec. May
2 Holders of rec. June
2 Holders of rec. June
2 Holders of rec. June
1 Holders of rec. May
15
15
20
20
20
20
15
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Railroads (Steam).
Alabama Great Southern, corn
Common (extra)
Preferred
Preferred (extra)
Atch. Topeka & Santa Fe, corn. (Quer.).
Atlantic Coast Line RR., corn
Common (extra)
Augusta & Savannah
Extr
Baltimore & Ohio. corn.(quar,)
Preferred (guar.)
Bangor & Aroostook, corn. (guar.)
Preferred (guar.)
Canadian Pacific, corn. (guar.)
CatawLssa, 1st & 2d preferred
Chesapeake & Ohio, pref. "A"
Chestnut 11111 (quar.)
Chicago Burlington & Quincy
Chicago AL North Western, common_ __ _
Preferred
Chicago R. I. & Pacific, 7% pref
6% preferred
CM. N.0.& Tex. Pac., pref. (quar.)_. _
Cleveland AL Pitts., guar.(guar.)
Special guaranteed (quar.)
Colorado & Southern. let pref
Delaware & Bound Brook (guar.)
Delaware & Hudson Co. (guar.)
Ga. Sou.& Fla. 1st & 2d pref
Hudson & Manhattan, common
Illinois Central, corn. (guar.)
Maine Central. corn. (guar.)
Preferred (guar.)
New Orleans Texas AL Mexico (guar.) _
N. Y. Chicago & St. Louis, corn. (guar.)
Pref. series A (guar.)
Norfolk & Western. corn. (guar.)
Adjustment preferred (guar.)
Northern Securities
Pennsylvania RR.(guar.)
Phila. Germantown & Nor (guar.)
Pitts!). Bessemer & Lake Erie, prof
Reading Company. 1st pref. (guar.)...
St. Louis-San Frau., pref.(guar.)
Preferred (guar.)
St. Louis Southwest, pref.(guar.)
Southern Pacific Co.(quar.)
Texas & Pacific (guar.)(No. 1)
Union Pacific, common (guar.)
Wabash, pref. A (guar.)
Per
When
Cent. Payable.
Books Closed
Days Industre.
*2
June 28 Holders of rec. May 29a
S1.50 June 28 Holders of rec. May 29a
Aug. 15 Holders of rec. July ha
52
$1.50 Aug. 15 Holders of rec. July 110
215 June 1 Holders of rec. May 4a
53.50 July 10 Holders of rec. June 15a
$1.50 July 10 Holders of rec. June 15a
215 July 5 Holders of rec. June 15a
34, July 5 Harriers of rec. June 155
114 June 1 Holders of rec. Apr. 140
1
June 1 Holders of rec. Apr. 14s
87e. July 1 Holders of rec. May 31a
114 July 1 Holders of rec. May 31a
215 June 30 Holders of rec. June la
01.25 May 22 Holders of rec. May 120
314 July 1 Holders of rec. June 8a
75c. June 4 May 22 to June 3
5
June 25 Holders of rec. June 18
*2
June 30 *Holders of rec. June 1
*334 June 30 *Holders of rec. June 1
315 June 30 Holders of rec. June la
3
June 30 Holders of rec. June la
134 June 1 Holders of rec. May dl5a
8715e. June 1 Holders of rec. Slay 10a
50e. June 1 Holders of rec. May 10a
2
June 30 Holders of rec. June 18a
2
May 21 Holders of rec. May 16a
214 June 20 Holders of roe. May 280
2.35 May 24 Holders of rec. May 10
$1.25 June 1 Holders of rec. May 16a
114 June I Holders of rec. May 40
1
July 2 Holders of rec. June 15
134 June 1 Holders of rec. May 15
114 June 1 Holders of rec. May 150
13,5 July 2 Holders of rec. May 15a
115 July 2 Holders of rec. May 15a
2
June 19 Holders of rec. May 31a
1
May 19 Holders of rec. Apr. 30a
435 July 10 June 23 to July 10
8715c May 31 Holders of roe. May la
June 4 May 22 to June 3
31.50 June 1 Holders of rec. May 15
50e. June 14 Holders of rec. May 29a
135 Aug. 1 Holders of rec. July 14a
134 Nov. 1 Holders of rec. Oct. 150
114 June 30 Holders of rec. June 15a
135 July 2 Holders of roe. May 25a
115 July 2 Ilolders of roe. May 31a
235 July 2 Holders of rec. June la
114 May 25 Apr. 22 to May 21
Public Utilities.
Amer.Power & Light,common (quar.)__
25c June I Holders of rec. May I5a
Common (one-fiftieth share corn. stk.)
June 1 Holders of rec. May 15a
Amer. Telegraph & Cable (guar.)
dl 34 June 1 Holders of rec. May
Am. Wet. Wks. AL Elec., $6 let pf. (qu.) 81.50 July 2 Holders of rec. June 31a
12a
Associated Gas & El., orig. pref.(quar.)_ /87)5c July 2 Holders of rec. Slay 31
57 preferred (guar.)
151.75 July 2 Holders of rec. May 31
$6.50 preferred (guar.)
13 1.6215 June 1 Holders of rec. Apr. 30
$6 pref. (guar.)
181.50 June 1 Holders of
Apr. 30
Baton Rouge Elec. Co., Prof. A (guar.) _ 51.75 June 1 Holders of rec.
rec. May 15
Blackstone Valley Gas AL El., pref
53
June 1 Holders of rec. May 15a
Brazilian Tr.. L. & Pow., tom.(qtr.)._
14 June 1 Holders of rec. Apr. 30
Brooklyn Edison Co., corn. (guar.)
2
June 1 Holders of rec. May his
Central Ark. Pub. Serv., pref. (guar.)._
131 June 1 Holders of rec. May 15
Central Gas & Elec., $615 prof.(MO.4 1 .6215 June 1 *Holders of rec.
May 16
57 preferred (guar.)
'$1.75 June 1 *Holders of rec. May 16
Class A (guar.)
'4354e June 1 'Holders of rec. Slay 26
Central III. Pub. Sere., pref. (guar.)... '51.50 July 16 'Holders of rec.
Central Indlana Power, pref.(guar.)_ _ __ *31.75 June 1 *Holders of rec. June 30
Slay 19
Chic. Rapid Transit. pref. A (monthly).
65e. June 1 Holders of roe. Slay 150
Prior preferred B (monthly)
60e. June I Holders of roe. May 15a
Cleveland Elec. Ill., pref. (guar.)
115 June 1 Holders of rec. May 15a
Coast Co,. Gas & Elec.First and second preferred (guar.).- *5E53 June 25 "Holders of rec.
June 14
Consolidated Gas of N.Y., corn.(guar.)_ 51 25 June 15 Holders of rec.
May 50
Consumers Power, 6% pref.(guar.)._
114 July 2 Holders of rec. June 15
6.6% preferred (guar.)
1.65 July 2 Holders of rec. June 15
7% preferred (guar.)
114 July 2 Holders of rec. June 15
6% preferred (monthly)
50e. June 1 Holders of rec. May 15
6% preferred (monthly)
50e. July 2 Holders of rec. June 15
6.6% preferred (monthly)
55c. June 1 Holders •• f rec. May 15
6.6% preferred (monthly)
55e. July 2 Holders cf rec. June 15
East Kootenay Power, pref. (guar.)._ _
114 June 15 Holders of rec. May 31
Empire Gas & Fuel8% pref.(monthly)._ 66 2-3c June 1 Holders of rec. May 15a
7% preferred (monthly)
58 1-3c June 1 Holders of rec. May 15a
615% preferred (monthly)
541-dc June 1 Holders of rec. May 15a
Federal Light & Tr., corn. (guar.)
20c. July 2 Holders of rec. June 13a
Common (payable in cow. stock)._ _ fl5o. July 2 Holders of rec. June 13a
Preferred( guar.)
115 Juno 1 Holders of rec. May 15a
Federal Water Service, el. A (guar.)..._
50e. June 1 Holders of rec. Slay 8
Gary Railways, class A pref.(quar.)____ $1.80 June 1 Ilolders of rec. May 19
General Gas & Elec., cons. A.(quar.)_ 3715e. July 1 Holders of roe. June I2a
$8 preferred (guar.)
52
July 1 Holders of rec. June 12a
$7 preferred class A (guar.)
51.75 July 1 Holders of rec. June 12a
57 preferred class!) (guar.)
31.75 July 1 Holders of rec. June 12a
Hackensack Water, common
75e. Juno 1 Holders of rec. May 140
Preferred (guar.)
8734e June I. fielders of rec. May 14a
Havana Electric Ry.6% pref. (quar.)__
115 June 1 Holders of rec. May 14a
Indianapolis Water, Prof.(guar.)
51.50 July 1 Holders of rec. June 12a
Indiana Service, 7% pref. (guar.)
114 June 1 Holders of rec. May 15
6% preferred (guar.)
115 June 1 Holders of rec. Slav 15
International Pow. Secur. $6 pref., A.__ 53
Juno 15 Holders of rec. June 1
Jamaica Public Serv., pref. (guar.)
114 July 3 Holders of roe. June 15
Kentucky Utilities, junior Prof. (guar.)_ '8715c May 19 "Holders of rec. May 1
Keystone Teleph. of Phila., pref. (guar.) 51 June 1 Holders of rec. May 18
Laclede Gas & Elec., prior lien (quar.)__ *114 June 1 *Holders
of rec. May 19
Louisville G.& El.(Del.) corn A&B (qu.) 4314e June 25 Holders of rec. May 31a
Massachusetts Gas Cos., prof
2
June 1 May 16 to
May 31
Middle West UM, prior lien (guar.)._ _ .52
June 15 holders of rec. May 31
$6 cum. pref. (guar.)
$1.50 June 15 Holders of rec. May 31
Milwaukee Elec. lty. & Light7% pref. issue of 1921 (guar.)
114 June 1 Holders of rec. May 15
115 June 1 Holders of rec. May 15
6% pref. Issue of 1921 (guar.)
Monongali. W.Penn Vat. Serv., pf.(gu) 4314c July 2 Holders of rec. June 15
National Power & Light. corn. (quar.)_
25e. Juno 1 Holders of rec. May 15a
Nebraska Power, pref. (guar.)
114 Juno 1 Holders of rec. Slay 15
North American Co., corn. (guar.)
1235 July 2 Holders of rec. June 50
Preferred (guar.)
75e July 2 Holders of rec. June So
3081
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Public Utilities (Concluded).)
North American Edison, pref. (quar.)__ $1.50 June 1 Holders of rec. May 15a
North Amer. Ut11. Sec., let pref. (qu.)..
$1.50 June 15 Holders of rec. May 31
2nd preferred (guar.)
$1.75 June 15 Holders of rec. May 31
Northern Ohio Pow.& L..6% pt. (qu.). 115 July 2 Holders of rec. June 15
7% preferred (guar.)
134 July 2 Holders of rec. June 15
Northern States Power (Wisc.), Pf.(411.) 114 June 1 Holders of rec. Slay 19
Ohio Edison Co.,6% pref. 'guar.)
115 June 1 Holders of rec. May 15
6.6% preferred (guar.)
1.65 June 1 Holders of rec. May 15
7% preferred (guar.)
114 June 1 Holders of rec. May 15
5% preferred (guar.)
114 June 1 Holders of rec. May 15
50c. June 1 Holders of rec. May 15
6% Preferred (monthly)
55e. June 1 Holders of rec. May 15
6.6% Preferred (monthly)
Penn. G.& El. Corp., corn. A AL B (qu.)_ *3735c June 1 *Holders of rec. May 21
7% preferred (quar.)
*114 June 2 *Holders of rec. June 20
57 preferred (quar.)
*$1.75 June 2 *Holders of rec. June 20
Penn-Ohio Edison Co., pr. pref.(guar.). 114 June 1 Holders of roe. May 21
Pennsylvania-Ohio P. & L., 56 pf.(qu.) $1.50 Aug. 1 Holders of rec. July 20
7% pref. (guar.)
114 Aug. 1 Holders of rec. July 20
7.2% pref. (monthly)
60e. June 1 Holders of rec. May 21
7.2% pref. (monthly)
60c. July 2 Holders of rec. June 20
7.2% pref. (monthly)
60e. Aug. 1 Holders of rec. July 20
6.6% preferred (monthly)
55e. June 1 Holders of rec. May 21
6.6% Prof. (monthly)
55c. July 2 Holders of rec. June 20
6.6% pref. (monthly)
55e. Aug. 1 Holders of rec. July 20
Philadelphia Electric (guar.)
50c June 15 Holders of rec. May 31a
Phila. Suburban Water Co., pref. (qu.). 115 June 1 Holders of rec. May 120
Portland Elec. Power, 2d pref. (guar.).- 135 June 1 Holders of rec. May 15
Public Serv. Corp.6% pref.(mthly.)._
50e May 31 Holders of rec. May 40
Pub.Serv. Elec.& Gas,6% pt.(guar.)
134 June 30 Holders of rec. June is
7% pref. (guar.)
"114 June 30 *Holders of rec. June 1
Radio Corp. of Amer.. pref. A (guar.) _ 8715e July 1 Holders of rec. June la
Southern Calif. Edison,ser A pref.(qu.)_ 4314c. June 15 Holders of rec. May 20
Series B pref. (guar.)
3715e. June 15 Holders of rec. May 20
Southern Colo. Power, corn. A (quar.)__
50c. May 25 Holders of rec. Apr. 30
Southern Colorado Power,7% pf. (qu.)
114 June 15 Holders of rec. May 31
Southern New England Telco. (guar.) __ *2
July 16 'Holders of rec. June 30
Southwestern Pow.& L., pref.(guar.)._ _
114 June 1 Holders of rec. Slay 15
Standard Gas & Elec., 8% pref.(qu.) _ _
2
June 15 Holders of rec. May 31a
Tennessee Elec. Pow., 6% 1st pf. (qu.). 114 July 2 Holders of rec. June 15
7% first preferred (quar.)
114 July 2 Holders of rec. June 15
7.2% first preferred (guar.)
1.80 July 2 Holders of rec. June 15
6% first preferred (monthly)
50e. June 1 Holders of rec. May 15
6% first preferred (monthly)
50e. July 2 Holders of rec. June 15
7.2% first preferred (monthly)
60c. June 1 4Iolders of rec. May 15
7.2% first preferred (monthly)
60e. July 2 Holders of rec. June 16
Utility Shares Corp.. partic. pref. (qu.).
30e. June 1 Holders of rec. Slay 16
West Ohio Gas class A pref. (guar.) -- 134 June 1 Holders of rec. May 15
West Penn Elec. Co., class A (guar.)
51.75 June 30 Holders of rec. June 15a
West Penn. Rye..6% pref. (guar.)
115 June 15 Holders of rec. May 25
Wisconsin Pow. & Lt.. pref.(guar.).- *51.75 June 15 *Holders of rec. May 31
Wisconsin Public Service. 7% pf.(qu.)114 June 20 Holders of rec. May 31
615% preferred (guar.)
114 June 20 Holders of rec. May 31
6% preferred (guar.)
115 June 20 Holders of rec. May 31
Banks.
Port Morris (guar.)
3
June 1 Holders of rec. May 25
Miscellaneous.
Amalgamated Laundries. pref. (guar.)._ 5835e. June 1 Holders of rec. May 150
Amer. Chicle, corn. (guar.)
75e. July 1 Holders of rec. June 15a
Prior preferred (guar.)
$1.75 July 1 Holders of rec. June 15a
American Hardware Corp. (guar.)
July 1 Holders of roe. June 16a
El
Quarterly
Oct. 1 Holders of rec. Sept. 150
51
Quarterly
Jan 129 Holders of rec. Dee. 15a
$1
Amer. Home Products (monthly)
25e. June 1 Holders of rec. May 140
Amer. LIndseed. pref.(guar.)
115 July 2 Holders of rec. June 200
Preferred (guar.)
114 Oct. 1 Holders of rec. Sept. 200
Preferred (guar.)
114 Jan2'29 Holders of rec. Dec. 210
American Manufacturing, corn. (guar.). 1
July 1 Holders of rec. June 15a
Common (guar.)
I
Oct. I Holders of rec. Sept. 150
Common (guar.)
1
Dee. 31 Holders of rec. Dec. 15a
Preferred (guar.)
114 July 1 Holders of rec. June 150
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
114 Dec. 31 Holders of rec. Dec. 15a
American Metal, corn. (guar.)
75e June 1 Holders of rec. May 15a
7% preferred (guar.)
lit June 1 Holders of rec. Slay 15a
6% preferred (guar.) (No. 1)
135 June 1 Holders of rec. May 15a
Amer. Multigraph, corn. (guar.)
50c June
Holders of rec. May 15
Amer. Radiator. corn. (guar.)
51.25 June 3 Holders of rec. June 16a
Amer. Railway Express (guar.)
$1.50 June 3 Holders of rec. June 15a
Amer. Rolling N1111, corn.(guar.)
*50c July 1 'Holders of rec. June 30
Common (payable in corn. stock)
"15
July 15 *Holders of rec. June 30
6% prof. (guar.)
'134 July 15 *Holders of rec. June 30
American Seating, cons. (guar.)
75e July 1 Holders of rec. June 20a
Amer. Smelt. AL Refg., pref. (quar.).___
134 June 1 Holders of rec. May 40
Amer. Stores, corn. (guar.)
50e. July 2 June 17 to July 2
Amer. Sugar Rag., prof. (guar.)
114 July 2 Holders of rec. June 5a
Amer. Sumatra Tob., pref. (guar.)
114 June 1 Holders of rec. May 15a
Preferred (quar.)
115 Sept. 1 Holders of rec. Aug. 15a
Amer. Tobacco, corn. & corn. B (quar.). $2
June 1 Holders of roe. May 10a
Anaconda Copper Mining (guar.)
75e. May 21 Apr. 15 to
May 16
Angle Steel Stool(Ouar.)
20e. July 15 Holders of rec. July 5
Quarterly
20e. Oct. 16 Holders of rec. Oct. 5
Artloom Corp., corn. (guar.)
75e. July 1 Holders of rec. June 150
Common (guar.)
75e. Oct.
Holders of rec. Sept. 21a
Common (guar.)
The. Jan 1'29 Holders of rec. Dec. 21a
Preferred (guar.)
115 Sept. 1 Holders of rec. Aug. 17a
Preferred (guar.)
114 Dec. 1 Holders of rec. Nov. 16a
Artloorn Corp., pref. (guar.)
114 June I Holders of rec. May 15
Associated Dry Goods, let pref. (guar.)- 115 Juno 1 Holders of rec. May 120
Second preferred (guar.)
114 June 1 Holders of rec. May 121
Atlantic Gulf & West I. S. S. LinesPreferred (guar.)
75e. June 30 Holders of rec. June lla
Preferred (guar.)
75e. Sept.29 Holders of rec. Sept. 100
Preferred (guar.)
75e. Dec. 31 Holders of rec. Dec. lla
Atlantic Refining, corn. (guar.)
1
June 15 Holders of rec. May 210
Atlas Powder, common (guar.)
June 11 Holders of rec. May 31a
Si
Babcock & Wilcox Co. (guar.)
114 July 1 Holders of rec. June 200
Quarterly
114 Oct. 1 Holders of roe. Sept. 20a
Quarterly
134 Jan 1'29 Holders of rec. Dec. 20a
Quarterly
11,5 Aprl'29 ll'Iders of ree.Slar.20.29a
Bahia Corp.. pref
8734c July 1 Holders of rec. June 15
Balaban & Katz, corn. (monthly)
25c. June I Holders of rec. May 210
Common (monthly)
25e. July 1 Holders of rec. June 20a
Preferred (guar.)
194 July 1 Holders of rec. June 20a
Bamberger (L.) & Co.. pref.(guar.) _
115 June 1 Holders of rec. May 12a
Preferred (guar.)
114 Sept. 1 Holders of rec. Aug. lie
Preferred (guar.)
115 Dee. 1 Holders of rec. Nov. 10a
Bankers Capital Corp., common
54
July 16 Holders of rec. June 30
Preferred (guar.)
52
July 18 Holders of rec. June SO
Preferred (guar.)
52
Oct. 15 Holders of rec. Oct. I
Preferred (guar.)
$2
Jan15'29 Holders of rec. Dec. 31
Bastian-Blessing Co., corn. (guar.)
*50c. June 1 *Holders of rec. May 15
Preferred (guar.)
51.75 July
Holders of rec. June 200
Preferred (guar.)
51.75 Oct. 1 Holders of rec. Sept.200
Belding.Corticelli, Ltd., pref. (quar.)
115 June 15 Holders of rec. May 31
13endix Corp., com. A.(guar.)
*50e. July 1 "Holders of rec. June 20
Best & Co. (guar.)
75e. June 15 Holders of rec. May 250
Bethlehem Steel, 7% pref. (quar.)
114 July 2 Holders of rec. June 20
Bloch Brothers Tobacco. COM (quar.)_ _ 3714e. Aug. 15 Aug 10
Aug. 14
to
Common (guar.)
3715e. Nov. 16 Nov. 10 to Nov. 14
Preferred (guar.)
114 June 30 June 25 to June 29
Preferred (guar.)
115 Sept. 30 Sept. 25 to Sept. 29
Preferred (guar.)
115 Dee. 81 Dec. 26 to Dec. 30
Bohack (H.C.) Co.,new no par com.(qu.) .62150 Aug. 1 *Holders of rec. July 16
Borden Company. eons. (guar.)
51.50 June 1 Ticklers of rec. May 150
Brook (E. J.) & Sons (guar.)
*50c. June 1 'Holders of rec. May 19
Brown Shoe, corn. (guar.)
62350. June 1 Holders of rec. May 2I0
Buckeye Pipe Line (guar.)
June 15 Holders of rec. Apr. 23
51
Extra
June 15 Holders of rec. Apr. 23
51
3082
Name of Company.
When
Per
Cent. Payable.
Boob Closed.
Days Inclusive.
Miscellaneous (Continued).
Bucyrus-Erie Co., corn.(guar.)
250. July 2 Holders of rec. June 90
Convertible preferred ((mar.)
6235c July 2 Holders of rec. June 9a
7% pref.(quar.)
134 July 2 Holders of ree. June 90
Burroughs Adding Mach. (quar.)
75e. June 11 Holders of rec. May 250
California Packing (quar.)
El June 15 Holders of rec. May 31s
California Petroleum (guar.)
260. July 2 Holders of rec. June la
Campbell, Wyant & Cannon Foundry
Co. (guar.)
s50e. June 1 "Holders of rec. May 15
June 30 Holders of roe. June 20
Canfield 011, corn.(guar.)
2
Sept.30 Holders of roe. Sept.20
2
Common (quar.)
Dec. 31 Holders of rec. Dec. 20
2
Common (quar.)
1% June 30 Holders of reo. June 20
Preferred (quar.)
134 Sept.30 Holders of roe. Sept.20
Preferred (quar.)
134 Dec. 31 Holders of roe. Dec. 20
Preferred (quar.)
"550. May 25 *Holders of rec. May 15
Caterpillar Tractor (guar.)
Celluloid Co., 1st pi. partic. stk.(qu.)-- $1.75 June 1 Holders of rec. May 10
$1.75 June 1 Holders of rec. May 10
$7 preferred (quar.)
*3734c July I Holders of rec. May la
Central Investors Corp., el. A (No. 1
*3734c Oct. 1 *Holders of reo. May la
Class A (guar.)
*3710 Jan2'29 *Holders of rec. May la
Class A (quar.)
*7%c July 1 *Holders of rec. May la
Class B (No. 1)
134 June 1 Holders of rec. May 19e
Century Ribbon Mills, pref. (quar.)_....
Chicago Flexible Shaft, pref. (quar.)_ _ _ _ "134 June 1 *Holders of rec. May 31
Me. June 1 Holders of rec. May 18a
Chicago Yellow Cab (monthly)
60o. June 10 Holders of rec. May 25a
Childs Co., corn. (qua:.)
134 June 10 Holders of rec. May 260
Preferred (quar.)
6214c June 30 Holders of rec. June 60
Chile Copper Co.(quar.)
75c June 30 Holders of rec. June 160
Chrysler Corp., corn. (guar.)
June 30 Holders of rec. June 16a
2
Preferred (quar.)
Sept.29 Holders of roe. Sept.17a
2
Preferred (quar.)
Jan.2'29 Holders of roe. Dec. 170
2
Preferred (Guar.)
June 15 Holders of rec. June 8a
51
Cincinnati Tobacco Whorehouse, com
*14 June 1 *Holders of roe. May 15
Cities Service, common (monthly)
_ 'TX- JUDO 1 *Holders of rec. May 15
Common (payable in corn. stock)
•14 June 1 *Holders of reo. May 15
Preferred and pref. B.B.(monthly)_
*50. June 1 *Holders of rec. May 15
PreferredB (monthly)
760. June 1 Holders of rec. May 10a
City Ice & Fuel (Cleve.) (quar.)
8714c. Aug. 1 Holders of rec. July 140
City Stores, class A (quar.)
"65e. June 1 'Holders of rec. May 18
Clark Lighter,cony. A (quar.)(No. 1)
50e. June 1 Holders of rec. May 15a
ClevelandStone(quar.)
25e. June 1 Holders of rec. May 15a
Extra
50e. Sept. 1 Holders of rec. Aug. 15a
Quarterly
$1.50 July 2 Holders of rec. June 120
Coco-Cola Co., corn. (quar.)
May 25 Holders of rec. May 100
2
Colorado Fuel Si Iron, pref.(guar.)_ _ _ _
•134 June 1 *Holders of ree. May 100
Congoleum-Nairn, Inc., pref.(quar.)
114 June 1 Holders of rec. May 15a
Consolidated Cigar, pref. (guar.)
134 July 2 Holders of rec. June 200
Continental Can, pref.(quar.)
Dec. 31
e4
Crosby Radio (stock dividend)
25e. July 1 Holders of rec. June 20a
Crosiey Radio Corp.(quar.)
25c. Oct. 1 Holders of rec. Sept. 200
Quarterly
250. Jan 1'29 Holders of rec. Dee. 20a
Quarterly
134 June 15 Holders of rec. June la
Cuneo Press, pref. (qua?.)
134 Sept. 15 Holders of rec. Sept. la
Preferred (qua?.)
*50c. June 2 'Holders of rec. May 20
Curtis Publishing, corn. (monthly)
*50c. June 10 *Holders of rec. May 20
Common (extra)
June 1 Holders of rec. May 15a
31
Cushmans Sons, corn. (guar.)
134 June 1 Holders of rec. May 15a
Seven per cent preferred (quar.)
June 1 Holders of rec. May 15a
2
Eight per cent preferred (quar.)
June 23 *Holders of rec. June 9
*El
Davis Mills (quar.)
June 15 Holders of reo. June 50
50e.
(qua?.)...
Decker (Alfred) & Cohn. com.
134 June 1 Holders of coo. May 190
Preferred (guar.)
131 Sept. 1 Holders of rec. Aux. 20a
Preferred (quar.)
134 July 2 Holders of rec. June 15
Deere & Co., corn. (quar.)
131 June I Holders of rec. May 150
Preferred (quar.)
June 15 Holders of rec. May 310
2
Diamond Matcb (quar.)
*250. June 1 'Holders of rec. May 18
Dictaphone Corp., corn. (quar.)
*25c. June 1 'Holders of rec. May 18
Common (extra)
"110 June 1 'Holders of rec. May 18
Cony.(Payable in cons. stock)
June 1 *Holders of rec. May 18
"2
Preferred (quar.)
June 1 Holders of rec. May 150
$1
Drug. Inc.(No. 11)
Eastern Bankers Corp., pref. (quar.)
I% Aug. 1 Holders of rec. June 30
134 Nov. 1 Holders of rec. Sept. 30
Preferred (quar.)
134 Feb 1'29 Holders of rec. Dee. 31
Preferred (quar.)
East. Theatres,Ltd.(Toronto).com.(qu.)
50c. June 1 Holders of rec. Apr. 30
Eastman Kodak, corn,(quar.)
$1.25 July 2 Holders of rec. May 31a
75c. July 2 Holders of rec. May 31a
Common (extra)
134 July 2 Holders of rec. May 31a
Preferred (guar.)
Manson Schild Co.,Inc., corn.(quar.) "6234c May 31 "Holders of rec. May 16
50c. June 24 Holders of rec. June la
Ernporium-Capwell Corp.(guar.)
June 1 Holders of rec. May 9
$3
Essex Company
750. June 30 Holden of rec. June 120
Fairbanks, Morse & Co.. corn.(guar.)._
June
1 Holders of rec. May 120
134
Preferred (quar.)
20c. June 1 Holden of rec. May 21a
Fair (The), corn.(monthly)
200. July 2 Holders of rec. June 200
Common (monthly)
250. J1119 I
Fanny Farmer Candy Shops, corn. (qu.)
25e. Oct. 1
Common (qua:.)
25e. Jan 1'29
Common (quar.)
50e. May 31 Holders of rec. May 17a
Fashion Park,Inc.,com.(qUar.)
50e. Aug. 31 Holders of roe. Aug. 17a
Common (quar.)
50e. Nov.30 Holders of rec. Nov. 30a
Common (quar.)
200. July 2 Holders of rec. June 160
Federal Motor Truck (qua:.)
214 July 5 Holders of rec. June lea
Stock dividend
June 1 Holders of rec. May 15
4
Financial Service Co., corn
134 June 1 Holders of rec. May 15
Preferred (quar.)
July 1 Holders of ree. June 13a
2
First National Pictures, let pf.(qu.)131 July 1 Holders of rec. July 16
Second preferred A (quar.)
134 June 1 Holders of rec. May 15a
Fisk Rubber.2d pref.(quar.)
Fitzsimmons & Connell Dredge & D.(qU) *50c. June 1 *Holders of ree. May 21
250. July 1 Holders of roe. June 15a
Formica Insulation (quar.)
10e. July 1 Holders of roe. June 15a
Mara
25e Oct. 1 Holders of rec. Sept. 156
Quarterly
100 Oct. 1 Holde:s of rec. Sept. 15a
Extra
25e. Jan.1'29 Holders of ree. Dec. 15a
Quarterly
100. Jan.1'29 Holders ot roe. Doe. 15a
Extra
June 1 Holders of rec. May 16a
134
General Asphalt, pref. (qua:.)
Si .66 2-3 June 1 Holders of rec. May 100
General Cable Corp., class A
134 June 1 Holders of rec. May 21a
General Cigar, pref., (quar.)
4S1.25 June 12 Holders of rec. May 19a
General Motors Corp.,common (qu.)
July 3 Holders of rec. May 19a
452
Common (extra)
134 Aug. 1 Holders of rec. July 9a
7% preferred (qua:.)
135 Aug. 1 Holders of rec. July 9a
6% preferred (quar.)
135 Aug. 1 Holders of rec. July 9a
6% debenture stock (qua:.)
$1.25 June 1 Holders of rec. May la
Gillette Safety Razor (qua:.)
Gladding. McBean & Co.
250. June 1 May 20 to May 31
Monthly
25e. July 1 June 21 to June 30
Monthly
250. Aug. 1 July 21 to July 31
Monthly
250. Sept. 1 Aug. 21 to Aug. 31
Monthly
25e. Oct. 1 Sept. 21 to Sept. 30
Monthly
25e. Nov. 1 Oct. 21 to Oct. 31
Monthly
250. Dee. 1 Nov. 21 to Nov.30
Monthly
134 July 42 Holders of roe. June 15a
Glidden Co., pref. (qua:.)
July 1 "Holders of rec. June 27
*$1.50
corn.
(quar.)Globe Grain & Milling,
*31.75 July 1 *Holders of rec. June 27
First preferred (quar.)
*32 July 1 *Holders of rec. June 27
Second preferred (qua:.)
June 1 Holders of rec. May 10a
$1
Goodrich (B F) Co., corn.(qua:.)
134 July 2 Holders of rec. June 8a
preferred (quar.)
June
1 Holders of rec. May 16
131
pref.
(guar.)
Gorham Mfg., let
Gossard (H. W.) Co.. corn.(monthly)..- 331-30 June 1 Holders of reo. May 210
33 1-3c July 2 Holders of rec. June 200
Common (monthly)
*750. June 1 *Holders of rec. May 14
Gt. Atlantic & Pacific Tea, corn.(qu.)
*134 June 1 'Holders of rec. May 14
Preferred (quar.)
IH July 2 Holders of rec. June 15
(Qua:.).
pref.
Greenfield Tap & Die,6%
July 2 Holders of rec. June 15
2
Eight per cent prof. (qua:.)
*500. June 1 *Holders of rec. May 18
Gruen Watch, corn. (qua:.)
1 *Holders of rec. Aug. 20
Sept.
*500.
Common (quarterly)
*50c. Dee. 1 *Holders of rec. Nov. 19
Common (quarterly)
*500. Mar1'29 Holders of rec. Feb.1529
Common (quarterly)
July 2 Holders of rec. June 150
2
Guantanamo Sugar, pref.(quar.)
135 June 1 Holders of ree. May 210
Harbison-Walker Refr., corn. (quar.)
20 Holders of rec. July 10
July
134
Preferred (guar.)
[VOL. 126.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Hamilton Watch, pref.(quar.)(No. 1)_
13.4 June 1 Holders of rec. May 10a
Hartman Corp., class A (qua:.)
500. June 1 Holders of rec. May 170
Class B (quar.)
430c. June 1 Holders of rec. May 170
Hart, Schaffner & Marx (guar.)
May 31 *Holders of rec. May 15
"2
Hazeltine Corp.(qua:.)
25e. May 24 Holders of rec. May 40
Heels Mining (quar.)
15c. June 15 Holders of rec. May 150
Hibbard, Spencer, Bartlett & Co.(mthly)
35e. May 25 Holders of rec. May 18
Monthly
35e. June 29 Holders of rec. June 22
Higbee Co., 2d pref.(quar.)
June 1 May 20 to June 1
2
Hobart Mfg., Common ((War.)
500. June 1 Holders of rec. May 19
Hollinger Cons. Gold Mines(monthly)-10e. May 19 Holders of rec. May 2
Holly Sugar, pref. (quar.)
*1% Aug. 1 *Holders of rec. July 15
Pref.(aeon accum. dbl.)
4.71334 Aug. 1 *Holders of rec. July 15
Home Service, corn. (quar.)
"3735e May 20 *Holders of ree. May I
Homestake Mining (monthly)
50c. May 25 Holders of rec. May 19a
Hood Rubber Products, pref. (quar.)
1% June I May 22 to June 1
Hoosac Cotton Mills, pref. (quar.)
"135 May 25 *Holders of rec. May 5
Horn & Hardart of N. Y., pref. (guar.). '1% June 1 *Holders of rec. May 12
Household Products (quar.)
873.lc. June 1 Holders of rec. May 150
Incorporated Investors(stock dividend). 62
July 16 Holders of rec. June 29a
Illinois Brick (guar.)
60o. July 14 July 4 to July 15
Quarterly
60o. Oct. 15 Oct. 4 to Oct. 16
Illinois Pipe Line
*May 15 to June 6
*56
Imperial Oil
25c. June 15
1 Holders of coup. No. 14k
12140. June 1 Holders of coup. No. 14k
Special
Ingersoll-Rand Co.. corn.(qua?.)
75e. June 1 Holders of rec. May 70
Common (extra)
Si June 1 Holders of rec. May 70
62340 June 1 Holders of rec. May I50
Inland Steel (qua:.)
Inter. Combustion Eng., corn. (qua:.).. 50c. May 31 Holders of rec. May 15a
*1% July 1 *Holders of rec. June 15
Preferred (quar.)
13%
30. June 1 Holders of rec. May fla
Internat. Harvester, pref.(guar.)
Internat. Securities Corp., corn. A (qu.)_
Holders of rec. May 15
12350. June 1 Holders of rec. May 15
Common B (guar.)
7% preferred (guar.)
Holders of rec. May 15
1%ill .1u
Jun'
634% preferred (guar.)
a 1 Holders of rec. May 15
June
6% preferred (quar.)
Holders of rec. May 15
50e. June 1 Holders of rec. May 15a
International Shoe, pref. (monthly)._
50e. July 1 Holders of rec. June 150
(Monthly)
50c. Aug. 1 Holders of rec. July 140
(Monthly)
50c. Sept. 1 Holders of rec. Aug. 15a
(Monthly)
500. Oct. 1 Holders of rec. Sept. 150
(Monthly)
50c. Nov. 1 Holders of rec. Oct. 15a
(Monthly)
500. Dec. I Holders of rec. Nov. 15a
(Monthly)
1;5 June 1 Holders of rec. May 15a
International Silver, corn. (quar.)
$1 July 16 Holders of rec. July 50
Interstate Iron & Steel, corn.(quar.)
Common (guar.)
31 Oct. 15 Holders of ree. Oct. Va
Common (quar.)
El Jan15'29 Holders of rec. Jan.5'29a
Preferred (guar.)
Holders of rec. May I90
June 1 Holders of rec. May 18a
62
194
14c j
Jaeger Machine. corn.(guar.)
Jewel Tea, corn. (quar.)
51 July 16 Holders of reo. July 3a
Preferred (quar.)
Holders of rec. June 14a
7
173,1
Jones & Laughlin Steel, corn.(qua:.)
June
50,1
.1
uYy 1 *Holders of rec. May 15
Joske Bros. (guar.)
*Holders of rec. May 5
12
Kaynee Co., common (extra)
July 2111 Holders of rec. June 200
Keystone Steel & Wire, new corn.(quar.) *75e. July 15 *Holders of rec. July 5
2
Kinney (G. R.) Co.. pref. (quar,)
June 1 Holders of rec. May 21a
Kirby Lumber, corn. (qua:,)
June13p4 seeont 0 Holders of reo. May 31
Common (quar.)
134
Holders of roe. Aug. 31
Common (qua:.)
.1034
Holders of reo. Nov.30
25c. June 1 Holders of rec. May 100
Kroger Grocery & Baking, corn.(guar.).
common__
Kuppenheimer (B.) & Co.,
$1
July 42 Holders of rec. June 230
1% June 42 Holders of rec. May 240
Preferred (guar.)
"750. June 30 'Holders of roe. June 21
Landers, Frary & Clark (mthly.)
"75e Sept. 30 *Holders of rec. Sept. 21
Monthly
*75e. Dec. 31 *Holders of rec. Dee. 22
Monthly
Land Title Bldg. Corp.(Phila.)(No. 2.)
Holders of roe. June 11
'31;5
34 Junee
May 31
35 *Holders of rec. May 21
Lanston Monotype Machine (quar.)-$1
May 31 Holders of reo. Apr. 30
Lehigh Coal & Nay.(quar.)
75e. June 1 Holders of rec. May 15a
Lehn & Fink Products. corn. (quar.)
7350 June 1 Holders of rec. May 15
Management stock
1 *Holders of rec. June 16
35Ju
00. Julnyo 2
Libby, McNeill & Libby, pref
*Holders of rec. May 22
Libby Owens Sheet Glass, corn.(qu.)_ _
'I% June I *Holders of rec. May 22
Preferred (quar.)
Liggett & Myers Tobacco Co
June 1 Holders of rec. May 15a
$1
Common and common B (quar.)
June 1 Holders of rec. May 15
Lima Locomotive Works,corn.(quer.)_ _ $1
50c. June 30 Holders of roe. June 200
Loew's, Inc., common (quar.)
I 25c. June 18 Holders of rec. June 9a
Common (pay. in common stock)_
114 June 1 Holders of rec. May 17a
Lord & Taylor, let pref. (guar.)
52.50 June 1 Holders of rec. May 5
Ludlow Mfg. Associates (guar.)
50c. June 1 Holders of rec. May 170
Manhattan Shirt, common (quar.)
June I *Holders of rec. May 15
Marmon Motor Car, common (guar.)... 'Si
June 1 Holders of rec. May 150
$1.
(qua:.)
corn.
May Dept. Stores,
Sept. 1 Holders of rec. Aug. 15a
$1
Common (quar.)
50c. June 1 Holders of rec. May 21a
McCrory Stores, corn.& com.B (quar.)
250. June 1 Holders of reo. May la
McIntyre Porcupine Mines (quar.)
10e. Oct. 1 Holders of reo. Sept.200
McLellan Stores, class A & II (No. 2)..
1% June 1 Holders of rec. May 18
MengelCompany, pref.(quar.)
Ju
une 1 lIolders of rec. May 3
2
555
00. .1
Merrimack Mfg., corn. (quar.)
Holders of rec. May 15
Metropolitan Paving Brick, corn. (qu.).
•1% July 1 *Holders of rec. June 15
Preferred (quar.)
$1.75 June 1 Holders of reo. May 15a
Mid-Continent Petrol., pref.(quar.)
Minneap-Honeywell Regulator, corn,,,.. 111.250 Aug. 15 Holders of rec. Aug. 4
1% Aug. 15 Holders of roe. Aug. 4
Preferred (quar.)
1% Nov. 15 Holders of rec. Nov. 3
Preferred (quar.)
June 1 Holders of rec. Apr. 30
51
Mohawk Mining (qua:.)
Montgomery Word & Co., el. A (quar.)_ *31.75 July 1 *Holders of rec. June 20
June 15 Holders of rec. May 31
135
(qua:.).
_
com.
Montreal Cottons, Ltd.,
1% June 15 Holders of rec. May 31
Preferred (quar.)
25c. July 16 Holders of rec. July 20
Morris (Philip) & Co., Ltd.. Inc.(qu.)
250. Oct. 15 Holders of reo. Oct. la
Quarterly
25o.Ja n.16'29 Hold. of rec. Jan. 2 '250
Quarterly
750. June 1 Holders of rec. May 17a
Munsingwear, Inc. (quar.)
250, June 1 Holders of roe. May 22
Murphy (G.C.) CO.(fluor.)
250. Sept. 1 Holders of reo. Aug. 22
Quarterly
260. Doe. 1 Holders of reo. Nov. 21
Quarterly
50c. Aug. 1 Holders of rec. July 16a
National American Co.,Ice.(quer.)
500. Nov. 1 Holders of reo. Oct. 15a
Quarterly
*114 June 1 *Holders of rec. May 10
National Baking, pref. (guar.)
National Belles Hess Co., pref. (quar.)- 1% June 1 Holders of rec. May 210
14 Holders of rec. June 29a
11
mua
lyy 3
National Biscuit. corn. (quar.)
$1.50 J
Holders of reo. May 170
Preferred (qua:.)
Si
1% June 30 Holders of rec. June 15a
National Casket. pref. (quar.)
National Lead. pref. A (guar.)
4 June 15 Holders of rec. June la
National Sugar Refg.(qua:.)
July 2 Holders of rec. June 4
National Transit
*57 June 15
Nelson (Herman) Corp.. stook dividend_ el
July 2 Holders of rec. June 19a
Stock dividend
el
Oct. 1 Holders of reo. Sept.18a
Newberry (J. J.) Co., pref. (quar.)
31.75 June I Holders of ree. May 15a
New Cornelia Copper (qua:)
500 May 21 Holders of roe Mayi 40
No. Atlantic Oyster Farms, A (quar.)
50c. June 1 Holders of rec. May 26
North Central Texas 011 (quar.)
15c. June 1 Holders of rec. May 10
Northern Pipe Line
July 2 Holders of rec. June 15
3
Occidental Petroleum (quar.)
*30. June 30 *Holders of rec. June 30
Ohio Oil (guar.)
*50c. June 15 *Holders of rec. May 15
Otis Elevator, pref. (guar.)
1% July 16 Holders of ree. June 30a
Preferred (guar.)
1% Oct. 15 Holders of rec. Sept. 290
Owens Bottle. corn. (quar.)
750. July 1 Holders of rec. June 15a
Preferred (quar.)
114 July 1 fielders of rec. June 15a
Packard Motor Car Co.(monthly)
25e. May 31 Holder- of roe May 15a
Monthly
25c. June 30 Ilolders of rec. June 16a
Monthly
25e. July 31 Holders of rec. July 14a
Monthly
25c. Aug. 31 Holders of rec. Aug. 15a
Perfection Stove (monthly)
3710 May 31 Holders of roe. May 190
Monthly
3734c June 30 Holders of rec. June 20a
Monthly
3710 July 31 Holders of reo. July 200
Monthly
3714c Aug. 31 Holders of rec. Aug. 200
Monthly
3734c Sept. 30 Holders of reo. Sept.20a
Monthly
3734c Oct. 31 Holders of rec. Oct. 20a
Monthly
3734e Nov. 30 Holders of reo. Nov.20a
Monthly
37340 Doe. 31 Holders of rec. Dec. 20a
75
114
MAY 19 1928.]
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
3083
From unofficial sources. t The New York Stock Exchange has ruled
Books Closed
that stock
Name of Company.
will not be quoted ex-dividend on this date and not until further
Days Inclusive.
notice. I The
New York Curb Market Association has ruled that stock will
not
quoted
be
exMiscellaneous (Concluded).
dividend on this date and not until further notice.
Pender(D.) Grocery Co.. pref. A (guar.) 8734c. June 1 Holders of rec. May
a Transfer books not closed for this dividend. I Payable in preferred
19
Penn-Mex. Fuel
stock,
.$1.25 May 31 *Holders of rec. May 19
d Correction. e Payable In stock. f Payable in common gook.
Phillips-Jones Corp.,corn.(guar.)
p Payable in
750, June 1 Holders of rec. May 190 scrip. h On account of accumula
ted dividends.
Phoenix Hosiery, lot prof.(quar.)
1114 June 1 Holders of rec. May 17a
t Leas 11c, per share for corporation income tax.
Pillsbury Flour Mills, corn.(guar.)
40c June 1 Holders of rec. May 150
It Payable also to registered holders same date, transfer book being
654% preferred (guar.)
154 June 1 Holders of rec. May 15a
closed from
Pines-WInterfront, cl. A & B.(quar,)_. *750. June 1 *Holders of
May 16 to May 31, both inclusive.
rec. May 15
Pittsburgh Steel, pref. (quar.)
154 June 1 Holders of rec. May 12a
i Associated Gas & Electric dividends payable either in cash or clam A stock
Pressed Steel Car, pref. (quar.)
154 June 30 Holders of rec. June la as follows: on class A stock at rate of 1-40 snare; on $6 pref. 3 33-1008
shares class A
Pro-phy-lac-tic Brush, pref.(quar.)
134 June 15 Holders of rec. May 31
stock: on $6.50 pref. 3 61-100ths share class A stock; on original pref.
at ate of
Prudence Co., Inc., pref.(guar.)
154 Jan15'29 Holders of rec. Dec. 31, 2.22-100ths share: on $7 pref., 3.89-100ths share.
Pure 011, corn. (quar.)
1235c June 1 May 11 to June 5
m Payable either In cash or class A stock, at rate of one-fiftieth of a share for:each
Purity Bakeries, new corn.(qu.).(No.1) 75c June 1 Holders of rec.
May I5a share held.
$6 pt. (qu.) (from Apr.12 to June 1)_ _ 82.20. June 1 Holders of rec. May
156
n N. Y. Curb Market rules Mining Corp. of Canada be ex-dividend on May 25,
Quaker Oats, pref. (quar.)
134 May 31 Holders of rec. May la
Republic Iron dr Steel, corn. (quar.)
1
June 1 Holders of rec. May 15a
o Park & Tilford declared a dividend of $3 cash and 4% in stock
for the yesrl
Preferred (quar.)
131 July 2 Holders of rec. June 150 payable in quarterly installments, first installment payable as
above.
Rosy Theatres Corp. cl. A (qu.)(No.1). 87340 June 1 Holders of rec. May
U Shulte Retail Stores declared 2% In stock, payable
15
St. Joseph Lead (guar.)
34% Quarterly.
50c June 20 June 10 to June 20
Extra
250 June 21) June 10 to June 20
Quarterly
SOc Sept.20 Sept. 9 to Sept.20
Extra
25c Sept.20 Sept. 9 to Sept.20
Weekly Return of New York City Clearing House.Quarterly
50c Dec. 20 Dec. 9 to Dec. 20
Extra
Beginning with Mar. 31, the New York City Clearing House
25c Dec. 20 Dec. 9 to Dee. 20
Sanitary Grocery, corn. (quar.)
June 15 Holders of rec. June 5
52
Association discontinued giving out all statements previously
Preferred (quar.)
1.6254 June 1 Holders of rec. May 17
Savage Arms, corn. (guar.)
$1 June 1 Holders of rec. May 150 issued and now makes
only the barest kind of a report. The
First preferred (quar.)
•134 July 2 *Holders of rec. June 15
Second preferred (quar.)
.0134 Aug. 15
new return shows nothing but the deposits, along with
of rec. Aug. 1
Schulte Retail Stores, corn.(qu.)(in stk.) I/34 June 1 *Holders
Holders of rec. May 15a
Schulte Retail Stores, corn.(guar.)
8754e June 1 Holders or tee. May 15a the capital and surplus. We give it below in full:
Common (guar.)
8730 Sept. 1 Holders of rec. Aug. 150
Common (quar.)
8754e Dee. 1 Holders of recs. Nov.15a STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARI
NG HOUSE
Sheffield Steel (payable in stock)
• 33 1-3 July 1
of rec. June 15
ASSOCIATION FOR THE WEEK ENDING SATURD
Sherwin-Williams Co.. pref. (guar.) _ - 134 June 1 *Holders
AY. MAY 2 1928.
Holders of rec. May 15
Shippers* Car Line Corp. pref.(quar.)
$1.75 May 31 Holders of rec. May 18
Simmons Company (quar.)
He. July 2 Holders
*Surplus db Na Demand
Simon (Franklin) Co., pref. (guar.).- 151 June 1 Holders of rec. June 140
Time
Clearing House
of rec. May 186
*Capital. Undivided
Simon (H.) & Sons, Ltd. (Montreal)_ _ _
Deposits
Deposits
Members,
Profits.
Pf.(qu.),(No.1)from Mar.19 to June 1 $1.41 June 1 Holders
Average.
Average.
of
rec. May 15
Skelly 011 (quar.)
50c. June 15 Holders of rec. May 15a
$
$
Southern Grocery Stores, corn.(quer.)_ _ •1234c June 1 *Holders
$
$
Bank of N.Y.& Trust Co_-_- 6,000,000 12.864,80
of rec. May 15
Class A (quar.)
61,462,000
9.156,000
•6234c June 1 *Holders of rec. May 15
Bank of the Manhattan Co.__ 12,500,000 19,258.700 147.425.
Spalding (A. G.) & Bros., gen.stk.(qu.) $1.25 July 16 Holders
0
000
30,601,000
Bank
of
of
America
rec.
Nat.
July
Assoc_
*25,000,0
3
*37,000,0
00
00 150,092,000
First preferred (quar.)
49,778,000
IA June 1 Holders of rec. May 18a National City Bank
75,000,000 70,380,500 a882.329,000 168,967,000
Second preferred (quar.)
2
June 1 Holders of rec. May 18
Chemical National Bank
5,000,000 19,083,500 131.286,000
Spear & Co.,(1st & 2d pref.(quar.)
5,698.000
_
151 June 1 Holders of rec. May 15a National Bank of Commerce_ 25,000,000
45,596,000
Standard Internat. Sec.. pref. (quar.)- 000
52,192,000
75o. June 1 May 16 to May
Chat.Phenix Nat.Bk.dar.Co. 13,500,000 14,718,000 321.818,
175.156.000
Standard Oil (Calif.), corn. (guar.)
45,244,000
6234c June 15 Holders of rec. May 31
Hanover
National
Bank
5,000,00
15a
26.440,5
0
00
Standard Oil (Indiana) (guar.)
129,360,000
2,998,000
*62 Mc June 1 *Holders of rec. May 16
Corn Exchange Bank
11,000,000 17,667,500 183,482,000
Extra
30,533,000
•25c. June 15 *Holders of rec. May 16
National Park Bank
10,000,000 25,257,600 127,066,000
Standard 011 (Nebraska)(quar.)
14,922,000
620. June 20 May 27 to June
First
National
Bank
10.000.00
20
0 84,391,300 258,169.000
Standard Oil(N. Y.) (quar.)
11,934,000
400. June 15 May 20 to May
Amer. Exchange Irving Tr.Co 32,000,000 31.866.200 392,634,000
Standard Oft (Ohio). prof. (111m.)
57.232,000
151 June 1 Holders of rec. May 30
Continental Bank
1,000,000 1,368,800
7,560,000
Standard Sanitary Mfg., corn. (guar.)._
600,000
420. May 20 Holders of rec. May 11
Chase
National
Bank
50,000,000 57,470,000 8601,3.55,000
4
Preferred (quar.)
54,768,000
'151 May 20 *Holders of rec. May 4
Fifth Avenue Bank
500,000 3,369,000
26,815,000
Stroock (s.) & Co.. Inc.(guar.)
1.101,000
750. July 2 Holders of rec. June 150 Garfield National Bank
1,000,000
1,931,900
Studebaker Corp., corn. (guar.)
15,825,000
369,000
$1.25 June 1 Holders of roe. May 10a Seaboard National Bank
9.000,000 14,081,600 132,016,000
Preferred (guar.)
6,712,000
131 June I Holders of rec. May
5,000,000 6,378,800
10a State Bank & Trust Co
36,626,000
Sun Oil, corn. (guar.)
61,123,000
250. June 15 Holders of rec. May 25a
Bankers
Trust
Co
20.000,00
0 42,591,000 c357,654,000
Preferred (quar.)
54,219,000
134 June 1 Holders of rec. May 100 U. S. Mtge.& Trust Co
5,000,000 6,015,400 .59,581,000
Swan-Finch 011 Corp.. prof. (auar.)4,270,000
June 1 *Holders of rec. May 10
Title Guarantee & Trust Co
10,000,000 21.767,200
Tennessee Copper & Chem.(guar.)_ _ _ _ •154 June
42,111,000
1,999,000
1234c.
15
Guaranty
Holders
of rec. May
Trust Co
30.000,000 37,468,300 d514,484,000
Texas Corp.(quar.)
94,820,000
75c. July 1 Holders of rec. June 310
Fidelity Trust Co
4,000,000 3,636,800
la
Thompson (John R.) Co.(monthly)._
43,273,0
00
5,217,000
30c. June 1 Holders of rec. May 23a Lawyers Trust Co
3,000,00
0 3.757,000
Timken-Detroit Axle, pref. (quar.)_ _ _ _
20,730,000
4,120,000
151 June 1 May 20 to May 31
New York Trust Co
10,000.000 23,775,200 148,405,000
Timken Roller Bearing (guar.)
37,233,000
51 June 5 Holders of rec. May 18a Farmers Loan & Trust Co
10.000,000 21,728,300 0125.623,000
Extra
21,585,0
00
25c. June 5 Holders of rec. May 180 Equitable Trust Co
30,000,000 2.5.574,100 1325,926,000
Transue & Wms.Steel Fors..com.(qu.). 250 July
45,144,000
10 Holders of rec. June 300 Colonial Bank
1,400,000 3,633.800
Underwood-Elliott Fisher, corn.(quar.). $1
30,210,000
6,838,00
0
June
30
Holders
of
rec.
June
15
Preferred (quar.)
$1.75 June 30 Holders of rec. June 15
Clearing Non-Members.
Preferred 13 (guar.)
$1.75 June 30 Holders of rec. June 15
Grace
National
Bank
1,000,000
2,017,80
Union Sturage (quar.)
0
10,332,000
3,822,000
mechanics Tr. Co., Bayonne_
62540 Aug. 10 Holders of rec. Aug. 1
500,000
739,700
Quarterly
3,700,000
6230 Nov. 10 Holders of recs. Nov. 1
5,818,000
Union Tank Car (quar.)
INItals
$1.25 June 1 Holders of rec. May 16a
421460 nnn RR1 090 5660 409 RA0 nnn
United Biscuit. corn. (guar.)
12120 fl,' non
400. June 1 May 19 to May 31
United Fruit (quar.)
*As per official reports-National, Feb. 28
$1
2 Holders of rec. June 2a
1928; State, March 2 1928; Trust
United Investors Securities, prof.(qu.)-. 780. July
companie
s,
March
June
15
2
1928.
Holders
of
rec. May 31
United Piece Dye Works,654% pf.(gu.) 134 July 2
Includes deposits In foreign branches:(a) $276,820,
Holders of rec. June 20a
000:(6) $15,158,000:(c) $59,634% preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 200 848.000; (d) $83,838,000: (0) $1,938,000: (1)
$91,795,000.
634% preferred (guar.)
154
Jan2'29
Holders of rec. Dee. 200
U.S. Cast Iron Pipe Fdy.. corn.(gu.). 254 June
15 Holders of rec. June la
Common (guar.)
251 Sept. 15 Holders of rec. Sept. la
Boston Clearing House Weekly Return
Common (quar.)
234 Dec. 15 Holders of reo. Dee. la
s.-In the
Preferred (quar.)
134 June 15 Holders of rec. June la following we furnish a summa
Preferred (guar.)
ry of all the items in the
131 Sept.15 Holders of rec. Sept.
la
Preferred (auar.)
134
15 Holders of roe. Dec. la Boston Clearing House weekly statement
U.S. Dairy Products. cl A (en.)(No. 1) $1 Dee.
for a series of weeks:
May 31 Holders of reo. May 15a
First preferred (guar.)
$1.75 June 1 Holders of rec. May
BOSTON CLEARING HOUSE MEMBE
Second preferred (quar.)
RS.
$1.75 June 1 Holders of rec. May 16a
16a
U. S. Gypsum, corn. (quar.)
.40c. June 30 *Holders of rec. June
15
Preferred (quar.)
*It/ June 30 *Holders
May 15
Changesfrom
of rec. June 15
May
9
U. B. Hoffman Machinery (guar.)
May 2
$1 June 1 Holders of res. May 210
1928.
Precious Week
1928.
U. S. Playing Card (quar.)
1928.
*$1
July 2 *Holders of rec. June 20
U.S. Print. & Lith. 2d pref.(quar.)_
134 July 1 June 21 to June 30
S
$
$
Second preferred (quar.)
Capital
3
114 Oct. 1 Sept.21 to
83,400,0
00
Unchang
ed
83,400,000
Sept.
Second preferred (guar.)
83,400,000
Surplus and profits
134 Jan 1'29 Dec. 22 to Dee. 30
96,607,000 Unchanged
96,607,000
31
U.S. Realty & Impt.(quar.)
96,607.000
Loans, dIsels & invesrts_ 1,145,094,000
$1
June 15 Holders of rec. May 25
+82,000
1,145,012
.000
U.S. Steel, corn.(quar.)
,000
Individual deposits
134 June 20 Holders of rec. May
703,901,000 +4,302,000 699,599,000 1,160,054
Preferred (qual.)
000
13.4 May 29 Holders of rec. Apr. 310 Due to banks
157,272,000 -2,838,000 160,110,000 728,100,
161,957,000
Vacuum Oil (quar.)
750. June 20 Holders of rec. May 300 Time deposits
293,077,
000
-274,00
0 293,351,000 291,667.000
31
Valvoline 011, corn. (quar.)
United States deposits...
134 June 15 Holders of rec. June 11
5,792,000 -1,086,000
6,878,000
Vapor Car Heating9,643,000
Exchanges for Clg. House
36,867,000
+963,000
35,904,000
Preferred (quar.)
41,297,000
Due from other banks_
154 June 10 Holders of roe. June
85,615,000 +4,911,000
80,704,000
la Reeve in legal
89,779,0
Preferred (quar.)
00
131 Sept. 10 Holders of rec. Sept.
deposit'les
85,917,000
-251.000
86,168,000
88,614,000
Preferred (guar.)
154 Dec. 10 Holders of rec. Dec. la Cash in bank
9,219,000
-190,000
9,409,000
8.935,000
Va.-Carolina Chemical, pr. pf.(quar.)
13( June 1 Holders of rec. May la Res've excess in F.R.Bk.
812.000
-93.000
905.000
1.593.000
Wabasco Cotton Co.(qual.)
July 3 Holders of rec. June 16a
$1
Bonus
50c. July 3 Holders of rec. June 15
15
Ward Baking, corn. A (quar.)
July 2 Holders of rec. June 15
$2
Philadelphia Banks.-The Philadelphia Clearing
Preferred (quar.)
154 July 2 Holders of rec. June 15
House
WaYagamack Pulp & Paper (guar.)
return for the week ending May 12, with compar
•75o. June 1 *Holders of roe. May 15
Welch Grape Juice, corn. (guar.)
ative figures
25c. May 31 Holders of rec. May 21
for
the two weeks preceding, is given below. Beginning
Preferred (quar.)
134 May 31 Holders of rec. May 21
Wesson 011 & Snowdrift, pref. (guar.). _ 1% June 1 Holders of rec.
May 15
with the return for the week ending May 14, the
Western Dairy Products, cl. A (quar.)_ _ $1
June 1 Holders of rec. May 110
Philadelphia
Western Grocer Co.. prof
334 July I June 21 to June 30
Clearing House Association discontinues
West Kentucky Coal, prof. (guar.)
showing the re87340. July 2 Holders of roe. June 5
serves and whether reserves held are
Wbeatervorth, Inc., pref. (quar.)
2
June 1 Holders of rec. May 15
above or below reWhite (J. G.)& Co., pref.(guar.)
134 June 1 Holders of rec. May 16
quirements.
White (J. G.) Engin.g, pref. (quar.)._ • 154 June 1 Holders of rec. May 15
White(J. G.) Mag'n't Corp., pref.(qu.)_ 134 June 1 Holders of rec. May 15
White Motor, corn. (quar.)
25e. June 30 Holders of rec. June 15a
Week Ended May 12 1928.
Wire Wheel Corp. preferred (quar.)
$1.75 July 1 Holders of rec. June 20
Two Ciphers (00)
Preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept.20
May 5
Apr. 28
omitted.
Members
of
Trust
$1.75 Jan.1'29 Holders of rec. Dee. 20
Preferred (guar.)
1928.
1928.
F.R.System Companies.
Total.
Woolworth (F. W.) Co.((var.)
$1.25 June 1 Holders of rec. Apr. 26
Wright Aeronautical Co. (guar.)
500. May 31 Holders of rec. May 15a Capital
53,800,0
9,500,0
63,300,0
Wrigley (Wm.) Jr. Co.(monthly)
250. June 1 Holders of roe. May 20a Surplus and profits_
63,300,0
63,300,0
17,914,0 186,231,0 186,231,0
Monthly
25e. July 2 Holders of rec. June 20a Loans,disc'ts &invest. 168,317,0
186,231,0
,0 103,584,0 1,129,997,0 1,124,909
Monthly
250. Aug. 1 Holders of ree. July 200 Exch. for Clear. House 1,026.413
,0 1,122,843,0
45.228,0
1,169,0
46,397,0
Yellow & Checker Cab, corn. A (mthly) 62-3c June 1 May 28 to May
47.665,0
Due from banks
42,300.0
94,240,0
579.0
94,819,0 102,996,0
Common class A (monthly)
62-3c July 1 June 26 to June 31
Bank deposits
93,998,0
30
134,083.0
3,324,0 137,407,0 139,038.0
Common clean A (monthly)
6 2-3c Aug. 1 July 26 to July 31
Individual deposits_._ 643,723,0
53,486,0 697,209,0 689,324,0 136,240,0
Common class A (monthly)
6 2-3c Sept. 1 Aug. 26 to Aug. 81
Time deposits
681,564.0
204,095,0
30,052,0 234,147,0 235,448,
Common class A (monthly)
6 2-3c Oct. 1 Bent.28 to Sept.30
0 233,062,0
Total deposits
981,901,0
86,862,0 1,068,763,0 1.063,810,0
Common class A (monthly)
62-3c Nov. I Oct. 26 to Oct. 31
Res. with legal depos.
1,050,866
,0
9,084,0
9,084,0
Common class A (monthly)
6 2-3e Dec 1 Nov. 26 to Nov. 30
9,085,0
Res. with F. R. Bank_
73,230,0
8,599,0
73,230,0
Youngstown Sheet & Tube,corn.(qu.)
$1.25 June 30 Holders of rec. June 14a Cash in vault*
71,518,0
9,687,0
71,473,0
2.882,0
12,569,0
Preferred(guar.)
131 June 30 Holders of rec. June 14
11,781,0
Total Res.St cash held_
82.917,0
12,174,0
11,966,0
93,883.0
gellerbach, pref.(guar.)
*$1.50 June 1 *Holders of res. May 15
92,384,0
92.246,0
• Cash In vault not counted as reserve Ior
Federal Reserve members
[Vol,. 126.
FINANCIAL CHRONICLE
3084
Weekly Return of the Federal Reserve Board.
17,and showing the condition
The following is the return issued by the Federal Reserve Board Thursday afternoon, May
the first table we present the results for the system
of the twelve Reserve banks at the close of business on Wednesday. Inand
with those of the corresponding week last year.
as a whole in comparison with the figures for the seven preceding weeks the
twelve banks. The Federal Reserve Agents'
of
The second table shows the resources and liabilities separately for each
in Federal Reserve notes between the Comptroller and
Accounts (third table following) gives details regarding transactions
upon the returns for the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment
latest week appear on page 3051. being the first item in our department of "Current Events and Discussions."
FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 16 1928.
COMBINED RESOURCES AND LIABILITIES OF TIIE
18 1927.
May 16 1928. May 9 1928. May 9 1928. Apr. 25 1028. Apr, 18 1928.121pr. 11 1928 Apr. 4 1928. Mar.28 1928.1MaY
3
3
3
$
5
$
3
S
1
S
87,080,000 1•247•059.000 1.331,263,000 1,637,863,000
1,153.806,000 1,163,937.000 1,190,083,000 1,207,703,000 1,279,070,000-i,2
50,294,000
50,652,000
68,841,000
57,383,000
50,671.000 1
59,090,000
59,661,000
64,544,000
71,783,000
RESOURCES.
Gold with Federal Reserve agents
Gold redemption fund with U. S. Trees_
1.688,157,000
1,225,589,000 1,228,481,000 1,240,744,000 1,266,703,000 1,320,741,000 1,344,472,000 1,305,900,000 1,381,915,000
Gold held exclusively agst. F. R. notes
794,067,000 714,989,000 628,496,000
796.154,000 816,081,000 859,878.000 835,001,000 773,029,000 750,575,000 643,562,000
740,217,000
663,059,000
Gold settlement fund with F.R.Board
621,479,000 616,668,000 653,750,000
Gold and geld certificates held by banks_ 619,066,000 645,490,000 599,808.000
3,056,870,000
2,759,963,000
2,743,529,000
2,719,438,000
2.748,797,000
2,723,273,000
2,640.809,000 2,690,052,000 2,709,430,000
166,281,000
Total gold reserves
160,828,000 157,847,000 159,020.000 162,551,000 165,087.000 163,864,000 164,442,000 170.544.000
Reserves other than gold
3,223,151,000
2,930.507.000
2,912,661,000
2,907,971,000
2,884,525,000
2,885,824,000
2,801,637,000 2,847,899,000 2,868,450,000
63,724,000
Total reserves
67,786,000
67,323.000
67,115,000
61,504,000
65,499.000
62.790,000
64,619,000
64,189,000
Non-reserve cash
Bills discounted:
510,252,000 462,771,000 391,580,000 391,357.000 350,602,000 322.034,000 249,203,000
507,508,000
548,566,000
obligations
Govt.
11.8.
209,032,000
Secured by
258,846,000 269,633,000 246,802,000 246,302,000 228.037.000 227,322.000 250,874,000 202.062,000
Other bills discounted
709,073,000 019,617.000 618.679,000 601,476,000 524,096,000 458,235,000
757,054,000
777,141,000
807,412,000
Total bills discounted
347,292,000 365,101,000 363,101,000 365,841,000 350,756,000 361,595,000 343,636,000 344.103.01,0 225,493,000
Bills bought in open market
75,871,000
U. S. Government securities:
55,711,000
56,233,000
56,559,000 . 56,609,000
55,237,000
54,380,000
54,544,000, 56,002,000
90,789,000
Bonds
100,417,000, 101.977,000 100.886,000 107,560,000 123,124,000 151,763,000 163,947,000 163,112.000
Treasury notes
141.958.000 161,003,000 169,644,000 163,052,000 166,509.000 102,391,000
136,536,000
413.000
107,359,0001119,
Certificates of Indebtedness
335,832.000 269,051,000
262,320,000: 277.392.000 292,302,000 304,755,000 340.686.000 378,016.000 383,232,000
Total 11. 8. Government securities
1,800,000
990.000
990,000
990,000
990,000
990.000
990,000
990,000
990,000;
Other securities (5ee note)
1,380,659,000 1,312,049,000 1.359.280,000 1,329,334.000 1.257,021,000 954,879,000
1,413,447,000
1,420,627,000
1,418,014,000
nOte)
(see
securities
59,548,000
Total bills and
660,000
Gold held abroad
570,000
570,000
570,000
570,000
570,000
570,000
570,000
570,0001
Due from foreign banks (see note)
697,387.000 633,613,000 755,687,000 660,197.000 674,074,000 595.975.000 742,211,000
638,073,000
766,598,000
Uncollected Items
58,883,000
59,201,000
59.375.000
59.274.000
59,378,000
59,409,000
59,421,000
59,551,0001 59,437,000
13,520,000
Bank premises
9.826,000
10,396,000
10,131,000
9,452,000
9,677,000
10,122,000
9.880.000
9,482,000,
All other resources
5,116,276,000
4,920.951.000
5,042,858,000
5.069.594,000
5,088,984,000
5.035,251,000
5,120,041,000 5,041,105,000 5,112,187.000
Total resources
I
1
LIABILITIES.
1,583,095,000 1,591,228,000 1,590,639,000 1.572,612.000 1,582,014,000 1,588,769,000 1,601,010.000 1.567.052.000 1,711,385,000
F. R. notes In actual circulation
1
2,295,042,000
Deposits:
2,382,156,000 2,426,184,000 2,441,860,000 2,417,377,000 2.392,347.000 2,432.311.000 2,400,808,000 2,357.143,000
25,373,000
Member banks-reserve account
9,980,000
24.757,000
19,195,000
6.303,000
33,587,000
20.000,000
21.100,000
25.508,000
5.188,000
Government
5.007,000
7.291,000
5,310.000
5,661.000
6,317,000
5.377,000
5,708,000
5,997,000:
27,787,000
17,308.000
Foreign banks (see note)
18,889,000
19.644,000
18,955,000
18,278,000
25,341,000
21,144,000
20,492,000:
Other deposits
2,434,153,000 2,474,136,000 2,493.521,000 2,474.619,000 2,423.266.000 2,478.441,000 2,434.987,000 2,404.215,000 2,353,390,000
Total deposits
712,847.000 537,401.000 640.996,000 600,791,000 697,397,000 616,919.000 623,648,000 866.358,000 680,228,000
Deferred availability items
139,201,000 138,055,000 137,605,000 137,613,000 137,606,000, 137,145.000 135,731,000 136,150,000 128,873,000
Capital paid in
233,319,000 233,319,000 233,319,000 233,319,000 233,319,000, 233,319,000 233,319,000 233,319,000 228,775,000
13,620,000
14,163,000
13.857,000
15,001.000
15,382.000
Surplus
16,297,000
16,107,000
17,426,000! 16,960,000
All other liabilities
5,116,276,000
5.042,858.000
4,920,951,0001
5,060,594,000
5,088,984,000
5.035,251,000
5,112,187,000
5,041,105.000
5,120,041,000
Total liabilities
Ratio of gold reserves to deposits and
75.2%
09.5%
67.8%
68.0%
67.9%
67.3%
66.3%
66.2%
65.7%
F. R. note liabilities combined
Ratio of total reserves to deposits and
79.3%
73.8%
71.6%
72.1%
72.0%
71.3%
70.2%
70.1%
69.7%
combined
F. R. note liabilities
Contingent liability on bills purchased
161,137
243.009
242.373.000
242.084.000
264.566 265,137,000 261,449,000 261,543,000 262,645,000
for foreign correspondents
,--$
s
s
$
$
3
$
3
$
Distribution by Maturities128.163,000 163,852,000 150.047.000 167,981.000 127,839,000
1-16 days bills bought in open market. 121.261,000 114,745,000 110,901,000 120,797.000
507,860 000 442,928.000 364,381,000
515.087,000
504,323.000
634,766,000
585,962,000
625.018,000
684,518,000
1-15 days bills 1 iscounted
301,000
509,000
940 000
5,790,000
3.425,000
5,077,000
4,100,000
5,574,000
6,327,000
1-15 days U. S. certif. of indebtedness.
1-15 days municipal warrants
48,906,000
77.976,000
75,649,000
61.176,000
60,536,000
80,308,000
68,306,000
77,225,000
63,291,000
16-30 days bifis bought in open market.
22,044,000
18,629,000
23,851,000
23.930,000
27,325,000
26,741,000
28,840,000
34,376,000
35,118.000
16-30 days bills discounted
58,029,000
1,288,000
16-30 days U.8. certif. of indebtedness.
18-30 days municipal warrants
36,401,000
58.788,000
58,903,000
57.775,000
68,287,000
83,644,000
99,557.000
31-60 days bills bought in open market. 110,58.3,000 109,880,000
34,988,000
32,801,000
36,347,000
40,831,000
47,999,000
50,317,000
50,603,000
45,179,000
46,661,000
31-60 days bills discounted
23,028.000
11,042,000
15,242,000
1,467,000
Indebtedness_
of
certif.
S.
U.
days
31-60
31-00 days municipal warrants
8,654,000
35,457,000
54,808,000
73.968,000
86,713,000
82,147,000
44,981.000
64,146,000
55,120,000
61-90 days bills bought In open market _
19,480,000
20,294,000
23.957,000
27.689,000
28,708.000
27,055,000
31,899,000
26,141,000
29,013,000
61-90 days bills discounted
1.8.92,000
2,000
1.773,000
61-90 days If. S. certif. of indebtedness.
61-90 days municipal warrants
3,693,000
5,001,000
5,357,000
3,696.000
7,0.57.000
10.447,000
8,189,000
7,176,000
8,134,000
Over 90 days bills bought In open market
17,342,000
9,244,000
9,461,000
10,242,000
11,262,000
14,154,000
14,890,000
16,456,000
15,073,000
Over 90 days bills discounted
44,061,000
164,108,000
162,110,000
122,616.000
132,185,000
120.417,000
99,744,000
112,372.000
Indebtedness......
of
Over 90 days certif.
Over 90 days municipal warrants
2.812,162,000 2,823,560,000 2,959,293,000
F. R. notes received from Comptroller 2,805,503,000 2,801,173,000 2,798,800,000 2,795,282.000 2,802,933.000 2,823,286.000 853,110,000 869,300.000 862,533,000
846,425,000 841,125.000 847,935,000 845,835,000 845,875,000 853,334,000
F. R. notes held by F. R. Agent
1.954.260,000 2,096.740,000
1,959.078.000 1,960.048,000 1,950.865,000 i,949,447,00&1,057.058.000 1,069.952,000 1,059,052.000
Issued to Federal Reserve Banks
How SecureaBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
t.
By eligible paper
345,600,000 354,607,000 416,241.000 415.242.000
91,083,000
99,623,000 101,516,000 106,749,000
699,577.000 707,814,000 607,093,000 701.378 000
1,124,625,000 1,103,241,000 1,076,004,000 1,024,456,000
413,841.000
99.360,000
765.869,000
917,412,000
413,841,000
05,943,000
777,305,000
028.547,000
414.140,000
100,639.000
732,280.000
010,015,000
414.140,000 411,604,000
09,152.000 100,416,000
817.971.000 1,125,843,000
839,382,000 653,181,000
•
2.158.004.000 2.170.645.000 2,291,044,000
- --------------------2270 421 non 2 207 105 nn0 2 900.007 non 2 232.159 000 2 196.482 000 2.215.036.000
Timid
amount of balances he d abroad and amounts due to
the
separately
show
to
order
In
added
were
items
new
two
1925,
was changed to
debentures,
NOTE.-Beginning with the Statement of Oct. 7
bank
Credit
Intermediate
Federal
of
up
made
earning assets," previously
accurate description of the total of the
foreign correspondents. In addition, the caption "Al other "Total
bills and securities." The latter term was adopted San more
stated, are the only items included therein.
"Other securities." and the caption "Total earning assets" to
of Sections 13 and 1301 the Federal Reserve Act, which,it was
discount acceptances and securities acquired under tile provisions
WEEKLY STATENIENT OF RESOURCES AND
AT CLOSE OF BUSINESS MAY 16 1928.
LIABILITIES OF EACH OF TIIE 12 FEDERAL RESERVE BANKS
Atlanta. Chicago. St. Louts. lfinneap. Kan.City.
Two ciphers (00) omittea.
Boston. New York. Phila, Cleveland. Richmond
Total.
Federal Reserve Bank of$
5
3
$
S
3
$
S
$
$
S
32,893,0 40,282,0 42,087,0
RESOURCES.
176,147.0 88,620,0 152,721,0 30,140.0 100,961,0 215,598,0
4,460,0 3,200,0 2,923,0
9.365,0
Gold with Federal Reserve Agents 1,153,306,0 77,924,0
3,991,0
2,063,0
3,933,0
12,194,0
17,280.0
71.783,0 8,644,0
Gold redo fund with U.S. Treas.
104.952,0 224,963,0 37,353,0• 43,491,0 45,010,0
86,568,0 193,427,0 100,814,0 156,654,0 32,203,0 11,946,0 135,386,0 2-1,627,0 19,855,0 36,613,0
Gold held excl. asst.F.R.notes 1,225,589,0 58,430,0
327,518,0 45,748,0 66,168,0 7,924,0
796,154,0
F.R.Board
with
fund
Gold itettle't
37,081.0 20,586,0 10,818,0 51,133.0 11,860,0 4,887,0 6,344,0
619,006,0 24,908,0 381,971.0 24.485,0
Gold and gold certificates
60,713,0 127,716,0 411,482,0 73,890,0 68,233,0 87,967.0
2.640.8011,0169,906,0 902,916,0 171,047,0 259,003,0
2,770,0 7,136,0
Total gold reserves
33,627,0 7,308,0 14,928,0 11.622,0 15,825,0 19,241,0 13,587,0
160,828,0 15,338,0
Reeerves other than gold
05,103,0
71,003,0
87,427,0
430,723,0
178,355,0 274,831,0 72,335,0 143,541,0
2.801,637,0 185,244,0 936,543,0 2,189,0 5,164,0 4,623,0 4,478,0 8,009,0 3,902,0 1,356,0 1,890,0
Total reaerves
21,084,0
64,189,0 5.205,0
Non-reserve cash
15,027,0 88,810,0 18,689,0 5,204,0 0,805,0
Bills discounted:
28,003,0 237,939.0 38.790,0 39.060,0 14,236.0 31,209,0
23,969,0 16,633,0 3,797,0 12,201,0
Sec. by U. S. Govt. obligations 548,566,0 29,599,0
58,890,0 16,407,0 20,379,0 28,015,0
258,846,0
discounted
bills
Other
112,779,0 35,322,0 0,001,0 22,006,0
46,236,0
42,251,0
59,439,0
55,197,0
206,829,0
807.412,0 57,562,0
20,502,0 14,489,0
Total bills discounted
69,884,0 38,984,0 34,173,0 16,754,0 22,519,0 47,682,0 1.472,0
347,292,0 40,023,0
Bills bought in open market
19,927,0 7,125,0 4,519,0 10,690,0
44,0
U. S. Government securities:
1,153,0
505,0
585,0
1,481.0
707,0
54,544,0
Bonds
091,0 3.401,0 5,710,0 11,388,0 4,498,0 3,421,0
12,783,0 10,073,0 28,250,0
100,417,0 2,863,0
3,396,0 6,400,0
Treasury notes
32,636,0 13,531,0 7,969,0 2,346,0 2,626,0 13,591,0 4,475,0
107,359,0 6,785,0
Certificates of Indebtedness
20.461.0
12.413.0
22.988.0
39.237.0
6.071.0
An nun n 24.189.0 30 724.0 4,490.0
oxen nnn n In 050 0
Dallas. San Fran,
$
$
19,260,0 177,173,0
1,510,0 2,2110
20,770,0 179.384,0
23,031,0 38,9080
14,253,0 30,740,0
58,054,0 249,032,0
8,876,0 10,5700
66,930,0 259,002,0
2,906,0 3,3830
3,419,0 49.584,0
3.725,0 14,0620
7,144.0 63,6460
14,855,0 25,950,0
7,820,0
388
4,190,0 12,831.0
6,052,0 7,552:0
18.071.0 20.4210
ENIIMM111
MAY 19 1928.]
FINANCIAL CHRONICLE
RESOURCES (Concluded)Two Ciphers (00) omitted.
Total.
$
990,0
Othersecuriltles
Tots. bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
Boston.
Phila.
• 7..=
acreland. Richmond Atlanta. Chicago. St. Louis. IIIinneap
. Kan.City. Dallas. San Fran.
$
1,418,014.0 107,940,0
570,0
37,0
766,598,0 74,654,0
59,551,0 3,824,0
9,482,0
65,0
Total resources
5,120,041,0 376,969,0
LIABILITIES.
F. It. notes in actual circulation_ 1,583.095,0 124,177.0
Deposits:
Member bank-reserve ace't__ 2,382,156.0 148,921.0
Government
25,508,0
848,0
Foreign bank
5,997,0
461,0
Other deposits
20,492,0
802,0
Totaldeposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
New York.
3085
2,434,153,0 151,032,0
712,847,0 72,899,0
139,201,0 9,878,0
233,319,0 17.893,0
17,426,0 1,090,0
990,0
413,613,0 118,370,0 130,341,0 63,495,0 74,826,0 199.698, 59,782,0
0
42,906,0 56,956,0 40,070,0 110,017,0
217,0
47,0
51,0
25,0
21,0
68,0
21,0
13,0
18,0
17.0
35,0
211,858.0 62,355,0 76,083,0 55,931,0 25,143,0 103,169, 35,439,0
0
14,697,0 38,198,0 26,336,0 42.735,0
16,563,0 1,756,0 6,865,0 3,372,0 2,832.0 8,720,0
3,891,0 2,202,0 4,308,0 1,841,0 3,377,0
2,038,0
189,0 1,241,0
392,0 1,419,0
871,0
637,0
909,0
553,0
453,0
715,0
1,601.916,0 363,261,0 494,576,0 200,173,0 252,260,0 751,258,
0 191,099,0 133,086,0 197.026,0 138.553,0 419,864,0
340,111,0 127,744,0 191,972,0 56,638,0 141,039,0 243,989, 53,447,0
0
56,808,0 56,759,0 32,017,0 158,394,0
943,584.0 138.064.0 187,401,0 66,390,0 69.180,0 356,596, 82,726,0
0
51,521,0
89,478,0 65,303,0 182,992,0
11.674,0 1,059,0
819,0 1,094,0 2,347,0 2,747,0
879,0
740,0 1,321,0 1,036,0
944,0
1,586,0
584,0
639,0
313.0
258,0
854,0
264,0
166,0
221,0
215,0
436.0
9,716,0
265,0 1,099,0
128,0
143,0 1,163,0
309,0
271,0
582,0
50,0 5,964,0
966,560,0
183,804,0
43,727,0
63,007.0
4,707,0
139.972,0 189.958,0 67.925,0 71,928,0 361,360,0 84,178,0 52,698,0
58,729,0 72,429,0 55,978,0 23,289.0 92,072.0 36,786,0 12.497,0 91,602,0 66,604,0 190,336.0
34,689,0 26,615,0 43.060,0
14.106,0 14,285,0 6,254,0 5,224,0 18,118.0 5,323,0 3,030,0
4,326,0 10,700,0
21,662,0 24,021,0 12,324,0 9,996,0 32.778,0 10.397,0 7.039,0 4,230,0
9,046,0 6,527,0 16,629,01,048,0 1,911.0 1,054,0
784,0 2,941,0
968,0 1,014,0
700,0
464.0
745,0
Totalllabilitles
5 120,041,0 376,969,0 1.601,916,0 363,261,
0 494,576,0 200,173,0 252,260,0 751,258,0 191,099,0 133,086,0 197,026,
Memoranda.
0 138,553,0 419,664.0
Reserve ratio (per cent)
69.7
67.3
71.7
66.6
72.0
58.1
Contingent liability on bills pur67.4
71.2
63.5
64.8
64.1
67.9
74.4
chased for foreign correepond'ts 264,566,0
19.851,0
74,529,0 25.144.0 27,526,0 13,499,0 11,116,0 36,790,0 11,361,0
F. R. notes on hand (notes reed
7,146,0 9.528,0 9.264,0 18,792,0
Irons F. R. Agent loss notes in
cireolation_ _
375.983,0 23,684,0 119.243,0 27,076.0 28.011,0
18,981.0 27,961,0 49,335.0 10,751,0 6.501.0 8,745,0 6.712,0
48.983,0
FEDERAL RESERVE NOTE ACCOUNTS OF
FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS MAY
16 1928.
Federal Reserve Agent atTotal.
Boston. New York.
Cleveland. Richmond Atlanta. Chicago.
Two Ciphers (00) omitted$
Y.R.notes reed front Comptroller 2,605.503,0 230,611,
0 744,074,0 178,720.0 257,213,0 100,873,0 233,510,0 427,254,
F.R.notes held by F. R.Agent -- 846,425,0
0
82,750,0 284,720,0 23,900,0 37.230,0 25,254,0
64,510,0 133,930,0
F.R. notes issued to F. R. Bank 1,959,07
8,0
147,861,
0 459,354.0 154.820,0 219,983,0 75,619,0 169,000,0 293,324,
Collateral held as security for
0
F. R. notes issued to F. R. Bk.
Gold and gold certificates_ ___ 354,606.
0 35,300,0 153,161,0
50,000,0 21,375,0 20,000.0
Gold redemption fund
99,623,0 14,624,0
17,986,0 10,643,0 12,721,0 4,265,0 6,261,0 2,598,0
Gold fund-F.R. Board
699,577,0 28,000,0
5.000,0 77,977,0
Eligible paper
1,124,625,0 97,58.5,0 353,015,0 85,648,0 90,000.0 4,500,0 74.700,0 213,000,0
92,226.0 53,776,0 68,587.0 160,308,0
Totaloollateral
1,278,431,0 175.509,0 529,162,0 174,268,
0 244,047,0 83,916,0 109.548,0375,900,0
St. Louis. Minneap. Kan.City. Dallas. San Fran.
S
83,378,0 82,828,0 99,924,0 61,061,0 306,057,0
19,180,0 19,519,0 34,420,0 22,332,0 96,680,0
64.198,0 63,309,0 65,504,0 38,729,0 207,377,0
8,300,0 14,167.0
12,303,0 40,000,0
1,093.0 3,115,0 3,227.0 3,957,0 19,133,0
23,500,0 23,000,0 38,860,0 3,000,0 118,040,0
36,332.0 29.415,0 36,303,0 21.958,0 89,472,0
69,225,0 69,697.0 78.390,0 41,218.0 266.645,0
Weekly Return for the Member Banks of
the Federal Reserve System.
Following is the
weekly statement issued by the Federal Reserv
e Board, giving the principal items
and liabilities of the 643 member banks from
resources
which weekly returns are obtained. These figures are alwaysofathe
those for the Reserve banks themselves. Defini
week behind
tions
of
the
differe
items
nt
in
the
statem
ent
given
were
in the statement
of Dec. 12 1917, published in the "Chronicle"
for the latest week appears in our department of of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
"Curre
nt
Events
and
Discus
sions,
"
3051,
immedi
on
page
ately following which
we also give the figures of New York and Chicago
reporting member banksfor a week later.
PRINCIPAL RESOURCES
AND LIABILITIES OF ALL REPORT
ING MEMBER BANKS IN EACH FEDERAL RESERV DISTRI
E
CT AS AT CLOSE OF
BUSINESS MAY 9 1928 (In thousands
of dollars).
Federal Reserve DistrictLoans and investments-total
Loans and discounts-total
Secured by U. S. Gov't
Secured by stocks and bonds_
All other loans and discounts____
Investments-total
C. S. Government securities_ _
Other bonds, stocks and securities
Reserve balances with F. It. Bank_ _
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. Bank-total
Secured by U.S. Gov't oblIga'ns.
All other
Number of reporting banks
Total.
Boston. Neer York Phila. Clerelarui
. Richmond Atlanta. Chicago. St. Louis. 111inneap. Kan.City. Dallas.
San Fran.
$
$
$
$
S
S
$
$
22,543,865 1,581,332 8,740,146 1,239,36
S
$
S
S
$
8 2,195,772 694,130 631,154 3,284,582 720,904 374,128
673,313 445,583 1,963,453
15,897,312 1,082,526 6,303,766 822,014
1,451.212519,892 505,073 2,365,543 499,694 242,151 438,960
337,536 1,328,945
136,394
5,224
61,022
7,857
14,707
2.825
5,066
21,209
6,826,745 421,149 3.103,764 441,107
4,415
2,498
3,507
3,514
4,530
8,934,173 656,153 3,138,980 373,050 655,302 177,036 128,008 1,046,970 204,548
68,585
87,149 367,670
781,203 340,031 371,979 1,297,364 290,731 171,068 125,457
309,996 246,873 956,745
6,646,553 498,806 2,436,380 417,354
744,560 174,238 126.081 919,039 221,210 131,977
234,353 108,047 634,508
3,024,745 195,726 1,182,833
113,855 327,045
76,077
61,360 381,201
3,621.806 303,080 1,253,547 303,499
86,255
68,667 108,575
75,785 345,366
417,515
96,161
64,721 537,838 134,955
63,310 125.778
32,262 289,142
1,803,929 102,545 846,132
83.342 136,000
41,014
41,558
271,439
249,590
48,818
18,574
25,120
56,690
66,374
34,196 117,075
14,418
30,833
11,997
10,895
40,307
7,318
5,704
11,309
8,581
23,280
13,841,568 951,098 6,214,850
778,062 1,062,146 367,826 336,406
6,948,288 505,867 1,715,798 299,872
1,874,935 405,033 217,581 500.354 301,896 631,381
955,983
249,983
243,025 1,287,474 249,297 133,191 177,160
72,055
5,267
23,579
122,040 1,008,598
3,945
5,164
2,439
5,364
8,885
1,798
1,540
1,692
3,025
9,357
1,160,892
49.463 154,315
59,763
92,530
51,355
3,371,781 150,080 1,305,803
76,675
51,865
45,569 118,585
59,368 161,339
186,950 236,075 105,894 119,846 240,065
504,894 132,006
97,344 217,538 100,278 209,073
607,950
40,868 251,674
23,916
55,417
_
21,532
30,896
85,926
19,484
7,807
14,544
3,902
51,990
424,915
14,693 192,140
16,505
38,191
5,872
183,041
15,989
26,175
69,233
11,254
59,534
5,340
7.445
2,403
45.851
7,411
17,226
15,660
14,907
16,693
8,230
2,467
7,099
1.499
6,14C
643
36
79
49
71
Cr.
I,
0,
,
.so
04
R4
45
50
Condition of the Federal Reser
ve Bank of New York.
The following shows the condition of the
Federal Reserve Bank of New York
comparison with the previous week and the
at the close of business May 16 1928, in
corresponding date last year:
May 16 1928. May 9 1928. May
18 1927.
s
s
s
176,147,000 176,212,000 387,095,
000
17,280,000
18,516,000
10,782,000
Gold held exclusively agst. F. R. notes 193,427,000
194,728,000 397,877,000
Gold settlement fund with F. R. Board_ 327,518,
Gold and gold certificates held by bank. 381,971,000 315.865.000 222,610,000
000 405,100,000 484,369,000
Total gold reserves
902,916,000 915,693,000 1,104,85
6,000
Reserves other than gold
33,627,000
33,626,000
33,966,000
Total reserves
936,543,000 949,319,000
1,138,922,000
Non-reserve cash
21,084,000
21,298,000
14,919,000
Bills discountedSecured by U. S. Govt. obligations.- 237,939,000
214.259,000
76,322,0
00
Other bills discounted
58,890,000
75.867,000
42,052.000
Total bills discounted
296,829,000 290,126,000
118,374,000
Rills bought In open market
69,884,000
84.050.000
59,675,000
H. S. Government securitiesBonds
1,481.000
1,364,00
0
8,709,000
Treasury notes
12.783,000
14.245,000
12,937,000
Certificates of indebtedness
32,636,000
33,872,000
19,463,000
Total U. S. Government securities.
46.900,000
49,501,000
41,109,000
ResourcesGold with Federal Reserve Agent
Gold rc'domP• fund with U. S. Treasury_
IliTotal bills and securities (see Note)___
Resources (Concluded)Gold held abroad
Due from foreign banks (see Note)
Uncollected items
Bank premises
All other resources
Total resources
May 16 1928. May 9 1928. May 18 1927.
3
$
$
16,495,000
217,000
217,000
660,000
211,858,000 169,289,000 194,111,000
16,563,000
16.563,000
16,276,000
2.038,000
2,880,000
2,090,000
1,601,916,000 1,582,453,000 1,603,321,000
LiabilitiesFed'I Reserve notes in actual circulation_
Deposits:Member bank-reserve account
Government
Fcrelgn bank (see Note)
Other deposits
340,111,000
337,881,000
043,584,000
11,674,000
1.586,000
9,716,000
969,787,000
4,948,000
1,297,000
11,370,000
400,476,000
OM
903,980,000
7,327,000
1,855,000
21,246,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
966,560,000
183.804,000
43,727,000
63,007,000
4,707,000
987,402,000
147,155,000
42,577,000
63,007,000
4,431,000
934,408,000
164,636,000
38,745,000
61,614,000
3,442,000
Total liabilities
Ratio of total reserves to deposit and 1.601,916,000 1,582,453,000 1,603.321,000
Ferri Res've note liabilities combined_
71.7%
71.6%
85.3%
Contingent liability on bills purchased
for foreign correspondents
74.529,000
75,100,000
44,758,000
413,613,000 423,677,000 219,158,
000
NOTE.-Beginning with the statement of Oct. 7 1925, two new
items were added in order
sc, foreign correspondents. In addition, the caption, -AB ether earning
to show separatel the amount
assets," previously made UP of Federal yIntermediate of balances held abroad and amounts due
-Other securities," and the caption. "Total earning assets" to "Total
Credit Bank debentures, was
changed
the discounts, acceptances and securities acquired under the provisionbills and securities." The latter term was adopted as a more accurate
description of the total to
of Sections 13 and 14 of
of
therein.
the Federal Reserve Act, which, It was stated, are
the only items included
[VOL. 126.
FINANCIAL CHRONICLE
3086
New York City Banks and Trust Companies.
(AU prices dollars per share.)
autte,
fGauhrrs'
Wall Street, Friday Night, May 18 1928.
Stocks.—The review of the
Miscellaneous
Railroad and
Stock Market is given this week on page 3075.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended May 18.
Sales
for
Week.
Range Since Jan. 1.
Range for Week.
Lowest.
Lowest.
Highest.
Highest.
Banks—N.Y. Rid
1 296
America
Amer Union._ 298
Bronx Bon)._ 800
625
Bronx Nat
BryantPark*. 225
Cent Mere Bk
& Trust Co_ 565
258
Central
*233
Century
740
Chase
Rights ___- 60
Chath Phenix
Nat Bk 45 Tr 740
Chelsea Exch• 360
51010
Chemin'_
Colonial._ ___ 1250
695
CommerceContinental* _ 675
Corn Excl.__ 725
Cosmopolit'n• 460
Fifth Avenue 2250
4500
First
750
Garfield
350
Grace
1450
Hanover
Ask
Ask Banks—N.Y. Bid
1100 1150
302
308 Manhattsul*-- 770 785
National City 940 050
Rights ---- 104 109
910 935
Park
228 238
Penn Exch_
575 Port Morris_ 675 750
268 Public
850 865
880 900
Seaboard
750 Seventh
300 310
63 State*
1170 1190
350
Trade*
760 United Cap
380
Nat Bk &Tr 510 525
1050 Yorktown•___ 220
Brooklyn.
705 Dewey •
225
700 First
530 675
740 Globe Exch*_ 300
Mechanics'_ _ 555 565
) Municipal*
2&3(610 620
4650 Nassau
520 545
795
950
People's
Trust Cos. Bid
New York.
Am Ex Iry Tr 562
Bank of N Y
& Trust Co 835
Bankers Trust1190
Bronx Co Tr_ 400
Central Union 1700
750
County
540
Empire
Equitable Tr_ 563
Farm L & 'tr. 910
Fidelity Trust 510
565
Fulton
Guaranty Tr_ y720
Rights_ _ -5
I 33
Interstate_
Lawyers True ___
Manufacturers 1200
Newstock
$25 par- -_ 300
Murray Hill__ 475
Mutual(Westchester)____ 810
N Y Trust__ 910
Times Square_ 248
Title Gu & Tn 930
U Mtg & Tr 610
United States3400
Westchest'r Tr 1000
Brooklyn.
Brooklyn.. _ _ _ 1340
Kings Co_ _ __ 3200
Midwood_ __ _245
Ask
568
850
1210
iiio
550
669
930
530
600
730
345
1220
310
500
Railroads—
May
83
Feb
Boston & Maine_ __ _100 1,600 81%May 17 83 May 14 58
Feb 86
Apr
50 72%May 14 75 May 16 60
Buff Roch & Pitts_ A00
930
Mar 105% May
90 98 May 14 98%MaY 14 94
100
Preferred
255
1500
Jan
Apr 43
100 37%May 17 37%May 17 37
Buff & Susquehanna 100
945
Apr
Jan
69
62%
16
64%may
16
64%May
90
Canada Southern_ _ _100
640
banks.
*State
Mar
107%
Jan
103%
30 106 May 16 106 may 16
Car Cl &0 ctf stpd 100
700
Mar 92% May I New stock.
40 89%May 14 91 May 14 84
100
Cuba RR pref
100
Mar z Ex-dividend
May 65
30 45 May 17 45 May 17 45
Detroit & Mack pref_100
dividend
Ex-stock
•
May
80 69 May 16 69 May 16 65% Feb 69
Erie .f• Pittsburgh _ _50
Mar 14% May
• 3,550 11%MsY 15 14%May 18 10
Havana Eleo Ry
Mar 72% May
100 300 72%MaY 16 72%May 17 64
Preferred
May
Feb 440
150416 May 18440 May 14 45
100
Hocking Valley
111 Centleased line—
Jan 82% May Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
80 81%May 15 82%May 17 80
RR secured stk ctf_100
Mar 5% Mar
130 334May 18 5%Nlay 15 2
100
Iowa Central
3% Feb 634 May
Minneap & St Louis.100 6,300 4%May 14 4%May 14
Mar 88% May
10 88%May 17 8835MaY 17 85
Int.
50
Int.
Morris & Essex
100 7 May 10 7 May 18 3% Feb 8% Apr
Rats.
Bid. Asked.
Rate. Bid. Asked.
Vaturity.
Maturity.
Nat Rys of Mex lit Pf-125% Mar 204% May
Nash Chat & St L___100 470 195%May 15 204%MaY 15
Apr 147% Apr
80 140 May 16143%31ay 15 125
June 15 1928.__ 334% 9922.1 9920., Sept. 15 1930-32 334% 9922.. 9922.1
New On Tex & Mex_100
Apr
33%
Feb
26
100 30 May 15 30 May 15
99"at Mar. 15 1930-32 334% 99101. 9922..
N Y State Rys pref__100
May Dec. 15 1928.-- 335% 99"as
Apr 26
1... 991.n Dec. 15 1930-32 314% 991,3a 991111
70 26 May 14 26 May 14 22
Pac Coast 2d pref___100
Jan Mar. 15 1929-- 395% 99
50 46%May 17 50 May 17 46% May 70
100
1st preferred
2%
Apr
1%
Apr
91,800 2 May 16 2%May 14
Penn RR rights
Apr
United States Liberty Loan Bonds and Treasury
20 165 May 15 165 May 15 161% Feb 167
Pitts Ft W & Ch Pf-100
Jan
May 170
30 164 May 15 164 May 15 164
Pitts Young & A pfd _100
on the New York Stock Exchange.—
20 14935'May 15 149%May 15 144% Jan 149% May Certificates
Rensselaer & Sara_ _ _100
h May 2% Mar
a daily record of the transactions in Liberty
furnish
St L-San Fran rights_ _ 125700 18 May 18 134May 14
we
Below
May
101
18
100% May
600 I00%May 18 101 May
Preferred 1st paid new
Par. Shares $ per share.
per share.
per share.$ per share.
Loan bonds and Treasury certificates on the New York
Indus. & Miscall.
200 102 May 14 102 May 14 100 • Apr 10234 Apr Stock Exchange. The transactions in registered bonds are
Abitibi Pr & Pap pf.. 100
110 125 May 17 125 May 17 11034 Jan 12631 May given in a footnote at the end of the tabulation.
Am Metal pref(7%)..100
Feb
Apr 110
10108 May 14 108 May 14 104
Am Wholesale pref_ _100
5734 May
Brockway Motor Truek * 18.700 54%May 18 57%May 16 5434 May
May
May
11534
17
11734
117%May
18
115%May
800
100
Preferred
Jan Daily Record of U. S. Bond Prices. May12. May14. May15. May16. May17. May18.
Mar 120
40 119%May 14 119%May 14 117
Brown Shoe pref_ _ _100
Apr
100 117 May 14 117 May 14 11031 Mar 117
Bucyrus-Erie pref(7) 100
10022.. 10022.. 100113, 100"as 100"as
First Liberty LoanHigh
May
111%
Jan
15
107
1511134May
10111%May
Cent Alloy Steel pref_100
100"aa 100,,as 100123, 100.1 100"as
334% bonds of 1923-47__ILow_
4934 May 5234 May
Chickasha Cotton 011_10 3;400 49%May 18 Uhmay 15
100"aa 100"31 1001231 100", 10012a2
Close
334)
(First
Apr
10
May
15
8%
9%May
14
834May
Christie Brown rights_ 2,500
40
38
15
1
3
Total sales in $1.000 units-% Jan 3% May
Conley Tin Foil stpd__• 10,000 1%May 15 395May 14
Converted 4% bomb of{High
Jan 107% Apr
200 107 May 16 107 May 16 98
Cons Cigar pf 7% _ _ _100
Apr
1932-47
(First
)
48
36
14
Mar
Low21%
35%May
Container Corp cl A-_20 15,700 33 May 17
Claw
-------_-_
__
__-_
*19,300 16%May 18 18%MaY 14 1034 Mar 1931 Apr
Class B
------_--_
-___
____
Total sales in $1,000 units—
% May I% May
%May 17 1%May 14
Continental Can rights_ _ 6,
102
102..,
bondrigh
101.841
101....
%
4%
Mar
101....
Converted
101%
Jan
16
963-4
100101 May 16 101 May
Crown W'mette 1st Pf-*
101..n 101"as 10111as 101",, 101'.,,
of 1932-47 (First 4%8) Low30 115 May 14 115%May 15 11231 Feb 11634 Mar
Cushman's Sons pt 8%.
21
101 81 101"., 1012.s, 1011011 101"..
Close
Apr
May 60
Cutler-Hammer Mfg 10 6,600 57%May 14 5934May 16 56
21
152
61
9
13
Total sales is $1,000 units__
50 27 May 15 28%May 14 2631 Apr 2834 May
Dc Beers Cons Mines_ _ _
---- ---------_
Second converted 4iiTigh
Debenham Securities 5.* 3,200 4534May 17 46 h May 14 4534 May 4934 Apr
(First
Low1932-47
of
------bonds
--------May
80
99%
14
Mar
*26,900 94 h May 17 99%May
Drug Inc
Close
-------------Second 4345)
May 35
May
70 35 May 16 35 May 16 35
Dul Sup Trac pref._ _100
-- -----------___
Total sales in $1,000 units__
May
May 7
500 534May 14 7 May 14 4
Durham Silk Hosiery_50
1
1002
.2
as
100
,
100
at
LoanHigh
100
13
,
Liberty
Third
Jan
100'n
May
46%
30 35 May 16 40 May 15 35
100
Preferred
10013, 100'as 100,
as 100,32 100'n
ILow.
4%% bonds of 1928
Feb
50 1334May 17 15 May 14 13% May 19
Elk Horn Coal pref _50
1002.1 100,at 100,31 100,3s 100,32
Close
(Third 434,
)
• 900 6 May 15 934May 18 2% Apr 9% May
Emerson Brant class B*
79
16
29
63
379
Feb
Total sates in $1,000 units__
Jan 113
112%May 14 12%May 14 111
Franklin Simon pref_100
High TIOLT- 10221., 102"as 102"as 102,,n 102,as
Loan
Liberty
Fourth
May
55
Jan
37
16
May
55
18
51%May
800
B__•
Cl
El
&
Gas
General
10
1021,31
102,,
aa
Low_
102"as
102
1933-38—
n
of
bonds
Apr
Apr
102'31
434%
112
100 112 May 18 112 May 18 110
Gen Motors pref (6)A00
LClose DAY. 102"as 10224: 102"as 102"a 102'n
(Fourth 434a)
800 3434May 15 36%May 16 31% May 36% May
Graham-Paige Mot ctfs *
240
201
374
138
Total sales in $1.000 units__
359
Apr
110
70 108 May 18 108%May 18
Gulf States SU let of _10
115
114"as 1141,3g
{High
Treasury
---- 114,12
May
Aprl 33
100 2434May 17 29%May 14 2434 May
Hackensack Water pf _2
11422n 114"aa 114"aa
Low
-_-- 114
4;0. 1947-52
Feb
12 27 May 16 27%May 16 2534 Jan 28
25
Preferred A
114"at 114"as 114"3,
Close
---_ 114,
as
3434 Apr
Jones Bros Tea ctfs_ _ _ _• 3,100 3034May 14 34%May 18 29%
22
55
_
16
Total sales in 31.000 units___
11
36,000 20 May 14 24%May 16 1534 May 2434 May
Keith-Albee-Orpheum
110
____ 109,,n 109"as 1092n
(High
Mar
99
May
14
May
7534
89
18
May
1,700
86
1001
Preferred
110
_
Low
109"as 109"aa 109'n
48, 1944-19.54
•37,200 18%May 15 19%May 14 1534 Ma 2234 Apr
Kelvinator Corp
110
_.__ 1091121 109,032 109,31
Close
Apr
Feb 59
20 50%May 16 50%May 16 45
Kuppenholmer & Co5I
2
____
$1,000
in
126
units—
sales
Total
15
25
Mar
54
May
16
513-4
52%May
14
5134May
Lehigh Portland Cern -501 2,1
107',,
107... 1063.81 106",, 106"as 1061,at
High
(High
100 600110 May 14 110%May 18 10834 Ap 11034 May
Preferred
107,ag 106"at 106,131 106,,as 106,n
Low_
3s, 1946-1956
39
11034
14
Apr
M
108%May
9934
14
1063/May
1,600
•
Loew's preferred
1074as 106"at 10610a, 1061432 10013
.att
May 7231 May
McKeesport Tin Plate.* 30,900 6634 May 14 72%May 16 65
2
2
Total sales in $1,000 unUs___
16
10
May
30L109 May 16 109 May 16 10634 Apr 109
MacAnd & Forbes pf 100
{
101....
-___
High
102
101...,
1.2
101.
May
May
A
334
16
3%May
14
%May
Nat En & Stpg rights._ 19,5001
1002',, 101"s3
10122.2
____ 102
Low_
395s, 1943-1947
Jan
1701 35 May 14 35 May 14 33% Jan 45
Norwalk T Rub pf..100
101"as
---- 102
Close
1012411 101"11
Apr 11434 May
11 113%MaY 14 114 May 18 112
100
An
gl.
1
Outlet Co pref
wen.
11000
in
sales
•'•••
Total
Mar
May
it
234
%May 14
%May 14
3001
Pacific Gas 35 El rights_
Apr 3434 Mar
May 14 30
100
Pacific Mills
2001 30 May 14 30 May 16 115
May
table
Jan
includes
above
only
Note.—The
sales
of
12534
coupon
18 121 May 16 124
Pacific Tel & Tel pf _ _1 I
Mar
1 106 May 14 106 May 14 10331 Jan 115
Penick & Ford pref_ _100
Ap 5334 May bonds. Transactions in registered bonds were:
53%May 14 38
Phillips Jones Corp_ __ _• 2,3001 50%May 14
May
99
Apr
May 14 85
101.... to 101.1..1140 4th 4%s
12 1st 4%s
101.... to 10201..
100
701 94 May 16 05 May 15 4034 Feb 45
Preferred
Jan
10 43 May 15 43
3 3d 4%8
100... to 1001ln! 1 Treas 4%s
114.... to 114"..
Rand Mines
May
300 70 May 16 72 May 18 6134 Feb 78
Reis(Robt)&Co 1st pf100
Jan
Mar 114
20 112 May 17 112 May 17 101
Rem Typewr 2d pf__100
May
195
M
15
16534
May
194
20 183 May 16
Foreign Exchange.—
Reynolds Tob ''A"___25
May 13-4 May
17,3001 154May 18 1%MaY 17 134 Apr 236 May
Simmons Co rights
To-day's (Friday's) actual rates for sterling exchange were 4.87 11-16©
upi
2%May 14
7,2001 234May 14
Sou Calif Edison rights
for cheeks and 4.88 1-16©4.88 5-16 for cables. Commercial on
4.88
May
4234
May
39
42%May 16
Stand San Mfg Co_.22.8001 39 May 18 253.4May 14 19
Mar 2734 Apr banks, sight, 4.87 7-16©4.8731; sixty days, 4.83% ©4.8431; ninety days,
ay 18
United Paperboard_ _100
May
and documents for payment, 4.8V ©4.84 1-16; cotton
124
4.81%©4.825-4;
May
122
16
122%May
30 122%May 16
Unlv Leaf Tob pref_ -100
% and grain for payment, 4.87 .
Jan for payment, 4.87,
100 4 May116 4 May 16 334 Mar 6
100
II 8 Express
Apr
To-day's (Friday's) actual rates for Paris bankers francs were 3.93340
11434
Apr
10731
16
May
18111
110%May
110
Vs El & Pr pref (7)_ _100
for
Apr
short.
Amsterdam bankers' guilders were 40.30©40.34 for
4
,
3.933
10634
Apr
10010534May 17 105%May 17 10334
100
Preferred (6)
May short.
500 234May 15 3 May 16 I% Jan 3
1
Wells Fargo & Co
Exchange at Paris on London, 124.02 francs; week's range, 124.02 francs
high and 124.02 francs low.
Bank, Trust & InsurThe range for foreign exchange for the week follows:
ance Co.Stocks.
May
743
Feb
550
16
Sterling. Actual—
743 May
Cables.
Checks.
Bank of Commerce__100 2l0727 May 17
May High for the week
Feb 815
815 May 16 560
14
May
4.88
4.8834
750
870
Manhattan_100
Bank of
May Low for the week
Mar 53
4.88 1-16
4.87 11-16
50 745 May 15 750 May 15 600
Corn Exchange Bank 100
May
599
Jan
Paris Bankers' Francs—
230560 May 17585 May 15 410
Equit Tr Co of N Y_100
May High for the week
Jan 980
3.93%
3.93%
190935 May 18 980 May 16 642
National Park Bank.100
Low for the week
3.93 9-16
3.93 3-16
Amsterdam
Bankers'
Guilders—
value.
*No par
High for the week
40.38%
40.36
40.33
Low for the week
40.30
Germany Bankers' Marks—
High for the week
23.933,4
23.93
New York City Realty and Surety Companies.
23.92
Low for the week
23.90
(AU Prices dollars per share.)
Alliance It'lty
Amer Surety.
Bond& M 0.Lawyars Mtge
Lawyers Title
&Guarantee
61
338
483
375
Ask
Mtge Bond—
88
345 N Y Title &
Mortgage..
493
385 II S Casualty-
410
430
Bid
195
Ask
205
705
425
715
sl
I Ask
Realty Ewa.
(Maya)corn 5330 5331
lst Pre-- 97
2d pref-._. 9434
Westchester
Title & 'Tr_ 626
The Curb Market.—The review of the Curb Market is
given this week on page 3076.
A complete record of Curb Market transactions for the
week will be found on page 3103.
Ca
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For sales during the week of stocks not recorded here, see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 12.
Monday,
May 14.
Tuesday,
May 15.
1
Wednesday,Thursday,
May 16.
May 17.
Friday,
May 18.
$ per share
per share
per share $ per share
per share $ per share
19412 19614 19518 19578 19418 19578 193 19478 19118 1934
107 1074 107 10714 10638 10718 1068 00634 10638 10678
*184 18614 18512 18734 187 188
184 184
182 18314
11614 11734 11618 11738 11518 11714 11434 116
11418 1154
*8212 8278 8278 8278 *8214 8234 *8214 824 *8214 8278
7514 75,4 7434 7434 *72
75
7114 7312 7114 73
11014 11012 114 114
113 113 *112 113 *112 113
7214 7312 71
72
6914 71
6838 7112 6812 70
94
94
93
9212 9212 9212 94
9312 *9212 94
2778 2812 2812 39
3134 3938 33
3512 33
44
*51
52
52
52
*52
54
*52
54
*52
54
219 221
21714 219
214 21814 21234 21514 211 21518
355 355
360 360 *351 360
302 352
350 350
20112 20234 19914 200
19818 19912 19634 19778 195 205
1234 1334
1212 1234
1118 1212 104 1138 104 1138
1818 181_
174 1778 1658 1738 1614 1638 1538 1638
46
4612 4578 4612 46
46
46
46
4534 46
*75
78
*7414 76
74
7414 7334 74
72
7312
1338 1418 1314 1334 13
1312 1218 1278
1218 13
2812 29
2838 29
28
2812 2612 2734 2658 2878
3717
3718 371
3718
37
373
3614 37
354 3612
4812 494 4814 49
4712 483
4714 4734 464 4712
0114 9217 92
9234 891z 917
8734 90
87
8912
•148 150 *148 150 •148 150
147 147 *145 150
11918 12078 11838 11978 117 11834 11614 11712 11618 1174
*11034 11112 *11012 111
11034 11034 111 111 *11034 11 114
*10412 10434 *10412 1043 104 10412 *104 10412 *104 10412
*120 125 *120 1231 •120 123 *120 123 *120 123
81
81 1 *81
84
81
81
*81
84
*81
84
*7612 79
*7612 79
*7612 79
*7612 79
*7612 79
7414 7434 74
74
73
7414 73
7378 73
7378
201 206
20512 208
205 210
20312 206
20314 21414
145 146
145 14534 145 146
142 145
1424 14434
6412 6412 6312 641
6312 64
63
6312 6138 63
438 44
412 412
438 44
414
414
*44 412
*818 814
84 812 *712 8
838 812 .712 812
61
6234 5778 614 061s 5912 57
5838 57
5918
5834 5978 574 584 174 5878 5718 0718 57
5734
58
58
*5418 5712 *54
5712 *54
57
*5334 57
10634 109
10712 1084 105 107
10412 105
10338 1047
102 10278 10314 10534 10234 10414 101 1013 10012 101,8
4
2238 23
2234 23
2212 2234 22
221
22
2214
5918 5934 584 5938 5678 59
5638 57
55
58,2
108 108 *10734 10812 *10712 10812 108 108
107 107
6418 68'2 644 66
26278 6418 62
631
63
63,4
091
93
91
91
90,4 9014 *9012 92, *9012 9234
146 147
Stock
145 146
1424 144121 142 14214 142 143,4
*143 150
147 147 *140 150 *13912 145 *135 145
Exchange
454 461
46
46
*4438 4576 *4438 4558 4512 451
8112 82
*76
8012 .76
80
*76
80
*76
80
Closed.
55
54
5112 51
5112 5284 50
5234 4918 521
5834 60
5734 5812 58
5912 5738 59
571g 59
Extra
*74
7634 *74
7634 7534 7638 •7312 7618 7432 76
10734 1084 108 10912 106 10878 10538 1074 10538 1083
4
Holiday. 158 158
157 157
15512 156
15312 15334 153 1531
*9112 95 .92
93
*9112 92
*9112 02
9214 94
5812 694 5614 58
5538 5634 5412 564 5418 56
638 738
712 712 *7
714
7
7
*7
714
*20
30
•20
28
*20
28
*20
28
*20
28
50
6112 5014 51,4 61
51
18
4934 504 50
50
•12
18
12
12
*11
18
*11
18
*11
18
*45
47
*44
47
4614 4614 4418 4418 •4414 46
8314 85
*8312 85
8534 8734 85
87
84
84
68
68
*6814 70
6812 70
6814 6814 *138
681
38
39
38
3838 3738 38
37
3712 31378 38
10534 106
10534 10534 10534 106
10512 10534 10518 1051
6434 6638 6338 6534 6114 65
6112 63
6014 64
12034 12238 120 122
11738 12138 11612 11878 115 11838
414
1
428 418
4
418
4
418
4
41
1884 18914 18638 18814 18418 187
18338 18512 181 18614
144 146 213934 140
13718 139
137 13918 136 14334
110 110 210812 10812 10834 10918 10834 109
109 109
325 325
299 325
295 300
293 299
290 295
6218 6312 6212 634 6214 6278 614 6234 6118 6238
11634 11634 11638 11638 11638 11634 1164 117
11638 1161
3578 344 36
3434 3538 34i 35
34
3618 3418 371
11
1112
934 1012
04 10
*934 1018 •934 10
*43
46
*43
46
40
44
40
40
43
43
19312 19312 19214 19312 19134 19234 189 19014 189 1913
*88
DO
.88
90
*86
90
.86
89
•86
89
104 10434 10412 10512 10314 105
10134 10278 10112 1027
100 10138 10012 10114 100 10134 9834 9912 98
9938
1912 1912 2012 22
23
23
2234 2234 *21
23
6734 6818 6738 6778 674 6778 6634 674 6614 6718
*31
38
*30
36
*30
35
*30
36
35
3512
14178 142
141 14238 140 14214 13334 140
140 146
9912 9912 *9912 10012 0934 9934 9934 093 *9934 100
98
98
*9712 9818 9712 9712 *1612 981 *9612 9812
15914
1554
1544 15712 153 15578 154 155
154
11678 11778 11634 118
11414 11738 11312 114(2 111 15678
*4418 4512 *4418 4512 *4312 4012 *4338 4512 *4312 11514
45,2
56
56
54
5534 53
5434 51
53
51
524
68
71
6912 7014 6914 71
60
69
70
12018 121
11918 12038 11738 11934 11712 11838 11738 1724
1812
10012 10034 101 101
111078 10078 *10034 10078 10034 1004
8938 91/8 8834 8978 8612 8812 86
8714 8512 8738
*91
*91
93
93
91
93
*91
93
*91
93
19
1938 1812 1812 1814 1812 1734 18
18
19
*25
27
*25
20
25
25
*24
25
25
25
12738 12834 12714 12812 12612 12712 12512 12638 125 126
16114 16278 16018 162
16018 163 I 16018 162
16014 163
101 101 *101 101381 10078 10114 10078 10072
101 101
137 13912 137 13978 135 135
138 139
134 137
4312 4178 4234 40
42
40
3812 40
3912 41
52
52
50
60
61
50
50
50
50
50
10214 10214 *10218 104 *10218 104 *10218 104 •10218 104
2034
2023
4
202
20212
1994 20134 19918 20038 19738 20034
8612 8612 8514 8632 8518 8514 8518 851* .8512 841
94
9114 9412 904 9314 90
0534 0318 95
16
101 101
101 10118 101 101
101 101
100 102
035 100
99
99
*95
97
*9712 100
99
9912
5234 544 5218 5312 494 5212 4938 515* 484 5278
03 I *50
03
53
61
63
51
*53
49
49
•BId ana sidled price., I Sx-dividend. a EX-div & el-rights.
Sales
for
the
Week.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Shares
Railroads.
Par
21,400 Atch Topeka & Santa Fe__100
100
2.000 Preferred
1,400 Atlantic Coast Line RR
100
100
20,200 Baltimore & Ohio
200 Preferred
100
50
1,000 Bangor & Arooetook
100
110 Preferred
32,600 Bkln-Manh Tree v t e_No par
600 Preferred v t o
No pat
81,800 Brunswick Term & Ry Sec_100
100
10 Buffalo & Susq pref
100
38,000 Canadian Pacinc
400 Central RR of New Jersey _100
15,900 Chesapeake & Ohlo
100
14,000 Chicago & Alton
100
26,000 Preferred
100
3.000 Chic & East Illinois RR
100
2,300 Preferred
100
11,800 Chicago Great Western_ .._100
7,400 Preferred
160
32.500 Chicago Milw St Paul & Pacific
20 400 Preferred new
27.700 Chicago de North Weatern_100
100 Preferred
100
11,700 Chicago Rock Isl & Pacific_ 100
300 7% preferred
100
300 6% preferred
100
____ Colorado & Southern
100
20 First preferred
100
Second preferred
100
4,001)
Consol RR of Cuba pref
100
25,400 Delaware & Hudson
100
4,700 Delaware Lack & Western_ 60
2,200 Deny & Rio Or West pref _100
700 Duluth So Shore & AtI
100
400 Preferred
100
29,900 Erie
100
5,900 Finn preferred
100
800 Second preferred
100
24,700 Great Northern preferred_100
11,700 Prof certificates
100
14,800 Iron Ore Properties_ _No par
5.500 Gulf Mobile & Northern_100
700 Preferred
100
12,300 Hudson & Manhattan.,. 100
300 Preferred
100
4,2001Illinois Central
100
200 Preferred
100
1,000 Int Rye of Cent America 100
100 Preferred
100
11,700 Interboro Rapid 'Fran v t 0_100
10,500 Kansas City Southern
100
500 Preferred
100
24,400 Lehigh Valley
50
1,800 Louisville & Nashville
100
90 Manhattan Elevated guar_100
17,000 Modified guaranty
100
1,600 Market Street Railway,.
100
Preferred
100
1,700 Prior preferred
100
100 Second preferred
100
600 Minn St Paul & S El Marie_100
1,200 Preferred
10
180 Leased lines
100
20,400 Mo-Kan-Texas RR____No pa
3,500 Preferred
100
83,800 Missouri Pacific
100
24.700 Preferred
100
5,900 Nat Rys of Mexico 20 pref_100
90,8001New York Central
100
6,500'N Y Chic & St Louis Co__ _100
1,3001 Preferred
100
5001 N Y &Harlem
613
34,600N Y Nit & Hartford
100
5,500 Preferred
29,400,N Y Ontario & Western_10C
3,4001N Y Railways pref ctis_No par
1,000,Norfolk Southern
100
5,700 Norfolk & Western
100
_
Preferred
100
15-,i001Northern Pacific
100
11,100, Certificates
100
500,Pacific Coast
100
25,500 Pennsylvania
60
400 Peoria & Eastern
101)
5,000 Pere Marquette
100
1,000 Prior preferred
100
800 Preferred
100
10,800 Pittsburgh & West Va
100
26,000 Reading
60
2,
_ is6.o
preferred
FirstcSecond preferred
50
3,000 Rutland RR pref
100
13,500 St Louis-San Francisco
100
1,000 Preferred A
100
14,700 St Louis Southwesteni
100
____
Preferred
100
3,100 Seaboard Air Lino
100
500 Preferred
100
18.800 Southern Pacific Co
100
15,000 Southern Railway
100
500 Preferred
100
5,600 Texas & Pacific
100
6.300 Third Avenue
100
1,000 Twin City Rapid Transit..100
10 Preferred
100
10,400 Union Pacific
100
2,300 Preferred
104
64,500 Wabash
100
6,200 Preferred A
100
400 Preferred B
100
37,800 Western Maryland
100
400 Second preferred
100
ao
$ per share
18238 Mar 2
10212 Jan 5
167 Mar 2
109 Feb 7
80 Feb 10
69 Jan 5
11014 Feb 20
5332 Jan 17
82 Jan 4
1412 Jan 5
4812N1ay 2
198 Feb 7
2974 Feb 17
185
:
9 FFeebb 20
538 Jan 30
778 Feb 20
37 Feb 28
6218 Feb 24
2012 Feb 20
2214 Mar
37 Mar 2
794 Feb 20
140 Feb 15
106 Feb 18
10614 Feb 9
100 Feb 24
106 Feb 21
75 Jan 14
7218 Jan 3
69 Apr 12
16314 Feb 10
129 Feb 20
5012 Feb 20
314 Apr 16
6 Feb 20
494 Feb 7
54 Feb 20
5212 Feb 17
9312 Feb 6
914 Feb 7
214 Apr 13
4514 Feb 7
1031IMar29
51 Jan 3
83 Jan 16
13134 Jan 11
13018 Jan 13
3612 Mar 16
6972 Jan 3
29 Jan 5
4914 Feb 7
70 Feb 8
8418 Feb 20
14514 Mar 9
75 Jan 9
40 Jan 10
(51s Apr 3
21 Aprn 17
45 Mar 27
12 May 10
42 Feb 8
76 Feb 7
67 Mar 20
3318 Feb 8
104 Apr 19
414 Feb 7
105 Feb 20
2 Feb 17
166 Feb 16
128 Jan 10
108 Feb 23
168 Jan 3
594 Jan 16
1134 Feb 29
24 Feb 20
514 Jan 24
40 May 16
17734 Mar 2
7912 Apr 26
9232 Feb 7
904 Feb 20
1912213y 14
63 Feb 9
25 Mar 12
12478 Feb 9
99 Jan 18
9512 Mar 6
12114 Feb 20
9414 Feb 7
4218 Mar 1
44 Jan 26
50 Feb 21
109 Feb 7
9912 Apr 5
6712 Feb 8
90 Apr 17
1132 Mar 3
1912 Mar 3
11738 Feb 7
13912 Feb 8
9812 Mar 14
9912 Jan 3
2818 Jan 10
44 Mar 23
10218 Apr 11
18512 Feb 6
83 Mar 13
51 Feb 18
8812 Feb 7
87 Feb 4
3134 Feb 8
$34 Feb 8
Highest
PER SHARE
Range for Precious
Year 1927.
Lowest
Highs.si
$ per share $ per share $ per glare
19718 Apr 27 16114 Jan 200 Aug
10812 Apr 9
9938 Jan 10628 Dee
19112May 7 17478 Apr 20512 Aug
11978 Apr 12 10612 Jan 125
Oct
85 Apr 4
7314 Jan 83 Juno
8414 Jan 11
44
Jan 1034 Ma:
115 Jan 10 1014 Jan 122 Jung
773456ay 3
63 Aug 7072 Jan
0532May 3
7818 Oct 88
J811
44 May 18
74 Oct 1938 Dew
5,i34 Apr 26
40
Apr .
.
513.12n2!
22334May 8
375 May 7 285
Jan 348 June
20514 Jan 6 15134 Jan 21812 Oct
1834May 2
434 Jan
104 June
264May 2
712 Jan
184 July
4814hlay 10
3012 Jan
51 July
7838May 4
43 Jan 8478 Oct
1638May 2
Jan 2212 May
2d
3218ay
-jj--4478 June
4012 Apr 26
21-8
92-3 Jan
1914 Dec
514 Apr 251
3712 Dec
9414May 1
974 Sept
150 May 2 12414 Jan 150
Oct
12238klay 10
6812 Jan 116 July
111 Apr 27 10214 Jan 11114 Dec
10412May 16
954 Jan 104 Nov
126 May 3
84
Jan 13734 July
85 Apr 10
70
Jan 78 Deo
85 May 9
68
Jan 75
Oct
7714May 8
85 Aug
77 May
226 Apr 26 17118 Jan 230 June
150 Apr 9 13018 Oct173 Mat
6534 Apr 28
414 Jan 6714June
8
,
8 Jan 5
258 Apr
778 Dec
912May 2
4 Mar 1114 Dee
6612 Jan 4
394 Jan 694 Sept
6372 Jan 7
5232 Jan 6614 Aug
62 Jan 6
Jan 6412 Aug
49
100 May 14
7938 Jan 10372 Sept
10534May 15
854 Mar 101 Sept
25 Jan 24
18 July 2814
6178klay 10
3512 Jan 764 July
109 May 1 105
Jan 11214 App
7312 Apr 24
4012 Jan 6578 May
9312 Apr 28
78
Jan 9012 May
14834h1ay 9 12118 Jan 1394 Oct
147 May 15 12078 Jan 140
Oct
474May 2
23
Apr 424 Oct
82 May 2
62
Apr 7414 Oct
62 May 3
3012 Aug5218 Feb
834 Jan 7
414 Jan
704 July
77 Apr 20
6472 Jan 7312 Dee
116 Apr 26
8812 Oct1374 June
16912hlay 10 1284 Jan 15918 Oct
98 May 4
784 Dec 90 Feb
64 May 3
414 Dec5472 Feb
712May 15
438 Nov.M7,82
17
2912ay 3
18
FebFe
254 June
5434May 4
4132 Feb 594 Aug
1618May 4
114 Oct
June
6232 Jan 6
Jan 5612 Dec
27
8734hlay 16
60
AM 881s Dec
7112 Jan 9
5814 Mar 71 Nov
4112 Jan 11
3112 Jan 664 June
109 Feb 3
9534 Jan 10912 Dee
6714May 11
3778 Jan 62 Apr
12338May 11
9018 Jan 1184 Nov
14 Aug
512 Apr 26
34 Oe
19112'May 10 13714 Jan 17112 Oct
146 May 11 0110 June 24012May
110 Jan 4 102 Mar 110 Dec
505 Apr 26 167 Dec 186 Apr
414 Jan 6314 Dee
6838May 2
117 May 3 11032 Oct 11438 Nov
2314 Jan 4134 Sept
39 May 2
432 Dec 1634 Jan
13 May 3
3718 Jan 6412 June
4912 Jan 11
Jan 202 Nov
197 May 9 156
83 June 90 July
89 Apr 28
Jan 1024 Dec
10512hlay 15
78
10134May 16
84 July 9972 Del
1514 Feb 314 Dec
26 Jan 12
Oct
7212 Apr 27
6634 Jan 68
20
Jan CA July
37 May 1
146 Apr 11 1144 Jan 140', May
10134Mar 28
93 Jan 9914 Dec
10034 Mar 30
894 Jan 9712 Dec
161 Apr 9 12212 Jan 174 May
Jan 12334 June
11938May 10
94
404 Jan 4312 Dec
46 Apr 9
5978May 1
434 Jan 50 Feb
7214May IS
43 Jan 89 May
122 Mar 23 1004 Jan 11714 June
Jan 104 July
96
102 Jan 4
Jan 93 ItIne
9138hlay 14
61
7672 Jan 944 Dee
98 Jan 3
281s Mar 6114 Feb
3012 Jan 3
3212 Apr 454 July
38 Jan 3
13114hlay 9 10614 Jan 12672 Dee
Jan 149 Dec
165 Slay 7 119
94 Mar 10118 Dec
10214 Jan 17
5378 Jrill 1034 NOV
145 Apt 27
4618klay 3
2814 Aug 41
Feb
56 May 8
45 Nov 6514 Feb
107 Feb 10
Apr 106 May
99
20434May 9 15912 Jan 1974 Dec
8714 Jan 20
77 Mar 8514 De,
96 May 18
4012 Jan
81 June
102 May 18
76
Jan 101 Jun.
9912May 18
65
Jan 98 RICO
5434May 10
134 Jan 8772 Jun
64781day 10
23
Ji111
8711 JUM2
is.pt
3088
New Yon( Stock Record-Continued-Page Z
For sales during the week of stocks not recorded here, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT,
Saturday.
May 12.
Monday, I Tuesdait,
May 14.
May 15.
Wednesday, Thursday.
May 17.
May 16.
Friday,
May 18.
Sales
for
the
Week.
PER SHARE
Baste Since Jan. 1.
Os basis of 100-share lots
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
I Per share 3 Per share I $ per share $ per share $ per share $ Per share Shares
3414 2,800 Western Pacific new
35
35121 3512 3578 3414 34% 35
3538 34
6018 1,100 Preferred new
6138 61% 615 6112 6058 6058 604 6012 60
100
100
Highest
PER SHARI
Rasps for Prestos*
Year 1927
Lowest
Highest
per share
$ per share $ per share $ per share
25% Apr 4712 June
28le Feb 7 374 Jan 13
55 Apr 7638 Feb
574 Feb 9 624 Jan 6
113dt:stria! & Miscellaneous.
16,200 Abitibi Pow&Papor new No per
1,600 Abraham A Straus
No par
60 Preferred
100
2,700 Adam. Exprom
100
1,000 Preferred
100
11,400 Advance Rumely
100
100
3,300 Advance Rumely pref
57,600 Ahumada Lead
1
17,000•ir Reduction, Joe newNo par
21,200 Ajax Rubber, Ins
No par
8,900 Alaska Juneau Gold Min_ 10
8.200 Albany Pert Wrap Pap_No par
------ Preferred
100
Allied Chemical & Dye_No par
71,110
1653
4
16914
16613
1703
4
16754 17234 167 17312
166% 168
300 Allied Chemical A Dye pref _100
12312 12312 *123 12412 *122 12412
123 123 *12312 124
100
12478 1264 12434 12434 12413 12514 3,200 Allls-Chalmers Mfg
125 12712 126 126
1414 1414 *1414 1434 1414 1453 1353 1418 1334 1438 2,800 Amalgamated Leather_No pa
800 Preferred
82
8113 82
844 82
89
83
*83
85
*85
361
No par
3458 361s 3458 3518 344 3534 30,600 Amerada Corp
3538 36% 36
1812 1934 1913 213* 12,500 Amer Agricultural Chem_ _100
1834 1918 1834 1912 1812 19
713 10,100 Preferred
100
6838 67
6518 67
66
664 67
6618 67
9,900 Amer Bank Note
125 130
10
118 126
141 149
130 13912 120 124
200 Preferred
62
62
6434
50
6212 6212 62
64
65
6434 65 •
1558 1534 •1534 1612 *1634 1812 153* 153* 1513 1513 6,100 American Beet Sugar_No Par
1,200 Profane]
*434 49
45
45
100
*43
47
4318 43% *4212 49
2914 3018 49,700 Amer Bosch Magneto ..NoPar
2934 3014 2914 3014 2918 3112 2918 297
4418 4,310 Am Brake Shoe*1newN• per
444 44
4414 4478 44
4414 4538 4414 45
Preferred
100
*125 128 *125 128 *12514 128 *12514 128 *12514 128
2184 20
22
2012 19
203* 22 104,700 Amer Br wn Doyen El-No per
18
1712 18
740 Profaned
65
100
61
6014 6112 6014 63
6138 6278 61% 64
9378 9014 9234 8914 924 884 92 237,700 American Can
25
9312 9538 93
14512 1454 14512 14512 •14514 14512 *14514 14512 1.300 Preferred
100
146 146
2,100 American Car & Fdy---No par
10312 104
10512 106% 1054 10612 105 10534 10312 104
138 136
136% 13613
300 Preferred_
100
13514 13514 *13514 137 *136 137
400 American Chain prof
101 101 *101 105
100
10112 10112 10178 10178 101 101
8614 84% 84% 4,100 American Chicle
No pat
86
8714 85
8712 89% 8714 88
120 Prior preferred
110 110
No par
____ *111 113 *111 113 *111 113
*111
Stock
32,100 Amer Druggists Syndicate_ 10
1234 13
1234 1338 127 1314 1234 1314 1234 13
2,600 Amer Encaustto Tiling.No per
6938 6934 68% 69
70
6812 70
71
69
71
Exchange
18613 18458 2,000 American Express
100
190 19014 18934 18934 187 188 *186 189
3412 3534 17,500 Amer A Fora Powsr_No pa
3678 35% 357
37
3812 3618 3734 36
Closed.
700 Preferred
No pa
10914 10914 10914 10914 1091z 10958 109% 10934 *10912 10934
92
9218 2,700 2d preferred
No pa
931s 9212 93
9378 93% 9314 9314 93
Extra
300 American Rids A Leather..100
1238 123*
•1212 123
*1212 13
1312 1312 *1234 13
53
1,200
Preferred
534
53
100
53
57
*53
54
54
661 5712
Holiday.
9,200 Amer Home Products _No per
6713 6834 67% 68
683* 697
6834 70
36912 70
38
3913 373* 387 21,600 American foe New
No par
3614 4013 3934 40
391 40
600 Preferred
98
*9712 9958
100
98
9712 9712 98
99
98
99
113 12134 23,400 Amer Internal Corp-__No per
10318 11112 10734 11912 10814 125
9633 103
7
8,700
Amer
La
France
&
6%
Foamite
7
74
10
7
3
8
7
7
3
8
784
718
74
*68
70
Preferred
70
100
*68
*68
70
70
70
*68
*68
83,400 American Lizweed
100
9712 9812 9738 10338 9858 10634 9918 10578 10011 105
1,100 Preferred
*109
100
10838 1083*
108 10812 10734 110
105/
1
4 106% 5,400 American L000motIve_NO per
107 10714 106% 107
108 108
10838 109
Preferred
100
12412 127 *12412 127
*125 128 *125 128 *124% 128
161 161
500 Amer Machine* Fdy--No per
161 165
16514 16514 165 165
*165 170
10 Preferred ex-warrants
11514 11514 *115 117
*115 117 *11514 117 *11514 117
11,500 Amer Metal Co 1.14.--NO per
45
47
4612 47
4612 4814 x4712 4838 4634 477
400 Preferred (6)
100
116 116
117 11712 *11713 118 *115 117 *115 117
500 American Plano
18
18
17
No par
17
18
17
17
1713 1718 *17
Preferred
67
160
100
*65
65
65
65
65
6518
6814 65
*65
8834 49,900 Am Power & Light_ _ _ _No par
89/
1
4 86
39158 9334 8858 9213 85
9314 95
10,700 American Radiator
25
142 143% 141 143
14613 14734 14612 14714 1431 146
1,800 Amer Ftallway Express_
123 124
100
125 12514 125 127
*126 130 *12512 128
19,400 American Republice___No par
8114 754 80
8112 79
7533 7773 7314 77
79
62
6212 4,700 American Salty Resor_No par
64
6258 64
6278 63
6438 63
62
7,300 AmSeatlngvtc
4012 41
No par
44
4438 42
43
4114 417
44
45
514
512
1,900 Amer Ship & Comm__ _No par
5
5
518 553
514 5%
Ws 54
60 American Shipbuilding_ .....100
103 103 *103 104
*103 104 *103 104 *103 104
192 200i2 196 19938 19214 19714 19058 1933 18934 19278 109,400 Amer Smelting ,k Refining.100
139 139
1,000 Preferred
100
140 140
13912 13912 139 139
13978 140
1,500 American Snuff
100
17112 17134 170 17134 170 17034 167 167
*171 172
116 116
130 Preferred
100
116 116
116 116
*116 120 *116
62
60% 6134 14,600 Amer Steel Foundries-No Par
637
61
63
637
6253 6312 62
70 Preferred
100
11213 113
11313 11312 113 113
11314 11314 •11314 11313
100
7134 7338 7114 737
72
721 73
73% 7212 744 23,700 Amer Sugar Refining
100
10958 109% 10978 10278 110 110
600 Preferred
*109 110 *109 110
No par
55
5538 57
55
56
55
544 5514 5313 5412 5,300 AmSumTobvtc
27
2734 28
1,000 Amer Telegraph & Cable...100
27
2734 2734 2772 2753 2778 *26
100
186 19738 19578 19713 1944 197
197' 211
203% 20712 92,300 Amer Telep & Teleg
162 162
15814 16178 158 15914 157 1574 15618 158
3,500 American Tobacco corn.--50
ao
1612 1634 15814 1607 15712 15934 157 15734 15618 15713 11,500 Common Class B
7813
77
7814 79
8012 83
8034 83
79 • 81
106 106 *106 10814 105 106
10614 1077k 1064 109
*11114 ____ 11114 11114 11114 11114 *111 11114 *111 11114
316 31934 *320 329
319 330
335 342
335 338
9878 *98
98%
9858 985 *97
98
9858 987
98
3512 3612 3334 37
3514 3612 354 3612 3512 37
55
5573 56
551z
557 57
57
5512 57 I 56
413 4%
512
412 478
5
434 514
434 512
72
733e 71
6613 76
7218 7378 724 734 72
94 934
914 934
9% 934
934 10
934 10 I
3% 4
4
414
4
44
4
4141
37
418
2878 2934 2918 2934 2812 2934 284 29%
2838 287
200 Preferred
100
12312 1234 *120 124
124 121 *121 124
*120 124
4,200 American Type Founders_ _100
1184 1184 118 119
11814 12434 12234 12334 *119 122
100
140 Preferred
111 111
110 111
111 112
111 111 *111 112
13,200 Am Wtr WU & Elo newNo par
6734 65
6612 6418 6573 6213 6414 6213 64
66
100 let preferred
*10412 10434 105 105 *105 10518 *105 105% 105 10518
100
2238 2258 224 222 4,600 American Woolen
2258 2278 228 2234 2258 227
100
700 Preferred
523* 523*
534 *524 53
5414 5414 537 537 *53
15
1518 14% 1434 5,300 Am Writing Paper atfe_NO Par
13% 1378 137 1412 1434 15
4
,
4012
Preferred
certificates_100
1,300
40
*41
43
423
4
423
4
43
40
3
4
*4012 43
3234 2718 2£18 2734 2938 102,400 Amer Zino, Lead & Smelt- 25
244 2514 2534 3214 27
25
12,300 Preferred
94% 8818 95
8618 9134 873* 89
87% 8814 89
73% 6913 7158 6814 70% 18,300 Anaconda Copper Mining-50
7112 7312 7258 74% 71
774 7934 15,400 Archer. Danl., Mitild_No par
7712 81
90
9214 8014 8814 75% 82
115 115
100
114 114
120 Preferred
115 11513 115 115 *114 115
937s 94
2,100 Armour & Co(Del) prat_ _100
94
94
9418 *9334 937
94
9418 94
1612
16
1612
16
1612
55,200
Armour
of
Illinois
Clam
A__25
16%
8
1714
17
7
1634
03,100 Class B
25
1234 1112 1212 114 1134 114 12
12
1314 12
100
85
8578 85% 854 8434 8533 8412 844 844 848g 5,900 Preferred
4612 4613 3,500 Arnold Constable Corp_No par
44
4413 43% 4412 4414 4412 444 45
5
3,200 Art Metal Construetion---10
334 3338 33
33% 3334 3314 3334 33% 33% 33
4013 4058 2,300 Artioom Corp
4113 4134 *41
4234 4014 41
No par
4138 42
Preferred
10834 110 *10834 110
100
10712 110
10713 110
*10914 110
5
44
44
8,800 Assoc Dry Goods
4413 447
45% 4434 45
No par
45% 4614 45
100 lit preferred
110 112
112 112 *110 112
100
110 112
*110 112
200 2d preferred
115 117 *114 117 •114 117 *114 117
100
116 117
440 Associated 011
44
4438 434 4313 433* 4358
25
4313 4312 4312 44
5412 567 29,600 At'0 & W 1 58 Llne-No pot
5212 54
5318 59
5234 5473 5212 54
538k 53
54
63
5478 53
12,400 Preferred
5338 51
100
5312 52
100
13012 13312 13013 13158 12938 13114 1263* 12778 12434 12758 24,200 Atlantic Refining
300 Preferred
11712 11712 11773 11778 •11712 118 *11713 118 *11712 118
100
8212 83
500 Atlas Powder
8213 8212 8214 8214
8312 8312 *83
-No pat
85
109 109
150 Preferred
109 109
109 109/
100
1
4 *109 110
*109 111
1438 143s 14
14
132 138
1,000 Atlas Tack
14
1412 14
*14
No par
7% 614
8
7322 83
, 75
73* 814 37,500 Austin. Nichols&Co vtoNo pat
812 914
34
34
34
*29
2934 *30
600 Preferred
36
37
36
38
100
68
68
69
400 Austrian Credit Anstalt
694 6912 6938 6938 69
*694 71
1378 1413 137 1438 1418 1438 1314 134 1314 134 11,700 Autosaies Corp
No par
35
344 34
900 Preferred
34 3 41 *3412 3513 344 3438 *34
50
4913 2,700 Autoetr Sat Rasor A.. No par
4914 5034 49% 49% *49
49% i 034 497 50
25712 2574 •25713 265
900 Baldwin Locomotive Wka..100
25712 260
26334 26334 *2574 262
Preferred
122 124 *12212 12412 *122 125 *122 125
*122 124
100
100 Bamberger(L) A Co pref _ _100
10834 10884 *108 110 •108 110 *108 110
*10834 110
3112 32
3111 3112
500 Barnett Leather
33
*32
32
No par
32
35
*32
25
254 2434 2514 2412 2478 2414 2412 2414 2412 18,000 Barnsdall Corp clam A
25
25
24
•24
100 Class B
24
25
25
*24
25
*24
2512 *24
eaitand asked Dolan no sales on Oda day. o Ex-alvidond. I Ex-elyhta
85 Apr 62
11112 Apr 13
113 Jan 10
378 Apr 27
991/Mar 28
4238 Apr 26
6434 Apr 26
534 Mar 20
7478May 7
1438 Jan 24
478 Apr 27
3114 Jan 26
11134 Mar 14
17312May 16
12738May 4
12934 Apr 27
16% Apr 19
90 Apr 19
2834 Mar 31
2178 Jan 9
7478 Apr 5
159 May 9
6578 Jan 3
1712 Jan 11
45 May 18
3412May 8
4918 Jan 27
127 Mar 20
22 May 17
65 May 4
9538May 14
147 Apr 30
1114 Jan 3
13712 Mar 31
102 Apr 23
8934May 11
107 Jan 5 11214May 8
11 Feb 18 1512 Apr 10
53 Jan 4 75 Apr 25
169 Jan 10 197 Apr 28
2258 Feb 28 3878May 1
10514 Mar 16 10978May 8
81 Feb 24 9634 Apr 27
1034 Jan 3 1558 Feb 1
5034 Apr 23 6738 Feb 1
59 Feb 18 7138May 2
28 Jan 10 41 Apr 27
90 Jan 7 9912May 9
71 Jan 6 125 May 17
514 Jan 12
778May 7
58 Jan 10 74 Mar 27
Bess Jan 13 11134 Mar 11
864 Jan 13 110 May 15
10412 Apr 23 115 Jan 31
1254 Jan 26 184 Mar 24
15214 Feb 24 180 Mar 26
11112Mar 1 116 Jan 13
89 Mar 13 4918May 3
112 Apr 2 11712May 14
17 May 16 25 Feb 7
5914 Apr 16 90 Jan 3
624 Jan 11 95 May 14
13018 Jan 18 15234 Mar 30
11012 Jan 4 138% Feb 21
5114 Feb 7 85 Apr 12
56 Jan 10 6614 Apr 10
3858 Feb 18 45 May 14
3% Jan 8
6 May 7
100 Apr 19 119 Jan 6
169 Feb 27 20012May 14
131% Jan 9 142 Apr 20
141 Jan 5 17413 Apr 13
102 Jan 5 116 May 16
53% Feb 18 7038 Jan 11
112 Mar 27 120 Feb 29
55 Feb 18 7814 Jan 12
100 Feb 17 1104 Jan 28
4758 Feb 27 6212 Jan 7
25 Mar 2 32 Jan 17
17613 Feb 20 211 May 17
15318 Apr 24 176 Jan 3
15418 Apr 24 177 Jan 3
117% Mar 19 126 Apr 20
11538 Feb 10 12614 Jan 3
10758 Jan 7 115 Mar 31
5213 Feb 27 7034May 4
10113 Jan 10 106 Apr 13
204 Jan 3 2434 Feb 14
CA, Jan 3 6214 Feb 14
13 Mar 29 194 Feb 9
40 May 16 4834 Mar 1
638 Jan 10 3234May 16
40 Jan 16 98 April
54 Jan 18 7438May 15
5514 Feb 20 97 May 0
11234 Feb 20 11514 Mar 16
8632 Jan 3 9412May 7
1114 Jan 16 18 May 11
658 Jan 10 1312May 11
6718 Jan 12 86 May 4
41 Mar 14 5134 Apr 2
254 Jan 10 3434 Apr 19
3912May 8 44% Mar 30
1094 Mar 6 114 Mar 19
4114 Mal 1 4834 Jan 23
108 Feb 18 11378 Apr 3
112 Jan 3 11912 Jan 27
3712 Feb 18 4612May 2
374 Feb 18 59 May 17
38 Feb 27 56 Mar 12
95k Feb 9 13978May 1
11513 Apr 18 11814 Jan 8
63 Jan 3 101 Mar 23
1024 Jan 20 110 May 9
814 Jan 5 1678 Feb 3
4rs Jan 3
914May 14
26 Jan 5 39 Jan 21
69 May 17 75 May
613 Jan 18 1434May
30 Jan 26 3738 Feb
4318 Jan 10 5213May
242 Feb 10 285 Mar 31
118 Feb 23 124% Apr 1
1084 Apr 25 1114 Jan 5
2553 Apr 13 521g Feb 1
2114 Mar 30 267* Apr 30
22 Feb 14 2714 Apr 30
72 Feb 20
95 Feb 21
11012 Mar 8
195 Jan 4
93 Jan 16
114 Feb 8
344 Jan 17
234 Jan 17
8012 Apr 10
914May 17
1 Jan 1
23 Mar 15
9812 Jan 17
146 Feb 18
122 Mar 17
11518 Feb 18
1113 Jan 3
69 Mar 2
2714 Feb 20
15% Feb 20
55% Feb 20
74% Jan 17
61 Feb 10
1478 Feb 15
38 Feb 17
15
.
3 Feb 18
A134 Mar 5
12418 Jan 4
103* Apr 27
404 Apr 27
701e Jan 18
13634 Jan 10
103 Apr 24
13058 Feb 20
994 Mar 7
69 Jan 12
Wit; Wit
109 Aug
Jan
124
9434 Nov
738 Oct
2218 Oct
234 June
_
June
1 June
18 Apr
90 June
181
Jan
120 Mar
88 Jan
1138 Nov
68 Dec
2788 Apr
8% Apr
2814 Apr
41
Jan
Jan
1518 Oct
35 Dec
13 Jan
3513 May
11714 Feb
54 Aug
40 Aug
4338 Mar
Jan
126
95 July
12434 Oct
984 Deo
36 Jan
Ws
5813
90
9%
38%
127
1873
864
Jan
Apr
Aug
Jan
Feb
Feb
iiZ
Nov18
3*
11312 Feb
210 Nov
9618 Dee
1534 Feb
4534 Nov
618 Sept
13' Mar
214 Feb
32 Sept
102 Sept
16914
Bre
124 Aug
11834 Dec
2412 Feb
108 Feb
3738 Feb
2112 Dec
7234 Dec
98 Nov
65 Sept
VA Mar
604 Jan
2634 Got
48 July
128 Mar
36% Jan
98 Feb
77% Dee
14134 Dec
111 Dec
13434 June
103 Sept
7434 Nov
110 Dec
1512 Nov
5712 Nov
183 Nov
31 Dec
10934 Dec
117;
-AP;
008
48 Mar 6672 July
3038 Jan 71 Nov
2534 Oct 32 Aug
84
Jan 9612 May
37 Mar 7238 Dec
4 June
10
Jan
5018 Dec 9018 Jan
2018 Apr 7212 Nov
46% Mar 9212 Nov
9914 Oct 116 May
11913 Feb 127 July
7314 Jan 18812 Deo
-81S-12 Nov
_2012 Deo
84 Nov
54 Jan
11012 Jan
874 Apr
3518 Jan
42 July
3878 Oct
212 Oot
80
Jan
13238 Jan
11914 Mar
11918 Jan
9412 Jan
414 Apr
11014 July
6514 Nov
104 Nov
4113 Jan
26 Apr
14914 Jan
120 Jan
11914 Jan
11018 Jan
11978 Nov
10714 Feb
,I13 Aug
9978 Oct
1612 June
‘678 June
978 May
2514 Apr
534 Sept
35
Oct
4114 June
88 Mar
Jan
106
Got
79
814 May
5 Dec
60 Apr
21 Apr
22
Jan
4034 Dec
1094 Nov
3912 Feb
9712 Mar
105 Mar
Oct
35
3058 Mar
2934 Mar
104 Dec
104 Feb
584 Mar
Jan
98
714 June
414 Mar
2313 Dee
7214 Dec
438 Ma
28 May
43 Nov
14318 Jan
116
Jar,
106114 Mar
Jan
AO
2034 Oct
204 Oct
lisi
Deo
4314 Atm
11014 Mar
7338 Oct
14772 Sept
11614 Nov
8212 Gee
6472 Nov
61 July
634 Jan
12314 Nov
18834 Deo
133 Dec
14634 Nov
10612 Oct
7234 Deo
115 Jan
9584 May
1164 May
8834 0111
8614 Aug
18512 002
189 Nov
186 Now
120 Deo
146 Feb
116 Sept
724 Sept
10312 Deo
33% Jan
8612 Jan
244 Oot
5714 Aug
1014 Feb
5114 Feb
604 Dee
63 Dec
1134 Dec
964 Feb
1578 Jan
914 Jan
864 Jan
554 Nov
82 June
5434 Jan
1144 Nov
5332 NOV
112 Dec
114 Dec
5014 Feb
4312 Nov
6138 Nov
13118 Aug
119 Aug
70 June
107 July
1218 Apr
1014 Jan
61
Jan
8034 Nov
11 Dee
4214 Dee
4678 Nov
26534 Sept
1254 July
11078 Dee
5978 Feb
3612 Feb
2912 Feb
New York Stock Record-Continued-Page 3
3089
For sales during the week of stocks not recorded here, see third page preceding
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 12.
prr share
Monday,
May 14.
Tuesday,
May 15.
Wednesday, Thursday,
May 17.
May 16.
STOCKS
NEW YORK STOCK
EXCHANGE
per share $ per share Shares Indus. & Miscel.(Con.) Par
per share S per share'
S per share
124 124 •123 124
124 124 •122 127
124 124
No vat
300 Hayek Cigars. Ina
107% 10814 *10714 10812 *10714 10812 •10714 10814 •10714 10312
100
40 net preferred
1712 1814 1714 1772 16% 17% 1614 16% 16
16% 25,800 Beaeon Oil
Ns per
77% 7812 7712 77,2 7734 78
7833 7972 78
79
20
3,400 Beech Not Peeking
1812 1834 1813 1813 18% 1834
1812 1834
1833 1872 2,700 Belding Hem'way Co__No par
9212 92
01
9212 9112 9112 9112 9234 9012 901 2 3,900 Belgian Nat Rys part pref.__ _
68
69
6914 6814 6873 68
6734 6818 6734 6712 7,200 Beet & CO
No par
6112 6214 6114 6218 61% 6578 6153 6373 6114 634 133,100 Bethlehem Steel Corp
100
121 123
122
,
*122 123
4 123
121 122
121 121
2,000 Beth Steel Corp pf (7%) _100
38
37
3612 36,2 *364 3613 3612 37
37
33
600 Bloomingdale Broe___ _No par
11012 11013 11012 11012 *11012 111
11012 1101 *11013 111
100
60 Preferred
9613 9612 96
96,
3 97
96% 08
9612 90
420 Blumenthal & Co pref
91
100
7212 7014 703 70% 7014 3,100 Bon Aml, class A
6914 6912 69% 70
70
No Far
6
712
7
774
7
VS 734
No par
734
61 3 714 29,500 Booth Fisheries
4614 464 .39
•39
48
46
*39
46
*39
100
200 let preferred
46
16712 170 r167 16814 165% 16612 16312 165
!1631 2 5,600 Borden Co
1611
50
•1812 1912 *1812 1912 •1812 1912 *1812 111 *1813 1912
Botany Coes Mills class A 50
30% 31,
3 3014 31,4 2934 3072 2934 3033 2912 3012 49,700 Briggs Manufacturing-No Per
3% 334 2312 314
334 414
4
4
100
3% 334 1,600 British Empire Steel
*612 712
614 7
714 7%
7
*614
7
7
100
800 29 preferred
26212 265
26134 26412 258 261
252 25634 24912 25334 16,000 Brooklyn Edison. Inc
100
*163 156 *150 156
153 153
153 15313 150 150
Na per
1,900 Bklyn Union Gas
51314 503 5033 517
5134 5178 51
51
495* 5013 6,500 Brown Shoe Inc
No par
4914 5114 49% 5072 4634 5132 4534 4773 4512 4734 107,600 Brunew-Balke-Collan'r_No par
4712 4834 4534 481
4412 46% 4134 4514 4113 4312 52,700 Bucyrue-Erie Co
10
5333 548 51
5333 4934 5133 5014 5273 77.200 Preferred
10
5334 51
111 115
115 115
11512 11632 11634 11678 117 11934 4,400 Burns Bros new elAeomNo par
31
32
32
29
31
3134 3234 29
3038 3138 7,800 New class B eom __ _No per
10334 10573 10418 105
10414 1047 10472 10534 *10412 1051
100
500 Preferred
*158 160 *158 159
158 158
158 15818 •158 161
600 Burroughs Add Math _ _No par
60
60% 6033 62
5912 62
5912 5934 5918 5914 5,300 Bush Termlna, new__ _No par
11273 113
113 113
11434 1147 11314 11434 11314 11314
100
340 Debenture
11812 11814 118 118
118 1181 117 11712 116 116
100
150 Bush Term Bldgs, pref
578 612
612 64
6% 67
5
612 64
23,000 Bette Copper & Zinc
653 7
6212 6612 6473 6712 60
65
5912 62
100
583 60,
4 39,000 Butterick Co
1034 1072 1053 11
11
1214 1178 1312 1312 15
10
58,300 Butte & Superior Mining
74
7478 75
7534 7613 79
77% 80
79
80
9,800 B7-Products Coke
No par
10112 10412 105 10714 102% 10613 10034 10334 10033 103
22,500 Byers & Co (A M)
No pa
11078 111 *11034 111
111 111 *111
____ 111 18 11118
100
250 Preferred
7614 767
7618 7678 75% 76% 7532 76% 7514 758 14,300 California Packing.... _No pa
3112 3212 3134 3252 3134 32
3113 3214 *3112 3214 9,900 California Petroleum
25
333 4
37
412
4
4%
4
438
10
4
414 45,500 Callahan Zino-Lead
103 10778 10632 1095g 10212 10738 102 10434
2353 2412 2452 2472 2313 24% 2314 23%
7812 8014 78
79
75
7712 74
791
295 297
295 29884 295 295
292 302
Closed. *122 134 *122 134 *122 124 *122 134
3434 35
3412 3518 3313 34% 3333 37
1312 16
Extra
16
1652 15
1678 14% 15%
•8034 84
84
92
88
88
85% 851
Holiday.
68
7072 70
72
68
72
6813 693
5218 5712 5032 5212 5018 5173 50% 521
Stock
Exchange
Friday,
May 18.
Sales
for
She
Week.
10114 10412
2314 24%
75% 77
29712 304
130 130
36% 37%
1414 15
•85% 85,2
681, 70
5112 5213
1
35,200 Calumet Anions Mining
51,600 Calumet & Heels
2
42,200 Canada Dry Ginger AWN:ea
10
8,700 Came Thresh Machine
100 Case Tbresh Mach prat __ 10
79,700 Central Alloy Steel ____No pa
13,100 Century Ribbon Mills_ _No pa
10
550 Preferred
58,300 Cerro de Paso Copper_No pa
64,400 Certain-Teed Products_No pa
10
let preferred
--.
72- -fit; -ills -71-1-8 71 - 73
;ii- 73
No pa
700 Certo Corp
1132 12%
1212 1313 11
1312 1114 1214
1112 1212 99,700 ChandlerClevelandMotNo pa
24
2514 2414 2538 21
2434 2012 21,
4 2012 2134 52,000 Preferred
No pa
78
79
7714 7834 751 77
74% 7612 75
7914 16,200 Chesapeake Corp
No pa
13114 13313 132 133
133 133
132% 13234 132 132
2,300 Chicago Pneumatic Tool__100
34
3
35
3312 3312 *34
31 4 *3312 34,
4 3314 33%
260 Chicago Yellow Cab_ No par
4812 49% 478 49
47
4812 47
4812 4712 48,4 11.300 Childs Co
No par
4213 4312 4312 4414 4234 4434 4233 4318 4214 4278 86,100 Chile Copper
25
99 100
*95
99
101 10978 103 103
*88 100
1,600 Christie-Brown tern ctisNo par
7814 8114 7934 8112 764 8013 7514 77% 75% 80 459,800 Chrysler Corp
No Dar
11614 11653 11612 11653 11512 1157 11612 11612 116 116
1,200 Preferred
No par
5334 ____
*53% ____ *53133 55
*53% 5412
100 City Store* class A
No par
8812 89,
4 88
89
8853 8852 88
88
87
87
1,200 Class B
No par
95
96
94
9312 8934 02
9533 91
91
92
8,800 Cluett Peabody is Co No Dar
*17012 122 *12012 122 *120 122
12012 12012 *12012 122
10 Preferred
100
16973 17638 173 17734 172 17534 17014 17334 168 1731 42,60( Coca Cola Co
No pa
76
79
75
7638 7114 7514 67
7218 6712 69% 80,400 Collins & Alkman new_No pa
10314 104
101 10272 100 101
98
9912 9812 991
2,500 Preferred
100
74
7514 7334 748 7212 7513 7234 737
71
73
12,600 Colorado Fuel & Iron
10
88
89
8834 8912 89
9312 90
93
911 10,100 Columbian Carbon v t eNc pa
90
11412 11534 11613 118
114 11834 114 116
11314 1155g 93,400 Colum Gas & Elec new_No pa
109 109
10913 10912 10912 10934 10914 10914 *108 109
2,300 Preferred new
10
8512 87% 8632 8714 844 8732 8312 8512 8334 85
20,600 Commonwealth Power_No pa
34
34% 3413 347
3238 3412 33
33% 3313 34
7.500 Commercial Credit ____No pa
25% 2614 *26
2634 2473 2513 *2513 2634 2512 261
240 Preferred
2
2678 27
2634 2738 27
2714 27
27
27
27
480 Preferred B
2
94
95
95
95
9412 95
94
9412 9312 94
390 let preferred (@5%)
100
70
70% 7073 7078 73
73
6912 70
6934 717
6,000 Comm Invest Trust__ _No pa
109 109 *106 109 *106 109 *106 109 *106 109
20 7% preferred
10
9712 9712 97
97
9612 9612 *96
97
*96
07
300 Preferred (6))
10
171 172
170 170
168 168 *165 170
167 167
1,400 Commercial Solvents__ No pa
5612 5612 5612 58
5913 62
60
6053 59% 61
5,40( Conde Neat Publica_ No pa
2973 3034 2834 30
2733 29
2713 2814 2718 27% 103,600 Congoleum-Nairn Inc_ _No pa
7314 74,
4 7418 7533 74
74% 74
74
758 73
4,100 Congress Cigar
No par
8613 87% 87
8712 8612 8712 86
86% 8514 86,4 5.40 Consolidated Cigar
No par
98% 9934 *98
9812 9638 9638 9634 964 09
9973 2,200 Preferred (6)
100
134
1%
172
173
178 2
134
234
212 3
65.100 Consolidated Distrih'ereNo par
1627 166
16613 169
160 163
157 16114 15512 15773 138,200
Gas(NY) No par
103% 103% 10313 10334 10313 10334 10312 10352 103% 10314 5.700 Consolidated
Preferred
No par
414
412
414 412
414
414 432
42
413 414 18,700 Consolidated Textile_ _ No par
3112 33
3114 32
31
33
3012 3114 3114 32
8.400 Continental Baking el ANo pa
5
533
612 634
513 6
534 6
5% 5% 64,200 Class B
No par
78% 7814 79
80
79
80
7812 79
79,4 79% 4,700 Preferred
100
110 11134 109% 11014 109 10978 10778 109
107 10872 26,700 Continental Can. Inc_ _No pa
12612 12612 *12512 12612 *12534 12612 *12534 12612 •12534 12612
50 Preferred
9112 9234 9273 9472 9112 948 9112 93
9212 26,500 Continental Ins temp ars 100
90
_10
14
1414 1378 1414 13
14
13
1314
1234 1314 65,700 Continental Motors_ __No par
7912 8112 7034 8153 7814 81
7814 7934 77
7912 48,200 Corn Products Refining_ __25
146 146 *145% 14573 *14612 14573 *14412 14512 *14413 14512
500 Preferred
100
17212 17212 16934 171
167 17078 16118 16312 161 163
4,800 Cott,, Inc
No Dar
8713 8734 8613 8734 8612 8712 8512 8612 8512 86,
4 3,500 Crucible Steel of America_ _100
120 120
120 120
120 120
12018 12012 120 12014 1,200 Preferred
100
27
2734 26
2514 2534 2412 2512 2434 25
27
5,500 Cuba Co
No par
672 7
64 718
612 634 1,900 Cuba Cane Sugar
64 634
614 634
No
Dar
28% 2834 2712 2773 2712 2813 27
2812 2734 28% 5,000 Preferred
100
21
2112 2034 21
2034 21
21
21
2053 2112 13,000 Cuban-American Sugar
10
*10234 10412 *10234 10412 •10234 10412 *10234 10413 10278 10272
100 Preferred
100
*1012 1113 *1014 1112 •1014 1112 *1012 1112 •1012 1112
Cuban Dom'can Slug new No par
6813 691
67
,
4 69
65
67:4 65
66
6412 65% 13,700
50
14634 15773 159 16934 149 19214 14834 16512 13814 1603 106.700 Cudahy Packing new
Curtis Aer sk Mot Co No Da
•143
*143
*193
*147
*143
Preferred
100
•180 183 2183 185 •185 190
190 191
191 14 192700 Cushman's Sons
No pa
•122 123 *12014 123
123 123 *12014 123 •12014 123
10 Cushman'e Sons prof (7)__100
5114 5234 51% 5132 5178 52
5134 52
5113 51% 4,400 Cuyamel Fruit
No pa
5113 5273 53
5534 5314 5714 5212 5434 52
53% 54,700 Davison Chemical v t o_No pa
125% 126 z124 12634 124 12512 12514 12514 12412 1243
920 Deere & Co pref
100
19314 194 *193 194
19314 195
19314 194
19312 194
2,100 Detroit Edison
100
5313 5313 53
*5212 541
53
5212 5212 51 18 521
1,000 Devoe & Reynolds A _ _No pa
*117
•116
120 120
115 116
11512 1151
100 let preferred
100
156 15634 154 15418 154 154
153 1553 154% 156
520 Diamond Match
100
1953 21
1819 18% 1818 19%
1933 20
19
1934 94,900 Dodge Bros Class A___ _No pa
69% 70
691
69
69
7114 70
71
70
7078 20,300 Preferred certif
No pa
9% 034
914 91
912 10
934 10
912 912 5,800 Dome Mines, Ltd
No Pa
64
6273 63:4 *61
61
6318 631
63
6012 63
2,100 Dunhill InternatIonal_No f)61
10512 10512 1054 1054 10514 10514 •10518 10538
•10414 106
400 Duquesne Light let pref _ _ _100
184 1857g 17914 185
18412 186
179 182
17834 18212 10,000 Eastman Kodak Co
No Da
132 13214 •I30 132 *130 132 *130 132
•132
30 Preferred
100
35% 38% 3714 38% 3753 39
373 384 3612 37% 64,100 Eaton Axle & Spring_ _No pa
395 39912 395 397
395 400
39314 397
393 400
8,300 E I du Pont de Nem new _No pa
12012 120,2 12012 120% 12012 12033 120 12012 12012 12013 2,000 6% non-vot deb
100
•Bid and asked Prim; no saint en Odd day,
I Ex-dlyldead, a LL-rights. 0 Ks-warrants.
PER SHARE
Range Since Jan. 1.
Cla basis.1100-share lots
Lowest
Highest
PER SHARE
Rouge for Prestos.
Year 1927
Lowest
Hte)411
per share $ per share $ par share
per share
10114 Jan 18 14012 Mar 1
4914 Jan 109 Dec
10733May 14 11038 Mar 28 101
Jan 110 Aug
124 Mar 16 2014 Apr 25
14
Oct
1814 June
7154 Jan 17 8314 Feb 9
504 Apr 744 Nov
184 Jan 20 22 Jan 12
154 July 274 Jan
8514 Feb 18 g212May 14
11/Z4 Aug Ws; Nov
534 Jan 19 714 Apr 27
4314 Jan 684 Sept
554 Jan 20 694 Apr14
119 Mar 6 125 Apr 13 10414 Jan 120 Dec
34 June 5274 Nov
35 Mar 2 444 Jan
10912 Jan 11 1114 Apr 5 1094 Jan 114 Nov
44
8712 Apr 30 98 May 14
Jan 95 Dec
534 Jan 6914 Dec
6514 Jan 3 7814 Jan 27
44 Sept
74May 14
84 Apr
514 Jan 4
4114 Mar 14 49 Jan 11
36 Sept 5714 May
159 Feb 20 187 Jan 11 16714 Dec 169 Dec
18 May 3012 Sept
1814 Jan 28 23 Jan 4
1912 Sept 81514 Feb
214 Feb 4 33 Apr 12
12 Apr
2 Dee
64 Feb 1
114 Jan 10
74 Dee
1
214 Jan 5 12 Feb 1
Apr
2084 Jan 10 2084 Apr 13 14814 Feb 225
Dee
89:4 Apr 15714 Dec
145 Feb 20 1694 Apr 14
3012 Feb 504 Dec
47 Jan 10 5512 Apr 5
2574 July 2874 Jan
2714 Feb 20 514May 16
4814May 14
2412 Feb 1
544May 14
3332 Feb 1
934 Feb 17 1194May 18 -11;1-2 June 1251g Jan
164 Mar 3414 Jan
324May 30
1574 Mar
90 June 100
Jan
9714 Feb 21 1054May 14
189 Jan 1 165 Feb 3 x90 Mar 145 Dec
5812 Apr
2914 Jan 69 Nov
6714 Apr 13
11474May 16
9114 Jan 11174 Dec
10714 Jan
11414 Feb 15 119 Feb 4 1034 Feb 120 Aug
314 Ma
54 May
712 Feb 28
414 Jan 1
6712May 15
Oct 6114 Feb
44
45 Feb
1114 Jan
74 Nov
9 Jan 11 15 May 18
66
80 May 17
Jan 924 June
65 Mar
42 Jan 10214 Dec
904 Jan if 11712 Jan 27
108:4 Apr 13 11212 Jan 14 10514 May 11212 Dec
6014 AD
79 Dec
794 Apr 13
714 Mar
324 May 15
2514 Mar 1
14 Sept1
533 Apr 30
25 Jan
114 Mar
6112 June 1234 Dec
89 Feb18 12014 Jan 8
1414 July 2414 Dec
204 Jan 10 2478May 15
Jan 6014 Aug
36
5474 Jan 5 86121day 8
Jan 2834 Oct
247 Jan 21 306 Mar 22 132
126 Jan 30 13512 Mar 30 111 Feb 129 Dee
24 Apr 33 Apr
284 Star 27 3774May 18
16:4 Aug
1012 Jan
1112 Feb 18 1744 Apr 4
Jan 8814 Dec
70
8014 Feb 21 92 May 15
58 June 724 Dec
584 Jan 3 72 May 15
42
504May 16 644 Apr 28
Jan 5514 May
119 Jan 26 1204 Mar 1 106 Feb 118:4 Dec
65 Dec 7874 Aug
71 Slay 3 77 Jan 12
412 Nov
14 Mar
512 Feb 29 1312May 15
13 June 2614 May
14 Mar 13 2532May 15
644 June 8671 Oct
72% Mar 7 8174 Jan 6
125 Feb 20 141 14 Jan 30 12012 Jan 13714 Mar
38 July 47
3014 Mar 24 43 Jan 14
Oct
484 Mar 654 Aug
37 Apr 19 5212 Jan 7
4434May 16
374 Mar
334 June 444 Dee
3474 Jan 904 Dec
131 Jan 23
85 Jan
8112May 15
544 Jan 1
384 Jan 634 Dec
117 Mar 12 10214 Apr 116 Dec
1134 Jan
64 Deo
5114 Jan 19 54 Mar 12
4814 Ma
62 Jan 5 9374 Mar 27
414 Apr 644 Dec
7712 Jan 10 109:4 Apr 5
51 Jun
8412 Oct
11814 Mar 21 124:4 Mar 19 11114 Jan 12514 Nov
127 Feb 20 177345iay 15 c9614 Apr 19914 Apr
67 May 17 11114 Jan 3
86 Aug 1134 Dee
98 May 17 109 Jan a 1024 Sept 109/4 Dec
6612 Feb 27 8412 Jan 31
424 Jan 964 July
864 Apr 20 0814 Jan 24
6674 Jan 10114 Nov
8912 Mar 15 11834May 16
8274 Feb 9834 May
1074 Feb 28 11014 Jan 3
9912 Jan 11014 Dee
6214 Jan 11 8712May 8
484 May 7814 Oct
21 Feb 20 354May 4
14 June 2412 Dec
23 Feb 3 27 May 8
17 June 244 Sept
23 Feb 7 2734May 11
1874 June 25 Dec
87:4 Feb 2 96 Mar 16
69 July 894 Dec
55:4 Mar
74 Apr 17
414 May 62 Dec
09 Jan 27 109 May 14
944 Sept 102 Dee
944 Mar
9712May 11
864 July 9814 Dec
15312 Feb28 1894 Mar 28 145 Nov 203 Sept
48 Jan 1
62 May 16
39 Aug 53 Dec
314 Apr 17
2314 Feb
174 Jan 2914 Dec
67 Feb 1
67 Ma
8812 Dec
8174 Jan 3
7912 Jan 20 9512 Apr 17
1
4 July
7414 Oct 86/
96132May 16 10234 Apr 18
13 Oct
21 Feb
3 May 18
12 Jan 21
94 Ma 12514 Dec
11914 Jan 10 170141daY 7
93 Ma 103 Dec
1011s Feb 16 105 Mar 28
74 June
34 Ma
532 Mar 28
318 Feb 9
3312 Apr 744 Jan
2612 Apr 10 5312 Jan 13
4 may 1014 Jan
334 Apr 10
6 Jan 13
9714 Nov
72 AD
73 Apr 10 9612 Jan 20
6814 Apr 8674 Des
8014 Jan 10 11474 Apr 16
Jan 126 June
123 Jan 5 128 Mar 26 120
7412 Dec 9314 Dec
75 Feb 15 944May 15
134 Jan
874 Nov
10 Mar 13 1474May 8
13
4674 Jan 68 Nov
8274
Apr
Jan
3
644
Jan 14214 Dec
13812 Jan 16 14614 Apr 10 128
Jan 123 Dec
56
123 Jan 3 17774May 2
7812 Oct gel% Mar
83% Feb 18 93 Feb 7
11212 Mar 16 121 May 11 103 Jan 115 Sept
22 Apr 4 2874Slay 8
184 Aug 344 Jan
474 Oct 104 Jan
712N1ay 12
512 Feb 16
284 Nov 5014 Jell
24 Feb 18 324 Jan 12
1872 Nov 284 Jan
194 Feb 18 234 Jan 3
107 Aug
9712 No
10112 Feb 16 108 Feb 1
Jan
18
1012 No
1012 Mar 9 12 Jan 4
5814 Sept
Feb14
4312 AO
64 Jan 3 724
6914 Dee
4514 No
53% Feb 27 19234May 16
11734 Jan 5 14314 Apr 18 111 Nov 118 Dee
Oct
1444 Jan 13 192 May 18 103 AD 162
114 Jan 11 125 Jan 20 107 AP 125 Deo
Apr 5512 Oct
30
5014Slay 10 5534 Jan 20
484 Dec
264 AP
344 Feb 18 561121qay 1
11514 Feb 1 12634May 15 10512 Jan 12512 Nov
16612 Jan 11 195 May 16 1334 Jan 17012 Dee
4274 Dee
3614 Au
40 Jan 3 61 Apr 16
Jan 11412 Dec
108 Jan 9 120 May 16 101
134114 Jan 18 161 Feb 2 115 Feb 14754 Sept
1314 Oct 2712 Jan
17 Feb 18 2414 Jan 4
5812 Oct 85 Feb
6814 Feb 18 7574 Jan 4
7 Jun
144 Dec
812 Apr 23 1312 Jan 6
42 Aug 6214 Oct
554 Jan 9 76 Mar 29
104/4 Apr 12 11612 Mar 3 1144 Ma 1174 Nov
183 Feb 29 186 May 14 12614 Jan 17514 Sept
125 Mar 7 134 Apr 3 11914 Jan 1314 Oct
2114 Oct 2914 June
26 Jan 11 39 May 16
810 Jan 10 40034May 7 188
Jan 34374 Oct
115 Mar 9 12112May 8 1054 Feb 118 Dec
New York Stock Record -continued-Page 4
3090
For sales during the week of stocks not recorded here, see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 12.
Monday,
May 14.
Tuesday,
May 15.
Wednesday I Thursday,
May 16.
May 17.
Friday,
May 18.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On Oasis of 100-share lots
PER SHARE
Range for Previowe
Year 1927
Lowest
Highest
Lowest
Highest
$ Per share $ per share $ per share $ per share $ per share $ Per share Shares Indus. & &fiscal. (Con.) Par $ Per share
$ per share $ per :hare $ per them
19
194 19
19
1918 1912 2012 19
19
2.400 Elsenlohr & Bros
19
25 1212 Jan 3 23 Apr 12
1612 Feb
101 Nov
20312 209
20212 20412 201 20612 196 203
198 20212 16,200 Electric Autollte
No par 98 Jan 3 219 May 10
6312 Jan 102 Dee
1478 15; 1478 15
1412 15
1412 1478 1438 1434 9,200 Electric Boat
No par
12,,Mar 2 1658 Apr 19
1312 Mar 224 Aug
4438 4512 44
4512 4214 44
75,200 Electric Pow & LS
4114 424 4031 42
No par 2834 Jan 10 4.512Slay 14
323, Dec
164 Jan
10912 10934 10934 10934 1097, 110
10934 10934 10938 109%
1,400 Preferred
No par 10612 Jan 10 110,,Mar 8
96
Jan 109 Nov
Electric Refrigeration _No par
11 18 Feb 6
174 Mat 19
534 Nov 37% Jan
-ioT8 8112 -gois 8414 -81E8
-ills 121.
2 8018 K1-1; -34:100 Elee Storage Battery No par 69 Feb 20 8472May 16
634 May 7912 Jan
812 812
718 718 *714 712 *7
1.200 Elk Horn Coal Corp
612 7
8
No par
1332 Apr 17
7 Dec 1532 May
9 Jan 1
11
1114
10
1012 10
1034 10
1158 1134 1312 6,100 Emerson-Brant Class A.No par
514 Feb 21
14; Apr 27
3 Oct
13 Apr
*3012 32
*3012 32
32
32
32
32
100 Emporium Corp
*3012 32
No par 3014 Apr 2 33 Mar 1
30 July 3712 Mar
83
8314 8314 8334 83; 8378 8314 8358 8234 82; 2,100 Endlcott-Jobnson Corp__ 50 7534 Jan 10 85 Apr 17
6434 Jan 8114 Dee
*12412 126 *12412 126 *125 130 *125 127
127 127
100 Preferred
100 121 14 Jan 27 127 May 18 11632 Jan 125 Sept
4412 45
43
43; 45
43; 42; 43
4118 4212 11,100 Engineers Public fiery_ _No par 33 Feb 18 4614May 7
21% Jan
395* Oat
11034 11034 11034 11034 *11034 11078 "11034 11078 11034 11034
500 Preferred
No par 107 Jan 2' 11034 Apr 18
93% Jan 10832 Dee
Erie Steam Shovel
5 334 Feb 20 3838 Jan 23
2434 Jan 354 Dee
117 130
12812 115- 130- 140 .- 13014 143; 139; 141
20,400 Equitable OftIce Bldg_ No par 9018 Jan 7 145 May 15
8438 Sept 934 Dee
744 7414 7358 7512 74
74; 8,000 Eureka Vacuum Clean_No par 69 Feb 20 79 Jan 3
7518 73
76
74
50 Aug 774 Nov
*2112 2212 *21
2212 821
21; *21
.21
22
Exchange Buffet Corp_No par 20 Jan 30 2278May 7
2212
1512 Jan 23 Doe
4212 464 4218 4478 42
43
424 4214 424 43
5,800 Fairbanks Morse
No par 3212 Jan 5 54 Apr 19
3014 Nov 4312 Mao
11434 11434 112 112 *10814 111
60 Preferred
11014 111 *11012 111
100 104 Jan 9 11434May 14 107 Dcc 112 May'
12938 130
12814 12934 12712 12978 125; 127; 125; 12712 36,900 Famous Players-Lasky_No par 11114 Jan 16 131 May 7
92 July 1153, Dec
5438 55
5433 5434 5414 54; 54
5478 55
55
11,600 Federal Light & Trae
16 42 Jan 10 5634May 2
374 Jan 47 May
10734 10734 310734 10734 104 104
60 Preferred
10878 10678 *10612 107;
No par 98 Jan 6 100 Apr 19
9112 Feb 100 Aug
131 135
140 145
140 145
2,100 Federal Mining & Smelt'g_100 120 Apr 17 145 May 15
130 130 *125 140
60 Feb 187 June
*95
97
•96
97
97
400
97
97
9712 98
*98
Preferred
100 9114 Jan 3 98 May 18
754
Jan 97 Mar
2378 24
2318 24
2238 2378 22
2212 2134 2212 7,100 Federal Motor Truck__No par
1712 Mar 21 2578May 8
17 Dec 304 Jan
91
91
9034 9278 9278 9412 9034 92; 9038 92
13,000 Fidel Phen Fire Ins N Ynew 10 89 Apr 26 9412May 16
15
1518 15
1514 1314 1434 *1314 14; *1312 14;
170 Fifth Ave Bus
No par
1114 Jan 9 1514May 10
May
3112 327g 3114 3214 3112 32
3218 3312 12,000 First Nat'l Stores
315s 331 1
No par 28 Apr 4 33; Feb 14
-11-9
614i
hl
4ily
;' -310"
15
1538 1478 1514
14; 15
1434 15
14; 1514 31.800 Fisk Rubber
1412 Mar 14 1734 Jan 4
No par
1434 Oct 20
Ape
8212 8212 8212 83
83
83
*8212 83
500 181 preferred stamped. .100 82 Mar 1 9112 Jan 10
*8212 83
81
Jan 100 &pi
91
90
90 *____ 90
200
*88
1st preferred cony
90
8034 8934
100 893451ay 18 9734 Jan 5
9412 July 102 Sept
7312 7412 7334 75
......No par 66 Feb 20 76% Apr 14
7334 7512 7314 7414 7218 7334 54,600 Fleischman Co new.
4818 Feb 714 Dec
4514 4612 47
5212 49
55; 4912 5112 4912 50; 14,700 Foundation Co
No par 42 Mar 5 553.0.1ay 16
35 Nov 885
, Apr
8712 8914 88; 8978 8812 8934 86; 8834 86
88 100,300 Fox Film Class A
No par 76121,1ar 15 894May 15
50 June 851, Dec
7334 74; 7118 7334 7018 73
7012 7238 69; 71; 32,900 Freeport Tuna,Co
No par 655, Feb 20 10914 Jan 11
3414 Jan 1064 Dee
10834 10914 *10712 109 *10712 10914 *107 109 *107 109
500 Fuller Co prior pref
No par 10312 Mar 17 1094 Apr 23
1712 1712 1714 1712 17
1712 17
2034 18; 2112 19,000 Gabriel Snubber A
No par
15 Mar 23 2812 Jan 5 -2-2
- -nee 59 Aug
134 1312 134 1312 1314 1378
13
1318 1278 13% 10,500 Gardner Motor
No par
115* Jan 17 1634 Feb 2
64 Jan
1512 Dec
76; 7712 7534 7714 75
7458 76
7512 74% 75
16,000 Gen Amer Tank Car,.. No Par 6078 Feb 20 7712May 15
46
Jan 6412 Dec
*11112 112
11134 11134 11112 1114 *111 12 112 *11112 112
200 Preferred
100 110 Jan 9 11134May 15 106% Mar 11212 Sept
9018 92; 90
9112 87
SG
8834 38,500 General Asphalt
9112 8714 89
100 7114 Feb 20 9472 Apr 30
65 Aug 96% Mar
13758 139 *136 13934 4.130 140 .133 139 *130 134
Stock
5001 Preferred
100 114 Feb 20 14112 Apr 30 10714 Aug 1447 Mar
•141
____ 142 142
142 142
•142
210 General Baking pref __No par 134 Jan 26 142 May 10 11812 Apr 140
14014 141
Oct
31; 3012 3012 *2914 30
32
31
30
3178 32
2,500 General Cable
Exchange
No par 21 Feb 4 3512 Apr 28
7612 78
763 20,000 Class A
7614 7814 76
7712 75
7738 78
No par 56 Feb 0 804 Mar 20 -551;-Dec W2-1-2 -nen
68
6718 6712 67
67
Closed.
67; 6614 6714 6614 6714 2,500 General Cigar, Inc new _No par 6614May 17 753 Feb 2
52
Jan 744 Dec
*118 128 *11534 120
10 Preferred (7)
116 116 *117 120 *117 120
100 116 May 16 130 Apr 27 110
Jan 138 Sept
5514 5512 5514 5618 2,900 Gen Outdoor Adv A...No par 55 Slay 7 584 Jan 3
554 5518 5512 5512 55; 56
Extra
5 Apr 5972 Nov
54
421
4312 4434 4312 4312 4214 4312 42
6,000 Trust certificates_ _ _No par 3858 Apr 30 5232 Jan 7
4414 45
37
Jan 5872 Nov
98.900 General Electric
16214 16712 162 16512 16012 165
Holiday. 169 17134 16512 169
No par 124 Feb 27 17412 Apr 16
81
Jan 1465* Sept
1138 1112 11; 1112 1114 1112 1138 1158 113s 11; 8,000 General Electric special__ __I
1114 Jan 23 1134Nlay 2
11 June
115n Jan
4978 4434 47; 14.200 General Gas & Elec A _ _No par 3514 Jan 18 5034May 16
4618 47
4714 5034 48
4814 47
34
Apr 474 Feb
Gen Gas dr Eleo of A (7) No par 10812 Jan 4 118 May 10 100
*118 130 *118 122 *118 122 *118 122 *118 122
Jan 1104 000
Preferred A (8)
*135 142 *135 142 *135 142 •135 141 *135 142
No gar 12214 Mar 22 144 Apr 18 11314 Mar 123; Nov
300 Preferred B (7)
*11312 11414 11412 11412 11478 114; *11412 115 *11412 115
No par 10512 Jan 17 11478Slay 16
96
Jan 1054 Dee
204 20714 20278 20512 196 20434 19518 20178 19112 1974 738,300 General Motors Corp new__25 130 Jan 10 210 May 7 11314 Aug 141
008
5,100 7% preferred
*126 12612 12638 126; 126 12612 12618 12612 12534 126
100 12358 Jan 26 12712 Apr 12 11812 Mar 12534 Dec
9214
11,500
Gen
Ry
Signal
9012
9018
9212
new___ _No par 8612 Apr 23 1235* Jan 3
9118 9312 9014 9134 9012 9134
824 Jan 15314 Sept
7,700 General Refractories_ __No par 5312May 18 82 Jan 3
.57
5312 62
5.5
53
5914 5912 5812 5938 57
38
Jan 81
Dec
20,300 Gillette Safety Razor__No par 9812 Jan 18 11212 Apr 13
10878 11012 108; 110; 107 10938 10634 107; 10538 107
9534 Nov ma on
6,000 Gimbel Bros
4412 45; *4412 4512 43; 44
4558 46
4558 46
No par 3418 Mar 6 4918 Apr 17
3512 Dec 59 Sept
9612 9612 2,400 Preferred
97
9612 97
9612 9634 9678 96; 97
100 87 Mar 6 98 Jan 12
91 Nov 10812 July
2412 2418 24; 38,000 Glidden Co
2578 24
2334 2414 24; 2578 24
No par 2038 Jan 27 254May 15
1412 May 22 Mar
10012 10058 101; 102
100; 10032 101; 101; 1,550 Prior preferred
10058 101
100 95 Jan 4 102 May 16
86 Aug 101 June
9512 73,900 Gold Dust Corp vs o__ _No par
0114 9278 9014 9212 9412 101
9214 9712 91
71 Jan 16 10532 Feb 15
42 Mar 78% Dee
47,700 Goodrich Co (B F)___ _No par 7814 Mar 7 993, Jan 4
8712 90
8812 9058 88
8934 8714 8912 8714 90
4234 Jan 9612 Dec
800 Preferred
115 115;
115 115
11518 11518 115 115
100 10913 Feb 17 11532May 1
95
Jan 11112 Dee
5218 52; 19,900 Goodyear T & Rub__ _No par
53; 5218 5334 524 53
534 54; 52
5012 Mar 15 7212 Jan 4
4832 Aug 691* Dec
1st
pref
1,700
96
96
9614 9638 96
No par 9212 Mar 16 9912 Jan 13
96
955s 96
9558 96
9212 Nov 987
, Dee
8918 90
87; 8818 8818 89; 8,000 Gotham Silk Hosiery_No par 78 Jan 4 034 Apr 14
8812 89
89; 90
57; Jan 8532 Dec
2.500 New
89; 8814 8914
8834 89; 89
90
8818 8912 88
No par 7812 Jan 5 93 Apr 14
68
Jan 8512 Dec
200 Preferred New
•123 12534 12234 12234 *12234 126
12312 12312 *123 12512
100 1155, Jan 16 130 Apr 12 104
Jan 122 Sept
40 Preferred ex-warrants__ _100 109 Jan 3 112 Slay 7
110 110
110 110 •110
112
•110 112 *110 112
500 Gould Coupler A
1012 1114 1014 1014 *914 1012 •91, 912
8; 912
No par
7; Apr 18 12; Feb 2
4
Oct III; Nov
35; 3614 36
3634 34; 37
3418 3538 3334 3538 55,100 Graham-Paige Motors_No par
1634 Feb 18 394 Apr 12
5314 5558 554 5878 54
55; 53; 5418 5318 5434 73,100 Granby Cons M Sm & Pr_100 3918 Feb 18 56787.lay 15
3h' Jan 45 May
20,200 Great WesternSugarnewNo par 31 Jan 26 38 Jan 7
3658 37; 3512 3714 35; 36; 3518 36
3612 37
354 Dec 4414 Sept
330 Preferred
11712 11712 11734 118
11734 11734 *11712 11734 117; 118
100 11212 Feb20 120 Jan 3 1164 Feb 123 Sept
;
124 13012 12812 13312 11914 12978 11918 12338 11818 123; 147,700 Greene Cananea Copper. 100 113 Feb 18 16412 Jan 4
2914 Jan lava Dee
*712 8
83s 838
8
814
814 814 2,000 Guantanamo sugar_ __No par
8; 8;
7 Feb 23
932 Jan 4
7
Oct 1114 MaY
Preferred
*10318 10538 *10318 105; *10318 10538 •10318 10538 *10318 105;
100 103 Apr 18 107 Jan 7
957k Jan 106 Dee
6618 6612 6514 66
2,800 Gulf States Steel
8412 65
6734 67; 6812 67
100 51 Jan 9 8878May 10
40
Oct 84 Feb
2478 2414 25
•24
2478 *24
24
280 Hackensack Water
25
25
25
25 23 Jan 6 30 Jan 31
22 Aug 27 July
6012 6012 6012 6012 6012 1,040 Hanna 1st prof clasa A _ _..100 60 May 15 7934 Jan 19
6012 60
6034 6912 60
56
Jan 723* Dec
*2512 27
27
200 Hartman Corp clam A_No par 24 Jan 5 2758 Feb 3
*2512 27
2672 26; 2634 2634 .23
224 Oct 2714 Mar
21; 2114 2138 32012 2034 2012 2012 3,100 Class B
2114 21
21
1914 Jan 4 254 Jan 27
No par
1812 1)ec 298 Apr
11212
11212
*11112 11212 109 11212 1,000 Heime(0 WI
*11212 114 •11212 114
25 109 May 18 11812 Feb 20
7612 Jan 125
Out
*132
10 Preferred
____ 132 132 *132
*132
100 121 Jan 3 132 May 3 1184 Jan 130 July
•132
5614 5812 5734 5812 3.600 Hershey Chocolate_ _ .No par 3034 Jan 31 64 Apr 28
5712 5834 5734 5812 5912 60
344 Dec 4014 Dee
7934 7812 7914 5.800 Preferred
79
7934 80
No par 7014 Feb 6 82 Apr 16
7912 80
7958 80
704 Dec 7512 Dec
900 Prior preferred
10334 103; 10334 10334 103; 10378
104 104
998 Dec 103 Dee
100 10112 Jan 3 105 Apr 14
*103; 114
22
2112
22
24
700
Hoe
2112
(R)
*224
Az
Co
No par 20 Apr 18 304 Jan 20
22
2212 2234 *2214 24
Jan 614 July
3114 June 4034 Oct
*3318 33; 3312 34; 3318 3478 334 3318 3214 3414 4,200 Hollander & Son (A)__ _No par 294 Jan 10 3678 Apr 13
73
*7212 73
400 Homestake Mining
•72
7212 7212 73
100 67 Jan 4 75 Apr 11
72
73
60
Jan 75
72
Oet
68; 67; 67; 67; 67; 86513 6658 2,100 Househ Prod.Ina.tern ctfNopar 6412 Feb 21 6912 Jan 28
4314 Jan 7033 Nov
6938 288
69
14218 145
8,400 Houston 011of Tex tern etts100 127 Feb 27 161 Apr 9
6018 Jan 175
14812 15234 148 14812 14412 14813 14012 144
Ott
573
31,900
Howe
4
Sound
60;
584
593
4
No par 405, Feb 18 614Nfay 15
6178 5734 61;
3434 July 48% Dec
594 61; 61
88; 90; 8714 8934 250,800 Hudson Motor Car___ _No par 75 Jan 16 994 Mar 16
95
9312 90
4814 Jan 914 Aug
9058 9238 92
5518 5712 221,300 Hupp Motor Car Corp
5514 57
10 29 Jan 16 61 Mar 26
5934 5618 60
16
Oct 384 Dee
5612 57; 57
2738
28
10,500 Independent 011 & Gas.No par 21; Feb 20 3178 Apr 30
2878 274 284
1732 May 3234 Feb
28; 29; 2878 293s 28
59
60
60
800 Indian Motocycle
60
63
61
No par 3812 Feb 14 70 Apr 27
64
*63
13 Mar 47 Dec
64
64
*1147
8
119
40
Preferred
114;
114;
100 10014 Jan 3 115 Apr 12
92
Jan 10234 Dec
11478 114; *114; 119 *11478 119
16; 18; 1714 17; 44,000 Indian Refining
10
9 Feb 18 1912 Apr 30
74 May 1218 Sept
17; 1812 1812 1878 1612 19
1612 1734 28.700 Certificates
10
18; 1614 1734
84 Jan 16 1858May 15
18; 17
714 June 12 Sept
1714 1812 18
125
131
2,900 Preferred
129 130
100 101 Jan 4 131 May 18
99
Oct 112 Mar
*12712 12812 12712 12712 12812 130
96
06
1,800 Ingersoll Rand new___ _No par 00 Feb 18 98 Apr 19
96
96
06
96
8712 Nov 964 Apr
9812 9734 9614 97
5834 17,400 Inland Steel
5612 57
No par 46 Mar 3 83 Jan 8
e5712 5812 55; 57; 56
41 Feb 6232 Dee
5618 59
Preferred
100 11512 Jan 6 118 Feb 18 111
Jan 118
001
-2238 13- -37i;7
765 Inspiration Cons Copper___20 18 Feb 25 24 Apr 10
, 23
, 235; 223
4 225
-213"2214 23
124 June 2512 Jan
1134 Apr12 2132 Jan 4
11 Nov 25 Nov
13
1318 1234 1314 1212 124 1212 1212 1218 1234 7,900 Intercont'l Rubber____No par
19
20; 1912 2014 48,800lInternal AgrIcul
13 Feb 24 20785lay 17
No par
64 Apr 16% Dec
1714 1734 17; 1978 1858 20
4,400 Prior preferred
74
75
75
73
7612 73
7612' *75
100 485, Mar 26 79 Apr 26 33 Mar 6612 May
6912 73
12,100 Int Business klachines_No par 114 Jan 16 1471g Feb 3 5318 Jan 1193 Deo
12614 127
12612 128
128; 13278 12712 129
12814 129
7318 70; 717s 26,100 International Cement_No Par 56 Jan 3 7412May 16 4514 Jan 651
7412 72
,May
72; 72
72; 73; 72
11078 11078
300 Preferred
11012 11012 *11012 III
100
Oct 113 nee
11078 11078 *11012 111
40
57
4Ntli); 26 100
5058 80 264,300 Inter Comb Eng CorpNo par 1V1141 11,a
eg 211 1
15 404 Oct 64 Mar
6218 6412 z6318 6538 5734 6358 5818 61 *10512 108
200 Preferred
108 108
100 103 Mar 21 109 May 16 101
Oct 10512 Dec
•106
- - *108 ---- 109 109
24,100 International Harvester
268 280
100 22134 Feb 18 280 May 18 135% Jan 2554 Dec
256 256; 25712 25812 257 258; 25714 270
*144
400
145
Preferred
145
145
14513
14518
100 13614 Mar 1 147 May 1 126% Jan 139 Dee
14514
14514
*145 14.514
512
55
8
15,000
Int
Mercantile
5; 573
Martne
84 May
100
5.8 558
312 Oct
738May 9
334Mar 26
533 6
5,
8
42; 4012 4114 20,200 l'referred
100 3414 Feb 20 44; Jan 17 324 Oct 552* May
4212 4314 4178 4318 4112 42; 41
111; 114; 114,700 International
11834 12178 118 12038 11238 118; 11314 114; 8814 9134 141,500 InternatIona Match pret_36 9312 Jan 3 1214May 14 62 Mar 9512 Dec
88; 9212
Nickel (The).25 735* Feb 24 998 Jan 27 384 Jan 8912 Deo
9314 954 9178 9358 8934 93
8034 784 8078 77,600 International Paper___No par 674 Jan 16 8632May 11 094 May 8111 Nov
84; 7834 8312 79
8638 83
84
10 Preferred (6%)
10634
100 100 Apr 11 107 Apr 12 8514 July 106 Dee
101 101 •100 10634 *100 10634 *100
•10012 101
8 10738 107; 4,700 Preferred (7%)
100 1035, Feb 24 108 Jan 14 9612 Jan 112% Deo
10738 107; 10738 10712 10738 10712 107; 1075
5978 2,690 International Salt
58
58
53
100 4912 Mar 28 6834 Jan 12 63 Sept 75 Dee
55
60
68
60
664 68
*155 16134 1,500 International Silver
100 196 May 1 196 Jan 24 13512 Mar 192 Nov
158 159 315834 16212 16212 16212 *151 162
150
127; 128
Preferred
100 125 Mar 22 131 Jan 27 109 Mar 128
Oot
128 128 *128 129
•I28 129 *128 129
,Sept
180 18314 17938 18214 17718 180; 22,100 Internat Telep & Telog_.-100 13911 Feb 20 186 May 14 12214 Jan 1587
182 184
184 186
Ex-rIgbto.
•131.2 and asked Meng ne IWO 05 this day. a Ex-dividend. •
3091
New York Stock Record-Continued-Page 5
For sales during the week of stocks not recorded here, see fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
May 12.
&
Monday,
May 14.
Tuesday, 'Wednesday, Thursday,
May 17.
May 15.
May 16.
Friday,
May 18.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
per share $ per share $ per share S per share $ per share $ Per share Shares Indus.& Miscel.(Con.) Par
35
*33
36
36
*33
36
*33
35
100 Intertype Corp
No par
3612 *33
5912 61
5913 60
58
5912 59
59
58
59
4,500 Island Creek Coal
/
4 10414 105
111 113
100 103
108 1111
10014 103
9,300 Jewel Tea, Inc
No par
12358 124 *123 125 *123 125 *124 125 *124 125
100
600 Preferred
12934 1313 12814 13014 126 12912 126 12814 12414 127
No par
28,000 Johns-Manville
/
4 1221
122 122 *12214 12414 12213 12214 12213 1221
/
4 12213
100 Jones& Laugh Steel pref_100
31
3233 3534 3314 34
3014 3118 31
34
3412 5.800 Jones Bros Tea, Inc_ __ No par
1212 1313 1184 1212 1113 1212 1112 1134 1153 1214 9,900 Jordan Motor Car
No par
*11253 113 *11258 113
113 113
113 113
109 109
120 Kan City P&L 188 pf BNo par
7458 74
73
75
74
7434 727 7334 72/
1
4 7278 9,600 Kayser (J) Co v t
par
2178 208 2114 2013 22
2153 2258 2114 2178 21
25
10,500 Kelly-Springfield Tire
6413 6412 65
65
*66
68
64
65
6512 6512
100
600 8% preferred
*60
66
*61
66
*6212 66
6212 6212 60
63
100
700 6% preferred
3258 327
3212 328 3212 328 3212 3414 34% 3812 62,800 Kelsey Flayes Wheel__ _No par
*1051 10914 10914 10914 *10512 10912 *10512 10E02 •10513 10912
10 Preferred
100
891
/
4 923
9253 9334 8873 9234 8873 904 81)
91 147,900 Kennecott Copper
No par
45
45
45
45
*45
46
*4478 45
44% 44%
300 Kinney Co
No par
9613 98
9712 98
977 98
961
/
4 9718 9734 98
400 Preferred
100
70
7114 6912 7034 6934 7034 70 • 76
72
7312 54,300 Kraft Cheese
25
7334 7412 7353 7412 7218 73*2 72
7273 71% 72
18,600 Kresge (S 8) Co new
10
*117
•119
*117 ____ *117
*117
Preferred
100
2412 26
24
25
2218 2312 22
22
22% 23
2,800 Kresge Dept Stores_ _ __No par
*7112 728 *71
7112 *70
71
*6978 7273 *6978 72%
Preferred
100
106 10934 *10714 109
10718 10713 106 107
10312 10312 1,200 Kress Co new
No par
935 9618 95
98
9112 957
9014 9273 89
92% 151,800 Kroger Grocery & Bkg_No par
*200 240
225 232
230 230 *220 230 *210 230
800 Laclede Gas L (Si Louls)_ _100
105 105
105 108
108 108
108 108 *10712 109
320 Preferred
100
3612 3814 3612 3714 3618 3714 30
3513 36
36
5,600 Lago 011 & Transport_No par
11618 11818 11813 11912 1171
/
4 119
114 11534 35,300 Lambert Co
11518 117
No par
2173 2214 2112 2218 2112 2234 2134 2214 21
22
16.600 Lee Rubber & Tire
No par
5112 52
151
51
5114 49
4814 4913 4812 4914 10,600 Lehn & Fink
No par
3334 343* 3312 3312 3312 338 3314 3312 331
/
4 3314 1,900 Life Savers
No par
10234 10234 29912 9934 9813 101
9813 9912 9714 98
4,700 Liggett & Myers Tobacoo_25
9973 10158 19813 10034 97
9934 9612 977
96
971 19,100 Series B
25
*14614 14634 14614 14614 *14434 14614 *14434 14612 *14434 14614
100 Preferred
100
6414 65% x61
6453 62
62
5812 60
58% 5834 10,300 Lima Loa Wks
No par
7314 737
7633 74
7318 764 74
75
7212 731 28,600 Liquid Carbonic certifs_No pa
7414 7558 73
7434 7134 73
7113 7212 711
/
4 73% 50,200 Loew*s Incorporated
No pa
7
7/
1
4
6% 71s
658 64
612 612
612 6% 5.000 Loft Incorporated
No Pa
3012 3013 3014 3014 *30
3014 30
30
30
30
500 Long Bell Lumber A_ No Par
5314 5458 531
/
4 5458 5212 5312 52
533* 5178 5273 8,400 Loose-Wiles Biscuit new. _25
*120 12112 *12014 12112 12014 12014 *120 12112 *120 1211
10 let preferred
100
Stock
3158 32
3178 3358 32
3234 3134 3214 318 32
37,200 Lorillard
2
105 105 *10034 10434 10413 10434 *10034 105
102 10234
500 Preferred
190
Exchange
17
1773 17/
1
4 1773 1612 1734 1618 1612 151
/
4 16/
1
4 36,000 Louisiana Oil temp et1s-Ni. par
*9284 9314 9238 9258 *921
/
4 94
*9234 94
*9234 94
100 Preferred
3614 368 3612 3858 3734 41
h. Closed.
36
/
4 3673 77,500 Louisville G & El A_- __No par
3858 351
58
5973 5614 5812 57
6073 60
68
6112 68 105,000 Ludlum Steel _____ __No par
L Extra
5314 55
53
53
5212 5212 52
52
52
52
1,000 MacAndrews & Fence-No par
12358 12412 12313 12358 12213 12212 1221
/
4 1221s 122 12213 3,300 Mackay Compomes
100
Holiday.
7718 7773 7712 7814 77,2 7753 7714 7734 77
7713 3,900 Preferred
100
8818 8873 88
888 87
8853
- 9O78 8814 918 70,400 Mack Trucks, Inc
No Par
*320 349
349 349 *310 349 *310 349 *310 349
100 Macy Cr
par
3213 3334 3314 34
33
34
3253 333
3212 3273 16,100 Macliscn So Garden
NO
N
4912 51
52
5534 5314 5553 5318 543
5358 5538 49,900 Magma Copper
No par
2512 2613 2553 26
25
2534 2434 25
2414 25
6,600 Mallinson(H R)& Co-No par
97/
1
4 9714 *9612 9714 *9612 97/
1
4 9714 9714 *9612 9712
30 Preferred
100
*3214 35
*3214 35
*3214 35
*3214 35
*3214 35
Manati Sugar
100
*66
70
•136
70
*66
70
*66
70
*68
70
100
Preferred
3614 361 *36
37
*3612 37
*36
373 *36
3734
200 Mandel Bros
No par
561
5413 5512 54
5514 53/
1
4 5458 53
564 58
19,400 Manh Elea Sup1)17
No Par
4214 43
42
43
41
4234 140
411
4012 4058 12.800 Manhattan Shirt
25
2118 22
2113 2158 197 2114 191
/
4 20
19
20
4,500 Maracaibo 011 Emil-No Par
4058 4153 4012 4138 4014 4078 3912 401
39
3934 31,600 Marland Oil
5473 553
55
5514 5514 56'2 54
551
5558 5673 8,500 Marlin-Rockwell
N
ATO "r
par
r
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
per share
31 Jan 17
51 Feb 17
7734 Mar 1
120 Jan 18
11214 Mar 8
12034 Jan 4
2558 Mar 31
812 Jan 16
109 May 18
6253 Jan 5
15 Feb 17
5514 Feb 17
58 Feb 17
2212 Jan 10
106 Mar 8
8013 Feb 20
3812 Jan 1
871s Mar 2
5312 Mar 31
Highest
RCA
C Ex-ilivklond•
aEx-riglitto
Lowest
Htokest
per share $ per share $ Per share
1912 Jan 39/
3812 Jan 20
1
4 June
61 May 14
48/
1
4 Mar 67 Sept
11334MaY 11
5312 Jan 86 Dec
12413 Apr 12 11112 July 12512 Mar
134 May 10
12414May 7 fif Feb 123 00*
4034 Jan 10
1032 Jan 84/
1
4 Dee
1434 Jan 3
12/
1
4 July 2212 Jan
114 Apr 26
7612 Mar 30
49
Apr WI; Dec
912 Jan 32/
27% Jan 3
1
4 Nov
35 Feb 102 Sept
84 Jan 6
44
Jan 9712 Sept
80 Jan 26
19
Oct 27 July
3512May 18
110/
1
4 Jan 5 103 July 110 Dec
60 Feb 903s Dee
9334May 15
t934 June 45 Jan
52 Jan 19
100 Apr 11
56 June 93 Dee
49 June 827s Feb
76 May 17
4572 Jan 7714 Sava
75 Mar 29
118 Apr 27 11012 Feb 118 July
2714 Feb 29
10 June 18 Dec
65 Nov 80
Jan
7258May 11
11412 Mar 29
Jan 10512 ElePg
59
98 May 15
jail;
260 Feb 2 1W34
96
Jan 130 May
12412 Jan 26
1
4 Nov
3913 Apr 17
2012 Jan 37/
Jan 8812 Oct
12175klay 9
66
2412May 1
7 Jan 1812 Dee
5334 Apr 12
32/
1
4 Apr 63 Nov
2014 Sept3414 Dec
3618 Feb 7
122% Jan 3 *9712 Feb 128 Sept
Oct
123/
1
4 Jan 3 *Ws Feb 128
147 Apr 11 12414 Jan 140 Dee
Oct7638 Apt
49
6578May 14
45/
1
4 Sept7834 Dee
77/
1
4 Jan 13
4872 Jan 637s Mel
77 May 9
Oct 75. Jan
8 May 2
5
251k Dec 48 Mar
35/
1
4 Fen 3
5714 Dee
1
4 Jul
59 Ap 26 235/
Jan 123 Ncv
125 May 9 118
4678 Apr 19
2312 May daig July
1
4 Jan
114 Mar 13 107 June 118/
10
1934 Apr 30
Oct 12 Aug
85/
1
4 Dec 97 Feb
96 Apr 30
41 May 16
2332 Jan 3012 Dee
20
Oct3314 Mas
68 May 17
43 Nov5814 Dec
5734 Apr 14
134 Mar 20 105 June 134 Aug
67 Aug 74 Aug
84 Mar 19
8814 Jan 11834 May
10772 Jan 8
Jan 24312 Nov
350 Apr 11 124
2912 Aug 28/
1
4 Oct
34 May 7
5812 Jan 4
2912 Feb5834 Dec
1112 Apr 2034 Dec
2878 Apr 12
10172 Mai 15
6O58 July 95 Dec
27 Nov 46 Feb
41 Jan 14
Oct 80/
1
4 Dee
48
88 Jan 17
1
4 Aug
391
/
4 Dec 49/
4012 Jan 24
43 Oct 132 Aug
81 Mar 17
1
4 Dec
24/
1
4 J11/1 35/
43 May 14
12
Oct 22/
1
4 Jan
2512 Apr28
1
4 Jan
81 June 58/
4412 Apr 17
1
4 Nov
27 Jan 55/
5778 Apr 18
60% Feb 2
112% Apr 1
1312 Jan 1
5134 Feb 1
87 Feb 20
73/
1
4 Mar 2
200 Jan 1
100 Jan
2738 Feb 20
7912 Jan 1
1714 Jan
38 Jan 1
3013 Apr 2
94 May 2
9334May 2
13514 Jan 30
53 Mar 19
6312 Feb 20
57 Jan 10
534 Feb 9
26 Jan 3
49/
1
4 Jan 10
11912 Mar 21
3138May 18
102 May 18
9% Feb 21
80 Feb 21
28 Feb 7
2532 Jan 11
46 Jan 8
10812mar 2
6814 Jan 13
83 Apr 17
235 Jan 10
2214 Jan 9
4334 Feb 27
16 Jan 20
8713 Jan 30
3412 Feb 10
65 Mar 22
36 Mar 2
50 Jan 11
3134 Feb 18
1212 Feb 20
33 Feb 17
4514 Mar 6
1713 1784 1712 1778 1712 1778 1738 1738 1612 16/
1
4 4,800 Martin-Parry Corp_ _No par
12/
1
4 Mar 12
12732 12778 126 1271 12518 1261 12513 12512 12518 127
6,700 Mattileson Alkali WorkeNo par 119 Feb 20
126 126 *120 126 *120 126
120 120 *120 126100
115 Jan 1
50 Preferred
8014 8218 x8058 8153 8013 8138 7953 8012 79
7934 12,200 May Dept Stores new
25 78 Feb 1
38
383
38
38'8 38
38
38
3818 37
3712 20.400 Maytag Co
No par 30 Mar 12
7173 67
65
68
65's 6534' 71
68
65
par 56 Feb
69
8,100 McCall Corp
87
87
*8614 87
88614 87
8614 8614 *8614 87
310 McCrory Stores class A.No
N patr 77 Feb 18
92
92
92
92
92
92
89
91
88
8814 1,700 Class B
par 8012 Mar 14
111 111 *11114 114
111 111 *109
'111 114
No 10
240 Preferred
a0
r 109 Feb
*2514 2712 82514 271 *2514 2712 2514 2712 *2514 271
McIntyre Porcupine Mines...6 2538May 2
*2614 261
26/
1
4 28*4 27
27
*26
27
27
27
500 Metro-Goldwyn Pictures pf_27 251s Jan 6
37
39
3613 377
3412 368 3353 3512 30% 3458 1'81,800 Mexican Seaboard OIL._No pa
453 Jan 19
1958 1912 1978 21
2012 2184 2012 21
20
2078 44,000 Miami Copper
a 1734 Jan 5
3112 3214 3134 321
3112 323* 31
3112 30/
1
4 31
19,700 Mid-Continent Petro_ _No pa
251s Feb 20
11518 11513 *115 120 *114 1161 *114 115 *114 115
100 Mid-Coot Petrol pre!
100 10314 Feb 20
684
653 7
612 7
6
534 6
534 6
97,000 Middle States Oil Corp
2% Jan 3
10
412 5
434 5
412 8,800 Certificates
412 5
412 558
414
I
112 Jan 3
218 22034 216 218
21434 215
21214 214
212 212
1,500 Midland Steel Prod pref___100 199 Feb 18
19
19
*19
20
1912 193 *1934 20
197 20
900 Miller Rubber etre
No pa
1873May 9
*17212 174
169 171
171 171
171 171
170 171
1,400 Montana Power
/
4 Jan 10
10 1021
153 158
1523 155
148 15234 14614 149% 14334 14934 158,000 Monts Ward & Co III oorp__1
117 Jan 19
10
11
1033 1133 1014 111
0/
1
4 1014 117.700 Moon Motors
953 1012
par
No
53
3 Feb 6
37
4
413
4
4/
1
4
4
334 4
334 37 31,900 Mother Lode CosJition_No Par
25s Jan 27
10
1018 10
1018
973 10
/
4 1018 1013 4,300 Motion Picture
98 101
par
No
5 Mar 29
1813 1812 173 1813 1713 1814 1713 1813 1734 1734 3,200 Motor Meter A
No par
13 Mar 22
36
3634 3534 368 3512 3634 3512 36
351
/
4 36
11,300 Motor Wheel
No par 2512 Jan 12
83% 838 8373 84
83
8412 8213 831
83
83
4,200 Mullins Mfg Co
No par 72% Feb 17
*108 1107 *108 1107 *108 11073 *108 11078 10612 108
70 Preferred
100 10434 Jan 17
571
/
4 595 z5518 571
/
4 613
5773 5973 591
561
/
4 6212 27,100 Munsingwear Inc
No Par 4834 Mar
4313 4412 4234 4418 4412 4713 4518 467
4758 54
99,400 Murray Body new
No par 2112 Feb 1
9634 91
9253 9612 91
9153 927
1
4 141,100 Nash Motors Co
9334 9118 93/
par 8014 Feb 20
1714 181
1713 1534 171
/
4 1713 1753 17
1612 1653 10,10 National Acme stampedlo
V lO
714 Jan 4
85
84
8614 85
84
85
83
83
8412 8412 1,000 Nat Dallas Hess
No par 41 Jan
*108 11034 *108 110
108 108 *100 110 *100 110
100 Preferred
100 9014 Jan
168 169
16713 1677$ 16612 16713 16412 1661 16412 166
6,700 National Biscuit
25 16214 Jan 1
14714 14714 *147 148 *147 149 *145 148
146 146
200 Preferred
100 13712 Feb 29
581
/
4 5933 5818 5912 5833 5912 5858 591
5873 6414 121,800 Nat Caah Register A w INo par 47/
1
4 Jan 1
87*2 8553 88/
85
1
4 8814 8673 83
847
8212 8453 78,800 Nat Dairy Prod
No par 64% Jan
2512 251 *25
2534 28
2512 251
2512 251
26
900 Net Department Stores Na Par 2173 Jan
9734 9784 9712 9712 96
971
9513 96
95
95
1,500
1st preferred
100 91 Jan 10
4253 4253 42
4214 4014 4112 40
41
3914 4014 4,400 Nat Distill Prod °Vs.__ No par 3514 Feb 28
*59
61
*58
60
*58
60
58
58
*57
59
100 Preferred temp ctfs_ No Dar 55 Feb 28
3234 341
3413 3473 3014 347
3112 333
3012 323* 20,600 Nat Enam & Stamping_
100 2314 Mar 26
9914 9958 9914 991
*99 102
/
4 *99 100
*99 100
900 Preferred
100 9013 Mar 28
127 127
12913 12934 12614 127
126 126
12613 129
1,500 National lead
100 123 Mar
14714
*147 1471 *147 14714 *147.
147
47
14714 14714
300 Preferred A
100 139 Jan
12014 1201 *12012 --- *12512 --__ *12012 -- •12012 ____
1001 Preferred B
112/
1
4 Mar 20
100
354 302 z3533 3678 348 357
3358 3412 3314 34 118.300 National Pr & Lt etts__No Par 211
/
4 Jan 1
307
26
31
3212 30
30
28
28,2 2712 2812 14,200 National Radiator_ __ _No par 26 May 1
8614 8634 *83
87
*83
87
8634 8634 8511 8634
800 Preferred
No par 83 May 7
98*4 92
10012 10134 95
9612 90
9184 9012 92
8,000 National Supply
50 90 Feb 21
35912 370
354 36712 34914 35934 35234 35734 3,090 National Surety
35914 364
100 298 Feb 7
268 26934 263 26012 255 271
25614 268
255 260
2.400 National Tea Co
180 Jan 17
2312 2414 2473 2512 243* 2558 24
24,2 2358 2412 237.400 Nevada Consul COPPer-N•
No par 1734 Jan 18
4514 453* 4458 4513 4414 4434 4353 443* 433 4414
1,800 N Y Air Brake
42% Mar 10
5934 5718 59
59
5912 58
57
5718 *56
58
3,200 New York Dock
52 Feb 18
*8912 92
*8912 92
92
*8914 92
*90
.8914 92
Preferred
87 Apr 16
*104 10414 *10312 10414 104 10512 10312 10312
103
690 N Y Steam pref(6)_ --N
1
4 Jan 3
No Par
11 at 99/
1141
/
4 11458 *11414 11434 11314 11353 11314 11314 11414 11414
220 First preferred (7)___No pa 102 Jan 30
2834 2912 283* 2812 12,700 Niagara Falls Power pf new_25 2712 Apr 17
/
4 2814 2812 2853 29
2814 281
74/
1
4 7534 7312 7558 67,000 North American Co
7658 7818 7653 7753 7613 77
10 5858 Jan 5
55
5513 *5513 5712 5518 5518 5513 5513 55
553
1,400 Preferred
ao 5314 Jan 3
/
4 103 103
10334 1037 310334 10373 10314 10314 *103 1031
1,400 No Amer Edison pref..No pa 10212 Feb 15
55
54
5412 5412 53,2 5312 5412 5412
54
54
180 Northwestern Telegraph --50 60 Jan 5
334 4
3,2 4
312 3,2
3'2 413 6,400 Norwalk Tire & Rubber-- 10
3% 3%
212 Mar 15
1012 1012 *10
1178 12
1113 *10
13
1112 1,200 Pinnnally Co (The) --..No par
12
8 Mar 8
1.1510 sag sated prime: no cedes an Lids Oars
PER SHARE
Eased for Prelim
Year 1927
15/
1
4 Dec 2634 Feb
1938 Apr 20
137/
1
4 Apr 12
82 Jan 132/
1
4 Dec
Jan 120 Dec
130 Apr 27 103
66/
1
4 June 90/
85/
1
4 Jan 3
1
4 NOV
23/
1
4 Jan 3514 Dee
4014 Apr 25
71%May 16
90 Apr 28
55 Kleti 90 Dec
5613 Mar 96% Dee
9812 Apr 28
111 Jan 10
97 Mar 11612 Sept
24/
1
4 Mar 2834 Oct
2812 Mar 16
2434 Jan 2614 Feb
27 Feb 9
39 May 14
8 Aug
914 Feb
2134May 16
1318 June 2034 Dec
25/
1
4 Oct 39/
1
4 Jan
3314 Apr 28
11518May 11
97 Apr 105 Feb
1/
1
4 Jan
3/
1
4 June
738May 10
112 Jan
2/
1
4 June
578klay 10
Apr 315 Dee
200 Jan 4 106
171 Nov 36% A01
27 Jan 3
1
4 Oct
175 May 3
8112 Jan 109/
6038 Feb 12313 Dee
158 May 14
6 June 1212 Jan
1112May 11
432 Jan
112 Oct
413May 14
6/
1
4 Sept 16/
1
4 mar
11 May 9
17 Nov ItSte Apr
2314 Jan 12
1
4 Mar
2034 Jan 27/
/
4 Apr 23
371
10
Jan 7914 Dec
94/
1
4 Apr 13
80 Jan 1104 Dec
11034 Jan 9
3514 May 53 Nov
6212Ma; 18
16/
1
4 Oct 43 Feb
54 May 18
6014 Apr 10172 Dee
1
4 Jan 3
101/
712 Oel
5 Feb
1914May 2
3113 Sept 6612 Dec
95 May 4
8514 Sept 97 Apr
111 May 7
9434 Jan 187 Dec
182 Jan 27
Jan 142 Dec
150 Apr 11 180
/
4 Dec
3972 Jan 511
6414May 18
581
/
4May 15
5914 May 6872 Aug
2014 June 2788 Mar
2812May 2
1
4 Jan
8912 July 94/
102 May 2
Oct
17 Feb 60
58/
1
4 Jan 9
43 Mar 6934 June
7132 Jan 9
1918 Apr 8538 June
3712 Apr 12
6912 Apr 9172 July
9912May 15
136 Jan 31 395 May 20234May
14714May 18 11312 June 13934 Dee
12118 Mar 30 10472 June 11514 Doe
19/
1
4 June 2634 Sept
3673May 15
4038 Jan 9
8684 Nov 3912 Nov
96 Nov 98 Dec
9812 Jan 17
110 Apr 19
76 MaY 9773 Dee
370 May 15 4218 July 873 Dee
27912May 8 108 Apr 100 Dee
2538May 16
1264 June 2052 Dec
89/
1
4 Cat 60 June
5012 Feb 10
Jan 6532 Nov
34
6414 Jan 4
1
4 Not
72/
1
4 Feb 93/
95 Jan 4
10512May 16
93/
1
4 Feb 10212 Oat
115 Apr 19 105 Jan 11412 Oct
1
4 May
2912May 17
27/
1
4 Jan 29/
4558 Jan 6412 Oct
7818May 14
Jan 55 Aug
5558May 16
50
Oct
10572 Feb 7
9632 Jan 105
6734 Jan 56 Sell
55 May 15
1/
1
4 June
53s Feb
412May 18
834 Dec 1$ Jan
13 May 14
New York Stock Record-Continued-Page 6
3092
For sales during the week of stock. not recorded here, see sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
May 12.
Monday,
May 14.
Tuesday,
May 15.
Wednesday, Thursday,
May 16.
May 17.
Friday,
May 18.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jas. 1:
Os basis of 100-share lots
Lowest
Higaest
$ per share $ per share $ per share $ per share
30
3058 30
3034 30
3014
*106 10614 106 10612 10612 10612
14
1478 134 141
134 14
94
9472 94
94 94
94
7212 7234 72
7234 7213 72%
$ per share $ per share Shares Indus.& Mises!.(Co..) Par
per Mau
Per share
2812 30
2814 29
8.800 011 Well Supply
26 2814May 18 41 Jan 11
10612 1064 *10612 107
310
100 100 Apr 27 11012 Jan 11
1314 1358 1258 1312 9,300 On:WW2 Corn
.No Dar 1112 Mar 27 1514May 10
"9212 95
*9212 95
400 Preferred A
100 90 Jan 11 9612 Mar 8
'72
724 714 7138 1,400 Oppenhelm Collins & CoNo par 7138May 18 8811 Jan 7
- __ Orpheum Circuit. Ina
18 May 9 2412 Jan 9
'
1'ii- ii- .iii- 11- ---- ---- -8
-0
- - -81- -§i- -8-1-- ---200 Preferred
100 75 May 9 102 Jan 6
18412 18434 185 191
iiiii4 1-fii 188 19312 19234 196
9,800 Otis Elevator
50 14712 Feb 20 196 MO'18
31124 125 124 124 *124 125 3124 125 .124 125
30 Preferred
100 11914 Jan 24 12512 Apr 5
184 1834 1918 21
2112 2312 2112 2238 2058 22 157,900 Othi Steel
No pat 104 Jan 1
2312May 16
9418 nos 95 9678 97 974 96
97
9612 4.900011. Steel pdor prat
96
100 8212 Jan 10 9778May 16
3144 90
1384 90
85 *84
844 844 '84
100 Outlet Co
85
NO par 82 Feb 21 91 Jag 6
8758 8978 89 89
8734 8734 87 87
86
1,100 Ow
86
pare
nsBo
ed
ttle
26 7412 Jan 3 9572 Apr 18
*11512 117 *11512 117 '11512 117 *114 11478 '114 117
Preferred
100 11434 Jan 3 117 Mar 16
52 5338 5214 5312 514 524 50% 5114 5014 51
14,500 Pacific Gas - Elea new
25 4312 Feb 28 5334May 4
134 172
134 Fs
14 134
Ps 134
Ps 134 48,100 Pacific 011
114 Jan 3
No par
214 Apr 27
1554 158
15512 1564 155 15734 156 160
1584 15878
990 Pacific Telep & Tales
100 148 Mar 10 160 May 17
71
75 x733, 7534 76 8034 7514 7734 7358 7738 293,500 Packard Motor Car
10 5814 Feb 18 8034May 16
48
48
4814 4812 4812 48
48
48
4714 48
3,000 Pan-Amer Petr & Trans50 3814 Feb 20 5334 Apr 3
503 514 5014 51
49 .5034 4914 508 49
504 29,800 Class B
50 3734 Feb 20 5452 Apr 30
2518 25% 2518 257
2312 2378 22
244 25
2334 5,900 Pan-Am West Petrol B_No pa
1814 Feb 15 28% Apr28
21
2134 2034 2138 1918 2118 1814 1912 184 1918 24,000 Panhandle Prod & ref _No pa
1112 Feb 11 2134May 14
984 10434 105 10614 10312 10334 103 103
*90 103
2,500 Preferred
100 70 Feb 21 10614May 15
72% 75
6814 6914 6818 6914 68 698
6734 73
72,800 Park & Tilford tern ctfs_No pa
34 Mar 10 75 May 18
1238 13% 13
1238 1328 1212 1314 137,100 Park Utah C M
14
1418 13
1
934 Jan 3 144 Jan 5
658 25,100 Pathe Exchange
6% 7
634 7
612 7
.5
683 712
No par
2 Feb 8
918May 10
19
15
2178 19
20% 155 20
1712 23,100 Patha Exchange A new _No par
19
20
8% Feb 9 23122.lay 10
3918 4078 3812 40
37 48,300 Patine Mines & Enterpr___20 2372 Jan 3 42 Apt 30
3618 3878 3618 3734 36
20
20
194 1912 6,800 Peerless Motor Car
2114 2014 22
2112 1928 20
50 1612 Jan 27 2578 Mar 18
3234 327
3158 3234 3014 3134 30
3214 6,300 Penick & Ford
3212 327
No pa
2232 Jan 7 37 Apr 17
2814 2912 2812 2912 2812 3012 28
2978 2812 2928 8.900 Penn-Dixie Cement_ __ No pa
2258 Jan 11 31 May 2
*9512 96
9512 9512 *95
*9512 97
100 Preferred
97 *9512 97
100 94 Jan 5 9658 Apr 25
176 176
People's
17812 17934 178 178
177 178
175 17514 1,700
0 L & C (Chic).,100 15154 Jan 6 18912 Feb 2
170 170
170 170
172 17412'172 17312 170 170
1,300 Philadelphia Co (Pittab).__50 145 Mar 24 17454May 4
*4612 49
49 "48
49
48 "4612 49
10 5% preferred
*48
48
50 4512 Mar 15 4812Nlay 7
554 55
5512 2,500 6% preferred
.554 5514 55
55
5.583 5583 55
ao 52 Jan 3 57 Mar 29
32
33 27,900 Phila & Read C& I___ _No pa
33
35
3328 3452 3212 3432 3212 33
2814 Feb 9 3984 Jan 3
Certificates of lot.,.,__No pa
27 Mar 13 38 Jan 12
-18l8 -1-£11-2 -11518 19312:500 Phillip Morris & Co. Ltd._ -10 15 Mar 1 2234
4 1814 -1-97g -11-3i8 19-14
- 'lira
Apr 13
41
4158 4228 4218 4258 4153 428
4112 42
418 20,300 Phillips Petroleum
No pa
3514 Feb 20 4452 Apr 30
32 *30
32
33 333 "3234 33
600 Phoerix Hosiery
324 32
32
28 Jan 12 38 May 8
99 "99 101
99 100 "100 10134 100 100
99
360 Preferred
100 96 Jan 9 1034 Feb 14
Stock
1334 1553 15
1334 147
1334 147 66,600 Pierce-Arrow Mot Car-No Da
1614 1414 157
1012 Feb 18 1614May 15
44
4778 44
4878 4412 4712 444 44% 434 4412 9,400 Preferred
100 39% Feb 16 5312 Jan 3
Exchange
34 44
334 44
312 38
314 34 39,800 Pierce 011 Corporation
34 334
12 Mar 3
25
514 Apr 27
2234 23
23
23
2314 *23
29
23
1,600 Preferred
2334 23
100 1614 Feb 20 3012 Apr 26
Closed.
434 5
514
518
5
5
5
434 5
14,500 Pierce Petrol'm tern etfallo pa
518
312 Feb 16
652 Ain 27
4234 4434 z4218 43
4218 4018 4078 4012 418 17,100 Pillsbury Flour Mllls__No par 3234 Feb 18 4434May 14
41
Extra
118% 12018 "117 118
117 117 •114 117 "113 117
600 Preferred
100 108 Jan 6 12018May 14
48 50
47 *45
49
15,900 Pittsburgh Coal of Pa
48
5083 4858 493 *45
100 4114 Feb 8 534 Jan 4
Holiday.
85
8314 85
8532 8512 *85 857 •84
*8214 83
2,200 Preferred
100 81 May 1 88 Jan 12
*864 88
Pittsburgh Steel pref
*88
*8614 90 *8614 88 "8614 88
92
100 8712 Mar 16 96 Feb 9
3214 *30
3078 334 3234 3234 3034 3034 *30
32
1,100 Pitts Terminal Coal
100 26 Feb 10 364 Mar 20
76
77 '76
77
50 Preferred
76 '76
77
7612 7812 "76
100 76 May 9 82 Mar 13
*64 66 '64
*64 68
6418 66
67
900 Porto Rican-Ara Tob el A-100 6218 Feb 24 7972 Jan 6
68
68
2614 268, 2658 274 27
2714 2712 3114 32
3512 14,000 Class B
No vas 2378 Feb 24 35i2May 18
12218 12414 12334 12434 12158 12483 12114 12212 12012 122
24,900 Pogtum Co. Ine
No par 118 Feb 20 12932 Jan 24
2312 2334 2318 2334 23% 2334 23
*2214 23
23
800 Pressed Steel Car new-No pa
22 Feb 18 2612 Jan 3
82
82
*78
•80
8112
8112 "78 814 81
600 Preferred
81
100 77 Apt 11 88 Jan 4
2358 2418 2312 2354 2312 2358 2212 2334 23
2332 6,100 Producers & Refiners Corp 50 16 Feb 17 264 Apr 30
*44
444 4418 "44
45
45
4418 4418 444 45
60 Preferred
50 41 Feb 20 4678May 1
*834 85 *8312 85 "8312 85
82
82
*8312 85
10 Pro-phy-lae-tic Brush. No pa
694 Jan 4 91 Feb 17
6214 6334 6218 63% 6078 6314 6014 6112 5912 61
79.000 PubServCorp of NJ newNo par 414 Jan 9 6638May 7
115 115
1144 11412 114 114 *114 11418 11412 11412 2,100 6% preferred
100 10332 Jan 6 115 May 4
'12834 129
12834 1288i 12812 12812 129 129 "127 12958
409 7% preferred
100 118 Jan 21 12918May 11
14814 14814 14858 14834 14818 1481 *1484 14953 1474 14718
500 8% preferred
100 134 Jan 7 150 May 4
10934 110
1093. 10934 10934 110
1094 10934 10934 10934 1,400 Pub Seri, Elea & Gas pfd_100 108 Mar 8 11012 Apr 25
918 93
92
94
90
9338 894 11 112 884 9012 45,800 Pullman Company new No pa
7912 Feb 21 94 May 15
298 304 303 308
3014 3034 3014 314 30% 3053 2,600 Punta Alegre Sugar
ao 284 Feb 17 3472 Jan 8
248 24% 244 247
24% 2434 24
14,700 Pure 011 (The)
2483 2378 24
25 19 Feb 1 274 Jan 6
115 115
114 114
11314 115
11312 11312 11312 11312
320 8% preferred
100 108 Mar 16 115 May 11
85 8634 z8514 8634 854 8658 8483 8518 8353 8583 7,000 Purity Bakeries new
7512 Apr 14 8972May 7
Class B
No par 9614 Jan 3 171 Apt 12
113 113'z 112*3 1127
1,666 Preferred new
10934 Apr 18 11512May 11
2044 211
20114 20678 18634 2044 18212 192
180 191 200,000
Radio Corp of Amer_ __No par 8514 Feb 20 211 May 14
574 58
58 5812 5912 60
: 58
59% 591
5912 1.600 Preferred
50 6412 Jan 4 60 May 16
26
2612 2614 27
263* 2612 2612 2612 264 2614 4,000 Real Silk Hosiery
10 2472 Jan 17 3014 Jan 28
93 93
93 93
93 93
93
93
*9212 93
370 Preferred
100
84 Feb 7 9412 Feb 21
1218 1212 1214 13
12
13
12
124 11
1212 11,300 Rale(Robt)& Co
No par
612 Feb 23 13 May 15
314 3214 3153 323, 3118 325* 304 3158 2958 307 77,700 Remington-Rand
No pat 2312 Jan 20 33 Jan 28
*9512 9614 96
96
96
96
96
96
*95
96
600 First preferred
100 93 Jan 16 96 Feb 28
'95 100 '96 100 '96 100 '96 100 "96 100
Second preferred
100 93 API* 19 100 Jan 24
2653 274 2658 2714 2714 2834 2714 28
27
2814 67,300 Reo Motor Car
10 2212 Jan 21 2934 Apr 14
6058 62 z60
6078 5918 6112 5853 59
5852 59
11,000 Republic Iron & Steel
100 56 Feb 17 6934 Feb 7
'10678 107 107 107 107 10783 107 107
10714 10714
800 Preferred
100
105 Jan 8 112 Feb 6
1258 14
13
133
1214 1314 1214 1238 1214 1234 26,900 Reynolds Spring
No par
84 Feb 18 1458May 8
13134 132
13134 132
13134 132
13114 13112 131 13134 18.200 Reynolds(RJ)Tob Class B 25 128 Apr 24 1611815i 3
48% 5158 513, 53
494 524 4753 5018 4612 50 275,200 Richfield 011 of Callforala__25 2312 Feb 17 53 May
15
225 225 219 221
215 22014 21534 218
21214 215
3,200 Rogala Insurance Co
25 163 Jan 10 233 May 4
5453 5478 54
5412 5334 5453 5318 54
5214 534 9,400 Royal Dutch Co(N Y shares). 4432 Jan 20 55 May 7
3912 4034 40
4012 4053 417
4118 4318 433 49 51,800 St Joseph Lead
10 37 Mar 16 49 May 18
86
8612 z85
88
858* 87
84
84
83
83
7,000 Savage Arms Corporatlon_100 6038 Jan 12 88 May 15
253 234
24 34
312 34
314 323
3
338 36,800 Seneca Copper
No par
334May 16
2 Jan 18
63 6378 6478 66
6458 66
6358 64
6411 6483 10,900 Shubert Theatre Corp _ _No par 5912 Mar 5 6934 Jan 9
6312 6418 z62 633
6114 6253 60 6214 5912 6112 51,400 Schulte Retell Stores_. No par 4978 Feb 18 674 Apr 14
122 122
1227 12278 12212 12212 12012 122 "12112 122
150 Preferred
100 11912 Jan 31 129 Apt 11
127 13 *13
1312 *13
134 12% 1252 1234 1234
400 Seagrave Corp
No par 10 Feb 18 1414 Jan 3
10414 106
103 10478 1024 1044 10158 10418 102% 10478 162.500 Sears, Roebuck & Co new Nopar 8218 Jan 16 11012 Mar 27
105 1057* 10414 105
102 104
10118 1027* 100 10312 8,900 Shatuelt (F (3)
No par 8012 Feb 17 10912May 4
4634 47
464 464 *4558 47
*444 4434
400 Shell Transport & Trading_52 3932 Jan 24 47 May 4
2914 294 29
2934 29
2958 2818 2878 2814 2834 28.800 Shell Union 011
No par 2314 Feb 8 31 Apt 30
2318 2314 2278 2314 2234 23
2214 2212 2218 23
7,700 Simms Petroleum
10 1812 Feb 20 26 Mar 30
70% 71
70
7073 6834 704 08614 674 66
67
25.500 Simmons Co
No pat 5814 Nar 2 73 Apr 4
2883 2912 2814 29
28
2953 277 2858 267 28 198,900 Sinclair Cone 011 Corp-No par 1732 Feb 20 3014 Apr 30
"10834 1087 10834 10834 '198 10834 10834 10834 10712 1087s 1,000 Preferred
100 10212 Jan 4 10912 Apr 26
324 33 23158 3214 3014 32
30
317
3012 31
14,100 Skelly 011 Co
25 25 &I.15 34 Apt 30
*119 120
119 119
117 117
116 116 '116 118
600 Sloss-Sheffield Steal & Iron 100 116 May 3 134 Feb 6
17
1714 17
17
17% 173
1672 174 1658 1678 5,600 Snider Packing
No par 1232 Jan 6 20 Apr 30
4734 474 4734 4754 47
48
474 4714 4614 4612 2.400 Preferred
No par 44 Jan 6 60 Jan 11
424 44
43% 4412 445* 4778 4614 4814 4514 47 157.900 So Porto Rico Suit new-No par 324 Feb 18 4814May 17
*13912 141
140 140 "140 14212 "140 145
100 133 Feb 1 140 May 7
20 Preferred
140 140
5034 52
52
25
53
5158 5234 5014 5112 5053 51
38,400 Southern Calif Edison
55
54
53% 5478 5112 544 5234 564 5612 59
:560000 Southern Dairies el A_No Par
No par
22 23
2234 2312 2212 2312 225* 2553 2334 26 8
Class 11
26
2
•116 118 *116 118
100 paiding Bros list Prel --- - 100
118 118 '116 125 '116 125
No par
1612 1612 1614 1614 164 1614 155* 16
1.515 1514
460 Spear & Co
100
10 Preferred
88 88 *8514 88 "8514 88 *87
88
*87
88
No par
4112 42
40% 42
3918 3718 3883 34,200 Spicer Mfg Co
3914 41% 38
100
111 111 *11012 111 "11012 __._ •11012 111 *11012 111
20 Preferred
2912 2912 4,100 Stand Comm Tobacco_No par
30
30
30
30
30
30
30
30
25,000 Standard Oas & El Co_No par
7253 7312 7212 733
7134 6914 71
7158 7278 70
50
) Preferred
50
71
71
1,00(
71
707 70% 7078 70% 71
714 71
100
10,100 Standard Milling
120 122
12134 123 118 121
117 11814 115 117
Preferred
100
107 107 107 107 *107 108 '107 10778 107 107
60 34,300 Standard 011 of Cal newNo par
61% 6214 26114 62
6034 6178 5912 60% 59
457 464 45
4418 453 189,700 Standard 011 of New Jersey_25
4612 448 46
46% 467
387 x3658 3758 231,100 Standard 011 of New York. 25
37
387 3958 3812 39
374 387
4% 458 1.200 Stand Plate Glass Co. No par
412 4
432 5
458 478
514
4
430 Preferred
100
18
18
1712 4832 1712 18
18
18
17 18
Sterling Products
No par
--------- Stewart-Warn Sp Corp_No par
- -3--- "iii2 -iiii -oils -o-iii -fii- -o-iii -iii8 1478
-This II78
Stromberg Carburetor_No par
63
6178 6178
64 664 60
67 6718 66% 67
• Bid and asked .r1•1*.
*his tlair
a Ex-rights. • is...dividend
b Es dividend and ex rights
4312 Jan 6
244 Jan 25
9 Jan 23
109 Jan 7
12 Jan 16
79 Feb 25
2312 Jan 12
110 Apr 11
2912May 18
57% Jan 12
65 Jan 3
100 Jan 5
10018 Jan 3
53 Feb 20
3754 Feb 18
284 Feb 17
214 Jan 3
10 Jan 18
13414 Feb 28
7714 Feb 18
44 Jan 3
5414May 4
59 May 18
30 Apr 23
120 Apr 3
20 Feb 29
92% Feb 29
4214May 11
113 May 7
3712 Mar 6
7434May 8
7112May 16,
127 Apr 20
112 Apr 23
63% Apr 30
49 Apr 30
4112 Apr 30
7% Feb 23
40 Feb 23
150 Jan 26
10112May 9
6912May 7
PER SHARE
Ranysfor Prelim
Year 1927
Lowest
Highest
per 'Aare
3114 Jan
10234 Mar
11 Mar
81 Jan
5812 Feb
23% Dec
102% Nov
s103 Feb
108 Feb
714 Feb
614 Feb
5234 Jan
73 Dec
107 Jan
31 Feb
I May
124 Mar
3334 Apr
£012 Dec
4014 Deo
1634 Oct
8 Apr
64 Sept
20 Jan
6 Jan
314 Dec
1812 Dec
1812 Aug
20 Apr
1912 Sept
2112 Dec
91 Sept
120 Jan
8614 Jan
40 Jan
50 Jan
3732 June
3714 June
18 Sept
3614 Oct
3512 Dec
103 Jan
912 Oct
3734 Oct
14 Mar
1312 Mar
24 Mar
3078 Nov
104 Aug
3234 Mar
70% Mar
94 Dec
3012 Apr
74 Apr
65 Aug
15 Aug
9258 Mar
3812 Feb
764 Feb
16% Jan
36% Jan
55 Feb
32 Jan
984 Feb
1084 Jan
125 Jan
102 Jan
7334 Aug
27 Oct
25 Oct
111% Jan
per share
8872 Dee
110 June
1712 Jung
9912 may
82% Dee
35 Apr
10812 June
15534 001
12434 Aug
124 June
91 Nov
99 Dee
854 Dee
120 Nov
50 Dee
183 Jan
162 Dec
62 Dee
6572 Jan
663s Jan
3772 Jan
1872 Jan
83 Nov
46% 001
104 Dee,
12 June
4314 June
2772 Feb
32 Jan
2772 May
3912 Jan
100 May
1684 Nov
1534 Dee
51 Dee
5312 Sept
474 Mar
47 Mai
414 Jan
6014 Feb
5272 Aug
10734 July
2358 Mar
10211 Jan
14 June
24 June
511 June
3712 Aug
109 Oct
744 June
98 Sent
101
Jan
55 June
8412 Dee
9112 Jan
52% Dec
12618 Dec
7814 1)eo
921k May
334 May
50 Feb
71 Sent
46% 501/1
105 No/
12014 Nov
13514 NOV
11012 Del
8434 Do
46% Jan
3312 Mal
11512 Del
-i54 Jan
88-72 Nov
-4-1-li Apr
49 May
2012 Nov
80 June
532 July
2012 Nov
874 Nov
90 Oct
2512 Dec
53 Oct
96% Jan
4 Feb
9818 Feb
25% Dec
74 Jan
4414 July
36 May
434 Oct
1 Juno
65 Aug
47 Jan
11614 Jan
8% Sent
Jan
51
56% Jan
41% Oct
24% Oct
144 July
334 Jan
16 Oct
97 Jan
2412 June
11014 Nov
114 June
44 Nov
33% Aug
11812 Ma
314 Jan
15 May
654 Oct
103 Jan
84 May
73 Feb
2012 Jan
104 Feb
1-61-- Nov
57 Ap1/
49 Mal
99 D00
9 June
474 Dee
10212 APO
110 Apf
2678 Dee
75% Ma/
106 May
13 DOI
162 Dee
2853 DOo
194 001
5411 Feb
437s mar
7213 Mal
34 Jan
7471 Not
57 Sept
123 Aug
15% Del
9112 Dee
1014 Oell
4772 Feb
3134 Feb
2832 Dee
6434 Dell
2232 Jan
1044 Da*
3732 Feb
13414 Apt
1634 July
524 July
424 May
137 Nov
De
45
45% Jae
20 Jae
11212 No/
16 Deg
88 Dee
28% May
11112 Not
54 Jan 665 Jul11
5718 Jan 664 No/
7014 Jan 1044 Del
84 Jan 103 Deo
50% Apr 6014 Jan
354 Apr 4132 Feb
2934 June 344 Jan
2 Mar
4,
1 JUDI
10 Mar 157a June
904 Jan 14312 No/
5414 Mar 8712 Noy
284 June 60 &PI
New York Stock Record-Continued-Page 7
3093
For sales during the week of stocks not recorded here, see seventh page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
May 12.
Monday,
May 14.
Tuesday,
May 15.
Wednesday, Thursday.
May 16.
May 17.
Friday,
May 18.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
=CHANGE
Lowest
$ Per share $ per share $ per share $ per share
Per share $ per share Shares Indus.& Mlecel.(Cos) Par
6718 68
7111 7712 7514 81
74% 7912 76% 7958 179100 Eltudeb1Corp(The) newNo par
12334 12334 •124 125
125 125 *12412 125
12412 12412
60 Preferred
100
4
/
1
4
412 4%
412 412
4/
1
4 412
412 412 3,800 Submarine Boat
No par
48
48
46
47
48% 46
4518 46
4612 3.900 Sun 011
46
No Par
*109 1091g *10912 110% *10912 11018 *10912 110
10912 10912
100 Preferred
100
7
6% 71s
9
738 912
818 878
8
834 206,400 Superior 011
No par
2014 2014 20
21
2012 2134 *20
22
*20
22
600 Superior Steel
100
1612
17
1512 1612
1614 1634 16
16
15% 1512 4,100 Sweets Co of America
50
2
63* 65g
67
638 6% .512 612
612 678 1.100 Symington temp °Us__ _No par
1778 1938
1812 19
1712 1834 1714 1714 1734 1878 6,600 CIAO.A temp cafe---No par
1912 2038 1838 1974 1878 1934 19
2238 2078 22
13,300 Telautograph Corp__No par
14% 1412 1414 1434 1418 1412 1334 1414 1334 1418 22,100 Tenn Copp & C
No par
6334 6514 641g 6538 63
6434 63
65
6212 65 168,200 Texas Corporation
25
7112 7214 7034 7178 6938 70% 70
7212 69% 71% 102.200 Texas Gulf Sulphur new No par
16
16% 16
1612 1512 16
1514 1534 1518 1578 12,600 Texas Pacific Coal & OE--10
28
2812 2734 2838 2612 28% 2638 271s 26
267s 8,700 Texas Pao Land Trust new__I
3718 383s 37% 38
3618 3734 3458 3614 3412 35% 8,200 Thatcher Mfg
No par
52
52
5112 51
50
50
5jl4 50
50
50
1,200 Preferred
No par
38
3812 38
4112 4014 433* 3934 4112 391s 4014 30,000 The Fair
No par
61
61
*60% 6112 60
6012 *60
62
6012 6012
500 Thompson (I R) Co
25
1834 19118 1878 19% 1812 19
1814 1812 18
1814 19,200 Tidewater Assoc 011---No par
*8912 90
8934 8934 8912 8912 8914 89% *89
89% 4,900 Preferred
100
2612 27
26% 2718 26% 27
26
8,000 Tide Water 011
2 *2612 27
100
9312 931
9312 9312 *9312
*9312 9412 9312 93%
400 Preferred
100
12734 12814 12814 12934 12612 13178 12514 12814 12378 12614 17,700 Timken Roller
Rearing-No Par
11278 113% 112% 11234 111 112
11018 11112 110 11112 21.300 Tobacco Products Corp-100
11814 119
119 11912 119 11934 11914 12012 11978 1197s 2,000 Class A
100
834 9
814 9
858 918
8% 878
8% 8% 48,300 Transoll 011 temctfnewNo par
82
52
5212 53
521
51
51
5212 *5012 52
2,800 Transue &WlillamB al No par
73
7414 7234 74
734 75% 7334 74% 7212 75
47,500 Under.Elliott Fisher Co.No par
*121 1213 *121 130 *121 130 *121 130 •121 130
Preferred
100
42
421
4234 4234 4112 423
42
4214 41
4218 2,600 Union Bag & Paper Corp_ _100
156% 15778 15514 15714 152 1553 15118 15334 1501g 153% 31,400 Union Carbide & Carb-No
par
53% 5358 5312 5334 5258 53% 5112 5212 5114 52
12,500 Union 011 California
25
*124 128 *124 128 •122 125 *12212 12312 *120 125
Union Tank Car new_100
36
36
*35
36
*35
36
36
36 :3558 35%
600 United Biscuit
No par
*11314 123 *115 123 *115 123 *114 123 •114 123
Preferred
100
301g 3014 304 30% 30
30% 2912 30
2912 2934 13,200 United Cigar Storms new__ __10
*110 111
10912 111
11078 111 *110 111 *110 111
100
600 Preferred
United Drug
100
lat Preferred
50
;a
- 6434 •62
6434 6484 DA *62
64% •62
64%
10 United Dyewood pref
100
Stock
14312 145
144 145
14212 1443 14178 14218 14014 142
5,400 United Fruit
No
Par
77% 7812 77/
1
4 78
7618 771
7618 77
*7718 7714 2,300 Universal Leaf Tobacco No Far
Exchange
95
95% 95
95
94/
1
4 95
95
95
94% 96%
230 Universal Pictures 18t pfd-100
23
2312 23
23% 2234 23
2234 23
2234 23
18,700 Universal Pipe & Rad_.No par
Closed.
*9314 98
*934 98 *9314 98 *9314 98 *9314
98
Preferred
100
264% 265
26478 265 260 264
259 260
259 259
2,600 US Cast Iron Pipe & Fdy_100
Extra
13034 13034 13112 13112 130% 13052 130 13058 13012
13012 1,200 Preferred
100
1612 1674 17
17% 1612 17% 1638 1718 1612 1612 6,400 S Distrib Corp new
No Pat
Holiday.
87
87
*86
8712 86
86
86
86
85
8512 1.1100 Preferred
100
5414 55% 55% 5634 5438 56% 54
55
53% 54% 22,900 U S Hoff Mach Corp vtoNo par
117% 11938 117 11712 11518 1161 11412 1163 113%
100
*12112 123 *122 123 •122 123 *122 123 4 •122 11512 19,800 U 8 Industrial Aksohol
123
Preferred
100
48% 50
48% 4934 464 48% 454 4612 45% 4612 14,1'00 U El Leather
par
No
67
6712 67
68
86
66% 63% 65% 63%
7,900 Class A
No par
10912 10912 *10912 110 *10812 10912 10812 10834 *10812 65
10912 1,006 Prior preferred
100
894 8934 89% 90
88
90
87% 8838 87
87% 9,500 US Realty & Impt new.No Par
43
4378 4318 4414 4212 44
4214 43
4212 4418 25,600 United States Rubber
100
7712 79
77% 78
78
78
76% 7712 76% 77
3,000 1s0 Preferred
100
45% 4812 48% 4978 4634 49% 4612 47% 4714
4812 30,600 US Smelting. Ref &
54
5412 *5314 5438 54
54
*53
55
5378 54
900 Preferred
oo
1471
/
4 14938 14834 148% 14514 14812 14412 147
143% 147 374,000 United States Steel Corp new
14434 145
1441
/
4 14478 144% 14412 14414 144% 14414 144% 4,700 Preferred
100
94
94 .93
94
9212 947s 93
93
91
93
1,100 U S Tobacco
No par
*136% 140 *13612 140 *13612 140 *137 140
137 137
10 Preferred
100
151 151
15312 160
160 160 *15314 159 •15314 159
200
copper
Utah
10
4014 4112 4018 411
4058 4488 4012 4218 40% 4218 146,400 Utilities Pow & LI A--No Par
87% 88% 8658 87% 83
8812 8314 85
8218 8414 22,200 Vanadium Corp
No par
•94 1112
9
918 *812 1112 *812 1014 .812 1014
600 Van Raalte
No var
*50
5234 50
50
*50
541 *50
5234 *50
54%
10 let preferred
100
73
74
71
723
70
7218 6914 70
69
5,500 Vick Chemical
70
No par
10038 10112 88
9934 91% 973* 91
97
9134 96
Victor
82,400
Talk
MaohineNo
Par
*198 225 *195 220 *182 220 •185 200 •185 200
preferred
No par
10912 10912 109% 1097 10911 10934 *109 1093 •109
10934
900 7% prior preferred
100
1434 147
1434 1514 15
15% 1514 151
153g 1612 8,300 Virg-Caro Chem
No par
48
48
4814 4814 49
4914 4918 50
50
5212 6,900 6% preferred
100
*97
9712 97
97 z9634 97
*9612 97
*96% 97
700 7% preferred
100
*30
35
*30
35
*30
35 •30
35
*30
35
Virginia Iron Coal & Coke-100
*57
59
*57
59
*57
.59
*57
59
*57
59
Preferred
100
21
2112 1934 21
1814 19% 174 177
17% 1734 29,000 Vivaudou(V).
No par
*84
89
*84
87
84
84
8312 831
84
84
400 Preferred
100
36% 3812 35
3734 32% 3512 32
321
32
32
6,100 Vulcan DetinnIng
100
*89
90
*89
90
*87
90
89
89
83
83
70 Preferred
100
29
29
*2534 30
*2534 30
2912 291 *2534 29
120 Clans A
100
243g 248
2418 2412 24
2418 23% 243s 23% 2414 10,400 Waldorf System
No Par
16
16
16
173* 173* 19
1738 1838 17
18
13.700 Walworth Co ctfe
No pa
10914 10914 10612 10612 106 1061 •10638 107
*10612 107
910 Ward Baking Class A.-No pa
2518 26% 24% 2558 2312 254 2312 24
2278 23% 12,800 Class B
No pa
93
9334 0228 93,2 9312 931 *9212 93
*9212
93
900 Preferred (100)
No pa
3718 3812 36
37% 3412 363
34% 8512 34
3612 24,400 Warner Bros Pictures A.---10
3214 33/
1
4 32
33
3118 32% 3138 32
31% 32
14,000 Warner Quinlan
No par
180 180 *176 17014 176 176
175 17614 174% 175
1.400 Warren Bros
No pa
*5618 58
.1,581a 5834 5618 561 *56
5834 •56
5834
100
lest preferred
50
2178 2112 2112 2112 221
21
2134 22
2134 22
4,900
Warren
Irndry & Pipe--No irra
*6612 68% *6612 68% 66
67
65
84
•64
66
2,200 Weber & Hellbr, new e_No pa
3'9912 1021 102% 102% *102 1021 101 101 •101 1021
600 Preferred
100
163 16314 162% 163
16112 16212 160 160
160 160
2,700 Western Union Telegraph_100
4958 51
5012 51% 5018 5118 4934 51
4912 5034 31,100 Wetnghse Air Brake NewNopa
10634 1081 1054 10714 103 106
10212 10478 102 10414 58,300 Weetinghouge
Elec
&
Mfg _-50
*108 110
107% 108 *10618 108 •10618 107 *1061
/
4 107
120 let preferred
50
1712 177
17
17% 1678 17
1634 16% 1612 163
3.200 Weston Elea Instrum*t_No pa
3218 321
3278 32% 3278 3278 3218 32% 3278 33
1,200
Class
A
No pa
*110 1101 •110 11012 110 110
110 11038 110 110
120 West Penn Eleo al A vtf No pa
1131
/
4 1141 11312 113% 113 114
11318 114% 113% 11318
370 Preferred
100
10212 1027 102 103
10212 10234 10234 103
10212 103
440 Preferred (6)
100
115 1151 115 1154 115% 11578 11514 11612 11514 116
700 West Penn Power pref
100
*110 1111 *110 11112 110 110
110 110
110% 11112
50 6% Preferred
100
6618 661s 6612 67
67
68
651s 6518 *65
67
1,000 West Dairy Prod el A__No pa
37% 38
38% 384 3738 3814 37% 38
3712 381s 2,900 Class B
No pa
25
2514 25
25% 2438 25% 24
2418 24
24
3,100 White Eagle Oil &Refg_No pa
3514 357
35
3584 3512 36% 3514 36
3534 36% 8,100 White Motor
50
4274 433
41% 43
3914 41
40
41
39% 3912 6,800 White Rock Min Sp etf_No pa
40
39
401
41
38
40
38
38% 383s 39% 5,100 White Sewing Machine_No pa
5312 54
54
*53
5312 5312 53
53% *53% 5312
900 White Sewing Mach pl_No pa
24
251
2514 26
2512 27
2412 2534 24% 25% 199,700 Willy -Overland
(The)-9812 991
9814 9914 9814 9934 9914 9914 *9914 9A
1,500 Preferred
1512 15% 1512 15% 15
1512 1434 1518 1412 1414 8,200 Wilson & Co Inc new-No 100
pa
3334 347
34% 35
34% 30% 33% 3114 3234 28,100 Class A
31
No pa
7212 737
7318 7378 7112 7314 72
72
71
72% 6,300 Preferred
100
192 1933 191 19334 18818 19114 18818 19114 188 19018 27,900 Woolworth
(F W)Co
2
3212 341
3434 36% 34
3612 33% 3434 33
34
14,000 Worthington P & M
100
55
55
5712 5712 *5214 58 .53
60
52
52
400 Preferred A
100
47
49
47
49
49
49
*48
49
47% 471
1,100 Preferred B
100
19134 20112 z200 21412 219 245
21212 219
196
115,700 Wright Aeronautical-. No pa
7234 73
7212 73
*7214 7212 72 7234 *7112 221
1,100 Wrigley(Wm Jr)
721
No pa
78
78
79
77
79
77
761
/
4 7618 74% 76
1,200 Yale & Towne
2
39
3778 38% 38
3614 39
36% 37% 361s 37% 110,400 Yellow Truck &
Coach Cl 13.1
*9314 9334 *93% 9334 93% 93% *9514 9312 *93% 931
100 Preferred
100
89% 89% 8914 8934 88% 89% 88
8812 8818 887
8,300 Youngstown Sheet & T.No par
•111d
nd asked
n, raft no eitlee so Chic WIT
Ex-rielt,A.
a El-dividend
• No
PER SHARE
Range Since Jan. I.
On basis of 100-share lots
par
value
$ per share
57 Jan 10
12112 Feb 25
3 Feb 14
3112 Jan 9
100 Jan 6
24 Feb 17
18 Jan 18
1152 Feb 8
Vs Jan 6
1284 Jan 13
151 Jan28
1012 Jan 16
50 Feb 17
681s Feb 18
1218 Mar 1
207a Feb 20
22 Jan 5
47 Apr 13
34 Jan 3
59 Jan 31
1411. Feb 20
8172 Mar 15
1952 Mar 7
87 Jan 4
11252 Mar 3
10218 Feb 7
113 Feb 7
74 Feb 21
4534 Jan 3
65 Feb 17
119 Mar 1
3612 Feb 20
13618 Feb18
42% Feb 11
11918 Feb 23
3412 Apr 30
1124 Mar 22
2912 Apr 23
10612 Feb 18
190 Jan
59 Feb 28
4534 Jan 20
136 Feb 11
71 Feb 18
9314May 7
22% Feb 18
88 Jan 5
19018 Feb 27
115 Mar 10
15 Apr 4
79 Apr 5
491
/
4 Jan 3
10234 Jan 16
119 Jan 13
22 Jan 18
52 Jan 5
1051s Jan 4
6114 Feb 4
40 Mar 7
76121May 10
3912 Feb 20
51 Jan 26
1378* Mar 2
13858 Jan 5
9014 Mar 6
12712 Jan 14
139 Jan 17
28% Feb 20
60 Jan 18
712 Jan
43% Jan 6
58 Jan 17
52% Jan
10834 Jan
1011s Jan
1314 Jan 11
4452 Jan 18
88% Jan 1
31% Apr 25
56 Apr 19
1718May 17
83 Apr 26
25 Jan 7
7812 Mar 28
2258 Jan 10
1912 Jan 3
16 Feb 17
106 Apr 16
21% Apr 10
90 May 2
22 Jan 5
26 Feb 17
15012 :an 4
50 Jan 6
18 Feb 20
60 Feb 29
100 Mar 6
160 May 17
4618 Jan 4
881
/
4 Jan 5
95/4 Jan 5
1212 Jan 6
3034 Jan 3
10612 Jan 3
10914 Feb 2
10018 Mar 3
114 Apr 9
10834 Apr 9
5312 Jan 6
203s Jan 5
20% Feb 21
31)14 Feb 21
3418 Jan 19
36% Feb 18
53 Feb 21
17% Jan 16
92% Jan 3
111
/
4 Jan 3
22 Jan 3
66 Jan 3
17512 Feb 20
28 Jan 5
4614 Jan 19
41 Jan 4
69 Feb 27
6934 Jan 27
6812 Mar 26
2758 Feb 28
87% Jan 9
8514 Mar 8
Highest
PER SHARE
Range for Previous
Year 1927
Lotosst
Highest
per more g per ban
$ par share
81 May 16
69 June 6312 Sell
12612 Feb 10 118 Feb 12512 Nov
614 Mar 21
212 Feb
812 Mal
49 May 7
80 Mar 3472 Jan
109'2 Apr 26
99 Aug 10152 Dec
912May 16
3/
1
4 Dec
613 Feb
237k Feb 6
18
Oct 28 May
1812 Apr 26
7 Apr 14 Dec
7 May 8
21$ Sept
6 Jan
193* Apr 27
6 Oct 1584 Nov
2012May 10
1112 Mar 1714 Nov
1434May 7
812 June 1314 Jan
65%May 15
45 Apr 58
Jan
80% Jan 4
69 Jan 811* Sept
1712 Apr 30
12 Apr
187k June
3034 Apr 27
1512 Jan 40 June
3912May 8
1612 Aug 2312 Serie
53 May 1
43 Aug 5012 Nov
4338May 16
2414 Jan 86 Aug
64 Apr 10
67
Jan 6584 Dee
20142 Apr 30
1512 Oct 1912 June
90 May 2
85
Oct 9014 June
2718May 15
19 July
291s Jan
9412May 4
85 Nov
9012 Sent
134 Jan 4
78
Jan 14212 Aug
11818 Apr 16
928* Oct 11738 Dec
128 Feb 14 108 Apr 1237g Dec
1018 Jan 12
3% Apr 1038 Nov
5912 Feb 7
10 May 50 Dec
7538May 16
45 Jan 70 Dec
126 Apr 13 120
Jan 125 Dee
498 Feb 1
3812 Jan 7314 June
16214 Apr 12
Ms Jan 15412 Nov
57 Apr 16
393* June 5612 Jan
12818May 8
94 Jan 12712 Dec
4214 Jan 26
3918 Dec 40% Dec
118 Jan 23
-12-3
; Dec 381s July
Apr
r 10
114
3'
5 104 July 109 JUDO
4188 Fe
210 Mar 17 159
Jan 20012 Nov
5812 Jan 61 Dec
6012 Jan 4
6712 Mar 12
3614 July 49 Jan
14614May 7 11312 Jan 150 Sett
8512 Apr 5
60% Nov 7412 Dec
100 Feb 24
98% Dec 10338 Apr
28 Apr 13
2418 Sept 3714 Mar
102 Jan 12
8114 Jan 98 Dec
300 Apr 9 1901 Aug 248 May
137 Mar 19 112 Mar 125 Nov
1414 May 22% Jul,
2038 Jan 4
81 May 9614 Sept
9038 Jan 16
44
588* Jan 23
Oct6312 Mar
89 Mar 11112 Dec
12214 Mar 19
121 Mar 20 10714 Apr 121 Dec
51 May 7
14 July 2512 Nov
72 Apr 25
5812 Des
2714 Jun
10912May 14
89 July 10612 Nov
9358May 4
54 Apr 6972 Dec
6314 Jan 4
3716 Jun
6712 Feb
10934 Jan 13
8538 Jun 11138 Apt
497 May 15
333* Jan 4871 Dec
5514May 2
455k Jan 54 Dec
154 Apr 12 1113$ Jan 1601± Sept
14714 Apr 26 129
Jan 14114 Dec
105 Apr 16
67
Jan 971s Dee
137 May 18 123 Jan 127 Nov
160 May 15 111 Feb 162 Dec
4438May 16
27
Jan 34 May
96 Mar 15
37
Jan 671s Des
13 Mar 13
534 Sent 1412 Feb
5434 Apr 10
42% Dec 64 Feb
74 May 14
48 Jan 6338 June
10434May 8
82 July 5488 Dec
20212May 7
87
Oct 1113* Dee
111/2 Mar 28
9614 Oct 10212 Dec
1684 Feb 10
712May
15% Sept
5212May 18
26% Apr 4834 DOD
97 Apr 27
73 June 91 Nov
38 Jan 17
36 Dec 51
Jan
6212 Jan 13
6212 Dee 7612 Aug
2534 Jan 4
2014 Dec 3914 June
100 Jan 28
95 Dec 1181,June
4384 Jan 11
1612 Jan 80 Aug
97 Jan 12
90 Jan 125 Aug
38 Jan 11
Jan 5934 Aug
16
27 Apr 9
1814 Dec 25 Feb
19 May 16
17 Dec 2412 Apr
123 Feb 2
89% Apr 11834 Oct
2958 Jan 13
1712 June 335 Feb
84 Apr 10014 Nov
9712 Jan 19
1814 Dec 4512 Jan
3812May 11
3312 Apr 17
24 June 3412 Dec
19212 April
65 Jan 180 Nov
43 Aug 71 Dee
61 Apr 16
251 Apr 14
18
Oct 27 June
65% Dec 7512 Aug
7012May 8
103 Jan 3 101% Nov 10338 Aug
17712 Jan 3 14414 Jan 176 Dec
40
Oct 5012 Sept
578* Jan 27
112 Mar 31
6752 Jan 945* Dee
110 Mar 31
82 Mar 10378 Dec
1878 Apr 24
11 Sept 1834 Feb
3414 Feb 21
30 July 3434 Apr
112 Apr 9
9774 Jan 111 Aug
11514 Apr 9 102
Jan 112 Sept
10412 Apr 10 101 Dec 10114 Dee
117 /Star 29 111
Jan 118 Ma/
113 Jan 5 10012 Jan 111 paa
78 Apr 11
53% Dec 57 Nov
49 Apr 12
2414 Dec 283 Nov
2638May 1. 20 Dec 2712 Feb
413a Jan 4
3014 Nov
5882 Feb
4458May 11
26
Jan 4112 Sept
45 Mar 7
2112 Mar 5314 Aug
55 Jan 5
46 Feb 59
Jan
2858 Apr 9
1312 Oct 2414 Mar
100 Apr 9
87 June 96 Aug
16 Feb 14
10 May
1752 Feb
35 May 15
1814 May 3271 Feb
778.4 Feb 11
68
Apr 8438 Feb
19664May 9 11724 Jan 19812 Dee
3678May 15
2012 Jan 46 JUDO
58% Apr 28
44 Dec 6112 June
51 Apr 26
37
Oct 5412 June
245 May 16
2412 Apr 9434 Dee
791:Mar 22
507j Jan 7284 Dee
8412 Apr 25
704 Jan 844 Aug
40 May 8
25
Jan 40 Aug
96 Apr 20
831s Aug 9958 July
10672 Jan 26
80/
1
4 Oct 1001s Dee
3091
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jas. 1 1909 las lfsclange unalod of quoting bonds was clanged and prices are now -and interes1"-ezcsgi for Weise and defaulled bonne
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 18.
13
za.
t
Pries
Friday,
May 18.
Week's
Range or
Last Sale.
Rango
Since
Jan, 1,
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 18.
13
t
Price
Friday,
May 18.
Week's
Range or
Last Sale.
High No.
Bid
Ask Low
High
Low
High NO. Low
9914 19
?inland (Republic) eat, 68..1945 M S 9918 Sale 99
10012 10034 1004 10058 17
External sink fund 78_ __ _1950 M
1001234100,1 2 96 10011331011331
MS
9912
External
s
9912
100
1005
8 72
f
633e
1956
101632
10116,1
,Apr'28
101.3
32
1
4 Sale 9412
EMI tank fund 533e
95
1958 P A 94/
1012632 102232 256 10126311031332
1
9912
/
4s A _ _1954 AD 9914 Sale 9914
102132 Apr'28 - _ 102h2 102"32 Finnish Mun Loan 01
4
9912
External 634e series B._ _1954 AO 9912 Bale 9914
119/
1
4 54
1
4 Sale 119
100244 100632 566 1005:2100"33 French Republic ext 734s _ _1941 3D 119/
1
4 250
External 7s of 1924
1949 J O 10858 Sale 10714 108/
German Republic ext'l 78_1949 * 0 10714 Sale 10714 10758 171
102332 102"23 1112 10242 104
104 114 116',, Gras (Municipality)88.- __ _1954 MN 10312 Sale 10312 10424 24
115
114
168 1096,,11111,, Gt Brit & Irel(UK of) 5348_1937 FA 10558 Sale 10511 10534 84
109132 110
51 106632108"st
1
4 11838 15
10-year cony 5/
1
48
1929 P A 11834 Sale 118/
1066432107132
4% fund loan £ op 1960_1990 MN 8734 Sale c8758
88,2 313
1012032102
157 1016632103"u
7
99
5% War loan £ option'29_1947 3D 99 Sale e99
1
4 10512 26
Greater Prague(COY)734e-1952 MN 105 Sale 104/
State and City Securities.
45
MN
Greek
of
10012
102
/
1
4
40
9714
9812
973
4
Government
see
Ta
1964
10012
983
4
8
Sale 1004 1025
NY City-41
/
4s Corp stock _1960 MS
1044 105,2
891
/
4 376
Sinking fund sec 68
1968 P A 89 Sale 8734
103/
1
4 104,4 10412 Apr'28
4/
1
413 Corporate stock__ _1964 M
100/
1
4 47
1952 * 0 10058 Sale 100
10538 10538 Haiti (Republic) s f Os
ri Corporate stock____1966 AD 10334 105 10538 Mar'28 --1
4
9838 60
Hamburg (State) 65
1946 A0 98 Sale 97/
105 105
4340 Corporate stock_ _ __I972 *0 10334 105 105 Mar'28 1
4 10934 Heidelberg (Germany) ext 7/
1
4550 3' 105 10534 10512 May'28 4348 Corporate stock_ _ _ _1971 J D 109 110 10934 Feb'28 ---- 109/
2 10812 11018 Hungarian Manic Loan 73441945 3
100 Sale 100
10034 54
43413 Corporate stock_July1967 J J 10812 Sale 10812 10812
1
4 Sale 9634
External a 1 7s
Sept 1 1948 33 96/
- 10938 10934
8 36
4345 Corporate etock__ _ _1965 J D 10814 10912 10912 Apr'28
10038 13
1
48 '61 MN 10014 Sale 100
10814
3 108 10934 Hungarian Land M Inst 7/
4/
1
4s Corporate stock _ _ __I963 MS 108 Sale 108
5
10034 Ja15.22 --- 10014 10034 Hungary (Kingd of) s 17348_1944 FA 10214 Sale 10214 10238
41 registered
1956 MN
mos
1 10018 10134 Irish Free State extl53
9718 157
1960 MN 9718 Sale 97
1001, Sale lams
4% Corporate stock
1959 M
241
Sale
•
D
9912
9912
Italy
(Kingdom
of)
ext'l
78_
_1951
100
1015
4
100
3
4
Apr'28
10112
4% Corporate stock
1958 MN 9934 10078
99 Sale 98
9834 22
/
4 Italian Cred Consortium 70 A1937 M
1
4 10114 Apr'28 - - 10034 1011
4% Corporate stock
1957 MN 9934 100/
Extl sec 8 1 78 ser B
1947 MS 98 Sale 9818
9934 10038
9812 79
4. registered
1938 MN
9934 May'28 1
4 10024 24
41
/
4% Corporate stock ..1957 MN 107 108 10838 Apr'28 -- 10814 10878 Italian Public Utility ext 78_1952• J 9938 Sale 99/
1931 ii 93 Sale 9213
9314 87
N 107 _- 10814 May'28 ---- 10734 10834 Japanese Govt loan 48
434% Corporate stock _ _ _ _1957
30-year s f 61
1954 P A 103 Sale 10214 10314 335
/
48_,
92/
1
4 931s
1
4 Mar'28 ---92/
334% Corporate et _ _May 1954 MN 911
24
93
9312 Leipzig (Germany) a I 78_1947 P A 10034 Sale 10034 101
9112
2-923-4 93 Mar'28
334% Corporate et Nov 1954 MN
10514 10514 Lower Austria (Prov) 7348_1950 3D 101 10114 1003, 10112 64
10514 Apr'28
New York State Canal 4s__ _1960
83
Lyona (City of) 15-year 68_1934 MN 10038 Sale 10038 101
53
Marseilles(City of) 15yr 6e_ A934 MN 10038 Sale 10012 101
Foreign Gov't & Municipals
4
34/
1
4 Sale 34/
1
4
3614
Mexican Irrigat Asstng 4348 1943
90/
1
4 95
9378 19
Agrio Mtge Bank 8I as
1947 FA 9334 Sale 93
_
9412 10033 Mexico(U S)(nal 58 of 1899 £'45 45- i 5212 ____ 4934 Jan'28
Antiooula (Dept) Col 78 A 1945 ii 10038 Sale 9778 10038 39
4214 31
4114 Sale 4114
Assenting 53011899
1945
94/
1
4 99
983s 31
External e 78 ser B
4
1945 ▪ J 98333 Sale 97,
4112
1
4112
4113
Sale
large
11
4
Assenting
55
94
983
Sale
983
8
9712
98
'External of 78 series C
1945 3,
27 Sale 27
Assenting 48 0( 1904
8
28/
1
4 42
9334 9978
98
Ext a f 78 1st ser
1957 AO 98 Sale 98
9312 9812
2914 Sale 2914
3018 40
Assenting 45 01 1910 large____
9814 36
2nd series trust rcts
1957 AO 98 Sale 9778
9912 10012
2712 Sale 2712
Assenting 4s of 1910 small_ _ _ _
2878 21
10014 40
Argentine Govt Pub Wks68_1960 * 0 100 Sale 100
42
Trees as of'13 assent (large)'33 1-5 4112 45
4234 16
Argentine Nation (Govt 01)42/
19
1
4
43
9952 10058
1
4 10014 87
Sink fund as of June 1925_1959 • D 10018 Sale 99/
9012 10058 Milan (City. Italy) ext'l 634s '52 AO 94/
1
4 Sale 9434
1
4 1005s 54
9524 146
EMI a I (is of Oct 1925___ A959 * 0 10038 Sale 99/
'
15 10414 105 10414 105
7
10034 98 10018 10114 Montevideo (City of) 78___.1952
Sink fund 6s series A
1957 MS 1004 Sale 10014
9912 100/
1
4 Netherlands 68(1Ica prices) _1972 M
10812 107 10612 107
10
1
4 100/
1
4 47
External 6s series B_Dec 1958 J o 100 Sale 99/
9912 10034
30-year external es
1
4 10218 97
1954 * 0 10172 Sale 101/
1
4 10014 75
Ent] a f as of May 1928
1960 MN 10112 Sale 99/
99/
1
4 10012 New No Wales (State) ext 55 1957 P A
9534 Sale 95
1
4 10038 104
957s 80
External if 13s (State Ry)_1960 MS 100 Sale 99/
99/
1
4 10012
External a I fa
Apr 1958 * 0 9514 Sale 95
99/
1
4 Sale 99/
1
4 10018 118
9558 80
HUI(is Sanitary Worke
1961 FA
99/
1
4 101
Norway 20-year eat!(is
1943 P A 10234 Sale 10234 103
76
9973 Sale 9934 10012 51
Extl as pub wks(May '27)1961 M
9614 9714
20-year external Os
11996
44
5 FA 103 10314 103
9718 66
103311 47
Public Works exti 5348_1982 FA 97 Sale 9634
1
91/
1
4 93/
1
4
92
30-year external (91
9218 92
1952 AO 10212 Sale 102
10324 21
Argentine Treasury be £__..1945 MS 92
329
3D 101 Sale 10012 101
9714 99
40-year e f 534e
99
72
98/
1
4 Sale 9814
Australia 30-yr 58__ _July 15 1955 3
97
99
External s f 58 __ _Mar 15 1963 MS 9712 Sale 9712
9858 237
231
98
External 54 of 1927-- Sept 1957 MS 9814 Sale 9814
9258 92/
1
4 Nuremberg (City) extl 68_1952 FA 92
9258
9212 92
9213 26
N 9214 9234 9258
Ext'l g 43313 of 1956
1956
10112 31
Au.etrian (Govti a I 78
1943 3D 10312 Sale 10338 10372 92 103 10458 Oslo (City) 30-year. I 68_1955 MN 10112 Sale 101
96/
1
4 9912
Sinking fund 5348
1
1946 PA 101 10114 1014 10112
98/
1
4 23
Bavaria (Free State) 634a
1945 P A 9812 Sale 9814
Panama (Rep) extl 534e
1953 3D 104 Sale 104
9
10438
Belgium 25-yr extol 7341 g_1945 .315 11514 Sale 11518 11534 32 114 116
17 109 11154
Extl sec. 16348
1961 3D 103/
1
4 104 103/
1
4 104
40
1941 FA 11012 Sale 11012 111
20-year s f 88
1
4 Sale 10734 10814 71 1034 10914 Pernambuco (State of) anti 75'47 MS 9714 Sale 9714
97/
1
4 53
25-year external 634e
1949 MS 107/
9878 10112 Peru(Rep of) extl 8a (of'24)_1944 A0 ____ 10978 10912 Apr'28
4
Externals f 68
1955 J J 101 Sale 10034 10114 97
AD
Extl 88 (ear 01 1926)
11
.
0_1
!11)6
018
4 M1
a06
1'259
8
1
4 Sale 10812 10834 253 10614 109
External 30-year a f 711_1955 .11) 108/
Exti sink Id 73411
1940
4 MN
10634 176 10414 10814
10
StabIllaation loan 78
1958 MN 10638 Sale 106
2 11234 113/
1
4
Eat' f atm 7144 (of 19261_1956 MS lOO58 dale 10612
1
4 11314 11314
11314
22
Bergen (Norway) $ f 80
1945 MN 112/
8
9858 102
Kills f sec 76
1959 MS 1031
10114
/
4 10334 10218 10358 33
15-year sinking fund 6s
1949 A0 1014 Sale 101
137
97 100
Nat Loan extl a 1 68
92/
1
4 273
1960 3D 9234 Sale 92
Berlin (Germany) 6130
1950 * 0 100 Sale 9934 100
10 10378 108/
1
4 Poland (Rep of) gold 65_1940 * 0 8614 Sale 8513
Bogota (City) ext'l a f 80_1945 AO 106 Sale 10512 107
8634 80
9112 215
Stabilization loan a f 78_1947 A0 91 Sale 91
1
4 Sale 10614 10714 57 1034 108
Bolivia (Republic of) Ss__._1947 MN 106/
45
9384 9812
'
3 100/
EMI sink Id g Fis
1
4 1011
/
4 187
1950
1
4 Sale 100/
98
Ertl sec 7s tern
1958 .1 .1 9712 Sale 9712
9958 1014 Porto Alegre (City of) 89_1961 J
3
108 109 108
108
Bordeaux (City of) 15-yr 63_1934 MN 10038 Sale 100313 10073 96
37
33
6
107
113
3
4
EMI
guar
Id
Sale
112
1033
4
Sale
103
/
1
4
1033
4
sink
733
e_
__
_1966
112
113
(USBrash
3D
8,
1941
of) external
152
92
9912 Queensland (State) anti a 170 1941 AD 114 Bale 11312 11414 16
99
External of 6340 of 1926_1957 * 0 99 Sale 9838
13
108
9754 9912
25-year external (is
1947 FA 107 1071 107
9834 74
Extl s 161
/
48 of 1927
1957 *0 9814 Sale 9814
97 103
Rlo Grande do Sul Intl a f 88_1194
6 * 0 16612 Sale 10614 1064 17
968
10212 35
78 (Central Railway)
1952 3D 102 Sale 102
MN 9934 Sale 9912
104 108/
9973 25
1
4
1
4 108/
1
4 May'28
EMI s f 78 of 1926
7/
1
48(coffee wear) (flat)_1952 * 0 10718 108/
70 10118 103
Rio de Janeiro 25-yr f fie__ _ 19
109
94
47
6 * 0 108 Sale 108
37
Bremen (State of) extl 7a
1935 MS 103 Sale 10234 103
AG
1094 Apr'28
94
9578
25-yr Intl 88
1
4 Sale 9434
9514 43
Brisbane(City) a f 58
1957•B 94/
1
4 Rome (City) eat'6344
854 89/
1952 * 0 9578 Sale 9534
1
4 8838 8814
Budapest(City)extl of 65_ I962 31.1 88/
8858 70
9624 252
8 100 10214 Rotterdam (City) extl 60_1964 MN 106 Sale 10534 106
1
4
10114 Sale 10012 101/
Buenes Aires (city) extl 61
6
/
481955
9612 101
9158 Sale 9158
10014 42
9414 30
Saarbruecken (City) 65
1953
Buenos Alres (Prov) eat' 78_1957 us 100 Sale
N 11812 Sale 11812 11958
961
/
4 101
Sao Paulo(City)518e..-Mar 1952
Apr'28
4
Ertl s f 7s of 1926
1958 MN
9538 97
Ent' 8 f 6338 01 1927
1957 MN 100 Sale 994 100
39
967E 134
Ref estl s I as
1981 MS 9512 Sale 9538
89/
1
4 9358 Ban Paulo (State) extl at 8a_1930 J
10618 10612 106
10614
3
9312 89
Bulgaria (Kingdom) a 17n...1967
J 93 Sale 93
98 102
External see s 18s
109 Sale 10834 1094 11
1950 J
10112 36
Caldaa Dept of(Colombia)7336'46 ▪ J 101 Sale 101
External of 711 Water L'n_1958 MS 10212 103 10212 10314 25
10112 26 101 10213
Canada (Dominion of) 58_ _1931 *0 101 Sale 101
184 10014 10214 Santa Fe(Proy, Arg Rep)78_1942 MS 9538 Sale 9913 100
15
10-year 534e
1929 FA 10014 Sale 10014 101
10634 Sale 106
Seine, Dept of(France) extl 75'42 .1
10634 74
106/
1
4 52 106 109
5i
1952 MN 106 Sale 106
/
4 Serbs, Croats & Slovenes 88_1962 MN 10012 Sale 10012 10112 84
10034 53 10014 1011
4340
1936 FA 10012 Sale 10014
93
4
36
9 MN 10114 Sale 10058 102
43
105 10934 Soissons(City of) Intl Cs__ _ _1119
Carlsbad (City) 8f 88
J 109 10934 10934 May'28
1954
P A 9538 Sale 9538
95/
1
4
Styria (Prey) ext1 7s
8
9814 103
Cauca Val (Dept) Coiom 7338'46 A0 10212 Sale 10214
10212 26
3D 10212 Sale 1024 10318 61
1
4 100/
994 10114 Sweden 20-year al
Cent Agric Bk (Germany)781950 MS 10058 Sale 99/
1
4 60
gots 9312
1954 MN 10318 Sale 103
103/
External loan 5348
9134 Sale 9034
1
4 22
Farm Loan a Ills
9214 65
1960 J J
Farm Loan sIts In( at_ _ _196(1 *0 9034 Sale 9012
91
9334 Swiss Confed'n 20-Yr of 88-1940 3' 112 Sale 11114 11218 43
9134 120
954 9512 Switzerland Govt ext 5338_1946 * 0 10212 Sale 10213 10312 161
Farm Loan 69 series A__ _ _1938 AO 9512 Sale 9512
95'2
82/
1
4 115
1
4 1111
/
4 Tokyo City fa loan of 1912_ _1952 MS 81 Sale 8034
Calle (Republic) exti of 88_1941 FA 11018 Sale 11018
11014 24 108/
1981 * 0 9212 Sale 9214
31 10058 104
9312 231
EMI of 51.44 guar
/
4 Sale 10278 104
20-year external f 78._ _1942 MN 1021
9734 34
11018 May'28
108 11114 Tolima (Dept of) ex('l 78_ _ _1947 MN 9612 Sale 96
25-year externals f 8.......1946 MN
7
1
4 Sale
9818
98/
9814 105
9158 9738 Trondhhon tClty) 1st 6345. 1957 MN
External /inking fund 6e_ _1960 AG 96 Sale 9534
1:1 9838 Sale 98/
1
4
9838
8
1945
9614 92
95/
1
4 Sale 95/
Upper Austria (Prov) 7s
1
4
91/
1
4 97
External 8 f 6s
1961 FA
9012 32
Externals 16338_ _June 15 1957• D 0012 Sale 93
9338 97
9534 Sale 9534
Hy ref extl 81 68
961
/
4 156
1961 1
95/
1
4 9934 Uruguay (Republic) extl 88_1946 P A 10834 Sale 10834 10914 32
9914 81
Ohne Mtge Al 634s June 30 1957 3D 99 Sale 9814
112
1960 MN 9913 Sale 9912 100
External 8 188
9634 1001
/
4
El if 61
/
48 of 1926- _June 30 1961 J D 100 Sale 9912 100,8 177
3
1
4
1
4 Sale 97/
9812 120
1961 3D 97/
Yokohama 'City) extl 88
2
D 27 Sale 27
Chinese(Hukuang Ry)58- -.1951
_
101
10012
Railroad
May'28
9
29
93'4
8 10
291%
Christiania (Oslo) 30-yr 81681954 MS 10014
4
D 10812 --- 10812 May'28
98/
1
4 9812
9614 9938 Ala Gt Sou let cone A 58._1943
Cologne (City) Germany613s1950 MS 98
eats 100
- 1004 Mar'28
9138 9533 Ala Mid let guar gold 58-.1928 MN 100
'
3 9434 Sale 9412
Colombia (Republic) 68_ _ _1961
144
0424 9512 Alb 82 Soso 1st guar 31
94/
1
4
/
41-1946 AO 8834 8914 89 May'28
External s f 6s
1961 A0 9412 Sale 9414
58
94
95/
1
4 Feb'28
*
0
9314
Sale
913
913
4
4
91
9312
Alleg
&
West
lot
g
gu
4s_
1998
923
4
A0
Bank
6348_1947
Colombia Mtge
22
9714
98 9714
97
1942 M
97
9458 98
Alleg Val gen guar g 48
Sinking fund 7s of 1926
1946 MN 9534 Sale 9534
8318
8318
96 Sale 9638
9634 22
9434 98
Ann Arbor lst g 48
July 1995 Q
Sinking fund 7.01 1927
1947 FA
27
124
96
97
*
0
0614
Sale
99
/
1
4
100
9934
100
993
4
202
Ateh
40_1995
Top
-Gen
g
&
S
Fe
ii
Copenhagen 28-year Of 5348_1944
*0
_
_- 954 Apr'28
9534 101
1
4 Sale 9812
Registered
9834 50
1952 3D 98/
External 58
17
93
3
9314 9214
100
98
612 1100
1
Adjustment gold 45__July 1995 Nos 92
Cordoba (City) extl of 75_ 1957 N A 101 Sale 99
14
MN 92 Salo 92
9214 14
100
Stamped
External s 1 78 Nov 15 1937 MN 99 Sale 99
4
101
3
92
D 894
_ 92
9834 1014
Cony gold 48 01 190 July 19
96
5
96
9
5
Coraooa (Prov) Argentina7s 1942 J J 10034 __. 100
74
99
1
D 9118 9312 9112
9212
9412 9934
Cony 48 01 1905
Coeta Rica (Repub) extl 78_1951 MN 9834 Sale 9712
4
100/
1
4 Sale 10012 100/
99/
9334 Jan'27
1
4 10234
Cony g 4s issue of 1910_ _ _1960 3D
1
4
1944 M
Cuba 58 of 1904
___ 103 May'28
10012 103
1
4 Feb'28
East Okla Div 1st g 48.._ _1928 MB 911
/
4 9214 99/
External Soot 1914 ear A_ 1949 N A 1021
4-9714 9818
96 10014
9214 May'28 Rocky Mtn Div 1s1 411_1965 ii 9818
External loan 4.34s ser C_1949 N A 9718
1
4 10312 18 10158 10478
.▪ 1
Trans-Con Short L lst 4s_1958
3 10312 Sale 102/
1953
Sinking fund 51
/
48
9514 May'28
73
100
934 100
Cal-Aris 1st & ref 434s A _ _1982 MS 10218 103 10218
3
10218
thladinamares (Dept-Col) 75 '46 J D 9914 Sale 99
Atl Knox,& Nor lstg fa__ _1946 3D 20412 _ _ 107 Mar'28
11034 11 10834 112
Csechosloyakia(Rep of) 8s_ _1951 * 0 11014 Sale 11014
15
10812 112
All & Cheri A L 1st A 4348.._1944 3 3 10018 101 10034 Apr'28
11034
1952 * 0 11012 Sale 11014
Sinking fund 88 eer B
105 Mar'28 --,= 105 106
1st 30-year 58 aeries 11_
5
105
1944 33 10418 10678 105
External e f 733s series A_ _1945 * 0
11112 15 1104 11112 Atlantic City let cons 43._..1951 ii 924 94 92/
1
4 May'28
Danish Cons Mouldy 85 A..1948 FA 11122 Elti-le 11118
6 11018 11134 All Coast Line let cons 48July'52 MS 9612 3678 963s
11114
1946 FA 11114 Sale 11114
Series B f Els
96223 18
'
3 10478 Sale 10434 10518 44 10434 10838
9738 Feb'28
S
Registered
Denmark 20-year eat]as_ _ 1942
97
9838 69
99
General unified 4341
1964 J D 10133 102 10134 May'28
Dentache Ilk Am part et!60.1932 MS 98 Sale 98
9934 Sale 9934 10018 19
99 10033
9312
L & N coil gold 48-.0ot 194
9312
Dominican Rep Cast Ad 53.01'42 M
958
2 MN 931s 94
9914 14
4
97/
1
4 10038 Atl & Day 1st g 44
lit set 534s of 1928
81
81
81
3' 80
1940 * 0 9914 Sale 9812
3
9814 99
9838 11
75
2d 4e
75
73
1948 33 72
2nd series sink fund 534s_ _1940 A0 9814 Sale 9814
13 100 102.8 All & Yad 1st g guar 42
/
4 Sale 100
102
5
924
1949 *0 92/
1
4 Sale 9218
Dreinien (City) external 78_ _1946 MN 1011
103 Sale 103
1031
/
4 22 103 10538 Austin & N W 1st gu g fie__1941 3'
_
105 10212 Feb'28
Dutch East Indies ern 6a
1947 .11
1
4 Sale 1034 10332 24 103 1054 Salt & Ohio 1st g 4s_July 1948 * 0 96 Sale 96
0634 101
1962 MS 103/
110-year external 60
3 10212 10414
10214 Sale 10214
10212
1
944
9414
Registered
July 1948• J
80-year external 534e
1953 M
21 10212 10412
20-year cony 434e
. 99/
1
4 100/
1
4 129
1933 MS -6678 d;11953 MN 103 Sale 10212 103
30-year external 533s
112
113
11214
1004
Feb'28
MB
10713
114
May'28
Registered
J
J
AFL__
1948
El Salvador (Repot)
On the basis of $5 to the sterling
U. S. Government.
Bid
Ask
First Liberty LoanID 1001213 Sale
034% of 1932-1947
Cony 4% of 1932-47
J D 100 101631
Cony 434% of 1932-47
J D 101",,Sale
2d COEIV 41
/
4% of 1932-47
ID 101"33
Third Liberty LoanM S 1002,, Sale
434% of 1928
Fourth Liberty LoanAO 102144 Sale
434% of 1933-1938
Treasury 434e
1947-1952 AO 114632 Sale
Treasury 45
1944-1954 J D 109332 Sale
Treanor,' 33421
S 1061032 Sale
1946-1958
Tremor/ 3/
1
48
1943-1947 J D 1012042 Sale
200
on
Ranee
8010
Jan. 1.
High
Low
9512 10012
9912 10212
9814 1011
/
4
924 96
98 101
98 101
11534 11972
106 10912
1063a 10734
102 10414
10513 106.4
11634 119
1179 90"n
49834 99
10434 1099
969 10034
87/
1
4 92
99/
1
4 10134
gat, 9918
1034 10512
9834 101
9712
94
989 101
102 10312
97
9714
979 10032
959 99%
94 100
9514 10114
91.4 94.4
10114 10514
99 10112
9812 102
9968 mu,
99% 1o11,
3314
4954
35
364
2234
25
2212
3712
3734
4954
4334
43/
1
4
32
3274
31
46%
3611 4614
ups 955s
10232 105
10571 109
10172 10314
9432 96
9412 96
102 1039
102 10412
1019 10314
10012 10212
9714 98
92
9334
10034 103
99 103
103 10412
102 10414
eats 981s
10912 11012
1094 1109
10614 10772
mats 1079
10218 10472
9054 94
8012 87
1
4
894 91/
9812 10178
10412 109
10138 1044
113/
1
4 115/
1
4
106 1084
1051,10814
9918 100
10538 11014
10512 1104
9112 9614
104 100
919 9458
11214 120
9614 10014
106 1089
10612 10914
10034 104
9454 10018
10358 10654
974 10112
91318 102
9412 97
10214 105
10278 1054
11114 1139
10212 10512
7618 84
874 95
9512 9734
9712 9912
97
99,4
90
9012
10814 1104
9612 100
94 100
10612 10832
10014 1009
88/
1
4 914
951.
92
9314 99
8138 8412
96
99
96/
1
4
95
1
4
91 12 94/
911
/
4 94
92
94
9112 94
"(Ws VEIN
9214 9414
9312 96
102 104/
1
4
107 107/
1
4
99/
1
4 10034
10418 1074
91
9318
9558 9854
97/
1
4 97/
1
4
101/
1
4 104
9318 9534
79
85
7238 764
881
/
4 9238
10214 1021s
9512 98
9414 96.4
99/
1
4 101
100'. 10018
3095
New York Bond Record -Continued-Page 2
BONDS
R. Ir. STOCK EXCHANGE
Week Ended May 18.
Eg
VI
PHee
Pridai.
May 18.
Week's
Range or
Lan Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
WeeklEnded_May 18.
Price
Fredai.
May 18.
Week's
Range or
Sale.
Mfg
ROSIN
re re
Sines
Jan. 1.
Mph
Hob No Low
Ask Low
861
High
High No. Low
Ask Low
Rid
9218 10512 10512 27 102% 105%
Belt & Ohio (Concluded)0010 & West Ind gen a 65_91932 Q M 9112 Sale
58 1021s 106
40
92
914 934
918
9112
J
J
Refund & gen 5s series A-1995 J D 10288 Sale 10238 10318 71 10688 110
1952
46
-year
50
Consol
27 1044 105%
1948 A 0 107 Sale 1064 10712
let g 58
1962 M S 105 Sale 10412 105
let ref 545 ser A
10534 107%
1998.7 D 1094 Sale 10934 11014 73 1094 112
10512 __ 10534 May'28 Ref ez gen Bowies C
12
9514 971r ...hoc Okla & Gulf cons 58-1952 MN 9914 foo loo
961a
1 99 100
loco
PLE&W Va Sys ref 45_1941 M N 96% Sale 954
J
1937.7
Hs
4
Oln H & D 2d gold
25
1074
10312
105
10312
Sale
10312
--__
97% 98%
J
1980.7
May'28
9888
-___
0834
Southw Div let 58
8618 911, 71St L & C 1st g 4sAug 1936 Q F 974
8712 45
974 974
9714 Feb'28 ---Tol & On Div let ref 4e A_I959 .1 .1 8618 Sale 8618
Aug 1936 Q F
51 102% 1061.
93%
934
--Feb'28
2000 M El 103 Sale 102% 103
4
933
4
3
95
9414
N
M
Ref & gen 58 series D
1942
Nor gu 45 g
10412 26 102% 10438 'in Lob&re3
- 104%
J 10414
1007s ____ 9912 Jan'27 -Bangor & Aroostook let 5s 1943
.1
J
58_1943
gu
let
Man
&
Clearfield
2
87
9334
901
9514 9Th
20
9612
1951 r J 9014 Elide 904
8
963
Sale
963€
D
1
Con ref 45
48_1993
gen
L
St
Cleve Cln Ch &
6818 72
8812 Feb'28
No wow.
Battle Crk & Stur 1st gu 38-1989 J 0 68'8 73
1931 J J 10011 10034 10034 10024 11 10014
20-year deb 445
964 98
116
9714 -- 964 May'28
10834 May'28 ---1936
Beech Creek 1st gu g 4s
1993 J I) 112
General Se Series B
97
97
97 Apr'28
14 101 103
J J
10114
101
-14
01
I
1011s
J
Registered
J
Ref & Impt Be series A_._I929
97
97
Jan'28
97
10912
10512
100
1
1
8
1936.7
1057
26 guar g 55
19413 .7 10578 107 1054
Ref & lmpt fts ser C
8512 Aug'27
47 10338 10512
Beech Crk Ext let g 370_1951 A 0 824
19633 .7 10338 10414 10324 104
Ref & impt 521 ser D
93% 95
9184
4
Apr'28
953
9634
8
963
95
D
1944
---May'28
4
963
48
1st
___
Bandy
Big
1939.2 .1 963
Cairo Div 1st gold 48
8412 88
Apr'28
9131 9312
924 15
4-9212 9214
Bost & N Y Air Line let 4s 1955 F A 8612 8812 88
CID WA M Div 1st g 4s 1991 J J 9218
9734 977s
91
94%
963 9818 9772 Apr'28
2
1938 J J
91
91
Burns & W let gu gold 4s
9212
9112
MN
48_1990
St L Div let mil Ira g
103 1068s
10318 May'28
96 974
--------9684 May'28 ---Buffalo R & P gen gold 56-.1937 M 5 10212
Sur & Col Div let g 4e1940 M S
9214 9814
914 Sale 944. 95% 41
1957 MN
9612 11
9612
____
Congo! 63411
98
.11
J
1940
48
g
1st
Div
W W Val
102 10312
122 1411.4
1934 A 0 10314 ---- 102 Apr'28
Burl C 11 & Nor let 55
1977 J J 9934 Sale 9912 100
Ref &Mut 4745 ear E
10734 10734 May'28 _--_ 107% 1019.
4 1084 11034 COCA I gen cons g 6s__1934 1 J 10712
109
10264 1004
-May'28
Canada Bou cons gu A 5e1962 A 0 109 10912 109
2
1023€
1022
103'l
0
A
1933
47
1011.
99% 100
993 10214 Clev Lor & W con 1st g 5s
9912 100
Canadian Nat 448.13ept 15 1954 M
1938 J .1 1014 1021 1014 May'28 -- lova
Cleve & Mahon Val g E
9984 101
Nov'27
5-year gold 411e_Feb 14 1930 F A 1004 Sale 9934 1004 43
100
_
9914
MN
1935
!He_
g
irti
9912 1021s Cl & Mar lert
1957 .1 J 100 Sale 9934 10014 72
__-Mar'28
30-year gold 445
4
1013
101
103'2
Cleve & P gen gu 4345 ser B_1942 A 0
116
46 11514 117
usnadian North deb e I 78_1940 J D 11514 Sale 11514
10214 Nov'27 -_
1942.7 J 101
Series A 434s
12214 10 121 123
12214 1221 1224
1946.7
26-years . deb 6748
1948 MN 9038 ___ 9014 Apr'28 _ --- 1;64
Series C 371s
994 10314
16
8972 8978
151935 F A 9912 997 99% 100
10-yrgold
893€ May'28
1960 F A 893€ _
310
D
Series
92
14
89
9014
Sale
89
89%
1 10234 1064
105
Canadian Pac Ry 2% deb stock__ J
_ 10438 105
ma 10114 Cleve Shor Line let gu 445_1981 A 0
99% 77
9914 Sale 994
38 1104
109
1948 M
11
Col tr 4148
110
110
iii
11713
1972 A 0
9814 984 Cleve Union Term 534s
_- 9912 9814 Apr'28 -1932 M
Csrb & Shaw let gold 45
1973 A 0 108 l06'a 10614 10614 15 106 1074
let 5 f fe ser B
80
905
8912 85 Mar'28 .1 84
1949
_-Caro Cent let cons g 4s
Nov'27
9212
933g
D
J
1945
4/
10284 10512 Coal flyer Ry let gu
993 1-6614
Csro Clinch & 0 let 30-yr Sn1938J D 1041s 105 105 Apr'28
11
991
1 108 10912 Colorado & South 1st g 4s1929 F A 993€ Sale 993€
108
9814 100
1952 J D 10814 108% 108
let & con g 6s serial] A
9912 31
3
Refunding & exten 448_1935 M 1.1 99 Sale 9812
9312 95
9311
s
9137
98
1981.7 D 9312 Sale 9312
Cart & Ad 1st gu 48
--May'28
96
97
9514
1948 A D
Col & 11 V let ext B 42
90
87
8
87
8734
94% 9534
Cent Branch UP let a 22_1948 J D 86% 87
9534 May'28
1955 F A
5 10558 108,2 Col & Tol 1st ext 48
10884
90
90
-- 10818
Central of Ga let g fa_Nov 1946 F A 10818
_ _ 90 May'28 -5 10512 10714 Conn dr Passum Rh 1st 44-1943 A 0
9612 984
1945 M N 10512 Sale 10512 1051z
Congol gold fa
---Apr'28
9612
9612 -98
1930 F A 9010212 10414 Consol Ry deb 45
10414 Feb'28
F A
7812 824
Registered
2
79
784
794
7914
J
.1
1954
41
Non-cony
10058
10214
2
101
78
861s
10-year secured 611__June 1929.7 13 10034 101 10034
3
794
Non-cony deb 4/1____J&J 1955 J J 7914 8012 7812
6 107 10838
107
814
80
Ref & gen 548 series B1949 A 0 107 Sale 107
Non.conv deb 4s__A&O 1955 A 0 794 80 8112 Jan'28
1959 A 0 104% 105 10334 Mar'28 -- 10338 1044
713% 8512
Ref & gen 58 series C
8414
12
80
8512
7914
J
481956J
948
debenture
Non-cony
9512
4
9434
9434
D 944 98
984 9814
Chatt Div pur money g 48_1951
97% 33
1942.7 D 963 978 9634
Cuba Nor Ry let 5146
_
107 109 10712 Oct'27
97% 1004
Mack Nor Div list g 58_1946 J
RR let 50-year 58 2.- _1952 .1 J 9912 Sale 9912 100Is 10 10814
10315
110
1947.7
- 1034 Apr'28 -- logs 10-3-11 Cuba
2
Mid Ga & At! div 6s
109
109
10914
109
D
J
1936
let ref 734s ear A
10814 10874
106 foli 1067/ Mar'28
9912 10114
1948 J
3
Mobile Division 55
100 101 100% 101
6s
ref
&
ear
lien
let
88%
86
7
87
86%
4
863
J
1961
8634
9934 10012
Cent New Eng lst gu 4e
Apr'28
100
____
9918
1
D
4
931
3
B36j
1
4745_1
cone
let
Mich
&
284 190 100 May'28
100 10084 Day
9418 96%
44
1930 M
95
Central Ohio reorg 4741
944
Apr'28 -- 10011 10134 Del & Hudson let & ref 42_1943 M N 9418 Sale
-- 101
I 100 1024
Central RR of Ga coll g 55 1937 MN IOUs
1935 A 0 10212 ____ 10212 10212
30-year cony 58
11624 10 111314 11912
11614 1-1612 11638
4 104% 107
10512
Central of NJ gen gold 58_1937 1
Sale
105
10514
MN
1937
15-year 5351
11818 11818
107
1937 Q J 11512 118 1164 Apr'28
Registered
1930.2 13 104% Sale 10438 10412 16 106
113-year secured 78
965s 99
974 25
96%
19873 J
General 45
9612 D RR & Bdge let Jru 48 g_ -1938 F A 96 ____ 9634 Apr'27 ---94
94% 45
4 Sale 94
1
1919 F A 94/
-Oils If
40
Cent Pao let ref gu g 45
9312
93
Sale
93
.1
J
Den & R 0 let cons 4 48_1938
94
94
94
Jan'28 --F A
964 9814
Registered
9712 22
19363 J 96% -- 9614
Consol gold 44s
9914
99
5
99
9914 99
997 11 997s 10014
Mtge guar gold 3He_ _Aug 1929.7 D 99
1928 J D 994 fix) 997
Improvement gold Si
9514
94
944 18
8914 97
72
Through St L let gu 42_1954 A 0 94 Sale 94
9813
9412
Sale
1955 MN 9412
4 35
1
27/
1980 F A 103% Sale 10312 1041s 35 10314 low: Den & R0 West gen 5e_Aug
Guaranteed & 56
5
32
32
35
1935 J J 30
14 Des M & Ft D 1st gu 4s
ioo. 1...6..
11314 - - 11938 Aug'27
32
26
Charleston & Sayn'll let 7s 1938 J
_-May'28
32
34
---32
-Temporary ctfs of deposit-5
10284
100%
J 10018 fof 10018
10214
Ubee & Ohio fund & Mut 58_192b
10214 Feb'28 --10 10814 10784 Dee Plaines Val let gen 4348_1947 11173
107
831
1939 M N 107 Sale 107
BO
let consol gold 58
1
81
81
____
8118
D
1995J
41
a
lien
1st
Mac_
&
Det
1
3 10538 106
76
1051s
76
1939 M N 10518 Sale 10518
70
. _ 70
Registered
1995 J D 75
Gold 4s
36 1004 105
1992 NI 13 10112 Sale 10112 102
4 103
1
General gold 414e
10 101/
5
1025
0ila
1
102%
N
M
1023€
43_1961
r
e
v
i
0
R
Tunnel
Detroit
100
10284
9912 994 102 Apr'28
Pa
Regletered
___ 1037g July'27
9978 1011s Dui Missabe & Nor gen 58_1941 1 .1 104
1004 72
1-63-1-4
1930 F A 100 Sale 100
113-year eon, 474s
10
101 10224 Dul & Iron Range let 58-.1937 A 0 103 ____ 10234 103
1940 3 .1 102 -- - - 1014 Apr'28 4 102%
1
102/
Craig Valley let 51
_
_
____ 102% Jan'28
0
A
Registered
914 9312
9312
__
Potts Creek Branch let 41.19483 .1 9238
90
4
5
8
29
Sale
88
8634
4
945 9534 Dul Sou Shore & AU g 5s__-1937 J 1 8614
9438
9438 -941 9438
96
95
& A Div lat con ggs__1989 J
95 Mar'28
4
1
914 9234 East Ry Minn Nor Div 1st 46.'48 A 0 95/
9238 May'28
1989 J 1 92% 95
10414
5
8
100
2d control gold 4e
2
10414
Sale
J
10414
J
10414
5s____1930
g
Div
10212 10212 East T Va & Ga
101 -- 10212 Mar'28
1097g
1104
Warm Springs V let g 54-19411111
12
1958 MN 110% Ill 11132 1101
Cons let gold Se
98% 10038
4
1
10314 106/
Cheese Corp cons'55 May 161947 M N 10018 Sale 9934 100,4 247
Elgin Joliet & East 1st g 5e-1941 M N 1053€ _ _ 10514 May'28
718 74
72% 22
Ohio & Alton RR ref g 3e__ _1949 A 0 7212 Sale 7212
15 109 10984
1091
1955 A 0 10812 1093
10918
SW let 56
&
Paso
El
7311
72
72
Sale
Apr'28
7112
4
1
_
Int___
CI!den Hod Apr. 1928
104a
9 104 108/
Sale
1043€
10412
S
M
ext_1930
75
gold
let
consol
Erle
25
4
723
1
887
6914
6734 70
69
91
1950
Railway first lien 34/
89
30
90
1998 J J 90 Sale 8912
let cone g 4s prior
7112
7112
7112
69
2
70
86
Ctrs dep Jan '23 & sub 0010
86
Jan'28
86
1997 J .1 ____ _ _ _
Registered
8884 914
914 14
8278 8674
Otdo Burl & Q-111 Div 330-1949 :1--i 91 Sale 904
67
841
lgen lien g 45__1996 .1 J 83 Sale 82%
Regi tered
letconr
98154
6% 90
89
9
_
89% Feb'28
J J
8714
82
Registered
3
853
1996 J J 8534 Sale 85%
97
5
9734
8
963
J
1949.7
Illinois Division 44
10212 104
Apr'28
104
103%
A
F
101
4s_1951
gold
trust
coil
Penn
4
483
963
13
953€
8
963
4
1958 IN 13 9538 963s
General as
8913
86
7
86
86
8624
50-year cony is series A1953 A 0 86
1977 F A 10134 Sale 10138 10134 87 1014 10278
let & ref 4142 eer /3
8614 8912
1953 A 0 _ _ 8614 8612 May'28
Series B
8 10612 11014
1971 F A 10814 Sale 10814 10812
let & ref far series A
86 884
0
A
May'28
1953
86
8812
8512
D
series
4.8
Gen cony
1067 107%
1934 A 0 ____ 106 1071s Apr'28
Chicago & East III let 85
9634 99%
230
98
97 Sale 9634
Ref & impt fa
84
85
93
884
91
o & E Ill Ry (new co) con 5s..1951 N N 8812 Sale
113 11622
J 11432 115 114% May'28
J" N
5i
87
95
19
Erie & Jersey bets f 138_-1
12 11011 1124
111
1982 NN 111 11212110%
Chia & Erie let gold 58
22 116
112
11212
11212
7212
Genesee River lst s f 51_1957 J J 11212 Sale
66
714 133
Chicago Great West let 45_1959 MS 71 Bale 7014
103 103
Jan'28
102
1167 11814 Erie & Pitts gu g 8345 B_1940 J J
11712 Apr'28
116
Ohio Ind & Loulev-Ref 68_1947 J
24 94
90
92
May'28
____
91
J
1
1940
Series C 374s
106 106
1947 3.7 10515 1-0684 106 Apr'28
Refunding gold far
1954 M N 10334 Sale 10334 10418 20 10034 104':
Est RR eat's f 78
1947.7, 924s 9634 9114 May'27
Refunding la Series C
100 1024
May'28
100
____
J
100
.7
1071€
58_1930
g
ext
&
1st
Cent
Penn
Fla
2
Mills
106
1984 MN 10012 106 106
General 58 A
6 10214 102%
1 .1 10238 Sale 10238 10238
: Consul gold 55_
5 1091, nil
11014
May 1988 I .1 11018 11078 11014
General 65 B
4
1
9914 101/
9912 14
3
9478 9812 Florida East Coast let 00_1959 .1 D 9914 Sale 9914
947
9444 957 947
Mk Ind & Sou 50-year 42..1958 J
4 9112
1
83/
132
8
887
88
Sale
88
5
M
1974
let & ref be series A
10212 10212
D 9934 .--- 10211 May'28
Ohio L 8& East 1st 4 48.. ___1969
52
4518
18
47
Fonda Johne & Glov 4148-1952 M N 48 Sale 4512
75 Mar'28
704 75
J
48___1940
M & Puget Eid 1st
9812 99%
.A r28
-p
914 49
9012 9312 Fort St U D Co 1st g 4741_1941 1 1
9012 Sale 9012
ChM&StPgengesSerA.e1989 J
10712 10834
09
7%
4 19
- 1063
97121 Apr'28
Q J --79914 9914i
9044 9124 Ft W & Den C let g 15745... _1961 J D 10.118
- 9024 Apr'28
Registered
808a 815€ Ft Worth .8 Rlo Or beta 48_1928 J 1 9934 9978 9978 May'28
8112 11
General gold 345 Der B„e1989 J J 80 -1112 8012
10104 10718
10812 107 Apr'28
Gen 630 series C___May 19893 J 10124 Sale 10154 102,4 66 10012 10414 Frem Elk & Mo Val let 6s ,1933 A 0 10714 Sale
10034 1024
10
10078
10073
1931 M N 1007s
100 10012 CI 11 & 5 A M & P let 58
100 Apr'28
Registered
3 10088 101%
101
19317 J ____ 101 101
26 extens 56 guar
7238 747
7314 Mar:28
Gen & ref ser A 21423an 2014 A 0
98% 100%
5
99
Galy Hous & Rend let 5s-1933 A 0 97 Sale 99
7018 75
98 101%
Gen ref cony ser B fas Jan 2014 F A -- -_ 75 Mar'28
5
994 Sale 9938 10012
71 10
76
Oak Ala Ry let cons 5s_Oct 1945 J J
4
10288 18 10238
1934 .1 J 10238 Sale 1025
15t ear (Is
97 10012
10
99
99
4
993
99
J
J
1929
Oa
Caro & Nor 1st gu g 5s
---- 75 Mar'28
1932 J D
79
77
Debenture 43.4s
Apr'28
1946 A 0 7718 7812 79
---- 71% Feb'28
733 Georgia Midland 1st 38
71
1925 J D
10014 101
Debenture 43
____ 724 Feb'28
4 737s Or R & I ext 1st gn g 448_1941 J J 10012 101 101 Mar'28
1
70/
1934 J J
115 117
25-Sear debenture 45
35
116
11514
Sale
11513
0
A
708
9588 Sale 9512
97
9515 9812 Grand Trunk of Can deb 75_1940
10712 109G4
Chic Milw St P & l'ac 55_ _1975 F A
1936 M S 10738 Sale 10712 10731 29
617s 7934
15-year 2 f 65
7712 1948
Jan 1 2000 A 0 7534 Sale 75
4
1
9874 99/
Cony ad.' 5s
Feb'28
848s
17
8414 Sale 84
88
83
Grays Point Term lot 5......1947J D 991g ____ 9934
11414 116
& N'weirt gen g 34s..__1987 hi N
129
4
11914
1147
Sale
---- 84 Mar'28
Q F
845 Great Nor gen7s series A_ -1938 J J 11478
42
412 ,8
84
9
114
11412
Registered
Apr'28
I J
9614
13
1987 M N 95 Sale 9434
4
1
General in
12 100 102/
434
9578 94 Apr'28
let & ref 4'..e series A__-19131 .1 J 10012 10052 10038 1014 49 110 11514
41s 96
94
J F 93
Registered
112
9412 Sale 9412
1952 1 1 11134 Sale 110
4
General 5lie series B
9434
709
10612
Stud 48 non-p Fed in tax '87 M N
10718 11
1973 3 5 10612 10734 107
loa 113
General La series C
4 10114
1
Gen 4345 stud Fed Inc tax_1987 M N 10634 10834 10878 May'28
99/
88
101
10014
1121
13 112 117
General 410 series D-__1976 J 1 10034 Sale
4
1
4 101/
/
Gen 5s /And Fed Inc tax___1987 MN 112 Sale 112
981
9912 37
J 9914 Salo 9918
J
E__1977
N--------113
M
Mar'28
113
113
aeries
445
General
86%
80
Registered
Mar'28
86
____
Feb
8518
__
10138 10238 Green Bay & West deb ctts A _
1879-1929 A 0 1012 -- 101% May'28
294
Sinking fund Ihr
23
15
26
Feb 2534 Sale 2534
1111128 1013€ Apr'28
210034 10134
Debentures etre B
1879-1939 A 0 _
Sinking fund 65
9514 957s
_ _ 9578 Mar'28
102
6 102 10318 Greenbrier Ry let gu 4a____1940 MN
1933 MN 102 Bale 102
Sinking fund deb 58
4
1
10814 107/
107- 10614 .May'28
9534A 0 10612
_
1024 10218 Gulf Mob & Nor 1st 5)01950
M N 10114 103 1021g Mar'28
Registered
5 10218 104
10218
10218
0
A
Sale
1950
10218
Bale
104%
10334
105
D
31
M
4
1
/
10318
let
306
19303
C
Si
series
10-year secured 7811
4 10814
/
1071
2
8
8
1077
1077
___
1121
J
111
1 1077s
111
III 11414 Gulf & S I 1st ref & ter g 68.61952
16-year secured 84s9_1936 M 8 111
8 104 1071a
, 10412 10412
4
.
-01
111 114
Hocking Val let cons g 4346_1999 J 1 103 1.
May 2037 J D 111 Sale 111
11114
linters 58
7 10212 1044
10212 10212
56 10112 104/
4
1
Registered
May 2037 J D 102 Bale 1014 102
let & ref 474e
1014 101%
934 11
9284 Sale 9234
1999j
37 MN
j '16.12 ___ 10112 May'28
Housatonic ity cons g 5s
9374 96
Clble 111&F Railway Ben 42_1988
10315 10431
May'28
104
91
.1
_
_
1
1937
91
91
.7
T
921s
&
let
guar
1
H
J
C
Int
91
g
Registered
102 1031s
May'28
Sale
102
95
103
102
957 195
9634
Waco & N W My let 6s_1930 MI N 1041934 A 0 9518
95
Refunding gold is
100 102%
100
9514May'28
A 0 ____
9514 Houston Belt er Term 1st 51.1937.7 1 100 10112 100
95
Registered
1007s 1007s
Mar'28
061
MN
1007
9434
1004
s
10118
Sale
0518
S
58_1933
g
M
120
W
1st
&
1951
E
Tex
4
1
/
97
Houston
4
/
941
Secured 471s series A
100% 1024
Apr'28
8
1933 M N 1007a 102 1007
1st guar 5e red
D 9234 9312 9234 May'28
9234
92
Oh St L & N 0 Mon Div 58_1951
1024 45 10022 10312
8
10114
1027
Sale
A
F
8
1033
8
A-1957
1013€
1023
aeries
be
Feb'28
&
0
Hud
Manhat
A
1033€
1024
58-1932
Ch St L & P 151 00011B
91% 954
120
94
02
,
Sale
9312
0
A
1057
A 0 10188 - 10188 Apr'28
1013€ 1013€
Adjustment Income 58Feb
Registered
9714 9914
5
98
102i4
1 10218 10334 Illinola Central let gold 48_1951 -1 1 98 Sale , 9714
J D 1024 1-0211 10214
84,2 9012
Ohio St P M & 0 cons 691931.1
5
90
904
9018
J
1
89
1951
9818
let
98
gold
98
334s
D
J
Apr'28
98
98
Cons fle redueed to 8745-1930
Jan'27
9112
0
A
9018
_1951
89
um as 5 100 10018 100
Extended let gold 33,0._
2 100 10012
100
Debenture 58
1951 M 0 76 ____ 96 Mar'27
let gold 38 sterling
100
100 _
Jan'28
100 100
935 96l
Stamped
13
94
101i
Collateral trust gold 48-1952 A 0 9324 Sale 9334
31 10034 10334
9534 984
Ohio T 11 & So East lit 58..1960 3 D 10188 Sale 10034
9834 11
1955 M N 9812 Sale 961s
is
9612
was
let
967
refunding
9114
55
984
96%
S
M
1960
1
Dec
8712
9018
Inc 101 58
894 88 May'28
1
195236
1027
lines 3715
Purchased 78
103
23 1011410
10312
85 86
Chic Un Sta'n let gu 4.4e A.1983 .1 J 103 Sale
trust ,01, 66....1963 .7 1 ---- ----85 Apr'28 35
18 10418
.1 10512 Sale 10534 107
1963
94
9134
let 55 merles B
917
MN 91% Sale 918
104
Collateral
2 10311 105
1944.7 D 1034 104 104
Guaranteed it 62
M N ____ ____ 91 Nov'27____
Registered
5 117 11914
11712 118 11712 118
1983
11t 8748 series 0
-S.-
--------11434
2 Due Feb. e Due May
F Due Dee.
3096
BONDS
Nt Y. STOCK EXCHANGE
Week Ended May 18.
New York Bond Record-Continued-Page 3
Price
irrtdcw:
P.a
! May 18.
Week's
Range Cr
Last Bale.
Range
Sines
Jas. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 18.
Price
?Priam/.
May 18.
Week's
Ranee or
Lan Sale.
go
Ranee
Since
Jan. 1.
Illinois Cent (Coneladed)Dia
Ask Low
Hick Ns. Idlt0 EDO
ma
Refunding be
4.9 Low
Mob
Low
1955 MN 10858 110 109
11011
23 109 110/
109
1
4 M wrie & Essex let gu 341_ _2000 I
lb-year secured 6tie g
-- -- 8512 8338
8358
81
88
1936 3, 11114 112/
1
4 11234 May'28
11218 1144 Nash Chatt & St I. 48 Ser A.119
93
78
7 P A 95 Sale 95
40-year 4(.e
9512
Aug 1 1966 FA 10158 Sale 17909711i Jan'28pl012384 96 101 10234 N Fla & 8 1st
9434 9614
P
gu
A
g
be
Cairo Bridge gold is
104 Mar'28
10314
10312
10614
1950 J O 9212
10411
_
971e
971
.
Nat
Ry
of Met pr lien 450_1957 3 1i
30 Sept'24
Litchfield Div lift gold 30_1951 33 79 8112
79/
1
4 79/
1
4
Assent cash war rot No 14r7
9
Louts./ Div & Term g 3550.1953 7, 8614 88 8814
15/
1
4
15
1614
16
"ii: Yee
8614 881,
G
Guar 70-year e f 4e
88/
1
4
1
.
6
Omaha Div 1st gold 3s
Aug'25
8712
1951 FA 7814 81
80*
7814 May'28
Assent ca
east, war rel. No Son
St Louis Div & Term g 821_1951 j j 79 81 80 Mar'28
1918
Sale
iii8
207s
74
22
870814 90
Nat
RE
Mex
pr
1
.1
Oct_1926
434s
Gold 3)4s
3812 July'25
1951 3, 8514 9078 8914 Apr'28
8914 89/
1
4
Assent cash war ret No 4 on
Springfield Div let g 3545.1951 J
-55- 23 23
2314
171, 2314
88 Oct'27
let consol 45
1961 1-0
Western Lines let g 46_1951 FA 93 9612 92/
28
Apr'28
1
4 Mar'28
-ilifs -9-4-14
Assent cash war rot No 4 on
1418
95 11-7;
Registered
1434
P A
92 Apr'28
90
92
Naugatuck RR let g 4e . _1954 4114 85
III Central & Chic St L & N 0
8658 Nov'27
New
England RR cone 50..1
.1 9834 102 10212 Apr'28
19
94
45
Joint let ref 55 series A1983 JO 10614 Sale 10838 10818 20 10618 10814
i651
-2 foil;
Consol
guar
4s
J
let & ref Cie ser C
8912 93 93 Mar'28
90 93
1963 3D 100 Sale 9938 100
18
Ws 101
NJ June RR guar let 4e
1986 P A
Gold be
_ _ 100 Apr'28
9032 100
1951 • D 1081
/
4 10812 10614 10614
10614 10812 NO & NE 1st ref & Imp454sA'52'3
99/
1
4 10114
88Registered
ii) 10518 ---- 107 Apr'28
- 9914
9914
994 102
5
10518 107
New Orleans Term let 4s
1953 .1 .1
Gold 3325
9378 _ 3
9034 951s
1951 3D 8334 __
8412 Jan'27
---- --- N 0Texas & Mex n-e hie 58-1935 A0 9314 94 9312
Ind Bloom & West let eft,40_1940 * 0 9534 - -9912 May'28
_
100
9912 102
93/
1
4 Sept'27
1st
158
series
B
* 0 9914 10012 9912 10014
Ind Ill & Iowa let g 48
9912
1950 33 95 9734 9512 May'28
1011s
36
941-4 If- let bs series C
• 1966
556
34
4P A
Ind & Louisville 1st gu 40.- A956
1
4 May'28
'
1o338 103/
3
103 105
90/
1
4 Feb'28
gels 9112
let 456s series D
P A 98 Sale 98
Ind Union By gen be Der A-1966 j
98
_ 10212 103 Apr'28
977
s
12
99/
1
4
10212
105
lst
5;0
series A
AO
Gen & red be series B
/
1
4 10434 13 103/
1965 j
1
4 10512
103
10412 Feb'28
10412 104/
1
4 N & C Bdge gen guar 446_1945 3 3 10412 Sale 103
Let & On Nor let 65 ser A 1952 33 108 Sale 10714 108
9734
_ 100 Jan'28
100
100
10 1061
/
4
10812
NYB&M
B
let
con
•
g
50-1935 0 101
Adjustment 65 ser A July 1952 Aprl 92 Sale 92
-- 101 Apr'28
101 101
933s 149 90
9914 N Y Cent RR cony deb 60_1935 MN 10812
Stamped
Sale 108
10834 18 107/
7712 Feb'28
1
4 1095s
774 7712
Registered
MN
let 58 series B
107 Apr'28
1956 -j -9814
107
9834
107
9938 10
9814
10173
Consol
45
series A
1998 P A 9512 Sale 95
1st g 56 series C
9512 31
1956
9414 9712
1
4 10014 14
9858 Sale 99/
9852 102
Ref & impt 454s aeries A.2013 * 0 10214
Eel Rye Cent Amer let M
10134
Sale
MN
1
4
103
1972
10134 108/
90 Sale 90
90
/
1
4
29
54
8178
9212
Ref
&
impt
be
series
C
AO
2013
18* 0011 tr 6% notes
1941 MN 987s Sale 9878
99
5
9484 9978 NY Cent & Ilud Ely M 3548 '97 33 108 Sale 10734 10858 148 10734 11034
let lien & ref 8IIs
1
4 Sale 8412
84/
1947 FA 9712 Sale 9712
85/
841
1
4 32
/
4 8732
9934 74
91 100
Registered
J
1997
J
IOWA Central let gold 5e
52 May'28
1938 31) 46
82
/
4
4712
4612 471
854
1
38 52
Debenture gold 46
1934 MN 9634 Sale 9834
Certificates of deposit
97/
1
4
45 4912 48
9634 9914
48
38
49
Registered
MN 951 -- 9718 Apr'28 62
Refunding gold 45
1951 -S 1812 Sale 18
974 9881
19
89
10
19
/
1
4
80
-year
debenture
48
H5.1
199
9
99
485
2
•
3
James Frank & Clear let 46_1959• D 9514 96 9538
4 98 98 May'28
9734 99
9538
1
95 9678
Lake Shore coil gold 3;0..1998 FA 9734KaA&GRIstgugbe
8214 8334 83
831
1938 J
/
4 14
103 _a _ _ 103 May'27
83 85%
_
1998 P A 811
Kan & M let gu g 48
1990 * 0 8958 9334 90
/
4 Sale 8138
8112 12
8133 8272
90
1 "ii" -5-51;
Mlch
C
Registeredntoll
g
P A 83/
1
4 85 8478 May'28
84 87
Registered
FA 8214 - 8138 May'28
C Ft 8 & M By ref g 4e._1936 AO 94/
1
4 Sale 9414
8138 8384
95
30 941
/
4
97
N
Y
Chic
&
St
L
1st
g
4s
A0
193
19
3
7
KC&MR&B let gu 501929 * 0 10012 _ _
/
4
/
4 Sale 971
971
0012 May'28
971s 11
9712 9814
Registered
10012 10312
* 0 9614
Kansas City Sou let gold 30_1950 * 0 76 Sale 76
9612 Feb'28
9612 9614
7634
9
757s 7984 , 25-year debenture ts
MN 98 -62f3-4 98
Ref & impt 58
98
Apr 1950 J J 102 Sale 0114 102
9712
100
11
10114
10314
2d
613
series
A
B
C
1931 MN 103 Sale 10214 103
• Kansas City Term let 4a____1960 33 9214 Sale 9218
9312
23 10172 10312
1
4 9584
Refunding 51
/
45 series A 1974 * 0 107 Sale 107
Kentucky Central gold 45.__1987 J J 9334 -- 9314 Apr'28 88 92/
10734 98 10672 10772
9314
981
/
4
Refunding
5548
33
series
/3-1975
Kentucky .1 Ind Term 434eA96l J J 9414 9534 95 Apr'28
10634 10734 57 10682 10784
91
9612 N Y Connect let gu 4IIII A-1953 FA 10578 10714 1011e
Stamped
10114 Sale
'
10114 10 10072 10214
3 9718 9812 96/
1981
1
4
9658 12
904 9638
let guar be series B
1953 P A
Plain
10434 Apr'28
1961 ..1
10012 10514
100 _ _ 9838 Apr'28
98
NY
3
e
9815
&
Erie
let
eat
40_
gold
19
93
43
7 MN -55- :_-- 9212 Apr'28
Lake Erie & West 1st g Se. 1937 J
9212 9212
10414 1047s 0412 May'28
10314
10514
3d eat gold 434e
MS ioo
26 gold bs
10014 Apr'28
1941 J J 102 10314 0334 Mar'28 _
10014 10014
102
1047s
Mb
ext
gold
521
A
0
Lake San & Mich E3 g 330_1997 J D 8334 8612 96 May'28
10034 May'28
___-_
10012
100
84 10034
8358 8712
5th
ext
gold 40
1192
938
9 3D 9914
9914 Mar'28
Registered
1997 3D 81
1
4 Apr'28
9914 9914
8412 85/
85 86
N Y & Greenw L gu g bi
1946 MN 100 101
Debenture gold le
-34 100 Mar'28
100 100
1
4
1928 MS 99/
1
4 Sale 99/
9978 26
9872 100
N
Y
&
Harlem
gold
330_-.
2000 MN
55-year gold 4s
881s May'28
81314 8712
1931 MN 9858 Sale 98/
1
4
99
45
9858 100
Registered
MN
851
/
4 Apr'28
Registered
MN
993k 9984 N Y Lack &W let & ref gu 601973 MN
9934 Apr'28
854 8bla
Len Val Harbor Term 58----1954 P A 10714 Sale 10714 10714
10314 -_-_-_-_ 80 Juiy'27
3 10614 10732
Met
&
ref
gu 4%5 con.---1193
72
3 MN
Leh Val N Y let gu g 4%s1940 33 10134 _
10518 Apr'28
10134 May'28 _ _
1051
,109
101 10212 N Y LE& W 1st Meat
91930 MS
Lehigh Val (Pa) eons g 4s...2003 MN 91 Sale 91
106 Feb'27
9044 g3h N Y & Jersey let be
9112 72
P A 10114 1-01-34 10112 May'28
Registered
MN
foof
s 1011,
91
Jan'28
90
91
N Y & N E Bost Term 45-1939 AO 9312
_ 90 Mar'27
General eons IMs
2003 MN jails 1-61-4 10112 1011
/
4 15 10012 10235 N Y N H & II n-c deb 40.-1947 MS 9$
/
1
4 -6
Registered
812
- 8512
MN
8512
8512
10012 Apr'28
90
4
109
11114
Non-coos
debenture 8It5_1947 M
Lehigh Vat RR gen 150 series_2003
4 Sale 8034
8112 35
N I101s Eifile 11038 11038
7812 8314
6 10012 10012
Non-cony debenture 354._1954 * 0 803
Leh V Term By let gu g 5e1941 * 0 10412
77/
1
4 Sale 7714
7714
7714 81,
4
106 10512 May'28
4
10512
1061
/
4
Noa-conv
debenture
3
45-1955
84
5514 85 May'28
Registered
* 0 103 105 103/
8434 8811
1
4 Feb'28
1037• 10375
Non-conv debenture 4s
19
,
56
Leh & NY 1st guar gold 4e__1945 M
8 MN 8312 85/
1
4 841
/
4
86
844 884
93 9412 92/
1
4 Jan'28
27
9212 9212
Cony debenture 334.
Lax & East let 50-yr 58
'3
1956
7814 78
78
78
* 0 11138 112 113/
1
4 May'28
774 80
111 11532
Cony debenture 65
'3 11814 Sale 11712 11812
Little Miami gen 45 Sergu-1965
11512 11512
A1962 MN 9414 __ -- 95 Apr'28
924 9612
Registered
1
Long Dock consol g 6e
114
11412
113 115
1935 * 0 108 110 10812 May'28
2
_ 10812 1091
/
4
Collateral trust Si
*
0
Long Isld let con gold 5aJuly 1931
1
90
95
7
10514 61 106 10571
105 Sale 105
Q
1011
1011
/
4
/
4 May'28
10034 102
Debenture 4s
1st eonsel gold
MN 8114 8112 8114
8114
8014 823s
1931 Q J 97 9934 9934 Mar'2
4
9812 9934
1st & ref 430e ser of 1927_A967 3D 9214 Sale 92
General gold M
9214
3D 95 98 9614 May'28
9134 9414
1938
5
_
94
961
/
1
4
/
4
Harlem
R & Pt Chee let 40 1955
Gold 4e
4 MN 911
9134
Sale
/
4
9212
1932 3D 9718 977s 971
921e 9330
91
/
4
971
/
4
5 97/
1
4 9718 N Y 0& W ref let it 48_June 1992 M
United gold 48
785s
Sale
7838
793
8 13
1949 M
7830 3034
92 9358 9178
911
/
4
3 911
/
4 9312
l$5
42
Debenture gold 56
.000 only 'June 1992 NI
_ 7612 Apr'28
1934 3D 10014 10134 10114 May'28
7612 7512
100 10014
General
20-year p m deb Si
3D 7512 Sale 7512
7512 25
1937 MN 10018 10038 1004 10030
74h 8035
4
9934 10112 N Y Providence & Boston 40 1942 * 0 _8714
Guar refunding gold 4s
93
/
1
4 Apr'28
1949 ▪ S 905s 92/
92 95
1
4 9258
93
14
92le 9484
Nor Sb B let con gu bs.Oct'32 Q
Registered
*0
8934 Jan'28
10012 10114 10034 10034
894 8934
1 10034 102
Lou & Jeff Bdge Co gu g 4s 1945 M
N Y & Putnam let con gu 44 1937
3 * 0 93
9312 May'28
9312 9614
94
93/
1
4 Sale 9334
9334
3 931x 9412 N It 811841 de West let ref bs-1937
Louisville a. Nashville 5a_..l937 MN 10538
1 8812 89 8812
8812
_ _ _ _ 10512 May'28
8812 924
105 106
2d gold 048
Unified gold 48
P
A
1940 33 - - 97/
Sale
/
1
4
82
80
8218
80
9714
8311
2
97/
1
4 24
1
4
9658 9914
General gold 55
Collateral trust gold 5a
P A 7488 7530 7434
1931 MN 951
7538 12
/
4 ____ 1011
721s 8012
/
4 May'28 _ _ 10180 10232
Terminal let gold Si
10-year secured 7s
1943
9 MN 10214
10214 May'28 _
1930 MN 10312 Sale 103
9978 10214
10334 23 103 10512 NY W'ches & B
In refund 5348 series A._2003 AO 10712
lst
ser
I
4548'45
3
3
8814
88
81
1
Sale 10712 10712 26 10712 11012 Nord Ry ext'l
88/
4
1
4 14
8814 92
let & ref 58 series B
e f 6%e
1950 * 0
2003 AO 10814 Sale 10814 10814
10134 10214 33 100 103
5 108 109
Norfolk South let & ref A 50.1961 P A 10134 Sale 93/
Ist & ref 41
/
4s series C__. _2003 * 0 1011
1
4
/
4 ____ 103 May'28
9312 10
93/
1
4 97
102 10434 Norfolk & South let gold 58_1941 MN 9312 94
N 0 & M 1st gold fis
1930 J J 10112 103 102 Apr'28
10234
Feb'28
102/
1
4 103
102 10332 Norfolk & West gen gold 65_1931 MN 10214 ---2d gold 6s
1930'3 10112 103 10214 Apr'28
105/
1
4 Sale 105
1051e
b 10438 10512
10214 10214
Improvement & ext 6s-9
Paducah & Mem Div 43_1946 FA 95
FA
1
99
3
6
4
10912
1081
Dec'27
/
4
97
9514
95/
1
4
-5 95 9612
New River 1st gold 6e....,1932 * 0 106/
St Louis Div 2d gold 3e 1980 MS 7034 _ _ 71
1
4 - - - 10634 10634
68/
1
4 71
2 1061* folis4
N & W By let cons g 4s
Mob dr Montg let g 4540_1945 MS 10112 10234 10134 May'28
192
96
9 * 0 9512 -9612 9638
9612 __45
May'28
9530 9811e
10134 1027s
Registered
South By Joint Monon 48_1952
*0 _
9218 93 9212 May28
9518 Apr'28
9578 964
921
/
4 9414
DWI
1st
AU Knox,& Cin Div 48_1955 M N 95/
lien
&
gen
g 48-1944 33 6534 Sale 9534
1
4 _ _ _ _ 9512
951
953
2
4
9430
9512
9812
9634
7
1
0-yr cony 68
Loulev Cin az Lea Div g 450'31 MN 100 10078 00
MS
_
18234 Mar'28
100
3 100 10034
17618 19012
Pocah C & C Joint 48
Mahon Coal RR let 56
1941 3D -55 -5/12 9512 May'28
1934 J J 10212 -- -- 0312 Jan'28
10312 106/
95
1
4
9711
North
Cent
gen
de ref Si A-1974 MS
Manila RR (South Lines) 48_1939 MN 76 Sale 76
76
74
7934
Gen & ref 434e series A-1974 MS 1071/4 ___ 10658 Sept'27
lit 45
1959 MN 79
81
79/
7312 -74 1011
1
4 Apr'28
/
4 Jan'28
7934 8234
1015* 1-61-34
Stamped
Manitoba S W Coloniza'n 58 1934 3D 100 101 100 May'28
_
10312 Apr'28
100
101 101112
10112
North
Ohio
let guar g 50......1
1-6 9858 -99
Man GB&NW 1st 3As
1
9
9
4
9
5
7
1941 J J 8312 90 88 May'28
9912
May'28
98 103
88 88
North Pacific prior lien 48.-1997 Q
Mich Cent Det & Bay City 58.'31 • M 101 102 9918 101
95 Sale 95
9512 66
9918 102/
9484 9772
1
4
Registered
Q
93/
Registered
1
4 Sale 93/
QM
1
4
10034 Apr'28
10034 1011
9358
/
4
1
9310 97
Glen lien ry & Id gt 3ii _Jan 2047 Q
Mich Air Line Ls
7038 Sale 7034
1940 J J 9412
71
_ 9758 Jan'28
7010 71t2
9758 9758
70
Registered
Jan
Q
F
2047
lit gold 31
6758 70 6812 Apr'28
/
4s
8912 8818 May'28 _ _ _ _
1984 MN 86
8818 89/
6812 697s
1
4
Ref & Impt 4 Its eerie@ A _2047 33 10112
110-year debenture 4s
Sale 10114 10114
1929 * 0 99/
1
4 Sale 99/
1
4
99/
1
4 17
6 10112 105
993e 100
Ref &'mot 6e series B____2047
1166
4
sale
115
MId of N J let ext 58
/
1
4
116
1940 * 0
9834 99 May'28
9714 9934
158 11532 11714
Ref & Impt 55 series C.-2047 .1 1 _
107/
1
4 10812 May'28
Mllw L S & West Imp g be1929 FA 99/
99 10052
1
4 1001 99
99/
1
4 .16
108 10912
Ref & impt be series D___2047 J J
1
4 10738 10738 11 10732 10984
MU & Nor let ext 4)48(1880) 1934 3D 9612 99 98
98
5
98
9914 Nor Pao Term Co let g 6s__1933 33 10'04 107/
--- 110/
1
4 Mar'28
Cons ext 41
/
4s (1884)
1934 3D 97/
9513 9913 Nor Ry of Calif guar g 50.-1938 A0
1
4 9812 9514 May'28
109h 11082
105 167 105 May'28
MI1 Spar & N W let gu 48
1947 MS 95
9514
4
105 106
95/
9638 9514
1
4 9718 North Wisconsin let tls
1930 33 102 10214 102
Milw & State Line 1st 3.;2s 1941 J J
102
102 10238
90 Apr'28
90
90
Og & L Chem 1st gu g 48.. 193
46
8 J ) 8614 8734 8612
Mlnn & St Louis let cone 66_1934 MN 5818 5812 59/
8612
1
42 61
864 8814
1
4
1
4
59/
Ohlo Connecting Ry let 4s...1193
1
47
S
3
_ _ 9538 Nov'27
Temp We of deposit
MN 541
40
/
4 58 55 May'28
67
Ohio River RR 1st g be
1936 3D 10212
9610312
- 104 Apr'28
let & refunding gold 4s___1949 MS 2112 2212 2214
l03l 104
22/
1
4 27
14
2334
General gold 58
AO
1027e 10514 10418 Jan'28
Ref & ext 50-yr be ser A_1962 Q F 1812 19 19
10
10414 10412
19
1112 1914 Oregon RR & Nay con g 4e.16
1946
94 3D 9312 9534 9512 May'28
if St P & 8851 con g 48 int gu'38 33 911
9178 39 0
9211 Ore Shone
95 96
/
4 Sale 91
Short Line012
let cons g M.:94
26
9• j 10838 10912 108/
1
4 May'28
let cone Ea
1938 J J 9712 99 97/
10814
6
1
4
98
11084
Guar stpd cons be
9734 10012
j
10812 10958 10812 May'28
let cone be gu as to int
1938 I
10814 Ill%
27
100 Sale 9912 100
9914 101
Guar refunding 411
3D
991
/
4
Sale
9914
99/
10-year coil trust 8IS8-A931 U S 102 Sale 10112 10212 52 101 1031
1
4 50
99
/
1
4
100
/
4 Oregon-Wash let & ref 46.--1961
J 9012 Sale 9012
911
/
4 69 9012 9412
let & ref 60 series A
1948 J J 10134 102 10314 May'28
101 10314 Pacific Coast Co lit g 58.--1945
D 8234 83/
1
4 83
84
15-year 554.
8
1949M S 94
83
9514 11
9512 94
94
8816
46
Pao RR of Mo let tut g 4s._ 19
9534
93
38 F
_ 9512 May'28
let Chicago Term s f 4e
1941 MN 9518 ____ 9614 May'28 -- -95/
1
4 95%
9814 9614
2d extended gold Se
'
3
102/
1
4 Jan'28 _
Mississippi Central 1st 5E
10232 10215
98
1949 J J 99 Sale 99
9912 Paducah & his let 5 1 4345. _1955 3 .1 joiia 1(12
991
/
4
7
10112
Mo Kan & Tel let gold 4s 1990 J D 90 Sale 90
_ 1003. 1011e
90
903* 106
9234 Paris-Lyons-Med RR eat'611 1958 P A 100 66-Je 9978 Apr'28
100/
1
4 150 96 1003e
MO-K-T RR pr lien Ife ser A-1962
.1 10214 Sale 10214 10314 37 102 10434
Sinking fund external 70_1958 MS 105 Sale
10334 10514 50 10112 10512
0-year 48 series B
1962 .1 J 87 Sale 87
7 87
89
9212 Paris-Orleans RR 5 f 70.- -1954 M
10338
Sale
10338 1033s 20 101 10411
Prior lien 4y48 ser D
98/
1978.5 J 98 Sale 971
1
4 32
/
4
97
9912
External sinking fund 5345 1968 111 8
9014
9612 82
Cum adjust be ser A Jan_1967 A 0 10512 Sale 10512 106
9544 9634
75 1041
/
4 10918 Paulleta Ry let & ref e f 78-1942 M
16318 Sale 10318 10312
lio Pao 15t & ref 5e ser A-1965 F A 10114 Sale 10114 1011142
2 10114 10412
6 10114 10378 Pennsylvania RR cons g M__ 19
MN
____ 98 98 Apr'28
94
48
3
General 45
9738
99/
1
4
7914
81
14314
187
1975 M
Consol
8138 Sale 8034
gold 45
MN 97/
1
4 9814 971
/
4
9912 16
let & ref 50 :ter F
9634 100
1977M
Ion Sale 10034 101/
1
4 318 10012 10258
ki storm etpd dollar_May 1 1948 MN
_ 9712 98
98
510 Pac ad 7s ext at 4% July 1938 MN 95
1
95%
99
Consolidated s f 434e
97 95 May'28 -- 9334 9472
1960 FA it-).-138 10512 10412 10512 19 10182 107
Mob & Dir prior lien g 5s
103 103
1945 J J 10312 ____ 103 Feb'28
Geneta1 434a series A....„1965'ID 10212 Sale 10214
102/
1
4 65 102% 104%
Small
9922 100
J J 10018 ____ 100 Apr'28 -General be series B
1968 JO
112 11112 112
10 11032 115
let m gold 4s
19453 J 94 Sale 92/
8 9218 964
1
4
94
10-year secured 70
1930 * 0 10418 Sale 10418 10438 75 loth
Small
1057s
1945 J
84
9258
1
4
9238 Sale 92/
15-year secured 63Is
1
4
92/
P
A
1936
111
Sale
111
1111
/
4 36 111 11334
Mobile & Ohio gen gold 44_1938 M S 94/
9458 9834
1
4 Sale 9458
945s
Registered
1
4 __ 112 Apr'28
FA 110/
Montgomery Div lit g 58-1947 F A -__ 1041
112 112
104/
1
4 10538
/
4 104/
40-year secured gold 5e-1964
1
4 May'28
N
10412
l04l
dale
2
105
131 104 1057s
Ref & impt 4%a
1977M1 98 Sale 98
9812 31
9734 9934 Pa Co gu 3545 coil tr A reir_1937 51
___ 93 Jan'28 Molt & Mar let gu gold 412_1991 M S
93 98
97
9715
Guar 334s coil trust ler 8_1941 F A 9397 Apr'28
8914 90 8934 May'28
Mont e let guilts
894 9114
19377 J 11112 113 11158 May'28 -- 11158 112/
1
4
Guar
trust
J
etfs
33.4
O
,
C__1942
___ 90 Apr'28
lit guar gold 68
8914 9014
1937 3 .1 10114 --- 10434 Jan'28
Guar 34s trust(Ars0
10434 10434
1944 30 898934 90 90 Apr'28
11(13, 9012
3097
New York Bond Record-Continued-Page 4
BONDS
N.Y.STOCK EXCHANGE
Week Ended May 18.
t
z
Price
Friday.
May 18.
Range
Since
Ja2. 1.
Week's
Range or
Last Bak.
BONDS.
N. Y.STOCK EXCHANGE.
Week Ended May 18.
rice
Friday.
a. I May 18.
Rams
Bina
Week's
La
Bang
n sa
s oric
11
Mob No. Low
Ask Low
11101
Bid
1 1024 10314
'col& Ohio Cent 1st gu be_ _1935 3 J 102 ____ 1034 10314
Western Div 1st a be
1035 A 0 10012 10114 103 Apr'28 -- -- 103 103
1935 3 D 10058 10412 10012 Apr'28 ---- 10012 1014
General gold bs
19
15 Nov'27 ---J 12
'oledo Peoria & West ist 40_1917
94 9
-11-;
1
9614 95 May'28 ---'ol St L & W 50-yr g 48._ -1950 A 0 95
100 10014
J 10018 ___ 10038 May'28 --1931
'olWV&Ogu 448A
J 10018 ____ 10012 Apr'28 ---- 1001s 10312
lit guar 434s series B___ _1933
9578 Jan'27 -1942 M S 96
1st guar 45 series C
9-4-114
-114; D 9458 95 9434 May'28
1948
For Hare la Buff 1st g 4s
6012 76
71
2
1134
71
6812
D
55...J928
!later & Del let cons a
32
46
6
45
1952 A0 45 Sale 45
1st refunding g 4e
9658 99
9712 122
Inion Pacific let RR & Id gt 40'47 J J 9634 Sale 9634
9614 974
Registered
32
6 951a 981s
9512
7
9
19
:8 95
718
9618
5 S9
a7
1)1 (3
3 9
90
68
73
June 2
10
1st lien & ref 4e
134
9914
10114
10014
9934
Sale
.3
993
4
J
Gold 4348
9 112 11534
112
928
8 M El 112 Sale 112
June 2
100
let lien & ref be
10014 34 100 10072
J J 100 Sale 100
10-year secured 88
-9712 9912
C1 N J RR & Can gen 48_ _ _1944 M S 9658 98 9912 Mar'28 ---J 9712 ____ 9834 Nov'27
1933
Utah &Nor let ext 48
98
98
9834
98
Mar'28
9712
F
A
A1
19
9
5
b
5
7
45
series
Vendetta cons g
gra 9912
MN 9712 ____ 9712 May'28 -Con s 1 48 series B
1714 23
23
5
2112 2178 23
4
93
36
Vera Cruz at P assent 448_119
Jan'28 ---- 10112 10112
10118
1931
Virginia Mid Se series F
M N 10312 ____ 10334 Mar'28- 10334 10334
General be
Jan'28 ---- 10714 10714
10614
10714
J
56_2
100
958
3
1st
gu
Va & Southw'n
9834 10344
A 0 98 99 9834 May'28
let cons 60-year be
7s
Virginian Ry 1st bit series A.1962 M N 10612 Sale 10612 10714 60 10612 109
1044
4 10612
15
10512
10214
10478
105
M
N
1939
Wabash lst gold 6s
23 102 10412
103
F A 102 Sale 102
2d gold be
1
4
197
35
9 M S 10512 106 10512 10614 12 1094 107/
Ref 6 f 546 series A
1976 F A 101714 Sale 10178 10234 32 10172 105
Ref & gen 58 series B
Debenture B 6ereg1stered_1939 J J 10112 ____ 8314 Feb'27 ---86's 89
1st lien 60-yr g term 46-1954 J J 884 ____ 89 May'28 ---Del & Chi ext 1st g 52-1941 J J 10514 ____ 10458 Feb'28 ---- 10412 10414
913e 9312
Des Moines Div 1st g 48_ _1939 J J 914 ____ 9252 Apr'28 ---1
87 8842
871
8714
Omaha Div let g 346...._ -1941 A 0 8714
9334
3 934 9912
1941 M S 9334 95 9334
Tol & Chic Div g 411
83
83
Mar'28
---83
F
A
Warren 1st ref fru g
1948 Q M 8912 914 9058 Mar'28 -- 903s 90311
Wash Cent lit gold 45
881s 91
194
945 F A 874 ____ 89 May'28 ---Wash Term let gu 3349
987s 89
89 Apr'28,--_F A 93
1st 40-year guar 45
9934 101
W Min W & N W lst gu 66-1930 F A 9978 101 994 May'28,- -13.914 8714
Sale
8334
8434'
57
8412
1952
West Maryland let g 45
.119
97
37 I J 10014 Sale 10018 10112 35 10012 1031.
1st & ref 5345 series A
J J 10158 10178 102 May'28 ---- 102 104
West NY & Pa let g be
9214
92
Ws
1943 A 0 9214 94 92'4
Gen gold 4e
9934 101
1946 M S 9978 Sale 9978 10014 103
Western Pao 1st ser A 6a
91/2 9319 •
9278 16
2361 • J 9278 Sale 92
West Shore let 45 guar
1
9058
90311 03
3 9012 91 9053
2381
Registered
Wheeling at Lake Erie- 100 100
Apr'28
100
9978_33
Wheeling Div let gold 58_1928
92
9038
8 89
Ili Jos & Grand tel 1st g 4.1 _1947 1 J 9014 Sale 9014
.
100 1001
1930 FA 100 __ -- 100 Apr'28
Ext'n & Impt gold be
10034 10034
St Lawr & Adir 1st a be._ _ _1996 3 3 10034 105 10034 May'28
9614 9812
66 MS 9653 98 9778 May'28
Refunding 4346 series A 196
_ ...108 Jan'28
107 108
1996 ft. 0 1073
90 gold 68
MS 100 102 10112 Mar'28 -- 1014 102
Refunding 58 series B
4-99 98 May'28 --- 98
984
1931 1 3 9738
St L & Cairo guar g 48
93 94
6
93
1949 MS 9314 9314 93
RR let consol 48
St L Ir Mt & 8 gen con g 6s _ _1931 A 0 101 Sale 10034 10138 83 10034 10214
7414 7912
754
755s
5
76
1942 3D 75
Wilk & East let gu g be
10134 Dec'27
_1931 A 0
Stamped guar 5a
1938 3D 10334 -- 10438 Feb'28 _ 1043s 1044e
9878 10158 Will & SF let gold be
6
Unified & ref gold 46
9914
1929 J 3 9914 Sale 99
1
9234 93
93
93
9214
•
J
1st
413.„.1960
964
Winston-Salem
S
B
96
9614
96
9734
17
9534
Rly &0 Div 1st g 4s
1933 M N
8732 923e
8778 18
10034 10134 Wis Cent 50-yr let gen 4s _.i949 33 8738 Sale 8738
St L M Bridge Ter gu g 158.._1930 A 0 10014 10134 10078 Apr'28
5
9214 9312
93
Sup & Dot div & term 181 45'3 MN 9234 Sale 924
9034 121
8934 93
St L-Elan Fran pr I 4s A
1960 J J 9014 Sale 8934
921s
92
May'28
9238
434s
1943
33
let
Con
East
9738 Wor &
324
97
1978 M S 97 Sale 97
Con M 44s series A
INDUSTRIALS
Prior lien 58 series B
1950 3 1 10218 10212 10214 1097338 39 10214 10412
95
90
913
,
3
9134
913
9014
MS
4s...1948
coll
tr
g
Adams
Express
1928
3
J
9978
Sale
10112
9978
9978
10014 20
Prior lien (is series C
7 107 10941
1071
Prior lien 5345 series D...1942 3 3 10214 Sale 10214 10234 46 10138 10312 Ajax Rubber 1st 15-yr si 88_193 3D 107 Sale 107
31s 10
3
5
5
Cum adjust ser A 6s__July 1965 A 0 10132 Sale 10138 10l'3 273 100 10178 Alaska Gold 3.1 deb 68 A ____1926 MB 10 Sale
318 10
10
4
5
5 Sale
1926 MS
Cony deb 69 series B
9918 10218
Income series A 68__July 1960 Oat 10112 Sale 19138 l0i'2 10/
Allis-Chalmers Mfg deb 58_1937 MN 10034 Sale 10014 10034 53 10014 10244
5 100 105
lit Louis & San Fr Ry gen 66.1931 3 3 10134 103 10158 1014
23
93
957e
9612
96s
9612
Sale
M
78_1955
Steel
1st
Alpine-Montan
10158
10312
10138
10078
1931 J J 10118
May'28 ____
General gold be
1064 55 104$4 10612
Am Agric Chem let ref e f 749'41 FA 106 Sale 106
10812 111
St L Peor & NW 1st gu 53....1948 1 3 109 - - -- 10858 May'28
79
90
4
8678
9758 9758 Amer Beet Sus cony deb 68_1935 FA 84 Sale 84
St Louis Sou let gu g 48_ _ _1931 M S 9612_-- -- 974 Apr'28 --10314
3 103 10442
St L S W 1st g 4s bond otfe_1989 M N 9118 Sale 9038
9118 30
904 9214 American Chain deb 5 1 6s 1933 AO 10314 Sale 103
100 10211
3d g 45 Inc bond ctfa-Nov 1989 J .1 8514 Sale 8514
8538
3
844 874 Am Cot Oil debenture 56_1931 MN 10014 103 10034 May'28
9512 97
964
51
9512
Sale
9614
AO
1942
Cyanamid
deb
58
Sale
9738
Am
98
34
9714 99
Consol gold 4s
1932 3 D 98
1 10414 10514
1939 AO 104 10412 10412 10412
1st terminal at unifying 58_1952 1 J 10118 102 101
10112 14 10012 10318 Am Mach & Fdy i f 65
10218 Mar'28 _ - _ _ 10144 10213
St Paul & K C Sh L 1st 4945_1941 F A 9512 Sale 954 • 9618 30
Am Republic Corp deb 66-1937 AO
9514 98
102
100 101 10214
;
47 AO 101Ig Sale 101
St Paul & Duluth 1st be
Am Sm & R lst 30-yr bs ser A1
1931 F A 101 10214 10212 Nov'27 --__
AO 108 Sale 10734 10812 14 10712 10934
1st consol gold 46
1st M Os series B
9614 9458 May'24 _
9458 9614
1968 1 D 94
10434 Sale 1044 10434 34 10212 106
St Paul E Gr Trunk 1st 448_1947 3 J 10014 103 10014 Nov'27
Amer Sugar Ref 15-yr 68-1937 J
994 100
994 166
92
39
6 ii 9912 Sale 9912
St Paul Minn & Man con 45.19333 J 9838--- 98 May'28
9714 984 Am Tele,& Teleg coil D 4819
5
997 9713
97'2 10012
971z
MS
let consol g 65
Convertible 49
107 11112
1933 1 3 107 1-0814 107 Apr'28 _
_ _ __10218 10214 5 9934 10212
1933 M
J J 10614 10814 10634 Mar'28 20-year cony 4948
Registered
10634 10634
1946 3D 105 Sale 10434 1054 128 10412 106
Ss reduced to gold 4145_ _1933 J J 10034 10114 10034 10034
01111
4
30-year coil It 66
2 100
9914
2 199
10438 Feb'28 -- I041s 10489
D
Registered
J .1 99 10078 9912 Jan'28 Registered
1980
943 33 107 Sale 10658 1071 125 10514 109
Mont eat 1st gold 46
974 9812
35-yr s f deb bs
1937 J D 9738 98't 98 Apr'28 1091 152 10812 110
MN 109 Sale 109
Pacific ext guar 49 (sterling)'40 J J 9112 ____ 9313 May'28-_
20
9312 944
-years f 548
105 106
St Paul Un Dep let & ref 55_1972 1 I 10918 ____ 109
1940 A0 10512 106 10512 May'28
10914
6 1084 10958 Am Type Found deb 13s
II A & Ar Para 1st gu g 4a_ _ _1943 1 J 9212 Sale
8 100 1011e
197
35
4 A0 10078 Sale 10078 10114
9238 9434 Am Wat Wks & El col It 6s_1
10534 10933
Santa Fe Pres & Phen 1st 56_1942 M S 10712
15
1074
Sale
10714
1073
4
MN
_6
Deb g 68 ser A
56
24:
9
y
e3ii 2:
_ :
9 10212 104
9114 77 8734 9314
Say Fla & West let g Cie_ _ _1934 A 0
'
I 8972 Sale 8914
1947
10758 1011
Am Writ Pap 1st g 85
178 101 10612
let gold 65
10212 1-6i12 10712 May'28-_ 10712 10712 Anaconda Cop Mln let 136-1953 FA 10578 Sale 10558 106
10614 10512
6
9412
10512 Mar'28
Scioto V & NE let gu g 48._ ...
95 944
94
9412 98
Registered
79
Seaboard Air Line 1st a 48...1950 A 0 83 ___ 85 May'28
8512
16-year cony deb 78
1938 FA 12412 Sale 12314 131 1266 11014 137
120 140
13312
139
1326
774
837
Gold 45 stamped
80
Sale
80
13412
Sale
'
I
8
76_1943
0
Andes
Cop
Min
1950 A
8138 25
cony deb
9612 10312
10212 58
544 253
Adjustment be
1945 MN 1024 Sale 102
Oct 1949 F A 5312 Sale 5314
48
8212 Anglo-Chilean s f deb 7s
4 93% 9634
66
95
1959 A 0 6514 Sale 6518
19
Refunding 48
1939 33 9512 Sale 95
724 Antilla(Comp Azuc)7346
60
10212
101
_
May'28
let & cons 66 series A
10312 10374 104
7712 9654 Ark & Mem Bridge & Ter 66_1964 M
1945 M S 8714 Sale 87
88
120
9334
91
9334 400
M
85 Mar'28 -Registered
7858 85 Armour & Co let real eel 434839 3D 9234 Sale 9212
874
94
215
9378
9338
Atl & Birm 30-yr let g 48_61933 M S.
8
iIi8
5
92
9312
Sale
33
May'28
8834 95
13
Armour & Co of Del 634th-1943
103
12
102
2
Seaboard All Fla let gu 6s A..1936 F A 8212 Sale 8112
8234 30
7112 9478 Associated 0116% gold notes 1935
47 MS 103 10314 10234 103
1 10314 1044
Series B
8314 80
__ 10414 10414
3D 10412
1935 F A 80
8212
9
72
9458 AtlantaGas L 1st 56
Nov'27
20
18
Seaboard & Roan lst 68 extd-1931 .1 3 99 100 100 Apr'28
100 10058 Atlantic Fruit 76 Ws dash...1934• D 11
15 15So Car & Ga let ext 6413
3D 1212 ____ 15 Mar'28
1929 M N 10014 10078 10012 May'28 --_ 10012 10178
Stamped ctfe of deposit
7211 8212
8212 74
1938 F A 10312 105 105 Jan'28
S & N Ala cons gll g ba
106 105
Atl Gulf & W I SS Loot tr 66_1959• .1 824 Sale 817s
14 1003s 10344
103
Gen cons guar 50-yr 58
1937 3, 102 Sale 102
1963 A 0 11458 11434 11434 Feb'28 ---- 11412 115
Atlantic Refg deb 156
3 107 10811
BO Pao coil 48(Cent Pao coll) 2'49 J D 9212 Sale 924
93
32
Baldw Loco Works let 5s_.1940 MN 10718 108 10712 108
924 95
2 10311 107
J D 8838 92 88 Mar'28
Registered
88
88
Baragua (Comp Az) 746._ _1937 33 1064 Sale 10678 10678
9912 108
20-year cony le
June 1929 M 0 994 9938 9914
9918 100 Barnsdall Corp 65 with warr..1940 Jo 10334 Sale 10334 10512 173
994 73
9012 9358
9358 50
let 434e (Oregon Lines) A_I977 M 13
1!.1.3_14 102
93 Sale 93
10214 lb 100
0218 104
04
3
Deb (Is (without warrant).1940
9812 9934
5
SO-year cony be
1936• 3 9812 9912 9834 9918
1934 3 0 ioir4
Belding-Hemingway Se
- 1024 10212 11
8 10634 10933
10814
20-year gold 56
1944 MN ____ _-- - 1004 Apr'28
100 10312 Bell Telep of Pa be series B 1948• J 108 Sale 108
.
3
30 10878 11
Gold 44s
,Sale 11134 112
9912 369
1960 AO 1117
1968 M S 994 Sale 99
let & ref 56 series C
9814 10012
944 96
9718 84
9314 08 Berlin City Elec Co deb 648.1951 J O 9678 Sale 9612
Ban Fran Terml 1st 48......1950 A 0 9314 Sale 9314
94
27
94 975s
A 0 874 92 8934 Mar'28 -- _
9612 41
Registered
8934 90
Berlin Elec El & Undg 6)15_1956 AO 96 Sale 96
7 102 10451
108 May'28
Bo Pao of Cal lat con gu g 68_1937 MN 108
105 108
Beth Steel let & ref be guar A'
42 MN 10258 Sale 19258 103
10134 66 10038 103
3 101 Sale 101
So'Pao Coast 1st gu g M.__ _1937 J J 9738 -98 9714 Apr'28
974 974
30-yr pm & Imp if be-- -1936
10415 10512
123
105
So Pao RR 1st ref 48
Sale
FA
19553 J 954 Sale 9558
10514
10511
9538 9812
96
36
Cons 30-year 68 series A 1948
1 J --------96 Apr'28
Registered
1953 FA 10334 Sale 10334 10414 49 102% 105
98 96
Cons 30-year 546 ser B
WA 985s
9858 28
_ _ 98
Southern RY 1st cone g 5e.-1994 J J 11418 Sale 11418 11538 32 11218 1194 Bing & Bind deb 6346
9818
1950 M
J .1 11112 ___- 1154 Apr'28
9734 Feb'28
Registered
110 1151a Booth Fisheries deb St 68_1928 A0
78 114
12
80
Devel & gen 45 series A.....1966 A 0 9078 Sale 9034
9134 252
9012 93 Botany Cons Mills 6348- _1934 AO 80 Sale 794
3 103 10512
103
Develop & gen 68
1958 A 0 11778 Sale 11713 118
48 11512 121
1934 MS 103 105 103
Bowman-Bilt Hotels s
88
81
1956 A 0 12512 Sale 12513 12638 28 12514 127 B'way & 7th Av 1st con 55_1943 J O 79 Sale 784
7914 48
Devel at gen 8348
93 9512
9
94
Mem Div 1st g 66
19963 J 11034 112 11114 11114
1 11012 1134 Brooklyn City RR let 6s .1941 3, 9312 Sale 9312
1961 J 3 9212 95 93
93
5
St Louis Div 1st g 48
924 94 Bklyn Edison Inc gen be A 1949 J J 10514 Sale 10514 10512 10 10518 1084
10518 1054
East Tenn reorg lien g be_ _1938 M 2 10414 ____ 9658 Dec'27 -- _ _
10532 Mar'28 _ _ _
• J
Registered
8 102 10434
Mob & Ohio coil tr 46
1938 M S 94 Sale 9318
94
27 "95r, 965;
103 Sale 10238 103
1930 J
General Ins series 13
9814 1004
Spokane Internal 181, g 5&....1955J 3 8778 90 89 May'28
9934 Sale 994 10018 321
1968 J
864 90
Bklyn-Man R T sec(Is
8412 70
1
Staten Island Ry 1st 448_ _1913 J D --------88 Nov'25
7114
7134 7114
Bklyn Qu Co & Sub con gtd bs'41 MN 70
8212 90
95 Apr'28
90
5
92 90
1941 3, 81
Sunbury & Lewiston 1st 48_1936 3 3
-Oa -0.(i1-2
let Ea stamped
Superior Short Line let 58...81930 M S 9978_ 9978 Apr'28 --_ _
8812 Nov'27 -9978 9978 Brooklyn R Tr let cony g 46_2002 Ii 85
Term Assn 01St L 1st a 494s..1939 A 0 100 1-15I: 10012 1001
1 10014 1024
3-Yr 7% secured notes_ _ _1921 33 105 ____ 13612 Nov'27
foii"
7 10512 107
43
1944 P A 10434 10611 10512 1051
let cone gold be
1950 FA 9614 Bale_ 9818 100
Bklyn Un El 1st g 4-56
93/
1
4 9914
_ 99
99
1
921
4 924 94
1953 1 .1_ 921 924
1950 FL
Gen refund 8 f g 48
Stamped guar 4-55
108
105
44 111
7
1-1-04 10958 10934
Texarkana & Ft S 1st 6348 A 1960 F A jails Sale
10613 14 10558 10712 Bklyn On Gas let cons g 56 1945 MN
102
9 11732 11934
Tex & NO con gold 66
1943 3 J 102 Sale 102
b 102 10312
lot lien & ref 65 series A.._1947 MN 11912 Sale 11912 11934
1936 3
113
275 Sale 275
281
Tame & Pao 1st gold 56
9 11084 115
29 281 288
2000J D 113 1134 113
Cony deb 548
9314 95
95 May'27
Buff & Sunq Iron 1st e 1 5s 1932 3D
2d Inc ba(Mar'28 op on)Dec2000 Mar 100 ___ 100 Aug'2
1952 AO 92 ____ 9338 Apr'28 _ _
9212 9412
1977 A 0 1034 Sale 10314 104
37 la;1-041; Bush Terminal 1st 48
Gen & ref Ea series B
3 100 10112
9834 102
1 965
2 33 98k4 Sale 984
1931 J .1 100 10014 10014 10014
9914 19
Ls Div B L lit g 66
Consol tw
5 103812 10914 Bush Term Bldg" 611 go tax-ex '60 AO 1034 Sale 10338 1037
Tex Pao-Mo Pao Ter 6)41....1964 M S 1084 Sale 10812 10812
7 103 102
4 Due Maya e Duo June. k Due Auguet,
11105
HOD No. Low
Ask Low
Bid
Pennsylvania (Concl.)11
9878 100
99
Guar 15-25-year gold 43-1931 A 0 984 Sale 9878
9358 9514
9378
3
Guar 48 ser E trust Ws _1952 M N 934 Sale 9378
10014 10014 10014 11 100 102
Pa Ohio & Det lst & ref 448 A'77 A 0
8834 92
7
90
Peoria & Eaetern ist cons 48_1940 A 0 8834 9014 8834
3712 604
47
15
April 1990 Apr. 4512 Sale 4512
Income 45
107
1081t
_
10712
107
10714
3
5346_1974
F
A
Peoria & Pekin Un 1st
Pere Marquette let ser A 6e.1956 J J 10434 Sale 10434 10434 10 1044 10511
9114 1461.
95
16
9434 9512 9458
1st 48 series B
1958
Phila Bait de Wash let g 4e 1943 M N 9712 ___ 100 Apr'28 - -„ 98 100
114 114
114 Apr'28
11058
1974 IF
General 68 series B
40
42
4112
6
4112 Sale 4138
Phriippine By let 30-yr 8146 1937
Pine Creek registered 1st 68_1932 1 P 10534 10712 106 Apr'28 - _ 10578 106
10018 102
102 May'28 1940 A 0 10134
PC/C.9E41.811448A
10118 10212
102 May'28 10158
Series B 44s guar
10134 10216
102 May'28 10112
1(9:2
Series C 44s guar
974 99
97
99 9738 Mar'28 Series D 45 guar
97
97 Mar'28
974
Series E 3345 guar gold...AM
974 Apr'27 -1953 3 D
Series F 48 guar gold
97
5 -5/ 97
97
97
Series G 48 guar
1957 M
9718
97
9718 Mar'28
_
1960
Series H con guar 48
4 103 10513
10314
103 10378 103
Series Icons guar 446
104 105
Series J cone guar 4349...--1964 MN 100 10414 104 May'28 5 11118 11412
General 2.158 series A......1979 J D 11118 11112 11112 11112
11338 11338
11338 Jan'28 3 I)
Registered
5 11118 11518
Gen mtge guar 58 eerie' 13.1976 A 0 11118 Sale 11118 11112
11312 11312
11312 Jan'28 A 0
Registered
ruts McK & Y 1st gu 6s____1932 3 3 1044 ____ 106 May'27
iogis 107
_ 1065a Apr'28 _
3d guar 65
1934 .1 J 10818
_ 10258 10258
3 10258 105
PItte E111 & L E ist g 5e
1940 A 0 10258
_ 10012 Apr'27 _
let consol gold be
1943
3 10212
95 Oct'27 _
PItte Va & Char lat 4s
1943 M N 964
9613 9714
9612
1
Pitts Y & Aeh 1st 4a ser A _ 19483 D 9612 99 9612
10814 10812
10814 Apr'28
let gen be series B
1962 F A 10734
106
1st gen 58 series C
804 8034
1
8034
Providence &cur deb 48_1154
71 ;1 804 8034 8034
9114
5
9114 9114
9212 9114
Providence Term 1st 44
1956 191 S 91
9534 97
9614 10
Reading Co Jersey Cen cell 43251 A 0 9534 9712 9578
_
9434
9434
1
9434 9514
A 0
Registered
10434
Gen&reid34sserlesA,..1997J J 1513.2 gale 10112 10234 16
Rich & Meek let g 48
1948 MN 8214 8534 8212 Nov'27
10414 10412 10414 Mar'28 -- 10414 10412
81ohm Term By 1st gu 56_ _..19523
_ „....
Rio Grande Juno let go 5e-1939 3 D 9912 10112 102 Dec'27
418 5
_
Itlo Grande Sou let gold 48_1940
5
713
6 ____ 712 Apr'28 _
Guar 45 (Jan 1922 coup on)'40 J
9 9312 9512
9312
9314 Sale 9314
810 Grande West let gold 419_1939 3
9038
88
let con & cell trust 48 A_1949 A 0 8838 Sale 884
8834
9658 9918
9712 Sale 9712
98
25
R I Ark & Louie let 4346._ _1934 M
8458 8478
Rut-Canada 1st gu g 49
1949 3 J 844 864 8434 Apr'28
9514
9618 9658
9514
9514
1
Rutland 1st con g 4346
1941
r
;
1,3,1i
12,4 ;,,'il
--
3098
BONDS
131: Y. STOCK EXCHANGE
Week/Ended May 18.
New York Bond Record-Continued-Page 5
r
e
3.
Pries
Fridge.
May 18.
Week's
Range or
Last &if.
High No.
AO Low
MI
By-Prod Coke 1st 5438 A__ _1945 MN 102 10312 10314 May'28 -Cal & E Corp unif & ref 58_1937 MN 10478 10538 10478 105
4
Cal Petroleum cony deb if 581939 F A 10034 Sale 10034 10114 60
Cony deb f 5436
35
1938 M N 10278 Sale 10278 103
Camaguey Sue lat et g 7e_1942 A 0 100 Sale 100
9
101
Canada S 8 L 18t & gen fis. _1941 A 0 102 103 102
1
102
Cent Dist Tel let 30-yr 5a
_
1943 J D 105 _--- 105 May'28
Cent Foundry let f 6s_May1931 17 A 98
9912 9912
9912
2
Central Steel let ir s f 8s
8
12312
1941 MN 123 Sale 122
Ceapedes Sugar Co 151 a f 7129'39 MS 101 Sale 101
8
104
Chic City & Conn Rye 5aJan1927 A 0 63
68 66 May'28 -CDC/ L & Coke let gu g 5a 1937 J J 10312 ____ 10312 May'28
Chicago Rye lat 5s
20
86
8512
1927 F A 8512 87
Chile Copper Co deb 56
9634 310
1947 1 J 9634 Sale 9534
Clearfield Bit Coal let 4s_1940
____ 89 90 Apr'28 -Colo F & I Co gen if 56_ _ _1943 F A 10158 10212 10158 10158
3
Col Indus let & coil 58 gu__ _1934 F A 9714 Sale 9714
9778 70
Columbia (3 & E deb 581952 MN 10078 Sale 10034 10112 246
Columbus Gas let gold 5e _ _.19321 J 10018 10014 9934 May'28 -Columbus Ry P & L let 448.1957 I J 9534 Sale 9534
9678 14
Commercial Cable let g 48_2397 Q
18
88
8734 8812 8712
Commercial Credit e f 6e..1934 MN 100 Sale 9934 1004 10
Col tr f 543% notes
96
13
19381 J 9518 Sale 9518
Computing-Tab-Rec e I 66_ _1941 I J 104 Sale 104
14
106
Conn Ry & L lst& ref g 434i 19611 1 9914 102 10212 Apr'28 -Stamped guar{Hs
5
1951 1 J 10158 10212 10112 102
Consolidated Hydro-Elec Works
14
Of Upper Wuertemberg 75_1956 1 .1 100 Sale 100
1001e
Cons Coal of Md let& ref 56_1950 J D 8358 Sale 83
8334 136
°ousel Gas(N Y)deb 5%6_1945 F A 10612 Sale 106
10678 133
Consumers Gam of Chic an 88 1936 3 D 10234 - 10314 May'28
Consumers Power 1st 55_ _ _1952 MN 10458 Sale 1048* 10434 11
Container Corp let 8s.
1946 1 D 102 10214 10133 10214 45
Coot Pap & Bag Mills 643e 1944 F A
8
971g
9718 Sale 97
Copenhagen Telep ext 66_1950 A 0 10114 10214 10214 10214
2
Cora Prod Refit let 25-yr s 158'34 MN 10114 ____ 10114 10112 11
Crown Cork & Seal s f 65_1947 3 D 9934 Sale 9934 100
68
.3rown-Willamette Pap 6s.__1951 I J 10214 Sale 10214 10314 78
Cuba Cane Sugar cony is. _1930 J J 8858 Sale 8858
25
92
Cony deben stamped 8%.1930 I I 9112 Sale 9114
9238 73
Cuban Am Sugar let coil 85_1931 M S 10814 Sale 106
10612 14
Cuban Dom Bug let 744e_ _1944 MN 101 Sale 17
30
06
012 101
Comb T & T let & gen 58_ -1937
10373 104 103% 10378 17
Cuyamel Fruit lat s f 6s A_ 1940 A 0 100 10012 100
10012 14
Denver Cons Tramw let 5a. _1933 A 0
Dec'27
Dan Gas & EL let & ref afg 58151 M N 102 Sale 102
6
1025±
Stamped as to Pa tax
5
1951 MN 1013* Sale 10138 10258
Dery Corp(D 04
17
70
6734
s f 7a 1942 MS 6818 70
Detroit Edison let coil tr 56.19331 J 10318-_ 10278 10278
7
1st & ref de aeries A-Jnle 1940 M s 10312 1044 105
15
105
Gen & ref 5s series A
1949 A 0 10534 Sale 10534 10614 35
let & ref 86 sedan B_July 1940 M
10858 Sale 10814 10812 17
Gen & ref 58 sir B
_
1955
D 10538 106 107 Apr'28
Series
1084 24
1962 F A 10618 Sale 10618
Oa United 1st cons g Hs--1932 J
95
96 May'28
96
Dodge Bros deb Se
1940 MN 8734 Sale 8734
88% 656
(old (Jacob) Pack let 68_1942 M N 85 Sale 85
7
8612
____ 101 May'28 _
100
Dominion Iron & Steel 5e_1939 M
Donner Steel let ref 75
98
8
19423 J 9634 Sale 9634
Duke-Price Pow let So sir A '66 M N 10658 Sale 10553 10653 38
Duquesne Light let 4436 A 1967 A 0 10234 Sale 10254, 10234 38
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE
Week Ended May 18.
Low
Hig,
102 10311
1034 105
9534 102
100 10414
100 10114
10112 1034
10434 1054
98
9912
120 124
100 105
60
68
10314 10458
84
88
9512 9734
8714 90
101 10178
9558 98%
9912 101%
9734 10014
95% 100
773s 8834
98 10118
93
9634
104 10811
100 103
9912 102
Pries
Fridge,
May 18.
Watt's
Range or
Last Rate
11
Rases
dines
Jas. 1.
Ask Low
Rid
HOS
LOW
H‘011
Sings County El & P11811---1937 A 0 10553 ---- 10558 105%
1041: 107%
Purchase money Se
1997 A 0 133% ---- 135 Apr'28
1304 135
(Inge County Eire 1st g M-1949 F A 89
9018 89
89
1
8314 9112
Stamped guar &a
1949? A 8973 Sale 89
12
90
8318 90',Clue County Lighting 56
1954 1 j 107-- 107 May'28
1041 107%
First & ref 6445
19543 1 11958 Sale 119% 11958
4 119 120
ECtriney(OM& 00 754% notea'36 .1 D 10612 10834 10714 10714
3 106 10814
Kresge Found'n coil tr 6s_ 1936 I D 10514 10512 10514
10512 17 104 10378
Lackawanna Steel 1st 5s A_ _1950 M 8 102 Sale 102
102
1 102 1054
Lac Gas L of St L ref&ext 56_1934 A 0 102 Sale 102
10212 12 10118 1044
Coll & ref 544s &Idea C_ _1953 F A 10512 Sale 105
10512
9 10418 108
Lehigh C & Nay f 444a A 1954 j
10078 10134 10078 10134
5 100114 10144
Lehigh Valley Coal 1st g 5s 1933 J J 1004 10114 10114 10138 16 10114 102
.
1
Registered
.1 .1
10012 Feb'28
10012 101
let 40-yr gu int red to 4%_1933 j
---- 9512 Aug'27
Ist&refaf 5a
1934 F A 18114
lei- kW'
-- 101 May'28
lat&refaf 5s
1944 F A 181
_ -- 101 May'28 --- 101 101%
lat&refsf 5a
1954 F A
9712 Sale 9712
97 1011,6
2
9734
Ist&refsf 58
1964 F A 98
0614 Apr'28
98
9438 100%
let & ref e f 58
1974 F A
9412 9618 9612 May'28
94% 9934
Lex Ave & P F ist gu g 56_1993 MS 38% --- 3714 May'28
85 8714
Liggett & Myers Tobacco 713_1944 A0 126 Sale 12538 126
58 12114 12812
65
1951 FA 105% Sale 10434 1051e 34 10314 10534
Liquid Carbonic Corp Ss_ _1941 P A 125 Sale 125
13112 75 113 138
Loew's Inc deb 68 with warr_1941 AO 11034 Sale 11018 112
273 106 11334
Without stock pur warrants_ * 0 10012 Sale 10012 10112 56
994 10211
Lorillard (I') Co 7a
1944 A0 11434 Sale 11434 116
1134 1131g
97 10012
58
P A 9214 9212 9214
925e 24
904 9314
78
D
eeb 544s
8334
195
37
1 I, 9378 Sale 9314
9412 62
9134 974
10558 107
Louisville Gas & Elec(KY)55.'52 M
10534 Sale 10514
1057e 27 10374 10858
10212 10314 Loulaville Ry 1st cons Sc.__ _ 19
944
30• J 9512 9612 96 May'28
96
981e
10412 10551 Lower Austrian Hydro EleaPow988i 10214
lets(6435
F A 8934 9012 90
9012 41
8888 91Is
79
971s McCrory Stores Corp deb 830'41 J D 10114 Sale 0078 10112 29 10012 102%
100 10214 Menial Sugar let cf 734i
1942 A0 107 10812 0718
108
105 109114
10114 10278 Manhat Ry(N Y)C0133 d 43-En
7512 Sale 7512
76
15
68% 77%
9834 10012
2644
6234 6712 6713 May'28
80
14784
10218 103% Manila Elea Ay & Lt of 52_ _1953 M
101 102% 0234 Apr'28
9914 103%
gm, 93
Mfrs Tr Co Otis of panic in
A I Namm & Son let 6s 1943 J 13 10512 Sale 0514
97
87
106
10413 100
10573 108
Market St Ry 72 sec A April 1940 Q
100 Sale 9912 100
99 10012
27
100 10112 Meridional El 1st 76
1957 A 0 9912 Sale 9912
9934 39
99 10038
103 10412 Metr Ed let & ret 5s ger 0_1953 3 .1 10378 104% 10378 103%
9 'eau 105
9813 101. Metr West SIde El(Chic)48_1938 F A 82
83
83 May'28
8258 34%
Miag Mill Mach 7s with war_1956 3 13 102 Sale 102
10
1
9618 102
101- 103
Without warrants
9314 Sale 9314
894 98
8
93':
Mid-Cont Petrol lit 6336._ _1940 m 8 10534 Sale 10512 106
1001s 103
24 10434 1064
5012 70
Midvale Steel&0cony s f 581936 M S 9934 Sale 9104 102
99% 10258
84
10134 10334 Milw El Ry & Lt ref & ext 443:
96
31 .11 D
9712 100%
J 9912 101
971: 100
12
10338 10534
General & ref 56 sec A_ _ _1951 1
19458 Sale 10458 10434
0 10234 10538
10434 10634
1st & ref fe ser B
10214 Sale 1024
49 102 10334
1023
4
1074 109% Montana Power lit Fa A_..1943
1962
D
I 10334 104 10358 1037s 29 10234 1061s
105as 107
Deb 5a ser A
10158 Bale 101% 10238 59
9912 10434
105% 10714 Montecatini Mm & Agrio
96 9714 Deb 78 with warranta 1937 j J 120 Sale 114 120 301 10034 120
aru 9218
Without warrants
9814 Sale 9813
94% 10112
9812 56
8078 88
Montreal Tram 1st & ref be__ 19
99
49
1I
J
A0
1
7 10014 10012 101 May'28
100 10214
85 101
Gen le ref s f 54 series A_ _1955 A 0
10158 Apr'28
997
3 1017s
9912
94
Series B
_ _ _ 10038 9934 May'28
90 1001e
10558 10673 Morrie & Co 1st f
_1930 j
87 Sale 87
873s 47
8
88%
863
100% 104
Mortgage-Bond Coos sec 2_1966 A 0 83
9734 8212 Jan'28
8212 821:
10-25-year 5s series 3
193
34
2j
J D
9812
J 9812 99
98%
6
9014
98
East Cuba Bug 15-yr 6 f g 7%6'37 M S 10312 Sale 10312 10412 12 102 105% Murray Body 1st 64313
97 Sale 9634
97
47
90% 9718
Ed El ill Bkn let con g 4a
9812 _
9812 Apr'28
1930 J
Mutual Fuel Gas 1st au g 581947 M N 10514 10614 107 May'28
9758 99
10318 107
Ed Elea Ill let cons g 5a_ - -1995 I I 11638 11712 11678 Apr'28
11458 11718 Mut Un Tel gtcl 6s ext at 5% 1941 M N
103 Feb'28
10214 103
Elea Pow Corp (Clermany)8436'50 M S 9812 Sale -9812
9512 9912 Namm (At)& Son-See Mfrs Tr
9914 37
Elk Horn Coal let & ref 640.1931
9512
1
D 9512 9611 9512
99
94
Nassau Eleo guar gold 42-.1951 I j 6212 Sale 8212
6334 47
66
66
Deb 7% notes (with warr'ta'31 J D
Sale 85
1
85
85
91
Nat Dairy Prod deb 5436.-1948 F A 9814 Sale 9814
99% 316
9814 9934
Equit'bl Gas Light let con 561932 M S 1085112
10112 May'28
101 10212 Nat Enam & Stampg let 58_1929 3 13 101
101
101
101 1044
Federal Light & Tr let 5s
100
1942 M S 100 10078 100
34
98% 10112 Nat Radiator deb 643s
1947
91
F
Sale
A
91
94
55
89 101
let lien a f be stamped___ _1942 M
10018 101 10012 10118 31
9838 10013 Nat Starch 20-year deb 56-1930 j .2 100% Sale 100% 10034
1 10034 100114
let lien Ss stamped
105 Sale 10412 105
1942 M
9 10012 105% National Tube 1st if 51-1952 M N 105
105
105
1 10434 101514
30-year deb (is ser B
1954 .1 D 10418 Sale 10312 10418
5 101 105
Newark Consol Gas cone 50.19481
107% 10734 10712 10714
1 107% 108
Federated Metals ii 7s
1939 J D 9612 Sale 96
9634
3
9512 99
New England Tel & Tel Ss A 19521 15 109% Sale 10958 110
10 10618 11118
Flat deb 711 (with warr)
1946 .1 J 11714 Sale 11014 11714 519 10014 11714
1st g 4 lie series 13
1961
N 10338 Sale 10314
10358 53 10158 106
Without stock purch warrants_
9512 Sale 9512
97
272
9314 98
New Orl Pub Sery let 56 A-1052 A 0 9938 Sale 9914
993
98% 10154
Fisk Rubber let e f tis
1941 15 5 11712 119 11712 11938
7 11612 120
First & ref 513 series B___1955 J 13 9932 Sale 9914
99% 11
99 1014
Ft Smith Lt & Tr lat g 55-1936 M S 100 Sale 9958 100
3
8912 10112 N Y Air Brake let cony 65 1928 IN N
_ 8912 Apr'28
100 1014
Frameric Ind & Deb 20-yr 7438'42 J
10812 Sale 10818 1101
66 10534 11012 N Y Dock 50-year let if 48-1951 F A 87 Sale
25
87
90
Francisco Sugar 1st Cl 740_1942 MN 11073 Sale 110
11078
4 10838 11078 N Y Edison Let dr ref %a A _1941 A 0 11712 Sale 18
7
1718
18
171
77
; 28 116 119
Frencn Nat Mall 88 Lines is 1949 I D 10278 Sale 10212 103
78 101 10314
lst lien & ref 5a ser B
1944 A 0 105 Sale 10434 10512 16 104 106
Oaa&ElefBergCoconsgSsl949J D 10738
107% May'28
_ 106 10712 NYGaeE1LtH&Prg5sl948J E 10978 112 10934 10934
7 109% 111%
Gen Asphalt cony 58
1939 A 0 112 Sale 11112 11314 29 109 117
Registered
19
00
612 Ap9
r'7
258
8
110 110
Gen Electric deb g 343a
1942 F A
94% Sale 94%
9438
5
9412 96
9712 Sale
Purchase money gold 0_1949 F A
73
9612 08/4
9458 _ - _ _ 10434 10514
Dee Elee Merleane47/1 Jan 15'451
4 102 10514 NYLE&WC&RR5438_1942 MN 10318 105 10258 Oct'27
f deb 6336 with warr__ _ _1940 J D 117 11912 120
120
5 118 121
N Y L Ed, W Dock& Imp 581943 j
1001s Without warrts attach'd '40 .1 D 10114 Sale 1005± 10114 29
9978 1015$ NY&QEIL&PIstg5s---1930 F A 101 101% 101: Ml
at1218
6 104384 lova
4
Gen Mot Accept deb 65
1937 F A 103 Sale 103
104
233 10234 104% NY Rya let RE & ref 4a_..1942 J
Apr'28
6234 6234
Genl Petrol let elSa
1940 F A 1017s Sale 10158 1021$ 28 10112 10212
Certificates of deposit
5814
5814
2
5814 60
Gait Deft 1st s f g 66 ser A _1952 F A 108% Sale 108
10814 10 104% 10814
30-year adj Inc fe---Jan 1942 A 0
2
4 Mar'28
15
218 4
Good Hope Steel & I sec 78._1945 A 0 102 Sale 10112 102
11 10012 103
Certificates of deposit
14
24
9 Ma3
e1278
212 4
Goodrich (B F) Co let 6545_1947
J 10712 Sale 10712 108
47 10715 10812 N Y Rys Corp Inc 66.-Jan 1965 Apr 2914 Sale
486
1338 32
Goodyear Tire & Rub 1st 55_1957 M N 92% Sale 9273
9334 210
9214 96
Prior nen Os series A _
19651 J 93 Sale 92114
9312 34
7538 9412
Gotham Silk Hosiery deb 66_1936 3 D 10212 Sale 10212 10234 47 102 103
NY & Elam Gas let 85 A_1951 MN 10784 Sale 108723844 10734
1 10614 109
Gould Coupler let if 66
l940 F A
7918 7978 7912
80
11
74
8213 NY State Rya 1st cons 4435_ 1962 5N
M
I N 52 Sale 5134
5214 14
5013 8414
tit Cons El Power(Japan)71_1944 F A 9934 Sale 9958 10018 38
6812 Sale 6812
97 10118
lit 0013116 As series 13
69%
7
65
7438
let & gen a f 640
19503 J 96% Sale 9512
9658 95
0284 98
N Y Steam 1st 25-yr 68 tier A.1947 MN 108 Sale 108
9 108 10914
108
Great Falls Power let if 5s1940 MN 10614 10612 10614 May'28
10514 1004 N Y Telep 1st & gen a f 440_1939 M N 101% 102 10112 10238 62 101% 10355
Gulf States Steel deb 53'48_1942 J D 100% Sale 100
9814 101
80-year deben ef 65-Feb 1949? A 11012 Sale 11012 11034 53 11018 111%
10011 46
Hackensack Water let
J J
_ 917s 9112 Apr'28
9034 92%
_
20-year refunding gold 68 1946J
1 A O
10812 60 10734 109
D 108 Sale 10734
Hartford St Ry 1st 421
1930 M
-9512 _
9512
11 10058 10318
9512
9512 9512 N Y Trap Rock lst (36
10212 Sale 10212 103
Havana Elec consol g 5s- A952 F A
7512 7634 8812
10418
10418
Sale
81
98
10414
Falls
1st
Niagara
58_1932
Power
5 10334 10434
J
.1
Sith 14
Deb 5435 series of 1926__ _1951 M S 77 Bale 73
7
77
71
Ref & gen 66
1054 17 110414 10614
Jan 1932 A 0 10518 Sale 10518
7834
Hoe(R)& Co 1st 6 %a err A _1934 A 0 92 Sale 92
94
29
92
9914 Niag Lock &0Pr lit 58 A-1955 A 0 103 Sale 1024
103% 78 10214 10934
Holland-Amer Line Ss (flat).1947 M N 10114 10138 10134 May'28
10112 1044 Nor Amer Cem deb 643e A_ _1940 M S 9012 Sale 90
9
93
9012
Hudson Coal 1st st 5s ser A_1962 J D 92 Sale 9134
9212 138
8618 95
10212 139 10134 103%
10134 Sale 10134
No Am Edison deb de ser A_1957 M
Hudson Co Gag 1st g 5a_ _ _1940 MN
108 10712 1071±
4 107 109
1061
Nor Ohio Trac & Light 6a_ _ -1947 M 13 106 Salo 106
15 10211 10713
Humble 011 & Refining 540_1932 I 1 10238 Sale 10214
103
48 10134 10318 Nor'n States Pow 25-yr 5a A_ 1941 A 0 10312 Sale 103
10312 31 108 104
Deb gold le
1937 A 0 10012 Sale 10012 101
66 100 1014
1st & ref 5-yr 66 series 13_1941 A 0 10512 Sale 10512 107
12 105 107
IllInois Bell 1'elephone 531-1956 1 D 10458 Sale 10458 105
14 109% 10578 North W T 1st fd g 444egtd_1934
May'28
9918
993
4
993
4
093,100
J
Illinois Steel deb 4135
1940* 0 9878 99
0834
9
9914
98118 1011
: Norvreg-Hydro El Nit 550_1957 MN 9312 Sale 0234
9312 142
9234 9414
Reeder Steel Corp a f 7a
1946 A 0 10112 Sale 10112 102
8
9874 1021: Ohio Public Service 7Hs A _ _ 1946
11612 16 1144 11812
7F
A O
A 11012 Sale 11434
Indiana Limestone lets 166_1941 MN 0834 99
9734
9814
8
9813 10114
let & ref 7e series 13
1157
8
Sale
11812
11612 21 115 118
Ind Nat Gas & 0135a
1938 MN 10014
__
- 10012 May'28
9912 10012 Ohio River Ediaon let Os__ ._ 19
8 10834 108
94
48
4F
J A
3 10634 Sale 10634 106h
Indiana Steel let ba
1952 M N 10434 Sale 10434 10478 30 10434 105% Old Ben Cl
Coal 1st Se
9312
93% 94
9414 11
87
9413
Ingersoll-Rand lit 55 Dec 31 1935 3 J 10358 ---- 101
101
3 101 101
Ontario Power N Fist 5s_ _.1043 F A 104 Sale 104
7 10814 10811
10412
Inland Steel deb 5446
1945 MN
10434 10434 19 10314 10434 Ontario Transmission lst 58.1945
101 10178 10434 May'28
M
10314 10434
Inspiration Con Copper 640.1931 M
10134 10178 10134 10134
1 10034 102
Oriental Devel guar 65
1953 M S 101 Sale 10034
1027e 89
9655105
Interboro Rap Trail let 64-1960 J
8312 Sale 8314
85
160
7413 8814 Otbs Steel lat M 68 ser A._ 1941 m 8 10018 Sale 10018
120
101
9781 101
Stamped
J J 8312 Sale 8314
85
219
744 8102 Pacific Gas & El gen & ref 56_1942
10318 Sale 10318
10334 35 103 10814
Realutered
83 Apr'28 _ _
7634 83
Pao Pow & Lt lat& ref 20-yr 58'30 F A 100 10012 10012 10034 18 10014 20134
10-year (is
1932 A 0 8518 Sale 8513
8818 104
70
90 Pacific Tel & Tel let 150
19
1 10314 108
937
52 im
l N
J 104 10414 10334 10334
10-year cony 7% notes_1932 M S 102 Sale 10112 10234 146
9614 10314
Be!mtge Eeserlea A
10614 Sale 10614
74 10616 108
107
Int Agri() Corp 1st 20-yr 5s 1932 M N 9212 95
95
95
2
90
9514 Pan-Amer P & T cony a f 68_1934 MN 10412 Sale 10312 10458 55 102314 105%
Stamped extended to 1942_ _ _ M N 84
8438 83%
4
8338
79
84
Ist Hen cony 10-yr 7s
1930
_ 10311 10672
May'28
Int Cement cony deb 5s_ _ _1948 M N 9934 Sale 100
10012 316 100 100% Pan-Am Pet Co(of Cal)cosy 88'40 F A 10412 10434 104%
58
96
91% 97
I D 96 Sale 95
Internal Match deb 5s
1947 M N 9934 Sale 100
10012 183
9934 10012 Paramount-Bway 1st 5548_1951 3 J 10112 Sale 10112 1031
24
10112 104
:
Later Mercan Marine St 65_ _1941 A 0 105 Sale 105
10512 30 105 1061
: Paramount-Fern's-Lasky 66_1947 j D 10034 Sale 10013 101% 130
9834 10134
International Paper 56 Se.18_1047 J
10034 Sale 10034 102
47 1001
:10258 Park-Liz it leasehold 6432._1953 .1
101 Sale 1001: 101
207
8814 10114
Refef6sserA
1955 M
105 Sale 105
10514 70 10334 10514 Pat ac Paaeale & El cow 55.1949 M
1074
107%
10712 24 107 10712
Lot Telep & Teleg deb g 444s 1952 .1 J 96 Bale 96
9678 237
9514 9816 Pathe Etch deb 75 with war 1937 M N
7112 Sale 6978
71% 150
60
314
Jurgene Works Se(flat price).1947 J J 107
107 May'28 _ _
104 107 Penn-DI xle Cement 68 A ____1941 M S 100% Sale 10012 101
41
98 102
Kansas City Pow & Lt 5a._1952 M 5 10434 Sale 0434 105
16 10314 10512 peop Gas C 1st cons g 68__1943 A 0 11518 11614 11514 11518 17 11311
4 11814
let gold 4545serlea B
19571 J 10234
10518
Apr'28
101%
1051s
Refunding
gold 54
4 108 108%
1947 M S 10734 Sale_ 107% 1077s
Kansas Gas & Electric 6a_ _1952 M S IOU Sale- 06
10618 29 10514 10814
Registered
104 Apr'28
104 104
M S
Kayser (Julius) & Co deb 5436'47 M S 11634 Sale 1612 119
186 10314 122
Philadelphia Co coil tr 68 A_1944 F A
2141-1e 10312 10414 20 10313 108%
Keith (13 F) Corp let 65__1946 111 23 9812 Sale 9818
16
99
9834 101
Secured 55 series A
190 Sale 9934 10012 216
1967 j
98 1015,
Erelly-Springf Tire8% notes_1931 MN 10912 Sale 0878 1091
17 10814 10914 Phila Elm 001st 4435
1967 MN 10112 Sale 10112 102
28 100 10414
Cayston Telep Co let 58_ -1935 J J 97
90
97 May'28
9834 99 Plgla & Reading & 1 ref 613_1973 J .1 9512 Sale 9612
9834 12
94 101%
,
)3
MAY 19 1928.]
3099
FINANCIAL CHRONICLE
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE 11
•• a.
Week Ended May 18.
Price
Friday
May 18.
Week's
;
g
Rama or
Last Seas.
Rases
Maw
Jas. 1.
HISS
Hid) No. Low
Ask Low
Bid
1044 54 103 106
western Electric deb 58-1944 A 0 10433 Sale 104
5 103 10513
10414
64_1938 .1 .1 10318 10434 10414
our
tr
coil
Union
Western
Friday.
4
1
9 101 103/
101
N 101 Sale 101
Fund A real est g 1110____1950
va
May 18.
25 111 11372
112
1938 F A 11114 112 11114
15-year 634e
Bale 10312 1044 91 10312 10114
10312
D
.1
1951
fa
gold
Hick
No.
Low
-year
25
Mob
Ask Low
MA
4 89 104 105
1
104/
4 Sale 104
1
9434
93
Worhouee E & M 20-Yr1154-1946 M S 104/
34
9412 85
9712 100/
4
1
6
100
Phillips Petrol deb 5He_ _ _1939 .113 9312 Sale 93
9012 974
Westphalia Un El Pow 6545_1950 3 D.10014 100
9414 35
10214
sale
1034
19 10034 10834
1658
Pierce-Arrow Mot Car deb 8s-'43 MS 93 Sale 93 Apr'28
.1
.1
1948
554s
let
Corp
106
Wheeling Steel
_ 1041:
D 104 10412 10412
88__Deo 15 1931
Pierce Oil deb
White:Eagle Oil & Ref deb 5559'37
7 10373 1064
1054
9312 Ws
9773 45
9712
Pillsbury Fl Mills 20-yr 611_1943 AO 10533 Sale 10434 113
9914 113
With stock purch warrants_ _ _ M 5 9634 9712 123
105
N 11234 Sale 10913
123 1314
May'28 ____
Pirelli Co(Italy) cony 7e_ _ _ _1952
White Sew Mach Os (with war)'M .1 3____ 126 10212 103
5 994 100
99'z
994
J
100
I
99
54_1928
10 10034 105
get
let
Coal
103 1034
Pleasant Val
warrants
.
951
94
Without
1
95
95
96
J
95
4
1
2
37/
28
30
29 Sale 29 •
Pante Con Collieries 1st ii 58267
20 10412 10634 Wickwire Span St'l 1st 75-_1936 .1 .1
106 1044 106
111
25
79
27
2618 Sale 254
Port Arthur Can & Dk 6s A.1953 PA 10512
Wickwire Bp Sal Co 74 Jan 1936 MN
1953 PA 10514 Sale 10412 1054 15 10412 108
8 1014 10'
lit M 6s aeries B
10212 10234 10214 10234
S
M
610----1933
if
4
3
-Overland
105
Whys
1024
15
1034
N 10313 Sale 10314
4 11 101 1064
1
10338 10318 103/
Portland Eleo Pow 1.1 65 B_1947
1 1014 10314 Wilson & Co let 25-yr e f(Se. A941 A 0 10314 Sale
10312 ____ 10314 10314
10714 11 106 1084
107
Portland Gen Elea let 541_1935 J
Winchester RepeatArms 71451941 A 0..107
98 99
5
4
1
98/
200 1004 10111
-1930 MN 9873 9914 9834
4 101
1
10053 Bale 100/
Portland RI let A ref 513
.1
J
-1978
_
5e.
Tube
&
4
1013
98
Sheet
Youngst
10133 11
Portland Ry L & P let ref 54_1942 PA 101 Sale 101
9 tom 1047s
1947 M h 10314 Sale 10314 10312
let lien A ref 65 aeries B
108
4
1
/
106
3
1074
107
lit lien A ref 7345 aeries A_1946 MN 107 Sale
4 45 100 105
1
101/
J 101 10134 101
Porto Rican Am Tob cony 65 1942
9434 9954
9614 10
4 Sale 954
1
1".
Pressed Steel Car cony 558.1933.12 95/
bond prices are and interest" except where marked
114 116
D 1114 ____ 114 Feb'28
Prod A Ref s f 8e (with war)_1931
/30 Act
Raliread Equipments
801 Ask
Par
2 11013 11214
Standard 011
Without warrants attached_ __ JD 11034 112.11034 11034
6.00 4.75
1047s 106
_
10518 Mar'28
Anglo-Amer 011 vot etock_S1 1914 20 Atlantic Coast Line 64
Pub Berv Eleo A Gas let 5)451959 AO
4.50 4.30
Equipment 6541
14 19
1264
) •181
45
58 10414 10505
10484 Sale 10434 105
Non-voting stock
1965 J
let & ref 55
5.00 4.7'
Baltimore A Ohio Os
12634
107
104
8
1041
Refining
1044
Atlantic
__3.1
10414
deb
741_1937
Punta Alegre Sugar
4 30 4.35
S.....
&
454s
Equipment
10113
118
9811
11712
100
Preferred
100112 111
1937 FA 10038 Sale 100
Pure Oil. I 555% notes
53 BuffRoch A Pitts'QUID Os. 4.70 4.50
52
97 101
18
101
Bet4ser Co
Bo ferre
N 101 Sale 100
1937
Remington Arms 65
5
9314 9734 Buckeye Pipe Line Co
28 *654 66 CanadianPacific 4345 A 61_ 4.50 4.26
9638 243
9534 Sale 9534
Rem Rand deb 51j8 with warr '4 MN
5.00 4.75
Central RR of NJ 6s
155
*150
7 103 1051s Cheeebrough Mfg Cons-25
104
Repub IA 13 10-30-yr 55 of_ _1940 A0 10334 1047o 104
5.00 4.75
4 Chesapeake A Ohio 63
1
10 *1853 18/
10412 12 103 105
Continental 011 v t
Ref A gen 5545 seriee A_ _1953'3 10418 1041 104
4.50 4.30
Equipment
03.4s
13
113
112
4
1083
110
22
Llne__100
4
1
/
110
Cumberland Pipe
10933 1101 10912
Reinelbe Union 75 with war _194 J
4.30 4.20
Equipment 54
4 10144 Eureka Pipe Line Co._ _ _100 78
1
911/
84
10012 69
Without etk purch warts_194 '3 10014 Bale 100
5.00 4.75
A
Chicago
0l..
Burl
Quincy
104
7
4
1014
63
__100
_
May'28
corn.
011
Signal
10319
Galena
103
10212
Rhine-Main-Danube is A..1950 M
5.00 4.75
Wen
ChicagoA
131_
North
48
4
3
102
15 10012
100 43
102
Preferred old
Rhine-Weetphalla Elea Pow 78'50 MN 10134 Sale 101
4.45 4.30
Equipment 654s
35
9213 94
100 32
9234 46
Preferred new
1962 MN 9234 Sale 9213
Direct Mtge 69
4.40 4.25
A
RI
Chic
Pao
A
4544
5s
8214
*82
974
5
3
95
_25
_
3
Refining
9733
9712
Humble Oil&
1955 FA 9733 Sale
Rima Steel let s f 7s
5.00 4.75
Equipment 65
56
88
100 236 239
1
50
50
55
Illinois Pipe Line
Robbins A Myers let if 711.-1942 .113 45
5.00 4.80
A Southern 69._
114
:Colorado
691
111
*691
t
5
8
1113
11113
Oil
1114
Imperial
11013
MB
Rochester Gas & El 7s err B-1948
5.00 4.75
87 Delaware A Hudson Os
8 1063s 10813 Indiana Pipe Line Co---50 86
10733 108 10733 1074
Gen mige 534e series C_1948 M
4.60 4.36
901/ 9018 International Petroleum__ _t *423 43 Erie 43441.5 Bs
__
9018 May'28
N
Roth & PItte C &I pm 611-1946
5.00 4.85
Equipment65
981s 9813 National Transit Co_12.50 53114 3112
9814 ---_ 9814 May'28
St Jos Ry Lt & Pr let 64 .1937 MN
4.75
5.00
Great
Northern
6s
58
_
New York Transit Co_--100 56
lit Joseph Stk Yds 1st 4Hs_ _1930'.1 9912 ____ 9812 Dec'27
797g Northern Pipe Llue Co__100 119 121
6.35 4.25
Equipments.
77
9
79
St L Rook Mt & P 5e stmpd.1955 3' 7834 Sale 7834
4.30
4.40
Hocking
Si
9812
Valley
65l
97
May'28_
.641
25
Ohio OIl
- 9734
Bs Paul City Cable cons 58_ _1937 J
5.00 4.75
Equipment6s
50
25 .47
10934 9 10814 10934 Penn Mex Fuel Co
Sale 10814
San Antonio Pub Berv let 66 1952'3
21,2 Illinois Central 434s A 54-- 4.25 4.15
7184
215
1034
4
3
99
1
21
132
7
5
2
;
145
25
10114
Sale
Gas
101
A
Oil
10112
1141434
PA
Prairie
45
Saxon Pub Wks(Germany) 75'
5.00 4.75
Equipment Os
9535 98
117
Prairie Pipe Line
1951 MN 9714 Sale 97
Genre!guar 611e
4.40 4.36
Equipment 7s & 6519
8 10273 10513 Solar Refining
1946 J, 10312 104 1031: 104
Nebula,Co guar 630
5.00 4.75
A
Michigan
Kanawha
es
105
4
33
1023
*3212
6
104
10312
Pipe
Sale
:
Line Co-__50
Southern
1946 AO 1031
Guar eff5554 Berko B
Kansas City Southern 5Hs- 4.90 4.60
984 10012 South Penn 011
77
99
N
:Sale 9813
981
Shell Union 0118 f deb 5e_ _ 1947
5.00 4.75
934 9612 Southwest Pa Pipe Lines.100
47 Louisville A Nashville 6s.._
512 100
47
25 *9
9412 70
Shinyetsu El Pow 181 6545_1952 ID 934 Sale 9374
4.40 4.30
Equipment 0345
4 947s Standard Oil(Ca1lfornia)--1 *59
/
911
: 61
921
59'r
D 921
:Sale 92
Shubert Theatre 68 June 16 1942
4.50 4.30
Michigan Central Se & 6s
102 104
7912
2
103
*224
103
-25
Oil
1034
103
Standard
J2
(Indiana)
1935
71
.1
Halske
A
Siemens
4.70 4.50
St
Si
Minn
&
PASSM
450
10813
10412
*22
17
224
10612
1044
Sale
(Kaneas).-25
MS
1054
Standard
011
1951
Deb s I 8545
4.75 4.66
10444
7,....
&
Equipment
634e
Standard 011(Kentucky)-25 *131 13112
654e allot otte 60% pd.1951 MS 10534 Sale 10512 10614 115 10178 1074
Missouri Pacific 88 & 034... 5.10 4.80
105
4414
*43
18
26
10413
4
1033
Sale
4
011
FA
1033
(Nab)
Standard
69.1949
Sierra A Ban Fran Power
4.50 4.30
Si
Mobile&Ohlo
96
93
4
454
95
5454
944
944 Sale
Standard 011 of New Jer_26
Nelda Eleo Corp 5 f 654s-1946 PA
98 10134 Standard Oil of New York.2 •37
3714 New York Central 4545 AS. 4.30 415
10112 21
Silesian-Am Kap col tr 75-1941 PA 1014 Sale 10014
5.00 4.76
Equipment
Os
10813
101
75
7612
27
106
25
105
(Ohio)
3
3
011
105
MN
Standard
105
Simms Petrol 8% notes _ -1929
4.40 4.30
Equipment7s
1034 112 100 10414
Preferred
B 10234 Sale 10213
elncialr Cons 011 15-year 78_1937
9714 Ina% Swan & Finch
Norfolk A Western 634e___. 4.25 4.15
8
2
1
12
'17':
*
2
1C
111
99
3
983
Sale
4
983
151
1930
1st lien col 6e eer 1)
4.40 4.30
Northern
Pacific!
7s
35
9514
*25
10213
66
1004
10084
Preferred
D 10038 Sale
1938
let lien 634s series B
4.40 4.30
974 99,
4 lJnlon Tank Car Co
100 120 125 Pacific Fruit Express 75_ _
994 175
Sinclair Crude 011534e err A.1938 J J 99 Sale 9834
eq 15s A es 4.80 4.20
RR
4
Pennsylvania
973
83
94
4
*823
69
26
s
(New)
953
4
943
011
Salk
Vacuum
AD
4
943
1941
Sinclair Pipe Una.f 58
4.50
4.35
A
Erie
Malt
Lake
6515._
4
948
94
95
3
3
13
ublis Utilities
1939 MS 9434 Sale 9433
Skelly 011 deb 6541
4.30 4.15
2 10112 10312 American Gas & EleaDic...1 *165 167 Reading Co 454e & 5s
1031
N 103 Sale 103
Smith (A 0)Corp 1st 634...1933
4.45
4.30
St
Louis
Ban
1104
A
s
9
0
1
Francisco
65_
1083
_
May'28
4
1083
preferred
South Porto Rico Sugar 75..194 JD 1084 109
10
12
0 Seaboard Air Line 5545 A 611 5.2 4.80
5 1
8112
11
4 10412 10513
1.1 *1
1100
04
.
M
eb
D%
5
com
South Bell Tel & Tel let 9 f 65194 .13 1044 Sale 10432 105
4.25 4.15
Southern
4
Co
_
225
Y4s._
10714
Pacific
240
10512
42
00
108
10512
Trac
Amer
&
Sale
Light
10511
.1'
Southern Colo Power 6e A _194
4.40 4.30
10534 10634
Equl pment Te
Preferred
il'weet Bell Tel let & ref 69-1954 PA 106 Sale 10534 lOOlz 44 10013 10213
4.45 4.85
Amer Pow & Light pref _ _100 106 1074 Southern Ry 454e A Si
Vining Val Water let g 56._194 MN 994 1011 9933 May'28
5.00
10112
10912
1004
4.75
Equipment
6s
109
May'28
M&S
10114
10114
3
3
100
2018
Deb
1930 MN
Standard Milling let 55
2 10214 10412 Amer Public UUI corn...10060 65 Toledo & Ohio Central 64..... 5.00 4.76
103
10234 103 103
194 M
1.t& rif 514s
104
Union
4.4
101
103
4.30
99
222
Pacific
is
1031
1034
Bale
1034
PA
Stand 01101 NJ deb 5s Deo 15'4
98
9834 9812
107
101 95
98
14----1
fe (
1,96
7
leerr
:
rtoprreP
artpte
Stand 011 of N Y deb AWL 195 3D 98 Sale 9733
56 100 10214 Associated Else 5544,46A&O 105 10512
Tobacco Sleeks
194 3' 101 Sale 1001: 101
Stevens Hotel let 65 ser A
26 American Cigar corn... 100 150 155
10033 Sale 100
10033 12 100 10114 Amociated Gaa & Elee110M.1 *24
Sugar Estates (Orients) 78_1942 M
20 10134 10614
: 1061
Preferred
100 100
1 *544 56
Original preferred
1929 PA 10412 107 1051
Superior Oil let if 7e
110
4
3
106
99 British-Amer Tobac ord_.£1 •28 16
Apr'28
97
t
110
___
13
preferred
4
$6
1097
Syracuse Lighting 1s1 g 58..1951
29
37 10314 106%
Bearer
3 •100 102
£1 .28
ced
,
tr
arr
Dre
pref
Tenn Coal Iron A RR San 56_1954 3 .1 10513 1064 10613 1061
6H
57
$
05 Consol Cigar pref,
100 102
3 146
145
t •0
Tenn Copp A Chem deb 64_1941 AO 11114 Sale 1104 11114 21 1014 11113
10612
10814
48
4
1
26/
1064
Sale
Imperial
:
Tab
B
0
1074
of
A Irei'd
East. Ut11. Asac. corn
Tenneeeee Elea Pow let 64_1947 JD 1071
73
66
95
714 Sale 7112
7234 37
1514 1534 Int Cigar Machinery new100 92
Cony. stock_
Third Ave 1st ref 44
1960 J
6534 71
7278 701
70
Com'w'Ith Pr Corp pref_100 10314 1034 Johnson Tin Foil & Met 100 80
Adj Ins 58 tax-ex N Y Jan 1960 AO 7033 Sale 70
guts 1014 Elea Bond & Shire pref _100 109 111
28
26
10033 May'28
Union Tobacco Co com__
Third Ave 11.7 let g 54
1937 3'
98 10034 Elea Bond & Share Secur__ t •115 116
28
84
elaas A
Folio Eleo Pow let 7s
1955 MS 10013 Sale 9973 10018 82
98
49
99
994
Sale
8
993
38 Young (.18) Co
Lehigh Power Elecuritlee___t 535
100 110 115
a% gold notes_ _ July 16 1929 PA 100 Sale 100 100 80 994 100
1004 MIx811381PPI Riv Pow pref.100 112
Preferred
100 104 111
Tokyo Eleo Light 8% notee.1928
48 100 1014
1004 Sale 10012 101
First
Sugar S
Toledo Tr L P 5H% notes 1930
1074 1074
: ____ 10713 Apr'28
1071
991
- Caracas SUM'
Deb 5nel1g
l949 M
AVN 193
SO •
7 1961--M
11469
Trenton & El lat g 5a
103
30 101 1034 National Pow & Light pref.t •110 111
1940 MN 103 Sale 10234
Cent Aguirre Sugar corn._20 •155 157
Trumbull Steel let if 6s
5614 6813 North States Pow com_100 145 147 Fajardo Sugar
67 65 May'28 _
64
100 •158 159
Twenty-third St Ry ref 5e _1962
25
9874 10153
101
19
10 112 Federal Sugar Ref com 100 20
19
Tyrol Hydro-Eleo Pow 7144_1956 MN 101 Sale 10014
7% Preferred
40
100 35
Preferred
Nor
Texas Else Co com_110050ed_
Preferr
10
984 10113
4 10012 30
1
t .8
.8 9934 Sale 99/
Ujigawa El Pow a f 7s
Godchaux Sugars.Im
1945 M
42
954 9534 Ohio Pub Sera, 7% pref_1
9534 May'28
100 *40
Undergrd of London 4 Hs_1933 J .1 9434 _
Preferred
7 113
12
101 15
40
35
103
4
1021
10212
7
10211
Sale
2912 Holly Sugar Corp oom___t
Union Elee LI A Pr(Mo)58_1932 M S 1024
Pacific Gas A El 1st pref._25 •29
90
100 85
4 29 10214 103
1
4 Sale 10212 102/
1
14
Preferred
Ref & ext 5e
t •12
1933 M N 102/
Power Securities corn
103
5 10214 10414
Un E LAP (110 1st if 1114s ser A'54 J J 103 Sale 103
*62 69 National Sugar Refining.100 .145 148
Second preferred
50
92
100 45
947s
934 93 May'28
98 New NIquere Sugar
Coll trust (te 1949 .131.D 97
U9199 Hier ItY (Chic)5c._ 1945 A 0 93
•119 123
101•4 102
Union 011 let lien 5 1 51
1931
J 102 103 102 May'28
Incomes June 1949__F&A 954 974 Savannah Sugar corn
116
114
100
112l
Preferred
4
112
102
1087
May'28
30-yr 6e aeries A.-May 1942 F A 11112
PugegSound Pow& Lt6%pf 100
48
Sugar Estates Oriente p1_100 45
. 9913 102
1st lien s f 6/3 eerles C Feb 1935 A 0 100 1001s 9934 May'28
954
5% Preferred
75
Vertlentes Elmer pi
7 10014 10213
100 65
United Biscuit of Am deb 64_1942 MN 102 10212 10112 10134
let & ref 650 1949-J&D 103 104
Rubb Stk.(Cieseil
9813 10014 s
9914 247
United Drug rcts 26-yr 58_1953 111 a 9813 Sale 9812
912
144
4
10
:1_2 ;
hC
ut9
tan
Bo
sr
&Edi
r pfp.f5
oal
9%
ri 8
Ic
1112
"10
111 Falls Rubber corn
84
84
8473 34
J .1 84
5
United Rya St L 1st g
864
16.
26 *11
Preferred
7
96 10033 Tenn Elec Power let Pre,7% 1°9 110
United SS Co 15-yr 65
1937 al N 9934 100 9912 100
106 Firestone Tire & Rub comb0 •I75 195
924 9813 Toledo Edison 8% pf
95
152
Un Steel Works Corp 6 He A.1951 1 D 944 Sale 9312
100 110 11014
6% preferred
111
941: 94 May'28 - 934 974
D 94
With stock put warrants
100 10914 10912
108
D 9413 9512 9433
96
93
944 23
Series C without warrants
7% preferred
Western Pow Corp prelGeneral Tire A Rub oorn_ _25 .170 ISO
9414
I) 94 Sale 94
9334 9733
6
With stook pur warre
ater Bands.
ref
7% PW
100 100 10012
Preferred
10012
United Steel Wka of Burbach
100
Arkan Witt let 54'66 A.A&O
r10812 109
16 10211 106
Esch-Dudelange s 75_ _ _ _1961 A 0 10374 Sale 10312 • 104
Birm WW let 6555A'154.A&0 10314 104 Goody'r TA R of Can 0.100 .35
39
Rubber
&
Tire
93
India
140
1024
B Rubber 1st & ref SierrA 1947.1 J 9134 Sale 9134
9034 9613
10112
B__JAD
lat M 54 1954 ger
14 3 y
9534
t
Dec'27
J J
_
Registered
)5544'54AJAD 10234 1034 Mason Tire A Rubber corn9
ClI
14
yW(Char
t44
10
100 •7
:Sale 1021a
10234 57 l011 10534
Preferred
10-yr 751% secured notes_1930 F A 1021
JAD 9912 1004
Ii 1954
72
_
Miller Rubber preferred..100
(I 13 Steel Corp[Coupon Apr 1963 MN 1084 Sale 10833 10914 168 10814 10934 City of New Castle Water
100 112 150
98 Mohawk Rubber
10814
10814
1 108 1081:
if 10-60-yr lie mist _ Apr 1963 MN
J&D 1 96
be Dec 2 1941
86
100 80
Preferred
8
894 951: Clinton WW let 6r39_F&A 9712 9812
9514
Universal Plpe A Had deb 6s 1936J D 95 Sale 9.5
46
99
32 97 10012 Com'w'th Wat lat 6 MA'47 10212 1031
:Selberilng Tire & Rubber--1 *44
U$ahLt&Traol8&ret5s1944A 0 9834 Sale 9834
100 105 10712
1944 F A 10112 Sale 1011: 1024 88 101 10333 Connellsv W 580901'39A&01 95
Preferred
Utah Power & Lt let 65
Indus. A Miscall
10612 10734 E St LA lot Wat 5e '42.J&J 98
UticaEieoL&P1.tsfgSe.1950J J 10814 --- 10734 May'28
- Allied Int Invest prst
10612 112
t •110 114
Utica Gas& Elect ref& ext 6441957 J .1 10833 10914 108 May'28
J&J 103
lit M 61 1942
78
101
25 .75
17
9912 101
American Hardware
Vertientes Sugar let ref 74-1942 J D 10434 Sale 100
Huntington 1st 6s '54 MA8 103
124 127
5113
4
563
100
May'28
5212
____
.1
97
&
J
Babcock
Wilcox
1953
6113 65
Victor Fuel let s 15s
1954
5.
91
1 •1912 20
9014 May'28
Bliss(E W)Co
917s Mid States WW 6d36 MAN 103
90
Va Iron Coal A Coke lug 541949 M 8 90
9634
ae •50 68
1001
:1004
10014
Preferred
3 10014 102
1934.1 .1 1004 Bah)
J 96
D
Ry Pow 1st & ref 6a
At
4o
M
I
.50
'66
mC
nin
,u
ini ,
lu
0544
15%
74
W
9434 16
944 9614
:10112 Childs Company prel_100 111 115
1001
944
Walworth deb I Hs(with war)'35 A 0 9412
90_ Hercules Powder
95
100 225 240
23
961
94
lst sink fund (Wearies A _ 1946 A 0 94 Sale 94
MIII1C10 WW 56 Oct2'39 A01 96
10714
100 120 123
1 10534 107/
Preferred
4 St Joseph Water 5e 1941A&O 9814
1
Warner Sugar Henn let 7e_1941 .7 D 10613 107 1074
:
901
9012 904
8412 92/
4 1 Shenango ValWat 64'56A&O 96
1
Internat Silver 7% Pre:-100 127
Warner Sugar Corp lit 7... 1939 .1 .1 90
1044
May'28
105
I
105
164
Corp
100 132 135
9912
J
Phelps
Dodge
_1939
154___
e
Power
Water
J&J
Wash
So Pitts Wat 151 5. 1960
Royal Baking Pow com_100 270 290
107 10913 I
FAA 9912
Westches Ltg g lia stmPd gtd 1950 J D 10738 108 1014 May'28
let M Si 1955
104 Apr'28
100 109 112
1024 10434 Ter H W W 84 '49 AJ&D 102
Preferred
1944 M N
West Ky Coal ist 7s
10414 10 103 105
-- Singer Manufacturing...100 500 535
1946 M B 10313 10434 10414
lit M 5e 1956 ser B__F&D 98
West Penn Power ser A 54
4 105 108
4 1064 107
1
8
£1 •7
1963 Al 8 tops 107/
Wichita Wat let ea'49..MatEl 102 ---- Binger Mfg Ltd
1st 58 series E
3 105/
1963 A 0 10612 106 1054 10534
4 1061$
1
1MM 5s 19515 ear B_F&A 98 --1st 6345 5411e4 F
4
1033
10412
Sale
14
4
10334 106
l9SOJ D 1033
1st sec 64 series G
SWAM.
Purchaser
also
4
accrued
dividend
pays
value.
par
No
t
Per
•
stare,
53
37
60
50
1950.1 J 50 Sale 50
West Va & C let Os
1-cthrtiend. etEx natl. r Canadian quotation. a Sale price
A NOIDIlail
BONDS
N. T. STOCK EXCHANGE
Week Ended May 18.
Weal's
Rano, or
Last Sate.
Rang*
Star..
Jan, 1.
All
Quotations of Sundry Securities
;2..! 1.1),1
BOSTON STOCK EXCHANGE-Stock Record s..BZInage
18 HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Monday,
Tuesday, Wednesday, Thursday,
Friday,
May 12.
May 14.
May 15.
May 16.
May 17.
May 18.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
5 per share $ per share $ per share
192 193 193 193
9212 9314 9234 9234
103 103
10312 10312
11612 11612 *117 _ _
107 10712 107 10-714
81
81
82 82
3100
PER SHARE
Range Since Jan. 1.
On Oasis of100-share lots
Lowest
8 per share $ per share $ per share Shares
Railroads.
Par. $ per share
191 19234 *190-- _
190 190
380 Boston & Albany
100 183 Feb 8
9234 9234 923-4 9213 9234
92
410 Boston Elevated
100 9012 Apr 26
10312 10312'1410312------------90 Preferred
100 100 Feb 1
117 11734 *117 119
11612 1 634
95 let preferred
100 114 Jan 8
10714 10714 10714 10714 10614 10614
220 2d preferred
100 105 Mar 28
81
82
8112 8112 *80 ---- 2,233 Boston & Maine 1101111
100 55 Jan 3
Preferred unstamped„ _100 6012 Feb 10
*92 96
96
9612 98
98 *96
*95
98
98
150 Ser A lot pref unstamped 100 80 Jan 3
*143
*143
__. *143
__ •I43
__ *143 144
Ser B 1st pref unstamped 100 130 Jan 9
5130 ____ *130 ____ •132 135 •132 115 *132 136
Ser Clot pref unstamped 100 114 Jan 4
*178
*178
__ *178 ____ *178
Ser D let pre: unstamped 100 15213 Jan 3
*81 -12
*82 -84
*82
*81
82
Common stamped
100 6013 Jan 5
*87
_ _ *86
90
90 -10
84
85
63 Preferred stamped
_ _ _- _ _ _
100 6114 Jan 26
11214 11412
114 114
11412 115
114 114
115 115
90 Prior preferred stamped_100 110 Jan 6
8412 8412 84 84
8212 8412 *8212 85
83
83
155 Ser A let pref stamped_ 100 694 Jan 4
130 130 *128 130
130 130
129 130
128 128
305 Ser B 1st pref stamped_100 10612 Jan 3
114 114 *114 ____ •114 ____ •114 ____ •113 114
Ser C let pref stamped 100 98 Jan 3
•I62 ____ •I62 ____ *162 ____ *162
- - *160 _--- ____
Ser Diet pre( stamped
Jan 4
*10712 ____ •10712 --- *10712 --__ 10712 1011 --------22 Neg receipts 55% paid 100 135
10434 Jan 4
*181 ____ •181
___ 181
____ 181
Boston & Providence
100 175 Jan 4
40
*3912 41
*3912 41
40
40 *38
38
41
142 East Mass Street By 00-100 29 Jan 5
83 83
82 82
8012 8112 8012 8012
82 82
180 lst preferred
100 72 Jan 4
•78
79
79
79 *78
79 *78
79 --------15 Preferred B
100 69 Mar 15
63 63
61
62
63 *62
*62
63
6112 6112
845 Adjustment
100 63 Feb 24
8212 63
62
63
62 6212 61
*61
6212
62
510 Maine Central
100 59 Feb 15
6238 638 6234 635
6218 635
6112 6278 61
61% 2,923 NY NH & Hartford
100 5954 Jan 16
*111 ____ *112 _ __ 105 111
100 109 --------180 Northern New Hampahlre..100 103 Jan 12
*137 140 *137 140 *137
____
__ *137 140
_ ____
Norwich & Worcester pref-100 132 Jan 25
*139 140 *139 140
139 139
139 139
139 131
-4.8 Old Colony
100 135 Jan 3
677* 6818 6758 68
674 68
66% 6734 6612 6714 1.969 Pennsylvania RR
50 82% Feb 9
*119 121 *119 121 *119 121
119 119
____ ____
15 Vermont & Maasachusetts_100 114 Jan 17
Highest
PER SHARI
Range for Predosi
Year 1937
Lowest
Highest
$ per share
194 May 1
99 Mar 7
107 Apr 20
12014 Jan 18
11014 Jan 24
83 Apr 27
78 Apr 27
98 May 16
155 Apr 18
135 Mar 12
190 Apr 18
6114 Jan 5
90 May 16
115 May 10
87 Mar 30
145 Apr 20
131 Apr 13
172 Apr 23
10912 Apr 23
182 Jan 20
43 Apr 15
88 Apr 12
8012 Apr 28
6512 Apr 5
65 Jan 12
6838May 2
111 May 16
13713 Jan 6
141 Apr 24
723* Apr 27
121 Apr 12
I per share 8 POT Ileire
171
Jan 188 May
81 May 984 Dee
984 Apr 10313Jtufel
109 Mar 120 Nov
101 Jan 110 Sept
614 Mar 70 July
58 Jan 6913 July
76% Jan 87 June
118 Oct 139 May
97 Sept 116 May
15213 Dec 165 Ape
6114 Nov 64 Nov
551k Jan 73 May
1044 May 113 May
64 Feb 78 Jan
90 Jan 116 May
90 Jan 105 May
124 Jan 14411 May
103 Sept 106 Oct
176 Dec 213 Oct
25 Feb 4311 Sep
64 Feb 81 Oct
60 Mar 78 Oct
42 Apr 5911 Sept
474 Jan 74 Mai
4113 Jan 634 Dee
924 Jan 106 Nov
127 Jan 16612 Nov
122 Jan 18612 Oct
83 July 6811 Oct
107 Jan 121 Nov
Miscellaneous.
2,295 Amer Pneumatic service. 25
278May 10
418 Feb 14
214 Jan
54 Jul,
640 Preferred
60 20 Mar261 2414 Feb 14
154 Jan 2612 Sept
10 let preferred
50 4812 Feb 21 51 Apr 12
47
July
Apr
50
8,849 Amer Telephone & Teleg__100 17678 Feb 211 210 May 17
14912 Jan 18512 Oct
2,210 Amoskeag Mfg
18 Apr 13 254 Apr 28
1912 Nov 2712 Nov
Ammo Gas & Eleo al A_No par363
4 Jan 5014 Dec
1434 1434 ----------------1414
____ ____
100 Atlas Tack Corp
No par
94 Jan 12 16- May 2
7
74 Oct 12 Apr
z ------------------------152 Beacon 011 corn tr
1778 1778
otta_No par 1458 Feb 2
2018
Apr
25
154 Aug 204 Jan
92 93
92 92
2 1
92
92
9258
204 Bigelow-Hartf Carpet No par 901215lay 81 9612 Feb 4
77 Feb 96 Nov
*.10 .35 *.10 .35 *.10 .351 8.10
Stock
.30 ____ ____ ____
Coidak Corp.. class A T
.05 Mar. 28 .40 Jan 19
.01 Dec
5 Jan
*y128 13034 '4133 135
136 136 *y136 13812 --------35 Dominion Stores. Ltd No
CPar 10513 Jan 17 136 May 16
67 Jan 1084 Dec
Exchange
4
4
434 *4
*4
5
414 414
350 East Boston Land
44 474
10
24
Jan
11
554
Mar
2
114
June
354
Feb
214 214
214 214
214 4.22
2
214 --------165 Eastern Manufacturing
5
13* Jan 31
23* Jan 20
14 Dec
73* Mar
Closed.
11312 115 *2113 114
10918 114 I 109 111
109 10
1,645 Eastern SS Lines, Inc
5 88 Feb 18 117 Apr 30
46
Jan
Dec
94
Si
50
*50
*5014 51
5012 5018 5018 504 5018
254 Preferred
No par 4712 Jan 6 61 Apr 26
85 Feb 4814 Dec
Extra
10312 10312 102 102
10312 105 I 105 105
105 105
158 1st preferred
100 101 May 3
Apr 13
8714 Feb 106 Dec
•1434 1512 *1434 1512 *1434 1512 *1434 154 ____
___ _ _ _
Economy Groe'y Stores* par 114 Jan 3 108
17
Apr
10
10 June 15 Sept
Holiday. 289 291
293 301
300 305 300 301
298 3-00
1,981 Edison Electric) Mum
100 252 Feb 20 305 May 16 217 Feb 267 May
_ __ *240 _ _ _ 3934 3934 3934 3934 --------75 Federal Water Serv corn
3314 Mar 28 3934May 16
37
Apr 3613 Oct
'403612 3712 ,
36
13
40
3934 4134 40
38
4134 4,501 Galveston-Houston Elee__100 31 Feb 24 43 May
2212 Apr 88 Nov
ns
30
28
30
*2612 30
28
.._ _ _
__
35 General Pub Serv com_No par 1612 Jan 16 30 May 15
15
113* jail 1712 Oct
32 -32
334 *32
3312 32
32
33
32 -33
625 Gilchrist Co
No par 23134 Apr 16 3512 Jan 21
3414 June 38 Mar
10628 1074 106 10624
109 109
109 110
10918 110
809 Gilette Safety Razor.- No par 99 Jan 10
112 Apr 13 844 Mar 10914 Oct
*10
11
•10
104 *10
10
11
10 --------200 Greenfield Tap & Me
25
913 Mar 22 13 Jan 13
7 Oct 1314 Nov
3212 33 33
32
3212 34 *32
-_
33
____
390 Hood Rubber
No par 32 May 11 4312 Jan 3
325* July 47 Jan
•94 ._ •94 . _ *94
--------25 Kidder,Peab Accep A pref_100 94 Apr 24
_ 94
94
9514 Jan 18
94 Apr 9514 July
1138 1158 11
11 5.11 1112 111,4 1014 1014 014
346 Libby. McNeill& Libby----10
9 Jan 7 1212May 3
7 Aug 114 Sept
lo 1014 *9 10
934 10
*934 10 --------245 Loew's Theatres
25
714 Jan 4 1014May 10
6 'Jan 10 Jan
149 15012 150 155
14112 15278 130 136
150 154
37,775 Massachusetts Gas Jos___100 109 Feb 3 155 May 15
84
Mar 124 Nov
85 85
82 83
83 83 *x____ 83
794 7912
237 Preferred
100 784 Jan 4 88 May 8
70 Jan 817s Nov
101 102
10112 102
101 1015* 10112 102
1014 10134
227 Mergenthaler Llnotype_No par 99 Apr 2 112 Jan 10 1034
Nov 116 Oct
55
53
55
53*
587
National
514 .512
Leather
5
10
5
5
5
313 Jan 6
6 May 8
214 Mar
632 JIM
3212 3312 33
3312 31
33
3238 2,315 Nelson (Herman) Corp
3112 3212 31
5 25% Apr 2 3412May 7
2314 Feb 88 Dee
*10612 10714 *10612 10714 10714 10714 *10612 1074 -------5 New Eng Pub Serv $7 pt No par 102 Jan 3 10912 Feb 7
91 Jan 1024 Dee
11012 111
111 111 *2111 --- *x111 ..--- 10712 074
5 Prior preferred
No par 104 Jan 3 111 May 2
9714 Jan 108 Deo
*.20 .30 •.20 .30 .0.20 .30 *.2() .30
New Eng South Mills_No par .10 Jan 3 55 Mar 9 .10 Deo
84 Feb
4
4
*4 . _ *4
25 Preferred
_ *4
100
--- - - -4 Jan 4
412 Feb 29
3 Apr
878 Feb
149 150
149 I51
151 152
1,196 New Eng Telep & Teleg_100 2137 Mar 9 152 May 16 11513 Jan 140
151 1-5112 15112 152
Aug
31
3112 3134 32
32
324 3134 32
1,540 Pacific Mills
3134 32
100 31 May 7 4018 Jan 3 854 Mar 44 Sept
*15 20
*15 20 *15
20 *15
Plant(Thos(3). 15t pref
____ ____ ___
20
100 15 Apr 20 23 Jan 11
15 June 4258 Jan
*16
1612 1612 1612 *1612 17 *1612 17
--------120 Reece Button Hole
10 15 Mar 27 1612May 9 21414 Sept 1612 Feb
*2
24
214 214 *2
214 •2
214 --------20 Reece Folding Machtne
10
114 Feb 24
214May 11
1 Mar
158 Jan
132 132
132 132
13012 13013 129 130
27 Swed-Amer Inv part pref_100 126 Jan 3 135 Feb 20 1054 Jan 132
131 131
Oct
133 133
13412 13434 135 135
513 Swift & Co
13414 13434 133 134
100
1243
4 Jan 6 13514May 7 115 Jan 13011 Sept
110 111 *110 112
110 1104 10912 11012 11012 11012
221 Torrington Co
25 90 Feb 7 112 May 8 66 Jan 96 Dec
14 134
114 114 *114 14 *114
5 .90 Mar 19
112 --------265 Tower Manufacturing
312 Jan 5
27 Dec
93s Jan
208 2034 21
21
•2012 22
2034 2034 204 2012
125 Traveller Shoe Co TO
18 Mar 20 2678 Apr 16
16 Aug 2111 Nov
1514 1534 15
154 1434 15
15
15
2,044 Union Twist Drill
15
15
5 11 Apr 12 16 May 4
94
Sept
1413
Jan
75
76
76
77
76
764 7512 7612 75
3,514 United Shoe Mach Corp__ __258334 Jan 21 77 May 15
77
50 Jan 77 Nov
*3114 32
3114 3114 314 3114 *31
31
1,735 Preferred
3114 31
25 2958 Mar 22 314 Jan 19
28 Jan 314 Nov
•97
98
*97 98
97
98
9874 98% --------170 US & Foreign Sec lat pref___ 95 Jan 3 101 Jan 31
83 May 95 Dec
3312 35
3314 5
32
34
32
33
2
13,975 Venezuela Holding Corp
32
8 Jan 14 36 May 11
418 July 11 Apr
2478 25
2414 2414 24
2418 24
24
240 WaldorfSys,Ine.new eh No par 194 Jan 3 3714 Apr 10
2414
24
19 Oct 2713 Feb
*70
78 *70
78 *70
78
*70
78
70 70
6 Walth Watch el B oom_No par 60 Jan 5 90 Mar 27
4011 Jan 614 Dec
*90 95
95 95
92 92 *92
9512 -___ ....
152 Preferred trust otfs
100 88 Jan 3 98 Apr 18
81 Jan 86 Dee
*104 106 *104 106 *104 105
__ .
_ _
____
104 104
Prior preferred
100 104 Jan 5 1061sMat 5 1001s June 118 May
4,1514 16
16
1713 174 1814 18
18
1554 Mar 19 1614May 16
18 -1-814 1,801 Walworth Company
20
174 Dec 2454 Apt
181 181 *179 181 •177 181
175 176
177 180
315 Warren Bros
50 152 Jan 4 1924 Apr 11
6511 Jan 17934 Nov
58
59 *58
59
58
58 *58
5834 5834
59
85 let preferred
50 50 Jan 3 60 Apr 14
64
Jan 70 Dee
*6014__ *6014
__ •6014
__ •6014
_ ..__ ____
2d preferred
50 5213 Jan 11 6014May 9
65 Jan 72 Dee
*21734 -1-9 *1734 19 *1734 19 *1734 -1-9 ---- ---WIll & BatImer Candle com___ 18 Feb 23 18 Feb 23
15 Jan 184 NOV
3
•21
4978
19658
2412
34
3
22
21
497
498
19712 1965*
2412 24
314
314 314 *234 314
314 34
21
*21
2034 21
22
21
21
4978 *494 50 *494 50
1974 19514 19718 197 210 202%20734
2414 23
2412 24
24
22
23
412 434
434 54
51
53
53
5314
2312 2412 2414 25
2014 22
2214 23
3
318
334
3
24 312
3
334
35112 8
558 55*
*114 112
Da
Da
59 60
59 60
•105114 10512 31051419
2034 1934 123-4
54 7
512 634
218 2%
212 3
114
1
114 112
15* 134
13* 158'
.50
.50 .70
.75
.80
134
.90
1
5712 59 , 5712 5912
2834 2912 2912 30
.25
.30 .25
.28
20 1 *10
*10
20
60 *57 60
*57
4
414 438
4
214 212
232 212
Ds 184
212 3
1312 14 1 141s 1514
1612
1512 16 I 16
43
37
395* 40
34 i 3212 3414
31
*24 3 1 *214 3
.55
.70 .65
.70
.40
.50 .50
.50
44 434
458 47
112 134
112 13
*alhi
154 'ale PS
.20
.20 .30
.35
47
54
5212 524
234 25
2012 2278
3
312
214 3
3512 8
112
13*
5912 5912
10514 10512
1834 2414
512
5
278 278
114 112
112 134
.50
.50
.90
114
58
57
2912 2934
.25
.25
*10
20
60
•57
414 412
232 27te
234 234
1334 1512
1512 16
35
41
30
32
34 35*
.65
.68
.50
.75
48
47
112 153
114
134
.30
.35
47
434 5
5
*51
52 *484 52
2312 2418
2314 24
19% 2034 20
21
3
234 234
3
212 212
24 234
*54 7
•518 6
*114
134 *114 134
*58
59
59
59
10512
310514 10512
10514
1912 21
19
204
434
4
312 312
134 134
2
2
*118 112 ---- ---158 1% *13* 113
.50 ---- - _
.50
.95
1
14 -118
5832 57
5812 57
Ms 293* 2914 2914
.25 .25
.25
.25
*10
20
---- ---5712 574 ---- *44 434 3414 43-4
214 232
214 214
*134 24 *114 214
1312 1414 14
14
*1512 1614 1534 16
3812 4014 384 40
3012 3012
31
29
- - - - -- - - -- - --- *.50
.65 .51
.51
.50
.50 ---- ---412 43 ---. . _
112 15*
112 -14
*al% ---- ---- ---•.30
.40 ---- ----
Mining.
8,310 Arizona Commercial
5
350 Bingham Mines
10
10,107 Calumet & Heels
25
23,893 Copper Range Co
25
6.145 East Butte Coiner MlnIng.10
7,074 Hancock Consolidated
25
5 Hardy Coal Co
1
275 He vet a
25
1,559 Ialand Creek Coal
1
Preferred
1
18,370 Isle Royale Copper
25
5,175 Keweenaw Col/Per
25
2.025 Lake Copper Co
25
1,305 La Salle Copper
25
1,350 Mason Valley Mince
5
450 Mass Consolidated
35
6,313 Mayflower-Old Colony
25
1,850 Mohawk
25
2,070 New Cornelia Copper
5
6,300 New Dominion Copper
____._ New River Company
15 Preferred
355 Nipitelng Mines
5
5,405 North Butte Mining
10
825 Ojlbway Mining
25
7,261 Old Dominion Co
25
1,815 P'd Oft Pocahontas Co No par
25,451 Quincy
25
9,257 St Marra Mineral Land
25
50 Seneca Mining
No par
11,745 Shannon
10
1.800 Superior & Boston Copper 10
4,320 Utah-Apex Mining
6
3.970 Utah Metal & Tunnel
1
100 Victoria
25
1,908 Winona
25
•BM and edged Ming DO NM MI 1MM itirs I AlinnIsast math S Si-Sock dividend. I New Moak. s
34 Mar 21
6 Jan 3
49 May 3 56 Jan 4
204 Jan 10 25 May 15
1412 Mar 14 23 May 15
112 Feb 4
334May 15
30 Mar 26
334May 15
5 Feb 20 12 Jan 14
134 Apr 18
65 Jan 21
50 Feb 18 60 May 11
105 Feb 14 10612 Apr 20
21178 Feb 28 2414May 16
184 Jan 17
7 May 14
1 Feb 24
3 May 15
.75 Jan 31
112May 15
14 Jan 19
2 Jan 7
.20 Mar 30 .76 May 2
.50 Jan 25
134May 15
464 Jan 31 65 Apr 5
2512 Feb 29 30 May 15
.10 Mar 10 .30 May 14
--- - _ .--- ---- -5513
--Jan 4 63 Apr 12
-15
4 Apr 20
578 Jan 3
.90 Jan 6
238May 1
.60 Feb 24
3 May 15
9 Mar 8 1514May 15
12 Jan 3 1712May 1
1218 Apr 18 43 May 15
211/Mar 27 3414May 15
24 Apr 24
312May 16
.25 Mar 8 70 May 14
.15 Mar 12 .75 May 16
4 Mar 7
514 Jan 4
1 Feb 9
13* Feb 26
.95 Apr 12
1% Feb 1
.10 Feb 7 .35 May 15
5 July
30 Jan
1418 June
1178 May
118 Oct
.15 Apr
0 Dec
.32 Oct
47 Feb
10412 Sept
9 July
1 July
.80 Jan
.50 Mar
.70 Oct
.05 Sept
.25 May
8458 June
184 June
.08 Dec
15 Nov
56 Nov
5 Aug
.50 June
.40 Oct
913 Got
Jan
11
1814 July
1813 June
1 July
.16 May
.15 Mar
64 July
.76 Doi
.50 July
.03 Mar
1014 Jan
6114 Dec
243* Dec
2114 Dec
214 Jan
1 July
181s Sept
.85 Jan
67 Sept
107 Apo
16 Dec
278 Feb
3 Dec
1 Nov
214 Dec
.85 Jan
113 Jan
52 Dec
8018 Dec
.06 Feb
19% May
75 Feb
104 Feb
34 Jan
114 Jan
15 AP/
1812 Aug
1918 Apr
82 Dee
34 Jan
.63 Dee
.60 Sept
77s Feb
9 Feb
2 Aug
.70 lase
g 11S-righte. p ita-ellvIdanel and fights.
FINANCIAL CHRONICLE
MAY 19 1928.]
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange, May 12 to May 18, both inclusive,
compiled from official sales lists:
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange, May 12 to May 18, both inclusive:
Stocks-
'Ming
Bonds-
Last Week's Range Sales
of Prices.
Sale
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
$500 10434 Mar 10515 Feb
10434 104%
Amer Tel & Tel 5s_1946
Mar 9534 Jan
9314 59,000 90
92
Amoskeag Mfg 68 _._ _ 1948 93
8134 8115
Jan 8134 May
500 72
At.G &W ISSL 58_1959
97
97% 5.000 97
May 97% May
Barstow W S Co 68 _._1942
10014 101
May
Brit&Hung.likLtd71581962
9,000 9834 Jan 101
934 9334 5.000 9314 may 933.4 May
Brown Coal Inds8 Hs_ 1953
Jan 9135 Apr
Chic Jct Ry & U S Y 461940
9134 9114 1,000 90
1940 1014 10134 1014 3,000 1014 May 10334 Jan
58
ChippewaPowerSerA6s1947
1,000 1054 Mar 10534 May
10534 10534
Apr
Mar 99
99
1,000 95
County Gas Co 59_ _ _ _1946
99
East Mass Street RRApr
Jan 79
4148 Series A
1948
77
783,4 6,000 70
8619 5,900 77
85
Apr
Jan 88
58 Series 13
1948
96
2,500 9034 Feb 9834 Apr
68 Series D
96
1948
10211 1023,4 2.000 10134 Mar 10315 Jan
Hood Rubber 78
1937
Hungarian Land MtgInstApr
100 100
Apr 100
715s Series B
1961
2,000 100
Houston Lt& Pr 58_ _ _1953 102
May
May 102
1,000 102
120 102
James River Bridge Corp
May
May 102
6345
102 102
1.000 102
1958
KeystoneTelCo(Phila)SerA
9315 9335 5,000 9215 Mar 9315 May
5158
1955
Apr
Maas Gas Co445 _ _ _ _1931
100 100
Apr 101
3,000 100
Apr 1054 May
5145
10534 1054 4,000 104
1946
MunicigGariCo(Tex)69'35
1,000 10415 Mar 10415 Mai
10434 10455
Prov & Worcester 48 _ _1947
9414 9434
1,000 9434 May 9434 May
Jar
Saarbruecken MtgBk(is '47
11,000 9234 May 94
9134 93
San Fran Bay Toll Br CoMay
75
May 100
1,000 100
100 100
1942
So Caro Pow & Lt(35_ _1930
Mai
1,000 101
Mar 101
101 101
St Paul()Hs
May
May 100
1,000 100
100 100
1957
Swift & Co 5s
Jar
10239 1024
1,000 101% Mar 103
1944
Unterelle Pr & Lt Co681953
9315 9354 20,000 9315 May 9335 May
Western Tel & Tel 58_1932 10115 10134 102
Mai
6,000 1004 Jan 103
WhItanlvhfia Inn A I-4g 1019
I lo 123
3.000 105
Jan 128
Mai
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, May 12 to May 18, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High Shares.
•
Almar Stores
Alliance Insurance
10 85
American Stores
• 7039
Bk of N Am dr Tr Co._ 100
Bell Tel Co of Pa pref_ 100 11714
Bornet Inc
Budd (E CO Mfg Co
•
Cambria Iron
50 43
Camden Fdrs
3455
Consol Traction of N J.100
Cramp Ship & Eng _ _ _ _100
439
Electric Storage Batt'y _ 100
Fairm't Pk Trans Co com_•
Fire Association
10
Giant Portland Cement_50 31
Preferred
50
Gimbel Bros
Horn & Hardl(Phila)com • 229%
Horn & Hard't(N Y)com •
Preferred
100
Insurance Co of N A
_10
Keystone Telephone_ _ _ _50
4
Keystone Watch Case pf-•
Lake Superior Corp_._ _100
719
Lehigh Coal & Nay
50 127
Lehigh Pow See Corp corn •
Lit Brothers
10
Manufacturers Gas
48
Mark (Louis) Shoes Inc- •
Minehill & Schuyl Hay_ _50
North East Power Co
North Ohio Power Co_ •
North Pennsylvania RR_50
Penn Cent L & P cum pf__• 81
Pennsylvania RR
50
Pennsylvania Salt Mfg _ _50 99
Phila Dairy Prod prof
93
Phila Electric of Pa
25 72
Phi's' Elec Pow recta_ _ _25
Phila Insulated Wire
•
mils Rapid Transit_ 50
7% preferred
50 5015
Phil& Germ dr Norris RR 50
Philadelphia Traction_50.63
Phlia & Western By- _50
Preferred
50 35
Reliance Ins Co
3114
Shreve El Dorado Pipe L 25 2834
• 60
Scott Paper Co cony
Preferred
100 11034
Stanley Co of America_ __• 3515
Tenth Natl Dank
Tono-Beim ont Devel__ -1
Ilie
415
1
Tonopah Mining
Union Traction
50 43%
United Gas impt
50 14334
United Lt & Pr "A" com •
U 9 Dairy Prod class A...• 6134
•
let preferred
•
2d preferred
Victor Ins Co
10
Victor Talking Mach corn •
•
7% cumul pref
West Jersey & Sea Sh RR50
Westmoreland Coal
50 51
RightsPennsylvania RR
BondsArty Bag & Paper 6s.1962
Elea & Peoples tr ctfs 4e;'45 63
Lake Sup Corp 5s_ _ _ _1929
25
Stamped 513
Lehigh C dr N cons 448 54
Peoples Flt5.9 tr ctfs 48_1943
Phila El(Pa) 1st 4 Heiser'67
1966
let 58
let lien & ref 5145_1947
1st lien & ref 534s,..1953
Phila Elea Pow Co 534s '72 106
101
4155
United Rys&EI(Ba4)45 '49
on...,......-.. t-f.f. as
10411
_ _ _eNco par value.
1435 1534
85
8634
6934 71%
490 490
117 11734
94 94
25
25
43
43
34
3534
6034 6234
44
4
8134 85
1015 1014
76
804
31
31
3435 3434
44
44
229% 229%
574 58%
107 107
9914 10134
415 434
50
50
719 84
12515 132
37
37
2434 2534
4634 48
834 9
584 88%
2814 304
3034 3134
904 9039
81
8134
6734 6834
9834 102
9434
93
71
743.4
2834 2834
61
634
5974 60
5015 5034
135 135
6115 63
1034 11
35
35
30% 3234
2814 304
5935 604
110 1104
3835 4114
407 407
114
I
44 434
4014 44
142 14934
2334 2534
6115 6215
98
98
96
97
2934 3034
914 10139
110 110
3634 38
5114
50
2
100
6134
50
2474
101
8534
10115
108
1074
107
106
101
7735
1024
2,745
1,200
3,172
10
276
125
40
335
2,600
571
3,945
84
100
4,550
95
27
100
5
1,420
5
1,250
180
18
3,800
10,500
100
432
600
300
50
14,400
2.300
42
205
9.800
808
425
509
2,800
125
1,400
1,370
93
1.630
575
115
795
8,285
697
43
33,065
10
10,200
2,550
3,474
48,800
3,000
1.300
15
30
130
3,200
200
285
518
239 64,116
Range Since Jan. 1.
Low.
High.
1414 Jan 20
Feb
74
Feb 87% May
64
Jan 744 Feb
45959 Jan 503
Apr
11534 Jan 118
Mar
915 May
14
Feb
23
May 33
Jan
42
Mar 4314 Mar
2734 Jan 383.4 Apr
54
Mar 6234 May
139 Feb
14
Jan
6935 Jan 85
May
10
Feb 11% May
6434 Feb 85
Apr
30
Mar 42
Jar
3474 May 414 Fet
34% Mar 44
May
215
Jan 241
Mai
52
Feb 64
Mai
107
Apr 110
Mai
8415 Feb 1044 May
3
Jan
7
Jar
50
May 51
Fel
3
Jan
919 Api
10514 Feb 132
May
Jan 374 May
20
224 Jan 2515 May
2739 Jan 50% Ap
May 2255 Jar
8
Feb 5854 Mai
57
2034 Mar 3034 Mal
Jan 31% May
18
904 May 9135 Ap
7915 Jan 82
Ma
63
Ap
Feb72
92
Jan 10914 Jai
90
Mar 944 Ma ,
55.15 Jan 7434 Ma;
22
Jan 29
Ma;
61
Mar 65
Jar
51
May 61
Ap
50
Jan 5234 Ma
131
Jan 135
Ma
58
mar 63 Fe
1014 Mar 15
Fe
3474 Apr 3615 Fe
2814 Mar 373.4 Jo
18
Mar 30% Ma
4099 May 604 Ma
Jan 11034 Ma
103
3615 May 544 Ms
407
May 407
Ma
1
Jan
2
Jo
155 Jan
4',1rMa
3714 Jan 44
Ma
11415 Jan 14934 Ma
1534 Feb 2634 Aly
3715 Jan 627-4 Ma
87
Jan 98
Ma
Apr97
00
Ma
2715 Feb 34
Ja41
53
Jan 10434 Ma
1024 Jan 110
Ma
35
Feb397-4 Ja
May 5715 Ja
50
135 Apr
1004 4,000 9934 Apr
Jan
6339 88.200 60
Jan
3,000 15
50
Jan
7.000 14
25
6,000 10034 Mar
101
Jan
8515 7.000 65
10114 9,000 10134 May
10834 19,000 107 May
Jan
10734 4,000 106
Mar
1.000 106
107
12,000 10534 Jan
108
May
1,000 101
101
7734 15,000 6414 Jan
1.000 102% May
10234
3101
235 Mr
100%
634
50
31
101%
6634
106
10934
10734
10734
108
101
SO
102%
Fe
Mr
Al
Ms
Ms
Al
mi
Al
MI
Jr
Ms
Ms
Fe
Me
Sales
Friday
Last lireek's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
25
Acme Steel Co
Adams Royalty Co com__*
All America Radio class A 5
American colortrPe corn-*
Am Fur Mart Bldg prat 100
Amer Natural Gas Corp_ _•
Amer Pub Serv pref._ _100
Am Pub Util panic pf _100
American Shipbuilding.100
Am States Sec Corp A•
•
Class 13
Warrants
Armour & Co(Del) pf_ _100
Armour & Co prof
100
Art Metal Wks cony pf •
Associated Investment Co*
Auburn Auto Co com____*
Balaban & Katz v t c_ _ _25
Bastian-Blaming Co com_•
Baxter Laundries Inc
Beatrice Creamery com_50
Bandit Corp class A_ _10
ClaR8 B
10
Barg & Beck corn
10
Brach & Sons(E J) com •
Bunte Bros corn
10
Butler Brothers
20
90
25
17
31
12
14%
5
8434
3234
133
72
3634
26
68
115
114
89%
2134
9015
89
2114 26
1835 19
3334
31
9915 9934
2119 22
1013.4 10234
96
9659
10234 104
1115 1335
14
1654
5
64
9315 9459
84
86
32
34%
3939 40
132 138
73%
72
3515 38
254 28%
69
68
108 123
106 122
8615 98
2115
21
2115 22
20% 22
4634 51
Campbell, Wyant & C F..• 47
52
50
10 50
Castle & Co (A M)
68
68
•
Celotex Co common
88
87
Preferred
100 88
Cent D Pa Corp A pref___* 2335 2315 2315
10234 102%
Cent G&E Co 7% pr. •
Central III Pub Sexy pref.' 9939 993.4 9935
101% 101%
Central Ind Power pref _100
101 101
Certits of deposit_ _ _ _100
18
18
Central Pub Sery (Del)
._ _• 18
100 100
Cent States P & I. Corp pf• 100
90
94
Central S W Util common• 93
.
• 10934 109 112
Prior lien pref
104 104%
• 104
Preferred
119 2
Chic City & Con Ry pt sh_•
14
• 1434
Participation pref
1834
Chickasha Cotton 011_10 4934 4834 5215
20
20
Chic N 8 de Mllw com _ _100
99 100
Prior lien pref
100 100
6215
62
Preferred
100
101 102
Chic Rap Tran pr pref A wo 101
215 334
Chic Rys pt ctts ser2. _100
Chicago Towel Co cony pf• 9915 9915 101%
3415 3615
Club Aluminum Uten Co_• 35
Coleman Lp dr Stove com _• 614 6034 633.4
Commonwealth Edison100 18614 18615 187
2415
24
Consol Film Ind Inc pref _• 24
5 13%
13
14
Consumers Co com
944 9434
Preferred
100
5
7
74
V t c pur warr
734
4515 46
Crane Co com
25 46
5734 5934
Cutler-Earn Mfg Co corn 10 58
15% 17
Davis Industries. lnc cl A _• 15%
Decker (Alf) dr Cohn Ine_• 3234 3215 34
Eddy Paper Corp (The). _• 35
36
35
224 23%
El Household Util Corp_ 10 23
134
12
Elec Research Lab Inc _• 12
Empire G&F Co 7% p1.100 10434 104 104%
0015 10194
100
634% preferred
8% preferred
100 11334 112 113%
Evans dr Co Inc CIA
8334
81
5
Class B
81
83
5
Fair Co (The) pref __ _ _100 110
110 110
Fitz Simons & Connell Dk
& Dr Co common
20 6215 57
6234
Foote Bros CI & M Co_ _ .. _8 29
30
28
Galesburg Coulter-Disc_ ..• 7214 6934 75
Godchaux Sugar Inc el B-•
7
7
Gossard Co(H W)corn _ _• 604 6039 62
Great Lakes D dr D._ _ _100 310
295 340
Greif Bros Coop'ge A corn• 434 4395 4374
Grigsby-Grunow Co cam _• 69
68
7534
Hammermill Paper Co_ _10
4054 4015
Hartford Times part pref_•
44
44
Hart Schaffner & Marx_100
161 162
Henney Motor Co
• 2339 21
244
Preferred
* 4934 4835 4995
Hibbard Spencer Bartlett &
Co common
59
59
25
Illinois Brick Co
403.4 42
25 41
III Northern CUL pref_100
10015 10035
Indep Pneu Tool v t c__ __• 56
56
55
Inland WI & Cable com_10 4319 4354 4634
Interstate Pow Co pret __• 104
104 105
Kalamazoo Stove corn_ ___• 114
110 122
Kellogg Switchb'd corn--10 11
11
12
Ky Hydro-Elec pref_ _ _100
104 104
Kentucky Utiljr cum p1_50 54
54
54
Keystone St & WI corn _ _ _• 5714 5074 59
Kraft-Phenix Cheese corn25 75
7734
70
99
Laclede0 dr E prior lien100
99
La Salle Ext Unly com 10
339 3%
315
Libby, McNeill& Libby_10 10
10
1131
Lindsay Light com
33,4
31/ 31/
10
Lion Oil Ref Co corn
* 2934 2834 30
4315 44
McCord Radiator Mfg A.•
60
U
McQuay-Norris Mfg
• 55
Marvel Carburetor(Ind) 10 87
96
85
1734 19
Meadow Mfg Co cora_ _ _ _• 18
Preferred
52
52
50 52
Middle West Utilities
150 161
.• 155
Rights
43.4 5
Preferred
100 120% 1204 1254
6% cum preferred
954 10039
• 100
10519 107
0% cum prior lien pref_• 107
Prior lien preferred _ _ 100 1284 128 130
Midland CBI6% pr lien100 96
9414 9615
7% prior lien
10539 107
100 107
Preferred 8% A
90
90%
100
Preferred 7% A
103 103
100
Minneap Honeywell Reg_' 40
44
40
Preferred
100 1104 110 112
Miss Vail CBI pr lien pf_ _• 9534 94
9514
Niontgahn Mfg Corp A__ _• 33
36
30
Monsanto ChemicalWorks• 57
56
58
Morgan Lithograph ccm_• 78
7634 82
Masser Leather Corp corn • 35
35
35
Nat Elec Power A part_' 374 37
4095
104 104
100
7% preferred
National Leather com _ _ _10
54
515 54
National Standard corn..' 49
5214
48
Neve Drug Stores com _ _ _• 3159 304 324
Convertible A
• 42
4234
42
Noblitt-Sp Ind Inc corn... 37
3539 4114
4519
Nor American Car com • 444 44
Northwest Eng Co corn..' 4734 4534 5034
Nor West Util pr lien pi 1(10 10334 102% 104
10214 10334
7% preferred
100
Range Since Jan. 1.
Low.
High.
1,215 83
Jan 96
Apr
1,185 21
Jan 28% Apr
5,345
2
Jan 2139 May
1,215 2354 Feb 3315 May
10 97% Mar 101
Feb
695 18% Jan 26% Apr
85 9735 Mar 102% May
65 8719 Jan 97
Apr
245 10234 May 11734 Jan
4
10,300
Jan 13% May
434 Jan 174 May
3,675
12,810
15 Jan
659 May
Jan 9419 May
845 87
1,341 6695 Jan 87
Feb
May 3439 May
5,200 32
Jan 40
70 36
May
3,315 114
Feb 1414 Mar
775 5919 Jan 82
Mar
5,070 24
Feb 3934 Apr
5,165 24
Apr 32
Apr
515 68
May 71
Apr
16,125 51
Feb 123
May
9,890 106
May 122
May
15,775 66
Jan 113
May
185 16% Jan 22% May
Jan 26
60 15
Mar
5.382 20
Apr 23% Feb
2,10
1,750
50
57
200
50
262
10
105
35
675
1,37:
33(
35(
1,90(
3,750
5,911
50
184
141
53
340
315
8,600
3,550
474
975
5,630
50
200
392
1,175
1,950
8,135
360
4,025
1,050
800
361
476
145
350
10
38% Jan '53
May
424 Feb 5315 May
49
Feb 69
Mar
80
Feb 88
Apr
23
May 254 Jan
9414 Feb 10414 May
974 Jan 10035 Apr
95
Jan 10159 May
94
Jan 101
May
1515 Apr 20
May
99
Feb102 May
76
Jan 98
May
10334 Feb112 May
9954 Jan 10554 Jan
155 Apr
2
Feb
1255 Apr 2219 Jan
4715 Apr 5254 May
20
Mar 44
Jan
97
mar 100 Apr
60
Mar 65
Jan
100% Jan 10234 Jan
2
Feb
315 Mar
9535 Feb 102
Apr
35
Feb 39
Jan
May
60% May 66
165
Jan 189
Feb
22
Feb 26
Apr
715 Jan 164 Apr
87
Jan 984 Apr
339 Feb 104 Apr
45
Mar 4714 Jan
4834 Mar 594 Apr
15% May 17
May
25
Feb 34
May
30
Feb 4234 May
134 Jan 25
May
24 Jan 144 Apr
99
Feb 105
May
9955 May 10174 May
10834 Feb 11315 May
55
Jan 8.5
May
56
Apr
Jan 85
107
Jan 110
Mar
240 46
4.250 184
12,156 4715
400
3
10,595 43
1.255 245
100 39
9,075 54
100 35
125 3919
100 134
8,465 12
780 4254
Jan 7434
Jan 30
Jan 75
Jan
9
Jan 62
Jan 340
Apr 45
Mar 82
Feb 4034
Feb464
Jan 181
Feb2434
Feb50
65
545
25
1,350
3,850
1,100
4,600
855
10
116
8,865
3,600
25
520
15,200
50
9,350
45
2.080
6,550
5,585
120
9,780
19,988
1,820
1,065
1,440
215
310
196
90
25
2,515
340
150
22,325
895
4,950
125
17,890
50
8,660
3,650
4,020
2.925
6,850
3,545
7;875
48
95
May
59
70
mar
May
may
Apr
Apr
May
Apr
May
May
Apr
Apr
May
May
Jan
39
Feb 44
Apr
0834 Jan 1004 May
4715 Feb
Jan
26
10134 mar
65% Jan
814 Mar
102
Jan
5034 Feb
5034 May
6019 Feb
99 May
Mar
3
879 Apr
Jan
2
Apr
26
Feb
40
2334 Jan
613.4 Jan
1015 Jan
443.4 Jan
1233,4 Jan
lwir. Feb
1163,4 Jan
9339 Jan
Mar
99
Mar
125
9415 Jan
Apr
104
8934 Mar
Jan
103
Feb
30
9715 Jan
94
Jan
2431 Apr
3854 Jan
7335 Jan
23
Feb
2754 Jan
Jan
104
35.4 Jan
3754 Jan
2694 Apr
40
Apr
314 Apr
324 Jan
29
Jan
9934 Jan
9934 Jan
56
May
4734 May
105
May
135
May
1319 Jan
10431 mar
Apr
54
May
61
7734 May
100
Apr
4
Jan
13 May
434 Apr
32
May
4415 Apr
May
60
109
May
224 Apr
Mar
55
169
May
534 May
12594 May
1004 May
108
May
1304 May
97
Mar
May
107
9231 Mar
10515 Apr
45
May
112
May
9615 Jan
36
May
58
May
8735 Apr
3735 mar
42
May
10515 Feb
6
may
574
333.4
43
4434
48
5054
115
May
Apr
May
May
Apr
may
Feb
103 widay
...
994 Apr 10034 Apr
97
Mar 9933 Jan
Mar
May
May
Jan
Feb
Jan
Jan
Jan
Feb
Jan
May
Apr
May
May
Feb
Feb
1014 101%
101% 102
98
98%
87
87
844 85
85
85
83% 8334
85
654
4433
44
454 45%
23
2331
100 100
10634 10636
9631 964
10031 101
100 10034
4,000
3,000
18,000
2,000
26,000
1,000
1,000
21,000
15,000
3,000
3,000
5,000
10,000
10,000
3,000
4,000
99
100
97%
85
6434
84
8331
63
43
434
23
100
10834
9634
100
100
Jan
Feb
May
Feb
May
Feb
May
May
Feb
Feb
May
Apr
Jan
May
Feb
May
102
102%
984
88%
70
88
8734
68
464
47
2331
100
106%
964
110
101
95
121
814
100
9734
100
100
9731
1(10
101954
974
100
1004
5,000
5,000
3,000
5.000
4,000
3,000
4,000
4,000
12,000
1,000
4,000
1,000
6,000
95
1084
7934
100
97
100
100
97
994
9931
9734
9731
9934
May
Jan
Jan
May
Feb
Mar
Mar
Feb
Jan
Jan
May
Mar
Mar
9634 Apr
Slay
121
Mar
84
100 'May
98
MaY
100 !Mar
100 [Mar
Jan
98
100% Apr
101
Feb
9931 Apr
Mar
101
Mar
101
95
121
82
100
98
100
100
98
1003.4
10034
974
100
10031
1
• No par value.
Cleveland Stock Exchange.-Record of transactions at
Cleveland Stock Exchange, May 12 to May 18, both inclusive compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
•
Aetna Rubber corn
Amer Multigraph corn__ _•
Amer Ship Bldg com-_100
Akron Rubber ree
Allen Industries
Beesealer Limest & C com •
Buckeye Incubator corn_ •
•
Byers Machine "A"
Central Alloy Steel. corn.'
100
Preferred
•
City Ice & Fuel corn
Clev Bldrs Sup AC Br come
Clev Elec Ilium corn...100
100
Preferred
100
Cleveland Ry corn
Clev Securities FL pref _10
100
Cleveland Trust
Clev Union Stkyds corn 100
Clev Worsted Mills com100
•
Dow Chemical com
El Controller & Mfg corn.'
•
Fails Rubber corn
•
Faultless Rubber corn_
Fed Knitting Mills cora •
Firestone T & Rub eom_10
100
8% preferred
100
7% preferred
A
Foote-Burt
100
Preferred
Genl Tire & Rub pref 100
Grasselli Chemical com_100
100
Preferred
Greif Bros Coop'ge corn. •
100
Guardian Trust
100
Halle Bros pref
-
32
102
534
105
234
27
22
65
10
1003-4
37
90
145
11034
104
2436
24
3131 33
102 103
22
22
1634 1731
3534 36
24
24
3636 37
3531 3531
109% 10931
54%
51
2831 28%
430 430
114 115
1044 105
24 2%
375 375
27
27
214 22
160 160
66
65
1234
10
35
35
384 39
175 176
11036 11034
100 10933
37
34
90
90
10034 10034
145 145
11(1 11034
45
44
450 450
104 104
Range Since Jan. 1.
Low.
May
120 24
610 2614 Jan
May
15 102
Apr
75 17
310 1334 Mar
150 35% Mar
May
20 24
Apr
75 34
100 2834 Mar
26 10931 Jan
9,822 3634 Feb
50 284 Feb
10 355
Jan
70 11231 Jan
May
524 102
150 1731 Feb
5 359
Jan
363 2631 May
215 2134 Feb
23 112% Jan
188 5431 Jan
434 Feb
220
100 35
Apr
525 32
Jan
15 170
Mar
Jan
65 109
195 108% Feb
180 25
Feb
124 80
Feb
Apr
75 100
17 1294 Feb
120 1054 Feb
148 3934 Apr
Jan
5 390
Jan
71 102
AA
15
May
High.
Jan
27
33
May
11734 Jan
Jan
29
37
Feb
3734 Jan
49
Jan
40
Jan
3634 May
Mar
112
5434 May
31
Feb
430
May
115
May
109
May
331 Apr
400
NT ar
2734 Apr
30
Mar
175
May
66
May
1234 May
3934 Jan
393.4 May
232
Jan
112
Mar
11134 Jan
37
May
90
May
103
Mar
145
May
111
Apr
4534 May
485
Mar
10434 Feb
24
inn
Baltimore Stock Exchange, May 12 to May 18, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Am Wholesale pref__ _.100
Arundel Corp
• 4834
Allan Coast L(Conn)_ _ _60 195
Halt & Commercial Bk_100 160
Baltimore Trust Co
50 209
Baltimore Tube pref... _100
Benesch (I) dr Sons pref _25
Black & Decker com
• 30
Central Fire Ins
10
Century Trust
50
Ches & Po Tel of Balt pf 100 114
Citizens National Bank_10 5531
Commercial Credit
* 3331
Preferred
25 26
Preferred B
25 2731
64% 1s1 pref
100 95
Consol Gas, E L & Pow.' 86
6% preferred ser D 100 111
533% pref w I ser E_ _100
105
5% Preferred
Consolidation Coal....100 30
Continental Trust
100 325
Davison Chemical
•
Dalton Tire & Rubber_ _ • 1434
Drovers & Mech Bank _100 411
Eastern Rolling Mill
• 2834
Equitable Trust Co
25 123
Fidelity & Deposit
60 310
Finance Coot Amer "A" •
Finance Service corn "A"10
Preferred
10
Houston 011 pref v t 0_100 99
NIfrs Finance com v t__ _25 2636
let preferred
25
2d preferred
25
Maryland Casualty Co_ _25 190
Maryland Trust Co _ ... _ 100 2.55
Merch & Miners Transp__• 4831
Merchants Nat Bank _._10 3474
Monon W Penn P S pf..25 2534
NIorris Plan Bank
10
Mortgage Security com_ •
1st preferred
60
Mt V-Wdby Mills v 1_100
Preferred
100
Nat Bank of Baltimore_100 285
New Amsterd Cas Co__ _10 79
Northern Central Ry_ _50 90
Park Bank
Penna Water & Power_ •
Real Estate Trustee__ _100 123
Sharpe & Dohme pref_ _100
Silica Gel Corp corn v t_ _ _• 2.5
Southern Bkrs units w I_ _ _ 130
Standard GM Equipment
Preferred with warr_ _100
Un Porto Rican Sug corn.' 5934
Preferred
• 80
Union Trust Co
50
United Rys & ElectrIc_50
U 8 Fidelity & Guar__ _50 458
Wash Bait & Annap. _ _60
West Md Dairy Inc pfd_ • 96.4
Prior preferred
io
30
30
59
60
5931 1304
340 340
154 18
450 475
15
1631
084 9731
55
5531
BondsBaltimore City Bonds45 Dock Impt
1961
48 School loan
1961
43 Conduit loan._ _ _1958 101
45 N.engine house_ 1957
45 Annex Impt
1954
4s Paving loan
1951
33681. sewer impt_1980 914
10134
10133
101
10134
1014
10131
9131
Range Since Jan. 1.
Low.
10834 10634
23
4833 504 3,165
195 195
3
153 160
39
205 215
1,265
40
40
100
264 264
12
30
314
1,722
46
4733
21
230 230
50
114 11431
3.5
55
5913 6,379
3231 344
908
2534 26
26.5
2834 2711
366
95
57
953.4
88
90
1,546
111 11431
83
110 110
30
105 10534
365
30
304
540
325 325
10
57
57
100
665
1434 1533
411 411
16
273-4 2834 2,153
119 125
120
308 326
642
10% 1034
50
18
46
1831
10
10
55
98% 9934
220
25
2634
63
214 21%
69
184 184
70
18934 194
805
255 255
25
482
4834 50
17,186
3474 40
2533 2634
180
1534 1536
5
20
21
266
83
84
27
19
20
248
97
9774
307
28.5 285
52
79
81
2,110
90
90
17
40
42
100
89
8934
941
120 123
8
11033 1104
10
25
28
10,239
130 130
25
10
1,530
1,780
5
2,169
1,037
111
83
4
10134 $1,000
10134 4,600
10131
800
1014 5.000
1,100
10131
1,000
1104
914
1,000
, .
-.,
High.
P
2,000
100
984 10,000
P
100
98
P
Bonds.
Amer Silica Corp 8348_1943
Bloem Limestone 65_ _1942
Cairo Br & Term 1st M
1947
20-year64s
Ch of Kwy 134 633s_ _1947
Chic Art Ice Co(33_ _ _ _1938 98
Chicago City Ry 5s. _ _1927
Chic City of Con Rys5327 643(
Chicago Railways 55_ _1927 85
1st M ctf of deb 5s_ _1927 834
1927
58, series A
1927 44
53, series 13
Purchase money 53.1927 4531
Adjust income 43_ _1927
Chic Unit Art Thea 634549
Comw Ed 1st m 58,8er A '53
Coop Ric Bge Inc 1st 85'58
Foreman T & 530 A 1937
1937
535%Bwi
Great Lakes Utll Corp
1942 95
181 5343
HousGGCosfg 8348 1931 121
Metr W Side El ext g 45'38
Saxet 1st lien 634* "A"'31
So United Ice let 68 A.1947 98
1938 100
181634s 13
Straus Safe Dep 534s_ _1943
Un Pub Ber Co 15-yr 6sA'42 98
1929
11. 2-yr 6s
Unit Pub Util Co 1st 68A'47
1947 97%
18t 5348 B
1929
r 2-yr 533s
Vicksburg Br dr T Co 6s '58 1004
Mar
Jan
Mar
Jan
Jan
Jan
Feb
Apr
Mar
Feb
pIPPP
85( 121
12531 125% 127
8431 6931 8,30( 32
65
540 66
1194 1154 1204
60
631
8
84
200
6
533
6
235 33
3734 3934
1,500 69%
73
72
72
1934 2234 5,300 12
20
33% 2,345 3034
33% 33
18,100 3534
6934 80
71
--2,-.=.2,,,4=n.g4=4.,444.4gg.n.r.4g..44414g..4gg;;44v.g.grg.E44.1g4
17
2231
10734 Jan
5134 May
212
Jan
180
May
225
May
42
Apr
2734 Feb
344 Apr
49
Jan
236
Jan
1174 Jan
6933 May
35
May
26
May
2733 May
9534 May
93
Apr
1144 May
111
Apr
10531 May
3333 Jan
325
May
57
May
1531 May
411
May
2974 Slay
128
Apr
326
May
114 May
2034 Feb
1031 Feb
1034 Mar
284 Apr
25
Mar
2031 Mar
195
May
255
May
50
May
40
May
27
Jan
1634 Jan
214 Jan
84
Mar
22
Jan
97% May
288
Jan
8333 May
9034 Mar
42
May
90
Apr
123
Jan
113
Jan
284 Apr
130
Apr
40
60
61
34234
204
47.5
1731
974
5533
Mar
Apr
Apr
Jan
Jan
May
Jan
May
Jan
10334
10333
10234
1034
102
103
93
1 111 IL
Feb
Feb
Jan
Feb
Mar
Jan
Jan
%S...
P00,
34
10114
9434
84
High.
PP
604
27%
531
t..49.444
94
104
132%
29
agt.,§5::=0:
24VgA8
0-400mw....ov,,
o-40c.o03i.wo4..v..Doowx.A.0=-4
-40-4www.owww=o04.
XX
XXXX4 X
XXX XX
X
X
103%
95%
6133
99%
15
4434
Low.
17
May India Tire & Rubber corn.. 39
11,450 18
344 44
Apr
Feb 45
35
May Industrial Rayon "A"--_• 22
Mar 25
22
Apr
37 18
22
1431 Apr Jaeger Machine corn
1,825 28% Jan 38
May
• 3634 3633 3734
2734 May Jordan Motor pref
Jan 50
190 20
Mar
254 26
100 28
102
May Kaynee. corn
1,310 3133 Mar 4334 May
39% 41
• 40
May Kelley Isl L & T corn. 100
188
42 49% Apr 5534 Jan
53
53
Lake
Erie Bolt & Nut corn. 21
1864 May
21
121 17
21
Apr
21
Jan
Mar LeMur common
115
Mar 35
2,708 27
Mar
3131 314 34
Feb McKee A G & Co
121
42
Apr 45
43
42
Apr
767 42
May Metro Paving Brick cam • 4733 474 48
90
May
683 3134 Jan 49
Apr Miller Rubber pref___ _100 73
327
May 98
7033 73
267 70
Jan
Apr Mohawk Rubber corn._ _• 150
128
149 165
568 294 Jan 165
May
37;4 May
Preferred
8433 8.5
100
123 55
Jan 89% Apr
2034 Jan Myers Pump
1,215 33
Feb 4314 Apr
39% 39% 42
May National Acme com_ _ _ _10 164
41
19% May
154 18
734 Jan
2,150
109
May National Refining corn..25
3631 384
15 35
Apr 39
Jan
Preferred
11034 Mar
100
130 130
Apr 135
150 130
Feb
May National Tile corn
96
• 33
33
Feb 3.54 Jan
650 33
3334
7933 Apr Nineteen Hundred Washer
Common
May
29
•
2833 2833
75 2831 Jan 30% Feb
2631 Apr North Ohio P & L 6% pf100
9934 100
Jan 100
82 93
Feb
1044 Mar Ohio Bell Telep pref._ _100
112 114
250 1104 Jan 11431 Apr
Apr Ohio Brass "B"
96
• 93
93
94
586 904 Jan 10031 Mar
•
6534 May Otis Steel corn
18
15 1134 Jan
18
18
Apr
May Packer Corp
100
3933 3934 4033 1,175 324 Feb 40% May
Feb Paragon Refining corn..25 1431
20
1434 144 4,387
934 Jan 15% May
Preferred
5434 May
100
12934 1304
80 10634 Feb 135
May
May Richman Bros corn
106
• 275
275 28334
325 256
Jan
Feb 290
100 34 May River Raisin Paper Corn.' 114 114 1133
35
12
84 Jan
Apr
10% May Scher Hirst corn
28
2834
410 26
May
Feb 29
42
May Selby Shoe corn
136
41
42
3,490 40
May 47
Apr
3434 Feb Selberling Rubber com_.• 45
45
49
1,212 33% Feb 50
May
Preferred
100 10733 106 107%
204 May
115 103
Feb 10733 May
Apr Sherwin-Willlams corn_ _25
7433 76
64
1,811 6531 Feb 76
May
Preferred
3134 May
106 107
100 107
100 106
May 1094 Mar
7
May Smallwood Stone corn_ _ _• 32
31
32
735 29% Jan 32
Feb
Mar Stand Textile Prod corn 100
14
96
14
66 13
Jan
16
Mar
A preferred
100 88
68
3034 May
70
300 8031 Jan 71
Apr
B preferred
100 34
10231 Apr
35
34
540 30% Jan 35
May
•
634
9434 Mar Stearns Motor corn
440
3
Mar
834 634
8
Apr
Steel
dr Tubes corn
25 103
Jan
100 10731
93
1,670 53
Jan 10733 May
May Telling-Belle Vernon corn • 5231 52
125
5431 2,984 45
Feb 5434 Apr
39
6
44
May Thompson Prod corn__ _100 40
2,484 22
Feb 44
May
103 103
112 103
274 Apr Trumbull-Cliffs Furls pf100 103
Apr 106
Mar
113( 12
•
19% May Trumbull Steel corn
1,711 104 Jan
13
Feb
Preferred
100
100 100
Apr
320 894 Jan 1084 Feb
110
47
4734
145 45
2531 May Union Metal Nlanfg corn.'
Mar 484 May
Union Trust
297 300
100
55 285
Jan 301
Apr
5
6
Jan Van Dorn Iron Works com•
128
5
85
Jan
733 Mar
7934 MAY Wellman-Seaver-MorganPreferred
86
86
100
13 86
Apr
150
May 89
Jan
2733 2634 2733
1,592 25
Apr Wood Chem corn
10
Mar 2734 Apr
106 107
934 Apr Young Sheet Se Tube p1100 107
107 106
Feb 1094 May
Bonds40
May
1013.4 1013.4 $2,000 101 Feb 101)( May
Mar Clev&Sandusky Brwg 13848
79
May
24
• No par value.
Jan
43
Baltimore Stock Exchange.-Record of transactions at
884 May
W
96
73
2834
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Feb
May
@FedFRASER